Cornpany Reglstration No. 01128463 (England and Wales) Charlty Reglstration No. 503675 MANCHESTER CAMERATA LIMITED CONSOLIDATED ANNUAL REPORT AND FINANACIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 PM+M Solutlons for Buslness LLP Chartered Accountants Now Contury House Greenbank Technology Park Challonge Way Blackbum Lancashlro BB1 5QB
MANCHESTER CAMERATA LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees J G Batsleer CRMonk MACarr S J Kennerley K Gabay M K Duncalf S G Pedley R Ward V L Makinson K A Green S B Dauncey N Halley (resign8d 1410112025) (appointed 14101120251 Chlef Executlv• Offlcer Mr R Rlley Socrotary Ms Rachel DuTkin Charity numbor (England and Wales 503675 Company number 01128463 Reglstorod office The Monastery 89 Gorton Lane Manchestèr M125WF Audltor PM+M Solutions for Business LLP Naw Century House Greenbank Technology Park Challenge Way Blackburn Lancashire 8B15QB
MANCHESTER CAMERATA LIMITED CONTENTS Page Truste8s' report Independent auditor's report 7-10 Consolldated statement of financlal actlvltles 11 Group balance sheet 12 Charity balance sheet 13 Group statement of cash flows 14 Notes to the financial statem8nts 15-28
MANCHESTER CAMERATA LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MAY 2024 The trustees present their consolidated annual report and financial statements for the year ended 31 May 2024. The consolidated accounts represent th8 group - Manchester Camerata Ltd, and Muslc In Mind Remote Ltd whose purpose is to develop Manchester Camerata's Music and Dementia programme. The financial statsments have been PTepar8d In accordance with th8 accounting policies set out In not8 1 to the financial statements and comply wilh the Charity's governing document, the Companies Act 2006, FRS 102 "The Financial Reporting Standard appllcable in the UK and Republic of Ireland" and the Charltles SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to chanties preparing their accounts in accordance with the Financlal Reportlng Standard applicable In the UK and Republic of Ireland (FRS 102)" Chalr's report 2023-24 has been a year of significant growth and Temarkable achievement for Manchester Camerata. As my term as Chair of thls wonderful organisation comes to an end, I beli8V8 that we are in a stronger position than ever. true to our vision and heritage but relentlessly innovating In our pursuit of excellence. My tèrm as Chair was extended in order to see through a transition from Covid and to the appointment of a new Ch8ir. As I l()ok back on the accomplishrnents of the lasl 12 months, I can see the difference that the board's strategy Is already making both lo Manchester Camerala1ts8lf and for the diverse audiènces and communities it serves. The signlflcant Impact W6 have made has only been posslble thanks to the tlme Ihat the board and senlor team have previously committed to crafting a clear and compelling long-term vision and strategy. Those strategic dlscussions and previous investment declslons are now belng translated into impact. We ar8 supporting the next generation of musicians and deliverlng worfd-class cOnrt performances and recordings. At the same time, we are building the Organisation's capacity and continuing to drive positive change in communilies. Our artistic excellence continu8S to be the hallmark of the organisation, with our muslclans consistently setting new standards In performance. This year I was delighted to see this recognised through a serl8s of awards and accolades, accompanl8d by a substantial increasè in national media covérage. Last year, I wrote about the l)oard's commitment to nurturing the next generation of talent. In 2023-24. we fully launched the Manchter Camerata 360° Fellowships. generously supported by a major gift from the Ruth Sutton family trust. This year's intak& of Fellows are making significant contributions across our concerts and community work, demonstrating the powerful synergy between Manchestèr Camerata's artistic and social misslons. The organisalion itself continues to grow and 8volve. In 2023-24, we have sèen slgnificant growth in our communications and marketing efforts, enhancing our abllSly to connect wilh dlverse audiences. Vve have seen step chang6 In our fundraising too, with an ambitious aspiration and plan now in place to build a £10 million endowment fund. Additionally, this year we also celebrated the exciting announcement that Manchester Camerata is to become the National Centre of Excellence for Music and Dementia. This is testament to the world-leading work we have been doing In this field for over a decade. Leading the new Natlonal Centre is also helping to transform the skills of our in- house tearn wlth th8 addition of two senior NHS leaders to the staff team who will complement our 8xlstlng artistlc capacity with established health expertise. This has been a year of transformation, growth, and achievemenl for Manchester Camerata, and l am immensely proud of all that W6 have accomplished. As I step down as Chair, I leave a confident and successful organisation that is committed to th6 vision and to the values that have guided us to this point. l am confldent that the best is yet to come. stove Dauncey, Chalr
MANCHESTER CAMERATA LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MAY 2024 OBJECTIVES AND ACTIVITIES Publlc beneflt In shaping our objectlves for the year and planning our activities. the trustge5 have considered the Charity Commission's guidance on public benefit, including the guidancè 'public benefit.. running a charity {PB21'. 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. W8 actlvely engage with underserved and diverse communities to offer the benef1ts of participation and attendance at OUT activities and lo attend our events. What we offer is non- exclusive and our work takes place in schools, concert halls, care homes, nlghtclubs, universities, open outdoor spaces and Io 8 broad rang8 of people. And of notable public benefit in regard to OUT work wlth thos8 living wlth d8m8ntia, has been the contrlbution ofour assoicated company Music In Mlnd Remote Ltd who are part of this consolidated annual report and financial statements. Our Purposo: To make music for chang8. Our Prln¢lples: Humanity, Originality, Excéll8nc8. Fearlessness. Concerts Thls year has been partlcularly rich In variety and creativlty. Performance highllghts Include.. Electrifying B88thoven concert at the Iconlc Albert Hall in May 2024. Hearing Voices, a concert at Stoller Hall working alongside Kantos Chamber Choir and scotsh mezzo-soprano Karen Cargill. The world premiere of Rushil Ranjan's Shikwa al th8 Bradford Literature Festival, Successful lour of Romania travelling by coach. The launch the new artlstic partnerships that wlll shape the next three years of our work. • A New relationship with dance company, Company Chameleon has further expanded our crèative horlzons. leading to excltlng collaborations that blend muslc with movement in innovatlv8 ways. Commencing a Ph.D. project called 'Putting an Orchestra In its Place in partnership with The University of Manchester. . The launch of the Camerata 360° Ruth Sutton Fellowshlps, a ploneering programme that Is setting new standards In talent development. Communlty Manchester Camarata exists to make a differénce. In 2023-24, our work has not only deepened our connections within Greater Man¢hester and beyond but has also underscored our commitment to research4riven impact. Notable moments from the last year include.. The launch of our leadership of the UK'S National Centre of Excellence for Music and Dementia - which stems from the impact made by Music in Mind Remote Ltd. • Successful delivery of our Music in Mind Remote LTD proje¢t, developed in partnership with The University of Manchester. Development of the Music Champions model, which involves the transfer of skills from our musicians and therapists to paid and volunte8r carers. Our Young Peoples engagement remained strong, with sustained partnerships such as the one with Webster Primary School and our collaboration with thg Youthzone network.
MANCHESTER CAMERATA LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MAY 2024 Communlcatlon To have the biggest impact and change tho most Ilves, Manchester Camerata must contlnu8 to tell Its story to the world. We believe that music is for everyone. and that means we need to connect not just with our existing audien$ but also reach oul to those beyond traditional classical music circlos. A selectlon of achievements across th8 last year: • Expansion of the team by welcoming part-tim8 videographer Jay Cipriani and full-time Digital Communications Manager Reb Everett. . Our Mozart CD was once agaln named Classic Fm's Record of the Week. Principal Flute, Amina Hussain. received the prestiglous Association of British Orchestras Award for demonstratlng the unique power muslc has to improve lives. Consistent &star reviews frorn major natlonal outlets, including The Times, The Telegraph, and Th8 Guardlan. Performing live to over 35,000 people and 1 million online. Reaching over 1 million more through our digital channels. The laun¢h of our Centre of Excellence for Music and Dem8nlla resulted In the largest largest volume of pr6ss coverage for one piece of aclSvlty to date. Wlth over 150 pieces of press coverage, includlng natSonal TV features, N8wspaper and online coverage. Fantastic co118Ction of audl8nce feedback both online and via OUT audi8nc8 survèy. Comments include.. 'Absolutely amazingl Moved to tears in places and fllled with joy in othersl Please tour with it agaln. I'd be back in a heartbeat., 'Wow.. Beautlful arrangements of the Orchestra by bringing in the best out of the Desh raga., Lots, of effort gone In Great team.. Each one of you In the team has brought the best to this world through thls creatlon" Govornancg Robust governance provldes the bedrock for all of Manchester Camerata's work. ensuring that there Is the stability and leadership essential for our team's success. A summary of some key actlvltles Is.. Extensive work around succession planning with our longstanding Chair, Steph8n Dauncey. due to slep down having been in post since 2017. Long-sèrning Finance Manager, Chris Pearson, stèpplng down to r6tire and welcomlng Rachel Durkin as our new Finance Manager. • An In depth and informed debate around tha m8rils and risks of our contlnulng work In Saudi Arabl8 Fundralslng Impact driven donations which underpin all of our work are key to ¢)ur financial existence and significant highlights were.. The Rulh Sutton Trust for Music supporting career musicians who are benefiting from holistic support to develop their craft. The family of Ruth Sutton founded the Manchester Camerats 360° Ruth Sutton Fellowship In Ruth's memory. The inaugural fellowships were awarded in 2023-24, ensuring enormous benefits to the organisation, audiences, communities and our organisation. New and ongoing support for mLbsician chairs, including from Kaihy Arundale (Anthony Banks and Daniel Storer), John Caine (Janet Fulton), Penny & John Early (Caroline Petherl,Michael Grindrod (Carollne Pether), Ron and Jill Robinson (Hannah Roberts), Gill Williamson (Sophie McQueen). A hyo fold thanks to the Utley Foundation for proving support over the next 3 years to support our leadership. In addition they are also one of a group of supporters who are contributing to the establishment of the new National Centre of Excellence for Music and Dementia. Plan to build a £10 million Future Fund to provide for the impact our organisation mak65 long Inlo the future. An increase staff capacity and our new Customer Relatlonship Management (CRM) system. Beacon, thanks lo a generous legacy donation.
MANCHESTER CAMERATA LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MAY 2024 The launch of the Director's Clrcla, a group of strategic philanthropists sUPPOrting Gabor's artistic vision and projects like Mozart, Made in Manchester. Mambérs include John and Penny Early. Michael and Kathryn Reeves. Ron and Jill Robinson. Geoffrey and Gay Shindler, DT David Shr8eve and Anonymous Donors. The introduction of Camerats50, a direct debiuregular giving scheme for unrestricted support. Our Strategy We will be guided by our three prlorit18s= Sustainlng growth and impact, nurturing talent, and brlnglng Innovation. Buildlng upon the activity areas above we will use the KPIS ouuined within our Strategic Plan 23-26. Thls wlll include securing multiyear funding. ensuring the success of our inaugural Camerata 360° Ruth Sutton Fellowship, and conllnued growth and impact of Music in Mlnd. Essential lo achieving this will be maintaining and building a roster of diverse artistic partners and venues as well as capltallsing on our strong working relationship with OUT colleagues at The University of Manchester. Investment powers and pollcy The trustees, having regard lo the Ilquldlty requirements of operatlng the charlty, have kept available funds In an interest-bearing deposit account. Sufficiènt funds to run the company on a day-lo-day basls are held in a Natwest current account. R•s8Th08 pollcy and golng ¢on¢ern The purpose of the Reserves pollcy is to ensure tho Board has a clear understanding of the total unrestricted cash reserves, available at any point, and to provlde transparency to funders and the public aboul how the Camerata intends to manage them. The board's assessment of requlred res8rves at any time takes into account.. 'Wlnd-up costs'_ an amount sufficient to cover 6 months of our contractual obllgations to beneficlarl85 and other contractual obllgatlons such as staff salaries. Oeslgnated fvJnds- funds which are 8amiark8d for a speclfic charitable purpose and agreed by the board. Free reserves- funds which are not part of either of the at)ove and are therefore 'free'. As of 1st June 2024 designated funds to support key areas of Priority were agreed, and wind up costs were det8rmlned to be £285k. The remainlng unreslrictèd funds were considered modest free cash rèserves suffici8nt to cover in year budget varlances and any potentl81 downturn in the coming years earned income. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng document Manchester Camerata is a company limSted by shares governed by its memorandum and articles of association dated 23 July 1973. It is registered as a charity with the Charity Commission. Recrultmènt and appolntment of new trustees A board development framework is used to identify skills and knowledge gaps on the board, and Ihe 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 laken by the Board to offer a position to the proposed new trustee.
MANCHESTER CAMERATA LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MAY 2024 Trustee Indu¢tlon and tralnlng New trustees undergo an orientation to brief them on.. their legal obligations under charity and company law, the Charity Commission guldance on public benefit. and inform them of the content of th8 Memorandum and Articles of Association, the Board and decislon-making processes, the business plan and recent financial performance of the charity. OuTing the inductlon Ihey meet key employees and other trustees. Trustees are encouraged to attend appropriate external training evenls where these will facllState the undertaking of their rol8. Organlsatlonal structure The board of trustees, which must have at least Iwo members, administers the charlty. The board normally meets quarterly and there are working groups covering development, artistic delivery, and Camerata in the Community. A Chief Ex8CUtIv6 is appointed by the trusl8es to manage the day-to-day operations of the charity. To facililale effective operations, the Chief Executive has delegated authority. wlthin lerms of delegation approved by the trustees, for operational matters including finance. employm8nl and artistic performance relaled activity. A hjll list of tTusl8es along wlth the admlnstratlon details can be found on th6 legal and admlnstration page. Related partles None of our trust88s receive remuneration or other benefit from their work wlth the charlty. Any connection b8tween a trustee or senior managèr of the charity with a productlon company, contracted aGtor, performer or exhlbitor must be d15closed lo the full board of trustees in the same way as any other contractual relationship wlth a r8laled party. In the current year no such related party transactions were reported. The oharity has a cloge relationship wlth the Arts Council England and Greater Manchester Comblnèd Authorlty Pay pollcy for senlor stsff The directors consider the board of directors. who are the charity's trustees, and th8 $8nlor management team comprise the key m8n8gement P8rsonnel of the charity in charg8 of dSrecling and controlling, running and operating the company on a day-to-day basis. All diréctors glve of their time freely and no director received femuneration In the year. Details of director5, expenses and related party transactions are disclosed in note 21 to Ihe accounts. The pay of the senior staff is reviewed annually. In view of the nature of th8 charity, the directors benchmark againsl pay levels in other Orchestral organisations of a simllar size run on a voluntary basls. Rlsk managomonl The trustses have a risk management strategy which comprise5: an annual review of the princlpal risks and uncertainties that the charity faces upon agreeing its forthcoming annual budget. the establishment of policies, systems and procedures to mitigate those risks identified in the annual review,. and - the implementation of procedures designed to mlnlmSse or manage any po18ntial impact on the charity should those risks materialise. Overvlew of flnanclal performanco and golng concem Our income for 2024 (£2.4rn) is comparable to that achieved in 2023 (£2.2m). But within this headline there is some Variance. Our subsidiary company. Muslc in Mind Remote Limited. received substantial grant funding as reported in note 4 to the financial statements amountlng to £646k (2023.. £96k}. It is this funding that has allowed us to deliver the Music in Mind Remote Limited project as described more fully in the Community narrative earlier in this report. However the income Manchester Camerata Limited earned from engagement decreased from £1.2m to £0.5m. again as disclosed in note 4 to the financial statements. This reflects the incredibly difficult conditions orchestras and freelance musicians specifically are facing, and these conditions continue stlll with no signs of reversal.
MANCHESTER CAMERATA LIMITED TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MAY 2024 Recognlsing these difficult conditions and mindful of our objectives. the trustees took the decision to reduce reserves to allow the orchèstfa to continue its valuable work, both as performers and wlthSn the community. As a result W8 are recording a deficit for th8 year of £234k. Our balance sheet (for the charity and the group, Including Music in Mind Remote Limited) remains strong, with net assets of £743k (charity) and £782k (group). Th6 truste8s consid8r that adequate resources continue to be available lo fund the actlvitles of the charity and the group (including Music in Mind Remote Limited) for the foreseeable future. On this basis the trustees are of the opinion that the charity and the group il heads is a going concern. statement of rosponslbllltles Th8 trustees, who are also the directors of Manchester Camerata Limited for the purpose of company law, are responsible for preparing th8 Report and lh8 financial statements in accordance with applicable law and United Klngdom Accounting Standards (United Klngdom G8nerally Accepted Accounting Practlcel. Company law requires the trustees to prepare flnanclal statements for each financlal year which glv8 a true and falr view of thè state of affairs of Ihe charity and of the incoming resources and application of resources, including the income and expenditure. of the charllable company for that year. In preparing these financlal statements, the trustees are requlred lo.. select suitable accounting policies and then apply them consistently; observe th8 methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed. subject to any materlal departures dlsclosed and explained in the financlal ststements., and prepare the financial statements on th8 going concern basis unless It18 Inappropriate trj pr8sum8 that th8 charlty wlll ¢ontinue In operation. The trustees are responsible for keeping adequate accounting records thal disclose with reasonable accuracy at any time the flnanclal position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responslble for safeguarding the assets of the charity and h8nce for taklng reasonable steps for the prevention end detection of fraud and other irregularities. Audltor In a¢cordance wlth the company's artlcles, a resolution proposlng that PM+M Solutlons for Business LLP be reappointed as auditor of the company will be put at a General Meeting. The report was approved by the Board of Trustees. C Monk Dat8.. 6 Éb
MANCHESTER CAMERATA LIMITED INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF MANCHESTER CAMERATA LIMITED Oplnlon We have audited the financial stat8m8nts of Manchester Camerata (the 'the 'Charity') for the year ended 31 May 2024 whlch compromise the Consolidated statement of financial activities, the Consolidated and Charity balance sheets, the Consolidated cash flows antJ notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountlng Siandards, including Financial Reporting Standard 102 The Fin8ncial Rgporting Stand8rd applicable in the UK and Republic of Irgland (United Kingdom Generally Accepted Accounting Practice). In OUT opinion, the financlal statements: give a true and fair view of the state of the charitable companls affairs a5 at 31 May 2024 and of Incomlng resourc85 and applicalion of resources, for the year then ended., have been properly prepared In accordance with Unitsd Klngdom Generally Accepted Accountlng Pracllce. and have bèan prepared In accordance with the requirements of th8 Companies Act 2006. Basls for oplnlon Vve conducted our audit in accordance with Intemational Standards on Auditing (UK) IISAS (UKI) and applicablè law. Our r8sponsibilitles under those standards are furthef described in the Auditors SpOnsibl11110S for the audit of the financial statemènts saction of our report. We are independent of the charity in accordance wlth the ethical requlrements that are relevant to our audit of the financial ststements In the UK, including the FRC'S Elhlcal Stsndard, and we have fulfilled our other ethi¢al responsSbi1Sties In accordance with these requirements. We believe that the audit evidence we hav8 obtained 18 sufficient and approprlat8 to provlde a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have concluded that the use of the golng concern basis of accounting In the preparation of the financial statements is appTOPTlate. Based on the work we have performéd, we have not identified any material un¢ert8inties r6lallng lo events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a perlod of at least twelv8 months from when the fin8nci81 statemènts are aulhorlsed for Issue. Our responsibilities and the responslbilities of the trustees wllh respect to going concem aTe described In the r818vant sections of thls report. other Inforniatlon Thé oth8r information comprises the information Included In the annual report other than the flnancial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the f1nancial statements does not cover the other information and we do not express 8ny form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statèments or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we idents'fy such rnaterial inconsistencies or apparent matérlal misstatements, we 8r8 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 Ihat there is a material mlsslatement of this other infomiatlon, w8 are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exceptlon We have nothing to report in respect of the following matters in relation to which the Chariles (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion- the information given in the financial statements is inconsistent in any matsTial respect wlth the report. or sufficient accounting records have not been kept- or the financial statements are not in agreement with the accounting records; or we have not received all the information and explanatlons we require for our audit.
MANCHESTER CAMERATA LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MANCHESTER CAMERATA LIMITED Responsibllltles of trustees As explained more fully In the statsment of responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satlsfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable thg preparation of financial statements that are free from material misstatement, whelher due to fraud or error. In preparing the financial statements, th8 trustees are responsible for assessing the charity's ability to continue as going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unlèss tha truslees either intènd to liquidale the charitable company or to Cease operations, or have no realistic alternative but to do so. Audltor's responslbllltles for the audlt of the flnanclal Statements We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulatlons made or havlng effèct therèund8r. Our objectives are to obtain reasonable assurance about whether the financlal statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that Includes our opinion. Reasonablé assurance is a high level of assurancè but Is not a guarantee that an audlt conducted in accordance with ISAS (UK) will always delect a material misstatement when it exists. Misststements can arlse from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economlc decisions of users taken on the basls of these financial statèments. Extont to whlch tho audlt was con8ld•r•d eapablo of dètèctlng Irregularltlos, Includlng fraud Irregularltles, includlng fraud, are instances of non-compliance with laws and regulations. We design procedures in Iln8 Wlth our responslbilitl85, Outlined abov8, to detsct materlal misstatements In respect of irregularitlès, including fraud. The extenl to which our procedures are capable of detecting irregularities, including fraud, is delailed below, We identify and assess the risks of material misstatement of the financial statements. whethèr due to fraud or grror, and then design and perform audit procedures responsive to those risks, including obtaining audit evidence that is sufficient and appropriate to Provide a basis for our opinlon.
MANCHESTER CAMERATA LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MANCHESTER CAMERATA LIMITED Identlfylng and ass•sslng potentlal rlsks related to Irregularltl88 In identifying and assessing risks of material mi5Statement in respect of irregularities. including fraud and non- compliance wlth laws and regulalions, we have consldered th8 following: the nature of the industry and sector, control envlronment and business performance including the de51gn of the Charity's remuneration policies, key drivers for dlr8Ctors' r&muneration, bonus levels and performance targets., results of our enquines of management 81)out thèir own idenlification and assessment of the risks of irregularities., any matters we Identified having obtain8d and revlewed the Charity's documentation of thgir policiés and procedures relating to: identifying, evaluating and complylng with laws and regulatlons and whether they were aware of any instances of non-compllanc8- det8ctlng and responding to the ri8ks of fraud and wh8th8r they have knowledge of any actual, suspected or alleged fraud., the intemal controls established io mltlgat8 risks of fraud or non-compliance with laws and r8gulatlons', the matters discussed among the audlt engagement team includlng slgnlficant component audit teams and involving relevant specialists regarding how and where fraud might occur in the financial sl8lements and any potentlal indicators of fraud. As a result of thesè procedures, we considered the opportunities and incentiv8s that may exlst withln the organisation for fraud and identified the greatest potential for fraud in the following areas-. timing of recognition of commercial Income, posting of unusual journals and complex transactions; and manipLJlaling the Charity's performance profit measures and other key performance indicators to meet remuneration targels and externally communicated targets. In common wlth all audits under ISAS (UK), we are also required to perform spèclfic procedures lo respond to the risk of management overrlde. We also obtalned an understsnding of the legal and regulatory frameworks Ihat the Charity operates In, focuslng on provisions of those laws and regulations that had a direct effect on the determlnalion of material amounls and disclosures In the financial stat8m8nts. The key laws and regulations we considered in Ihis context included UK Companiès Act, Charities Act, employment Igw, health and safety regulations, pensions legislation and tax legislation.
MANCHESTER CAMERATA LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF MANCHESTER CAMERATA LIMITED Audlt response to rlsks Identifièd Our procedures to respond to rlsks id8ntified Included the following.. reviewing Ihe financial statement disclosures and testing to supporting documentation to assess compliance with provisions of relevant laws and regulations described as having a direct effect on the financlal statem6nts', enquiring of managemenl concerning actual and potential litigatlon and claims; Performing analytlcal procedures to identify any unusual or unexpected relationships that may indlcate risks of material misstatement due to fraud; readlng minutes of meetings of those Charged with governance and revlgwlng correspondence with HMRC,. and in addressing the Idèntifiéd rlsks of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments,. assessing whether the judgements made in making accounting estimates are indicatlve of a pot6nlSal bias: and evaluating the business ratlonale of any significant transactions that are unusual or outside the normal course of business. Owing to the Inherent Ilmltatlons of an audlt, there is an unavold8b18 risk that we may not have détècted some material misstatements In the flnanclal slatements, even though we have properly planned and performed our audit in accordance with audltlng standards. For ex8mple, the further removed non-compliance with18ws and r8gulations (Irregularitl8sI is from the events and transactSons reflected in the financlal statements, the less likely the inherently limited procedures required by aucliting standards would identsfy it. In addltion, as with any audil, thère remalned higher risk of non46tection of irre9ularities, as these may Involv8 collusion, forgery, intentional omissions, misrepresentstions, or the override of internal controls. We are not responslble for pr&venting non-complianc8 and cannot b8 8xpectsd to detsct non-compliance with all laws and regulatlons. A further description of our responslbllltles Is 8vallabl8 on the Flnanclal Reporting Council's webslte at: https',11 www.frc.org.uklauditorsr8sponsibililies. This descrlptlon forms part of our auditor's report. Uso of our report This report is made $018ly to the charlty's trustees, as a body, In 8ccordance with Part 4 of the Charit1&8 (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we rnlght stste to the charity's trustees thos• matters we are required to state to them in an auditor's report and for no other purpose. To thè fullest extent pemiitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for Ihis report, or for the opinions we have formed. UR Cerl Dlxon Bsc IHons) FCA (Senlor Statutory Audltor) For and on behalf of PM+M Solutions for 8uslness LLP, Statutory Auditor Chartered Accountants New Century House Greenbank Technology Park Challenge Way Blackburn Lancashire BB15QB Date.. 6.F.ebruary2025 PM+M Solutlons for Business LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006. 10-
MANCHESTER CAMERATA LIMITED CONSOLIDATED STATEMENT OF FINANCIALACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THEYEAR ENDED 31 MAY 2024 Unrestricted R8Strlctod funds funds 2024 2024 Totsl Unrestrictsd Restrlcted funds funds 2023 2023 Totsl 2024 2023 Not88 Income frorn: Donations legacies and grants Charltable actlvltles Box office income - promotions Engagem8nls Learning and participation Sponsorships Inv8slm8nts Other income 1,420,474 1,420,474 713,269 713,269 SS,030 422,634 55,030 422,634 114.598 1,043,428 114,598 1.043,428 322,940 322,940 244,471 6,000 3,480 32,079 244,471 6,000 3,480 32,079 8,742 14,160 8,742 14,160 Total Income 2,243,980 2,243,980 2,157,325 2,157,325 Expendlture on: Raising funds Charitable actlvSties 90,496 2,290,625 90,496 2,290,625 84,035 1,867,755 84,035 33,000 1,900,755 Total oxpendltur• 2.381,121 2,381,121 1,951,790 33,000 1,984,790 Net Incomel(oxpendlture) and movem•nt In funds (137,1411 205,535 (33,0001 172,535 Surplusl(deflclt) attrlbutable to th8 owners of the parent Surplusl(deflcll) attrlbutable to NCI (158,533) 1158,5331 210,701 (33.000) 177,701 21,392 21,392 (5,1661 (5,166} (137,141) {137,141) 205,535 (33,000) 172,535 Reconclllatlon of funds: Fund balances at 1 June 2023 916,615 2,914 919,529 711,080 35.914 746,994 Fund balan¢e8 at 31 May 2024 779,474 2,914 782.388 916,615 2,914 919,529 Total fund attributsble to the owners of the parent 755,248 2,914 758,162 913,781 2.914 916,695 Total funds attrlbutable to NCI 24,226 24,226 2,834 2,834 779.474 2,914 782,388 916,615 2914 919.529 The slalement of financial activiti95 includes all galns and losses recognised in the year. All income and expenditure derive from contlnuing activities. 11
MANCHESTER CAMERATA LIMITED GROUP BALANCE SHEET AS AT 31 MAY 2024 2024 2023 Notes Flxed assets Intangible assets Tangible assets 12 13 78,564 11,657 7,548 12,715 90,221 20,263 Currenl assets Debtors Cash at bank and In hand 15 312,234 661.466 207,692 1,017,910 973,700 1,225.602 Cr•dltors: amounts falllng due wlthln ono yoar 16 (281,5331 (326,336) Not currant assets 692.167 899,266 Total assotsloss current liabllltle 782,388 919,529 The fund8 of the charlty Share capital Restricted incom8 funds Unrestricted funds Non-controlling interest 100 2,914 755,148 24,226 100 2,914 913,781 2,734 18 19 19 782,388 919,529 6 2- The financlal statements were approved by th8 trustees on ........... . C Monk Company registration number 01128463 (England and Wales) 12-
MANCHESTER CAMERATA LIMITED CHARITY BALANCE SHEET AS AT 31 MAY 2024 2024 2023 Notes Flxed assets Tanglble assets Investment 13 14 8,853 32,000 9,159 32,000 40,853 41,159 Current assots Deblors Cash at bank and in hand 15 364,713 567,683 131,035 883.065 932,396 1,014,100 Crédltors: amounts falllng due wlthln one year 16 1230,709 (78,673) Nel current assets 701,687 935,427 Not asset• 742,540 976,586 Income funds Restricted funds Unrestricted funds Shar8 capital 2,914 739,526 100 2,914 973,572 100 19 742,540 2,914 The financial statements were approved by the Trustees on C Monk Trustee Company reglstratlon numbor 01128463 The consolldated accounts of th8 Group include the flnanGial statements of the charity and its $ubsldlary undertaking for Ihe year ended 31 May 2024. A separate Statement of Financial Activities for the charity has not been presented becausè the subsldlary has taken advantage of exemption by section 408 of the Companies Act 2006. Th8 deficit of the charity for the year ended 31 May 2024 was £234,147 (2023.. surplus £237,593). 13-
MANCHESTER CAMERATA LIMITED GROUP STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2024 2024 2023 Notes Cash flows from operaling activities Cash (absorbed byygenerated from operations 22 (284,323) 286.377 Investlng a¢tlvltles Purchase of intanglble assets Purchase of tangible fixed assets (75,3361 15,5271 18,470) Not cash used In Investlng actlvltle8 180.8631 18,470) Flnanclng actlvltlos Interest received 8,742 3,482 Net cash genorated from financlng actlvltl•s ,742 3,482 Net (decreas•)Iln¢rease In cash and cash equivalents (356,444) 281,389 Cash and cash equlvalents at beginnlng of year 1,017,910 736,521 Cash and cash equlvalents at Qnd of yéar 661,466 1,017,910 14-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024 Ac¢ounllng pollcies Charity Information Manchester Camerats Limited is a private company Ilmlted by shares Incorporated in England and Wales. The registered office 15 The Monastery, 89 Gorton Lane, Manchester, M12 5WF. 1.1 Accountlng convention The financial statements have beèn prepar8d in accordance with the charity's governing document, the Companies Act 2006, FRS 102 'The Financial Reporting Standartl applicable In the UK and Republic of Ireland" and the Charltles SORP 'Accounting and Reportlng by Charities.. Statement of Recomm8nded Practice applicable to charltles preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" The charlty is a Public Benefit Entity as defined by FRS 102. The financlal statements are prepared in sterling, which Is the fun¢tlonal currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £. The financlal statements have been prepared under the historical cost convention. The principal accountlng policies adopted are sel out below. Group flnanclal statement The financial statemants consolldat8 the results of the charitable company and its trading subsldiary, Muslc In Mind Remote Limited, In whlch It has an 80Yo controlling interest. A separate slatem8nt of financlal actlvltl8s and Income and expenditure account for the charlty h8s not been presented because the charity has takèn advantag8 of the exempllon afforded by section 408 of the Companle$ Act 2006. 1.2 Golng concern At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the flnancial statements. 1.3 Charltable funds Unr6stricted funds are available for use at the discretion of the trustees In furth6rance of their charitable objectives. Restricted funds are subject to Specific conditions by donots or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Income Income is recognised when the charity is legally entitled to it after any perfomance condltions have been met. the amounts can be measured rellably, and it is probable that income will be received. Cash donation8 are recognised on receipt. Other donations are recognlsed once the charity has been notified of the donation, unless performance conditions require deferral of the arnount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or othèmise if the charity has been notifled of an Impending dlstrlbution, the amount is known. and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 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. 15-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Accountlng pollclos (Contlnued) 1.5 Expendlture Expenditure is recognised once there Is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligallon can be measured reliably. Expendltur8 is classif18d by activity. The costs of 8ach activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Dlrect costs attributable to a single activity are allocated directly lo that activity. Shared costs which contribute to more than one activity and 5UPPOrt costs which are not attributable to a single actlvlty are apportioned between those activities on a basis consistent with the use of resources. Central staff cosls are allocated on the basis of tim8 spent, and depreciation charges are allocatsd on the portlon of the asset's use. Allocatlon and apportlonmont of costs Expendlture whlch is charged on an accrual basls Is allocaled between: expenditure incurred directly in the fulfilm8nt of the charity's objectives (direct charitable) 6XP8nditure incurred directly In the effort to raise voluntary contribullon (fundraising and publicity): and expenditure incurred In the managements and admlnlstration of the charity Support costs are allocated to a partlcular activity. 1.6 Intanglble flxed assets othgr than goodwlll Intangible assets acquired separately from a buslness are recognlsed at cost and a subsequently measured at cost le55 accumulated amortisallon and accumulated irnpairment losses. Amortlsatlon Is r8cognls8d so as to write off the cost or valuatlon of assets less their residual values over thelr useful lives on the following bases.. W8bsite Development 100/0 stralght Ilne 1.7 Tangiblo flxed as80ts Tangible fixed assets are initially measured at cost and subsequently measured at Cost or valuatlon, net of depr8ciatlon and any impairment losses. Depreciation is recogni5ed so as to write off the cost or valuation of assets less their rèsidual valu8s over their useful Iiv8s on the followlng bases.. Fixluras, fittings and computers Software 33.3Yo on cost 33.3Vo on cost The gain or loss arlslng on the disposal of an asset Is d8t8rmlned as the difference between the sale proc8eds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.8 Impalrment of flxed assets At each reporting énd date, Ihe charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment Ioss. If any such indicalion exists, the recoverable amount of the assel Is estimated in order to determine the extent of the impaimient Ios5 (rf any). 16-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Aceountlng pollcles {Contlnued> 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposlts held at call with banks, other short-term Ilquld investments with original maturitles of three months or less, and bank overdrafts. Bank overdrafts are shown wlthin borrowings in current liabilities. 1.10 Flnanelal Instrumonts The charity has elected io apply the provisions of SectSon 11 'Baslc Flnancial Instruments, and Section 12 'Oth8r Financi81 Instruments Issues, of FRS 102 to all of its financlal instruments. Financial instruments are recognised in the charity's balance sheet when th8 charity becomes party to the contractual provisions of the instrument. Financial assets and Ilabllltles are offset, with the net amounts pres8nted In the flnancial statements, when th6r8 Is a legally enforceable right to set off the recognised amounts and there Is an Intentlon to S8tt18 on a net basis or to r8alls8 the asset and settle the liability simultaneously. Bas1¢ flnanclal assets Basic financial assets, whi¢h include debtors and cash and bank balances, are initially measured at transactlon price including transaction costs and are subsequently carried at amortised cost using thè 8ffectlve interest method unl8SS th8 arrangement conslitules a financing transaction, where the Irans8¢tion Is measured at the present value of thè future recelpts discounted at a markèt rate of Inter8sI. Flnancial assets lassified as receivable within one year are not amortised. Baslc financlal Ilabllltles Basic financial Ilabllilles, IncludSng creditors are initially recognis8d at transaction price unless thé arrangement constitutes a financing transaction, where the debt instrument is measured at th& present value of the future payments discounted at a market Tate of interest. Financial liabilities classified as payable within one year are not amortls8d. Debt Instrumènts ar8 subsequently carried at amortised cost, using th8 effectSve Interest rate method. Trade creditors are obligations to pay for goods or s8rvlces that h8ve been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabS1ities if payment Is dug within on8 year or less. If not, they are pres8nt8d as non-current liabllilles. Trade creditors are recognised inltially at transactlon prlce and subsequently measured at 8mortlS8d cost using the effective interest method. Derecognltlon of flnanclal Ilabllltlos Financial liabilities are derecognlsed when the charity's contractual obligations 8xpire or are discharged or cancelled. 1.11 Employee beneflts The cost of any unused holiday entitlement is recognised in the period In which Ihe employ88's s8rvlces are received. Temiination benefits are recognised immediately as an expense when the charity Is demonstrably comm1tt8d to temiinate the employment of an employee or lo provide termination benefits. 17
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Crltlcal accountlng oStImat and Judgements In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to b8 relevant. Actual results may differ from thes8 85tlmat8S. The estimat8s and underlying assumptlons are revlewed on an ongoing basls. Revl$lons to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future p8riods where the revision affects both current and future perlods. We do not believe there to be any accountlng estimates or judgements that would materially aff8Ct the financial 5tat6m8nls. Incom• from donatlons and1ogacle3 Unrgstri¢ted funds 2024 Unrèstrlcted funds 2023 Donations Grants other 514,389 881,487 24,598 375,249 338,020 1,420,474 713,269 Grants recalv•d, Included In the above are as follows Arts Council of England Manchester Authoritias GMCA CCG UKRI 159,752 5,000 70,700 240.000 406,035 159,504 20,000 62,540 95,976 881,487 338,020 Of the above grants totalling £646,033 relate to Muslc in Mind Remote Ltd (2023- £95,976). 18
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Income from charltablo actSvltlo8 Unroslrlcted funds 2024 Unrestrl¢tod funds 2023 Box office income Engagements Learning and partlCiP8tion Sponsorships Investment Incom8 other Income 55.030 422,634 322,940 114,598 1,043,428 244,471 6,000 3.480 32,079 8,742 14,160 823,506 1,444,066 Expondlture on ralslng funds Unrostrlcted Unrostrlcted funds funds 2024 2023 Staff costs Sundries Management and financa 67,134 7,417 15.945 58,328 9,160 16,547 90,496 84,035 19-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Expèndlture on charilable activities 2024 2023 Charllable actlvltles Learning and partlcipation Orchestral and related work Music in Mind Remote Ltd 275,597 1,141,513 573,627 275,993 1.306,631 124,181 1,990,737 1,706,805 Shar8 ol support and govornanco costs (8e• notè 7) Support Governance 266,170 33,718 164.711 29.239 2,290,625 1,900,755 Analys18 by fund Unrestricted funds Rèstricted funds 2,290,625 1,867,755 33,000 2,290,625 1,900,755 Support costs allocated to actlvltles 2024 2023 Learnlng and partiClP8tlon Orchestral and related work Music in Mind Remote Ltd Governance costs 97,798 168,372 28,932 133,186 2,593 29,239 33,718 299,888 193,950 Net movem•nt In funds 2024 2023 The net movement in funds is ststed after chargingl(crediting)'. Fees payable for the audit of thg charity's financlal slatements Depreciation of owned langible fixed assets Amortisation of intangible assets 12,500 6,585 4,320 12,750 6,753 452 Trustees None of the trustees (or any persons connected with them) reiVed any remuneration or benefits from the charity during the year. -20-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 Trustees (Contlnued) Trusta85' •xp6nses There were no trustees, expenses paid for the year ended 31 May 2024 nor for year ended 31 May 2023. 10 Employoes The average monthly number of 8mployees during the year was: 2024 Number 2023 Numbor 11 10 Staff costs 2024 2023 Staff costs Employers Nl Pension Players f•8s 346.462 35,071 7,238 643,471 351,217 65,882 7,266 986,115 1,032,242 1.410,480 The number of employees whose annual remuneration was more Ihan £60,000 is as follows: 2024 Number 2023 Number £60,000 - £69.999 £70,000- £79,999 Remuneration of key management personnel The remuneration of key managemént personnel was 85 follows.. 2024 2023 79,726 101.423 The key managerneni personnel of the charity compromises the chief axecutive (prior year chief executive and finance manageTI. 11 Taxallon The charity is exempt from taxatlon on Its activities because all ils income is applied for charilable purposes. 21
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 12 Intanglblo flxod assets Group only Intellectual W8b•lt• Property D•¥?lopm•nt Total Cost At 1 June 2023 Additions - separately acquired 8,000 8,000 75,336 75,336 At 31 May 2024 8,000 75,336 83,336 Amortlsatlon and Impalrment At 1 June 2023 Amortisation charged for the year 452 S33 452 4,320 3,787 At 31 May 2024 985 3,787 4,772 Carrylng amount At 31 May 2024 7,015 71,549 78,564 At 31 May 2023 7,548 7,548 -22-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 13 Tangible fixed assets Group Flxturv4, flttlngs and ¢omput•r• Softwaro Total Cost At 1 June 2023 Additlons 51,278 5,527 10,597 61,875 5,527 At 31 May 2024 56,805 10,597 67,402 Depreclatlon and Impalrmont Al 1 June 2023 Depre¢iatSon charged in the year 38,563 6,585 10,597 49,160 6,585 At 31 May 2024 45,148 10,597 55,745 Carrylng amount At 31 May 2024 11,657 11,657 Al 31 May 2023 12,715 12,715 Tangible flxed as8Ots Charlty only Flxtur•s, flttlngs and computor• 8oftwar• Total Cost At 1 June 2023 Additions 47,509 5,527 10,597 58,106 5,527 At 31 May 2024 53,036 10,597 63,633 Deprèclatlon and Impalrment Al 1 June 2023 Depreclation charged in the year 38,350 5,833 10,597 48,947 5,833 At 31 May 2024 44,183 10,597 54,780 Carrylng amount At 31 May 2024 8,853 8.853 At 31 May 2023 9,159 9,159 -23-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 14 Flxed Asset Investments Manchester Camerata holds 4 shares of 1p each in its subsidiary company Music in Mind Remote Limited (company number.. 13746290). which represents 800A of the allotted share capital. The NBV of the investment at 31 May Is £32,000. At 31 May 2024 the subsidiary company balance sheet was as follows.. 2024 2023 Fix6d assets Current assets Current 109,431 41,297 107,669 211,503 (117,190) 1247,663) Total funds 99,910 5,137 15 Debtors Group 2024 Group 2023 Charlty 2024 Charlty 2023 Amounts falllng du• wlthln one yoar: Trade debtors Othér debtors Prepayments and accrued inwme 97,630 8.927 4,404 194,361 97,630 66,363 200,720 122,108 8,927 214,604 312,234 207,692 364,713 131,035 16 Crodltors: amounts falllng duo wlthln ono yoar Group 2024 Group 2023 Charlty 2024 Charlty 2023 Deferred incoma Trade creditors Other credliors Accruals 838 142,437 41,128 97,130 259,103 16,793 3,640 46,800 838 139,073 38,668 52,130 19,103 15,131 (2,361) 46,800 281,533 326,336 230,709 78,673 17 Deferred Income 2024 2023 other deferred income 838 259,103 -24-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 17 Deferred Income Icontlnuodl Deferred income is Included in the financial statgm6nts as follows: 2024 2023 D8f8rred income Is included wlthin., Current li8bilities 838 259,103 Movements in the year: Deferred income at 1 June 2023 Released from pr8vious perlods Rasources deferred in the year 259.103 (258,2651 79,103 180,000 Deferred Income at 31 May 2024 838 259,103 Deferred Income comprls8s advanced ticket sale$ relating to futur8 8venls and engagements. 18 Restrlctod funds Group and Charlty The restricted funds of the charity comprise the unexpénded balances of donations and grants hèld on trust subject to specific conditions by donors as to how they may be used. At 1 June 2023 Resources •xpendod At 31 May 2024 2,914 2,914 Prevlous year: At 1 June 2022 Resources expended At 31 May 2023 35,914 (33,0001 2,914 The brought forward restricted funds of £2,914 r8lallng to an Arts Council England grant for specific digital marketing activities to be expended in the Lakes area of Cumbria still remain unspent at the year end. -25-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 19 Unrèstrlcted funds The general funds are the charity's reserves which are spent or appll8d at the discretion of th8 trust8es in the furtherance of the charlty's purpose. Group At 1 Junp 2023 Incomlng resources Rèsoureès expended At 31 May 2024 General funds 916,515 2,243,980 (2,3B1,1211 779,374 Altribulable to NCI Attributable to owners of the parent 2,734 913,781 24,226 755,148 916,515 2,243,980 (2,381,121) 779,374 -26-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 19 Unrestrlcted funds (Conllnued) Prevlous year: At 1 June 2022 Incomlng r0sourc05 Resources oxpended At 31 May 2023 General funds 711,080 2,157,325 (1,951,790) 916,615 Attributable to NCI Attribuiable to owners of the p8rpnt 2,734 913,781 711,080 2,157,325 {1,951,790) 916,615 Charlty only At 1 Jun• 2023 Incomlng Rosources rosourcès •xp•ndod At 31 May 2024 General funds 973,672 1,573,348 (1,807,495} 739,525 Prnvlous y•ar: At 1 Jun• 2022 Incomlng resourc•s Resour¢frs expended At 31 May 2023 General funds 703,079 2,093,349 (1.822,7561 973,672 -27-
MANCHESTER CAMERATA LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2024 20 Analysls of net assets between funds Unrestrl¢ted funds 2024 Restrl¢ted funds 2024 Total 2024 At 31 May 2024: Intangible fixed assets Tangibl8 assets Current assetsllliabilltiès) 78.564 11,657 689,153 78.564 11,657 692.067 2,914 779,374 2,914 782,288 Unrestrlcted funds 2023 Rostrlcted funds 2023 Total 2023 At 31 May 2023: Intanglbl8 fixed assets Tangible assets Current assetsl{Ilabllltles) 7,548 12,715 893,518 7,548 12,715 896,432 2,914 913,781 2,914 916,695 21 Relat•d party transactlons During the year there were no disclosable related party transactions. In Ihe prior year 2023.. £6.000 was paid to Beever & Struthers, an accountancy firm in whlch a trustee. Caroline Monk is a partner. 22 Cash (absorbed byllgenerated from oyratlons 2024 2023 (Deficitllsurplus for lh8 year {137,1411 172,535 Adjustments for: Interest received Amortisalion and impairment of intangible assets Depreciation and impairment of tangible fixed assets (8,7421 4,320 6,585 (3,480} 452 6,753 Movements In worklng capltal: (Increase)Idecrease in debtors IDecr&aseylncrease In cr8ditors 1104,542) (44,803) 36,424 73,693 Cash (absorbed by)Ig•norated from oporatlons (284,3231 286,377 23 Analysis of changes In net funds The charty had no material debt during the year. -28-