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← Mercury Musical Developments

2025-03-31-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 2025

for Mercury Musical Developments ~~.~~

Locke Williams Associates LLP Chartered Accountants Studio 2 50 ~~-~~ 54 St Pauls Square Birmingham West Midlands B3 1QS

Mercury Musical Developments.

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Report of the Trustees 1 to 4
Statement of Trustees’ Responsibilities 5
Independent Examiner's Report 6
Statement of Financial Activities 7
Balance Sheet 8
NotestotheFinancial Statements 9 to 17

report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted

Mercury Musical Developments.

Report of the Trustees for the Year Ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities continued

~~Stiles + Drewe Best New Song Prize 2024~~

The Best New Song Prize concert was held at The Other Palace, London, in December 2024 and celebrated the songwriting talents of MMD's members ~~.~~ Hosted by Jenna Russell, 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 Mentorship Award 2023-24~~ This biennial award involves a year of developmental support for one musical, and in 2023 'The Wife of Michael Cleary’ by Maz O'Connor was selected as the recipient. In Autumn 2024 the award concluded with a full-length industry showcase of the piece at The Other Palace.

Writers Labs

Advanced Lab | and Lab II are peer-led writing groups for MMD members, creating a friendly and supportive space for writers to share their work and receive feedback ~~.~~ These meet either b ~~i-~~ monthly or monthly, sometimes online and sometimes i ~~n-~~ person ~~.~~

~~Mercury Writers Barn~~

Thanks to funding from the Jane Goodman Charitable Trust, in June 2024 the second annual Mercury Writers Barn was held in Kent ~~.~~ This is a fiv ~~e-~~ day retreat for female writers to find a supportive community, enhance their industry knowledge and learn useful skills tools for writing and navigating their careers ~~.~~

Skills Fund

In Spring 2024 we opened applications for a small grants Skills Fund, using the Jane Goodman Trust funding, to assist members with skills that would be of significant benefit to their craft and employability ~~.~~ From 41 applications received, we made 14 grants, totalling £7482 ~~.~~ Grants included tuition in piano, guitar, British Sign Language, Logic Pro software, musical notation, audio mixing and music theory ~~.~~

~~Book, Music & Lyrics~~

MMD continues to work with and support Book, Music & Lyrics (BML), a craf ~~t-~~ based educational programme for musical theatre writers and the only one of its kind in the UK ~~.~~

~~Member Events and Support~~

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 scrip ~~t-~~ reading services.

The online Musicals Resource Hub, shared with Musical Theatre Network and launched in early 2024, continues to provide a wealth of craft and career resources for members, with recordings of i ~~n-~~ person events such as masterclasses added to increase accessibility.

~~Equality and Diversity Policy and Action Plan~~ Action points throughout 2024 ~~-~~ 25 included:

Page 2

Mercury Musical Developments.

Report of the Trustees for the Year Ended 31 March 2025

ACHIEVEMENTS AND PERFORMANCE

Charitable activities continued

~~Membership~~

The membership continues to grow in response to the organisation listening to members and sector needs and offering a wide range of attractive opportunities. Membership income achieved 133% of its target for 2024 ~~-~~ 25.

FINANCIAL REVIEW

Financial review

The statement of financial activities for the year is set out on page 8 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 £122,316 (2024 ~~-~~ £140,798), which consisted of Unrestricted Funds of £108,642 (2024 ~~-~~ £103,111), and Restricted funds of £13,674 (2024 ~~-~~ £37,687) ~~.~~

The largest source of funding remains grants received 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

2025 ~~-~~ 26 will be MMD's first full financial year at its new Birmingham Hippodrome base ~~.~~ Alongside the regular programme of member events and support, major projects include:

MMD will continue to find new ways of supporting its members through events and initiatives held both online and i ~~n-~~ person, ensuring that there are development opportunities available to writers across the UK and at all stages of their careers.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Charity Constitution and Governing document

The Company is registered as a charitable company limited by guarantee and was incorporated on 30 March 1995. Itis governed by Articles of Association 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 Finance Subcommittee also meet when required. There are joint Board meetings with Musical Theatre Network Limited approximately once every two years.

Page 3

Mercury Musical Developments.

Report of the Trustees for the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

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 and/or 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

S M Gray (resigned 11.12.24) S Greenhalgh R J Gwyther S M Pidcock S L Reilly S Srivastava T J Sutton

D C Tarento M Eames (appointed 11.12.24)

Independent Examiner Locke Williams Associates LLP

Chartered Accountants Studio 2

50-54 St Pauls Square Birmingham West Midlands B3 1QS

Approved by order of the board of trustees on 09 December 2025

and signed on its behalf by:

7 9 pepe

R J Gwyther - Trustee

Page 4

Mercury Musical Developments.

Statement of Trustees’ Responsibilities for the Year Ended 31 March 2025

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 Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

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 ~~.~~

Page 5

Independent Examiner's Report to the Trustees of Mercury Musical Developments.

Independent examiner's report to the trustees of Mercury Musical Developments. (‘the Company’) | report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

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, | 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 | have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

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

  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

  3. 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)).

| 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 Studio 2 50-54 St Pauls Square Birmingham West Midlands B3 1QS

Date: 09 December 2025

Page 6

~~-~~

Mercury Musical Developments.

Balance Sheet
31 March 2025
31.3.25 31.3.24
Notes £ £
FIXED ASSETS
Tangible assets 10 967 113
CURRENT ASSETS
Debtors 11 79,660 97,449
Cash at bank and in hand 89,313 80,675
168,973 178,124
CREDITORS
Amounts falling due within one year 12 (47,624) (37,439)
NETCURRENTASSETS 121,349 140,685
TOTAL ASSETS LESS CURRENT
LIABILITIES 122,316 140,798
NETASSETS 122,316 140,798
FUNDS 14
Unrestricted funds 108,642 103,111
Restricted funds 13,674 37,687
TOTALFUNDS 122,316 140,798

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

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 09 December 2025 and were signed on its behalf by:

fe hin

R J Gwyther - Trustee

The notes form part of these financial statements

Page 8

Mercury Musical Developments.

Notes to the Financial Statements for the Year Ended 31 March 2025

1 ~~.~~ 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 accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the 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 concern 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 once 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 ~~.~~

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category ~~.~~ Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

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. Where 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 compliance 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.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Page 9

Mercury Musical Developments.

Notes to the Financial Statements ~~-~~ continued for the Year Ended 31 March 2025

1 ~~.~~ ACCOUNTING POLICIES ~~-~~ continued

Fund accounting

Restricted funds can only be used for particular restricted purposes within the objects of the charity ~~.~~ Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes ~~.~~

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements ~~.~~

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 receivables 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 price 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 interest ~~.~~

2~~.~~ DONATIONS DONATIONS DONATIONS AND LEGACIES LEGACIES
31~~.~~3~~.~~25 31~~.~~3~~.~~24
£ £
Donations 3,280 7,654
Grants 95,100 95,840
98,380 103,494

Page 10

Mercury Musical Developments.

Notes to the Financial Statements ~~-~~ continued for the Year Ended 31 March 2025

2 ~~.~~ DONATIONS AND LEGACIES ~~-~~ continued

Grants received, included in the above, are as follows:

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |31|.|3|.|25|31.3|.|24| |£|£| |Arts|Council|-|NPO|63,379|63,379| |Arts|Council|-|Feasibility|Programme|1,221|12,211| |The|Mackintosh|Foundation|5,000|-| |Lionel|Bart|Foundation|5,000|5,000| |PRS|Foundation|8,000|8,000| |Garfield|Weston|Foundation|10,000|-| |Garrick|Charitable|Trust|-|2,000| |Noel|Coward|Foundation|-|1,750| |The|Boris|Karloff|Charitable|Foundation|-|1,000| |The|Fineman|Trust|2,500|2,500| |95,100|95,840| |3|.|INCOME|FROM|CHARITABLE|ACTIVITIES| |31|.|3|.|25|31|.|3|.|24| |Activity|£|£| |Membership|subscriptions|Charitable|activities|39,828|28,200| |Event|income|Charitable|activities|36,725|33,936| |76,553|62,136| |4|.|RAISING|FUNDS| |Raising|donations|and|legacies| |31|.|3|.|25|31|.|3|.|24| |£|£| |Staff|costs|11,114|16,479| |5|.|SUPPORT|COSTS| |Direct|Support|Governance| |activities|costs|costs|Totals| |£|£|£|£| |Development|of|musical|theatre|46,547|83,423|2,945|132,915| |Education|17,295|30,997|1,094|49,386| |63,842|114,420|4,039|182,301|

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Page 11

Mercury Musical Developments.

Notes to the Financial Statements ~~-~~ continued for the Year Ended 31 March 2025

5 ~~.~~ SUPPORT COSTS ~~-~~ continued

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.

Support costs, included in the above, are as follows:

Direct activities

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |31|.|3|.|25|31.3|.|24| |Development| |of| |musical|Total|Total| |theatre|Education|activities|activities| |£|£|£|£| |Creative|fees|28,757|10,685|39,442|34,348| |Production|Staff &|Co|-O|rdination|Fees|17,790|6,610|24,400|22,108| |46,547|17,295|63,842|56,456| |Support|costs| |31|.|3|.|25|31|.|3|.|24| |Development| |of| |musical|Total|Total| |theatre|Education|activities|activities| |£|£|£|£| |Salaries|57,348|21,308|78,656|69,499| |Social|security|1,519|564|2,083|1,946| |Pensions|1,352|503|1,855|1,711| |Rent|4,316|1,604|5,920|4,300| |Office|costs|8,681|3,225|11,906|12,093| |Other|costs|9,988|3,711|13,699|23,945| |Depreciation|of tangible|fixed|assets|219|82|301|98| |83,423|30,997|114,420|113,592| |Governance|costs| |31|.|3|.|25|31.3|.|24| |Development| |of| |musical|Total|Total| |theatre|Education|activities|activities| |£|£|£|£| |Accountancy|and|payroll|fees|2,945|1,094|4,039|5,320|

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Page 12

There were no trustees’ remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024 ~~.~~

trustees' expenses paid for the year ended 31 March 2025 nor for the year ended

Mercury Musical Developments.

Notes to the Financial Statements ~~-~~ continued for the Year Ended 31 March 2025

==> picture [479 x 537] intentionally omitted <==

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|||||||||||| |---|---|---|---|---|---|---|---|---|---|---| |9|.|COMPARATIVES|FOR|THE|STATEMENT|OF|FINANCIAL|ACTIVITIES|-|continued| |Unrestricted|Restricted|Total| |funds|funds|funds| |£|£|£| |Charitable|activities| |Development|of|musical|theatre|106,764|21,097|127|861| |Education|39, 669|7,838|47,507| |Total|162,912|28,935|191,847| |NET|INCOME/(EXPENDITURE)|(14,178)|(11,975)|(26,153)| |RECONCILIATION|OF|FUNDS| |Total|funds|brought|forward| |As|previously|reported|20,117|146|834|166,951| |Prior year adjustment|97,173|(97,173)|-| |As|restated|117,290|49,661|166,951| |TOTAL|FUNDS|CARRIED|FORWARD|103,112|37,686|140,798| |10|.|TANGIBLE|FIXED|ASSETS| |Fixtures| |and|Office| |fittings|equipment|Totals| |£|£|£| |COST| |At|1|April|2024|3,395|492|3,887| |Additions|-|1,156|1,156| |At|31|March|2025|3,395|1,648|5,043| |DEPRECIATION| |At|1|April|2024|3,395|379|3,774| |Charge|for|year|-|302|302| |At|31|March|2025|3,395|681|4,076| |NET|BOOK VALUE| |At|31|March|2025|-|967|967| |At|31|March|2024|-|113|113|

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Page 14

Mercury Musical Developments.

Notes to the Financial Statements ~~-~~ continued for the Year Ended 31 March 2025

==> picture [472 x 599] intentionally omitted <==

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|||||||||||||||| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |11|.|DEBTORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR| |31|.|3|.|25|31.3|.|24| |£|£| |Trade|debtors|9,737|1,000| |Other|debtors|2,544|2,544| |Prepayments|and|accrued|income|67,379|93,905| |79,660|97,449| |£2,544|of other|debtors|relates|to|non|-c|urrent|debtors,|which|is|the|office|lease|deposit.| |12|.|CREDITORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE|YEAR| |31|.|3|.|25|31.3|.|24| |£|£| |Social|security|and|other|taxes|416|183| |Other|creditors|23,402|11,596| |Accruals|and|deferred|income|23,806|25,660| |47,624|37,439| |13|.|ANALYSIS|OF|NET ASSETS|BETWEEN|FUNDS| |31|.|3|.|25|31|.|3|.|24| |Unrestricted|Restricted|Total|Total| |funds|funds|funds|funds| |£|£|£|£| |Fixed|assets|967|-|967|113| |Current|assets|155,299|13,674|168,973|178,124| |Current|liabilities|(47,624)|-|(47,624)|(37,439)| |108,642|13,674|122,316|140,798| |14|.|MOVEMENT|IN|FUNDS| |Net| |movement|At| |At|1.4.24|in|funds|31.3|.|25| |£|£|£| |Unrestricted|funds| |General|fund|78,551|18,761|97,312| |Jane Goodman|Foundation|24,560|(13,230)|11,330| |103,111|5,531|108,642| |Restricted|funds| |Mackintosh|Foundation|2022|-|2025|34,648|(20,974)|13,674| |ACE|Transfer|Programme|3,039|(3,039)|-| |37,687|(24,013)|13,674| |TOTAL|FUNDS|140,798|(18,482)|122,316|

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Page 15

Mercury Musical Developments.

Notes to the Financial Statements ~~-~~ continued for the Year Ended 31 March 2025

14 ~~.~~ MOVEMENT IN FUNDS ~~-~~ continued

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£ £ £
Unrestricted funds
General fund 174,933 (156,172) 18,761
JaneGoodman Foundation - (13,230) (13,230)
174,933 (169,402) 5,531
Restricted funds
Mackintosh Foundation 2022~~-~~2025 ~~-~~ (20,974) (20,974)
ACE Transfer Programme ~~-~~ (3,039) (3,039)
~~-~~ (24,013) (24,013)
TOTAL FUNDS 174,933 (193,415) (18,482)
Comparatives Comparatives Comparatives Comparatives for movement in funds
Prior Net
At 1~~.~~4~~.~~23
£		 year
adjustment
£		 movement
in funds
£		 At
31~~.~~3~~.~~24
£
Unrestricted funds
General fund 20,117 61,736 (3,302) 78,551
JaneGoodman Foundation ~~-~~ 35,437 (10,877) 24,560
20,117 97,173 (14,179) 103,111
Restricted funds
Mackintosh Foundation 2022~~-~~2025
101,444		 (57,794) (9,002) 34,648
BEAM Showcase 2023 9,953 (3,942) (6,011) ~~-~~
Jane Goodman Foundation 35,437 (35,437) ~~-~~ ~~-~~
ACE Transfer Programme ~~-~~ ~~-~~ 3,039 3,039
146,834 (97,173) (11,974) 37,687
TOTAL FUNDS 166,951 ~~-~~ (26,153) 140,798

Comparatives for movement in funds

Page 16

There were no related party transactions for the year ended 31 March 2025.