DocuS￿h Envelope10.' C49C2AF1-395D429&A4DÉ-OBC720757430 Unau(lited Financial Statements The Millennium Quarter Trust Limited (A company jimited by guarantee) For the year ended 31 March 2024 'ADB T42Q2* 1710912024 COMPANIES HOUSE A13 #122 Company No. 03962470 Charity No. 1090859 Docus(qn Enbtlope ID.. c4￿2AF1-3gS0429￿A4DE:OBC7207S7430 The Millennium Quarter Trust Limited - Flnancial statements IOT the year ended 31 March 2024 ' Comp2ny information Charity registration number: 1090859 Company reglstration number: 03962470 Reglstered offlce: POBox532 Town H2ll Albert Square Manchest M60 2LA Dlroctors: Joha Williams The Very Reverend Rogers Govend Jane Elizabeth Sharrock5 Joan Ehzabeth Davies Secretary: Manchester Professional Services Limited Bank•rs: Barclays Bank PLC 51 Mosley Street Manchester M2 3HQ.. Sollcltor•: , Pannone LLP 378-380 Deansg2te Manchester M3 4LY Independent Examln•r: Julie Hardman, CPFA Corporate Finance 5th Floor Town Hall Extension Manchester M60 2LA Doojsigrl Envelope10: C49C2AF1-3950429&A4DE4IBC720757430 The Millennium Quarter Tn￿t Limited Finan¢lal statements for the year ended 31 March 2024 Index to the fmancial statements Report of the Directors Independent Examiners• Report 9-10 Prln¢lpal bccountlng policl•s Charitable company statement of financial activities 14 Charitabl• company b•lanc• sh•ot 15 Not•s to the Ilnanclal statements 16-18 Docuslgn Envelope ID.. C49C2AFI-395D429&A40E-08C720757430 The Millennium Quarter Tnlst Limited Flnanclal Slatttments for the y•ar end•d 31 M•rch 2024 Report of the Directors The Directors present their report together with the unaudited financAal stAttments foi the year ended 31 M￿ch 2024. R•f•r•nc• and admlnlstratlvo dotai18 The ￿￿ennIUm Quarter Trust Lunited (Mof) is a company Junited by guatgntee (company number 03962470) and does not have any share c2PltaL The company is also 2 (C￿Stered charity (chanty number 1090859). The current member5 of MQT are Manchester City Councd NCQ and the Deans and Canons of the Cathedral and Collegriate Church of Sgint Mary, Saint Denys and Salnt George. The Board of the company comprises nominees OF ManchesteI City Counal, The Dean and Canons of Manchester Cathedral and a number of independent trustees who have been appointed for their expertise. The Directo￿ are Ats ttustees foi the purpose ol charity law. The ch￿lty is governed by Ats memotandum and articles of association last amended by a special rcsolution on 30 January 2002. Dlr•ctor• The Diiettors (wpo are also tnjstees of the charitable company for the purposes of charAty law), who served'during the year, and since the year end ate as follows: _ John WJJtsms (appointed 7 Apri] 2003) The Very Reverend Roger5 GovcrJdeK (appointed 27 Jwie 2006) Jane Elizabeth Sh￿rocks (appomted 4 September 2014) Joan Ehxabeth Davies (appointed 25 September 2018) Docusign Envelope ID.. C49C2AF1-395tH298-A40E-OBC720757430 Th• Mill•nnlum Quarter Trust Limit•d Financlal statements for the year ended 31 March 2024 Report of the Directors structure, Governance and Management Organlsatlon The company is administucd by the Board OF Directors. Duxing the &QanCi￿ period the Board met on occa5Aons and Ats principal business has been.. To receive regular Ieports on the operation of the Manchester Cathedr21 Visitor Centre. To receive regular Ieports on the National Football Museum at the Urbis building. To receive tegular reports on the devdopment OE the MillenrLium Quarter. Trustm Inductlon and Tralnlng New trustees mecr sepaiRtely with both the Chairman and the Company Secretary. They are provided with art inductson pack which includcs the most Iecent mirtures ind Annual Report, together with a copy OF the Mernorandum and Articles of Association. They also Attend Board meeting beFote lotmally joinlng the Board. Risk Management The Diiectors have Implemented systems and procedure5 to identtfy and mitigace the major rA5ks the comp2ny faces, and to ensure consistent quah'ry of de]ivery For all op￿ational aspects of the company. Particu￿ attention ha5 Eocussed on. the health and safety of the pubhc and meMb￿S OE staff. Obj•etlves and Actlvltles The objects of the company are estAblished 2S: . Foi the general benefit of the public.. 1.1 To preserve buildjngs and conserve, maintain and protect land or other propeity of the aesthetic, hAStoric, AtchitecturaL constructionaL saeDtifJc interest or Importance An the M#nchester Mdlennium Qu￿ter project aie*' 1.2 With or without assAStance from other5 the provision of facilities in the interests of social wdf￿e for iecieation and other leisute time occupation in the MQT project area and foI the de5ign8ted sucroundAng areas with the object OE improv￿8 the conditions of ]iEe for such persons having need of such facilities by IeAson of their age. gender, youth, Atthuty. disablement, poverty social OI economic circumstances" and 1.3 The advancement, impiovernenl piomotton and devdopment of the education of the pubb'c by ptomoting culttual actiwties including exknbitions, infozmation Services on themes relating to Cltsc5, lectures. demonstrations, perfoIman¢es of drama, musAC, opera and ballet, dance, fthn shows. poetry Ieadings, painting and sculpNre, knterANre other DocLtsign Envelope ID: C49C2AF1495D429&A40E-08C7207S7430 The Mlllennlum Quart•r Trust Llmltod Flnancial stat•monts lor the year ended 31 March 2024 Report of the Directots '. ObJect•ve$ •nd Actlvltlos Icontlnued) Thc mRin objective of MQT is to ovcr5ee the opeiation of Manches¢cr's Millennium Quluter, which is a distinctive cultural area in the historic medieval sector of Maochescer. The M￿ennIum Quartet was tteated a5 P2tt of the Master plan for Iebuth1￿g the city centre lollowing the catastrophic damage sustained in the explosion of June 1996. It comprises four elements.. Exchange Square - 2 hud lartdstaped civit 5P2ee.adjacen( to the retail coie. the Manchester Cathedral VASltor Centre which contains the tenovated HAngyng Bridge. an exhibition about the CathedraL meeting rooms and a café. Cathedtal Gardens - a new green pUb￿.C space with tsees, water features and seating areas and Urbis wlu'ch is siwated in Cathedral Gardens (now the National Football Museum). Manchestu Clty Council AS dlrecdy responsible foI the ongoing maintenance of Exchange Square and CathedIal Gardens. The Cathedral is tesponsAble Eor the opeIation OF th¢ Cathedral Vislror Centre and Ieceived deficit grant funding of £48,943 in 2023/24 from MQT towards operatitig costs (2022123.. deficit £51,525). Achievementsi porfornianc? and the fulf•lment of public benefft Finanagj perfotmance is sUMm￿lsed in the fiftancial statemeftts accompanyLng thAS report. National Football Museum The National Football Museum contthues to operate successfully within the UrbAs Building and during 23124 achieved Iecoid visitor numbers Since the mtroduction of 2 paid ticketing modd in 2019. The museurn welcomed a total OE 220,137 visitors, 2 15.4 0/0 Anttease year on year. Turnover was £4.6m (un-authted) and as a It￿stered charity, all profits ftom ticketsng and other comm￿claI activities are ieinvested back ynto the museum artd its services. Thinks to funding fIom Manchester City Council, City of Manchester residents and schools cOnt￿Ue to benefit Erom &ee admission. The Nation21 Football Museum completed its first as a new National Portfolio OtgAnisation (NPO), which was awarded in 2022 by Arts Council England in recogNtson of the rnu5eum being lead￿g Anstiruuon that maintains the world dass Cult￿11 sectot ol England. Thi"s additional fundmg has been invested in Footb2ll Creates - a three-year programme to impiove wellbeing of vA51tors and collununiues through the creative powet of football. The museum continues to develop strategic partnerships across the city. We chair the MedAeval QuÉrtei Business Fonun arjd ￿e an actsve member of the city's DeSt￿atiOn M￿ket￿g Ozg2nisatson, Marketing Manchester, makLDg a sJgnfAcant contribution to the ViSAtor economy via domestic and international visitois. Matschester Cathedral and Visitor Centre The bw5t public benefit of the Cathedral Vlsitor Centre (CVQ to the wider community is Voh'tion (ieport attached), which had a massive impact on resldents of Manchester. During 2023, we brought in three commercial p￿tnerS on a five-year lease to take three of the rooms in the CVC. The two tnain conference room5 artd the fjrst floor ii)om which was OCCUPAed by Vo￿tiOn have all been let OUL Thanks to the support oEAlex and VictoIia Ru55ell Docuwdn Envelope ID: C49C2AF1-395D429B-A4DE-OBC720757430 Th• Millennium Quarter Trugt Limlted Flnanc•al statements for the year ended 31 March 2024 Repott of the Directors from the PIoperty ALLiance Group, a refit ol the basement was undertaken allowing Volition to oceupy thi's space. incieasing the capaaty OE the volunteer progrunme to eng￿e with the long- tern] unemployed. The small conference toom on the top floor, again. thanks to two CO￿0￿￿te psrtners enabled this room co be upgraded as a commumty Ioom to support the cathedral and other chariues in delivering community outreach. Repair5 to the building COnt￿Ut to be a majoI c05t together with the huge increase in the cost ol 8*5 and electslclty was a key factor in the CVC continuing to Ancur losses. The Kitchen, supporfing rooms and the toilets in the basement continue to Suff￿ f£om a higli level of water ingress Erom C.2nnn C.nTrJrt making rhis p￿t of the CVC unusablc Following a &re inspection in 2023, the Assue has been raised with the CkneF Executive and L£adeI of MMcheSt￿ Ciry Council. Ive ￿e stlll An d￿cUSSiOnS with Manch¢stet Ciry Council on a plan of works to stop the water mgIess. Suffice to say. the business model ivhich was adopted pOst-Co￿d is making a big difFetence to the fJnincAal sustainxbility OE the CVC. Financlal rlsk management objectives and policies The principal f￿ancial Anstnunents of the company are c25h, operaling debtois and operating crethtors. The objective of the company in relation to these instruments is to ensure thxt none OF them pose a matetial threat to the unrestricted re5C￿e5 of the company.. All cash is held in Pounds Sterling with B￿ClaY$ Bank plc. The primary iisk factng the company is the loss ol support from M￿cheSter CAry CouncAi. CurIendy giant5 paid to the company amounts to 2023/24 800/0 (2022/23 .. 800/0) of the total Ancome and therefore it51oss could lead to the closute of the company. This risk has been mitigated by an undertAk￿g of support (as detailed in the Piincip31 Accounling Policies) given by Manchester Ciry Council. Fundlng Any deficit of the Charitable Company 1$ 6Jnded by Manchester Ciry Council. The company 15 ble to meet all oUtgo￿g items of expenditure and fuwxe plans and commitmenrs. The company did not engage in any invesunent activity during the financial period. ftestrlcted funds The company does not hold any restticted funds. Reserves policy The company has Approved a reserves policy which has identified onl}T a minimal need to accrne reserves Eor contingencies or investment opportunities. Tkn's Po￿.CY takes account OE the current Scope of charltable activities as well as future airangements with MCC. The reserves held at 31 M￿ch 2024 were £nil (2023.. £oii). Investment pollcy The company has the POW￿ to invest the monies of the company not Ammedjately r4Uited for Its PULposes in any investtnent5, secunties or property thought fil subject to cuttent12w. The company did not make Anvestments during the period covered by these accounts. Do￿51gn Envelope ID: C49C2AF1-395D429B-A40E4J8C720757430 Th• Millennium Qyart•r Trust Llmlt . Flnan¢lal statements lor the year ended 31 March 2024 Report of the Directors Golng concern After making enquiries, the Board has 2 reasonable dYpect2ti0n that the company has adequate tesowces to meet its debts as they E2ll due for the foIeseeable future, being a pttiod of ttvdve months afteI the date on which the report and financial st#tementS are 51gned. For this Ieason, it continues to adopt the going concttn basis in preparing the t￿2￿cIal staternents. Furtber inforn]auon is &ven in the accounting poh'cies (page I l). It should be noted that the company has secured a cornmitment of support Eiom Manchester City Council to provide appropriate .iesources for a perlod at least 12 months from the date of approvgl of the FmancAgJ $taternents. Directors. responslbilit•es for th• flnancial stat•m•nts The Trusttes (who are also DitectoIs of the m￿ennium Qu￿ter TDJSt Eor the purposes o company law) are £esponsible for prep￿ltig the TLus£ees' Annual Report and the £￿anC￿l statements in accordance with applicable law and re￿lationS. Company law zequixes the trustees to pteplre f￿ancIal statements for each fll)ancial perAOd. Under that law the trustees have elected to prepare f￿anciaL statements accordance with Unbted Kingdom Generally Accepted Accounting P12cticc (United Kingdom Accounting Standards and applicable IAW) including FRS 102. The Flnancd Reporting Slind￿d applicable in the UK and Repubbc OE Ireland. Under company law the ￿SteeS must not approve the fmancial Statements unless they are Satisfied that they give A true and fair view of the state of affgits of the charitable company 2nd the company and of the incoming iesources And APp￿ration of ies0￿Ces, indudmg the Ancome and expendiNre, of the charitable company for that perAod. In Prep￿ing these fjnancial statements. the trustees ￿e required to.. sdect 5uicable accountin8 policies and then apply them consistendy> observe the methods and principles m the Charitie5 SORP (FRS 102); make judgements and.Accounting estimates that are Ieasonable.and prudent. prepare the fmancial statements on the going concetn basls unless At is Anapptopriate to pIesume that the charitable company will continue in busine55. The TNstees are responsible for keepitig adequate accountitig'recoids th2t ate sufficient to show and explain the Ch￿Itable company's transactions and disclose with ieasonable YAccuf2Cy at any time the fjnancial p051tion of the company and enable them to ensure that the [￿ancI statements comply with the Companies Act 2006. They are also respon5Able Eor saEeguatding the assets OE the chantable company and h￿ce foI taking re150nable steps for the ptevention and detection of Fraud and other iIre8ularities. Docusign Erwelope ID.. C49C2AF1-395D429&A40E-OBC720757430 The Mlllennlum Qu8rteY Tryst Llmlt•d Flnancial stat•ment8 lor the year •nd•d 31 March 2024 Report of the Directors Dlrectors, •ndemnit•es The company, on behalf of the DirectoIs. his Directors, indemniry in5W2nce with a charge in the petiod of £1,904 in 2023/24. (2022/23: £1,831). Small company •x•mption This ieport has been prepared in accordance with the special pIovision5 of Part I S of Companies Act 2006 Kelaling to small cornpanies. Ihdèpèndent examination The company is below die audit thIeshold for both the Companies and Charities Act requ￿ements but Iequites an Independent Examination. The accounts FOI the year ended 31 Match 2024 have beerA gxven an Independent ExamineEs' Repoit by Julie H2rdman CPFA. BY ORDER OF THE BOARD OJMS KEW51CA198429... John w￿￿'&m$ Foi and on behalf of The m￿ctIo1Urn Quarter Trust Limited DArector Docusign Envelope ID.. C49C2AF1-3950429&A4DE-OBC720757430 The Millennlum Quarter Trust Llmlt•d Finaficlal $tatem•nts lor the year eftd•d 31 March 2024 Independent oxamlnerfs report to the truste•s of Th• Mlllennlum Quarter Trnst Llmited I report on the Accounts oFThe M￿ennium Quarter TNst Limited for the year ended 31 M￿ch 2024, which are set out on pages I I to 18. Tkns report is made solely to the charitable company's trustee5, as a body, in accordance with the regulation5 made under section 154 of the Charities Act 2011. My work has been UDdutaken so that I might state to the chatitible company's tnjstees those matters I Iequired to state to them m an independent examinei's repoIt and fot no other purpose. To the fi￿est extent permitted by law, I do not accept or assume responsibibry to anyone other th2n the charitable compRny and the Ch￿ItabLe company's tsustees as a body, Foi my work, for this Ieport. ot for the opinions I have fonncd. Respective responsibllltl•g ol tnlstees and examlner. The trustees (who are also the Directors of the charit2bie compAny for the purposes of company law) ate responsible foi the preparatton of the accounts. The charitable compAny's trustees consider that an auth't is not tequired for this year (under section 144(2) of the Charities Act 2011 and Pat¢ 16 of the Companies Act 2006 and that an independent examination is needed). Having satisfied myself that the charitable company is not subject to audit urtd￿ company law and is ell￿ble for Andependent examination, it Is my iesponsibth'ry to.. exatnine the accounts undtt Section 145 of the Charities Act 2011; to follow the pIocedures l￿d down the general Direcuons ￿Ven by the Charity Commi5510n under secllon 145(5)(b) of the Chacities Act 2011. and to state whether parucular mattets have come to my Attentson. Basls ol Independent examinerfs Statement My exmimation w35 Carried out in accordxnce with the generjj Directions given by the Chuity Commission. Att examinition ￿dlldeS a Comp￿iSOn OE the accounts with the accounting recoids kept by the charitable company. It also indudes considerauon of any unusual items oz th'scloswe5 lll the accounts and seeking explanations fiom you as ttU5tces concerning any such matters. The procedures undertaken do not provide all the C￿denCe that would be iequixed in an audit, and consequendy no opinion is ￿Ven gs to whetheI the accounts present a 't￿¢ and fair, view, and the report is limited to those matters set out in the 5catement below. Independent examlnefs statement In connection with my examination, no mittet has come to my attention.. which gives me ieasonable c2use to bebeve that in any materi21 respect, the 14Uitements: to keep accouniing records in accordance with Section 386 of the Cornp2flle5 Act to piepate accounts which accord with the accountsng iecords. to comply with the accouniing Iequirements ol the seciion 396 of the Companies Act 2006" and to comply with the Statement of Recommended Practice 'Accounting and repoiting by ChaLities.' Statement of Recommended Practice appllcable to ch￿ltieS preparing their account5 m accordance the Finanaal Reporting Standard applicable in the UK RepUb￿.C of Ireland (FRS 102) (eflective January 2019). Ooeuslgn Envelope ID: C49C2AF1-395D429&A4DE-OBC720757430 The Millennlum Quarter Trnst Llmlted Financial statemonts for the year end•d 31 March 2024 10 have not been met. or to wbich, ￿ my OPiA)ion, attention shO￿d be dt2wn m Ord￿ to enable a pIoper understanding of the accounts to be Ieached. Julie HardMa￿ CPFA Corporate Finance 5th Floor Town Hall Bxten5ion Manchester M60 2LA Date I Iih September 2024 D0￿jS1gTh Envelope IO.. C49C2AF1-395D429&A4DE-08C720757430 Th• Millennlum Quartor Trust Llmlt•d Financial stal•ment5 for the year endad 31 March 2024 11 Principal accounting policies Basis of preparation The fAnancAal statements have been.prepared in accordance with Accounting & Repoiting by Charities.. Statement of Recommended Practice apP￿c￿61e to charities Plep￿Ing their fM]anaal ststements in accordance wlth the Financi￿ Reportirtg Standard apphc2ble m the UK & Repubhc of IIeland (FRSI 02) (effective l January 2019), Charities SORP (FRSI 02) and the Companies Act 2006. The chatity is not required to pIepare a cash flow statement, being 2 small eniity under FRSIO2. The M￿C￿ni￿rn Quarter Trust Limited meets the def￿l￿on OF a public benefit entity under FRS102. Assets and h"abiiiues are ioiually recogn￿ed at historical cost ot transactson value unles8 otheThvise stAted in the accounting policy notes. asls of Accounting The Finanaal Statements are prepAred in accoIdance with the lustorical cost convention. The company's filnctional and prtsentatiortal currency is the pound sterling ('GBP?. Golng concern The company madc a Surplus of Nil dwin8 the year ended 31 March 2024 (g surplus of £NAI 2023). The Charity continue to focus on ovetseeing the Op￿atiOn of Manchester's ￿￿￿enniUM Quarter, which besides Urbis comprises ExchAnge Square. the Manchester Cjthedial Visltor Centse and Cathethal Gardens. The charitable company has the continuing support OE Manchester City Counal For the Eoreseeable future ￿ the pursuit of its, chxritable objectives. .It should be noted that the compiny has secured a COn￿ltMent OF support from Manchescer Ciry Councjl to provide appropri2te resowces foi a perAod at least 12 months Etom tlie date of approval of the flnancial statements. Based on the above, the Directors have concluded that it is appropriate to adopt the going concern basis OF accounting in preparing these financial statements. DOcus￿n Envelope ID.. C49C2AF1495D429B-A4DE418C720757430 The Millennium Quarter Trust Llmited Financlal statements for the year ended 31 March 2024 12 Principal accounting policies (continued) Incomlng Rosourc•s Voluntw Ancome comprises all Ancoming Iesources Erom donations, giFts and 8rAnts. Donations and gifts All monetary donations and ￿t5 are included io in the 5t2tement of f￿anc￿ activities when Ieceivable, provided that there are no donor-imposed restsictsons as to the iiming ol the related expenditure, An which case Iecognjtion is deferied uniil the pre-condition has been met. IntangLble income. whid] comprises donated services, is iticluded in Aticome at 3 valuation wknch is an estimate of the [￿ancIal cost borne by the donor where such a cost is quantifiable 2nd measurable. An eguivalerAt amount ￿ charged e.xpe.ndittirr. Nn income is Iecognlsed when there A5 no f￿anCIal cost boIne by a dllrd party. Voluntary hdp is not Ancluded a5 Ancome. Grants receivable Revenue grants are creth'ted as incoming resources when they #re receivable piovided conditions for IeceAPt have been Compkned with. unless they relate to a specified ￿tY£¢ period. in which case they are deEetrcd. Incoming resources from charltable aetivitlos Incomkag re50urce5 from charitable activities are accounted for when eamed. Resour¢•s.•xp•nded All expenthttjre is accounted for on an accruals basis and has been classified under headings that aggregate all costs Ielated to that category. Where costs cannor be d￿eCtlY atttibuted to P￿tiCular headings they have been allocated to activitie5 on a basis consistent with use ol iesources. Central overhead costs are allocated to operational fi￿CtiOnS based on their use of central support services. Governance costs are the costs assocAeted with the governance arrangements of the company w￿.Ch relate to the general wnning OE th'e chariry as opposed to those cost5 associated charitable activities. Induded withm this category costs aSSOCAiced with the strate￿C as opposed to day-to-day management of the company's activities. Support costs, which include executive and devdopment, finance, Icf, external accountancy, legaL marketin& general office and xdmiDistratton, are allocated across categones of charitable expendi(￿e, governance costs and the costs of geneIating fimds. Ifund accountlng Unrestricted funds are incoming resources ieceived oi generated for expenditwe on the gener objective5 of the company at the disctetion of the trustees. Restncted funds ate subjected to resttictions on their expendittlle imposed by the donor. Cash flow statement The accounts do not include a cash flow statement because the company, 25 a small reporting company. is exempt from the iequimnent to prepare such a statement under FRS 102.IA.7 Cash Flow Statements. Do¢u$¢gn Envelope ID.. C49C2AF1-395D4298-A4DE-OBC720757430 The Millennium Quarter Trust Limited Financial statements for the year gndod 31 March 2024 13 Principal accounting policies (continued) Grants Made Thc charity gLve5 grants wlth conditions for its payment; such grants are only Iecognjsed in the SOFA once the recipAent of the grint has provided the specified service or output. Independent Examination The company is ￿.￿ble for audit exemption under Section 477 of the Companies Act 2006. The company 15 eliglble foi an independent examination 2nd has been ￿Ven an unqualified Independent Examiners Report by Julie Hardman, CPFA. Slgnlllcant adjustments and key areas of estimatlon uncertalnty Thc trnstees consider thuc to be no items in the [￿anc￿ statements whtte they have had to make sigrllficant judgements in the piocess OE applying the Charity's accounting policies or.key souxces of estimation uncertainty. t)ocu5ign Envelope ID.. C49C2AF1-395D4298-A4DE-08C720757430 The Millennlum Quarter Trust Limited Financial statements for Ihe year ended 31 March 2024 14 Charitable company statement of fjnancial activities (Inco￿Orating the Income and Expenditure account) Unrestricted Fund8 2024 Re8tricied Funds 2024 Total Funds 2024 Total Funds 2023 Noie INCOMING RESOURCES Incoming resources from generaied fund8 Volunrary incom¢ 15,000 15.ClJO 15.th) Incoming reÉourceo from ¢h•riiable actyvitie• Grant5 Manchesier Ciry Council 50,862 50.862 53.476 To¢AI ineoming re801JfC¢• 65,862 65.862 68,476 REsbuRCES EXPENDED Charitable ACtiTrities Lulrural •ctsvitie¥ aod provision of Facilities 47.118 47.118 51,525 Govemance Cost6 18.744 18.744 16,951 Total ftiOUTCt& expended 65.862 65,862 68.476 Net incoming rtBouree$ for ihe yedrlnei incomc for the year Ba]aDtes brought foNard at 1 Ap￿ 2023 Bal#nee• e•TTied forniard at 31 March 2024 The compatative Anlormation 15 FOI the year ended 31 March 2024. Th￿C were no otheT recognised gain5 ox losses foi the fmanaal period, othts than the Iesult for the year. All results derived from continuing operations. Docusign Envelope ID.. C49C2AF1-395D4298-A4DE4JBC720757430 Th• Millennium Quarter TThst Limitod Flnan¢l•l statoments for the yoar end•d 31 M•rch 2024 15 Company no 03962470 Charitable company balance sheet 2024 2023 Note Cuttent a88e16 Debtors Cash at bank and in hand 65,670 63,141 1,825 65,670 64,966 Creditors: amounts falling due within one year (65,670) 64,966) Net current liabilities Total net assets io Funds UnIestricted,fA￿.ds Restricted fL￿d5 Total ￿ndS li The Trustees considu that the Company is entitled to exemption from the requirement to hive an iuth't undel the provisions of section 477 of the Companies Act 2006 ("the Act") and members h2ve not required the Compaoy to obtain an auth't for the year in question in accordance with section 476 of the Act. The Trustees g4cknowledge their tesponsAbAknues fot complyAng with the Iequirements of the Cornpanie5 Acr 2006 with respect to accounting iecoids and the prePa￿tion of [￿ancIal statem￿ltS. The flnanuai st2tanents wete approved by the Board of Directors and authoiised for issue on ams gCE885ICth64 John w￿lam$ 9112/2024 Directo The accollLpanying notes fonn part of these 6￿anci￿ statements D0rJJs￿rt Envelope ID.. C49C2AF1.395Li429B-A40E-OBC720757430 The Mlllennlum Quartor Trust Limlted Financial stalements for the year ended 31 March 2024 16 Notes to the fmancial statements Incoming resources from voluntary income 2024 2023 Donated services 15,000 15.000 15,OCN) 15.000 Donated Services compiise accountancy and company secretari21 SenT￿eS provided by Manchester ProfessAonAi Servlces LAmited. Income from Charltable Activ•ties Income, which is stated ne¢ of value added tax, Iepresents grants from Manchester City Council. Cost of cultural activities and provlslon of lacllltl•8 2024 2023 Grant to the Cathedial VisitoI Centse 51,907 51.907 51,525 51,525 Governance costs 2024 2023 Adrnini5ttation 12,000 12,000 Accountancy 3,000 3,000 P£ofessional Fees 1.840 120 Inswance 1,904 1,831 18,744 16.951 Docusign Envelope ID- C49C2AFI-3950429&A40E-08C720757430 The Millonnium Quarter Trust Limited Fonanclal statements lor the year ended 31 March 2024 17 Notes to the f￿ancial statements Directors. remuneration and staff costs No temun￿ation has been paid to the company's directors. No expenses have been reitnbutsed by the company to the dirrftoIs. .Th￿t w￿e no employees In the year (2023: none). Taxation As a chArity, The Mjjlennium Quarter Trust Limited 15 exempt from on income and gains to the extent that these aie appbed to its ch￿1t￿bLe objects. Debtors 2024 2023 Debtors Ptepayments and accrued income 65,670 63,141 65,670 63,141 Creditors: amounts falling due withln one year 2024 2023 Accounts Payable Acuuals DeferKed income (note 14) 26 63.827 1,113 64,966 61,926 3,744 65,670 The deferred income due to Manchester City Councd is sec￿ed by a fL%ed and floating charge over the h￿ity'S assets. 10 Analy818 ol net assets between funds Unrestricted funds Re8tric*d fimds Total fuods Cuttent assets Current habJlitie5 65,670 65.670 65,670 65,670 Nct assets It 31 March 2024 Docusi4n Envelope 10.. C49C2AF1-395D429B-A40E-OBC720757430 The Millennium Quarter Trust Limited Financial statemonts for the year endgd 31 March 2024 18 Notes to the fmancial statements 11 Funds Uore$tiicted fuods Re•tri¢fed fuod8 Total Funds At l April 2023 Incoming resources Resources &Ypended At 31 March 2024 65.670 65,670 65,670 65.670 12 Guarantee The company is linLited by guarantee and has no authorised share capAtal. Every member of the company undertakes to contribute such amount as may be required (not exCeed￿g £1) to the company's assets IE it should be wound up whllst they a(e memb￿5 Of within one year after they ceased to be a member, of the costs, charges and expenses of winding up and for the adjustment of the rights of the COnLribut015 themselves. Indemnity insurance The company, on behalf of the d￿eCtOrS, has paid directors, indemniry insutance with a ch￿ge of £1,904 for the year (2023 £1,831). 14 Related party transactlons Members 2nd officeIs OF ManchesteI CAty Councd (MCQ serve on the Board of Directors. The compgJ)y's tsansactsons with MCC aKe summan5ed as Follows. During the year, giants and donated service5 from ManchesteI City Council amounted to £48,943 (2023. £68,476) At 31 March 2024 £0 (2023: £0) was due from MCC At 31 M￿ch 2024 £3,744 (31 Match 2023.. £1,113) was due to MCC. At 31 March 2024 £0 (2023.. £0) was due to Manchester CathedIal VASltors Centre During the year, a grant of £51.907 (2023.. £51,525) was made to Manchestet Cathedral Visitors Centse. MAnche5ter Cathedral VisitOf5 Centre AS a related party as the Very Reverend Rogers Govender served on the Bo2rd of Directots.