THE MAYFLOWER THEATRE TRUST {A company limitod by guarantee) THE REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOD ENDED 31 March 2024 Company Registgrod number.. 02026445 Charity Registgrod number.. 294745
THE MAYFLOWER THEATRE TRUST (A company limitod by guarantga) THE REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS for tho poriod Bndod 31 March 2024 CONTENTS Pages Report of the Director5 2-20 Auditor's Report Group Statement of Financial Activitie5 24 GTOUP Balance Sheet 2S Company Balance Sheet 26 Group Statement of Cash Flows 27 Notes to the Financial Statements 28-47
THE MAYFLOWER THEATRE TRUST IA company limited by guarantge) REPORT OF THE DIRECTORS For the perlod ended 31 March 2024 The Directors present their report and ¢onsolidaled financial statements for the period from 3 Aprtl 2023 10 31 March 2024. Roference and Administrative Details Company Registered numbgr: 02026445 Charity Registered numbèr: 294745 President l A S Gatward Directors l Trustegs: P I Claisse {Chair) G Allison A Ballinger (appointed 19th April 20241 D M Fowler-sievens R Hall C E Lewis (resigned 2W November 20231 S W Panlling R Primmer K Romero S Sarganl M D Smith (resigned 29th November 2023) L Tomicic lappoinled 19th April 20241 N J Vaughan Members: G Allison D Bunday Ideceased October 2023) P I Claisse S Daniells A Farrell l A S Gaard R Hall M Le 8as18ppoinled 29th November 2023} L J Noble T Prenlki K Romero M D Smith L Tomicic {appointed 191h April 2024) Company Secretary: C Jones (resigned 28th July 20231 H Downey lappoinled August 20231 Chief Executive & Creatlvo Director.. M D Ockwell A Ballinger lappoinled 19th April 20241 D Chisnall P Daniells U Derejko-cooper D M Fowler-slevens M Gordon J Hannides C E Lewis S W Panlling R Primmer S Sargant C Taylor N J Vaughan Auditors.. Haysmacintyre LLP 10 Queen Street Place London EC4R 1AG
THE MAYFLOWER THEATRE TRUST IA company Ilmited by guaranteè) REPORT OF THE DIRECTORS leonlinuedl Forthe period ended 31 March 2024 Rgfgrence and Admlnlstratlve Details (continued) Bankers: Sanlander UK PIC Bridle Road Boolle Merseyside L30 4G8 SolScltors'. Paris Smith LLP 1 London Road Southampton Hampshire S015 2AE Buslness and Règistered office: Mayfiower Theatre Empire Lane Southampton Hampshire S015 1AP Sponsors & Partners: Paris Smith LLP The London Hotel Peter Cooper TNG Engineering Hanlec A & A Business Supplies Geo Speciality Chemicals HWB Chartered Aecounlanls Soulhamplon Freight Services Cadsberg Fiander Tovell Board of DirtOrS The Board of Directors throughout the period and up to the date of this report was made up as follows.. - P I Claisse {Chairl G Allison A 8al1inger lappoinled 19th April 2024} D M Fowler-slevens R Hall C E Lewis (resigned 29th November 20231 S W Panlling R Primmer K Romero S Sargant M D Smith (resigned 2yh November 20231 L Tomicic {appoinled 19th April 20241 N J Vaughan The Board's members seNe as Directors for the purposes of company law, and Trustees for the purposes of charity law. They are referred lo as Directors throughout this report. They are also Members of the charity. The Board meets 4 times per year. There are the following Board sub-committees lo ensure good governance.. Audit & Governance Committee lincorporaling Remuneration, Health & Safety. and Bursaries) Nominalions Committee
THE MAYFLOWER THEATRE TRUST IA company limlted by guarantee) REPORT OF THE DIRECTORS Iconlinued) For the pèriod ended 31 March 2024 Structure. Governance and Management Govemin Documen Mayfiower Theatre Trust IMTh) is incorporated in England and Wales as a private company limited by guarantee and registered as a charity with the Charity Commission under numbeT 294745, governed by ils Articles of Association. The financial statements are prepared in accordance with current slalulory requirements, the governing document of MTT and the Charities SORP. The primary objectives of MTh, as defined by the Articles of Association, 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 & sculpture. cinema, literature and other arts. ointment f Directors Directors are Trominaled by the Board. The Board reviews the list of Board members annually to ensure that all skills are covered rf a vacancy arises. The following criteria for all future Board members have been approved by the Audit & Governance Committee and the Board of Directors.. Clear business sense. Interest in Ihealre., Time available for Board aclNilies', Locallregional residence., Community involvement.. Representation in one of the following skill sets.. retail. finance, legal, property. l.T., or business. In recruiting new Directors a WTde-ranging and non-discriminalory approach is followed led by the Nominations Committee who are charged with not only the appointment of Directors bul also succession planning. Dire or Induction and Trainin New Directors undergo an orienlalion session with the Company Secretary lo brief Ihern on their legal obligations under Charity and Company Law, the contents of the Articles of Association, the committee and decision-making processes, the three-year rolling business plan and recent financial performan of MTh. They are also issued with an induction pack. Nomally new Directors will attend one or more Board meeting as an observer before being appoinle(l. Regular training and upd21es on governance is undertaken throughout Directors, term5 of office. anisalion MTh is organised so that the Directors meet regularty to diTecl the management of its affairs. A Chief Executive & Creative Director is appointed by the Directors lo manage the day-to-day operations of MTh. To facililale effective operations, the Chief Executive & Creative Director has the delegated authority. within terms of delegation approved by the Directors, for operational mallers including Finance & Adminislralion. Sales & Marketing, Technical Operations. Customer Operalions, People & Culture, and Programming activity. Related Parties MTT has wholly owned subsidiaries, Mayfiower Enterprises Limited {MELI, whose principal activity is the operation of facilities on behalf of the parent, and MalOwer Productions Isoulhamplonl Ltd {MPLI, whose principal activity is theatre productions. The results of the subsidiaries for the period ended 31 March 2024 are shown in note 10. MPL ceased trading from 31 St March 2024. is a member. alongside g individuals, of Mayfiower Academy Ltd IMALI Ua MAST M2yfiower Studios IMASTI, a registered charity. There is one common Director on the Boarés of MTT and MAST. provides, via a Service Level Agreement ISLAI, executive management leadership and support as well as shared services including Programming, Sales. People & Culture teams, Finance management, an(t IT infraslrtjclure. MAST pays for these services in line with the SLA. There are also shared services beeen and MAST in line with the Benefits In Kind agreement. MTT and MAST collaborate where possible on activities and projects in furtherance of their respective charitable objectives. The Mayfiower social impact strategy is delivered jointly by and MAST. Remuneration Polic for Ke Mana ement The remuneration of the Chief Executive & Creative Director is agreed by the Board, following a recommendation by the Audit & Governance Committee each year, taking account of the financial performance of MTh and ils subsidiaries,. achievement of key performance indicators,. together with benchmarking against salaries of comparable positions in the industry. The remuneration is commensurate with similar charities.
THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For tha period ended 31 March 2024 Introductlon from the Chalr On behalf of the Board, l am delighted lo report another satisfying year, against a challenging programming backdrop, which delbvered a surplus while enhancing our social impact and investing in our community and environment. Our staff warmly welcomed 460,765 customers lo see 348 performances over the year, having spent £16,614,992 on tickets. We are reporting a surplus of £1,183,238. We work closely with our sister venue. MAST Maynower Studios, delivering a complementary offering to our community. Our economic impact on the city remains significant with over 520,000 audien members attending performances in either venue.. the employment of 228 al the theatre and a further 50 al the studios. We reinvest any surplus made into both the fabric of our buildings and into our education and participation programrne to make arts and culture accessible across the city and communities we seNe. This surplus will not only enable our charitsble trust to continue to provide inspiring experiences as one of the leading theatres in the country, bul also build on ils subslanlial outreach work lo all in our local community and Provide for capital expansion 2nd reinvestment back into our beautiful building. 11 also enables us lo provide MAST Mayfiower Studios with additional financial support il needs lo deliver its objeclives. D¢Jring the year the services we provided via the Service Level Agreement equated lo £131,114 alongside additional support lo the value of £429.9)8 Pfovided as Benefits in Kind. We thank MAST MaWlower Studios for providing the theatre with Ihe use of their spaces as part of the Benefits in Kind agreement. enabling the delivery of some our Participation activity lincludin9 MMunIty. education and outreach) to the value of £111,849. malOWer lakes ils social, environmental and economie impact serioL¢sly and these three areas are al the heart of what we do. Vve. alongside MAST malOWer Studios, work together lo offer so much more than stages for actors and producers to showcase their talents and delight audiences. We have a complementary programme of participation events with the aim lo ignite passion and crealivity in people, giving them opportunities they never thought possible through 8 love mutual of theatre and the performing arts. In the year we delivered 39,210 engagements across our participation work in both venues and welcomed a further 7,462 audience members lo enjoy their work. Vve specrfically focused on disadvantaged communities in the city". over half of the schools we worked with had mofe than 15Q/o of their students receiving free school meals. We delivered 53 workshops, 18 talks, and 14 backstage tours. We worked with 26 primary schools. 16 secondary schools, 7 further educalion colleges and 2 universities. We offered sludenl nights and delivered our second Illuminate Drama Teachers Conference. Wè delivered our Summer Youth Project production of Honk! with 143 young people casl in the production, and MAST Mayff ower Studios we presented our Christmas Youth Production of A Christmas Carol with a company of 51 young people. A further 4,046 engagements were delivered through our Youth Theatre provision. There is more detail further on in the Report of the Directors. Our commitment to Teducing our environmental impact across our venues continued with OUT dedication to reducing our carbon foolprinl, in eollaboration with our partners, staff, and suppliers. In the year we achieved a 9.8¥0 reduction in energy consumption through a rolling scheme of LED lighting upgrades. a more informative and efficient building management and monitoring software.. localised healing controls,. and raised staff awareness. We are also delighted to report that due lo changes in our waste management, over 6001¢ of our waste is recycled with the remaining waste used lo generate energy. Our people continue lo be a key focus and we were again pleased lo be able lo award pay increases in April 2023 and offered as a minimum Real Living Wage. We delivered 60 training and development courses for skff in the year. The post pandemic staff turnover levels alongside recruilmenl challenges previously experienced have now sellled and our teams continue lo work together lo deliver our aims and objectives with outstanding results. We thank them for all their hard work and are proud of how they represent Maynower. We continue lo adapt our approach to recruitment to ensure we are representing the diverse community we serve. Our stage is key lo being able lo create so many positive impaels in our community. The programme for the year was impacted by the availability of strong productions following Covid-19 but nevertheless provided a full diary. Our most allended shows were our pantomime Snow White and the Seven Dwarfs with Ashley Banjo, Diversity, Chrislophei Biggins and Kev Orkian,. Charlie and the Chocolate Factory,. the ever popular SIX,. The King and I,. and Annie with Craig Revel Horwood. We again presented variety in our programme reflecting our strategic aims with ballet. opera, dance. musicals. comedy, one-night shows & concerts, pantomime. and family friendly shows. Our
THE MAYFLOWER THEATRE TRUST {A company limitgd by guarantee) REPORT OF THE DIRECTORS Iconlir%ued} For the period ended 31 Mar¢h 2024 dance programme included a visit from Matthew Bourne's corrpany with Edward Scissorhands,. ZooNalion with Message in a Bottle,. Rambert with Death Trap., Birmingham Royal Ballet with The Sleeping Beauty, English National Ballet with Nutcracker,. and Ailey 2. We were also delighted lo welcome Sao Paulo Dance Company with their production. Our association with Welsh National Opera continued with performances of The Magic Flute, Blaze of Gloryl Ainadamar. and La Traviat8. Shows new lo our stage induded the National Thealre's Ocean at the End of the Lane, Most Haunted.. The Stage Show, Stranger Singsl I Should B& So Lucky, Seven Drunken Nuhls, Get It On! and Viennese New Year G818. We delighted young children with Disneys Winni8 the Pooh. Sing-84ong Enc8nto and Th8 Sooty Show. We thank our sponsors and partners Paris Smith, Cadsberg, TNG Engineering, Peter Cooper, HWB Chartered Accountants. Fiander Tovell, The London Hotel, Geo Speciality Chemicals, A & A Business Supplies, Southampton Freight SeNices and Hanlec Systems for their continuing support. We would welcome slrenglhening links with other businesses in the community we serve, providing them with the opportunity to engage with the Mayftower brand in the city and the region. I would like lo thank our Directors and Company Secretary for their commitment, expertise. and hard work which ensures Mayfiower Theatre will continue lo be an asset lo our community for future generations. Special mention musl go lo Colin Lewis and Mike Smith, who retired from the Board last November, after 26 and 17 years respectively, of extraordinary commitment. Their knowledge and expertise have been highly valued and they will be missed. On behalf of the Board, I would also like lo acknowledge the passing of Dennis Bunday, an active member of the"Save the Gaumonl. campaign in the mid-1980s and a member of the ¢harity SinGe ils inception. He was a wonderful supporter and advocate of the Ihealre. Paula Claisse Chair
THE MAYFLOWER THEATRE TRUST (A company limited by guarant99) REPORT OF THE DIRECTORS Iconlinvedl For the pèriod ended 31 March 2024 Objectlves and ActlvStles The objectives of the charitable TrLtsl are.. the encouragement of the arts. the promotion and advancement of education and the culiivalion and improvement of public education in drama, mime, opera, singing, music, dance, painting & sculpture. cinema, literature and other arts; the development of public appreciation of such art by the provision of a theatre and the presentation of public performances,. and furthering the social and cultural welfare of the local community. ts neighbourhood and visitors to the city- The strategies employed lo achieve the charity's objectives are lo: present a broa(J range of artistic work., ensure that the deals with promoters are favourable lo the charity and will ensure the retL¢rn of a surplus al the end of the financial year.. focus on involving young people in the arts through participation and engagement to ensu culture 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. Public Benefit The Directors have had due regard lo the Charity Commission's guidance on public benefrt. One of our 4 focus areas in our strategic plan is Our Community which has the key objectives of". Grow our Engage programme lo drive attendance, participation and learning to develop audiences for the future- all activity in Engage lo link lo the main programme Offer young people the opportunity lo engage with the arts. whilst nurturing and developing skills Offer engagement opportunities lo all schools and further education colleges, path'culady largeling $choo15 above national average Free Schools Meals and college bursaries Provide access to Mayftower's programme and heritage for all ages, enriching the experience for current theatre goers Establish a TeaGhing Theatre where diverse young people gain industry insights, Wofk experience and early employment opportunitses Priorilise the safety, comfort and security for our aUdIenS and participants Work with the commurnity lo identrfy and encourage those who do not usually attend or participate lo feel Mayfiower venues belong lo them. addressing barriers and reaching out to communities Work collaboratively with local cultural organisalions acting as an enabSer and facilitator to the wider sector and, through MAL, offer a cultural hub for the region and wider sector support Be the Theatre of Choice for patrons and visiting companies by cultivating and caplivaling diverse, enlhusiaslic. and loyal stakeholders
THE MAYFLOWER THEATRE TRUST {A company limited by guarantee) REPORT OF THE DIRECTORS Icontinuedl For the perlod onded 31 March 2024 Soclal, Environrn8ntal, Governance Social Impact Mayfjower provides an extensive participation programme delivered across both Mayfiower Theatre and MAST Maytlower Studios. We offer so much more than stages for actors and producers to showcase their talents and delight aUdienS. We are a force for good, here lo ignite passion and crealivily in people. To give them opportunities they never thought possible and bring them together in a love of theatre and the performing arts. We have in place a Service Level Agreement (SLAI and Benefits in Kind {BIKI slalemenl agreed between the two companies. The BIK represents benefits derived from one company provided lo the other. MTT provided lo MAST management services over that which was recharged via the Service Level Agreement-, computer maintenance. and support from the Engage team free of charge. MAST provided use of ils spaces and support from il's Community team to Maffjower Theatre free of charge. Over the year MayNower Theatre invested support lo the value of £429,908 in BIK and recharged £131,114 via the SLA to MAST. MAST provided £111,849 in BIK lo Mayftower Theatre. We delivered 39,210 engagements across our Participation work and welcomed 8 fvrther 7,462 audience members lo enjoy this work. We connected with a wide range of young people, schools, universities. community groLtps and adults lo engage them with the live theatre offered al both venues. Creative Schools S6V/o of the schools we worked with were above 15 /0 free school meals, largeling disadvantaged communities in the city. We worked with 26 primary schools, 16 secondary schools, 7 further education colleges and 1 university. We delivered 53 workshops, 18 talks and 14 backstage tours. 959 students signed up for Mayfiower Sludenl Nights, with 305 students accessing discounted theatre lickels with the scheme. We delivered our second Illuminate Drama Teachers Conference with 76 teachers in allendance. We also launched and delivered our Federation of Drama Schools Insight Day with 15 of the 18 lop UK drama schools in attendance. 148 further education 51udenls attended lo take part in workshops and gain insight into the wodd of drama schools. We delivered the annual free Welsh National Opera IWNOI school's concert with 1,111 in allendance from 15 primary schools. We delivered Production Insights workshops partnering with New Adventures, where we also launched our Tech Taster progr8mme giving insight lo backstage careers alongside the team from Edward Scissorhands. 'Where do I begin?11??l Thank you thank you thank youll!!1 The students and l absolutely loved our tourl The experience was so much more hands on, and they loved getting a r&ally close look at everything., Youth Pro ecls (Teacher) We delivered our Summer Youth Project production of Honkl with 198 young people attending auditions and 143 cast in the production. 115 young people auditioned for our Christmas Youth Production A Christmas Carol, with S1 young people being cast in the produelion. We delivered 4,046 engagements through our Youth Theatre provision. Our drama group staged One Milln to Stop the Traffik and our Musical Youth Theatre group staged A Chorus Line. We launched our new Production Arts group, offering young people workshops In lighting, sound. stage management, design and practical opportunities to apply this lo youth productions. delivering 455 engagements. We launched our new actor training initiative Elevate Ensemble for those underrepresented in the arts, delivering 258 engagements including regular training sessions, industry maslerclasses. and trips lo see live theatre productions. Of the 7 young people supported by the programme who auditioned al UK Drama Schools, 5 gained places. We continued lo work with our local Associate companies, City Eye and Artfulscribe, delivering Young Film Maker sessions wlth 204 engagements and Young Writer sessions with 837 engagements. 'SYP has given me 8 safe 8nd collgborative place arpd I h8ve found a paSsn here. There are am8zirYJ opportunittes lo enjoy, and I will be retuming., (Summer Youth Projgct Participant)
THE MAYFLOWER THEATRE TRUST (A company limited by guarantge) REPORT OF THE DIRECTORS Iconlinuedl For the period gnded 31 March 2024 A Place for ALL We delivered 736 engagements through our backstage lour programme and 716 engagements through our show events, including a curated Q&A programme ané access events. We also delivered 953 engagements through our Southampton City Council funded adult learning work including singing for wellbeing projects and a new carers choir. 31 heritage volunteer sessions and 3 outreach heritage talks took place, and we worked in partnership with several productions lo deliver a holiday workshop programme including a weeklong activity with Charlie 8nd the Chocolate Factory. "I found the whole experienGe excellent from first to last, your staff were genuinely interested in giving me the best experienco." (Touch Tour Participant) Bursarie £42,000 was awarded, lo cover study costs spanning 2-3 year time frames, as part of our Higher Education Bursary Scheme, supporting drama school students across courses including musical Ihealre, acting, technical theatre and opera. A further £8,660 was issued in bursaries across our youth projects supporting 150/0 of participants in our Youth Theatre, 200/0 in our Summer Youth Project and 20% in our Christrnas Youth Production. Oulrea This year we delivered 4 bespoke visual arts projects that engaged with over 351 participants who were facing barriers to cultural access which resulted In 759 engagements. This included a project for adults with autism, linked lo the Diverse City production of Waldo's Circus of Magic and Terror, an exhibition with Solent Queer Society exploring themes of identity,. partnering with the first Black Business Art and Music {BBAMI Festival to showcase work from local black artists." and undertaking our third Community Exhibition Takeover project al Christmas which was co-conslructed with No Limit's Young Carers group, who determined Christmas themed content for all areas of the building. We then partnered with our local Holiday Activities and Food Fund IHAFI provision to work with schools with a high percentage of children in re¢eipt of free school meals lo create a series of installations. "ljoined in and was hyprtIzed by how calm it was. l 8m not a calm person or arty. I was so quiet and involved in what I was doing, no one would guess this would be for me, bul your leam were so fvendly, so I wanted to go lor the whole course. ' (Participant in the Waldo visual arts project) Our Community First Nights programme achieved great success this year, with 1.144 lickels given lo members of local community groups who would otherwise be unable lo access live performance. This year we worked close5y with refugee and asylum seeker support charities such as Soulhafflplon and Winchester Visitors Group ISWVGI and The Clear Project, as well as Soulhamplon's Social SeNices team. Members of these groups enjoyed a wide varioty of performances and activities across both of our venues including our Family Fun Days, Message in 8 Bottle, The Tiger Who Came to Tea, Shrnk the Muwcal and Everybody's Talking About Jami8. We delivered 3 Family Fun Days across the year, linked lo performan$ of Brainiac Livel We re Going on a B&ar Hunt ane Pepp8 P'S Fun Day Out. In lolal we had over 2.300 visitors across all of otjr Family Fun Days, and offered activity from resident partner companies. community partners, local arts organisations, and artists from our artist development programme. In House Production As well as the impact on the young people participating in our youth projects, we have also been able lo contribute lo l¢xal and early career artists, through open calls for a wide variety of roles across our productions. Five freelancers joined us across our Summer Youth Project production Honkl Christmas Youth Production A Christm8s Carol and our Youth Theatre production A Chorus Line in Studio 2, induding designers, choreographers and stsge management. In addition lo Ihis, we ran interviews for alumni of our Youth Theatre and Projects lo join the 2023 Summer Youth Production as Assistant Choreographer. Away from our work with local young people, the same call outs provided 1 additional creative. 1 stage manager and 2 performers. for our other productions. In lolal 88 submissions were received lor open call outs.
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) REPORT OF THE DIRECTORS {continuedl For the period ended 31 March 2024 Our production of Sizwe Banzi is De8d opened al MAST in October 2023 after three weeks rehearsing in Soulhampton. The lour visited three venues across the UK, AberysWh, Theatre by the Lake IKeswickl and The Barnfield (part of Exeter Northcott}. The production was well received and performed through Black History Month. invested £55,000 in this production. We were delighted lo eo-produce work with Frantic Assembly and New Old Friends. Frantic Assembly is an Associate company, and our co-production Metamorpho&s played lo sellout crowds in Southampton and continued onto nationwide lour. Our -PrOduCtion with Ellie Keel Productions from 2022, SAP, moved into London for a short run al the Soho Theatre. Artist Develo ment- Pro el Across the year we held 57 meetirsgs with local artists and theatre companies lo provide mentorship support. 34 of these meetings supported artists and theatre companies based in Southampton. 6 were for those based in local Levelling Up for Culture Priority Places ILUCP} as identified by Arts Council England, and 17 were for artists in other local areas. We further supported the development of local artists through our Scratch Night offer. We hosted 3 Scratch Nights, supporting 14 artists and theatre companies lo develop their work. These events were allendeé by over 150 people, who gave valuable feedback lo those performing, aiding them in the development of their work. In August 2023 we were able to open our spaces lo 57 artists across 15 drfferenl groups, offerin9 a lotsl of 194 hours of free rehearsal space for the development of work. 60. of free room recipients were from Soulhamplon, and 7Vo from the New Forest. one of our local Levelling Up for Culture Priority Places. In January we also offered 3 artist residencies which provided free rehearsal space and seed Commission to works in development. This included Deadman Theatre, a theatre company based on the Isle of Wight, Open Plan Theatre, which has previously presented work al one of our Scratch Nights. and artist Anthony Underwood, who is working with deaf artists lo create a musical adaptation of The Tin Soldier. Through an open call out and interview process, we identified our first cohort of Propel Associates.. an artist development programme designed lo support artists, theatre companies or arts festivals in their development and bridge the gap beeen our wider Artist Development work and our Associate company relationships. Our cohort includes 4 theatre companies, 3 artists and the Southampton Fringe Festival, covering genres sueh as musical Ihealre, drama, dance and creative writing. Support for our ProF)el Associates includes ongoing mentorship and bes5x)ke training workshops, seed commission, and opportunities lo be programmed throughout the 20-monlh partnership, particularly during our upcoming 2025 Shout Season. .1 wanted to commend you foryour access and accessibility as 8n autistic artist 8nd l appreciated greatly how well I w8s looked after, and my sensory needs cOnser8d. This happens very r8rely in most places.. (Artist participating in our fr68 rehearsal space offer) Partnershi This year we welcomed Artswork as a new Resident Partner al MAST. We continued lo develop our work with our 7 Resident Partners, focusing on quarterly strategic meetings lo look al opportunities lo share our working practices and initiate plans for evaluating the impact of the cultural hub. Our collaboration with our partners continued through a variety of performance and participation work. Examples of this include working with Southampton and IOW Music Hub and Artfulscribe as part of the Chrislrnas Community Exhibition Takeover, commissioning Our Version Media lo run a mobile storytelling programmes as part of our Outreach work, and supporting Operaupclose with the development of their upcoming piece Riders to the Sea. 10
THE MAYFLOWER THEATRE TRUST
(A company limited by guarantee)
REPORT OF THE DIRECTORS {conlinued}
For the period ended 31 March 2024
Feedback
We have been hvmbled by the feedba¢k we have reiVed from participants. some already shad in this report, and
below is a small sample of more..
Christmas Youth Production - A Christmas C8ml
From start lo finish Christmas Carol was so very fun, exciting and inspiring. The whole cast, creative lean7,
technical team and Chaperones made the experienr£ $0 lovely, and I had such a lovely lin7e being a part of
something so magical.
THE MAYFLOWER THEATRE TRUST
(A Company limlted by guaranteg)
REPORT OF THE DIRECTORS Iconlinuedl
For the poriod ended 31 March 2024
rec(niSe parts of the choreo they'd 18arnf. be excited to talk about it and to then see how things work from a
technical perspective was exaclly what they needed to bring everything togelh8r and brirpg morg Èo life th8n we
C8n sometimes explain or teach in the Glassroom.
THE MAYFLOWER THEATRE TRUST IA company lirnited by guarantoal REPORT OF THE DIRECTORS {conlinuedl Forthe period ended 31 March 2024 Staff Wellbein is an inclusive employer with an active diversity and inclusion strategy in place. We are very keen to welcome all into our organisalion both as employees and customers. Vve review our policies and procedures regularly to promote inclusion in a number of ways, for example, providing materia15 to prospective employees in drfferenl fom)ats lo suit their needs. We have a hybrid working policy in place for OUT Staff who have roles that can be fulfilled remotely. Health and Safety is a priority with Health & Safety considered at our Audit & Governance Comrnitlee meetings and reported into the main Board. There is a staff led Mayfiower Health & Safety group who meet bi-monthly lo discuss best practice and new initiatives. Health and Safety discussions are also held at all team meetings with staff encouraged to report and discuss any issues they may idenlfy. We very much value our staff and their wellbeing is a high priority. Our Mayfiower People programme promotes healthy lifestyles-, financial support for initiatives such as free flu jabs for staff., and social gatherings. There is an Employee Assistance Programme {EAPI in place for all staff and we have offered a webinar on personal financial managernent provided by our EAP supplier. We also have a pro-active Mental Health First Aid team in place providing dis¢rete support for any staff member. Environmental Impact Environmental Mana ement At Mayftower, we are committed lo acknowledging and mitigating our environmer71al impact. We are dedicated lo a comprehensive carbon reduction initiative, collaborating with our partners, colleagues, and suppliers lo diminish our carbon footprint. This work has progressed further at the theatre, but the studios. still in relative infancy, are working on alignin9 inilialives. Al the theatre, we will publish our environmental impact and provide regular updates on our progress and aim to do the same for the studios in the forthcoming years. By actively engaging in sustainable practices and fostering accounlabilily, we strive lo make meaningful contributions towards environmental preservation and inspire others lo do the same. Together. we can achieve a greener future for our organisalion and the communities we serve. Our Environmental and Suslain8bility policy has been updated to rdecl this key strategic focus area, setting our ambilion lo achieve nel zero emissions. Environmental consullanls undertook 8 benchmarking exercise for the theatre in 2022 to determine our carbon foolprinl, energy consumption, recycling and waste data. The report provided recommendalions for capital investment and cultural changes lo educate our 51aff and visiting companies, which we are following Ihrough. In 202312024 we achieved a 9.80kn reduction in energy consumption through LED lighting upgrades, investment in building management and monitoring software, localised healing controls ITRVsl within the main theatre auditorium and by encouraging our staff lo switch electrical items off when not in use. Following contracting Veolia in January 2024 to manage our waste streams and the introduction of dry mixed recycling Ihroughoijl our venues, we have ended wasle-lo-landfill practices and can now report that 600/0 of our waste goes on lo generate energy with 40Q/o being recycled. This is a positive first step for higher levels of recycling performance for the Ihealre. Al the studios we have invested in our upgraded building maintenance system which will provide greater control aiding the reduction in energy usage and improving efficiencies. We have also started lo upgrade lighting lo LED as part of a rolling programme of works over 2-3 years in line with affordability. We have recently been able lo gather enough data lo define a baseline which we can measure against as we introduce new inilialives 8nd will be in a better position to report on outcomes in future reports. MaPlower has an Environment & Sustainability Team, comprises staff members across both venues at all levels, working collaboratively lo identrfy innovative practis, environmenlalSy friendly supplies, and promote best practice throughout the company. The team develop our Environment & Sustainability action plan, which is informed by the Theatre Green Book series from sustainability experts Buro Happold in association with organisations such as Theatres Trust. UK Theatre, National Theatre and ENO. 13
THE MAYFLOWER THEATRE TRUST {A company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the period ended 31 March 2024 The business is committed lo making a positive impact through outstanding environmental sustainability performance., our strategy focuses on six priority areas-. Carbon gmissions from thoatrè buildlngs - reduce carbon emission5 related lo our energy consumption lo a minirnal level. Sustainable rgsourcg use - reduce the environmental impacts of our consumption and supply chain. Travel - limit transport emissions by reducing the need lo travel, through allernalive working arrangements, encouraging walking, cycling and the use of public transport and managing the demand lo travel by car. 8iodlversity - identify and address Maffjower's principal biodiversity impacts through ils operations and Supply chain. Water management- lo conserve water through efficient use and ongoing management. Investments ensure that Mayfiower, as an investor, is part of the solution lo climate change and biodiversity loss. The strategy is supported by the following four 'enablers': Governance - embedding environmental sustainability in maower'S governance and decision making. Reporting - developing a system of annual reporting of carbon emissions and biodiversity impact which will be included in Ihealre's annual report and financial accounts. Funding - making funds available for sustainability initiatives over the next 10 years. lo finance the programme of action required lo reduce our environmental impact. Offsettlng - establishing a policy lo guide our use of carbon offsetting and biodiversity offsetting. A sel of key performance indicators lo help inform progress is then reported lo the Board. Govemance We have robust governance in place supported by our Audit & Governance Committee which meets three limes a year. We have adopted the Charity Governance Code and undertake regular audits by external providers lo ensu we have best practice in place. This committee reviews a schedule of policies on a limelabled basis including bul not limited lo policies on anli-bribery, safeguarding, health & safety. pay, treasury and reserves. The Audit & Governance Committee is responsible for reviewing and recommending the Chief Executive & Creative Direclorfs remuneration lo the Board. The Service Level Agreement provides for a charge lo MAST for the services of the Chief Executive & Creative Director. and the Benefits in Kind $talemenl recognise5 seThice not charged. The Audit & Governance Committee and the Leadership Team of Mayfiower prepare the Governance Handbook which is then recommended lo and approved by the Board guiding all governance issues relating lo both organisalions. The Board undertakes regular updating on Charity and corporate governance both internally and through external advisors. The Board is committed lo diversrfying their membership and endeavour lo achieve this through the work of the Nominations Committee which makes recommendations both as lo the membership of the 808riJ and ils Succession. 14
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the period ended 31 March 2024 STRATEGIC REPORT Achievements and Performance Our artistic vision for MalOwer is key lo our strategy for Ihe coming years and in summary inclu¢Ye5.' Programme in a creative and imaginative way. Priorilise programming for children, young people, and families. building audiences for now and the future. Widen the provision of dance within the programme ensuring language is not a barrier. Enhance Mayftower's reputation nalion8lly and internationally by identifying investment opportunities, co- producing and producing projects under the M8yffower Made banner that builds audiences. Ensure the programme appeals lo the mixed, diverse arts ecology of the a8 and that diversity is reflected on our stages. Support creative sector development lo ensure the future growth of work for our stages. Give clear progression routes into the induslry, recognising disadvantage, and addressing inequalities lo support diverse workforce. Nurturing new and existing la1enl lo support artists to develop, create and produce new work at small and mid-scale recognising this develops future large-scale work. Provide a professional plattorm lo celebrate the local community, local talenvslories. connecting and championing underrepresented voices. priorilising Female Led Stories and Creative Teams. Develop mulli art form work in collaboration with our Resident. Associate and Partner Companies locally. regionally, and alionally. Engage wslh producers to promote environmentsl sustainabllity of touring productions. The Boards and the Leadership Team of Mayfiower have continued lo deliver the strategic areas of focus: People. Stages, Communily and Venues, brief details of which are set out under the Plans for Futu Periods sedion on pages 16-17, We have identified a number of key performance indicators {KPlsl lo measure success and report on progress of our strategic objectives al each Board meeting. These include monitoring allendance. turnover, labour percentage alongside initiating a Net Promoter Score INPSI for all productions that visit. Financial Review- Mayllower Theatro Trust & subsidiaries We are delighted lo report our final result for 202312024 was a surplus of £2,055,038 exclijding depreciation. After depreciation il w85 £1,183,238, a result higher than we had anlicipaled. The results were particularly pleasing given the programme was not as strong as other years, as it was 3 years out from the pandemic. Major shows lend lo have 34 year lead limes and understandably ceased committing tours during the pandemic. As a result the numbeT of performances was lower than usua5 al 348 with an attendance of 460,765 with a total box office income (including auditorium rental, fees and levyl of £16,746,643. We had our most successful pantomime, in terms of paCIty. with 38 perfomances of Snow Whit8 and the Seven Dwarfs with Ashley Banjo and Diversity wowing our aUdIenS with their incredible acrobatic dancing, alongside the incomparable Christopher Biggins and Kev Orkian. Together they provided wonderful family entertainment lo an audience of 74,927. Charlie and the ChoGolale Factory provided summer school holiday entertainment lo an audience of 29.198., the highly successful SIX returned with sold out performances and an audience of 17.474,. The King and l entertained an audience of 11,633 with ils stunning sets and costumes,. and Annie slaving Craig Revel Horwood played lo an audience of 13,342. As mentioned in our Chair's report, our audiences enjoyed dance with a visit from Malhew 8oume's company with Edward Scissorhands., a visit frofn ZooNalion with Message in a Bottle.. Rambert's production of Death Trap., Birmingham Royal Ballet with their performance of The Sleeping Beauty,. English National Ballet with Nutcracker and a visit from Ailey 2,. and finally, we were delighted lo welcome Sao Paulo Dan Company with their production. We enjoyeé visits from Welsh National Opera wilh performances of The Magic Fltjte, Blaze of Glory! Ainad8mar and La Traviata. Comedy was represented by the populaT Dara O'8riaAn. Tom Allen, Frankie Boyle, Romesh Ranganathan and Rob 8rydon. As part of our ongoing planned Preventative Maintenance Programme this year we invested £172,000 into our building for works that included the next stage in the rolling programme of replacement of tungsten lighting with LED
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the poriod ended 31 March 2024 lighting both front of house and backslage,- replacement of the metal safety railing on the roof,. roof repairs., repointing of the chimney slack,. and a reconfiguration of our Front of House management office lo provide a larger and more usable hospilalily suite. We also invested £68,000 into IT systems and equipment.. and £25.000 to enhance our CCTV system. Our programme of shows in the forthcoming years is already very strong. This is providing the opportunity to continue lo build on already strong levels of reserves to be invested back into the building. We have planning permission, granted in July 2024, to build a double height rehearsal studio, create a new combined Reception and Stage Door single entry point, provide additional fully accessible dressing rooms, and replatr the grid over the stage which is currently the original wooden grid from 1928 with a new, stronger, steel one. These works 11 commence in 2025 with no disruption to performances leaiiing into a closure period of up lo 12 weeks in the summer of 2026. These works will be funded by the resewves. whilst still retaining 8 healthy balance of reserves lo protect the sustainability of the Ihealre. Mawlower Enterprises Limited IMELI la trading subsidiary of MTTI continued lo develop ils offering in terms of ancillary sales, identifying opportunities attractive lo our audience5. Bar sales remained the highest income stream with kiosk sales again performing particularly well in year. We changed our drinks supplier in the year returning lo Carlsberg which enabled us lo provide 8 refreshed offer. Turnover for the year was £1.509,491 with a profil of £303,766, which has been gifted lo MTh. Mayftower Prodtjclions ISouth8mpton) Ltd {MPL} {a second trading subsiijiary of MThl had the aim of producing touring children's shows as well as producing our Summer Youth Project productions. Honkl was well received by 2,157 audience members watehing 143 young people perform on our stage. Over811, the company had a lurTrover of £95,000 and has reported a surplus of £13,395. The MPL Board have made the decision lo cease trading and initial sleps have been taken lo make MPL dormant with the 202312024 year providing the final year of activity. In-house productions will now be managed by the parent company. M. Plans for Future Pgriods Whilst we remain focus$ed on delivering our artistic vision which aims lo provide inspiring eXperIenS by maintaining the standard and quality of shows for which Maynower has established ils reputation, we are also very focussed on continuing lo grow our audiences and developing our staff body. Vve are continuin9 to build on our strong foundations and move forward with delivering our strategy. We will do this through our operational plan for 202412025 which supports our 4 areas of organisalional focus.. People- lo be recognised as an Employer of Choice in our sector and region,. recruit from a broad range of backgrounds lo further strengthen our commitment lo diversity and inclusion., invest in training and continuous professional development,. promote wellbeing benefits of leading a healthy and active lrfeslyle," and ensuring our Safeguarding strategy is continually developed and effected to ensure we protect the wellbeing and safety of vulnerable individuals whilst ensuring compliance with legislation and best practice. Stages- programrne in a creative and imaginative way ensuring the best loijring productions perform on our slage5,' broaden the programme lo ensure young people and family groups can attend performances on our stages,. widen the provision of dance within the programme, to ensure inclusior7 and diversity are reflected on our stages and we can appeal lo a wider demographic ensuring language and hearing impediment are not a barrier lo attendance,. enhance the Ihealre's reputation nationally and inlernalionally and identrfy investment opportunities and co-producing projects,. ensure the programme appe21s lo the mixed, diverse eeology of our community and is reffected on the stages., support creative sector development lo ensure the future growth of work for our stages. Give clear progression routes into the Industry. recognising disadvantage, 2nd addressing inequalities lo support a diverse workforce. Nurturing new and existing lalenl lo support artists lo develop, create and produce new work al small and mid-scale level recognising this develops future large-scale work. Community- grow our participation programme lo drive attendance, participation and learning lo develop audiences for the future., offer young people the opportunity lo engage with the arts. whilst nurturing and developing skills,. offer engagement opportunities lo all schools and further education colleges, particUlaY 18rgeling schools above national average free schools meals and College bursaries,. provide access lo the 16
THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) REPORT OF THE DIRECTORS Iconlinuetj) For the period endod 31 March 2024 our programme and heritage for all ages, enriching the experience for current theat goers., establish a Teaching Theatre where diverse young people gain industry insights, work experience and early employment opportunities,. prioritise the safety, comfort and security of our audiences and participants., work with the communily lo identify and encourage those who do not usually attend or participate lo feel MaWlower belongs lo them, addressing barriers and reaching out lo communities,. work collaboratively with local cullural organisalion5 acting as an enabler and facilitator lo the wider sector,. through MAST offer a cultural hub for the region and wider sector support,. be the Theatre of ChoiGe for patrons and visiting companies by Cultivating and captivating, diverse, enthusiastic. and loyal stakeholders. Venug5- raise the profile of Mayflower regionally and nationally, enhancing Maffjower's reputation in the creative sector,. ensure staff, customer. visiting company and 51akeholder safety is consistent with national guidance and industry recornmendalions,. strive for customer service excellence and optimise commercial returns through simple and accessible service points,. engage staff and suppliers lo challenge and define our environmental and sustainability roadmap lo achieve carbon net zero,. reserve, maintain and enhance the venue for future generations. At the Ihealre, with planning permission granted in July 2024, we are continuing to develop the plans lo RIBA Plan of Work Stage 4 for a new extension. This project will create a double height studio, a combined Receptionlslage Door, and provide additional accessible dressing rooms. This will be delivered alongside the upgrade of our grid. with completion planned for both projects in the summer of 2026. The financial strategy is aimed al supporting these areas of focus, each of which has a number of objecteS and supporting actions identified alongside key perf0rfflan indicators lo measure success. These are monitored at Leadership Team Meetings and updates on progress reported lo the Board al each Board meeting. We will continue to provide executive leadership and programming services as well as sh3red support services lo MAST under a servi Level Agreement and Benefit in Kind statement ensuring the organisalion realises ils goals by broadening the cultural offering of Soulhamplon and the surrouneing areas. The charitable objectives of both and MAST are aligned and so both organisalions work collaboratively for the benefit of both and of their beneficiarie5. Fundralslng PerfomianGe and Approach Maffjower undertakes fundraising activity in line with the Fundraising Code of Practice set by the Fundraising Regulator. We do not engage any external fundraising professionals. Our privacy statement, which is available on our website, outlines how we Ireal the personal data of OLtr customers. When you support us you can be sure of the following". we will never sell your contact details lo anyone we will only contact you If you have expressed an interest in our work if we phone you, we will always check you are happy lo lake the call rf you ask us to change how we communicate with you, or slop, we will respect that we do not engage in cold-calling. door lo door or street fundraising we strive to ensure no-one ever feels pressurised to support our work all our activities are open, fair, honest and legal No complaints about our fundraising activity were received in the last year. Our fundraising activities were limited lo general donations throughout the year with £14,804 received at MTT. We offer several corporate sponsorship opportunities lo businesses in our community. In this year we have had 11 organisalions engage with us through this programme and we are very grateful for their support. 17
THE MAYFLOWER THEATRE TRUST {A company limlted by guarantee) REPORT OF THE DIRECTORS Iconlinuedl For the period ended 31 March 2024 Reserves Pollcy The Audit & Governance Committee regulady reviews the Company's Reserves Policy and makes recommendations to the 8oard in line with the guidance issued by the Charity Commission. The principal objectives of MTT are.. 1.1. providing for the development of the theatre by undertaking major projects lo keep up lo dale with produclionl show I business I legal I regijlatory developments.. 1.2. providing, where appropriate, for investment in new productions-. 1.3. maintaining the viability of the theatre building,. 1.4. providing sufficient Yinancial comfort" during dark periods. This is a period when no show is programmed., 1.5. allowing for the cost of all developments in Information Technology and computerised systems within m,. and 1.6. providing sufficient funds within a designated bursary fund for the artistic development of local. promising young people in education within the calchmenl area of the Ihealre. The Board also recognises the business needs to cater for a sudden bul temporary loss of income and has accordingly agreed to continue the policy whereby free reserves are built lo and maintained at a level which will provide sufficient funds lo cover management. administration and support costs in order lo secure the long term viability of MTh. MTT had reserves al the year end tolalling £21,927.091 across all funds. A description of each individual fund, and their current value, is given below.. Dgscrlptlon of Reserves The split of funds is shown in note 19 to the financlal slatemenls. R@stricted Funds The Capital Grants with a balance of £1,008,586 represents funds set aside lo maintain and develop the listed building. Depreciation of £27,919 has been allocated against this fund in the year. Designaled Funds The Bursary Reserve of £50,000 is a fund allocated to assist local young people to pursue a eareer in the arts. In the year awards lolalling £42,000 in bursaries granted lo students lo support studies over a period of up lo 3 years. Costs paid. in relation lo awarded bursaries in this and prior years against this reserve, lolalled £6,778. The Building Maintenance Reserve of £904,044 was sel aside to cover future depreciation from a previous development of the stage, refurbishment of bars and extension of the foyer completed in Augu512013. £47,155 has been allocated against the fund this year in respect of this work. The Building Development Reserve was sel aside to cover future depreciation for the major refurbishment and connectivity projects completed in 2018. The fund currently stands al £4,941,899 with £409,096 depreciation expense having been allocated against il this year. The Gantry Development Building Reserve of £2,257.884 is a fund which has been sel aside lo cover future ¢Jeprecialion on the building Work which look place in 2010. This involved major work lo improve accessibility lo the stage. as well as a new office facility. £27,916 h85 been allocated against the fund this year in respect of this work. Unrestricted Fund The General Reserve represents the remaining accumulated surpluses over the years, intended lo promote the objects of MTT and be available as opportunities arise. 11 currently stands al £12,764,678. The planned mulli- million pound development projects which include a new double height rehearsal studio", combined new reception and stage door entry point,. additional 2ccessible dressing rooms,. and the enhancement of public toilet lacililies over the next 2 years will be financed by this fund. 18
THE MAYFLOWER THEATRE TRUST (A company limlted by guarantee) REPORT OF THE DIRECTORS {conlinued) For tho period ended 31 March 2024 Frne Reserves At the year end the Yree reseNe' balance was £7,580,444 (see note 18}. MTT manage5 Sts day-to-day operations through the effective management of cash and considers that ils current levels of reserves and cash holdings are in line with expectation, which is a minimum of 6 months of overhead, whilst il strives lo maintain healthy levels of 'free reserves,. The build-up of reserves has been lo enable us lo invest in the further development of the theatre. The reserves will be required lo support these multi-million pound developments. Principal Risks and Uncertainties The Directors for the group have a risk management strategy which comprises.. regular reviews of the risks MTT may face carried out by Ihe Leadership Team. the Audit & Governance Committee as well as the Board., the establishment of systems and procedures lo miligale those risks idenlTfied in the plan., and the implemenlalion of procedures designed lo rninimise any potential impact on should those risks malerialise. The Risk Reglslers across the group have identffjied 4 key fisks this year which are listed below together with brief summaries of the strategies lo manage these risks= Ability lo meet forecast capacity levels. Strategies lo manage this risk include programming, pricing reviews and dynamic pricing,. weekly and monthly reporting lo track the sales of each show against targets,. and our marketing strategy informed by Ihe use of dynamic sealing plans. This allows us lo manage our ticket inventory more efficiently by flexing price bandings within our sealing plans in line with the nature of the show and customer demand, without increasing prices. Threat of cyber fraud. The strategy lo manage this includes the all8inment of the Cyber Fraud Accreditation-, 3 party audits and testing of our systems. Our staff regularly undertake training in how lo be more cyber aware and are kept informed of latest advice from bodies such as Action Fraud (the National Fraud and Cyber Crime Reporting Cenlrel as well as local police. We have developed a Security Incident Response plan that sets out how lo deal with a cyber-fraud allack with several scenarios addressed. Loss of key staff. Nationwide labour shortage for some roles and wage inflation is putting additional pressures on recruilmenl and retention. Staff well-being. allractive terms & conditions and benefits as well as development opportunities are part of the strategies lo manage this risk. Threat of Terrorist Attack al or near the theatre. We have close working aTrangemenls with Counter Tefrorism and local police,. a regular training programme for staff.. SIA roles,. CCTV monitoring,. palron bag checks,. and enhanced security presence. We are also putting measures in place ahead of the expected adoption of Martyn's Law which affects large venues across the UK. Financlal Risk Management Objectives and PoliGigS finances 11$ operations through retained surpluses. The management's objectThies are to relain sufficient liquid funds lo enable it lo meet ils day to day obligations as they fall due whilst oplimising returns on surplus funds. Hedge accounting is not used by wrr. Investment Poli In accordance wlh the Articles of Association, the Direclors have the power lo invest in such stocks, shales, investments and property as they see fil. The policy is lo adopt a balanced risk investment strategy lo protect, in bsolule terms, the capital value of the fund whilst producing a sustainable and growing level of income, and also providing the potential for longer term growth of capital in real terms. continued with its £2m in a tx)rtfolio with a target return of 6.5010 and recorded a gain in year of £191,831. Al year end the portfolio was valued at £2,178,195. To date, valuation gains of £1,150,000 have been taken from this portfolio 51nce its inception in 2008. In July 2024, after a tender process for investment management services, the decision was made lo move our £2m portfolio lo RBC Brewin Dolphin. The remainder of MTT'S surplus funds are held primarily in short term variable and fixed rate deposit accounts with Santander. MTT believes that this gives il the flexibility to release cash resources al short notice. 19
THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) REPORT OF THE DIRECTORS {conlinuedl For the period ended 31 March 2024 STATEMENT OF DIRECTORS, RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Directors are responsible for preparing the Report of the Directors and the financial stslemenls in accordance wilh applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Praclicel. Company law requires the Directors to prepare financial statements for each financial period which give a true and fair view of the slate of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable group for that period. In preparing these financial ststements, the Directors are required lo.. select suitable accounting policies and then apply them con51Stenlly-, observe the methods and principles in the Charities SORP., make judgments and eslimales that are reasonable and prudent,. stsle whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls., and prepare the financial statements on the going concern basis unless il is inappropriate lo presum8 that the ch8ri18ble group will continue in business. The Directors are responsible for keeping proper accounting records that disclose with reasonable accuracy al any tsme the financial position of the charitable group and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company, and the group, and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Directors are aware.. there is no relevant audit information of which the charitable group's auditor is unaware., and the Directors have taken all steps that they ought to have taken lo make themselves aware of any relevant audit information and lo establish that the auditor is aware of that information. Membor$' Interest The liability of every member is limited lo £25 in the event of being wound up. Nicholas John Vaughan, until his retirement in July 2024, was a Consultant Member of Paris Smith LLP which law firm is the legal advisers to MTh. In approving this report the Directors also approve the Strategic ReF)Ort in Iheir capacity as company Directors. On behalf of the 8oard Pa(LL. Paula Claisse Director malOWer Theatre Empire Lane Soulhamplon Hampshire S015 1AP Dale.. 20
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAYFLOWER THEATRE TRUST Opinion We have audited Ihe financial statements of The Maynower Theatre Trust for the period ended 31 March 2024 which comprise the Consolidated Statement of Financial Aclivilies, the Consolidated Summary Income and Expenditure Account, the Consolidated and Parent Balance Sheets, the Consolidated Slalement of Cash Flows and notes lo the financial stalemenls, including a summary of significant accounting policies. The financial reporting framework Ihal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financi81 Reporting Standard applicable in the UK and Republic of Ireland (United Kirkgdom Generally Accepted Accounting Praclicel. In our opinion. the financial slatemenls-. give a true and fair view of the slate of the group's and of the parent charitable company's affairs as at 31 March 2024 and of the group's and parent charitable company's net movement in funds, inclLfding the income and expenditure, for the period then ended., have been properly prepared in accordance with Uni(ed Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. Vve believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to 9olng concern In auditing the financial slatemenls, we have concluded that the Directors, use of the going concern basis of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed, we have not idenlrfied any material uncertainties relating to events or conditions that. individually or collectively, may cast significant doubl on the group's ability lo continue as a going concern for a period of at least fr1Ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report. Other infomiation The Directors are responsible for the other information. The other information comprises the information included in the Report of the Directors. Our opinion on the financial statements does not cover the other information and, except lo the exlenl otherwise explicitly staled in our report, we do not express any fomi of assurance conclusion thereon. In connection with our audit of the financial slalements, our responsibility is lo read the other information and, in doing so, consider whether the other information is materially inconsislenl with the financial statements or our knowledge obtained in the audit or otherwise appears lo be materially misslaled. If we idenlrfy such material inconsistencies or apparent material misstalemenls. we are required to determine whether there is a material misslatemenl in the financial stslemenls or a material misslalement of the other information. If, based on the work we have performed, we conclude that there is a material misslalement of this other information, we are requifed lo report that fact. We have nothing lo report in this regard. Opinions on othor matters prèscribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit". the information given in the Report of the Directors (which includes the 51rategic report) for the financial period for which the financial slalemenls are prepared is consislenl with the financial slalemenls., and the strategic report and the directors, report included within the Report of the Directors have been prepared in accordance with applicable legal requirements. 21
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAYFLOWER THEATRE TRUST Matters on which wg arg rgquired to roport by gxception In the light of the knoedge and understanding of the group and the parent charitable company and ils environment obtained in the course of the audit, we have not identified material misslalemenls in the Report of the Directors (which incorporates the strategic report). We have nothing lo report in respect of the following matters in relation lo which the Companies Act 2006 requires us to report to you rf, in our opinion: adequate accounting records have not been kept by the charitable company and group., or the consolidated charitable company financial statements are not in agreement with the aOUntIng records., or certain disclosures of Directors, remuneration Specified by law are not made,. or we have not received all the information arsd explanations we require for our audit Responsibllltles of Directors for the financial statements As explained more fully in the Directors, responsibilities statement set out on page 20, the Directors (who are also the directors of the charitable company for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Directors determine is necessary lo enable the preparation of financial statements that are free from material misstatement. whether due lo fraud or error. In preparing the financial statements. the Directors are responsible for assessing the group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, matters related lo going concern and using Ihe going concern basis of accounting unless the Directors either intend lo liquidate the group or the parent charitable company or lo cease operations. or have no realistic alternative bul lo do so. Audltor's r8sponsibillties for tho audit of the financial statèmonts Our objeclives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstalemenl. whether due lo fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a hi9h 5evel of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a material misstalemenl when il exists. Misslatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, Ihey could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatemenls. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, lo delecl material misslalemenls in respect of irregularities. including fraud. The exlenl to which our proeEdure$ are capable of delecling irregularities, including fraud is detailed below.. Based on our underslanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to health and safety and data protection legislalion and we considered the exlenl lo which non-complian might have a material effect on the financial slatemenls. We also considered those laws and regulations that have a direct impact on the preparation of the financial slalements such as the Companies Act 2006 and the Charities Act 2011. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial stslemenls (including the risk of override of controls). Audit procedures performed by the engagement team included: Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud., Reviewing the controls and procedures relevant lo the preparation of the financial slalement$ lo ensure that these were in place throughout the year, including during the Covid-19 remote working period., Evaluating management's controls designed lo prevent and detect Ieg{JI8rit1eS,. Reviewing minutes of the Trustees meetings during the year., Identifying and lesling journals, including using data analytics software, in particular journal entries posted wth unusual account combination5, E)oslings by unusual users or with unusual éescriplions., and Challenging assumptions and judgements made by management in their critical accounting estimates, as described in the accounting policies. Because of the inherent limitations of an audit, there is a risk that we will not delecl all irregularities, including those leading lo a material misstalemenl in the financial slalemenls or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely lo become aware of instances of non-compliance. The risk is also greater regarding 22
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE MAYFLOWER THEATRE TRUST irregularities occurring due lo fraud rather than error. as fraud involves intentional Concealment, forgery, collusion, omission or misrepresenlalion. A further description of our responsibilities for the audit of the financial slalements 15 located on the Financial Reporting Council's website at.. www.fr This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate to the charitable cornpany's members those mallers we are required to slate lo Ihefn in an Audilorfs report and for no other purpose. To the fullest exlenl permitted by law, we do nol accept or assume responsibility lo anyone other than the charitable company and the charitable company's members, as a body. for our audit work, for this report, or for the opinions we have formed. Jane Askew {Senior Statutory Audilorl For and on behalf of Haysmacintyre LLP, Statutory Auditor 10 Queen Street Place, London EC4R 1AG Idatel 23
THE MAYFLOWER THEATRE TRUST {A company limited by guaranto91 GROUP STATEMENT OF FINANCIAL ACTIVITIES Ilncorporatlng the Group Income and Expenditure Account and Statement of Total Recognised Gains and Losses) for the perlod ended 31 March 2024 Llnrgstricted funds Rostricted funds Total 2024 Total 2023 Note INCOME FROM: Donations and legacies Other Trading activities Investments Charitable activities - show income 82,174 1,544,480 771,377 17,710,881 4,576 86,750 1,544,480 771.377 17.710,881 75,511 1,709,114 218,614 23,562,853 Total Income 20.108,912 4,576 20,113,488 25,566,092 EXPENDITURE ON: Raising Funds.. Fundraising trading Sponsorship 577,370 6.560 577,370 6,560 604,566 6.907 Charitable activities theatre programmes investment in productions costs education and outreach 18.246,914 97,000 161,742 32,495 18.279,409 97,000 161.742 22,515.212 125.492 112.342 Total expendlture 19,089.586 32,495 19,122,081 23.364,519 Net inGomell8xpendltur•} for the period before gains I losses on investments 1,019,326 127,919) 991,407 2,201,573 Gain on investment asset 12 191.831 191,831 163,1191 Nst income I (expenditure) for the period 1,211,157 {27.9191 1,183,238 2.138.454 TOTAL FUNDS BROUGHT FORWARD 18 19.707,348 1,036,505 20,743,853 18,605,399 TOTAL FUNDS CARRIED FORWARD 18 20,918,505 1,008,586 21,927.091 20,743,853 The group statement of financial activities has beell prepared on the basis that all operations are continuing operations. The notes on pages 28 10 47 form part of these financial statements. 24
THE MAYFLOWER THEATRE TRUST (A company limlted by guarantee) Company Reglstered Number 02026445 Charity Registered Number 294745 GROUP BALANCE SHEET at 31 March 2024 2024 2023 Note FIXED ASSETS Tangible assets Investments 11 12 12.118,452 2.178,195 12,390,547 1,986.364 14.296,647 14,376,911 CURRENT ASSETS Stocks Debtor5 Cash holding5 40,256 680,939 22,132,358 41,502 471,049 16,053,776 13 24 22,853,553 16,566,327 CREDITORS: Amounts falling duewithln one year 14 (13,745.282) 19,175,715) NET CURRENT ASSETS 9,108.271 7,390,612 TOTAL ASSETS LESS CURRENT LIABILITIES 23,404.918 21,767,523 CREDITORS: amounts falling due after more than one year 15 11.477.827) 11,023,670) NET ASSETS 18 21,927,091 20,743.853 ACCUMULATED FUNDS Restricted income funds Capital grants 19 1.008,586 1,036.505 Unrgstrided income funds General reserve Designated building development reserve Designated gantry development building reserve Designated building maintenance reserve Designaleé bursary reserve 19 19 19 19 19 12,764,678 4,941,899 2,257,884 904,044 50.000 11,071,794 5,348,555 2,285,800 951,199 50,000 TOTAL FUNDS 21,927.091 20,743.853 The financial statements were approved by the board of Directors on and signed on ils behalf by.. 2024 P I Claisse N Vaughan Directors The notes on pages 28 10 47 form part of these financial statements. 25
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) Company Registered Number02026445 Charity Registered Number 294745 COMPANY 8ALANCE SHEET al 31 March 2024 2024 2023 Notg FIXED ASSETS Tangible assets Investments 12,118.452 2,178,199 12,390,547 1,986,368 12 14.296,651 14,376,915 CURRENT ASSETS Stocks Debtors Cash holdings 8,510 1,017.936 21,641.629 8,510 1.117,679 15.272.403 13 22.668,075 16,398,592 CREDITORS: Amounts falling dug wlthln ono year 14 113,667,274) 19,102,056) NEf CURRENT ASSETS 9,000,801 7.296,536 TOTAL ASSETS LESS CURRENT LIABILITIES 23,297.452 21.673,451 CREDITORS.. amounts falllng due after more than one yoar 15 {1,477,8271 11.023,6701 NET ASSETS 18 21,819,625 20,649,781 ACCUMULATED FUNOS Restricted Income funds Capital gfants 19 1,008.586 1,036,505 Unr8strleted Income funds Genefal reserve Designated building development reserve Designated ganty development building reserve Designated building maintenance reserve Designated education reserve Designated bursary reserve 19 19 19 19 19 19 12,657,212 4,941,899 2,257,884 904.044 10,977,722 5,348,555 2.285.800 951,199 50,000 50,000 TOTAL FUNDS 21,819,625 20,649,781 The financial slalemenls were approved by the Board of Oirectors on and signed on ils behalf by.. 2024 P I Claisse N Vaughan Directors The notes on pages 28 10 47 fomi part of these financial statements. 26
THE MAYFLOWER THEATRE TRUST {A company limited by guarantee) GROUP STATEMENT OF CASH FLOWS for the period ended 31 March 2024 2024 2023 Noto CASH FLOWS FROM OPERATING ACTIVITIES 23 6,010.708 12,399.458) CASH FLOWS FROM INVESTING ACTIVITIES Interest received Purchase of tangible red assets Proceeds from the sale of fixed assets 669,702 1601,8401 12 217,614 1534,1631 CHANGE IN CASH ANO CASH EQUIVALENTS IN THE REPORTING PERIOD 24 6,078,582 12,716,007} RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN CASH AND INVESTMENTS In¢rease in cash in the year Change in market value of fixed asset investments 6,078,582 12,716,007) 12 191,831 163.1191 MOVEMENT IN CASH AND INVESTMENTS FOR THE PERIOD 6,270.413 12,779,126) Net cash and investments al the start of the period 18,040,139 20,819,265 NET CASH AND INVESTMENTS AT END OF PERIOD 24,310,552 18,040,139 27
THE MAYFLOWER THEATRE TRUST IA company limited by guarantoel NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 STATUS The company is limited by guarantee, the liability of each member being limited lo £25. Al 31 March 2024 there were 23 members12023'. 23 members). ACCOUNTING POLICIES Basis of accounting The financial slalemenls have been wepared in accordance with Accounting and Reporting by ChaTities- Slalemenl of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (Second editionl- (Charities SORP IFRS 102}I, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 and the Companies Act 2006. meets the definition of a public benefit enlty unéer FRS 102. Assets and liabilities are initially recognised al historical cost or transaction value unless otheiSe staled in the relevant accounting poliw nolels}. Basis of Consolidatlon The group accounts incorporate the finan¢ial statements of Mrr and of its subsidiary undertakings, MalOwer Enterprises Limited and Mayfiower Productions Isoulhamplonl Limited. As a consolidated slalement of financial aclivilies is published, a separate statement for the parent company is omitted from the group financial statements by virtue of section 408 of the Companies Act 2006. The surplus of the parent company, Mrr, was £1.169.844 {2023'. surplus £2.150,6801. Proparation of accounts on a going concern basis The programme for 202312024 provided good financial results tK)osling our reserves. The programme for 202412025 is very strong with Wicked, Disney's Aladdin. the pantomime Jack and Ihe Beanstalk, War Horse and the first 2 weeks of Hamilton all confirmed. Our programme for 202512026 is already looking strong with shows confirmed including the final 4 weeks of Hamilton, Mary Poppins, Mamma Mia, and Pel8r Pan Ipanlomimel all scheéuled. We currently have shows on sale to December 2025 and over £11.7 million in advanced lickel salas which is protected in our cashflow. Our current eashflow shows a balance of £14.4 million, not including the protected advance sales, al the end of November 2025. These factors ensure that Directors remain confident in MTT'S ability lo continue as a going concern. Having reviewed our financial position including reserves levels, cash flow forecasts, and future plans. the Directors are confident MTT remains a going concern for the foreseeable future, being al least 12 months from the dale of signing of these accounts. Income Income primarily represents lickel sales 8nd related fees for performances conducted in the year. Gift vou¢hers and tickets sold in advance are included in creditors as deferred income. Legacies are included where there 15 entitlement. probability of receipt and the amount can be measured with sufficient reliability. Grants and donations Gran15 and donations are recognised where there is entillemenl, probability of receipt and the amount can be measured with sufficient reliability. Such income is only deferred when.. the donor specrfies that the grant or donation musl only be used in future accounting periods,. or the donor has imposed conditions that musl be met before MTh has unconditional enlillement. 28
THE MAYFLOWER THEATRE TRUST IA company limited by guarant90} NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 ACCOUNTING POLICIES {continuedl Investments and investment inry>mg Investments are shown in the bolance sheet at market value, in accordance with the SORP. Al changes in value in the year, whether or not realised, are reported in Ihe"gains and losses on investment assets" section of the Statement of Financial Activities. Investment income, which does not include changes in value, is recognised on a receivable basis. Expenditure Costs of raising funds for fundraising trading are those incurred in trading activities that raise funds in the subsidiary Company and the raising of sponsorship and donations within Mrr. Charitable activities include expenditure associated with the staging of shows and indude both the direct costs and support costs relating lo these aclivilies. Governance c95ts include those incurred in the governance of and ils assets and are primarily 8$$0¢iated with constitutional and slatulory requirements. Operatingloase agr8omonts Rentals applicable lo operating leases where substantially all of tho benefits and risks of ownership remain with the lessor are charged against the Statement of Financial Activities on a straight line basis over the period of the lease. Tangible fixed assets and dgpreclatlon Tangible fixed assets are slated al cost, being purchase pr. less accumulated depreciation. Items are capilalised rf Iheir individual value exceeds £500 or rf they combine lo form an asset whose entire value exceeds £500. Depreciation is provided on all tangible fixed assets, other than long leasehold land, al rates Calculat lo write off the cost or valuation, less eslimaled iesidual value, of each asset evenly over ils expected useful life, as follows." Leasehold buildings Plant and machinery Fixtures and fittings Computers and communications Leased assets {olher than buildings) otor vehicles over the life of the lease 5 10 20 years slraighl line 3 10 25 years slraighl line 3 10 10 years slraighl line over the life of the lease 3 years slraighl line The leasehold buildings are depreciated over the lease term of 125 years. Therefore. in accordan with FRS 102, the leasehold buildings are subject lo an annual impairment review. Stock Stock is valued al the lower of cost, being purchase price. and net realisable value, after making allowance due for obsolete and slow moving items. Debtors Trade and other debtors are recognised al the settlement arnounl due after any trade discount offered. Prepayments are valued al the amount prepaid nel of any trade discounts due. Cash at bank and in hand Cash al bank and cash in hand indudes cash and short term highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposit or similar account. 29
THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For thg period ended 31 March 2024 ACCOUNTING POLICIES Iconlinued) Creditors and provisions Creditors and provisions are recognised where has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due lo settle the obligation can be measured or eslimaled reliably. Creditors and provisions are normally recognised al Iheir settlement amount after allowing for any trade discounts due. Flnanclal Instruments only has financial assets and financial liabilities of a kind that qualify as basic financial inslrumenls. Basic financial instruments are initially recognised al transaction value and subsequently measured al their settlement value. Penslon costs operates a defined contribution pension scheme for ernployees. The assets of the scheme are held separately from those of MTh. The annual contributions payable are Charged lo the Stslemenl of Financial Activities. Fund accountlng The nature and purpose of each fund is desuibed in note 19 Ipage 411 and on page 18 in the description of reserves. Liquid resources Liquid resources indude culnI as$el investments, being monies held in fixed term depo$il accounts. CRITICAL ACCOUNTING JUDGEMENTS AND ESTIMATION UNCERTAINTY In preparing these financial slalemenls, management has made judgements, estimates and assumptions that affect the application of the group's and parent charitable company s accounting policies and the reported assets, liabilities. income and expenditure and the disclosures made in the financial statements. Eslimales and judgements are continually evaluated and are based on historical experience and other factors. including expectations of future events that are believed lo be reasonable under the circumstances. Those areas subject to judgement and uncertainty are as follow5.. accrued income and expenditure cross charges of staff lime spent between the gfOUP entities asset impairment review Accrued income and expellditure are estimated where no invoice has been provided. These estimates a based either on third party evidence or on known values not yel invoiced by the group. Cross charges of staff lime spent are based on reasonable estimates of how mLtch time staff employed by M spend working on matters related lo the trading Subsidiaries. An asset impairment review has been considered by Directors. This review incltjded consideration of the local property market, damage and repairs lo assets, renI capital additions. general upkeep and repair of the building, and confirmation that there are no plans lo significantly change the use of the buildings. Directors are reassured by the assessment. 30
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 31 March 2024 DONATIONS AND LEGACIES 2024 2023 Grant Income Other Donations 71,946 14,804 66,890 8.621 86,750 75,511 INVESTMENT INCOME 2024 2023 Bank interest receivable Investment in produ¢lions returns 669.702 101.675 217.614 1,0 771.377 218,614 High cash holdings along with high interest rates provided opportunities to increase interest earnings in the year. INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Ticket sales and auditorium fees Booking fee Resloralion lewy Production recharges In-house productions Engage income Membership income SLA MAST Mayfiower Studios agreement Miscellaneous income 15,057,208 1,134,006 555,429 351,632 49,171 237,555 92,617 141,266 91,997 20,291,284 1,529,646 500.987 478.369 69,762 274,460 64,996 180.803 172,546 17,710,881 23,562,853 Income from lickel sales and auditorium fees as well as booking fee and production recharges are lower than prior year due lo the mix of programme. Prior year included The Lion King. Income for in-house productions, reflects the Summer Youth Project income, was higher than prior year. The income from the SLA MAST maOWer Studios Agreement is lower than prior year due lo changes lo the agreement relating lo recharged labour Membership income has grown year on year due lo proactive inilialives to drive new memberships. Miscellaneous income includes the wrile-off of expired gift vouchers which was unusually high In 2023 as a result of the extraordinarily high issuing of gtft vouchers during the pandemic which then expired, unused, during 2023. 31
THE MAYFLOWER THEATRE TRUST (A company limited by guarantoel NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 ANALYSIS OF EXPENDITURE Support costs Other support Governance costs costs 2024 2024 Direct costs Total 2024 2024 Raising funds: fundraising trading - sponsorship Charitable aclivilies.. - theatre programmes investment in productions education and outreach 577,370 6,560 577,370 6,560 16,687.352 97.000 161,742 1,547,562 44,495 18.279,409 97.000 161,742 17.530.024 1,547,562 44.495 19,122,081 Support costs Othgr support Govarnance costs costs 2023 2023 Dlrect costs 2023 Total 2023 Raising funds.. fvjndraising trading sponsorship Charitable activities.. theatre programmes investment in productions education and outreach 604,566 6,9)7 604.566 6.907 20,847,988 125,492 112,342 1,623,814 43,410 22.515,212 125,492 112,342 21,697,295 1,623,814 43,410 23,364.519 2024 2023 Support costs consist of the following: Other staff costs Finance Establishment 97.332 3,296 575,134 871,800 44,495 105.048 3,411 604,222 911,133 43,410 Depreciation Governance 1,592.057 1,667.224 Governance eosts consist of the following.. Auditor's remuneration IExcluding VATI 16,750 14,900 32
THE MAYFLOWER THEATRE TRUST (A company limited by guaranteo NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 31 March 2024 ANALYSIS OF EXPENDITURE {conlinued} Auditor's remuneration -other Group Entities (Excluding VATI Other professional fees 12,250 15,495 12,280 16,230 44.495 43,410 NET MOVEMENT IN FUNDS 2024 2023 This is staled after charging.. Auditors, remuneration. audit Auditors, remuneration.. other group enlilies Auditors, remuneration.. non-aL*dil fees Depreciation of owned fixed assets Operating lease rentals - land and buildings Loss on disposal of fixed assets 16,750 12,250 15.495 871.800 5.532 2.123 14.900 12.280 11.820 911,133 5.532 19,387 923,950 975,052 STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs Redundancy and lerminalion payments 3,630,264 392,893 276,798 34,977 3,467,628 228,442 126,824 1,247 Staff costs charged lo expenditure 4,334,932 3,824,141 The average number of full lime equivalent employees (including casual and part time staff) during the period was as follows.. 2024 2023 Number Number FTE FTE Leadership team Other staff 19 209 19 112 21 213 20 112 228 131 234 132 No remuneration was paid during the period lo any member of the Board of DirectOfS12023.. £Nill. During the period MTT did not reimburse any Iravelling expenses of the Board of Direclor312023.' £Nill. 33
THE MAYFLOWER THEATRE TRUST IA company limited by guarantegl NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 STAFF COSTS {conlinuedl The number of employees whose emoluments amounted lo over £60,000 in the perlod was as follows.. 2024 Number 2023 Number £60,001- £70,000 £70,001 - £80.000 £80,001- £90,000 £90,001 - £100,000 £120,001- £140,000 £140,001 - £150.000 £170,001- £210,000 Pension contributions lo higher paid employees 108,072 72,196 Number of higher paid employees receiving pension contributions The total Leadership Team in year, including leavers was 24 employees {2023.'291. During 2023 there were a mix of leavers and joiners including 2 maternity cover contracts making the total number1291 higher than the number of roles. The a5s0cialed remuneration costs (including salary, pension. bonsjs payments, and healthcare) was £1,575.09812023'. £1.398,6331.
THE MAYFLOWER THEATRE TRUST IA company limited by guarantoe) NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 10. NET INCOME FROM TRADING ACTIVITIES OF SUBSIDIARIES Mayflower Enterprlses LSmlted 2024 2023 Turnover Nel operating expense5 Management charge and booking fee 1,509.491 1525,3011 1704,6041 1.673,050 1550,638) 1708,219} Operating profil 279.586 414,193 Interest receivable and similar income 24.190 8,622 Profil on ordinary activities after laxalion 303,776 422,815 Distribution lo The Maynower Theatre Trust (303,7781 1422.815) Nel movement in funds If transactions with The MalOwer Theatre Trust were excluded.. Amount grfted to The Maffjower Theatre Trust in respecl of current year trading activities Management and booking fee 303,776 704,604 422,815 708.219 Profil brought into consolidated accounts relating lo 'exlemal' trading would be.. 1,008,380 1,131,034 Capital and reserves of Maynower Enterprises Limited 21,536 21,536 Maynowgr Productions (Southampton) Llmlted 2024 2023 TLtrnover Nel operating expenses 95,000 (116.5951 72,000 1120,2901 Operating profil 121,595) {48.2901 Theatre tsx credit Interest receNable and similar in¢orne 34,956 36,064 Profil on ordinary activities after laxalion 13,395 {12,2261 Profil relating lo'external. trading.. 13.395 {12.2261 Capital and reserves of Mayfiower Productions {Soulhamplon} Ltd 85,935 72,540 35
THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the pgriod ended 31 March 2024 11. TANGIBLE FIXED ASSETS Group and Company Long leasghold land and bulldings Fixtures and flttlngs Plant and machinory Motor vehicles Total Cost: Al 3 April 2023 Additions Disposals 11,039.873 228,625 5.160,100 257,983 {75,318} 5,083,138 115,232 {7,579) 9,736 21.292,847 601,840 182,8971 At 31 March 2024 11,268,498 5,342,765 5.190,791 9.736 21.811,790 Depreclation.. Al 3 April 2023 Provided during the period Disposals 2,788,779 208.052 3,155,078 300,800 175.3181 2,948,707 362,948 {5,444) 9,736 8,902,300 871,800 180,7621 Al 31 March 2024 2.996,831 3,380,S60 3,306.211 9,736 9,693.338 Net book value: Al 31 March 2024 8,271.667 1,962,205 1,884,580 12,118,452 Al 3 April 2023 8,251,094 2,005,022 2,134,431 12,390,547 Included in long leasehold land and buildings is land valued al a cost of £606,000, wh¢ch is not depreciated. 36
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 12. INVESTMENTS Group 2024 Company 2024 2023 2023 Carrying value as al 3 April 2023 Disposals Net gainlllossl on revaluation 1,986.364 2,049,483 1,986,368 2.049,487 191,831 163,1191 791.831 {63,119} Carying value as at 31 March 2024 2,178,195 1,986,364 2,178.199 1.986,368 Induded in the 'company' figures above are the following.. £2 investment that represents the acquisition of 100.14 of the ordinary issued share capital of Mayfiower Enterprises Limited, a company registered in England and Wales. MaOWer Enterprises Limited was established lo generate profits from ancillary and agency sales on behalf of Mrr. Maffjower Enterprises Limited is included in the consolidated accounts. £2 investment that represents the acquisition of 100'kn of the ordinary issued share capital of Mayfiower Productions Isoulhampton) Limited, a company registered in England and Wales. Mawlower Productions Isouthamplonl Limited was established lo produce Ihealrical productions on behalf of the group. Mayfiower Productions Isoulhamplonl Limited is included in the consolidated accounts. The Board of Maynower Productions Ltd have taken the decision lo make the company dormant. Initial steps have been taken to start this process with 202312024 financial year providing the final year of aclivily. MTT had investments with a market value of £2,178,195 as al 31 * March 2024 held with Ralhbone Unil Trust Management. This investment was withdrawn in June 2024. 13. DEBTORS Group 2024 Company 2024 2023 2023 Amounts owed by group undertakings Trade debtors Other éeblors Prepayments and accrued income 412,876 727,902 2,287 38,498 348,992 2,287 118,419 350,343 124.413 556,526 51.385 553,675 680,939 471.049 1.017,936 1,117,679 14. CREDITORS: amounts falllng due within ono year Group 2024 Company 2024 2023 2023 Trade creditors Other taxes and soeial security Other creditors Deferred income (see note 15) AccnJals 933.554 251.776 332,416 11,953,964 273,572 986,540 249,219 225,060 7,455,390 259,506 894,146 251,776 317,310 11,940,395 263,647 947,174 249,219 216,369 7,447,124 242,170 13,745,282 9,175,715 13,667,274 9,102,056 37
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 31 March 2024 15. CREOITORS: amounts falling due after more than one year Group 2024 Company 2024 2023 2023 Defee in(xJme 1.477,827 1,023,670 1.477.827 1,023.670 1,477,827 1.023,670 1,477,827 1,023,670 Deferred income represents show lickels sold in advance. The increase in deferred incorne falling due after more than one year, is due lo the shows on sale al year end more than one year in advance12024.. 6 shows, including Hamilton with advance sales of £1.107m,' 2023.. 7 shows, including WIGked with advance sales of £817kl. 16. ANALYSIS OF DEFERRED INCOME Group 2024 Company 2024 2023 2023 Deferred income brought forward Amounts released lo income in the period Amounts deferred in the period 8,457,325 12,391,587 8,449,059 12.377,547 17.062,7761 111,832,502) 17,054,510) 111,818,462) 12,037.243 7,898,240 12,023,674 7.889,974 Deferred income carried forward 13,431,792 8,457,325 13,418,223 8,449,059 17. RELATED PARTY TRANSACTIONS Transactions with MTh's subsidiaries are sel out in note 10. Al the period end a balance of £412,87612023.' £727,897) was owed lo MTT by MEL with no funds owed lo MTT by MPL {2023.' £51. £145,982 was owed by MTT lo MAST12023'. £113,506) relating to box office income, and £40,740 was owed by MAST lo 12023.. £67,370). This relates to the transactions al year end in line with the Service Level Agreement. Mr N J Vaughan, appointed lo the Board on 11 March 2017, is 2 Consultant Member of Paris Smith LLP solicitors. Paris Smith LLP have provided legal services in the period of £27,68812023.. £7,742). Mrs J Ockwell. spouse of Mr M Ockwell, Chief Executive & Creative Director of provided creative services for the Engage Programme for the remuneration of £1,50012023'. £01. There were no other related paty transactions in the year.
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ondod 31 March 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrgstricted General accumulated fund 2024 Designated funds 2024 Rostricted fund 2024 Total 2024 Group- 2024 Fixed assets Current 2ssels Current liabilities Non-currenl liabilities 5,184,234 22,803,553 113,745,282) (1,477,827) 8,103,827 50,000 1,008,586 14,296,647 22,853,553 113,745,282) 11,477,827) 12,764,678 8,153,827 1,008,586 21,927,091 Company - 2024 Fixed assets Current assets Current liabilities Non-currenl liabilities 5,184.238 22,618,075 {13.667.2741 (1,477.8271 8,103,827 50,000 1.008,586 14,296,651 22,668,075 (13,667,274> 11.477.827) 12,657.212 8,153,827 1.008,586 21,819,625 Unrestrlcted Goneral aGGumulatgd fund 2023 Deslgnated funds 2023 Restricted fund 2023 Total 2023 Group- 2023 Fixed assets Current assets Current liabilities Non-currenl liabilities 4,754,852 16,516,327 (9,175,715) (1.023,6701 8,585,554 50,000 1,036,505 14,376.911 16,566,327 19,175,715) 11,023,670) 11,071,794 8,635,554 1.036,505 20.743.853 Company - 2023 Fixed assets Current assets Current liabilities Non-currenl liabilities 4,754,856 16,348.592 19,102,056) 11,023.6701 8.585.554 50,000 1,036,505 14,376,915 16,398,592 19,102,056) 11,023,670) 10,977.722 8,635.554 1.036,505 20,649,781 39
THE MAYFLOWER THEATRE TRUST IA company limited by guaranteg) NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 18. ANALYSIS OF NET ASSETS BETWEEN FUNDS Iconlinued} Free Resonies The free reserves of sland al £7.580,444 as al the period ended 31 March 2024. This figure is made up of.. 2024 2023 Unreslricled general {undesignaledl funds Less fixed assets held in general undesignaled funds 12,764,678 15,184,234) 11,071,794 {4,754,852} 7,580,444 6,316,942 40
vj ty rd 11!-
LtJo- • ¢•4 <CwaC
THE MAYFLOWER THEATRE TRUST IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 19. RECONCILIATION OF FUNDS AND MOVEMENTS ON RESERVES Iconlinued} Restricted funds ital Grants This fund represents grants received from Hampshire County Council, Southampton City Council and The Foundation of Sports and Arts which were primarily given to lo purchase the leasehold of the theatre. Buildin Maintenance Reserve This fund has been Created from an appeal fund. This is primarily for the m8inlen8nce of the auditorium and stage area within the Grade11 listed building. Deslgnated Funds Bursa Fund This represents monies allocated lo help support local young people study performing arts and theatre studies. The aim is that this fund should be maintained al £50,000. Funds have been Irarisferred in from the genera resefve to achieve lttis. Buildin Maintenance Reserve This money is designated for major refurbishment required lo theatre propety. It includes the capital value of refurbishment lo the stage lo enable lo hold a wider range of Wesl End produelions. This refurbishment was carried out in 2004 and capilalised al that point. Further capital projects i.e. foyer, Foollighls Bar, Circle Bar and Ovation refurbishments have been transferred to this reserve account lo reflect the capital value of all major projects. Education Reserve The Education reserve has been sel up to sel aside any surplus the activities of the Community & Education programme may make in any given year. This area is not intended to make surpluses, but in the event il does. these funds are kept aside to reinvest in ongoing educational aclivty. Similarly, if the activities result in a defKil. then fun¢Js are sel aside from the General Reserve. Buildin Develo ment Reserve The building development reserve of £4,941,899 was a designated fund established to contribute towards the major refurbishment lo the auditorium and con51ruclion of Ihe connectivity to the office block carried out in 2018. Future depreciation on these assets will be allocated lo this fund. Gant Develo ment Buildin Reserve This fund was designated for the work to improve the stage accessibility and for the construction of the new office building, which was completed in September 2010. Future depreciation on these assets will be allocated to this fund. 20. PENSION COMMITMENTS MTh operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of MTT in an independently administered fund. The charge in the accounts was £276,798 12023.. £225,684) and an amount of £53.144 12023.. £25,852) was included in creditors al the period end. To note, this year we had 14 pay periods (we operate lunar payrolll resulting in the increased year end figures in comparison lo prior year. 43
THE MAYFLOWER THEATRE TRUST IA company limited by guaranteo) NOTES TO THE FINANCIAL STATEMENTS For the period ended 31 March 2024 21. FINANCIAL COMMITMENTS Al the period end, the group had annual commitments under non-cancellable operating leases as follows.. Plant & Machinery 2024 2023 Expiry date.. <1year 2-5years 4,178 4,178 8,666 8,356 22. CAPITAL COMMITMENTS The development of a double height rehearsal space, a new joint Stage Door and Reception er*lrance, 2 new accessible dressing rooms. The Board initially approved a spend of £6m {including VATI in principle but have sir¢ce acknowledged, wrth design changes, il could be up lo £8.5m once fully costed and is subject lo final approvals by the Board. The commitment at 31 March 2024 was £300.000 relating to costs for the devdopment of the scheme lo RIBA 2. Planning permission was granted in July 2024 and al the lime of signing these accounts the lolal commitment of funds was £558.000 which allows for developrnenl of the scheme lo RIBA 4. The replacement of the grid over the stage al a cost of £605,000 plus VAT was approved by the Board in June 2023. 23. NET CASH INFLOW FROM OPERATING ACTIVITIES 2024 2023 Net income Interest receivable Depreciation Decrease l {increasel in debtors {Decrease) l increase in creditors Decrease l {increasel in stock Loss I Igainl on investment assets Loss on disposal of fixed assets 1,183,238 {669,702} 871,800 1209,8901 5,023.724 1,246 1191,8311 2,123 2.138,454 {217,6141 911,133 1179,6961 15,126,882> 17,359} 63.119 19.387 6,010,708 12,399,458)
TrIE MAYFLOWER THEATRE TRUST {A company limit8d by guarantee) NOTES TO THE FINANCIAL STATEMENTS For the period endgd 31 March 2024 24. ANALYSIS OF CHANGES IN NET DEBT At 2 April 2023 Other non- Cash changes At 31 March 2024 Cash flov Cash Investment 16,053,776 1.986,363 6,078,582 22,132,358 2.178.194 191,831 18.040,139 6,078,582 24,310,553 24,310,552 Cash holdings include advance ticket sales, the level of which was higher as at 31 March 2024 than the previous year. We held over £2.2 m in advance sales for WIGked, £1.gm for Hamilton, £1 m for Jack and the Beanstalk and £0.7m for Disney's AladdAn al the end of March 2024. Our investment with Ralhbones Unit Trust can be withdrawn at any bme adding to our cash balances. 11 was withdrawn in June 2024 and reinvested with RBC Brewin Dolphin in September 2024. 25. CONTROL The controlling paty is the Board of Directors, representing the company's members. NOTES TO THE FINANCIAL STATEMENTS For the period gnded 31 March 2024 45
THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) 26. COMPARATIVE STATEMENT OF FINANCIAL ACTIVI Below 1$ the 202212023 Statement of Financial Activity for comparison Pufposes only. Unrgstricted funds Restricted funds Total 2023 INCOME AND ENDOWMENTS FROM: Donations and legacies Other Trading activities Investments Charitable activities- show income 72.440 1,709,114 218,614 23,562,853 3,071 75.511 1,709,114 218,614 23.562,853 Total income 25,563,021 3.071 25,566,092 EXPENDITURE ON.. Raising Funds= Fundraising trading Sponsorship 604,566 6,907 604,566 6.7 Charitable activities - theatre programmes investment in produelions costs education and outreach 22,484,266 125,492 112,342 30.946 22.515,212 125,492 112,342 Total expenditurg 23.333,573 30,946 23,364,519 Not incomellexpenditurel for the period bgforè gains I losses on investments 2,229,448 {27,8751 2,201,573 Gainlllossl on investment asset (63,1191 163,1191 Net incorn8 I (expenditure) for the period 2,166,329 127,8751 2.138,454 TOTAL FUNDS AT 27 MARCH 2022 17.$41,019 1,064,380 18,605,399 TOTAL FUNDS AT 2 APRIL 2023 19,707.348 1,036,505 20,743,853 NOTES TO THE FINANCIAL STATEMENTS Forthg Pgriod ondod 31 March 2024
THE MAYFLOWER THEATRE TRUST (A company limited by guarantee) COMPANY STATEMENT OF FINANCIAL ACTIVITIES {In¢orporating the Income and Expenditure Account and Stalement of Total Recognised Galns and Lossosl for the period ended 31 March 2024 Unrestrlcted funds Restricted funds Total 2024 Total 2023 INCOME AND ENDOWMENTS FROM Donations and Legacies 82,174 4,576 86,750 75,511 Other Trading activities 303.776 303,776 422,815 Investments 747,187 747,187 209.991 Charitable activities - show income 18,466,266 18,466,266 24,318,714 Total Income 19.599,403 4,576 19,603,979 25.027,031 EXPENDITURE ON Raising funds - sponsorship Charitable activities theatre programmes investment cost education and outreach 6,560 6.560 6,907 18,328,170 97,000 161.741 32.495 18,360,665 97,000 161,741 22,568,491 125.492 112,342 Total expenditure 18,593,471 32,495 18,625,966 22,813,232 Net Incomelloxpenditure) for the perlod before gainsllosses on investments 1,005.932 127,9191 978,013 2,213,799 Gain on investment asset 191,831 191,831 163.1191 Net Incomellexpenditure} for the period 1,197,763 {27,919) 1.169,844 2,150,680 TOTAL FUNDS AT 2 APRIL 2023 19,613,276 1,036,505 20.649,781 18,499,101 TOTAL FUNDS AT 31 March 2024 20,811,039 1,008,586 21,819,625 20,649,781 The company slalemenl of financial acb'vilies has been prepared on the basis that all operations are continuing operations. This page does not form part of the stalulory financial statements. 47