GREATER MANCHESTER ARTS CENTRE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 312024 Company number 1681278 Charity number 514719 GREATER MANCHESTER ARTS CENTRE LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 312024 INDEX Administrative information Trustees, and Directors, annual report Auditors, report 9-11 Group statement of financial activities 12 Company statement of financial activits'es 13 Group balance sheet 14 Company balance sheet 15 Statement of cash flows 16 Notes to the financial statements 17-36 GREATER MANCHESTER ARTS CENTRE LIMITED ADMINISTRATIVE INFORMATION FOR THE YEAR ENDED MARCH 31 2024 OPERATIONAL NAME HOME DIRECTORS Name AppointedlResigned Position Subcommittee (see key below) J Bloxham R Bromley Nmlbu K M Jacob C Jeffries S Mclntosh V L Pinnington Cllr L Rahman. R RLJia R Mackensie M Pendergast Resigned FC Chair from 21110121 FC Chair FC Resigned Resigned FC {'Cllr L Rahman nominated by Manchester City Council} SENIOR MANAGEMENT TEAM Chief Executive Executive Director Executive Director Technical Director Development Director Development Director Director of Finance Director of Marketing & Communications D J Moutrey until March 24 H Filloux-Bennett unlil May 23 K O'Neill from November 23 S Pritchard unkn"l February 24 R Joyce unb'l July 23 A Jones from August 23 C Riches B Tumbull REGISTERED OFFICE AND PRINCIPAL PLACE OF BUSINESS HOME 2 Tony Wilson Place Manchester M15 4FN AUDITORS Chittenden Horley Chartered Accounts and Statutory Auditors 456 Chester Road Old Trafford Manchester M16 9HD SOLICITORS Weightmans 1 Spinningfield5 Hardman Square Manchester M3 3EB BANKERS The Co-operative Bank 7(k72 Cross Street Manchester M2 4JG SUBCOMMIThEES FC- Finan￿ Sub-committee GREATER MANCHESTER ARTS CENTRE LIMITED TRUSTEES. AND DIRECTORS, ANNUAL REPORT FOR THE YEAR ENDED MARCH 312024 The trustees present their annual report together with the consolidated finan￿al statements of the charity and its subsidiaries for the year ended MARCH 312024. REPORTING FRAMEWORK The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reporting by Charrties." Statement of Recommended Practi￿ applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective 1 January 2019), referred to as the Charities SORP (FRS 102) (second edition - October 20191. OBJECTVrfES AND ACTIVITIES Charitable objects The objects of the Charty are.. "To promote, maintain, improve and advan￿ education, particulady by the encouragement of the Arts. including the arts of cinema, drama, dan￿, photography, painting and sculpture and including all other arts of a visual nature provided that all the objects of the Company shall be of a charitable nature." To achieve this, the Charity create5 and presents work under the brand of HOME in Manchester and distributes art books under the brand Cornerhouse Publications. HOME is the trading name for Greater Manchester Arts Centre Ltd {GMAC) and is one ofthe UK'S leading centres for theatre, film and visual arts. GMAC is fijnded on an annual basis by the Arts Council of England IACEI, the Greater Manchester Combined Authority IGMCAI and the British Film Institute IBFII. In early 31 March 2024. GMAC secured £555,LXJO BFI ftjnding the for the film programme, to be allocated over 3 years from April 23 to March 26. As a Group it has incoming resources of £8.1 million which is earned through a mixture of anema box offi￿, theatre box office, trading, fundraising, sponsorship and SLA contract funding from Manchester City Council (MCCI. GMAC is a National Portfolio Organisation {NPOI for ACE and SU￿SSfUllY applied for NPO status for the period 31 March 2024- 26,. From April 31 March 2024 the funding trom ACE wa5 £1,321.387 per annum. GMAC will be applying for the one -year extension to the grant that was annoUn￿d by ACE from November 24. for the peri(Kl 26-27. Plans have already started for the next NPO applicats'on. Vision HOME is ￿ntral to making Greater Manchester a major aty ￿lebrated for its distinctive art", art that enriches the lives and life chances ofits people, a magnet for artists and ueatives with the highest engagement in the arts in the UK. Mission HOME is an open and social Spa￿ place for the CUTtous from all our communities. future arts'sts and producers of work that is provocative, playful and contemporary, of Manchester and the world. Values We are Conscientious. We are Considerate. We are Collaborative. We are Creative. We are Curious. Objectives We are here to share excitir@, entertaining and 1ho￿ht-pr0vokI￿g stories with the people of our city and beyond. We are here to nurture ciealivity. We are here to develop and make our team feel valued. We are here to tackle inequality. We are here to protect the planet. GREATER MANCHESTER ARTS CENTRE LIMITED TRUSTEES. ANO DIRECTORS. ANNUAL REPORT FOR THE YEAR ENDED MARCH 312024 Achievement and Performance Artistic programme HOME: Artist Development develop a series of programmes that enables arbsls to develop that creativity from all backgrounc1s. levels of experience and art forms. The team also offers one off skills workshops. nelwotking events and commissioning opportunities., a programme shaped and infomied by our artist community. In 31 March 2024, HOME was awarded a grant frorn Jerwood Developing Artists Fund and the Noel Coward Foundation to support artists in cohorts. 'At HOME with Jerwood, is a 12-month bespoke residency for selected cross art fom artists to make a step- change in their practi￿ and career." in year 1 we were able to support four artists. In addition, the team prepared themselves for the transition into HOME Arches, due for completion in September 24, by working with an artist panel. This pioneering talent development hub will offer transfomialional support to art15ts in the Northwest with free high-quality studio and tiaining Spa￿S. Other highlights.. The John Cake.. Dead Cats and A Kinky Bus Pass,. his exhibib.on explored the intricacies of daily life, personal rituals, and processing the symptoms of limng artisb'cally and with autism. Preparation for PUSH Lab 25 has gone well with the development of a new in-depth lab element and a huge number of applicab'ons from arb'sts working across all art forms. The lab will co-inside with the official opening of HOME Arches in January 25. HOME= Creative Development work with young people, schools & coll8Jes, and communities in and around Manchester to enable people to tell their stories through arts.stic creations, using creativity to improve health, education and social challenges. These sessions include artlst-led projects, workshops, study sessions, courses. commissions or work-based learning. Our flagship, 5-year Communities Prograrnme HOME from HOME connects communty groups, grass root art organisations and charities from across Greater Manchester to take part in and experience HOME as audiences and arb"sls. Currently we are delivering this activity in Gorton, Hulmelmoss Side and Wythenshawe. In 23124 we worked with a Women's group and Youth groups bi-weekly and were able to bring all Ihe groups into HOME to see either our Christmas production of Little Women or a Christmas film. World Duty Free provided funding towards this programme to benefit young people in Wythenshawe. Building on this success we were awarded ftjnding for 2024-27 from ESrn￿ Fairbaim for the overall programme, and to the Leri Trust to support our Women's group for the final three years of the programme. In the Summer of 31 March 2024 as part of Manchester lntemakn.onal Fesb"val, Creative Developmentwotked with 40 young people and many artists where they rolled together art and activism into one show, Balmy Amiy. Over a 12-month period the group came together to share their eXperIen￿S to demand for mental health support that works., they created writings, dmwings, organised protests, created placards for the show to express their feelings and to show that the greatest way to heal is through creativity, art. community and care. The BFI Film Academy, now in its 12, year at HOME, continues to be a suc￿sshJI film project for 16-19 year olds. This year we had 20 young people working with a team of professionals to make a short film which was shown in December 23. In 2024, HOME will be the lead partner for the Northwest Film Academy Consortium overseeing five academies across the region delivering the programme. HOME: Visual Arts had three major exhibitions 2023124. starting with the Balmy Am)y exhibition curated and developed in conjunction with Creative Development as part of the Manchester Internab-onal Festival. In the autumn of 2023 Turner Prize-winning arbst Lubaina Himid curated the exhibition A Fine Toothed Comb which brought together new commissions by Himid as well as artists Magda Stawarska, Rebecca Chesney and Tracy Hill which ￿ntred on unearthing the layers within the crty of Manchester through found objects, multi-screen moving images, drawings and sound composltions_ The year concluded with the Manchester Open, the biggest open exhibition for people living in Greater Manchester, which laLJnched in February 2024 and ran until April 2024, with nearfy 34,000 visitors. We received over 1800 submissions from which 473 were selected to exhibit.. the youngest artist being 5 and the oldest 83 from every borough. There were 4 overall winners who will benefit from the following development opportunities.. 1 will have a solo exhibition in the Granada Foundation Gallery and 3 artists will re￿1ve a bespoke mentoring programme in partnership with Casllefield Gallery. There was also a People's choi￿ award for one artist which received 7,000 of the 16,000 votes_ HOME- Film started the year strong wth Asteroid City and peaked in JulylAugust with Barbie/Oppenheimer, attendance was further boosted by high media interest in these films and the launch of our monthly Film Pass with HOME achieving attendan higher than the national average. The number of passes grew steadily though the year peaking at 1300 in January 2024 laward season). However, in the final half of the year, Ihe change5 to film ￿lease dates due to the strikes in America were starting to have an impact on attendance Iigures. HOME developed a Family Programme in 31 March 2024 to bring in new and young audience members, introducing a regular Saturday morning and Wednesday afternoon family film_ To further boost our income we started to sell Popcom at the box office GREATER MANCHESTER ARTS CENTRE LIMITED TRUSTEES. AND DIRECTORS. ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2024 which has helped bring in a new source of income. also worked with our F&B provider to bring in a family menu where discounts are appSied if a family film ticket is purchased. To help with the uncertainty of film releases. HOME offered audiences excits.ng HOME-specific programming In 2023 such as.. Wes Anderson Season," Greta Gerwing Season-. Barbie LGBT Foundation post-screening discussion and 35mm print of Oppenheimer. We also continued to host many exciting seasons such as Cinema Unbound.. The Creative Worlds of Powell and Pressburger. a BFI FAN-funded Film and Creative Development project. linked with the BFI'S relrospective. It induded screenings, talks and discussions, paid opportunities for creatives and an In Conversabon with Thelma Schoonmaker. In October, in partnership with Film4, we again held Film Fear which induded previews of new titles. arthive screenings, opening night Q&A with Scalal!! and recorded introductions from directors. The Film team secured funding from Taipei Representative OfficE in the UK and the Ministry of Culture, Taiwan and was able to show a series of films and events around the cinema of Taiwan from August to October to complement our programme. The team was also awarded an increase to its BFI grant towards the 30 Viva Film Festival to be held in April 2024. HOME: Theatre started the year with a full Theatre 2 programme induding Of All the Beautiful Things inspired by Lorca's classic The House of Bernada Alba, The Long Lie, We Need New Nam8s, Made Britain, Endurance-Jenni Jackson and I, Daniel Blake. In Theatre 1, Summer 2023, HOME hosted programme from the Manchester Intemational Fest"val.' Faggots & Friends and All Right, Good Night. Following this up with the Olivier Award winning play Cruise,. the high-energy play set against the 80$ AIDS pandemic and clublmusic scene. The theatre team also produced a new touring show with Mark Thomas, England & Son that started at the Edinburgh Festival before touring the UK and ending at HOME. The Autumn theatre season opened with a sellout of the very Suc￿ssful Kathy and Stella Solve a Murder musical. Other highlights included the return of the Merchant of veni￿ 1936 and our Christmas production of Little Women, co-produced wrth Pitlochry Theatre, along with Wise Children's new production Blue Beard and finishing Ihe year with a HOME comedy4rama production of Work it Out by Eve Steel. HOME.. Arches build was delayed trom January 2024 to later in the year. During 23124. the Building Manager, Head of Technical, Head of ICT and Head of Artist Development worked together to plan the fit out and needs of artists in the space with Manchester City Council. This information also informed the fundraising plan with the Director of Development where we are funding the fixtures and fittings,. the target is £500,000. Operational Focus In 2023124, our operational focus was on improwng our systems and plant to make HOME more robust, efficient and sustainable for the future with the following projects.. ICT System - started in early 2023, the se￿erS and switches on5ile were all replaced and rebuilt to provide stability and greater capacity for the future. We have installed new security features and protocols and are now looking at an off-site data centre as back up. The changeover has redU￿d the number of system downtime and slaff have had significantly fewer iSSLJes. Finance System replacement- Ihe tenders for the new system look place in June 2023 and Ipliat was awarded the contract in July with the switch over from SAGE to Iplicit on 1° November 2023. We now have a ftjll Procur&to-Pay IP2P) system with on-line approval, an expenses management syslem, fixed asset module and a project module to manage our shows, exhibitions and restricted grants We have built up the systern from scratch with the Iplicit team and will continue to develop it through 2024 to fit our requirements. The system has already improved the speed and accuracy of inform8b.on and the production of month*nd accounts. This WOTk was supported by a grant from the Bad(stage Trust. LED light replacement project - This project started in 22123 and continued in 23124 with the help of a grant from the Valencia Foundation. All lights in the front facing areas are now LED. Thi5 does not include stage lighting currendy or the back office space., which we hope to address in the future. The changeover has impacted on our energy bills, lowering the c05t significantly and reducing the need for repla￿ment as the lights last longer. Development In addition to Arts Council England NPO fvnding, total fundraising in 2023124 was £1564k, including revenue grants from the BFI and Greater Manchester Combined Authority IGMCA) and well as significant grants towards the Arches. All fundraising is undertaken by the in-house Development team, supported by the Execut"ve team. Trustees and colleagues. In 2023124, we renewed support with existing relationships, across individuals, corporates and trusts, impacting the success of projects across our community and Artist Development programmes", alongside our public programme of film, theatre and visual art. GREATER MANCHESTER ARTS CENTRE LIMITED TRUSTEES. AND DIRECTORS. ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2024 We embarked on new strategic ftjnding partnerships with Esmée Fairbaim (Home from HOME), Valencia Community Foundation (LED lighting capital project), the Backstage Trust (Finan￿ infrastructure), and corporate partnerships with Northern SISTER and Robertson North West In consultation with our individual supporters, we relaunched a refreshed Membership offer after a 6-month hiatus, achieving 780 subscribers by year-end. The full individual giving scheme refresh will be completed in 2024125. Fundraising for our capital projecl for a new Attist Development hub. HOME Arthes, o)ntinued. leaving £50,000 to raise towards the £500k project by year*nd. Public benefit In shaping the strategic objectives and planning the actiwties for the year. the trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit reqtjirement and fee charging. The charity relies on grants and the generated income from fees and charges to cover its operating costs. In setting the level of ts.cket prices. fees and other charges the trustees give consideration to the ac￿SSIbl11ty to activities for those on low income. Use of social investments GMAC did not make any sooal investments as defined by the SORP in 31 March 2024124 Volunteering opportunities We engaged 138 volunteers in various activities across the organisation over the past year. Collectively, these volunteers have contributed 4552 hours via a range of tailored schemes. Our Volunteers were involved in supporb.ng the Artist Development programme, Mothers who Make, helping mart(eling team with donor events, working with the film team to deliver the Director Q&A sessions, working with Crealive Development with The Young Company, Film collective courses, and helping invigilate various events and exhibitions among many other opportunities. They have also been supporting with aC￿sS on relaxed screenir@ and perf0m1an￿s, and in 2024 they have started supporting the Creative Development team with Young Artist studios. For Ihe Manchester Open, Volunteers featured as part of the Judging selection panel. GREATER MANCHESTER ARTS CENTRE LIMITED TRUSTEES. AND DIRECTORS, ANNUAL REPORT FOR THE YEAR ENDED MARCH 31 2024 FINANCIAL REVIEW Overview The results for the year are set out on pages 14 and 15 of the financial statements. This year the group is reporting a surplus, after tax credits bLJt before transfers, of £47,791 12022123 £-122,1481 on unrestricted fijnds. The group is reporting net current assets of £2,326,743 (2022123 £1.881,5251. The directors are pleased that the overall financial position, has improved over this financial year and that the projects invested in have improved efficiency., more projects are planned frir 24125 such as the implementation of new HR, H&S and Legal module as well as a new roomlspace booking system to cover all areas of the organisation. Subsidiaries Greater ManchesterArts Services Ltd IGMAS) - Shop and F&B Wardley, our F&B provider, had a l-year contract from April 23 until March 24 with a serwce charge of £15,000 p.m. to cover the increase in energy and running costs with commission at 1 Oyo of nel sales. This gave the time required to agree a new 2-year contract with Wardley from April 24, addressing some of the concems around the Servi￿ charge. The charge remained at £15,000 p.a. but some services such as waste management were moved to Wardley for them to contract directly. This will save GMAS Ihe management of these contracts and give Wardley more conlrol. The commission will also increase to 120/0 for year 1 and then to 13'/o for year 2. F&B sales are recovering well after the previous 2 years and were back to 2019 levels in 2023124. Further improvement in sales and therefore commission are already being realised in the first half of 2024125. The shop conts'nued to trade in popcorn, cards, gift5, books and magazines along wlh merchandise from our shows and exhibitions. However, the sales from the shop remained static, ex￿pt for popcorn which grew over the year. The decision was made towards the end of the year, to concentrate the shop offering on cards, popcom and show merchandise and to move the displays into the foyer, re-purposing some of the space for a gallery from MarchlApril 2024. These changes have meant that staff were able to service both the shop and the box office, saving staff time and achieving better rnargins. The trustees of GMAS are pleased that trading has improved as anticipated which has led to the past losses being covered. HOME Manchester Produetions Ltd (HMPI 15 an SPV created to manage the Theatre and Gallery Tax Relief for productions and exhibitions on behalf of GMAC Ltd. In 2024125, after re￿iving guidan￿ from the BFI, curated Film Festivals were also added to the portfolio of productions. HMP Ltd and HOME entered into four agreements for future produth.ons including, Thespians. In respect of Museum and Gallery Exhibition Tax Relief, it has entered into 2 agreements for exhibitions frorn 31 March 2024 to 2025 and 5 agreements in respect of film festivals in 31 March 2024 2024. At the year end the eligible losses meant that Creative Tax Credits of c£288k were claimed. Cornerhouse Publications Ltd ICP) provides a speaalist sales and distribution Servi￿ ftir many publishers, galleries and museums working in contemporary visual arts. In 2023, the new American owners of our distribution partner, Ingrams Publishing, started to negotiate a new contract with Publications. However, il was clear that despite explaining our m(Klel to them, the contract was going to be detrimental to our tnargins. The new model was based on low stock, quick tumover which is prominent in current book tities,. the does not match with specialist sales where books conb.nue to sell well after their print date with sales often boosted by a new exhibition or show. By FebTuary 2024, Publications was also seeing a downward trend in gallery guides and books with many a￿Sts producing digital versions as print was becoming increasingly expensive. Some significant publications that were due were now delayed with no release date. The new contract would also curtailed our distribution, excluding the US and reducing our presence in Australia. The Board un8nimously agreed to stop distribution as a preventative action," the business is not insolvent. CP continued its existing contract as the business wound down with final sales in Aprillmay 2024. All stock was either returned to the publishers or pulped al their cost There is Still some ath.vity with the end of the distribub.on as sales can take up to 120 days lo be settled when made in ROW. Reserves Policy and Risk Management As part of this process the Trustees have identified the responsibilities for reviewing risks throughout the organisation. The TrLJStees monitor pmgress against strategic objectives at each of their meetings. Risks are managed by a three-stage process.. review the risk that the Charity may fa determine the systems and procedures to M￿gate identified risks implement any measures which will minimise any risks that have materialised In recent years the main focus of the Truslees risk management oversight ha5 concerned financial risk management and in particular ensuring that GMAC maintains sufficient reserves lo operate effecb'vely and to be able to maintsin the capacity to GREATER MANCHESTER ARTS CENTRE LIMITED TRUSTEES, ANO DIRECTORS. ANNUAL REPORT FOR THE YEAR ENDED MARCH 312024 respond to change. Free reserves are calculated with reference to the unreskncled funds not already invested in fixed assets or associated with designated funds. The level required to sustain operalions in fulure years is estimated to be £950.000 which is calculated as the Group's fixed pay and overheads for a 3-month period. Free reserves on 31 March 2024 are £719.952131 March 2023 - £667.3911- due to the increase in tax claim and improvement in trading. The designation5 continue to be used to invesl in the organisation," many of the projects already highlighted are focused on improving the efficiency and effectiveness of the organisation and to make it more robust for the future. Prlncipal funding sources For 2023124 all our major funders maintained their fijnding to GMAC. wtth both the BFI and GMCA increasing their funding slightly. The charity re￿IVeS grant in aid support from three primary public stakeholders.. Arts Council England invested £1.321,387 as an unrestrcted grant to enable the charity to meet its charitable aims. GMAC is a National Portfolio Organisation and is required to submit its Business Plan and Audien￿ Developmenl plans to ACE annually. The charity also submits annual monitoring inft)rrnation to ACE. The British Film Institute invested £185,txio to enable the charity to present a diverse film programme and increase access to independent film for the public. Plus an addib.onal £24k for the Viva Film Fesb'val. Quarterly monitoring is required. Greater Manchester Combined Authority increased funding lo £150,000 in 23124 to the charity, to support delivery of projects across the Greater Manchester area. The grant is conditional on an approved plan of delivery and bi-annual return of monitoring information across a range of agreed key perf0mlan￿ indicators. Manchester City Council operate a Servi￿ level agreement with GMAC wherein the charity was paid £1,268,394 to operate the facility, present a programme of arbsb"c works for the public and deliver an associated education, community, youth and outreach programme. Delivery of the SLA is monitored through a suite of KPI'S against which the charity reports quarterly. MCC have the right to levy financial penalts'es where specific KPI'S are not met. In such cases a remedial plan will be required before any penalty is applied. Investment policy and review Under the memorandum and arh'des of association the Charity has the power to make any investment which the Trustees see fil. Currently any surplus funds are placed on deposit with a UK dearing bank. Funding beyond I¥qARCH 312024 HOME has good relab'onships with all its core funders, but the national and international economic situation continues to be challenging especially with rising costs across all areas of the organisation and the continued pressure of the cost of living on our audiences and communities. Govemment policy in the medium and long lemis towards funding the arts remains unclear. It is vital that HOME reassesses all areas of the organisation to develop more robusl and forward planning practices to ensure the organisation is in best position to meet the challenges of the fvture. HOME will undertake a period of development and change to implement 2n improved business model and KPI delivery. As HOME continues towards celebrations for its 10 Anniversary in 2025 and opening the Arches, a future focus is key lo SU￿ss. It is clear that local authorities will continue to be under huge pressure and fa￿ further significant cuts. Despite this, MCC and GMCA continue to place a high value on arts and culture as tools of economic and social recovery post-pandemic, but their conb'nued support will not be taken for granted a5 their budgets continue to come under pressure from central govemment. Funding from ACE was confimed in November 2022 for the period April 31 March 2024 to March 2026 at £1,321,387 per annum., this is at the same level as it was previously which brings wth it challenges as costs increase. Similarly, the BFI are strong supporters of HOME, confimiing a >year funding plan of£555,000 from April 31 March 2024. GREATER MANCHESTER ARTS CENTRE LIMITED TRUSTEES. AND DIRECTORS. ANNUAL REPORT FOR THE YEAR ENDED MARCH 312024 Given the Un￿rtaInty in the funding environment and inflation increases. growth of trading, private, trusts and foundation income will continue be a priority for HOME along with controlling costs. HOME has a proven Irack record of an entrepreneurial and business-like approach to running an arts organisation, which will be key to ensuring the resilience and continuation in the future. Going concern The Trustees have adopted the going concern basis for preparing these group acwunls_ They have considered the impact of inflation increases and other current risks.. The cash position of the group is considerably more stable than it was pre-pandemic. and the reserves position is still considered to be adequate for the size of organisalion HOME continues to receive financial support and as indicated by the regular funders, this will continue. HOME is considered a partner by MCC. that is helping to deliver art as a method of recovery, post lockdown and as a leading advocate in providing WOTk for the fr￿lanCe economy. Funding from the BFI has increased to £185,CYJO excluding Viva festival - and is confimied until 2026 Funding from GMCA has also increased for 23124 to £150,000 per annum The Directors of CP took the deusion to withdraw from the distribution of art books as the risks were too great going forward The Director5 of GMAS have r&negob-ated a 2 year deal with the current F&B provider and streamlined the shop offering. HOME'S audienTr numbers continue to grow deTnonstrating a demand for its programme within local and regional audien￿5. HOME has introduced a new ticketing structure and stronger tracking of pri￿ramMe expenditure and incorne which is having positive results. HOME is continuing to develop new partnerships which will provide improved results and sharing of any costs. Pressures with regards to increasing wages & salaries, gas & electriaty and other third-p2ty costs continue to be a consistent strain on organisational growth. To miligale these costs, HOME is focused on profitable trading and expenditure reduction in all areas. The trustees have concluded that there are no material Un￿rtaIntieS about the Group or Charity's ability to continue as a going COn￿rn. FUTURE PLANS HOME has continued its new programme of work in support of the new ACE strategy. Let's Create. The flag ship of this work centres around our Home from Home project with local communities and artist residencies with the Jerwood foundation. The much- anticipated opening of the Arches in 2025 supported by Manchester Cty Council which will be managed by HOME will be a hub for developing artists, the first of its kind in the Northwest. Visual Arts wort< in 2024 will ￿ntre around partnerships with other galleries and working with atb'sts to develop work that has impact for both audiences, arb'sts and communikn"es. Theatre strategy continues to be focused on ccFproduction and expanding our touring work programme to welcome more artists to HOME from across the UK and beyond. This strategy along wtth our development of more family and community programming is diversifying our offer to welcome in more aUdIen￿S and driven increased levels of income. Coupled with a stronger marketing strategy and ticketing structure we are seeing the theatre programme becorne a stronger core deliver to the organisation. Film continues to perform well with the inlroduction of allocated sealing to provide an enhanced booking experience. more and to partner with more commercial companies has led to Su￿ssful shows such as Kalhy and Stella Solve a Murder, HOME will be producing 'Mircle of 34 Street, the musical in 2024 to build on the capital created 2023's Little Women. HOME continues to deliver film festivals in partnership and additional film events curated by HOME, enhancing our regular screening offer. We will be focusing on film development in 2025 as part of our (x>ntinued review of the organisath"on. FUNDRAISING GMAC is a registered charity and raises fund5 through a number of different methods-. Grants.. from statutory funders, trusts and foundations. often in support of parbcular. restricted projects GREATER MANCHESTER ARTS CENTRE LIMITED TRUSTEES. AND DIRECTORS. ANNUAL REPORT FOR THE YEAR ENDED MARCH 312024 Individuals- including major gifts1£1,000+l, regular giving schemes and one-off donations Corporate.. corporate membership5, donations and sponsorships Other miscellaneous methods including events and university partnerships. GMAC'S Development team ctsmprises of four, dedicated fundraisers (3 FTE and 1 PT members of staff). They work closely with senior leadership and trustees to make new contacts and culb.vate gifts. GMAC d￿S not currendy work with freelan￿ or commercial fundraisers to act on our behalf. GMAC is regISte￿d with the Fundraising Regulator and subscribes to the Fundraising Code of Practi￿. GMAC has an organisational Ethical Fundraising Policy and Whistleblowing Procedure. We are not aware of any instanTr of any GMAC member of staff failing to comply with the agreed fundraising standards in the year 31 March 2024124. GMAC'S fundraising strategies and agreed approach do not allow for behaviour that is unreasonably persistent, places undue pressure on a person lo donate or is an unreasonable intrusion on a person's privacy. GMAC doe5 not engage in Direct Mail fundraising or telephone fundraising campaigns. We adhere to strict GDPR guidelines, and all emails have an easy 'unsubscribe' function, should any person no longer wish to receive communication from us. GMAC did not receive any complaints with regards to their fvndraising praclice during the financial year 2023124. We have a formal Fundraising Complaints Procedure, and our contact details are clearly listed on our website should any person wish to raise complaints or concerns about our fvndraising activity. STRUCTURE GOVERNANCE AND MANAGEMENT Governing document The ch2rity is a company limited by guarantee governed by its memorandum and artides of association dated November 25 1982, as amended by special resolukn'ons dated 08112183 2nd 20105113. It is a registered charity with the Charity Commission. Members of the company The Tnembers of the company include those admttted to membership by the Directors and those Local Authorib'es who have contributed funds to the charity. Appointment oftrustees The Directors who served during the year logether with any changes are listed on page one of the annual report. The Directors are appointed by the members in general meeting or appointed having been nominated by a Local Authority that is a member of the company. Currently Manchester City Council and the Greater Manchester Combined Authority are enlilled lo nominated directors. The Board may appoint directors to fill casual vacancies, but those so appointed only hold office unlil the next Annual General Meeting. Maximum length of servi￿ 15 Stipulaled in the memorandum and articles of associalion. Trustee induction and training New Trustee5 receive and induction pack, including a G0Veman￿ handbook and attend an induction session with the Chairman and Company Secretary. Periodic board training days are also held. Organisation The Board of Directors meets as ne￿SSary (usually at least four times a year) and has a Finan￿ Sub-committee which reports to the full Board and may be given delegated authority for paTb'¢ular pieces of work. Working Groups are used to focus on time limited projects or review. The day-to-day oper21ion of the charity is the responsibilty of the Chief Executive and the other members of the senior management who together with the Trustees constitute the key management personnel of the charity. The members of senior management are listed on page 1. The Group employs an average of 155 staff represenb'ng 93 full time equivalent staff. The bar and catering activities are provided by an extemal catering ¢onlractor. The non-charitable trading activities are carried out by the wholly owned trading subsidiary. Greater Manchester Arts Servi￿5 Ltd, which is managed by it5 own Board of Directors. Profits from the trading subsidiary. which comprises the profits from the bar and catering operation and HOME shop, are gifted to the Charity. Theatre production activities are carried out through HOME Manchester Productions Ltd, which enables Theatre Tax Relief to be claimed on qualifying productions. From April 1 2015, the publications operalions have been carried out by another trading subsidiary Comerhouse Publicats"ons Ltd. GREATER MANCHE8TER Airr8 CENniE UMITED TRUSTEES, AND DIRECTORS. ANNUAL REPORT FOR THE YEAR ENOED MARCH a4 2024 Pay and remuneration for senior staff The direclors consider tho board of diTEdors.. Ytho 4re Ihe Qharity's Iru_51ees. Ibe 5¢nior minagempnt leam Gomprise Ibe key management personnel of the charity in charge ol directing and c£)ntrolling, running and oper81ing Ihe Charity on a day-104iay basis. All directc*rs give of their time freely and no direcior receNed remuneration in the year. Delails of d1￿Clor$, expenses are given in note 11 and ￿lated paTty transacb.ons are disdosed in note 25 to the aceounls. Under the tharity'5 Board expense5 policy, only Director5 resident outside Greater Manchester aTe eligible to claim travel expenses. The pay of the senior staff Fs reviewed annually and nomally increased by an amount deemed affordable and in line with prevailing inflab'on. In view of the nature of the ch8rity. the directors benGhmark against pay levels in other arts organis8tions of a similar size run on a voluntary basis. Related parties Detsils of related paty tr8nsadions are given in the notes lo the financial statements. TRUSTEES. RESPONSIBIUTIES IN RELATION TO THE FINANCIAL STATEMENTS The trustees (who are also directo￿ of Greater Manchester Arts Centre Limited for Ihe purposes of company lawl are responsible feF PFeparing the TNslee5' Annual Repbrl aAd Ihe fiAaHeiat slalemenls ih aeeefdaHee wlh applieable law and United KJ'Rgdem Accounting Standards (United Kingdom Generally Accepted Ac￿￿￿￿'n9 Practice). Company law requires the trustees to prepare ffinancial statements for each financial year, which give a true and fair view of the stste of affairs of the tharitable wmpany and of the inwming resour￿ and applbcation of resources, induding the income a nd expenditure. of the d>arilable company f(ir that period. In preparing these finanaal statements. Ihe trustees 8re ￿quired to.. select suitable accounting policies and then apply them consislentty. observe the methods and principles in the Chantses SORP (FRS 1021 (second edition - October 20191. • ffl8ke judgements 8nd es*iffl8tes th8t 8fe reasonable 8fid prudefit. state whether applicable UK AGcounting Standards have been follo￿ed. suL¥ect to any maierial dePartU￿S disdosed and explained in the financial statements. prepare the financHI statements on the gi4ng concem basis unless it is inappropriate to presume Ihat the charitable company will cy)nlinue in opeiation. The t￿sleeS are responsible for keeping adequate accountiDg reccffds that disdose with reasonable accuracy al any lime the financial position of the charilable company and enable them lo ensure that the financial statements COMFAY with the Companies Act 2006. They are also tesp)nsible for safeguarding the assets of the charitable i*)mpany and hence for tsking reasonable steps for the pre¥ention and delectK)n of Iraud and other irregularities_ STATEMENT OF DISCLOSURE TO AUDITORS We. the director5 of the ￿MpanY who held office 8t the date of 8pproval of these Financial Statements as set out above each confim), as far as we are aware, that: there is no relevant audbt inf0M￿tion of ￿tch the CoMpan￿S audit015 are unaware., and we have taken all the steps that we ought to have taken as directo￿ in order to make oursefves aware of any relevant audil information and to establish that the cornpany's audtlors are aware of that infomiation. SMALL COMPANY PROVISIONS AND APPROVAL This rerKJrt has been prepared in acujrdance with the pmvislons applTrble to ￿MPanieS entided lo Ihe small ujmpanies exetnplion. Appr ved by the Board of Trustees and signed on its behalf by.. Dir lor Date.. 10 AUDITORS. REPORT TO THE MEMBERS AND TRUSTEES OF THE GREATER MANCHESTER ARTS CENTRE LIMITED FOR THE YEAR ENDED MARCH 31 MARCH 2024 Opinion We have audited the financial statements of Greater Manchester Arts cent￿ Limited (the 'parent charitable company? and its subsidiaries (the 'group') for the year ended MARCH 31 31 March 2024, which cornprise The Group and Company Statements of Financial Activities, the Group and Company Balance Sheets the Statement of Cash Flows and 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 Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ire13nd (United Kingdom Generally Accepted Accounting Prartice). In our opinion the financial statements.. give a true and fair view of the state of the group's and parent charitable company's affairs as at MARCH 31 31 March 2024, and of the group's and parent charity's incoming resources and application of resources, including its income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generdlly Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Art 2006 and the Charibes Act 2011 Basis for opinion We conducted our audit in accordance with International Stsndards on Audityng (UK) (ISAS (UKI) and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the group and parent charitable company in accordance with the ethical requirernents that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statetnents, 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 uncertsinties relating to events or conditions that, individually or collectivelyi may cast significant doubt on the group's or parent charitable company's ability to continue as a going concern for a period of at least twelve rnonths from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other information The trustees are responsible for the other inforniation. The other information comprises the infomiation included in the annual report, other than the financial statements and our auditorfs ￿port thereon. Our opinion on the financial staternents does not cover the other information and, except to the extent otherwise explicitly stated in our ￿POrt, we do not express any 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 vvith the financial statements, or our knowledge obtained in the course of 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 è material misstatement of this Other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Art 2006 In our opinion, based on the work undertaken in the course of rhe audit: the infortnation given in the trustees. report (incorporating the [directors' ￿pOrt) for the ffinancial year for which the financial statements are prepared is consistent with the financial statements; and the directors, report has been p￿pared in accorllance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and parent charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the [strategic report and thel, directors, report. We have nothing to report in respett of the following matters in relation to which the Companies Att 2006 and the Charities Act 2011 requires us to report to you if, in our opinion.. adequate and sufficient accounting records have not been kept by the parent charitable companyi or returns adequate for our audit have not been received from branches not visited by us,. or the parent charitable company's financial statements are not in agreement with the accounbng records and retums. or certain disclosures of directors, remuneration specified by law a￿ not made,. or we have not received all the infomiation and explanations we require for our audit. or the trustees were not entitled to prepare the financial statements in accordance with the small companies. regirne and take advantage of the small companies. exemptions in p￿ paring the directors, report and from the requirement to p￿pa￿ a strategic report. AUDITORS. REPORT TO THE MEMBERS AND TRUSTEES OF THE GREATER MANCHESTER ARTS CENTRE LIMITED FOR THE YEAR ENDED MARCH 31 MARCH 2024 Responsibilities of trustees As explained more fully in the trustees. responsibilities staternent, set out in the Directors. and Trustees. Annual Report, the trustees (who are also the directors of the Pa￿nt 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 tnje 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 rnaterial misstatement, whether due to fraud or error. In preparing the financial statetnents, the trustees are responsible for assessing the groups and parent 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 group or parent charitable company or to cease operations, or have no realistic alternative but to do so. Auditor's responsibilities for the audit of the financial statements We have been appointed auditor under the Companies Act 2006 and section 151 of the Charities Att 2011 and report in accordance with those Atts. 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 an auditorfs report that includes our opinion. Reasonable assurance 15 a high level of assurance but 15 not a guarnntee 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 experted to influence the econotnic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of ir￿guIar1ties, including fraud. The specific procedures for this engagement and the extent to which these a￿ capable of detetting irregularities, including fraud is detailed below. Our appmach to identifying and assessing the risks in respect of irregularities and non-compliance with laws and regulations, was as follows.. the engagement Rt ensured that the engagement team collectively had the appropriate competence, capabilitie5 and skills to identify or recognize non-compliance with applicable laws and ￿gUlations. we identified the laws and regulations applicable to the company through discussions with the directors and other management, and from our commercial knowledge and experience of the computer Manufacturing and SLJpply sector- We focused on specific laws and regulations which we considered may have a direct material effect on the financial ststements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment, environmental and health and safety legislation,. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of monagement and inspecting legal correspondence- and identified laws and regulations were communicated within the audit tearn regularty and the team remained alert to instances of non-compliance throughout the audit. We assessed the susceptibility of the company's financial statement to rnaterial misstatement, including obtaining an understanding of how fraud might occur, by.. making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual and alleged fraud,. Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations,. and Understanding the design of the company's remuneration policies. To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexperted relationships- tested Journal entries to identify unusual transartions; assessed whether judgements and assumptions made in detemining the accounting estimates set out in note I were indicative of potential bias- and investigated the rationale behind significant or unusual trdnsactions. In response to the risk of irregularities and non-compliance with law5 and regulations. we designed procedures which included, but were not limited to.. agreeing the financial statement disclosures to underlying supporting documentation- reading the minutes of meetings of those charged with governance; and reviewing correspondence with ￿levant regulators. No instances of material non-compliance were identified. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increase5 the tnore that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become of instances of non-cornpliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion. omission or MIS￿presentation. 12 AUDITORS, REPORT TO THE MEMBERS AND TRUSTEES OF THE GREATER MANCHESTER ARTS CENTRE LIMITED FOR THE YEAR ENDED MARCH 31 MARCH 2024 A further description of our responsibilities is available on the Financial Reporting Council's website at: htt www.frc.or Our-work Audi Audit-and-assurance standard -and- uidance Standards-and- uidance-for-auditors Auditors-res onsibilities-for- Ltdi Descri tion-of-auditors-res ibilities-for-audit.as x. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's membe￿. as a body* in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charitable company's trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit wort( has been undertaken so that we tnight stste to the charitable company's members and its trustees those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law, we do not accept or assurne responsibility to anyone other than the charitable company and the charitable company's members as a Ix)dy and the charitable company's trustees as a bodyi for our audit work, for this report, or for the opinions we have fomied. Naveed Ahmad- Senior Statutory Auditor For and on behalf of.. HGA Accountants & Financial Consultants t/a Chittenden Horley Chartered Accountants and Statutory Auditors Hyde Park House, Cartwright street Hyde SK14 4EH Date: 1811212024 HGA Accountants & Financial Consultants Va Chittenden Hodey is eligible to act as an auditor in tem?s of Section 1212 of the Companies Act 2006. GREATER MANCHESTER ARTS CENTRE LIMITED GROUP STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED MARCH 31 MARCH2024 Unrestricted Notes General Designated Restricted Funds Funds Total Total Funds 2024 2023 INCOME Incoming resources from generated funds: tk)natiDns 2.157.220 726,975 2.884,195 1,821,960 Charitable actEvithes 4,￿,64g 309.655 4,405,304 4,621.T31 •1 Other trading athrbes 720.305 12,020 732.325 676.141 Investrnent income- bank interest 6.629 6,629 1,048 Other income 105,037 7,084,840 105.037 8,133N90 64.052 7, 184,932 TOTAL INCOMING RESOURCES 1.048,650 EXPENDITURE Costs of 18ising funds 541019 542,019 540,141 Expenth"lure on charrtable activitses 6,787,124 124.420 523,424 7,434968 6,993,105 TOTAL EXPENDrruRE 7.329.143 124.420 523,424 7,976,987 7,533,246 NET INCOMEI(EXPENDITUREI BEFORE TRANSFERS 11 (244.303) (124 4201 525,226 156.503 (348,314) Transfers b￿￿een fvnds 19 3.379 108.740 (112,119) NET INCOMEI(EXPENDrruRE) BEFORE TAXATION (240.924) (15.6801 413,107 156,503 (348,314) TAXATION- Crealive Tax Credrts 2&8,715 288.715 165,973 NET MOVEMW IN FUNDS (Net incomel(expenditure) after tuation) 47.791 {15.680} 413.107 445,218 {182,34Y) TOTAL FUNDS Brought forward 19 679.503 781.214 420.808 1,881.525 1063.866 Carried forward 19 765.534 833915 1881525 The notes on pages 18 to 38 fomi part of these finan￿al stateTnenls_ 14 GREATER MANCHESTER ARTS CENTRE LIMITED COMPANY STATEMENT OF FINANCIAL ACTIVITIES (including the income and expenditure account) FOR THE YEAR ENDED MARCH 31 MARCH 2024 Unrestricled Notes General Designated Restricted Funds FurKIs Funds Total Total 2024 2023 Incoming Tesources from genèrated funds: Donations 2,3C6.252 726,975 3.033.227 1.826.016 Charitable acliwtres 4.758.026 309,655 5.067.681 4,920,432 other trading activtknes 249,719 12.020 261.n9 337,365 Inve5trnent income- bank interest 6.K29 6,629 1,048 other income 105,037 7.425,663 105.037 8,474,313 64,052 7.148.913 TOTAL INCOME 1.048,650 EXPENDtruRE Costs of raising funds ZJ1,336 231.336 221,244 Charitable acttvitses 7.197267 124,420 523,424 7,845,111 7,147,122 TOTAL EXPENDrruRE 7.428.603 124.420 523.424 8,076,447 7,368,366 NET INCOMEI{EXPENDtfuRE) BEFORE TRANSFERS 11 12,940) 1124,4201 525226 397.866 {219.453J Transfers beiween fvnds 19 3.379 108.740 1112,119) NET MOVEMEMf IN FUNDS {15,680) 413.107 397.866 (219.453) TOTAL FUNDS Brought forward 19 719.615 781.214 420.808 1,921,637 2.063.866 Carried forward 19 720.054 2319 503 1921.63T The notes on pages 18 to 38 form part of these financial statements. 15 OREATER MANCHEsfER ARTS CE14TRE UMITED GROUP BALANCE 8HEEr A8 AT a4 MARCH 2024 Notes 2024 2024 2023 2023 FIXED A66ET6 Tangible Assets Intangible Assets 12 435.085 4,000 439.085 275,419 8.000 283,419 13 CURRENT ASSETS Stook 15 9.675 1,818.804 1.299,552 3.128.031 T,648 1,341.607 1.410.226 2. T59.487 Debtors 16 Cash at Bank and in Hand CREDITORS Amounts falling due in one year 17 1.240.373 1,155,055 NET CURRENT ASSETS 1.887,658 2,326,743 1.604.426 1,887.845 GRELIITQRS Amounts falling due in more than one ye8r 18 6,320 NET ASSETS 2.326.743 1,881,525 FUNDS Unrestrscted GeHeFal fijnd 49 727.294 765.534 679.503 Designated fvnd 19 781.214 1.492.828 1.460.T17 Restricted 19 833.915 2.326.743 420,808 1,881,525 TOTAL FUNDS These financial slalements hgve been prepared in oGcordance wtth the wovisions applicable to companies subject lo the small companies regime: The noles on pages 18 to 38 form part of these financial statement5. the Board f Direct nd authorised for i55ue on DIRECTOR 16 Notes 2024 2024 2023 2023 FIXED A66ET6 Tangible Assets Intangible Assets IRvestTHeRt8 12 435.086 4.000 102 275,420 8.0(70 702 13 14 439.188 283.522 CURRENT ASSETS Stock 15 Debtors 16 2.081.689 956.159 3,037.848 I, T68,726 933,231 2,701.957 Cash al Bank and in Hand CREDITORS Arnounls falling due in one year 17 1.157.533 1,051.522 NET CURRENT ASSETS 1.880.315 2,319.503 7.6H,435 1,92T.95T CREDITORS Amounts falling due in more than one year 18 6,320 NET ASSETS 2 319 503 1921637 FUNDS Unr¢.4trirto.d Gener81 fvjnd 19 720.054 719.615 781.214 Designated funds 19 765,534 1.485.5J 1,599,829 Restricted 19 833,915 2,319 503 420,808 1,921,637 TOTAL FUNDS These financial statements have been prepared in accordance wilh the provislons applicable lo companies subject to the Small companies regime. The notes on pages 18 10 38 lorm part of these financial stslemenls. Ap roved by Ihe Board of Directors and authorised for issue on Company re ation nu GREATER MANCHESTER ARTS CENTRE LIMITED STATEMENT OF CASH FLOWS AS AT MARCH 31 2024 Group 2024 Group 2023 Charity 2024 Charity 2023 notes Cash generated froml{used in) operating acttvities 21 143,015 (188, 768) 276.617 (378.724 Cashff ovts from investing activities Interest and dividends 6.629 {250221) (169,203) 6.629 1,048 (250,221) (16g.203) Purchase of tangible fixed asset5 Purchase of intangible fixed assets Proceeds of sale of fixed assets 1,518 1.578 Payments Io acquire investsnents Cash provided byl(used in) investing activities 1243.592) {166,57T) c2￿,592) {f66.577) Cashftows from financing activities Proceeds from new botrowngs Repaytnent of botrowtng Cash used in financing activities (10,0gT) (10,09 (14.992) (14,992J (10,097) {10,097) (3,771) (3, 777) Inueasel(decrease) in cash & cash equivalents in the year 1110.674) (370,337) 22,928 (549.078) Cash and cash equivalents brought fopHard 1,410,226 1.780.563 933,231 1.482.309 Cash and cash equivalents carried forward 1299 552 1410 226 956 159 933 231 Cash and cash equivalents consist ofr. Cash at bank and in hand 1.299.549 1.410,226 956.159 933,231 Current asset investrnents 1,410.226 956 159 933.231 The notes on page5 18 to 38 form part of these financial staternents. 18 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 1 ACCOUNTING POLICIES Basis of preparation The financial statements have been prepared". under the historic cost convention-, in accordance with the Statement of Recommended Practice Accounting and Reporting by charib.es preparing theii accounts in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS102} effective January 1 2019 (second edition October 20191., FRS102,' and the Companies Act 2006. The charity constitutes a public benefit enb.ty as defined by FRS102. The accounts are prepared in £ sterling, which is the functional currency of the Group. Going concern There are no material uncertainties about the Group or ChaTity's abilty to conb.nue as a going concern. Estimates and judgements The preparation of the financial statements requires management to make judgemenls, eslimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experien￿ and other factors, induding expectations of fvture events that are believed to be reasonable under the arcumstances. Income recognition All incorne is recognised once the charity has entrfement to the income, it is probable that the income will be re￿ived, and the amount of income re￿1vable can be measured reliably. The following applies to parb"cular types of income". Grants, whether of a capital or revenue nature, are reccyJnised when the chartty has entidement to the funds, any perfomiance conditions have been met and it Is probable Ihat the income will be received_ Donations from individuals and other bodies (not being of the nature of a grant) are recognised when re￿1Vable. Earned income is measured at the fair value of the consideration re￿iVed or re￿1vable for ServI￿S and goods supplied, net of discounts and VAT. Deferred income Incotne is only deferred and included in creditors when.. The income relates to a future accounting period. A sales invoice has been raised ahead of the work being carried out and there is no contractual entitlement to the income until the work has been done. Not all the lemis and conditions of the grant have been met, including the incurring of expenditure and the grant conditions are such that unspent grant must be refvnded. Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that the settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings.. Costs of raising funds inc5uding those associated with fundraising activib'es, managing inveslments and commercial trading by the subsidiary company. Charitable activities costs of undertaking the work of the charity. The charity is registered for VAT and is able to recover some of the input tax charged as it relates to valable supplies. Costs are stated net of VAT were charged and irrecoverable VAT is included as a separate charge either within direct costs or support costs as appropriate. Production c05ts Where perfomances of a production straddle the year*nd, payroll, rehearsal and audib.on costs are recognised in the year in which they arise. Other, production costs {e.g. scenery I coslumes) and creative team fees are appo￿"Oned be￿een the periods on the basis of the number of perfomiances and included in erther accruals or prepayrnents. The costs associated with the theatre productions for HOME incurred pre year end relating to shows taking place entirely post year end have been carried forward this year in line with this policy. Provision is made in the accounts for any production losses or addib'on81 costs OLJtside of the approved production budget, irrespective of the liming of the perfOrman￿S. Costs in respect of research and development are written off in the year they are incurred. Allocation of support costs Support costs are those functions which assist the work of the charity either by 5UPPOrting the delivery of charitable activities or by supporting the generation of funds. They include propety costs. baCk-Offi￿ functions, staff costs and professional fees. The basi5 of allocations is set out in note g. 19 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 1 ACCOUNTING POLICIES leontinuedl Pension contributions The company is an admitted body to the Greater Manchester Pension Fund, a defined benefit scheme, in respect of certain employees who were previously employed by Manchester City Counal as part of the Library Theatre Company. Employer contributions of 18.5 /0 were made during the year. This is a mulb"*mployer scheme and the information required to separately identify the fund assets and liabilities is not available, and Ihereft)re contributions are accounted for as though the scheme was a defined contribution scheme. In any event, Ihere is an agreement with Manchester City Council that they will fund any deficit attributable to these employees. The number of employees in the scheme at the yearend was 3131 March 2024.. 3). For other employees, the company operales a defined contribulion pension scheme and makes employers, contributions of 3Q/o of annual salary. Under aulo-enrolment legislation from 1. May 2014 all rnernbers of staff are assessed in respect of their eligibility under this legislation. Members of staff earning over £10,000 per annum are offered the opportunity to join the defined contribution scheme. If they decline. they are aLrtomatically enrolled in accordance with currenl legislation in The Peoples Pension an automatic enrolment scheme. All other staff are assessed in acwrdance with the legislation. Contributions are charged to the SOFA in the year they are payable. In accordan￿ with the collective agreement behveen Equity and UK Theatre (formerly the Theatre Managers Association), the company makes employerfs pension contributions of 3 /0 of fees paid to actors or stage managers enrolled in the Equity Pension Scheme, provided that the members make an employees, contribution of 2Y,. Tangible fixed assets, Intsngible assets and depreciation Individual tangible and intangible assets costing more than £1.000 are capitalised at C05t and are dèpreciated over their estimated useful lives on a straight-line basis as set out below. Assets reaching the end of their useful life as per the policy will be re- assessed where the assets are still in good working order. Depreaab"on rates, all straight line, are as follows.. Assets held on finance leases Catering equipment, fixtures & fittings Other equipment Intangible assets over life of lease (cu￿entlY 5 years for all) 12.5/0 pa 12.5°kn - 25 /0 pa (previously 25.￿ pal 20Y•15 years) The Charity reviewed the useful economic life and residual values of assets induded within other equipment and has revised the rate of depreciation. Debtors Trade and other debtors are recognised at the settlement amount due and prepayments are valued at the amount prepaid. Cash at bank and in hand Cash al bank and in hand includes cash and short term highly liquid investsnents with a short maturty of three months or less from the date of acquisition or opening of the deposit or sirnilar account. Creditors and provisions Creditors and provisions are recognised where Ihe charity has a present obligation resulb.ng from a past event that will probably result in the transfer of fvnds to a third paty and the amount due to settle the obligation can be measured or estitnated reliably. Creditors and provisions are normally recognised at their settlement amount. Financial instruments The charity has only basic financial instrumenls which are inib.ally recorded at Cost, and subsequently measured at their settlement valLJe. Group financial statements The financial statements consolidate the results of the charity and its wholly owned subsidiaries on a line-by-line basis. Theatre tax credits Where the trading subsidiary, HOME Manchester Producttons Ltd, incur5 qualifying losses in respect of theatre productions, the company has decided that these will be surrendered for a rash payment from HMRC under the Theatre Tax Credit regime. Imiere receipt of these tax credits is virtually ￿rtain they are induded ir¢ the accounts in the year in which the qualifying losses were incurred. 20 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 2024 2023 Unrestrictsd Restricted Total Unrestricted Restricted Tot 2 DONATIONS Revenue grants: ACE FJW 1.320.387 185.000 150.590 1.320.387 185,000 150.590 1,321,387 185,(X 136.900 1.321.387 185.000 136.900 Briknsh Film Institute {BFI) GMCA 'ck51art grants Recoverable inco 14.180 14.180 31.515 31,575 27T,759 1,965,311 Filmhub North 2Tt.759 1.933,736 31.575 1.643,287 14,180 1.657.467 Capilal Grants Home Arches 405.000 286.000 691,000 405,000 286,000 691.000 Home from hom8 Donations General donetions 153.764 158.164 1,562 12.5 93.062 In kind suppott Film curation 26,556 10.889 1275 30,000 223,484 26,556 10.889 2,275 30,000 227,884 28.267 10.889 2,275 30.(X30 151.993 28.267 Accommodab"on & travel 10.889 Z275 30.000 164.493 Theatre Props Legal and professional costs 4.4IXI IZ500 Total for group 2.151.220 726.975 2,8W195 1.795.280 26.680 1.821.960 Donabon from GMAS 149,032 306.252 149.032 4.056 1799.336 4.056 1.826.016 Total for company 726.975 26.680 There 15 Th) income attn"butable lo designated funts tn eith￿￿. 21 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 2024 2023 Unrestricted Restrtcted Total Unrestricted Restricted Total 3 INCOME FROM CHARITABLE AcnvmES Project grants. box office and other project income Film 1,175.189 1.663.937 531.157 7.074 1.182,263 1,663,937 544,960 84,655 131,988 159,740 1,251.150 1.153.714 467,Of8 62,908 14,909 1,251.150 1.242.422 467.018 200.796 190.871 140,12T 159,654 1.268.394 Theatre 88.648 Visual Art5 13.803 84.655 51,800 151323 Engagement Talent DeVe￿prnent Sectoi Leadership and devek)pment Recovetable income 137,888 175,962 135, 127 80.188 7.417 159.654 1,268,394 4.382,807 MCC contrad funding Per charity ConsolKlation adjustments" Add" Comerhouse Publicab"otks 1.3(Kl,138 4.758.026 1,300,138 5,067,681 3(YJ.655 537.625 4.920.432 258.134 (920,511) 4 095 649 258,134 285.251 [920.511) (583.952) 4,084 106 285.251 (583.952J 4.621,731 Less Home PrcMJuctions Manchester Per group 537 625 4 INCOME FROM OTHER TRADING AcMvmES Sponsorship Venue, roDm hiie. and rent Corporate & indNidual membership Management charges Ffire of equipment Per charity Less eliminated on consolidation.. 38,290 179.489 38,290 191,509 84,292 204.849 84.292 204.849 6.541 11020 6,541 31,CV5 10,588 337.355 31.940 31,940 31.095 10.588 337,365 249.719 12.020 261,739 Charges lo subsidi8ries Add Subsidiary income." GMAS (35.271) (35,271) (48.742J (48.742) 505.857 720.305 505.85T 732,325 387,518 676,141 387.518 676.141 Per group 12.020 5 OTHER INCOME CoTporale incotne Sundry income Per charity and gTOUP 48.340 56,697 105.037 44,391 19.661 64,052 44.391 19.661 64.052 56,697 105037 There is no income attn"butsble to designated frjnds in eithet year. for any of the categones of income above. 22 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 6 TRADING SUBSIDIARIES HOME Manchestèr Comerhouse Publications Prod￿tIonS Ltd GMAS LTD 2024 2023 2024 2023 2024 2023 Tumover 258,134 214.332 43,802 285_251 632.996 419.119 920,511 583.952 (287.5151 (164. 773) 505,857 35,741 470,116 387,518 29,760 357,758 Cost of sales 250.892 34.359 Gross piofft Administration Ex￿nSeS Operating profivloss 43.802 29.013 1,200 1,200 1288,715) (165.973) 422,764 47,352 321,936 35,822 5.346 Other Inco￿ Nel profftlloss before taxation 5,346 [288.715) (165.973) 47,352 35,822 Taxation 288.715 165.973 Net prorrt after taxab.on Total assets 87.196 15g,806 (81.802J (154,461) 5345 288,715 165.973 1288.714) (165,972J 366.481 454,659 (364,5851 (500.915) Total liabilibes Nel bjnds Total income as above 258.134 285.251 632,996 419.179 {632.9961 (419.179) 505.857 387.518 less eliminated on consolidation To Gmup income 285,251 387518 Total costs as above 258,134 279,905 921,711 585,152 458,505 351,696 Less eliminared on consolidation." Man8goment chatges. rent & hire of equipment Donations {11449) (24,032) (15.943) {2l822) (125.0001 (3Z799) Intel company traifing To group Costs {920,511) (583.952J 263 962 318 897 Comethouse Publicatltsns Ltd The chartty transferred its book distn"hutior) acbvibes to thi5 subsidiary wtth effect friyn April 1 2015. This company distributes att books on behalf of a number of pubtishers and receives corTmission and warehousing income. HOME Manchester Produdions Ltd (HMP) HMP ha5 been foTmed to undertake the ptoduction, running and dosure of in house theatiical PToduclions and qual"fying exhibttion5 on behalf of Ihe charity. It subcontracts the pr￿Uc￿0n WDtk bad< lo the chatity. and is digible to daitn Theatre Tax Relief and Museums and Galleries Exh￿1[￿5 Relief. Greater Manchester Arts SeTvice$ Lld (GMAS) Th8 subsidiary company operates a EKK)kshop sdling publicati(KJs Connec￿ to the arts and other merchandise lo raise revenue, and rt operate5 the cafe and bat through a ccwnmeraal franchise arrangement ￿th a Ihird paty. 23 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 2024 2023 Untestrided Restricted Totsl Unrestricted Restricted Total 7 COSTS OF RAISING FUNDS Fundraising Direct costs 1,755 146,076 1.755 146.076 Direct salaries 132.427 132.427 CRF3 gratrt to GMAS Support costs Per Charity GMAS {note 6) Elimina￿￿ on consolidabon 98.909 231.336 31D,683 98,909 231.336 310,683 73.413 221,244 318,897 73.413 221.244 318.897 CRF3 grant to G￿s Per Gn)up 542.019 541019 540,141 540.141 8 CHARITABLE EXPENDITURE Per charity 7.321,687 523,424 7,845,111 6.722.662 424,460 7.147.122 Consolidation adjustments: Chantable costs in subsidiarycompanies HOME Manchester Pr(xJuthons Ltd Comerhouse Publication5 Lid Less eliminaied on consolidauon." 1.200 221,653 1.200 221,653 1.200 263.962 263.962 Charges from HMP Grant to CPL 1632.996) 1632,996) (419, 179) (419.179J Release bad debt provision CPL Per group 5Z3.424 &568 645 424,460 6.993.105 Costs charged in charity. Film 1,916.870 3.430.509 1,307,383 487.695 432,507 31.126 (3,393) 7.074 1.923,944 3A30,509 1,320,904 647,861 490,767 31,126 l.T97,727 2937,484 1. 139,164 491,382 419.349 42.144 1.797.727 2.937.484 1.139.164 690,690 539.913 4Z144 Theatre Isual Arts 13,521 1￿).166 58.260 Engagement Talent Dev&lopffEnt Sedor leadership & development Operational Charged to restricted furKIs" ISPA 199,308 120.564 3.393 1239.435) 239,435 (SY).408) (14.180) 90.408 14,180 lQckstart grants Backstage Tnjst Access to work granl ACE CRF (10.000) [31,515} 10.000 31,575 Per charity 7 321687 523 424 7.845,111 6.722.662 424.460 7.147.122 24 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 8 CHARITABLE EXPENDrruRE (continued) Experkdrture in the chanty is analyswj as follows: Direct Direct Supwrt Costs Costs Salartes TDtal 2023124 Film 436,016 1.717.376 5&9,926 1(K).428 51,299 9.958 453.306 544.eA5 67.785 224,191 101,271 6.168 1,034.622 1.168,288 684,193 323,242 332,197 15,000 1,923,944 3.430.509 1,320,904 647,861 490,767 31,126 Theatre visual Arts ErvJagement Talent developtnent Sector leadership & dev8lopw[￿t Publicaltons 2.￿.003 3.55t,542 7845111 2022123 Film 36T,802 1,453_574 519.060 517,961 s)1. [14 52,073 209.624 160,626 6,168 9t1.964 982. 136 568,031 258,794 271,343 15,000 1.797,727 Z937.484 1.139.164 690.690 539.913 41144 Theatre Visual Arts Engagement Talent development Sector leadership & develop[r￿￿t Publicatior 222.272 IOT.944 20.976 2691628 3 007_268 7.147.122 25 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 9 SUPPORT COSTS Marketing Costs Support salaries Olher Governance Depreciation costs Costs Total Costs 2024 2023124 Film 117.552 100,759 67,172 33.586 33,586 486.262 488,775 3￿,117 136,337 143.000 15.000 47.569 1.K21.060 283.443 468.910 255.369 104.498 120,416 123,031 61,515 46,136 46.136 30,758 24,334 48.329 11.399 2,685 4,437 1,034.622 1,168,288 684,193 323,242 331197 15,000 Theatre Visual Arts Engagement Talent development Sedor leadership & development Fundraising 16.793 369 448 34.547 3 656 451 2022123 Total 2023 Film 86.708 74,321 49.548 494.867 215.029 95,571 47,789 35,842 35,842 19.783 39.291 9,267 2.183 911.964 981136 568.031 258.794 15.000 271.343 73.413 3.080.681 Theatre 474,215 294,277 130,829 15.( 137,338 41,962 1,588,488 346.520 179,097 65.166 Visual Arts Engagement Sector leadership 8nd devel(yment Talent development FurHJraisiT)g 24, 774 24.774 12387 272.512 81,729 19.064 906.605 23,895 3,607 238.945 74,131 2024 2023 Govemanct costs Salaries 46.107 197,016 39,515 149,808 49,623 238,946 Professional and legal f￿5 Ovetheads 307.576 Support costs are allocated on the following basi5: basis comment Majketsng cos15 Support salaties otpjer costs." estimate of usage 8Stimate of knme spent net of any direct attht)ulion FundraisiTVJ charged as a diTect cost Propetty lffecoveroble VAT (after any direct attribtthon) Support freelan￿ staff l othei costs Space Head courtt net of any direct attthutK)n estimate of lime ¥)ent estimat8 (rf usage DepreciaDon 26 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 10 STAFF INFORMATION 2024 2023 a Employees Salariès and wages Pension costs IGMAC)- money purchase P8nsion costs IGMPFI - mults"_employer stheme Employarfs Nl Contributions 2,938.214 68.064 8.452 233,607 3,248,337 2,978.344 59.143 9,791 276,534 3.263,212 Staff costs for the Trading subsidiary induded above 51.177 40, 907 Employees eaming mora than £60.000 p.a. {gross pay and taxable benefits i Number Between £60.000 and £69,999 BehvÈèn £70,000 and £79,999 Betwe8n £100,000 and £309,999 Number The key managemenl of the charity comprise the trust8es and senior staff las sèt out on pag811 and the key managament of within th8 group are the same people Since 2021. Cornerhouse Publicattons and the Bookshop have been managed by the Charity and costs recharged. The trustees do not receive any remuneration for their serwGes. The total employee benefits of other key management were as follows= Charity 408,091 396,205 Group 408.091 396.205 b Actors arrd stage managers Fèes 132,551 1,907 134,458 55,439 1,881 57.320 Pension contr5butions (Equity} Actors and stage manager5 are engaged on a self employed basis subject to Equty approved contracts. Average staff number5 Tha average number of employaes referred to above. was as follows:_ 2024 2024 2023 2023 Average Average FTE Average average FfE number number number number Direct charitablè- èmployees Support IM2n3gem8nt and administration Trading subsidiary 50 97 51 42 54 155 93 153 92 27 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 11 NET INCOMFJIEXPENDITURE) BEFORE TRANSFERS (for the Group) This is stated after chargingl(ctediknngl' Auditors remunerats'on-_ Audrt fees- annual accounts Accounlancy fees Finance lease charges Deprectabon of fixed assets held on ffinan￿ leases Deprectation of other fixed as5els Amorts"sation of intangible assets Trustees remuneralion 9,500 3,500 9,500 3,500 I, S60 3,993 7T.593 4,000 3,993 86.562 4,000 Trustees exrEnses re travel and accommodalion Number Number Trustees havtng extEnses reimbutseii or paid ffl Iheir behalt 12 TANGIBLE FIXED ASSETS Short l&isehold Futures Land and Fitting5 and GROUP Buildings Equipment Total Cost As at April 12023 Add]t"ons 71.621 45.750 I.TIO.900 204,471 1.842.521 250,221 Disposals As at 31 March 2024 117,371 1,975.371 2,092.742 Depreciation A5 at Apnl 12023 Charge loi the year Disposals As at 31 March 2024 23,019 23,769 1.544,083 66,786 1.567,102 90.555 46,788 1.610,869 1.657,657 Net Book Value As at 31 March 2024 As at 31 March 2023 48,602 226,81T 275,419 COMPANY Cost lis at April 12023 Additi'ons 71,621 45,750 1.758,277 204,471 1.829.898 250.221 Disposals As at 31 March 2024 Depreciation As at April 12023 Charge for the year Disposals As at 31 March 2024 Net Book Value 117.371 1.962.748 2,080.119 23,019 23,769 1,531,459 66.786 1,554.478 90,555 46,788 1.598,245 1.645,033 As at 31 March 2024 As at 31 March 2023 48.602 226,818 275,420 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 13 INTANGIBLE FtXED ASSErs GROUP & COMPANY C05t Total As at Apri5 12023 As at 31 March 2024 20,000 20.000 Amortisation As at April 12023 Charge for the year As at 31 March 2024 11000 4,000 16.000 Nèt Book Value As at31 March 2024 As at 31 March 2023 8.000 14 FtXED ASSET INVESTMENTS The charity has ovms 100Ya of the issued thare capita of the fotlowng Compan￿$. Name Activty Investment Company no. 2024 2023 Greeter Manchesler Art5 Set¥￿e5 Ltdcatering servi￿$ 8 rth"l otrt]I Home Manchester Producknons Ltd Thealre rKoductions Com8TIK)use PubliTrb"ons Ltd B(K)k distrfft)ukn servi￿$ 100 1905978 9310260 g475426 102 102 I the companies are incorporated in England. 29 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 GROUP GROUP COMPANY COMPANY 2024 2023 2024 2023 15STOCKS St(3ck of goods for resale 16 DEBTORS TrBde debtors 503,900 747,249 394.556 479.ICKI 835 403,729 747,249 324.520 288,715 38,536 264,732 479.1( 49Z649 164,n2 66.329 Grants and income recBivable Gr8eieF Manchester Art5 Servw Limil&l HOME Manchester PrLNJuthons Lld coMert￿U5e Pubtiozkn"orb5 Lld Creatsve Tax Creitits 288.715 4A20 274.620 165.972 4,320 296,624 othei debtor5 4.320 274.620 2 081689 4.320 296,824 1168 726 Prepayments 17 CRED￿oRs falling due within one year Trade creditors 363,366 160,172 403,394 27.394 461. 120 108,964 320.166 30.025 321775 126,351 394,966 27,394 395.407 104,814 293,696 28.825 Other taxes and soaal securt Acctuals Other ueditors Finan￿ lease cteditors Incom8 and grants in edvaThz 286,047 1.240,373 23t,(K13 1. 155.055 286.047 1.157,533 231.003 1,057.522 18 CREDITORS amounts falling due in more than one year FInar￿ lease credrtors- due 2- 5 years 6.320 6.320 6,320 6,320 30 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 19 STATEMENT OF FUNDS (continued) Translu5 105w & 3110YiD23 TrnnsfeTS & 01Jo￿l5 Kome ExpEndiwre tautson 31rn3rdo24 GROUP UNestriued I￿￿5. l*neral fund D*ignated Fundslsee delaI￿bekX) 783,073 &631.627 I&￿0.746) 999.831 I2￿,0?8} 1.782.SY13 6.620.627 fl.IOJ.786} 7.rN.840 I7.￿9.143> 1124.4201 7.084,840 ￿.453.￿> 292,094 108,74D 400.B34 727.294 765.531 1,492.B28 (18.5191 1&*.97J 781.2f4 1.460.717 RestrittÈd Fund5'. as adjusted (see 280.963 564.3D5 2bo.gfa 564.305 {424.4601 1424.4601 420JO8 420.8C l.(M8.6 i.C48.fj50 523.424 1523.424 1111191 111l1191 833,915 833,915 Total FJJnd5 Z063.866 7.1+54.932 .533.246) 165,973 1.881.525 -133.4 ri.976.98n 288,715 2.326,743 Restricted Funds: Ag deta￿￿ Wr 280.963 561.MJS (424.1f￿} 420.P (523.4241 B33,915 2OQ.963 561.3fJS 1424.460) 420.W6 1.(M8.6YJ 1523.4241 833,915 Unre5tsicfedfund tota15 Wea￿￿$ lolh)wi.' Chanlable lunds f.871_066 f88.163J 1.7629Q3 1.405,531 7.291 1.49Z828 Ilon t￿dIa￿le trarfl￿ fun(ts 140.If3) 1.460.717 31 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 19 STATEMENT OF FUNDS (continued) COMPANY losses & 31h1312023 01m412023 ExFendrthre Transfors a110312024 Unre5trtcted fvnd5: General rtthd 860,29fj 4584,608 (6.743.868} 8￿,296 Q584,500 (6,743,868) 18.579 18.579 719.615 719,615 7.425.663 I7.428.￿3> 7.425.6&9 IF.428.￿13> 3,379 3.379 720.054 720,054 D￿ignatrd fvnds.. IcTIn￿l[￿L￿t-vne ofeytwdi Pro￿￿￿￿e and buogel supwrt Cap¥lal & Revenue inve51ment ICTcapital 23124 Tech Cap￿￿ 23n4 ProJectefs23f24 LED lfvJhts In￿le￿ In ès*ts 210.f 8. 359,559 (14286) fÉlf.714 145.7911 44g¥d 48.000 204918 r228,￿) 1544 15. 196,092) 2fj5.402 15.800 I29.P￿) 131.6191 115.8001 t9.wjl I￿.[%￿1) 11.597 302.343 108.740 27. 17.010 11,597 439.086 765.534 201.381 99Q&Ti 114.97T 18.519 231_298 781.214 1124.420 Tolal unrnstric￿funts I.￿.8?9 3.023 7.425.663 ￿ 111119 1A85,589 Restricted Funds: Garfjel(J Weston Fol￿da￿L %Jd¢slartgrarsts 14.180 (14.1801 Access to Wc￿g￿Trt Recoverknle Incon 31.515 131.514 ACE. CRF2 Ace. CRF3 405.( 117.6641 3B7.336 16,500 20.900 285,400 Horne From Pknme 11.71))) Projectfun¢J5 Film 351 7.074 (7.0741 6J57 Vbu& AJts 13.PA13 74.655 1115211 1160.1661 Crealpie [)evthpt[￿llt CrtativÈ Devebwiient ArtPStOeVE￿FMen1 Operational 219,733 219.733 150.GW 4245 12,734 150.0 1543 98.245 74.655 51.WJ 12.734 107.006 14&384) 113.46fj 16.341 89.807 10.0 13$127 564.3d5 16J41 11.593? 114.64BI r19.8071 V4lMua cornM￿￿e* BathstrgeT￿st Sertor12adeTsTrup &dENEklJx￿e￿t Tot￿ r￿thcted fwyth 10.r io.oG 110.DW) 39.4 13,50Q B33.915 2￿.9￿1 1424.460) 1.048.6SO (523.424) (111119 TOW Funé Z141 t190 7 I￿913 36P.36 8.474.313 13f9 5 32 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 19 STATEMENT OF FUNDS (continued) COMPANY ANALYS It75￿5 & 3110V2023 0110V2023 EAppndthre Transfets 3110312024 Revenuefunds 6.351 (rthergrants 7.1]74 .0741 7.074 ￿074) 6.351 J¥ne ￿j¢r￿S EsrrE2 FalffDalm Foyle FouThYaUon Gaffjem Wesbn (>anada FOu￿￿ti c¥herg￿M$." Marthsterepen PRS Foundation vtsualArts Get started th ￿U31 arts 13.5211 110.W)I 282 10.(OJ rdonthns 13,BD3 113.521 33 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 COMP•lNY ￿m￿Ys1$ Transfers 11D4fI022 Int¢￿ ExpeTr1rlU￿ taxatio 011Q412023 ne EApend(iure Transfe￿ 3110312024 Y￿r￿ MaTrche5ter German Winos Jc*Ln Tn**Young Creatves BR Film Academy BR Short Fllm Oothby Chafftabie FOU￿JatiL Ihe 8eaverbrcoks Charttsble Ttust I?,OB7 57.925 60.491 (12.SlJ) (58,f I￿255) 19.650 29.371 12U.iXX)I 111,3231 150.IXKII (18.040) (T2.fW) I2.￿) 15.541) I9.￿) 233J 11.323 iUi80 FutureArLf Centres Inattond Lots￿) LenTrust- Hol￿OnS Fes LeTrTrust- Inspire Natio￿l￿eatrE Young rthcheste¥-Se￿j grants & dDnaliorts iO.LV) 7.767 I7.7￿Tr 17.9Y51 3. 27.7 iJo.o [?.195) (2Tf.488J 117.8261 1160.1661 7.679 IIT34 219,733 94245 74.655 Ogdsby cl￿¥11ab￿ Esfne F￿￿alM 50.000 Garfield Weth F￿￿Klatioft eR-VenueEdutstion prDject Navonal th (41884) 8.It6 Hear Me The Garrick chartsbleTru5t Nod Coward Foun&atio Jerwood (Horne Frorn Homel Fenton TTU5t 13.iKtIJ Iz I￿.L￿o 144.794} 55206 E¢Jhin Fox Founrjation riryoung T8cMniLiaTh5 156. f46.384J f13.466 51.eoo 1582601 107.006 IIZ1501 13,500 43.873 )34.127 8S.552 128.093 {LY2 1239. 4a673 135.127 E8.592 1N.343 13 50D 34 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 19 STATEMENT OF FUNDS (continued) Other restricted fund balances Donations - Arches project Jerwood To support creation ol new space under the railway arches To support Artist Development For creative actiwties for young people To support ISPA conference To supportArtist Developm9nl (Film) To support Creative Development {Schools) To support the Inspire projects To support local artists through PUSH Festival and Lab, and Manchester Open. Youth and Play ISPA- Various Venue Education Fund Linking Schools N&twork Leri Trust Ogelsby Charitable Foundation The Garrick Charitable Trust To support Artist Development To support Artist Development To support installation of a new Financo System To support installation of LED lights Noel Coward Foundation Backstage Trust Valencia Communities Trust It is anticipatÈd that all ihe above funds wll be utilisèd in 2024125 20 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted funds Restricted Total Companyfund balances at March 312024 are represented by:" Tangible fixed assets Intangible fixed assets Fixed asset investment in subsidiaries General Designated Funds 435,086 4.000 435,086 4,000 102 102 Net current assets 719,952 326,448 833.915 1,880,315 Creditor5 due in more than one year 720,054 765,534 833,915 2,319.503 Companyfund balances at March 31 2023 are Tepresented by:" Tangible fixed assets Fixed asset investment iri subsidiaries 52,122 102 223,298 275,420 102 Intangiblè fixed assets Net current assèts 8,000 549,916 8,000 1,644,435 (6,320) 1,921,637 673,711 {6,3201 719.615 420.808 Creditors due in more than one year 781,214 420,808 Free Reserves: 2024 2023 Net currant assets le5 ¢rÈditots due in more than one yÈar 719.952 667.391 35 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 11 RECONCILIATION OF NET MOVEME￿[ IN FUNDS TO CASHFLOW FROM OPERATING ACTIVITIES Group 2024 Group 2023 Chartty 2024 Charity 2023 Net incomellexpendrtvre) after tsxatson Add back depieaation & amornsation Deduct inteiest income shown in invesling actiwb.es Deduct profitla(kl back losses On disposals of FA Decieasel(increasel in stock Decteasel(Increase} in debtors Incteasel{decrease) in credrtors Net cash generated fromllused in) operating activitses 445,218 94.555 (6,629) (182,341) 85,809 (1.048) 397.866 94.555 16.629) (219.453) 85,586 (1,048) (2,027) 6,649 (477,197) (317,24T) 89,095 219,410 143,015 188.768 (312,963) 103,788 276,617 {438.594) 194.785 (378. 724 !2 MOVEMENT IN DEBT Group Cash and cash equivalents Cash at bank and in hand at 3113r23 ¢ashflows leases cash as 3113122 1.410.226 1110,674) 1,299,552 Debt Finan￿ lease obligab'ons (10.097) (6.320) Cash and equivalents net of debl 1.406,449 1,305,872 Charity Cash and cash equtvalents Cash at bank and in hand 933.231 22.928 956,159 Debt Fin8￿￿ lease Obligat￿n5 10,097 {10,0971 Cash and cash equivalents net of debt 923, 134 956,159 Ihere were no" acquisitsons or 0￿posalS ol su￿￿￿￿aneS- t(￿e￿n exchange movements-, or market value charoes In tne Dellod. 13 CONSTrruTION The Company is limrted by guararitee and does not have a share captlal. In event of the Company being w(MJnd up the members are committed to conlributs.ng £1 each. ?4TAXATION The company is a regi51ered chanty and is enbued to daim annual exemptson from UK corp(xalion tax under sectA)ns 466 to 4T1 of the Corporabon Tax Ad 2010. 36 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 26 LEASE COMMITMENTS a Operating lea5e5 Al the year end Iha company had no commitments under operating leasas12021- none}- b Finance leases At the year end the Group and Company had the following minimum commitments under finance leases: Payable within= On8 year Be￿een 2 and 5 years 4,998 6,249 11,247 (1, 150J 10.097 Lass interest Finance 18ase liabilities per crediiors notes 10,097 27 RELATED PARTY TRANSACTIONS a Transactions involving directors Tho Charity benefits from Ihe pro bono legal seTwces provided by Weightmans, of which Kad Jackson a former ttustees is a partner. This in kind support has been included in these accounts as income and Gosts valued at £25,000 (2022123- £25,000). The directors made donations to the charity totslling £8.900 in the year12022 - £11,000), of which £6,100 relaied to restricted fund projects {2021 - £2,000) which did not influ8nce the deasion to proceed with these actiwlies. Two of tha directors were patrons in the year. There are no other transactions wtth Directors whiGh require disclosure. b Key management personnel. Details of the employment benefits of key management personnel are given in note 10. c Trading subsidiaries In addition to the details ol the charges to and from the trading subsidiaries given in note G, the Charity recharged overheads lo GMAS. which are netted off its own costs. as follows: 276,446 237,311 37 GREATER MANCHESTER ARTS CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED MARCH 31 2024 28 GREATER MANCHESTER PENSION FUND The charity has 3 members of staff who are members of the Greater Manchester Pension Fund IGMPFI, a defined benefit fund, being former employees of Manchester City Council a5 part of the Library Theatre Company. As part of the merger agreement the charity entered into a pooling agreement with Manchester City Council in respect of the employer contributions to GMPF. Under this agreement the rate of employer conln'butions payable by the charity is effectively fixed at the date of the merger, with MCC agreeing to compensate the charity for any future increases. Employer contributions in the year were 18.5010 of eligible salary_ The GMPF is valued every Ihree years by a professionally qualified independenl actuary using the projected unit method, Ihe rate of contributions being determined by the actuary. The latest acluarial valuation was at 31" March 2019. The actuarial valuation showed the value of the scheme assets as being 1020/0 of liabilities of the scheme. The actuary reported that in his opinion °the reSoUr￿S of the scheme are likely in the normal course of events to meet the liabilities of the scheme, as required by regulations.. This is a multi-employer scheme and it is nol possible to separately identify the assets and liabilities of the scheme which would be attributable to the charity and it is therefore accounted for as a defined contribution scheme. 38