Unaudited Financial Statements The Millennium Quarter Trust Limited (A company litnited by guarantee) For the year ended 31 MaT¢h 2023 'ACFGSEE3* 0211112023 COMPANIES frfousE ¥164 Company No. 03962470 Charity No. 1090859 The Mijlemium Quarter TNst Limi¢ed Flnancial statements for the year •n¢l•d 31 Mar¢h 2023 Company information Chartty r•glslratlon numlb•r. lo￿859 Company r•gl$tr•llon number. 03962470 Reglst•r•d offi¢•: POBox532 Town Hall Albert Square M2nchester M60 2LA Dlrectors: John Wdb"am5 The Very Revetend Rogets Govender Jane Ebzabeth Sharrocks Mooney- resigned 16 ￿tember 2022 Joan Eii22beth D2vies Mancheste( Proft$5ional scrn.ces Jimited Bonkars. Bardays Bank Pt£ 51 Mosley Street Manchester M2 3HQ S•llcltors: Panrlone JIP 378-380 De#nsEare Manchester M3 4LY Ind•pend•nt Examlner. ju￿"C H2rdman. CPFA CoqKir#tt Finatice 5th Floor Town Hall Exrension Manchcsttr M60 2LA The Millennium Qwarter Try$1 Limited Flnancial statements for the year ended 31 Mar¢h 2023 Index to the fin2nciat statements Report ol th• dlrectors Independenl ExaMIneY￿ R•p•rt 9-10 Prlnclpal acc¢wntlng pollcles Charilable company ¥tal•m•nt ol lIn￿¢1￿ •¢tlvltl•$ 14 Ch•rfto1￿ ￿mpanY balan￿ short 15 Notes to the Ilnanclal stat•m 16-18 The Millenniym Quarter Tn•st Limited Financial slaternenls for the year 31 Plavch 2023 Report of the directois The Directors present their report together with the un2u&"ted fmartci3J statements for the year ended 31 ￿￿￿th 2023. 14efor•n¢o and admini$¢rntive do1411s The M￿ennIum Quarter Tnjst Iimited CMQn is a comp2rty lllw.ted by guatancee (company number 03962470) and docs not hwe any shate c2wt21. The company is also a registered ch2tity (ch2tity number 1090859). The current Enembers of MQT xe Mwchesttr City CoLmciI (MCQ and the De2ns 2nd Canons ofthe Cathedral and CollegJ2te Churth o( Saint Mary. S2iOt Deays and Sainc George. The Board of the company compiises nominees ofmanchestet Ciry Cound,The Dean and Canons of mancheS￿r Cathcdr21 and a number of indepcnderlt trustees who have bten appointed fot their LKpertise. The Directors *re its tDJStccs fot the purp)se oEch2riry law. The charity AS govemed by its mernoraudum and artidcs of gssocixtion ]25t amended by a special resoluuon on 30 J2Duary 21X)2. Dlrectovs Thc D￿ectOrS (who ate also tTUStecs of the charitablt company for the puip)ses of Ch￿lty law). who seThed duDng the yeat. and sitice the year end are as follow5:_ John W￿baMS cap￿l￿ted 7 April 21KJ3) The Very Reverend Rogtts Govender {appoAnted 27]une 2c￿l Liam Moorjcy (appointed l O Ottober 2017_ rcsigned 16 SepÉaJJber 2022) Jane Eb'zabeth Sharrocks (appointed 4 SeprembeI 2014) Joan Ehzabeth Davies (appointd 25 September 2018) The Millennium Quarter Trust Limited rinancial statements lav the year ended 31 Mar¢h 2023 Report of the directors Oryani$atlon The company is admiftisiered by the Boxrd of Directors. DllÉitig the financial Friod the B¢)grd met on two occasions and its ptincipai business has been: To receive ieports on the operation of the Mxtlchester Cathedr21 Visitor Ctntre. To receivc regu]ar rewjrts on the Nationa] Footb¥ll Museum at the Urbis building. To receive rcgular tep)rts on the development of the Miller￿1￿￿ Quarter. TN$t•• Inductlo• and Training New trustees mett sep2r2tdy with the Ch2ittnan athd the Company Secretary. They ate provided with art induction pack which indudes the tnost recent minutes And Annua] ReporL together with 2 copy of the Memorandum and Articles of Association. They also at￿nd a Board meeting bcfore formally ioiwng the Board. Rlsk Management The Directors have implemented systetns gnd procedures to identify and Mili￿te the major risks the company fice4 and to ensure consistent qualiry of ddivery all opuati0tt￿ aspects of the comFany. P2rticulzr attention has EcKussed on the he21th *id saEeLy of the public and members of staff. The objects oEthe cOmwJ￿Y are estabiished Is:_ For the geoerA benefit of the public: 1.1 To pIe5erve bujldings 2nd consetvc, maintsin and protect J2nd OI other propeny OF the ae5theiiq histotic, arcTru"tectural, construcEionai. soentific intetest or importance in the Manchester fvtlllennium Quartet project area" J.2 With or without assksrance from othets the provision of facilities An tht interest8 of s(xial wdfare for recreation and other leisurc time occupation in the MQT project area 9￿d for the de5ign3ted surroundmg 2rcas with the object of improving the cotKlJuons oEli£c Eor such persons having need of such faei]ities by reason of thwr g£< gender. youth, infirniiry, d"Ls2blemenL P)V¢rty and soc￿1 or economic atcumstances" and 1.3 The adv￿ceMen4 improvement. promoiion developa]ent of the ¢ducation of the public by promoting cuitsra] *ctiv]oes induding exhibiiions. information services on themcs rdating to cities. Icct¢Jres, demon5tratsons, performance5 of dram4 music, opeta and balle4 dxn¢e. fjlm shows. poetry readw, ￿inting and scu)p¢ure, liteiature other The Millennium Q¥art•r Trust Llmlted Flnancial statements lor th• year ended 31 March 2023 Report of the directors Oblectlves and Actlvltles {C•ntlnu•d) The main objective of MQT is to ovetsee the oper2ti0n oEM2nthcster's MJllerLnium Quarter. whith is a disiincuve cuiturai area irt the hiscorie medits'at sector of Manchestet. The m￿enniUm Quart¢r was creared #s patr ofthe Master plan for rebuiIding the city centre following the caiastrophic d*m2ge sustsined in the exp105ion of June 1996. It comprises four dements.. Exdjangt Squ3re- a h3rd landscaptd civic space adjacent to the rtt2i] corc; thc Manchester Cathedral Visitor Centre which contsins the renovltcd Hanglng Bridge. an ¥Eubitton #bout the Cathed￿, meeung rooms * c4E< Cathedral Gardens- 2 new gteen public space with trees, water fe#tures and sexting 2re2s and Urbis which As sittJ2tcd in Cathedral Gardens {now the N2ti0n21 Footb2ll Museum). Manchester Ciry Couticil AS dittctly resrx)nsibic for the ongoing n)2intcnancc of Exchange Squ*e a(￿ cathedr￿ Gardens. The Cathedtsl is respoosible for the operaoon OF the C2thedr isitor Centre 2nd ieceived deficit grAnt fundlng of £51525 in 2022123 frotn MQT towards operaring costs (2021122.. £52,616). Achlevementsi p•rf¢)nMn¢e and the fullllment of pulbNc benefft Finanti￿ ptrfoimancc is swntn8ristd in tht finxnuai statctnents ￿cCOmPa￿l￿n8 thi5 reporL Natsonai Footbau Museum The Nauonai Football Museum continl￿ to opuate Successfully within the Urbis Building and duting 22123 2chitved iecord visiroi numbets sitice the inuoducuon OF2 paid ticketing model in 2019. The museum welcomcd a total of I￿.654 irySiLors. an 11 /0 increase on pre-cowd figmies. 2nd 2180 2chieved a 370/D incrtsse in school and educarionaj v]sits. Tllrnovcr was £3.6m (un-audtted) and as a regftstered chartry. profits from ticketing And other comtneroai activiues 2re ieinvested back into the museum and its sew&ce5. Thanks to funding from Manchester City Couo¢il. Ciry of M2nchester residents and $th￿l$ continue to benefii froTn free admission. In Novcrnber 2022 thc N2tion21 Footb￿ Museum achtevcd Nationa] Portfotso Orgthisxtioo (NPO) status aW2tded by Arrs Courtcit England to le2ding ￿stillItionS that m￿nta1ft the world d25s cultural secioI of England. This 2dth"uonat funb"cy whj.ch has ideniified only a minitngj need crue reserves for eonungthoes or investment opportuniues. This policy rakes account of the current scope of ch*txt2ble 2¢￿￿￿e5 as well as futute arrangements with MCC. The L¢strve5 hdd It 31 March 2023 werc £nLI (2022: £llLt). Investment pollcy The company h25 the w>wer to knvest the monie5 of the company not immediatdy required Eor its purposes in 2rLy investments, securitscs or property thou8ht fjl subject to current law. The comp2ny did not tnaLc ￿veStmentS dutirhg the period covered by these Iccounts. The Millennium Quarter Trust Limit•d Financial 5tatemen¢s the year ended Jl March 2023 Report of the directors Golng concern After makjng enquiries, the Board has a reason*ble expe¢￿tIOn that the compan5T h25 adequate resources to meet its debts 2$ thry f2U due for the foreseeable future. being a period of twelve months 2fter the datc on wkn.ch thc report 2nd fin￿cial statemencs are Si￿¢d. For this reason. it corLonue5 to adopt the going conceitl basis in pzcwag the FthanuAI statrmtnts. Further infom)auon is given in the *ccounuog poliaes Ipage I l). It should be noted thaL the company has securcd a commirnient of 5UPPOrt from Manchester City Council to provide appropriate resources for a per￿1 at kast 12 months from the date of approva] of the firlanciai statemerlts. Dlr•ctors' rnsponslbllttl•s for th• flTraTrclal statements The Trustees (who are Jlso Diiecfors of the Quarter Txust Eor the purp05e5 of company law) are responsible for preparing the Trnstees. Annual Repott and the finan021 st2tcmcnts in accordance with appb"cable law and rwiAuons. Comp2ny12w requircs the tDJStces to prep3re financi￿ $￿te[nentS for ead) financial period. Under that law the trustees have elecred to ptep#te 6nanual ststcmcnts in accordance with United Kingdom Genet#lly Accepted Accounting Practice (Unitcd ￿.￿gdorn Accounting St2nd2tds and 2pphcable law) including FRS 102. The Financial Reporting Stsndard 2pplicable in the UK and Repubknc oflre]#nd. Under company the tkU5tees must not approve the finAnciai sttttments unless they are satisfied that they &ve a t(ue and f#ir view of th¢ statt o ffairs of the charitabk company atKI the comp￿Y #nd of the incoming resources and pph'cation oErttourccs, induding the income expend"Lture, of the charitable company for that period. In prewAring these financial stawnertts. the t[￿tte$ 2te 14uircd to: 5dett suitable accounting pob.cies atKI chen apply them consistently. obserwe the methtmls a￿d ptinople5 in the Charities SORP (FRS 102). m2kt judgements and accounting estimates that are reoson2ble and prL2dtnt' PttP2re the FLnanci21 statements on the going concern 625is unless it is inappropriate to ptesume ih2t the ch2rit2bk company will conunue in business. The T￿￿$[c¢S are responsible for keeping adequate accounting records thai ate sUffi0￿t to show and explain the charitable companls transxcuons 2nd disdose WAth reasonable accuracs, at any time the fJn2noai posiuon ofthe company 2nd erlable them to ensure that the fmanoA] statements comply with the Comp2rues Act 2Crf)6. Thty are also rcsponsiblc for s2fcguarding the assets OE the charitable coMp￿)Y and hence for taking teasonable steps fot thc prevention aL)d detecuon of fi*ud gnd othet iiregu]arAue5. The Mill¢thnium Iluartw Tntst Llmlted Financial slat¢m¢thl$ tw tho •nded 31 March 2023 Report of the directors Dlrectors. indemnitles The company. on bth211oE thc DArcctor5. has Directots, indemnity insurgnce with a charge in the period of £1,831 in 2022123.. P021122.. £1.464). Small cofftpany exemption TElls repott has been prep8red gccordance wid) thc speclai pIovisions of Patt 15 of Companies Act 2006 rd2ting to small comEYdaies. Independent Examln4rt10 The company Is below the #udir ¢hteshold fot Ix)th the CoMpa￿eS and Charities Act requirements but requires an Independent Examinaiion. The accounts for the year cnded 31 March 2023 have becn given Indepudenc Examintts. Report by Ju]ic H2rdman CPF BY ORDER OF THE BOAIID John Williams For 2nd on b¢h21f of Thc Millennium Quartcr Tntst L4mited DirectoI The Millenniunj Quarter Trust Limited Flnancial sta*ement8 lor the year 31 Ma￿h 2023 Independent examlnerfs report to th• Intstees of The Mlllennlum Quarter Trnst Llmlted rtport on the accounts of The bfjllennium Qu#rterTmst Limited for the year ended 31 March 2023, which arc set out orh p3ges I I to 18. TIu5 report is made solely to the charitable company's tru5tee5, as i body. in ¥ccordan¢e vAith the reg￿tiOnS made undu xction 154 of the Chatitics Act 2011. My wotk h2s been undertaken so that I might state to the charit2blc company's tntstees those Matte￿ l gJn tequired to 5t2te to thcm in itldependent examinels re￿rt gnd For no other putFK)se. To the fullest extent pemiitted by law, I do not acctpt or assume responsib￿lty to anyone other than the charitable company and the eh2rit2ble compAny's tWSLees #s a body. for my work. for this retKJrt. or fot the opiti1￿5 I have Fomied. Respectlve r•sponslbilitSes of tNstees and examln The txustees (who ate also the Directots of the charit261e COMP￿lY Eor the pwes of compAny ]aw) are TespotLsible Eoi the preparation of tht 2ttounts. The chxritablt tompany s tn15tees conther th2t an audit is oot r4uirtd for thi5 year (undu Section 144121 OE the Chariues Act 2011 and Part 16 of the Companies Acr 2(K)6 2nd thai an indeFndent ex2min2ti0n is needed). H2ving s2tisFied myselEthit the ch2fitabk company is not subject to audit under company law and is t￿"ble for indeperKlent exami￿0￿. it is my reswnsibJ]iry to.. tnine the accounts under 5eciioft 145 of the Ch2nties Act 2011- to follow the procedures 12id down the gener2] Direcu0ft5 gven by the ch￿lty ComrnJ55ion undtt Section 145(5)(b) of the Chaiities Act 2011. and to Sta￿ whether p*rticul*t matters haire tome to my attention. Basls of Independwt •xamln•rfs ststement My cxamitiation was carticd out in accordance with the genera] Directions ￿¥£n by the Charity Cotnmission. An examinaiion indude5 a companson of the 2ccounts the accounting record5 kept by the cha(l￿ble company. It 21so indude5 ConS￿eration of any unusual items or "sdosures in thc accounts. &id 5eekJ"ag Lxplan2ti0fL5 from you * trustec5 COtLceming ￿Y such a¢rets. The procedures ￿￿e[raken do Ekot provide ￿ the tvidtncc that would bt requirtd in 20 2u(b"t, 2nd consequently no opmion is given as to whether the accounts pie5ent a 't[￿ and fgir. view and the reFOrt is limited to th¢￿t rnat￿$ set out in the statemertc bdow. lttd•p•nden¢ oMamifia¢s statement lrt connection with my exarrLin#tion, no matter has come to my 2ttenuon: wluch gives me reasonable cause to bdieve that in any maLe[i￿ respecq the requirements." to ktep accounting recotds in accordance with secuon 386 of the Compa￿]eS Act ¢0 prepare accounts which accord with the accouniing iecoids,. to comply with the accoun1i￿g requirements of the section 396 of the Comp2ni Act 2(M16" 2nd to comply with the St2temcn¢ of Recommtndcd Practice'Accounting 2nd rcportirlg by Ch2tities.. St2ttmcnt of Recommended Pracuce 3ppiLcabk to th2ritits prcp2ring their 2ccounts in accoId%nce with the Fi03nciai Reporting Standard applicable in the UK and Repubh'c of Irdand (FRS 102) (effeuiiie January 2019}' The Millenniwm Quarter Tru¥1 Lirnited Financial slatements for Ihe year emled 34 M•rth 2023 10 have not beerl mct. or to which, in my Opinion. attention should be drawn in order to enable * ptoper understan&"ng of the accounts to E¢ reathed. Julie H￿dman. CPFA CoKwr&te Finance 5th Floor Town H8Jl Exrension Manchester M60 2L4 D2te 19rh Septembtt 2023 The MIllw￿l￿rn •Juartev Tvu5t Limi¢• Flnanclal statemonts for the year end¢d 31 Marth 2023 41 Principal accounting policies Basls of preparation The financ5￿ statement5 have been prewed in attordancc with Accounung & Repoiting by Ch*riiies.. Sr#iement of Recomtnend¢d Ptactice appb"cable to charities prep¥nt]g theit ststements irt accordaftce with the Financial Reporung St#nd2rd applic2ble in the Ulc & Republic of Irdand (FRS102) (effective l J#nuary 2019). Chatiues SORP (FRS102) and the Companies Act 2006. The chatity is not rcquired to prewe a cash fiow statement. being a small entity under FRSI02. The Mbllenfjium Quarter Trust LimiEed meets the defi￿tion of a public benefii tntiry under FRS102. A5SCts and habib.ties are iftiu*Uy recwed at historical cost or traThsacrion vgjue unless otherwise ststed in the *ccounting tK)]icy notcs. Basis •f A¢¢ountlng The Financial Statements ate prqR£ed in accordance with the hI$￿tiCal cost convention. The compan*s fi￿ctional and presentauongj currency is the pound st¢diag CGBP?. Golng con¢¢m The company tnade * Sutplus of NITr during the year ended 31 M2rch 2023 (4 sutplus of £Ni] 2022). The ch￿lty will continue to f(Kus on oyerseeing the opet#uon of M2nchcstet's Millennium Quar￿, wkn.ch besides Urbis comprises Exthaoge Squarq the Manchester cathedr￿ Visitor Centre 2nd Cathedr21 Garden5. The tharicable company has the continuing support of Manchesttr City Councd for the foreseeable fu￿re in thc pursuit of its. charitable objectives. It should be noted that the company has secured a couunitment of support from M2nche5ter Ciry Council to provide appropri*te resowees Eor & F>etifyJ at least 12 months from the dace of approv￿ of the financial statement* Based on the above. the directors have concluded that ir is *ppropriate to adopt the gojng concern basis of accounung in prepating these 6n2ncia] ststements. MQT will continue to monitor the effects of the Covid-19 p2DdtmiC report to Board members aecordingiy. The Millennlum Quarter Trust Umlted Financial statements lor the year ended 31 Mareh 2023 12 Principal accounting policies (continued) In¢omlno Re￿UrCeS Voluntary income compIises all incomtsig rtsourc￿ ftom donations. gtfts #nd grants. Donatl•n$ and gifts All monetary donauons 2nd gfts are Jnduded irl 6JU in the statement of flljancial activiues when receivable. provided that there att no donor imposed iesLrictions ￿ to the uming of the related txpenditurq in which cast recOg￿tiOn is deftsred unti] the pre-con(h"tion h2s been met. Intangible income, wlu.ch comprises donaced 5ervice5, is included in iftcomc 2t g vx]u21ion which is an estimate OE the fin2naal cost EK>tne by tht donot where such x cost is quanuf12ble measurable. An equivgjent gJnouni is charged as expeodiwrt No income is recognised when th¢re is no finthcial cost b)me by 2 tknrd pgny. Volunrary hdp is not indudd 2$ ￿Corne. Grants reeeivab Revetlue grants are cre 15,0(M) Is,0 15,0(X Donated serrices compiises accowitancy and company secretarial scrvices ptovidtd by Maftchester ProEcssiong1 Services Limiied. Incom• •Yam ClwItal￿ Actmlles Income, which As stated net of value added t24 represents grants from Manchester Ciry Council. Cost of cultural actlvl¢l•s pr•vl$lan ol faclktl•s 2023 2022 Grtht to the Cathedral Visitor Centre 51.525 51,525 52.616 52,616 Governance costs 2023 2022 Administration 12.IXK) 12,000 Accountsncy 3.0(K) 3,000 Ind¢ptndctLt Au&'t Ftes 120 1,500 In5wance 1,831 1,464 16,951 17,964 The milleb￿lUm Quarter Trust Limited FOnaThclal stateme•bt5 l•r the year end￿ 31 March 2023 17 Notes to the fmancial statements Dlrectors. remuneration and gt•ff costs . No remuneration h25 bceo p￿d to the eompanrfs direC￿r5. No expenses h2vc been xeimbur5ed by the company to the direccots. There wttc no employtts in thc year (2022.. none). Taxatlon As a chariry, The Mdjenrtium Quar¢er Tn)s¢ titnired is ¢xeJnpi from tax on income and gains to the extent that these are appb'ed to its charitable obiects. Del>tors 2023 2022 Debtors Prepayments 2nd accrucd income 63.141 52.957 1,159 54,116 63.141 Cr•dltors: •rnounts fallln9 due wlthln one year 2023 2022 Accounts Payable Accru￿5 Deferred income (note 14) 63,827 1.113 64,966 54.069 3,406 57.501 The defetted income due to Manchester City Council is secured by # fixed and knting ch2Ige ovcr the charitses assets. 10 Analysls Ol nol assets b•tw•en funds Unrestsicted funds Restricted fijnds Total fund Current 2S5ets Curtcnt liabiiitics 64.966 64.96 64,966 64.966 N¢t assets at 31 M#rch 2023 The Millennium quarter Trust Limlted Finaneial stalefflents the year 31 Alarch 2023 Notes to the fm2ncial statements 11 Funds Unrt51rictcd Restricted Toial Funds At 1 April 2022 Jncoming tesources Resources expended At 31 March 2023 64,966 64,966 64.966 64,966) 12 Guarantee The compgA)y is limited by gLwantee Ind h¥s no wthoiised $h#re capitsl. Every member oFthe company Undertak￿ to contribute such gmount As m2y be requ￿ed (not exceedmg £1) to the company's asse￿ if it sknuid be wound up whi]st they are member5 or withi.n one year 2Eter they ce25ed to be a membtt. of the costs. ch￿geS 2nd expenses oEwindLng up and for the adjustment of the iights of the conttibutors themsdves. 13 Ind•mnlty Insuran¢e The compaE]y, on behalf of the ditectors, p￿d ditect0￿. itidemnity iosurance with A Ch￿ge of £1,831 for the year12022 £1.464). 14 Re￿￿ed party transa¢tlons Mejnbers and officets of Manchester Caty Couool IMCQ serve ¢)n the Board of Directors. The company's transactions with MCC are s￿Mmat1$td as follows. During the year. gr8mt5 and donated Services Erom Manchester City Council 2mountcd to £68.476 P022.. £55.580). At 31 MgTth 2023 £0 P022: £52.957) was due From MCC At 31 March 2023 £1.113 (31 March 2022: £3,406) due 10 MCC. At 31 M2rch 2023 £0 (2022.. £52.616) was due to Manchester Cathedral Vtsitors Centre During the year, a grAnt of £51.525 P022.. £52,616) was n)2de to Manchester Cathcdr21 Visitors Centre. Manchester C*thedral Visitors Centre is a related party as the Very ReVer￿d Rows Govender served on the B0￿d of Dkrectots.