Registered number: 01681278
Charity number: 514719
(A Company Limited by Guarantee)
For the Year Ended 31 March 2025
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Contents
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
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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.
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.
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.
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Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Objectives and activities (continued)
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Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Objectives and activities (continued)
b. Activities undertaken to achieve objectives
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:
∙Do I love You? brought a new audience in for HOME in Theatre 1 ('T1'), the Northern Soul element brought first-time bookers.
∙Frankie Goes to Bollywood – this co-produced show in T1 brought in new audiences and developed the new British Musical theme for us.
∙The Promise in Theatre 2 ('T2') saw a huge increase in terms of engaging the local deaf community.
∙My Son’s A Queer – continuing our partnership with producer Paul Taylor Mills, we presented this show straight from a run in Edinburgh as part of our Pride programme.
∙I bought A Flip phone – this T2 show gave a new/emerging artist an opportunity to try out the show before taking it to Edinburgh next year.
∙Two of Us – continuing our partnership with Watford Palace, we brought the story of John Lennon and Paul McCartney’s final meeting to the T1 stage.
∙Mariupol Drama – real life telling of the Mariupol Theatre bombing – critically well received.
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.
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Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
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.
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Greater Manchester Arts Centre Limited
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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.
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Greater Manchester Arts Centre Limited
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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 long-term 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:
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Greater Manchester Arts Centre Limited
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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.
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Greater Manchester Arts Centre Limited
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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 theatre-related 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
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Greater Manchester Arts Centre Limited
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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-on-year 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.
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-on-year 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.
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.
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Greater Manchester Arts Centre Limited
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Achievements and performance (continued)
b. Fundraising activities and income generation
GMAC is a registered charity and raises funds through several different methods:
∙Grants: from statutory funders, trusts and foundations, often in support of restricted projects
∙Individuals: including major gifts (£1,000+), regular giving schemes, and one-off donations
∙Businesses: corporate memberships, donations, and sponsorships
∙Other miscellaneous methods including events and university partnerships.
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.
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.
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Greater Manchester Arts Centre Limited
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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.
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
b. Reserves policy
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)
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(continued)
c. Principal risks and uncertainties
∙Change in Senior Leadership – The prior CEO left in March 2024 after being with the organisation for over 25 years. The Executive Director held the position of Interim CEO until January 2025, when she was appointed as CEO by the Board.
∙New entrants to the cultural ecology of Manchester – GMAC is embarking on a strong audience development plan with the appointment of a Director of Audiences.
∙Change to the programme strategy – Led by the Interim CEO, the theatre programme was fully reviewed with some pipeline projects ceasing and introducing a better financial balance between co-produced work and work brought in by Visiting companies. This included a full review of contracts.
∙Cost of living pressures impacting overhead costs – these continue to be a challenge for the organisation. All new contracts continue to be reviewed to ensure value for money. Added to this, we updated processes to reduce overhead costs together with the new financial system which has contributed to better cost control. This will continue to be monitored.
∙Subsidiary Trading draining resources or poor performance – Cornerhouse Publications ceased trading in June 2024 as it would no longer be financially viable with the new supplier contract and increase in staffing. GMAS Ltd (Shop and Food & Beverage commission) is winding down the shop offer as it is staff intensive and does not produce a good enough return. The shop will now only sell cards, popcorn, and ice cream. The food and beverage provider is now halfway through their two-year contract; sales, and therefore the commission, is lower than were predicted, so the offer will be reviewed by the end of 2025.
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:
∙review the risks that the Charity may face
∙determine the systems and procedures to mitigate identified risks
∙implement any measures which will minimise any risks that have materialised.
e. Principal funding
∙Arts Council England invested £1,321,387 as an unrestricted grant to enable the charity to meet its charitable aims. GMAC is a National Portfolio Organisation and is required to submit its Business Plan and Audience Development plans to ACE annually. The charity also submits monthly monitoring information to ACE.
∙The British Film Institute invested £185,000 to enable the charity to present a diverse film programme and increase access to independent film for the public. Quarterly monitoring is required. The 3-year funding plan is confirmed until March 2027.
∙Greater Manchester Combined Authority invested £150,590 to support delivery of projects across the Greater Manchester area. The grant is conditional on an approved plan of delivery and bi-annual return of monitoring information across a range of agreed key performance indicators.
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
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Structure, governance and management (continued)
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
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.
c. Organisational structure and decision-making policies
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.
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Structure, governance and management (continued)
d. Policies adopted for the induction and training of Trustees
e. Pay policy for key management personnel
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.
f. Related party relationships
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.
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Plans for future periods
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.
Statement of Trustees' responsibilities
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:
∙so far as that Trustee is aware, there is no relevant audit information of which the charitable group's auditors are unaware, and
∙that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable group's auditors are aware of that information.
Page 16
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
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:
Page 17
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Greater Manchester Arts Centre Limited
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).
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.
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
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Independent Auditors' Report to the Members of Greater Manchester Arts Centre Limited (continued)
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.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Trustees' Report for the financial year for which the financial statements are prepared is consistent with the financial statements.
∙the Trustees' Report has been prepared in accordance with applicable legal requirements.
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:
∙the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visited by us; or
∙the parent charitable company financial statements are not in agreement with the accounting records and returns; or
∙certain disclosures of Trustees' remuneration specified by law are not made; or
∙we have not received all the information and explanations we require for our audit; or
∙the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' Report and from the requirement to prepare a Strategic Report.
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.
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)
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 non-compliance with laws and regulations, we considered the following:
∙The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets.
∙The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud.
∙Supporting documentation relating to the Company's policies and procedures for:
°Identifying, evaluating, and complying with laws and regulations
° Detecting and responding to the risks of fraud
∙The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations.
∙The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud.
∙The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Anti-bribery and Corruption.
Audit response to risks identified
Our procedures to respond to the risks identified included the following:
Our procedures to respond to the risks identified included the following:
∙Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements.
∙Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.
∙Evaluation of the operating effectiveness of management’s controls designed to prevent and detect irregularities.
∙Enquiring of management about any actual and potential litigation and claims.
∙Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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:
∙Testing the appropriateness of journal entries and other adjustments. We have used data analytics to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error.
∙Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and
∙Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.
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.
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.
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.
for and on behalf of
Chartered Accountants and Statutory Auditors
3 Stockport Exchange
Stockport
Cheshire
SK1 3GG
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
Page 22
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Registered number: 01681278
Consolidated Balance Sheet
As at 31 March 2025
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:
Page 23
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Registered number: 01681278
Company Balance Sheet
As at 31 March 2025
The Company's net movement in funds for the year was £573,692 (2024 - £397,865 ).
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Page 24
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Registered number: 01681278
Company Balance Sheet (continued)
As at 31 March 2025
Page 25
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Consolidated Statement of Cash Flows
For the Year Ended 31 March 2025
Page 26
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
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.
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
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.
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.
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)
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.
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.
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)
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.
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.
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.
Amortisation is provided on intangible assets at rates calculated to write off the cost of each asset on a straight-line 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)
Amortisation is provided on the following basis:
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.
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:
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)
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%.
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%.
Page 31
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
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.
Page 32
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
Page 33
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
Page 34
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
Page 35
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
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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
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
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)
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
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Page 39
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
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)
Page 41
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
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The financial results of the subsidiaries for the year were:
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All the companies are incorporated in England.
The registered address of all subsidiaries is the same as the Charity.
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
Page 43
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
Page 44
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
Page 45
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
Page 46
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
Page 47
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
Page 48
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
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)
Page 50
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
Page 51
Greater Manchester Arts Centre Limited
(A Company Limited by Guarantee)
Notes to the Financial Statements
For the Year Ended 31 March 2025
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.
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.
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
Page 53