REGISTERED COMPANY NUMBER: 01066757 (England and Wales) REGISTERED CHARITY NUMBER: 501953 Audi dFin nci rch2 24 Limi Manehester Youn Peo le's Theatre Limited The Contents of the Consolidated Financial Statements reh2 24 Page Report of the Chair Report of the Trustees 2to14 Report of the IndependentAuditors 15to17 Consolidated Statementof Financial Activities 18 Consolidated Statementof Financial Position 19 Company Statement of Financial Position 20 Consolidated Statementof Cash Flows 21 Notes to the Consolidated Financial Statements 22to43 Detailed Consolidated Statementof Financial Activities 44 and 45 Manehester Youn Peo le's Theatre Limited The Re ort of the Chair reh2 A challenging yea r for Contact set against the wider challenges in UK Arts. Contact has conti nuèd its m ission to change the face of UK cu Iture. A rei magi ni ng of Contacys short term business model was requ I red to be implemented to ensLJre that the vital work u ndertaken with young people across Greater Manchester a nd beyond could conti nue to reach those in need and help them change their lives through the arts. Contact works with young people that are less well serded by other org8nis8tions and whi 1st you ng people continue to be impacted by national and world events. the jou rney continues for Contact i n developing our offer for these beneficiaries. A full restructuring of the staff team took place across the year through formal process and natural progression culmirnating in the appointment of Jack Dale-Dowd as Interim Executive Director upon the resignation of Koisha Thompson as Artistic Di rector & CEO. The Board of Trustees appointed Jack with a remit to stabi lise and reorganise activities to ensure the long-term sustainable futu re of the charity. Contact had other changes across the leadershi p team with departu res from Senior members and the appointment of a new Chair of Trustees. Throughout the yea r our buildi ng welcomed many artists. you ng people. audience members a nd corporate partners. engaging in activitiesfrom participation in ourmedia loungeto award ceremonies in our main auditorium. Partnerships were launched with local community organisations to su pport thei r work with young people and i ntroduce new you ng people to Contact. Work is ongoing to review Contacys artistic and participation offer with additional organisations across Greater Manchester developing fu rther offers that take forward Contact'5 ethos to deliver for young people. Our commitment to anti-racism continues to be channelled both through our internal work. and an i ncreased focus on expandingthedeliveryof ourAnti-Racism trainingoffer.Growing2 commercial offerthatremainsfirmlywithinourvalues has been a priority for Contact. ensuring that all work we do contri butes d irectly to our m Ission". to change the face of UK cu Iture. of wh Ich anti-racist practise is crucial. With a further focus on commercial activity this year. space h i re has been prioritised to host add Itional events with the team focussing on how associations with external clients ca n add value to both parties whi le furtheri ng Contact's work_ Contacvs artistic offer remai ns bold even though currently reduced through investing programming in local. early- ca reer arti sts doi ng exciti ng work. Here Contact partners with other organisations as well as supporting the ongoi ng development of artworks created byyou ng people. Prod uctions from visiting companies and commercial cl ients conti nue to offer Contact's audiences unique cultural experiences. building curiosity and loyalty within the Oxford Road commu nity. Partici pation projects throughout the year have enriched the lives of young people. who demonstrate thei r con nection to Contact through their use of the building as not only a place to le8 rn and devèlop. but also as a hLJb to relax and be themselves. Tho progra mme continues to be a u nique offer in Manchester. co-produced with Contact's you ng programmi ng team and full of reasons to return. The cu rrent year 2024-2025 follows as a year of consolidation. delivering wide rangi ng you ng people's participation activities whi 1st continu i ng to bu ild the financial resilience that Contact requ ires. All to ensure we can conti nue to serve our benef icia ries for the future. We rema i n steadfast i n ou rcommitment to providingtransformative experiences foryoung people. That means. nurtu ri ng new artists, cari ng for each other and the environment. promoti ng i nclusion and u nderstand I ng between com munities and a commitment to anti-racism. This year has presented Contact with another set of unique challenges. each requ iri ng action rooted i n care and nuance. We look fornvard to a yearof building resilience for Contact whilst ensuringthat ourvalues and mission are carried out through our work at Contact and with partners. The Report of the Chai r was approved by the trustees of the charity on ......11 Dec 2024...... . and signed on its behalf by.. pasaJa Chairofthe Board Manchester Youn Peo le's Theatre Limited The ort of the Trustees reh2 TheTrustees are pleased to presenttheirAnnual Reportof theTrustees togetherwith the financial statements of the Charity for the year ending 31 March 2024 which are also prepared to meet the requirements for a Di rectors, Report and Accounts for Companies Act purposes. The financial statements complywith the Charities Act 2022.theCompanies Act 2006,the Memorandum and Articles of Association, and 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) (effective l January 2019). OBJECTIVES AND ACTIVIM ES Objectives and Activities Our￿[&[0￿ is a world where young people are empowered by creativity and the arts. Ourmi n is to change the face of UK culture. From oursustainable creative building in Manchester, we do this by= Empoweri ng young people from all backgrounds as creative leaders and agents of social change Supporting the nextgeneration of artists and creatives Inspiring new audiences with stories and experiences that reflectourcommunity Our ll&LL￿ are.. We take a young-person centred approach to decision-rnaking -we promote inclusion. access. understanding between communities. and a commitment to anti-racism We foster a rti sti c excellent, i ntegrity and creative ri sk-taki ng We nurture new artists. creative leaders and audiences -we care forour health, each other and our community We care forour planet and environment.workingtowards a carbon neutral future We use these values to inform our activity, and as the framework for evaluating our progress. In shaping our objectives for the year and planning our activities the Trustees have considered the Charity Commission's guidance on public benefit. includingthe guidance'public benefit.. runninga charity IPB2)'. Ourm a re-. Providing transformative experiences foryoung people Producing high quality newwork with a focus on social realities Operating a unique, ethical and welcoming building Contact is an environmentally sustairlable building with an energy ratingofA. Main Areas of Activity 2023-24 Our activity is multi-faceted and diverse. ensuringyoung people have access to creative learning programmes as well as world-class entertainment and artwork.The artistic programme maintains a focus on pressing social issues relevant to young people, givingvoice to early careerartists and those embarkingon theircareers from the communities thatwe serve. Contact is a leader in the field of diversity and representation. both of which are at the core of both our produced and presented work. Ouron-goingtarget is that 50Yo ofthe artists thatwe support are from a Black, Asian or Minority Ethnic background. markedly higherthan local or national averages. and a targetwe again met in 2023-24. Manehester Youn Peo le's Theatre Limited The ort of the Trustees reh2 24 OBJECTIVES AND ACTIVIM ES- continued Main Areas of Activity 2023-24- continued Our presented programme of theatre. music. spoken word. dance. comedy and cabaret features early career and first-time artists alongside internatiorlally acclaimed companies. Contact audiences get to be the first to experience irnnovative and pioneering shows that go on to major venues and festivals. and to experience the work of artists who go on to renowned and award-winningcareers. as well as those presentingwork across the world in mid-large scale productions. Within this iconic building the atmosphere is open and welcoming. with local young people populating the most front-facing roles. Contact provides a meeting place foryoung people, communities and artists to work and socialise together. We provide free Wi-Fi. and there is no obligation to buy or consume anything in our public spaces. We also present a high-quality visual art programme of exhibitions and artists, films that complementand often relate to the performance programme_These are curated across public spaces around the building.and are always free toenter_As an organisaLion championingyoungpeople.contact pays all staff the national living wage, regardless of age.The Trustees are proactive in ensuring that our activities benefit the public and young people, and as a consequence haveconsidered the guidance in all our activities and fee charging TheAgency is in its third yearof a new five-year era. with a cycle ending in June 2024. 16 agents from Moston and Harpurhey completed the program with three being selected for funding. Graduate agents of the programme have been successful in their application for fundi ng to support further iterations of their projects, such as an additional £12.000 to support Kulturefest. a festival celebrating African Culture in North Manchester. being delivered for a second time in the community. Contact continues to work in collaboration with national partners in London. Belfast. Chester and Southampton. thanks to support from the National Community Lottery Fund. CYC produced two works across this period.. Harld Me Down. a theatrical fashion show protestingthe growth of the fast fashion industry and promoting sustainability which saw the company partner with The National Trust's new site in Manchester City Centre. Castlefield Viaduct. and CYC x Panto. a new opportunity for our young people to engage with our co-production of our comrnercial Christmas offer. providing each of the company an opportunity to have a part in a full production run. work on the technical side of the production or look to produce wraparound activities alongside the production. Music Drop. Level Up. Pop Up Beats and Studio School were delivered consistently through the year after taking a brief break towards the end of 2022 to refine delivery and project designs. In September 2023. we established 8 very fruitful partnership with Nordoff and Robbins. the music therapy charity, to place a music therapist in residence within Contact- the first iteration of this pilot of its kind- to support our delivery of music projects. With the addition of a music therapist, we were able to add further therapeutic value and legitimacy to our projects such as Level Up and Studio School. in addition to being able to offer more 1-2-1 sessions with young people who were in need of further support from an access point of view to access our projects. We have worked successfully with a large number of PRU and Hospital school settings, including Leo Kelly and Galaxy House. as part of our pilot projects into working closely with music therapy and are building up a large database of potential referral partners for future music projects as a result of the evaluations into these activities. RevAMP.. InJune 2023.wewere approached by partnerorganisations Home and Verlture Arts to ask ifwe could carryon the legacyof8 projectwhich had been developed bythesetwoorganisations thattheycould no longer host. called AMP. This project supported young people aged 18-30 who were disabled to access music sessions, produce theirown music works arld look to host theirown music nights. Contact looked to take on this project and group in a new, updated version of the project based upon the participants feedback, called revAMP.which has been delivered outofcontacfs Media Lounge bi-weekly since September 2023. Manchester Youn Peo le's Theatre Limited The ort of the Trustees reh2 24 OBJECTIVES AND ACTIVIM ES- continued Main Areas of Activity 2023-24- continued Future Fires: In December 2023. we delivered a more condensed version of our socially engaged community action project, Future Fires.called-Future Fires Quick Fire Edition- and provided trainingto fiveyoung people to support them take their ideas of social change projects in their community and provide seed funding to deliverthese sessions locally. We supported four incredible projects. ranging from support groups foryoung. queer people who have felt excluded from their faiths and communities. to an app to support people make friends. to the production of a show about climate change. Community Space In-Kind suppo￿ As part of Contacfs commitment to supporting the local communities in which it serves, we have continued to offer space in-kind to various community groups on a long-term basis who align themselves closely with Contacfs mission. aim and values_ These have included Proud and Loud. Kids of Colour, 42, Street and Brighter Sound. On a shorter-term scale. we have also supported Please Wait in the Foyer. a project supporting young care leavers to create creative responses to the funding shortages for young people in care to access cultural educational opportunities. and Olympias Music Foundation.to provide use of our Media Lounge in-kind fortheir beneficiaries accessing music education. At theend of2023.we alsoworked to develop a new Community In-Kind Space Hire Process. meaningweopened uptheapplication process to newcommunitygroups to apply forspace in-kind fortwoyears ofspace support. and we engaged a group ofyoung people to support in choosing the organisations we would be looking to support.This has resulted in partnerships being extended for Kids ofcolour, Proud and Loud. 42" Street and Brighter Sound. and a new partnership startingbetween ourselvesand Muslim SocialJustice Initiative forthe next two years. Re:Con recruited three new programmerlproducers in January 2023. who have continued to work with our programmingteam at Contact to further develop their skills in producing and programmingto culminate in a final project. This continues a long-standing program empowering young programmers/producers with work-place experience and key support to develop core skills. Previous Re".Con members have become both freelance and permanent producers at Contact. as well as Trustees and Chairof the Board. Queer Contact continued its tradition of celebrating a spectrum of queer lived experience with a smaller festival amplifyingvoices of queerartlSts across the UK and beyond, featuringourvogue Ball, partneringwith Manchester Academy and hosting of the LGBTQ+ Network Conference= Of Hope and Joy. celebrating and lifting upthe queercommunityand workingtogethertocommission newqueerartists forthe future iteration ofthe conference. Commissions continued with local artists benefitingfrom financial. strategic and artistic support to develop new works, including Malandra Jacks in the sold-out showing of theirwork, Census, and ourvery own Keisha Thompson in her work 14°A. which discussed themes of feminism and national pride against a backdrop of footbal l and pregnancy. Drama and English Teacher Netsvork continued to be delivered in partnership with HOME. The Royal Exchange Theatre and the Palace and Opera House in order to increase creative education opportunities within the curriculum and develop stronger relations between teachers and the cultural institutions in Greater manchester.we hosted four further Network meetings thisyearwhich were well attended by a wide variety of schools, teachers and cultural networks. each hosted at a different partnervenue each time. Manehester Youn Peo le's Theatre Limited The ort of the Trustees reh2 ACHIEVEMENT AND PERFORMANCE Marketi ng The majority of staff operate within a mix of in-personlat home scheduling continuing our commitment to more flexible working and hybridity across the organisation since the pandemic. Participation programmes encourage young people to engage in a way that suits them. supporting those who preferto engage remotely. Board meetings run in a hybrid fashion. allowingTrustees to contribute to ongoinggovernarnce work without travel. Contacys marketingand communication strategy has continued to be used and adapted throughoutthe last period of time. In December 2023 we announced the departure of Keisha Thompson as Artistic Director/CEO and the appointment of Jack Dale-Dowd as Interim Executive Director. strategy and support provided by Communications Consultant. Helen Palmer. and PR support from freelance PR Binita Walia. Community specific audience engagement freelancer Sharon Raymond was employed to raise the profile of the artistic program and other activities. Booking trends fluctuated as with ourchange in activities with a very successful pantomime in partnership with Eight Freestyle during December 2023. There were a number of successful performances across the Autumn season with high profile Commercial hires alongside programmed works and commissioned shows, including 14/. by Keisha Thompson. Whilst usually dark in January with a Spring programme. part of the measures to stabilise the organisation was a reduction in activities across the final quarter of the year. Queer Contact was marked with The House of Suarez Vogue Ball and The LGBT+ Arts & Culture Network Conference. This quieter period posed challenges from a profile point of view: these quieter moments were filled with looking back at various productions and projects from years passed and further comms around our participation programme. Commercial The commercial team has been oversubscribed with space hires activity and demand has outstripped capacity at points throughout the year. High profile clients such as The Guardian and Captain Sandy supplemented our public facing programme giving a wider range to the offering we would otherwise have presented. Coram Shakespeare schools returned for Lheir Autumn showcase and the number of enquiries continued to grow through the year. Further work is now underway to review profit margi ns to increase the amount of income generated forthe group. Contact's Anti-Raci s m Tra i n i ng package was del ivered however with fewer clients than i n previous yea rs. Thi s ch8nge was due to capacity initially and additional support was procured to administrate this offering. We continue to have i nterest in the package and during 2024-25 seek to expand this package to realise further ea rni ng potential wh i 1st havi ng a positive i mpact. Manehester Youn Peo le's Theatre Limited The ort of the Trustees reh2 FINANCIAL REVIEW Unrestricted Funds The group had an operating deficit of £188,420 forthe year (2023_. £492.824). At the year end the group's unrestricted reserves stood at £29.127 deficit (2023.- £172.351 surplus). At the year end the companys unrestricted reserves stood at £29.745 deficit (2023. £172.351 surplus) The principal sources of income were grants and donations. income from the artistic programme and commercial hires.Arts Council England. GMCA. ManchesLerCityCouncil. Coutts Foundation and University of Manchesterwere our principal funders In October 2022 Contact received news on the NPO application to secure ACE funding for 2023-2026. in which £2.799.891 was granted (£933.297 per annum). Despite strong feedback. amongst the challenging fundi ng landscape, ACE were not able to award an uplift in this NPO round. The 2023-2026 NPO period will focus on deliveri ng an i n novative res ponse to ACE'S Let's Create strategy i n the three key a reas". Creative People, Cu Itu ral Communities and Creative & Cultural Country. This work builds on roots which are well embedded within Contact.. youth voice. supporting artists and creative work to empower people from underserved communities. We were successfu l i n attracti ng u nrestricted fu nds of £1,521.72412023.. £1.521,634), i nclud i ng.. Arts Counci l England - £933.297 (2023- £933.297) Greater Manchester Combined Authority- £106.700 12023. £97.0001 Manchester City Council- £35.67612023. £30.000) University of Manchester- £41.080 (2023: £41.080) Coutts Foundation - £55.000 (2023.. £55.000) Donations- £7.05512023. £3.320) Restricted Funds We brought forward non-capital restricted project funds of£48.778 (2023.. £229.404). Duri ng the year, we were successful i n attracti ng restricted project funds of £86.756 (2023- £141.841). made up by. BBC (reverse mentoring)- £300 with a balance of £430 to deliver reciprocal mentori ng scheme. partnering twenty-five young people with senior BBC staff. The Agency- £71.456 with a balance of£25.109 to continue with the Agency project in partnership with Battersea Arts Centre and People's Palace Projects. The project has received funding for a five- year period between 2022 and 2027. Youth & Play (Creative Connections)- £15.000 with a balance of £21.498 to deliver a week full of free developmental sessions foryouth sector and arts sectorworkers. We carry forward restricted non-capital project funds of £67.658 12023. £48.7781. I nvestment policy and objectives The Trustees, having regard to the liquidity requirements of running Contact. have kept available funds i n an interest-bearing deposit account and seek to achieve a rate on deposit which matches or exceeds inflation as measured by the retail prices index. Manehester Youn Peo le's Theatre Limited The ort of the Trustees reh2 FINANCIAL REVIEW- continued Policyon ￿$8￿8S We highlighted the importance across the medium-term of building and maintaining a healthy general reserve. post capital project. howeverinflationary pressures on thecost side. and commercial and fundraising setbacks have resulted in a greater deficit than anticipated. Ourgoal is to maintair) three months. operating costs. however we end the financial year with deficit of £29.127. Post year end reserves conti nued to be depleted. expenditure reductions were initiated including a recruitment freeze for non critical posts and staffing restructure. Activities have been reduced for the remainder of 2023124 with a change in leadership and revised smallerstaffstructure to take Contact forward into 2024125.A reviewed focus on ways ofworking to enable activities to continue focussing on income generation over the coming financial year is underway in orderto build resilience and reflate reserves gradually. The successful Arts Council England NPO application secures our next funding cycle. along with confirmed ongoingfunding from MCC, GMCA. and Uom. howeverthe board are supportingthe senior managementteam to recalibratethe business model. in orderto achievethe medium to long-term goal of building reserves back up. Despite the or)going challenges. the trustees are confident in the strong governance processes, healthy board structure, and the decisive leadership underjack Dale-Dowd. such that the organisation will continue to adapt to the changing landscape. Contact remained at'minorf risk according to Arts Council England's risk assessment, in response to the pragmatic action taken to build resilience. and the recruitment of further expertise and experience to the Board of trustees. This risk rating has now increased to 'moderate' in 2023-24 with actions bei ng taken to red uce thi s rati ng. In the effort to create a more commercial programme. this comingyearwe will see the introduction of events that focus on. Fashion Music Gaming Sport Comedy TeacherTraining and Career Development Family and school focussed shows for holiday periods includingan annual pantomime Additionally. we will create more consultancy packages following the model of our successful Anti-Racism Package. These will focus on the following areas. Youth Governance Safeguarding and Social Media Climate Confidence Manchester Youn Peo le's Theatre Limited The ort of the Trustees reh2 PLANS FOR FUTURE PERIODS Aims and key objectives for future periods The leadership change in December2023 marked the start of a period ofconsolidation forContact,with Jack Da le-Dowd overseei ng a sta bi l isation a nd ref i ni ng of activities_ With many staff changes i n the preced i ng period. the focus for the staff team is on processing following a huge amount of change and refining how Contact now operates. TheTrustees supported bythe seniorteam are planningforthefutuie ofcontactwith work underwayto define the future Executive leadership of the organisation_ Plans are underway to have this confirmed and recruited prior to the end of the Interim Executive Directors contract to allow for handover and continuity. A refreshing of the artistic strategy and business plan will take place in 2025-26 in advance of future core funding applications to existing funders.The process will focus on ensuring that Contact continues to offer unique experiences and activities for the young people of Greater Manchester. especially those less well resourced. A continued focus on partnership working will be a significant contribution to the future ways of working, recognisingthat Contact has expertise and a track record and can reach furtherwith the support of other organisations. Continued small works around the Contact building focus on energy efficiency with the roll out of a Wolfson Foundatiorn funded LED replacement project and a reviewofall premises processes undenmay to ensure best value and sustainable practice is continued to be championed. We continue our partnership with music therapy charity Nordoff & Robbins through 2024-25 with ambition forthis to be sustained into the future.with Joint funding bids beingdeveloped. both organisations hope to be able to sustain this vitally importantand impactful work_ Contact's relationship with University of Manchester will continue to develop through a partnership and further funding for activity in this next year. Discussions with other HE providers. Manchester Metropolitan University and The Arden School. are underway to further develop wide ranging and mutually beneficial relationships.Asuccessful partnershipwith SICKI Festival has reintroduced both organisations and theirnew leadership teams, with an appetite to explore further ways of working together in the future. Manchester Youn Peo le's Theatre Limited The ort of the Trustees reh2 GOING CONCERN The Trustees have caref ully consi dered The Charity's goi ng concern position with regard to its Arts Cou nci I England's National Portfolio Organisation (NPO) funding. Contact has recently been awarded funding for the next cycle of NPO funding which covers the three years from April 2023 to March 2026 and further with the additional 2026-27yearopen for application from ACE. Manchester City Council and the Greater Manchester Combined Authority (GMCA) have confirmed funding for the period to March 2026 and we are in active discussions with them about future funding seeking uplift in both cases. Although the NPO furnding continues at the same level. we continue to seek new funding partners and have been successful at increasingfunds to support ourcore work. The Charity is unlikely to meet its commercial profit targets for 2024-25 though we plan to develop these income streams further in 2025-26.This will have a potential impacton the Charity bottom line. Contact's reserve policy requirement of free reserves covering three months. operating costs are not met at theend ofthe period.Contact has budgets in placeto build free reserves toward three months operatingcosts overthe current NPO funding period. Contact has prepared mitigation steps including new financial and commercial strategies overthe next two years to build free reserve and continue to focus on Its mission by". PrioriLising value for money programme. Conti n ue to drive cost cutti ng exercises to reduce expenditure. New business model to generatevoluntary and trading income. Robust financial monitoring and assessment using monthly management accounts. Financial health check through stringent monthly cash flow forecast and quarterly budget review. Maximise the efficiency of its commercial business model to generate incorne. The Trustees recognise the current financial position of Contact and. having assessed the new financial and commercial strategies including the cash position and the mitigation steps (including the renewal of the current overdraft facility as a buffer), are therefore satisfied that it is appropriate to prepare the financial statements on a going concern basis. Manchester Youn Peo le's Theatre Limited The ort of the Trustees reh2 24 STRUCTURE. GOVERNANCE AND MANAGEMENT Governing document Manchesteryoung People's Theatre, also known as Contact. is a registered charity (no. 501953) and a company (No. 1066757) limited by guarantee.The governing documents ofcontact are its Memorandum and Articles of Association, which were revised on 21 March 2021. The company was incorporated on 18 August 1972 and registered as a charity on 31 October 1972. The Trustees of the Contact guarantee to contri bute and amount not exceedi ng £1 to the assets of the Charity in the event of a winding up. AppointmenL induction and training of Trustees Trustees retire after three years by rotation. These Trustees may offer themselves for re-appointment for a second term. All new Trustees are recruited via a Lhorough process led by the Resources Board. Candidates are interviewed by a panel ofTrustees and a separate panel ofyoung people and if appropriate recommended to the Board forappointment New Board members undertake a series ofinduction meetings with the Boaid chair.the Senior Management Team and staff,and a comprehensive induction pack is provided. Board-wide training is arranged as required. The Board includes one representaLivefrom the Universityof manchester.one representative from the Greater Manchester Combi ned Authority and one representative from Manchester City Council. though the latter two posts are currently vacanL Organisation The Trustee Board has the following sub committees- Resources. Artistic Evaluation. and Tradi ng Boards. These committees meet at least four times a year with meetings scheduled to allow reporting back to the Board each quarter. The Trustees ensure the accuracyof all financial information through the work of its Resources Board, which reviews all financial information. the development of business systems and procedures. and progress in income generation and fundraising strategies. The Resources Board. which meets on a quarterly basis, develops and monitors Contact's Financial Regulations and Risk Register. In addition. it reviews operational risks in relation to employment issues as well as keeping abreast of changes in employment law and developi ng releva nt pol ici es. The Resou rces Boa rd also reviews Hea Ith & Safety pol icy and proced ures as wel I as Child Protection and Safeguarding Policy procedures_ Members of the Resources Board bring expertise on business planning. equality. diversity and inclusion. HR and finance. In terms of service quality, all individual projects undertaken by the organisation are subject to risk assessment. monitoring and evaluation procedures. Reports are made quarterly to theTrustees.TheTrustees also monitorthe quality of services through its Artistic Evaluation Boaid.which also meets quarterly. Related parties and co-operation with otherorganisations None of our Trustees receive remuneration or other benefit from their work as Trustees with the Charity. Ms A Wilson and Mrc Cremin were engaged on a freelance basis forvarious projects during the year. Any connection between a Trustee or Senior Manager ofcontact with a production company. contracted actor, performer, or exhibitor must be disclosed to the full Board of Trustees in the same way as any other contractual re18tionship with a related patty-contacthas a Conflictof Interest Policy and Registerof Interests. Contactand the Universityof Marlchester havean agreementwhich allows Contactto leasethe buildingfrom the University, to access some facilities and services. and to collaborate with the University on programming events for and by students. 10 Manehester Youn Peo le's Theatre Limited The ort of the Trustees reh2 STRUCTURE. GOVERNANCE AND MANAGEMENT Pay policy for senior staff The Directors. who are Contact's Trustees. consider themselves and the Senior Management Team to be key management personnel in charge of directing. controllin$ running and operating Contact on a day-to-day basi s. Al l Di rectors give thei r ti me freely a nd no Di rector received remu neration for bei ng a Di rectorlTru stee i n theyear. Details of related party transactions are disclosed in note 30 to the accounts. Salaries are benchmarked against market rates for all staff. The pay if senior staff is reviewed annually and normally increased in accordance with inflation and at the same rale as otherstaff. Risk management The Trustees review the objectives. services. management and regular funding of the organisation as part of an ongoing planning and review process. which includes the development of a Four Year Business Plan. The Plan assesses Contact's development and sets targets in relation to a number of risk factors. including financial, operational.governance and external factors_ In addition, the Resources Board reviews the risk process.These are also the routes for any additional areas of concern highlighted by the review of the Plan or arising through changes in external circumstances, new activities or changes in the law. The risk is assessed and any further action is identified and parameters are agreed. The ri sk register, with a ny additional su pporti ng i nformation. is then reported to the Boa rd quarterly through the Resources Board ReporL The Senior Management Team assesses day-to-day risks within the remit agreed by the Board, identifying areas of concern. understanding risk analysis and agreeing decisions within agreed parameters. The Trustees have reviewed the major risks that could impact on Contact These are:_ Risk Increasingcosts due to energy and cost of livingcrisis Mitigation Focus of the Resources Board. implementing cost saving measures and developing additional fundraisingcapacity Inability to meet increased ir)come targets Focus of the Resources Board. strengthening staff team and marketing communications and sales function Cuts in existing public sectorfunding Regulardialoguewith our funders. reportingour social impact and reach. and business planning around new commercial models of i r)come Inability to retain existing staff and recruit new staff due to low salaries Focus of the Resources Board. review of salaries and cost base Cash flow and managementof cash flow Careful management of cash flows by finarlce team. Resources Board focus. implementing cost saving measures and developing additional fundraisingcapacity. The Board of Trustees and staff undergo regular training and professional development to ensure that they remain abreast of current developrnents. changes in statutes and best practice. Manchester Youn Peo le's Theatre Limited The ort of the Trustees reh2 24 Reference and Administrative Details Directors and Trustees The Directors of the Charitable Company (the Charity) are its trustees for the purpose of charity law. The Trustees and officers servi ng during theyear and since the year end were as follows". Chair Ms B Ikpasaja Ms A Wilson (appointed 15 November 2023) (appointed 14June 2023 and resigned 15 November2023) (resigned 14June 2023) Mrj Atkinola Trustees Ms G Flynn MsFOpe Ms R Tennenhaus Mrc Cremin Mr P Olubayo Ms T Olaniran Ms J Ycheung O Fatayo Ms P Swiderska Mr B Anderson (resigned 11 September 2024) (resigned 14 June 2023) (resigned 15 November 2023) (appointed 12 June 2024) (appointed 12 Jurle 2024) Secretary Mr S Moon Role d isconti nued (resigned 30June 2023) Manchestercity Council representatives Replacement pending GMCA representatives Replacement pending University of Manchester representatives Professorj de Groot Key Management personnel Head of Operationsllnterim Executive Di rector J Dale-Dowd (appointed 15 December 2023 to Interi m Executive Di rector) (resigned 14 December 2023 as Chief Executive and resigned 7 March 2024 as Artistic Di rector) Artistic Directorlchief Executive K Thompson Role disconti nued Head of Creative Engagement L Whitehurst Director of Finance F Bradley S Moon (appointed 31 October 2023) (resigned 30 June 2023) Head of Marketing & Communications M Barham Role discontinued (resigned 26 June 2023) 12 neh un Th Limi Th Re ort of the Trustees for the Year Ended 31 Mareh 2024 Reference and Administrative Details Registered Company number 01066757 (England and Wales) Registered Charity number 501953 Registered office ContactTheatre Devas Street Off Oxford Road Manchester M15 6JA Auditors Ascendis Audit Limited Unit3. Building2 The Colony Altrincham Road Wilmslow SK94LY Solicitors Gateley LLP Ship Canal House 98 King street Manchester M3 3AP Bankers Natwest Bank plc I Spinningfields Square Manchester M3 3AP 13 Manehester Youn Peo le's Theatre Limited The ort of the Trustees reh2 STATEMENT OFTRUSTEES, RESPONSIBILITIES The Trustees (who are also the directors of Manchesteryoung People's Theatre Limited (The) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting standards (United Kingdom Generally Accepted Accou nti ng Practice). Companylaw requires theTrustees to prepareconsolidated financial statements foreach financialyearwhich give a true and fairviewof the state of affairs of the charitable companyand of Its group, and of the incoming resources and application of resources, includingthe incomeand expenditure.of thecharitablecompanyand of its grou p for that period. In prepari ng those fi nancial statements. the Trustees are requ i red to select suitable accounting policies and then apply them consistently- obsepie the methods and principles in the Charity SORP.. make Judgemerlts and estimates that are reasonable and pruderlt: state whetherapplicable UK accountingstandards have been followed. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The Trustees are responsible for keeping proper and its accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and of its group. and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguardingthe assets ofthe charitable company and of itsgroup hence fortaking reasonable steps forthe prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on Contact's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differfrom legislation in otherjurisdictions. DISCLOSURE OF INFORMAnON TO AUDITOR Each trustee has taken steps that theyought to have taken as a trustee in order to make themselves aware of any relevant audit information arld to establish that the charity's auditor is aware of that information. The trustees confirm that there is no relevant audit information that they know of and which they know the auditor is unaware. POST BALANCE SHEET EVENTS Post balance sheet events are disclosed in note 31. AUDITORS The auditors. Ascendis Audit Limited. whowere appointed from thisyear.will be proposed for re-appointment at the forthcomingAnnual General Meeting Approved by order of the board of trustees on.._..11 Dec 2024....__._._._._.___._._. and signed on its behalf by.. Ms B Ikpasaja Chai r of Trustees 14 Re ort of the Inde nch endent Auditors to the Members of Th Limi Th Opinion We have audited the fi nancial statements of Manchesteryoung People's Theatre Li mited (The) (the'charitable parent company) and its subsidiary (-the group-) for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activities. the Consolidated Statement of Financial Position, the Charitable Parent Company Statement of Financial Position. the consolidated Statement of Cash Flows and Notes to the Financial Statements. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is United Kingdom Accounting standards, comprising Charities SORP- FRS102"The Financial Reporting standard applicable in the UK and Republic of Ireland- and applicable law United Kingdom GenerallyAccepted Accounting Practice). In ouropinion the financial statements.. give a true and fair view of the state of the group's and the charitable parent company's affairs as at 31 March 2024 and of its incoming resources and application of resources. including its income and expenditure, for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis foropinion We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilities for the audit of the financial statements section of our reporL We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements_ We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis forouropinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accou nti ng i n the prepa ration of the fi nancial statements is appropriate. Based on the work we have performed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the groups and the charitable companys ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Ou r respon si bi l ities a nd the responsibilities of the trustees with respect to goi ng concern are descri bed i n the relevant sections of this report. other information The trustees are responsi ble for the other information. The other information comprises the information included in the Report of the Chair and the Report of the Trustees. other than the financial statements and our Report ofthe IndependentAudilors thereon. Our opinion on the financial statements does not cover the other information and. except to the extent othepNise explicitly stated in our report. we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements. our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude thatthere is a material misstatementofthis other information,we are required to report that facL We have nothingto report in this regard. 15 Re ort of the Inde nch endent Auditors to the Members of Th Limi Th Opinions on other matters prescribed bythe Companies Act 2006 In OLJropinion, based on the work undertaken in the course of the audit= the information given in the Report of the Chair and the Report of the Trustees for the financial year for which the financial statements are prepared is consisterlt with the financial statements: and the Report of the Chair and the Report of the Trustees has been prepared in accordance with applicable legal requ i rements. Matters on which we are required to report by exception In the light of the knowledge and understanding of group and the charitable parent company and its environmentobtained in the courseoftheaudiLwe have not identified material misstatements in the Report of the Chairorthe Report ofthe Trustees. We have nothi ng to report in respect of the following matters where the Companies Act 2006 requires us to report toyou if. in our opinion.. adequate accounti ng records have not been kept or returns adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns.. or certain disclosures of trustees. remuneration specified by law are not made. or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the StatementofTrustees' Responsibilities.the trustees (who are also the directors ofthe charitable parent company forthe purposes ofcompany law) are responsible forthe preparation ofthe financial statements and for being satisfied that they give a true and fair view. and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparingthe financial statements.thetrustees are responsible forassessingthegroup and thecharitable parent companys ability to continue as a going concern. disclosing as applicable. matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group orcharitable company orto cease operations. or have no realistic alternative but to do so. Auditors responsibilities forthe audit of the financial statements Ourobjectives aretoobtain reasonable assuranceaboutwhetherthe financial statements as a whole are free from material misstatement. whetherdue to fraud orerror. and to issue a Report ofthe IndependentAuditors that includes ouropinion. Reasonable assurance is a high level of assurance. but is not a guarantee thatan audit conducted in accordance with ISAS (UK) will always detect a material rnisstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extentto which our procedures are capable of detecting irregularities. includingfraud is detailed below.. Irregularities. including fraud. are instances of non- compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of i rregu la rities. i ncl ud i ng fra ud. The extent to which our proced ures are ca pa ble of detecti ng i rregu la ri ties, including fraud is detailed below.. We obtained an understanding of laws and regulations that affect the charity. focusing on those that has a direct effect on the financial statements or that has a fundamental effect on its operations. Key laws and regu lations that were identif led i ncl uded UK Bu ild i ng Regulations. the Hea Ith & Safety at Work etc. Act 1974, the Companies Act 2006, and Charity Commission requirements. We reviewed the Trustees. meeting minutes for evidence of non- compliance with relevant laws and regulations. 16 ort of the Inde Manchester Youn endent Auditor5 to the Members of P¢0 le's Theatre Limiled The Auditors responsibilities forthe audit of the financial statements- ¢ontinued We gained an understanding of the controls that the Truslees have in place to prevent and detect fraud. We enquired of the Trustees about any incidences of fraud that had taken place duringthe accounting period. The risk of fraud and non- compliance with laws and regulations and fraud was discussed within the audit team and tests were planned and performed to address these risks. We identified the potential for fraud in the fol lowi ng areas." m i sa ppropriation of cash and other assets. We reviewed the financial statements disclosures and tested to supporting documentation to assess the compliance with relevant laws and regulations discussed above. We enquired of theTrustees about actual and potential litigation and claims. We performed analytical procedures to identifyand unusual 01 unexpected relationships that might indicate risks of material misstatement due to fraud_ In addressingthe riskof fraud dueto managementoverrideof internalcontrolswetested the appropriateness of Journal entries and assessed whether the judgements made in making accounting estimates were indicative of a potential bias. Due to the inherent limitations of an audiL there is an unavoidable risk thatwe may not have detected some material misstatements in the financial statements. even though we have properly planned and performed ouraudit in accordance with auditingstandards_ Forexample.as with anyaudit. there remained a higher risk of non-detection of irregularities. as these may involve collusion. forgery. intentional omissions, misrepresentations. or the override of internal controls. We are not responsible for preventing fraud or non- compliance with laws and regulations and cannot be expected to detect all fraud and non-compliance with laws and regulations. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reportingcouncil's website at www_frc.orguk/auditorsresponsibilities.This description forms part of our Report of the Independent Auditors. Useof our ￿pOrt This report is made solely to the charitable companys members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable companys members those matters we are required to state to them in an auditors, report arld for no other purpose.To the fullestextent permitted by law.we do not acceptorassume responsibility to anyone other than the charitable company and the charitable company's members as a body. for our audit work. for this report, orforthe opinions we have formed. Paul Allan Byrne BA (Double Hons) FCA (Senior StatutoryAuditor) Forand on behalfofAscendis Audit Limited. StatutoryAuditor Unit3, Building2 The Colonywilmslow Altrincham Road Wilmslow SK94LY 11 December 2024 17 Manchester Youn Peo le's Theatre Limited The Consolidated Statement of Financial Activities reh2 24 31 March 2024 Uniestricted Funds 31 March 2024 Restricted Funds 31 March 2024 Total Funds 31 March 2023 Total Funds Notes Income and endowments from Donations and Legacies 7.055 7.055 3,320 Charitable Activities Grants- Core Funding Operation of building & related artistic programme Provision of participatory activities Health & Science Activities 6&7 6&8 1.116,753 160.722 1,116,753 160.722 1,101,377 172.590 6&9 6.562 86.756 93.318 114.422 6&10 567 567 18,119 Othertrading activities Investment i ncome other income Total income 175.OOS (1.321) 56.381 1.521.724 175.005 (1.321) 56.381 1.608.480 186,612 2,417 64.618 1.663.475 86.756 Expenditure on Resources expended 189.597 189.597 204,905 Charitable activities Operation of building & related artistic programme Provision of participatory activities Health & Science Activities 12 1.445.632 332.977 1,778.609 2,062,093 12 73.044 69.847 142.891 298.449 12 1.871 11.087 12.958 71,246 Total expenditure 1.710.144 413.911 2,124.055 2,636,693 Net expenditure before tax Taxation Net expenditure aftertax (188,420) (327.155) (515,575) (973.218) 23,089 (950,129) (188.420) (327.155) (515.075) Transfers between funds 25 113.058) 13.058 Net movement in funds (201.478) (314.097) (515,575) (950,129) Reconci liation of fu nds Total funds bought fopNard Total funds carried forward 172.351 (29.127) 7,080.797 6.766.700 7,253,148 6.737.573 8,203.277 7.253.148 The notes on pages 22 to 43 form an integral part of these financial statements. 18 Manchester Youn Peo le's Theatre Limited The Consolidated Statement of Financial Position reh2 24 31 March 2024 U nrestricted Funds 31 March 2024 Restricted Funds 31 March 2024 Total Funds 31 March 2023 Tota I Funds Notes Fixed Assets Ta ngi ble Assets 18 19,038 6.881,768 6,900.806 7,262,339 Current Assets Debtors Cash At Bank 20 28 57.729 24.871 82.600 57,729 85.631 143,360 184,221 202.096 386,317 60.760 60.760 Creditors Amounts Falling Due Within One Year 21 (130,765) 162.274) (193,039) (260,414) Net current assetsl(liabilities) (48.165) (1.514) (49.679) 125.903 Totsl assets less current assets/(liabilitiesl (29.127) 6,880,254 6,851.127 7,388,242 Creditors Amounts Falling Due After MoreThan One Year 23 (113,554) (113,554) (135,094) Net assetsl(liabilities) (29,127) 6.766,700 6,737,573 7,253,148 Funds Unrestricted Funds Restri cted Fu nds Total funds 25 25 129,127) 6.766.700 6.737.573 172.351 7,080.797 7.253,148 The financial statements were approved by the Board ofTrustees and authorised for issue on.....11 Dec 2024............. and were signed on its behalf by.. Ms B Ikpasaja Chair of Trustees The notes on pages 22 to 43 form an integral part of these financial statements. 19 Manchester Youn Peo le's Theatre Limited The Com Statement of Financial Position reh2 24 31 March 2024 Unrestricted Funds 31 March 2024 Restri cted Funds 31 March 2024 Tota I Funds 31 March 2023 Total Funds Notes Fixed assets Tangible Assets Investments 18 19 19.038 6.881.768 6,900.806 7.262.339 19,039 6.881,768 6,900,807 7,262,340 Current assets Debtors CashAt Bank 20 71.676 (4,695) 66.981 71.676 56,065 127.741 179.240 202,096 381,336 60,760 60.760 Creditors Amounts Falling Due Within One Year 21 (115.765) (62,274) (178,039) (255,434) Net current assetsl(l iabi lities) (48.784) (1,514) (50,298) 125,902 Total assets less current assetsl(liabi lities) (29.745) 6.880.254 6.850.509 7.388,242 Creditors Amounts Falling Due After More Than One Year 23 (113,554) (113,554) 1135,094) Net assets (29.745) 6.766.700 6.736.955 7.253.148 Funds U n restricted Fu nd s (29.745) 6.766,700 6.736.955 172,351 7,080,797 7,253.148 Restricted Funds Total funds The fi nancial statements were approved by the Board ofTrustees and authorised for issue on........11 Dec 2024................ and were signed on its behalf by. pasaja Chai r of Trustees The notes on pages 22 to 43 form an integral part of these financial statements. 20 Manchester Youn Peo le's Theatre Limited AA 31 March 2024 31 March 2023 Note Cash f lows f rom operati ng activities Theatre tax relief Net cas h outf low from operati ng activities 26 (73.558) (451.077) 23.089 {427,988) (73.558) Cash f lows f rom i nvesti ng activities Interest receivable and similar income Pu rc hase of ta ngi ble f ixed assets Net cas h outf low from i nvesti ng activities (1.321) (818) (2.139) 2,417 (46,346) (43,929) Cash flows from financing activities Repayment of loans and borrowings I nterest paya ble Net cash outflow from financing activities 120.782) (26.882) (47.664) 118,670) (19,613) (38.283) Net decrease in cash and cash equivalents Cash and c8sh equivalents atl April Cash and cash equivalents at 31 March 28 (123,361) 202.096 78.735 (510,200) 712,296 202.096 28 28 All of the cash flows are derived from continuing operations during the above two periods. The notes on pages 22 to 43 form an integral part of these financial statements. 21 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements reh2 24 ACCOUNTING POLICIES Basis of p￿parIng the financial statements The financial statements have been 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) (effective l January 2019)- (Charities SORP (FRS 102)). the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 102) and the Companies Act 2006. Contact meets the definition of a public benefit entity under FRS102. Assets and liabilities are recogni sed at h i storical cost or transaction value u n less otherwise stated i n the relevant accou nti ng pol icy notes. The financial statements are prepared in Pound Sterling (£). which is the functional currency of the entity. Amounts are rounded to the nearest L Basis of consolidation The group financial statements consolidate the firlancial statements of the company and its subsidiary undertaking drawn up to 31 March 2024_ A subsidiary is an entity controlled bythe charity. Control is achieved where the charity has the power to govern the fi na nci a l and operati ng policies of that entity so as to obtai n benef its f rom its activities. The subsidiary undertaking was incorporated as a subsidiary on l April 2020 and was dormant from that date until 31 March 2022. Its results and balances have therefore only been consolidated from I Apri12022. Intercompanytransactions and balances between the charity and its subsidiary undertaking are eliminated in full on consolidation. No Statement of Fi nancial Activities is presented for the charita ble parent compa ny as permitted by section 408 of the Companies Act 2006_ The charity made a deficit after tax of £516,19312023.. £950.129). Critical accountingjudgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make Judgements. estimates and assumptions that affect the amounts reported. These esti mates and Judgemerlts are continually reviewed and are based on experience and other factors. including expectations of future events that are believed to be reasonable under the circumstances. Significantjudgements Thejudgements (apart from those involvingestimations) that management has made in the process of applying the accounting policies and that have the most significant effect on the amounts recogni sed i n the f i nancial statements are as fol lows.. Determination ofwhetherthere are indicators of impairment of the tangible fixed assets. Factors taken into consideration in reaching such a decision include theeconomic viability and expected future financial performance or charitable use of the asseL Determination of whether leases entered into as lessee are operating or fi nance leases. These decisions depend on an assessment of whether the risks and rewards of ownership have been transferred f rom the lessoi to the lessee on a lease by lease basis. 22 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 ACCOUNTING POLICIES- continued Key sources of estimation uncertainty Accounting esti mates and assumptions are made concerningthe future and. by their nature.will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows". Determination of recoverability of trade debtors. A specific provision is made against certain debts where i n the opi nion of the tru stees the debt is not fu Ily recoverable Tangible fixed assets are depreciated overtheir useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives. factors such as technological innovation. product life cycles and maintenance are taken into account Residual value assessments consider issues such as future market conditions. the remaining life of the asset and projected disposal values. Income recognition policies Items of income are recognised and included in the accounts when all of the following criteria are met.. the Charity has entitlemerlt to the funds: any performance conditions attached to the item(s) of income have been met or are fully within the control of the Charity., there is sufficientcertainty that receiptof the income is considered probable: and the amount can be measured reliably. Income received in advance of a theatrical performance or provision of other specified service is deferred u nti I the criteria for i ncome recogn ition a re met Donations and legacies Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charity is entitled to the funds, the income is deferred and not recogrnised until either those conditions are fully meL or the fulfilment of those conditions is wholly within the control ofthe charity and it is probable that these conditions will be fulfilled in the reporting period. Grants Receivable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met. the income is recognised as a liability and included on the balance sheet as deferred income to be released. Deferred Income Deferred income represents amounts received forfuture periods and is released to incoming resources in those periods. Such income is only deferred when= The donor specifies that the grantordonation mustonly be used in future accounting periods- or The donor has imposed conditions which must be met before the charity has unconditional entitlement Investment Income Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity, this is normally upon notification of the interest paid or payable by the bank. 23 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 ACCOUNTING POLICIES- continued Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal orconstructive obligation to make a paymentto a third party, it is probable thatsettlementwill be required and the amountoftheobligation can be measured reliably. Expenditure is classified underthe following activity headings.. Costsof raisingfunds=compiisethecostsof tradingincludingcommercial hires and theirassociated support costs and fundraising supportcosts. Expenditure on charitable activities." includes the costs of performances. touring participatory work and other activities undertaken to further the purposes of the Charity and their associated support costs. Expenditure on the capital redevelopment project is also included in this heading. Other expenditu re-. represents those items not fall i ng i nto a ny other head i ng. I rrecovera ble VAT.. is cha rged as a cost aga inst the activity for which the expenditu re was i ncu rred. Allocation of support costs Support costs are those functions that assist the charity's work but do not directly undertake chari ta ble activities. Su pport costs include back-off ice costs. fi na nce. person nel. payrol l a nd governance costs which support Contacys artistic programme and participatory activities. The bases on which support costs have been allocated are set out in note 13. Governance Costs These include the costs attributable to the charIt￿S compliance with constitutional and statutory requirements. including audit. strategic management and trustees meeting and reimbursed expenses. Taxation The charity is considered to pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly. the charity is potentially exempt from taxation in respect of income or capital gains received withi n categories covered by Chapter 3 Pa rl 11 of the Corporation Tax Act 2010 or section 256 of the Taxation of Chargeable Gains ACL 1992. to the extent that such income or gains are applied exclusively to cha rita ble purposes. Where the Charity's trading turnover is higher (or lower) than the small trading exemption. UK corporation tax is provided at amounts expected to be paid (or recovered) using the tax rates and laws that have been enacted or subsequently enacted at the reporti ng date on trading profits. Its subsidiary, Contact Events Limited. is subject to corporation tax provided at amounts expected to be paid lor recovered) using the tax rates and laws that have been enacted or subsequently enacted at the reporting date. Tangible fixed assets Individual fixed assets costing £500 or more are capitalised at cost and are depreciated over their esti mated usef u l economic lives on a straight-li ne basis as follows= Long term leasehold buildings Fixtures and fittings Computerequipment Motorvehicles 2-10/. 3.85- 20% 33.33° 20/ Land is not depreciated. Bu i Id i ng redevelopment construction costs are Gapital ised in the year they occu r a nd depreci ated over the remaining length of the lease. Fixtures and fittings purchased as part of thecapital redevelopment projectare notdepreciated until thedateof use. Professional fees relatingtothe capital redevelopment project have been expensed in theyear they occurred. 24 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 ACCOUNTING POLICIES- continued Tangible fixed assets- continued Donated fixed assets are recognised atfairvaluewhich is the amountcontactwould have been willing to pay forthe items on the open markeL Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Debtors Tr3de debtors are recognised at the settlement amount due after any trade discount offered. Prepayments and other debtors ale valued at amortised cost Cash and Cash Equivalents Cash at bank and in hand includes cash and short term highly liquid investmerlts with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. C￿dItorS and Provisions Creditors and provisions are recognised where Contact has a presentobligation resulting from a past event thatwill probably result in the transferof funds to a third party and the amount due to settle the obligation can be measured orestimated reliably_ Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Borrowings Interest-bearing borrowings are initially recorded at fair value. net of transaction costs. Interest- bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs. and the amount due on redemption being recognised as a charge to the Statement of Fi nancial Activities over the period of relevant borrowi ng. Interest expense is recognised on an accruals basis. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settle ment of the l i a bi lity for at least twelve months after reporti ng due. Fund accounting U nrestri cted fu nd s are avai la ble to spend on activities that further a ny of the purposes of the charity. Restricted funds are donations which the donorhas specified are to be solely used for particular areas ofthe charitys work or for specific artistic projects being undertaken bythe charity. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. Operating Leases Rental charges are charged on a straight-line basis over the term of the lease. Pensions and other poSt-￿ti￿rnent obligations The charity contributes to a group money purchase defined contribution pension scheme operated by The People's Pension. New and existingemployees are automatically enrolled intothe money purchase scheme unless they have exercised the right to opt out of scheme membership. Employees join the money purchase pension scheme operated by The People's Pension, contract directlywith the insurance company.Thecharity makes a matchingcontribLJtion of3/0 of salarytothis pension scheme and acts as agent in collectingand payingoveremployee pensions contributions.The contributions made for the accounting period are treated as an expense and were £15,666 (2023.. £21.997). There were no contributions outstanding at the balance sheet date_ 25 Manchester Young People's Theatre Limited (The) ACCOUNTING POLICIES- continued Goingconcern The Trustees have caref ul ly considered The Chari ty's goi ng concern pos i tion with regard to its Arts Council England's National Portfolio Organisation (NPO) funding. Contact has recently been awarded funding for the next cycle of NPO fundingwhich covers the threeyears from April 2023 to March 2026 and furtherwith the addilional 2026-27year open for applications from ACE. Manchester City Council and the Greater Manchester Combined Authority (GMCA) have confirmed fund ing for the period to March 2026. Although the NPO fundingcontinues at the same level. we continue to seek new funding partners and have been successful at increasing funds to support our core work. The Charity is unlikely to meet its commercial profit targets for 2024-25 though we plan to develop these income streams further in 2025-26.This will have a potential impact on the Charity bottom line. Contact's reserve policy requirement of free reserves covering three months, operating costs are not met at the end of the period. Contact has budgets in place to build free reserves toward three months operati ng costs over the current NPO funding period_ Contact has prepared mitigation steps including new financial and commercial strategies over the next twoyears to build free reserve and continue to focus on its mission by= Prioritisingvalue for money programme. Conti nue to drive cost cutting exercises to reduce expenditure. New business model to generate voluntary and trading income. Robust financial monitoring and assessment using monthly management accounts. Financial health check through stri ngent monthly cash flow forecast and quarterly budget review. Maximise the efficiencyof its commercial business model togenerate incorne. The Trustees recognise the current financial position of Contact and, having assessed the new financial and commercial strategies including the cash position and the mitigation steps (including the renewal of the current overdrafi facility as a buffer). are therefore satisfied that it is appropriate to prepare the financial statements on a goingconcern basis. DONATIONS AND LEGACIES 2024 2023 Donations 7.055 3.320 Income from donations includes Gift Aid from individual giving. From time to time Contact benefits from the involvement and support of volunteers. In accordance with accounting standards. the econom i c contri bution of general volunteeis is not recognised i n the accounts. 26 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - Continued reh2 24 OTHER TRADING ACTIVITIES 2024 2023 Accountancy services Bar & catering Hire of spaces Hire ofequipment Office hires Retail Consultancyfee Commission income Services income 37,517 19,461 115,584 6,984 137,283 356 7.792 4.023 15,720 2.265 582 7,875 6,175 175.005 186,612 INVESTMENT INCOME 2024 2023 Investment income (1.321) 2.417 OTHER INCOME Unrestricled Restri cted Funds Funds 2024 2024 Total Funds 2024 Tota I Funds 2023 Coutts Foundation revenue grant Coutts Foundation cost of living payment Insurance claim other 50,000 5.000 50,000 5.000 50,000 5.000 9.618 1.381 1.381 56.381 56.381 64.618 INCOME FROM CHARITABLE AcMvmES 2024 2023 Activity Grants-core Funding Operation of building & related artistic programme Provision of participatory activities Health & Science Activities (note 7) (note 8) (note 9) (note 10) 1.116.753 160,722 93.318 567 1,101.377 172,590 114.422 18.119 1.371.360 1,406,508 27 Manchester Youn le's Theatre Limited The Notes to ihe Consolidated Financial Statements- continued for the Year Ended 31 March 2024 UNRESTRICTED GRANT INCOME FROM CORE FUNDERS 2024 2023 Arts Council GMCA (Greater Manchesterculture & Social Impact Fund) Manchester City Council University of Manchester 933.297 106.700 35,676 41.080 933.297 97.000 30,000 41,080 1.116.753 1.101.377 Al I relate to u n restricted fu nds. INCOME FROM OPERATION OF BUILDING AND RELATED ARTISTIC PROGRAMME Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Income from theatre performances Manchester City Council-Time Stamp RYTDS 160.722 160,722 156.053 3.100 13.437 172,590 160.722 160,722 INCOME FOR PROVISION OF PARTICIPATORY ACTivmES Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Tota I Funds 2023 BBC Reverse Mentoring HolidayActivity Fund other income studio School The Agency Youth & Play Iyoung Manchester) 300 300 3,750 4.800 6.638 600 88.634 10.000 114,422 6.562 77.456 15.000 86,756 78.018 15.000 93,318 6.562 io. INCOME FOR HEALTH & SCIENCE ACTIVITIES Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Curiosity Fund GMCDP GMCVO-Trauma responsive communities More Than Skin Deep- People's Palace 7,985 3.934 5,000 567 567 1,200 18,119 567 567 28 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 11. RESOURCES EXPENDED Raising donations and legacies 2024 2023 Fundraising support costs Commercial trading operations 93.032 96,565 86.967 117.938 189,597 204,905 12. CHARITABLE ACTivmES COSTS Operation of building& related artistic programme 2024 Provision of partici patory activities 2024 Health & Science Activities 2024 Total 2024 Total 2023 Salaries Faci l itator fees. project costs & expenses Travel, accommodation & subsistence Production & touring costs Artists fees and box office splits Commissioning& artist development Box office & marketing costs Premises & technical costs Finance charges Recruitment & training Bad debts & write offs Depreciation Governance costs (note 13) Support costs (note 13) 811.524 11.179 48.329 23.257 53 6.449 859.906 40.885 920.020 207.885 1.160 231 1.391 20,691 35,859 89.976 53,298 3,803 92.960 89.976 8,199 138.407 3.100 3.100 27,850 16.274 io 16.284 131.293 240.397 26.867 5.624 3.000 15 400 243.797 26,882 5,624 267,010 19,613 13,669 9.561 361,117 362.351 362.351 88.116 86.182 13.117 1.644 2.250 (7) 103.483 87,819 29.708 276,765 1.778.609 142.891 12.958 1.934.458 2,431.788 Of the expenditure amounti ng to £1.934.458 (2023- £2.431.788). £I.S20.547 (2023.. £1.809.553) was charged to unrestricted funds and £413,911 (2023.. £622.235) was charged to restricted funds. 29 Manchester Youn le's Theatre Limited The Notes to ihe Consolidated Financial Statements- continued for the Year Ended 31 March 2024 13. ANALYSIS OF GOVERNANCE AND SUPPORTCOSTS General Governance support function 2024 2024 Total 2024 Total Basis of 2023 apportionment Catering for board & trustee meetings Salaries. wages and related costs General office costs Audit & tax fees 80 80 110 Direct 12.467 75,352 15.945 72.494 14.964 28.412 147,846 14,964 184.613 99,349 22,401 staff ti me Direct Direct 87.819 103.483 191.302 306.473 14. NET INCOMEI(EXPENDITURE) Net expend itu re is stated after chargi ng-. 2024 2023 Depreciation - owned assets Operati ng leases Audit fees Tax fees 362,351 361.117 802 19.951 2.451 14.114 850 Ofthe audit fees in 2024.£4,764was payable to the previous auditor in respectof their2023 audit. 15. TRUSTEES. REMUNERATION AND BENEFITS Except those disclosed in note 30. no trustees. nor any persons connected with them. have received any remuneration or anyother benefit from the group duringtheyear. The group paid £130 (2023= £nil) for reimbursed expenses to two trustees during the year. ofwhich £50 was for reimbursement of travelling cost and £80 was for reimbursement of a board dinner. No other trustees have received any reimbursed expenses during the year_ 16. STAFF COSTS 2024 2023 Wages and salaries Soci al secu rity costs Pension costs Redundancy costs 973.060 48.618 15,666 1.143.524 101.258 21,997 12,002 1,278,781 1.037,344 The average monthly numberof full-time equivalentemployees (including casual and part-time staff) during theyearwas as follows= 2024 No. 2023 No. Permanent staff including part-time No employees received emoluments in excess of £60.000 (2023- £nil). 30 Manehester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 16. STAFF COSTS- Continued Pension costs are a Ilocated to activities i n proportion to the related staff i ng costs i ncu rred. The key management personnel of Contactcomprise theTrustees. the Artistic Director/Chief Executive, Head of Creative Engagement. Director of Finance. Head of Commercial & Visitor Experience. Head of Marketing & Communications and Head ofoperationsllnterim Executive Director. The total employee benefits of the key management personnel were £200,260 (2023: £264.625). 17. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES U nrestricted Funds Restricted Funds Total Funds Income and endowments from Donations and legacies 3,320 3,320 Charitable Activities Operation of building & related artistic programme Provision of pa rtici patory activities Health & Science Activities Grants- Core Funding othertrading activities Investment i ncome Other income Total income 156.053 16,537 172,590 7.237 107.185 18,119 114.422 18,119 1.101.377 186,612 2,417 64.618 1.663,475 1.101.377 186.612 2.417 64.618 1.521.634 141.841 Expenditure on Resources expended 204.905 204,905 Charitable Activities Operation of building & related artistic programme Provision of pa rtici patory activities Health & SafetyActivities Capital Refurbishment Project 1.706.002 356,091 2,062,093 104.536 (985) 193,913 72.231 298,449 71,246 Total expenditure 2.014.458 622.235 2.535.883 Net expenditure befo￿ tax Taxation Net expenditure aftertax (492.824) 23.089 (469.735) (480,394) (973.218) 23.089 (950,129) (480,394) Transfers between funds (53.129) 53.129 Net movement in funds (522.864) (427.265) (950.129> Reconci liation of funds Total funds brought forwards 695.215 7.508.062 8.203.277 Total funds carried forward 172.351 7,080,797 7.253,148 31 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 18. TANGIBLE FIXED ASSETS Group and company Freehold Property Fixtures and Fittings Motor Vehicles Computer Equipment Totals COST At l April 2023 Additions Disposals 10.465.508 259.967 15.469 193.898 818 (20,003) 10.934.842 818 (52,496) (32.493) At 31 March 2024 10.465.508 227.474 15.469 174,713 10.883.164 DEPRECIATION At l April 2023 Charge foryear Disposals 3.392,294 308.775 130.364 13.116 (32.493) 15.469 134.376 40.460 (20,003) 3.672,503 362.351 (52,496) At 31 March 2024 3.701.069 110.987 15.469 154.833 3.982.358 NET BOOK VALUE At 31 March 2024 6,764.439 116,487 19,880 6,900,806 At 31 March 2023 7.073.214 129.603 59.522 7.262.339 19. FIXED ASSET INVESTMENTS Company Share in subsidiary undertaking As at l April 2023 and at 31 March 2024 Details of the investment in which the company holds more than 20°A ofthe nominal value of any class of share capital are as follows: Company Number Proportion of shares and votin hts held Undertakin Re istered office Holdin Contact Events Limited 12543422 Devas Street. Oxford Road. Manchester. M15 6JA Ordinary loo. 32 Manchester Youn le's Theatre Limited The Notes to ihe Consolidated Financial Statements- continued for the Year Ended 31 March 2024 19. FIXED Ass￿ INVESTMENTS- continued Contact Events Limited Yearended 31 March 2024 Yearended 31 March 2023 Income Expenditure Trad i ng prof it Profit gift aided to the charity (Loss)Iprof it for the year 144.678 (104,966) 39.712 (39.712) 81.240 (80.620) 620 620 31 March 2024 31 March 2023 Total Assets Total Liabilities Net Assets/lLiabilities) 69,219 (68.598) 621 8.190 (7,569) 621 20. DEBTORS: AMOUNTS FALLING DUE W￿H1N ONE YEAR Group Company 2024 2023 2024 2023 Trade debtors Amount owned by subsidiary VAT Prepayments and accrued income 33.165 20.067 4.017 53.598 15.086 1.949 22.615 18.464 145,690 681 13.380 18,464 145.690 57.729 184.221 71.676 179.240 33 Manehester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 21. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Group Company 2024 2023 2024 2023 other loa ns (see note 24) Bank overdraft Trade cred itors Social security and othertaxes Othercreditors and custodian funds (note 22) Amounts owed by subsidiary Accruals Deferred income 21.540 6.896 66.584 25.415 13.032 20,782 21.540 6.896 66,584 25.415 13.032 20,782 102.801 25.917 25,639 102,801 25,917 25.638 3,209 18.566 72.868 26,006 4,219 178.039 255.434 33.566 26,006 193.039 72.868 12.407 260.414 Deferred i ncome comprises advance ticket sales for perforrnances of shows and i ncome for projects due to take place after31 March 2024 and is analysed below. 2024 2023 Atl April Released inyear Deferred in year At 31 March 12.407 (12.407) 26,006 26.006 60,841 (60.841) 12,407 12.407 22. CUSTODIAN FUNDS Contact acted as a custodian trustee during the year for five irldependent projects run by ex- participants of Contact's programmes. All funds are held as cash in bank. Group and company Balance at l April 2023 Funds Balance at received Funds paid 31 March 2024 Hate Crime Awareness Uniquely Us Dawn to the Light Rory Aaron.. This Town Ku Itu re Fest 40 626 17.000 2.297 40 626 175 (16,825) (2.297) 12.180 12.180 19,963 12.180 (19,122) 13,021 23. CREDITORS: AMOUNTS FALUNG DUE A￿ER MORE THAN ONE YEAR Group and company 2024 2023 other loans (note 24) 113,554 135,094 34 nch Th Limi Th Notes to the Consolidated Finaneial Statements - eontinued rch2 24. LOANS An analysis of the maturity of loans is given below.. Group and company 2024 2023 Amounts falling duewithin oneyearon demand: other loans 21.540 20.782 Amounts falling be￿een one and twoyears: other loans- 1-2years 22.327 21,541 Amounts falling due between two and fiveyears". other loans- 2-5years 71,988 69,453 Amounts falling due in more than five years: Repayable by instalments. other loans over more than 5years by instalments 19.239 44,100 Manchester City Council has provided a £200.000 loan at a rate of 2.7% + the EC Reference Rate which is the variable rate. Manchestercity Council holds quasi-securityoverThe Manchesteryoung People's Theatre building whereby a negative pledge is in place. 35 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 25. MOVEMENT IN FUNDS For the year ended 31 March 2024 Net movement in funds Transfers between funds At 31.3.24 At 1.4.23 Unrestricted funds Unrestricted fund Designated fund (Capital Redevelopment Project) 116.427 (188.420) (13,058) {85,0511 55.924 172.351 55.924 129.127) (188.420) (13.058) Restricted funds The Agency (Reachi ng Communities) 2021- 26 Weston Cu Itu re Fu nd Cu riosity Fu nd Buildingfund Diverse Action (Live Art UK) Capsule 2119 Youth & play (Young Manchester) Manchester City Cou nci l Health & Care Commissioning The Agency Alumni GMCA Outreach GMCVO- Trauma responsive BBC reverse mentori ng MoreThan Skin Deep MCR Active- Holiday Action Fund 3.973 21,136 25,109 2.038 500 7.032.019 1.206 880 11.282 2,038 500 6,699.042 1.206 589 21.498 <332.977) 1291) 10.216 16.863 2.529 (3.104) 13.759 2.529 (355) (7.635) (1.160) 355 2,175 5.460 1.590 430 17) 10.535 2.457 (12.992) 7.080.797 (327.155) 13.058 6.766.700 TOTAL FUNDS 7.253.148 1515.5751 6.737,573 36 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 25. MOVEMENT IN FUNDS- Continued For the year ended 31 March 2024 Net movement in funds. included in the above are as follows.. Incoming resources Resou rces expended Movement in funds Unrestricted funds Unrestricted fund 1.521.724 (1.710.144) (188.4201 Restrictèd funds The Agency (Reachi ng Communities) 2021-26 Weston Cu Itu re Fu nd Cu riosity Fu nd Buildingfund Youth & Play (You ng Manchester) Capsule 2119 Diverse Actions (Live Art U Kl The Agency AILJmni GMCA Outreach GMCVO- Trauma responsive Manchester City Cou nci l Health & Care Commissioni ng More Than Skin Deep BBC reverse mentori ng MCR Active- Holiday Action Fund 71.456 (50.320) 21.136 (332.9771 {4.784) 1291) (332,9771 10,216 (291) 15,000 13551 17.6351 (3.104) 13551 17.6351 (3.104) 300 (1.460) (12.992) {1.160) {12.992) 86.756 1413.911) (327.155) TOTAL FUNDS 1.608.480 12.124.055) (515,5751 There were no significant transfers betsveen reserves du ring the period. 37 Manehester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 25. MOVEMENT IN FUNDS- Continued For the year ended 31 March 2023 Net movement infunds Transfers between funds At 31.3.23 At 1_4.22 Unrestricted funds Unrestricted fund Designated fund (Capital Redevelopment Project) 535.215 (469.735) 50.947 116.427 160.000 (104.0761 55.924 695.215 1469.735) 153.129) 172.351 Restricted funds C Change Project FarApart UK The Agency (Reachi ng Communities) 2021- 26 Weston Cu Itu re Fu nd Cu riosity Fu nd Buildingfund Wellcome Trust (Health & Science Producer) Youth & play (You ng Manchester) Manchester City Cou nci l - Time Stamp Regional Theatre Young Directols Scheme Ironmongers Manchester City Cou nci l Health & Care Commissioning Steel fou ndation The Agency Alumni GMCDP GMCVO- Trauma responsive MCC-Covid Impact Fund Fi rst 1000 Days MoreThan Skin Deep BBC Reverse Mentori ng Capital Refu rbish ment Project Diverse Actions (Live Art U Kl MCR Active- Holiday Action Fund Media Drop 2.0 (Youth Music) Capsule 2119 592 9.306 (592) (9.306) 19.236 66.203 4.706 7.245.113 10.973 12.844 2.900 3.962 2.654 17.661 (64.165) (4.206) (332.692) {10.9731 (1.5621 12.9001 13.962) 12.654) 132.924) 3.973 2,038 500 7,032,019 119,598 11,282 16.863 4.202 24.425 5.090 10.000 14.Al 14.592 16.863 (4.202) (21.896) 15.0901 {4.540) {14.711) (14.5921 2.529 5,460 1.590 1,590 33.545 1.206 133.545) 1.206 2.457 2.457 (4.059) 4.059 880 880 7.508.062 (480.394) 53.129 7.080.797 TOTAL FUNDS 8.203.277 (950,129) 7,253,148 38 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 25. MOVEMENT IN FUNDS- Continued For the year ended 31 March 2023 Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movernent infunds Unrestricted funds Unrestricted funds Designated fund (Capital Redevelopment Project) 1.521.634 11.991.369) (469.735) 1.521.634 11.991.369) (469.735) Restricted funds C Change Project FarApart UK The Agency (Reachi ng Communities) 2021- 26 Weston Cu Itu re Fu nd Cu riosity Fu nd Buildingfund Wellcome Trust (Health & Science Prod ucerl Youth & play (Young Manchester) M8nchesterCityCouncil-Time Stamp Regional Theatre Young Directorfs Scheme {RTrDS) Ironmongers Manchester City Cou nci l Health & Care Commissioni ng steel fou ndation The AgencyAlumni GMCDP GMCVO- Trauma responsive MCC-Covid Impact Fund Fi rst 1000 Days MoreThan Skin Deep BBC reverse mentoring Capital Refu rbish ment Project Diverse Actions (Live Art U K) MCR Active - Holiday Action Fund Media Drop 2.0 (Youth Music) Capsule 2119 (592) (9.306) (592) (9.3061 108.635 (90,9741 (64.165) (12.191) (332.6921 17.661 (64.1651 (4,2061 1332.6921 7.985 110.9731 (11.5621 16.000) (10.9731 11.5621 12.9001 io.000 3.100 13.437 (17.399) {2.654) (3.9621 12.6541 (4,202) (1,896) (9,024) (9.5401 114.711) (14.5921 (1.2001 12.1601 (4,2021 {21,8961 (5,0901 14.5401 {20.000) 3.934 5.000 114,5921 1.200 3.750 1.590 4.800 (2.343) {4.059) 2.457 {4.0591 141.841 1622.2351 1480.3941 TOTAL FUNDS 1.663.475 12.613.604) 1950.1291 Signif icant transfers i n 2023 included the re-designation of £104.076 of the designated capital fund, wh ich was no longer necessary having secured additional capital fund ing in prior periods. There was also a £86.053 transfer to restricted fu nds to reflect the natu re of i nfrastructu re assets. 39 nch Th Limi Th Notes to the Consolidated Financial Statements - continued rch2 24 25. MOVEMENT IN FUNDS- continued Funds Nameoffund U nrestricted f und Description. nature and purpose of the fu nd The "uniestricted reserves" after al lowi ng for all designated fu nds a nd i nclud i ng u nrestricted fixed assets. Designated fund forcapital Redevelopment Project Designated fund Name of restricted fund Descri ption. nature and purpose of the fund Active The Ager)cy (Reaching Communities) 2021- 26 Reaching Communities is funding the continuation of The Agency Project Weston Culture Fund Garfield Weston Foundation funded cultural organisations to restart thei r work after Covi d-19 a nd to re-engage a ud iences it supported and outdoor programme of activities arld events Curiosity Fund A partnership between BBC Children in Need and Wellcome is funding a rlew arts project forchildren aged 15- 16 within an area of high deprivation who may be disabled or experience ment81 health issues Building Fund The Buildingfund was established to rebuild and extend the existingtheatre and was funded byThe Arts Council of England. Expenditure represents the annual depreciation charge. Capital Redevelopment costs are transferred to the Building fund Diverse Action (Live Art UK) Contact is a partner in the Live Art UK Diverse Actions project which commissions BAME live art artists to make new work Capsule 2119 The PRS Foundation is supporting the creation and performance of 16 new songs that would subsequently become a time capsule for the Year 2119 placed withi n Contact's ref urbished bu i Id i ng Youth & Play (Young Manchester) Young Manchester is funding a grant to co-delivera 12 month pilot project thatwill enableyoung people from workingclass backgrounds in Manchester to explore art and activism Manchester City Council Health & Care Commissioning The AgencyAlumni Manchestercity Council is funding a community Arts Intervention with young parents in Wythenshawe Another project funded as part ofThe Agency Project BBC Reverse Mentori ng This scheme connected 25 young people from Contact's network to 25 staff members across BBC Children & BBC Education in a 12 month reciprocal mentoring scheme 40 Manehester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 25. MOVEMENT IN FUNDS- continued Completed C Change Manchestercc funded a production of a show on climate change. FarApart UK People's Palace Projects funded a research project to look beyond lockdown to understand how UK Arts organisations can continue to support young people's wellbeing during Covid-19 Wellcome Trust (Health & Science Producer) The Wellcome Trust funded the Health & Science Producer Manchester City Council Time Stamp Manchestercity Council funded a production of a show on young people's experiences of lockdown during Covid-19 Regional Theatre Young Directorfs Scheme (RTYDS) This scheme funded a residency for an assistant director at Contact for18 months Ironmongers The Ironmongers Foundation awarded funding to encourage young people to get more involved in The Arts and Theatre. Steel Foundation Steel Foundation funded music workshops foryoung people. GMCDP GMCDP funded a creative development programme for neurodivergent. deafand disabled young people.The outcome was the performance focused on disability historycalled DIS= Play GMCVO-Trauma Responsive These funded The Arts and Trauma network. a monthly meeting exploring best practice for trauma informed work. The network included 16 members from across Greater Manchester MCC- Covid Impact Fund One Manchester funded a report into the impact of the Covid-19 pandemic on the mental health of staff and participants at Contact Fi rst1000 Days One Manchester funded a creative development project for parents in Harpurhey and Moston_The outcome was a week of activities called Kids Fun Zone at Harpurhey Neighbourhood Project MoreThan Skin Deep People's Palace Projects funded a performance of care-experienced young people talking about change they would like to see in the care system. Capital Refurbishment Project This fund consisted ofgrants and donations to support the capital redevelopment project MCR Active- Holiday Action Fund This was secured to deliver Easter. summer and Christmas holiday activity foryoung people aged 11-16 on free school meals. From music to theatre to cooking the sessions were devised and delivered by Contact staff and freelance faci l itators. GMCA Outreach A projectto make a positive contribution to improving skills and employability of residents in Greater Manchester. including supportforthe creative education. expression and ambition of young people across Greater Manchester. Media Drop 2.0 (Youth Music) Youth Music funded the Media Drop 2.0 music project and the continuation and expansion ofthe music programme. 41 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 26. RECONCILIATION OF NET MOVEMENT IN FUNDS TO NETCASH FLOW FROM OPERATIONS 2024 2023 Deficit for the reporting period Adjustments fon. Depreciation charges Interest payable Interest receivable Decreasel(i ncrease) i n debtors (Decrease)/i ncrease i n cred itors (515,575) (973,218) 362,351 26.882 1.321 126,492 175.029) 361.117 19.613 (2.417) 133,399 10,429 Net cash generated by operations (73.558) {451.077) 27. ANALYSIS OF CASH AND CASH EQU1VALE￿[S 2024 2023 Notice deposits (less than 3 months) Bank overdraft 85.631 (6,896) 202,096 Total cash and cash equivalents 78.735 202.096 28. ANALYSIS OF CHANGES IN NET FUNDS At1_4.23 Cash flow At 31.3.24 Net cash Cash at bank ank overdraft 202.096 (116.465) (6.896) 85.631 (6.896) Total 202,096 (123,361) 78,735 29. OTHER FINANCIAL COMMrrMENTS At the reporti ng date the group and company had capital commitments amounting to £3.147 (2023.. £nil). The total future minimum lease payments under non-cancellable operating leases are as follows.. Group and company 2024 2023 Not later than oneyear Laterthan l year and not laterthan 5yeais 186 186 42 Manchester Youn Peo le's Theatre Limited The Notes to the Consolidated Financial Statements - continued reh2 24 30. RELATED PARTY DISCLOSURES Contact and the University of Manchester have an agreement which allows for Contact to lease the building from the University, to access some facilities and services. and to collaborate with the University on programming some events for and by students_ On this basis Contact feels it is a ppropriate to d isclose transactions with the University as related party transactions. The University of Manchester awarded grants to Contact of£41.080 (2023.. £41.080). The Arts Council of England which provides core fundingto Contact has a charge over the land and buildings of Contact. Contact received consultancy service income. box office income. hire of space and other i ncome of £4.58312023. £13.140) from the Universityof Manchester. There was an outstandi ng balance due from the University of £600 as at 31 March 2024 (2023: £2.370). Contact purchased goods and services from the University of Manchester amounting to £40 (2023= £6.202). There were no outstanding balances due to the University at eitheryearend. Certai n trustees were engaged on a freelance basis for various projects throughout the year. although not in thei r role as trustees. Ms A Wilson (resigned 1511112023) received £300 (2023.. £809), Mr C Cremin (res igned 1511112023) received £500 (2023: £375), M r J Wi I ki nson (resigned 2210312023) £n i l (2023.. £12.833). MrJ Akinola (resigned 1610812023) £nil (2023. £5.540) and Ms F Ope £nil (2023= £550). There were no outstanding balances due to any trustees as at 31 March 2024 (2023.. £nil). At the reporting date the charity was owed £53.598 by (2023= owed £3.209 to) by Contact Events Limited. Donations from Trustees amounted to £nil (2023. £nil) in theyear. 31. POST BALANCE SHE￿ EVENTS On 30 September 2024 Contact Events Limited. the subsidiary company. ceased to trade and its commercial activities were transferred to the charity. 32. GENERAL INFORMATION The charity is a company limited by guarantee. incorporated in England and Wales, and has no share capital. In the eventof Contact beingwound up.the liability in respectof the guarantee is limited to £1 per member of the charity. The registered office address is Contact Theatre. Devas Street. off Oxford Road. Manchester. M15 6JA. Contact is the leading UK arts organisation to placeyoung people's leadership and decision making at the heart of everything. Our main areas of activity are: Providing transformative opportunities foryoung people Producing high quality new work with a focus on pressing social realities and presenting the future mainstream with a diverse and pioneering programme Operating a unique. ethical and welcoming building. 43 Manehester Youn Peo le's Theatre Limited The Detailed Consolidated Statement of Financial Activities reh2 24 2024 2023 INCOME AND ENDOWMENTS Donations and legacies Donations 7,055 3,320 other tradi ng activities Commercial Trading Operations 175.005 186,612 Investment income Investment i ncome (1.3211 2,417 Charitable activities Grants-core Funding Operation of building Provision of participatory activities Health and Science 1.116.753 160,722 93,318 567 1.101.377 172,590 114,422 18.119 1.371.360 1.406.508 other income Other Income 56,381 64,618 Total incoming resources 1.608.480 1,663,475 EXPENDITURE Raising donations and legacies Fundraising support costs Commercial tradingoperations 93,032 96.565 86,967 117.938 189.597 204,905 Charitable activities Sa la ri es, wages a nd related costs Travel and accommodation & subsistence Faci l itator fees & project costs Production and Touring costs Artists fees & box office split Commissioning and artist development costs Box office and marketing cost Premises and technical cost Finance charges Recruitment and training Bad debts and write offs Depreciation of Building fund Depreciation of Fixtures and fittings 888,318 1.391 40.885 92,960 89.976 3.100 16,284 243.797 26.882 5.624 1.104,633 20,691 207.885 8,199 138.407 27.850 131,293 267.010 19.613 13,669 9,561 307.059 14,614 308.775 13.116 Carri ed forward 1,731,108 2,270,484 Manchester Youn Peo le's Theatre Limited The Detailed Consolidated Statement of Financial Activities 2024 2023 Charitable activities Brought forward 1.731,108 2,270,484 Depreciation of Computerequipment Cateri ng for Board and Trustee Meetings General office costs Audit and tax fee 40.460 80 147,846 14.964 1,934,458 39.444 110 99,349 22,401 2,431,788 Taxation Tax charge forcurrentyear (23,089) Total resources expended 2,124.055 2,613.604 Net expenditure (515.5751 (950.129) 45 Contact 2024 final accounts Final Audit Report 2024-12-11 Created.. 2024-12-10 By.. Frankie Bradley lfranknebradley@contaclmcx.cfjml Status.. Signed Transaction ID.. CBJCHBCAABMrnsGIXnlqwuEjYrywxgs8LXWwFr3eFfcac "Contact 2024 final accounts" History Documenl created by Frankie Bradley (frankiebradley@contactmcr.com) 2024-12-10- 10.'33=48 AM GMT Document emailed to Bella (bella@ikpasaja.co.uk} for signature 2024-12-10- 10.'34=08 AM GMT Email viewed by Bella (bella@ikpasaja.co.uk) 2024-12-11- 7'.56.'53 PM GMT Document e-signed by Bella (bella@ikpasaja.co.uk) Signature Date: 2024-12-11- 7'.59:46 PM GMT- Time sour￿.. server Agreement completed. 2024-12-11 - 7..59..46 PM GMT