OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Greater Manchester Arts Centre Limited

2025-03-31-accounts

Registered number: 01681278 Charity number: 514719

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report and Financial Statements

For the Year Ended 31 March 2025

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Contents

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1
Trustees' Report 2 - 17
Independent Auditors' Report on the Financial Statements 18 - 21
Consolidated Statement of Financial Activities 22
Consolidated Balance Sheet 23 - 24
Company Balance Sheet 25
Consolidated Statement of Cash Flows 26
Notes to the Financial Statements 27 - 53

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Reference and Administrative Details of the Company, its Trustees and Advisers For the Year Ended 31 March 2025

Trustees K M Jacob, Chair
J Bloxham (resigned 31 October 2024)
R Bromley (resigned 31 October 2024)
C Jeffries, Finance Subcommittee Chair (resigned 31 October 2024)
V L Pinnington
Cllr L Rahman (resigned 21 May 2024)
R MacKenzie
M Prendergast
S Bradbury (appointed 14 November 2024)
G Bridges (appointed 10 June 2024)
J Morgan (appointed 14 November 2024)
A Rashid (appointed 14 November 2024)
C Wilson, Finance Subcommittee Chair (appointed 31 October 2024)
D Thompson-Smith (appointed 31 July 2025)
Company registered
number
01681278
Charity registered number
514719
Registered office
HOME
2 Tony Wilson Place
Manchester
M15 4FN
Company secretary
C I Riches
Independent auditors
Hurst Accountants Limited
Chartered Accountants and Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG
Bankers
The Co-operative Bank
70-72 Cross Street
Manchester
M2 4JG
Solicitors
Weightmans
1 Spinningfields
Hardman Square
Manchester
M3 3EB

Page 1

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report For the Year Ended 31 March 2025

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Objectives and activities

a. Policies and objectives

Our purpose:

To promote, maintain, improve and advance education, particularly by the encouragement of the Arts, including the arts of cinema, drama, dance, 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.

Our mission is to deliver innovative theatre, film and visual art that engages with pressing social and cultural issues, offering audiences both joy and provocation. We collaborate with artists to produce entertaining, extraordinary experiences, creating thought-provoking film, art, drama, dance, and festivals, with a strong focus on new commissions, and talent development. HOME’s strategic priorities - to share compelling stories, tackle inequality, and support sustainability - underscore our dedication to making art accessible and impactful. Since 2018 we have undertaken an organisation-wide strategy to increase diversity within programming, artists, staff, and audiences. We now work to embed co-creation and transform how we make and present art, to revitalise arts engagement in deprived areas of Manchester.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

Strategies for achieving objectives

2024/25 GMAC continued to work within the organisational plan reflected in in our core funding agreements with Manchester City Council, Arts Council England, GMCA and BFI. GMAC is working within the established organisational plan 2023-26.

Page 2

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

Page 3

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

b. Activities undertaken to achieve objectives

Theatre

2024/25 was a transformation year for HOME’s theatre programme with a full review of the programme undertaken to assess the strengths and opportunities for theatre at HOME. Post collaborating with consultants, it was vital that the theatre programme developed a more consistent, forward planned, and diverse offer that would both engage new and existing audiences but also bring the best of theatre to Manchester. This renewed focus allowed the team with the support of the CEO to bring in more programme with stronger marketing and financial controls in place. This has led to an exciting theatre programme being developed which is returning not only strong audience numbers but also revenue back into supporting the core programme.

Theatre Highlights included:

In December 2024, HOME produced its first Christmas production ‘Miracle of 34th Street’. This was HOME's first time producing a Christmas show and welcomed over 7000 audience members over the run.

Page 4

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

Film

Film continues to perform strongly with a positive audience base and established programme. HOME hosted 60 Q&A or intro events at screenings with industry professionals and filmmakers bringing our audiences’ insights into the creation of film. Film Pass, our season ticket, providing access to our programme, continues to be popular.

HOME also continued to develop its family offer with increased screening for families at reduced ticket rates and a collection of Baby and Guardian screenings. We continue to offer captioned, subtitled and access screenings across our programme.

We worked with 12 different film festivals across the year including the London Film Festival and the Manchester Animation Festival. Additionally, we curated our festival programmes through the year in response to our local communities, such as Not Just Bollywood. We joined forces with CityCo and the inaugural edition of SCENE Manchester LGBTQ+ Film and TV festival to present a Pride season celebrating John Waters. The festival team funded and developed bespoke activity to animate the foyer and outdoor space with drag queens and performers. This first edition of Scene had significant marketing and media presence, which contributed to high attendances for our joint screenings and other screenings throughout the season. There were 960 attendances across 7 titles in the full John Waters season.

Visual Arts

HOME has a diverse visual arts offer across all our 4 gallery spaces.

Page 5

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

Main Gallery Programme:

Production of Mikhail Karikis’ new commission, 'Songs for the Storm to Come', in partnership with MMU SODA and a community choir in Manchester, involving cymatics production, singing workshops, film shoot in Theatre 2, DOP multiple camera operators, 15 singers, wardrobe, props etc. During the exhibition run, Mikhail won the prestigious Paul Hamlyn Foundation award, the UK’s largest award for artists. The artwork ‘Songs for the Storm to Come’ commissioned by Visual Arts at HOME is touring to Kunstmuseum, St Gallen in Switzerland and Showroom in London.

Launch of Brass Art solo exhibition ‘This Voice, This Life, This Procession on’ had interest from regional and national press, raising the profile of our visual art programme. It featured a high standard of production, particularly the video work using state-of-the-art technology Lidar scan and Kinect scanning. It also created links with Manchester Museum and National Trust Monks House.

HOME partnered with Somerset House to produce Imran Perretta’s exhibition 'A Riot in Three Acts'. Audience feedback was incredibly positive and visual arts professionals travelled from beyond Manchester and London to see the exhibition.

Other galleries:

The Granada Gallery continued to present work by local emerging artists. This year the artists featured were Naomi Harwin, Matthew Bamber, George Grace Gibson and Grace Collins..

In 2023/24 we created our newest gallery space, the Inspire Gallery. This new gallery space in our main foyer featured work created by communities and young people as part of our visual art programme lead by the Creative Engagement Team. We aim to host 4 exhibitions a year each profiling a different group, including Linking Schools, Our Room Manchester, and Culture Bridge. We continue to have our community art wall which hosts community visual art works throughout the year.

Page 6

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

The 'Fire Within' Inspire Gallery

Creative Engagement

Creative Engagement has been developed in 2024/25 with a renewed focus on working within communities and young people across Greater Manchester.

Communities

Our flagship programme in 2023/24 was ‘Home from HOME’ working in communities intensely to develop creativity in their local area. Home from HOME is our co-created Creative Engagement programme in Hulme, Moss Side and Gorton. It is a intensive three-year community programme, informed by two years’ community consultation, which aims to embed creativity in areas with high levels of deprivation and low arts engagement, to support health and wellbeing, and build longterm relationships with HOME to transform who contributes to programming and strategic decision-making. The programme provides weekly sessions run by lead artists with a community representative who is undertaking CPD training in creative facilitation.

In 2023/24 ‘Home from HOME’ has achieved:

Page 7

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

Young People

HOME has now completed year 1 of its management of the BFI Film Academy - Northwest Consortium, supporting the delivery of the BFI Film Academy in Manchester, Rochdale, Liverpool, Blackpool, and Barrow. The programme reached 70 young people, building creative skills and raising aspirations; 55 young people also achieved their silver arts award. The participants travelled from across the region to join us at HOME for a celebratory screening of their films in February.

Young Artist Studio meets weekly to develop their individual creative skills and create new work. Young Artist Studio offers a nurturing space for the young people to explore the world they live in through visual art. We have seen an increase in neurodivergent young people accessing the group over the past year.

Young Company presented their piece ‘Ravers’ as part of NT Connections Festival at the National representing the North West. Our young people spent 3 days in London collaborating with the National team to develop their work and learning from others.

HOME hosted a Child Friendly City event in March for partners including MCC Children’s Services, The Police, Young Carer Leads, Early Help teams and Youth Justice Leads, and we have now been made an ambassador organisation, as we strive to embed youth voice and children’s rights in support of Manchester achieving Child Friendly City status. Child Friendly Cities is a global initiative led by UNICEF.

We continue to deliver regular schools tours, and we plan to develop a more extensive schools programme through our new Schools and Creative Careers Coordinator.

Page 8

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

Artistic Development

Artist Development works across our 3 core artforms: Theatre, film, and the visual arts. We work with over 500 artists a year with over 2000 opportunities from commissions, surgeries, training, workshops, and festivals.

Highlights of the artist development work in 2024/25 included:

At 'HOME with Jerwood', funded by Jerwood Foundation, is an exciting programme which offers a 12-month bespoke residency for selected cross-art-form artists to make a step-change in their practice and career. Working closely with our Artist Development team, the programme of support was tailored to the specific needs of each artist, their circumstances, and aspirations. This year’s artists are: Visual artist Omid Asadi, Spoken word artist, poet, writer, and multidisciplinary creative director Courtney Hayles, Artist, and producer Sophie Mahon, Zodwa Nyoni and Funke Alafiatayo (The SHA Collective).

As part of Pro Helvetia’s Swiss Connection UK programme, residencies took place at four different institutions in the United Kingdom including HOME. The residencies enable participants to expand their network, become familiar with an institution in a specifically British context, and reflect on their own artistic practice with the help of local arts and theatrerelated practitioners. Each institution has a different focus in terms of content and genre of work. In May 2024 artists Arnold & Komarov Travelling Theatre were in residence. During the residency they spent time developing a new piece of work in co-creation with local communities in Manchester and developing further links with the artistic community there.

The 2025 PUSH Festival supported a total of 73 artists to make new work. Over two weeks in January, our stages, screens, and spaces were dedicated to showcasing fantastic works from around the region, as well as offering opportunities for creatives to meet industry professionals, share ideas and inspiration and develop their skills. This year’s festival included brand new commissioned works across a range of artforms. This included theatre from Afreena Islam Wright and Hafsah Bashir, visual arts commissions from Maisie Pritchard and Jessica Loveday, and a visual arts commission led by Sarah Joy Ford. We achieved total audience numbers of 2,195 across 28 events and 112 sessions at PUSH 2025.

c. Social investment policies

.

GMAC did not make any social investments as defined by the SORP in 2024/25.

d. Volunteers

We currently have 110 volunteers registered with us to work on a variety of projects. During 2024/25 the team clocked up 3,709 hours of volunteering collaborating with the Customer Service team during theatre shows, exhibitions and working with the Creative Engagement team in support of their outreach activities. All our volunteers are trained in Carbon Literacy as part of our environmental objectives.

Page 9

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

e. Main activities undertaken to further the Company's purposes for the public benefit

GMAC has public benefit at the centre of everything we do, this is reflected in our vision and mission.

The values and priorities of our core funders, Manchester City Council, Arts Council England, Greater Manchester Combined Authority and the British Film Institute, inform our strategy and plans.

Our creative programmes strive to be diverse in offer to connections with a broad audience as well as targeted audience demographics. Our engagement programme works across Greater Manchester focusing on young people and communities working both in the building and within community settings.

HOME welcomes £1million visitors per year, to explore our space and offer. HOME strives to create opportunity for everyone to experience, explore and be part of creativity in Manchester with a range of different offers.

HOME has maintained many programmes that are free to all including our visual arts programme, young people’s engagement programmes and communities programme and has been working in 2024/25 to develop a free offer for families with Creativity Corner and our weekly drop-in sessions for toddlers, ‘Tiny Humans’. In 2024/25 HOME held its first annual family Arts Festival ‘Little HOME’ that welcomed over 1,000 families to free activities across 2 days featuring theatre, film, visual art, workshops, and classes. HOME worked with 146 schools in Greater Manchester opening creativity in education to all. By removing the barriers to access we can allow the public to be part of HOME and its creative impact. Our year-onyear independent impact report showed us that HOME saves the NHS almost £1 million a year by acting as a preventive resource for communities in Greater Manchester.

HOME is also committed to providing reduced ticketing programmes for those most in need through our Inspire ticket programme that is targeted to communities who normally would not access cultural spaces. We hope to develop and expand this offer in the future with new initiatives.

Achievements and performance

a. Main achievements of the Company

HOME Arches

Since opening in 2015, HOME has been committed to supporting, investing in, and providing opportunities for artists across Greater Manchester and the North, from weekly drop-in sessions to commissions across theatre, film, and visual arts. In Jan 2025, we opened HOME Arches, a new £4.5 million building under the railway arches on Whitworth Street. Created in partnership with Manchester City Council, HOME Arches has created 3 unique spaces for artists to create, develop, and expand their work. This free provision will enable artists from Greater Manchester to use state-of-the-art equipment and resources. Developed over the last 5 years with an Artist Panel in consultation with Manchester City Council, this development is a game changer.

The Arches has been a key part of our strategy for artist development for many years so to be opening these new spaces in 2025, our 10-year anniversary, is special. The Arches will provide high quality free space and facilities for artists to develop work, create, share ideas, and continue to be supported by HOME’s Artist Development programmes. The investment and support for the Arches by our funders, donors and supporters confirms that Manchester values culture and the city continues to grow as a place that artists and creativity can thrive. HOME is excited for the Arches to be part of Manchester’s world leading cultural sector.

Page 10

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Achievements and performance (continued)

b. Fundraising activities and income generation

GMAC is a registered charity and raises funds through several different methods:

GMAC’s Development team comprises four, dedicated fundraisers (2 FTE and 2 PT members of staff). They work closely with senior leadership and trustees to make new contacts and cultivate gifts. GMAC does not currently work with freelance or commercial fundraisers to act on our behalf.

GMAC is registered with the Fundraising Regulator and subscribes to the Fundraising Code of Practice. GMAC has an Ethical Fundraising Policy and Whistleblowing Procedure. We are not aware of any instance of any GMAC member of staff failing to comply with the agreed fundraising standards in the 2024/25.

GMAC’s fundraising strategies and agreed approach do not allow for behaviour that is unreasonably persistent, places undue pressure on a person to donate or is an unreasonable intrusion on a person’s privacy. GMAC does 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 fundraising practices during the financial year 2024/25. 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 fundraising activity.

Page 11

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Achievements and performance (continued)

c. Investment policy and performance

Under the memorandum and articles of association, the Charity has the power to make any investment which the Trustees see fit. Currently any surplus funds are placed on deposit with a UK clearing bank, however, in July 2025 the Board took the decision to spread the investment over several banks to reduce risk and increase return by using a savings platform.

Financial review

GMAC group Consolidated Net Income after taxation for 2024/25 is £573,692 (2024: £445,218) an improvement of 29%, with Total Net Assets of £2,900,435 (2024: £2,326,743).

The Trustees are pleased with the continued improvement in the financial position of the organisation. During the year, the organisation had many changes such as a new CEO, additional space for Artist Development in the Arches and completion of operational projects with a new room booking system as well as a new HR, rota and Health and Safety system.

In 2025, HOME celebrated its 10-year anniversary since the Library Theatre and Cornerhouse Cinema merged, with a summer party to mark the many different aspects of our work. The event drew in existing and new visitors with a particular focus on families; GMAC will continue to develop audiences through strengthening our brand recognition, something that started with a new website in March 2025.

a. Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

b. Reserves policy

Over the last few years, the Trustees have been focused on the management of financial risk by setting a target general reserve of £950,000, sufficient funds to cover fixed pay and overheads for 3-months.

At the end of the reporting period, free general reserves were £1,603,328 (2024: £727,294) . GMAC has now achieved the current reserves target; however, the Trustees feel it is time to review the target given the challenging future trading environment.

Restricted Reserves reductions for the period were principally linked to the fixtures and fittings of the Arches which have been transferred to designated funds; the remaining grants are for Home from HOME, Linking Schools, and the BFI Film Academy. The year ended with restricted reserves of £323,566 (2024: £833,915).

Designated Reserves principally cover the net book value of the fixed assets, £659,939 (2024: £435,085) , which significantly increased in the year with the capital investment in the fixture and fittings of the Arches.

The remaining designated reserves relate to future capital investment in the building, such as LED lights, IT equipment, and digital signage with the aim of making the organisation more robust and resilient for the future. The main designation is £100,000 towards replacement of the cinema projectors. The year ended with designated reserves of £973,541 (2024: £765,534)

Page 12

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

c. Principal risks and uncertainties

The Trustees identified the following risks and uncertainties during the year, along with plans on mitigation of those risks:

d. Financial risk management objectives and policies

As part of this process the Trustees have identified the responsibilities for reviewing risks throughout the organisation. The Trustees monitor progress against strategic objectives at each of their meetings. Risks are managed by a three–stage process:

Page 13

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

e. Principal funding

The charity receives grants from three primary public stakeholders:

Manchester City Council operates a service level agreement with GMAC wherein the charity was paid £1,268,394 to operate the facility, present a programme of artistic 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 has the right to levy financial penalties where specific KPI’s are not met. In such cases a remedial plan will be required before any penalty is applied.

Structure, governance and management

a. Constitution

The charity is a company limited by guarantee governed by its memorandum and articles of association dated 25 November, 1982, as amended by special resolutions dated 8 December 1983 and 20 May 2013. It is a registered charity with the Charity Commission.

b. Methods of appointment or election of Trustees

A list of the trustees that served during 2024/25 can be found on page 1 including changes made to the Board. Trustees are appointed at Board meetings during the year, following a recruitment process. The roles are advertised and candidates interviewed before being put forward to the whole Board for appointment

Manchester City Council and the Greater Manchester Combined Authority are entitled to nominated directors. The Board may appoint directors to fill casual vacancies, but those so appointed only hold office until the next Annual General Meeting. Maximum length of service is stipulated in the memorandum and articles of association.

New Trustees receive a Governance handbook and attend an induction session with the Chair and CEO. Periodic board training days are also held along with meetings with key staff members to further their understanding of the organisation.

Page 14

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Structure, governance and management (continued)

c. Organisational structure and decision-making policies

The Board meets as required but always at least quarterly and the Financial Sub-committee (FSC) meets at least six times a year and additionally if required. The FSC reports to the full Board and has delegated authority for projects, Health & Safety, Safeguarding and HR; working groups are used for specific projects or focus groups.

The Board and FSC also have a financial oversight of the subsidiaries: Greater Manchester Arts Services Ltd, Home Manchester Production Ltd and Cornerhouse Publications Ltd.

Greater Manchester Arts Services Ltd (GMAS Ltd)

Shop – During the financial year the shop was moved into the Foyer on the ground-floor and the stock significantly reduced to concentrate only on cards, popcorn, and ice-cream. A new kiosk was also opened on the top floor, outside the cinema where popcorn and ice-cream can also be purchased. Merchandise for shows is also sold through GMAS Ltd, and a commission is taken on sales and, in some cases staff time is recharged to the visiting company.

Food and beverage in the bar, café and restaurant is provided by third party company, Wardley. They are currently halfway through a 2-year contract which will be reviewed by the end of 2025. The sales for food and beverage are lower than predicted due to a delay in commencement of delivery.

Home Manchester Productions Ltd (HMP Ltd) is a Special Purpose Vehicle created to manage the Creative Industries Tax Credits for productions, film festivals, and exhibitions on behalf of GMAC Ltd.

HMP Ltd and GMAC Ltd entered into eleven agreements in 2024/25 for exhibitions in respect of Museums and Galleries Exhibition Tax Relief. At the year end the eligible losses meant that Creative Tax Credits of £304k were claimed.

Cornerhouse Publications Ltd (CP) provided a specialist sales and distribution service for many publishers, galleries and museums working in contemporary visual arts. However, CP wound down with final sales in April/May 2024. All stock was either returned to the publishers or pulped at their cost. There was still some activity up until October 2024, when all the accounts were settled.

d. Policies adopted for the induction and training of Trustees

All trustees receive copies of our policies and have access to a secure TEAMS area where polices are kept. Any trustees that have no previous experience are provided with governance training. We have trustee representatives for Health and Safety and Safeguarding who work with our managers to fully understand our policies and procedures. Trustees also receive regular briefing papers and meet with the leads quarterly.

e. Pay policy for key management personnel

The Pay Policy for all staff including the key management personnel is reviewed annually as part of the annual budget setting process and pay is increased by what is deemed affordable to the organisation. This includes a benchmark exercise against other similar sized organisations in the charitable arts sector. The Pay Policy is also influenced by government policy around the minimum wage.

Any pay increases are signed off by the Board along with the budget submission each year.

The trustees do not receive any remuneration for their services although, if they live outside of the Greater Manchester area, they are allowed to reclaim expenses for travel, hotels and subsistence incurred as a result of attending meetings and other events relevant to their role. Trustee expenses for 2024/25 are detailed in note 15 and Related Party Transactions in note 30.

Page 15

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Structure, governance and management (continued)

f. Related party relationships

One of the trustees for GMAC is also a trustee of Manchester International Festival (MiF) and joined the GMAC Board in November 2024. HOME has been involved in the MiF for the last 10 years and all arrangements are managed by the head of departments and the CEO, using standard contracts. Approval for expenditure is agreed by the Board during the budget process and signed contracts follow our procurement policies.

There was no MiF in 2024/25, as it is held every other year. However, the festival was held in Summer 2025, which included a visual arts show and a theatre production, held at HOME.

The Chair of GMAC is also a member of The Advertising Association, who hired our event space and cinema in May 2025. The space was paid for by the association at the standard rate for hire and the arrangement was dealt with between our Events Manager and the administrative department.

The Chair of the Finance Committee, resigned from our Board in October 2024. At the end of his tenure, he was also a trustee of the Manchester Literature Festival Ltd (MLF). During 2024/25 GMAC and MLF did not work with each other. However, there are plans to work with MLF in late 2025, the arrangement will be managed by our Theatre team using our standard contracts. All authorisation will be from our CEO.

Each year the Trustees and Executive team complete a register of interest so that we are aware of the related parties. At the start of each Board and FSC meeting, trustees are invited to declare any interests and these are noted.

g. Trustees' indemnities

GMAC Ltd has Trustee Indemnity Insurance.

Plans for future periods

As GMAC moves forward, we will be focusing on developing our programmes, audiences, and impact in Greater Manchester.

We will continue to cement our theatre programme with national co-productions which will give our audiences access to high quality productions from across the UK. Our T2 programme will be core to our ambitions as we shift our focus to work with Greater Manchester-based theatre artists to develop new work.

Our film programme will be focused on audience development programmes and community engagement in the next stage as we seek to develop the reach and impact of our established cinema.

Creative Engagement will also develop with the continuation of ‘Home from HOME’ into its second year and we will continue to expand our work in north Manchester.

Financial stability will be vital for the future of GMAC to manage the increasing costs of the operation. The Trustees will be collaborating with the team to monitor the income opportunities and look at diversifying our streams of revenue. There is significant capital investment that will need to be managed in the next year to secure the future of the organisation.

GMAC is in a positive position both financially and creatively which will be our foundation to which to build into our next strategic plan from 2026.

Page 16

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and the Company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

Auditors

The auditors, Hurst Accountants Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Kathryn Jacob

K M Jacob

Chair

Date: 08 Dec 2025

Page 17

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Greater Manchester Arts Centre Limited

Opinion

We have audited the financial statements of Greater Manchester Arts Centre Limited (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Page 18

(A Company Limited by Guarantee)

Greater Manchester Arts Centre Limited

Independent Auditors' Report to the Members of Greater Manchester Arts Centre Limited (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the 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 a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' Report.

We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the 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 the parent charitable company or to cease operations, or have no realistic alternative but to do so.

Page 19

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Greater Manchester Arts Centre Limited (continued)

Auditors' responsibilities for the audit of the financial statements

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 Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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 irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities

In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following:

Audit response to risks identified

Our procedures to respond to the risks identified included the following:

Page 20

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Greater Manchester Arts Centre Limited (continued)

We have also considered the risk of fraud through management override of controls by:

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

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

Use of our report

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

HABesantRoberts

Helen Besant Roberts (Senior Statutory Auditor)

for and on behalf of Hurst Accountants Limited Chartered Accountants and Statutory Auditors 3 Stockport Exchange Stockport Cheshire SK1 3GG

Date: 08 Dec 2025

Page 21

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2025

Note
Income from:
Donations and legacies
4
Charitable activities
5
Trading activities
6
Investment income
7
Other income
8
Total income
Expenditure on:
Raising funds
9
Charitable activities
11
Total expenditure
Net income/(expenditure) before taxation
Creative industries tax relief
16
Net income/(expenditure) after taxation
Transfers between funds
23
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
2,284,026
3,451,289
875,149
19,587
40,581
6,670,632
507,205
5,674,993
6,182,198
488,434
303,642
792,076
291,965
1,084,041
1,492,828
1,084,041
2,576,869		 Restricted
funds
2025
£
228,177
-
-
-
-
228,177
-
446,561
446,561
(218,384)
-
(218,384)
(291,965)
(510,349)
833,915
(510,349)
323,566		 Total
funds
2025
£
2,512,203
3,451,289
875,149
19,587
40,581
6,898,809
507,205
6,121,554
6,628,759
270,050
303,642
573,692
-
573,692
2,326,743
573,692
2,900,435		 Total
funds
2024
£
2,884,195
4,405,304
732,325
6,629
105,037
8,133,490
542,019
7,434,968
7,976,987
156,503
288,715
445,218
-
445,218
1,881,525
445,218
2,326,743

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 27 to 53 form part of these financial statements.

Page 22

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee) Registered number: 01681278

Consolidated Balance Sheet As at 31 March 2025

Note
Fixed assets
Intangible assets
17
Tangible assets
18
Current assets
Stocks
20
Debtors
21
Cash at bank and in hand
Creditors: amounts falling due within one year
22
Net current assets
Total net assets
Charity funds
Restricted funds
23
Unrestricted funds:
Designated funds
23
General funds
23
Total unrestricted funds
23
Total funds		 2,235
1,441,720
1,663,340
3,107,295
(866,799)
973,541
1,603,328		 2025
£
-
659,939
659,939
2,240,496
2,900,435
323,566
2,576,869
2,900,435		 9,675
1,818,804
1,299,552
3,128,031
(1,240,373)
765,534
727,294		 2024
£
4,000
435,085
439,085
1,887,658
2,326,743
833,915
1,492,828
2,326,743

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

Page 23

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee) Registered number: 01681278

Consolidated Balance Sheet (continued) As at 31 March 2025

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Kathryn Jacob

K M Jacob Chair

08 Dec 2025 Date:

The notes on pages 27 to 53 form part of these financial statements.

Page 24

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee) Registered number: 01681278

Company Balance Sheet As at 31 March 2025

Note
Fixed assets
Intangible assets
17
Tangible assets
18
Investments
19
Current assets
Debtors
21
Cash at bank and in hand
Creditors: amounts falling due within one year
22
Net current assets
Total net assets
Charity funds
Restricted funds
23
Unrestricted funds:
Designated funds
23
General funds
23
Total unrestricted funds
23
Total funds		 1,950,457
1,105,941
3,056,398
(823,245)
973,541
1,596,088		 2025
£
-
659,940
102
660,042
2,233,153
2,893,195
323,566
2,569,629
2,893,195		 2,081,689
956,159
3,037,848
(1,157,533)
765,534
720,054		 2024
£
4,000
435,086
102
439,188
1,880,315
2,319,503
833,915
1,485,588
2,319,503

The Company's net movement in funds for the year was £ 573,692 (2024 - £397,865) .

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

K M Jacob

Kathryn Jacob

Chair Date: 08 Dec 2025

The notes on pages 27 to 53 form part of these financial statements.

Page 25

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Consolidated Statement of Cash Flows For the Year Ended 31 March 2025

Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Interest from investments
Purchase of tangible fixed assets
Net cash used in investing activities
Cash flows from financing activities
Repayment of borrowings
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 27 to 53 form part of these financial statements		 2025
£
685,649
19,587
(341,448)
(321,861)
-
-
363,788
1,299,552
1,663,340		 2024
£
143,015
6,629
(250,221)
(243,592)
(10,097)
(10,097)
(110,674)
1,410,226
1,299,552

Page 26

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

1. General information

Greater Manchester Arts Centre Limited (company number 01681278), is a charitable company limited by guarantee incorporated in England and Wales. Its registered office is situated at Home, 2 Tony Wilson Place, Manchester, England, M15 4FN.

The group operates within the arts and cultural sector, delivering a wide range of activities including film screenings, contemporary art exhibitions, theatre and performance programming, as well as community and learning initiatives aimed at enriching the cultural life of its audiences and supporting creative communities in Greater Manchester.

2. Accounting policies

2.1 Basis of preparation of financial statements

The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Greater Manchester Arts Centre Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Company and its subsidiary undertakings. The results of the subsidiaries are consolidated on a line by line basis.

The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The Charity meets the definition of a qualifying entity under FRS102 and therefore taken advantage of the disclosure exemption available to it in respect of its separate financial statements in relation to presentation of a cash flow statement.

2.2 Going concern

In deciding to prepare the financial statements on a going concern basis, the Trustees have considered all available information regarding the future for a period of at least 12 months from the date of approval of these financial statements. The Trustees are satisfied that the going concern basis adopted in the preparation of these financial statements is appropriate and that the Group can continue in operational existence for at least the next 12 months.

Page 27

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.3 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donations from individuals and other bodies (not being of the nature of a grant) are recognised when receivable.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.4 Expenditure

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 obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.

Expenditure on raising funds includes all expenditure incurred by the Group to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Group's objectives, as well as any associated support costs.

Page 28

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.4 Expenditure (continued)

The charity is registered for VAT and is able to recover some of the input tax charged as it relates to vatable supplies. Costs are stated net of VAT where charged and irrecoverable VAT is included as a separate charge either within direct costs or support costs as appropriate.

Production costs

Where performances of a production straddle the year-end, payroll, rehearsal and audition costs are recognised in the year in which they arise. Other, production costs (e.g. scenery / costumes) and creative team fees are apportioned between the periods on the basis of the number of performances and included in either accruals or prepayments. 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 additional costs outside of the approved production budget, irrespective of the timing of the performances. 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 supporting the delivery of charitable activities or by supporting the generation of funds. They include property costs, back-office functions, staff costs and professional fees. The basis of allocations is set out in note 13.

2.5 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.6 Taxation

The Company is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Theatre and Museum & Gallery tax credits

Where the trading subsidiary, HOME Manchester Productions Ltd, incurs qualifying losses in respect of theatre productions and exhibtions, the company has decided that these will be surrendered for a cash payment from HMRC under the Theatre Tax Credit regime. Where receipt of these tax credits is virtually certain they are included in the accounts in the year in which the qualifying losses were incurred.

2.7 Intangible assets and amortisation

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straightline basis over its expected useful life.

Page 29

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.7 Intangible assets and amortisation (continued)

Amortisation is provided on the following basis:

Website - 5 year straight line 2.8 Tangible fixed assets and depreciation

Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

2.9 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

2.10 Stocks

Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.

2.11 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.12 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Page 30

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.13 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.

2.14 Financial instruments

The Group only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.

2.15 Pensions

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 Council as part of the Library Theatre Company. Employer contributions of 18.5% were made during the year. This is a multi-employer scheme and the information required to separately identify the fund assets and liabilities is not available, and therefore contributions are accounted for as though the scheme was a defined contribution scheme. In any event, there 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 year end was 3 ( 2024: 3 ).

For other employees, the company operates a defined contribution pension scheme and makes employers' contributions of 3% of annual salary. Members of staff earning over £10,000 per annum are offered the opportunity to join the defined contribution scheme. If they decline, they are automatically enrolled in accordance with current legislation in The Peoples Pension - an automatic enrolment scheme. All other staff are assessed in accordance with the legislation. Contributions are charged to the SoFA in the year they are payable.

In accordance with the collective agreement between Equity and UK Theatre (formerly the Theatre Managers Association), the company makes employer's pension contributions of 5% of fees paid to actors or stage managers enrolled in the Equity Pension Scheme, provided that the members make an employee's contribution of 3%.

2.16 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

Page 31

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

3. Critical accounting estimates and areas of judgement

Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results. There are no estimates and assumptions that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

4. Income from donations and legacies

Grants
Film Hub North
GMCA
ACE
BFI
Capital Grants
Other grant income
Total grants
Donations
Other public funding
Total donations and other funding
Total 2025
Total 2024		 Unrestricted
funds
2025
£
293,028
150,590
1,321,387
185,000
-
89,444
2,039,449
101,577
143,000
244,577
2,284,026
2,157,220		 Restricted
funds
2025
£
-
-
-
-
-
185,163
185,163
43,014
-
43,014
228,177
726,975		 Total
funds
2025
£
293,028
150,590
1,321,387
185,000
-
274,607
2,224,612
144,591
143,000
287,591
2,512,203
2,884,195		 Total
funds
2024
£
277,759
150,590
1,320,387
185,000
691,000
31,575
2,656,311
227,884
-
227,884
2,884,195

Page 32

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

5. Income from charitable activities

Film
Theatre
Visual Arts
Creative Engagement
Artist Development
Sector leadership & development
Operational costs
MCC contract funding
Total 2025
Total 2024		 Unrestricted
funds
2025
£
1,133,629
837,556
33,310
23,037
21,445
-
133,918
1,268,394
3,451,289
4,095,649		 Restricted
funds
2025
£
-
-
-
-
-
-
-
-
-
309,655		 Total
funds
2025
£
1,133,629
837,556
33,310
23,037
21,445
-
133,918
1,268,394
3,451,289
4,405,304		 Total
funds
2024
£
1,117,745
1,204,281
157,840
75,438
131,988
417,874
-
1,300,138
4,405,304

6. Income from trading activities

Product sales
Cafe bar & restaurant
Sponsorship
Venue, room hire and rent
Corporate & individual memberships
Other trading income
Total 2025
Total 2024		 Unrestricted
funds
2025
£
85,815
461,434
100,846
173,361
40,707
12,986
875,149
720,305		 Restricted
funds
2025
£
-
-
-
-
-
-
-
12,020		 Total
funds
2025
£
85,815
461,434
100,846
173,361
40,707
12,986
875,149
732,325		 Total
funds
2024
£
82,709
423,148
38,290
191,509
-
(3,331)
732,325

Page 33

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

7. Investment income

Investment income

Unrestricted Total Total
funds funds funds
2025 2025 2024
£ £ £
19,587 19,587 6,629

8. Other incoming resources

Sundry income
Corporate income
Total 2025		 Unrestricted
funds
2025
£
40,581
-
40,581		 Total
funds
2025
£
40,581
-
40,581		 Total
funds
2024
£
56,697
48,340
105,037

9. Expenditure on raising funds

Fundraising trading expenses

Cost of sales
Administration expenses
Support costs
Wages and salaries
National Insurance costs
Pension costs
Total 2025		 Unrestricted
funds
2025
£
89,953
210,699
78,654
119,797
6,322
1,780
507,205		 Total
funds
2025
£
89,953
210,699
78,654
119,797
6,322
1,780
507,205		 Total
funds
2024
£
85,638
223,672
98,909
132,427
1,033
340
542,019

Page 34

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

10. Analysis of expenditure on charitable activities

Summary of fund type

Film
Theatre
Visual Arts
Creative Engagement
Artist Development
Sector leadership & development
Governance
Total 2024		 Unrestricted
funds
2025
£
1,674,958
2,239,090
689,902
496,594
521,858
-
52,591
5,674,993
6,911,544		 Restricted
funds
2025
£
26,832
-
-
187,705
232,024
-
-
446,561
523,424		 Total
funds
2025
£
1,701,790
2,239,090
689,902
684,299
753,882
-
52,591
6,121,554
7,434,968		 Total
funds
2024
£
1,923,944
2,798,713
1,320,904
647,861
490,767
252,779
-
7,434,968

Page 35

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

11. Analysis of expenditure by activities

Direct
Costs		 Direct
Costs		 Direct
Salaries		 Support
Costs		 Total
2025		 Total
2024
£ £ £ £ £
Film 449,509 530,181 722,100 1,701,790 1,923,944
Theatre 889,108 505,932 844,050 2,239,090 2,798,713
Visual Arts 139,800 55,666 494,436 689,902 1,320,904
Creative Engagement 154,469 236,802 293,028 684,299 647,861
Artist Development 164,030 190,964 398,888 753,882 490,767
Sector leadership & development - - - - 252,779
Governance - - 52,591 52,591 -
Total 2025 1,796,916 1,519,545 2,805,093 6,121,554 7,434,968
Total 2024 2,479,860 1,397,566 3,557,542 7,434,968
Analysis of support costs
Marketing
Costs		 Support
Salaries		 Other
Costs		 Depreciation
Costs		 Total
2025		 Total
2024
£ £ £ £ £ £
Film 21,898 442,565 241,960 15,677 722,100 911,591
Theatre 33,071 440,425 337,994 32,560 844,050 1,106,773
Visual Arts 18,898 297,248 166,231 12,059 494,436 638,057
Creative Engagement 9,449 135,444 145,723 2,412 293,028 277,106
Artist Development 24,244 154,071 162,687 57,886 398,888 301,439
Fundraising 4,724 57,266 16,664 - 78,654 98,909
Governance - 36,549 16,042 - 52,591 307,576
Sector Leadership &
Development		 - - - - - 15,000
Total 2025 112,284 1,563,568 1,087,301 120,594 2,883,747 3,656,451
Total 2024 369,448 1,927,911 1,267,908 91,184 3,656,451

12. Analysis of support costs

Support costs are allocated on the following basis:

Marketing costs - estimate of usage net of any direct attribution
Support salaries - estimate of time spent, fundraising charged as a direct cost
Property - space
Depreciation - asset split
Irrecoverable VAT - head count net of any direct attribution
Support freelance staff - estimate of time spent
All other costs - estimate of usage

Page 36

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

13. Auditors' remuneration

2025 2024
£ £
Fees payable to the Company's auditor for the audit of the Company's annual
accounts 21,900 9,500
Fees payable to the Company's auditor in respect of:
All taxation advisory services not included above 1,600 -
All non-audit services not included above 2,000 3,500

14. Staff costs

Wages and salaries
Social security costs
Contribution to defined contribution pension
schemes
Contribution to defined benefit pension schemes		 Group
2025
£
2,903,286
233,094
66,690
7,942
3,211,012		 Group
2024
£
3,323,806
102,807
24,202
8,452
3,459,267		 Company
2025
£
2,842,862
230,373
66,011
7,942
3,147,188		 Company
2024
£
3,191,379
101,774
23,862
8,452
3,325,467

The average number of persons employed by the Company during the year was as follows:

Direct charitable employees
Support, management & administration		 Group
2025
No.
37
45
82		 Group
2024
No.
50
43
93

Page 37

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

14. Staff costs (continued)

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

Group Group
2025 2024
No. No.
In the band £60,001 - £70,000 1 3
In the band £70,001 - £80,000 - 1
In the band £80,001 - £90,000 1 -
In the band £100,001 - £110,000 - 1
In the band £130,001 - £140,000 1 -

During the year the key management personnel of the parent charity comprised of trustees, CEO, Director of Finance, Director of Audiences and Director of Development.

The total emoluments and employee benefits of the key management personnel for the 12 months ended 31 March 2025 were £256,003 ( 2024: £408,091 ).

The key management personnel of the group are the same as those of the parent charity.

.

Actors and stage managers

Fees
Holiday pay
Pension contributions (Equity)		 2025
£
64,402
5,443
1,317
71,162		 2024
£
132,551
-
1,907
134,458

Actors and stage managers are engaged on a self employed basis subject to Equity approved contracts.

15. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, expenses totalling £6,978 were reimbursed or paid directly to Trustees ( 2024: £3,661 ).

16. Taxation

Creative industries tax relief of £303,642 ( 2024: £288,715 ) relates to qualifying theatre and exhibiton losses incurred by HOME Manchester Productions Ltd and surrendered for cash under the regime; recognition is based on virtual certainty at year-end.

Page 38

Greater Manchester Arts Centre Limited (A Company Limited by Guarantee)

Notes to the Financial Statements
For the Year Ended 31 March 2025
17.
Intangible assets
Group and Company
Cost
At 1 April 2024
At 31 March 2025
Amortisation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Website
£
20,000
20,000
16,000
4,000
20,000
-
4,000

Page 39

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

18. Tangible fixed assets

Group

Cost or valuation
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Short-term
leasehold
property
£
117,371
129,784
247,155
46,788
33,382
80,170
166,985
70,583		 Fixtures and
fittings
£
1,975,371
211,664
2,187,035
1,610,869
83,212
1,694,081
492,954
364,502		 Total
£
2,092,742
341,448
2,434,190
1,657,657
116,594
1,774,251
659,939
435,085

Page 40

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

18. Tangible fixed assets (continued)

Company

Cost or valuation
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Short-term
leasehold
property
£
117,371
129,784
247,155
46,788
33,382
80,170
166,985
70,583		 Fixtures and
fittings
£
1,962,748
211,664
2,174,412
1,598,245
83,212
1,681,457
492,955
364,503		 Total
£
2,080,119
341,448
2,421,567
1,645,033
116,594
1,761,627
659,940
435,086

Page 41

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

19. Fixed asset investments

Charity
Cost or valuation
At 1 April 2024
At 31 March 2025		 Investments
in subsidiary
companies
£
102
102

Principal subsidiaries

The following were subsidiary undertakings of the Company:

Names Company Principal activity Class of Holding
number shares
Greater Manchester Arts Services Limited 1905978 Catering services & Ordinary 100%
retail outlet
Cornerhouse Publications Limited 9475426 Book distribution Ordinary 100%
services
HOME Manchester Productions Limited 9310260 Theatre productions Ordinary 100%

The financial results of the subsidiaries for the year were:

Profit for the
Income Expenditure year Net Assets
£ £ £ £
Greater Manchester Arts Services Limited 519,549 295,122 224,427 1,896
Cornerhouse Publications Limited 27,700 25,741 1,959 5,393
HOME Manchester Productions Limited 1,833,195 1,833,195 - -

All the companies are incorporated in England.

The registered address of all subsidiaries is the same as the Charity.

Page 42

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

20. Stocks

Stock of goods for resale
21.
Debtors
Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments
Grants and income receivable
22.
Creditors: Amounts falling due within one year		 Group
2025
£
270,044
-
417,270
240,720
513,686
1,441,720		 Group
2024
£
503,900
-
293,035
274,620
747,249
1,818,804		 Group
2025
£
2,235
Company
2025
£
268,679
849,913
113,194
204,985
513,686
1,950,457		 Group
2024
£
9,675
Company
2024
£
403,729
651,771
4,320
274,620
747,249
2,081,689

Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income		 Group
2025
£
117,841
214,347
36,065
498,546
866,799		 Group
2024
£
363,366
160,172
27,394
689,441
1,240,373		 Company
2025
£
114,117
180,508
36,045
492,575
823,245		 Company
2024
£
322,775
126,351
27,394
681,013
1,157,533

Page 43

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

23.
Statement of funds
Statement of funds - current year
Balance at 1
April 2024
£
Unrestricted
funds
Designated funds
ICT Investment
45,923
Programme
support
48,000
Building
investment
203,918
Invested in fixed
assets
438,984
Investment in
subsidiaries
102
Audience
investment
-
Development
investment
-
LED lights
operational
11,597
Tech investment
17,010
Projectors
-
765,534
Balance at 1
April 2024
£
General funds
General funds
727,294
Total
Unrestricted
funds
1,492,828		 23.
Statement of funds
Statement of funds - current year
Balance at 1
April 2024
£
Unrestricted
funds
Designated funds
ICT Investment
45,923
Programme
support
48,000
Building
investment
203,918
Invested in fixed
assets
438,984
Investment in
subsidiaries
102
Audience
investment
-
Development
investment
-
LED lights
operational
11,597
Tech investment
17,010
Projectors
-
765,534
Balance at 1
April 2024
£
General funds
General funds
727,294
Total
Unrestricted
funds
1,492,828		 Income
£
-
-
-
-
-
-
-
-
-
-
-
Income
£
6,670,632
6,670,632		 Expenditure
£
(3,491)
(48,000)
(22,522)
(120,594)
-
(15,000)
-
(10,396)
(16,614)
-
(236,617)
Expenditure
£
(5,945,581)
(6,182,198)		 Taxation
£
-
-
-
-
-
-
-
-
-
-
-
Taxation
£
303,642
303,642		 Transfers
in/out
£
(26,432)
30,000
(111,896)
341,549
-
31,000
2,000
29,799
48,604
100,000
444,624
Transfers
in/out
£
(152,659)
291,965		 Balance at 31
March 2025
£
16,000
30,000
69,500
659,939
102
16,000
2,000
31,000
49,000
100,000
Balance at 1
April 2024
£
45,923
48,000
203,918
438,984
102
-
-
11,597
17,010
-
765,534
Balance at 1
April 2024
£
727,294
1,492,828
973,541
Balance at 31
March 2025
£
1,603,328
2,576,869

Page 44

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

23. Statement of funds (continued)

Restricted funds
Home Arches
Donations -Arches
capital project
Home From Home
Film
Visual Art
Creative
development
Artist
Development
Sector leadership
& development
Operations
Total restricted
funds
Total of funds		 Balance at 1
April 2024
£
387,336
20,900
285,800
6,357
282
12,734
107,006
13,500
-
833,915
2,326,743		 Income
£
38,000
42,679
5,000
6,975
-
121,223
4,300
-
10,000
228,177
6,898,809		 Expenditure
£
(92,126)
(31,972)
(83,883)
(13,332)
-
(103,822)
(107,926)
(13,500)
-
(446,561)
(6,628,759)		 Taxation
£
-
-
-
-
-
-
-
-
-
-
303,642		 Transfers
in/out
£
(291,683)
-
-
-
(282)
-
-
-
-
(291,965)
-		 Balance at 31
March 2025
£
41,527
31,607
206,917
-
-
30,135
3,380
-
10,000
323,566
2,900,435

Page 45

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

23. Statement of funds (continued)

Statement of funds - prior year

Unrestricted funds
Designated funds
ICT investment - one off
expenditure
Programme and budget support
Capital & Revenue investment
ICT capital 23/24
Tech Capital 23/24
Projectors 23/24
LED lights
Invested in fixed assets
General funds
General Funds
Total Unrestricted funds		 Balance at
1 April 2023
£
191,714
-
265,402
15,800
27,000
50,000
-
231,298
781,214
679,503
1,460,717		 Income
£
-
-
-
-
-
-
-
-
-
7,084,840
7,084,840		 Expenditure
£
-
-
(29,865)
-
-
-
-
(94,555)
(124,420)
(7,329,143)
(7,453,563)		 Transfers
in/out
£
(145,791)
48,000
(31,619)
(15,800)
(9,990)
(50,000)
11,597
302,343
108,740
292,094
400,834		 Balance at
31 March
2024
£
45,923
48,000
203,918
-
17,010
-
11,597
439,086
765,534
727,294
1,492,828

Page 46

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

23. Statement of funds (continued)

Restricted funds
Access to work grant
Home Arches
Donations -Arches capital project
Home From Home
Film
Visual Art
Creative development
Artist Development
Changing places - MCC
Valencia Communities fund
Backstage Trust
Sector leadership & development
Total restricted funds
Total of funds		 Balance at
1 April 2023
£
-
-
16,500
1,500
6,357
-
98,245
113,466
16,341
69,807
10,000
88,592
420,808
1,881,525		 Income
£
31,575
405,000
4,400
286,000
7,074
13,803
74,655
51,800
-
10,000
-
164,343
1,048,650
8,133,490		 Expenditure
£
(31,575)
-
-
(1,700)
(7,074)
(13,521)
(160,166)
(58,260)
(1,693)
-
(10,000)
(239,435)
(523,424)
(7,976,987)		 Transfers
in/out
£
-
(17,664)
-
-
-
-
-
-
(14,648)
(79,807)
-
-
(112,119)
288,715		 Balance at
31 March
2024
£
-
387,336
20,900
285,800
6,357
282
12,734
107,006
-
-
-
13,500
833,915
2,326,743

Page 47

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

23. Statement of funds (continued)

Designated Funds

Designated funds represent amounts set aside by the trustees from unrestricted reserves for specific purposes in furtherance of the charity’s objectives. While these funds remain unrestricted, they have been earmarked internally to ensure that resources are available for particular projects, investments, or future commitments. The trustees may reallocate these funds if circumstances change.

At 31 March 2025, designated funds were held for the following purposes:

Capital and Infrastructure Investments

Includes amounts designated for building investment, invested fixed assets, and investment in subsidiaries. These ensure that the charity’s physical and organisational infrastructure is maintained, developed, and remains fit for purpose to support long-term service delivery.

Technology and Equipment

Funds designated for ICT investment, LED lights, projectors, and wider tech investment provide for essential equipment upgrades, digital platforms, and energy-efficient infrastructure, ensuring the charity can operate sustainably and deliver programmes effectively.

Programme and Audience Development

Comprising programme support, audience investment, and development investment. These funds enable the charity to support short-term programme delivery, broaden audience engagement, and invest in the planning and development of new initiatives aligned with strategic goals.

The trustees believe these designations are necessary to support the sustainability of operations and to ensure that funds are available to deliver long-term impact in line with the charity’s mission.

Restricted Funds

Restricted funds represent income received that can only be applied for specific purposes as determined by the donor or grant-making body. These funds are held separately from unrestricted reserves and may only be spent in accordance with the restrictions attached to them.

At 31 March 2025, restricted funds were held for the following purposes:

Capital Projects

Funds to support the creation and improvement of physical spaces, including the Arches Capital Project, which is enabling the development of new cultural facilities under the railway arches.

Wolfson Foundation – grant for fit out of Arches Fidelity UK Foundation – grant for fit out of Arches Foyle Foundation – grant for fit out of Arches and other overheads Clothworkers Association – grant for equipment for Arches

Artform-Specific Programmes

Restricted income received to support delivery in particular artforms:

Page 48

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

23. Statement of funds (continued)

Film – supporting independent and international film programming, education, and engagement. Visual Art – funding exhibitions, commissions, and artist residencies.

Creative Development – enabling new creative work, commissions, and artist-led research.

Artist Development – supporting emerging and established artists with bursaries, residencies, and mentoring opportunities.

Jerwood Arts - At HOME with Jerwood - supporting emerging artists with bursaries, residencies, and mentoring opportunities. Artist Development

BFI - BFI Film Academy: Short Courses – Creative Engagement – supporting young creatives in film programming, education, and engagement

The Linking Network - Linking Schools Project – annual project supporting outreach with local schools – Creative Engagement

BFI - Audience Development Project: Viva 24 Film Festival – International film programme

The Royal National Theatre – NT Connections grant for young creatives 13-19 year olds

Community and Audience Engagement

Funding to support inclusive and participatory projects, including Home From Home (creative engagement with local communities) and Operations (grant support for organisational activities linked to engagement and delivery).

Esmee Fairbairn – Home From Home: community-led outreach project – 3 years Leri Trust – Home from Home – specifically Women’s groups Oglesby Trust – PUSH Festival and Wellbeing Project

The trustees are satisfied that the restricted funds have been applied in accordance with the purposes specified by the funders. These funds are critical in enabling the charity to deliver high-quality artistic programmes, invest in new cultural infrastructure, and extend creative opportunities to diverse communities across Manchester.

24. Analysis of net assets between funds

Analysis of net assets between funds - current year

Tangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2025
£
659,939
3,391,013
(1,474,083)
2,576,869		 Restricted
funds
2025
£
-
323,566
-
323,566		 Total
funds
2025
£
659,939
3,714,579
(1,474,083)
2,900,435

Page 49

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

24. Analysis of net assets between funds (continued)

Analysis of net assets between funds - prior year

Tangible fixed assets
Intangible fixed assets
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
435,085
4,000
2,294,116
(1,240,373)
1,492,828		 Restricted
funds
2024
£
-
-
833,915
-
833,915		 Total
funds
2024
£
435,085
4,000
3,128,031
(1,240,373)
2,326,743

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net income for the year (as per Statement of Financial Activities)
Adjustments for:
Depreciation charges
Amortisation charges
Interest from investments
Decrease/(increase) in stocks
Decrease/(increase) in debtors
Increase/(decrease) in creditors
Net cash provided by operating activities		 Group
2025
£
573,692
116,594
4,000
(19,587)
7,440
377,084
(373,574)
685,649		 Group
2024
£
445,218
90,555
4,000
(6,629)
(2,027)
(477,197)
89,095
143,015
26. Analysis of cash and cash equivalents
Group Group
2025 2024
£ £
Cash in hand 1,663,340 1,299,552

Page 50

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

27. Analysis of changes in net debt
At 1 April At 31 March
2024 Cash flows 2025
£ £
£
Cash at bank and in hand 1,299,552 363,788 1,663,340

Page 51

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

28. Pension commitments

The group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £74,632 (2024: £24,202 ). Contributions of £18,501 were outstanding at 31 March 2025 and are included within ‘Other creditors’ ( 2024: £16,581 ).

Greater Manchester Pension Fund

The charity has 2 ( 2024: 3 ) members of staff who are members of the Greater Manchester Pension Fund (GMPF), a defined benefit scheme, being former employees of Manchester City Council as 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 contributions payable by the charity is effectively fixed at the date of the merger, with Manchester City Council agreeing to compensate the charity for any future increases. Employer contributions in the year were 18.5% of eligible salary. The pension cost charge represents contributions payable by the group to the fund and amounted to £7,942 ( 2024: £8,452 ). Contributions of £Nil were outstanding at 31 March 2025 ( 2024: £Nil ).

The GMPF is valued every three years by a professionally qualified independent actuary using the projected unit method for the purposes of setting employer contribution rates (the “triennial valuation”). Separately, an individual employer actuarial valuation is required in order to determine the pension asset or liability to be recognised in the financial statements. GMPF has confirmed that, as part of the 31 March 2025 triennial valuation, an individual actuarial valuation for each scheme employer, including the charity, will also be prepared. Draft results are expected to be available in late 2025, with final valuations following completion of the triennial process in early 2026.

At the date of approval of these financial statements, the individual employer actuarial valuation for FRS 102 purposes had not yet been received and therefore no pension asset or liability has been recognised. Pending receipt of this valuation, the charity continues to account for the scheme as though it were a defined contribution scheme, with employer contributions recognised as an expense in the year.

29. Members' liability

The Company is limited by guarantee and does not have a share capital. In the event of the Company being wound up the members are committed to contributing £1 each.

Page 52

Greater Manchester Arts Centre Limited

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

30. Related party transactions

The company received a donation from its subsidiary, Greater Manchester Arts Services Limited of £224,427 ( 2024: £125,000 ). Total costs of £244,216 ( 2024: £276,446 ), and total income of £Nil ( 2024: £Nil ) were recharged during the period. At the year end, Greater Manchester Arts Services Limited owed the company £522,115 ( 2024: £324,520 ).

The company received a donation from its subsidiary, Cornerhouse Publications Limited of £1,959 ( 2024: £ 24,032). Total costs of £3,744 ( 2024 : £ 12,447) were recharged during the period. At the year end, Cornerhouse Publications Limited owed the company £24,156 ( 2024: £38,536 ).

HOME Manchester Productions Ltd, a subsidiary, acts as a production company for the company. HOME Manchester Productions Ltd, in turn, subcontracts the production of its shows and exhibitions to the charity. The costs incurred by the company are then recharged to HOME Manchester Productions Ltd. These totalled £1,833,195 (2024: £920,511 ) in the year. At the year end, HOME Manchester Productions Ltd owed the company £303,642 ( 2024: £288,714 ).

The directors made donations to the charity totalling £4,148 in in the year ( 2024: £8,900 ), of which £1,100 related to restricted fund projects ( 2024: £6,100 ) which did not influence the decision to proceed with these activities. Two of the directors were patrons in the year ( 2024: Two ).

There are no other transactions with Directors which require disclosure.

The company has an agreement with What Next? Culture Limited under which the company acts solely as a conduit for grant funding awarded by third-party funders. A director of What Next? Culture Limited is also a member of the senior management team of the company. The agreement confirms that:

Funders are made fully aware that the monies are intended for What Next? Culture. Accordingly, these transactions do not give rise to any income, expenditure, assets or liabilities in the company’s financial statements, other than acting as an agent for receipt and onward payment. During the year ended 31 March 2025, the company received and paid onward £50,000 of grant funding on behalf of What Next? Culture.

Details of the employment benefits of key management personnel are given in note 14.

Page 53

Issuer

HURST Accountants

Document generated Mon, 8th Dec 2025 10:13:19 GMT

Document fingerprint 622b3fbcd19bddbda214566eaaabd0f4

Parties involved with this document

Document processed

Party + Fingerprint

Mon, 8th Dec 2025 13:30:14 GMT Mon, 8th Dec 2025 13:38:32 GMT Mon, 8th Dec 2025 13:38:32 GMT Mon, 8th Dec 2025 13:38:32 GMT

Kathryn Jacob - Signer (0ea05f041cf4f54db7e733b27db45766) Helen Besant Roberts - Signer (2b912bfa6486321834e14d03345a4e0f) Nathan Middleton - Copied In (6308afdf6fa80d69a62b696b4d5880be) Caroline Riches - Copied In (d7d241d343ac67aa9444d6da4916749d)

Audit history log

Date

Action

Mon, 8th Dec 2025 10:13:19 GMT Mon, 8th Dec 2025 10:13:20 GMT

Mon, 8th Dec 2025 10:13:20 GMT

Mon, 8th Dec 2025 10:13:20 GMT Mon, 8th Dec 2025 10:13:20 GMT

Mon, 8th Dec 2025 10:13:20 GMT

Mon, 8th Dec 2025 10:13:24 GMT

Mon, 8th Dec 2025 10:20:41 GMT

Mon, 8th Dec 2025 10:20:43 GMT Mon, 8th Dec 2025 10:21:40 GMT Mon, 8th Dec 2025 10:23:55 GMT Mon, 8th Dec 2025 10:24:12 GMT Mon, 8th Dec 2025 13:28:10 GMT

Envelope generated by Rhian Gould (149.107.64.226) Document generated with fingerprint 622b3fbcd19bddbda214566eaaabd0f4 (149.107.64.226) Document generated with fingerprint ce36a159880e03ad06dfad5d8b87280b (149.107.64.226) Document generated with fingerprint 007b689ad75a94476e48aaa9d7bc105c (149.107.64.226) Document generated with fingerprint 05b9323182446d128d27567f71116096 (149.107.64.226) Document generated with fingerprint 733d6495d1ac4bcb891eaffb0db1e301 (149.107.64.226) Document generated with fingerprint 4d6ad364090fd2aa2e10393094193fac (149.107.64.226) Sent the envelope to Kathryn Jacob (kathryn.jacob@pearlanddean.com) for signing (149.107.64.226) Document emailed to kathryn.jacob@pearlanddean.com Kathryn Jacob opened the document email. (172.186.8.64) Kathryn Jacob opened the document email. (85.210.240.79) Kathryn Jacob opened the document email. (85.210.240.79) Kathryn Jacob viewed the envelope (81.128.153.42)

Mon, 8th Dec 2025 13:30:14 GMT Mon, 8th Dec 2025 13:30:15 GMT

Mon, 8th Dec 2025 13:30:18 GMT Mon, 8th Dec 2025 13:31:18 GMT Mon, 8th Dec 2025 13:38:20 GMT Mon, 8th Dec 2025 13:38:32 GMT Mon, 8th Dec 2025 13:38:32 GMT

Mon, 8th Dec 2025 13:38:33 GMT

Mon, 8th Dec 2025 13:38:33 GMT Mon, 8th Dec 2025 13:38:33 GMT

Mon, 8th Dec 2025 13:38:33 GMT Mon, 8th Dec 2025 13:38:33 GMT

Mon, 8th Dec 2025 13:38:33 GMT Mon, 8th Dec 2025 13:38:33 GMT

Kathryn Jacob signed the envelope (81.128.153.42) Sent the envelope to Helen Besant Roberts (hbr@hurst.co.uk) for signing (81.128.153.42) Document emailed to hbr@hurst.co.uk Helen Besant Roberts opened the document email. (85.210.241.2) Helen Besant Roberts viewed the envelope (82.30.251.26) Helen Besant Roberts signed the envelope (82.30.251.26) Sent the envelope to Nathan Middleton (Nathan.Middleton@hurst.co.uk) for signing (82.30.251.26)

Sent the envelope to Caroline Riches (caroline.riches@homemcr.org) for signing (82.30.251.26)

This envelope has been signed by all parties (82.30.251.26) Signed document confirmation emailed to kathryn.jacob@pearlanddean.com (82.30.251.26)

Signed document confirmation emailed to hbr@hurst.co.uk (82.30.251.26) Signed document confirmation emailed to Nathan.Middleton@hurst.co.uk (82.30.251.26)

Signed document confirmation emailed to caroline.riches@homemcr.org (82.30.251.26)

Signed document confirmation emails have been sent to all parties. Document URL:

https://api.signableapi.com/shareable/envelope?t=86be7a3b-75bf-49d8-b0 c3-a042bbf277af (82.30.251.26)