Charity ￿lStratiON number: 1167125 Manchester Collective Annual Report and Financial Ststements for the Year Ended 31 March 21r24 The Mtsffatts Partnership LLP Suite Ll, First Ftoor. Jack50n House Sib50n Road Sale M33 7ftR Manchester Collective Contents Reference and Administrative.Detai15 Trustees. Report 2to9 Statetnent of Trustees. Responsibilities io Independent ExaminePs Rep(Jrt .ii St3tement of Fin3nctalActivÈties 12 Balance Sheet 13 Cash FIov4 Statement 14 Notes to the FinaNcial Statements 15to30 Manchester Collertive Referen￿ and Administrative Detsils Chair D McKeith Chief Exetytive Officer L Begbie Trustees H.Gilman N Trygstsd H WaJiace J Hol(ten R5heldofi other Officers R.Singh, Director D Kennedy, Concert5 & PlannÉng"Director 1161125 Charity Registration Number Principal Offl The Sharp Project Thorp Road Manchester M40 5BJ Independent Examiner" The Moffatts Partnership LLP Suite"l.I, First Floor, Jackson House Sibson Road Sale M3J.7RR Accountsnts The Moffatts Partnership LlP Suite l.L First Flwr, Jackson House Slbson Road Sale M33 7RR Page I Manchester Collective Trustees, Report The trustees are pleased to present their annual Feport for the seventh year of.the.operations ot the ao Imanchester Collective). Thi&rewrtcoocerDSthe financial year ended 31 March 2024. The financ￿1 staterrierits romply viith the Charities Act 2011, the ConstItut￿n of" the CIO {Manc.hester Collectivel. and Accounting and" Reporting by" £h"aritie5= Ststement of Recoffttnended Pra"cti￿. applicable.to charities preparing their accounts in.accOrdan￿ with the Financial Reporting Standard applicab.le in.the UK and Republic of"Irel3nd IFRS 1021. Structure. govemance and.management Noture of g0verningdocvn￿rit Manchester Collective Isa Charitable Incorporated Organisation. and is.go¥erned by its Constitution. dated" 16 May 2016 &5 amended on 16 May 2022. It 15. rey'srered as a charity wtth the Charity CommÈs5iori. Applicatk)ns for membership must be approved by the.trustees: "A5"at"31 March 2024, there were five trustees. none of whom have any financia liability in the event of the charity winding up. Recruitmentundappointmentoftru5tees Recruitmert of tru5tee5 is fed by the Governan￿ and Fi'nance Subcommitte"e. on behalf of the Board and iii hccordance with the ma￿heSter ColIectivE Triisteè Recnjttment Policy. The constitution slates that the board should have at least three tytsstees. with a mw-mum of tweFve. The recwitment prtxess Starts With the b.oèrd agreeingthe need to appoint, and the idefttiftstv)n of any specific skills that May be required from.the nèw trustee. The Pro￿s5.Will include interview5 witt¥ ht least one board ryiember and the-CEO."with recommendations submitted to the board forèpproval. All new tru5tee5 riiust he formally apptr)ved by a majority of ￿sting tntss at.a quorate" meeting and will seNe for an initial term of three yea"r&. TJustee5 may be.ro-appointed to a second terni via the same board meetlng appro¥al proce5S, allowingthem to serve a Ma￿muM of six"yEars on the board, Induction undtrfflning of trustees New trustees will re￿1ve an on-boarding pack of information including the constit"utKln. trusfee term5 of reference documettL the latest annual report and statement of accounts. copies of minutes from Fecert"board meetings, Tecent monthly board reports and other Televant information. The Chair and CEO viill conduct Énduthon session5, to take the new trustee5 through the current strategic and operating plans and answer any questions: Addtiional meetlngs with other trustee5 and the M3nchester Collective team will take place as ne￿Ssary. dependinF on the .5￿cihC role of the new trustee. T￿lStee$ are encouraged to attend external trainwng that may be availabletofacilitste the undertaking of their new role. Orgonisotionalstrurture The board of trustees Is responsible for.ovetseeing the operation of Manchester colleotive.and ensuring thot it is beiiig run accordkng.to the principles of the agreed constttLrtion. The Chief. Executive has been appointed by the trustees to manage the day-to-day operation5 and has delegated authotty to take"decisions on oper.ational matters including flnance, ernploymeDL sustainability. artistK direttion and programme. Page 2 Manchester Collective Trustees, Report The board meets quarterly for a full boa.rd rrieetin& and there are three established" sub-committees responsible for Governance & Fiiiano"Eiivironmental Sustainabiltty, Arristic Ptanning. Inclusivity &"RelevancL Each sub-committee 15 subject to Temis of Reference approved by the Board and compn.ses at least.two t"ru51e"e5. With atlditional support from other trustees 3nd member5 of the Manchester Colkctwe team as needed. NonTrusrèes rnay.be appointed as members. Each sub-committee is chaired by a trustee= topics discuss￿, and decisions made, are minuted. The minute5 are shared with the ¥vhole board ahead of.e3ch"quarterly" meeting, and infomi th.e agenda of those meetlngs. There is a150 a Player Committee with rewesenta.tion on the.board. Relationships With related parties Related Parties &Co-op.eTrtion with Other Organwtion5 None of ourtnjstees receive.remuneration or any other benelit fr(im their work as a trustee with Manche5teT Collective beyond the aivering of"e55ential expenses as defined in the Trustee Expenses P0￿CY. The artist rep.resentatives on our bo3rd 3rt perfomiing musioan5 and. In this capacity, n)ay re￿[ve paYr￿nt for any artistic workthat they deliver as part of the Coltettive. Neither theboard nor theindivKlual trustees are Inv0￿ed"1n any arti5tic.decision5 as to progiamming or player selection. All trustees sive their tiine."freety and no trus"t"ee re(eived femunerafion in the. FY 23J24 beyond.theartt5tic payments to Ruth Gibson and NKk Trygstad. as disdosèd in note 10 to the accounts. Pay Policy forseniorstaff The pay crf senior staff 15 reviewed annualIy as part of the budget-5ettin8 prcKess 8nd the overall MarKhester Collective sa13ry polky. Remunerdtion for.senior staff 15 Managed bythe Governance.& ￿nance subcomrriittee. In principley pay will be increased ?nnualW in line with indIV￿val rok, perfomance against agreed objectives a.nd targets.. and benchmarked comparisons. Roles in simllar artistic Organi￿tionS including charitte5 will be used.to provide appropriate benchmarks. Salary polKy aiid increa5eswill be ag￿ed by the as part of the.annual budget-5ettin6 pro￿55. Manchester Collective Trustees, Report Majoriisks andinanogement.of those risks Risk Monogement Manchester Collective has an active rÈsk rnanagerrierit prcKess to covew the identÉfKation. management and mltigatlDn of key risk5. A risk.￿gI.ster is maintsined by the Govemance & Finance Sub-committee. The register.is rev3ewed at least every 3 month5, and actions agreed.to mitigate those risks Whe￿ possÉble. An update.is provided to the board on anv majorchan8è5 or new"risks identified s￿￿ the prevK)us review. The major risk.for the Collectnje towards the yèar end concerned.change". In leoder5hip. In January. 2024. one of the founders. Adam Szabo (CEO an"dArtistic Director) left the orwanisation. At. ab.Outttr￿ same tÈme Dr Helen Gilman reached the e¥kd of her tenute as trustee and ￿ased tr)" be Ch3ir of the tx)ard. The deFiarture of Adarn Szabo presented a potential organisalionèl rÉsk. This was managed and mi4ated by the promotlon of Deputy CEO Ltntla. Begbie to-the POS￿0￿ of Interim ￿0. Linda Begbie has been a membeTo*thtt core staff team since 2020. intr.11￿lca1IY familtar with the organi5ation's original mission etlM)s. team structure and processes. She had acted as Interim CEO"for th￿e Months during the summer of 2023 in the yeriod.that Adam Szabo was on parental leave. With extStlng members of management also assuming ad(fitional ￿ponSIbilities. Manchester Collettive reached financial yeaTend with astable human re50Urc The Trustee5 have a de.ar plaD for the appointm.errt GF a permanent CEO. OpeD reixii"ttment fDr a Co-Artrstsc Director was planned for fate April.2024 (a"Dd after the yearend, led to the appointment of Jasmin Kent ROdg￿an). In late 2023-early 2024 the Board caffted out an open recruitment process for a Chair. sUPPOrted by the search specialist Nutole. This was managed..bya Chair Recrultment Commtttee compnsinE.three MaDchester.Collective trustees. Following thorough assessment and inteFviews, and after frtbecame evtdent that no¢andidatè showed ststficient levels of governance experience, in March 2024 the Board invited Da￿ld McKelth. with his many year5 of senior leadership experiencetn"Indiistry. {Èncluding as Chair of theH3lle Orchestra between 2009 and 202.3) to take the position of Chair. In early 2024..Ruth.Gib50n and Punam Ra"mthum retired as trustee5. Fo"Ilowing a trustees skills audit. trustee ￿CrUItMent is planned for2024-25. Arts Counul England and other.major funders have been kept tnfonned.at all time5 duringthese thanges. Financi31 riskremains S5gnif￿7nt. The" rriacro.*conDmic context of the sub5idised arts sector generally. and classical mu51C In particular, iemains extreinefy challengin"& In order to manage this risK regular revievls of the budget and cash flow position are carrteLI out by the GovefrBn￿ K Finance subcommitte¢ who also analyse monthly management account5 submitted by the C"hIef"Executi￿ The.quahty.and accuracy of budgetln& Trriancral controls an.d reporting has improved 5ignificantty during the y"ear."" The iDterim-CEO ha5 estsblished a robust system of monitorin&. project spend to help ensure that spe"niJing is ta"rEeted transparent and strategrally aligned ¥vith the organt5ation'"s mi5son and key objecti¥es. The orEanisation reache5 financ￿1 year end in a stoble postbon and ha¥inB met budgettsrgets. Page 4 Manchester Collertive TfUStees' Report Public benefv All of the char&table actwities are vndertakeri for the be￿fit of the public. 'rhe trustoes that they have complied with the requirements of section 17 ofthe CharitiesAct 2011 to have due regard ro pLJblic benefit guidan￿ published by the Chartty Commission for England and Wales. Objective5 and activities The vi510n of M"anchesterCollertive (VC} is to re5hope the futu￿ Df classical ffluslc by creating radical artistic work in the north of Engfand and presenting th?s work to" audiences in the U% and intemètionally. Ilve and onlirte. Our ambitlOU5, original musical productton5 b￿akwith convention and embra￿ arh5tic risk Audience development h35 alway5 been at the heart of our work= oUr.a1￿ FS to engage a broader, more diverse range. of people with our productions, reaching those who are cUr￿ntlY artistically underrepresented and culturally underseNed. Through brave commissions, perforrna4ces" in non-trdditional.spaces. an atcessible communication Style and highly tsilored digital rriafketing, we attract audieiicès who do n"ottypicèliy.engage with live dassiral mus￿. as well as gen￿ devotee5. In shaping objectiyes forthe" year and.planning our artivitie5, the tnjstees have considered the Chartty Commission's guidance on publicbenefit.. includinE the 8￿.￿ance on pubtic beneftt and fee charging. Manchester Collective relles on a combination of sta.tutory grant income. earned income, and fundftised incoffie to covEr its c05t The attivities•nd strategies empbyed to achle¥e the charitvs aitns and objectives afEas follow5= - we present a broad fangeof performan￿ for the enjoymeryt and education of audlenc.es acr055 the UK - we focus oui n)arketing.efforts on audiences that are not currently..engaginE. with dassical musicat a high level, while still servins and connectingwithtStab1É5hed classical audiences we offer opportunities for huge number5 of people to engage wtth our performanEes for free. via fwe streams of concerts, Rcord releases. and vrlginal mu51cal video contentthat we prtsdu - we are developiDB. a range of InnO￿tive mu54c education opporiunities designed to help train the next.. generation of outstanding professlonal musicians Manchester colle.cti￿ continues to condutt.its business from The sharp Projert in Manchester, an.d the management team remains ￿b[e. Page 5 Manchester Collective Trustees, Report Achievements and perfoTman Whatever the stag4 Manchester Collective will always cast its spell and rtraw you into its sound iiiorld. I'm ryot sure I've ever erscountered aTr"ensemble that performs WFth such vetvei gri¢ raw musicality arid unmibga.ted joy., Michael Beek, BBC Pdusic Magazine The lasttwetve moiiths have been a p.ivotal per￿d of evolutton and growth for the Collective. We have metamorphosed purp05efully and proudl¥ from a micro-music organisatyin synonwno.us with riSk-takI￿ dysrJptiDn and boundary-ptJshin& to one that ts now an established sector pioneer. Ou"T core"values and motivarrons remain Steadfast. every MC gi& proEramme. Commis%0￿ and projert ts driven by our vision to reshap"e th.e future Mif dassical music bv creating radical.artFSticwoffkfrom.our base in the north of England. But our ￿8¢h 8nd impatt has.deepened and, through continuou5 Innovation. we are see5ng evidence of genuine Ch)￿e in IMThI classical music 15 Prod￿&. presented and experienced. to the wldest and most diveise audEnces pK)ssible. This has been achieved by both diligont, long-terin planning and unerring creatTrve ambition. The 2023124 season was the busiest tn MC'5 history. It"romprised national and international perforniances: seven new COMM￿$10￿5, and groundbreaking cr055-sector partnerships. We are an organisation.that i&"evolviogand. though" still onty in our first decad4 tt is fairto.say that we have forgedA Ilistinctive and highly-regarded pla￿ in the da5Stcal rriu5iC.ECO4Stem. 2023124 in number&_ 62 Slu￿S & workshops across 10 countne5. led"End dewsed from the No"rthpf EnEland • c.14,000 lÈve evenf attendees 50,000 followe.rs acros5 all digitsl platforms, 28 onlintr vrde05 released induding filrned perfonna.nce andlor documentsry. 1,2(K) hours of ourcontent watched online, 149,OWI streams on SFKitify sin￿ Jan"23 182 pieces of pres5.coYerJge indudinE five 415. critical reviews in major broadsheetlcultural twtles, full features, interviews and analysF5 employment of 139 freel3nceartists and creative specvalists, predominant￿frcjM the north.west of En"gland Sever& comThtission"ed. substantial new musical wor￿. 3 from artists in.the first five yeats of t*￿iT £3reers, 4 from female treators. 3 from non24 as many"maior arts organi5ations formerfy tn the Nar￿nal "P"ortfolio either105t their funding altogether or received ￿dUCed"fundlng In the current round. We are having to viork harder than ever to secÉJre these vita5 funds. Given the ciirre¥it and expected financial.dlmète over the next 12" morÈths the financlal positiOT) of the CIO will continue to be rnar%aged £10sety- Scrutin￿ed by.nur Govemance and Finance Subcommittee, our operating. budget for 2024-25 is conservatkve. and monthly cashflow" mEetlnES between this subcommittee". and our Chief Executitre wlll ensuie strong budgetary oversight. There continues to be strong. pub.lic d.emand for our work in b.oth the UK and," 5ncrèasingly. in contiDental Europe. Maxim¥sing earn"ed" incorne infirtute financTral years wifl be key to the.continuing healthy growth of the CollecE*ve. Principalfvnding"sources The thariV5PFincipal sour£e5-Df fundraised.iiicome are governmentgrants.. aTrd￿ants f.rom tFusts and" fO￿ndatIOns. Voluntary incorne Fundiaised (voluntary) incorrie in FY"23"124 rose materialfy from the previous year. desprte human resource in this area being signihrantly rediicèd (Ltnda" Beg"bie. the oiganisation's sole fundraiser, took on addftional responsibilities as Interim CEO June~Sep 2023 and Ja"n-Apr 2024)."Fundt3ising taoets were met with support from senior consultant Alex Mayer, and cornrnÈssÉoned artist Freya Waley-Co"he"n (Spell Bookl. Income frorn Trusts and FoundatiOnS.NV3s E148.95n lup from £124k in prèviotjs FYI"and from donations £34,065 lup from £16k in previous FY). Increased pressure ori trusts. foundations. individual dO[￿r5, and statutory grants had been identrfÈed as a key risk and vulnerab￿1 ity- we continue.to monitor the fundraising landscape closely "to ensure that .tareets are set responsibly. Recrtsitmentfor a.dditional fundraisingstaff will be è priority in 202 Page 8 Manchester Collective Trustees, Report Policy on ￿serveS Manchester Collective aims to matntain reserves at a level wh-rch will enable "the organisation to provide for contingenC￿S. withstsnd periods of poor trading coTrdttTrons or, in extreme circumsta"nce5. to manage a fundamental restructure. ororderly wind-down. of its activÈties. The tnJ5tees ha¥e establi5hed.the teye"l Of"resep￿ {that 15 those fund5 Ihat are freely available) that.the chatrty sh￿Id Fdealty have. The current le￿1 detemiined {devised"to cover the CIO'S core costs fora perlod ofthreè"morthsl Is £90k. Manchester Collective aims to make a small surplus throu8h tts engagements. It i5 intended that any sud)" surplus will be usod to ensure that the reserves policy is achieved and mairrtained. AddttionalPy. it is intended that any such surplus wil be used as 8 contingency.fund in order to effecbvely manage any devTations iri budget expectation5 induding bad debts, or to 85SiSt in rnaintaining a posit5ve cash flow balance rf required. Orga¥Ytsatpoiial reseNes at 31 March 2024 are£110216, however £60.tKID"of the rEserves have been paid u.pfront by Arts Council England for funding to be used in the 2024-2025 1£20,OQO) and 2025-2026 1£40,IX)o) tinanc.ial yeaK5. If we discour*t the advanced funding our reserves would be £50,216. In such volatile economic conditior*s. trustees have determined that J methodical and steady pace of growth is the m05t wiabte way to build up the rese￿ to their ideal level. As SLTch. the trustees aim..to sricrease this figure by the end of cu￿rit bu5irie55 plan cycle IMarch.20261 to reach our Ideal reserve amourtof.£90L Fund5 in deftit There are no fvnds iTrdefÉci. Going con￿rn The trustees have revIev￿d going concern ond are satisfied that the chariry will remain"a going mncern.for è period in excess oftwelve months: The annual reportwds approved by.the trustees.of the charity on 9"October 2024 and.signed on kts behalf by.-" D McKerth Chair and trustee Page 9 Manchester Collective Statement of Trustees, Responsibilities The trustee5 are ￿spOnSible for preparing the tntstees, report 8fTd the financial state.ments in accDrdance with the United Kingdom Accounting.Standords (United Kingdofft Generalty Accepted Accounting PTacticel and applicable law and regul)tFi)ns. The law appllcable to charities.requires the trustees to prepare financ￿1 statements.for each financial year which give a true and fairview of""the stste of affai￿ uf th2 charity ènd of the incoming resources and applicatfon of resI￿rCeS of thè charity for that penod" In prEparin{these fmèncral statements. the trusteesare reqtsired tLI- 5eleLt suitable accountlng p"olioes and then appty them consistefttr. observe.the method&and priiictple5 in the Chariries SORP. make judgements and estirnatesthatAre re￿onable and prudent. state whether applicable accountinE.5taridArds hhve been followed. subjert to any material deparllI￿ dlsc105ed and e*pLaFDed.j￿ the financial statementr. and prepare the"financial statements on"t"hegoing concern. basÉs unles5.lt 15 inapproptiate.to p￿sume that the Charity will contÈnue in business. The trustees are ￿ponsible fo.r keeping pmper accDLJnting records that di5tlose.with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial ststeinents comply *Yith the Charitie5 Act 2011. the Charities (Accounts and Reports) Regulatlons 2008, and the provisions.of the constitution. The tiustee5 are also reSE￿nsIb[e for Safeguarding the assets of "the cF&rity and hencefor taking reasonable"steps for the prevention and detect￿}￿ of fraud and other trrègulaiities. The trustees.are respo[￿Ible for the rnaintenance and integrity of the corporate and finanoal intormation included on the charitable company's viebsite. Lwlation governing the prepai3tion.and dlssemination of firJancÈal statement5 may differ from legislation Èn other jurFsdict1uT￿. Approved bythetrustee5 of the charwiy on 9 October 2024 ar￿ %gned on its behalf by-" D McKeith Chair and tr.ustee" Page 10 Manchester Collective Independent Examiner's Report to the trustees of Manchester Collective I reportto the trustee5 on.my.examinatiori of the accounts of mar￿hester Collective for the"year. ended 31 Maich 2024. Responsibilities and ba￿ of report the chariiy trustees of Manthe5ter. CDllectTve you 3re responsible for the preparation olth"e accounts ITh accordance with the iequirements of.the Charities Act 20111'the Acrfl. I report sn ￿pert of my èxamination of the Manchester CollectNe's accounts carried out undeT section 145 of the 2011 Act and Irk carrying out my examination I haye followed all the applicable Dwectlons given by the Chasity Commission under section 14"515)(bl of.the Act Independent examinees statement Since Manchester Collectiiie's Bross Inco￿le èxreeded £250,(KIO your examiner must be"a member of a body listed in section 145 of the 20.11 ACL l.ronfirni"th"at l am qualrfied to undertake the examinatiory because l am a member of the Institute ofchartered Accountsnts in EnEland and wa￿5, whith is oneof.the fESted bodie& I have c(Knpleted my examination. I confirm that no tnaterial Matte￿ have come to my attentlon in connettiDn with the examinat&c3n giving me cause to believe that in any nTraterlal re5pect- l. ?ceounting record5wefe.not kept in respect of Manchester Collettive as.required by5ection 130 ofthe A¢ or 2. the accountsdo notaccord wÉth.those"records; or 3. the account5 do not.tompty wEth the accounting requirements concerning the" fonii and content of accounts set out in the Charitie5 IAccounts and Reports) Regulations 2008 other thari.any requirement that the acwunts give a 'tr%Je and"frdirviev/ which is nota matterconsidered as part of an independentexaininatiorL I have no concerns and have-come ocros5 nEI OtheT m3tters in connection w¥th the examination to which attention should tJe drawn in thi5 report in orderto£nable a proper understanding of the" accoul￿t0. be reached. ohn Saxon titute of C . rtered A"ccountsrts in England and.Wales The Motratts Partnership LLP Suite 1.1, Frst Fk50r. Jackson House Sibson Road 5a1e M33 7RR 9 Ortober 2024 Page 11 Manchester Collective Statement of Financial Artivtties for the Year Ended 31 March 2024 Vrrestr¢cted funds Rertritted fund5 Total 2024 Total 2023 Income aDd End(hvments from: Donations and legacres Charitable attivit￿5 Investment income 349,441 404,785 23.700 373,141 404,785 93 314,867 A23,846 269 93 Other income. 574 Total Income 754,8(NJ 77&593 738,982 Expenditure 0￿. CharitableactivÉtie5 1662,623) {33.5931. 1696.2161 1846,7931 Total expenditure 1662,6231 (33,5931 (696.2161 1846,7931 Net ificome/lexpenditurel 92.177 (9.8001 82.377 {1.07.8111 other recognised"gains and 105ses Othergains/bsses IL439) {1.4391 12,2841 Net Movement in funds 90,738 19.800) 80.938 1110,0951 Re¢onctliation of funds Total fundsbroughtforward 20.￿_0 29.278 139,373 Total f￿ndS carried foni4ard 100.016 10.21M) 110.216 29,272 All of the charity's actÉvÈties""derive from continuEW4g operation5 during ihe above two pefiod5. The funds b.reakdown for2023 is shown In note 19. The.notes on"pages 15 to 3Qform an Integral part ofthese financial statrmeryts.. Page 12. Manchester Collective (Registration number: 1167125) Balance Sheet as at 31 March 2024 2023 Note Fixed a55ets Tangible assets 14 4.856 8,664 Current assets Debtors 15 125.514 61.803 111,686 9,876 Cash at bank and in hand 16 187.317 121,562 Creditors: Amounts fallJnE due within oneyear 17 (81,957) 1100,9481 Net c￿￿￿t a55ets 105.3EA) 20,614 Net assets 110,216 29,278 Funds ofthe charity. Restricterl income fvnds Restricted funds 19 10.200 20.000 Unrestricted income funds Unrestrrted funds 100.016 9,278 Total funds 110216 29,278 The financlal.stafements on pages.12 to 30 were approved by the"trustee5, and 8uthorised for"1ssue on 9 October 2024 aiid signed oil their"behalf by- D McKeith Chair and.trustee The notes on p.aEe$ 15 to 30foTm an integral partof these financial Statements. Page 13 Manchester Collective Cash Flow Statement for the Year Ended 31 March 2024 .2024 2023 Note Cash Ilomts from operatkng activities Net Cash incomellexpendEture) 80338 1110,0951 Adjustments to cath flow5"fn)m non-cash item5 Deprecrdtion Investment income 5,209 {93} 7,863 12691 86,054 1102,5011 Working capital adjustments Increase in debtors Increase Én ueditors. (13.828) IL009 1103,3221 52,427 17 Net cash flows.from operatingattivities 83.235 1153,3961 Cash Ilows from investing activilies Interest receivable and similar income Purchase of tanglble.fixed assets Sale of tsngible fixed"a5sets 269 14 11.874) 473 13,9831 Net trdsh flowsfrom irivestlng attivities (1.308) 13,7141 Cash flowsfr¢)m finanor% attivities Value of n_ew loa.ns obtained duringthe perio(1 RepaymentA)f loans and borrowings. 30,000 17 (30.OCO) Net ca5h"flows from financing activities 130.01]0) 30,000 Net lrKrea5e/{decre￿I in.cash"and cash equivalents 5L927 1127,1101 Cash and rash.equl+ja1ents￿ i April Cash and cash equ1¥aleE￿ at31 March 9.876 136,986 61%03 9.876 All of the cash flows a￿ derived from continuinEoperations during the above two period& The notes on page515 to 30form an integral part of"these financ.ial statements. Page 14 Manchester Colfective Notes to the Financial Statements for the Year Ended 31 March 2024 l Acclwnting policie5 state￿￿t of CoMp￿311ce The financial statements. have been prepared in accordan￿ with the seciind edition of the ChaNties statement of Recommerided Practice"issued in octob.er 2019, the Financ*1 Reporting Standard appficable.in the United fifjgdom and Republic of Ireland {FRS.102) and the Charities Art 2011. B3515 of preparation Manchester Collertivg meets the definition of a public beneftt entity under.FRS 102. The accounts (financial statements) have been prepared under the historical c05t conver(tion wtth items recognised at cost or transaction value unless othe¥wk5estated i￿the ￿levant note"1s) to these accounts. Going concern The financcal 5tatemeTts have been prepared on 8Eoiftg copcem basis. The trustee5 assess whether the use of going concern is appropriate i& whether there.are.""any materRI uneertaintles related tts events. or conditK)ns th.at may cast significant doubt on the ab"ility"of" the charity" to continue as a going concerL The tWStees make thi5 asse55Nient in respect of a period of.one year from the date of ap.pr.oval of the financial stateinents_ Income and endowments Voluntary income includtn&.donation5. gifts. legacies and grants that pr netther planned nor likely to (Kcur {therefore foThning part of the net investment in the foTe¥gn.operation). which are rerogntsed In other comprehensive income.and reported under equity. Fund structure Unrestrfcted income.funds are"general funds that are available for use at the"trustee'5. discret￿Tr Én fvrtheranco of the objectives of the charity. Restricted &ncom£ furtds are those donated for tsse sn a particular area or for 5pecrfBc"purpDses.. the use of which is restricted to thata￿a or purpose. Pensions and otherp05t rdirement obligations The chartty operates a defined contrlbution pensw)D scheme which is a pension plan under"i•ihich fixed" contributions are paid into a pen5io"n fund and.the chartty has no legal or construttNe ob"IEgation to" pay further contr.ibutions even if the fund does fTOt hold suffictent ￿ets to pay all*mployees the benefts Telating to"tmployee service io the current and prior periods.. Contributions to d.efined corrtribution plans"arE recognised in the Statement of Financial Activities when they are due. If corLtribution paymènts exceedthe rontribution.due for service, the.exces&i& recogni5ed.as a prepay.ment. Page 18 Manchester Collective Notes to the Financial Ststements for the Year Ended 31 March 2024 Financral instruments Classification Financi&l assèts and finaricol liabTlitie"s are recognised when the charity become&a party to.the contractual provisions of the instrument Financial liaPJilities and Eqtsity in51ruments are cl355rfEd accordrn[ to ttt substancè of the ci)"ntrdCtual arfangements entered into. An èquity instrunient is any contrart that evkdences a residual Irite￿st in.the" assets of the charity after deducting all of lts"lièbifrtÉe Recognition andmeosure.ment All financiBI assets and li3bilTties..are"initÈally measu￿d at transattkDn prKe (including t¥ansa"ction costs). except for those fsnancTal a55ets classified as" at fair" value through proftt or 1055, whlch are initially measured at fair value (which is normally the tran5aciton priceexcludingtran5action c05ts1, unless the arrangefflent..constitutes a frnancir4 tiansaction. If ap arrangement constitute5 a financing.trnnsartion, the financ￿1 a￿et or financial Itability. is measured at the present value of the ftswFe payments discountedot a mafket rate of interest lor asirnilar debt instru" menL Financial assets.and fEab&lities.afe only offset In the statement of financlal posrfiori when. and only when there exists a legally enfarceable right to set off the recoEnised amounts and the.charity intends eitherto settEe Dn a net bas￿5, or to realise the asset and settle thè liability simultaneously. Financial assets a￿ derecognised when and only when 31 the contrartual riEhts to the Gish flDw5 fronltheffinancial asset expire or are settled. b) the chatity"transfe¥s to another party sub5tantialty all of "the risks and rewards of ownership of the financ￿1 a55eL orc) the charity. despite having retained 50m< b￿t not"all. Significant risks and rewards of £)wnership, has transfefred control of the asset to another partv. Financral fiab"ilities are derecogni5ed only when the obligatTrDr* 5pecifEd in.the contract É5 discharged, cancelled or expires. 2 Income from dooations and legacie5 Unrestr5rted fLtnds General Total 2023 funds. 2024 Donations and kgacie5- Donatiut)s.from individuals" Gift aid reclaimed Grants. including capital grants" Government grants Gouts from other charities 29,2T2 5,269 29,222 5,269 13,508 189,7 125,250 189.700 148.950 174.574 124,ODO 23.71)0 349,441 23.700 373.141 314,867 Page 19 Manchester Collective Notes to the Financial Statements for the Year Ended 31 March 2024 Grèftsfrorn other.charities induded.E29.00) of restricted income in the prior period. All other income from donatlons and legacÉes In the prior peiioLlwas unrestrirted. Grants received from othèr cha.rities include-. 2024 2023 British Council International CollaboratM)n Fund 10,000 D.'Oyty.Cart"e Charitable Trn5t Granada Foundatton 3.5tA) 3,000 5,500 Haworth Trust. 22.500 20,000 John.ElleTman Foundation 50,QQO PRSF.oundation lo.t 10,000 PRSFTalent Development Partnership Royal Philharmonscsociety RVWTrusr 7,5LMI 8.500 2,000 Lauri5tortTrust 2,DOO Duchy of Lantrd5ter ChariiableTTust 1,000 Lord and Lady Lurgan Trnst Shear5 Foundatiom 2,500 5,500 Garfteld Weston Foundation 40,OiM> FFdelro Trust 2,500 "AEbèrtand.Eugeniè Frost MusicTw5t Hinrichsen Foundation 3.SLKI i.zoo Foyle Foundation 20.WO Mat￿0t.T￿5t fvtsrks Family Charitble.Trust 15.0 7.51JO Nevtelle Abraham Fou"ndatloD Nichola5 Berbvin Charitsble Trust Peter Samuel.Ch"aritable Trust 750 8.0 250 Rayne Trust Surrey Square CharÈtableTfUSt The Leche Tn 2.51M) Total Grantsfrom other.cbaritie5 148.950 124,000 Page 20 Manchester Collective .Notes to the Financial Statements for the Year Ended 31 March 2024 3 Inccbme fmm tharitable activities. Unrestricted fLmds General Total 2024 Total 2023 PerfOr¥Tran￿ Fees Education Wo}* Broadcast Fees 340.796 340.796 6,41XI 76 301,525 76 20,85S 11,048 Travel E%penses Studio Recording Fees Speaking Fees 0rck￿stra Tax Relier Record sa1e5 16.633 207 34.310 1.303. 84,278 404.785 404.785 423,846 All income from c.harita.ble activitie& in the prior pers(￿ was unrestricted. 4 IMve5trnent incoine Restri¢ted (￿d5 Total 2024 Total 2023 Interest ￿ceNable and similai incomr, Interest ￿e￿lUable on bank deposits Other Inte￿St rerèNable 93 93 li 258 93 93 269 All investment income in the prioT period was unrestricte6. 5 Other income fund5 General Total 20Z4 Total 2023 Gains sale of tsngible fixed a55etsfor charity's own use 574 .574 Page 21 Manchester Collective Notes b>the Financial Ststements for the Year Ended 31 March 2024 6 EXpen￿rtUre on tharitable.activities Unrestricted funds General Total 2024 Total 2023 Project Ex"penditure Staff Costs 328,682 243,116 32,720 14580 11,710 5,351 13,312 33593 362275 243.116 496.909 247.332 49,879 12,274 8,083 7,8SO 6,964 9.170 439 7,863 Markettng expenses PreTni5esCosts Office Costs Travel expense5 General suppo.rt costs Governan￿ costs 11.71D 5,351 13,312 Bank Charges DeprecFatton" 316 5,209 316 5.209 662,623 33.593 696.216 846,793 ArtNity undertaken directty Activity support 2024 2023 Piojects Comniissioned Music 317,580 44,695 292.742 41.199 610.322 B5.894 776,713 70,08 362,275 333.941 846,793 Project eXpe￿d1ture tofèlling £39.OIXI related to resiritted Mnds the prior period. All other expernIÉtU￿ related to unrestricted funds. Pag8 22. Manchester Collertive Notes to the Financial Statements for the Year Ended 31 March 20Z4 7 Analysis of Eo¥ernan￿ and support costs Charitable activities expenditure Unrestricted fund5 General Total 2024 Total 2023 Staff c05t Marketing expenses Prem15e5 costs 243.116 32.720 14.580 11.710 13312 5.351 31& 5.209 243.116 247.332 14,580 11.710 13,312 5.351 316 12,274 8,083 6,964 7,880 439 Office costs General expernliture Travel costs Bank charges DepFeuation 5209 7,863 326314 326.314 340,714 All expencliture relatlng to siipw)rt costSW05 unre5tri¢ted in the pr￿r penod. Governance costs Unrestricted funds General Totsl 2024 Total 2023 Independertexaminerfees Examination of"th"efinancial Statements Other fees patd to examiners Legal fee5 Other G0￿manC.e costs 3,000 3,000 5,090 530 550 787 787 7.627 7.627 9,170 All expenditurefelatinE.to governaft￿ costs was unrettrirted in the prior period. 8 GoveTnmentgrdnts GTants have".received from the Art5£ounol EnElan(l andthe Cultural Recovery Fund. Tho amauErt"of grants recosnised in the.financial statements was £189,7(Ml12(F23-£174,5741.. Page23 Manchester Collective Notes.to the Financial Statements for the Year Ended 31 March 2024 9 Net incomingloirtgoing resour Net IncominElloutgoÈng) re50urce5forthe year ihdurle.. 2024 2023 Depreciation of fixed assets 5.209 7,863 10 Trnstees remuneration and expenses t)uringtheyear.the charity made.the" fo1liiwingtrhn￿C￿ons with trustees: N Trygstad N Trygstad ￿CeIVed re￿luneration.0f £4.822 {2023.' £4,4501 during theyear" Nick Trygsiad"is a musKian and has been remuneT3ted as a freelance rriusiaan. R Gibsan R Gibson received.remuneration Df £5.63"1 {2023: £S.0071 durin&the year_ Ruth GÈb50n is a musician and has been remuner6ted a5 a freelan￿ musician. At the balan￿ sheet date thE arnountdue to R Gibson £Nil12023". £1.5991. No twstees have received any reimbursed.expenses or ary ott￿rbenefttsfr0m th.e charity duringthe year. 11 Staff costs The agg￿gate payroll coSts.We￿ as follow5: 2024 2023 Staff costs during the"yeaT were: Wages and salaries Social Security ccists PensiorÈ costs 212,921 17.342 11.057 1.795 216,396 18,196 Other staff costs 1.709 247,332 Page 24 Manchester Collective Notes to the Financial Statements for the.year Ended 31 March.2024 The monthl.y 3verdge numbeT OT persoiis (including senior management / leadership team) employed.by the charity during the Ye3reXpre￿ed as.full tlme equivalents was as follows:" 2024 No 2023 No Manasewnent and Administrats'ori 612023 - 6) ofthe aboveftmployees partiupated.Inthe Defined Coritribution.Pension sche17￿. Contnbutioiis tothe" employeE pension Schemes forth8 year totalled £11.05712023-£11.031)". No empty receiyed emoluments of.more than £60.0(Kl during the year The total employe. e benefts of key management personnel of the charity were £86.888.{20"23 -E88.000). The chief executwe offKer, asthe highest paid member of staff, received beneffts totalling.£46.888 (2023 -E48.OOQI. 12 Independent examinerfs remuneration ZOZ4 2023 ExamirMti¢in of the financial 5tatemeDts 3,OQO Other fees to examiners All otheF services" 3.840 5,090 13 Taxation The charfty is a registered tharity and is Eherefore exempt from tsxation. Page 25 Manchester Collective Notes to the Financial Ststements forthe Year Ended 31 March 2024 14 Tangible fixed assets Furniture and Equipment Total C05t At l April 2023 Additions Disposals .34.530 1,874 1,5851 34,530 1.874 11,5861 At 31 March 2024 34.818 34,818 Depreciation At l April 2023 Charge forthe year Elsmin8ted on disp05als 25.8£6 5.209 {1,113} 25,866 11,1131 At 31 March- 2024 29.962 29.962 Net book.value At 31 March 2024 4.856 4,856 At 31 March 2023 8,664 8.664 15 DebtOf5 2024 2023 Trade"debtots 53.648 37.a76 34.736 21,003 37,253 53,376 54 Prepayments AccrLred Èncome Other debtors 111,686 16 Cash al￿ cash equivalents 2024 2023 Cash atbank 61.803. 9,876 Page 26 Manchester Collective Notes to the Financial Statements for the Year Ended 31 March 2024 17 Credlors amounts faI￿ngdue within one year 20Z4 2023 Trade creditors Other loans Other tax&ton.and social sewrity" VAT creditor 49.657 43,866 30,000 10,248 1.142 Accrua 15.879 12,082 81?57 100,948 18 Perrsion and otherschemes Defined contrfjution pension scheme The chaitty op"erates a defined contribution pension scheme. The" pension £0st charge. for the year ￿presents contrlbution5 payablÈ bythe char.itytoU*.schEme.and amounted to £11,057 (2023- £IL"031.}. Page 27 Manchester Collertive Notes to the Financial Ststements for the Year Ended 31 March 2024 19 Funds Other. recogni5ed Eains1{losses) Balance at i April 2023 Incomirkg resource5 Re50uro5 e¥pended" Balance at 31 March 2024 Unrestricted funds Geneml Generdl Funds 9,278 76S,OtK) 1&72,8511 11411) IOQ,016 Restrirted fimds commis5iDned.Work5 Brit15h Council" International Proiects Granada Foundation 12.500 (12.51Ml) 20,OCKJ 93 19PJ3) 10,200 Total restricted funds 20,Q 13593 (23.393) 10,200 Total funds 29,278 778593 (1.4111 110,216 Included within ￿n￿$trIcted funds carried forward is £60,￿0 that has been paid upfront by. Art5."Counol EiiBland For fundin£to be used in the 2024-20251£20",QIX)) and.202>20261£40.0(Kl) financial yeais. Other Resources recognised Balance at 31 expended Eains/11055e5) March 2023 Balance at I April 2022 Incoming r&sour¢es Unrestricted funds Genernl General Funds 109.373 709.98Z {807.7931 12.284) 9,27B RestrÈcted commi55aon.ed Work5. British Council - International Projects Granada Foundatlon {16.1])O) 30.000 120.OLKJ} 20,000 Total restn.tted fund5 30,WO 29,000 {39,0(M)) 20,000 Total funds" 139,373 738.982 (846.7931 29,278 Page 28 Manchester Collective Notes to the Financial Statements for the Year Ended 31 March 2024 The specific purposes forwhic.h the funds are.to be applied are as follows: Commission Works-this is income5pecifKally received for arttst comnii5siors. British Cou¥EciI - IntematM)nal Collaljoration Grarrts This ￿ irKome re￿ived for a project - Partnership and Artist Exchanga This is a collaboration vlith Manchester Collective and ttje Nonvegian Chamberorchestra between countries UK and Norway. Granada Fovfjdation-to support Northem Voices artist development initiatNe" 20 Analysts of net assets between funds Trfal fund5 at 31 March 2024 funds General Restricted funds Tangible fixed.a5sets Current assets 4.856 177.117 {8L9571 4,856 187,317 181,9571 10,200 Current liabilities Total net assets 100,016 10.200 110,216 Llnrestricted tids General Total funds at 31 March 2023 Restricted fund5 Tangible fÈxed"a5sets Current asseES 8,664 121,562 1100,9481 IOL562 (1￿3348) 20.1XJO Current Ikabilities Total net assets 9,278 20.000 29.278 21 Analysis of netfund5 Atl April 2023 Financing cash At31fv1arch 2024 Cash at bankand in hand 9,876 51.955 61.831 Debt due wlthin one year 130,ONI 120,1241 30,000 Net debt 81.955 61,831 At31 March 2023 At l April 2022 Financing cash flows Cash at bank a.nd in hand 136.986 (127,110) (30.0001 {157,110) 9.876 Debt due withSD oneyear 130,0001 Net debt 136?86 120,1241 Page Manchester Collective Notes to the Financial Statements for the Year Ended 31 March 2024 22 Related party tsansactions Duringthe yearthe d)a" rtty".made the following related party tran5action*. Abel Selaocce (Abel Se5aocoe is.the partner of.tru5tee Ruth Gibson} During the year.he has been paid £9.(MJO and £2,44312023 - ￿2,746) as freeIance.£eir￿ (urator and".comp05er. Hiring decisions are made by Senior Management at arm's length from.the board. At"the balance sheet date the amount due to/from trj Abel seta￿)E was £Nil (2023- £3.5781. RosemaryAttree (Rosemary Attree is the partnerof.trnsteeJlick Trygstadl During the year sh.e has been pald £878.12023 £2,580) a5 f￿lance mulcian. Hiring decisions. are made by Senior Managerkient at arm'5 lenBth"from the board. At the balance sheet datr the amount due to/from. Rosem3ry Attree was £Nil12Q23-£Nilk Helen Gilman (Helen Gllman is &trusteel During 2023 Hele"n provided a loan of £30.0(Ml to the charty to a55tst with cash flow. The loan w35. repaid during this cUr￿ntyear. Atthe balancesheet.date the amount due to/from to Helen GÉlman w3s£Nil12023- £30.1￿0). Nick TryEStad (Nick Trygstad is a trustee) During the year he has been paid E4.822 as a ￿lli¥L Hiring decision5.are made by. Senior Management at arm'5 length from the.board. At the balan￿ Sheet date the amount due to/fiom"Nick Trygstad A•M.£Nil {.2023- £Nill. Ruth Gib50n (Ruth Gibson È5 a trustee) During the year.she has been paid £5,631.as freelan￿ Viol￿t. Hirlng decision5 are made by Senior Management at arm's len￿h from the board. Atthe balancesheet date the amount due tolfroni Ruth.Gibson was"£Nil12023"_£Nil). Page 30 Manchester Collettive Statement of Financial Acfivrties by fund for the Year Ended 31 March 2024 Total Total Unrestricted Unrestricted Funds Funds 2023 Income and Endowments fTOrn: DonatlOFIS.3nd"legacies CharitabFe activities 285,867 423,846 269 404.789 InvestmerFt income Other income 574 Total income 754JX) 709,982 Expenditure on: CharitabFe-acttvitye5 {661623) 1807,7931 Total expenditure {662.623} 1807,7931 Net income/lexpenditu￿?". 92.177 197,8111 Other recognised gains and 1055e5 Other gairÈs11055es IL43g) 12,2841 Net movement in funds 90,T38 1100,0951 Reconcilialion of funds Total funds brouEhtforward 9278 109,373 Total funds carriedforward IIXl.016 9,278 Thls page does notlorin part of the 5ta"fEJtory finantial strtements: Page 31 Manchester Collertive Statement of Financial Activities by fund for the Year Ended 31 March 2024 Total Total Restricted Funds 2023 Funds 2024 Income and Endowmentsfrom: Donation5 and leEacie5 Investment income 23.700 93. 29,000 Total income 29,000 Expenditure o Charitableactivtiies. {33.593) 139,0001 Totsl expendjture 133,593) 139,OODI Net expendi￿re 19.8QO) 110,OODI Net movement In funds 19.8001 iio,0001 Reconcifiation offunds Total ftsnds broughtfoDNard 20.￿￿ 30,000 Total funds rarriedforward 10,200 20,000 This page doe5 not form part of the statutory finanaal statement5: Page 32 Manchestercollective Detailed Statement of Financial Activities for the Year Ended 31 March 2024 Total 2024 Total 2023 Income and Endowments from" Donètions and leEacie5 {anAlysed bekm") Charitable actrvities (analysed below) Investment income lanalysed below) Other tsncomè {analysed b"etotsv} 373.141 314.867 423,846 269 Total income 778.593 738,982 Expenditure on: Charitable acbvÈties lanaly5ed below) (696.2161 1846,7931 Total expenditure (696.2161 1846.7931 Net incornel{expendt￿￿1 82.3TI 1107,8111 Other recognised gains arKI1055es Other gainsJlosses.Lanalysed below) 11.439) 12,2841 Net tnGvement in fitnd5 80338 1110,0951 Reconcilwation of fvnds Total funds broughtforward 29.278 139,373 Total fund5 carried frjnvard 110216 29,278 Thls page.doe5 not fomi part of the ststutory financial statement Manchester Collective Detailed Ststement of financial Activtties for the Year Ended 31 March 2024 Total 2024 Total 2023 Donotions ond.legocies Appea153nd donation5 Gift Aid tsx reclaimed 29.222 5,269 23.7tKI 125.250 189.700 13,508 2,785 Trusts and foundations Trusts 3nd foundations 95,000 174,574 UK Go¥ernmentgrants 373.141 314,867 Choritoble urtN1t￿5 Perfornian￿5 and othe¢Earned income Other income 339,568 84,278 423,846 Investmentincome Interest on (￿h deposits Interestx)nG75h deposits Other 93 li 258 93 269 Other income IProfit1/1055 on sale of tangible fixed assets held f(fr tharrtvs own.use 574 This page doe5 notform part of the statutory financial statements. Page Manchester Collective Detailed Statement of Financial Activities for the Year. Ended 31 March 2024 Total 2024 Total 2023 Charitable activities Projert costs. Project CGSts" Wages and salaries Staff NIC (Einployersl Staff pensions (Defined contributyonl- pension 5chemel staff welfare 340.977 33.593 212.921 17.342 464,218 39,000 216,396 18,196 11,031 1,709 1.795 7.628 13,321 1.260 536 TravelliiEg. Rent 11,069 1,205 727 Insurance Equipment repair50nd renewals Printing, postage and stationery Trade subscriptions Sundry expenses 63nk charges. Bank ￿￿te￿st payable Sundry expenses Advertising Depreciation Gf p.Iant and machinery Accountancyfees Independentexamineesfe"e Consultancy fees Legal professionalfees 591 9.346 loo 316 423 17 659 31.390 5.209 49,280 5,090 3,000 550 3.OLNJ 530 696.216 846,793 Other rarns11055es Foreign currency Igalns)nosses (1.439) 12,2841 This page doe5:notform part of the statuioryfmanoal"statemerit Page 35