Registered Number: 08447600 (England and Wales)
MGCFUTURES LTD
REGISTERED CHARITY NO. 1153534
TRUSTEES’ REPORT
AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
MGCFUTURES LTD
CONTENTS
| Page | |
|---|---|
| Legal and Administrative Information | 1 |
| Trustees’ Report | 2 - 4 |
| Independent Examiner’s Report | 5 |
| Statement of Financial Activities | 6 |
| (including the income and expenditure account) | |
| Balance Sheet | 7 |
| Notes to the Financial Statements | 8 - 11 |
MGCFUTURES LTD
LEGAL AND ADMINISTRATIVE INFORMATION
| Charity Status | Registered in England and Wales |
|---|---|
| Website Address | mgcfutures.com |
| Charity Number | 1153534 |
| Registered Office | Fourth Floor |
| Wyndham’s Theatre | |
| Charing Cross Road | |
| London WC2H 0DA | |
| Registered Number | 08447600 |
| Trustees and Directors | Anthony Pins |
| Jeremiah Healy | |
| Kate Morley | |
| Reverend Sir Ralph Waller KBE | |
| Paule Constable (resigned 17 April 2023) | |
| Joan Major | |
| Abigail Zakarian (appointed 16 August 2022) | |
| The Lady Hannah Ruth Lowy Mitchell (appointed 17 April 2023) | |
| Accountants | Nyman Libson Paul |
| Chartered Accountants | |
| Regina House | |
| 124 Finchley Road | |
| London NW3 5JS | |
| Independent Examiner | Peta Parker FCA |
| Lewis Golden LLP | |
| 40 Queen Anne Street | |
| London W1G 9EL |
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MGCFUTURES LTD
TRUSTEES’ REPORT FOR THE YEAR ENDED 31 AUGUST 2022
The Trustees (who are also directors of the charity for the purposes of the Companies Act) present their annual report together with the financial statements of MGCfutures Ltd (the company) for the year ended 31 August 2022.
The Trustees confirm that the financial statements have been prepared in accordance with the accounting policies set out on pages 8 and 9 and with applicable United Kingdom accounting standards, current statutory requirements, the Charities Act 2011, the Companies Act 2006, 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) (as amended for periods commencing from 1 January 2016), the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102) and the Charity’s governing document.
Legal and administrative information, including the Trustees who served during the year are set out on page 1. Ms Abi Zakarian joined as a Trustee in May 2022 and The Lady Hannah Ruth Lowy Mitchell joined as a Trustee in April 2023.
Objectives and Activities
a. Policies and objectives
The principal object of the company is to promote, maintain, improve and advance the education and appreciation of the Theatre and Dramatic Arts for the benefit of the public, in particular but not exclusively, through the provision of participatory bursaries, mentoring, training and access to the work of Michael Grandage and other leading arts providers.
MGCfutures’ mission is to guide and support the theatre-makers and theatre-goers of the future. This is achieved through:
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Running a bursary scheme to support and provide mentorship for emerging and developing talent across all areas of the theatre industry
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Providing practical ‘behind-the-scenes’ advice and guidance for young people who are seeking a career in the Theatre
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Enabling access to theatre performances for young people who otherwise would not be able to afford it, as well as providing education resources for schools
The Trustees confirm that they referred to the guidance contained in the Charity Commission’s general guidance on public benefit by reviewing the charity’s aims and objectives and in planning its activities for the year.
Achievements and Performance
a. Going concern
MGCfutures continued the bursary scheme, announcing a further nineteen awards in June 2022. The programme included partnerships with London Performance Studios, South House Faversham and Dance Base in Edinburgh. Recipients included three directors, three producers, two writers, a choreographer, a composer and a stage carpenter.
Work continued on the strategic development of the charity, with early planning for a fundraising event in the autumn.
b. Review of activities
MGCfutures awarded bursaries to the value of £60,132 (2021- £75,614) in the year ended 31 August 2022.
Principal activities were the support and mentorship of the bursary recipients.
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MGCFUTURES LTD
TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
Financial Review
a. Reserves policy
The charity’s free reserves are represented by donations received not yet distributed. The Trustees’ reserves and funding policy is to try to ensure that funds are maintained at a level sufficient to cover the forecast overheads for the ensuing 6 months.
At the balance sheet date £243,094 (2021- £298,541) was held in reserves, of which £82,404 (2021- £72,850) are unrestricted.
Plans for the future periods
a. Future developments
The main plans for the future are to continue to provide bursaries and mentorship to further the objectives of the charity. New fundraising initiatives will be implemented to generate income and build the reserves. Plans are underway for a new website as well as a programme offering career guidance, networking and support.
Structure, governance and management
a. Constitution
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 15 March 2013.
The company is constituted under a Memorandum of Association dated 15 March 2013, as amended on 24September 2015 and is a registered charity number 1153534.
b. Method of appointment or election of Trustees
The management of the company is the responsibility of the Trustees who are elected and co-opted under the terms of the Articles of Association.
c. Organisational structure and decision making
The Trustees are actively responsible for the overall management and control of the charity.
The Board continued to oversee the strategic development of MGCfutures.
Ms Abi Zakarian was appointed in May 2022 and The Lady Hannah Ruth Lowy Mitchell was appointed in April 2023.
The Charity employed two part-time administrators to manage the bursary programme, seek fundraising opportunities and organise events.
d. Related party relationships
The charity has no related or connected charities.
e. Risk management
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
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MGCFUTURES LTD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022 In preparin9 this report. the Trustees have taken advantage of the small companies exemptions provided by section 415A ol the Companies Act 2006. This rgportwasapproved bylhe Trusleeson.................... and signed on their behalf by.. ny Pins ruslee (Chair}
MGCFUTURES LTD
INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF MGCFUTURES LTD
I report to the Trustees (who are also directors for the purpose of company law) on my examination of the financial statements of MGCFutures Ltd (‘the charitable company’) for the year ended 31 August 2022 which comprise the Statement of Financial Activities (including the income and expenditure account), the Balance Sheet and related notes.
This report is made solely to the charity’s Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My work has been undertaken so that I might state to the charity’s Trustees those matters I am required to state to them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity’s Trustees as a body, for my work, for this report, or for the opinions I have formed.
Responsibilities and basis of report
As the Trustees of charitable company you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the financial statements of the charitable company are not required to be audited under Part 16 of the Act and are eligible for independent examination, I report in respect of my examination of the charitable company’s financial statements carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’) and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently, I express no opinion as to whether the financial statements present a ‘true and fair’ view and my report is limited to those specific matters set out in the independent examiner’s statement.
Independent examiner’s statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act; or
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the financial statements do not accord with those records; or
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the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the financial statements give a ‘true and fair’ view which is not a matter considered as part of an independent examination; or
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the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
…………………………………….
Peta Parker FCA Lewis Golden LLP 40 Queen Anne Street London W1G 9EL
Date: …………………….. 23 May 2023
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MGCFUTURES LTD
STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2022
| Notes General unrestricted funds 2022 £ Income and endowments from: Donations and legacies 2 62,543 Other income 2 44 Government grants 2 - Total income 62,587 Expenditure on: Charitable activities 3 (63,033) Total expenditure (63,033) Transfer between funds 10,000 Net (deficit) / surplus 9,554 Net movement in funds 9,554 Total funds at 1 September 2021 72,850 Total funds at 31 August 2022 82,404 |
Restricted funds 2022 £ 5,131 - - 5,131 (60,132) (60,132) (10,000) (65,001) (65,001) 225,691 160,690 |
Total funds 2022 £ 67,674 44 - 67,718 (123,165) (123,165) - (55,447) (55,447) 298,541 243,094 |
Total funds 2021 £ 347,586 13 4,520 |
|---|---|---|---|
| 352,119 | |||
| 127,713 | |||
| 127,713 | |||
| - | |||
| 224,406 | |||
| 224,406 74,135 |
|||
| 298,541 |
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MGCFUTURES LTD BALANCE SHEET AS AT 31 AUGUST 2022 2022 2021 Note$ Current assets Cash at bank and in hand 245,121 2,855 302,452 Debtors Totsl current assets 247,976 302,452 Creditors- amounts falling duo within one year 14.8821 13.9111 Net current assets 243.094 298.541 Totsl net assets 243,094 298.541 Funds ofthe Charfty Unrestricted funds R&slricted funds 82.404 160.6S 72.850 225.691 Total Charity tund¥ 243,094 298,541 The Trustees consider that the company is entitled lo exemptions from the requirement lo have an audit under the provisions of sections 477 of the Companies Act 20[6 I'lhe Act'l and the members have not required the company to obtain an audit for the year in queStn in accordance wlh sedion 476 of the Act. The Trustees a¢knOedge their Tesponsibililies for complying wf(h the requirements of the Companies Act 20C6 with respect lo accounting records and for preparing financial statements which give a true and fair view of the slate of affairs of the company as at 31 August 2022 and of ts nel resources expended lor the year in accordance with the Tequirements of the Companies Act 2006 relating lo financial slatemenls, so far as applicable lo the company. The financial stslemenls have been prepared in accordan wi(h provisKJns applicable lo small companies within Part 15 of the Companies Act 2al and in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. The financial statements were approved by Ihe Trustees on .. behatf by.. i Li)L3 and Sign on their nthony Pins Trustee (Chairl The notes on pages 8 10 11 fomi part of these financial statements. MGCfutures Ltd Charttsble Company {registered company number 08447600 England & Wales. Charlty number 1153S341
MGCFUTURES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared under the historical cost convention.
The charity is a public benefit entity and the financial statements are prepared in accordance with 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) (Charities SORP (FRS 102)), the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
The charity has taken advantage of the exemption to prepare a Statement of Cash Flows.
1.2 Company Status
The company is a company limited by guarantee. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
1.3 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 company and which have not been designated for other purposes.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purpose and uses of the restricted funds are set out in the notes to the financial statements when the Charity holds restricted funds in the appropriate accounting period.
1.4 Income
All incoming resources are included in the Statement of Financial Activities (including the income and expenditure account) when the company has entitlement to the funds, certainty of receipt and the amount can be measured with sufficient reliability.
Donated services or facilities, which comprise donated services, are included in income at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised where there is no financial cost borne by a third party.
Income tax is recoverable in relation to donations received under Gift Aid or deeds of covenant and is recognised at time of receipt.
Other income comprises fundraising income from events and galas which promote awareness and generate funds to support the Charity’s objectives.
Government grants are accounted for as income on a systematic basis over the period in which the Charity recognises the related costs for which the grant is intended to compensate. All government grants relate to funds received under the Coronavirus Job Retention Scheme (CJRS).
1.5 Expenditure
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Expenditure on charitable activities comprises all costs associated with the running of the charity, including those incurred in connection with administration and compliance with constitutional and statutory requirements.
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MGCFUTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
1 Accounting policies (continued)
1.6 Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
1.7 Debtors
Short term debtors are measured at transaction price, less any impairment.
1.8 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments and are initially recognised at transaction value and subsequently measured at their settlement value.
1.9 Cash and cash equivalents
Cash is represented by cash in hand, deposits held at call with financial institutions and other short-term liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
2 Income
| Unrestricted Funds 2022 Restricted Funds 2022 £ Donations and legacies – Donations 62,543 5,131 Government grants - - Other income – interest received 44 - 62,587 5,131 |
Total Funds 2022 £ 67,674 - 44 67,718 |
Total Funds 2021 £ 347,586 4,520 13 |
|---|---|---|
| 352,119 |
In the prior year, government grants related to funds received under the Coronavirus Job Retention Scheme (CJRS) and have been used to cover the monthly employee costs. There are no unfulfilled conditions and other contingencies attaching to government grants that have been recognised in income.
Donations and legacies include a Gift in kind of £1,200 (2021- £nil) for payroll services gifted to the charity and office accommodation gifted to the Charity with a value of £2,000 (2021- £3,904 including administrative services).
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MGCFUTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
| 3 Expenditure on charitable activities Unrestricted Funds 2022 Restricted Funds 2022 £ Governance costs Independent Examiner’s remuneration 2,510 - Accountancy fees 2,050 - Insurance 595 - Bank charges 525 - 5,680 - Charitable activities Overhead costs 2,000 - Personnel costs 45,729 - Website costs 1,035 - Bursaries granted - 60,132 Bursary administration costs 7,699 - Office expenses and training 890 - 57,353 60,132 63,033 60,132 |
Total Funds 2022 £ 2,510 2,050 595 525 5,680 2,000 45,729 1,035 60,132 7,699 890 117,485 123,165 |
Total Funds 2021 £ 2,220 1,200 422 518 |
|
|---|---|---|---|
| 4,360 | |||
| 1,921 44,445 1,373 75,614 - - 123,353 127,713 |
Included within Accountancy fees is £850 (2021- £840) for services provided by the Independent Examiner for the preparation of these financial statements.
The average number of employees during the year was 2 (2021- 2).
Personnel costs includes pension costs of £1,660 (2021- £1,663).
4 Trustees’ remuneration and Trustees’ benefits
During the current and prior year, no Trustees received any remuneration, benefits in kind or had expenses reimbursed.
5 Debtors
| Other debtors 6 Creditors: amounts falling due within one year Accruals and deferred income Taxation and social security |
2022 £ 2,855 2022 £ 3,317 1,565 4,882 |
2021 £ - |
|---|---|---|
| 2021 £ 3,000 911 |
||
| 3,911 |
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MGCFUTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2022
7 Analysis of Net Assets between Funds
| Unrestricted Funds £ Current assets 87,286 Current liabilities (4,882) 82,404 Unrestricted Funds Current assets 76,761 Current liabilities (3,911) 72,850 |
Restricted Funds £ 160,690 - 160,690 Restricted Funds 225,691 - 225,691 |
Total funds 2022 £ 247,976 (4,882) 243,094 Total funds 2021 302,452 (3,911) 298,541 |
|---|---|---|
Restricted funds include £153,882 (2021- £220,765) which is to be used for the purposes of the bursary scheme and £6,808 (2021 - £4,926) which is to be used for a specific bursary award.
8 Related party transactions
Included within donations for the year were amounts totalling £6,000 (2021 - £5,000) from a Trustee of the Charity. There were no conditions placed on this donation.
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