Reglstgred Number.. 08447600 (England and Wales) MGCFUTURES LTD REGISTERED CHARITY NO. 1153534 TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 MGCFUTURES LTD CONTENTS Page Legal and Administrative Infomi&tion Trustees, Report Independent Examiner's Report Slalement of Financial Activrties (including the in¢ome and expenditure accounti Balance Sheet Notes lo 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| ||Sir Ralph Waller KBE| ||Joan Major| ||Abigail Zakarian| ||Paule Constable (resigned 17 April 2023)| ||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| - 1 - MGCFUTURES LTD TRUSTEES, REPORT FOR THE YEAR ENDED 31 AUGUST 2023 The Trustees Iwho are also directors of the Charity for the purposes of the Companies Act) present their annual report together with the financial statements ol MGCfutUTes Ltd Ilhe company) for the year ended 31 August 2023. The Trustees confimi that the financial slalements have been prepared in accordance wf(h the accounting policies sel out pages 8 and 9 and with applicable United Kingdom accounting standards. current slalulory requirements, the Charitie5 Aet 2011. the Companies Act 2006, Accounling and Reporting by Charities. Slalernenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive for periods commencing on or after 1 January 20191, the Financial Reporting Standard applicable in the UK and the Republrc of Ireland IFRS 1021 and the Charf(y's governing dr￿uMent. Legal and adminislralive infofftiation. including the Truslees who served dufing the year are sot out on page 1. Objectives and Activities Policies and objectives The principal object of Ihe company is lo promote, maintain, impfove and athance the education and appfecialion of the Thealie and Dramatic Arts for the benefit of the public, in particular bul not exclusively, through the provision of participatory bursaries, mentoring. training and access to the worf( of Michael Grandage and other leading arts providers. MGCfulures' mission is lo guide and support the Iheatre-makers lheatre￿oers of the future. This is achieved through.. Running a bui$8ry scheme lo support and provKle mentorship for emerging and developing talent across all area5 of the theatre industry Providing practical 'behind-Ihe-scene5' advice and guidance lor young people who are seeking a career in the Theatre Enabling access to theatre perfom)ances for young people who otherwise would not be able lo afford rt, as well as providing education resources for schools The Trustees confim) that they referred lo the guidance contained in the Charity Commission's general guhlanee on public benefit by reviewing the Charity's airns and objectives and in planning its a¢trvilies for the year. Achievements and Performance Golng ¢on¢arn After making appropriate enquiries, the Trustees have a reasonable expecialion that the company has adequate resources to continue in operational exislen¢e lor the foreseeable future. For this reason, they continue lo adopt the going concern basis in preparing the financial slatemenls. b. Rgvlew of a¢tlvitlos This year facililaled a period of strategic development tsnder the direction of the Charity's new Chair, Lady Hannah Lowy Mitchell lappoinled 17 April 20231. A new websi(e wa5 commissioned from Bullet Creative and launched officially in August 2023. The sile includes a bespoke system for bursary applications IBAMSI which assists panel reviewing and assessment and produces analysis of applicants by age, ethnicity and gender as well as geographical location. The Saunch was timed to COinCKle with the announcement for the next Bursary round which was assessed in the autumn of 2023. The new site is designed lo ￿lse the profile of the Charity, lo assist the application process 8nd lo generate Income. A Short promotional film was recorded al the Lyric Theatre Hammersmilh showing previous bursary recipients in conversation with the Charity s founder Michael Grandage. The film was fronted by one of the Charity's patrons, Ben Whishaw, and is on the landing page of the new website as an incentive lo donate ftsnds. MGCFUTURES LTD TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 b. Review of activities Icontinuedl The Iruslees also look a decision lo r￿rUit a second staff member lo support the Executive D1￿ctOr and a881gt the Charity's wider development. The recruitment for CrealiveAdminislrator look place in MaylJune 2023 and in August Kashish Gaba and Daniel Gonzalez were appointed lo the position as a job share. Kashish is a lormei bursary recipient who had been supported as a Cultural Entrepreneur at London Performance Studios. Planning started on a new fundraising initiative. FuturePr¢>)f. designed to support core costs, in¢￿aSe the bursary fund and build an endowment for the future. This will be achieved through the wtder cullivalion of rn0￿ individual donors, a coiporate campaign, a legacy drive and occasK)n81 fundraising ever}15 and galas. MGCfulure5 awarded bursaries to the value of £59,705 in the year ended 31 August 202312022.. £60,132}. PTin¢ipal activities were the support and menlor5hip of the bursary recipients. Financial Review Reserves policy The Charity's free reserves are represented by donations received not yet dislribuled. The Trustees, reserves and funding policy is lo try lo ensure that funds are maintained at a level sufficient to eover the forecast overheads for the ensuing 6 months. Al the balance sheet dale £189,32812022.. £243,094} was held in reserves, ofwhich £78,343 are unrestricted free reserves. Plans for tha future porlod$ Tho main plan for the future is to contsnue to provide bursaries and mentorship to further the objectives of the Charity. New fundraising inrtialives will be implemented lo generate income and build the reserves. Structure, governance and management a. Con$titution The company is registered as a charitable company limfLed by guarantee and was set up by a Memorandum of Association on 15 March 2013. The company is constf(uted under a Memorandum of Association dated 15 March 2013, as amended on 24 September 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 ¢o-opted under the terms of the Articles of Association. ¢. Oryanisational structur8 and decision making The Trustees are actively responsible for the overall managanent and control of the Chanty. The Board Continued lo oversee the strategic devek)pment of MGCfulures. Lady Hannah Lowy Mitchell was appointed in April 2023. MGCFUTURES LTD TRUSTEES, REPORT (CONTINUEDI FOR THE YEAR ENDED 31 AUGUST 2023 Structure, governancg and management Icontlnuedl d. Related party relationships The Charity has no related or connected charities. g. Rlsk management The Trustees have assessed the major risks lo which the ¢ompany is exposed, in particular those Telaled to the operations and finances of the company, and are satisfied that systems and procedures are In place lo miligale exposure lo the major risks. In preparing this report, the Trustees have taken advantage of the Sm￿1 companies exemptions provided by section 41 SA of the Companies Act 2006. This report was appioved by the Trustees on .. and signed on their behalf by.. nth 51ee Ins MGCFUTURES LTD INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF MGCFUTURES LTD l ￿pOrt lo the Trustees (who are also director5 for the purpose of company lawl on my examination ol the financial ststements of MGCfulures Ltd I'lhe charitable company I for the year ended 31 August 2023 which comprise the Slalemenl of Financial Acliwlies (including the income and expenditure account), the Balance Sheet and ￿lated notes. This report is made solely ID the Charity's Trustees, as a body. in accordance with section 145 of the Charitses Act 2011. My work has been undertaken so that I might 51ale lo the Charity's Trustees those matters l am required lo 5ts1e lo them in this report and for no other purpose. To the fullest extent permrtted by law, I do not accept or assume reswnsibilty to anyone other than the Charity and the Charity's Trustees as a body. tor my work, for this report, or for the opinions I have formed. Rospon$ibllities and basis of report As the Trustee5 of charitable company you are responsible for the preparation of the financi￿ statement5 in accordance wi(h the reqU1￿MentS of the Compan￿$ Act 20061'lhe 2006 Acl'l. Having satisfied myself that the financial slalemonls of the charitable company are not required lo b¢ 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 $tatement5 carried out under section 145 of the Charities Act 20111'the 2011 Act'l and in carrying out my examination I have followed all the applicable Direction5 given by the Charity C%)mmission under seelion 1451Sllbl of the 2011 Act. An independent examination does not involve gathering all the eviden￿ that would be required in an audit and consequently does not cov8r 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 Con provide. Consequently, l express no opinion as to whether the financial slalemenls present a 'lrue and fair, view and my report is limited to those specific matters sel out in the independent examiner's statement. Independent examlner's statement I have completed my examination. I confimi that no material matters have come lo my attention in connection wi(h the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the charitable company as required by section 386 of the 2006 Act", or the financial slalements do not accord wlh those records.. or the financial stalements do not ¢omply with the accounting requirements of se¢lion 396 of the 2006 Act other Ih8n any requiremenl that the financial statements gwe a 'true and fair, view which is not a matter considered as part of an independent examination", or the financial slalements have not been prepared in accordance with the methods and principles of the Slalemenl of Recommended Practice for accounting and reporting by charities applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021. I have no concerns and have come across no other matters in connection with the examination lo which attention should be diawn in this report in order lo enable a proper understanding of the financial statements lo be reached. Pgta Parker FCA Lewis Golden LLP 40 aueen Anne Street London W1G 9EL Date.. ..?O.May 2.024 MGCFUTURES LTD STATEMENT OF FINANCIAL ACTIVITIES {Including the income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2023 Note8 General Restricted unrestricted funds funds 2023 2023 Total funds 2023 Total funds 2022 Income and endowrnents from: Donations and legacies 74,485 74,485 67,674 Other income 1,086 1,086 Total income 75,571 75,571 67,718 Expenditure on- Raising funds {6,068} 16,C681 Charitable activities 183,5641 159.7051 1143.2691 {123,165 Total expenditure 189,6321 159.7051 1149,3371 1123,1651 Ngt expendlturo 114,061) 159,7051 173,7661 155,4471 Transfer between funds 10,000 {10,QOOI Net movement in funds 14,C611 189,7051 173,7861 155,4471 Reconclliatlon of funds. Total fund5 al 1 September 2022 82.404 160,690 243,094 298,541 Total funds at 31 August 2023 78,343 90.985 169,328 243,094 MGCFUTURES LTD BALANCE SHEET AS AT 31 AUGUST 2023 2023 2022 Notes Current assets Cash at bank and in hand 175,030 24S,121 2,855 Debtors Total current assets 175,030 247,976 Credltors: amounts falling due wlthln one year 15.7021 14,8821 Net currènt assets 169,328 243,094 Total net assets 169,328 243,094 Funds of the Charlty Unrestricted funds Restricted funds 78,343 90,985 82,404 160,690 Total Charlty fund$ 169.328 243,094 The Trustee$ consider that the company is entitled to exemptions from the ￿quirement to h8ve an audrt under the provisions ol sections 477 of the Companies Act 20061'the A¢l'l and the members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilf(ie$ for comptying with the requirements of the Companies Act 2006 with respect lo accounting re¢ords and for preparing financial statements which give a true and fair view ol the stale of affairs of the company as al 31 August 2023 and of its nel resources expended for the year in accordance with the requirements of the Companies Act 20(k8 relating to financial slatemenls, so far as applicable to the company. The financial statements have been prepared in accordance with provisions applicable lo small companigs within Part 15 of the Companies Act 2C106 and in accordance with the Financial Reporting Standard applicable in th6 UK and Republic of Ireland IFRS 1021. The financial statements were approved by the Trustees on ..................... behaw by. and signed on their nth lee Ins The notes on pages 8 10 11 fomi part of these financial statements. MGCfutures Ltd Charitable Company Ireglstered company number 08447600 England & Wale$, Charlty number 11 $35341 MGCFUTURES LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023 Accounting pollcles 1.1 Basis of preparation of financial statements The financial slalemènts have been pr@par8d under the historical cost convention. The Charity is a public beneftt entity and the financial slatemenls are prepared in a¢cordanGe with A¢¢ounting and Reporting by Chanties." Statement of Recommended Practice applicable lo charities preparing their accounts in accordance wrf(h the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (Charities SORP IFRS 1021, second edrtion - October 2019}, the Companies Act 2006 and the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. The Charity has taken advantage of the exemption to prepare 8 Statement of Cash Fk)ws. 1.2 Company Status The company is a company limited by guarantee. The members of the company are the Trustee5 nprned on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limrted lo £1 per member of the company. 1.3 Fund accounting General funds are Un￿striCted funds which are available for use at the discielion of the Trustees in furtherance of the general objectives ofthe company and which have not been designated for other purposes. ReStr￿ted funds are subject to specific conditions by donors as to how they may be used. The purpose and uses of the restricted funds are sel out in the notes lo the financial slalemenls when the Charity holds reslrieted funds in the appropriate accounting period. 1.4 Income All incoming iesource5 are included in the Slalement of Financial Activities lincluding the income and expendf(ure a¢¢ountl when the Company has enlillemenl lo the funds, certainly of receipt and the amount C8n be measured wrth sufficient reliability. t)onaled sermces 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 ￿CoVer3b1e in relation lo donations received under Grft Aid or deeds of covenant and is re¢ognis&d al lime of receipt. Other income comprises fundraising income from events and galas which promote awareness and generate funds lo support the Char((y's objectives. 1.5 Expenditure Expenditure is accounted for on an a¢cruals basis and has been included under expense ¢alegories that aggregate all costs for allocation lo activities. Where costs cannot be direcuy allribuled lo particular aclivilies they have been allocated on a basis consistent with the use of the resources. Expenditure on charitable aclbvilies comprises all costs associated wrth the running of the Chanty. including those incurred in ¢onnection with administration and Compliance with conslitulional and slatulory requirements. 1.6 Creditors Creditors and provisions are recognised where the Charity has a present obligatson resulting frcrfn a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or estimated reliabty. Creditors and provisions are normally recognised at their settlement amount after allowng for any trade discounts due. MGCFUTURES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 A¢¢ountlng pollcles Icontlnuedl 1.7 Debtors Short term debtors are measuied al transaction price, Igss any impairment. 1.8 Financial instntments The Charity only has financial assets and fi'nancial liabilities of a kind that qualify as basie financial instruments and are initially recognised at transaction value and subsequently measured at their settlement value. 1.9 Cash and cash gquivalents Cash is represented by cash in hand. deposits held al call wrth financial instilulion5 arKI other short-term liquid investments that mature in no more than three months from the dale of acquisition and that are readily convertible lo known amounts of cash with insignificant risk ol change in value. Income Unre$tri¢ted Funds 2023 Restrict Funds 2023 Total Funds 2023 Total Funds 2022 Donations and legacies- Donations Gift aid Other income- interest received 65.854 9,631 1,086 84,854 9,631 1,086 67,674 75,571 75,571 67,718 Donations and legacies include a Gift in kin¢J of £1.20012022.' £1.2001 for payroll services gffted to th8 Charity and office accomm(Klalion grfted lo the Charity with a value of £2,00012022.. £2,000). Exp&ndlture on ralslng funds Unrgstricted Funds 2023 Restricted Fund$ 2023 Total Funds 2023 Total Funds 2022 Event costs 6.068 6,068 MGCFUTURES LTD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 4 Expenditure on charitsble activities Unra$trl¢ted Funds 2023 Restrlcted Funds 2023 Total Funds 2023 Total Funds 2022 GovernanGe costs Independent Examiner's remuneration Accountancy fee5 Insurance Bank charges 2,400 2,220 655 407 2,400 2,220 655 407 2,510 2,050 595 525 5,682 5.682 5,680 Charitabl• activiti¥$ Overhead costs Personnel costs Website ¢osts Bursaries granted Bursary adminislralion costs Consuttancy fees Office expenses and ITaining 2,000 44,826 16,551 2,000 44,826 16,551 59,705 8,496 4,125 1,884 2,000 45,729 1,035 60,132 7.699 59.705 8,496 4,125 1,884 890 77,882 59,705 137,587 117,485 83.564 59,705 143,269 123,165 Included within accountancy fees is £850 plus VAT12022.. £8501 for serv￿eS provided by the independent examiner lor tha preparation of these financial slatemenls. The average number of employees durtng the year wa5 212022.. 21. Personnel costs includes pension eosls of £1,970 {2022.. £1.6601. Trustees. remuneration and Trustees. benefts During the current and prior year, no Trustees reeewed any remuneration, beneff(s in kind or had expenses reimbursed. Debtors 2023 2022 Other debtors 10- MGCFUTURES LTD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2023 Crgditors.. amounts falllng dug wlthln one year 2023 2022 Accruals and deferred income Taxation and social Security 3,670 2,032 3.317 1.565 5,702 4,882 Analysls of Not Assets betwegn Funds Unrestricted Funds Restricted Funds Total funds 2023 Current assets Current liabilities 84,045 15,7021 90,985 175,030 15.7021 78,343 90,985 169,328 Unrestricted Funds Restricted Funds Total funds 2022 Current assets Current liabilities 87,286 14,8821 160,690 247.976 14,8821 82,404 160.690 243.094 Reslncted funds inclLtde £84,17712022'. £153,882) whi¢h is to be used for the purposes of the bursary scheme and £6,80812022.. £6,808) which is lo be used for a specific bursary award. The transfer between the reslricled and unreslricled fund is a condition set by the restricted funds donor. lo contribute towards the overhead expense5 of the Charity. Rolated party transactlons Included within donations for the year were amounts totslling £5,000 12022.. £6,000> from a Trustee of the Charity. There were no condilx)ns placed on this donation.