MERCURY MUSICAL DEVELOPMENTS REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2021
MERCURY MUSICAL DEVELOPMENTS I N DE X Year ended 31 March 2021 Page Report of the Trusiees (including Directors. Repcrt) Independenc Èxaminer's report Ststernenc of financial activiri¢s BanCe sheet 10 Note5 to the financial sratements
MERCURY MUSICAL DEVELOPMENTS REPOR T OF THE TRUSTEES Year ended 31 March 2021 The Trustees present their report and financial sutements of the tharity for the year ended 31 March 2021. The finaneial stxtements have been prepared in accordance wtth the accounring policies Ser our In note l of the financial Statements and with the Companies Acr 21Th. The Charities Act 2011 and the Accounting and Reporring by Ch2rities= Statement of Recommended PracTice applicable to chariries preparing their accounts in accordance with the Finanual Reporn"ng Srandard applicable in the UK antj Republic of Ireland {FRS102) leff(iVe I january 20191. strUcre. governance and management The Company is rÈp'stered as a charitable comp2ny limsted by 8uaranteÈ and wa5 incorporated on 30 March 1995. li is governed by Articles of A550ciation adopted on 25 May 2011 and rewritten antj adopted 20 November 2020. It is regisrered with the Charitie5 Cornmission under charity number 1045606. The Trustees meet for Board meerings every quarter. and more frequendy when rded. Subcommittees relaring to specific funcuons and 3S such as a Finance Subtommittee a150 meet when required. There is usually one joinc Board meeting with Musicaj Thearre Nerwork rnited each year. Rtcrultment and appoiDtmeTrt of the Trnstee Board The number of Trustees shall n*X be les5 than three tsjt there 15 no ser maximum. Trustee induttlon and training Emily Gray. as Exe¢uuYe Director. 15 in charge of daY-tdaY man3gemen£ ol the chariry. She reports ¢0 the Tru5tee5. with regular contact with the Chair. MMD enW¢)ys a Membership Manager and an Administration Manager who report to the Execuuve Director. New rrusiees are identified from time ro ome and inviteil EO loin the Board. They will iniually meet with the Chafjr and then the Executive Direcror. The B03rd 11 then vots on their appointrneni The Trustees during the period covered by this 2021>21 report were a5 follows: l Benjamin (resigned l December 20201 A Cork (resigned l December 2020 A Drewe (resigned l December 20201 R Fairhead D Farrow (resigned 23 lune 2021) P Fineman (resigned 7 December 2021) SMGray T Htswd F Matthews (resigned 7 December 20211 S Pidcock O Okai (appointed 30 Mareh 2021) M Shenton J Sparks (resigned l December 2020) S Sriva5tawa (appointed l December 20201 G Soles (resigned l December 20201 T Sutton13ppoinred 2 lune 20201 D Tarenro lappointed l December 2020} Any new trustees are indutted by being given a brief history of the Charrry and a summary of its current and planned activities- in addition to a copy of the business plan and a with the Executive Director.
MERCURY MUSICAL DEVELOPMENTS RE POR T O F T H E T RUSTE ES l¢on£i n ued I Year ended 31 March 2021 Objectives and actlvltles for the public benellt Throughout the year the activities of the Chariry were the advancing of education ol the public by encourayng the un¢Jerstandin& appreciation and development of musid theatre. whilst developing the crafr of our mernbers in writjng books, music and lyrics for the stage andlor screen. This is done a variety of showwe 2nd developmental programmes - inclvding Q& masterd4sse¥ seminars. tMorkshop5. residencs and galas with eading industry figures. In setting the obFcr5ves and planning the activity of the ChariEy. the Trustees have given tareful consideradon to the Chariry Commission's general 8uidance on public benefi¢ The Charity relies upon subscriptyon& doDaiions and contriburions from Arrs Council England 10 provide its major sources of incorne. The Trustees. having regard ro the public beneftt guidance published by the Chriues C¢ynmission. in accordance with Section 17 of the Charities ACT 2011. consider tha[ the purpose of activities of the charrcy satysfy the requirements of the public benefit a5 set out in Section 4 of the same ACL Athie¥ements and performance Mercury Musical Developments IMMDI entered it5 third year as a SecEor Support Organisation IS.S.01 with Mus5t Theatre NeOrk IMTNI covering a five-year penod frorn 2018-2023. At the start of the first 2020 Lockdown, MMD rransferred its worl comrnunic3uons and filing 5Trrems over to Microsoft Teams and One Drive.. the Staff were (rained ro use the new systems and adapred well to wor"n¥ from home for most of the year. At che start of the year the Trustees and suff updated MMD'S Equaliry & Diversity Acuon Policy and Wan and conunued to monitor and up¢Jate it ar every BoarJ meeung.. all applicauons for opporrunitie5 were aronymised and discussions were held on barriÈrs ro access and improving workforce diversity in the sector. Writrr member Rachel Vittor samp5¢ WZS inited to presenr to the Trusièes on indusion and She led a Board discussion on diyrn1Cati0 At the request of Arrs Council ETrand. MMD & MTN wgether researched and wrote a paper on the Risks Opportunities for the Thew Musital Theatre sector. as a result of the Pandemic, which was also shared with PRS. The highlights of this financial year were The Stiles & Drewe online concert awbd launching a bursary fundraising campaign called The Keep Wriung Fund. MMO'S online programme eng3ged and supported the membership and the wider sector. tmth monthty panÈl discussions covering pertinent copics including Tech in Lockdown. Wellbeing tn Lockdown. Future Progr2mming ol new musica15 in venues. Resilience and Resourcefulnes5 in Freelancers and Recording & Distribuvng Cast Alburns. Through effecttve partnerships MMD ijeliyered a LGBTQ+ panel on Represenr200n in Musical Theatre IMTI with MTPride and a discussion on Culwrnl Diversity M2ccers in M4JStcal Theatre with leaders in from underrepresented cultural heritages. MMD had prestiyous speaker5 Such as Daniel Eyans and Tamara Harvey OTh the panel of Aru5tic Director5 planning new musicals. These online discussions gathered oyer lo views on MMD and MTN'S YouTube channels. Having delivered BEAM2020 online. folders of the work of all 41 wriun8 ceams were created and disrributed digj'tallx throughout the summer of 2020. From this 4 musica15 were commissioned. severdl writers Creatrd cast bums. many ran online readings or launthes. some shows were shared as outdoor performances and others rnade into filmed songs or scenes. Throughout the year. MMD held ZlM>m drop in5 for BEAM arusrs and surveyed their progress and idea5 in preparatir)n for a hybrid Ie )d live stre*med BEAM in 2021. The Stiles & Drewe Best New Song Prize provided a great opporvJnity to Showcase the work of MMD members through an online concert in luty- 16 new song5 were seif_filmed by Wesr End siTrgers who recorded their performances ar home. the rerno support of our Musical Director and Film & Sound Editors. The recorded videos were inreAinked by live introdurvons from the writer5 and the evening was hosced by Stiles & Drewe. It
wa5 a great succe55 for the writer5 i01ve. whose songs have since had over 6.000 views on YouTube. As well as
the winning song by Amir Schoenfeld & Matthew Greene. a second prize awarded to Miranda C¢)oper. Richard
Marsh & Nick Coler. and a new prize for Voice. Vision & Potenual wa5 won by Meg McGrady & Zoe Morris. Over
4,200 was rwsed on the nighr for the Keep Writing Support Fund and this was then awarded w writers who were
unable to afford MMD membership fees.
The Styles & Drewe Mentorship Adrd reCed more applications than ever bef with 74 eli&'ble 5how5
entered. These were anonymised and a diverse ser of professional arti5rs, mainly freelancer5, were paid to judge the
entries. From a shordist of nine. four reams of writers were internewed and Omar Baroud won the award. which
is a yearlong mentorship wirh George Stiles & Antony Drewe. including a residency week workshops 2nd a
public sharing of hi5 show. After Elijah. Omar vn5 part of MMD & China H>Tr's 2019 Residency for
underrepresented writers at Royal & Derngate. He then perforn)ed one of his songs at the 2020 Styles & Drewe
Song Prize concerL Lacer in 2020 he 31mosi left the profession and a Keep Wriung bursary enabled him to sr2y
eonnecced with the writing community and ensured he had the motiyauon ro finish writing hi5 shctrw, which he then
entered for the Mentorship Award and wenr on to win.
PRS Foundation support elbI¢
constanty working ro diversrfy and broaden definityons of and 3ccessibiliry to the new musical thearre landscape. Being online helped MMD to reach b¢yond London and offer it5 programme5 ro 3 nation and interrbauonal audience. Financlal review At Ihe year end the totsl fund5 were valued ar £18&86912020 - £134.717I. which consisted of Unre5tri¢Eed Funds of £60.087 12020 - £55.9101. and Resrricted fund5 of £128.782 12020 - £78,807). The principal source of funding rernains grants received from the Arts Council England. The stxtement of financi arUrIeS for the year is ser out on page 9 and when considered with the notes to the accounts, shows a year in which our gngoing rntnning costs. comlm.ned w¢th the net ouctum from the events in the year. continued to be covered by tyjr membership incom& d¢>nauons and funding from the Arts C¢)uncil Engtand. The BEAM Showcase fund Shows a deficit for the year ended 31 March 2021 of £3.649. In accordance with the Charities SORP IFRS1021 ir is acceptable Eo carry forward a deficiL as the Trnstres have a realisuc expecr2oon that future income wtll be received co cover the shorrfall. Plans for the fure In the nèxr financial year. MMD will conunue to build upon the range of {JevelopnI and showcase opportunities in the areni of new musical theacre for our members and the wider sector. trialling hybrid models of delivering events online and in per50n. as the effecrs of the pandemic St ro ease. A tnap)r focus of the 2021-22 year will be the live and digital BEAM2021 showcase and The Styles & Drewe Song Prize. The placemenrs for the Cameron Mackintosh Resident Cornposer Scheme in Manchesrer and BYMT will be prepared and will srart when IE 15 possible for rhe venues. MMD will continue to respond 10 and 5upporr its meMr$hiP and offer coTrtynu communications and supporr as tyjr inijusrry is reiwil£ and reformed post pandemic. MMD aims for a more inclusive secLor. with stronger recogniuon and supwt for freelancers and a more democratised approach to engagin8 and developing writers of the future. SlgnrflcanY MMD wll run its first ever project with young writers in developing song5 and ideas for musical& funded by Youth Music and efw.ng young people from underrepreSend herirxges and soci¢>economic back8rouTrds in Hackney. East London. Re5erve5 policy The directors do not look to generate a particular level of unresrrictsd funds but to maintain unresrricted reserye5 $0 that the chariry can meer its financial liab¢litie5 as they fall due. Rlsk marbasement The Tru5Tres regularly consider and review risks and uncertainties that it I1Y face. The Princip risk 15 ensuring continued adequate fun&'ng for attiviues. This risk is miupted by careful planning and budgeting for events. ensuring srficient funds andlor sponsorship are avaiiatrAe before committing ro an e¥enL
MERCURY MUSICAL DEVELOPMENTS R E PO R T O F T H E TRUSTE ES {co n t i n ue tj I Year ended 31 Marth 2021 Reference and administrative details Trustees l Benjamin (resied l December 20201 A Cork (resigned l December 20201 A Drewe Ire51ed l Oecember 2020) R Fairhead D Farrow (resied 23 June 20211 P Fineman (resigned 7 December 20211 SMGray T Howard F Matthews Iresyed 7 December 20211 S cOck O Okai (appthnd 30 March 2021) M Sh¢nton J Sparks (resigned l December 2020) S SrivastaY12ppointed l December 2020) G Sriles Iresigne¢J l December 20201 T Sutton (3ppointed 2 lune 2020) D Tarenw {¥ppointed l December 20201 Company secretary Wellington House Nominees knmired Company number 03039699 Reglstered charity number 1045606 Rtglstered addre55 Wellington House Nominee5 knmited 55 Drury Lane London WC28 SRZ
MERCURY MUSICAL DEVELOPMENTS Year ended 31 March 2021 Trustees, re5ponsibilitie5 in relation to the financial Statements The TrusEee5 are responsible for preparing the Trust¢e5' Reporr and the financi $raEements in accordantè with applir*blÈ law and regulauons. Company law requires the Trustees to prepare the fFnancial statement5 for each financlal year. Under that law the Trustees have elecLed to prepare the fsnaThcial sratements in accordance with United Kingdom Generally Accepted Actouncing Practice (Uni Kingdom Accountsng Srandards and applicable lawl- Under company law the Truscees mus¢ not approve the frnatKuI 5tsrements unless they are satisfied that they &"ve a true and fair view of the state of affairs of Ehe company and of the profic or loss of the corrpany for that peri. In preparing these financlal 5tacements. the Trustees are requireij to.. select 5uitsble accounung policies and then apply them t¢)nsistendy- make judgments and actovnong esumares that are reasonable and prudenL prepare the financial SEacemenrs on the zoing contern ba"$ Un it is inappropriate to presume thar the company will continue In business. The Trustees are responsi1e for keeping a¢Jequa¢e accounting records that are sufficient tts show and explain the company s rransactions and disclose with reaSonae accuracy at any time the financial position of che company and enable them to ensure that the financial sr21ements comply with the Companies Acr 2006. They are also responsible for safeguarding the assets of the conyany and hence for reasonable steps for the preveThvon and detecoon of fraud and other irregulariDes. Declaration I declare in my capatiry of charity Trustee thac rustees have approved the reporr above and have authorised MÈ to sign it on their behalt. R FAIRHEAD Truscee
MERCURY MUSICAL DEVELOPMENTS INDEPENDENT EXAMINER S REPOR T Year ended 31 March 2021 Independent examiner's report to the trustees of Mercury Musical Developments I report to the tru5tee5 on ry examination of the accounts of the Company for the year ended 31 March 2021. Responslbllities and basis of report As the chariry rrustees of the Company land also irs directors for the purposes of company lawl you are reSnSIble for the prepar4von of the accounrs in accordance wtth the requirements of the Companies Act 2006 ('the 2006 Act'l. You are satisfied that an au¢thi is not required for this year under chariry or company law and that an independeni examination is needed. Having Satisfied mysdf that the accounts of the Company are not required to be audited under Part 16 of the 2fy)6 Act and are eligible for independenr examinauon. I report in respect of my examination of your charity's accounts as carried out under $ecuon 145 of the Chariries Acc 2011 ('the 2011 Act.). In carryng out my examination I have followed the Direcvons ven by The Ch•riry Commission under secDon 14Sl5llbl of the 201 I Acc An independent examinati(M) does not involve gathering all the evidence thai would be required in an audit antj consequendy does noi cover all the maEters thar an auditor considers in '¥ing their opinion on the accounTS. The plannin8 and conduct of an au¢Jir goes beyond thÈ limited a55urance thai an independent examinauon can provide. Consequently l ere$S no opinion as ro whether the accounts present a 'true 3nd fair, and my report is limited to those specific matter5 ser out in the independt examiner's statement Independent examlnees statement l arn qualified to undertake the examination by being a quled member of the Insutute of Chartered Accounr3nts in England and Wales. I have completed my exarninaoon. I conflrm thai no rnateri matters have come to my attention in connection with the examin2ti0n ging rne cause to believe thar in any rnateri respecL accounung records were not kept in respect of the Ctynpany as required by $ecrion 386 of the 2(rf)6 Ac¢ or 2. the accounu do not accord with those records". or 3. the accoun(s do not comply with the accounung requirements of 5ec¢ion 396 of the 21x16 Art other than any requirement that the accounts Wve *'True and fair view, whith is not a rnaer considered as parr of an independent examination: or the accounrs have not been prepared in accordance the metho& and principles of the Statement of Recommended Pracute lor accounvng and repornng by chariries applicable to chariues preparing their accounts in accorthdnce the Financ1 ReP(.ng Standard apPlicat in the UK and Republic of Ireland {FRS 1021. I have no concerns and have come across no marrers in connection with the examination to whith attendon should be drawn in this report in order to enable a proper undersr2nding of the accounrs EO be mched. ACTA Dixon Wi150TI 22 Chancery Lane London WC2A I LS 2022 17 January
MERCURY MUSICAL DEVELOPMENTS ST A TEM E N T OF FI NA N C I AL ACTIVI TI E S i n c o m e Year ended 31 Marth 2021 Unrestricted Income Fund Restrirted Income Total fvnds Total funds Fund 2021 2020 Note Income and endowments from: Donations and legacies Charttable acrivities 50.375 131.487 32.080 119,206 56,576 31 Total income 113.1 50.375 163,567 175,782 Expenditure on: Rwsing funds Charirable acuvities 9.071 99.944 9.071 I¢XJ,344 15, 153 137,949 Total resources expended Net income 109.015 109.415 153, 102 4,177 49.975 54,152 22,680 Net movement in funds 4.177 49.975 54.152 22,680 TO funds at 31 March 2020 55.910 78.807 134.717 112.037 Totsl funds at 3 1 March 2021 60.087 128.782 188.869 134.71 T All amounts were derived from continuing ItIeS. All pins and l¢)ss¢s recognised in the year are included above.
MERCURY MUSICAL DEVELOPMENTS Company number. 03039699 BALANCE SHEET At 31 March 2021 Total funds 2021 Total fund5 2020 Note Fixtd assets Tangible assets 302 369 302 369 Current assets Debtors Cash at bank and in hand 10 110.961 112.865 116.066 45,490 223.826 161.556 Liabilities: Creditor5.' arnounr5 falling due within one year {3S.259) 188,567 (27.208) 134.348 Net current a55ers Net assets 188.869 134.717 Funds Unrestricted income reserve Restricted income fund 60,087 128.782 55.910 78,807 188.869 134,717 For the year ending 31 March 2021 the conyany was entirled to exempvon frorn audir under section 447 of the Companies Act 2006 relaung 10 small companies. The member5 have nor rwwired the company to obtain an auijr in accordarKe with S[lon 476 of the Companie5 Act 2Crt)6. The directors acknowledge their responsibility for complying the requirements of the Att with respect to accounting records and for the preparavon of accounts. These acc¢nts have been prepared in accordance vAth the prO510n$ applicable to companie5 subject to the Sm1 tompanies. rwme. The finantial statements on pages 9 w 17 were apProd by the Trustees on 17 January on eir behalf by.'- 2022 and were signed R FAIRHEAD Trus¢ee 10
MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2021 Accountlng policies The principal accounting pdicies a¢S¥red. wdgerrtht and key source5 of estymaiion in the preparauon of the financ 5(aTrments are as follows". (a) 8ai5 of preparation and assessment of golfig corbcern The financrdl stktements have been prepared in accordance with Accnn and Reporting by Charive5.' Srxrement of Recomrnended Practice aP1e to charitiÉ% preparing thr accounrs in accordance WTth the Financ41 Reporung Standard applicable in the UK and Repu1¢ of Ireknd IFRS 1021 leffecvye I ary 2019) - IChari(ie5 SORP IFRS 10211, the Financial Rep(xring Srandard applicat4e in the UK and Reput1£ of Irdand (FRS 102}. the Companies Art 2CM)6 and the Charioes Art 2011. Mercury Musical Developmenrs meets the definiuon of a public benefit enury under FRS 102. Assers and lia&'liues ¥e in1r5ty recognised at historical tosr or transaryion value unless otherwise staEed in the rdevant acc¢JunEing pg1i£y The impart of the COWtk19 pndemic the thlity of the char4Cy to conunue as a png concern has been assessed by the Tru5teÈs. The Trustees consider thac there are no unterTainrie5 abcwJc the chariry's ability to continue as a going concern for the next 12 months and foreseeable fvwre. The chariry holds suffitient reserves to cover grants commitmenr5 and operatK)nal costs for the next 12 months. The financi31 5Utement5 do not include any adjustments that w4yJld be necessary rf n8 conGÈrn basis vas nor aFvrwte. (b) Fund accounting policy Unrestricted funds are gen hJnd5 that are avai13ble lor use at the Tru5w' disc[1 in furtherance of the obiecuves of the chariry. The resrritted fund are fun& which are to be used in atcordantr with specific restricuw inyosed by don¢xs or vknich have beÈn raised by the cortT)any for parricular purp)ses. The costs d raising and admini5ring such fund5 are charged y.nst the specific funiL The aim and of each restricred fund is set ouc in the notes to the financial st3temÈnts. (c) IOming resources l income is recwised in the statrmenE of fmancial •£tie5 when Mercury Musid Deve1opffts has envrjemenr to the Inco, it 1$ probaNe thai the income will be received and the 3mount of the inctyne can be measured relrdbly. Donations are retognised when the Cofflp3ny has enTr[lwnt w the I[n< there 15 r¢asonalAe assurance of receipr and the amn¢ of income can be ffEa5ured reliably. Grants are recoed when the dwrty has eno to the fiJnd& the ability to tuffil condffions attathed to grAnrs is entirety within the chirfs contrc4. it 15 F*¢bable thac the wll be rectyved and the amount (an be rTrUred r1y. (d) liesourtes expended abilioes are reColSed as soon as there is a W or construcuve ollirduon committyng the Trnsr ro the expenditur4 It is probaNe that secdement wll recpired and the amount of the obligauon Gin be measured reliably. l expenditure is account for on an accnJ5 basis and has Eeen da5$rfd under heathngs that aggregate 1 costs related w the category. Fgr further infi)rniation on the alWuon and wortionment of governance and support COSTS across these rategories refer to notr 6 bdow. The costs of generating funds and ch2ritsNe expenth'ture comprise sraff and other costs didIY attriixrtable ro an activrl and s0 an allrKarion of support costs. Where costs have been l0£ted this has been ¢the oft the 15 of sary cosrs direcdy attrirae to eath of the Crynys activioes. Governantt costs are those Incurred In comPlnce Tr•rith c0nstytut1 and suujtory rewrement5.
MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMÉNTS Year ended 31 March 2021 {e) Tangible fixtd assets Tan&'ble fixed assets are stated ar cosr less depreciation. Depreciation 15 calculated so as to write off the cosi of an assec less irs estimated residual value, over the useful economie lrfe as follows: Asset cla55 Depreciation method and rate Straight line over 5 years Fixtures and FFcting5 (fj Fund Accountlng Details of the nature of each fund are ser out in note 12. (g) Flnancial instruments Financial insrruments are reColS*d in the cOPanY'S Ba1)ce Sheet when the coryany become5 parry to the contracwal provisions of the insrrumenL Finanrial assets and liabilioes 2re offseL with the net amounts Presen in the finantiat SleMents. when there 1$ ¥ legally enforceable righi to set off the recogni5ed amounts and there is an inrenoon ro setde on a net basis or w realise the as5ei and setde the liabiliry simultaneously. Basic financial assets Basic financial as5er5, which include receiv3bles 2nd cash at bank are initially measured at transactyon price including transacuon costs and are subsequendy tarried at amorrised cost using the effective interest method unless the arrangement constitute5 a financing transaction. where the transaction is measured ai present value of the fvwre receipts discounted ai * market rate of inwesL Basic financial liabllltles Other financial liabiliue& including payable5, are initially recognised at tran5acuon price unless the arrangemenc constitutss a finaneing transaction. where the debt instrument is measured ai the presenr v21ue of furure payments discounted ac a m¥ket rate ol interesL 12
MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 3 l March 2021 Status The Comp2ny is limited by guarantee with no share Cap and 15 incorporated in England and Wales. The adttress of its rew'stered offKe is: 55 Drury Lane London WC2B 5RZ Income from donatlons and legacles Unre5trirted Income Fund Re5trirted Income Fund Totsl 2021 Total 2020 Donarbons Grants 15.733 65.379 375 S0.(KX) 16,108 115,379 22.058 97.148 50.375 131,487 119.206 In 2020, of the 122,058 of donation income. £9,075 wa5 resrricred. In 2020. of the £97.148 of 8ranr income. £32.914 was resrric* Income from charitable attivltl EvenE income Membership Subscriptions 5.998 26.082 5,998 26.082 30.201 26,375 32.080 31080 56.576 In 2020, of the £30,201 of event inc<)m4 £17.148 w7s restritEed. In 2020, of the £26,375 of membership subscriptions income. £nil was re5triaed. Net income and net movements in funds have been stated after charglnr. 2021 2020 Independent examiners fees 2.750 2,750
MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 Marth 2021 Analysls of resources expended Direct arti¥ities Support costs Total 2021 Total 2020 Costs of generating funds Membership Officer 9.071 9,071 15.153 Charitable attlvltles Development of m¢Jsical thtre Educauon 8.710 12,960 31.622 47,052 40.332 60,012 103,269 34.680 21,670 87.745 109.41S 153, 102 In 2020. of the 115.153 ¢osrs of generating funth £nil was re5tricred. In 2020. of the £137.949 charitable activities expenditure. £36.161 was restricted. Analys15 of support costs Development of rnusical theatre Membership Officer Total 2021 Total 2020 Educatioii Salaries. wages and related ¢¢srs (see note 81 Hospiraliry and travel costs Rent Office costs Governance costs (see nots 7} 9.071 24.250 79 36.084 69.405 198 7.632 6,179 4.331 75.863 1,586 3,812 7,497 3,602 3.69S 2.590 1.741 9.071 31.622 47.052 87.745 92,360 Support costs allocated to the Membership offir rela wholly 10 salaries. Other support costs are 3pporuoned to differing acuviues in proportion w the differenc tharitable actitIes. GoverrbancÈ costs 2021 2020 Accounranq and payToII fees 4.331 3,602 During the year. the Trusrees did not receNe any rernunernuon or reimtrmjrsemenr of expenses. 14
MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2021 Staff costs 2021 2020 The average number of pers¢)n$ employed by the chariry during the year was." Office staff Gross wages Employer's NIC Pension Leg31 an¢J professional fees 66.639 1,428 69.361 4.710 1.792 550 69.405 75.863 A total of 3 sraff were under employment during the year. The Company considered its key management per50nnd co be the Execurive Director. The totsl salary and employment benefirs including employer pension c¢trIbUtIOnS of the key management petsonnel was £35.113 12020- £35.4291. The number of employees whose $arleS were above £60.c was nil12020_ nil). Tanglble fixed assets Fixture5 Office and fittings equipment Total Cost or valuation Ai l April 2020 Addiuons 3.395 399 3,794 Ac 31 March 2021 3.395 414 3,809 Depreciation Ar l April 2020 Charge for the year Ar 31 March 2021 3.395 30 82 3,425 82 3.395 3,507 Net book value Af 31 March 2021 302 302 At 31 March 2020 369 369 Debtors 2021 2020 Other debtor5 Atcrued income 2,544 108,417 13.107 102.959 10.961 116,066 Detsils of nonwcurrent other dtbtors (2,544 of other debtors relates ro Tron-current debcors. whith is the office lease deposic
MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2021 Creditors: amounts falling due within one year 2021 2020 Other creditors Accruals and deferred income 17,081 18,178 27.208 35.259 27.208 Funds Unrestricttd Income Fund - comprises the undistributed income of the chariry. The Trustees 2re free to use these resources in attordance with the obieers of this charity. Re5trirted Income Fund - comprises donatyons made to fund the c05r of events produced by the tharity to advance the educavon of the public by encouraging the untJersDndin& appreciation and developmenr of musical the2cre whi15t developing the craft of our mernrs in writing iKth. music and lyrTrcs for the stsge in accord2nce with the charity's objecuvÈs. 13. Restricted funds Jane Mackintosh BEAM BEAM Goodman Foundation Showcase Followlspot Foundation Total 2021 Total 2020 Brought for*Rrd fund5 Income arising in the year Expenses paid during the year 65.703 14.0241 375 17.128 78.&)7 50.375 I4) 55.831 59.137 {36. 161) S0.LJ)) Carried fonvard funds 65.703 13.649) 16.728 50.oc 128.782 78.7 The BEAM Showcase fund is in deficit as a result of expenditure in the prior year. Under the SORP ir is acceprabl¢ to charge expendirure to this fund while in deficiL as the Trustee5 have a realistic expecration thar future income will be receiYe¢J from this fvnd to cover the shortfall. 14. ATralysi$ of funds between net assets Tangible Nrt current Fixed assets assets Total 2021 Total 2020 Unre5trictÈd fvnd Restricted funds 302 59.785 128,782 60.087 128.782 55.910 78.807 Total funds 302 188.567 188.869 134.717 16
MERCVRY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2021 15. Financial instruments The Charirx financial instrumenrs comprise of other financial asse whith comprise debcors of 1110.961 12020- £116,066) and other financial liabilities of £17.999 12020 - 112.660). which comprise other creditors measured ar 2morrised COSL 16. Financial commltments. guarantees and contingencies The CO amount of financial commitments noc induded in the IAL*nce sheet is £13.738 12020 - £310541. This rela¢e5 co the rental payments due for the lease of oifKe spatr up until 31 Decernber 2021. Of th1$ 2moun( 50% will be re¢harged ro musi Theatre Network Limired WIK) share the otfite spxte.