Charlty reg15tratlon number: 116n25 Manchester Collective Annu•l Report •nd Fln•n¢l•l Ststsments for the Yeir Ended 31 March 2025 The Moffatts Partnershlp LLP Sulte 1.1, Flrst Floor, Jackson House Slbson Road Sale M33 7RR Manthester Collective Rtsence and NAminlstralfve DetsKs Tru5tees' Report 2tolO strtemerrt of Truste￿ Responslbllltles li Indep&thnt Examtnerfs Report Stateffl￿t of Flnandal k￿y1t 13 Balance Sheet 14 Cash Aow Staterne Notes to the finandal Statements 16to32 Manchester Colledlve Reference and Adrnlnistratlve Detalls Chalr D McKelth Chlef Ex¢¢utlve Olfker L Be8ble Trnstees H Gllman, I￿518ned 18th Marth 20241 N TryBstod H Wallace J Holden R Sheldon S M Nolan, lappolnted 18th March 20241 N 8ush, {appolntsd 9th December 20241 K A Salnt, lappolnted 9th December 2024) A A Henn1& lappolnted 9th December 20241 R Sln8h, C(￿rtIstIc Olrector J K Rodgman. CtrArtlstk Dlrector 1167125 Other Offlcers Chaylty Re￿$tratIon Number Prfndpal Olftce The Sharp Projert Thorp Road Manchester M40 58J lftdependent Exam1￿1 The Moffatts Partnershlp LLP Sulte 1.1. Flrst Floor, Jackson House Slbson Road Sale M33 7RR The Moffatts Partnershlp LLP Sulte 1.1. Flrst Floor. Ja¢k50n House Slbson Road Sale M33 7RR Pa8e I Manchester Collectlve Trustees. Report The trustees are pleased to present their anNal report for the sefftth year of the operatlon5 of the CIO {Manchester Colle¢tl¥e). This report concerns the flnandal year erKled 31 March 2025. The flnandal ststements comply wlth the Charltles kt 201L the Corstlttthn of the ao (Manchester Collectlve), and AccountFn8 and Reportlng by Charltle5: 5trteff￿t of Recommended Practk¢ applkable to charftles preparln8 the]r accounts In accordan￿ T￿th Nnandal Reportln8 Stsndard appllcable In the UK and RepU￿k of Ireland (FRS 1021. Manchester Collective b a Charitsble IncO￿ted Organlsatlon. arml Is 8ovwDed by Its Consththn, dated Awll 15. 2016. It15 re8istered as a charity with the Charlty Comm155lon. Appltratlons for membershlp must be approved by the trustees. As 31 March 2025, th￿e are n1￿ trustees Mne of w￿M have any finarKlal Nablffty In the event of the charlty wlndln8 UP. Recrultment of trustees Is led by the G(Y4ernan￿ and finance Subcommlttee, behalf of the Board and In accordance wth the Manchester Collecthe Trustee Recrnitment PofKy. The constliutlon states that the board should have at least three trustee5. wlth a maxlmum of t*￿Ve. The re(ruftm￿t process stsrts wlth the tthird 4reelng the need to appoln( and the IdentlAcaJon of any spedfic 5kllls that may be requlred from the r*w trustee. The process *ryll Include Intervlews wjth at least One board membw and the ￿0, recommendatkns sthltted to the board for approval. All new trustees must be fomwlly apwoved ty a majiyity of e￿$¢Ing trustees at a qu(Yate meellng ar#1 wlll ser¥* for an Inltlal term of three years. Trustees mwi be r￿ppoInted to a seC(￿d temi the same board n*eting approydl proces allowlng them to Ser￿ a maxlmum of 51x ￿[$ on ts boar In 2024-25 ￿ trlalled the Inclusl¢M of t*Y> ￿uth r￿reSents1J¥e% These are youn8 pe(yle aged 1&24- stsjdents stlll In fulktlme eduCa￿on at the Royal Northem Colle8e of MUSL In autumn 2024 Malsy Shaw Ipost8raduate flautlstl and Poppy WorthlngtoTrHarrts (undergraduate slngerl were ￿ruIted through an open call wlthln the conservatolr< wlth selectlon InteTrfjews conducted by the Chief Execut￿. Cholr and one other Ser￿n0 trustee. The purpose of having youth representstlves Is twofold: to galn an addftlonal perwcllve from the emerglng generatlon of profe551onal musklans; and to provlde governan￿ Insltht for t￿ Students hWn8 to fowge careers TArythln arts and culture 8w)eralty, or dasslcal-muslc wiftcally. Youth reprewtsti*s are trn the same onboardln8 d￿Urnents a5 5ervlTr8 trustees. They moy attend both full board meetin8S 5ubcommlttee meetln85, ènd the Board Aw•y Day. However. they do not h•¥e votlng rlghts. do not Count towards quorum. and may be asked to absent themselves from any sen51tl¥E dlscusslons for e￿Mple around HR. salarfes and/ortt* raisthg of serlous or 5af4uarding Issues. New trustees VAII r￿1ve an 0n*Oarth￿ pack of InfwrrhiUon Indudlng the constltuuon, trustee tenns of reference document the latest annual report and ststement of accounts, c¢ple5 of mlnutes from recent board meetln8s, recent monthly board reports and other reknntlnformallo The Chalr and CEO wlll coThlutt Inductlon seSsIor￿ to tske the new trustees throu8h the ojrrent stratsgic and ¢Jperatlng plans and anv4Rr any questlons. Additlonal meetln8s with other trustees and the Manchester Coliectlve team wlll take place as necessary, depen(lin8 on the spedfic ro￿ of the new trustee. Trustees are aKoura8ed to attend external tralnln8 that may be avallable to f•¢ilitsts the undertaklng ofthelr new Manchester Collertive Trustees, Report Arrnngementsfvrsettlnqkey manaoenwrtpemmelremunerqdon The pay of senlor stsff Is ￿VIeWed annually •$ part of the budiet-settSn8 process and the overall Man¢hester Colle¢U¥e salary pollcy. Remunerjtlon for senlor stsff Is managed by the Governance & Fhance subcommlttee. In prlndple. pay wlll be In Ilne wlth Indlvldual role and benchmarked comparlsons. Roles In slmll•r artlstlc organlsatlons Includlng charltles wlll be used to pTovlde approprlate benchmark5. Salary pollcy and Increases wlll be a8reed by the board as part of the annu•l budget-settln8 Ixocess. The board of trustees Is responslble for overseeln8 the operatlon of Manchester Collectlve and ensurln8 that It Is beln8 fun attordln8 to the prlndples of the a8￿ed constltutlon. The Chlef Executlve has been •ppolnted by the trustees ta manage the day-to-day operatlons and has dele8ated authorlty to take declslons on opwatlonal matters Sndudlni finance, ernpioyment, sustslnablllty, artlstlc dlrectlon and pro8ramme. The board meets quarterly for • full bo•rd meetln& and there are three establbshed sub26 finandal year- to woduce a >year pkn to untspln than. Thls Is an orlanlsatlon now putt7￿ dTh¥n strong root& Throu8hout the ltsdershlp transltlon we have retalned our reputation as an ambluous pioneer . know from intemational coThferen￿ panels. publlcatlon5. than8ln8 pro8rammln8 and conserlatolre curricula that Manctr• Cdecfjve has been a benthmark for Innovatlon. One Intunatlonally-renowned ¢ontemporarycomposer recendy COMM￿ that •Aanchester Collectlve Is dolng some of the most Intere5Vn8 work In the world wlthln the fiekl of dasskal m￿1￿. Wlth a tlny core staff team thls has been achle¥ed by dlhgent plannin& wholehearted coffrnltment and unerrlrq creatl¥e ambition. • We defivered 44 nve wfomiances acros5 a ran8e of UK venues • Outsth ofthe UK we perfom*d In 19 ¢itte5 across a)nOnwrtal Europ4 Canada •nd the US4 itsl Htshl*hts • ¢)Jr ¥￿bSIte had 39,7CKI users 26% of whom V￿re International. Of our 76% Brltlsh vlsltor4 28% were from Lond and 8% from Manthester. • Across our acifve Go Pen8uln, Abel Selaocoe and Hanla Ranl ' release of Spell Book performed and recorded by Man¢hester Collertlve wlth muslc wrltten by Freya Waleyone mentorshio, workshop4 an Inten￿¥? tW￿daY re51dency. sho*rase perftyfflan￿ and acce$5 to Infi￿ntIal professlonal networks plus publlc association wlth the MancI￿Ster collec￿ brand. Crudalty. It places c￿ value on the ueatl¥e process rather than cornmisyonln8 a finished work We received an overwhelming response to the Call￿UL 193 applkatlons allowed us to gather rfch dats aboutthe klThl of obstsdes that exdude tslented creators from contemporary dasslcal rnu51o The first workshops be8an In March 202S and already we have had Interestlng sesslons eyploring how mlgrant artlsts can brlnl their own cultural herits8e to western da55kal musk. how we can find a shared musical lan8ua8e and expel of the fears/myths around thls art forni. In partlcular, partlclpants blovm away by the dlscoverythat our MU￿Clan5 can Interpret drawln8s and words, s￿h as the 8raphk SCO￿ of Nell Hamilton and Geor8e Crumb. and that musical ideas do not always have to be tran51atsd Into r￿tsted manwW We hope that over the next three years thts 5theme wllj become embedded In the UK'S talent development ecology. and that Tht'll see alumnl from the stheme on the radar of commI￿￿Ing orches￿$ and ensembles. The programme's sho*rase event In ￿1¥ Is d**d to dolust thaL WSthln the core dasskal world. we were Invited thls year to ernba￿ on a partnershlp pro8r4ffwne wlth the Royal Northern Colle8e of Music whith wlll see a MarKhester Collectfve Studio at the con5ervatolre from September 2025-July 2028. Thls ￿1] be • p05t8raduate tralnln8 prOgraMff￿ for strlng playss wish to forge a creat1%* career outslde of the tradltlonal orchestral structur& Several wlor irKlustry 118ure5 su88est&l that we hawd a unlquefy creatlve 'produ¢Y that ciwld enrlch not only UK spedallst tralnlng but also the pro8rammes of European classical mulc Institutlons. Alongslde Ngher educaUon. a ¥ltsl component of our train1￿ ts the corKurmt employment opportunjtles for freelance Perforn￿r$ and creatlves - TA* are commltted to emboldenln8 the emploYTh￿t plpellne In northern England and have a proven track record of tak￿￿ a rlsk on uner8in$ perfonners rather than defaultln8 to established name& We would expect these fdcets of our to Strengthen oveJ the comlng yeats. Manchester Collectlve Trustees. Report FlnJndJl revlew Totsl Incomlni resources forthe year amounted to £903,28312024- £778,593). Income from tharitsble actlvltles Increased 10 £613.61012024- £404,785). Totsl expendlture forthe yeartotalled £792,59512024- É696,2161. The overall results for the year are a surplus of £99,11812024. £80,938). The total reserves of the ch8rlty at 31st March 2025 •re £209,334 {2024 . £110,216). The unrestrkted reserves are £182.834 (2024-£100,016) and the restrlcted reserves are £26,51)012024- £10,200). For the second ¢onseeutlve year ma￿hester Collectlve h&$ mode excellent progress towards meetlni Its ￿selVeS tsr8eL Prudent control of project budgets, several successful Intematlonal tours comblned wlth recordln8 work for commerclal art15ts meant that earned revenue was Stron8. IndlvSdual ilvln8 surpassed target and the or8onlsatlon was able to bulld on the modest surplus acuued at the end of Pl 2023.24. In the current fundln8 / tlnancljl ¢llmats bulldln8 reserve5 Is extremely dlfflcult and the CIO h45 been resolute In Its focus. There contlnue$ to be stron8 publlc demand for our work In both the UK and, Increasln8ly, In ¢ontlnent•l Europe. M¥xlmlslni earned Income In futuie finan¢l•l ye•rs wlll be key to the contlnulng healthy growth of the Collectlve. The charltys prlndpal sources of fundral$ed Inmme •re ioNprnment irints, and grants from trusts •nd found•tlon% Voluntary In¢ome Donatlons In FY 24125 rose materlally from the pre¥lous year, desplte human resource In thls are4 beln8 $18nlfi¢antly reduced (Unda 8e8ble, the organ15atlon's sole fundralser, took on addltlonal responslbllltles as Interlm, then perm•nenL CEO). We contlnue to monltor the fundralsln818ndscape Closely to ensure thit tsr6ets are set r￿PonsIbly. Reuulknent for add￿10nd1 fundr•lslng stsff wlll be a prlorlty In early 2025. Page 9 Manchester Collectlve Trnst••J' R•port Manthestei Colknlve alms lo mfvlhiiln fei?IVPl Ai whkh t*HI en•1￿• lh• oipniiollon IO PItr￿ for eontln8enc*s. wiihsl•rrtl perlodj ol pool tr•dI￿ rnndllloni oi, In e*lt•m• i*tumsl•nces. to manay • Ivndament•l re5tnthre. or orderly wlnd41Lwn. ol Iii •dlvltles. Ihe liusleP.s èslJbllJhed Ih? l•vel d rtseives lihm Is lunds th•t are freel¥ mllbblel ihat the rharlty ihovld Mle•lly h•¥*. Thv cuireni le¥el oe1erml￿d Idevlsed to cv4er Cl(Ys corn tosts loi J pedod of three months) 1% f lJO*. MJrKhestei Collertfve aims to make a sm•1 surp￿5 ihrouih Its eN•ymentJ. li Is Intended that ary s￿h Sufplus wlll be used to ensiire t￿t the ￿Se￿o$ ts Khle¥*d •nd m•lnl•lnod. Addlllon•lly. It IJ InteNled th•t my su¢h wrplus *lll lje L¢sed as a c¢ntlwency Ivnd In order to ollecthtly manw •ny de¥l•lbDnS In Iwdyt expectstlofis, Ineludlry bad detrts. or to asstst In fft•Intsln1￿ • Cash fiow b•l•nct If Tequlred. thu•nSMtloMI UTh￿tr￿d reseThes •t 31 M•vth 2Q25 •re £182,834, however £40,0￿ af the ra¢r¥es been p•kl pfront by Art5 Cwncll En85)nd for fvndlni to be used In the 202>2026 financ￿1 yeaf. Il we dlscount tt* •&NAnced fvndlng our reservès %Kiukl be £142.834. In such ¥olatlle economk condltlons, trustees have determlrd that a methodkal and rteady pace of yowth Is essentlal to malntalnlni thls level of orynlsatl￿l reser¥￿. As such, tTUStees Im to complete the ¢urTtnt buslne55 cyc* IM•th 2026} wlth the mlnlmum level ol reser￿ at É130.(XJ). There•re r•0 funds In deft The trustees ￿Ve r￿1￿**d ￿Ing c(xK¢rn and are ￿tISfied t￿t the ch•rlty ¥AII remaln a 8oln8 concem for J ptrlod In e ènnu eport TW approved tythe trustees ofthe charityon 23 Juty 2025 and s*ned ￿ Its behalf bv: D McKelth Chair and trustee Page 10 Manchester Collectlve siatement of Trusteeg, R•Jponslbllltles The twstees I￿ It5ty)nslble loi the liiiitvos. iewjrt •nd ilie IinaiKlo1 stAtem*nls In •cccrfd•rte wilh the Unlted Kln8dom Actwrtii￿ si•ndards Iunlted Kiwlom Genei•lty At(ppletl Atfounll￿ Plrttkel and applk•ble kThv •nd rewtsllons. The l•w applk•b* to C￿rfl*S r*4yltY5 Ihe In15tre% lo prep•T* IIMrKb•l iiAlemnts loi Iln•nclal year whkh Éive • true f•lT vlew ol the state ol iffa115 01 the thDiRy d lthe IN0Ml￿ rvwuicej Ind •pplk•ilon ol resources of the chlrityfor that perlod. In preyrln8 these flninclal $18tements, the trusteei •ie requlied to.. selea sult•ble accwnlln8 Okles and then •ppty them ¢wl$lent￿. Obse￿ the mèthods Ind prIncIp￿S In the Ch•itt*s S(XlP; make judgements 4rn4 esllmltes thal reasonable pn￿¢ stste T￿et￿l applklble xcountl￿ stsfrtlards h•¥e been lollowed. subled to ary m•tert•l dep•rtures d￿¢￿Sed and eMplalr*d In the fiMn¢ial 5tateirthts; and the fbMnd•l slaten￿ on ihe ¢oncern basb unless It b IMpprOpr￿ to presume thrt ch•rlty wlll ContIN￿ In twslne5& The ttUStees •re re4￿nsIb* tor keeplni proper accountlni record5 thit dlxbse wlth re•scrtuble ac¢uw It •ry tkn¢ finandjl P￿I￿On of the th•rify and t￿ble them to ensure that the flnI￿al st•tements c¢mpty wth the Chorlljes AL% 2011. the Charl￿5 (Accounts and Reports) Rryu1athY￿ 2(1)8. and the pThlskns ol the constitsrtFon. The trU5tee5 are •14> Its￿rth for *Idl￿ the assets at the th•rlty aThl henry ftytsklry reasonab￿ stops for the pre¥entlon and detettion of frjud and other Irre￿I)rItIe* The tfustees are re5ponslble lor the malnteNnce •nd Intrfv of th¢ cThporitr •nd flnan¢l•l InfomiatlDn Induded on the charttsblt comp•ny's *tbslte. Leetskni ltyernl￿ the yepratkn •nd dlssemSn•tkm of IlftJn¢￿I ststements mav dlllerfrom *l•kn In otherlurlsdlth Appr bytt* trnsttts of h hlthon 23 July 2025 s*d on ￿ bth•K ty: D Mdelth Chalr andtrurtee Pwii Manchester Collertlve Independent Examinevs Report to the trustees of Manchester Collectlve I reportto the trustees ¢)n my examlnatlon of the accounts of Manchester CollectSve for the year ended 31 March 2025. Resplinslbllltles and basls of report As the ¢h•rrty trustees of Manchester ColleCt￿e you are re5ponslble for the preparatlon of the accounts in accordance wlth the requlrements of the Charltles Act 2011 (Ihe ACV). I report In re5pert of my examlnatlon of the Manchester Collectlve's accounts carrled out under sectlon 145 of the 2011 Act and tn ¢arrWng out my examlnatlon I ha¥E followed all the applicable Dlrections 8l¥en by the Charlty Comm155ion under section 14515llbl of ihe ACL Ind4endent examIne￿$ ststement Slnce Manthester Collectlve's gross Income exceeded £250mO your examlner must be a member of a body Nsted In sectlon 145 of the 2011 Act. I conftrm that l am qualified to undertake the examlnatlon because l am a member of the Instltute of Chortered Accountsnts in England and Wales. whkh is ¢)ne of the Ilsted bodle% I hève completed my examlnatlon. I confirm that no materlal matters have eome to my attentlon in connectlon wtth the examlnatlon giving me cause to belleve that In any m•terlal respect: L accountlng ￿e0rd5 were not kept In respect of Manchester Collecll¥e as requlred by sectlon 130 of the ACL. or l the account5 do not accord wlth those records; or 3. the accounts do not ¢ompty wlth the accountlng requlrements ¢orternlng the fom and content of accounts set out In the Charltles (Accounts and Reports) Re8ulatlons 2008 other than any requlrement that the accounts ¥lve 'true and fair view, whlch is not a matter con51derad a5 part of an Independertexamlnatlon. I ha¥È no concems and have come across no other matters In conne¢tion wlth the examlnatFon to T*thlch attentlon should be drawn In thls report In order to enable a proper understandln8 of the acciwnts to be reached. hn Saxo ute of red Accountsnts In England and Wales e Moffatts Partnershlp LLP Sulte 1.1, Flrst Floor. Jackson House Slbson Road Sale M33 7RR 23 July 2025 Pa8e 12 Manchester Collectl Statsment of Finandal Actlvltles for the Year Ended 31 March 2025 Totsl Totsl tlonatlons and *des Charftsble •etl¥ltles Investment Income 220.014 613,610 289,242 613.610 431 373,141 404,785 93 574 431 Other Income Totsl Income 833,624 69.659 903,283 T18.593 Expendltyre on: Charitsble actlvStles 53J59 792,5951 696.216 Total expendlture 53.359 792595) 696,216 Net Income 16,300 110.688 82,3TI Other reco￿1$•d ylns and Iosms Other8alnsllosses (11￿?0 IL570 1.439 Net M0￿ment In fvnds 81818 16.31JO 99,118 80?38 R•condll•tl•n of funds Total funds brouiht forvArd ICKI,016 10,200 110,216 Tot•1 funds e4fTled fonnrd 182.834 26,500 209,334 110,216 All of the ¢harlty's •ctlvltles dffl¥e from contlnuln8 ¢x)erntlons durln4 the above two perlods. The funds br￿kdo¥￿ for 20241$ $l￿wn In note 19. The notes on pa8e$ 16 to 32 form an Inte8ral partof these flnarKlal stataTr￿. Pay 13 Manchester Collectlve (Reglstratlon number: 1167125) Balance Sheet as at 31 March 2025 2025 2024 Not• Flxed •ssets Tan8lble assets rreffl •SS*ts Debtors Cash •t bank and In hand 1,617 4,856 15 117,615 IdO,016 257.691 125.514 61,803 187,317 181.957 16 149,969 Credltors: Amounts hlllr4 due wlthln one y•ar 17 207 722 105,360 209,334 110,216 Funts dwrfty: 19 26,5 io,x Restrkted funds unrn5trl￿ Income fvnds UnreStrf￿ fvnds 182,834 l(M),Q16 110,216 19 209.334 Total lunds The flnanckjl #atements on pages 13 to 32 were approved by the trustees. and authorlsed for1s5ue on 23 Juty 2025 and thelr behalf by: D McKelth Chair and trustee The notes on pa8es 16 to 32 forni an Integrdl part oftl*se flnandal statements. Page 14 Mancherter Collectlve Cash Flow Statement for the Year Ended 31 March 2025 2024 Cosh flthys from operatlnz actl¥ltles Net cash Income 25,545 80.938 Adluslments to cash flows non4ash Items Depreclatlon Investrptht Income 3,243 431 5,209 93 28,357 86,054 Worklnl capltsj •dJustmeThts DecreJse/llncreasel In debtors IOe¢reaselllncre•se In credltor5 15 81,054 131,569 {13,8281 11,009 17 Net c•sh flows from operatlni actMtle5 77,842 83,235 C•sh from Investln8 aCtl¥ltles Interest recelved Acqulsltlons of tsnglble assets Pr4)ceeds from sale oft•n8lble auets 431 93 IL8741 473 Net ¢a$h ffiows from Investln8 actI￿tIes 431 (1,3081 C•sh Il•M from ftnandni acthiiil•s Repayment of bank borrowln8S 30,OIX) Net Incre•se In cash Ind c•sh equl¥alents 78,273 51.927 C•sh and cash equlvalents •t l Aprll 61,803 9,876 Cash and cash equlv•lents at 31 March 140,076 6L803 All of the cash flows are der1¥￿ from ¢ontlnuln8 operatlons durln8 the ab￿ two perlods. The notes on pales 16 to 32 form an Integral part ofthese flnanclal statements. Page 15 Manchester Collectlve Notss to the Flnanclal Statsments for the Year Ended 31 March 2025 l Accountlng polldes Staiement of compll•n The flnanclal 5tstements have been prepared In accordance wlth the second edltlon of the Charltles Statement of Recommended Pfactke Issued In October 2019, the Flnanclal Reportln8 Standard appllcable In the Unlted Klnidom and Rewbllc of Ireland IFRS 1021 and the Charlttes Act 2011. Juls of pieparatlon Manchester Collectlve meets the definltlon of a publlc benefit entlty under FRS 102. The accounts lfinanclol statements) have been prepared under the hSstorlcal cost conventlon wlth Items reco8nlsed at cost or transacllon value unless otherwlse stated In the relevant notrf51 to these accounts. 1Soln8 concern The fln•nclal statements have been prepared on • aoln8 coneern basls. The trustees •sses$ whether the use of lolni concem Is approprl•te l.e whether there •re any rnater1￿ uncert•lntles related to events or condltlons thot may cast s18nlfleant doubt on the 4blllty of the charlty to contlnue ¥5 a golni ¢1￿ceM. The trustees m•ke thls assessment In respect of a perlod of one year from the date of approv•1 ofihe fln•nclal $tstements. In¢ome and endovffiiqnts Voluntary Income Includln8 donatlon4 8lfts, le8a¢les and 8rants that provlde core fundlng or are of a leneral nature Is rew8nlsed when the Ch•rlty has entitlement to the Income, It 1$ probable that th¢ Income wlll be recelved and the amount can be measured wlth sufficlent rellablllty. Where Income has related expendlture las wlth fundralsln8 or contract In¢omel, the Income and relatsd expendlture are reported gross In the Statement of FIna￿l41 Actlvltles. I>DMtlons andl8qa¢le$ Oonatlons and leaacles ire recognlsod on • recelvoble basls when r¢¢elpt 1$ prob•ble and the omount c•n be rellablv measured. 6mntsrecefvobl¢ Grants are reco8nlsed when the charlty has an entltlement to the funds and any condltlons Ilnked to the 8rants have been met. whe￿ perfomiance condltlons are attached to the 8rant and are yet to be me( the Income Is reco8nlsed Is Ilablllty and Included on the balance sheet as deferred Income to be released. InKstmentlncome In¥￿tment Income Is reco8nlsed on a re¢elv4ble bas1& P88e 16 Manchestsr Collectlve Notss to the Flnandal Statements for the Year Ended 31 March 2025 Eyndlture All expendlture Is reCo￿lsed once the￿ Is a le8al or constructfve obftgakn to that expendlture, It ts probable settlement Is requlred and the amount can be measured rel1•￿y. All costs are allocated to the appllrable eXp￿xI1tUre headlni that 488re8ate slmllar costs to that cate80ry. Where costs Cannot be dlreth attrfbuted to ￿rtICular headlngs they ha¥e been allocated on a basls conslstent with the use of resources, wlth central stsff Costs ¥lioc•ted on the basls of tSme spen( and depreclatkjn tharges allocated on the portlon o* the asseys use. Other sLw*port costs a￿ allocated based on the spread of stsff cos Charitsble expendlture comprlsts those costs IrKurred by th• thirlty In the dell¥ery of Its actI￿leS and swvlces for Its beneft¢larles. It Includes both tosts that can be allrKated dlrectly to Ktlvltle5 and those costs of an Indlrert nature necesury to wppgrt them. Support costs Support costs Indude central lunclk)ns •nd have been •llooted to cost cateiorfes on • b•sls ¢onslstent wlth the use of resources, for example. allocatlni propetty Costs by Iloor are•s. or per captta, staff costs by the tlme spent and other ¢*)sts by thelr usa8e Go¥•rn•nce costs These Include the costs •ttrlbuts￿e to the charws compllance vAth constllutton•l •nd st•tutory requlrements. Indudlni •udlL strate81¢ mnalement and trustees meetln8s and felmbursed expenses. G￿￿Mm•￿t arants Government yants are recqnlsed based on the accrual model •nd •re measured at the falr value of the •sset rttelved or recelvable. Grants are dasslfled as relatln8 elther to rth*nue or to •S5ets. Grants relatSn8 to revenue are recoinlsed In Income over the perlod In whlch the related ￿sts are reco8nlsed. Gronts relotlng to assets are reco8n15ed over the expected useful Ilfe of the 4sseL Where of i yant relatkng to an asset 1$ deferred, ft Is recoinls¢d as deferred Incom T•xatlon charfty Is consldered to Pa￿ the tests set out In Par•8r•th I Sthedule 6 of the Flnance Act 2010 and therefore It meets the definftlon of a charitsble company for UK eorporatlon tsx Purpo￿ Accordlndy. the charlty Is potenthlly exempt from taxatlon h respert of In¢ome or ca￿1 8alns recelved ￿thIn categorfes covered Chapter 3 Part 11 of the Corporatlon Tax Act 2010 or SecElon 256 of the Taxatlon of c￿r8eable Galns Act 1992, to the extent that such I￿lme or 8•ln$ Ire applled exdusl¥ety to charltsble purpos Tan￿ble fixed 4swts Indfvldual fixed assets u)StI￿ £IIXI.CKI or more are Inlilally recorded rt cost Depredatlon and amortlsatl OeprLxlatlon is provided on tan8lble flxed assets so a5 to wrke off the cost w valuatlon, less any estlmated resldual value, 0￿r thelr expected useful econornlc Ilfe as foll(v•ts: Pw17 Manchester Collectlve Notes to the Flnanclal Statements for the Year Ended 31 March 2025 Depredailon method and rate 33% Stralght Une Basls Equlpment Trade debtors Trade debtor5 are amounts due from customer5 for mercharKllse sold or seTvlces perfomied In the ordlnary course of buslne5 Trade debtors are reco8nised Inltlalty at the transattion prlce. They are subsequently measured at amortlsed tost U51n8 the effecd¥e Interest method. less prov155on for ImpairmenL A provSslon for the Impalrment of trade debtors Is estsbllshed when there Is objectlve evldence that the charfty wlll not be able to collect all amounts due according to the orl8lnal terms of the recel¥able& Cash and equlvalents Cash and cash equlvalents comprlse cash on hand and call deposlts. and other short-term hlghly Ilquld tnvestments that are readlly convertlble to a known amount of cash and are subject to an In*nmcant r5sk of change In value. Tr•de uedltors Trade credltors are obli8atlons to pay for goods or Serv1￿ that have been acqulred In the ordlnary ¢our5e of buslness from suppller5. Accounts payable are classrfled as current Ilablllttes If the doe5 not have an uncondltlonal rlgh¢ at the end of the reportln8 period. to defer settlement of the credrtor for at least twdve months after the reportlng date. If there Is an unCondI￿onal rlght to defer settlement for at least twelve months after the reportlng date, they are presented as non-current Ilabllltles. Trade ¢redltors are re¢o8nised Inltlally at the tran5actlon pr￿￿ and subsequently measured at amortl$ed c05t uslng the effedive Interest method. Page 18 Manchester Collertlve Notss to the Finandal Statements for the Year Ended 31 March 2025 Ftyelaft exchan8e Transactlon5 In forelgn currencles are recorded it the rate of exthange at the date of the transactlon. Monetary assets and Ilabllltles denomlnated In fO￿Ign currendes at the balance sheet date are reported at the rates of exchange prevaillng at that date. The results of overseas oper•tlon5 are translated at the average rates of exthan8e durfn8 the perlod and thelr balance sheets at the rates rulln8 at the balan¢e sheet date. Exchange dlfferences ar151ng on translatlon of the openln8 net assets and results of overseas operatlons are reported In other comprehenslve income and accumulated In equlty {ottrfbutsd to nontal 2024 Independent exomlner fees Examlnatlon of the financlal statements Otherfees pabd to exarnlners Other iovemance corts 3,000 3,540 3,000 3,540 787 6,540 6,540 Pale 23 Manchestsr Collectlve Notes to the Financlal ststsments for the Year Ended 31 March 2025 8 Government 8rants Grants have been recelved from the Arts Councll England. The amount of grants recognised In the financlal statsrnents was £IOO.00012024- £189,700). 9 Net Incomlnglout8oln8 resour¢os Net Incomln8 resources for the year Include: 2024 Depreclatjon Off￿ed assets 3,244 5.209 10 Trustees remuneratlon and Q￿enSeS Durlng the year the charity made the followlng transactlons wth trustees: N Trygstad N Try8Stad ￿ee7Ved remuneratlon of £4,68212024'. £4,822) durfnB the yeaf. Nl¢k Try8Stad Is a muslclan and has been remunerated as a freelance musiclan. S M Nolan S M Nolan recelved remuneratlon of £3.71312024., £3,811) durlngthe year. Sara Margaret Nolan wa5 •ppolntsd trustee on 23rd June 2024. Sara Maryaret Nolanls • muslclan and has been remuneratsd a5 a freelance mu5iclan. R Glbson R Gibson recelved remunerallon of £NEI {2024.. £5,631) durlng the year. Ruth Glbson was no longer 4 trustee In the 2024-25 tsx year. Ruth Glbson Is a musidan aftd has been remunerated as a freelance muslclan. No trustees have received any re1m1￿rsed expenses or any other b￿efft$frOM the tharlty durln8the year. Pa8e 24 Manchester Collectlve Notes to the Anan¢lal Statements for the Year Ended 31 March 2025 li stsff Costs The a￿regate payroll costs were as follows: 2025 stsff costs durfng the year were: Wa8es and salarles Social securlty costs Penslon costs 222.210 18,430 IIN54 212.921 17.342 11.057 1,795 Other5tsff costs 252,166 243,115 The monthly average number of Per%￿￿ Ilncludln8 senlor management / leadershlp team) employed by the tharlty durln8 the year expressed as full time equfvalents was as follow5: 2025 No Management and Admlnlstrntlon 6 (2024- 6) of the above employees partktpated In the Deflned Contrlbjtlon Penslon Scheme5. Contrlbutlons to the wnployee penslon schemes for the year totslled £11,160 (2024- £10.7631. No employee recelved emolumats of morethan £60,000 durlngthe ￿ar The total employee benefits of the key management personnel of the charlty were £138,307 {2024- £100.7221. The chlef executlve offlcer, a5 the hlghest pald memberof stsff. recelved benefits totsllln8 £64.08512024- £54.448). 12 Independent wmlner'$ rnmuneratlon Examlnatlon of the finartlal stateM￿ts 3.000 3,IX)O Oiher fees lo e￿rn[ner$ All other seNlces 3,540 13 Taxatlon The charlty Is a reglstered charfty and Is therefore exempt from taxatlon. Pase 25 Manchester Collectlve Notes to the Flnanclal Statements forthe Year Ended 31 March 2025 14 Tan8lble fixed Furn1￿re and Ipmtht Total At l Aprll 2024 34.818 340 At 31 March 2025 34.818 34,818 Depredallon At IAprfl 2024 Charge for the year 29,963 3,243 29.963 3.243 At 31 March 2025 33,206 33.206 Ne¢ book ¥•lue At 31 March 2025 1.612 L612 At 31 March 2024 4,855 4,855 15 Debtors 2015 2024 Trade debtor5 31.21x1 11,187 73,299 L929 Prepayments Accrued Income Other debtors 37.076 34.736 117,615 125,514 16 C•sh and ￿$h eqy1¥41ents 2024 Cash at bank 140,076 61.803 Pa8e 26 Manchester Collectlve Notes to the Hnanclal Statsments for the Year Ended 31 March 2025 17 Credlttys." amounts wlthth (￿e v Trade credltors Other tsx•tlon and s¢xlal securlty VAT credltor Cruals 33,532 49.657 L142 15,279 15,879 IL465 4,972 49.969 81.957 18 P•nthm •nd other Kh•m The eharlty operates a defined Contrlbutlon penslon sthem& The penslon cost ch•rye for the year represents contrlbutlon5 payable by the tharlty to the scheme Ind amounted to UL45412024- £ILO57). Page 27 Manchester Collertive Notes to the Finandal Statements for the Year Ended 31 Marth 2025 19 Funds Other Balaft￿ at I Incomlns Resouwces recognlsed Balance at 31 Aprfl 2024 resour￿ expended 8alns/(losses) Marth 2025 Unrestrkled Genernl General Funds l(Kl.016 833,624 1739.23 (11.5701 182,834 Restrlcted fvnds Brltish Council- Irrtemallonal Projects Cockayne FoUnda￿On Albert & Eugenie Frost Musk Trust 10,200 (10,200) 18,0001 3,500 Artlst Ikn?lopm￿t Proyamme Vaughan Wllllams Foundailon Royal Holloway of London Fldelio Trust SCOPS ArtsTrust 26J)00 18,OlX)) {3,000) (14.728) (1s00} 18,1)OD 14.728 PRS Foundatlon Be￿fid 8ordws (7.S(K>l 431 ￿431) 69,659 153359) Intuest on re5trfcted resw¥e5 TO1￿ re5￿Cted fwmls 10.21x1 26.500 Totsl funds 110,216 903.283 ￿1595) 111,570) 209.334 Included wlthin unrestrlcted fvn(ts carrled far¥Ard Is £40XKKI that has be￿ paid upknt ty Arts Coundl En8land for fundlng to be used In the 202>2026 flnandal year. Pale 28 Manthester Collectlve Notes to the Hnanclal Statements for the Year Ended 31 Ma￿h 2025 Other feco8nlsed 8•lance at 31 8•IDs1(Iwses) Marth 2024 B414n¢e at I Aprll 2023 In¢omlnB resources Re$our(e$ expend Unrestrtcled funds 6en8ml GenerAI Funds 9,278 765,000 16n.8511 11,4111 100,016 R¢strlcted Commlssloned Works 8rftlsh Coundl- Internotlonal Projects Gran•d• Foundatlon 12,500 112,5001 20,000 93 19,8931 10,200 Total r¢•trlrtqd funds 20.000 13,593 23.393 10,200 Total fundl 29,278 778,593 1696,2441 1,411 110.216 Pale 29 Manchestsr Collectlve Notes to the Flnanclal Statements for the Year Ended 31 March 2025 The speclfic purpose5for whlch the funds ère to be applled are as follows: Commlsslon Works- th151s Income spedfi¢4lly re¢elved for artlst commlsslon% 8rltlsh Councll, Internatlonal Collaboratlon Grart. Thls ts Income recelved for a collaborntlon betwe￿ Manchester Collertlve ond the Norwe8lan chamber Orchestra. The proJect15 now compfete. GrarAda Foundatlon-to support local artlst development CoL*ayne Foundatlon- to support the development and dell¥ery ofcornmlssloned new muslc perfomied In London. Albert & Eugenle Frost Muslc Trust to support the development and dellvery of chamber musk activity wlth dlsadvants8ed young strlng players In central Manchester. Artlst Development Programme- to support the development and dellvery of Manchester ColEectlve EXPERIMENT& an artlst development programme deslgned to support underrepresented muslc creators *+KJ have eXperIe￿ed barrlers to the world of contffnporary classlcal musk. Vaughan Wllllams Foundatlon - to support the premlere of new work ￿ composer Laurence Osborn, for planlst Zubln Kan8a. Royal Holloway of London - to support the development and perforniance of new work by composer Laurence Osborn, for planlst Zubln Kanga. Fklello Tru5t- to support commlssloned new work In the 202*25 •rtlstlc season. SCOPS Arts Trust - to support the development and dellvery of The Turnln8 •nd assocl8ted work wlth dlsadvantaged young musldans In central Mand*ster. PRS Foundatlon Beyond 8otders - to support commlsslonlng and tourlng work wlth Fergus Mccreadle Jazz Trlo (The Unfurrowed Fleldl. Pale 30 Manchestsr Collertlve Notss to the Flnanclal Statements for the Year Ended 31 March 2025 20 A￿￿$ of net assets between funds ilnresirlrted funds General Total funds at 31 Moyth 2025 Rertrfct•d funds T¥nilble fixed assets Current 855ets 1,612 231,191 49,9691 L612 257.691 149,969 26.500 Current Ilabllltles Total net •ssets 182,834 26,500 209,334 Unrestrlrtod htnds a•ner41 Total funds It 31 Mirth 2024 Rostrf¢t•d funds TOn￿bIe￿Xed assets Current amets Current Ilabllltles 4,856 177,117 81,957 4,856 187,317 81,957 10,200 Totsl net •ssets 100.016 10,200 110.216 21 Analy￿% of net funth At l Aprll 2024 Flnandn8 ￿1h At JI M•rth 2025 Cash at bank and In hand 61,803 78,273 140,076 Net debt 61,803 78.273 140,076 At l Aprll 2023 Fln•ndn8 flows Al 31 March C•sh at b•nk and In hand 9,876 130,0001 120,1241 Sl,927 61,803 Debt due w5thln one year Net debt 8L927 61,803 Page 31 Manthester Collectlve Notss to the Hnancial Statements for the Year Ended 31 March 2025 Durfn8 the yearthe tharlty made the followln8 related party knnsactlons: Abel Selaocoe (Abel Selaocoe Is the partner of Ruth Glbson who was a trustee In the wbrftnandal perfod.) In the prior year he hs been pald É9.OCQ and £2.443 as freelance ￿11￿¢ curntor and composer. Hlrlng dedslons are made ￿ SenEor Management at •rm's length from the board. At the balance Sheet date the amount due tonrom Abel Selaocoe was £NII12024- £NII). Rosemary Attree (Rosemary Attree Is the partner of trustee Nkk Trylslad) Durlng the year she has been pald £1.263 {2024 - £878) as freelance musKiarL Hlrlno decI￿nS are made by Senlor Management at arm¥ lergth the board. At the balance sheet date the amount due tolfrom Rosemary Attree was £NII12024- £NIII. Helen Gllman (Helen Gllman Is a tn￿tt) Durlng 2023 Helen provlded a loan of £30.OW to the tharlty to asstst wlth cash Ilow. The loan was repald In the prlor flnanclal year. At the balan￿ sheet datethe amount due tofftThn Helw Gllman was £MII (2024- £NiI). Mck Trytsad (Nlck Try85tsd Is a trustee) Durfni the year he has been pald £4,68212024: £4,822) as a celllsL Hlrlng dedslons are made by Senlor Management at aml's length from tr board. At the balance sheet date the •nountdue tolfrom Nk* TryNad w•s ￿112024. £NiD. Ruth GlbsL (Ruth Glbson was a trust* In the prfor financlal perfod.) In the prior year was pald £5,631 as fredance 4rf011sL Hlrkng ded5*M are made by Senlor Manaiement at arm's lenth from the board. At the balan￿ sfrfftt date the aTh￿untduetolfrtyn Ruth Gibson was £NII12024- £NII). Sara Marwet Nolan (Sara Margaret NL4an ￿ a trustee) Durin8 the year has been paid £3.n3 (2024: £3.8111 as a ￿lISt Hlrln8 decislons I￿ rnade ty Senlor Marta8ement at ami's len8th from the board. At tr* balance date the amount due tolfrom Sara Margaret Nolan was £NII12024 -