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← Manchester City Galleries Trust

2025-03-31-accounts

Registered number: 03053689 Charity number: 1048581

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Trustees' Report and Financial Statements

For the Year Ended 31 March 2025

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Contents

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1
Trustees' Report 2 - 11
Independent Auditors' Report on the Financial Statements 12 - 15
Consolidated Statement of Financial Activities 16
Consolidated Balance Sheet 17
Charity Balance Sheet 18
Consolidated Statement of Cash Flows 19
Notes to the Financial Statements 20 - 39

Manchester City Galleries Trust (A Company Limited by Guarantee)

Reference and Administrative Details of the Charity, its Trustees and Advisers For the Year Ended 31 March 2025

Trustees H J Taylor-O'Brien (appointed 6 December 2024)
J M Williams (resigned 6 December 2024)
S J Lindsay (appointed 6 December 2024)
J R Mycock (resigned 6 December 2024)
R G Pulford (resigned 5 September 2024)
V Barillova
Z C Dunbar
A G Palmer
S P Wood
R F Stephenson (appointed 17 May 2024)
L M Abbotts (appointed 4 September 2025)
Company registered
number
03053689
Charity registered number
1048581
Registered office
Manchester Art Gallery
Mosley Street
Manchester
M2 3JL
Company secretary
J L Beggs
Independent auditors
Hurst Accountants Limited
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Stockport
SK1 3GG
Bankers
Virgin Money
48-50 Market Street
Manchester
M1 1PW

Page 1

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Trustees' Report For the Year Ended 31 March 2025

The Trust presents their annual report together with the audited financial statements of the Charity for the year 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Trust and the Group qualifies as small under section 383 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Director's Report) Regulations 2013 is not required.

The Trustees who served in the year are listed below.

John Williams (Chair – resigned 6 December 2024) James Mycock (Vice Chair – resigned 6 December 2024) Stuart Paul Wood Andrew Graham Palmer Helen Jane Taylor O’Brien (Chair - appointed 6 December 2024) Steven James Lindsay (appointed 6 December 2024) Roger Francis Stephenson (appointed 17 May 2024) Zoe Clair Dunbar Viktoria Barillova

Objectives and activities

a. Policies and objectives

Manchester City Galleries Trust is an independent Trust raising money to support the projects and programmes of Manchester Art Gallery and Platt Hall.

The Trustees measure the success of the Trust by its financial performance, along with the Galleries' civic impact. The latter is reported to Manchester City Council Galleries Committee annually and this report, and feedback from the Committee, is shared with Trustees. Positive performance in turn provides additional resources for the Trust to further its objectives.

The Trustees confirm that they have complied with their duty under section 17 of the Charities Act 2011 to have due regard to the guidance on public benefit published by the Charity Commission. In planning the charity’s activities for the year, the Trustees have considered how those activities will contribute to the charity’s aims and objectives and deliver public benefit.

During the year the Trust had one trading subsidiary: Manchester Art Gallery Trading Company Limited (company number 04465391).

Manchester Art Gallery Trading Company Limited

This company operates the Manchester Art Gallery Café and venue hire business. Profits, when available, are gifted to the Trust. The Directors of this company are:

Amanda Susan Wallace Robert Moss Thom Hetherington (resigned 16 April 2025) Paul Robert Hindle

Andrew Graham Palmer Stuart Paul Wood Diane Andrea Charlton

Page 2

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

Robin Hawkes

b. Activities and achievements

The Trust raises funds to help Manchester Art Gallery and Platt Hall:

In December 2024 a payment of £149,469 was made from Trading Company profits to the Trust to support specific project activity in the gallery’s programme.

Major projects supported by the Trust in 2024/25 included:

Capital Work

Completion of major repairs at Queen’s Park Collections Stores and Conservation Studios. Improvements to improve the environment for the care of the Manchester Art Gallery’s collection of fine art, decorative arts and fashion and dress, including repairs to the roof and stonework, installation of a new heating system, removal of asbestos and lead paint and redecoration of collection storage spaces.

Completion of capital work at Manchester Art Gallery to create a new collection storage space in the lower ground floor, refurbished public toilet facilities and improvements to staff offices.

Exhibitions

Holly Graham: The Warp/The Weft/The Wake

An exhibition opened in March 2025 following a residency which began in summer 2023 exploring the colonial legacies inherent on Manchester’s textile collections. Funded by the University of the Arts London 20/20 Programme.

Unpicking Couture

Continuation of a display in the Fashion Gallery of Couture Fashion in Manchester’s collection, acquired between 20152020 with a Collecting Cultures grant from the National Lottery Heritage Fund.

Collections Development

Taking Stock

Continuation of the Taking Stock project, an open store of Manchester’s collection, decanted to Manchester Art Gallery while capital work was undertaken at Queen’s Park and opened to the public with funding from the National Lottery Heritage Fund. Part of a major 5 year project to reevaluate the collection and how it is used.

Manchester Contemporary Art Fund

Manchester Contemporary Art Fund 2024: a further iteration of the annual fund that brings together local business people to donate towards acquiring works for the Gallery collection from Manchester Contemporary at Manchester Art Fair. In 2024 the Fund raised £34,825.

Women’s Work Campaign

The Gallery acquired an artwork – Women’s Work by Florence Claxton – with funds raised through a fundraising campaign.

Page 3

(A Company Limited by Guarantee)

Manchester City Galleries Trust

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

Engagement Programmes

The Derek Jarman Pocket Park

Created as a legacy of the Derek Jarman: Protest! Exhibition (which ended in April 2022) the garden, which was designed and is maintained with a group of older LGBT+ volunteers in partnership with the LGBT+ Foundation, takes inspiration from Jarman’s garden in Dungeness. Installed as a temporary garden, it has proved popular as one of the few green spaces in our part of the city, and we have continued to maintain it.

Families of the World

A programme of activity sessions aimed at refugee families, many of whom are housed in hotels in the city. This programme of work was launched in response to the Syrian refugee crisis and now welcomes refugees from across the world who find themselves in Manchester. We have extended this work to run sessions both at the Gallery and in a hotel where families are housed.

Platt Hall In-Between

Continued work at Platt Hall, delivering collection-based activities for members of the hyper-local community. This year the focus has been on health & wellbeing and young people. A garden has been developed at Platt Hall, managed and maintained by a group of volunteers under the guidance of a paid Gardener.

Art of Resilience

Continuation of a programme of work with schools to support young people in a trauma-informed way.

Artist Teacher Programme

A programme of work to develop skills and confidence amongst art teachers in the city, using their own creative practice as a catalyst for developing their teaching.

Taking Stock Public Programme

A wide-ranging public programme taking advantage of having an open store situated within Manchester Art Gallery while capital work has been undertaken at Queen’s Park stores. This has included volunteering programmes, tours, specialist talks and activities with students.

Art in Schools

Using a historic loan collection which has been re-evaluated as part of Taking Stock, development of an art loan scheme for schools.

Fundraising

Main activities undertaken to further the Charity's purposes for the public benefit

a. Overview

2024/2025 has been a relatively successful year at a time when there is unprecedented pressure on Gallery budget and funders are reporting a higher than ever demand on their funds.

Onsite Donations

Cash and contactless on-site donations have remained relatively healthy. The addition of paid-for storage lockers has meant an uplift in on-site cash donations.

Page 4

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Fundraising (continued)

Main activities undertaken to further the Charity's purposes for the public benefit (continued)

Online Donations

Online donations, which saw a significant increase during and shortly after the pandemic, are not a significant area of individual giving. However, we have used this facility to accept donations for a campaign (acquisition of Women’s Work ).

Friends and Patrons

Membership levels have remained relatively stable, although we have seen an increase in people purchasing an annual membership rather than setting up a Direct Debit so it will be important to monitor retention levels. Anecdotal evidence suggests people are generally moving away from using Direct Debits, perhaps a reflection of the current financial climate or changes in banking habits.

Early work is taking place to plan a re-naming of the Friends to ‘Manchester Art Gallery Members’ following some feedback from visitors that they do not understand the term ’Friends’ and that it feels outdated.

Patron membership increased by a small amount and ongoing work is happening to encourage recruitment and additional benefits added to Patron memberships. The Trustees have again been specifically tasked with introducing potential new Patrons.

Friends and Patrons enjoyed an extensive programme of in-person and online talks, tours, workshops and events. An expanding group of volunteers continue to support the delivery of the online and onsite programme. Plans are in place to launch a student membership.

Gifts from Individuals

The Manchester Contemporary Art Fund is a group of individuals who donate annually to enable the Gallery to acquire works for the collection from the Manchester Contemporary Art Fair. The scheme was set up and is managed by ex-Trustee and Director Thom Hetherington. In 2024/2025 the fund totalled £34,825 which supported the acquisition of a number of artworks from the 2024 Manchester Contemporary.

Legacies

Active promotion of legacies was undertaken during the year, with print produced and distributed. A legacy payment of £59,554 was received in the year.

Business Partners

We have seen a reduction in Business Partners this year with businesses citing a general re-think of charitable giving within the current financial landscape. A full re-assessment of the scheme is still required if membership is to grow, although with the current financial uncertainly amongst businesses, this is currently not a priority. Two in-kind Business Partners have been secured in the year who provide hotel rooms (The Alan) and paint (Little Greene).

Trusts and Foundations

The Development Manager’s time is focused almost entirely on grant-writing to fund planned activity. While Trusts and Foundations remain the most lucrative – and priority - area for fundraising, they are reporting a significant increase in the number of applications they are receiving and the current national success rate is around 10%. In addition, a number of Trusts and Foundations have announced imminent closure.

Page 5

Manchester City Galleries Trust (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Fundraising (continued)

Main activities undertaken to further the Charity's purposes for the public benefit (continued)

Staff

The team still has low capacity given the size of the organisation and annual budgets but there is an acceptance that this will not change. In order to address this, the Head of Development and Development Manager continue to have support from members of the Learning and Engagement, Curatorial and Visitor teams in making additional grant applications and encouraging on-site donations. A programme of workshops to support wider gallery staff in grant-writing, budgeting, donor management and on-site donations has begun this year.

The Development Manager (full-time), Friends Coordinator (full-time) and Head of Development (part-time) are employed by Manchester City Council. In addition, a freelance accountant works for the Trust on flexible hours.

b. Priorities for fundraising 2025/2026

Given the cost of living crisis and likely financial situation we continue to face in 2025/2026, the focus will continue to be on stabilisation of existing priority activities, budget-relieving and unrestricted income. In addition to securing public funding and making Trust and Foundation applications, we continue to focus on philanthropy, building on the commitment we have seen from our Friends and Patrons schemes and developing our relationships with individual donors.

Priority will be given to securing funding to support:

Page 6

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Fundraising (continued)

Financial review

a. Overview

During the year ended 31 March 2025 the Group’s income amounted to £1,582,274 (2024: £1,762,115). The Group's expenditure for the year ended 31 March 2025 amounted to £1,342,607 (2024: £1,451,340). The net surplus for the year amounted to £239,667 (2024: £310,775).

As at 31 March 2025 the Group had total funds of £2,030,785 (2024: £1,791,118), of which £659,009 were restricted funds (2024: £555,747). At the year end the Group held £2,499,696 in liquid assets (2024: £2,293,372).

As at 31 March 2025 the Trust had total funds of £1,952,190 (2024: £1,695,473) and £2,170,548 in liquid assets (2024: £1,836,607).

During the year ended 31 March 2025 Manchester Art Gallery Trading Company Limited reported a profit after tax of £8,622 (2024: £127,100) and as at 31 March 2025 the company had net assets of £39,101 (2024: £56,151).

b. Reserves policy

The Trustees regularly review the level of the Trust’s reserves to ensure that they are sufficient to meet foreseeable charitable expenditure, fixed costs and working capital requirements. A risk assessment is undertaken using the risk identification approach to determine anticipated:

The Trustees aim to maintain a sufficient level of reserves to ensure continuing operations for the foreseeable future and that the Trust is able to meet its statutory and legal obligations.

Excluding designated funds and restricted reserves, the Trustees have concluded that reserves of £225,000 should be maintained. At year end, the Trust has free reserves of £272,143 over the amount to be maintained.

c. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

d. Investment policy

During the year, the Trust invested a further £332,774 in a Virgin Money deposit account, leaving a total balance invested of £832,774.

Page 7

(A Company Limited by Guarantee)

Manchester City Galleries Trust

Trustees' Report (continued) For the Year Ended 31 March 2025

Structure, governance and management

a. Constitution

Manchester City Galleries Trust is registered as a charitable company limited by guarantee and was established and is governed under a Memorandum and Articles of Association. The Articles for Association were updated during the year in line with the Charity Commission guidelines and to address issues around Member recruitment.

The Trust is a registered charity, charity number 1048581, with a registered office of Manchester Art Gallery, Mosley Street, Manchester, M2 3JL.

b. Methods of appointment or election of Trustees

The management of the Trust is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.

The Directors/Trustees who served during the year are listed on page 2 of the annual report. The Directors/Trustees are elected annually by members in a general meeting.

c. Organisational structure and decision-making policies

The Trust is managed by the trustees/directors and by employees of Manchester City Council. There are no staff directly employed by the Trust, although staff working in the Manchester Art Gallery Café and some members of the Events Team are employed by Manchester Art Gallery Trading Company Limited and all trading business is recorded through this company.

The Trustees meet quarterly to review the financial position of the Trust and to guide progress against the Trust’s objectives.

The Directors of Manchester Art Gallery Trading Company Limited meet 6-weekly to review the trading results and monitor and determine the company’s future commercial objectives. The operational management of Manchester Art Gallery Trading Company rests with three key managers; the General Manager, the Trading Company Accountant and the Head of Commercial. These key managers attend and contribute to the Directors’ meetings. The remuneration of the operational management is set by the Board of Directors having regard to performance and the market rate for comparable roles.

d. Policies adopted for the induction and training of Trustees

New Trustees are introduced to the Group, usually by existing Trustees and Manchester City Galleries staff, and are given a full background to the Group’s history and current activities to ensure they have a good knowledge of the Group and the activities of Manchester City Galleries. A role description is issued to all new Trustees so that they are fully aware of their duties and responsibilities. Regular updates on gallery business are sent to Trustees and opportunities for training are offered. Trustees are expected to take part in gallery activities – attending exhibition previews and events, all-gallery training etc. and engage in the wider cultural life of the city.

Page 8

Manchester City Galleries Trust (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Structure, governance and management (continued)

e. Related party relationships

The Trust holds the entire issued share capital of Manchester Art Gallery Trading Company Limited and cooperates with Manchester City Council in pursuit of its charitable objectives.

Transactions between the Trust and Trading Company are shown in the accounts. Trading profits (when available and net of earlier deficits) of the Manchester Art Gallery Trading Company Limited have been gifted to the Trust.

f. Financial risk management

The Trustees have assessed the major risks to which the Trust and the Group are exposed, in particular those related to the operations and finances of the Trust and the Group, and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

The principal risks affecting the Trust and the Group are the dependence on fundraising (grants, donations, memberships and sponsorship) and the popularity of the activities which in turn generates donation box income and retail income for the Manchester Art Gallery Café. The Trustees manage these risks for the Trust and the Group by regularly reviewing past financial performance, future financial projections and the potential opportunities that arise from the programme. In undertaking this review, the Trustees are assisted by professional staff employed by Manchester City Council.

The principal risks facing Manchester Art Gallery Trading Company Limited, which operates the Manchester Art Gallery Café and events business are:

Other than continued fiscal pressures, the Trustees are not aware of any other factors that will impact the future performance of the Trust and the Group.

g. Funds

The funds held by the Trust are detailed in the notes to the financial statements.

Information on fundraising practices

Section 162a of the Charities Act 2011 requires charities to make a statement regarding fundraising activities. The Trustees confirm that all fundraising is managed internally without the involvement of commission driven external fundraisers or third parties. The routine management of income generation rests with the Gallery’s Head of Development. In general, fundraising activities are directed towards individuals and organisations that are already involved in the work of the galleries or who have expressed an interest in becoming involved.

Page 9

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Structure, governance and management (continued)

h. Public benefit

The Trust is established for the advancement of the education of the citizens and other residents of the City of Manchester in particular, and of other citizens and residents of the United Kingdom in general, in British and foreign history of the Arts, and for the benefit of scholars in the Universities and local, national and foreign researchers in history of the Arts.

The Trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the Trust’s aims and objectives and in planning future activities and services.

The Trust currently achieves its objectives by raising funds to support the Galleries’ programme of exhibitions and educational activities, capital projects, and to fund acquisition of artworks for the collection.

In its support of Manchester City Galleries’ activities, the Trust contributes to the free access of the general public to Manchester Art Gallery regardless of their background. The Trust is of the view that any private benefit gained by the Trustees is incidental.

Statement of Trustees' responsibilities

The Trust (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees' Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trust to prepare financial statements for each financial year. Under company law, the Trust 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 Group and the Charity and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trust are required to:

The Trust are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trust at the time when this Trustees' Report is approved has confirmed that:

Page 10

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Auditors

The auditors, Hurst Accountants Limited, have indicated their willingness to continue in office. The designated Trust will propose a motion reappointing the auditors at a meeting of the Trust.

Approved by order of the members of the board of Trust and signed on their behalf by:

J L Beggs

Head of Development and Trust Secretary Date: 05 Dec 2025

Page 11

(A Company Limited by Guarantee)

Manchester City Galleries Trust

Independent Auditors' Report to the Members of Manchester City Galleries Trust

Opinion

We have audited the financial statements of Manchester City Galleries Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Page 12

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Manchester City Galleries Trust (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report including the Strategic Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 13

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Manchester City Galleries Trust (continued)

Auditors' responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

Page 14

(A Company Limited by Guarantee)

Manchester City Galleries Trust

Independent Auditors' Report to the Members of Manchester City Galleries Trust (continued)

We have also considered the risk of fraud through management override of controls by:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

HABesantRoberts

Helen Besant-Roberts (Senior Statutory Auditor)

for and on behalf of Hurst Accountants Limited Chartered Accountants & Statutory Auditors 3 Stockport Exchange Stockport SK1 3GG

Date: 10 Dec 2025

Page 15

Manchester City Galleries Trust

(A Company Limited by Guarantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Other trading activities
6
Investments
7
Total income
Expenditure on:
Raising funds
8
Charitable activities
9
Total expenditure
Net income
Transfers between funds
20
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
113,533
38,538
996,135
58,592
1,206,798
979,911
86,824
1,066,735
140,063
(3,184)
136,879
1,234,897
136,879
1,371,776		 Restricted funds
2025
£
76,011
299,465
-
-
375,476
-
275,872
275,872
99,604
3,184
102,788
556,221
102,788
659,009		 Total
funds
2025
£
189,544
338,003
996,135
58,592
1,582,274
979,911
362,696
1,342,607
239,667
-
239,667
1,791,118
239,667
2,030,785		 Total
funds
2024
£
115,401
413,602
1,174,988
58,124
1,762,115
1,036,678
414,662
1,451,340
310,775
-
310,775
1,480,343
310,775
1,791,118

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 20 to 39 form part of these financial statements.

Page 16

Manchester City Galleries Trust

(A Company Limited by Guarantee) Registered number: 03053689

Consolidated Balance Sheet As at 31 March 2025

2025 2024
Note £ £
Fixed assets
Tangible assets 14 48,848 65,855
48,848 65,855
Current assets
Stocks 16 7,538 7,630
Debtors 17 40,220 36,259
Investments 18 832,774 -
Cash at bank and in hand 1,666,922 2,293,372
2,547,454 2,337,261
Creditors: amounts falling due within one year 19 (565,517) (611,998)
Net current assets 1,981,937 1,725,263
Total net assets 2,030,785 1,791,118
Charity funds
Restricted funds 20 659,009 556,221
Unrestricted funds 20 1,371,776 1,234,897
Total funds 2,030,785 1,791,118

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

H J Taylor-O'Brien

Trustee Date: 08 Dec 2025

The notes on pages 20 to 39 form part of these financial statements.

Page 17

Manchester City Galleries Trust

(A Company Limited by Guarantee) Registered number: 03053689

Charity Balance Sheet As at 31 March 2025

2025 2024
Note £ £
Fixed assets
Investments 15 1 1
Current assets
Debtors 17 37,701 151,485
Investments 18 832,774 -
Cash at bank and in hand 1,337,774 1,836,607
2,208,249 1,988,092
Creditors: amounts falling due within one year 19 (256,060) (292,620)
Net current assets 1,952,189 1,695,472
Total net assets 1,952,190 1,695,473
Charity funds
Restricted funds 20 696,632 595,383
Unrestricted funds:
General funds 20 1,255,558 1,100,090
Total unrestricted funds 20 1,255,558 1,100,090
Total funds 1,952,190 1,695,473

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

H J Taylor-O'Brien

Trustee Date: 08 Dec 2025

The notes on pages 20 to 39 form part of these financial statements.

Page 18

(A Company Limited by Guarantee)

Manchester City Galleries Trust

Consolidated Statement of Cash Flows For the Year Ended 31 March 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Dividends, interest and rents from investments
Purchase of tangible fixed assets
Purchase of current asset investments
Net cash (used in)/provided by investing activities
Cash flows from financing activities
Net cash provided by financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 20 to 39 form part of these financial statements		 2025
£
148,287
58,592
(555)
(832,774)
(774,737)
-
(626,450)
2,293,372
1,666,922		 2024
£
353,544
58,124
(5,318)
-
52,806
-
406,350
1,887,022
2,293,372

Page 19

(A Company Limited by Guarantee)

Manchester City Galleries Trust

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

1. General information

Manchester City Galleries Trust is a company limited by guarantee, registered number 03053689, incorporated in England. It is also a charity, registered number 1048581. The registered address is Manchester Art Gallery, Mosley Street, Manchester, M2 3JL.

The principal activity of the group is raising money to support the projects and programmes of Manchester City Art Gallery.

The members of the company are the Trustees names on page 1. In the event of the Charity being wound up, the liability in respect of the guarantees is limited to £1 per member of the Charity

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Manchester City Galleries Trust meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Charity and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Charity has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The Charity meets the definition of a qualifying entity under FRS102 and therefore taken advantage of the disclosure exemption available to it in respect of its separate financial statements in relation to presentation of a cash flow statement.

2.2 Going concern

In deciding to prepare the financial statements on a going concern basis, the Trustees have considered all available information regarding the future for a period of at least 12 months from the date of approval of these financial statements. The Trustees are satisfied that the going concern basis adopted in the preparation of these financial statements is appropriate and that the Group can continue in operational existence for at least the next 12 months.

2.3 Income

All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Page 20

Manchester City Galleries Trust

(A Company Limited by Guarantee)

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

2. Accounting policies (continued)

2.3 Income (continued)

Donated services or facilities are recognised when the Group has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Group of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time of the Friends is not recognised. Refer to the Trustees' Report for more information about their contribution.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Charity which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Income from grants and government grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Revenue from the sale of food and beverages is recognised at the point of sale. Revenue from a contract to provide services is recognised in the period in which the services are provided in.

2.4 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the Charity and compliance with constitutional and statutory requirements.

Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading activities that raise funds. The costs of commercial trading includes the cafeteria and its associated support costs.

Charitable activities and Governance costs are costs incurred on the Charity's operations, including support costs and costs relating to the governance of the Charity apportioned to charitable activities.

Page 21

(A Company Limited by Guarantee)

Manchester City Galleries Trust

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

2. Accounting policies (continued)

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Tangible fixed assets and depreciation

Tangible fixed assets costing £NIL or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following bases:

Long-term leasehold property - 20% straight line basis
Plant and machinery - 25% reducing balance basis
Office equipment - 25% reducing balance basis
Computer equipment - 33% straight line basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Financial Activities.

2.7 Investments

Investments in subsidiaries are valued at cost less provision for impairment.

Current asset investments comprise term deposits maturing within twelve months of the balance sheet date. They are stated at cost, which approximates to fair value. Interest income is recognised on an accruals basis.

2.8 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the statement of financial activities.

Page 22

Manchester City Galleries Trust

(A Company Limited by Guarantee)

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

2. Accounting policies (continued)

2.9 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.10 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.11 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Consolidated Statement of Financial Activities as a finance cost.

2.12 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.13 Pensions

The Group operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Group to the fund in respect of the year.

2.14 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 23

Manchester City Galleries Trust

(A Company Limited by Guarantee)

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

2. Accounting policies (continued)

2.15 Value added tax (VAT)

Income is stated net of VAT where applicable. Expenditure is stated net of any recoverable VAT. Any irrecoverable VAT is recognised as a cost against the activity for which the expenditure is incurred.

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Critical accounting estimates and assumptions:

The Charity makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. Income from donations and legacies

Donations
Total 2024		 Unrestricted
funds
2025
£
113,533
42,536		 Restricted
funds
2025
£
76,011
72,865		 Total
funds
2025
£
189,544
115,401		 Total
funds
2024
£
115,401

5. Income from charitable activities

Grants receivable
Friends and Business Partner income
Total 2024		 Unrestricted
funds
2025
£
-
38,538
38,538
44,687		 Restricted
funds
2025
£
299,465
-
299,465
368,915		 Total
funds
2025
£
299,465
38,538
338,003
413,602		 Total
funds
2024
£
368,915
44,687
413,602

Page 24

Manchester City Galleries Trust

(A Company Limited by Guarantee)

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

6. Income from trading activities

Income from non charitable trading activities

Catering, events and venue hire
Total 2024
Investment income
Income from bank deposits
Total 2024		 Unrestricted
funds
2025
£
996,135
1,174,988
Unrestricted
funds
2025
£
58,592
58,124		 Total
funds
2025
£
996,135
1,174,988
Total
funds
2025
£
58,592
58,124		 Total
funds
2024
£
1,174,988
Total
funds
2024
£
58,124

7. Investment income

Page 25

(A Company Limited by Guarantee)

Manchester City Galleries Trust

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

8. Expenditure on raising funds

Fundraising trading expenses

Cost of sales and administrative expenses
Wages and salaries
National insurance contributions
Pension costs
Depreciation of tangible fixed assets
Total 2025
Total 2024		 Unrestricted
funds
2025
£
389,542
526,204
37,198
9,822
17,145
979,911
1,036,678		 Total
funds
2025
£
389,542
526,204
37,198
9,822
17,145
979,911
1,036,678		 Total
funds
2024
£
429,829
536,240
36,030
6,244
28,335
1,036,678

9. Analysis of expenditure on charitable activities

Summary by fund type

Gallery
Exhibitions
Friends scheme
Other fundraising
Acquisitions
Governance
Total 2024		 Unrestricted
funds
2025
£
54,387
-
444
2,903
-
29,090
86,824
244,437		 Restricted
funds
2025
£
-
176,148
-
-
99,724
-
275,872
170,225		 Total
2025
£
54,387
176,148
444
2,903
99,724
29,090
362,696
414,662		 Total
2024
£
207,683
88,553
713
6,764
81,672
29,277
414,662

Page 26

Manchester City Galleries Trust

(A Company Limited by Guarantee)

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

10. Analysis of expenditure by activities

Gallery
Exhibitions
Friends scheme
Other fundraising
Acquisitions
Governance
Total 2024
Analysis of support costs
Legal fees
Audit and accountancy fees
Bank charges
Total 2024
11.
Auditors' remuneration
Fees payable to the Charity's auditor for the audit of
Fees payable to the Charity's auditor in respect of:
Taxation services not included above		 Activities
undertaken
directly
2025
Support costs
2025
£
£
54,387
-
176,148
-
444
-
2,903
-
99,724
-
-
29,090
333,606
29,090
385,385
29,277
Governance
2025
£
12,135
16,895
60
29,090
29,277
the Charity's annual accounts		 Total
funds
2025
£
54,387
176,148
444
2,903
99,724
29,090
362,696
414,662
Total
funds
2025
£
12,135
16,895
60
29,090
29,277
2025
£
13,680
820		 Total
funds
2024
£
207,683
88,553
713
6,764
81,672
29,277
414,662
Total
funds
2024
£
9,905
19,328
44
29,277
2024
£
12,945
760

Page 27

(A Company Limited by Guarantee)

Manchester City Galleries Trust

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

12. Staff costs

Group
2025
£
Wages and salaries
526,204
Social security costs
37,198
Contribution to defined contribution pension schemes
9,822
573,224
The average number of persons employed by the Charity during the year was as follows:
Group
2025
No.
Employees
34		 Group
2024
£
536,240
36,030
6,244
578,514
Group
2024
No.
34

No employee received remuneration amounting to more than £60,000 in either year.

13. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, no Trustee expenses have been incurred (2024 - £NIL) .

Page 28

Manchester City Galleries Trust

(A Company Limited by Guarantee)

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

14. Tangible fixed assets

Group

Cost or valuation
At 1 April 2024
Additions
Disposals
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Long-term
leasehold
property
£
11,384
-
-
11,384
3,735
1,309
5,044
6,340
7,649		 Plant and
machinery
£
88,846
240
-
89,086
58,481
7,834
66,315
22,771
30,365		 Office
equipment
£
49,277
315
(417)
49,175
24,223
6,209
30,432
18,743
25,054		 Computer
equipment
£
47,258
-
-
47,258
44,471
1,793
46,264
994
2,787		 Total
£
196,765
555
(417)
196,903
130,910
17,145
148,055
48,848
65,855

The Charity had no fixed assets.

Page 29

(A Company Limited by Guarantee)

Manchester City Galleries Trust

Notes to the Financial Statements
For the Year Ended 31 March 2025
15.
Fixed asset investments
Charity
Cost or valuation
At 1 April 2024
At 31 March 2025
Impairment
At 1 April 2024
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024
Details of the Charity's principal subsidiaries are presented in note 26.
16.
Stocks
Group
2025
£
Finished goods and goods for resale
7,538		 Investments
in subsidiary
companies
£
4,001
4,001
4,000
4,000
1
1
Group
2024
£
7,630

Page 30

(A Company Limited by Guarantee)

Manchester City Galleries Trust

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

17. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2025
£
35,354
-
2,509
2,357
40,220		 Group
2024
£
30,499
-
3,776
1,984
36,259		 Company
2025
£
13,162
21,888
2,491
160
37,701		 Company
2024
£
2,024
147,485
1,976
-
151,485

18. Current asset investments

Deposit account Group
2025
£
832,774
832,774		 Company
2025
£
832,774
832,774

Current asset investments represent cash held in a fixed-term deposit account maturing within twelve months of the balance sheet date. These funds are held to earn a higher rate of interest than would be achieved in an instant access account, while still being available for operational use within the foreseeable future.

Page 31

(A Company Limited by Guarantee)

Manchester City Galleries Trust

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

19. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2024
Resources deferred during the year
Amounts released from previous periods		 Group
2025
£
15,209
49,955
120,625
379,728
565,517
Group
2025
£
342,799
140,161
(342,799)
140,161		 Group
2024
£
36,117
50,029
129,234
396,618
611,998
Group
2024
£
405,166
342,799
(405,166)
342,799		 Company
2025
£
1,571
-
26,935
227,554
256,060
Company
2025
£
304,681
140,161
(304,681)
140,161		 Company
2024
£
22,749
-
20,841
249,030
292,620
Company
2024
£
195,378
98,712
10,591
304,681

Page 32

Manchester City Galleries Trust

(A Company Limited by Guarantee)

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

20.
Statement of funds
Statement of funds - current year
Unrestricted funds
Designated funds
Funding towards / match funding
for Families of the World
Funding for Old Manchester
exhibition
Funding for Furniture exhibition
and accompanying learning
programme
Match funding for Platt Hall
programme
Match funding for new textile
storage at Platt Hall
Match funding for Worn textile
programme with young people
Match funding for capital
improvements to Platt Garden
Office refurbishment
CCTV at Platt Hall
Commitment to 2025-26 grant
General Funds
Total Unrestricted funds
Restricted funds
Zochonis Trust
Clore Duffield Foundation
(Learning & Engagement)
Assheton Bennett
National Archives
Oglesby Charitable Trust
The Marie-Louise von Motesiczky
Trust		 Balance at 1
April 2024
£
-
-
-
-
-
-
-
-
-
-
-
1,234,897
1,234,897
93,576
16,000
15,173
15,000
9,389
-		 Income
£
-
-
-
-
-
-
-
-
-
-
-
1,206,798
1,206,798
-
24,881
-
-
61,115
35,750		 Expenditure
£
-
-
-
-
-
-
-
-
-
-
-
(1,066,735)
(1,066,735)
-
-
-
(15,000)
(58,292)
-		 Transfers
in/out
£
40,000
20,000
40,000
80,000
120,000
60,000
140,000
35,727
120,000
170,058
825,785
(828,969)
(3,184)
-
-
-
-
-
-		 Balance at 31
March 2025
£
40,000
20,000
40,000
80,000
120,000
60,000
140,000
35,727
120,000
170,058
825,785
545,991
1,371,776
93,576
40,881
15,173
-
12,212
35,750

Page 33

(A Company Limited by Guarantee)

Manchester City Galleries Trust

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

20. Statement of funds (continued)

Statement of funds - current year (continued)
Balance at 1
April 2024
£
19,583
5,500
28,000
585
3,213
-
2,203
14,463
77,177
150,658
5,000
-
100,000
701
556,221
1,791,118		 Income
£
-
-
-
34,825
-
47,720
-
25,000
100,000
-
6,250
10,000
-
29,935
375,476
1,582,274		 Expenditure
£
(12,374)
(5,500)
-
(18,558)
(213)
(6,420)
-
(21,957)
(94,128)
(25,565)
(14,590)
(1,000)
-
(2,275)
(275,872)
(1,342,607)		 Transfers
in/out
£
-
-
-
-
-
-
-
-
-
-
3,340
-
-
(156)
3,184
-		 Balance at 31
March 2025
£
7,209
-
28,000
16,852
3,000
41,300
2,203
17,506
83,049
125,093
-
9,000
100,000
28,205
Baring Foundation
University of Manchester
(Suzanne Lacy)
GMCA (AoR Project)
Manchester Contemporary Art
Fund
Derek Jarman
National Heritage Fund for Taking
Stock Project
Headley Trust
Freelands Foundation
Paul Hamlyn Foundation
DCMS Wolfson Capital Grant
Martyn Torevell
The Evan Cornish Foundation
Jack Livingstone (Fashion
Gallery)
Other immaterial restricted project
funds
Total restricted funds
Total of funds
659,009
2,030,785

Page 34

Manchester City Galleries Trust

(A Company Limited by Guarantee)

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

20. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
General Funds
Restricted funds
Zochonis Trust
Clore Duffield Foundation
(Learning & Engagement)
Assheton Bennett
National Archives
Oglesby Charitable Trust
The Marie-Louise von Motesiczky
Trust
Baring Foundation
University of Manchester
(Suzanne Lacy)
GMCA (AoR Project)
Derek Jarman
National Heritage Fund for Taking
Stock Project
Headley Trust
Freelands Foundation
Paul Hamlyn Foundation
DCMS Wolfson Capital Grant
Martyn Torevell
The Evan Cornish Foundation
Jack Livingstone (Fashion
Gallery)
Other immaterial restricted project
funds		 Balance at
1 April 2023
£
1,091,636
73,576
16,000
15,173
15,000
21,729
2,377
-
5,500
28,000
5,000
39,636
2,203
-
55
-
-
(1,110)
157,612
7,956
388,707		 Income
£
1,320,335
20,000
-
-
-
61,115
-
27,000
-
-
-
-
-
25,000
100,000
171,630
5,000
-
-
32,035
441,780		 Expenditure
£
(1,281,589)
-
-
-
-
(73,455)
-
(7,417)
-
-
(1,787)
-
-
(10,537)
(22,878)
(20,972)
-
-
-
(32,705)
(169,751)		 Transfers
in/out
£
104,515
-
-
-
-
-
(2,377)
-
-
-
-
(39,636)
-
-
-
-
-
1,110
(57,612)
(6,000)
(104,515)		 Balance at
31 March
2024
£
1,234,897
93,576
16,000
15,173
15,000
9,389
-
19,583
5,500
28,000
3,213
-
2,203
14,463
77,177
150,658
5,000
-
100,000
1,286
556,221

Page 35

Manchester City Galleries Trust (A Company Limited by Guarantee)

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

20. Statement of funds (continued)

Restricted funds are funds that have been provided in support of specific projects. The Trust holds sufficient resources to enable each fund to be applied in accordance with the restriction and can be itemised as follows:

Zochonis Trust: charitable donation specifically to support the gallery's Learning and Engagement Programme.

Clore Duffield Foundation: charitable donation specifically to support post-covid recovery work with the children and young people.

Ashetton Bennett: donation to support the further development of the gallery's silver collection.

Paul Mellon - Speech Acts: charitable donation to support of the Speech Acts Exhibition.

Manchester Contemporary Acquisition Fund: donation toward the acquisition of artwork for the Manchester Contemporary Collection.

University of Manchester: Payment of part of ACE grant to support partnership Suzanne Lacy exhibition.

Heritage Lottery Funding - Collecting Cultures: grant to develop costume collection.

Culture Recovery Fund: DCMS grant to support the gallery through closure due to Covid-19 pandemic, including re-start costs and covering commercial losses.

Paul Hamlyn Foundation: Explore and Test grant secured to undertake a learning and engagement project focused on Platt Hall, developing activities and models for the hall's re-imagining as a community museum.

ECFC Funding for Platt Hall Project: grant from the Esmeé Fairbairn Collections Fund to fund a project using Platt Hall gallery and its collections to test and develop a new sector leading model as the UK's first fully user-generated museum.

The Clothworkers’ Foundation: charitable grant to support the creation of a new Fashion Gallery at Manchester ArtGallery.

The Costume Society: grant towards the conservation of a specific item in the Dandy Style exhibition.

Baring Foundation: grant for the delivery of a programme relating to trauma-informed practice. Grant pays for staff and educator workshops, schools’ activities, mindfulness sessions and specialist advice.

Martyn Torevell: donation towards the acquisition of an artwork (Florence Claxton - Women’s' Work).

GMMH MWF: grant to support a group of LGBT+ elders travelling to Jarman's Garden on Dungeness as part of a research project.

Haroon Mirza Curatoria Fee: a grant to employ a Curator to advise on the diversity of the collection.

United Utilities: corporate donation to support the infrastructure and maintenance of the Derek Jarman Garden.

Kempe Trust : grant for the conservation of Bodley panelling.

Freelands Foundation: grant to set up and run a collective of artist teachers for professional development.

Oglesby Charitable Trust: grant to deliver weekly sessions for refugee families (prioritising under-fives and parents/carers housed in the city).

Page 36

Manchester City Galleries Trust (A Company Limited by Guarantee)

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

20. Statement of funds (continued)

Tate Fund: grant to deliver symposium on spontaneous memorial collections.

Art Fund Jonathan Ruffer Curatorial Fund: grant for travel and accommodation for research trip to New York for Costume Curator and Costume Conservator.

DCMS/Wolfson Museums & Galleries Improvement Fund: Capital grant for purchases of art storage and study room equipment.

MMU: portion of grant from AHRC for delivery of research project exploring exhibition making and for underfives.

Donor: Learning and Engagement activity - Art in Schools/Rutherston.

Manchester Contemporary Art Fund: Acquisitions of works at annual Manchester Contemporary Art Fair.

MCC AoR project: Funds Art of Resilience trauma-informed schools work.

Kempe Trust (Bodley Panelling): Conservation fee.

TATE fund: To cover project costs.

MMU for Things of the Least Project (Platt Hall): TOTL project at Britannia Hotel.

Boshier Hinton Foundation: Learning Team - BSL work.

The Museums Association: FOW Project participant event.

Big Give Campaign (FOW): Families of the World programme (refugee family programme).

The University of Manchester: Contribution towards costs for Simon Industrial Fellowship.

Jack Livingstone: Fashion Gallery ongoing collection and redisplays.

21. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2025
£
48,848
1,888,445
(565,517)
1,371,776		 Restricted
funds
2025
£
-
659,009
-
659,009		 Total
funds
2025
£
48,848
2,547,454
(565,517)
2,030,785

Page 37

Manchester City Galleries Trust

(A Company Limited by Guarantee)

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

21. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
65,855
1,781,040
(611,998)
1,234,897		 Restricted funds
2024
£
-
556,221
-
556,221		 Total
funds
2024
£
65,855
2,337,261
(611,998)
1,791,118

22. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Dividends, interests and rents from investments
Loss on the sale of fixed assets
Decrease in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities
23.
Analysis of cash and cash equivalents		 Group
2025
£
239,667
17,145
(58,592)
417
92
(3,961)
(46,481)
148,287		 Group
2024
£
310,775
32,555
(58,124)
-
3,292
16,202
54,259
358,959
Group Group
2025 2024
£ £
Cash in hand 1,666,922 2,293,372

Page 38

(A Company Limited by Guarantee)

Manchester City Galleries Trust

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

24. Analysis of changes in cash and cash equivalents

At 1 April At 31 March
2024 Cash flows 2025
£ £
£
Cash at bank and in hand 2,293,372 (626,450) 1,666,922

25. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £9,822 (2024: £6,244). Contributions totalling £1,732 (2024: £1,689) were payable to the fund at the balance sheet date and are included in creditors.

26. Related party transactions

Key management personnel are considered to be the Trustees of the Manchester City Galleries Trust, the senior management team of Manchester Art Gallery Trading Company Limited and the directors of Manchester Art Gallery Trading Company Limited. None of the directors of Manchester Art Gallery Trading Company Limited received any remuneration from the Company. None of the Trustees received any remuneration. The senior management team of Manchester Art Gallery Trading Company (who are not directors of the Company) received remuneration of £91,249 (2024: £52,734).

27. Principal subsidiaries

The following was a subsidiary undertaking of the Charity:

Name Company Registered office Principal activity Class of Holding Included in
number shares consolidation
Manchester Art 04465391 Manchester Art Catering and events Ordinary 100% Yes
Gallery Trading Gallery, Mosley
Company Limited Street, Manchester
M2 3JL

The financial results of the subsidiary for the year were:

Name Income Expenditure Profit/(Loss)/ Net assets
£ £ Surplus/ £
(Deficit) for
the year
£
Manchester Art Gallery Trading Company 998,229 989,607 8,622 39,101
Limited

Page 39

Issuer

HURST Accountants

Document generated Fri, 5th Dec 2025 10:18:18 GMT Document fingerprint 590cb7ee279e9ff236fa6297e0407eff

Parties involved with this document

Document processed

Party + Fingerprint

Fri, 5th Dec 2025 11:29:57 GMT Mon, 8th Dec 2025 13:52:55 GMT Wed, 10th Dec 2025 11:50:50 GMT Wed, 10th Dec 2025 11:50:50 GMT

Jo Beggs - Signer (14e91044be11bb7eaeb427832fffe0b6) Helen Taylor-O'Brien - Signer (6f9576557d09204395a33cd0f06e8158) Helen Besant Roberts - Signer (e5daad3dc5a56e8b08b6ae25d58c0aae) Lisa Everett - Copied In (b7e31b26d26105c6887a59643a97a1b6)

Audit history log

Date

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Fri, 5th Dec 2025 10:18:18 GMT Envelope generated by Rhian Gould (149.107.64.226) Fri, 5th Dec 2025 10:18:18 GMT Document generated with fingerprint 590cb7ee279e9ff236fa6297e0407eff (149.107.64.226) Fri, 5th Dec 2025 10:18:18 GMT Document generated with fingerprint cb556c24289ca6a5ee93173a1b871894 (149.107.64.226) Fri, 5th Dec 2025 10:31:09 GMT Sent the envelope to Jo Beggs (j.beggs@manchester.gov.uk) for signing (149.107.64.226) Fri, 5th Dec 2025 10:31:10 GMT Document emailed to j.beggs@manchester.gov.uk Fri, 5th Dec 2025 10:31:47 GMT Jo Beggs opened the document email. (72.145.93.148) Fri, 5th Dec 2025 11:28:43 GMT Jo Beggs opened the document email. (91.235.65.20) Fri, 5th Dec 2025 11:28:57 GMT Jo Beggs viewed the envelope (91.235.65.20) Fri, 5th Dec 2025 11:29:12 GMT Jo Beggs viewed the envelope (72.145.83.92) Fri, 5th Dec 2025 11:29:57 GMT Jo Beggs signed the envelope (91.235.65.20) Fri, 5th Dec 2025 11:29:57 GMT Sent the envelope to Helen Taylor-O'Brien (helen.obrien@Emperor.works) for signing (91.235.65.20) Fri, 5th Dec 2025 11:30:51 GMT Document emailed to helen.obrien@Emperor.works Fri, 5th Dec 2025 11:31:09 GMT Helen Taylor-O'Brien opened the document email. (85.210.240.70) Mon, 8th Dec 2025 10:19:07 GMT Document emailed to helen.obrien@Emperor.works Mon, 8th Dec 2025 10:19:30 GMT Helen Taylor-O'Brien opened the document email. (172.186.8.134) Mon, 8th Dec 2025 13:50:27 GMT Helen Taylor-O'Brien opened the document email. (217.155.225.142)

Mon, 8th Dec 2025 13:50:37 GMT Mon, 8th Dec 2025 13:52:55 GMT Mon, 8th Dec 2025 13:52:55 GMT

Mon, 8th Dec 2025 13:52:56 GMT Mon, 8th Dec 2025 13:53:39 GMT Wed, 10th Dec 2025 11:50:41 GMT Wed, 10th Dec 2025 11:50:50 GMT Wed, 10th Dec 2025 11:50:50 GMT

Wed, 10th Dec 2025 11:50:50 GMT Wed, 10th Dec 2025 11:50:51 GMT

Wed, 10th Dec 2025 11:50:51 GMT

Wed, 10th Dec 2025 11:50:51 GMT Wed, 10th Dec 2025 11:50:51 GMT

Wed, 10th Dec 2025 11:50:51 GMT

Helen Taylor-O'Brien viewed the envelope (217.155.225.142) Helen Taylor-O'Brien signed the envelope (217.155.225.142) Sent the envelope to Helen Besant Roberts (hbr@hurst.co.uk) for signing (217.155.225.142) Document emailed to hbr@hurst.co.uk Helen Besant Roberts opened the document email. (172.186.8.64) Helen Besant Roberts viewed the envelope (149.107.64.226) Helen Besant Roberts signed the envelope (149.107.64.226) Sent the envelope to Lisa Everett (lisa.everett@hurst.co.uk) for signing (149.107.64.226)

This envelope has been signed by all parties (149.107.64.226) Signed document confirmation emailed to j.beggs@manchester.gov.uk (149.107.64.226)

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