THE MAYFLOWER THEATRE TRUST (A Gompany IlmSted by guarantoe) THE REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 28 March 2021 Company Reglsterod nUM￿r.. 02026445 Charity Reglst•red numbgr: 294745 THE MAYFLOWER THEATRE TRUST {A company limited by guarantee) THE REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS for tho period onded 28 March 2021 CONTENTS Paggs ReF(Srt of the Directors 2-16 Auditor's rep)rt 17-18 Group statement of finandal actfvrtias 19 Group balance sheet 20 Company balance shoel 21 Group statement of ¢a$h flow 22 Notes to the financlal Statements 23-42 THE MAYFLOWER THEATRE TRUST {A company lirnitod by guarantee) REPORT OF THE DIRECTORS For the period ended 28 March 2021 The Dir6ctors present their report and consolidated financial statements for the period from 30 March 2020 to 28 March 2021. Refer•n¢• and admlnlstratlve d8tall$ Company Reglstered numbor: 02026445 Charlty Reglstored numbar: 294745 Presldont l A S Gatward Dlrgctors l Tru8t•OS: M H Le Bas (Chair) P I Claisse J Hannldes C E Lewis L J Noble S W Panlllng R Prlmmer M D Smith N J Vaughan Members: l A S Gatward MHLe8as P I ClaisS8 J Hannid8S C E Lewis L J Noble S W Panlling R Primmer M D Smith N J Vaughan D Bunday D Chisnall P Daniells S Daniells A Farrell J Gafv￿rd M Gordon R Niddrie T Prenlki C Ta￿Or Company Sacr•tary: C Jones Chlef Exe¢utlve'. M D Ockwell Auditors.. Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG THE MAYFLOWER THEATRE TRUST (A company Ilmited by guarantoel REPORT OF THE DIRECTORS {continued) Forthe perfod ended 28 March 2021 Roftrr•ncè and admlnlstratlve detalls (conlinued) Bankers.. Sanlander UK PIC Bridle Road Boolle Merseyside L30 4GB Sollcltor8'. Paris Smith LLP 1 London Road Southampton Hampshire S015 2AE Buslne88 and Regl8tored offlce: Mayflower Theatre Efflpire Lane Soulhamplon Hampshire S015 1AP Sponsors & Partners". Paris Smith LLP Peter Cooper Beechdean TNG Engineering The LoTrJon Hotol Geo Speciallty Chemlcals HWB Chartered Acxounlanls Board of Dlrector• The B08rd of Directors throughout the period and up to the dale of this ￿port was made up as follows:. M H Le Bas {Chalrl P I Claisse J Hannides C E Lewis L J Noble S W Panlling R Primmer M D Smith N J Vaughan The Board's members serve as Directors for the purposes of company law, and Trustees for the purposes of charity law. They are referred to as Directors throughout this rep(wt. They are also Members of the charity. THE MAYFLOWER THEATRE TRUST (A company limitad by guarantga) REPORT OF THE DIRECTORS Iconlinued) For the period ended 28 March 2021 Structuro. governance and management Governin Document The Trust is incorporated in England and Wales as a private company limited by guarantee and registered as a charity with the Charity Commissioners under number 294745, governed by ils Articles of Association. The financial slalemenls are prepared in accofdance with current statutory requirements, the goveming document of the TTUSI and the Charities SORP 2015. The primary objectives of the Trust as ¢Yefined by the Articles of Association are the encouragement of the arts, the promotion and advancement of education and the cullNalion and improvement of public ed¢Jcallon in drama. mime, opera, singing. music. dance. painting and sculpture. cinema. literature and other arts. olnlmenl f Directors Dire¢lors are nominated by the Board. The Board review5 the list of members from lime lo lime lo ensure that all skills are ¢overed rf a vacancy arises. The following criteria for all future Board m8mb8rs have been approved by the Audit and Governance Committee and the Board of Directors: Clear busines$ Sense,. Interest in theatre., Time available for Board activities., Locallregional residence., Representstlon In one of Ihe I￿lOwIng sklll sets.. retail. finance. legal, property, l.T., and business. Dir or Induction and Trainin New Directors undergo an oflentation session with the Chief Exe(#Jlive and the Company Secretsry to brief them on th8ir legal obligations under Charity and Company Law, the contents of the Articles of Association, the committee and decislon making processes, the three year rollin9 business plan and recent financial performance of the Trust. They are also issued with an indu¢tion pa¢k. The Trust is organised so that the Directors meet regularty lo direct the management of ils affairs. A Chief Exectjtlve is appointed by the Directors lo manage the day lo day operation$ of the Trust. To fa¢ilitale effective operations. the Chief Executive ha5 the delegated aulhority, within lerm5 of delegation approved by the Directors, for operational rnallers induding finance and administration, sales and markeling, technical service, human resources, and programming aclivrty. Related Parties The Trust has two wholly owned subsidiaries. ma￿lOWer Enterprises Limited, whose principal activity is the operation of arts facilllies on behaw of the parent and Maynower Products'ons Isoulhamplonl Lld, whose principal activity is theatre productions. The results of the Subsidiaries for the period ended 28 March 2021 are shown in note 10. During 2020 the Directors agreed to acquire the assets of Southampton Nuffield Theatre Trust in administration for the sum of £75,000. The negotiations were connected to discussions lo establish a new independent charitywhere, initially and until fully established, MTT wll be sole member and Person of Signrficanl Control IPSCI exercising rights over the appointment of the board members. The new enlily, Ma￿lOWer Academy Limited Va MAST ma￿lOWer Studios {MAL} was registered on 12th August 2020 and look on the lease and operations of Studio 144 North from 291h October 2020. The application for charity registration was approved in June 2021. MTT will continue as a member of MAL alongside new members being appointed in the autumn of 2021 or￿e MAL has fully opened and wll no longer be PSC nor have a controlling interest in MAL. There wll only be one common director on the boards of MTT and MAL. Remuneration for ke mana ment The remuneration of the Chief Executive is agree(I by the Board, followng a recommendation by the Trust's RemLJneralion Committee each year. taking account of the financial perfomiance of the Trnsl and ils subsidiaries,. achievement of key performance indicators,. tcoelher with benchmarking against salaries of comparable positions in the industry. The remuneration is commensurate with similar charities. THE MAYFLOWER THEATRE TRUST {A company limitad by guaranteg) REPORT OF THE DIRECTORS Icontinuedl For the period end8d 28 March 2021 Introduction from thg Chair This financial year has been the most challenging. Maffjower Theatre was closed for almost the entire financlal year due lo the COVID-19 reslriclions. When we initially went into national lockdown on March 23td 2020 no one could have predicted how much was going lo change an(J for such a long peri¢)d of time, particularly for the Ilve entertainment industry. Our executive team immediately stsrted lo put in place S￿leMS to support our staff who We￿ now working from home and prepare forecasts based on a number of potential Scenarios. The introduction of the Coronavirus Job Retention Scheme by the government vrdS much welcomed when details were released in May. Given our delerminalion lo protect as many of our employe85 jobs as possible this vrds a great help. Unfortunately. il became clear in the early stages that il was necessary to close down Ixjr Ovalion Restaurant as il was just not financially sustainable. 11 wa$ a difficult decision that resulted in the loss of 8 jobs. Al the same time. in an attempt to cut operational ¢osts, we offe￿d the opportunity for staff to take voluntary redundancy which resulted in the loss of 6 more staff. As the potential impact of the pandemic was unfolding it be¢ame clear that ¢ullural and live entertainment venues such a5 Ihealres were going lo be the final industy that would be able lo retum to full operation but there was no financial support specific lo our industry being offered by the govemmenl. The never ending uncertainly of the year made il $0 dfficull lo plan and survival was always key. Wrth much lobbyng by UK Theatre5 and a group of chief gxe¢ulive$ from key influential theatres. including our own. to the Department of Culture. Media and Sports. we were dellghled when the government's Culture Relief Fund. lo be managed by Arts Council England. was announced in July. In late October we received approval for the maximum £3million grant. This was a lrfeline that would help us survive the extended period of closure, resultiThJ in much of our reserve being prolecled. We did manage lo open for S performan¢e$ of a redu¢ed ver$￿n of pantomime, Sleeping 888uty, In D￿ember before having lo cancel the remainder of the Nn due lo Soulhamplon being moved into Tier 4 reslriclions followed by another national lockdown. Despite this $elba¢k il was a delighfful experience for our ¢ustomer$ and staff alike. For many of our staff they had not worked al all since March 2020 and they ￿tUrned to new processes as we pul in place our COVID-19 prot(xols to prote¢l ¢uslomers and staff Whilst the impact of the pandernic was being managed, an opportunity arose for us lo apply for the lease to run Studio 144 North building which had been operated by Nuffield Southampton Theatres INSTI. We were sad to See NST go into administration but were keen lo see this new building being used lo Support Cultu￿ in Soulharnpton. The building, which includes 3 studios, presented an ideal opportunity lo expand ¢ommunity and education work underthe Maynower brand,. present smaller show510 the reg￿)n,. produce small scale shows and provide a cultural hub for the city. We had been looking for an appropriate building for the past few years wilhoul success. We submitted an expression of interest and subsoquenlly a full lender and were delighted lo be awarded the contract in July 2020. Our submission was reliant on financial support from both Arts Council England and Soulhamplon City Council. We formed Mayflower Academy Ltd in August 2020 which trades under the name MAST ma￿lo￿T Studios. W8 look over the building in November 2020 bul were unable to present perfomiances until May 2021 due lo the government roadmap. As part of our business plan lo set up a cultural hub we have formed a number of partnerships wlh other local cultural organisalions, many of whom have taken up resKlence in the bullding. We are excited about what this new offering wll proV￿e the city of Southampton and the region. With carefully planning and monitoring in place we are very pleased to report a small loss across our group of three companies of £441,497. The group's general reseNe was £6.923.800 at the start of the year and now stand at £7,160,404. We would like to thank all our Staff for their support over the year. For the majority who a¢¢epted being placed on furlough, not because they are not a valuable part of the organisalion. but because they Couldn't Cary out their role and provided a much needed opportunity lo maximise the government's support via the Coronavirus Job Retention Scheme, We are also extremely grateful for those staff members who continued lo work full lime lo keep the business running and who wilhoul question filled the gaps left by those on furlough. Our staff have always been the backbone of the theatre and we are grateful for their support and understanding. We strived lo keep our staff up lo dale wlh developments throughout the year and looked for effective ways to keep them engaged with us. The constantly changing programme, wlh sh)ws having lo be moved and rebooked, presented the theatre with a THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) massive challenge. 11 has been unrelenting for our Chief Executive and for our marketing and sales teams who have managed communications lo customers brillianuy, having lo move shows lime and time again, ar￿ offering amaang customer service from their homes. We will come out of this pandemic a different organisation with less staff. in the short term. and wth working praclises needing lo change. We have already adapted the operation to embrace the new challenges with more reliance on digital and e-markeling, conlacuess and therefore cash free purchasing and strtving to offer the best possible customer service within the restraints of socially distancing. We need to establish confidence with audiences and can already See challenges in the new financial year but we are excited about reopening with Strong progr8mmlng In place already for 2021122 and the years fdlowing. We continue lo take our advocaw role seriously as part of the vibrant Ir￿al cultural scene. Our Engage work quickly adapted lo the restrictions on in person activity with a wide range of online activity. It was very imrx)rtanl we continued lo maintain our connection and pres8nce with notjusl our audiences bul the wider cultural ecology of the region. More than ever rt was important lo provide inspiring, engaging and slimulaling activities in line with our Engage aims during reslriclions. We ar8 very pleased lo have still managed to have over 5,IX)O in person interactions with the ¢ommunily during the bnef periods reslriclions were eased. Our online offerrng reached over 68,000 people. We thank our loyal sponsors and partners Paris Smith. Beechdean, The London Hotel, Geo Speciality Chemicals, Peter Cooper, TNG Engineering, and HWB Chartered Accountants and for their continuing support. Finally, I pay Irlbule lo my fellow directors and our Company Secretary, for their contributions at meetings and support of myself and the Theatre. This ensures excellent wvemance and a positive approach - across the whole company- lo all aspects of the business. THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the period ended 28 March 2021 Objectlves and actlvltles The objectives of the charita￿e Trusl are-. the encouragement of the arts, the promotion and advancement of education and the cullivalion and improvement of public education in drama, mime, opera. singing. music. dance. painting and sculpture, cinema. lilerabjre 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 so¢ial and cultural weware of th8 local community and ils neighbourhood and visitors lo the city. The strategies employed to achieve th8 Trust's objectives are lo: present a broad range of artistic work., ensure that the deals with promoters are favourable lo the Trust and wll ensure the return of a surplus al the end of the financial yew: focus on involving young people in the arts through partifypation and engagement lo ensure culturo plays an integral part in personal development., and introduce activity to encourage sectors of the community to experience theatre. who may not have engaged before. The major areas of activity are.. musicals, opera. dance, drama and comedy. COVID-19 COVID-19 measures have had a major impact on all industries bul for the theatre industry is has been particulaAy severe. 11 became clear quite quickly after the nation went into the first lockdown that any busines5 involving gatherings of significant number5 were always going lo be last on any re-opening roadmap for understandable reasons. The uncertainly that has continued for the industry has meant theatres were in a fight for survival. Options for opening for socially distanced performances, whilst a welcome slep fomard. is not a sustainable financial model. Vve, like all theatres of our scale, need large audiences lo malntain financial $tability. We prioritised those miligaling measures we could put in place quickly lo have the best chance of surviving a prolonged period of closure. As reported last year, from mid-march 2020. we began ￿annIng in earnest and were preparing for a shutdown before the government announcement to close eslablishmenls involving group5 of people were first announced on 16th March 2020. By the lime the national lockdown was announced on 23nl March we had made appropriate arrangements for staff lo work from home. Those, whose role was impossible lo cary out away from the building, continued on full pay until the end of June followed by ongoing reduced pay bul stayed at home. The govemment's introdu¢lion of the Coronavirus Job Retention Scheme (CJRSI was greauy wdcomed and enabled us lo keep the majority of staff employed and paid for the duration of the scheme. We did however take the drfficull decision lo close Ovation Restaurant. which allowed us to focus on the sustainabilty of the core business. Staff ill thi5 area wer8 made redundant. Our customers remained our key focus. We were able to set up key members of our sales tearn to work in their homes lo take calls from customers lo deal with relunding lickels for shows that were cancelled or rescheduled due lo the lockdown. This team returned lo work on sile from August until the next Iwkdown in November 2020, returning in December 2020 until the latest lockdown in January 2021. Al all times, funds from advance lickels sales remain ring- fenced, protecting our customers. It has been reassuring that a large majority of our customers have been confident enough lo keep their lickel refunds wth us to be used against future perfomiances once we reopen. It demonslrales a desire lo gel back and enjoy live theatre. The changing of the programming diary was relenuess but we are so proud of our teams for managing lo cope so well offering the best customer service at all times. The programming of shows has of course been a key focus. Working chronologically from the point of lockdown, shows that had been programmed have been moved lo future b.me frdmes, si)me later in 2020 before it became clear THE MAYFLOWER THEATRE TRUST (A company limlted by guaranteo) that the closure would be longer than we had anticipated and therefore the programme was moved into 2021 or beyond. Our early planning extended lo potentially being closed until April 2021. something that at first seemed an ovedy caub'ous worst case scenario to the reality of b￿n9 a best case sc£nario as the year progressed. The biggest show for that had been programmed for 2020121 was The Lion ￿ng and that has Th)w been moved lo September 2022 with over 840/0 customers holding onto their lickels. The show diary for 2021122 is strong giving us the ability lo start recouping financial losses rdalively qUic￿Y on reopening. Using 04Jr original worst case scenario (closure for the entire year} we turned our focu5 to reducing costs. We started the year in a strong financial position with our General Reserve al £6.923,800 and cash hddings of £9,062,909 excluding advance lickel sales which are protected for our customers. We worked lo identrfy cost saving options lo improve this position. Our biggest overhead cost is labcMJr and we knew reducing thi5 cost area was essential. We took the difficult decision lo close Ovation Restaurant whth, Nthilsl offering an enhanced experience lo our customers, made a small surplus each year. Sadly this resulted in 9 staff being made redundant but would provide a savings for the year of £221.893. We offefed a voluntary redundancy programme across the organisation which was taken up by 6 staff and, with a handful of roles from the majorty of teams made redundant, as well as some natural allrilion, we have been able to make a signrficanl reduction to ongoing labour costs. Supplier conlracls were. where possible, renegolialed or paused. Marketing spend was another area we Could realised reduction in costs with no shows to market. In July the govemment announced its launch of the Culture Recovery Fund {CRF), designed to support the Ihealres, museums and other cultural venues. We applied for a grant of the maximum £3million and il came as a great relief when this was awarded in late October. Due lo the ability lo extend the timeframe lo which this grant applied from end of March 2021 to end of June 2021, £2.7million is recognised in the a¢¢ounls for 2020121 wrth Ihe balan¢e bolng recognlsed in next year's accounls. Aslde from the financial planning aspects we also focussed on ensuring good supwrt measures were in pla¢e for our Staff working from home.. kept all staff cleady infomied of all developmen15 and deaslons we were making,. planned for the appropriate protocols to be in place In the event of staff returning lo the building or indeed customers socially dlslanced. We did pyesenl the first 5 perfomiances of the pantomime in De¢6mberwhen these plans were successfully implemented. We also developed a pandemic risk reglster Ihal has been monitored and updated wth each ch8n98 in events and wlll continue to be so. PubllG Bonefil The Directors have had due regard to the Charity Commhsion's gUIdar￿ on publ￿ benefit. Our community and education programme, branded Engage. has over the last year responded lo the p8ndemic and been delivered in a mixture of remote and in person sessions. Over the year the team has been greatly reduced, wlh many staff on furlough, but we have maintained some aclNily throughout the year. The aim of this work has been twofold.. To mainl8ln our connection and presence with Our aud￿nce during the pandemic To maintain our connection and preSer￿e in the wider arts ecology of city and region throughout the pandemSc To offer engaging and stimulating actsvities that contrbute lo our norm81 Engage aims of.. opportunities for 811 developing future theatre makers. In 5pile of the severe restrictions we have still had 5,120 in person contacts wilh the comfflunily and also a wide reaching online connection having continued to offer some level of engagement across all strands of our programme. We have taken the policy throughout the year of opening the venue and supporting the wider community whenever it was permissible and safe. This has meant on many o¢¢asTrons we have been the only or one of the few cultural organisations in the city offering in person aclivily. To reflect the changing reslrtctions and staff levels over the year we have summarised our offer by time period. Aprll - June 2020 THE MAYFLOWER THEATRE TRUST IA company limitod by guarantee) During this period we began by developing Engage Online. This offered a variely of videos and lulorials lo connect with the wider public. These were released through social media and housed on our website. Over April our social media reach was 168,965. We also established privale social media groups for all of your regular activity and began a keeping in touch programme to ensure we remained connected. As the lockdown period continued we then began delivery of some of our aclivily online. Activity April - June 2020 Mayflower Young Writers Fluid Motion specialist Workshops for MaOower Musical Youth Theatre ma￿lOWer Creative Writers Youth Council Meeting Mayflower CityEye Young Film Makers Taster Zoom Dance for health Onlinelln person Adultlyouth Online Youth Online YcwJlh Online Online Online Adult Youth Youth Online Adult July- August 2020 During the summer we were able lo begin offering in-person activity and were one of the few venues in the city lo do so. Although, unfortunately, not able lo deliver our 3 Summer projects in connection wth Mafflower 400, which had been in development over the past few years. we did manage lo ulilise some elements of the new musicals in a 2 week summer workshops programme for ywng people. Two groups of young people look part over weeks and explored both the Compass and Hourglass pie¢e$. In addition some people took part online and Contributed lo re¢ording5 of songs from the shows whi¢h were used as part of a film project making tsvo short films of these songs. These recording were then both released online and were also shared al our Herit8ge Open Day which has a focus on Mayffower 400. The reach of this work online was 68.921. Activity July- Augiisl Family Musical Theatre workshops Onlinelln person Adulvyoulh Online Family Learnin Youth Maffjower City Eye Young Film Makers Course ma￿OWer Young Writers Holida famil Worksho Zoie Logic Dance Ihealre Company Grid Ex rien Online Online Youth In person In person Family Youth Holida Wofksho s8-11 ear old$ $ 12-18 ear old5 uth In person Youlh Holida work$ho Ma ower 400 Theatre tours rson In person In person Youth Youth AdulVFamil Sèptombor- Octobor 2020 During the autumn we restarted many of our regular activilies in person when the participants were young people. Our work with adults remained online in reflection of the government gusdelines. We also added a number of groups refiecling the development of our offer with MAST ma￿lOWer Studios. Activity Onlinelln person Adulvyouth THE MAYFLOWER THEATRE TRUST (A company limited by guarantee} Theatre tours Herila enDa ower Musical Youth Theatre ower Youn Com ower Youth Theatre Ma ower Drama Club Maffjower City Eye Young Film Makers Course Welsh National Opera Famil worksho Welsh National Opera Youth worksho 14-18 Holida worksho Holida Adult Ballet Ma ower Youn Ma ower Creative Writers Mayfiower Movers rson AdulUFamil rson AdulVFamil Ma rson Youth Ma an Youth Ma rson Youth In rson Youth Online Youth Online Famil ar ￿￿5 Online Youth Youth Youth Adult s8-11 ar olds In rson worksho 12-18 ear olds In Online rson Writers In Online Online on Youth Adult Adult Novombor- March All of our regular offers were switched lo online in light of govemment guidance al this lime and remained In the format throughout the rest of the year. Aclivlty November 2020 - March 2021 Youth Council Meelin Pantomime Foster Carer worksho ma￿10Wer Movers ma￿lOWer Musical Youth Theatre NT Connections Rehearsals ower Musical Youth Theatre ower Youth Theatre ower You Com ower Youn ower Creative Writers Onlinelln person Adulvyouth In Youth Online Online AdulUFamil Adult Online Online Youth Youth Online Youth Online Youth Ma Writers Online Youth Ma Online Adult e Fgedbaek We have continued lo seek feedba¢k on wr Engage programme and developed our offer in reswnse lo this. Below is a sm811 selection (names have been removed lo prolect privacy): Mayflower Young Wrlters- Onllne Sessions These seSs￿n8 are something that my daughter looks f￿ard to each week. This is the only laught and interactive learning that she did and is really engag8d in il and very woud of I￿r wthr. She often likes to share it with her grandparents when she talks lo them as w&ll as us. l am really enjoying this class, it gives me something lo ggt up for particularly in this time where my GCSES have been cancelled. It is helping me explore my creativity and l am enjoying the social wntact with other members ofthe group. Maynowgr City Eye Young Filmmakers- Onllne Sessions 10 THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) Thank you so much for this course. 11 has definitely t8ught m8 8 lot. Summer Actlvltles I really enjoyed every element of th8 Week. Thank you very much. I h8v8 had 8 fantastic weekl It was a great break to the usual routine and encouraged us to gel active t(￿ther. After the cours8. We were inspired to investigate other types ofdances and MUSK. Very enjoyable. My daughtgr enjoyed the crafts, music and danci￿. The 18ngth of the sass￿n was just r￿h1. Adult Groups Thanks, cheered up, looking forward lo next &ng along. Very good course - w8llpr8pared and aimed at the right1gvg1. Very engaging teacher who was very encouraging. 11 THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For tho period endgd 28 March 2021 STRATEGIC REPORT Achlovements and performance Our Artistic Vision for th8 Trust is key lo our strategy for th8 coming years and in SUMM￿ includes= maintaining the profile of Mayfiower Theatre both nationally and intemalionally by presenting the best available productlons in the theatre., ensuring responsible stewardship, restorat￿, investment in and continual upgrading of the facilitie$ and environs of the Grade 11 listed building.. ensuring financial slabilty by generating In¢ome from shows. hospitslity and other Sources including drawing, where appropriate, on external fvnding and by rigorou$ ¢o$t ¢ontrol$ an¢J continuous improvements in processes,. as$esslng our approach to risk in the deals we are neg)tiating with visiting production companles lo ensure we are achleving the maximum retention of lickel sales with the minimum risk lo the Thealr8', focuslng on youth development and engagement ensuring that young people have opportunities not only lo attend productions in the theatre but to appear on Mayllower Theatre Stage., playing a full role in the cultural sector5￿thIn Southampton through advo¢ating and offering partnershlp working opportunities wth other arts providers. Flnanclal Revlgw Wrth the closure of the Ih8alre for almost the antire year ther8 is lithe in the way of ojstomer a¢llvlly to ffjport on. We managed lo open the theatre lo the public for 2 weeks in Seplernber for the presentation of Mayffower Music81s, a series of films of stage musicals. We had 10 screenings wlh a total aUd￿nCe of 1.277 enjoying these socially distanced events and a lickel revenue of £19,760. 11 was also a good opportunity to pul into practice the COVID-19 safely mga$ure$ we had developed for when audiences were in the building. We then were ¢lo$ed unlll December when we managed lo presenl 5 perfomances of the pantomime, Sleeping Beauty, with Joe Pasquale and Lesley Joseph, as socially dislaneed perfomiances. The first performance was actually the full dress rehearsal lo which we offered free lickels lo lo¢al NHS staff and their familie$. This was very well received and our way of thanking NHS slaff who have worked tirelessly during the pandemic. This short run of the pantomime, brought lo an abrupt end due lo changes in governmenl guideline$ Yith Southampton moving into Tier 4, had a lolal allendance of 3,478 and bckel sales of £76,300. With thanks lo support by the National Lottery the pre$enlation of the pantomime was underwritten and therefore was financially a risk free opportunity. We receNed £164,700 in fundlng from the National Lottery. We did not have any further performances in the year. Alongside the Culture Recovery Fund ICRF} grant of £2.7million attributed lo the year, we were fortunate lo have a successful claim against our Business Inlerrupbon policy and received the maximum £250,000 payable in late March 2021. Our investment portfolio also performed well and ￿￿th gains in value earfy on in the year we were able to withdraw £200,000 and with further gains by year end a further £230,555 has been recognised in the accounts. Our Engage activity carried out in the year for Maynower Theatre o)ntributed a further net Income of £45,986. The government's Coronavinjs Job Retention Scheme ICJRSI was another lrfeline for us. Protecting a5 many job5 as possible was important to us and with labour costs being the highest overhead cost this support helped achieve that aim. We received a total of £686.700 in daims. This enabled us lo ensure pemianenl staff member was paid any less than 80Yo of their basic salary al any point during the year. Overall we had 11 involuntsry redundancies,. 6 voluntary redundancies and our pernanenl staff numbers reduced from 167 to 126 over the year with natural allrilion accounting for the balance. Our budget for labour pre-pandemic was £3,803.309 and we finished the year reporting a total cost of £2,487,042 including the CJRS claim. It is worth noting that we were unable to daim against the CJRS scheme from October to March because the CRF terms and conditsons did not allow it. We actively sought ways of reducing general expenses as much as possible and are pleased lo report we reduced these costs by half from the pre-pandemic forecast of £1,537,015 10 £754,974 by year end. Similarly, our marketing Spend pre-pandemic forecast was £319,903 bul the actual was only £46,167. One area we had lo balance sensibly was the financial commitment lo repairs ané maintenance. Our beautrful grade11 listed building needs to be carefully maintained even whilst dosed. We spent £77.447 on repairs and MaIntena￿e which compares with a pre-pandemic 12 THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) budget of £123,4￿. In addition we spend £140,718 on capital investment in the buildirkg. Maynower Enterprises Limited {a trading subsidiary of the Trust) had very little activity limited to the ancillary sales from the Mairfower Musicals weeks an¢J the pantomime. Turnover for the year was £15,431 with a gross profil of just £409 due to ongoing contractual costs and stock ￿e-offS. The trading company was able to generate profits of £1,263. Mayff ower Productions Isoulhamplon) Ltd (a second trading subsidiary of the Trust) has the aim of prodLJcing touring children's shows as well as producing our Summer Youth Projects. There were no productions for the subsidiary this year and ils turnover of £1,750 is attributable lo final adjustments relating to the cancelled Maffjower 400 production. With costs of £6,249 and interest received of £22, we are reporting a deficit of £6,227 for this sub$idiary. Fundraislng porfornianGg 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 set by Fundraising Regulator. Our privacy slalemenl, which is available on our website, out11r￿S how we treat the personal data of our customers. Vvhen you support us you can be sure of the following.. We wll never sell your contact details lo anyone We will only contact you rf you have expressed an interest in our If we phone you, we will always check you are happy to tske the call If you ask us lo change how we ¢ommunical¢ with you. or Stop. we wll ￿Spect Ihal We do not engage in coldl ended 28 March 2021 whlch comprise the Consolidated Statement of Finanaal Activities. the Consolidated Summary Income and Expenditure Account. the Consolidated and Parent Balance Sheets, the Consolidated Statement of Cash Flows and notes lo the financi81 st8lemenls, including a surnmary of significant accounting policaes. The financial reports'ng framework Ihal has been applied in their preparation is applicable law and Uniled Kingdom Accounting Standards. induding Financial Repoitng Standard 102 Thg Finan￿al Reporting Standard applicable in the UK and Republic of I￿land (United Kingdom Generally Accepted A¢¢ounling PracUcel. In our opinion, the financial statements= give a true and fair view of the state of the group's and of the parent charilable company's affairs as a128 March 2021 and of the group's and parent charitable ￿mpan￿S nel movement in funds, indudin9 the income and expendilura, for thè period then ended., have bgen propedy pfepared In accordance vlth United Kingdom Generally Accepted Acccmjnling Pracl¢e.' and have be8n prep8red In accordanc8 wth thé Tequirements of Ihe Companies Act 2006. Ba$is for oplnlon We conducted our aLtdil In accordance Inlem81ional Slandards on Auditing IUKI IISAS {UK}l and applicable law. Our responsibilities undef those stsndards are further described in the Auditorfs responsibilitses for the audit of the financial slalemenls sgclon ol our report. We are independent ofthe group in accordance with the ethical requirements that are relevant lo our audit of the finand81 stslem8nls in the UK. including th6 FRC'S Ethical Standard, and we have fulfilled our other ethlcal responsibilllies In accordance wlth these requirements. We belleve that the audit evidefi￿ we have obtained is sufficient and appioprlale lo provlde a basls for our opinion. Concluslons rglatlng to golng ¢onc*m In auditing the flnancial slalements, we have cond￿led that the Directots, Ltse of the golng wncem ba$1$ of awunllng In the preparallon of the financlal statements Is 8pproprfale. Based on the work we have perfomied, we have not Identifled 8ny malerfal uncert8infjes rèlatrng to evèn15 or condloons that, Indlvldually or collectlvely, may cast slgnlficanl doubl on the group 's ability lo continue as a golng ¢oncem for a pgrtod of al least ￿￿e1ve months from when the fina￿181 statements 8re authorised for issuè. Our responslbllllles and the responslbllloes of Ihe Dlrectorswth respect to going concem are dascrfb8d In the relevènl se¢llons of Ihls report. Othor Informatlon The Direclois are responslble for the other informalion. The othèr Informabon comprises the inforniation induded in the Report of the Dlreclors. Our opini¢)n on the financial statements does not cover the other information and. oxcepl lo the exlenl olhernise trxplicidy st81ed in our rep¢Jrt. we do not express any form of assurance wnclusion Ihereon. In connection with our audit of thè finandal stalements. our responsibility is lo read Ihe oiher inform81Son and. In dolng so, consider whether the other inlormabon is materially inconsislent wth Ihe financlal statements or our knowledge obtained In the audit or otherwise appears to be materially misstated. If we identsty such material inconsistencies or apparent material misstalernenls, we are required to detemiine whether there is a material misstalemenl In the financial slalemenls or a material misstatement of the other information. If. based on ts work we have perfomed, we condude that there is a material misslalement of this other informabon. we are required to repc¥l that fact. We have nothing lo report in this regard. Oplnions on othgr matt8rs prescrlb8d by th8 Companles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Report ol the Directors Iwfiich indL*des the strategic report) for the financial period for whSch the finandal statements a￿ prepared is consistent wtth the financAal statements.. and the slr81egic report antl the director5, report induded wthin the Report of the Directors have been propared Sn 8ecordance with applicable legal requiremenis. Matters on which we are requlred to report by exception In the light of the knowledge and understanding of the group and the parent Charltable company 8nd its environment obtained in the course of the audit. we have not identified material misstatemenis in the Report of the Directors (which incorporates the strategic report). We have nothing lo report in respect of the following matters in relation to which the CcAnpanlos Act 2006 requires us lo report to you if, in our opinion.. 17 THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) adequate accounting records have not been kepl by the charitable company and group,. or the consolidated charitable company finanoal statements are not in agreement with the accounb'ng iecords,. or certain dI￿10$11res of Directors, remunerabon speufied by law are not made.. or we have not received all the informab'on and explanath"on5 we require for our audit Responsibilities of Dirèctors for the financial statements As explained more lully in the Direclo¥s' responsibilities statement Sel out on page 16. the Directors (who are also the directors ol the charitable company for the purposes of company lawl are responsible for the preparation of the financi81 $18lemenls and for being satlsfied that they give a true and fair view. and lor such inlemal control as the Direclois determine is necessary to enable the prepaialion ol financial statements that are free from malellal misstalemenl. whether due lo fraud or error. In preparing the finanaal ststemenls, the Directors are respon￿ble lor 8ssessing the group's 8nd the parent charitable ompany's ability to continue as a going concem. disclosing. a5 applicable. matters related lo going concern and using the going concern ba515 01 accounting unles5 the ￿TeCtorS either intend to liquidate the group oi the paienl charitable company QT to cease operations, or have no realistic allemative but lo do so. Auditor'# r•sponslb511th$ for th• audlt of th• fln•ncl•l st•tsm•nt8 Our objectives are lo obtain reasonable assurance about whether Ihe finanual stslemenls as a whole are free from malerbal misstatement. whether due lo fraud or error. and to issue an auditorfs report that indudes our opinion. Reasonable assurance Is a high level of assurance, but is not a guarantee that an audit conducied in aecordanee with ISAS IUKI will always delecl a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisi¢)ns of users taken on the basis of these finandal stslemenl5. Irregularities, including fraud, are instances of non•compl1an￿ with law5 and regulations. We design pr¢xedures in linè with our responsibilities, outlined above, lo detect material missiatements in respect of irregularilie5. irKluding fraud. Thè exlenl lo whlch our procedures are capable of detecting l￿egula￿tieS, induding fraud is detailed below.. Based on our under5tandiro ol the group arKI the environment in which il operates, we identified that thè prinrApal risks of non- compliance with laws and regulations related lo health and safety and data protection legislation and we considered the exlenl lo which non-cornpliance might have a malerial effect on Ihe financial slalements. We also considered those laws and regulations that have a tjirect impact on Ihe preparabon of the finanoal stalemenls such as the Companies Act 2006 and the Charflles Act 2011. We evaluated rnanagemenl's Incentives and opportunities lor fraudulent manipulation of Ihe finandal stalomenls lincluding the rtsk of overrfde of conlrolsl. Audit Pfocedures perfomed by the engagemenl leam included.. Discussions with management induding consideration of known or suspected instances of non-compllance laws and regulation and fraud., Reviewing the controls and procedures r616vanl to thè preparati¢)n of Ihe finawal statements to ensure th81 these were in place throughout the year, including during Ihe Covid-19 remote working pèriod., Evaluating management's controls designed lo prevent and deted irregularities,. Identifying and lesling joum8ls. induding using data analytscs software. in particular ￿uma1 entrfes posted wllh unusual account combinations. postrngs by unusual users or unusual des¢riplions,' and Challenging assumptions and judgements made by management in their critical accounb'ng eslimales. as described In the accounting policies. A further descripdon of our responslbllllies lor the audit of the finanryal stalemenis is located on the Financial Reporting Council's website al.. www.frc. .uk18udilorsres sibilities. This description f(ffms part of our auditor's report. Uso ofour r•port This report is made solety lo the eharitable companls membefs. as 8 body. in accordance with Ch8pler 3 of Part 16 of the Companies Act 2006. Our audit work ha5 been undertaken so that we might slate lo the charitable company's members those matters we are required to stale to them in an Audito¢s report and for no olher purpose. To the fullest extent permitted 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 work, for Ihis report. or for trbe opinions we have fonned. Jane Askew (Senior Ststutory Auditor) For and on behalf of Haysmacintyre LLP. Slatulory Auditor 10 Queen Street Place London EC4R 1AG [datel 30 November 2021 18 THE MAYFLOWER THEATRE TRUST (A company limited by guaranteg) GROUP STATEMENT OF FINANCIAL ACTivrriES (Incorporating the Group Income and Expenditure Account and Statement of Total Recognised Gains and Losses) forthe period ended 28 March 2021 Unrostrlded funds Restricted funds Total 2021 Total 2020 Note INCOME FROM: Donations and legacies Other Tradin9 aclivilie$ Investments Charitable activities - show Income 3.622.614 15.453 41,457 622,822 2.280 3.624.894 15,453 41.457 622,822 82,474 2,015,829 80.396 20,890,329 Total Income 4.302.346 2,280 4,304,626 23,069,028 EXPENDITURE ON: Raising Funds.. Fundraising trading Sponsorship 12,326 17 12,328 734.630 9,594 Charitable activities theatre programmes education and outreach 5,113,248 14.492 36,597 5,149,843 14,492 20.728,554 135,187 Total oXPondltur• 5.140.081 36,597 5,176,678 21,607,965 Net In¢omel(expendlturel for the perlod before galns I losses on Investments {837,735} {34,3171 1872,0521 1,461,083 Gainl{lossl on inv8slmenl asset 12 430.555 430.555 {1 55.2331 Not In¢om• l (•xpendlturel for the perlod {407.1801 (34.317} {441,497) 1.305,830 TOTAL FUNDS AT 30 March 2020 19 17,229,705 1.128,390 18,358,095 17,052,265 TOTAL FUNDS AT 28 March 2021 19 16.822.525 1.094.073 17,916,598 18,358,095 The group slal8menl of financial activities has been prepared on the basis that all operalions a￿ continuing operations. The note5 pages 23 to 42 forni part of these financial stalemenls. 19 THE MAYFLOWER THEATRE TRUST (A company limlted by guarantee Ccvnpany Reglstered Number 02026445 Charity Reglstered Number 294745 GROUP BALANCE SHEET at 28 March 2021 2021 2020 Not¢ FIXED ASSETS Tangible assets Investments 13.119,118 2,195,095 13,908,886 1,964,540 12 15.314.213 15,873,426 CURRENT ASSETS Stocks Debtors Cash al bank and In hand 24.401 554,502 13.303.844 22,092 400,768 14,350,810 13 13,882.747 14,773,670 CREDITORS.. Amounts falllng due wtthln one yoar 14 {7,039.4271 {9,527,063) NET CURRENT ASSETSI{LIA8ILITIES) 6.843,320 5,246,607 TOTAL ASSETS LESS CURRENT LIABIL￿lEs 22,157,533 21,120,033 CREDITORS., amount8 falllng duo after more than on• year 15 (4,240,935) 12,761,938) NET ASSETS 19 17,916,598 18,358.095 ACCUMULATED FUNDS Rastrlct8d Incomo funds Capital grants Buil(ling maintenance reserve Fundraising reserve Unrestrlcted Income funds Goneral reserve Designated buildlng development reserve Deslgn8led gantry development building reserve Designated building maintenance reserve Designated educalDn fund Designated bursary fund Designated fundraising reserve 19 19 1,092,162 1,122,513 1,911 5,877 19 19 19 19 19 19 19 7,160,404 6,193,963 2.340.603 1,076,363 6,923,800 6,626,722 2,382,739 1.145,252 100,000 50,000 1,192 50,000 1,192 TOTAL FUNDS 17.916,598 18,358,095 The financial slalemenls were approved by the board of Directors on and sign on ils behalf by.. 26 November 2021 P I Claisse MHLeBas Directors The notes on pages 23 10 42 form part of these financial sL8tements. THE MAYFLOWER THEATRE TRUST {A company limited by guarantee) Company Registered Number 02026445 Charity Registered Number 294745 COMPANY BALANCE SHEET at 28 March 2021 2021 2020 Not• FIXED ASSETS Tangible assets Investments 13,119,118 2.195,099 13,908,886 1.964,544 12 15.314.217 15,873,430 CURRENT ASSETS Stocks Debtors Cash al bank and In hand 6.396 525.970 13,182,304 6,314 779,384 13,730,050 13 13,714,870 14,515,748 CREDITORS: Amoun1$ falllng duo wlthln one year 14 (6,966,107) 9.387,970) NET CURRENT ASSETSIILIABILITIES) 6,748,563 5,127,778 TOTAL ASSETS LESS CURRENT LIABILITIES 22.062.780 21.001,208 CREDITORS.. amounts falllng due after more Ihan one year 15 {4,240.9351 12,742,829) NET ASSETS 19 17.821,845 18,2S8.379 ACCUMULATED FUNDS Re8trlctgd Income funds Capital grants Building maintenance reserve Fundraising reserve Unrestrlcted Income funds General reserve Designated building development fund Designated gantry development building reserve Designated building maintenance reserve Designated education fund Designated bursary fund Designated fundraising reserve 19 19 19 1,092.162 1,122,513 1.911 5,877 19 19 19 19 19 19 19 7,065,651 6,193,963 2.340,603 1,076.363 6,824,084 6.626.722 2,382.739 1,145.252 100,000 50,000 1.192 50,000 1.192 TOTAL FUNDS 17,821,845 18,258,379 The financial s121emenls We￿ approved by the board of Directors on 26 November 2021 and signed on i behalf by.. P I Claisse MHLeBas Directors . The notes on pages 23 to 42 fom part of these financial slatemenls. 21 THE MAYFLOWER THEATRE TRUST (A company limited by guaranto8) GROUP STATEMENT OF CASH FLOWS for the period ended 28 March 2021 2021 2020 Not• CASH FLOWS FROM OPERATING ACTIVITIES 24 {1,105,7031 2,207.341 CASH FLOWS FROM INVESTING ACTIVITIES Inl8resl received Purchase of tangible fixed assets Proceeds from the sale of fixed assets 41.457 (182,720) 80,396 (404,481) MANAGEMENT OF LIQUID RESOURCES Decrease in short term deposits 200.000 CHANGE IN CASH AND CASH EQUIVALENTS IN THE REPORTING PERIOD 11,046,996} 1,883,256 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN CASH AND INVESTMENTS Increase in cash in the year Change in market value of fixed asset investments Cashflow from decrease in liquid resources {1,046,996} 1,883,256 430,555 {200,0(N)I 1155,2331 MOVEMENT IN CASH AND INVESTMENTS FOR THE PERIOD (816,411) 1,728,023 Nel cash and Investments at the start of the period 16.315,349 14,587,326 NET CASH AND INVESTMENTS AT END OF PERIOD 15,498,938 16,315,349 THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 March 2021 STATUS The company is limited by guarantee, the liability of exh rnember being limited to £25. At 28 March 2021 there were 20 members12020". 20 members). ACCOUNTING POLICIES Basls of aecountlng The financial statements have been prepared In acoydarKe Imth Accounting and Reporting by Charities.. Slalemenl of Recommended Practice applicable to chari(ies preparing their axounls in acrA)rdan¢e with the Financial RetNJrting Standard applvble in the UK and Republi¢ of Ireland IFRS 1021 (Second editionl- Icharilies SORP (FRS 10211, the Financial Reporting Standard appli¢atrAe in the UK and Republ￿ of Ireland IFRS 1021 and the Companies Act 2006. MaWlower Theatre meets the definf(Dn of a wblic benefrt entity under FRS 102. Assets and liabilities a￿ Initially recognised al historul ¢o$t or transa¢tion value unless othsrnvi$e stsled in Ihe relevant ￿countIng pdb¢y notel$}. Ba818 of consolldatSon The group accounts incorporate the financial statements of the Tnjst and of Il$ $ub$idiary undertaklngs, Mayfiower Enterprises Limited. and Ma￿lOWer Productlons (Soulhamplonl Limited. AS a consolldaled slalemenl of financial aclivilles is published, a separate statement for the pawnl r￿MPanY 1$ omillod from the group financlal statements by virtué of section 408 of the Companies Act 2006. The dell¢lt of the parent Company, The ma￿oWer Theatre Trust. was £436,53412020.' Surplus £1,273,404). Preparatlon of accounts on a golng concern ba8ls The COVID-19 pandemic has resulted in the theatre being dosed for almost the entir8 reporting year and for the first quarter of 2021122. There 1$ ongoing risk from further diswplion a$ a re$ull of COVID-19 in terms of public performances $0 we are cautious in our finan¢ial fore¢asling. We are ￿aSsUred by the high level of sales we have seen since government restr￿lI0n$ have been lrfied wilh shows for the next 3 years on Sale. As the programme has been largely re$¢heduled there are very strong advance $ales for the programme In 2022123 and experien¢0 has seen over 80¥0 of pre b¢)oked sale$ remaining in rescheduled shows. For the shows that have been Cancelled most customers hav¢ taken gift vouchers as opposed lo refunds and therefore we have a large amount of Money on credit that can only be spent in our Ihealre. Therefore the advance programme will benefit from this unspent credit wlh the Ihealre. These factors ensure that Directors remain confident. with the mea5ure5 put in place lo miligale in¢ome losses attributable lo the COVID-19 pandemic, in the Trust's ability to continue as a wing concern. Having reviewed our financial position under worst case scenarios, including reserves levels, cash flow forecasts, and fvlure plans, the Directors are confident the Trust Temains a going concem for the foreseeable future, being al least 12 months from the dale of signing of Ihe8e accounts. Incorne IrKome primarily represents lickel sales and related fees for perfomiances conducted in the year. Gfftvouchers and lickels sdd in advance are induded in creditors as deferred income. Legacies are Included where there Is entitlement. probability of receipt and the amount Can be rneasu￿d with sufficient reliability. Grants and donatlons Grants and donations are recognised where there is entitlement. probability of receipt and the amount can be measured with SLrfficienl reliability- Suth 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 the Trust has unconditional entillemenl. Income from the g)vernmenls' Coronavinjs Job Retention Scheme Grant is recognised on the accruals basis and in line wlh the staff costs that rt relates to. 23 THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 March 2021 ACCOUNTING POLICIES {continuedl Investrnents and Investment income Investments are shown in the balance sheet al market value, in accordance wth the SORP. All changes in value in the year. whether or not realised, are reported in Ihe"gains arHJ losse$ on Investment assets" section of the Slalement of Financial Aclivilies. Inveslrnenl income, which does not include changes in value. 15 re¢ognised on a receivable basis. Expendlturn Costs of raising funds for fundraising trading are those incurred in trading activit￿$ that raise funds in the subsidiary company and the raising of swnsorship and donations within the Trust. Charitable activities include expenditure assoaated h￿th th8 Staging of $hosK8 and Include both the direct costs and support costs relating to Ihese aclivili6s. Governance costs include those in¢urred in the govemance of the Trust and ils ass&ts and ara primarily associated with constitutional and stalulory requirements. Oporatlng loas8 agr•amants Rentals applicable lo operating leases wthere substsntially all of the benefits and risks of ownershlp remain with the lessor are charged again51 the Statement of Flnancial Activities on a straight line basis over the perlod of the lease. Tanglble fixed assets and dopro¢latlon Tangible fixed assets are 51aled al Cost, being purchase pr￿8. less accumulated depr￿latIOn. Items a Capilalised rf their individual value ex¢eed$ £500 or rf Ihey combine to fomi an asset whoso entire value exceeds £500. Depreciation Is provided on all tangible fixed as5el$. other than long leasehold land, al rates calculated lo write off the cost or valuation, less estimated residual value. of each assel evenly over its expected useful life, as follows.. Leasehold buildings Plant ané machinery Fixtures and fillings Computers and communications Leased as$els lother Ihan buildings) Motor vehides over Ihe lrfe of the lease 510 20 year$ straight line 310 25 years slraighl line 310 10 years Slraighl line over the life of the lease 3 years stravJhl line The leasehold buildings are depreryaled over the lease term of 125 years. Therefore, in accordance with FRS 102, the leasehold buildings are subject to an annual impaimient review. Stocks Stock is valued al the Jower of cost. being purchase price, and net realisable value. after making allowance due for obsolete and slow moving items. Debto Trade and other debtors are recognised at the settlement amount due after any trade dl$counl offered. Prepayments are valued al Ihe amounl prepaid nel of any trade discount5 due. Cash at bank and in hand Cash al bank and cash in hand includes cash and short temi highly liquid investments with a short maturity of three months or18ss from the dale of aequistlion or opening of the deFQSit or similar account. 24 THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS Forthe poriod ended 28 March 2021 ACCOUNTING POLICIES (continued) Crodhors and provisions Creditors and provisions are recognised where the Trust has a present oblKJalion resulting from a past event that will probably result in the transfer of funds to a third party and the amount due lo sellle the obligation can be measured or eslimaled reliably. Creditors and provisions are nomially recognised al their settlement amount after allowing for any trade discounts due. Flnanclal InstNm•nts The Trust only has financial assets and finanual liabilities of a kind Ihal qualify as basic financial inslrumenls. Ba$1¢ financial instruments are initially recognised al transaction value and subsequently measured al their settlement value. Penslon costs The Tru$l operates a defined contribulion pension scheme for employees. The assets of the scheme are held separalelyfrom those of the Trusl. The annual contributK)ns payable are charged lo the Statement of Financial Aellvili$s. Fund accountlng The nature and purpose of each fund is described in note 19 and on pages 14 in the description of reserves. Llquld re8ourc68 Llquld resources indude current ass8t inveslmenls, b8ing monies held in fixed term deposit accounts. Crltlcal accountSng Judg•monts and *$tlmatlon un¢ortaSnty In preparing these financial slalemenls, management has made judgements, eslimales and assumptions that affect the application of the group's and Pa￿nI charitable company's accounting policies and the reported assel$. liabilities. income and eXper￿lture and the disclosures made in the financial slalemenls. Eslimales and judgements are conlinijally evaluated and are based on histor￿al experience and other factors, including expectations of future events that are believed lo be reasonable under the circumstances. Those affjas subject lo judgement and uncertainty are as follows: Accrued income and expendibjre Cross charges of staff lime spent between the grwp ontilies Asset impaimienl review Accrued income and expenditure are eslimaled where no invoice has been provided. These estimates are based either on third party evidence or on known values as yel invoiced by the group. Cross charges of staff time spent are based on reasonable eslimales of how much time staff employed by ma￿lOWer Theatre Trust spend working on matters related to the trading subsidiaries. An asset impaimient review has been considered by Directors. This review in¢luded ¢on5ideralion of local property market, damage and repairs lo assets. recent caprtal additions, general upkeep and repair of the building, and confirmation that there are no Flans to signrficantly change the use of the buildings. Directors are reassured by the assessment. 25 THE MAYFLOWER THEATRE TRUST {A ￿MpanY limited by guarantee NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 March 2021 DONATIONS AND LEGACIES 2021 2020 Culture Recovery Fund Coronavirus Job Retention Scheme National Lottery Fund Loan Interest Grant- MEL other Donations 2.700,000 686,700 164,745 99) 72,459 82,474 3,624.894 82,474 INVESTMENT INCOME 2021 2020 Bank interest receivable 41.457 80.396 41.457 80,396 INCOME FROM CHARITABLE ACTIVITIES 2021 2020 Ticket sales and auditorium fees Booking fee Miscellaneous in¢ome Restoration levy 97.201 5.393 516.818 3,410 18,325,100 1,357,939 718,071 489,219 622,822 20,890,329 THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 March 2021 ANALYSIS OF EXPENDITURE Support costs Other support Governance osts costs 2021 2021 Direct costs Total 2021 2021 Raising funds: fundraising trading sponsorshlp Charitable aclivilies.. theatre programmes - education and outreach 12.931 17 12.931 17 3.847.967 14,492 1.279,181 22,090 5,149,238 14,492 3,874,802 1,279.181 22,09) 5,176,678 Support costs Other support Govemance C081s costs 2020 2020 Dlroct costs 2020 Totsl 2020 Raising funds- fundraising trading Sponsorsh￿p Charitable aclivilies.. - theatre programmes education and outreach 734.630 734,630 9,594 18,951,424 135,187 1,732.331 44.799 20,728,554 135,187 19,830.835 1.732,331 44,799 21,607,965 27 THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 March 2021 ANALYSIS OF EXPENDITURE {¢ontinugd} 2021 2020 Support costs con51St of the followng-. Other staff costs Finance Establishment 20,778 3,593 344,977 9,833 22,090 60,969 9,533 713,167 948.662 44,799 Depreciation Govefnan¢e 1,301,271 1,777,130 Governance costs consist of the followirffJ'. Audilorfs remuneration (Excluding VAT) Audilorfs remuneration -other GrcMJp Entities (Excluding VAT) Oiher professional fees 12.000 6.245 3,845 11,340 9,470 23,989 22,090 44.799 NET MOVEMENT IN FUNDS 2021 2020 Thls Is staled after charging.. Auéllors, remuneration.. audit 12,OCw) 6,245 4,450 )9.833 4.488 62.655 11,340 9,470 23,989 948.662 4.488 7,548 Audit￿, remuneration.. other group entities Auditors, remuneration= non-audit fees Depreciation of owned fixed assets Operating lease rer¢tals- land and buildirvJs Loss on dlsposal of fixed assets STAFF COSTS 2021 2020 Wages and salaries Social security costs Other pension costs Redundancy and lerninalion payments 2.721,683 205,561 193,616 52,927 2.873,653 289,45S 215,399 staff costs charged to expenditure 3.173,787 3,378,507 Coronavirus Job Retention Scheme Idisclosed as income) 1686,7001 Staff costs net of Coronavirus Job RelentDn Scheme income 2.487.087 3,378,507 28 THE MAYFLOWER THEATRE TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For thg pgriod ended 28 March 2021 STAFF COSTS Icontinuedl The average number of full lime equivalent employees linduding casual and part time staff) during the period was as follows= 2021 Number 2020 Number Leadership team Other staff 19 160 18 19 225 18 112 179 101 244 130 No remuneration was paid during the period to any rnember of the Board of Direclors12020.' £Nill. During the period the Trust not reimburse any travelling expenses of the Board of Directors {2020'. £Nil). The number of employees whose emdumenls amounted lo over £60,000 in the period was as follows.. 2021 Number 2020 Number £60,001- £70,000 £70,¢X)1- £80,000 £100,001- £120,IJ)o £120,001 - £130,000 £160,001- £170,000 Penslon ¢onlribullons lo hlgher paid employees 45,gX)8 71,785 Number of higher paid employees re￿Ning pension contributions Total leadership team {19 employees-, 2020.'18) remuneration (including salary, pension, bonus payments, and heallhcarel is £960,467 {2020: £1,099,383). THE MAYFLOWER THEATRE TRUST {A company limitad by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 28 March 2021 10. NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARIES ma￿low9r Entorprisos Limited 2021 2020 Turnover Nel operating expenses Management charge and booking fee Government grants 15.431 115,0221 1,984,451 1653,695} {1.058.03S} Operating profil Group lax relief Interest receivable and sSmilar In￿Me Interest payable and expenses 1,399 272,721 854 {99)1 3,560 Profil on ordinary activities after tsxation 1,263 276,281 Dlslribulion lo The Mayflower Theatre Trust 1256.0101 Net movement in fvnds 1,263 20,271 If tran$a¢tions wtth Tho Mayfiower Theatre Tnjst were ex¢luded'. Amount grfted lo The Mayflower Theatre Trnsl In respect of current year trading activities Management and box office fee 256,010 1,058,035 Profil brought into consolldaled accounts relating to'external. trading would 1,263 1,314,045 Capital and reserves of ma￿lOWer Enterwl$e$ Limited 21,536 20.273 Mayflower Productlons (Southampton) Llmlted 2021 2020 Turnover Nel operating expenses 1.750 17.999} 131,528 1144,8341 Operating profit Group tax relief Theatre lax credit Interest receivable and slmilar income {6,2491 {13,3081 25.414 47 22 Profft on ordinary a¢tivities after taxation 16.227) 12,155 Profit relating to 'external' trading.. 16,2271 12,155 Capital and reserves of Maffjower Productions {Southamplon) Ltd 73,220 79,447 THE MAYFLOWER THEATRE TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the peri(Kl ended 28 March 2021 11. TANGIBLE FIXED ASSETS Group and Company Long leasehold land and bulldlngs Fixtures and flttlngs Plant and machlnery Motor v•hlclos Total Cost: AI 30 March 2020 Additions Dl$posal$ 10.847.904 4,549.476 74.gN)8 (76.213> 4.985.387 107.812 {19,3981 9,736 20.392.503 182.720 1235,8661 1140,257> At 28 MarGh 2021 10,707,647 4,548,171 5,073,803 9,738 20,339,357 AI 30 March 2020 Provided during the perlod Disposals 2,287,202 198,025 183,550) 2,375,331 321,543 175.742) 1,811,347 390,265 113.919) 9,736 6,483,617 909,833 1173,2111 At 28 March 2021 2.401.677 2.621,132 2.187.694 9,736 7,220,239 Not book value: Al 28 March 2021 8.305,970 1.927.039 2,886,109 13,119,118 At 30 March 2020 8,560,702 2,174.145 3,174,039 13,908,886 Included in long leasehold land and buildings 1$ land valued al a cost of £606,000, which is not depreciated. 31 THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 March 2021 12. INVESTMENTS Group 2021 Company 2021 2020 2020 Carrying value as al 30 March 2021 Dispo$a15 N8t gainlllossl on revaluation 1,964,540 (200.O¢X)I 430.555 2,119.773 1,964,544 {200,0001 430,555 2,119.777 {155,2331 1155,2331 Carrying value as al 28 March 2021 2,195,095 1.964.540 2,195,099 1,964,544 Included in the 'cOMpan￿ r￿Ur@S above a￿ th& followng: £2 investment that represents the a¢quisilion of 1000A of the ordinary issued share capital of Maffjower Enterprises Llmiled. a company registered in England and Wales. Maynower Enterprises Limlled was established lo general8 profrts from ancillary and agency sales on behalf of The Maffjower Theatre Trust. Mawlower Enterprises Limited is included in the consolidated accounts. £2 investment that represents the aquisilion of 100% of the ordinary issued share capital of Mayllower Productions Isouthamplonl Limited. a company registered in England and Wales. Mayllower Productions {Soulhamplonl Limited was esta￿1Shed lo produce theatrical productions on behalf of the group. Maynower Productions {Soulhamplon) Limited 1$ included in the consolidated a¢counls. The Trust has Investments with a market value of £2.195.095 held wth Rathbone Unil Trust Management. DEBTORS 13. Group 2021 Company 2021 2020 2020 Amounts owed by group undertakir Trade debtors Other debtors PrepayThenls and accrued income {607) 95,655 255,954 174.968 415,545 38,938 10,305 314,596 95,655 281.668 177.179 38,938 46,365 315,465 554,502 400.768 525,970 779,384 14. CREDITORS: amounts falllng due wlthln on• yoar Group 2021 Company 2021 2020 2020 Trade creditors Other taxes and social security Other creditors Accnjals and defe￿ed income 109.698 53.779 73.593 6,802,357 261.197 142,307 347,317 8.776.242 106,451 53,779 12.667 8,793.210 249.613 142.307 314,196 8,681,854 7.039,427 9.527,063 6,966,107 9,387,970 32 THE MAYFLOWER THEATRE TRUST (A cornpany limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 March 2021 15. CREDITORS: amounts falllng du• after more than one year Group 2021 Cornpany 2021 2020 2020 Deferred Incom 4.240,935 2.761,938 4,240,935 2,742,829 4.240.935 2.761.938 4.240,935 2.742,829 Deferred income represents show lid(els Sold in advance and the stsbslantial Increase in deferred income falling due after more than one year Is due to the rescheduling of shows to 202112022 as a result of the pandemic. 16. ANALYSIS OF DEFERRED INCOME Group 2021 Company 2021 2020 2020 Deferred income brought fo￿rd Amounts released lo Income In th& period Amounts deferred in the period 11.670.943 10,374,039 1136.7201 (10,081.504) I4￿.931) 11,378,408 11.583,517 10,374,039 (136,720) 110,081,504) (412,6521 11,290,982 Deferred incom8 carried forward 11,043,292 11,670,943 11,034,145 11.583,517 17. RELATED PARTY TRANSACTIONS Transactions wrth the Trust's subsidiaries are sel out in note 10. Al the period end a balan¢e of £65612020.. £421,544) was owed lo the Trust by Maffjower Enterprises Limited and £0 was owed lo the Trust by Mayflower Productions ISouthampton} Limited 12020- £5,999) was owed by the Trust lo Maplower Productions ISouthampton} Limited. £89,97512020'. £0) was owed to the Trust by Maynower Academy Limited. Mr N J Vaughan, appointed lo the Board on 11 March 2017. is the Senior Partner of Paris Smith LLP solicitors. Paris Smith LLP have provided legal services in the peric￿1 of £17.04212020.. £6.5971. Mrs J Ockwell, spouse of Mr M Ockwell, Chief ExeculNe of Mayfiower Theatre Trust, provided creative services for the Engage programme in the period for the remuneration of £1,250 {2020.. £7.920). There were no other related party transaclions in the year. 33 THE MAYFLOWER THEATRE TRUST (A company limlted by guarantge) NOTES TO THE FINANCIAL STATEMENTS For the poriod ended 28 March 2021 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestrlcted G¢neral accumulated fund 2021 Dgsignated funds 2021 Restri¢tgd fund 2021 Total 2021 Group- 2021 Fixed assets Current assets Current liabilities NO￿￿ulTent liabilities 4,611,122 13,829,644 {7.039.4271 {4.240.93SI 9.610.929 51,192 1,092,162 1.911 15,314,213 13,882,747 17.039,427) {4,240,9351 7,160.404 9.662,121 1.094,073 17,916,598 Company- 2021 Flxed assets Current assets CUr￿nt liabilities Nonwcurrenl liabilili•s 4,611,126 13,661.567 16,966,107} {4,240,9351 9,610.929 51.192 1,092,182 1,911 15.314.217 13,714.670 16.966.107> 14,240,935) 7.08S,651 9,662.121 1,094,073 17,821,845 Unrestrlctad General accumulated fund 2020 D•slgnatgd funds 2020 Restrlctod fund 2020 Total 2020 Group- 2020 Fixed assets Current assets Current liabilities Non-current liabilities 4,596,200 14,616.601 {9.527,0631 {2.761,938) 10,154,713 151,192 1.122.513 5,877 15.873,426 14,773,670 (9,527,063) 12,761,938) 6.923,800 10,305,905 1,128,390 18.358,095 Company- 2020 Flxed assets Current assets Current liabilities Non-current liabilities 4.596,204 14,358,679 (9,387,970} 12.742,8291 10,154.713 151,192 1.122,513 5,877 15,873.430 14,515.748 19,387,970) 12,742,829} 6.824.084 10,305.905 1,128,390 18.258,379 THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 28 March 2021 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) Freo Reserrfes The free reseNes of the Trust sland at £2,549.282 as al the period ended 28 March 2021. This figure 1$ made up of.. 2021 2020 Unreslricled general {undesignaledl fund5 Less fixed assets held in general undesignated funds 7,160,404 14.611.122) 6,923,800 14,596,200) 2,549.282 2,327,600 35 THE MAYFLOWER THEATRE TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 March 2021 RECONCILIATION OF FUNDS AND MOvEMETr￿s ON RESERVES Unre6trlct•d Deslgn•tgd Group Bullding Fun malnt ralslng r•8erv• reserve 8ulldlng maSnt Educatlon f96erv• ros¢rv• Bulldlng di Fundralslng d•volopm•nt 8erv To8erv• Capltal Grants Bursary fvnd At 30 March 2020 Income Expenditure Gain on Investment$ Transfers 1,122,513 5,877 so.1￿ 1.145252 100,C 1,192 6,626,722 2.280 (2.2801 {3.9661 1,185 1433,9441 130,3511 118.312) 168.889) 1190,357) 18,312 ,357 At 28 March 2021 1,092.162 1.9f1 50.CW 1,078.363 1.192 6.193,963 Company 8ulldlng malnL Fun& r•l¥lng r•8•rv• Bulldlng Burnary m•lnL Educatlon fund w•s•r¥• re8•r4• Capltal Grants Bulldlng dt Fundr•l¥lng d•v•lopment r•80r¥• r•8•rv• r•*•rve At 30 March 2020 Incomo Expendilurg Galn on inve$tsn8nt8 Transfors 1,122,513 5,877 50,orM) 1.145252 100,¢XK) 1,192 6,626,722 2.280 12,2801 1,185 1433,9441 130,3511 13,9661 (18,3121 188,8891 1190,3571 18.312 ,357 At 28 Mar¢h 2021 1.092,162 1.911 50.1KQ 1.076.363 1.192 6,193.963 Cornparatlv? movements In fund8 for the year end￿ 30 March 2020 are provided below. 4 JG)rn j rfj ows THE MAYFLOWER THEATRE TRUST {A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 March 2021 19. RECONCILIATION OF FUNDS AND MOVEMENTS ON RESERVES Iconlinued) Restrlcted fund¥ Ca rants This fund rep￿SentS grants recewed from Hampshire County Councl. Southampton City Council and The Foundation of Sports and Arts which were primarily given lo the Trust lo purchase the leasehold of the Ihealre. Buildin maintenance reserve This fund has been Created from an appeal fund. This is primarily for Ihe maintenance of the auditorium and Stage area within the Grade11 listed building. Fundraisin Reserve This fund Includes the balance of grants awarded in prior years for our auditortum refurbishment project. Dgslgnated Funds Bursa lund This repr8s8nls moni¢s allocated to help support k>cal people study perfoftning arts and theatre studl8$. The aim is that this fund should be maintained at £50,000. Funds have been transferred in from the general reserve lo a¢hleve Ihis. Bulldln nce reserve Th5s money is designated for major ￿lurbl$hMen1 required to theatre property. 11 includes the capital value of refurbishment lo the siage lo enable the theatre to hold a wider range of Wesl End productions. This refurblshmenl was carried out in 2004 and capitalised al that point. Further capital projects l.e. Foyer, FoollSghls Bar, Circle Bar and Ovation refurbishment have been transferred to this re8eNe ac¢ount lo reflect the capital value of all major projects. ducalion reserve The Education reserve has been sel up to $81 a$id• any surplus the a¢tlvities of the Community & Education programme may make in any given year. This a￿8 is not intended lo make surpluses, bul in the event il does, these funds are kept aside to reinvest in ongoing educational activity- Fundraisi This fund has been designated to allow for investment in improving a¢c8ssibilily and environmental capital equipment and in¢ludes funding for our changing places as part of the auditorium refijrbishmenl project. reserv Buildin develo ment res The Building development reserve of 6,193,963 was a designated fund established lo contribute towards the major refurbishment lo the auditorium and construction of the connectivity lo the office block ¢arried out in 2020. Future depreciation on these 8ssels will be allocated to this fund. Gan develo ment buildin reserve This fund was designated for the work to improve the stage accessibilty and for the conslnjction of the new office buildlry. which was completed in September 2010. Future depreciab.on on thes0 assets will be allo¢ated lo this fur￿. THE MAYFLOWER THEATRE TRUST {A company limitod by guaranteg) NOTES TO THE FINANCIAL STATEMENTS For the period ended 28 March 2021 20. PENSION COMMITMENTS The Trust operates a defined contribution pension s¢hemefor tts employees. The assets of the scheme are held separately from those of Ihe Trust in an independenlly administered fund. The charge In the accounts was £193.61612020: £215.399) and an amount of£69 {2020'. £27,302} was included in ¢reditors at the period end. 21. FINANCIAL COMMITMENTS Al the period-end. Ihe Group had annual commiknents under non-cancellable operaling18as85 as follows.. Plant & Machlnory 2021 2020 Expiry dale.. <1 year 2-5years 4,488 8,976 4,488 13,464 22. CAPITAL COMMITMENTS There were no capital commitments al the 2021 period end. 23. NET CASH INFLOW FROM OPERATING ACTNITIES 2021 2020 Nel Income Interest receivable Depreciation Decrease I lincreasel in debtors (Decrease) l increase in creditors Decrease I lin¢reasel in stock Los51 (gain) on investment assels Loss on disposal of fixed assets 1441,4971 (41,4571 )9,833 1153,7341 (1,008.6391 12.3091 {430.5551 62,655 1,305,830 {80,3961 948,662 11,5221 {148,2381 20,224 155.233 7,548 11,105,703) 2,207,341 39 THE MAYFLOWER THEATRE TRUST (A company limitgd by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the perlod endgd 28 March 2021 24. ANALYSIS OF CHANGES IN NET DEBT At 30 March 2020 Cash flows Other non- Cash changes At 28 March 2021 Cash 14,350.810 (1,046,966) 13,303,844 14.350.810 {1,046.9661 13,303,844 Loans due wthin one year Loans due after more than one year 12,778) 147,2221 (2,7781 {47,222} 14.350,810 {1.096.966) 13,253,844 25. CONTROL The controlling party is the Board of Directors. ￿presenting the compan1$ memb8rs. THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) 26. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITY Unrestricted funds Restrlcted funds Total 2020 INCOME AND ENDOWMENTS FROM: Donations and legacies Other Trading activities Investments Charitable activili8s - show irwme 79,804 2.015,829 80,396 20,890.329 2,670 82.474 2,015,829 80,396 20,890,32g Total inGomo 23.066.358 2.670 23,069,028 EXPENDITURE ON.. Raising Funds.. Fundralslng trading Sponsorship 734,630 9.594 734,630 9,594 Charitable activities theatre programmes education and outreach 20.688,371 135,187 40.183 20.728.554 135,187 Total oxpandlturo 21,567,782 40,183 21,607,965 Not Sncorng1{¢xpèndlturél for the perlod before gains I losse$ on Invéstmonts 1.498.576 (37,513) 1,461,063 Galnllloss) on Investment asset {155.233) 1155,2331 Net Income l {oxpendlturo) for the perlod 1,373,343 137,513) 1.305,830 TOTAL FUNDS AT 1 APRIL 2019 15,886.362 1,165,W3 17,052,265 TOTAL FUNDS AT 29 MARCH 2020 17,229,705 1,128,390 18,358.095 41 THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) COMPANY STATEMENT OF FINANCIAL ACTIVITIES (Incorporating the Income and Expenditure Account and Statement of Total Recognls•d Gains and Losses) for the period ended 28 March 2021 Un￿tricted funds Restrlcted funds Total 2021 Total 2020 INCOME AND ENDOWMENTS FROM Donations arKI Legacies 3.621.624 2,280 3.623,904 82,474 Other Trading activities 256,010 Investments 40.603 40,603 76.836 Charitable activities - show Income 622.822 622,822 21.999,243 Total In¢om• 4.285,049 2,280 4.287,329 22,414,563 EXPENDITURE ON Raising fund8 - sponsorship Charitable activities theatre programmes - education and outreach 17 17 9,594 5,103.312 14,492 36,597 5,139.909 240,187 20,736,145 240,187 Total expgndlture 5,117,821 36,S97 5,154,418 20,985,926 Ngt Incomg11gxpendlture) lor th• porlod bgfore gaSnsllos8es on Investments 1832,772) {34.3171 (867,0891 1,428,637 Gainlllossl on investment asset 430.555 430,555 {1 55,2331 Nat Incomoll•xpendlture) for the Porlod (402,217) (34.317) 1436,534) 1,273,404 TOTAL FUNDS AT 30 March 2020 17.129.989 1,128.390 18,258,379 16,984.975 TOTAL FUNDS AT 28 March 2021 16,727.772 1,094,073 17.821,845 18,258.379 The company statement of financial aclNities has been prepared on the basis that all operations are continuing operations. This page does not form part of the slatutory finanaal statements 42