MAYFLOWER ACADEMY LTD {A company limited by guarantee) THE REPORT OF THE DIRECTORS AND FINANCIAL S1TATEMENTS FOR THE PERIOD ENDED 31 March 2024 Company Registered number: 12809454 Charlty Registered number: 1194797 MAYFLOWER ACADEMY LTD (A company limited by guaranteol THE REPORT OF THE DIRECTORS AND FINANCIAL STATEMENTS for the period ended 31 March 2024 CONTENTS Pages Report of the Directors 2-19 Auditor's Report 20-21 Statement of Financial Activities 22 Balance Sheet 23 Statement of Cash Flow 24 Notes lo the Financial Slalemenls 25-33 MAYFLOWER ACADEMY LTD (A company Ilmlted by guarantee) REPORT OF THE DIRECTORS For the period ended 31 March 2024 The Directors present their report and consolidated financial statements for the period from 3 April 2023 to 31 March 2024. Reference and Admlnlstrative Details Company Reglstered number.. 12809454 Charity Registered number.. 1194797 DSrectors l Trustees: M H Le Bas (Chairl I￿signed 29 September 20231 M R Wright Ichairl lappoinled as Chair 29 September 20231 R D Harrison P Hewitt JMLOW H R McBoyle L Mitchell M D Ockwell18X-officiol S W Panlling S Sesodia P Swindale (resigned 29 April 2024) Mgmbers: The Maynower Theatre Trust MHLeBas M R Wright R D Harrison P Hewitt JMLOW H R McBoyle L Mitchell S W Pantling S Sesodia P Swindale {resigned 29 April 2024} Company Secretary: C Jones (resigned 31 July 20231 H E Downey (appointed 7 August 20231 Chief Executivg and Creative Dlrector: M D Ockwell Auditors: Haysmacinlyre LLP 10 Queen Street Place London EC4R 1AG MAYFLOWER ACADEMY LTD IA ￿MpanY limited by guarantee) REPORT OF THE DIRECTORS Iconlinued} For the period ended 31 March 2024 Referencg and Administrative Dotails (wnlinued) Bankors: Sanlander UK PIC Bridle Road Boolle Merseyside L30 4GB Solicitors: Paris Smith LLP 1 London Road Soulhamplon Hampshire S015 2AE Registered office: ma￿lOWer Theatre Empire Lane Southampton Hampshire S015 1AP Site Address MAST Mayftower Studios 142-144 Above Bar Soulhamplon Hampshire S014 7DU Board of Dlrectors The Board of Directors throughout the period and up to the dale of this report was made up as follows.'- M H Le Bas (Chairl (resigned 29 September 2023} M R Wright (Chairl lappoinled as Chair 29 September 2023) R D Harrison P Hewill JMLOW H R McBoyle L Mitchell M D Ockwell (ex-officio) S W Pantling S Sesodia P Swindale (resigned 29 April 2024} 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 Iconlinued} For the period ended 31 March 2024 Structure, Govgmance and Management Governin Document The company is incorporated in England and Wales as a private company limited by guarantee and registered as a charity with the Charity Commission under number 1194797, governed by ils Articles of Association. The financial statements are prepared in accordance with current slatulory requirements, 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 advancement of education ane the cultivation and improvement of public education in drama, mime, opera, singing, music, dance, painting & sculpture, cinema, literature and other arts. ointment of Directors Directors are nominated by the Board. The Board reviews the list of members from lime to lime to 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,- lime available for Board activities,. locallregional residence., commLJnity focused with knowledge of local businesses and local leaders., representation in one of the following skill sels.- producing, education, community development, retail, finance. legal, environmental sustainability,. and commitment to diversity and inclusion. Director Induction and Trainin New Directors undergo an orientation session with the Company Secretary 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 reeenl financial performance of ma￿OWer Academy Ltd {MALI. They are also issued with an induction pack. Related Parties The ma￿ower Theatre Trust IMTTI is currently a member of MAL along with 9 individuals. shares some resources with MAL which are managed by a Service Level Agreement and includes the sharing of key roles. The Chief Executive & Creative Director and Finance Director will cary out their respective functions for MAL and there is further shared resource with MTh, which includes 3 members of the Executive Management team, IHead of Sales & Marketing, Head of Creative Learning and Head of People & Cullurel, Programming, Finance, People & Culture, IT, Company Secretarial services and Box Office sales team which are all managed via the same Service Level Agreement. Furthermore, there is an agreed Benefits in Kind statement reflecting shared resources lo the benefit of each organisation. The Maynower social impact strategy is delivered jointly by and MAL. In some points in this re5)ort we use the term 'theatre' which refers lo and 'sludios' which refers to MAL. Or anisalion MAL is organised so that the Directors meet regularly lo direct the management of ils affairs. A Chief Executive & Creative Director is appointed by the Directors of lo manage the day lo day operations of MAL. To facilitate effective operations, the Chief Executive & Creative Director has the delegated authority, within terms of delegation approved by the Directors, for operational matters including Finance & Adminislralion, Sales & Marketing, Techni￿1 Service, People & Culture, and Programming activity. Remuneration olic for ke mana emenl The remuneration of the Chief Executive & Creative Director is agreed by the MTT Board, taking account of the finaneial performance of both MTT 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 lo MAL via the Service Level Agreement. MAYFLOWER ACADEMY LTD {A company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the period ended 31 March 2024 Introduction from the Chair We are pleased to be reporting a surplus of £15,739 for Maffjower Academy Ltd Ua MAST ma￿OWer Studios IMASTI. exceeding original expeclalions. We welcomed 60,778 customers, our highest number yel as we continue lo grow our audience, to 310 performances across both Studio 1 and Studio 2. Our ticket income was £764,020 of which we retained 33Vo. Particularly pleasing was to see a year on year improvement across all our performance targets, reflecting positively on our strategies lo develop the operation of our organisalion. The programming of the venue remains challenging as is the nature of mid-scale theatre. Family shows continue lo be a strong genre for our audiences with again 5 of the lop 6 most highly attended shows in year being a family production, with shows such as Stickman. Zog, The Tiger Who Came to Tea, Peppa Pig s Fun Day Out as well as our own, Christmas Youth Production of A Christmas Carol. We also presented drama with shows including our own production of Sizwe Banzi is Dead which then wont on lour last autumn., Metamorphosis., MaGbelh,' Oh What a Lovely War, and Crimes on Centre Court. Comedians, musicians and speakers added lo the variety of the programme including Rhys James,. Ivo Graham,. Rosie Jones,. Guz Khan,. Andy Parsons,- Troy H8wke,' Vishwa Mohan Bh8tt,. Liza Pulman & Joe Stilgoe,. Gart17 Marenghi,. Jgff Slelling.. and James Haskell. As part of our community programming we were pleased to present Awaaz Quinquennial,. Om Shanti Om." Southampton Operatic Society's production of Seussical,. Windrush Caribbean Film Festival,. and UK Shaolin's Chinese New Ye8r 2024,. as well as numerous newly created works supporting the development of local artists. It was the first year of our National Porffolio funding agreement with Arts Council England with £950,000 received in the year for which we are very grateful. We equally appreciate the support we are receiving from Southampton City Council, with £290,000 received in the year. We have secured a further commitment from them lo March 2025 21 lower level of £261,000. We also acknowledge the support we received frorn Mayfiower Theatre Trust for services provided via a Service Level Agreement which equaleé lo £131.114 in year alongside additional support to the value of £429,908 provided as Benefits in Kind. MAST Maynower Studios provide Mayfiower Theatre with use of their spaces as part of the Benefits in Kind agreement lo deliver some of their Participation (including community, education and oulreachl activity under this arrangement lo the value of £111,849. Our partnerships with other cultrjral organisalions in the region, creating a cultural hub for the city continued, with seven companies basing their operations with us and collaborating on numerous programming, producing and participation projects. We are very grateful lo Artswork, ZoieLogic Dance Theatre, Artfulscribe, Soulhamplon & low Music Hub, Opera Up Close. Our Version Media and Sound Pop Academy for their continued engagement and commitment lo the vision of MAST. ma￿lOwer tskes ils social, environmental and economic impact seriously and these three areas are al the heart of what we do. Vve, alongside ma￿lOWer Theatre, work together to offer so much more than stages for actors and producers to showcase their talents and delight audiences. We have a complementary programme of participation events with the aim lo ignite passion and creativity in people, giving them opportunities they never thought possible and bring them together with a shared love of theatre and the performing arts. Vve delivered 39,210 engagements across our Participation work in both venues and welcomed a further 7,462 audience members to enjoy this work. We specifically focused on disadvantaged communities in the city,. 56010 of the schools we worked with had more than 150/0 of their students receiving free school meals. We delivered 53 workshops, 18 talks, and 14 backstage tours. We worked with 26 primary schools, 16 secondary schools, 7 further education colleges and 2 universities. We offered student nights and delivered our second Illuminate Drama Teachers Conference. We delivered our Surnmer Youth Project production of Honkl with 143 young people cast in the production. Our Christmas Youth Production of A Christmas Carol was performed with a company of 51 young people. We delivered a further 4,046 engagements through our Youth Theatre provision. There is more detail further on in the Report of the Directors. Mayfiower's commitment to reducing our environmental impact continued across our venues with our dedication lo reducing our cartK)n foolprinl, in collaboration with our partners, staff, and suppliers. In the year at the theatre, we achieved a 9.8D/u reduction in energy consumption due lo a rolling scheme of LED lighting upgrades, a more informative and efficient building management and monitoring soffv4are lo help us control systems., localised healing controls,. and raising awareness amongst our colleagues lo turn off equipment and lights when not needed. Vve are currently MAYFLOWER ACADEMY LTD {A company limited by guarant99) implementing a similar programme of works al the Studios. We are also delighted lo report that due lo Changes in our waste management. over 600kn of our waste is recycled with the remaining waste used lo generate energy. Along with Mayfiower Theatre, our economic impact on the city remains signrficanl wlh over 520,000 audience members attending performances across both venues,. the employment of 228 at the theatre.. and a further 50 employed by the studios. We reinvest any surplus made into both the fabric of our buildings and into our education and participation programme lo make arts and culture accessible across the city and communities we serve. Our people continue lo be a key focus and we were again pleased to be able lo award pay increases in April 2023 and from April 2024 have been able lo pay the Real Living Wage. aligning with Maffjower Theatre. We thank our teams for all their hard work and are proud of how they represent Mayfiower. At the studios, we ended the year with 50 staff and 65 volunteers, and we would like to thank them all for their support over the year. We delivered 60 training and development courses for staff in the year across our venues. We continue to adapt our approach to recruilmenl lo ensure we are representing the community we serve and aim lo have a diverse workforce, reflecting that community. Finally. I pay Iribule lo my fellow Directors and our Company Secretary, for their contributions at 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 lookn'ng forward lo exciting ts'mes ahead. Michael Wright, Chair MAYFLOWER ACADEMY LTD {A company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the period gndgd 31 March 2024 Objectives and Actlvltles 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 & sculpture, cinema, 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, ils neighbourhood and visitors to the Glty- The strategies employed lo achieve the charity's objectives are to.. present a broad range of artistic work., ensure that the deals with promoters are favourable lo 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., introduce activity to encourage sectors of the community lo experience theatre, who may not have engaged before., and support sector development through artist development. open Galls and re$idenl and associate company collaborations. The major areas of activity are.. musicals, family shows, opera, dance, drama and comedy. Public Benefit The Directors have had due regard to the Charity Commission's guidance on public benefit, In particular through Social, Environment81 and Governance. SoGial lrnpact MaWlower provides an extensive participation programme delivered across both Mayfiower Theatre and MAST MaWlower Studios. We offer so much more than stages for actors and producers to showcase their talents and delight audiences. We are a force for good, here lo ignite passion and creativity in people. To give them opportunities they never thought possible and bring them together in a love of theatre and the performing arts. Over the year ma￿OWer Theatre invested £429,908 via Benefits in Kind and recharged £131,114 via the Service Level Agreement to MAST Mayfiower Studios. MAST Maynower Studios provided £111,849 in Benefits in Kind lo Mayfiower Theatre. We delivered 39,210 engagements across our Participation work in both venues and welcomed a further 7,462 audience members lo enjoy this work. We connected with a wide range of young people, schools, universities, community group$ and adults to engage them with the live theatre offered al both venues. Creative Schools 560A of the schools we worked with had above 15¥0 of their students receiving free school meals, largeling disadvantaged communities in the city. We worked with 26 primary schools, 16 secondary schools, 7 further education colleges and 2 universities. We delivered 53 workshops. 18 talks and 14 backstage tours. 959 students signed up for Maynower Sludenl Nights, with 305 students accessing discounted theatre tickets with the scheme. We delivered our seconil Illuminate Drama Teachers Conference with 76 teachers in allendance. We also launchee and delivered our Federation of Drama Schools Insight Day with 15 of the 18 lop UK drama schools in attendance. 148 further education students allended lo lake part in workshops and gain insight into the wodd of drama schools. We delivered the annual free WNO school's concert with 1,111 in attendance from 15 prirnary schools. We delivered Production Insights workshops partnering with New Adventures, where we also launched our Tech Taster programme working with our production team giving insight lo backstage careers alongside the le2m from Edward Scissorhands. MAYFLOWER ACADEMY LTD IA company limited by guarantee) REPORT OF THE DIRECTORS Iconlinued) For the perlod ended 31 March 2024 °Where do I begin?11??! Thank you thank you thank youl!11! The students 8nd l absolutely loved our tourl The experience was so much more hands on. and they loved getting a re811y close look at everything." (Teacher) Youth Pro ecls We delivered our Summer Youth Project production of Honk! with 198 young people attending auditions and 143 cast in the production. 115 young people auditioned for our Christmas Youth Production A Christmas Carol, wth 51 young people being cast in the production. We delivered 4,046 engagements through our Youth Theatre provision. Our drama group staged One Million lo Slop the Traffik and our Musical Youth Theatre group staged A Chorus Line. We launched our new Production Arts group, offering young people workshops in lighting, sound, stage management, design and practical opportunities lo apply this lo youth productions, delivering 455 engagements. Vve launched our new actor training initiative Elevate Ensemble for those underrepresented in the arts, delivering 258 engagements including regular training sessions, industry maslerclasses, and trips to see live theatre productions. Of the 7 young people supported by the programme who auditioned al UK Drama schools, 5 gained places. We continued lo work with our local Associate companies, City Eye and Artfulscribe, delivering Young Film Maker sessions with 204 engagements and Young Writer sessions with 837 engagements. "SYP has given me a safe and collal)oralive plgce and I have found a passion here. There are amazing opportunities to enjoy. and I will be returning.- (Summer Youth Project P8rtIClP8nt) A Place for ALL We delivered 736 engagements through our backstage tour programme. We delivered 716 engagemenls through our show events, including a curated Q&A programme and access events. We delivered 953 engagements through our Soulhamplon City Council funded adult learning work including singing for wellbeing projects and a new carers choir. We delivered 31 heritage volunteer sessions and 3 outreach heritage talks. We worked in partnership with several productions to deliver a holiday workshop programme including a weeklong activity with Charlie arKI the Ch￿oI01e Factory. "I found the whole eXper￿nce excellent from first to last, your staff were genuinely interested in giving me the best experience" (Touch Tour Participant) Bursaries We are grateful lo MTT for providing a total of £8,660 in bursaries issued across our youth projects supporting 150k of participants in our Youth Theatre, 200/0 in the MThSummer Youth Project production and 200/0 in our Christmas Youth Project. Outreach This year we delivered 4 bespoke visual arts projects that engaged with 351 participants who were facing barriers to cultural access which resulted in 759 engagements. This included a project for adults with autism, linked lo the Diverse City production of Waldo's Circus of Magic and Terror, an exhibition with Solent Queer Society exploring themes of idenlily," partnering with the first Black Business Art and Music IB8AMI Festival lo showcase work from local black artists,. and undertaking our third Community Exhibition Takeover project al Christmas which was co-conslructed with No Limit's Young Carers group, who determined Christmas themed content for all areas of the building. We then partnered with our local Holiday Activities and Food Fund IHAFI provision lo work with schools with a high percentage of children in receipt of free school meals lo create a series of installations. -ljoined in and was hypnotized by how calm it W8s. 18m not 8 C81m person or aty. I was so quiet and involved in what I was doing, no one would guess this would be for me, bul your team were so friendly, so I wanted to go for the whole course. ' (Participant in the Waldo visual arts projectl MAYFLOWER ACADEMY LTD IA company limited by guarant0el REPORT OF THE DIRECTORS Iconlinued} For the Poriod gnded 31 March 2024 Our Community First Nights programme achieved great success this year, with 1,144 tickets given lo members of local community groups who would otherwise be unable lo access live performance. This year we worked closely with refugee and asylum seeker support charities such as Soulhamplon and Winchester Visitors Group ISWVG} and The Clear Project, as well as Southampton's Social Services team. Members of these groups enjoyed a wide variety of performances and activities across both of our venues including our Family Fun Days, Message in a Bottle, The Tiger Who Came to Tea, Shrek the Musical and Everybody's Talking About Jamie. We delivered 3 Family Fun Days across the year, linked lo performances of 8rainiac Remixed. We re Going on a Bear Hunt and Peppa Pig's Fun Day Out. In total we had over 2,300 visitors across all our Family Fun Days, and offered activity from resident partner companie5, commLtnity partners, local arts organisalions, and artists from our artist development programme. In House Productions As well as the impact on the young people participating in our youth projects, we have also been able lo contribute to local and early career artists, through open calls for a wide variety of roles across our Productions. Five freelancers joined us across our Summer Youth Project production Honkl Christmas Youth Production A Christmas Carol and our Youth Theatre production A Chorus Line, including designers. choreographers and stage management. In addition lo this, we ran interviews for alumni of our Youth Theatre and Projects, to join the 2023 Summer Youth Project production as Assistant Choreographer. Away from our work with local young people, the same call outs provided 1 additional creative, 1 stage manager and 2 performers, for our other productions. In total 88 submissions were received for open call outs. Our production of Sizwe Banzi is Dead, opened al MAST Maynower Studios in October 2023 after three weeks rehearsing in Southamplon. The tour visited three venues across the UK, Aberystvryth, Theatre by the Lake {Keswi¢kl and The Barnfield (part of Exeter Northcottl. The production was well received and performed through Black History Month. Mayfiower Theatre Trust invested £55,000 in this production. Vve were delighted to co-produce work with Frantic Assembly and New Old Friends. Frantic Assembly is an Associate company, and our co-production Metamorphosis played to sellout crowds in Southampton and continued onlo a nationwide tour. Our co-production with Ellie Keel Productions from 2022, SAP. moved into London for a short run at the Soho Theatre. Artist Develo ment- Pro el Across the year we held 57 meetings wth local artists and theatre companies to provide mentorship support. 34 of these meetings supported artists and theatre companies based in Soulhamplon, 6 were for those based in local Levelling Up for Culture Priority Places ILUCPI as idenlrfied by Arts Council England, and 17 were for artists in other local areas. We further supported the development of local artists through our Scratch Night offer. We hosted 3 Scratch Nights, supporting 14 artists and theatre companies lo develop their work. These events were attended by over 150 people, who gave valuable feedback to those performing, aiding them in the development of their work. In August 2023 we were able lo open our spaces lo 57 artists across 15 dkfferenl groups. offering a lolal of 194 hours of free rehearsal space for the development of work. This offer focused locally, with 60'/o of free room recipients being from Soulhamplon, and 7010 from the New Forest, one of our local Levelling Up for Culture Priority Places. In January we also offered 3 artist residencies which provided free rehearsal space and seed commission lo works in development. Th1s included Deadman Theatre, a theatre company based on the Isle of Wight, Open Plan Theatre, who have previously presented work al one of our Scratch Nights, and artist Anthony Underwood, who is working with deaf artists to create a musical adaptation of The Tin Soldier. Through an open call out and interview process we identified our first cohort of Propel Associates,. an artist development programme designed to support artists, theatre companies or arts festivals in their development and bridge the gap between our wider Artist Development work and our Associate company relationships. Our cohort includes 4 theatre ompanies, 3 artists and the Soulhamplon Fringe Festival, and covers genres such as musical theatre, drama, dance MAYFLOWER ACADEMY LTD IA company limited by guarantee) REPORT OF THE DIRECTORS Icontinuedl For the pgriod ended 31 March 2024 and creative writing. Support for our Propel Associates includes ongoing mentorship and bespoke training workshops, seed commission, and opportunities lo be programmed throughout the 20-monlh partnership, particularly during our upcoming 2025 Shout Season. "I wanted to commendyou for your access and accessibility as 8n autistic artist and l appreciated greally how well I was looked after, and my sensory needs considered. This happens very rarely in most places." - ArtistP8rticipaling in our free rehearsal spaGe offer Partnershi This year we welcomed Artswork as a new Resident Partner al MAST Maffjower Studios. We Gontinued lo develop our work with our 7 Resident Partners, focusing on quarterly strategic meetings to look al opportunities to share our working pradices and initiate plans for evaluating the impact of the cultural hub. Our collaboration with our partners continued through a variety of performance and participation work. Examples of this include working with Soulhamplon & low Music Hub and ArtFulScribe as part of the Christmas Community Exhibition Takeover, commissioning Our Version Media lo run a mobile storytelling programme as part of our Outreach work, and supporting Operaupclose with the development of their upcoming piece Riders to the S&8. Feedback We have been humbled by the feedback we have re¢eived from participants, some already shared in this report. and below is a small sample of more.. Christmas Youth Project - A Christm8s Carol From start to finish Christmas Carol was so very fvn, 8XClting and inspiring. The whole cast, creative team, technical team and Ghapemnes made the experience so lovely, and I h8d such a lovely time being a p8rt ofsomething so magical. Being 8 part ofthis project has truly been one of the most beneficial and enjoyable experiences of my lrfe. I feel as rf I have com8 out of il 8 drfferenl person and am etemally grateful for everyone who worked on this pmiecl, as well 8S 8Xtremely proud lo have shared a stage with so many talented actors. My son loved his time with so many friends who all had the same interest and character as him. It was a massive distraction from his difficutt year. and to see the joy on his face after auditions (as well as tiredness) 8nd especially after the shows. My daughter really appreciated the guidance given with herperformance. She loved the rehearsals and seeing the performance wme log&ther, she was blown away by the sel revegl. The costume fitting was a highlohl for her. The amazing tr￿ndshIpS she mad8 were a keyp8rt to her experience, being able to work witlj like-minded young people. She has shown us all 8 sKle of her we knew was therg, but she was reluctant to bring out. Summer Youth Project production - Honkl Best experience of my life, never fell more comfortable 8nd inspired by a group ofpeople. definitely h8ve found my place! Honkl was such an am8zing 8xperience and to 8clually perform on the Mayfiower stage was unreal! Everyone there is ￿allY supportivp 8T￿ th8 rehearsals are soooooo fun because you can leam new skills and mak8 lols ofnew friendsl A wonderful experience, she was brimming with COnf￿enCe, very relaxed & animated on stag& & looked really happy. 11 was 8 pleasure to watch such 8 talented bunGhl So proud of the whole team. Howyou can pul on such an amazing show in 2 weeks is astounding I was so emotional seeing my daughter up there doing what she loves having the time of her lifel I think as a parent you always ty and do better and want better for your own children and knowing she has been able lo have this chance and have a safe place lo be able to express hersemand be herself meant the world. Federation of Drama Schools Insights Day The students were treated like adults and everything fell aimed at them in a very posrfive way. They gained a lot of confidence in the LAMDA Workshop and learnt a new acting technique. The drama schools representgd there were all incredibly helpful and spent lime with our students 8nd tha panel talk was invaluable. They learnt hints and Ilps as well as outstanding advice. Excellent evgnt. Thank you Il's very drffiGuII ft)r ffty students lo afford travel so the bogesl benefit from today w8s having access lo all of the top Drama SGhools in one place making il much easigr for them to find out about the processes. I think il also 10 MAYFLOWER ACADEMY LTD (A company limited by guarantee) REPORT OF THE DIRECTORS Iconlinued} For the period endod 31 March 2024 challenged them lo speak to profession8ls and ask qUest￿nS which is good practice for them. There was a lovely overall message about drama sc17001 expectations and how students should celebrate their strengths, be themselves and if they need financial support options exist. All completely relevant and valuable to my students. Play Creators Pilot, Mansel Park School A lot of the students become more confidenl in their wrking skills. They r88lised they could write when given fvll crgative control. They also were able to work on their teamwork and collaboration skills, which werg really needed. They learned to work together and listen to other ￿eaS and share and collaborate. Improving their confidence to speak up and their understanding of allowing other ideas to (ake place rather than just their own. Wowl Fantastic jobl The children loved the show. The performances were fantastic- the performances that were realed for the children to walch were very engaging. A gr&at effort lo cre8te scripts using Èhe children's ideas- very inspiration81. They'll remember this fory8ars to com8. t170ught the guide was friendly, patient, easy to understand, kno￿8dgeabla. and knew what they were doing. Thoroughly enjoyed the tour, informative and interestingl So nice to see behind th& scenes and have it explained. Would dgfinilely recommend this tour. The guides and evgryone whom w8 c8me across were so lovely and welcoming. New Adventures Schools Workshops rhe New Adventures workshop has been a signrficant opportunity for the class, even those who don t realise they are working with some offhe most talented performers in the worldl You c8n see the investment, and the effort from individuals who don t always ty. There is a big difference from the giggles through the whole warmup and hesitance al the start of the workshop to the avid attention being paid whilst learning the repertoire at the end. To watch son7e ofmy class totally gmbrace the Matthew Bourne choreography has been a realioy. The workshops leaders have been so inspiring, paI￿nI and encouraging rf has been a very long time sinGe we have had a professional dance company come into the school to deliver workshops and we were very excited to have this opportunity. I hope we can do more in the fulure. To then come and watch the performance and see the kids recognise parts of the Choreo they'd learnt, be excited to talk about it and to then see ljow things work from a techniGalperspective was exactly what they needed to bring eVer￿￿l￿g together and bring more to life than we c8n sometimes explain or teach in the classrc¥)m. Artist Development.. Artist Summer Takeover It was such a great opportunity, thank you. 11 was also brilliant lo collaborate with other artists on fheir projects who were using the space for newpieces of writing. Thank you ftjr the spacel R&ally pleased to engage with MAST Mayffower Studios as a local artist. Staff were very friendly and welcoming to us and nothing was loo much troubl8. The event was well organised and we enjoyed thg experience. Community First Nights Thank you, the show was great, and thg h￿h ceiling, lights and show was beaulrful. The screens on the S￿eS hglped me understand what they were saying while the people who were a part ofa show did a great job in acting and I'd recommend il for any family. I found i was the only one wearing a hijab and nearly everyone had blonde hair and were from the same race so they would clap belween every part whereas in my family we just clap al the gnd ofthe show, so l tried lo join in. Definitely worth itll Thank you. This is 8 wonderful opportunity to make refugees feelpart of the cultur81 lrfe of our city, and, in this ca￿, I know that parents who have been unable to treat their children this summer, really appreciated the opportunity. Also, fhe theatre is so beautiful. Family Fun Day 18ttended your family fiin day Saturday, and first of all I want to say thank youl It W8s great, 8nd my I￿le one especially loved the 'chill space" (he can get overslimulaled easily and get rather overwhelmed so that space was great. We spent prob8bly 30min in the room, building lowers with the cushions, making obstacle courses and played copying games. He also did enjoyed the crafts, and liked walching the other children dance. It was a lovely family day. Our little one loved the face painting and crafts. MAYFLOWER ACADEMY LTD (A company limlted by guarantee) REPORT OF THE DIRECTORS Iconlinuedl FOT the period ended 31 March 2024 Awessible Performances Signed and Captioned performance feedback for Snow While.. -1 am pmfoundly deaf. Last night myselfalong with my deaf friends were at Ilje show sitting F & G mw walGhing Snow White and the Seven Dwarfs. It was the best show we ever w8tGhed because it was a signed performance and captioned at the same time were so beneficial for 811 of us, certainly made so much differen￿ to us. Thank you for using both at the same lime and hope it would repeat in the future. Touch Tours This was my first Yotjch tour, and it was just simply great. To be able to fe81 the costumes and 8rtifacls and not be rushed. The staff went above and beyond by even explaining some of the dances arKI how the costumes moved with thg dancers. This helped during the show where we could imagine the wslumes moving with the dancers. The aud￿ description worked really well. The staff made sure we were comfortable and confidant with using the headsets. Well done to the staff who made us feel very speci81 throughout the day. l Gan'l wait for the next trip. Staff Wellbein MAL is an inclusive employer with an active diversity and inclusion strategy in place. We are very keen lo welcome all into our organisation both as employees and customers. We review our policies and procedures regularly lo promote inclusion in a number of ways, for example, providing materials to prospective employees in drfferenl formals to suit their needs. We have a hybrid working policy in place for our staff who have roles that can be fulfilled remotely. Health and Safety is always high on our agenda with Health & Safety considered al our Audit & Governance Committee meetings and reported into the main Board. There is a staff led Maynower Health & Safely group who meet bi-monthly to discuss best practice and new initiatives. Health and Safety discussions are also held al all team meetings with staff encouraged lo report and discuss any issues they may itjenlify. We very much value our staff and their wellbeing is a high priority. Our Mayfiower People programme promotes healthy lrfestyles,. financial support for initiatives such as free flu jabs for staff,. and social gatherings. There is an Employee Assistance Programme IEAPI in place for all staff and we have offered a webinar on personal f1nancial management provided by our EAP supplier. We also have a pro-active Mental Health First Aid team in place providing discrete support for any staff member. Our Enga9e work, referenced earlier in this report, is very active in our community engaging with individuals from a diverse range of ethnic and socioeconomic backgrounds. Envlronmental Impact Environmental Mana Al Mayfiower, we are committed to acknowledging and mitigating our environmental impact. We are dedicated lo a comprehensive carbon reduction inilialive, collaborating with our partners, colleagues, and suppliers lo diminish our carbon footprint. This work has progressed further al the theatre, but the studios, still in relative infancy, is working on aligning initiatives. Al the Ihealre, we will publish our environmental impact and provide regular updates on our progress and aim to do the same for the studios in the forthcoming years. By actively engaging in susiainable Pfaclices and fostering accountability, we strive lo make meaningful contributions towards environmental preservation an inspire others lo do the same. Together, we can achieve a greener future for our organisation and the communities we serve. Our Environmental and Sustainability policy has been updated to refiecl this key strategic focus area, setting our ambition to achieve nel zero emissions. Environmental consullanls undertook a benchmarking exercise for the theatre in 2022 to determine our carbon foolprinl, energy consumption, recycling and waste data. The report provided recommendations for capital investment and cultural changes lo educate our staff and visiting companies. In 202312024 we achieved a 9.80/0 reduction in energy consumption through LED lighting upgrades, investment in building management and monitoring software, localised heating controls {TRVsl within the main auditorium and by encouraging our staff lo switch electrical items off when not in use. ement 12 MAYFLOWER ACADEMY LTD (A company limited by guaranteo) REPORT OF THE DIRECTORS Iconlinuedl For the perlod ended 31 March 2024 Following contracting Veolia in January 2024 to manage our waste streams and the introduction of dry mixed recycling throughout our venues, we have ended wasle-lo-landfill practices and can now report that 60Q/o of our waste goes on lo generate energy with 40 % being recycled. This is a positive first step for higher levels of recycling performance for the Ihealre. At the studios we have invested in our upgraded building maintenance system which will provide greater control aiding the reduction in energy usage and improving efficiencies. We have also started to upgrade lighling to LED as part of a rolling programme of works over 2-3 years in line with affordability. We have recently been able to gather enough data lo define a baseline which we can measure against as we introduce new initiatives and will be in a better position lo report on outcomes in future reports. Mayfiower has a working group, known as the Environment & Sustainability Team, made up from staff across both venues al all levels who together, help lo identify better ways of working and more environmentally friendly supplies as well as promoting best practice throughout the company. The team continually develop our Environment & Sustainability action plan, informed by the Green Book series from suslainabilily experts Buro Happold in association with,. Theatres Trust, UK Theatre, National Theatre and ENO to name a few. The business is committed to making a positive impact through outstanding environmental sustsinability performance., our strategy focuses on six priority areas.. Carbon emlsslons from th&itre buildings - reduce carbon emissions related lo our energy consumption to a minimal level. Sustainable resource uso- reduce the environmental impacts of our consumption and supply chain. Travel - limit transtx)rt emissions by reducing the need to travel, through allernalive working arrangements, encouraging walking, cycling and the use of public transport and managing the demand to travel by car. Biodiversity- identrfy and address Mayfiower'$ principal biodiversity impacts throLtgh its operations and supply chain. Water management- lo conserve water through efficient use and ongoing management. Investments - ensure that Mayfiower, as an investor, is part of the solution lo climate change and biodiversity loss. The strategy is supported by the following four 'enablers': Governance - embedding environmental sustainability in Mayfiower's governance and deeision making. Reportlng - developing a syslern of annual reporting of carbon emissions and biodiversity impact which will be included in theatre's annual report 2nd financial accounls. Funding- making funds available for sustainability initiatives over the next 10 years, lo finance the programme of action required to reduce our environmental impact. Offsetting - establishing a policy to guide our use of carbon offsetting and biodiversity offsetting. We have developed a sel of key performan￿ indicators to help inform progress which is then reported lo the Board. Governance We have robust governance in place overseen by our Audit & Govemance Committees, one each for MTT and MAL, which meet five limes a year in lolal, reporting into their respective Board. We have adopted the Charity Governance Code and undertake regular audits by external providers lo ensure we have best practice in place. This committee reviews a schedule of policies on a limelabled basis including but not limited lo policies on anli-bribery, safeguarding, health & safety, pay, treasury. and reserves. The Remuneration Committee is responsible for reviewing and recommending lo the MTT Board the Chief Executive & Creative Director's remuneration. The SeNice Level Agreement provides for a charge lo MAL and the Benefits in Kind slalemenl recognises service not charged. The Committee and the Leadership Team of Mayfiower prepare the Governance Handbooks which are then recommended lo and approved by the respective Board guiding all governance issues relating to both organisalions. The Boards undertake regular updating on charity and corporate governance both internally ané through external advisors. MAYFLOWER ACADEMY LTD IA company lirnitgd by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the period ended 31 March 2024 The Boards are commilled to diversifying their membership and endeavour lo achieve this through the work of the Nominations Committee which makes recommendations both as lo the membership of the Board and ils succession. STRATEGIC REPORT Achievements and Pèrformance MAL'S strategy is underpinned by a key focus on the Arts Council England's four investment principles.. Ambition & Quality lo achieve the mission of Inspiring Experiences through diverse programrlling reaching underserviced audiences,. to use monitored data to evaluate artistic quality and diversity of staff, patrons and stories., and lo see positive audience and participant feedback, return visits, growth of lickel sales and increase in diversity. Environmental Responsibility- lo reduce environmental impact across operations,. use artistic plafform lo engage aligned partners and creatively respond lo climate crisis through the work we programme and produce,. lo grow audiences and participants for this work., and regularly monitor emissions, achieving a 300kn decrease in our carbon foolprinl. Dynamism to be robust and dynamically able to withstand challenges and seize opportunities., monitor resilience and use data to drive innovation,. deliver business model between MAST Mayflower Studios and MaWlower Theatre maximising opportunities,. and lo establish a creative, engaged workforce low staff turnover and measurable skills development. Inclusivity alld Relevance- refiecl our community and be recognised for championing voices less heard across all aspects of our work,. and measure success by monitoring percentage increases of those with protected characteristics al Board, staff & volunteer level, as well as across our audiences, participants and patrons. Our shared artistic vision for MayNower is key lo our strategy for the coming years and in summary indudes.. Programme in a creative and imaginative way. Prioritise programming for children, young people, and families, building audiences for now and the future. Widen the provision of dance within the programme ensuring language is not a barrier. Enhance Ma￿lOwer'S reputation nationally and internationally by identifying investment opportunities, co- producing and producing projects under the ma￿lOWer Made banner that builds audiences. Ensure the programme appeals lo the mixed, diverse arts ecology of the area and that diversity is reflected on our stages. Support creative sector development lo ensure the future growth of work for our stages. Give clear progression routes into the industy, recognising disadvantage, and addressing inequalities lo support a diverse workforce. Nurturing new and existing talent to support artists lo develop, create arid produce new work al small and mid-scale level recognising this develops future large-scale work. Provide a professional platform lo celebrate the local community, local lalenvslories, connecting and hampioning underrepresented voices, priorilising Female Led Stories and Creative Teams. Develop mulli art form work in collaboration with our Resident, Associate and Partner Companies locally, regionally, and nationally. Engage with producers lo promote environmental sustainability of touring productions The Board and the Leadership Team of Mayfiower have continued lo deliver the strategic 8re8s of focus.. People, Stages, Community, and Venues. Brief details of which are sel out under the Plans for Future Periods section on pages 15-16. We have identrfied a number of key performance indicators IKPlsl lo measure success and report on progress of our strategic objectives al each Boaré meeting. These include monitoring allendance, turnover, labour percentage alongside initiating a Net Promoter Score INPSI for all productions that visit the theatre and studios. Flnancial ReviBw- Maynower Academy Ltd Mayfiower Academy Ltd Ua MAST MaWlower Studios IMALI is funded by both Arts Council England and Southampton City Council. During the period we received £950,000 from Arts Council England and £290,000 from Soulhamplon City Council and we are very grateful lo both organisations for their support. 14 MAYFLOWER ACADEMY LTD (A company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the perlod ended 31 March 2024 We presented 303 performances in the period across two studios. with 199 in Studio 1. The lop shows by attendance for the year included our Christmas Youth Production of A Christmas Carolwilh 4,680 in allendance,. Stickman14,065}', Zog {2.983),' The Tiger Who Came to Tea12.608} and M8tamorphosis12,5861. Our lolal allendance for the year was 60,778 with ticket income of £764,020. We continued developing our ancillary sales offer in our café-bar area, striving to meet the needs of our diverse audiences, and the spend per head was 4Vo higher than prior year. Spend per heads are impacted by the mix of show programme with family shows achieving lower levels of spend and one night shows achieving up lo 34 limes higher. Investment has been in the areas we focussed lo grow the business.. carying out ongoing repairs and maintenance (investing £109,597),. marketing {£86,8441 and staff Iraining1£10,3111,' ensuring the IT infrastructure is robust and fit for purpose1£42,283, subsidised by Mayfiower Theatre)., and, crucially, planning and developing our programme and building on relationships with producers. The ongoing issues with the building in terms of repairs and maintenance remain a financial distraction potentially reducing our ability lo deliver even greater social impact. We are investigating funding opportLsnities lo support these requirements so we can focus on providing benefit lo our community- Total income for the year was £2,678,051 with costs of £2,662,312 leaving a surplus of £15,739. We have a general reserve balance of £471,294 which is higher than original expeclalions. Plans for Future Perlods Whilst we remain focussed on delivering our artistic vision which aims lo provide inspiring experiences by maintaining the standard and quality of shows for which ma￿lOWer has established ils reputation, we are also very focussed on continuing lo grow our audiences and developing our staff body. We are continuing lo build on our strong foundations and move forward with delivering our strategy. We will do thi5 through our operational plan for 202412025 which supports our 4 areas of organisalional focus.. People- to be recognised as Employers of Choice in our sector and region,. recruit from a broad range of backgrounds lo further strengthen our commitment to diversity and inclusion., invest in training and continuous professional development., promote wellbeing benefits of leading a healthy and active lrfestyle., and ensuring our Safeguarding strategy is continually developed and effected lo ensure compliance with legislation and best practice. Stages - programme in a creative and imaginative way ensuring the best touring productions perform on our stages,. broaden the programme lo ensure young people and family groups can attend performances on our stages,. widen the provision of dance within the programme, lo ensure inclusion and diversity are reflected on our stages and we can appeal lo a wider demographic ensuring language and hearing impediment are not a barrier to attendance,. enhance the theatre's reputation nationally and inlernalionally and identify investment opportunities and co-producing projects,. ensure the programme appeals lo the mixed, diverse ecology of our community and is reflected on the stages., support creative sector development to ensure the future growth of work for our siages. Give clear progression routes into the industry, recognising disadvantage, and addressing inequalities lo support a diverse workforce. Nurturing new and existing talent lo support artists lo develop, create and produce new work al small and mid-scale level recognising this develops future large-scale work. Comrnunity- grow our participation programme lo drive attendance, participation and learning to develop audiences for the future-, offer young people the opportunity lo engage with the arts, whilst nurturing and developing skills,. offer engagemeril opportunities lo all schools and furtheT education colleges, particularfy largeling schools above national average free schools meals and college bursaries., provide access to our programme and heritage for all ages. enriching the experience for current theatre goers., give pathways for y04Jng people lo gain industry insights, work experience and early employment opportunities", priorilise the safety, comfort and security of our audiences and participants,. work with the community lo idenlrfy and encourage those who do not usually allend or participate to feel Maynower belongs lo them, addressing barriers and reaching out lo eommunilies,. work collaboratively with Ioe81 cultural organisalions acting as an enabler and facililalor lo the wider sector,. through MAST Mayfiower Studios offer a cultural hub for the region and wider sector support,. be the Theatre of Choice for patrons and visiting companies by cultivating and caplivaling, diverse, enlhusiaslic, and loyal stakeholders. 15 MAYFLOWER ACADEMY LTD {A company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the period ended 31 March 2024 Venues - raise the profile of Mayflower regionally and nationally, enhancing Mayfiower's reputation in the creative sector,. ensure staff, customer, visiting company and stakeholder safely is consislenl with national guidance and industy recommendations,. strive for customer service excellence and oplimise commercial relums through simple and accessible service points,. engage staff and suppliers lo challenge and define our environmental and sustainability roadmap to achieve carbon net zero,. reserve, maintain and enhance the venue for future generations. The financial strategy is aimed al supporting these areas of focus, each of which has a number of objectives and supporting actions identified alongside key performance indicators lo measure SUc￿$S. These are monitored at Leadership Team Meetings and updates on progress reported lo the Board at each Board meeting. We continue lo receive executive leadership and programming services as well as shared supt)ort services from ma￿oWer Theatre Trust under a Setvice Level Agreement and Benefit in Kind statement ensuring the organisalion realises ils goals by broadening the cultural offering of Soulhamplon and the surrounding areas. The charitable objectives of both and MAL are aligned, so both organisalions work collaboratively for their mutual benefit and that of their beneficiaries. Fundraising Perfomiance and Approaeh Maffjower undertakes fundraising activity lo ils supporters via direct mail, fundraising events, sponsorship and email in line with the Fundraising Code of Practice sel by the Fundraising Regulator. We do not engage any external fundraising professionals. Our privacy statement, which is available on our website, outlines how we treat the personal data of our customers. When you support us you can be sure of the following.. We will never sell your contact details lo anyone We will only contact you if you have expressed an interest in our work If we phone you, we will always check you are happy to take the call If you ask us lo change how we communicate with you, or stop, we wll respect Ihal We do not engage in wld-ca15ing, door lo door or street fundraising We strive lo ensure no-one ever feels pressurised lo support our work l of our activities are open, fair. honest and leg21 No complaints about our fundraising aclivty were re￿IVed in the last period. Our fundraising activities included applying for project funding, grant applications, as well as corporate sponsorship and general donations. Reserves Policy The Board regularty reviews the Reserves Policy in line with the guidan￿ issued by the Charity Commission. The principal objectives are.. 1.1. providing for the development of the studios by undertaking major projects to keep up lo date with produclionl show I business I legal I regulatory developments., 1.2. providing, where appropriate, for investment lo support the operational strategy of the organisalion,. maintaining the viability of the studio buildings in line with the Planned Preventative Maintenance Programme., making provision for future development of the studio buildings and facilities., 1.5. providing sufficient Tinancial comfort. during dark periods. This is a period when no show is programmed. REPORT OF THE DIRECTORS Icontinugd) For the period ended 31 March 2024 16 MAYFLOWER ACADEMY LTD (A company limited by guarantee) The Board recognises that the charity receives substantial funding from Arts Council England IACEI and Southampton City Council. The Board recognises the business needs lo cater for a sudden but temporary loss of income anis has accordingly agreed to 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 the reserves should provide sufficient funds to cover management, administration and support costs in order lo secure the long term viability of the organisalion. The Board also believes that, should il ever become necessary to close down the charity, costs associated with such closure would be covered by the value of the business and its assets. Description of Rgsorves The charity only has one fund. The General Reserve represents the remaining accumulated Sufpluses over the years, intended to promote the objects of MAL and be available as opportunities arise. It currently stands at £471,294. Free Reservos Al the period end the Yree reserve, balance was £317,009 (see note 151. MAL manages ils day-to-day operations through the effective management of cash and considers that ils current levels of reserves and cash holdings are in line with expeclalion, whilst it strives lo maintain good levels of Yree reseNes' lo support ongoing activity- Prlnclpal Risks and Uncertainties 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 lo miligale those risks identffied in the plan. and the implementation of procedures designed lo minimise any potential impact on MAL should those risks malerialise. The Risk Registers across the group have identified four key risks this period and are listed below together with brief summaries of the strategies lo manage these risks.. 1. 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 lo manage this risk include programming, pricing reviews and dynamic pricing,. weekly and monthly reporting tracking the sales of each show against targets,. and our marketing strategy. 3. Availability of touring product for the small to mid-scale Ihealres and lack of opportunities for co-producing partnerships. The strategy lo manage this risk includes careful monitoring, careful selection of titles lo produce, development of quality productions, and securing funding for less commercial projects. 4. Threat of cyber fraud. The strategy to manage this includes the atiainmenl of the Cyber Fraud Accredilalion., 3rd paty audits and testing of our systems., and training of staff lo raise awareness. Our staff regularly undertake training in how lo be more cyber aware and are kept informed of latest advice from bodies such as Action Fraud {Ihe National Fraud and Cyber Crime Reporting Centre} as well as local poli￿. We have developed a Security Incident Responsè plan that sets out how to deal with a cyber-fraud allack with a number of scenarios addressed. Flnanclal Risk Management Objectlves and Policiès MAL finances its operations through retained surpluses supported by subslanlial ￿Te funding. The management's objectives are to relain sufficient liquid funds lo enable il lo rneel ils day-lo-day obligations as they fall due whilst optimising returns on surplus funds. Hedge accounting is not used by MAL. MAYFLOWER ACADEMY LTD {A company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the perlod ended 31 March 2024 STATEMENT OF DIRECTORS, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {Uniled Kingdom Generally Accepted Accounting Practice). Company law requires the Directors to prepare financial slalemenls for each financial period which give a true and fair view of the slate 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 stalemenls, the Directors are required lo.. select siiilable accounting policies and then apply them consislenlly., observe the methods and principles in the Charities SORP.. make judgments and estimates that are reasonable and prudent., stale whether applicable UK Accounting Standards have been followed, subject lo any material departures disclosed and explained in the financial stalemenls.. and prepare the financial slalemenls on the going concern basis unless il 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 at any lime the financia1 position of the charitable group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company, and the group, and hen￿ for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Directors 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 lo have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that inforrna110n. Members. Intgrgst The liability of every member is limited lo £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 Michael Wright Director ma￿lOWer Academy Ltd Empire Lane Soulhamplon Hampshire S015 1AP Date.. AI4L OCfD6tL 202} MAYFLOWER ACADEMY LTD IA wmpany limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF MAYFLOWER ACADEMY LTD Opinion We have audited the financial statements of Mayfiower Academy Limited for the period ended 31 March 2024 which comprise the Stalement of finanaal acb'vities, Balance sheet. Slalemenl of cash flow and notes to the financial stalemenls, including a summary of significant accounting poliryes. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, induding Finanryal Reporting Standard 102 The Financial Reportffng Standard applicable in the UK and Ropublic of Ireland (United Kingdom Generally Accepted Accounbng Practice}. In our opinion. the financial slalements.. give a true and f8ir view of the slate of the charitable company's affalrs as al 31 March 2024 and of the charitable company's nel movement in funds, including the income and expenditure. for the year then ended,. have been property prepared in accordance with United Kingdom Generally Accepted Accounting Pra¢tsce', and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Inlemalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements Ihat are relevant to our audit of the financial slalernenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in a￿ordanCe wlh these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to providg a basis for our opinion. Con¢lu$ions rolating to going ¢on¢ern In audits'ng the financial statements, we have concluded that the trustees, use of the going con￿rn basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed, we have not identified any material uncertainties relating lo events or conditions that, Individually or collectively, may cast significant doubt on the chantsble company's ability to continue as a going concem for period of al least twelve months from when the financial statements are aulhorised for issue. Our fesponsibilities and the ￿SponsIbl11￿.es of the trustees with respect to going concem are descrfbed In the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the Report of the Director5. Our opinion on the financjal slalements does not cover the other infomialion and, except lo the exlenl otherwise explicitly staled in our report, we do not express any form of assurance conclusion Ihereon. In connection with our audit of the financial statements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or lo our knowledge obtained in the audit or otherwise appears to be materially misslaled. If we identify such material inconsislencjes or apparent material misstatements, we are required to determine whether there is a material misslalemenl in the financial statements or a material missiatemenl of the other information. If, based on the work we have performed, we conclude that there is a material misstatemenl of this other informab'on. we are required lo report that fact. We have nothing lo report in this regard. Oplnlon$ on other matters prgs¢rlbed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report of the Directors for the financial year for which the financial stslements are p￿pared is consistent wlh the finanaal statements., and the directors, report has been prepared in accordance with applicable legal requirements. Mattors on which we are raquirad 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 misslalemenls in the Report of the Directors. We have nothing lo report in respect of the following rnatters in relation to which the Companies Act 2006 requires LSS to report lo you if, in our opinion.. adequate accounting records have not been kept by the charitable company., or the charitable company financial slalemen15 are not in agreement with the accounting records,. or certain disclosures of trustees. remuneration specified by law are not made.. or we have not re￿iVed all the information and explanations we require for our audit., or the Iiuslees were not enliued lo prepare the financial siatemenls in a￿ordanCe with the small ¢ornpanies' regime and take advantage of the small companies, exemptions in preparing the trustees, report and from the requirement lo prepare a strategic report. 19 MAYFLOWER ACADEMY LTD IA Company Ilmited by guarantee) INDEPENDENT AUDITOR'S REPORTTO THE MEMBERS OF MAYFLOWER ACADEMY LTD R8sponsiblllties of trustees for the financial statements As explained more fully in the trustees, responsibilities statement sel out on page 18, the trustees {who are also the dlrectors of the charitable Company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such inlemal control as the Iruslees determine is necessary lo enable the p￿paratiOn of finanaal statements that are free from material misstatement, whether due lo fraud or error. In preparing the financial stalemenls. the trustees are responsible for assessing th& charitable company's ability lo continue as a going concern, disclosing, as applicable. matters related lo going con￿rn and using the going Concern basis of accounting unless the trustees either intend lo liquidale the charitable company or to cease operations, or have no realistic allemative bul lo do so. Auditor's responslbllltles for the audlt of the financlal statements Our objectives are lo obtain reasonable assurance about whether the financial statements as a whole are free from maiedal fflisslatement, whelher dlte lo fraud or error, and to issue an auditor's ￿port 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 IUKI will always delecl a material misstalem8nt wherF it exists. Misstatements Can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected lo Influen￿ the ￿onoMiC decisions of users taken on the basis of these financial siatemenls. Irregularities, Including fraud, are instanees of non-compliance with laws and regulations. We design procedures in line wllh our responsibilities, outlined above, lo dete¢l material misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable of dete￿Ing irregularities, including fraud is detailed below.. Based on our understanding of the group and the environment in which il operates, we idenllfied that the principal risks of non- compliance wlh laws and regulations related to health and safety and data protection legislation and we considered the extent to which non-compliance mi9hl have a materi81 effect on the financial statemenis. We also considered those laws and regulations that have a direct impact on the preparation of the financial slalements such as the Companies Act 2006 and the Charitles Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls). Audit procedures performed by the engagement team included.. Discussions with management induding consideration of known or suspe¢led instan￿S of non-compliance with laws and regulation and fraud., 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 delecl irregularities., Idenb'fying and testing ioumals, including using dats analytics so￿are in particularjournal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions." and Challenging assumptions and judgements made by management in their critical accounting estimates. as described in the accounting policies. BecaLtse of the inherent limitations of an audit, there is a risk that we will not delecl 811 irregularities, induding those leading lo a material misslalemenl in the finaneial slalements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions refiecled 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 misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Rewrting Council's website al.. www.1rc.or uklauditDrsres auditor's report. onsibililies. This description forms part ol our Use of our report This report is made solely to the charitable company's Tnembers, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state lo the charitable company's members those matters we are required to stsle lo them in an Auditor's report and for no other purpose. To the fullest extenl pemitted by law, we do not accept or assume responsibility lo anyone other than the charitable ￿MpanY and the charitable company's rllembers, as a body, for our audit work, for this report. or for the opinions we have fomied. Jane Askew (Senior Slabjtory Auditor} For and on behalf of Haysmacintyre LLP, Statutory Auditor 10 Queen Street Place London EC4R 1AG [date ) 20 MAYFLOWER ACADEMY LTD (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES Ilncorporatlng the Income and Expendlture Account and Statement of Total Recognlsed Gains and Losses) for the perlod from Sncorporatlon untll 31 March 2024 Total 2024 Total 2023 Notg INCOME FROM: Funding & Donations Investments Charitable activities - show incomo 1,264,174 22,966 1,390,911 1,321,140 834 1,157,393 Total Income 2,678,051 2,479,367 EXPENDITURE ON.. Raising funds.. sponsorship Charitable aclivilies.. theatre programmes - education and outreath 29 31,117 2,524,619 137,664 2,589,196 83,832 Total expendituro 2,662,312 2,704,145 Net Income for the period 15,739 1224,7781 TOTAL FUNDS AT 2 Aprll 2023 455,555 680,333 TOTAL FUNDS AT 31 March 2024 471,294 455,555 Al income and expenditure in the current and prior year was unrestn'cted. The group statement of financial activities has been prepared on the basis that all operations are continuing operations. The notes on pages 25 10 33 form part of these financial statements. 21 MAYFLOWER ACADEMY LTD {A company limited by guarantee) BALANCE SHEET For the period ended 31 March 2024 2024 2023 Note FIXED ASSETS Tangible assets 154,285 183,478 154,285 183,478 CURRENT ASSETS Stocks Debtors Cash al bank and in hand 13,109 298,930 480,705 9,234 315,644 310,390 10 792,744 635,268 CREDFTORS- Amounts falling due wlthln one year 1475,7351 {363,1911 NET CURRENT ASSETS 317,009 272,077 NET ASSETS 14 471,294 455,555 ACCUMULATED FUNDS Unrestrict9d income funds General reserve 471,294 455,555 TOTAL FUNDS 471,294 455,555 The financial slalements were approved by the b08rd of Directors on and signed on ils beha 2024 Directors The notes on pages 25 10 33 form part of these financial stslements. 22 MAYFLOWER ACADEMY LTD (A company limited by guarantee) STATEMENT OF CASH FLOW for the period ended 31 March 2024 2024 2023 Noto CASH FLOWS FROM OPERATING ACTIVITIES 170.394 1261,1181 CASH FLOWS FROM INVESTING ACTIVITIES Interest received Purchase of tangible fixed assets Pro￿edS from the sale of fixed assets 22,966 {23.0451 834 174,261) 1.000 CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD 170,315 1333,5441 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN CASH AND INVESTMENTS Increase in cash in the year 170,315 {333,5441 MOVEMENT IN CASH AND INVESTMENTS FOR THE PERIOD 170,315 (333,5441 Nel cash and investments al the start of the period 310.390 643,934 NET CASH AND INVESTMENTS AT END OF PERIOD 480,705 310,390 23 MAYFLOWER ACADEMY LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 STATUS The company ig limited by guarantee, the liability of each member being limited lo £25. ACCOUNTING POLICIES Basis of a￿OUntIng The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Sialemenl of Recommended Practice applicable lo charities preparing their accounts in accordance wrth the Financial Rewrting Standard applicable in the UK and Republic of Ireland {FRS 1021 {second edition - effective 1 January 20191- Icharities SORP IFRS 1021, the Financial Reporting Standard applicable in the UK and Repl¢bI￿ of Ireland {FRS 1021 and the Companies Act 2006. Maynower Academy Ltd tla MAST Mayfiower Studios IMALI meets the defini(ion of a public benefit entity under FRS 102. Assets and liabilities are initially recognised al historical ¢ost or transaction value unles$ otherwise slated in the relevant accounting policy notelsl. Preparation of accounts on a going concern basls The Directors remain confident, with ongoing support from Arts Council England, Soulhamplon City Council. and The Mayfiower Theatre Trust, in MAL'S ability to continue as a going concern. The review of our financial position for the forthcoming financial years, with some programme and the funding agreement already in place gives the Directors confidence MAL remains a going concern for the foreseeable future. InGome Income primarily represents funding received during the year. Grants and donations Grants and donations are recognised where there is enlitlemenl, probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when-. The donor specrfies 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 enlillement. Exponditurg 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 ils assets and are primarily associated with conslilutional and slatulory requirements. Operating lease agreemènts Rentals applicable lo operating leases where subslanlially all of the benefits and risks of ownership remain with the lessor are charged against the Slalemenl of Financial AclNlties on a slraighl-line basis over the period of the lease. Tanglble fixed assets and depreciation Tangible fixed assets are staled al cost, being purchase price, less accumulated depreciation. Items are capitalised if their individual value exceeds £500 or if they combine lo form an asset whose entire value exceeds £500. Depreciation is provided on all iangible fixed assets, other than long leasehold land, al rates calculated lo write off the cost or valuation, less estimated residual value, of each asset evenly over its expected useful life, as follows.. Plant and machinery Fixtures and fittings Computers and communications Leased assets lolher than buildingsl S lo 20 years straight line 3 10 25 years straight line 3 10 10 years slraighl line over the life of the lease 24 MAYFLOWER ACADEMY LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 Stock Stock is valued at the lower of cost, being purchase price, and net realisable 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 discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. Cash at bank and in hand Cash at 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. Croditors and provisions Creditors and provisions are recognisod where MAL has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Financial instrumgnts MAL only has financial assets and financial liabilities of a kind that qualrfy as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequendy measured al their settlement 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 Statement of Financial Aclivilies. Fund accounting The nature and purpose of each fund is described in note 16 and on page 17 in the description of reserves. Llquld resources Liquid resources include current asset investments, being monies held in fixed term deposit accounts. Critical accountlng judgemonts and gstimation uncertainty There are no critical judgements and estimates. FUNDING AND DONATIONS 2024 2023 Arts Council Soulhamplon City Council Other Donations 950,000 290,000 24,174 950,000 290,000 81,140 1,264,174 1,321,140 INVESTMENT INCOME 2024 2023 Bank interest receivable 22,966 834 22,966 834 25 MAYFLOWER ACADEMY LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 31 March 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Ticket sales and auditorium feos Booking fee Rental income Ancillary trading income In-house production income Engage Income Miscellaneous income 763,499 58,193 70,731 173,282 231,212 50,703 43,291 684,660 47,455 47,951 161,025 97,617 42.304 76.381 1,390,911 1,157,393 Miscellaneous income indudes mainly recharged expenses lo visiting companies as well as small amounts of sundry income. This line for 2023 included income from the Theatre Tax Relief claim for our own Christmas production that year. In 2024 this has been classified lo the In-House Production income line. ANALYSIS OF EXPENDITURE Support costs Other support Governance costs costs 2024 2024 Direct costs Total 2024 2024 Raising funds.. -sponsorship Ch2ril8ble aclivilies.. - theatre programmes - education and outreach 29 29 2,060,502 137,664 443,282 20.835 2,524,619 137,664 2,198,195 443,282 20,835 2,662,312 Support costs Other support Govèrnance costs costs 2023 Direct costs 2023 Total 2023 2023 Raising funds.. -sponsorship Charitable aclivilies.. theatre programmes education and outreach 31,117 31,117 2,129,086 83,832 447,460 12,650 2,589,196 83,832 2,244,035 447,460 12,650 2.704,145 26 MAYFLOWER ACADEMY LTD (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 31 March 2024 2024 2023 Support costs consist of the followng.. Other staff costs Finance 12,209 10,802 368,033 52,238 20,835 20,370 9,421 374,915 42,754 12,650 Building Depreciation Governance 464,117 460,110 Governance costs consist of the following.. Auditor's remuneration (excluding VATI Other professional fees 13,300 7,535 8,579 4,071 20,835 12,650 NET MOVEMENT IN FUNDS 2024 2023 This is slated after charging.. Auditors. remuneration.. audit Depreciation of owned fixed assets Operating lease rentals land and buildings L05s on disposal of fsxed assets 13,300 52,238 26,536 8,579 42,754 30,165 602 STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs )7,483 69,215 43,974 973,005 78,073 43,668 1,020,672 1.094,746 27 MAYFLOWER ACADEMY LTD (A Company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the PgTiod gndod 31 March 2024 The averago number of full-lime equivalent employees (including casual and part lime slaffl during the period was as follows.. 2024 Number 2023 Number FTE FTE Leadership team Other staff 10 53 41 23 50 29 63 36 No remuneration was paid during the period to any member of the Board of Direclors12023.' £Nill. During the period MAL did not reimburse any Iravelling expenses of the Board of Directors. {2023.. £Nill. The number of employees whose emoluments amounted to over £60,000 in the period were as follows: 2024 Number 2023 Number £70,001- £80,000 Total Leadership Team {9 employees)12023.. 10} remuneration (including salary, pension, bonus payments and heallhcarel is £276,91212023'. £308,562). 28 MAYFLOWER ACADEMY LTD (A company limited by guarantog) NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 TANGIBLE FIXED ASSETS Flxtures and fittings Land and buildings Plant and machinery Total Cost: Al 3 April 2023 Additions 8.518 156,423 10.987 103,258 12,058 268,199 23,045 At 31 March 2024 8,518 167.410 115,316 291,244 Depreciation: At 3 April 2023 Provided during the period 1,193 1,059 63,945 32,683 19,583 18,496 84,721 52,238 At 31 March 2024 2,252 96.628 38,079 136,959 Net book value.. At 31 March 2024 6,266 70,782 77,237 154,285 At 3 April 2023 7,325 92,478 83,675 183,478 io. DEBTORS 2024 2023 Trade debtors Other debtors Prepayments and accrued income 3,892 263.918 47.834 260,712 38,818 298,930 315.644 11. CREDITORS: amounts falling due within one year 2024 2023 Trade creditors Other taxes and social security Other creditors Accruals and deferred income 156,660 20,363 5,930 292,782 97,088 7,857 5,377 252,869 475,735 363,191 29 MAYFLOWER ACADEMY LTD {A company limited by guarantO01 NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 12. ANALYSIS OF DEFERRED INCOME 2024 2023 Deferred income brought forward Amounts released to income in the period Amounts deferred in the period 176,414 1176,4141 226,334 194,605 1194,6051 176,414 Deferred income carried forward 226.334 176,414 Deferred Income relates to advance lickel sales for shows on sale beyond the end of the financial year. 13. RELATED PARTY TRANSACTIONS The Mayfiower Theatre Trust is a member of Mayfiower Academy Ltd. During the financial year ma￿lOWer Academy Ltd paid £251,160 {2023.' £322,629) to ma￿oWer Theatre Trust made up of the provision of support services under lae terms of a Service Level Agreement 1£131,1141 and the remainder being the recharge of other costs incurred by Mayfiower Theatre Trust on behalf of Mawlower Academy Ltd. At the year end, Mayfiower Academy Ltd owed Maffjower Theatre Trust £40,74012023.. £67,370>. In addition, £145,98212023'. £113,506) was owed by MaVlower Theatre Trust lo MaWlower Academy Ltd. Mr5 J Ockwell, spouse of Mr M Ockwell. Chief Executive & Creative Director of Maynower Academy Ltd, was paid £9,210 in the year and was employed during 2023 to provide creative services for the Engage Programme in the period for the remuneration of £18,631. Chris Bennett, partner of Sara Scott, Executive Director of Mayff ower Academy Ltd, was paid £3,677 in the year for the provision of creative services12023.. £5,909). There were no other related paty transactions in the period. 30 MAYFLOWER ACADEMY LTD IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 31 March 2024 14. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrict9d General accumulated fund 2024 Fixed assets Current assets Current liabilities 154,285 792,744 {475,7351 471,294 Unrestricted Ggnoral accumulated fund 2023 Fixed assets Current assets Current liabililRs 183,478 635,268 {363,191) 455,555 FREE RESERVES The free reserves of Mayftower Academy Ltd stand al £317,00912023.' £272,077) as al the period ended 31 March 2024. This figure is made up of.. 2024 2023 Unrestricted general (undesignaledl funds Less fixed assets held in general undesignaled funds 471,294 1154,2851 455,555 1183,4781 317,009 272,077 31 MAYFLOWER ACADEMY LTD {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 16. RECONCILIATION OF FUNDS AND MOVEMENTS ON RESERVES Unrgstricted General reserve Total At 2 April 2023 Income Expenditure 455,555 2,678,051 {2,662,3121 455,555 2,678,051 12,662,312) At 31 March 2024 471,294 471,294 General Reserve This fund includes the surplus for Maynower Academy Ltd for the period ended 31 March 2024 to be utilised in the mission and activities of the organisalion. 17. PENSION COMMITMENTS Mayfiower Academy Ltd operates a defined contribution pension scheme for f(s 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 £43,974 {2023'. £43,668) and an amount of £5,930 12023.. £5.3771 was included in creditors at the period end. 18. OPERATING LEASE COMMITMENTS At 31 March 2024 the charity had the following commitments under operating leases, prepaid during the year.. Leasohold buildings 2023 Leasehold buildings 2024 Amounts falling due within one year Amounts falling due in 1-5 years 10,060 10,060 10,060 20,120 20,120 30,180 32 MAYFLOWER ACADEMY LTD (A company lirnited by guaranteo) 19. NET CASH INFLOW FROM OPERATING ACTIVITIES 2024 2023 Nel income Interest receivable Depreciation Decreasellincrease} in debtors {Oecreasellincrease in creditors Decreasel{increasel in stock Loss on disposal of fixed assets 15,739 (22,9661 52,238 16.714 112.544 13,875} 1224,7781 18341 42,754 602 170.394 1182,2561 20. ANALYSIS OF CHANGES IN NET DE8T At31 March 2024 At 2 Aprll 2023 Cash flows Other non- cash change8 Cash 310,3 170,315 480,705 310,390 170,315 480,705 Loans due wlthin one year Loans due aftor more than one year Total 310,390 170,315 480,705 33