Registered Number: 08447600 (England and Wales)
MGCFUTURES LTD
REGISTERED CHARITY NO. 1153534
TRUSTEES’ REPORT
AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024
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 (resigned 11 June 2024) Sir Ralph Waller KBE Joan Major Abigail Zakarian The Lady Hannah Ruth Lowy Mitchell 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 2024
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 2024.
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.
Objectives and Activities
Policies and objectives
The principal object of the company is to promote, maintain, improve and advance the education and appreciation of Theatre and the Dramatic Arts for the benefit of the public, in particular but not exclusively, through the provision of 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
After making appropriate enquiries, the Trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis in preparing the financial statements.
b. Review of activities
This year commenced with the launch of a new fundraising campaign, FutureProof, designed to attract and secure significant gifts. The campaign was launched by one of the charity’s patrons, Dawn French, at the London Palladium in September 2023. The campaign continued with a cultivation event at the Duke of York’s Theatre in October where Michael Grandage’s production of ‘Backstairs Billy’ written by MGCfutures alumnus Marcelo dos Santos, enjoyed a critically acclaimed run. The leading actors in the production, Dame Penelope Wilton and Luke Evans, have both subsequently joined MGCfutures as Patrons.
The campaign continued with a series of fundraising lunches in March and April generously hosted by the Chair, Lady Hannah Lowy Mitchell.
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MGCFUTURES LTD
TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
b. Review of activities (continued)
The bursary awards were announced in December 2023, a total of 15 recipients, receiving bursaries totalling £78,613. We were delighted to include a theatrical shoemaker and a puppet maker in the awards for the first time.
The year was spent providing mentoring support to our bursary recipients, old and new. Preparations also began for the charity’s ten-year anniversary and for a corporate fundraising event in partnership with PricewaterhouseCooper. Work also started on a new section of the website, a members’ area to facilitate communication between bursary recipients, who now total 141.
Financial Review
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 £178,197 (2023: £169,328) was held in reserves, of which £141,702 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. We will continue to develop our business plan to devise future strategy and secure financial support. Current plans in development include an ‘Artists in Conversation’ event in Spring/Summer 2025.
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 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 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.
Lady Hannah Lowy Mitchell was appointed in April 2023.
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MGCFUTURES LTD
TRUSTEES’ REPORT (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
Structure, governance and management (continued)
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.
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the Trustees on 15 May 2025 and signed on their behalf by:
……………………………………. Lady Hannah Lowy Mitchell Trustee (Chair)
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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 2024 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.
……………………………………. Purew Pare Peta Parker FCA Lewis Golden LLP 40 Queen Anne Street London W1G 9EL
…………………………………….
Date: …………………….. 16 May 2025
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MGCFUTURES LTD
STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED 31 AUGUST 2024
| Notes General unrestricted funds 2024 £ Income and endowments from: Donations and legacies 2 161,490 Other income 2 2,086 Total income 163,576 Expenditure on: Raising funds 3 (15,783) Charitable activities 4 (84,434) Total expenditure (100,217) Net income/(expenditure) 63,359 Net movement in funds 63,359 Reconciliation of funds: Total funds at 1 September 2023 78,343 Total funds at 31 August 2024 141,702 |
Restricted funds 2024 £ 5,102 - 5,102 - (59,592) (59,592) (54,490) (54,490) 90,985 36,495 |
Total funds 2024 £ 166,592 2,086 168,678 (15,783) (144,026) (159,809) 8,869 8,869 169,328 178,197 |
Total funds 2023 £ 74,485 1,086 |
|---|---|---|---|
| 75,571 | |||
| (6,068) (143,269) |
|||
| (149,337) | |||
| (73,766) | |||
| (73,766) | |||
| 243,094 | |||
| 169,328 |
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MGCFUTURES LTD BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Notes Current assets Cash at bank and in hand 174,594 9.013 175,030 Debtors Tolal current assets 183.607 175,030 Creditors.. amounts falling duè wllhln one year (5.4101 (5.702) Net current assets 178.197 169,328 Tolal net assets 178.197 169,328 Funds of the Charity Unrestrided fijnds Restricted funds 141,702 36.495 78.343 90,985 Total Charity funds 178.197 169,328 The Trustees consider that the company is enttlled to exempt.ons from the requirement to have an audtt under the ovisions of sections 477 of the Companies Act 20c61.the ACYI and the members have not required the company to obtain an audrt for the year in question in accordance with section 476 of the Act. The Trustees acknowledge their responsibilib'es for comptying Nwth the requirements of the Companies Act 20( th respect to accounting records and for preparing finanaal statements which give a true and fair view of the state of affairs of the company as at 31 Augusl 2024 and of it5 net resources expended for the year in accordance with the requirements of the Companies Act 21K)6 rdating to finanaal statements, so far as applicable to the npany. The financial statements have been prepaied in acc£srdance wrth provistons applicable to small companies within Part 15 of the Companies Act 20CE and in acconjance vfith the Finanaal Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. The financial statements were approved by the Trustees on ............................................ and sigried on their behalf by-. ony Pins Trustee The notes on pages 810 11 fom part of these financial statements. MGCfutures Ltd Charftable Company (registered company number 08447600 England & Wales, Charfty number 1153534)
MGCFUTURES LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
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), second edition – October 2019), 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.
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.
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.
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MGCFUTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
1 Accounting policies (continued)
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
| Income | ||
|---|---|---|
| Unrestricted Funds 2024 Restricted Funds 2024 £ £ Donations and legacies – donations 153,240 5,102 Gift aid 8,250 - Other income – interest received 2,086 - 163,576 5,102 |
Total Funds 2024 £ 158,342 8,250 2,086 168,678 |
Total Funds 2023 £ 64,854 9,631 1,086 |
| 75,571 |
Donations and legacies include a Gift in kind of £1,200 (2023: £1,200) for payroll services gifted to the Charity and office accommodation gifted to the Charity with a value of £2,000 (2023: £2,000).
- 3 Expenditure on raising funds
| Unrestricted | Restricted | Total | Total | |
|---|---|---|---|---|
| Funds | Funds | Funds | Funds | |
| 2024 | 2024 | 2024 | 2023 | |
| £ | £ | £ | £ | |
| Event costs | 15,783 | - | 15,783 | 6,068 |
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MGCFUTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
4 Expenditure on charitable activities
| xpenditure on charitable activities | ||
|---|---|---|
| Unrestricted Funds 2024 Restricted Funds 2024 £ £ Governance costs Independent Examiner’s remuneration 2,700 - Accountancy fees 2,340 - Insurance 516 - Bank charges 548 - 6,104 - Charitable activities Overhead costs 2,000 - Personnel costs 60,855 - Website costs 3,031 - Bursaries granted - 59,592 Bursary administration costs 9,129 - Consultancy fees 2,875 - Office expenses and training 440 - 78,330 59,592 84,434 59,592 |
Total Funds 2024 £ 2,700 2,340 516 548 6,104 2,000 60,855 3,031 59,592 9,129 2,875 440 137,922 144,026 |
Total Funds 2023 £ 2,400 2,220 655 407 |
| 5,682 | ||
| 2,000 44,826 16,551 59,705 8,496 4,125 1,884 |
||
| 137,587 | ||
| 143,269 |
Included within accountancy fees is £950 plus VAT (2023: £850) for services provided by the independent examiner for the preparation of these financial statements.
The average number of employees during the year was 3 (2023: 2).
Personnel costs include pension costs of £3,246 (2023: £1,970). In 2024 there were no employees who received employee benefits of more than £60,000 (2023: none).
5 Trustees’ remuneration and Trustees’ benefits
During the current and prior year, no Trustees received any remuneration, benefits in kind or had expenses reimbursed.
6 Debtors
| Debtors | ||
|---|---|---|
| Prepayments and accrued income Other debtors |
2024 £ 763 8,250 9,013 |
2023 £ - - |
| - |
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MGCFUTURES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 AUGUST 2024
| 7 Creditors: amounts falling due within one year Accruals and deferred income Taxation and social security |
2024 £ 4,090 1,320 5,410 |
2023 £ 3,670 2,032 |
|---|---|---|
| 5,702 |
8 Analysis of Net Assets between Funds
| Unrestricted Funds £ Current assets 147,112 Current liabilities (5,410) 141,702 Unrestricted Funds £ Current assets 84,045 Current liabilities (5,702) 78,343 |
Restricted Funds £ 36,495 - 36,495 Restricted Funds £ 90,985 - 90,985 |
Total funds 2024 £ 183,607 (5,410) 178,197 Total funds 2023 £ 175,030 (5,702) 169,328 |
|---|---|---|
Restricted funds include £30,085 (2023: £84,177) which is to be used for the purposes of the bursary scheme and £6,409 (2023: £6,808) which is to be used for a specific bursary award.
In 2024, £nil (2023: £10,000) was transferred between the restricted and unrestricted fund in accordance with conditions set by the restricted funds donor, to contribute towards the overhead expenses of the Charity.
9 Related party transactions
Included within donations for the year were amounts totalling £11,194 (2023: £5,000) from Trustees of the Charity. There were no conditions placed on these donations.
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