MAYFLOWER ACADEMY LTD {A company limited by guaranteg) THE REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS FOR THE PERIOD ENDED 27 March 2022 Company Rggistered number: 12809454 Charity Registered number.. 1194797
MAYFLOWER ACADEMY LTD (A company limited by guarantee} THE REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS for the period gnded 27 March 2022 CONTENTS Pages Report of the Directors 2-12 Aud(tor's report 13-14 Statement of financial activities 15 Balance sheet 16 Statement of cash flow 17 Notes lo the financial statements 18-26
MAYFLOWER ACADEMY LTD IA company limlted by guarantee) REPORT OF THE DIRECTORS For the perlod ended 27 March 2022 The Directors present their report and consolidated financial statements for the period from 29 March 202110 27 March 2022. Refgrgncg and administrativg details Company Registargd number: 12809454 Charlty Registergd number: 1194797 Directors l Trustees: M H Le Bas (Chair} S W Pantling M D Ockwell Iresigned 9 July 2021 } {reappointed 16 September 20221 A J Harrison {resigned 9 July 20211 P Hewill {appoinled 2 July 20211 L Mitchell S Sesodia (appointed 21 June 20211 S J Stannard (appointed 29 June 2021, resigned 10 July 20221 J M Low lappoinled 27 May 20221 M R Wright {appoinled 27 May 20221 R D Harrison (appointed 23rd September 2022} H R McBoyle (appointed 23rd September 2022} Members.. The Mayfiower Theatre Trust M H Le Bas (Chairl S W Panlling P Hewitt L Mitchell S Sesodia S J Slannard JMLOW M R Wright R D Harrison H R McBoyle Company Secretary: C Jones Chief Executive and Creative Dlrector: M D Ockwell Auditors: Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
MAYFLOWER ACADEMY LTD IA company limited by guarantee) REPORT OF THE DIRECTORS {conlinued) For the period ended 27 March 2022 Reference and administrative details (continued) Bankers". Sanlander UK PIC Bridle Road Boolle Merseyside L30 4GB Solicitors.. Paris Smith LLP 1 London Road Southampton Hampshire S015 2AE Registered office: Mayfiower Theatre Empire Lane Soulhamplon Hampshire S015 1AP Sitg Addrèss MAST Maynower Studios 142-144 Above Bar Soulhamplon Hampshire S014 7DU Board of Directors The Board of Directors throughout the period and up to the date of this report was made up as follows:_ M H Le Bas (Chairl S W Panlling M D Ockwell (resigned 9 July 20211 Ireappoinled 16 September 20221 A J Harrison (resigned 9 July 20211 P Hewitt lappointed 2 July 20211 L MilchelS S Sesodia (appointed 21 June 2021) S J Stannard lappoinled 29 June 2021, resigned 10 July 2022) J M Low (appointed 27 May 20221 M R Wright (appointed 27 May 20221 R D Harrison lappoinled 23rd September 20221 H R Mc8oyle lappoinled 23rd September 20221 The Board's members serve as Directors for the purposes of company law, and Trustees for the purposes of charity law. They are referred lo as Directors throughout this report.
MAYFLOWER ACADEMY LTD IA company limited by guarantee} REPORT OF THE DIRECTORS {conlinuedl For the period ended 27 March 2022 Structure, governance and management Governin DUment The company is incorporated in England and Wales as a private wmpany limited by guarantee and registered as a charity with the Charity Commissioners under number 1194797, governed by ils Articles of Association. The financial 5talemenls are prepared in accordance with current statutory requirernenls. the governing document of the company and the Charities SORP. The primary objectives of the Trust as defined by the Articles of Association are the encouragement of the arts, the promotion and advanment of education and the cullivalion and improvement of public education in drarna, mime, opera, singing, music, dance, painting and sculpture, cinema, literature and other arts. oinlmenl of Directors Directors are nominated by the Board. The Board reviews the list of members from time to lime lo ensure that all skills are covered if a vacancy arises. The following criteria for all future Board members have been approved by the Board of Directors.. Clear business sense and strategic business planning., Keen interest in performing arts, community theatre education and outreach Time available for Board activities., Locallregional residence., Community focused with knowledge of local businesses and local leaders., Representation in one of the following skill sets.. producing, education, community development, retail, finance, legal, environmental sustainability., and Commilrnent lo diversity and inclusion. Director Induction and Trainin New Directors undergo an orientation session with the Chief Executive and the Company Secretsry lo brief them on their legal obligations under Charity and Company Law. the contents of the Articles of Association, the committee and decision making processes, the three year rolling business plan and recent financial performance of the MAL. They are also issued with an induction pack. Related Parties The Mayfiower Theatre Trust IMTTI is currently a member of Maynower Academy Ltd along with 10 individuals. MTT shares some resources with MAL which are managed by a service level agreement and includes the sharing of key roles. The MTT Chief Executive and Creative Director, and Finance Director will carry out their respective functions for MAL and there is further shared resour with MTT, which include 3 members of the executive management team, (Head of Sales & Marketing, Head of Creative Learning and Head of Human Resources). prograrnrning, finance, human resources, IT, company secretarial services and box office sales team which are all managed via the sarne service level agreement. anisation MAL is organised so that the Directors meet regulady to direct the management of its affairs. A Chief Executive and Creative Director is appointed by the Directors lo manage the day lo day operations of MAL. To facilitate effective operations, the Chief Executive and Creative Director have the delegated authority, within terrns of delegation approved by the Directors, for operational matters including finance and administTalion, sales and marketing, technical service, human resources, and programming activity. Remuneration for ke mana ement The remuneration of the Chief Executive and Creative Director is agreed by the MTT Board, taking account of the financial performance of both and MAL,. achievement of key performance indicators., together with benchmarking against salaries of comparable positions in the industry. The remuneration is commensurate with similar charities. A proportion of the costs associated with this role are recharged to MAL via the service level agreement.
MAYFLOWER ACADEMY LTD (A company limited by guarantee) REPORT OF THE DIRECTORS (continued) For the period endgd 27 March 2022 Introductlon from the Chair We are delighted lo be reporting on the first trading year for Mayfiower Academy Ltd Ua MAST Maffjower Studios (MAST}. MAST opened its doors lo its first customer5 in May 2021 with a performance of Rambert 2.. Double Bill. We are grateful lo all our staff who worked tirelessly lo ensure the building was ready, with COVID-19 restrictions still in place, having only taken the keys lo the building in November 2020. Initially our staff body was limited in number so a lol of work for a small number of staff. We have spent the last 12 months building up the number of employees in line with our strategy. Recruilmenl has been particularly difficLJIt across the nation and that was certainly fe51 al MAST. By year end we had grown from 10 staff lo 56 staff and over 50 volunteers. We welcomed 41,202 customers lo 331 performances across both Studio 1 and Studio 2. Our ticket income was £501,593 and we ended the year with £172,353 surplus. This was higher than forecast largely because of delays lo delivering activity caused by both ongoing COVID-19 restrictions and delays in recruitment. The delayed activity has been carried over into the new financial year. With restrictions fully lifting in April 2022 we have already been able lo deliver the planned activity at a level outlined in the business plan. Programming this new venue remains challenging as is the nature of mid-scale Ihealre. However, we have developed an audience for family product with this genre of show performing particularly well in the year with shows such as F8nlaslically Great Women Who Changed the World, co-produced with Kenny Wax Family Entertainment Ltd, Gangsla Granny, Zog, Smeds and Smoos and Sarmy Britain. Aside from these family friendly shows we presented a broad range of genre including Four Quartets, a one-man show starring Ralph Fiennes., inlernalionally renowned Indian musician Zakir Hussain,. an array of comedians and musicians including Russell Kane, Rhys James, Rich Hall, Simon Brodkin, Gwenifer Raymond and Marisha Wallace., As part of our community programming we were pleased lo present Soulhamplon Operatic Society's Legally Blond., plays including Sheila's Island, The Rise and Fall of Littlg VoiGe, When Darkness Falls,. a production of Black is the Colour of My Voice,. as well as numerous newly created works supporting the development of local artists. Our current funding agreement with Arts Council England runs lo March 2023 with £1,085,170 received in the year. In spring 2022 applications opened for National Portfolio Funding for 2023-2026 and the entire leadership learn, and the board, contributed lo what we considered a strong appliealion. This is for £2.850million over the 3-year period and we will hear the outcome of our submission in October 2022. We are very grateful to ACE for their ongoing support and our regular contscl with our Relationship Manager. We are equally grateful for the support we are receiving frof Southampton City Council, with £290.000 received in the year. We have secured a further commitment from them lo March 2023 at the same level. Our partnerships with other cultural organisalions in the region create a Cultural Hub for the city continued with 7 companies basing their operations with us and collaborating on numerous programming, producing and participation projects. We are very grateful to Soco Music Project, ZoieLogic Dance Theatre, Artfu5Scribe, Soulhamplon Music Hub, Opera Up Close, Our Version Media and Sound Pop Academy for their continued engagement and commitment lo the vision of MAST. Our work with NT Connections continues lo provide fantastic opportunities for our younger people lo appear in work created by the Royal National Theatre. We continue lo be very excited about our plans for MAST and ils contribution to the culture of the city and the region. We already have a challenging, eclectic, and diverse programme in place for the next financial year and we will be focussing on audience development supported by the programme and participation work over the coming year. We would like to thank all our staff for their support over this first year of trading. Finally, I pay tribute lo my fellow directors and our Company Secretary, for their contributions al meetings and support of myself and the venue. This ensures excellent governance and a positive approach - across the whole company- lo all aspects of the business. We are looking forward lo exciting limes ahead. Malcolm Le Bas Chair
MAYFLOWER ACADEMY LTD IA company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the period ended 27 March 2022 Objectlves and actlvitles The objectives of the charity are.. the encouragement of the arts, the promotion and advancement of education and the cultivation and improvement of public education in drama, mime, opera, singing, music, dance, painting and sculpture, cinem8, literature and other arts., the development of public appreciation of such art by the provision of a theatre and the presentation of public performances., and furthering the social and cultural welfare of the local community and ils neighbourhood and visitors lo the city. The strategies employed to achieve the charity's objectives are to.. present a broad range of artistic work., ensure that the deals with promoters are favourable to the charity and will ensure the return of a surplus at the end of the financial year., focus on involving young people in the arts through participation and engagement to ensure culture plays an integral part in personal development,. and introduce activity lo encourage sectors of the community lo experience Ihealre, who may not have engaged before. The major areas of activity are.. musicals, opera, dance, drama and comedy. COVID-19 The year stsrted with stringent COVID-19 restrictions and we opened with social distsncing measures in place. These measures started lo ease by the end of summer 2021 and by April 2022 had completely lifted. The confidence of our audiences increased slowly across the year in line with the changes, notably at a different pace depending on demographic. This experience has been in common with the rest of our sector nationally. We also developed a pandemic risk register that has been monitored and updated wth each change in events and will continue lo be so. The ongoing need for this risk register will be addressed in autumn 2022. Publi¢ Bgngfit MAST The Directors have had due regard to the Charity Commission's guidance on public benefit. Our Engage programme had 10,836 engagements with the community during the year. The impact of COVID continued lo be fell throughout the year but in person activity was undertaken following strict COVID safely guidelines whenever rules permitted. The strategy for our Engage programme has four main strands.. Youth, Community, Participation and Education work. Youth We offered our first Summer Youth The8lre Project (SYP} Grimm Tales. This had 50 young people in the company. We were pleased to offer two assistant placement opportunities to students from Solenl University and to work with Iheir Hair and Make-up students. 3 performances look place playing to 479 audience members. Our weekly youth theatre sessions for young people, aged 10 - 18 years offered 3 groups the opportunity lo develop their skills and lalenls, have fun and make friends with other likeminded young people. The company explored a diverse range of topics throughout their sessions, including opportunities for performance in events such as the Royal British Legion showcase al Mayfiower Theatre. We were also delighted lo offer our groups the opportunity to allend a number of performances across both MAST and Maynower Theatre, which included Sleepy Hollow, Matthew Bourne's NutGrackerl and Fantastically Great Women fft Changed the World. These trips. combined with our diverse session
MAYFLOWER ACADEMY LTD {A company lirnited by guarantee) REPORT OF THE DIRECTORS Iconlinued} For the pgriod gnded 27 March 2022 content, helped lo broaden the creative aspirations of our participants, as they see the workings of a professional production first-hand. The separate production group performed The IT as part of the NT Connections Festival with 8 young people in the company performing lo 205 audience members. Our Junior Youth Theatre sessions reached 382 engagements across this year. Our Junior Youth Theatre, which targets young people aged 7-11, nurtures their interest in theatre and builds their skills as young performers. With sessions linking lo our wider programming, our Junior Youth Theatre particularly enjoyed focusing on our co-production of Fantastically Great Women Who Changed the World. and even learnt an extract of one of the productions songs, which was performed lo families as part of their end of term sharing. We offered 2 regular groups for young writers aged 14 - 25. Crow's Nest Creative had 129 engagements over 20 sessions and MAST Collective had 123 engagements, also over 20 sessions. These sessions are delivered through partnership with our Resident Company Artfulscribe and with funding support from the Arts Council of England. We delivered our first ever Christmas Youth Production ICYPI Peter Pan- An Awfully Bw Musical Adventu with a cast of 50. We saw an audience of 3,609 attending over 12 performances. Although the cast was affected by COVID, and understudies were called upon lo perform. no show was cancelled. Communlty This year we ran our first development workshops for our Christmas Youth Production of Petgr Pan - An Awfully &g Musical Adventure. These workshops focused on reaching participants who wouldn't normally engage in our SYP and CYP projects and gave them a supported opportunity lo access the audition process. These workshops focused on exploring the themes, settings and characters of the production through drama exercises, and ended with a Q&A with the Director of the production. We were proud lo partner with our Resident Company Our Version Media lo Connect us with new groups for this work, including Feed the Community, The United Voices of African Associations and Golden Eaglets. Our visual arts programme ran for the first lime this year, operating as a valuable means for engaging communily groups in free projects that were designed specrfically around their group members. Linking with our wider programming. these projects focused on a variety of mediums including photography, illustration and creative writing, and engaged with 135 people from groups such as adults living with Dementia, local primary schools, or young people from Southampton's areas of deprivation. In addition lo our ongoing visual arts programme, we also ran our first Community Exhibition Takeover project from September December. This project focused on pairing community groups with local artists to create a series of installations which transformed our building into the world of Neverland. In lolal, we reached 461 members of the community with this project, spanning groups such as No Limits Young Carers, adults living with Dementia, refugees and asylum seekers from the Soulhamplon and Winchester Visitors Group, Feed the Community, NHS staff and Mansbridge Primary School. We were delighted lo form a new partnership with local Dementia charity, Caraway, this year. Our partnership with Caraway began with their involvement in our Neverland project, before continuing into running a series of Arts for Oemenlia workshops for them across March. This work was supported by funding from Soulhamplon Voluntary servIs and Soulhamplon City Council's Adult and Community Learning Fund and enabled us lo reach 81 people throughout the project's lifespan. The project involved a local artist visiting Caraway's memory café sessions across the city, delivering workshops exploring the importance of early diagnosis, and how people's sense of self had changed since learning they had Dementia. The project culminated in the creation of a visual arts display tilled °I'm Still Me. which showcased the collages, prints and poetry created in the sessions. Maower'S partnership with Autism Hampshire continued, with Serendipity sessions now taking place monthly al MAST maoWer Studios. These workshops operate as a social opportunity for adults with Autism and give participants the opportunity lo explore a new art form each month, while building on their social skills. This year we have enjoyed sessions in drama, dance, music and talks about our buildings, heritage, current operation and future plans.
MAYFLOWER ACADEMY LTD (A company limitod by guarantee) REPORT OF THE DIRECTORS Icontinued} For the period gnded 27 March 2022 Our Family Fun Days also began this year al MAST, opening our doors to the families of Soulhamplon lo access free arts aclivilies. Our most popular activities have included arts and crafts, face painting, drama and music workshops and scratch performances hosted in Studio 2. We hosted 2 Family Fun Days within this financial year, reaching a total of 328 people. Of those people, over 500k of all families who allended were from Soulhamplon's areas of deprivation, with 41,/0 of the lolal allendees engaging with both MAST and Mayfiower Theatre for the very first time. Participatlon Our Maynower Young Company continued this year, reaching 334 engagements over 30 sessions. Our maOWer Young Company connects with young people aged 18 - 25 and focuses on building theatre making skills, allowing participants lo explore exciting and varied pieces of work, while also devising their own performances. Participants in our company have varied interests across all lovels of theatre making, including performing, writing and directing. Thank Friday il's Improvl ran across 20 sessions this year reaching 91 engagements. These sessions allow adults aged 18+ lo build skills around improvision in a fun and supportive environment. Participants in these sessions span from those looking lo work professionally within the industry, to those who take part as a hobby. We have been able lo offer 12 show events and tours this year including pre-show talks, posl-show question and answer sessions, and company classes, with a lolal of 268 people allending. These events have included company classes with Rambert and the National Theatre, our Ignition project with Frantic Assembly, a cinematic sound workshop with Rhum and Clay, touch tours, and public Q&A's on perfomiances such as Who Cares. Education This year, performances such as Who Cares and Fantastically Great Women Who Changed the World, were at the heart of our engagement work with schools. These performan$ enabled us to run pre and post show workshops, Q&As with the producing companies, and exclusive schools, performances. Focussing on important themes such as understanding the lives of young carers, or plafforming the stories of inspiring women, we were pleased lo connect with 490 pupils as part of this work, which induded schools such as Bitterne Park, City College and King Edward Vl. In addition lo show related packages, we also worked with home school groups and local secondary schools such as Meoncross to provide workshops, theatre tours and talks which cenlred on the varied career opportunities available across the arts sector. Engage Fogdback We are always seeking feedback on our Engage programme and developing our offer in response to this. Below is a small selection (names have been removed lo protect privacyl-. "It Was an incredible hvo weeks full of new people, fun gnd memorable moments that I hope to hold on to forevgr." SYP Participant 'Re811y ni actiVitS with engaging staff, enjoyed ill° Parent attending Family Fun Day "A great, talented cast, wonderful script, fantastic use of music and songs." CYP audience member 'My son ran up the stairs to find his groups work that hg thoroughly enjoyed taking part in. He said it was nice lo sge his groups work displayed and then being given the opportunty to watch the [performanceJ afterwards.~ Parent ofyoung C8rer involved in Neverland project Financial Revlew Maynower Academy Ltd Ua MAST malOWer Studios {MAL} is funded by both Arts Council England and Soulhamplon City Council. During the period we received £1,085,170 from Arts Council England and £290,000 from Southampton City Council and we are very grateful lo both organisalions for their support.
MAYFLOWER ACADEMY LTD IA company limlted by guarant99} REPORT OF THE DIRECTORS Iconlinuedl For the period ended 27 March 2022 We presented 331 performances in the period across 2 studios. The lop shows by attendance for the year included our co-production Fantastically Great Women Who Changed the World with 5,881 in attendance,. our own Christmas production Peter Pan.. An Awfully Sig Musical Adventure 14,6091,. Gangsta Granny12,3521," Zog {2,3241 and Barmy Britain12,1401. Our lolal attendance for the year was 41,202 with lickel sales of £501,593. We have been building up our ancillary sales offer in our café-bar area, Irialling different offerings, and results have been beller than originally anticipated. Investment has been in the areas we focussed lo grow the business.. carrying out ongoing repairs and maintenance,. recruitment., ensuring the IT infrastructure robust and fit for purpose,. and, crucially, planning and developing our programme and building on relationships with producers. Total Income for the period was £2,490,483 with costs of £2,318,130 leaving a surplus of £172,353. This will be carried over in our general reserve lo help us deliver our activity plan in the new financial year. Fundralslng perfomiance and approach The charity undertakes fundraising activity to its supporters via direct mail, fundraising events, sponsorship and email in line with the Fundraising Code of Practice sel by Fundraising Regulator. Our privacy statement, which is available on our website, outlines how we treat the personal data of our customers. When you SUPKlOrt us you can be sure of the following.. We will never sell your contact details lo anyon8 We will only contact you rf you have expressed an interest in our work If we phone you, we will always check you are happy to lake the call If you ask us lo change how we communicate with you, or slop, we will respect that We do not engage in cold-calling, door lo door or street fundraising We strive lo ensure no-one ever feels pressurised lo support our work All of our activities are open, fair, honest and legal No complaints about our fundraising activity were received in the last period. Our fundraising activities included applying for project funding, grant and trust applications, as well as corporate sponsorship and general donations. Reserves Policy The Board regularly reviews the Trust's Reserves Policy in line with the guidance issued by the Charity Commission. The principal objectives of the Trust are: 1.1. providing for the development of the Studios by undertaking major projects lo keep up-to-dale with pr(Mluctionlshowlbusinessllegallregulalory developments,. 1.2. providing, where appropriate, for investment lo support the operational strategy of the organisalion,. 1.3. maintaining the viability of the Studio buildings in line with the Planned Preventative Maintenance Programme., 1.4. making provision for future development of the Studio bLJildings and facilities,. 1.5. providing sufficient Tinancial comfort" during dark periods. This is a period when no show is programmed,. The Board recognises that the charity receives substantial funding from Arts Council England {ACEI and Southampton City Council. The Board recognises the business needs lo cater for a sudden bul temporary loss of income and has accordingly agreed lo continue the policy whereby unreslricled funds {which are free reserves of the charity) are built up and then maintained al a level which equates lo not less than 3 months of unrestricted expenditure. The Board are of the view that should provide sufficient funds lo cover management, adminislralion and support costs in order to secure the long term viability of the organisalion.
MAYFLOWER ACADEMY LTD {A company Ilmlted by guarant991 REPORT OF THE DIRECTORS Iconlinuedl For the perlod ended 27 March 2022 Our Artistic Vision which aims to providing inspiring experiences by maintaining the standard and quality of shows is based on the same core principles that has seen Mayfiower Theatre establish ils reputation. Our priority in 2022123 The Board also believes that, should il ever become necessary lo close down the charity, costs associated with such closure would be covered by the value of the business and ils assets. Descrlptlon of reserves The charity only has one fund as shown in note 14 to the financial statements. Unrestricted Fund The General Reserve represents the remaining accumulated surpluses over the years, intended lo promote the objects of MAL and be available as opportunities arise. 11 currently stands al £680,333. Free reserves Al the period-end the 'free reserve, balance was £526,729 (see note 141. MAL manages ils day-to-day operations through Ihe effective management of cash and considers that ils current levels of reserves and cash holdings are in line with expectation, whilst it strives lo maintain healthy levels of 'free reserves,. Principal rfsks and uncertalntles The Directors for the company have a risk management strategy which comprises.. A regular review of the risks the charity may face., The establishment of systems and procedures to mitigate those risks idenirfied in the plan and,. The implemenlalion of procedures designed lo minimise any potential impact on MAL should those risks malerialise. The Risk Registers across the group have identified 3 key risks this period and are listed below together with brief summaries of the strategies to manage these risks.. Loss of core funding. Strategies lo manage this risk include monitoring of key funder requirements., maintaining effective communication with key funders., keeping abreast of industry activity and funding requirements. 2. Ability lo meet forecast capacity levels. Strategies to manage this risk include programming, pricing reviews and dynamic pricing,. weekly ané monthly reporting tracking the sales of each show against largels., and our marketing strategy. 3. Threat of cyber fraud. The strategy lo manage this includes the allainmenl of the Cyber Fraud Accredilalion., 3td party audits and testing of our systems,. and training of staff lo raise awareness. Our staff regulady undertake training in how to be more cyber aware and are kept informed of lalesl advice from bodies such as Action Fraud Ilhe National Fraud and Cyber Crime Reporting Cenlrel as well as local police. We have developed a Security Incident Response plan that sets out how to deal with a cyber-fraud attack with a number of scenarios addressed. Financial risk management objectives and pollcles MAL finances its operations through retained surpluses supported by substantial core funding. The management's objectives are lo relain sufficient liquid funds lo enable it to meet its day-lo-day obligations as they fall due whilst oplimising returns on surplus funds. Hedge accounting is not used by MAL. Plans for future perlods Mayfiower Academy Ltd tl8 MAST Mayfiower Studios Mission statement is.. To preserve and maintain MAL for the community and provide a diverse programme of quality arts experiences. To be valuable lo the community and local cultural offer as a creative hub and centre of excellence for culture in Soulhampton. To be community focussed with engagement and consultation at ils heart. 10
MAYFLOWER ACADEMY LTD {A company limited by guarantee) REPORT OF THE DIRECTORS {¢onlinued) For the period ended 27 March 2022 will be lo continue lo grow our business, lo miligale risk and lo build our audiences. We will do this through our operational plan for 2022123 which includes: programming and audience development including an ongoing assessment of our policy and slralegy., further growth of our Engage programme ensuring a positive impact on our community and lo wmplement our artistic programme., consolidating relationships with our core partners deepening the relalionships with our resident and associate partners addressing ways lo improve our environmental impact including reducing use of plastics and energy identifying additional income sources lo diversify our funding streams ensuring we are considering the diversity in our organisalion al all levels The financial strategy is aimed al supporting these strategies.
MAYFLOWER ACADEMY LTD IA company limited by guaranleo) REPORT OF THE DIRECTORS Iconlinued} For the perlod ended 27 March 2022 STATEMENT OF DIRECTORS, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Directors are responsible for preparing the Report of the Directors and the financial slalements in accordance with applic8ble12w and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the Directors lo prepare financial statements for each financial period which give a true and fair view of the stale of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial $18lemenls, the Directors are required lo.. select suitable accounting policies and then apply them consislenlly,. observe the methods and principles in the Charities SORP,. make judgments and eslimales that are reasonable and prudent-, stale whether applicable UK Accounting Sl8ndards have been followed, subject lo any material departures disclosed and explained in the financial slalemenls., and prepare the financial statements on the going concern basis unless it is inappropriate lo presume that the charitable group will continue in business. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy al any lime the financial p0511ion of the charitable group and enable them lo ensure that the financial slalements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitab5e company, and the group. and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Direct8 are aware.. there is no relevant audit information of which the charitable group's auditor is unaware., and the Directors have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and lo establish that the auditor is aware of that infomalion. Mombers. interest The liability of every member is limited to £25 in the event of MAL being wound up. In preparing this report, the Directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006. On behalf of the board MHLeBas Director Mayftower Academy Ltd Empire Lane Soulhamplon Hampshire S015 1AP Dale.. 9 December 2022 12
MAYFLOWER ACADEMY LTD IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAYFLOWER ACADEMY LTD Opinion We have audited the financial ststemenls of Mayftower Academy Limited for the period ended 27 March 2022 which comprise the Statement of financial activities, B818nce sheet, Statement ol cash flow and notes lo the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparab'on is appli¢ablg law and United Kingdom Accounting Standards, including Financial Reporting S18ndard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practr'cel. In our opinion, the fin8n¢ial slalements.. give a true and fair view of the state of the charitable company's affairs as at 27 March 2022 and of the Charitable company's nel movernenl in funds, including the income and expenditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Awpted Accounb'ng Practice., and have been prepad in accordance with the requirements of the Companies Act 2006. Basis for opinlon We conducted our audit in a¢cordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities lor the audit ol the financial statements section of our port. We are independent of the charitable company in a¢¢ordance with Ihe ethica1 requiremenis that are relevant lo our audit of the financial slalements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other elhi¢al responsibilities in accord8n with these requirements. We believe that the audit eviden we have obtained is suffirygnl and appropriate lo provide a basis for our opinion. Con¢luslons relating to going concern In auditing the financi81 slalemenls. we have concluded that the trustees, use of the going concem basis of a¢untIng in the preparation of the financial slalemenls is appropriate. Based on the work we have perforrned, we have not idenbfied any material uncertainties relating lo events or conditsons that, individually or collectively, may cast significant doubl on the Charitable company's ability to continue as 8 going concem for a period of al least twelve rnonlhs frorn when the finanryal slalements are aLJihorised for issue. Our responsibilities and the responsibilities of the trustees with resp1 to going COnM are described in the levant sections of this report. Other information The trustees are responsible for the other infomialion. The other informaty'on comprises the inlomiation included in the Report of the Directors. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise expliciuy staled in our report, we do not express any fom) of assurance Conclusion thereon. In connection with our audit of the financial stalemenls, our responsibility is lo read the olher information and, in doing so, consider wheiher the other information is materially inconsistent with the financial slalemenls or lo our knowledge obtained in the audit or otheise appears lo be materially misslaled. If we identify such material In¢onsisten¢ies or apparent rnaterial misstatements, we are required lo determine whether there is a material misslalemenl In the financial statements or a material misstalemenl ol the other information. If, based on the work we have performed. we Conclude that there is a material misstalemenl of this other information, we are required to report that fact. We have nothing lo report in this regard. Opinions on other matters prescribed by tha Companias A¢t 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the D1clOr$ for the finanryal year for which the financjal 5ts1emenls are prepared is consislenl with the financial slalements.. and the dire¢lors' report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstalements in the Report of the Directors. We have nothing to report in respect of the following matters In latiOn lo which the Companies Act 2006 requires us lo report to you if, in our opinion.. adequate accounting records have not been kept by the charitable company., or the charitable company financial statements are not in agreement with the accounting records., or certain disclosures ol Iruslees, remuneration specified by law are not made.. or we have not reiVed all the infomiation and explanations we require for our audit,. or 13
MAYFLOWER ACADEMY LTD IA company limited by guaranteg) the trustees were not entitled to prepare the financial statements in accordance with the small companies, legime and lake advantage of the small companies. exemptions in preparing the trustees, report and from the requirement to prepare a strategic pOrt. Rosponslbllltles of trustees for the financial statemonts As explained MO fully in th& trustees. responsibilities statement set out on page 12, the Iruslees (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial slalements and for being satisfied that they give a true and fair view, and for such inlernal control as the Iruslees delemine is necessary to enable the preparation of financial stslements that are free from material misstatement, whether due lo fraud or error. In preparing the financial ststernents, the trustees are responsible for assessing the charitable company's ability to continue as a going concern. disclosing, as applicable, maiters related lo going con¢em and using the going concem basis of accounting unless the trustees either intend lo liquidate the charitable company or lo coase operations, or have no realistic alternative bul to do so. Auditorfs responsibilities for the audlt of the flnancial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free IrDm malerial misstatement, whether due to fraud or error. and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatemenl when il exists. Misslalemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to Influen the economic decisions of users taken on the basis of Ihese financial stalemenls. Irregularibes, induding fraud, a instsn¢es of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. lo delecl material misstatements in respect ol irregularities, including fraud. The extent to which our procedures are Capable of delecling irregularities, including fraud is detailed below.. Based on our understsnding of the group and the environmenl in which it operates, we identified that the princlpal risks of non- compliance wilh18ws and regulations related lo health and safety and data prolection legislats'on and we Considered the exlenl to which non-compliance might have a material effect on the ff nancial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financAal 5talemenls (including the risk of override of controls). Audit procedures perforrned by the engagement team included.. Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraLJd', Reviewing the controls and procedures relevant lo the preparation of the financial statements to ensure that these were in place throughout the year, including during the Covid-19 remote working period.. Evaluating management's Controls designed lo prevent and detect irregularities., Identifying and lesbng journals, including using daia analytics Soare in particuSarjoumal entries posted wlh unusual account combinations, postings by unusual users or with unusual descriptions., and Challenging assumpts'ons and judgements made by management In their ¢rili¢al accounting estimates, as described in the accounting policies. Because of the inherent limitations of an audit, there is a risk that we will not delecl all iThegularilies, including those leading lo a material misslalemenl in the financial slalemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial stalemenls, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilitses for the audit of the financial slalemenls is located on (he Financial Reporbng Council's website al.. www.fr¢.o .uklaudilorsres onsibililies. This description forms part of our audilorfs report. Usa ofour rgport This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies A¢1 2006. Our Sudil work has been undertaken so Ihat we might state to the charitable company's members those matters we are required lo slate lo them in an Auditor's report and for no other purpose. To the fullest extent pemitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit worf(, lor Ihis report, or for the opinions we have fomied. Jane Askew Isenior Stalulory Auditor) For and on behalf of Haysrnacintyre LLP, Statutory Auditor 10 Queen Street Place, London EC4R 1AG Date.. 13 December 2022 14
MAYFLOWER ACADEMY LTD IA company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES Ilncorporatlng the Income and Expenditure Account and Statement of Total Recognised Gains and Losses) for tho perlod from Incorporatlon untll 27 March 2022 Total 2022 Total 2021 Note INCOME FROM: Donations and legacies Investments Charitable activities show income 1,431,520 96 1,058,867 1,127,029 585 Total Income 2,490,483 1,127,614 EXPENDITURE ON.. Raising funds.. sponsorship Charitable aclivilies.. theatre programmes education and outreach 16,723 2,214,279 87,128 619,509 125 Total expenditure 2,318,130 619,634 Net Sncome for the perlod 172,353 507,980 TOTAL FUNDS AT 28 March 2021 14 507,980 TOTAL FUNDS AT 27 March 2022 680,333 507,980 All income and expenditure in the current and prior year was unreslricled. The group statement of financial activities has been prepared on the basis that all operations are continuing operations. The notes on pages 1810 26 form part of Ihese financial slalemenls. 15
MAYFLOWER ACADEMY LTD IA company limitod by guaranteè) NOTES TO THE FINANCIAL STATEMENTS For thg period ended 27 March 2022 2022 2021 Note FIXED ASSETS Tangible assets 153,574 100,660 153,574 100,660 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 7,366 230,829 643,934 2,329 70,893 513,468 882,129 586,690 CREDITORS: Amounts falllng due within onè yèar 10 {355,3701 1179,3701 NET CURRENT ASSETS 526,759 407,320 NET ASSETS 680,333 507,980 ACCUMULATED FUNDS Unrestricted incomo funds General reserve 12 680,333 507,980 TOTAL FUNDS 680,333 507,980 The financial stslements were approved by the t)oard of Directors on 9 December 2022 and signed on ils behalf by.. The note onp s 18 to 26 form part of these financial statements. Directors MHLeBas S Sesodia 16
MAYFLOWER ACADEMY LTD (A company limited by guaranteè) STATEMENT OF CASH FLOW for the period ended 27 March 2022 2021 2021 Notg CASH FLOWS FROM OPERATING ACTIVITIES 18 216,955 622,949 CASH FLOWS FROM INVESTING ACTIVITIES Interest received Purchase of tangible fixed assets Proceeds from the sale of fixed assets 96 186,5851 1109,7331 252 CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD 130,466 513,468 RECONCILIATION OF NET CASH FLOWTO MOVEMENT IN CASH AND INVESTMENTS Increase in cash in the year 130,466 513,468 MOVEMENT IN CASH AND INVESTMENTS FOR THE PERIOD 130,466 513,468 Nel cash and investments al the start of the period 513,468 NET CASH AND INVESTMENTS AT END OF PERIOD 643,934 513,468
MAYFLOWER ACADEMY LTD IA MpanY limited by guarantoel NOTES TO THE FINANCIAL STATEMENTS For the period ended 27 March 2022 STATUS The company is limited by guarantee, the liability of each member being limited to £25. ACCOUNTING POLICIES Basis of accounting The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicabSe in the UK and Republic of Ireland {FRS 1021 (second edition effective 1 January 20191- Icharilies SORP IFRS 10211, the Financial Reporting Slandafd applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. Mayfiower Academy Ltd Ua MAST M8yfiower Studios {MAL} meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at histOriC81 cost or transaction value unless otherwise staled in the relevant accounting policy nolelsl. PreparatSon of accounts on a going concern basis The Directors remain confident, with the measures put in place to mitigate income losses attributable lo the COVID 19 pandemic, in MAL'S ability lo continue as a going concern. The review of our financial position under worst case scenarios, reserves levels and future plans gives the Directors confidence MAL remains a going concem for the foreseeable future. Income Income primarily represents funding received during the year. Grants and donations Grants and donations are recognised where there is entitlement, probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when". The donor specifies that the grant or donation musl only be used in future accounting periods", or The donor has imposed conditions that musl be mel before MAL has unconditional entillemenl. Expenditure Charitable activities include expenditure associated with the provision of community and education activity (Engage) and include both the direct costs and support costs relating lo these activities. Governance costs include those incurred in the governance of MAL and its assets and are primarily associated with constilulional and slatulory requirements. Operating lease agreements Rentals applicable lo operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against the Sialemenl of Financial Activities on a slraight-line basis over the period of the lease. Tangible fixed assets and depreciation Tangible fixed assets are slated al cost, being purchase price, less accumulated depreciation. Items are capilalised if their individual value exceeds £500 or if they combine lo form an asset whose entire value exceeds £500. Oeprecialion is provided on all tangible fixed assets, other than long leasehold land, al rates calculated to write off the cost or valuation, less estimated residual value, of each asset evenly over its expected useful lrfe, as follows.. Plant and machinery Fixtures and fittings Computers and communications Leased assets (other than buildings) 5 to 20 years slraighl line 3 10 25 years slraighl line 3 to 10 years straight line over the life of the lease 18
MAYFLOWER ACADEMY LTD {A company limited by guarant991 NOTES TO THE FINANCIAL STATEMENTS For the period ended 27 March 2022 Stocks Stock is valued al the lower of cost, being purchase price, and net realis2ble value, after making allowance due for obsolete and slow-moving items. Debtors Trade and other debtors are recognised at the settlement amount due after any trade éiscounl offered. Prepayments are valued al the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash al bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. Creditors and provisions Creditors and provisions are recognised where MAL has a present obligation resulting from a past event that will probably result in the transfer of funds to a Ihiré party and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised at their selllemenl amount after allowing for any trade discounts due. Financial instruments MAL only has financial assets and fsnancial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured at their selllemenl value. Pension costs MAL operates a defined contribution pension scheme for employees. The assets of the scheme are held separately from those of MAL. The annual contributions payable are charged lo the Slalemenl of Financial Activities. Fund accounting The nature and purpose of each fund is described in note 14 and on page 9 in the description of reserves. Liquid resources Liquid resources indude current asset investments, being monies held in fixed term deposit accounts. Crltical accountlng Judgements and estlmatlon uncertalnty There are no critr'cal judgements and eslimales. DONATIONS AND LEGACIES 2022 2021 Arts Council Southampton City Council Other Donations 1,085,170 290,000 56,350 905,804 221,000 225 1,431,520 1,127,029 INVESTMENT INCOME 2022 2021 Bank interest receivable 19
MAYFLOWER ACADEMY LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 27 March 2022 INCOME FROM CHARITABLE ACTIVITIES 2022 2021 Ticket sales and auditorium fees Booking fee Rental income Ancillary trading income In-house production income Engage Income Business Rates Rebate VAT refund Miscellaneous inoome 546,803 35,976 60,976 93,579 111,660 46,538 23,482 83,S47 56,306 585 1,058,867 585 ANALYSIS OF EXPENDITURE Support costs Other support Governance costs costs 2022 2022 Direct costs 2022 Total 2022 Raising funds.. -sponsorship Charitable activities= theatre programmes education and outreac 16,723 16.723 1,824,261 87,128 379,618 10,400 2,214,279 87,128 1,928,112 379,618 10,400 2,318,130 Support costs Other support Governance costs costs 2021 2021 Dirg costs 2021 Total 2021 Charitable aclDiities'. theatre programmes - education and outreach 368,770 125 245,339 5,400 619,509 125 368,895 245,339 5,400 619,634 20
MAYFLOWER ACADEMY LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 27 March 2022 2022 2021 Support costs consist of the following.. Other staff costs 11,8S2 6,516 327,579 33,671 10,400 8,394 47 228,177 8,721 5,400 Finance Eslablishmenl Depreciation Governance 390,018 250,739 Governance costs consist of the following-. Audilorfs remuneration (excluding VAT} Other professional fees 8,000 2,400 5,400 10,400 5,400 NET MOVEMENT IN FUNDS 2022 2021 This is slated after charging.. Auditors, remuneration. audit Depreciation of owned fixed assets Operating lease rentals - land and buildings Loss on disposal of fixed assets 8,000 33,671 28,454 5,400 8.721 19,552 100 STAFF COSTS 2022 2021 Wages and salaries Social security costs Other pension costs 838,746 54,682 28,058 191,846 5,214 2,552 921,486 199,612 21
MAYFLOWER ACADEMY LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For thg pariod onded 27 March 2022 The average number of full-lime equivalent employees (including casual and part lime staff) during the period was as follows- 2022 Number 2021 Number FTE FTE Leadership team Other staff 52 29 59 10 10 No remuneration was paid during the period lo any member of the Board of Direclors12021-. £Nil}. During the period MAL did not reimburse any Iravelling expenses of the Board of Direclors.12021.. £Nill. There were no employees whose emoluments amounted lo over £60,000 in the period. Total leadership team17 employees) remuneration (including salary, pension, bonus payments. and healthcare) is £230,12412021.' £63,244). The variance is due lo the majority not being recruited until the final quarter of 2020121. 22
MAYFLOWER ACADEMY LTD {A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 27 March 2022 TANGIBLE FIXED ASSETS Flxtures and fittings Land and buildings Plant and machingry Total Cost: Al 29 March 2021 Additions 83,711 32,283 25,666 45,784 109,377 86,585 8,518 Al 27 March 2022 8,518 115,994 71,450 195,962 Depreciation: Al 29 March 2021 Provided during the period 7.767 28.353 950 5,185 8,717 33,671 133 Al 27 March 2022 133 36,120 6,135 42,388 Net book valug: At 27 March 2022 8,385 79,874 65,315 153,574 At 29 March 2021 75.944 24,716 100,660 DE8TORS 2022 2021 Traee debtors Other debtors Prepayments and accrued illcome 26,722 116,103 88,004 2,925 67,968 230,829 70,893 10. CREDITORS: amounts falllng due within one year 2022 2021 Trade creditors Other taxes and social security Other creditors Accruals and deferred income 115,244 16,026 9,184 214,916 26,669 6,064 91,969 54,668 355,370 179,370 23
MAYFLOWER ACADEMY LTD (A company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS Forthe period ended 27 March 2022 11. ANALYSIS OF DEFERRED INCOME 2022 2021 Deferred income brought fOard Arnounls released lo income in the period Amounts deferred in the period 54,668 154,668) 194,605 54,668 Deferred income carried forward 194,605 54,668 12. RELATED PARry TRANSACTIONS Ouring the financial year Mayfiower Academy Ltd paid a management fee of £360,422 to Mayfiower Theatre Trust for the provision of support services under the terms of a Service Level Agreement. Al the year end. £98,077 was owed by Mayfiower Theatre Trust to Mayf ower Academy Limiled.12021.. £89,975) was owed to Mayfiower Theatre Trust by malOWer Academy Limited. Mrs J Ockwell, spouse of Mr M Ockwell, Chief Executive and Creative Director of Mayfiower Academy Ltd during 2021 provided creative services for the Engage Programme in the period for the remuneration of £9,52512021'. £2501. There were no other related paty transactions in the period. 24
MAYFLOWER ACADEMY LTD (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 27 March 2022 13. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted General accumulatgd fund 2022 Fixed assets Current assets Current liabilities 153,574 766,026 1239,267} 680,333 Unrestrleted General accumulated fund 2021 Fixed assets Current assets Current liabilities 100,660 586,690 1179,3701 507,980 14. FREE RESERVES The free reserves of MaWlower Academy Ltd sland al £526,759 as al the period ended 27 March 2022. This figure is made up of: 2022 2021 Unrestricted general lundesignatedl funds Less fixed assets held in general undesignaled funds 680,333 1153,5741 507,980 1100,660} 526,759 407,320 25
MAYFLOWER ACADEMY LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 27 March 2022 15. RECONCILIATION OF FUNDS AND MOVEMENTS ON RESERVES Unrestricted General reserve Total At 28 March 2021 Income Expenditure Gain on investment asset Transfer 507,980 2,490,483 12,318,130) 507,980 2,490,483 12,318,130) At 27 March 2022 680,333 680,333 General Resep40 This fund includes the surplus for maoWer Academy Ltd for the period ended 27 March 2022 to be utilised in the mission and activities of the organisalion. 16. PENSION COMMITMENTS MayFTower Academy Ltd operates a defined contribution pension scheme for ils employees. The assets of the scheme are held separately from those of the company in an independently administered fund. The charge in the accounts was £28,05812021'. £2,552) and an amount of £8,960 (2021.. £1,9941 was included in creditors al the peri(xl end. 17. OPERATING LEASE COMMITMENTS Al 27 March 2022 the charity had the following commitments under operating leases, prepaid during the year-. Leasehold buildings 2022 Leasehold buildings 2021 Amounts falling due within one year Amounts falling due in 1-5 years Amounts falling due in more than 5 years 10,060 30,180 10,060 40,240 40,240 50,300 18. CAPITAL COMMITMENTS There were no capital commitments at the 2022 period end. 26