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2023-05-31-accounts

REGISTERED COMPANY NUMBER: 01128463 (England and Wales) REGISTERED CHARITY NUMBER: 503675

Report of the Trustees and

Consolidated Financial Statements For The Year Ended 31 May 2023

for

Manchester Camerata Limited

Manchester Camerata Limited

Report of the Trustees For The Year Ended 31 May 2023

Contents of the Financial Statements For The Year Ended 31 May 2023

Page Page Page
Report of the Trustees 1 to 11
Report of the Independent Auditors 12 to 14
Consolidated Statement of Financial Activities 15
Consolidated Statement of Financial Position 16 to 17
Charity Statement of Financial Position 18 to 19
Consolidated Statement of Cash Flows 20
Notes to the Consolidated Statement of Cash Flows 21
Notes to the Financial Statements 22 to 31

Manchester Camerata Limited

Report of the Trustees For The Year Ended 31 May 2023

The trustees are pleased to present their annual report together with the financial statements of the group and charity for the year ending 31 May 2023 which are also prepared to meet the requirements for a directors' report and accounts for Companies Act purposes. The financial statements comply with the Charities Act 2011, the Companies 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 1 January 2019).

Chair's report

Last year, Manchester Camerata celebrated 50 years of making a difference. It is a journey that has seen us evolve into one of the most innovative and respected orchestras in the UK. Thank you to our friends and supporters who have helped us get this far.

That milestone was important to our audiences, musicians, and staff. There is much that we have achieved that is a source of pride. We wanted to pause to recognise that, with programming throughout the year that provided a fitting focus for our celebrations.

In 2022-23, as well as looking back, the Board has also been looking forward. Our focus has been on ensuring we have a clear strategic vision and plan that sets out our long-term objectives and the policies and procedures in place to deliver them.

That is because we want Manchester Camerata to be here in another 50 years and to be just as relevant as it is today. That demands an approach to sustainability that goes beyond short-term funding cycles and immediate pressures caused by the current cost of living crisis. Instead, we are adopting a strategic approach that considers the longer-term threats to sustainability, not just for ourselves but for the performing arts sector in general.

We are starting by putting those values into action within our own organisation, this year implementing a significant pay rise for our freelance musicians. In the longer term, our exciting new Ruth Sutton Manchester Camerata 360 Fellowships are set to provide a range of structured pathways to support young musicians as they develop their craft and embark on fulfilling careers within the sector.

We know the talent pipeline is under threat. This is our response. To fulfil its mission, Manchester Camerata should not and will not stand still. That means translating our words into action and challenging the way we think and the way we work.

This year has been no exception. We continue to challenge ourselves and others to work in new and different ways. It is only through challenge that we learn, - as a board, as a management team, and as musicians. And always, what sits at the core of our decision making, is a strong set of values and principles that underpin everything that we do.

Those values will continue to shape the way we work.

Steve Dauncey, Chair

2

Manchester Camerata Limited

Report of the Trustees For The Year Ended 31 May 2023

OBJECTIVES AND ACTIVITIES

Purpose and Principles

On 4 August 2023 the charitable objects were updated as follows:

The purpose of the charity is to

through the innovative use of music, informed by the needs of beneficiaries of the charity and their communities, and driven by the highest standards of artistic excellence.

Our Purpose: 'To make music that matters, music for change.'

Our Principles: Humanity, Originality, Excellence, Fearlessness

Public benefit

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance 'public benefit: running a charity (PB2)'. We rely on grants and the income from fees and charges to cover our operating costs. All activities are planned and created with the needs of our community and public in mind. We actively engage with underserved and diverse communities to offer the benefits of participation and attendance at our activities and to attend our events. What we offer is non-exclusive and our work takes place in schools, concert halls, care homes, nightclubs, universities, open outdoor spaces and to a broad range of people.

Objectives for 2023-2024

The strategies employed to achieve the charity's aims and objectives as we move forward are centred around concerts, community, communications, fundraising and governance.

Concerts

The return of Samantha McShane as Creative Director has marked an emphasis on experiential performances, bringing our audiences closer to our players than ever. With the addition of 5 diverse Artistic Partners (Daniel Pioro, Rushil Ranjan, Jess Gillam, Kantos and AMC Gospel Choir) our seasons showcase diverse collaborations and new fearless commissions. Samantha has also instilled an emphasis on talent development and this year we launched our inaugural Camerata 360° Ruth Sutton Fellowship. This fellowship will train 5 young musicians in all aspects of our work and the impact it makes. 2023/24 will also see us draw closer to the end of our flagship ‘Mozart, Made in Manchester’ project and we will continue to make sure it receives the coverage and accolades it deserves.

Community

2023-24 will see a continuation and expansion of our Music in Mind programme for people living with dementia. After the set-up of our sister organisation which specialises in this work, the next year will see us working together to expand the reach of the impact Music in Mind can make. 2023-24 will also see us undergo a review and consultation of our work with young people to re-evaluate what will best serve our communities.

Communication

In 2023-24 we will grow the Marketing and Communications team. The appointment of a part time Videographer and Digital Marketing Officer will see a focus on the creation and dissemination of more digital content, to help tell our story more effectively to our stakeholders, audiences, and donors. Building upon the success we have already had in this field (RPS Award winning/ significant growth in social media followers) we see digital storytelling as an opportunity to impact all areas of our business in particular, engagements and fundraising.

3

Manchester Camerata Limited

Report of the Trustees For The Year Ended 31 May 2023

Governance

We welcomed four new board members (Michelle Duncalf, Kate Green, Simon Pedley & Rebecca Ward) in April 2023 who brought with them skills, expertise, and insight critical to our direction. Work to review some of our charitable documents, company policies and procedures, and a new finance system concluded successfully within this period.

OBJECTIVES AND ACTIVITIES

Fundraising

Next year will see the commission and implementation of a brand-new donor specific Customer Relationship Management System (CRM) which will help us to manage our pool of existing donors more effectively through better and consistent comms, strengthening our relationships. The CRM will also help us manage camerata fans better and grow our donor pool.

Our Strategy

We will be guided by our four priorities of Securing the Foundations, Nurturing Talent, Bringing Innovation, and Demonstrating our Impact. Building upon the activity areas above we will use the KPIs outlined within our Strategic Plan 23-26. This will include securing multiyear funding, ensuring the success of our inaugural Camerata 360° Ruth Sutton Fellowship, and continued growth and impact of Music in Mind. Essential to achieving this will be maintaining and building a roster of diverse artistic partners and venues as well as capitalising on our strong working relationship with our colleagues at The University of Manchester.

Our achievements

We are proud of the awards (Royal Philharmonic Society), press, feedback and impact we have made as an organisation over the last year. To find out more please visit the digital version of our annual report (complete with videos) at: https://manchestercamerata.co.uk/annual-report-2023

FINANCIAL REVIEW

With income of almost £2.2m we had our strongest year on record. Our public sector partners. Arts Council England and Greater Manchester Combined Authority continued their support alongside strong support from Trusts, Foundations, and Individual donors. Strong commercial engagements, most notably in the Middle East supported our results. Our new joint venture - Music in Mind Remote Limited proceeded as planned. Risks were minimised and contained, despite a challenging operating environment within the UK concerts and orchestral sector.

Investment powers and policy

The trustees, having regard to the liquidity requirements of operating the charity, have kept available funds in an interest-bearing deposit account. The invested funds held on deposit achieved an average rate of 1%. Sufficient funds to run the company on a day-to-day basis are held in a NatWest current account.

Reserves policy and going concern

Reserves are needed to bridge the gap between the spending and receiving of income and to cover the costs of winding up the company if necessary. The trustees consider that the minimum level of free reserves as at 31 May 2023 would be £250k.

The Charity had £898K total reserves at 31 May 2023, £283k of which is project income committed to be spent within the next 12 months and £3k which is restricted leaving £612k of unrestricted reserves to carry us forward.

Our balance sheet remains strong, the trustees consider that adequate resources continue to be available to fund the activities of the company for the foreseeable future. The trustees are of the view that Manchester Camerata is a going concern.

4

Manchester Camerata Limited

Report of the Trustees For The Year Ended 31 May 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Manchester Camerata is a company limited by shares governed by its memorandum and articles of association dated 23 July 1973 (updated 4 August 2023). It is registered as a charity with the Charity Commission.

Recruitment and appointment of new trustees

A board development framework is used to identify skills and knowledge gaps on the board, and the processes by which we go about finding new trustees who can fulfil those gaps.

New trustees are introduced to the existing trustees by the Chair and a simple vote is taken by the Board to offer a position to the proposed new trustee.

Trustee induction and training

New trustees undergo an orientation to brief them on: their legal obligations under charity and company law, the Charity Commission guidance on public benefit, and inform them of the content of the Memorandum and Articles of Association, the Board and decision-making processes, the business plan and recent financial performance of the charity. During the induction they meet key employees and other trustees. Trustees are encouraged to attend appropriate external training events where these will facilitate the undertaking of their role.

Organisational structure

The board of trustees, which must have at least two members, administers the charity. The board normally meets quarterly and there are working groups covering development, artistic delivery, and Camerata in the Community. A Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within terms of delegation approved by the trustees, for operational matters including finance, employment and artistic performance related activity.

Related parties

None of our trustees receive remuneration or other benefit from their work with the charity. Any connection between a trustee or senior manager of the charity 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 relationship with a related party. Transactions with related parties are disclosed in note 18. The charity has a close relationship with the Arts Council, Manchester City Council and GMCA. All three organisations nominate representatives who regularly attend meetings of the board, but are not themselves trustees.

Pay policy for senior staff

The directors consider the board of directors, who are the charity's trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running, and operating the company on a day-to-day basis. All directors give of their time freely and no director received remuneration in the year. The pay of the senior staff is reviewed annually. In view of the nature of the charity, the directors benchmark against pay levels in other Orchestral organisations of a similar size run on a voluntary basis.

Risk management

The trustees have a risk management strategy which comprises:

In particular, internally, ensuring strong financial control and reporting has helped manage many financial risks, and a renewed focus on fundraising & engagements has supported key income streams. Staff capacity issues highlighted in previous years are now largely resolved. This may mean reducing levels of activity and to mitigate against this we will revise targets on profit margins.

5

Manchester Camerata Limited

Report of the Trustees For The Year Ended 31 May 2023

Externally the marketplace for engaged activity remains an area for concern, with larger orchestras on permanent contracts able to undercut our fees. Audiences and the market for corporate support are also largely out of our direct control and need close monitoring and focused response from the board and team. End of year results which rely on these income streams have a direct impact on future planned activity, and this is considered at length by the Camerata Board each spring.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

01128463 (England and Wales)

Registered Charity number

503675

Registered office

The Monastery 89 Gorton Lane Manchester M12 5WF

Trustees

S B Dauncey S P Early (resigned 18/04/23) V L Makinson J G Batsleer C R Monk M A Carr S J Kennerley K Gabay M K Duncalf (appointed 18/04/23) K A Green (appointed 18/04/23) S G Pedley (appointed 18/04/23) R Ward (appointed 18/04/23)

Company Secretary

C Pearson (resigned 17/04/23) Rachel Durkin (appointed 17/04/23)

Auditors

DJH Mitten Clarke Audit Limited St George's House 56 Peter Street Manchester M2 3NQ

Bankers

National Westminster Bank PLC 699 Wilmslow Road Didsbury Manchester M20 6NW

Chief Executive

B Riley

6

Manchester Camerata Limited

Report of the Trustees For The Year Ended 31 May 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Manchester Camerata Limited 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 Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland”.

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and its group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company and its group for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

AUDITORS

The auditors, DJH Mitten Clarke Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

26/02/2024 Approved by order of the board of trustees on ............................................. and signed on its behalf by:

....................................................... S B Dauncey - Trustee

7

Manchester Camerata Limited

Report of the Independent Auditors to the Trustees of Manchester Camerata Limited

Opinion

We have audited the group and the parent charitable company financial statements of Manchester Camerata Limited (the 'charitable company') for the year ended 31 May 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated and Parent Statement of Financial Position, the Consolidated and Parent 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In our opinion the financial statements:

Basis for opinion

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 report. We are independent of the charitable company and its group in accordance with the ethical requirements that are relevant to our audit of the group 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 for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial 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 group and charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise 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 that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

8

Manchester Camerata Limited

Report of the Independent Auditors to the Trustees of Manchester Camerata Limited

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the 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 preparing the financial statements, the trustees are responsible for assessing the group and charitable company's 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement 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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

In preparation for our audit, we identified areas of laws and regulations which we considered could have a material effect on the financial statements. This information was obtained via discussions with management and from our general commercial and sector experience. The directors also provide us with written representation of all the key and fundamental industry specific laws and regulations with they are required to adhere to. These were then communicated to the whole of the audit team at our audit planning meeting.

As a charitable company, non-compliance with the Charities Act 2011, Companies Act 2006 and the conditions of government and non-government grant funding, in particular those linked to the covid-19 pandemic were assessed to be most relevant. Our audit procedures to respond to these risks included:

Despite appropriate planning and performing our work in accordance with International Auditing Standards, there are always inherent limitations that non-compliance is not detected. Non-compliance with laws and regulations is often further removed from the events and transactions reflected in the financial statements and material misstatements due to fraud can be deliberately concealed from auditors, for example through misrepresentation, forgery or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

9

Manchester Camerata Limited

Report of the Independent Auditors to the Trustees of Manchester Camerata Limited

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

for and on behalf of DJH Mitten Clarke Audit Limited Statutory Auditor Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 St George's House 56 Peter Street Manchester M2 3NQ 26/02/2024 Date: .............................................

10

Manchester Camerata Limited

Consolidated Statement of Financial Activities (Incorporating an Income and Expenditure Account) For The Year Ended 31 May 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations legacies and grants
2
Charitable activities
Box office income - promotions
Engagements
Learning and participation
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
Raising donations and legacies
6
Charitable activities
7
Learning and participation
Orchestral and related work
Other 8
Total
NET INCOME/(EXPENDITURE)
Attributable to non-controlling interest
RECONCILIATION OF FUNDS
Total funds brought forward
Non-controlling interest
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
Restricted
fund
fund
£
£
713,269
114,598
-
1,043,428
-
244,471
-
6,000
-
3,480
-
32,079
-
2,157,325
-
84,035
-
84,035
-
282,168
33,000
1,456,553
-
129,034
-
1,951,790
33,000
205,535
(33,000)
5,166
-
703,079
35,914
913,780
2,914		 2023

Total
funds
£
713,269
114,598
1,043,428
244,471
6,000
3,480
32,079
2,157,325
84,035
84,035
315,168
1,456,553
129,034
1,984,790
172,535
5,166
738,993
2,834
919,528		 2022
Total
funds
£
563,452
97,865
512,528
128,798
29,000
130
126,328
1,458,101
73,936
73,936
272,439
1,249,219
-
1,595,594
(137,493)
-
876,486
738,993

11

Manchester Camerata Limited

Consolidated Statement of Financial Position 31 May 2023

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
13
12,715
Intangible assets
14
7,548
20,263
CURRENT ASSETS
Debtors
15
207,693
Cash at bank
1,014,996
1,222,689
CREDITORS
Amounts falling due within one year
16
(326,336)
NET CURRENT ASSETS
896,353
TOTAL ASSETS LESS CURRENT
LIABILITIES
916,616
NET ASSETS
916,616
FUNDS
17
Unrestricted funds
Restricted funds
Non-controlling interest
TOTAL FUNDS		 2023
Restricted
Total
fund
funds
£
£
-
12,715
-
7,548
-
20,263
-
207,693
2,914
1,017,910
2,914
1,225,603
-
(326,336)
2,914
899,267
2,914
919,530
2,914
919,530
913,782
2,914
2,834
919,530		 2022
Total
funds
£
10,998
-
10,998
244,117
736,521
980,638
(252,643)
727,995
738,993
738,993
703,079
35,914
-
738,993

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

12

Manchester Camerata Limited

Consolidated Statement of Financial Position - continued 31 May 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 26/02/2024 ............................................. and were signed on its behalf by:

.............................................

S B Dauncey - Trustee

13

Manchester Camerata Limited

Charity Statement of Financial Position 31 May 2023

Unrestricted
fund
Notes
£
FIXED ASSETS
Tangible assets
13
9,159
Investment
32,000
41,159
CURRENT ASSETS
Debtors
15
131,035
Cash at bank
880,151
1,011,186
CREDITORS
Amounts falling due within one year
16
(78,673)
NET CURRENT ASSETS
932,513
TOTAL ASSETS LESS CURRENT
LIABILITIES
973,672
NET ASSETS
973,672
FUNDS
17
Unrestricted funds
Restricted funds:
Restricted fund
TOTAL FUNDS		 2023
Restricted
Total
fund
funds
£
£
-
9,159
-
32,000
-
41,159
-
131,035
2,914
883,065
2,914
1,014,100
-
(78,673)
2,914
935,427
2,914
976,586
2,914
976,586
973,672
2,914
976,586		 2022
Total
funds
£
10,998
-
10,998
244,117
664,521
908,638
(180,643)
727,995
738,993
738,993
703,079
35,914
738,993

The charitable company’s surplus for the year was £237,593 (2022 deficit £137,493).

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

14

Manchester Camerata Limited

Charity Statement of Financial Position - continued 31 May 2023

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 26/02/2024 ............................................. and were signed on its behalf by:

.............................................

S B Dauncey - Trustee

15

Manchester Camerata Limited

Consolidated Statement of Cash Flows For The Year Ended 31 May 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash (used in)/provided by operating
activities
Cash flows from investing activities
Purchase of tangible fixed assets
Interest received
Net cash used in investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end of
the reporting period		 Group
2023
£
286,377
286,377
(8,470)
2,480
(4,990)
281,387
736,521
1,017,908		 Group
2022
£
(92,740)
(92,740)
(6,841)
130
(6,711)
(99,451)
835,972
736,521		 Charity
2023
£
219,765
219,765
(4,701)
2,480
(1,221)
218,544
664,521
883,065		 Charity
2022
£
(164,740)
(164,740)
(6,841)
130
(6,711)
(171,451)
835,972
664,521

16

Manchester Camerata Limited

Notes to the Statement of Cash Flows For The Year Ended 31 May 2023

1 RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

Net income/(expenditure)for the reporting period (as per
the Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Interest received
Decrease/(Increase) in debtors
Increase in creditors
Net Cash provided by/(used in) operations
Net income/(expenditure) for the reporting period (as per
the Statement of Financial Activities)
Adjustments for:
Depreciation charges
Interest received
Sale of intellectual property
Decrease/(Increase) in debtors
(Decrease)/Increase in creditors
Net Cash provided by/(used in) operations		 Group
2023
£

172,535
6,753
452
(3,480)
36,424
73,693
286,377
Charity
2023
£

237,593
6,540
(3,480)
(32,000)
113,082
(101,970)
219,765		 Group
2022
£
(137,493)
7,594
-
(130)
(140,085)
177,374
(92,740)
Charity
2022
£
(137,493)
7,594
(130)
-
(140,085)
177,374
(92,740)

2

ANALYSIS OF CHANGES IN NET FUNDS

Net cash
Cash at bank
Total
Net cash
Cash at bank
Total		 At
01.06.2022
£
736,521
736,521
At
01.06.2022
£
664,521
664,521		 Group Cash
Flow
£
281,387
281,387
Charity
Cash Flow
£
218,544
218,544		 At
31.05.2023
£
1,017,908
1,017,908
At
31.05.2023
£
883,065
883,065

17

Manchester Camerata Limited

Notes to the Financial Statements For The Year Ended 31 May 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 1 January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Charities Act 2011.

The financial statements have been prepared under the historical cost convention unless otherwise stated in the relevant accounting policy note(s).

Group financial statements

The financial statements consolidate the results of the charitable company and its trading subsidiary Music in Mind Remote Limited, in which it has an 80% controlling interest.

A separate statement of financial activities and income and expenditure account for the charity has not been presented because the charity has taken advantage of the exemption afforded by section 408 of the Companies Act 2006.

Fundamental accounting concept and going concern

The accounts have been drawn up on a going concern basis. In common with many charities, the adoption of the going concern basis is dependent on the charity receiving adequate fundraising from voluntary income such as donations, legacies and grants. While the trustees recognise the uncertainties inherent in predicting the timing and level of future funding from income that is not yet assured, they believe that adequate funding will be secured from donations, legacies and grants. The accounts do not include any adjustments that would result if the going concern basis was not appropriate.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Income from government and other grants, whether 'capital' grants or revenue 'grants' is recognised when the charity has entitlement to the funds, any performance conditions attached to the grant have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of events and engagements or the provision of other specified services is deferred until the event is held or service is provided.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources.

Allocation and apportionment of costs

Expenditure which is charged on an accrual basis is allocated between:

Support costs are allocated to a particular activity.

18

Manchester Camerata Limited

Notes to the Financial Statements For The Year Ended 31 May 2023

1. ACCOUNTING POLICIES - continued

Governance costs include audit fees and allocation of costs relating to statutory compliance.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures & fittings and computer equipment - 33.3% on cost Computer software - 33.3% on cost

Tangible fixed assets

Individual fixed assets are capitalised where they are held for the purposes of carrying out the charity's charitable activities, or for administrative purposes and are expected to be used during more than one accounting period.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2. DONATIONS LEGACIES AND GRANTS

Donations
Grants
Grants received, included in the above, are as follows:
Arts Council of England
Manchester Authorities
GMCA
Innovate
UKRI
2023
£
375,249
338,020
713,269
2023
£
159,504
20,000
-
62,540
95,976
338,020		 2022
£
318,913
244,539
563,452
2022
£
157,339
32,400
54,800
-
-
244,539

19

Manchester Camerata Limited

Notes to the Financial Statements For The Year Ended 31 May 2023

3.
OTHER TRADING ACTIVITIES
Sponsorships
4.
INVESTMENT INCOME
UK Deposit account interest
5.
INCOME FROM CHARITABLE ACTIVITIES
Box office income - promotions
Engagements
Learning and participation
6.
RAISING DONATIONS AND LEGACIES
Staff costs
Sundries
Management and finance
7.
CHARITABLE ACTIVITIES COSTS
Learning and participation
Orchestral and related work
Music in Mind Remote
SUPPORT COSTS
Finance
£
Learning and participation
15,192
Orchestral and related work
69,067
Music in Mind Remote
279
84,538		 Direct
Costs
£
275,993
1,306,631
124,181
1,706,805

Other
£
13,740
64,119
2,314
80,173		 2023
2022
£
£
6,000
29,000
2023
2022
£
£
3,480
130
2023
2022
£
£
114,598
97,865
1,043,428
512,528
244,471
128,798
1,402,497
739,191
2023
2022
£
£
58,328
50,276
9,160
8,685
16,547
14,975
84,035
73,936
Support
costs (see
note 8)
Totals
£
£
39,175
315,168
149,922
1,456,553
4,853
129,034
193,950
1,900,755
Governance
costs
Totals
£
£
10,243
39,175
16,736
149,922
2,260
4,853
29,239
193,950

20

Manchester Camerata Limited

Notes to the Financial Statements For The Year Ended 31 May 2023

8. OTHER COSTS

OTHER COSTS
Music in Mind Remote

NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Amortisation		 2023
£
129,034
2023
£
12,750
6,753
452		 2022
£
-
2022
£
9,540
7,594

9. NET INCOME/(EXPENDITURE)

21

Manchester Camerata Limited

Notes to the Financial Statements For The Year Ended 31 May 2023

10. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 May 2023 nor for the year ended 31 May 2022.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 May 2023 nor for the year ended 31 May 2022.

11. STAFF COSTS

Wages and salaries 2023
£
1,410,480
1,410,480		 2022
£
1,189,349
1,189,349

The average monthly number of employees during the year was as follows:

2023
Staff
10
One employee received employee benefits in the range £60,001 to £70,000 in the
employee)
Staff costs include players fees;
2023
£
Staff Costs
351,217
Employers NI
65,882
Pension
7,266
Players Fees
986,115
1,410,480		 2022
10
year (2021: o
2022
£
335,916
31,228
6,994
833,478
1,207,616

One employee received employee benefits in the range £60,001 to £70,000 in the year (2021: one employee)

The number of employees to whom retirement benefits were accruing was 10 (2022: 10).

The key management personnel of the charity comprise of the chief executive and finance manager. The total employee benefits of the key management personnel of the charity were £101,423 (2021: £91,443).

12. FIXED ASSET INVESTMENTS

Manchester Camerata holds 4 shares of 1p each in its subsidiary company Music In Mind Remote Limited (company number:13746290), which represents 80% of the allotted share capital. At 31 May 2023 the subsidiary company balance sheet was as follows:

2023

2023
Fixed assets
Current assets
Current liabilities
Net assets
Total funds		 £
41,297
211,503
(247,663)
5,137
5,137

22

Manchester Camerata Limited

Notes to the Financial Statements For The Year Ended 31 May 2023

13. TANGIBLE FIXED ASSETS Group

Plant &
equipment
£
COST
At 1 June 2022
58,595
Additions
Disposal
8,470
(15,787)
At 31 May 2023
51,278
DEPRECIATION
At 1 June 2022
47,597
Charge for year
Eliminated on disposal
6,753
(15,787)
At 31 May 2023
38,563
NET BOOK VALUE
At 31 May 2023
12,715
At 31 May 2022
10,998
Charity
Plant &
equipment
£
COST
At 1 June 2022
58,595
Additions
Disposal
4,701
(15,787)
At 31 May 2023
47,509
DEPRECIATION
At 1 June 2022
47,597
Charge for year
Eliminated on disposal
6,540
(15,787)
At 31 May 2023
38,350
NET BOOK VALUE
At 31 May 2023
9,159
At 31 May 2022
10,998		 Software
£
10,597
-
10,597
10,597
-
10,597
-
-
Software
£
10,597
-
10,597
10,597
-
10,597
-
-		 Totals
£
69,192
8,470
(15,787)
61,875
58,194
6,753
(15,787)
49,160
12,715
10,998
Totals
£
69,192
4,701
(15,787)
58,106
58,194
6,540
(15,787)
48,947
9,159
10,998

23

Manchester Camerata Limited

Notes to the Financial Statements For The Year Ended 31 May 2023

14. INTANGIBLE FIXED ASSETS Group

Intellectual
Property
£
COST
Additions
8,000
At 31 May 2023
8,000
AMORTISATION
Charge for the year
452
At 31 May 2023
452
NET BOOK VALUE
At 31 May 2023
7,548
At 31 May 2022
-		 Total
£
8,000
8,000
452
452
7,548
-

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Prepayments and accrued income
Other debtors		 Group
2023
£
8,927
194,362
4,404
207,693		 Group
2022
£
65,234
178,883
-
244,117		 Charity
2023
£
8,927
122,108
-
131,035		 Charity
2022
£
65,234
178,883
-
244,117

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade creditors
Other creditors
Deferred income		 Group
2023
£
16,793
50,440
259,103
326,336		 Group
2022
£
122,442
51,098
79,103
252,643		 Charity
2023
£
15,131
44,439
19,103
78,673		 Charity
2022
£
122,442
39,098
19,103
180,643

Deferred Income

Deferred income comprises advanced ticket sales relating to future events and engagements and grants for development of the Music in Mind applications:

Group
Balance as at 1 June 2022
Amount released to income earned from charitable activities
Amount deferred in year
Balance as at 31 May 2023		 2023
£
79,103
-
180,000
259,103		 2022
£
1,718
(1,718)
79,103
79,103

24

Manchester Camerata Limited

Notes to the Financial Statements For The Year Ended 31 May 2023

Charity
Balance as at 1 June 2022
Amount released to income earned from charitable activities
Amount deferred in year
Balance as at 31 May 2023		 2023
£
19,103
-
-
19,103		 2022
£
1,718
(1,718)
19,103
19,103
17.
MOVEMENT IN FUNDS
Group
At 1.6.22
£
Unrestricted funds
General fund
703,079
Restricted funds
Restricted fund
Non-controlling interest
35,914
-
TOTAL FUNDS
738,993
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
2,157,325
Restricted funds
Restricted fund
-
TOTAL FUNDS
2,157,325
Charity
At 1.6.22
£
Unrestricted funds
General fund
703,079
Restricted funds
Restricted fund
35,914
TOTAL FUNDS
738,993		 Net
movement

in funds
£
210,703
(33,000)
2,834
180,537

Resources

expended
£
(1,951,790)
(33,000)
(1,984,790)
Net
movement

in funds
£
270,593
(33,000)
(137,493)


At
31.5.23
£
913,782
2,914
2,834
919,530
Movement
in funds
£
205,535
(33,000)
172,535
At
31.5.23
£
973,672
2,914
976,586

25

Manchester Camerata Limited

Notes to the Financial Statements For The Year Ended 31 May 2023

17. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
2,093,349
(1,822,756)
Restricted funds
Restricted fund
-
(33,000)
TOTAL FUNDS
2,093,349
(1,855,756)
Comparatives for movement in funds Group and Charity
Net
Transfers
movement
between
At 1.6.21
in funds
funds
£
£
£
Unrestricted funds
General fund
834,572
(131,493)
-
Restricted funds
Restricted fund
41,914
(6,000)
-
TOTAL FUNDS
876,486
365,478
-
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,416,105
(1,547,598)
Restricted funds
Restricted fund
41,996
(47,996)
TOTAL FUNDS
1,458,101
(1,595,594)
Movement
in funds
£
270,593
(33,000)
237,593
At
31.5.22
£
703,079
35,914
738,993
Movement
in funds
£
(131,493)
(6,000)
(137,493)


26

Manchester Camerata Limited

Notes to the Financial Statements For The Year Ended 31 May 2023

17. MOVEMENT IN FUNDS - continued

The general funds are the charity's reserves which are spent or applied at the discretion of the trustees in the furtherance of the charity's purpose.

Restricted funds relate to the following individual funds:

18. RELATED PARTY DISCLOSURES

During the year, £6,000 was paid to Beever & Struthers, an accountancy firm in a which a trustee, Caroline Monk, is a director. The amount was fully paid in the year and there is no outstanding balance at the year end. Beever & Struthers were engaged to assist in the update of finance systems.

19. LEGAL FORM

The charity is a charitable company limited by shares, registered in England and Wales. The charitable company has 100 £1 ordinary shares.

27