REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
Page |
Trustees' Report | 1 | to | 3 |
Independent Examiner's Report | 4 |
Statement of Financial Activities | 5 |
Balance Sheet | 6 | to | 7 |
Notes to the Financial Statements | 8 | to | 12 |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE (REGISTERED NUMBER: SC366260) |
TRUSTEES' REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, 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 |
Our purpose, as recorded in our constitution, is to provide for the advancement of the arts, heritage and culture of Strathaven, through the Town Mill. The Town Mill has shown over a number of years that with the right community volunteers it can thrive and develop as one of the most important community driven charities in Scotland. |
Volunteers |
The Mill operates on a voluntary staffing basis, currently 10 committee and a 6 volunteer support back up group mainly involved in volunteer bar work and events that need a level of support. The organisation of volunteers is done by a non committee member using a spread sheet system. |
ACHIEVEMENT AND PERFORMANCE |
Fundraising activities |
Trading |
The growth and potential growth has been down to hiring of letting spaces to small start up business mainly aimed at youth groups, drama, karate, ballet. These groups have grown exponentially and rental income has grown with it. Unfortunately our success in helping these start ups grow has led to them leaving the Mill and with that their income. The karate, and drama businesses have moved to bigger premises. |
Other letting has come from individual clubs and groups and the general public, all of which are important income and continue to expand. The Granary area has seen a significant upturn in trade. We have regular bookings from The Acoustic Cafe, Strathaven Folk Club, youth ballet classes, youth guitar classes, women's mental health group,and craft fairs. These are the regular groups there are many individual bookings from the community throughout the last trading year. |
The Mill Theatre |
This is doing well, however it is still under used due to staffing issues, the chairman recognises that a paid member of staff will still be needed if theatre area growth can be achieved. A need has been identified with regards to sound and lighting. We currently only have two engineers as volunteers, as we get busier with bigger events they are stretched to their limits. Strathaven Comedy Club had to close due to problems with the promoter this created a drop in revenue. The chairman contacted another promoter who has now taken over the club has started running again achieving good results and revenue. The cinema continues once a month and requires a lower staffing level, it has been a difficult year with a few nights having to be cancelled due to lack of ticket sales. The film selection being crucial. Professional Acts have become more regular as a source of income and have taken over from amateur theatrical and community groups which used to be its main business and income. |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE (REGISTERED NUMBER: SC366260) |
TRUSTEES' REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
ACHIEVEMENT AND PERFORMANCE |
Building maintenance and development |
The building maintenance and development work is mainly done by sub contractors with some work done by the volunteer group. The end of last year highlighted the need for continual maintenance which cost £10K for a new part of a roof and could have closed the theatre, this was funded by Mill funds, hopefully this has highlighted to the committee the need to keep funding building maintenance as a priority to enable the Mill to keep open. Bigger capital projects can be a huge drain on resources. |
It is recognised that there is a need for building development and maintenance to enhance the public and artists experience which will create more footfall, unfortunately there is a lack of volunteer support in this area so more costly alternatives have had to be found. The chairman has put contracts in place, for boiler maintenance, electrical maintenance and fire alarms and sounder maintenance to take some pressure off the volunteers. |
A series of upgrades was undertaken in the dressing room level, funded by the Mill. Refurbishment including rewiring and a more eco-friendly lighting system making the experience better for artists. A development plan is in place to increase the usability of the remaining spaces at the Mill however this will require some grant aid and fund raising to achieve. This unfortunately has not been achieved due to financial pressure on the rest of the building. A problem with the building frontage was identified in the early part of the year which could compromise the already busy Granary area requiring it to be closed to the public. The chairman and a small team have been applying for significant funds to facilitate a repair and have just heard in the last few weeks we have achieved our goal of securing the Mill's future for generations to come. |
Overall the Mill and its team of workers / volunteers have achieved great results which in turn has led to good profitability especially given the size and restrictive nature of its usable space.They should be proud of what they have done for their community. |
FINANCIAL REVIEW |
Reserves policy |
The board is comfortable with the level of reserves held at the year end and consider the charity to be a going concern. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The Company is a Registered Company Limited by guarantee, incorporated on 29 September 2009 and is a registered Scottish charity Number SC010579. The Company was formed under a Memorandum of Association which established its objects and powers and is governed under its Articles of Association. |
Recruitment and appointment of new trustees |
All the associated trustees are appointed or reappointed by the members at our general meeting which is held in May each year. An induction process and regular communications inform and update both new trustees and existing trustees in respect of the organisation's legal status, constitutional documents and other general information, in addition to a review of the activities within the organisation. |
Key management remuneration |
Key management personnel who are responsible for managing and controlling the charity are the trustees. The trustees do not receive remuneration for their services. In addition, the Board considers that the charity's related parties are its trustees. There were no related party transactions during the year ended 31 March 2024 (2023: none). |
Risk management |
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The trustees review the risks affecting the charity at Board meetings and take appropriate action to mitigate any matters arising. |
REFERENCE AND ADMINISTRATIVE DETAILS |
Registered Company number |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE (REGISTERED NUMBER: SC366260) |
TRUSTEES' REPORT |
FOR THE YEAR ENDED 31 MARCH 2024 |
Registered Charity number |
Registered office |
Trustees |
Independent Examiner |
Martin Aitken & Co Ltd |
Chartered Accountants |
Caledonia House |
89 Seaward Street |
Glasgow |
G41 1HJ |
Approved by order of the board of trustees on |
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE |
I report on the accounts for the year ended 31 March 2024 set out on pages five to twelve. |
Respective responsibilities of trustees and examiner |
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention. |
Basis of the independent examiner's report |
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. |
Independent examiner's statement |
In connection with my examination, no matter has come to my attention : |
(1) | which gives me reasonable cause to believe that, in any material respect, the requirements |
- | to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and |
- | to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations |
have not been met; or |
(2) | to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached. |
Gavin Curr FCCA |
The Association of Chartered Certified Accountants |
Martin Aitken & Co Ltd |
Chartered Accountants |
Caledonia House |
89 Seaward Street |
Glasgow |
G41 1HJ |
23 January 2025 |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE |
STATEMENT OF FINANCIAL ACTIVITIES |
FOR THE YEAR ENDED 31 MARCH 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
INCOME FROM |
Donations and legacies |
Other trading activities | 2 |
Investment income | 3 |
Total |
EXPENDITURE ON |
Raising funds |
Direct charitable costs |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,537,343 |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE (REGISTERED NUMBER: SC366260) |
BALANCE SHEET |
31 MARCH 2024 |
2024 | 2023 |
Unrestricted | Total |
fund | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 6 |
CURRENT ASSETS |
Stocks | 7 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 9 |
Unrestricted funds | 1,537,343 |
TOTAL FUNDS | 1,537,343 |
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. |
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006. |
The trustees acknowledge their responsibilities for |
(a) | ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company. |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE (REGISTERED NUMBER: SC366260) |
BALANCE SHEET - continued |
31 MARCH 2024 |
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime. |
The financial statements were approved by the Board of Trustees and authorised for issue on |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 and Trustee Investment (Scotland) Act 2005. |
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. |
The financial statements are presented in Sterling (£). |
Going concern |
The financial statements have been prepared on a going concern basis which the Trustees believe to be appropriate for the reasons set out in the Trustees' Report. |
Financial reporting standard 102 - reduced disclosure exemptions |
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland': |
• | the requirements of Section 7 Statement of Cash Flows. |
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. |
The value of donated services provided to the charity are recognised at their open market value in the period in which they are receivable as incoming resources, where the benefit to the charity can be reliably measured. An equivalent amount is included as expenditure under the relevant heading in the Statement of Financial Activities. |
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. |
Charitable activities |
Costs of charitable activities are incurred on the charity's provision, including support costs and costs relating to the governance of the charity. |
Governance costs |
Consists of the costs of the accounts preparation and other financial services and any expenditure incurred in compliance with the legal requirements of the charity. |
Tangible fixed assets |
Tangible assets are valued at their current insurance valuation, this equates to fair value at the Balance Sheet date. |
Impairment of fixed assets |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
1. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
At each reporting date non-financial assets not carried at fair value, like property, are reviewed to determine whether there is an indication that an asset may be impaired. If there is an indication of possible impairment, the recoverable amount which is the higher of value in use and the fair value less cost to sell, is estimated and compared with the carrying amount. If the recoverable amount is lower, the carrying amount of the asset is reduced to its recoverable amount and an impairment loss is recognised immediately in profit and loss. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
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 enters into basic financial instruments transactions that result in the recognition of financial |
assets and liabilities like trade and other accounts receivable and payable. |
Debt instruments that are payable or receivable within one year, typically other debtors and other creditors, are measured, initially and subsequently, at the undiscounted amount of cash or other consideration expected to be paid or received. |
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for evidence of impairment and if found, an impairment loss is recognised in profit or loss. |
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires. |
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when |
applicable, are shown within borrowings in current liabilities. |
Provisions |
Provisions are recognised when the charity has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the charity will be required to settle the obligation and the amount of the obligation can be reliably estimated. Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date. |
Judgements |
The charity considers on an annual basis the judgements that are made by management when applying its significant accounting policies that would have the most significant effect on amounts that are recognised in the financial statements. |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
2. | OTHER TRADING ACTIVITIES |
2024 | 2023 |
£ | £ |
Bar income |
3. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Rents received |
4. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. |
5. | COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES |
Unrestricted |
fund |
£ |
INCOME FROM |
Donations and legacies |
Other trading activities |
Investment income |
Total |
EXPENDITURE ON |
Raising funds |
Direct charitable costs |
Total |
NET INCOME |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 1,537,343 |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
6. | TANGIBLE FIXED ASSETS |
Freehold |
property |
£ |
COST |
At 1 April 2023 and 31 March 2024 |
NET BOOK VALUE |
At 31 March 2024 |
At 31 March 2023 |
7. | STOCKS |
2024 | 2023 |
£ | £ |
Stocks |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Accruals and deferred income |
9. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1/4/23 | in funds | 31/3/24 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,537,343 | 5,274 | 1,542,617 |
TOTAL FUNDS | 5,274 | 1,542,617 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 48,972 | (43,698 | ) | 5,274 |
TOTAL FUNDS | ( |
) | 5,274 |
STRATHAVEN TOWN MILL ARTS AND HERITAGE |
CENTRE |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MARCH 2024 |
9. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1/4/22 | in funds | 31/3/23 |
£ | £ | £ |
Unrestricted funds |
General fund | 1,516,752 | 20,591 | 1,537,343 |
TOTAL FUNDS | 1,516,752 | 20,591 | 1,537,343 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Movement |
resources | expended | in funds |
£ | £ | £ |
Unrestricted funds |
General fund | 45,997 | (25,406 | ) | 20,591 |
TOTAL FUNDS | 45,997 | (25,406 | ) | 20,591 |
10. | RELATED PARTY DISCLOSURES |