2023-04-02-accounts - The Mayflower Theatre Trust

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		Pages
Report ofthe Directors		2-17
Auditor's Report		18-19
Group Statement of Financial	Activities	20
Group Balance Sheet		21
Company Balance Sheet		22
Group Statement ofCash Flows		23
Notes to the Financial Statements		24-43

Directors ITrustees: P I Claisse (Chair)	Directors ITrustees: P I Claisse (Chair)
G Allison (appointed 30"September		2022)
D M Fowler-Stevens
R Hall (appointed 30'"September 2022) J Hannides (resigned 18"November 2022)
C E Lewis
SW Pantling
R Primmer
K Romero
SSargant (appointed	30e September	2022)
M D Smith
N J Vaughan
Members:
i A SGatward			G Allison (appointed	30e September 2022)
D Sunday			D Chisnall
P I Claisse			P Daniells
SDaniells			U Derejko-Cooper
A Farrell			D M Fowler-Stevens
J Gatward (deceased March 2023) R Hall (appointed 30' September 2022)			M Gordon J Hannides
C E Lewis			R Niddrie
LJ Noble			SW Pantling
T Prentki			R Primmer
K Romero			SSargant (appointed	30'"September 2022)
M D Smith			CTaylor
N J Vaughan

Bankers:
Santander UK Pic
Bridle Road
Bootle
Merseyside
L304GB
Solicitors:
Paris Smith LLP
1 London Road
Southarnpton
Hampshire
SO152AE
Business and Registered		office:
Mayflower Theatre
Empire Lane
Southampton
Hampshire
SO151AP
Sponsors &Partners:
Paris Smith LLP	The London		Hotel	Geo Speciality	Chemicals
Peter Cooper	ThlG Engineering			HWB Chartered	Accountants

P	I Claisse (Chair)
G	Allison	(appointed	22~ September 2022)
D	M Fowler-Stevens
R	Hall	(appointed	22" September 2022)
J	Hannides	(resigned	1&eNovember	2022)
C	E Lewis
S	W Pantling
R	Primmer
K	Romero
S	Sargant	(appointed	22~ September 2022)
Nl	D Smith
N	J Vaughan

				Unrestricted	Restricted	Total	Total
				funds	funds	2023	2022
			Note			8	E
INCOME FROM:
Donations and legacies			4	72,440	3,071	75,511	455,241
Olher Trading activities				1,709,114		1,709,114	1,120,546
Investments			5	218,614		218,614	25,446
Charitable activities - shaw	income		6	23,562,853		23,562,853	15,135,635
Total income				25,563,021	3,071	25,566,092	16,736,868
EXPENDITURE ON:
Raising Funds:
Fundraising trading			7	604,566		604,588	441,461
Sponsorship			7	6,907		6,907	1,610
Charitable activities
-theatre programmes			7	22,484,266	30,946	22,515,212	15,494,009
- investment in productions		costs	7	125,492		125,492	126,000
-education and outreach			7	112,342		112,342	89,375
Total expenditure				23,333,573	30,946	23,364,519	1B,152,455
Net income/(expenditure)	for the period
before gains Ilosses on investments				2,229,448	(27,875)	2,201,573	584,413
Gain on investment asset			12	(63,119)		(63,119)	104,388
Net income I(expenditure)		for the period		2,166,329	(27,875)	2,138,454	688,801
TOTAL FUNDS AT 27 March 2022			18	17,541,019	1,064,380	18,605,399
TOTAL FUNDS AT 2April	2023		18	19,707,348	1,036,505	20,743,853

					Note	2023f	2022
FIXEDASSETS
Tangible assets					11	12,390,547	12,786,904
Investments					12	1,986,364	2,049,483
						14,376,911	14,836,387
CURRENT ASSETS
Stocks						41,502	34,143
Debtors					13	471,049	291,353
Cash holdings					24	18,053,776	18,769,783
						16,566,327	19,095,279
CREDITORS: Amounts		falling	due within one year		14	(9,175,715)	(15,165,729)
NET CURRENT ASSETS/(LIABILITIES)						7,390,612	3,929,550
TOTAL ASSETSLESSCURRENT LIABILITIES						21,767,523	18,765,937
CREDITORS: amounts		falling	due after more than one year		15	(1,023,670)	(160,538)
NET ASSETS					18	20,743,853	18,605,399
ACCUMULATED FUNDS
Restricted income	funds
Capital grants					19	1,036,505	1,064,380
Unrestricted income funds
General reserve					19	11,071,794	8,398,067
Designated building	development		reserve		19	5,348,555	5,765,138
Designated gantry	development		building	reserve	19	2,285,800	2,313,462
Designated building	maintenance		reserve		19	951,199	1,014,352
Designated bursary	reserve				19	50,000	50,000
TOTAL FUNDS						20,743,853	18,605,399
The financial statements		were approved		by the board of Directors on		2023
and si d n its b	half by:
		c'~		)	P IClaisse
				)
				)	N Vaughan
				)	Directors

							2023	2022
						Note		E
FIXEDASSETS
Tangible assets						11	12,390,547	12,786,904
Investments						12	1,986,368	2,049,467
							14,376,915	14,836,391
CURRENT ASSETS
Stocks							8,510	8,433
Debtors						13	1,117,679	838,692
Cash holdings							15,272,403	18,067,727
							16,398,592	18,912,852
CREDITORS; Amounts		faliing	due within one year			14	(9,102,056)	(15,069,604)
NET CURRENT ASSETSI(LIABILITIES)							7,298,536	3,823,248
TOTAL ASSETSLESS		CURRENT LIABILITIES					21,673,451	18,859,639
CREDITORS: amounts		falting	due after more than one year			15	(1,023,670)	(160,538)
NET ASSETS						18	20,649.781	18,499,101
ACCUMULATED FUNDS
Restricted income	funds
Capital grants						19	1,036,505	1,064,3SO
Unrestricted income funds
Genera I reserve						19	10,977,722	8,291,769
Designated building	development		reserve			19	5,348,555	5,765,138
Designated gantry	development		building	reserve		19	2,285,800	2,313,462
Designated building	maintenance		reserve			19	951,199	1,014,352
Designated education reserve						19
Designated bursary	reserve					19	50,000	50,000
TOTAL FUNDS							20,649,7S1	18,499,101
The financial statements		were approved		by the board of Directors on			2023
and signed an its behalf		by:
					)	P I Claisse
					)
					)	N Vaughan
The nates on pages 24		(J 9 to43form part ofthese financial			) statements.	Directors

		2023	2022
	Note	6	6
CASH FLOWS FROM OPERATING ACTIVITIES		(2,399,458)	5,777,974
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received	5	217,614	22,726
Purchase oftangible fixed assets	11	(534,163)	(585,061)
Proceeds from the sale offixed assets			300
MANAGEMENT OF LIQUID RESOURCES
Decrease in short term deposits	12		250,000
CHANGE IN CASH AND CASH EQUIVALENTS
IN THE REPORTING PERIOD	24	(2,718,007)	5,465,939
RECONCILIATION OF NET CASH FLOW TO
IIIIOVEMENT IN CASH AND INVESTMENTS
Increase in cash in the year		(2,716,007)	5,465,939
Change m market value offixed asset
investments	12	(63,119)	104,388
Cashllow from decrease in liquid resources	12		(250,000)
MOVEMENT IN CASH AND INVESTMENTS
FOR THE PERIOD		(2,779,I26)	5,320,327)
Net cash and investments at the start ofthe
period		20,819,265	15,498,938
NET CASH AND INVESTMENTS AT END OF
PERIOD		18,040,139	20,819,285

Leasehold buildings	over the life ofthe lease	over the life ofthe lease
Plant and machinery	5to 20years straight	line
Fixtures and fittings	3to 25years straight	line
Computers and communications	3to 10years straight	line
Leased assets (other than buildings)	over the life ofthe lease
Motor vehicles	3years straight line

INVESTME	NT INCOME
			2023	2022
Bank interest receivable			217,614	22,726
Investment	returns		1,000	2,720
			218,614	25,446
INCOME FROM CHARITABLE ACTIVITIES
			2023	2022
				E
Ticket sales	and auditorium	fees	20,291,284	13,025,604
Booking fee			1,529,646	990,529
Restoration	levy		500,987	335,731
Production	recharges		478,369	262,345
In-house productions			69,762
Engage income			274,460	176,200
Membership	income		64,996	14,465
SLA MAST	agreement		180,803	252,283
Miscellaneous income			172,546	78;478
			23,562,853	15,135,635

ANALYSIS O	F EXPENDITURE
				Support	costs
		Direct	Other	support	Governance
		costs		CoatS	costs	Total
		2023		2023	2023	2023
		E					8
Raising funds:
-fundraising	trading	I504,566				604,566
-sponsorship		6,907				6,907
Charitable activities:
-theatre programmes		20,847,988	1,623,814		43,410	22,515,21	2
- investment	in productions	125,492				125,492
-education	and outreach	112,342				112,342
		21,697,295	1,623,814		43,410	23,364,519
				Support	costs
			Other	support	Governance
		Dirac't costs		costs	costs	Total
		2022		2022	2022	2022
		5		8	6	6
Raising funds:
-fundraising	trading	441,461				441,461
-sponsorship		1,610				1,610
Charitable activities:
-theatre programmes		14,083,284	1,377,735		32,990	15,494,009
-investment	in productions	126,000				126,000
-education	and outreach	89,375				89,375
		14,741,730	1,377,735		32,990	16,152,455

						2023	2022
	Support costs consist ofthe following:
	Other staff costs					105,048	71,419
	Finance					3,41 1	4,841
	Establishment					604,222	400,745
	Depreciation					911,133	900,730
	Governance					43,410	32,990
						1,667,224	1,410,725
	Governance costs consist ofthe following:
	Auditor's remuneration	(Excluding		VAT)		14,900	12,500
	Auditor's remuneration	-Other	Group Entities		(Excluding VAT)	12,280	9,880
	Other professional fees					16,230	10,610
						43,410	32,990
8.	NET MOVEMENT IN FUNDS
						2023	2022
	This is stated after charging:					f	f.
	Auditors' remuneration:	audit				14,900	12,500
	Auditors' remuneration:	other	group entities			12,280	9,880
	Auditors' remuneration:	non-audit fees				11,820	10,610
	Depreciation ofowned fixed assets					911,133	900,730
	Operating lease rentals	—land	and	buildings		5,832	4,488
	Loss on disposal offixed assets					19,387	16,245
						975,052	954,453
9.	STAFF COSTS
						2023	2022
						f	f
	Wages and salaries					3,467,628	2,657,405
	Social security costs					228,442	250,547
	Other pension costs					126,824	194,798
	Redundancy and termination		payments			1,247	23,075
	Staff costs charged to expenditure					3,824,141	3,125,825
	Coronavirus Job Retention Scheme (disclosed as income)						(98,588)
	Staff costs net of Coronavirus		Job	Retention	Scheme income	3,824,141	3,027,257

he average s follows:	number of full time equ	ivalent employees (including casua	l and part ti	me staff) during the p	eriod was
		2023		2022
		Number	FTE	Number	FTE
Leadership	team	21	20	21	19
Other staff		213	112	180	102
			132	210	121

The number ofemploy	ees who	se	emoluments amounted to over 660,	000 in the period was as follow	s:
				2023	2022
				Number	Number
E60,001 - 270,000
iE70,001 - F86,000
E'100,001 - Et20,000
Eti20,00I'- f140,000
E1'70,001'-F210,000
					f
Pension contributicns	to higher	paid employees		72,196	82,447
Number of higher paid	employees		receiving pension
contributions

Mayflower Enterprises Limited						2023	2022
						E	E
Turnover						1,673,050	1,062,645
Net operating expenses						(550,638)	(360,638)
Management charge and booking	fee					(708,219)	(534,063)
Government grants
Operating profit						414,193	167,944
Interest receivable and similar income						8,622	223
Interest payable and expenses							(445)
Profit on ordinary activities atter taxation						422,615	167,722
Distribution to The Mayflower Theatre Trust						(422,815)	(t67,722)
Net movement in funds
Iftransactions with The Mayflower	Theatre Trust were excluded:
Amount gifted to The Mayflower Theatre activities		Trust	ln respect ofcurrent		year trading	422,815	167,722
Management and booking fee						708,219	534,063
Profit brought into consolidated accounts		relating to 'external'		trading	would be:	1,131,034	701,785
Capital and reserves ofMayflower	Enterprises		Limited			21,536	21,536
Mayflower Productions (Southampton)		Limited				2023	2022
						8	6
Turnover						72,000	127,400
Net operating expenses						(120,290)	(133,856)
Operating profit						(48,290)	(6,456)
Theatre tax credit						36,064	17,995
Interest receivable and similar income							6
Profit on ordinary activities after taxation						(12,226)	11,545
Profit relating to 'external' trading:						(12,226)	11,545
Capital and reserves of Mayflower	Productions		(Southampton)	Ltd		72,538	84,764

		Long
		leasehold		Fixtures
		land and	Plant and	and	Motor
		buildings E	machinery E	fittingsf	vehicles 6	Total 8
Cost:
At 28 March 2022		10,821,294	4,961,349	5,068,958	9.736	20.881,337
Additions		257,262	240,710	36,192		534,164
Disposals		(38,683)	(41,959)	(22,673)		(102,654)
At 2 April	2023	11,039,873	5,160,100	5,083,138	9,736	21,292,847
Depreciation:
At 28 March 2022		2,599,446	2,888,960	2,576,292	9,736	8,074,434
Provided	during the period	212,006	307,597	391,530		911,133
Disposals		(22,673)	(41,479)	(19,115)		(83,267)
At 2 April	2023	2,788,779	3,155,078	2,948,707	9,738	8,902,300
Net book	value:
At 2 April	2023	8,251,094	2,005,022	2,134,431		12,390,547
At 28 March 2022		8,221,848	2,072,388	2,492,886		12,786,904

			Group		Company
			2023	2022	2023	2022
			8	E
Carrying	value	as at 28 March 2022	2,049,483	2,195,095	2,049,487	2,195,099
Disposals				(250,000)		(250,000)
Net gain/(loss)		on revaluation	(63,119)	104,388	(53,119)	104,388
Carrying	value	as at 2 April 2023	1,986,364	2,049,483	1,986,3BS	2,049,4S7

DEBTORS
		Group		Company
		2023	2022	2023	2022
Amounts owed by group undertakings				727,902	583,821
Trade debtors		2,287	4,532	2,287	4,532
Other debtors		118,419	72,867	38,498	39,905
Prepayments and accrued income		350,343	213,954	348,992	210,434
		471,049	29'i,353	1,117,679	838,692
CREDITORS: amounts	falling due within one year
		Group		Company
		2023	2022	2023	2022
		E
Trade creditors		986,540	2,663,044	947,174	2,633,989
Other taxes and social	security	249,219	170,728	249,219	170,728
Other creditors		225,060	76,371	216,389	60,487
Accruals and deferred	income (see note
15)		7,714,896	12,253,586	7,689,294	12,224,400
		9,175,715	15,165,729	9,102,056	15,089,604

		Group		Company
		2023	2022	2023	2022
		K	K	K	K
Deferred	income	1,023,670	160,538	1,023,670	160,538
		1,023,670	160,538	1,023,670	160,538

				Group		Company	Company
				2023	2022	2023	2022
					K	K
Deferred	income	brought	forward	12,391,5S7	11,043,292	12,377,547	11,034,145
Amounts	released	to income in the period		(11,832,502)	(6,462,311)	(11,818,462)	(6,453,164)
Amounts	deferred	in the	period	7,898,240	7,810,606	7,S89,974	7,796,566
Deferred	income	carried	forward	8,457,325	12,391,587	8,449,059	12,377,547

			Unrestricted
			General
			accumulated	Designated	Restricted
			fund	funds	fund	Total
			2023	2023	2023	2023
			f	8	8
Group- 2023
Fixed assets			4,754,852	8,585,554	1,036,505	14,376,911
Current	assets		16,516,327	50,000		16,566,327
Current	liabilities		(9,175,715)			(9,175,715)
Non-current!		iabililies	(1,023,670)			(1,023,670)
			11,071,794	8,635,554	1,036,505	20,743,853
Company -		2023
Fixed assets			4,754,856	8,585,554	1,036,505	14,376,915
Current	assets		16,348,592	50,000		16,398,592
Current	liabilities		(9,102,056)			(9,102,056)
Non-current		liabilities	(1,023,670)			(1,023,670)
			10,977,722	8,635,554	1,036,505	20,649,781
			Unrestricted
			General
			accumulated	Designated	Restricted
			fund	funds	fund	Total
			2022	2022	2022	2022
				8		E
Group	—2022
Fixed assets			4,679,055	9,092,952	1,064,380	14,836,387
Current	assets		19,045,279	50,000		19,095,279
Current	liabilities		(15,165,729)			(15,165,729)
Non-current		liabilities	(160,538)			(160,538)
			8,398,067	9,142,952	1,064,380	18,605,399
Company -		2022
Fixed assets			4,679,059	9,092,952	1,064,380	14,836,39'I
Current	assets		18,862,852	50,000		18,912,852
Current	liabilities		(15,089,604)			(15,089,604)
Non-current		liabilities	(160,538)			(160,538)
			8,291,769	9,142,952	1,064,380	18,499,101

he free res	erves of	MT	T stand at	f	6,316,942 a	s at the period ende	d 2 April 2023.This figure is	made up of:
							2023	2022
							f	f'
Unrestricted	general	(undesignated)			funds		11,071,794	8,398,067
Less fixed	assets held		in general	undesignated		funds	(4,754,852)	(4,679,055)
							6,316,942	3,719,012

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			LZ0			a. 00				0 lbZ ~0 N	eco E c 0 0 0 X		8 Pa F CDEI—	0 Ir» «C	Cb E0 co					olZ co	e E	g	8C c E »I Q.	0

	Plant 8 Machinery
	2023	2022
		8
Expiry date:
& 1 year	8,666	4,488
2 —5 years	8,356	4,488

			2023	2022
			8
Net income			2,138,454	888,801
Interest receivable			(217,614)	(22,726)
Depreciation			911,133	900,730
Decrease / (increase)	in debtors		(179,696)	263,149
(Decrease) / increase	in creditors		(5,126,882)	4,045,905
Decrease / (increase)	in stock		(7,359)	(9,742)
Loss / (gain) on investment		assets	63,119	(104,38S)
Loss on disposal offixed assets			19,387	16,245
			(2,399,458)	5,777,974

NALY	SIS	OF C	HAN	GES	IN N	ET DE	BT
							At 27 March		At 2April
							2022	Cash flows	2023
							5	6
Cash							18,769,763	(2,716,007)	16,053,776
							18,769,763	(2,716,007)	16,053,776
Loans	due	within	one	year
Loans	due	after	more	than	one	year
							18,769,783	(2,716,007)	16,053,776

				Unrestricted	Restdcted	Total
				funds	funds	2022
				6	6
INCOME AND ENDOWMENTS			FROM:
Donations and legacies				453,152	2,089	455,241
Other Trading activities				1,120,548		1,120,546
Investments				25,446		25,446
Charitable activities —show		income		15,135,635		15,135,635
Total income				16,734,779	2,089	'I6,736,868
EXPENDITURE ON:
Raising Funds
Fundraising trading				441,461		441,461
Sponsorship				1,610		1,610
Charitable activities
-theatre programmes				15,462,227	31,782	15,494,009
-investment in productions		costs		125,000		126,000
-education and outreach				89,375		89,375
Total expenditure				16,120,673	31,782	16,152,455
Net income/(expenditure)	for the period
before gains / losses on	investments			614,106	(29,693)	584,413
Gain/(loss) on investment	asset			104,388		104,388
Net income / (expenditure)		for the
period				718,494	(29,693)	688,801
TOTAL FUNDS AT 28 MARCH			2021	16,822,525	1,094,073	17,916,598
TOTAL FUNDS AT 27 MARCH			2022	17,541,019	1,064,380	18,605,399

		COMPANY STATEMENT OF FINANCIAL ACTIVITIES	COMPANY STATEMENT OF FINANCIAL ACTIVITIES	COMPANY STATEMENT OF FINANCIAL ACTIVITIES
(Incorporating the	income and Expenditure		Account and Statement ofTotal Recognised Gains			and Losses)
		for the	period ended 2 April 2023
			Unrestricted	Restricted	Total	Total
			funds	funds	2023	2022
			f	6	f	8
INCOME AND ENDOWMENTS FROM
Donations and Legacies			72,440	3,071	75,511	455,241
Other Trading activities			422,815		422,815	167,722
Investments			209,991		209,991	25,223
Charitable activities	- show	income	24,318,714		24,318,714	15,708,641
Total income			25,023,960	3,071	25,027,031	16,356,827
EXPENDITURE ON
Raising funds- sponsorship			6,907		6,907	1,610
Charitable activities
-theatre programmes			22,537,545	30,946	22,568,491	15,479,474
-investment cost			125,492		125,492	126,000
-education and outreach			112,342		112,342	176,875
Total expenditure			22,782,2S6	30,946	22,813,232	15,783,959
Net income/(expenditure)		for the period
before gains/losses	on investments		2,241,674	(27,875)	2,213,799	572,868
Gain on investment	asset		(63,119)		(63,119)	104,388
Net income/(expenditure)		for the
period			2,178,555	(27,875)	2,150,680	677,256
TOTAL FUI4DS AT	27 MARCH 2022		17,434,721	'l,064,380	18,499,101	17,821,S45
TOTAL FUNDS AT	2 APRIL 2023		19,613,276	1,036,505	20,649,781	18,499,101