2024-03-31-accounts

REGISTERED COMPANY NUMBER: 03039699 (England and Wales) REGISTERED CHARITY NUMBER: 1045606 Report of the Trustees and Unaudited Financial Statements for the Year Ended 31 March 2024 for Mercury Musical Developments. Locke Williams Associates LLP Chartered Accountants clo Blackthorn House St Pauls Square Birmingham West Midlands B31RL

Mercury Musical Developments. Contents of the Financial Ststements for the Year Ended 31 March 2024 Page Report of the Trustees Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements 9 to 18

Mercury Musical Developments. Report of the Trustees 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 reportwith the financial statements ofthe charity for the yearended 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 Throughout the year the activities of the Charity were the advancing of education of the public by encouraging the understanding, appreciation and development of musical theatre, whilst developing the craft of our members in writing books, music and lyrics for the stage and lor screen. This is done via a variety of showcase and developmental programmes including Q&As, masterclasses. seminars, workshops, residencies and galas with leading industry figures. In setting the objectives and planning the activities of the Charity, the Trustees have given careful consideration to the Charity Commission's general guidan￿ on public benefit. The Charity relies upon subscriptions, donations and contributions from Arts Council England to provide its major sources of income. Public benefit The Trustees, having regard to the public benefit guidance published by the Charities Commission, in accordance with Section 17 of the Charities Act 2011. consider that the purpose of activities of the charity satisfy the requirements of the public benefit as set out in Section 4 of the same Act. Page 1

Mercury Musical Developments. Report of the Trustees for the Year Ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Charitable activities Mercury Musical Developments (MMD) entered the first year of a new funding period as an Arts Council England National PortFolio Organisation, jointly as a consortium with Musical Theatre Nelwork (MTN}. As part of the Arts Council's Transfer programme, in this year the organisations investigated the feasibility of moving their main base outside of London. BEAM2023 On 25th and 26th May, BEAM2023 was held at Oxford Playhouse. Excerpts from 29 new British musicals in development were showcased in front of an audience of 300+ industry attendees over days, alongside panel talks and discussions. 188 artists participated including writers, composers, performers and musicians, representing regions and nations across the UK. The vast majority of shows have received interest from the industry attendees including from the National Theatre, Royal Shakespeare Company, Birmingham Hippodrome, Soho Theatre and the National Theatre of Scotland. Cameron Mackintosh Resident Com oser scheme Supported by the Cameron Mackintosh Foundation, this scheme gives a musical theatre writer the opportunity to work with a producing theatre or theatre company for six months, assisting on or writing for productions, learning from different departments and re￿Iving resources and time to develop their own production ideas. In 2023 Dylan Townley was selected as Resident Composer for the Octagon Theatre in Bolton and his placement began in the autumn. The National Theatre of Scotland and MAST Mayflower Studios in Southampton were identified as the next host theatres for 2024. Stiles + Drewe Best New Son Prize 2023 The Best New Song Prize concert was held at The Other Palace, London. in November 2023 and celebrated the songwriting talents of MMD'S members. Hosted by Rob Madge, the night featured an array of West End talent and included the 12 finalist songs for the Prize, as well as songs to celebrate the successes recent new British musicals. Stiles + Drewe Mentorshi Award 2023-24 This biennial award involves a yearofdevelopmental supportfor one musical, and in 2023'The Wife of Michael Cleary, by Maz O'connor was selected as the recipient. Maz took part in a residential week in France in September receiving mentoring from George Stiles and Anthony Drewe, and the first of two progress sharings took place in November. The award will culminate in a full-length industry showcase in autumn 2024. Writers Labs Advanced Lab l and Lab11 are peer-led writing groups for MMD members, creating a friendly and supportive space for writers to share their work and re￿1ve feedback. These meet either bi-monthly or monthly, sometimes online and sometimes in-person. ortin female writers Thanks to funding from the Jane Goodman Charitable Trust, in 2023 MMD launched the Jane Goodman Writing Fund, an opportunity for femalelnon-binary wnters to apply for small grants to help develop their work or skills, and the Mercury Writers Barn, a five-day retreat for female writers to find a supportive community, enhan￿ their industry knowledge and learn useful skills tools for writing and navigating their careers. Book Music & L rics MMD continues to work with and support Book. Music & Lyrics (BML), a craft-based educational programme for musical theatre writers and the only one of its kind in the UK. Website and Musicals Resource Hub In quarter 4 MMD and MTN both launched new websites. designed by Sparrow Digital, as well as a joint Musicals Resource Hub, ac￿Ssible to members of both organisations. The Resource Hub contains hundreds of videos, audio recordings and articles that can be used as learning tools, including recordings from many past events featuring distinguished industry speakers. In addition, the Hub provides discounts to shows, archived listings of British new musicals and a pla￿ to apply for MMD and MTN opportunities. This online hub provides enormous added benefit of membership. Page 2

Mercury Musical Developments. Report of the Trustees for the Year Ended 31 March 2024 Member Events and Su ort Funded by the Lionel Bart Foundation. MMD runs a year-round programme of events for members including open mic nights, masterclasses, panel talks, Q&A sessions, discounts on theatre tickets and members, socials. Support for members includes legal advice, industry signposting and script-reading services. uali and Diversi Polic and Action Plan Action points throughout 2023-24 included.. Ensuring that the judging pools for all opportunities included a diverse range of industry professionals across gender, ethnicity, age and discipline. Partnering on the Musical Theatre Darkroom, prodU￿d by China Plate, to increase support for musical theatre writers of global majority heritages. Initiating several projects fijnded by the Jane Goodman Charitable Trust to support and champion femalelnon-binary writers and address the gender imbalance in the industry. Sending our opportunities to a wider range of partners to ensure they reach currently underrepresented artists Review data collected from MTN & MMD membership and event attendees and use to infom) plans for targeting membership drive to further diversify membership Membershi The membership continues to grow in response to the organisation listening to members and sector needs and offering a wide range of attractive opportunities. After restructuring membership categories in April 2023, launching the new website and Resource Hub and launching several new opportunities throughout the year, membership income achieved 133 % of its target for 2023-24. FINANCIAL REVIEW Financial review The statement of financial activities for the year is set out on page 9 and when considered with the notes to the accounts, 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 funding from the Arts Council England. Reserves policy At the year end the total funds were valued at £140,798 (2023 £166,951), which consisted of Unrestricted Funds of £103,111 {2023 as restated £117,290), and Restricted funds of £37,687 {2023 as restated £49,661). The largest source of funding remains grants re￿iVed from the Arts Council England. The directors do not look to generate a particular level of unrestricted funds but to maintain unrestricted reserves so that the charity can meet its financial liabilities as they fall due. PLANS FOR THE FUTURE In 2024-25, MMD will be investigating options for relocating its main office outside of London as part of the Arts Council's Transfer programme. Alongside the regular programme of member events and support, major projects for 2023-24 include.. The UK Musical Theatre Conference, prodU￿d jointly with MTN, held at the Royal Court in London in April 2024 Stiles + Drewe Best New Song Prize 2024 - to be held in London in December 2024 Pitching days for BEAM2025 held across the UK in Autumn 2024 The next Cameron Mackintosh Resident Composer pla￿MentS at National Theatre of Scotland and MAST Mayflower Studios MMD will continue to find new ways of supporting its members through events and initiatives held both online and in-person, ensuring that there are development opportunities available to writers across the UK and at all stages of their careers. Page 3

Mercury Musical Developments. Report of the Trustees for the Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT Charity Constitution and Governing document The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006. The Company is registered as a charitable company limited by guarantee and was incorporated on 30 March 1995. It is governed by Articles ofAssociation adopted on 25 May 2011 and rewritten and adopted September 2020. It is registered with the Charities Commission under charity number 1045606. Recruitment and appointment of new trustees The number of Trustees shall not be less than three but there is no set maximum. New trustees are identified from time to time and invited to join the Board. They will initially meet with the Chair and the Executive Director. The Board will then vote on their appointment. Decision making The Trustees meet for Board meetings every quarter, and more frequently when needed. Subcommittees relating to specific functions and areas such as a Finan￿ Subcommittee also meet when required. There are joint Board meetings with Musical Theatre Network Limited approximately once every trrfo years. Induction and training of new trustees Any new trustees are inducted by being given a brief history of the Charity and a summary of its current and planned activities - in addition to a copy of Memorandum and Articles and a meeting with the Executive Director. Risk management The trustees regularly consider and review risks and uncertainties that it may face. The principal risk is ensuring continued adequate funding for activities. This risk is mitigated by careful planning and budgeting for events, ensuring sufficient funds andlor sponsorship are available before committing to an event. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 03039699 (England and Wales) Registered Charity number 1045606 Registered office Birmingham Hippodrome Hurst street Birmingham B5 4TB Trustees SMGray S Greenhalgh (appointed 28.6.23) R J Gwyther S M Pidcock S L Reilly S Srivastava T J Sutton D C Tarento Page 4

Mercury Musical Developments. Report of the Trustees for the Year Ended 31 March 2024 Independent Examiner Locke Williams Associates LLP Chartered Accountants clo Blackthorn House St Pauls Square Birmingham West Midlands B31RL STATEMENT OF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Mercury Musical Developments. for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally AC￿pted Accounting practi￿). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of reSoUr￿s, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charity SORP" make judgements and estimates that are reasonable and prudent". prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trustees on 26/1112024 and signed on its behalf by.. .?/* R J Gwyther - Trustee Page 5

Independent Examinerfs Report to the Trustees of Mercury Musical Developments. Independent examinerfs report to the trustees of Mercury Musical Developments. ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's 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,). 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. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe= accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act., or the accounts do not accord with those records,. or 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 the accounts have not been prepared in accordan￿ 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 other 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. David Williams FCA FCCA Locke Williams Associates LLP Chartered Accountants clo Blackthorn House St Pauls Square Birmingham West Midlands B3 1RL Date.. 2611112024 Page 6

Mercury Musical Developments. Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2024 31.3.24 Total funds 31.3.23 Total funds as restated Unrestricted funds Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and legacies 86,535 16,960 103.495 138,619 Charitable activities Charitable activities 62.136 62.136 40,402 Other income 64 Total 148,735 16,960 165,695 179,021 EXPENDITURE ON Raising funds 16,479 16.479 15,729 Charitable activities Development of musical theatre Education 106,765 39,670 21.097 7,837 127,862 47,507 110,890 41,216 Total 162.914 28.934 191.848 167,835 NET INCOMEI(EXPENDITURE) (14.179) 111.974) 126.153) 11,186 RECONCILIATION OF FUNDS Total funds brought forward As previously reported Prior year adjustment 20,117 97,173 146,834 97,173) 166,951 155,765 10 As restated 117.290 49.661 166.951 155,765 TOTAL FUNDS CARRIED FORWARD 103,111 37,687 140,798 166,951 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes fomi part of these financial statements Page 7

Mercury Musical Developments. Balance Sheet 31 March 2024 31.3.24 31.3.23 as restated Notes FIXED ASSETS Tangible assets 113 165 CURRENT ASSETS Debtors Cash at bank and in hand 12 97.449 80.675 120,878 75,273 178,124 196,151 CREDITORS Amounts falling due within one year 13 137,439) (29,365) NET CURRENT ASSETS 140,685 166,786 TOTAL ASSETS LESS CURRENT LIABILITIES 140,798 166,951 NET ASSETS 140.798 166,951 FUNDS Unrestricted funds Restricted funds 15 103,111 37,687 117,290 49,661 TOTAL FUNDS 140,798 166,951 The charitable company is entitled to exempts'on 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 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. (b) 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 2611112024 and were signed on its behalf by= R J Gwyther - Trustee The notes fomi part of these financial statements Page 8

Mercury Musical Developments. Notes to the Financial Statements for the Year Ended 31 March 2024 ACCOUNTING POLICIES Basis of preparing the financial statements The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordan￿ with the Charities SORP (FRS 1021 '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 1021 (effective 1 January 2019)., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Companies Act 2006. The financial statements have been prepared under the historical cost convention. Going Concern The Trustees consider that there are no material uncertainties about the charity's ability to continue as a going concem for the next 12 months and foreseeable future. The charity holds sufficient reserves to cover grants commitments and operational costs for the next 12 months. 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 On￿ the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations are recognised when the Company has entitlement to the income, there is reasonable assurance of receipt and the amount of income can be measured reliably. Grants are recognised when the charity has entitlement to the funds, the ability to fulfil conditions attached to grants is entirely within the charity's control, it is probable that the income will be received and the amount can be measured reliably. Membership income is recognised in relation to the period that the membership includes. Memberships collected are apportioned over a twelve month period and any period falling beyond the year end date is deferred as a liability- 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 thataggregate all cost related to the category. Vvhere costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of reSoUr￿s. Allocation and apportionment of costs The costs of generating funds and charitable expenditure comprise staff and other costs directly attributable to an activity and also an allocation of support costs. ￿fvere costs have been allocated, this has been done on the basis of salary costs directly attributable to each of the Company's activities. Governance costs are those incurred in Complian￿ with constitutional and statutory requirements. Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings Straight line over 5 years Taxation The charity is exempt from corporation tax on its charitable activities. Page11

Mercury Musical Developments. Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - continued Fund accounting Unrestricted funds can be used in accordan￿ with the charitable objectives at the discretion of the trustees. Restricted funds can onty 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. Pension costs and other post-retirement benefits The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Financial instruments Financial instruments are recognised in the company's Balance Sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements. when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include re￿1VableS and cash at bank, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at present value of the future receipts discounted at a market rate of interest. Basic financial liabilities Other financial liabilities, including payables, are initially recognised at transaction pri￿ unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future payments discounted at a market rate of interesL DONATIONS AND LEGACIES 31.3.24 31.3.23 as restated Donations Grants 7.655 95.840 9,741 128,878 103,495 138,619 In the 2023 comparatives, £20,500 has been re-classified from Donations to Grants. Page11

Mercury Musical Developments. Notes to the Financial Statements - continued for the Year Ended 31 March 2024 DONATIONS AND LEGACIES - continued Grants received, included in the above, are as follows.. 31.3.24 31.3.23 as restated Arts Council - NPO Arts Council - Feasibility Programme The Mackintosh Foundation Lionel Bart Foundation Garrick Charitable Trust Noel Coward Foundation PRS Foundation The Boris Karloff Charitable Foundation The Fineman Trust Doris Field Charitable Trust 63.379 12.211 63,378 45,000 5,000 5.000 2.000 1.750 8.000 1.000 2.500 13,250 2,000 250 95,840 128,878 INCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 as restated Activity Membership subscriptions Charitable activities Event income Charitable activities 28,200 33,936 31,149 9,253 40,402 The following is a reconciliation of membership subscriptions re￿iVed and recognised as income in the year= Membership subscriptions collected in the year Released from deferred income (collected last year) Added to deferred income (collected this year for future periods) 35,296 10,966 18,061) 27,505 14,610 10,966) 28,200 31,149 RAISING FUNDS Raising donations and legacies 31.3.24 31.3.23 as restated Staff costs 16,479 15,729 Page11

Mercury Musical Developments. Notes to the Financial Statements - continued for the Year Ended 31 March 2024 EXPENDITURE ON CHARITABLE ACTIVITIES Direct activities Support costs Governan costs Totals Development of musical theatre Education 41,162 82,821 3,879 127,862 56,456 113.593 5,320 175,369 Support costs allocated to raising funds relate wholly to salaries. Other support costs are apportioned to differing activities in proportion to the different charitable activities. Costs included in the above, are as follows: Direct activities 31.3.24 31.3.23 as restated Development of musical theatre Total activities Total activities Education Creative fees Production Staff & Co-ordination Fees 25.043 16,119 9,305 5,989 34.348 22,108 36,995 20,552 41.162 15.294 Support costs 31.3.24 31.3.23 as restated Development of musical theatre Total activities Total activities Education Salaries Social security Pensions Rent Office costs Other costs 50,672 1,419 1,248 3,135 8,817 17,530 18,827 527 463 1,165 3,276 6,514 69,499 1,946 1,711 4,300 12,093 24,044 58,861 1,244 1,678 6,174 9,951 12,093 82.821 30.772 113,593 90,001 Governance costs 31.3.24 31.3.23 as restated Development musical theatre Total activities Total activities Education Accountancy and payroll fees 3,879 1,441 5.320 4.558 Page 12

Mercury Musical Developments. Notes to the Financial Statements - continued for the Year Ended 31 March 2024 NET INCOMEI{EXPENDITURE} Net incomel(expenditure) is stated after chargingl(crediting)'. 31.3.24 31.3.23 as restated Depreciation - owned assets Independent Examiners, fees 98 3.120 86 3,960 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. STAFF COSTS 31.3.24 31.3.23 as restated Wages and salaries Social security costs Other pension costs 84,225 3,351 74,590 1,244 1,678 89,635 77,512 The average monthly number of employees during the year was as follows: 31.3.24 31.3.23 as restated Office staff No employees received emoluments in excess of £60.000. Page 13

Mercury Musical Developments. Notes to the Financial Statements - continued for the Year Ended 31 March 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted Restricted funds funds Total funds as restated INCOME AND ENDOWMENTS FROM Donations and legacies 77,719 60,900 138,619 Charitable activities Charitable activities 40,402 40,402 Total 118,121 60,900 179,021 EXPENDITURE ON Raising funds 15,729 15,729 Charitable activities Development of musical theatre Education 84,987 31,592 25,903 9,624 110,890 41,216 Totsl 132,308 35,527 167,835 NET INCOMEI{EXPENDITURE) (14,187) 25,373 11,186 RECONCILIATION OF FUNDS Total funds brought forward As previously reported Prior year adjustment 34,304 97.173 121,461 97,173) 155,765 As restated 131,477 24,288 155,765 TOTAL FUNDS CARRIED FORWARD 117,290 49,661 166,951 10. PRIOR YEAR ADJUSTMENT The prior year adjustments are to restate the split of funds, be￿een restricted and unrestricted, the total amount of funds remains unchanged from the those stated in the prior year. Further details of the individual changes to funds are given in the notes to the accounts. Page 14

Mercury Musical Developments. Notes to the Financial Statements - continued for the Year Ended 31 March 2024 11. TANGIBLE FIXED ASSETS Fixtures and fittings Office equipment Totals COST At 1 April 2023 Additions 3,395 446 46 3,841 46 At 31 March 2024 3,395 492 3,887 DEPRECIATION At 1 April 2023 Charge for year 3,395 281 98 3.676 98 At 31 March 2024 3,395 379 3,774 NET BOOK VALUE At 31 March 2024 113 113 At 31 March 2023 165 165 12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 as restated Trade debtors Other debtors Prepayments and accrued income 1,000 2,544 93,905 2,544 118,334 97,449 120,878 £2,544 of other debtors relates to non-current debtors, which is the office lease deposit. 13. CREDITORS: AMOUNTS FALLING DUE ￿THIN ONE YEAR 31.3.24 31.3.23 as restated Social security and other taxes Other creditors Accruals and deferred income 183 11.596 25,660 10,699 18,666 37,439 29,365 Page 15

Mercury Musical Developments. Notes to the Financial Statements - continued for the Year Ended 31 March 2024 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS 31.3.24 31.3.23 as restated Total funds Unrestricted Restricted funds funds Total funds Fixed assets Current assets Current liabilities 113 140.437 37,439) 113 178.124 37.439) 165 196,151 29,365) 37,687 103,111 37,687 140,798 166,951 15. MOVEMENT IN FUNDS Prior year adjustment Net movement in fijnds At 31.3.24 At 1.4.23 Unrestricted funds General fund Jane Goodman Foundation 20.117 61,736 35,437 (3,302) 10,877) 78,551 24,560 20,117 97,173 (14,179) 103,111 Restricted funds Mackintosh Foundation 2022-2025 BEAM Showcase 2023 Jane Goodman Foundation ACE Transfer Programme 101,444 9,953 35.437 (57,794) 13,942) (35,437) (9,002) (6,011) 34,648 3.039 146.834 97.173 11,974 37,687 TOTAL FUNDS 166,951 26.153 140.798 Prior year figures have been adjusted as previously overhead costs were not being allocated against restricted funds and balan￿S were carying over from year to year after the projects had finished, leading to overstated fund balances. The Jane Goodman Foundation fund has been reallocated from restricted fund to designated fund, within unrestricted funds, in agreement with the funder. Net movement in funds. included in the above are as follows" Incoming resources Resources expended Movement in funds Unrestricted funds General fund Jane Goodman Foundation 148,735 (152,037) 10,877 (3,302 10,877 148.735 (162,914) {14,179) Restricted funds Mackintosh Foundation 2022-2025 BEAM Showcase 2023 ACE Transfer Programme (9,002) (10,761 9,171) (9,002) (6,011) 3,039 4,750 12,210 16.960 28,934 11,974 TOTAL FUNDS 165,695 191.848) 26,153 Page 16

Mercury Musical Developments. Notes to the Financial Statements - continued for the Year Ended 31 March 2024 15. MOVEMENT IN FUNDS - continued Comparatives for movement in funds Prior year adjustment Net movement in funds Transfers be￿een funds At 31.3.23 At 1.4.22 Unrestricted funds General fund Jane Goodman Foundation 34,304 61,736 {14,187) 81,853 35,437 35,437 34,304 97.173 (14.187) 117,290 Restricted funds Mackintosh Foundation 2022-2025 BEAM Showcase 2023 BEAM Followlspot Jane Goodman Foundation 70,819 (14,246) 18,188 {57,794) (3,942) 30,625 6,011 43,650 6,011 18,188 (18,188) 46,700 35,437) 11,263) 121,461 97.173 25,373 49,661 TOTAL FUNDS 155,765 11,186 166,951 Comparative net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 118,121 (132,308) (14,187) Restricted funds Mackintosh Foundation 2022-2025 BEAM Showcase 2023 Jane Goodman Foundation 45,000 15,900 (14,375> (9,889) 11,263> 30,625 6,011 11,263) 60,900 35,527 25,373 TOTAL FUNDS 179,021 167,835) 11,186 Unrestricted Income Fund - comprises the undistributed income of the charity. The Trustees are free to use these resources in accordan￿ with the objects of this charity. Restricted Income Funds - comprises donations made to fund the cost of events produced by the Company to advance the education of the public by encouraging the understanding, appreciation and development of musical theatre whilst developing the craft of our members in writing books, music and lyrics for the stage in accordan￿ with the Company's objectives. Page 17

Mercury Musical Developments. Notes to the Financial Statements - continued for the Year Ended 31 March 2024 16. OTHER FINANCIAL COMMITMENTS The total amount of financial commitments not included in the balance sheet is £19,025 (2023- £1,742). 17. RELATED PARTY DISCLOSURES There were no related paty transactions for the year ended 31 March 2024. Page 18