Charity reglstratlon number 1149284
Company regl$lratlon number 6635326 {England and Wales
MERCURIALARTS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024

MERCURIALARTS LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
OJKScott
R Hayhow
C L Hegenbarth
N Dodzo
Secretary
OJKScott
Charlty number
1149284
Company number
6635326
Registered office
Studio 11a Canal Warehouse
Leicester Row
Coventry
CV14LH
Independent examlner
Azels Audit Services
3Mc Middlemarch Business Park
Siskin Drive
Coventry
CV3 4FJ

MERCURIAL ARTS LIMITED
CONTENTS
Page
Trustees report
IrKJependenl examiner's report
Slal&menl of financial activities
Balance sheet
Notes to the financial slalerllenls
7-13

MERCURIAL ARTS LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORT
FOR THE PERIOD ENDED 31 JANUARY2024
The trustees present their annual report and financial slalemenls for the period ended 31 January 2024.
The financial slalemenls have been prepared In accordance with the accounting polici8s sel out in note 1 to the
financial slalemenls and comply with the charity's governing document. the Companies Act 2006 and "Accounting
and Reporting t>y Charities. Statèment of Recommended Practice applicable lo charities preparing their account5 in
accordance wlh the Financial Reporting Standard applicable In the UK and Republic ol Ireland IFRS 1021 leffective
1 January 20191
Objectives and activitie5
In accordance with the Memorandum of Association of Mercurial Arts Limited the company's objectives are..
To promote, maintain, improve and advance education by the encouragement of the arts including, wilhoul
Iimilalion, the arts of drama, mime, dance, singing and music.
Mercurial Arts, current focus is primarily on enhancing the lives of Young People through the arts" as participants
and 8udience5. We wotk with Young People who do not normally have aecess lo the arts and are from areas
identified as suffering ftom socio - econornic deprivation.
11 To create ambitious perfo[rnan￿ and art In a vanety ol sellings that mixes danc8 and technology, for and with
young people
21 To advance practice." bringing Inspiration. challenge, confiden￿ and a sense of achievement irrto the lives of the
young people we work with
31 To develop and promote a physical space lor the making and presenting a programme of work
41 To lake an integrated, holis15C approach lo the development and opportunities we provide our benefi¢iaries
51 To grow the charity in 8 Sustainable & strategic way, placing our work on national & international plafforms
The public benefits of the Company are the promotion. maintenance and advancerllenl of the arts. The public
benefits directly relate lo the company's key tsbjeclives. No detriment or harm arises from the company providing
the public benefits
In shaping the objectives for the year and planning the charity's activit￿$. the trustees referred lo the guidance
contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and
objectives and in planning future activities.
AchlevÈmènts and performance
The 2023-2024 accounts year represent a short year. moving the year end lo 31 st January 2024, In (wder to better
synchronise our accounting periods with the majority of our projects. delivery and reporting. During this period.
ongoing fundraising activities conb'nued and we were successful In gaining an Arts Council Project Grant loi
EmbodyXR of £75.913. EmbodyXR is a digital health and wellbeing programrne of work in libraries and community
¢enlres, which builds on the Research and Development project we undertook last financial year It iq delivered wlh
Ivlercurial Dance. Reporting for this project will be in the 2024-2025 financial year.
Diversity and InGlusion.
Across our programmes we have a highly diverse cohort of young people we support. and through our employment
processes, we actively seek to create opportunitie5 for artists identifying as from ethnic minority backgrounds. Our
work continues to champion our approaches lo working wilh underrepresented groups with our participants,
collaborators and the narratives our work tells", including centering neurodivergent characters sloiies in work. and
art151slcollaboralors from underiepre5enled backgrounds. The demographic profile ol our organisation is more
diverse than the national average lor arts organisalions at board and company's core ladmin leaml. We continue to
strive lo lead best practicè In this area and are well supported by our board of Iruslees and the expertise they bring.
We serve young people from areas o150cio-economic deprivation.. all of the areas we worked in this year are in the
lowest 10Qfi MDPI most deprived warols. We serve needs holistically, including food provision as neces￿rY, in
recognition that the level of children's engagement Is dependent upon how their multitude ol needs ￿e mel.
Through anecdotal information, we are mindful that in some individual sitLJations our workshop spaces provide a
safer, more Inclusive and nurturing environment for the children than their hDme5 do. 11 is a reminder that our work
with vulnerablè cohorts doesn't exist in a vacuum and is most beneficial when working through partnerships that
support, and see the potential of each child in the whole.

MERCURIAL ARTS LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY2024
Financial rgviow
During the current period the charity has returned a surplus of £72,380 12023.. £28.052 defl¢ill. This reflects the
new project funding re¢ognised in the peiiod and which will be spent over the subsequent period as the project
develops.
11 is the policy of the charity that unre51ricted funds which have not been designated for a specific use shoul¢J be
mainlained at a level equivalent to between three and six month's expenditure. The trustees considers that reserves
al this lovel will 8nsure that, in thè event of a significant drop in fLJnding, they will be able to continue the charity's
current activities while Consideration is given lo ways in which additional funds may be raised. The Iruslees
acknowledge that the charity has not yel reached this position and are Gonlinuing eff(Yls lo meet this policy.
As of the 31 January 2024. the charity had nel assets of £70,768. This ¢omprises the deficit on the unrestricted
funds of £4.736 and the balance of £75,504 on the restricted funds.
As detailed elsewhere in the financial statements the charity benefits from cashflow sUPPOrt from Mercurial Dance
Ltd and the main charity liabilits'es are owed lo this creditor. Due to the close relationship be￿￿èn the charity and
Mercurial Dance, the creditor will no demand iepaymenls of the loan amount until the charity has SLJffi¢ient reserves
lo enable il lo do SO.
The Board is aware ol ils responsibility lo identify and review the major risks lo which the cotnpany is expDsed and
to implement systems to mitigate Ihose ii5ks. The funding received dLJnng the year has helpèd to develop the
charity and part of this has been to strengthen the charity's systems and pro¢e(Jures.
Mercurial Arts. business model of projact based working and freelance 8mploymenl structure5, mean the Iruslees
consider that the organi5alion is viable 90ing for¢rfard. Mer¢urial Arts rernalns resilient and resourceful in responding
to the needs and challenges our audiences. participants. pariners and fundéis face as we emerge from this period
and wè will conlinLJe lo lake an innovative approach lo delivering our work.
Stru¢turo, governan¢e and management
The chaiity is controlled by ils governing document, a deed of Irusl, and conslilules a limited company, limited by
guarantee. as defined by the Companies Act 2006.
Mercurial Arts Limited is a charitsble company limited by guarantee, incorporated on the 1st July 2008. The
company is governed by a Memorandum and Articles of AssoGialion. 11 registered as a charity with the Charity
Commission on the 11th October 2012 and on this dale the chanty took over the asse15 and liabilities ol the limited
company called MerGurial Arts Limited al this date. In the event DI the company being wound up. all mewbers
present and 12 months pa51 are required to conirlbule an amount not exceeding £10.
The trustèès. who are alsts the directors for the purpose ol company18w, and who served during the period and up
lo the date of signature of the financial statemen15 were..
OJKScoll
R Hayhow
C L Hegenbarth
N Dodzo
The directors of the company are also charity ITustees lor the purposes of charify law and Ljnder the company's
Articles are known as members. Under the requirements of the Memorandum and Articles ol Association members
are appointed by applying for admission in writing lo the Board of Direclors who will decide whelher to aijmit or
rèject the appliGanl. The number of direcfors shall not be less than three. At every subsequent AGM, one third ol the
directors musl retire. The direclors lo retire by rolalion are those who have been longèst in office since their last
appointment or re-appoinlmenl.

MERCURIALARTS LIMITED
TRUSTEES REPORT (INCLUDING DIRECTORS. REPORTI (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2024
Leadorship, Govornance and Managern•nt
The charity structures its delivery by drawing together, coordinating and contracting teams of freelance individuals
and sma11 bLJsiness to deliver the specific projects, needs. This brings agility, responsiveness and minimises
financial risks associated with the projecl-based funding model in the arts sector. We develop relalion3hips with our
teams across projects, drawing In and benefiting from expertis& they bring to our work. O Scott works with the
board ol Iruslees to develop the leadership approach and articulate the programme. Through the partnerships we
develop with key organisations, we extend the charity's reach and impact. benefiting from in-kind support, goodwill
and inlangibles thal further advance the oharilies mission. There is a material link with MerGuri81 Dance Limited,
owned by trustee O. Scott. His trustee role is entirely voluntary, and as with all ol the board, he brings in-kind and
intangible benefits to the charity in terms of donoted time, expertise and leadership. The charity benefits from cash
flow support from Mercurial Dance, detailed in the balance sheet loan of £6,839 owed at thè yèar ènd. This relates
Its invoices deferred to SLJPPOrt the cashflow management against financial end point paymènt rèlèases, where
active projècts cross the financial year. and ensLJres that our team DI contractors are paid prompuy while funders
conclude their evaluation processes. Fees lo Mer¢uTial Dance rèlate to artistic direction. choreography and project
leadership by O. SGott. Fees scale year lo year according to OLJtPLJts. This approach is reviewed annually by the
board.
The trusl
sre
rt was approved by the Board of Trugtèes.
N Dodzo
Trustee
Date".

MERCURIAL ARTS LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MERCURIAL ARTS LIMITED
I report lo the Iruslees on my examination of the financial statements of Mercunal Arts Limited (the chaiilyl for
the Perw)d ended 31 January 2024.
Responslbllities and basls of report
As the Iruslees of the charity18nd also ils directors for the purposes of Company lawl you are responsible for
the preparation ol the financial statements in accordance with the requirements of the Companies Act 2006
Ilhe 2006 Acll
Having satisfied myself that the finanaal ststemenls of the charity are not required lo b& audited under Part le
of the 2Q06 Act and are eligible for independent exarninatlDn, I report in respect of my èxamination of the
charity's financial statements carTiecS out under section 145 of the Charities Act 2011 (the 2011 Act) In carrying
out rny examination I have followed all the applicable Directions given by the Charity Commission under
sectron 14515llbl ol the 2011 Act.
Independent examlnèrfs statement
I have completed my examination. I confirm that no mattels have come to my attention in connection with the
examinatlon giving me cause to believe that in any material respect..
accounting records were not kept in respect of the charity a5 required by section 386 of the 2006 Act., or
thè financial stslement5 do not accord with those records,. or
the financial slalements itho not comply with the accounting requirements of section 396 of the 2006 Act
other than any requirement that the accounts give a true and fair view which Is not a matter considwed as
part of an independent examination", or
the financial statements have not been prepared in accordance with the methods and prinuples of the
Statement of RecotHrnended Practice for accounting and reporting by charities applicable lo charities
preparing their accounts In accordan¢e wlh the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 1021.
I have no concerns and have come across no other matters in connection wth the examination lo which
attention should be drawn in this report In_()rder￿￿ffiable a proper understanding ol the financial statements lo
be reached_
Robert Anderson FCA
Azels Audit Servi￿$
3Mc Middlemarch Business Park
Siskin Drive
Coventry
CV3 4FJ
Dated .Zl..-/i.-?Ir. .

MERCURIAL ARTS LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 31 JANUARY2024
Unrestricted Restricted
funds
funds
2024
2024
Total
Unrestrlcted Restricted
funds
funds
2023
2023
Total
2024
2023
Notes
Income from..
Donations and
legacies
75,913
75,913
6,880
6.680
Ex
ndi
Charitable activities
3,533
3.533
34.732
34,732
Net incominglloutgoingl
resources before
transfers
72,380
72.380
128.0521
128.0521
Gross transfers
befvveen funds
3,960
13,gSO)
6.483
16.4831
Net incownellexponditurol
for thè Pèriodl
Net movement in funds
3,960
68.420
72,380
6.483
134,5351
128,0521
Fund balances at 1 August
2023
18,6961
7.084
{1,6121
115.1791
41,619
26,440
Fund balances at 31
January 2024
14,7361
75,504
70,768
18,6961
7,084
11,6121
The slalemenl ol financial activiti8s includes all gains and losses recognised in the Period.
All income and expenditure derive from continuing aclivilies.
The statement of financial aclivtties also complies with the requirements for an income and expenditure account
under the Companie5Acl 2006.

MERCURIALARTS LIMITED
BALANCE SHEET
ASAT31 JANUARY2024
2024
2023
Notes
Current assÈt$
Debtors
Cash at bank and in hand
75.913
8,927
9.259
84,840
9,259
Creditors.. amounts falling due within
one year
114,0721
110,8711
Net current assetsllli8bililiesl
70,768
11,6121
Incomg funds
Restricted funds
Unrestricted funds
10
75.504
14,7361
7.084
18,6961
7Q,768
11,6121
The company is entitled to the exemption from the audit requiremènt ¢ontsined in section 477 of the Companies Act
2006, for the period ended 31 January 2024.
The directors acknowledge their respon3ibililies for complying with the requirements ol the Companies Act 2006
with respect lo accounting records and the prèpaolion of financial slatemenls.
The members have not required the company lo obtain an audit of ils finanaal Slalemenls for the period in question
in accordance with sectv)n 476.
These financial slalemenls havè prepared in accordance with the provisions applicable tD companies subject
to the small cornpanies regime.
The financi
slalements wère approved by the Trustees on .￿?1/1/￿￿
N Dodzo
Trustee
Company registralion number 6635326

MERCURIAL ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2024
Accounting policios
Charity Ènformation
Mercurial Arts Limited is a private company limited by guarantee incorporated in England and Wales. The
registere(5 office is Studio 11 a Canal Warehouse, Leicester Row, Coventry. CV1 4LH. United Kingdom.
1.1 Rèporting pèriod
The accounting period has been shortened to 31 January 2024 from 31 July 2024 in order to better
synchronise the accounting period with the charity's proje¢l delivery and reporting timelines. Accordingly the
comparative amounts presented in the financial slalements are not entirely comparable.
1.2 AGeounting convéntion
The financial statements have been prepared in accordantÈ with thè charity's governing document, the
Companies Act 2006 and "Accounting and Reporting by Charities." Statement of Recommended PracliGe
applicable to charities preparing their aGGounls In a¢cordancè with the Financial Reporting Standard
applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191. The charity is a Public
Benefit Enlily as defined by FRS 102.
The charity has taken advantage ol the provisions in the SORP for charities applying FRS 102 Update BLJlletin
1 not to pr8pare a Statement ol Cash Flows.
The financial slalemenls are prepared ill sterling. which is the functional currency of the charity. Monetary
amounts in these financial slalements are rounded to the nèarèst £.
The financial statements have been prepared under the historical ¢osl convention. The principal accounting
policies adopted are sel out below.
1.3 Golng concern
At the time of approving the financial statements. the trustees have a reasonable expectation that the charlty
has adequate resource5 to wnlinue in operational existence lor the foreseeable future. Thus the Iruslee5
continue lo adopt the going concern basis of accounting in preparing the financial slalements.
1.4 Charitable funds
Unrestricted funds are available for use al the discretion of the Iruslees in furtherance of their charitable
objectives.
Reslricled funds are Subje￿ lo specific conditions by donors as to how they may be used. The purposes and
uses of the re51ricled funds sre sel out in the noles to the financial statem&nls.
Endowment funds are subject to specific conditions by donors that the Capital must be maintained by the
charity.
1.5 Income
Income is recognised when the charily is legally enlilled lo it after any performanGe Gondilions havè been met,
the amounts can be measured reliably, and il is probable that income will be rèceived.
Cash donations are recognised on receipl. Other donations ale recogni5ed once the Gharity has been notified
of Ihe donation, unless performance conditions require deferral of the amount. InGome tax recoverable in
relation to donations received under Gift Aid or dèèds of covenant is recognised at the lime of the donation.
Legacies are rècognised c>n receipt Dr otherwise il the charity has been notified of an irnpending distribution,
the amount is known, and receipt is expected. 11 the amount Is not known, the legacy is treated as a
contingent asset.

MERCURIAL ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI
FOR THE PERIOD ENDED 31 JANUARY 2024
Accounting pollcles
Icontinuedl
Lega¢ie5 are recognised on receipt or otherwise if the charity has been notified of an impending dislribulion.
the amount is known, and receipt is expeGted. If the amount is not known, the legacy is treated as a
contingent asset.
1.6 Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the
charity to that expenditure, il is probable that a Iranslei ol economic benefits will be required in settlement and
the amount of the obligation can be measured reliably.
Expenditure is accoLJnted for on an accruals basis and has been classified under heacsings that agg￿gate all
cost related lo the category. Where costs cannot be directly attributed lo particular heading5 they have been
allocated lo activities on a bas18 COnSlStent with the use of resources.
1.7 Tangible fixed assets
Tangible fixed assets are initially me8sured at cost and subsequently measured at eost or valuation, nel of
depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less th&r res￿￿al values over their
seful lives on the followin9 bas88'
Plant and machinery
Fixtures, fittings & equipment
20°A on cost
330/0 on cost
The gain or loss arising on the disposal of an asset is determined as the difference be￿een the sale proceeds
and the carrying value of the asset. and is recognised in the statement of financial activities
1.8 Cash and cash equlvalents
Cash and cash equivalents include cash in hand, deposrts held al call with banks, other short-term liquid
investments with original maluiities ol three month5 or less, and bank overdrafts Bank overdrafts are shown
within borrowings in CLJrrent liabilities.
1.9 Financial instruments
The charity has elected lo apply the provisions of Section 11 'Basi¢ Finanaal Instruments. and Section 12
'Other Financial Instruments Issues, of FRS 102 to all of Its financial inslrumenl5.
Financial instruments are recognised in the charity's balance sheet when thè charity becomes party lo the
contractual provisions of the inslrumenl.
Financial asset5 and liabilities are offset. with the nel amounts presented in the financial slalements. when
there is a legally enforceable right to SEt Dff the recognised amoLJnts and there Is an inteniion to settle on a nel
basis or to realise the asset and settle the liability simultaneously.
Baslc flnancial assets
Basic financial assets, which include debtors an(J cash and bank balances, are Initially measured at
transaction price including Iransa¢tion Costs and are subsequently carried at amortised cost using the effective
interest method unless the arrangement constitutes a financing transaction. where the Iran5aclion is
measured at the present value of the future receipts discounted al a market rate of interest. Financial assets
classified a5 receivable within one year are not arnortised.

MERCURIALARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY2024
Accounting policies
(Continued)
Basic financial liabilities
Basic financial liabilities. including creditors and bank loans are initially recognised at transaction price unless
the arrangemenl constilules a financing transaction, where the dèbt Instrument Is measured al the present
valLJe of the future payments discounted at a market rate of interest. Financial liabilities dassified as payable
within one year are not amortised.
Debt instruments are subsequently carned al amortised ¢osl, using the effective interest rale method.
Trade Creditors are obligations lo pay for goods or services that have been acquired in the ordinary ¢ourse of
operations from Suppliers. Amounts payable are classified as current liabililies if payment is due within one
year or less. If not. they are presented a5 non-currenl liabilities. Trade creditors are recogn15ed initially al
transaction price and subsequently measured at amortised cost u&ng the effective int8rest m8thod.
Derecognitlon of financial liabilities
Financial liabilities are derecD9nised when the ch8rty's ¢onlra¢lual obligations expire or are discharged or
cancelled.
Donatlons and legacles
Restrlctèd
funds
Restricted
funds
2024
2023
Grants ie¢eivable
Donated goods and services
75.913
1,500
5.180
Grants receivable for core actlvltles
Arts CouncAI
75.913
1,500
75.913
1,500
Donated goods and services
Donated goods and services represents the costs of rehearsal space hire.

MERCURIAL ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY2024
Charitable actlvitie5
2024
2023
Consultancy and project management
Artists and performance costs
Sundries
12,240
1fj,198
1,663
1,400
854
2,254
30.101
Share of support costs (see note 41
Share of govemance costs (see note 4}
331
948
3,045
1.586
3,533
34,732
Support costs
Support Governance
costs
costs
2024
Support Governance
costs
costs
2023
Rent
Insurance
2,247
798
2,247
798
331
331
Legal and professional
Accountancy
Clerical assistance
80
840
28
80
840
28
1,44C)
146
1,440
14e
331
948
1,279
3,045
1,586
4,631
Analysed between
Charitable aclivslies
331
1.279
3,045
1.586
4,631
Governance costs includes payments lo the accounlanls £1.4QO 12023- £2,100) for the independent
examination.
Truste89
None of the Iruslees lor any persons connected with them) received any remuneration or benefits from the
charity during the Period.
Employees
The average monthly number of employees during the Period was.
2024
Number
2023
Numbèr
Total

MERCURIAL ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY2024
Employees
Icontinuedl
There were no employees whose annual remuneration was more than £60,000.
Taxation
The charity is exempl from lax on income and gains falling within Section 505 of the Taxes Act 1988 or section
252 01 the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.
Debtor5
2024
2023
Amounts falling due within one year-
Trade debtors
75,913
CreditoTr- amounts falllng duè within one year
2024
2023
Trade creditors
Other creditors
Aecruals and deferred income
2,592
9.200
2,280
2,592
6,839
1,440
14,072
10,871

CO U)
)0
co
c w c
o c o

MERCURIAL ARTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY2024
11 Analysis of net assets bÈtsveen funds
Unrestrlcted Restricted
2024
2024
Total Unrestricted Restrl¢ted
2024
2023
2023
Total
2023
Fund balances al 31
January 2024 are
represented by".
Current assetsllliabilitiesl
18.6961
79.464
70,768
110,4961
8,884
11,6121
18,6961
79,484
70,768
110,4961
8,884
11.6121
12 Relatèd party transactions
Transactions with related partles
During the penod the charity entered into the following transactions with related parties..
During the year the charity paid fees ol £012023 - £17,3661 to Mercuri81 Dance Limited, a company Df which O
Scott is a direcior and shareholder. Al the balance sheet dale £2,592 12023 - £2.5921 was owed In trade
debts to Mercurial Dance Limited
Al the balance sheet dale a loan balance of £9,200 12023 £6,839) was owed to Mercurial Dance Limited.
This will not be demanded for repayment until the charty has sufficienls funds lo ensure all other liabilities are
settled.
13