2022-03-31-accounts

MERCURY MUSICAL DEVELOPMENTS REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2022

MERCURY MUSICAL DEVELOPMENTS INDEX Year ended 31 March 2022 Page Report of the Trustees {including Directors. Repor¢) Independent exarniner's report Stacement of financial activlties Balance sheet 10 Notes to the flnancSal statements

MERCURY MUSICAL DEVELOPMENTS REPOR T OF THE TRUSTEES Year ended 31 March 2022 The Trustees present their report and financial statements of the chariw for the year ended 31 March 2022. The financial statements have been prepared in accordance the accountin¥ policies srf out in note l of the financtal sratemenrs and with the Cornpanies Act 2006. The Charttyes Att 2011 and the AtcounDng and Reportyng by Charities: Statemenr of Recommended PracDce applicable to charityes preparing their accoun￿ in accordan￿ with the Financi￿ Reporting Stxndard applicable in the UK and Republic of Ireland {FRS1021 leffecllve l J￿uary 2019). Strurtureb governance and ma¢)agement The Company is resistered 3s a ch3rioble company fimited by guarantee and was sncorporared on 30 March 1995. 1¢ is governed by Articles of Association adopted on 25 May 2011 and rewriEten and adopted September 2020. It is regisored with the Charities Commission under charity nunthr 1045606. The Trustees meet for Board rneetyng5 every quarter. and more frequenrty when needed. Subcommi¢rees relating to specific functions and areas such Bs a FinarKe Subcommittee a150 meet vthen required. There is usually one joint Board meeung wsth Musical Theatre Network LsmiTed each year. Recruitment and appolntment of the Trustee Board The number of Tnjstees shall not be less than three bui there is no srf maximum. TNstee induction and training Emily Gray. as Executive Director. was in charge of daY-l￿daY management of the charrty. She left in April 2022 and the Executive Direecor is now Natalia Scorer. She reports ro the Trustees. with regular contact with the Chair. MMD employs a Membership Manager and an Administryduon Manager report to the Executive Direttor. New trustees are identified from time w ume and sny1￿￿ to join the Board. They ￿11 initially meei with the Chair and then the Execuuve Direttor. The Board will then vots on their appointmenL The Trustees during the period covered by this 2021122 report were as follo R Fairhead Ire51￿ed 5 May 2022) D Farrow {resigned 23 June 20211 P Fineman Ire5igned 7 December 2021) SMGray T HoNrdrd F Matthews (resigned 7 December 20211 S Fldcock O Okai M Shenion (resigned 7 December 20211 S Srivastav T Surrvn D Tarento Any new trus￿e$ are indutted by being I￿Ven a brief history of the Charity and a summary of its cvrren¢ and planned activities- in addition to a copy of the business plan and ? meeting with the Executive D(rector. Objective5 and a¢tiv5tOes for the public benefit Throughout the year the actyvitie5 of the Chariy wexe the advancing of educarion of the public by encour4ing the understandin& appreciaoon and developmertr of MUSI￿ thearre. whilst developing the erdft of our members in writing books. mustc and tyric5 for the stsge and lor Screen. This is done via a variery of showcase and developmental progrdmmes - including QW masterclasses seminars. workshops. re5idencie5 and galas with leading industry ftgures.

MERCURY MUSICAL DEVELOPMENTS Year ended 31 Marth 2022 In setting the objectives and planning the activÈues of the Charity. the Trustees have yven careful considerntion to the Chariry Commission's general guidance on public benefit The Charirx relie5 upon subscrip¢ton& donauons and contributions from Art5 Council England to provide irs major sources of income. The Trustees, having regard to the public benefit guidance pubh'shed by the Charitie5 Commission. in accordance with Section 17 of the Charities Act 2011. consider that the purpose of activities of the charity satisfy th¢ req¢Jirements of the public benefii as set out bn Secuon 4 of the same ACL Achievements and perforniance Mercury MUSI￿ Developmen¢5 {MMD) entrred its fourth year as an ArL5 Council En812nd ketor Support Organi5a¢ion IS.S.O) with Musical Theatre Ne￿rk (MTNI. covering a five-year period from 2018-2023. MMD proved its resilience over the past ts¥o year5 during the pandemia it has surwved without additional financial SUPPO￿ continued to deliver the majority of its work online or in hybrid form, expanded its membership and successfvlly fundraised for and delivered its fship evenE% BEAM2021 and the Stiles + Drewe Best New Song BEAM2 After the cancellation of BEAM2020. to be held in Northamp(on, plans were reconfigured so that the selected writing teams could Still present their project5 at BE4M. A On￿aY event W25 held at Hackney Empire in September 2021 with excerpts from 21 shows presented to an audience of industry figure5. ￿ongside tryo panel discussions. The shows presenEed refiecEed a wide diversity of sryles. subject matter& stages of development and creative team backgrounds and hertws. The ebtni was Itvestreamed. so there vrds a hybrid audience of inerson and streaming attendees. Funded by in ACE Proiett GranE MMD and MTN supported IS anist teams ro create a ten minute filmed pitch of ¢heir musical. 35 well as one-minute pitches films of their songs and snippers of their ma￿rial to use on social media. The high*ualiry professional filming and ediong made this an extreme￿ valuable opportunity and resource to help the art15ts showcase 2nd promote their work This project gave 228 days of employment to freelance arLiXS and gave 37 writers a development 2nd recording opportuniLy. After being held online in 2020. the 2021 Song Prize was held at Hackney Empl￿ direcdy following BEAM. Twefve finalisr songs had been selected from 170 submissions and the songs were performed by professional sit7gers. accompanied by a band. This year parricular effort was made ro ensure that the finalist writers received 5UPPQrt with their song developmenc and arrangemenl and the wri¢er5 were consuhed on song casting and interpretation. +Dr Selected from 74 applications the recipient of the 2021-22 Mentorship Al￿drd wa$ Omar Baroud and his musical 'After Elijah.. omar began his menEorship in December 2021 a week's residency with George Sules and Anthony Drewq followed by two Progress Labs in eady 2021 The Menwrship wll culminate in a professionally directed arbd casr industry showcase in Juty 2022. In 2020 Omar almost left the profession but i Keep Writing bursary from MMD enabled him to Stay connected with the writing community and ensured he had the motivation to finish wriring hi5 show and enier for the Menrorship Award.

MERCURY MUSICAL DEVELOPMENTS Year ended 31 March 2022 "MMD hos been so cruoal in supporting me, ond opening doors that I never thought would be opened so quickty. I don t think I would hove fint5hed my first droft if not ft)r their encourogemenL ond with the bursory, there was the Stiles + Drewe hlenwr5hiP Award. And I'm 50 inrredlbly happy I deaded io oppty, a5 finishing the flrsr droft ond then going on to the mentorshlp hos been one ofthe best things thot ha5 hoppened ro me 05 0 wrtter. The strungest thing 15 thlnklny thot thls whole experience could hove been missed If MMD didn'( remlnd me how much love ond support wos there reody for when I needed JL There'5 0 very deor chonge In myjourney as o wricer (rom the mornent l Joineé MMD, and I would recommend ir hI￿lY to onyone wlth the slighiest of oft Ideo for o mu51col." Omar Baroud outh ro With thank5 w fvnding from the PRS Foundatlon and Youth Muslc, In Autumn 2021 MMD rnn a project for young music makers from the global rnalorlty aged 16-25. Sn collabordtlon wtth Hackney Emplre'5 tducadon departmenL BEAM wrlter5 Anoushka Lucas and Gerel Falconer led six ¥e5sions helplng the partlclpants develop thelr Ide35 for a muslcal and wrltlng a song that captures the maln thernelcharatter5 In thelr Shows. Thls culmlnated In a Ilve sharlrng af the Songs and Ideas In front of an audSenc4 and the songs belng recorded at R151ng Tbde Studlos. The most posltlye element for the young people has beeTh re-connectlng them wlth thelr wrStlng skllls and they all reflected on th15 belng the creatlve attlvity they needed comlng out of the pandemlc,. they want to stay connected to MMD and they wlll be encournged to pltch for the next BEAM In Autumn 2022. Adyanced Lab l and Lab11 are peer-led wrlting groups for MMD members, creatSng a friondly and 5UPPOrtlve space for wrlters to share thelr work and recelve feedback. These meet elther bl-monthly or monthly. sometlmes onllne and sometimes In-person. The PR>funded Lab5 for wrlters In kodand and the North of England contlnuèd throughout 2021. Supported by the Cameron Macklnt05h Foundatlon. thls scheme glve5 a musl¢al theatre wrlter the opportunlty ¢0 work wlth a produclng theatre or theatre company for slx months. asslstlng on or wrklng for productlons. learnlng from dlfferent departments and recelvlng resource5 and tlme to develop thelr own productlon Ideas. In early 2022 Finn Anderson began hSs placement at the Hope Mill Theatre and the Lowry in Manchester (postponed from 20201. while Jordan Paul Clark began hls placement at Brit5sh Youth Music Theatre. The first plac8ment for a wrltlng team. to be held at at Theatr Clyryd In Wales, wa5 awarded ta tomp05erllyrlt15t duo Amlr Shoenfeld and Ca5tlyn Bu and wlll take place In 2022-23. "At the beginninz of our coreers. MMD was Q safe hoven to explore ond leqrn, while fvstering importont IndusDy connection5 with new colloborotlve Portner5 ond colleagues. A few Yea￿ on, MMD continue5 to be an invaluable sourte of Professionol support development oPPortunttye5 ond community. Most importcntty, MMD 15 the heart of the UK'S musicol theotre new writsng community. olways eoger, upliftinE ond re¥)on5ive In supportlnz their fftembers." Amlr Shoenfeld and C￿￿Yn Burt Thanks to a new re￿lIonshIP with Hosklng Houses Tru51 which provide5 mon¢h-long residencies to female writers at a cottage near Stratford-upon-Avan, MMD awarded pald resldencles to rwo writers In 2025. wSth another three to follow in 2022. The 2022 resldencles are made possible by fundln8 Irom the lane Goodman Charltable Trust who has granted MMD funding for the next five year5 for projects to 5UPPOrt female rnu5ical theatre wrlters. Book Music & MMD continues to work wlth and support Book Muslc & LyrScs IBMLI. a crnft-based educa¢ional programme for muslcal theatre WrI￿r$ and the only one of its kind in the UK. Working in collaboratlon wtlh BML MMD presented a series of onllne talks and Inierview5 Wlth well-known musical theatre prattityoners in New York entitled Voice5 from New York. which begun in 2020-212nd continued into 2021-22.

MERCURY MUSICAL DEVELOPMENTS R E PO R T O F T H E T R U ST E ES Ico n ti n u e d) Ye4r endÈd J l March 2022 and Diversi Poli andA ion Pla Action points throughout 2021-22 included.. Successful anonymising of the applications for the Stiles & Drewe Best New Song Prize and Cameron Mackintosh Resident Composer Scheme Sending our opportunities to a wider raTrge of partners to ensure they reach cvrrendy underrePreSen￿d artists Gathering of data for the Mentorship Award with an increased percentage of applications from writers of underrepresented cultural heritages than the Song Prize 2020. Hosting the highly successful PRS Foundaiion funded developmen¢ lab for writers from diverse culturnl heritages, in May 2021, including an online discussion with the mentor5 The successful applitation for an ACE Projec[ Grant to fund a research project into ethnic diversity in musical theatre. led by Rachel Victor-sampson in pamership with Inc Arts and MMD. The membership continue5 to grow in response to the organisation listsning to members and secior needs and constandy workirng 10 diversify and broaden definiuons of and accessibiliLy to the new musical theatre land5C3pe. In 2020-21 MMD switched membership systems ¢0 a CRM sofNare, with the aim of or8anising member data and subscriptions in a GDPR-compliant and more efficient W2y. In summ2ry1 MMD delivers Profile Projetts such as BEAM and the Stiles + Drewe Prizes, Writer Development Programrnes such as the Camerf)n Mackintosh Composer Re5identies, Hosking Houses Residencies, writers. labs, mas¢ercla5ses. workshops, and ongoing Sector Support such 3s panel discussions, drop ins, open mic nights, open labs. advice 5e5sions, table reads. funding support and mentoring seryices. Financial review At che year end the total funds were valued at £155.76512021 £188,869), which Consisted of Unresrricced Funds of 134.30412021 £60,087), and Resiricted funds of £121.461 12021 L128,7821. The principal source of hjnding remain5 grants received from che Arcs Council England. The 5ratement of financial attivicies for the year is set out on page 9 and when considered with the note5 to the account5, shows a year in which our ongoing running Costs, combined with the net outturn from the events in the year, continued to be covered by our membership income. donations and fundin8 from the Arts Council England. Plans for the future Major projett5 for 2022-23 include.. Pitching days for BEAM2023. These will be held across Ihe UK and will give hundred5 of creatives the opportuniry to PlEch their musical gr idea to an industry panel. For the first time, with funding Irom the PRS Foundatson, every team who piiches will receive bespoke feedback on their pstch and sh¢)w. The UK Musical Theatre Conference, co be held in May 2022 at BIrMin￿)8M Hippodrome. The Stiles + Drewe Best New Song Prize and MMD 30 Anniversary - a concert event to be held in London in Autumn 2022. comprising both the 2022 Song Prize and a celebrdtion of MMD'$ 30th anniversary. A regular programme of events open to ￿1 members. tncluding the revival of the Lionel Bart Memorial Masierclasses. The Musical Theatre Darkroom. w be held in Summer 2022 in pamership with China Pla￿. Birmingham Hippodrome and Northampton Rordl & Demgace. prowding a week of mencorship to writers from the 81obal majority. led by NYU'5 Fred Carl and Robert Lee The continuation of Cameron M2ckintosh Resident Composer Placements at Hope Misilthe Lowry. BYMT and Theatr Clwyd.

MERCURY MUSICAL DEVELOPMENTS Year ended 31 March 2022 MMD will continue to find new of supporong its member5 throu8h events and initiatives held both onlin¢ and in-person. ensurtng that there are developmeni opportuniues ardilable ¢0 writers acro￿ the UK and at all stages of their careers. Reserves pollcy The direttgrs do not look to generyd￿ a prticular level of Unre$￿tted funds bJi £0 maintsin unrestricted reserves so that the charity can meet its ffinanci￿ liabilities as they fail du Rlsk management The TrUs￿e$ regularty consider and review risks and vncenaintie5 that it wray lace. The principal risk is ensuring continued adequa￿ lunding for actyvbtie& This risk is mitygatsd by careful planning and budgeting lor events. ensuring sufficient funds andlor sponsorship are available before comitung to an event Reference and admlnlstrative details Trustees SMGr3y R Gvryther l¥pointed S May 2022) T Howard F Matthews S Rdcock O Okai S Reilly (appointed 5 May 2022) S Srivasu¥ T Surron D Tarento Company number 03039699 Registered charity number 1045606 Re8i5tered address 34 Grosvenor Gardens Lonth SWIWODH

MERCURY MUSICAL DEVELOPMENTS Year ended 31 March 2022 Trustees, responsibilities in relation to the financial statements The Trustees are responsible for preparing the Tru51ees' Report and the financial 5ts1ements in accordance with applicable law and regulations. Company law requires the Trustees to prepare the financial sutements for each financial year. Under ¢hat law the Trustees have elected to prep3re the finantial statements in atcordance with United Kingdom Generally ACCeP￿d Accounting Practice (United Kingdom Ateounting Standards and applicable lawl. Under company law the Trustees must not approve Ehe financial ststements unless they are satssfied Ihar they give a true and fair view of the state of affairs of the cornpany and of Ihe profil or loss of the company for that period. In preparing these ffinancial statements, the Trustee5 are required to.- 5elett suitsble accountlng policies and then apply them consistently.. make jud￿entS and accounting estimates that are reasonable and pruden¢ prepare the financial statements on the going ctsncern basis unless ￿ is inappropriate to presume that the company will contlnue In b¢Jslness. The Trustees are responsible for keeping adequate accounting records that are Sufficient to Show and explain the company's transactions and disc105e with re35onable accurdcy at any time the financial position of the cornpany and enable them to ensure that the financial statements compty with the Companies Art 2006. They are also re5pon5ible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Declaration I declare in my capacity of charlty Trustee that. The Truttees have approved the report above and have authorlsed me to slgn it on theSr behalf. R G￿HER Trustee Date.. 23/iilzotZ

MERCURY MUSICAL DEVELOPMENTS

I N D E P E N D E N T E X A M I N E R ’ S R E P O R T

Year ended 31 March 2022

Independent examiner’s report to the trustees of Mercury Musical Developments

I report to the trustees on my examination of the accounts of the Company for the year ended 31 March 2022.

Responsibilities and basis of report

As the charity trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’). You are satisfied that an audit is not required for this year under charity or company law and that an independent examination is needed.

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by The Charity Commission under section 145(5)(b) of the 2011 Act.

An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the accounts. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently I express no opinion as to whether the accounts present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.

Independent examiner’s statement

I am qualified to undertake the examination by being a qualified member of the Institute of Chartered Accountants in England and Wales.

I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

2. the accounts do not accord with those records; or

3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

I have no concerns and have come across no matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

S M Rose ACA CTA Dixon Wilson 22 Chancery Lane London WC2A 1LS

2022 23 December

8

MERCURY MUSICAL DEVELOPMENTS ST A TE M E N T O F F I N A N C IA L AC T IV I ri ES h n c o m e Ytar ended 31 March 2022 Unrertrrrted Income Fund Restricted Income Total funds Totsl funds Fund 2022 2021 Notè Income and endowments from: Donations 74nd legacie5 Charitable activityes 81247 30.611 36.609 1.727 118,856 31,738 131.487 32.080 Total Income 111858 37,736 150,594 163,567 Expenditure on: Raising funds Charitable activities 15.789 122.852 15.789 167.909 9,071 100,344 45.057 Total resources expended Net (expend5thre)lincome 138.641 45.057 183.698 109,415 125.7831 17,321} 133,104) 54.152 Net movement in funds (25.783) {7.321) (33,104) 54.152 Total funds at 31 Marth 2021 60.087 128.782 188.869 134.717 Total funds at 31 March 2022 34,304 121,461 155,765 188.869 All amounts were derived from continuing actlyltles. All ￿1n$ and losses recogni5ed in the year ire included above.

MERCURY MUSICAL DEVELOPMENTS Company number. 03039699 BALANCE SHEET At 31 March 2022 Totsj funds 2022 Total funds 2021 Fixed assets TangTrble assets 222 302 222 302 Debtors Cash at bank and in h￿d 10 111480 91241 110.961 112,865 204,721 223,826 Liabilitle&' Creditors.. amovnts falling due wthin one year 149.178) 155.543 (35.259) 188.567 Net current assets Net assets 155.765 188,869 Funds Unrestricted income reserve Restritted income hjnd 34,304 121,461 60.087 128.782 13 155.765 188.869 For the year ending 31 March 2022 the company was entitled to exemption from audlt under section 447 of the COMP￿teS Att 2006 relating to small companies. The member5 have not required the company to obtain an audit in accordance with settion 476 of th¢ Companles Act 2006. The directors acknowledge their responslbllity for Com￿y1ng wlth the requiremenu of the Att with respett aceounTing record5 and for the preparation of accounts. These accounts have been prepared in accordan￿ wth the provlsions appliable to companie5 subjett to the small companies. regime. The fInana￿ statenlents on page5 9 to 17 were approved by the Tntstees on 23 1 It on their beh￿f by.- 2022 and were slgned R G￿HER Trustee 10

MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year endÈd 31 March 2022 Accounting policles The principal accounting pglicies adopted. judgement and key sources of estimation uncertainty in the preparation of the financial Statements are as follow5.. (a) B¥sls of prepavatlon and ass¢ssm¢nt of golng con¢ern The financial statemenu have been prepared in accordance with Atcounting and Reportin8 by Charities.. Staiement of Recommended Prncdce applicable to charlcies preparing their accounts in actord3nce with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffectNe I january 20191- (Charitie5 SORP IFRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021, the Companies A 2006 and the Charityes Att 2011. Mercury Musical Developments meets the definition of a public benefit entity under FRS 102. Assets and liabilrcies are in1d￿lY recognised at historlcal cost or transaction value unless otherwise stated in the relevant accounting policy note. The Trusteos consider tha¢ there are no marerlal un¢eminties about th¢ Chari￿$ abiliy to conrinue as a 8oin8 concern for the nexi 12 monihs and foreseeable future. The charSty holds suificlent reseThfes to cover grants ¢gmmicments and operdtlonal costs for the next12 months. (b) Fund accountlng poll Unrestrlc￿d funds are genetil fund5 that are available for uje a¢ tho Tru5tee$' dlscretSon In lurtherance of the oblectives of the chari¢y. The reStric￿d fund are funds whSch are to be used In accordance wSth specwlc restrlttlons Smposed by donors or which have been raised by the corrpany for par¢icvlar purposes. The Cos￿ of raising and admini5¢ering such funds are charged agalnst the speclfic fijnd. The aim and use of each re5tritted fund is set out in the notes co the financial sraiemenu. (c) Incomln8 re50Urt¢s All income Is recognlsed In the s¢a¢ement of financial ac¢ivitye5 when Mercury MUSIC￿ Developmen￿ has enti¢lement to the income. it is probable ¢hat ¢he incorne will be reteived and the amount of the income ¢an be measured reliably. Donations are recogni5ed when the Company has enritlement to the Sncom& there is reasonable assurance of receipt and the amount gf income ¢in be measured reliably. Grants are recognised when the charity ha5 enticlement to the funds. the abilw to fu￿11 condition5 attached to grants is entirely within the charltY5 conrrol, it is probable that the income will be re¢eived and the amount (an be measured reliably. (d) Re50urce5 expended Liabili¢ies are recognised as soon as there Is a legal or constructive obligation committlng the Trust to the expenditure. it 15 probable that settlemenc will be required and the amount of the obligatyon can be mvdsured reliably. All expenditure is atccunted for on an accruals basis and h35 been cl3s5thed under heading5 that aggregao all c95ts related to the category. For further informatyon on the ailocatyon and ¥•portionment ofgovernante and support COSts acr055 these tategories. refer 10 note 6 below. The costs of 8enerdting funds and charitable expenditure comprise staff and other costs diredy attributsble to an activity and also an allocation of support costs. Where c05t5 h2ve been allOca￿d, this ha5 been done on the ba515 of ary costs direcdy attributable to each of the Company'5 actiyiues. Governance costs are those inCUr￿d in ompliance with tonstiwLional and staiutory requirements.

MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2022 (e) Tanglble flxed assets Tanglble fixed assets are stated at cost less depreciatyon. Depreciation is c31culated so as to write off the cost of an asse¢ less estimated resldual value, over the useful economic life as follows.. Asset cl455 D&P￿CIatIon mèth¢)d and rate Straighi Ilne over 5 years Flxiures and FiLtings (fj Fund Accountlng Detalls of the nawre of each lund are set ou¢ in note 12. (8) Flnanclal Instruments Flnanclal Instruments are recognlsed In the company's Balance Sheet when the company becomes party to the conEtittuai provisions of the 5nstrumenL Financial assets and liabilities are offset. with the net amounts presented In the financial statements. when there is a legally enforceable right to sec off the recosnlsed amounts and there is an Intention ¢0 Settle on a ner basss or to realise the asse¢ and seltle the liabS11ty simultaneously. BagSc Ilnan¢141 awts 84sic financial assets. which include recelvables and Cash at baThK are initially measured at transaction prlce in¢ludlnK transactlon costs and are subsequently carried at amortised cosi usSng ¢he effective interest method un1¢s5 the arryangement constltute5 a financing transaction. wh¢r¢ the transaction 15 me45uréd at present value ol the luture receipts dlscounted at a market rate of interes¢. Baslc flnanclal Ilabllltle5 Other finantlal liabiliiies, includlng pardbles, are Sni¢1￿lY recognlsed at transactlon prlce unless the arrangemen¢ ¢on5tituces a financing ts7nsaction, where the debt instrument is measured at the present value of fufure payments dlscounEed at a market rdte of inrer¢sL 12

MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2022 Status The Company is limite¢J by guardntee with no share capital and is incorporated in England and Wales. The address of its registered office is.. 34 Grosvenor Garden5 Lor*don SWIWODH Income from donations and legacies Unrestricted Income Fund Restricted Income Fund Total 2022 Total 2021 Donations Grants 16,868 65.379 12,175 24.434 29.043 89,813 16.108 115.379 82,247 36,609 118,856 131.487 In 2021. 01 the £16,108 of donation income. £375 was re5tritted. In 2021. of the £115.379 of grdnt income, £S0.000 was restricted. Income from charitable activities Event income Membership subscriptions 19.599 1,127 20,726 5.998 26,082 30.611 1.127 31,738 32.080 In 2021, of the £5.998 of even¢ income, £fiil w35 restritted. In 2021, of the £26,082 of membership subscriprions income. £nil was restricted. Net incomel{expenditurè) and net movements In funds have beÈn statéd after charging: 2022 2021 Independent exarniner5 fees 2,750 2,750

MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2022 Analysls of resources expended Dlrect actlvities Support ¢orts Total 2022 Total 2021 C05ts of gèneratlng funds Membership Officer 15.789 15.789 9,QTI Charitable actlvltlts Development of musical theatre Education 56.171 16,825 73,034 21.879 129.205 38,704 67,715 32.629 T1996 110.702 183.698 109,415 In 2021. of tht £9.071 costs of generating funds £nil was restricred. In 2021. of the £100,3H charltable acrivities exwdtturt £400 was res¢riaed. Analys15 of gupport co Devdopmènt of musical th¢atrn Membershlp Officer Total 2022 Total 2021 Eduatlon Salaries. wages and reh¢ed ¢osrs (see noce 8 Hospitality and trdvel cosu Reni Offlce costs Governance costs (see note 7) 15,789 49,409 8.318 14,800 1493 859 1736 991 79,998 10.811 3,725 1,870 4,298 69.404 198 7.632 6.179 4,332 9,134 3,307 15.789 73.307 21.879 110.702 87,745 Support costs allocated to the Membershlp officer relate wholly w salaries. Other support costs are apportioned to differing attivlties in proporri¢)n to the differen¢ charitable activiti Governance ¢orts 2022 2021 A¢tountancy and payroll fees 4.289 4.332 During the year. the Trustees did nor receive any remuneration or reimbursemeni of expenses. 14

MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2022 Stsff costs 2022 2021 The average number of persons employed by the chariw during the year wa Office soff Gross ￿dgeS Employer's NIC Pension Legal and professional fees 76.287 1305 1.406 66.638 1.428 788 550 79.998 69,404 A to￿ of 3 staff were under employment during the year. The Company considered its key management personnel to be the Executive Direttor. The cool salary and employment benefi(s including employer pension contributions of the key management personnel was £39.423 {2021 £38.631). The number of employees whose salaries were above £60,000 VAS nil (2021- nir). Tangible fixed assets Fixturès Office and fittings equipment Total Cost or valuation At l April 2021 Addiiions 3.395 414 3.809 At 31 March 2022 3.395 417 3,811 DepreciatSon At l April 2021 Charge for the year At 31 March 2022 3,395 3,507 83 83 3,395 195 3,590 Net book value At 31 March 2022 222 222 At 31 March 2021 302 302 10. Debtor5 2022 2021 Other debtors Accrued income 1544 109,936 2.544 108.417 109.480 110.961 Details of non-current other debtors £2.544 of other debcors relaw to non-current debtor& whith is the Offi￿ lease deposit. 15

MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended J l Marth 2022 Cr￿ltOr. amount5 falllng due within one yèar 2022 2021 Other creditors Accruals and deferred incom¢ 13,846 3S.332 17,081 18,178 49.178 35.259 12. Funds Unrèstrlcted Income Fund - comprises the undistribuod kncome of the tharity. The Trustees are free to use these resourc¢5 in accordance with the objects of this thariEy. Restrlcted Income Fund - comprlses donatlons matje to fund the cost of events produced by the Company to advance ¢he educadon of the publlc by encouraging the understandln& ¥spreclation and devdopment of musltal thea¢re whilst developlng the ¢r4ft of our members in writing books. music and lyrics for the srage In accordance with the Companls objettiyes. 13. Restrkt•d fund Jan• BEAM BEAM Goodman Showcu? Followlspot Foundatlon Mackintosh Foundatlon Tot•1 2021 T¢>tal 2021 Brought foThvdrd funds Income arising in the year Expenses paid during the y•ar Carrled for￿rd ￿Thd3 65.703 10,984 {5.868) {3,6491 12.902 123.499) 1 &728 13.850 1113901 so.000 128,782 37.736 3,3001 (45,05n 46.7tyJ 121.461 78,807 SO,375 (400) 70,819 {14,246) 1&188 128.782 The BEAM Showcase fund is in d¢fici¢ as a result of expendiDJre in the year. Under the SORP 1¢ is acceprable to charge expenditurè to this lund while in deficL as the Trustees have a realistyc expectarion that future income wlll be recelved from this fund to cover the shordall. 14. Analysls of funds between net aS￿ts T•nglble Net current Flx•d aM•ts aJ5•ts Total 2022 Total 2021 Unrestrlcted fund Restrfcttd fund5 222 34.082 121.461 34.304 121,461 60,087 128,782 TO￿ funth 222 155343 155.765 188,869

MERCURY MUSICAL DEVELOPMENTS NOTES TO THE FINANCIAL ST A TEMENTS Year ended 31 March 2022 15. Flnantlal instruments The Charity financial instruments comprise of other financial assets, which tomprise debtors of £112.480 12021 £110,961 l and other financial liabilities of £31,364 (2021 £32.4761. which Comprise other creditors measured at amortised COSL Financial commitments guarantees and Contingencies The ¢o¢al amount of finantial commitments not included in the balance sheet is £7,740 12021 £13.738)- This relates to the rental payments due for the lease ol offite space up until 31 December 2022. Of thi5 amounL 50% will be recharged to Musical Theatre Network Limited who share rhe office space. 17