ThE MAYFLOWER THEATRE TRUST {A c¢)mpany limlt•d ty guaran1••) THE REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE PERIOO ENDED 30 Alarch 2025 Company Reglstered number: 02026445 Charity R•gistered number. 294745 *AEF7YG43• 13111r2025 COMPANIES H¢)USE *215 THE PIAYFLOWER THEATRE TRUST IA ￿npaThy limlteo by guarantee) THE REPORT OF THE DIRECTORS AND CONSOLIDATED FINANCIAL STATEMENTS IOT the ￿riod ended 30 Maleh 2025 CONTENTS Pag•$ RewJrt of the Oireclors 2-21 Auditor's Rep(¥t 22-24 Group Statement of Financial fv4Xr4ity 25 Grc￿p Balance Sheet 26 Cornpany Balan￿ Sheet 27 Gr￿P Slatemnt of Cash Flws 28 Notes to the FInanU￿ SLiternents 29-48 ThE PAAYFLOWER THEATRE TRUST (A ¢ampany limitod by guaranto01 REPORT OF THE DIRECTORS Iconlinued) . For the perlod ended 30 M•ff¢h 2025 The Directors present t￿1r re￿t and Consol￿jated Stalen￿nts for the penod from 1 April 2024 10 30 March 2025. R•fvrence and Administrative D•tails Company R￿lSter￿ numb•r: 02026445 Charlty RegIStsr￿ number. 294745 Presldent lAsGa￿r￿ Dlreetor5 1 Trust￿￿. P I Claisse (Chairl (re5HJned 22 November 2024) N J Vaughan {Chairl (appointed 22 November 20241 G Ajlison A Ballinger {apwinted 19 April 2024) D M Fowler-stevens R Hall S W Pantl¥ig R Primmer (resigned 22 November 21Y24) K Romero S Sargant L Tomicic {apwnted 19 Apiil 2024) S Wilson lapF<*inted 21 March 2025) Membern: G Alison C Bagnall lappointed 22 November 2￿24) P S Claisse S Daniells A Farrell l A S Galward R Hall H Hom (appointed 22 No¥e￿￿r 2024) C E Lewis S W Panlling R Primrner S Sar9ant C Taylor N J Vaughan A Ballinger lappomted 19 April 20241 D Chisnall P Dan￿lL$ U Derejkfrcooper D M Fowler-stevens Gordon {resigned 22 November 2024) J Hannides MLeBas L J Noble T Prentki K Rornero MDSmith L Tom￿¢ lappointed 19 April 20241 S Wlson {appoinled 22 November 2024} Company Secrelary: H Dowr Chief Ex•cuti¥e: M D Ockwell Auditorn: Haysmac LLP 10 Queen Street Place London EC4R 1AG THE MAYFLOWER THEATRE TRUST IA company limit•d by guarantee) REPORT OF THE DIRECTORS (eontinuedl For the peiiod ended 30 Al•ich 2025 Reference and Admlnlslrnthie Detall• (conbnued) Bankern.. Santander UK P Bridle Road Boolk Merseyside L30 4G8 Soll¢btors: Paris Smith LLP 1 London Road Southampton Hampshire S015 2AE 8usin•ss and R¢g1St•r￿ office: Mayflower Theatre Empire Lane Southampton Hampshire S015 1AP Spon80rn & Partners: Paris Smith LLP The London Hotel Peter Cooper TNG Engineering Bargale Homes A & A Business Supplies New Place Hotel Radio Tam Geo s[￿4a11ty Chemicals HWB Chartered Accountants Southampton Freight Services Mexhets Global Logisbcs Carfsberg Fiander Tovell New Forest Collection CNS Board ol Directo The Board of Directors throughout the perkxl and up to the date ofthis report was ff4de up as folbws". - P I Claisse {Ch8irl (resigned 22 Novernber 2024) N J Vaughan (Chairl {apwinted 22 November 2024) G Alison A aallinger {appointed 19 April 2024) D M F¢)wier-Sleven$ R Hall S W Pantring R Primwor (resigned 22 November 2024) K Romero S Sargant L Tomicic (appointed 19 Aprl 20241 S Wilson (app)inted 21 March 2025) The Board's members serye as Directors for the purposes of company law. and Trustees for the purposes of charity law. They are referred trJ as Directors throLpJhout thi5 reporL They ao also Members of the charity. The Board meets, as a minimum. 4 times per year. There ae the foll￿￿ng Board sutkc£*mmittees to ensure good govemanGe'. Audrt & Govemance comM￿ee lincorporaling RemLmeratton. Health & Safety. and Butsariesl Nominations Commrttee THE MAYFLOWER ThEATRE TRUST IA MmpaThy limited by guarant••) REPORT OF THE DIRECTORS I￿￿nued> For the perfod end•d 30 March 2025 Slrudure. Govemance and Management min Docum Mayfi¢)wer Theatre Trust IMTf) 15 incorporated in England and 10la* as a private eompany limrted by guarnnlee and registered a5 a charty wrth the Charity Commission under nuntrr 294745. governed ty f($ Arts"des ofAssociakn"on. The financial 5talemenls are prepared in accordance vthh cUr￿n1 ststuw requirements, the goveming docuffenl of and the Charities SORP. The primary obJectr4es of Mrr. as defmed ty the Articles ofAssorAation. are the encouragement of the arts, the promolKJn and adVan￿rnent of education and the cultNation and improvement of public education in drama. mime. opera. singing. music. dance. painting & sculptuR. cinema, literatu￿ and other arts. ointment of Director5 Directors are nominated by the Board. The Board miews the IL8t of Directors annualy lo ensure that all skills are covered if a vacancy arises. A sk]"IL8 audrt of Directors is camed out annualty as part of the D1￿clOr5, apprai$als. The followng criteria for all futu￿ Directors have been approved by the Audit & G)vernance Committee and the Board of Directors." Clear business sense.. Interest in theatre.. rime available for Board acb"vitses". L¢xatrregional residence.. Community invofvement". Representation in one of the following skill sets". retail. finance. ￿al, property, bu%ness and S￿la1 purpose. In recruiting new Direct(xs a widfrrangin9 and non4iscriminatory approach is followed led by the NominalKJns Committee who are charged with not onty the apFointment of Direthrs bul aL80 sucxessh￿ planning. Director ction and Trainin New D1￿ctOrS undergo an orientation session with the Company Secretary to brief them on their legal oblKJalion$ under Charity and Company law, the ￿ntents ofthe Articles of Associatth, the commrttee and decision-makiThJ pr0Tr5se$, the Ihree-year rolling business plan and recent financMI perforrnance of M￿. They are also issued with an induction pack. Regular traming and updates on govemance s undertaken thr¢)ughout a DI￿torS. term ofoifKe. Or is organised so that the Directors meet regulaty to dIr￿t the management of its affairs. A Chief ExecutNe 15 appointed by the Directors to manage the day-t041ay operaiions of Mrr. To f&ililate effectNe operations, the Chief Executive has the delegated authority. within terrns of delegat￿n approved by the Directors. for operatsonal matter5 including Finan￿ & Adrrinistrab'on, Saes & ma￿et"fig. Technul Operakn"ons. CustoffEr Operations. People & Culture. and Programming actbvty. ed Parb'es Mrr has &¥0 wholPy owned subsidiaries, Mayfvwer Enterprises Linyted IMELI, whose ryiicipal aclwity is lh8 operation of facilities on behalf of the pa￿nt. and Mayflower Products'ons Isouthamptonl Ltd IMPL). I￿ose principal activity i% theatre productions. The resulis of the subsidiaries for the perw)d ended 30 March 2025 are shown in note 10. MPL ceased trading from 311t March 2024 and remains dormanl. is a ffEmber. alongside 5 individLtals, of Mayllower Academy Ltd IMAL) tla MAST Maynower Studios Imayftower Studi051, a registered charity. There was one common Director on the Boards of and MAL unb"12W January 2025 when the Director stood down from MAL. provides, via a SeNice Level Agreement ISLA}. executrle management kadership and support as well as shared services including Programming. Sales, People & Cutture. Finance. Technical, Facilities, and Part￿IpatIon tearns. MAL pays for these services in line with the SLA There are a150 shared services tefv￿en and MAL in line with the Benefts In Kind agreenEnl. and MAL collaborate where possible on acbvrties and projects in furtherance of their resped]"ve cha11ts￿e objecb"ves. M￿$ social impact strategy 15 delivered jointy by MTT and MAL. From 1•1 April 2025. al employees of MAL were tran$fwred to Mrr arbd MAL no longef ha5 any direct ernployees. Remuneration Poli fof Ke Mana ement The remuneration of the Chief ExecutNe is agreed by Ihe 8oard. folk)wing a recommendation by the Audrt & Governance Committee each year, taknng account of the financial perfomiance of and its subsidiaries,. achievement of key performance indicators". togelhef with benchmarking against salaries of comparable posib'ons in the industy. The remuneration 1$ Comn￿$Urate wth simiLgr charities. The Chief ExeculNe ¢s ￿ sponsible for selling the remuneration package for the Executive an(1 Senior Management teams as wel as all other employees. Benchmarking against trjp regior￿1 theatres in the counlry, as well as hxal Job mathets ts conS￿e￿d. Mayfiower is committed lo paying no lower than Real ￿"¥Ing Wage and aims fLY upper quarb.le industy rates. (A company Ilmit•d by guarantee) REPORT OF THE DIREcfoRS lconts'nued) For th• p•rfod ended 30 IAar¢h 2025 Introductlon from the Chalr On behalf of the Board, l am delighted to report our most successful financial year. delivering a surplus which will help support our forthcoming £12.7m capital investment nto our theatre, whibe eonts"nuing lo enhance our social impacL inveskn.ng in our communty and environment Our stsff wannly welcomed 590.714 customers to see 370 rfornances over the year, having spent £23,962,169 at the t*)x offi￿. are r8POrting a Surplus of £3.003,157 after depwatson. We weie proud of our achievements, working alongsble our $ister venue, MayflNer Studios, delivering a joint curtural offering to our communty. Our economic impact on the oty ￿M01n5 significant wrth over 654,000 audIer￿e members attending perfrnnces in either venue and wsth the employrr*nt of 260 kxal peopbe. The surplus achieved has been part of our strateg¢ plan lo raL%e sufficient frJnd$ for our forthcoming major caprtal works projects. The first stage. whKh Gommenced in April 2025. is a 15-month project to create an extension to the r of the existing office building prowding a mu￿needed doub￿ height rehearsal studio,. a single point of entry with a new stage door and reCeP￿n. and wll increase Lmjr p￿￿s￿)n of fijlty ￿ceSsIb￿ dressing rooms for the visiting orryjanies. This projec[ at a cost of £8.5m. will require a period of Closure to our customers for 12 weeks from the end of May 2026. During this ti￿￿, we ￿11 also be ￿plaC•rIg the grid over the stage, which i8 the original wooden structure and 97 Yea￿ dd. wth a statecal a￿"stS vthh groups from demenlw care homes in the New Forest, No Limits, Time4U and Safe Hwse grwps, and 3 local Primary Schools with a higth percentage of young people in receipl of free sclwl me¥s. de￿Vering 761 engagements. Youtre changed mylile fft England. This gr￿p helps me to rnft8Ct on my erno￿ns- refugee. Creative Language Cafe Everyone ff8els walcome and included. I do not f981 anxious in this gn¥up. If it wasnl forthis group. I wouldny get out the house as much- serendlprtypart￿Pant Our Communty Firsl Nights F*ogramme achieved great success this year, wrfh 779 tid(ets gNen to members of kjcal community groups who would otherwise be unable to access live perf0mWn￿. This year we worked Close￿ with refugee and asylum seeker support chariti'es such as Southampton and v￿ncheSter Visitors Group ISIMIGI and The Clear Project, as well as Southarylon's sou.sl SeNices team, Southarnpton HAF ambassadors, Allegra Care Homes and No Limrts. Time4U and Safe House groups. Members of these groups enjoyed a wide variety of performances and activities across t¥)th our venues including our Fami￿ Fun Days. The Wnd ￿ the ￿￿110WS. Nutcracker. Aladdin. Coming to England and Birmingham Royal BalleV$ Cind8r811a. It ￿ hanl to desciibe the ￿￿tswtyandpY ￿ see when ￿ bmg ourrefugee fi￿ndS to the theatrn. We see a ￿al drfference in pec¥)le when they can engage activities whrth are a powtwe distraction forlhem during a fnghtening and challenging frme in their lives l)ut also allow them to learn aboul the UK. The Mayknefs generous, open hearted and creafive supportare on important swn ￿aCceptanr￿- Soulhampton ond kVFnch&ster v1wlo￿ Group (SWGJ We partnered with New Adventures lo delNer their Take Flight projert which enabkd us to connect with young people who had never danced before, or who are undeffepresented in dance. offering bespoke workshops in their communty seth"ngs, and an invitstion to join the Take Aightdays at the st￿￿1&8. In total we delNered 104 eThJagements for this 11 ThE MAYFLOWER ThEATRE TRUST (A company Ilmit•d by guarantse) REPORT OF THE DIRECTORS Icontsnued) For the p•riod ended 30 March 2025 project, ar￿ worked with groups such as Youth Options, ZoieLogic Dance Theatre, SCC Young Carers, No Limts Tirne4U and Safe House groups arKI the PEER Youth ProiecL We delivered 3 Famity Fun Days and 2 Open Days at the studios across the year. linked to perfonnances of The Lion Inside and Rude Sc￿nCe. In totsl we had over 1,827 visrtors acros$ all our Famity Fun Days. and offered activity from resident partner companTes, communty partne￿. arts ￿JanIsat￿?ns, and artists from our artist development programme. ment- Across the year we supported 44 local arts.sts and theatre companie5 through artist meetings. to provfvJe mentorship support. w￿uding hostiThJ an artist nthork session on Ihe Isle of WuhL as part ofthe Cowes Fringe Festival. Vve hosted 2 Scratch Nights. supporb.ng 16 arb.sts to devekjp their woth. These events were altended by 109 people, who gave valuable feedback lo those perfomiing. a￿Ing them in Ihe develop[￿￿t of their work We also &iw the culminats'on of our Propel Associate programme, with 7 of our associates participab.ng in our Propel Assocrates celebration evening. perfomiing to a Se1￿￿t audience in Studio 2. Artists shared segrnenls of their pieces in development and spoke about how the supwrt oflhe Propel A$S￿aate programme had impacted them. We also opened applications for our next cohort, where we are ke￿ to ttfflnect wilh wtists thntsfy as disabled. from the global majority. or are creating lamily work. I really appreciale all the ts.me spentexp10tr7ng next d1￿cl￿n for Ihe company and Ilefining my artislic visw- Prop81 Asxtiate Our ProFel Associates also benefft from Mayfirywerfs skilled technical team suppcjtry them wth their new or developing productions. Yourinnov8live thas have brought a fresh pe• to <>urpmducbons. makng them more engaging and vtsually stunning- Art Across January and February, ￿ also offered 5 wtist re$KIe￿ prO￿ded free rehearsal space and seed commission for works in deveknp￿nI. This included arts.sts from Hair Lung Theatre. a New Ffftst based theatre company and Romo Sikdar, an arbst making work about nay￿ating his heritsge. who also presented his Wofk as part of ourjoint Scratch Nyht with 8eyond Face Theatre. We also ran our first Script in Hand project in April. where we supported a number of local wrrters lo develop new pieces of wribng. as we partnered them wrth directors and actors to present a Staged reading. We ran the first itetation of this project with The Stage Door and supported 4 writers to present their work. We are now conkn"nuing to support the devebpment of one ofthese p￿e$. adding Forest Forge as a partner to help us with an R&0 of the in the next finanoat year. We have enjoyed wothng in collaboration wilh a number of partners this year in order to ￿nnect wilh artists who are underrepresented in the industy. or who are fri>m our I￿al Arts Council England Levelling Up for Culture Places. Thls has induded partnering Artfulscribe and the Isle of ￿ht creats.ve Nehvork to wn a fijll artist network day for 19 writers, including talks and workshops from industy profes5K)nals. We've collaborated with Tangle Theatre to support them bringing their WOVEN nefyvork to Southamplon. The ¥Nr)VEN nehvorf( is an artist development ne￿Ork designed 10 5UPPOrt artsls from the global majority and gNe them a dedicated space to ne￿Ork and share ideas and Challenges. The nefvmrk meets quartth. with 2 meetings takn.ng pkee in this ffinanc￿ year. with 10 attendees. The Propel As￿late Art￿ progTrmme has gN8n me the space. support, and stnKIu needed to dev8lop ournexl show. Hawng rehearsal space to ex￿ our ideas. scratch nwhts to gain audience feedback. and a cofflmission that has made c￿lab¢￿at￿ with a coMposerp¢)￿ble. It's befjn tsnsftvmatNe- F*tpel Artist 12 THE PIAYFLOWER THEATRE TRUST (A company limit•d by guardntee) REPORT OF THE DIRECTORS Iconts'nued) Forthe p•rlod ended 30 Mareh 202S Mayfiower promotes a positwe ern￿Oyee experience wrthin an enV￿onMent where empb)yees feel engaged and inspired. Our recent Stsff Engagen￿l Survey recerled a re¥m￿Se of 91% to the qUeSt￿n .1 am prou¢J to work for Mayfloweff. We aim to encourage o)nnection. FKornote welbeing and strengthen our aP￿￿h to mental heakh at Work. Our Mental Heatth First Alder group have a regukr newsletter that signp)sts $UPFQrt around mental we11being. We have introduced an innovative prtraramme ol Mens Movement to support posib.ve Men￿ heatth and receNed informakn.ve tslks from a mentsl hearth charity. Our employee5 have xcess lo an Employee Assi$lance PrrsrarTThe that has a confidenbal counselling service, access lo fwbanck71 ad¥￿e and inthou5e legal consultation io help support our employees in all asp￿ of Iheir INes. Mayftower is committed to ensuring an irKknsiv8 and ￿￿Vant workplace where all employees are valued and rg$pe¢ted. We have engaged vthh Ramps on thg to provide SUPPf*t to embed anti4bleism, trainin9 Staff on the social model of disability. We have reinvigorated our employee recogn￿On scheme, Ap&4ouse Awards, with eollwues being recogni5ed throughout the year for outstsnding aCh￿ve￿Ent culminating in an end of year Ce￿bla￿0n. We have invested £52.486 in trainiig and devek*pment of our staff within the financAI year. with a signi￿ant focus on.. urty. health & safety126% of budget spwkj). management devekjpment & coathiig126%1. professional development116%I. TrainSng Spend by Catsgory 2024125 Dlgltal Systems Food & Bovèrage 3% 1% Dlver41ty... Tech & Facilitios Speclalist 10% S•¢urity Hoafth & S•f IHasco {eLearning that cannot b parated) 14% Prof•ssional Development & Job Speclfi¢ 16% Management Develtspmènt & Coachlng 26% 13 THE MAYFLOWER THEATRE TRUST IA company Ilmil•d by guarante•l REPORT OF THE DIRECTORS IconlThied) For th• perlod ended 30 Mavch 2025 Envlronment*l Impact The business is committed to making a positNe impact through outstanding environnEntal sustainabilty performance., OLtr strategy f￿USe$ on six priority areas.. Carbon emisslons from our veDuK- reduce cwknn errissions related io our energy eonsumption to minirnal levgl Sustainablg resource uv - redu￿ the environmentsl impacts of our consumpts.on and supply chain Travel - limit transport emi$S￿nS by re(lucing the need to travd. through allemalive wothing arrangements, encouraging walking. cych.ng and the use of public transport and managing the demand lo travel by car 8lodlvernlty- identhfy and address may1k￿e(S pnn¢ipal bi￿1￿￿e[Sity impacts through its opwats'ons and suppty chain Water management- to conserve Yalef through eff￿Ent use and On9￿n9 management Inv•$tm•nts - ensure that Maylbwer. as an inveslor. is part of the solubon io climate change and b￿￿er$Ity loss The strategy is supported by the fol(Thving four'enablers.: Governance- embedding environmentsl sustainabilty in Mayllowerfs governance and decision making Report•ng- developing a system of annual rep)rtiryJ of carbon emiss¢ons and biodNersity impact which wi be included in the theatre's annual re[￿ and finanual a￿oUftts Funding- making fund$ available for sustain3￿'11ty inrtiatr¥es over the next 10 yea￿. to finance the programme of action required to reduce our environnwntal vnpact Offsetting- establishing a policy to gukde our use of ¢art)on off5elb.ng and offsetting Environmental key perfomiance 1ndKal0￿ are rep￿ted to the 8oard. nvironmental Mana ement At Mayftower, we are committed to 8cknth￿edging and mitbgating our en¥1￿mental impart We are dedicated to a COMp￿￿enSive carbon redUct￿n initiats"ve. collaborats.ng w7th our partners. colleagues, and suppliers lo diminish t>ur carbon foolprinl. Progress continues to be made on this im￿rtant strategic aim wth improved data visibility al the theatre and the studios. Data c(rtinues to infom) our deusN)Trm3kn"ng the deve￿￿nt of greater understanding and insights. Our Mayllower Environmental & sustainats.hiy team conb'nue to delr¥er positive Ch￿ge$ across the venues. Meeting every ￿eeks, they have achieved great progress with the Theatre Green BOOK xhieving Sustainablo Operations, 8asic Standard for the theatre and studios in 202412025. A green rider has been developed for visiting companies lo encouiage them to take resp¢)nsibility for their enwronff*ntsl impact and to chaI￿nge thern lo improve the sustainabilty of their shows. Waste Stream Mana ement Improved recycling points have been placed m key localh)ns through¢yJt the aUdit￿￿M with clear swJnage lo encourage customers to recycle. This has assisted ourwaste management and sorting activities and enabled Mayflowerto achieve a recyding rate of over60% in the year across t(Jth venue5, sawng just under 15 tonnes of C02. We have also managed to recycle over 1.273 tonnes of paper hand towels since joining the Ttyk Paper Circle in August 2024 which has save(I an additp)nal estimated 551kg of CO2. Electrical Baseioad Re¢Juction Spend lo save investments continued at our venues in an effort to reduce electrical eonsumplion. The slLKIios is undefgoing a Pfogramme of energy assessment and inVestr￿nt to replace lohting systems with LED unrts and improvemenls to the buikling management System lo enable greater contrc4s of our spaces. Mayflower took another posilNe slep to re￿￿ling SIng￿J$e plastic from its venL*S with the intrc¥Juclion of reusable cups in the theatre bars. It is anticip*ed that thts will re￿o¥e over 127k Singl￿Se cups from our waste streams in 202512026. 14 ThE MAYFLOWER THEATrE TRUST (A company limited by guarantee) REPORT OF THE DIRECTORS (continued) For the wvlod ended 30 IAareh 2025 Gov•rnanG• We have robust governance in place supptstsd by our Audit & Governance Committee whth meets three limes a year. We have adopted the Charty Governance Code and undertake regular audrts by extemal providers to ensure we have best practice in place. This committee ￿vIewS a schedule of policies on a timetabled basis including but not limited lo poI￿leS on ant￿bribery, safeguardrvj. health & safety. whistleblowing. pay, treasury and r￿rves. The Audit & Govemance Cornmittee 15 responsib￿ for revi￿1n9 and recommending the Chief Ex￿Ul1ve.$ remuneration to the Board. The Service Levd Agreement provides for a charge to Mayfiower Studios for the services of the Chief Executive, and the Benefits in Kind statement recognises not charged. The Audit & Governance Committee and the Leadership team, made up of the executive and senior managers of Mayflower. prepare the Governance HarKlbook wh￿h is then rec(¥nmended to and approved by the Board guiding all govemance issues relating to t￿th olg￿￿allOns. The Board undertakes regukr updating on ¢Jwty and corporate 90¥8mance both intemalty and through extemal advisor5. The Board is cornm￿ed to diversfying their membership and endeavcwr to achwe this through the work of the Nominations Committeo which makes recomm8ndath)ns b)th as to the membership of the Board and its succession. STRATEGIC REPORT Achlovom•nts and Perlornlance Our a￿"5￿.¢ vision for Mayfiuwer is key lo our stsategy. Mayffower provides a wcvjrarnme of performances. events and actwrties that is wide-ranging and Klecttwith"s¢mething for everyone" as OUT aim. We offer a vibrant, ambibcmjs. and wKIusNe programff* and present produc8 the best in art and entertainment. Esc•pe - Wien aud￿nCES see wth in our venues. we hope they will be c•ptivat•d as we ￿nsport them to new wodtls. far-llung lands. iovmeying into the known and unkntywn. Entértain- We seek to •xcit• our aud*nce& to move them lo tear5. to mov• them to l￿Jhter. to conn•d them with us and to each other. Challenge . Our work wl pro¥ok•. 8orr•lirrns it may educat• and sorretimes it may push our au(lien¢es lito nth¥ ideas. new thoughts and be unsettlirwj. AmplMy- We will tell $lorie$ less told, Intmdueing new Voices aThl exploiing the unknown and unexpected. The Boards and the Leadefship leam of Mayfky*er have C￿ntinued to deliver the strategic areas of focJJs.' People. stage5, Community and Venues, br￿1 details of wh￿h are set out under the Plans for Future Periods section on pages 16-17. We have Klentified a number of key perfomwnce indKalors IKPIS) to measure success r8POrt on progress of our strategic object￿ets at each 8oard ￿tt￿"n9. These inchjde monitoring attendarKe. turnover, labour percentage abngsKle inrtiating 8 Net Promler Scare (NPS) for all wfyluctw)ns that VtstL Èinancial Revi•w- Mayfiowor Th•atrn Trust & subsidiari We are delighted lo report our final result for 2024r2025 was a surplus of £3.903.763 excluding depreciation. After depreciakn'on it was £3,003,157. a result hvjher than we had antupated. The ￿sU11 reflects a very Strong programme for the year. We presentsd 370 prfomwices Twth an attendance of S￿).714 and a total box office income of £23,962.169. We had our most Suc￿$$ful panlomime. in terrro ofwxty, wrth 38 perf0M￿nceS ofJack and the Beanstalkwith Ashley Banjo and Diversity reluming for the second year to wow our audiences their incredible acrobatic dancing. alongside the talented Kev Orkian. Together they wovKled *Dntlerful famity entertarnment to an audience of 72.041. ￿cked returned with 31 performances to the delight of an audience of 52.676,. Disney's Aladdin rode into town on its magic ¢arp81 entertaining an audience of 46.498 over 30 Ferfonr0nces', and WarHorse impressed an 15 THE MAYFLOI•IER THEATRE TrVST (A company Ilmtted by guaranle•) REPORT OF THE DIRECTORS Icontinuedl For the period ended 30 March 2025 audEnce of 26,579 over 15 performances. We finished the year with the first 15 FerfOm￿nCeS of Hamitton, the first time il has toured to regK)nal theat￿. wilh an audience of 28.249. For the Tun of that show. with a total of 47 perlormances, 83.288 attended. Our dance programme included a visit from Matthew Boume's company wrth Swan Lake,. Bimingham Royal Ballet with Cinderella,. Northem Ballet Romeo & Jul￿t, English Natw)nal Bal￿t y￿h Nutcracker and Eu-me Ahn Dance Company with Dragons. Our association with Welsh N￿"Onal Opera continued with perforrnarw of SuorAngelKa and Rigoletto. Comedy was represented by vifAs from John Bishop. Swah Millw, Frank Skinner. Rhod Gilbert. and Mithael Mclntyre. Shows new to our stage not prev￿uS￿ menlicned in this section included OnlyFools and H￿e￿. Murder on the or￿n1 Express," Now Thats Mat I Call a Mu￿al,. Emlhe MusAcal," & Juh"et Madagascarthe Mu￿al,. p￿lty Woman.. Som8 Guys Have All The Luck.. Miriam Margoyles.. Oh MiT78m!. Lrfe ofR"" Com8 From Away.. Bonnie & Qyde and Champagne forLulu. We delighted young child￿n with Bluey's &g Play and 101 Dalmafyans. As part of our ongoing Planned PreventatNe Maintenance programme this year we invesled £222,0¢)O into our building for works that incjuded the nexf stage in the rommg programme of replaceff£nt of tungsten lighting with LED lighting both front of house and backstage., a new drive unit for our safety curtain," replxement of Ilooring in sorne of the customer toilet areas. ￿ also invested £68.000 into IT systems and equipment. and £52.710 10 enhance our assisted listening system. The most irrwrtant investment during the year was works to repair and restore elements of the steel structure of the theatre sh(Mng signs of Regents Street Disease. There has been Some rema￿able work carried out by I￿al ¢ontraclors RH Hammond to reslore damaged steels gwing us reassurance of the integrity of the strudLYe for decades to corne. We have invested £123.865 in the year iowards this ongoing project. A new major capital project creating a new ex1ension to the rear of the office blcck. wthitt will provKle a double height rehearsal studio, create a new combined reception arwj stage door single enty poinl as well as additional fvlly accessible dressing rooms. received planning pemlissl￿ in the year and works commenced at the end of April 2025. The entire project has been budgeted at £8.5m and wil require a 12-week ch)sure period in the summer of 2026. During the 202412025 financial year we spent £378.715 on the inibal stages ofthis project. IAÈ also began the ini(ial works on preparing for the orKJinal wooden grfty over the stage to be replaced by a new stronger steel one in the summer of 2026. This will have a totsl C4)sl of just under £700,000. In addits"on. we have planning process for dtyjbling the provision oftoilets thmughout the theatre, much needed for our audEnce numbers. This project has a budget of £2.000,000 and will run alongside the extension project in 2026 subpct lo planning being granted. In totsl we are reinvestsng just over £11 m of our accumulated reser¥es back into the theatre, protecting a heatthy balance of reserves and protecting the suslainability of the theatre. MEL continued to develop its offering in terms of ancillary sales, identsfying opportunrties attrnctive lo our audiences. Bar sales remained the highest Inc0Th￿ stream wth kn.osk sa￿$ again perfoming parb"(yJlarly well in year. Tumover for the year £2,014,086 wrth a profft of £645.630. whith has been gtfted to MPL teas￿ trading frcmn 314t March 2024 and remains donnanL Plans for Futuv• P•riod# Whilst we remain focussed on ddivering wr arti5ts¢ wsion whKth aims lo pro¥Kle inspiring exper￿n￿ by maintaining the standard ar￿ qu￿lty ol shows for which Mayfyxer has established its repulalion, we are also very focussed on continuing to grow our audiences and developing OUT staff boty. We are conbnuing to build on our strong foundations and move forward wilh delr4ering our strategy. We wll do thi$ through our operational plan for 202512026 which 5UPPOrts our 4 areas of organi%ational f￿u$.. People- to be recognised as an Eryloyer of ChoKe in our sector and re￿￿.. recruit from a broad range of 16 ThE PAAYFLOWER THEATRE TRUST IA company limited by guarnntee) REPORT OF THE DIREcfoRS ICC￿111Uedl Foi the wiod ended 30 IAareh 2025 backgrounds to further strengthen our commitment to dNeTSrty and indusion" invest in training and continuous professional development.. prornote wellbeing benefits of ￿adiry a healthy and active lifestyle" and ensuring our safeguarding strategy 15 conb"nua1￿ devebped and effected lo ensure we wote¢t the wdlbeing and safety of vulnerabl& individuab whilst en$wing complonce wrth legisla￿n and best practice. Stag•s- programme in a ¢reatNe and imaginative way ensuring the best touring produth.ons perform on our $tage5,' br￿iden the programme to ensure youThJ Feopbe and tamity gfOUPS can attend perfomances on our stages, WKlen the provision of dance wthin the programme, to ensure inclus*)n and diversity are reflected on our stsges and we can appeal to a wider demographic ensunng language and hearing impediment are rtot a barrier to attendance". enhance the theatre's reputatK)n nationalty arKI inlemabonalty identfy Investment opportunitses and co-pTodu¢ing projects., ensure the prc*Jramme appeals to the mixed, diverse ecology of our eommunity ar￿ is reflected on the Stages", 5UPPOrt creatsve sector development lo ensure the future growih of work for our stsges. Give clear progression routes into the industy. recognising ¢Jis3dvantage. and addressing inequalitie$ to supp)rt a workforce. Nurturing new and exisb'ng tslenl to supwrt arti%ts to develop, create and produce new w￿k at small and mid-scak k¥el recognising this deve￿PS fijture lar9e-s¢ale work. Community- grow our participab.on FryrammE to drive attendance. paitipatK>n and le￿Ing lo devek)p audKen¢es for the future." offer young people the opwtunty to engage wrth the arts, whilst nurturing and developing $kn'lb'. offer engagement opportunitses to all schools and fvrther education ¢olleges, particularly targeting schools above nats'onal average free schools meals and colkge bursaries,. provide access lo our programme and heritage for am ages. ennthing the experience for current theatre goeTS,' establish a Teaching Theatre where diverse young people gain industy insights, work experience and earfy empwment opportunities.. prioritise the safety. comfort and security of our audiences and participants," work with the community to idenljfy and encourage those do not usualty attend or participate to feel Mayflower belongs to them, addressing barriers and Teaching out to coMmun￿"e5,. work collaboratsvety wth thal cuAural organisations acting as an enabler and faulitator to the ￿￿er seth)r". through Mayfiower Studw offer a Cuitural hub for the region and wider sector suppjrt,. be the Theat￿ of chi￿ for patrons and visiting C￿MpanieS by cuhivating and captr"vating. dNer5e. enthuskisth"c. and loyal stakeholdets. Venues- false the profile of Mayfioww and nationalty. enhancing Mayfith¥els reputation in the ¢￿ative sector,. ensur8 staff, customer, visiting company and stakehokler safety is C￿sIStenI wilh national guidance and industy recommendation5: Strr¥e for customer 5ervKe excellen￿ and optimise Comme￿ial fetums through simple and accessible 5ervirE ￿l￿ts.. engage stsff and suppliers to challenge and define our enwronmenU and sustainability roadnKap to achieve cartrK)n net zero." reserve, maintain and enhance the venue for future generalions. Al the theatre. wth planning perrr4ssK)n granted in ju￿ 2024, we a￿ delKJhled to confirrn Wofks began in April 2025 for the new extension as ￿￿nt￿ned earl￿r in this report. This project, al a cost of £8.Sm wll create a double hebghl stud￿, a eomtyned reCepb"Or￿Stsge door, and Provide additional accessible dfessing fooms. This will be dell¥e￿d alongskJe the upgraje of our grid, with completion planned for both projects in the summer of 2026. The financial strategy 1$ aimed al Sup[*￿￿.￿￿ these areas of f¢Kus. each of which has a number ot obieclives arbd supporting actions idenlthed alon9side key perfmnce indicalors to ffeaSU￿ success. These are monitored at Leadership team meelings and updates on progress reP￿d lo the Board at each Board meets"ng. We will continue to provide ex￿lI11ve leadership and programming services as well as shared support seNices to MAL under a Service Level Agreement arKI Benefit in ￿nd Statement ensuring the organisation realis8s its goals by broadening the ¢ulturnl offenng of Soulhamplon and the surroun¢Jing areas. The tharitable objeciives of both MTT and MAL are aligned and so both organisatJons work colLabor*Nety for the benefft of both and of their beneficiaries. Fundral$ing ￿￿Orniance and Appro•¢h Mayftower undertakes fvndraising xtivity in line with the Fundratsing C4>Je of Practice set by the Fundraising Regulator. We do not engage any external fundraising professionals. Our privacy ststement. which is available on ow websj'te. CAthines we treat the Pe￿)nal data of our cuslorne￿. 17 THE PIAYFLOWER ThEATrE TRUST (A company lirnil•d by guaAnt••) REPORT OF THE DIRECTORS {￿ntinued) Forthe perlod ended 30 IAar¢h 2025 Infften you support us you ean be sure of the fommng". we will never $811 your contact detarfs lo anyone we will onty contact you if you have expressed an interest in our*Y>rk rfwe phone you, we will ahvays check you are happy to lake the caN rf you ask us to change how we communicate 7Mth you, or Stop. we wiu rewt that we do not engage in Cold￿111￿9, door to door or street ￿r￿raIsI￿J wg striv8 to ensLEre n¢￿ne ever feels pressuri5ed to support our work all our activities are open, f￿"r. honest and legal No complaints about our fvndraising were receNed in the last year12024". no complaints}. Our fundraising acti¥rties were limited to general donatK•ns Ihroughoul the year receNed al M￿. Vrfe offer Several corpornle sponsorship opporbjnibes lo businesses in our communty. In year we have had 16 organisations engage with us through this programme and we are Very gr*efvl for th￿"r supporL Reserves Poli¢y The Aud1t & G0veMan￿ Committee ￿gulartY revws the Company's Reserves Poly and makes recommendth'ons to the Board in line with the guidance i%$ued by the Charity COmmkss￿n. The principal objectives of are." 1.1. providing for the development of the theatre by undertaking major proj￿ to keep up to date with production I show I business l ￿al I regulatory devek•pn*nts'. 1.2. providing, where appropriate, for invesknent in new woducttons,. 1.3. maintaining the viability of the theatre building., 1.4. providing sufficient'fffiancial comforf during dafk FwK¥Js. is a Feriod when no show 15 programmed., 1.5. allowing for the cost of all deveknpments in InfcKmknn Technobay and computerised systems within MTh.' and 1.6. providing suffiaent funds Nwthin a de5i9naled bursary fund for the artistic development of b)cal. promising young people in education Y￿1n the catchment a￿a ofthe theatre. The Board also recognises the business r*eds to cater for a sudden bul temporary loss of Incon￿ and has accordingty agreed lo continue the FKJlicy whereby free re5er¥es are built lo and maintained at a level which will provide SUffic￿nI funds to cover managemnL •Jmbnrstrat￿n and SUp￿rt costs in order to secure the long term viability of MTh. MTT had reseThes al the year*nd totauing £24.930.248 across all fvnds. A descriptK>n of each indNidual fund. and their current value. is gNen belw. D•￿T1PtiOn of Res•r¥es The split ol funds 1$ sh¢ywn in note 19 to the financAI ststements. Reslrictsd Funds The Capital Grants a batance of £980.954 reKKesents funds set aside to maintain and develop the listed buikjing. Depreciation of £27.632 has been allocated against this fvnd in the year. Designated Funds The Bursary ReseNe of £200,000 ts a furKI albxated to assist Ictal young people to access the arts. In the year award costs totslling £53.126 were paid against t￿j￿a￿eS granted to students to 5UPPOrt studies over a period of up to 3 years alon9si¢Je the Tranwrt Bursary. This scheme provides for free transportation for scl)ools wrth high levels of free school meals and comrTwnty groups enabling them the opportunity to bring Children to the theatre that may otherwise rbot afford to. 18 THE MAYFLOWER THEATRE TRUST IA company limiled by gu•Antsel REPORT OF ThE OIRECTORS (continued) Fof the perlod ended 30 March 2025 The Building Maintenance Reserve of £866,504 is the balance of fvnds set aside to cover fvture depreciatson from a previous devekspment of the Stage, refvrbishment of bars and extension of the foyer Completed in August 2013. É37.540 has been allwated against thg fvnd this year in respect of thi5 WCK The Buikling Development Reserve was set agde lo cover future depreciation for the major refurbishrnent and connectivity projec15 cornp￿ted in 2018. The fund ￿rrenIty stands al £4.538.561 with £403.338 deprecial•Jn expense having been allocated against it Ihis year. The Gantry Oevelopment Building Reserve of £2,231.593 t5 a fund which has been set aside to cover future depr￿latIOn on the buihjing work which look place in 2010. This Irw0￿e￿ major work lo improve accessibility to the Stage, as well as o new ¢)ffre thilty. £26,291 has b*n alkcated against the fund this year in resFeCt of this work. Rehearsal Studios Development Fund of £8,500,000 is a new fund which has been set aside to cover the future dep￿CiatIon on the new rehearsal Stud￿ n¢yw under constructk)n. There are no costs against this in the year. Unresliicled Fund The General Reserve represents the remaining xoJmulated Surp￿Se$ over the years. intended to prony)le Ihe objec15 of MTT and be available as opportunities arise. It Currenty slands at £7.612,636. The planned rnulti- million pound development projects whth indude a new (kjuble hevjht ￿hearSal studio". combined new reception and stsge dcLY enty pcmnt." addits.onal accessible dressing rooms. and Ihe enhancement ol public tOl￿t litses over the next 2 years will be financed ty thi5 lund. Fm Re$erve* At the year end the Yree reserve. balartt was £2.019.241 {see note 18). manages its day4trday operations through the effective management of cash and cOns¥je￿ that ts current ￿velS of reserves and cash holdings a￿ in line with expectation, whth is a minimum of 6 months of o¥erhe&a, whiL8t rt strNes to maintain healthy levels ol'free reserve5'. The bUild￿p of reserves has enabled u$ to invest in the further development of ihe theatre. The reserves will be required to support these rnultFmillion pound deveknprTenl& Prlnclpal Rlsk¥ and Uncertaintles The Directors for the group have a risk managerr*nt siralegy which compnses: regul* reviews of the risks may face c•r*d out by the Le￿Ie￿￿1P tearn. the Audrt & Gov8man¢g Committee as well as the Board.. the estsblishment of SYSten￿ and procedures to mitigate those risks ￿entified in the plan" and the implen*nlalion of prctedures desNJned to minimise any potential impacl on should those risk5 malerialise. The Risk Registers across the group have thntif￿d 5 key risks Ihis year whth are listed below together with brief summaries of the strategies to marHge these risks.. Abilty to meet forecast Capacty leve15. Strategies to manage this risk include prcgramming, pricing reviews and dynamic pricing." weekty and monthty reFOrting to Irxk the sales of show against tsr9ets', and oijr marketing strategy informed by the use of dynamic seab.ng plans. This alb)ws us to manage our ticket inventory more effi¢ientty by flexing prKe bantjiros within our seatsng plans in line wth the nature of the show and uslomer demand, without increasing prices. Threat of cyber fraud. The strategy to manage this includes the attainment ofthe Cyber Fraud Accreditation" third party audits and lesth.ng of our systems. Our staff ￿ulaty undertake training in h¢)w to be rnore cyber aware and are kept Informed of Lglest adv￿ from bodies such a$ ktion Fraud (the Nats"onal Fraud and Cyber Crime RePo￿"ng Centrel as wdl as local polu. Vle have developed a Secunty In¢Klent Response plan that sets out how to deal with a cyber-fraud attad( with several scenams addressed. Failure to maintsin our buildings. Building conditK)n survey carried out to inform our Planned P￿ven￿liVe Maintenance Program￿ whKh is reviewed on a rrK)nthty basis and t￿dget alkicated accordingty. 19 THE IAAYFLOWER THEATRE TRUST (A ¢ampany limit•d ty guarante•) REPORT OF THE DIRECTORS Iconts"nued) For the period end•d 30 March 2025 Threat of Terrorist Attack at or near the theatre. Vve have close working arrangements wtth Counter Terrorism and local police,. a regular trainirbg programme for staff., Security Industry Authority ISIAI roles". CCTV monitoring", patron bag checks., arKI enh8need secunty presen￿. INe have pul measures in place wi line with the new Matyn's Law legislatK)n whth was passed in April 2025 and which affects large venues across the UK. Loss of key slalf. Market I￿nds, cost of Imng, and naknnvnde laboui shortages for some roles pulling add￿Onal pressure on recrurtmenl and relents"on. Staff well-being, att￿￿cl￿e temis and ￿￿￿1￿)n5. benefits, and development oppOrtUn￿e5, and successh)n ptanning are part of the strateg*s to manage this risk. Flnanclal R18k Management ObJ•thes and Polklas MTh ￿anCeS its operations through retained surpluses. The managemenY$ obieclr¥es are to retsin suffiaent liquid fvnds to enable it to meet its day to day obligations as they Pall whilst opt'mising Tebjms on surplus funds. Hedge accounting is not used ty MTh. nve51m nt Pol. In accordance wth the Articles of Associats"on. the Directors have the pLMer to invest in such stocks. shares, investments an¢J property as they see fit The pc4icy is to adopt a balanod risk investment strategy to protec( in absolute lemis. the capital vafrje of the fund whi15t producin9 a sustainable and growing level of income and also providing the potenb'al for longer lemi growth of capital in real tern￿. During the year, in Juty 2024. after a tendering process for investment managers. withdrew its £2m investment in a portfolio wrth Rathbone5, recording a gain of £32,089 al that tiff*. The decisk)n was maje to rTh)ve our £2m portfolio to RBC Brewin Dolphin with that investment commencing in Septembgr 2024. At year end. after a turt￿lent few months on the global markets, the valuation of that investment was £1.967.854. The reft￿l￿der of MTfs SUr￿u5 fijnds are hely yirwity in short tem? variabk and fixed rate deposit account$ with Santander. believes that this gives it the Ilexibilty lo release cash resources at short notice. 20 THE IAAYFLOWER THEATRE TRUST (A company limit•d by guarant••) REPORT OF THE OIRECTORS leontinued) For the period ended 30 lknrch 2025 STATEMENT OF DIRECTORS, RESPONSIBILMES W RELATION TO THE FINANCIAL STATEMENTS The DIre￿or$ are responsible for preparing the Repts1 of the Direthrs and the finanoal ststements in accordance with applicable law and United ￿ngdorn Accounting Stsnd•ds (United lfjngdom Generalty Accepted Accounting Pracb¢e). Company law rgquires the Directors to prepare ffinancial statemrts for each financial peri￿J which give a true and fair of the state of affair5 of the charrtable company and of the incorning resources and application of resources. includin9 the income and expenditure. of the charitable group for that period. In preparing these financial statements. the Directors are required to". select suitable accounting policie5 and then ap￿ them consistenuy.. observe the methods and principles in the Charities SORP: make judgments and ests"mates that a￿ reasonable and wudent: state whether appl￿b￿ UK A¢￿Unting Standards have been followed. subject lo any mai8rial departures disclosed and explained in the ffinancial ststements,. and prepare the financial statements on the going concem b￿"5 ￿lesS it is inapproprote to presume that the haritable group will continue in business. The Directors are ￿Spon￿bIe for keeping proper accounting records that disclose with reasonable accuracy at any 'rne the financial [￿sition of the charitable group and enable them to ensu￿ that the financial statements comp with the Companies Act 2006. They a￿ also ￿sponsIble for safeguarding the assets ofthe charitsble company, and the group. and hence for takn.ng reasonable steps forthe preVent￿n and detecti￿ of fraud and other irregularities. In so far as the Directors are a*aTe: there 15 no relevant audit information of which the charilable group's audrtor i% unaware.. and the Directors have tsken all sleps that they ought to have taken to make theThtselves aware of any relevant audrt Information and to establish that Ihe auditor ¢5 awa￿ of that inf0M*t￿n. Members, Interest The liability of every menknr is limited to £25 n the event of kffT b￿n9 wourKI up. Nicholas John Vaughan. until his rebrement n ju￿ 2024. was a COnsuk￿t Member of Pari5 Srnith LLP which law firm is the legal adviser to MTh. In approving this report the fxrectors also approve the Strategr Rewrt in their capaaty as company DIr￿rS. On behaf ofthe Board Nick V Nickvauxhan (Sep. 2 025 11'.W.'04 GMT+LI Nicholas Vaughan Director Maynower Theatre Empire Lane Soulhamplon Hampshire S015 1AP Date.. 29 September 2025 21 THE MAYFLOWER THEATRE TRUST (A company Ilmtted by guarnnteel INDEPENDEpif AUDITOR'S REPORT TO THE MEMBERS OF ThE MAYFLOWER THEATRE TRUST Oplnlon We have audited the financial stalemerts of The ma￿tr Theatre Trust for the period ended 30 March 2025 which comprise the Consolidaled Statement of Financial Actr4itie$, the Con5didated Summary Incomè and Expenditure Account. the Consolidated and Parent Balance Sheets. the ConsolKlated Statement of Cash Flows and notes to the nancial statements, including a summary of significant accounting poliL¥e5. The financial reporttng framework th81 has been applied in their Preparat￿ is applicable law and United Kingdom hLcounling Standards. including Financial Reporting Standard 1 D2 The FinanthalRepothng St8ndardapplicablein the UKandRepublic oflreland (United Kingdom Generalty Accepted A¢counkn"ng pract￿). In ow opinion, the financial stslements.. give a true and faiT VEW oflhe state oflhe ￿0￿P.$ and ofthe went charitable cc47yiy's affairs as al 30 Marth 2024 and of the group's and parent Charitab￿ company's net movement in fvnds, inclLKling the income and expenditure. fr)r the period then ended., have been property p￿Pared in accordarKe wilh United K￿th)rn Generalty Accepted Accounting Practice,. and have been prepared in xcordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audié in accordance with Intemalional Standards on AudrtJ"ng (UK) IISAS {UK)l and applicable18W. Our responsibilth'es under those stsndards are further described in the Auditoffs reswn&bililies for the audrt of the financial statements section of our rewL 14Ve are independent of the group in accordance with the ethical requirements that are ￿leVant to our audrt of the finanaal statements in the UK. including the FRC'S Ethul Stsndard, and we have fijlf Iled our other ethical responsibililies in accordance these requirements. We bel*ve that the audit evidence we have obtsined 1$ sufficient and apptowtate to provide a bass for our cyinion. Con¢lu$ions relating to golng concern In auditing the finarkcial stalements. we have concluded that Ihe Directcts. use of the gthng concern basi5 of 8CCLJunting in the preparation of the financial ststements is apwopriate. Based on the work we have perfrmwd. we have not idenlffied any maierial uncertaintss relating to events or condrtions thaL individualty or colleclivety. may cast signifrant doubt on the group's abilty to COn￿"￿￿e as a going conceffl for a period of at least ts¥efve months from when the financAal ststemenls are authcffi5ed for issue. Our responsibilities and Ihe re5ponsibiliti.es of the ￿'reCto￿ wrlh resp*rt to goir*J concern are described in the relevant sections of this report. Other inforniatlon The Directors are responsitjle for the other infmation. The other lnf0mw￿n comprises the information included in the Report of the Director5. Our opinK*n on the financial stalerrÈnts does not cover the other information and. except to the extent otherwise explicty ststed in ¢)ur repor( we do not express any forn of assurance condusion thereon. In connection wrth our audit of the fin¥Kial slat8ff￿nts, our resp)n¥ibilty 15 to read the olher information arKI, in doing so, consider whether the other infomiation is materialty inconsistent wrth the fin￿cial Statements or our knowledge obtsined in the audit or otherwise appears to be rnatenalty Inisststed. If we hlentrfy such malerral In￿sIstenCIeS or apparent malerial misststements, we are required lo delemine whether Ihere is a material misstatement in the financial statements or a materia misstatement ol the other inf0M￿tiOn. If. based on tt7e work we have perfom)ed. we conclude that there is a material misslalement of thLs other information, we are ￿Uired to re￿rt that fact. have nothing lo report in this regard. Oplnlons on other mattern prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the eoufse of the audrt.. the inlorrnatson given in the Report of the DiTectots {which incjudes the Strategic report) for tl)e financial period for which the financial statements are prepared is consistent with the financial statements., and the strategic report and the directors, report included within the Report of the Directors have been prepared in accordance with applicable requirements. TrIE MAYFLOWER ThEATRE TRUST (A ¢¢)mpany Ilmit•d by gu•rant•• INDEPENDENT AUDrroR'S REPORT TO THE MEIIIBERS OF THE PAAYFLOWER THEATRE TRUST PA•tters on whlch y￿ are requlred to report by exceptlon In light of Ihe kno￿e1]ge an¢J understsnding of the group and Ihe parent Chantab￿ c4ynpany and ts environment obtsined in the course of the audi[ we have not identified mater￿1 misstatements in the Report of the Directors (which incorporates the strategic report)_ We have nothing lo report in respect of the fo¥JM"ng in to whith the CompanÈs Act 2006 requires us to report to you if. in our opinion.. adequate acLounting records have not been kept by the charitable company and gTOUP" or the consolidated charitable company fin&cial statements a￿ not in agreen*nt with the xcounling recwds.. or certain disclosures of Directors, remunerth.on specified by law a￿ not made.. or we have not received all the information and explanations we require for our audit Responslbllltlos of Diredors for the financial $latements As explained more fvlly in the Oire¢tQTS' resF*)nsibilitses slatemenl set OLrt on page 21, the Directors (wfK) are also the directors of the Charitab￿ company for the purposes of company lawl are responsible for the preparation of the financial statements and lor being satisfied that they gwe a true artd fair y￿w. and for such intemal control as the Directors determine is necessary lo enable the preparati￿ of financial statements that are free from material misstaternent whether due to fraud or error_ In preparing the financial statements. the Dwe¢tors are ￿SponSib* for assessfftg the group's and the parent charitable corryany's ability lo continue as a going concem. disdosing. as applicab￿. fflatters related to going concern and using the going concern bas￿ of accounting unkss the Direclors either intend to IKuidale the group or the parent charitable company or to c8ase operabons. or have no realistsc altematNe but to do so. Auditi)r* rnsponsibilities for tho aud* olth• fknanclal statsments Our obj'ectives are to obtain ￿aSOnable assurance about whether the finanaal slateffents as a whole are free from material misstatemen( whether due to fraud or error. and to issue an auditorfs rewrt thal includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audrt conducted in accordance wrth ISAS (UK) will athys detect a mater￿1 misststement when it exists. Misstatements ean arise from fraud or error and are considered material rf, IndNidual￿ or in the aggregate. Ihey could ￿asonabty be expected to influence the economic decisions of users taken on the basis of Ihese financAal stateftEnts. Irregularities, including fraud. are instances of nonJme ware of instances of noriard ol DireGlors on 29 Sepiember 2025 and signed on ils behalf by.. N Vaughan Nick V ka S Panuing Directors NickVau8than (Sep2 25 ILi¥)X)4GMT*ii The notes on pages 29 to 48 form part of these rm?￿la1 5tsknnts. Shaun Pantling 2025 11..11=(MJ GMT+il 26 ThE MAYFLOWER THEATRE TRVST IA Company lirnited by guavantee) Company Rogistorod Plumber 02026445 Chaiity Registered Pluml)er 294745 COMPANY BALANCE SHEEr at 30 Mar¢h 2025 202S 2024 FIXED ASSETS Tangible assets Investments 12,243,153 1.967.858 12,118,452 2,178,199 12 14,211,011 14.296.651 CURRENT ASSETS . Stocks Dobtors Cash holdings 8.046 1,514,462 24.418,475 8.510 1,017,936 21,641.629 13 25.940.983 22,668.075 CREDITORS: Amounts falllng due Thlthln one year 14 {15.301,648) 113,667.2741 NET CURRENT ASSETS 10,639.335 9,000,801 TOTAL ASSETS LESS CURRENT UABLMES 24.850.346 23,297.452 CREDITORS: •mounts falllng duo aft•r morn than on• y•ar 15 1108,9921 (1,477.8271 NEf ASSETS 18 24.741.354 21,819,625 ACCUMULATED FUNDS R￿tricted income funds Capitsl yiants 19 980,954 1,008,586 Unres¢ri¢t•d in￿rn• funds General reserve Designated buikling developrnent reserve Designated ganty development building reseNe Designated buikling maintenance reserve Designated rehearsal studio development reserve Designated bursary reserve 19 19 19 19 19 19 7,423,742 4.538,561 2,231,593 866,504 8.500,000 200,000 12,657,212 4,941,899 2,257,884 904,044 50,000 TOTAL FUNDS 24.741,354 21,819,625 The finanoal statements were approved ty the Board of LlrectOTS on 29 Septenxb¢T 2025 and signed on its behalf by: N Vaughan Nick V ka Nickvaughan (Sep 2 025 11."00'.04GMT+ll S Panuing DirectOTS The notes on pages 29 to 48 foTh part of these finanual statements. Shaun Pantling 2025 11..IJ.'OO GMT+il 27 THE IAAYFLOWER THEATRE TRUST IA c4Jmpany limitwl by guarnnt••) GROUP STATEMENT OF CASH FLOTNS for the period ended 30 March 2025 202S 2024 CASH FLOWS FROM OPERATING ACTivmES 23 3,056.122 6.010.708 Interest re¢eNe(I Purchase of tangible fixed assets Proceeds from the sale of fixed assels 1,077,072 11.028.403) 16 669.702 {601,8401 12 11 MANAGEMENT OF LIQUID RESOURCES Oecreasellincreasel in short-lerrn deposits Proceeds froffl sale of short-term deposits 12 (2,IKJo.I￿0) 2.210.290 CHANGE IN CASH AND CASH EQLIIVALENTS IN THE REPORTING PERIOD 24 3.315.097 6,078,582 RECONCILIATION OF NET CASH FLOW TO MOVEMENT IN CASH AND INVESTMENTS Increase in cash in the year Change in market value of fixed assel investments 3,315.097 6,078,582 12 3.282 191.831 Cashflow from Idecreaseyincr&*e in liqu￿￿ resources 12 1210.2901 MOVEMENT IN CASH AND INVESTMENTS FOR THE PERIOD 3,108.089 6.270.413 Net cash and inVestm￿ts al the start oftt period 24,310,552 18.040.139 NET CASH AND INVESThIENTS AT ENO OF PERIOD 27,418,641 24.310.552 28 THE MAYFLOWER ThEATRE TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS For tho perlod onded 30 March 2025 STATUS The company is limited ty guarantee.. the lialNIty of each ￿mber beirKJ limited lo £25. At 30 Marth 2025 there were 27 members {2024.' 23 members). ACCOUNTING POLICIES Basls of ac¢ountOng The finan¢BI ststements have been Prepared in xc(ydarKe wth AcJ>yJnting and Re¥￿'r@ ty Chwrtiey.. statement of Recommended PraCt￿e applicab￿ to tharib.es p￿Panng their &counts in accordance wrth the Financk31 ReForts"ng Standard a￿￿ble In the UK and Republi¢ of Ireland IFRS 1021 (Second edib.onl - (Charities SORP IFRS 1021). the Financial ReFrf)rb"ng Standard applicab￿ in the UK and Republic of IreLand IFRS 102} and the Companies Act 2006. meets the definiti'on of a public benefft enty under FRS 102. Assets and l￿bi￿t*S are initially recognised al histor￿￿ cost or transxtion value Un￿ ottwWi￿ slated ￿ the relevant axounts.ng pob.cy notels). 8a$is of consolidatlon The group accounts incorpornte the ffinanual statements of and of rts subsidiary undertakings, PJIEL and MPL. As a consolidated ststement of ffinancrdl *rvities is pu￿1$hed. a separate statement for the parent ompany is omitted from the group financial stalerr*nts by virtue of secb'on 408 of the Companies Act 2006. The Surplus of the parenl company. MTh. was £2.921,729 (2024. surplus £1,169,844>. Preparation of accounts on a golng ¢on¢em basls The programme for 202412025 provided excellent financial results boosling our reserves. For 202512026 the theatre will be ckssed to the publi¢ for 12 weeks from the end of May to factlitale the CoMp￿tron of the construction of the ne•V rehearsal studio, single reception and stage door enty F￿Int and the replaceff*nt of the grid resulb'ng in a loss of income for that pencrty. H(Ywever, the prOgrarn￿￿ for the rest of the year is strong and includes Moulin Rouge, Mrs Doubffire, Mab"Ida. the pantomime. The 8tstyguanY. six, fop Hal, Mean Girts and Jersey Boys. We currenty have shows on Sa￿ to FebnJary 2027 with £10.2m wi advance sales whth is protected in ¢a$h fb)w. Our prc•Jramme diary is already OFen lo 2030 with some major productions planned. Our programme for 202512026 is already ksoking strong with shows Confimed induding the final 4 weeks of Hamrfton, Mary Poppins, Mamma Mia. and Peter Pan {pantomimel all ￿hedUled. Our cur￿nt cashflow shows a balance of £3.4 million, nol including the protected advance sales, at the end of October 2026 th all the major capitsl projects having been paid except for the agreed relenb"ons. These factors ensure Ihal Directors remain confident in ats'lty lo continue as a going concem. Having reviewed our financral posilton induding reserves leveb. cash llow forecasts, and future plans. the Di￿10￿ are confident M remains a going concern for the foreseeable future, being at least 12 months from the ¢Jate of si9ning of these accounts Income Income primarity represents trket sales and rekted fees for p•*Nman￿s conducted the year. Gift vouchers and tid(ets sold in advance are inchAed in creditors as deferred in￿lme. Legacies are included where there is enti￿er￿1, PrOba￿￿ty of receipt and the arnount can be measured sufficient reliats'lity. Grants and don•tion$ Giants and donat￿n$ are recognised where there 15 entthment. probability of receipt and the amount can be measured with SUffic￿nI reliabilty. Such ineome is onty defer￿d when". the donor speafies that the grant or donation must orty be used in future accounb'ng periods.. or the donor has imposed cond￿￿$ Ihat must be met before has Un￿ndrti0nal entirfement. 29 THE IMYFLOWER THEATRE TRUST IA comp•ny limlted ty guarant••l NOTES TO THE FINANCIAL STATEMEpirs For the wriod end•d 30 March 2025 I ACCOUNTING POLICES Iconlinuedl Investments and Imiestm•nl Incom8 Investrnents are shown in the balance sheet at market vakn, irt xcordano wrth the SORP. All changes in value in the year. whether or not redised, are reF￿rted in the'g•n$ and105ses on investment assets" secb.on of the Statement of Finan04 Activities. Investment income. whrch does not include changes in value. is recognFSed on a r8ceNable ba￿s. Expendilure Costs of raising funds for fvndrai51ng trading are those incurred in trading activities that raw fvThJs in the sUbs￿lary ec¥npany and the rat5ing of sponsorship and donalp)ns within ￿￿. Charitable adNities include expendbfvre associated vmth the staging of shows and indLKle both the direct costs and support costs reL4ting to these activities. Govemanee costs include those In￿rr￿j in the govemance of and ts assets and are primarity asswaled with conslrtutional and slatutory rewirements. Operatlng lea$e agreements Rentals appl￿ble lo operating kases whwe substantialty all of the beneffts and risks of ownership remain with the lessor a￿ charged against the Ststement of Financial ActNities on a straight line basis over the period of the lease. Tanglble Ilxed assets and depreclatlon Tangible fixed asset5 are stsled at cost. being purchase price. less a￿UmUlated depreciation. Items are apitslised if their individual value eX￿ed$ £500 or rf they combine to forn) an assel whose entire value exrEeds £soo. Depreciation is provKled on *1 tsrMJible fixed assets, other than long leasehold land. al rates calculated lo write off the cost or valuation, less estirrAt&J resKlual value. clexh asset eventy over rts expected useful life. as follows.. Leasehokl buildings Plant and machinery FLXtures and fflty'ngs Computers and comrNnicalK)ns Leased assets (other than bildings) Motor vehicles ¢Jver the life of the lease 5 to 20 years straight li 3 to 25 years Straight lir 3 to 10 years straight li over Ihe lrfe of the lease 3 years straight line The leasehold buildings are depreuated over the lease lerm of 125 yeats. Theretse, in acecfdance with FRS 102. the leasehold buildings a￿ suty'ect to an aTrn￿￿ impaimient review. Stock Stock is valued al the lower of cost bwng purchase pno. nei reah.sabk value. after making allowance due for obsolete and slow moving item& D•btors Trade and Other debtors aR rec(¥Jnised at the sethM￿l amtyjnt due after any trade dists)unt offered. Prepayments are valued at the amount prepa*J nei of trade discounts due. sh at bank and In hand Cash at bank and cash in hand indudes cash and sr￿rt temi highty liquid investrnents with a short maturity of three months or less from the date of acqutsrtron or openirKJ of the deposit or similar account. THE MAYFLOWER ThEATRE TRUST IA company limlted by guaranteel NOTES TO THE HNANCIAL STATEMENTS For the perfod ended 30 March 2025 ACCOUNTr4G POLICIES (conlinued) Credilorn and provi$ion$ Creditors and provisions are reccgni5ed where has a present oblwjation resulling from a past event thal will probabty result in the transler of lunds to a third paty and the amount due to settle the obligation can be measured or estirrHted rdiably. c￿￿1101S and provtsions are rwmalty recogn￿￿ at their settlement arnunt after allowing for any trade discounts due. Financi41 instrnments onFy has finanoal assets and finanual liabilities of a kn'nd that qualrfy as basK financial instruments. Basic financial 1n$trur￿nts are initialty reco9nised at transactw)n value and subsequentty measureil at their settlement value. Pension ￿*ts operates a defined contribution pensM scheme for empbyees. The assets of the scheme are held separately from those of MTh. The annual contribubons payable are Ch￿ed to the Statement of Financial Activities. Fund accounting The nature and purpose of each fund is described in note 19 (page 42> and on pages 18 ar￿ 19 in the desuipts.on of reseNes. Llquid resour¢ LNuid resources indude current asset investments. being monies held in fixed temi deposit accounts. CRITICAL ACCOUNTING JUDGEIENTS AND ESTIPAATION UNCERTAii¥rY In preparing these financial statenwnts. management has made judgements, estsmates and assumptions that affect the applut￿n of the group's and parent charitable company's accounting policies and the reported assets, liabilities, income and expenditure and the disck)5ures made in the financid statements. Estimates and judgements are conlinualty evaluated and are based on hT51oTical experience and other factor5, including expectat￿$ of lulure events that are believed to be reasonabk under the circumstances. Those areas subject tojudgement and uncertainty are as follryws: accrued income artd expendilure cross charges of staff lime spent bets￿en the group entities asset impairment review ctued income and experKlilure are eslimaied where ￿ invoice has been WOVKled. These estimates are based either on third party evbjence or on kntr4m values Mt yet invoiced by the group. Cross charges ol staff time spent are based on reasonable estimales of much time staff employed by M spend working on matters related to the Irajing sul)sidiai*s. An asset impairment review has been Considered by Oirectors. Thrs review included consideration of the l¢)cal propety market, damage and repairs to assets, recent capital additions. general upkeep and repair of the building. and confirmatM?n that there are no plans to signrf￿nIfy chan9e the use of the buildings. Oirectors are reassured by the asses5rnent. 31 THE IAAYFLOWER THEATrE TRUST IA ¢ompany limit•d ty guarant••l NOTES TO THE HNANCIAL STATEMEKTS For the p•rlod ended 30 March 202S DONATIONS AND LEGACIES 2025 2024 Grant Income Other Donations 15.372 83,623 14.804 71.946 98.995 86.750 IP4VESTMENT INCOME 2025 2D24 Bank interest recepiable Investment in prodLth'ons retums 1,077,072 100,274 669,702 101,675 1,177,346 771.377 High cash trthjings along With high interest Trtes W0￿ded opwbjnrties to increase interest earnings in the year. INCOME FROM CHARITABLE AcTI￿nEs 2024 Ticket sales and auditorium fees Booking fee Restoration I Production retharges In-house pr(NYu¢bons ParticipatKJn income Membership income SLA MAL agreement Miscellaneous incomg 21,525,288 1,650.134 786.747 511,631 149.042 280,809 92.438 316,798 201,2 15.057.208 1,134.006 555,429 351.632 49,171 237,555 92,617 141,266 91,997 25,514,093 17,710,881 IrKcvne from ticket sales and auditorium fees as well as b)okn'ng fee and woduction rec**arges are higher than pnor year due lo the mix of pryramme. This year included productions of WKked, Disne￿5 Aladdin, War HO￿8, the first o weeks of Hamilton and the highty suttessful pantomiff*, Jack and the Beanstalk. Income for in-house productions. which reflects the Summer Youlh Project income. hNJher than prior year. The income trom the SLA MAL Agreement ts hvjher than prior year due some MAL staff being TUPE'd lo ¥1 the year and their costs then being recharged to MAL. M￿%￿lL￿neOuS ineome includes the WrIt￿ff of expired gift vouehers as well as reccgnition ofthe gain on the portfolio investment v•th Rathbones. THE PAAYFLOWER THEATRE TRUST IA ci>mp•ny limit•d by guaranlo0} NOTES TO THE FINANCIAL STATEMENTS For the peTlod ended 30 Mav¢h 2025 ANALYSIS OF EXPENDrruRE Support costs Other support Govornance costs 2025 Dlfect Costs 2025 Total 2025 2025 Raising funds.. - fvndraising Iradry - sponsorship Charitable activitses". - theatre programmes - investment in produth'ons - education and outreach 618.964 16.059 618.W 16,059 23.066.935 352.035 38.636 1.674.988 37.222 24.779.145 352,035 38.636 24,092.629 1.674,988 37,222 25,804,839 Support costs Other Support Governance Dlre¢l costs 2024 Total 2024 2024 2024 Raising funds.. - fundraising trading - sFonsorship Charilabk activrties.. - theatre programmes - Thesknent in prodLKtions - education and outreach 577.370 577,370 6.560 16.687.352 97.O¢y) 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 2026 2024 Support costs consist of the folow"n9". Other staff costs Finance Establishff*nt 68,586 10.110 695.686 go0.￿ 37.222 97,332 3.296 575.134 871,800 44.495 Oepreciati'on Governance 1.712.210 1.592,057 THE PAAYFLOWER THEATRE TRUST IA company Ilmit•d by guarnnle•} NOTES TO THE FINANCIAL STATEMENTS For the pertod end￿ 30 March 2025 ANALYSIS OF EXPENDrruRE (continued) 202S 2024 Governance costs consst of the follcAwng" ALtditorfs remuneralw {Exduding VATI Auditorfs ￿muneral￿)n- Other Group Enth"tses (Exduding VAn Other professional lees 18,510 9,010 9.702 16.750 12,250 15.495 37,222 44,495 NET MOVEMENT W FUNDS 2025 2024 Thts is stated after charging.. Audrtors. reMuneral￿n'. audrt 18,510 9,010 9,702 900.606 5,532 3,080 16,750 12.250 15,495 871.800 5,532 2,123 Audrtors. remunerali¢)n.' other grwp enbt Audrtors. remuneralion.. l￿n-audrt fees Depreciation of owned fixed.assets Operating lease rentals- land and buiklings Loss on disposal of fixed assets 946,440 923,950 STAFF COSTS 2025 2024 VVage5 and salaries Social security costs Other pension costs Redundancy and temiinatron paymerts 4,292.608 438,543 292,884 3.630,264 392,893 276,798 34.977 Staff C¢￿15 charged lo eypenditure 5,024,035 4,334.932 The average number of lu14Mne equivalent enwloyees (¥￿lUdIng casual and part slaff) during the period was as follows.. 202S 2024 Number Number FTE Leadership team Other staff 21 207 21 110 19 209 19 112 228 131 228 131 No remuneration was paid durin9 the penc*1 to ff*mber of the 8oard of Direclors12024'. £Nil). During the period did not reIr￿Urse any travelling expenses to the Board of Direclors12024". £Nill. THE MAYFLOWER THEATRE TRUST IA company Ilmlt¢d by guarantsel NOTES TO THE FINANCIAL STATEIAEP￿S For thg perfod udod 30 202S STAFF COSTS {continuedl The number ofemployees whose emoluments aTrN)unled to over £60.000 in the period was as follcpws.. The total Leadership team in year. including kners and malemrty cover. was 24 employees {2024."241. The associated remuneration costs lincluding salary. pension, bonus payments, and heathcarel was £1,679,451 12024.. £1,575.098). 2025 Number 2024 Number £80,Oc￿- £70.000 £70,001- £ 80,000 £80,001- £ 90,000 £90,001- £100,000 £100.001- £110.000 £110,001- £120,000 £120,001 - £130.000 £130,001- £140.000 £140,001 - £150,000 £150,001- £160,000 £160.001- £170,000 £170,001- É180.000 £180,001- £190.000 £190,001- £200.000 £200,001- £210,000 £210,001- £220,000 Pension contributions to higher paid em￿oYeeS 106.752 108.072 Number of higher paid eMPk>y￿ receiving Fension contsibulions The total L&￿ershiP team in year. irKluth"ng leavers and matemfy cover. wa5 24 employees {2024'.241. The associated ￿M￿neratIOn costs linC￿d￿￿ salay. Perts￿n. bonus payments. and healthca￿) was £1.679.451 {2024. £1.S75.098). 35 ThE MAYFLOWER ThEATrE TRUST (A company limited by guarnnteo) NOTES TO THE FINANCIAL STATEMENTS For th¢ yriod •nd•d 30 *rch 2025 10. NET INCOME FROM TRADING ACTMnES OF SUBSIDIARIES Maylknw•r Enterprises Llmlted 2025 2024 Turnover Net operating expenses Management charge and booking fee 2,021,390 1636,747} 1778,1931 1,509.491 1525,301} 1704,604) Operating profit 606,450 279.586 Interesl receivable arrfl sinNlar incon 39.180 24,190 Profft on ordinary activrties after taxat 645.630 303.776 Distribution to The Mayntrwer Theat￿ Tr￿t 1645,6301 1303,7761 Nel movement bn funds If Iransaclions wrth The May￿￿er Theatre Trust were exckn1ed". Amount gifted to The Theatre Trust in respect ofcurrenl year trading activities fv1anagement and b(y)king fee 645.630 778,193 303,776 704,604 Profil brought into con¥Jlidated accounts ￿lating to'exlemaf trading W￿&S be.. 1.423.823 1.008,380 Capitsl and reserves of Mayfitrwer Enterpri￿ Limrted 102.801 21,536 Mayfiower Producllons (Southampton) Ltd 2025 2024 Turnover Net operating expenses 95,000 {116.595) 1311 Operating profil 1311 121,5951 Theatre tsx credit Interest receNable and similar income 34,956 194 Profil on Ordinary activth.es after taxalion 163 13,395 Profit relab.ng lo 'extemaf trading-. 163 13,395 Capitsl and ￿serveS of Mayfiower p￿u¢1Kjrts (Southampton) Ltd 86.097 85,935 THE IA4YFLOWER THEATRE TrUST (A company limited by guaAntse NOTES TO THE FINANCIAL STATEMENTS For the perlod ended 30 March 2025 11. TANGIBLE FIXED ASSErs Group and Company Long letsehold land and buildings Fixtures and fittingB Plant and machin•ry Motor vehicle¥ Total Cost- Al 1 April 2024 Additions Disposals 11,268.498 560.782 5.342,765 219.386 135.546) 5,190,791 221,798 117.202} 9.736 26.437 21.811,790 1.028,403 152.7481 At 30 March 2025 11,829.280 5,526.605 5,395,387 36,173 22,787,445 D•prKiation: Al 1 April 2024 Provided dumg the per Disposals 2.996.831 208.948 3.380,560 308,802 {35,546} 3.306,211 375.541 {14,1061 9.736 7.315 9.693,338 900,6C6 149.6521 At 30 March 2025 3.205,779 3.653.816 3,667,eA6 17.051 10,544,292 Net book value: At 30 March 2025 8.623.501 1,872,789 1.727.741 19.122 12,243,153 At 31 March 2024 8,271,667 1.962.205 1.884,580 12.118,452 Included in long le￿hOld IWKI and l)uikling$ land valued at a cost of £606,O¢Y), which 1$ not depreciated. 37 THE MAYFLOWER THEATRE TRUST (A ¢omp•ny limited by 9u*rnntee) NOTES TO THE FINANCIAL STATEMENTS For the peiiod ended 30 Atsrch 2025 12. INVESTMENTS Gn>up Compafty 2025 2025 2024 2024 Carrying value as at 1 April 2024 Addthons Disposals Fees Net gainl(loss} on revaluation 2.178,195 2.1)00.000 (2,210.2901 (3,333) 3.282 1.986,364 2.178,199 2.000,OCrt) 12.210.290) 13.3331 3.282 1.986,368 191.831 191.831 Carrying value as at 30 March 2025 1,967.854 2.178,195 1.967.858 2,178.199 Included in the ¢￿PanY' figures atw ￿ the followtng.. £2 investment that represents the acquisition of 1001IA of the ordinary issued share capital of Mayfiower Enterprises Limited. a company registered in England and V4ale5. Mayfiower Enterprise5 Limited was established lo generate profits from ancillary and agency s*s on bthalf of Mrr. Mayflower Enterprises Limited is included in the consolKlated accounts. £2 investment that represents the aCquis￿On of 100% of the ordinary 1$SL￿ share capital of Mayknver Pro¢Juctions Isoulhamptonl Ltd. a Company registe￿ in England and Wa￿s. Maynower Productions ISouthampton} Ltd was established lo produce thealri¢al wluctions on behalf of the group. Mayllower Pro(lucts'ons IsoLttharytonl Ltd is induded in the consolidated xcounts. Mayfiower PrDluct•Ms Isouthamptonl Ltd did nol trade in 2024r2025 and is dormant. had investments ￿th a market value of£1.967.854 as al 30 March 2025 held with Brewn Dolphin. {£2,178.195 as at 31 March 2024 held with Ralhbone Unrt Twst Management This investrnent was withdrawn in June 2024). 13. DEBTORS Grnup 202S Company 2025 2024 2024 Amounts owed by group undertakings Other debtor5 Prepayments and aten￿d income 784.322 139.264 590.876 412.876 51,385 553,675 160,662 61x1.257 124,413 556.S26 760.919 680.939 1.514,462 1.017,936 14. CREDITORS: amounts f•lllng due wlthln 4)n¢ year Group 2025 Company 2025 2024 2024 Trade creditors Other taxes and SOCAal securty Other creditors Defrrred ineome (see note 15) Accruals 1.975.176 273.252 87.571 12.375.737 716.448 933,554 251.776 332,416 11.953.964 273.572 1,905,137 273,252 85,013 12.333,S11 704,735 894.146 251.776 317.310 11.940.395 263.647 15.428.184 13,745.282 15,301,648 13.667,274 ThE PAAYFLOWER ThEATRE TRUST {A company limited by guanntee) NOTES TO THE FINANCIAL STATEMENTS Forthe perlod ended 30 Mav¢h 2025 15. CREDrroRS: am¢)unts falling du• aft•f mor• than on• yHr Gvoup 2025 Company 2025 2024 2024 Deferred income 108.992 1,477.827 108,992 1,477.827 108,992 1.477.827 108,992 1.477.827 Deferred income ￿presents show tthets 501d in advance. The decrease In deferred income falling due after more than one year, is due to the shows on sale al year end more than one year in advance12025'. 3 shows including Matilda the MusKo1 with advance sales of£48.6k'. 2024.. 6 shthvs. induding Hamkn wth advance sales of £1.107ml. 16. ANALYSIS OF DEFERRED INCOME Group 2025 Company 2025 2024 2024 Deferred incorre brought fop4vard Amounts released to incom in the peric# Amounts deferred in the period 13,431.792 8,457.325 13.418.223 8.449,059 (11.860.230) 17.062.776) 111.846,6631 {7,054,510) 10.913.167 12.037.243 10.870.943 12.023,674 Deferred income carried fop4vard 12.484.729 13,431,792 12.442.503 13,418,223 17. RELATEO PARTY ThANSACTIONS Transactions with Mrfs subsKliaries are set out in nole 10. At period end a balance of £793.270 {2024: £412.8761 was owed lo MTT by MEL with no fvnds owed to by MPL12024. £01. £80,453 was owgd by to Mayfi￿8r ￿MIted(2024. £145.9821 relating lo box office in￿￿￿, and £68,630 was owed by Mayfiower Academy Limited to MTT12024.. £40.740). This relates to the tran5action5 at year end in line wrth the SL Mr N J Vaughan, appointed to the Board on 11 March 2017, was a Consuttant Member of Paris Smith LLP solicitors untsl his ￿irement in July 2024. Paris Smith LLP have provided legal servi￿$ in the per￿￿ of £31,95112024.' £27,688). Mrs J och￿1, spouse of P41T M OckMAI. Chief ExecutNe of MTh. provtded creative services for the participation prograrnme and receNed remuneratim of£4.900 {2024". £1.500). There were no other related paty transacttons year. 39 THE MAYFLOWER THEATrE TRUST (A ￿MpanY limit•d by gu4rants• P40TES TO THE HNANCIAL STATEMEpirs For the perlod ended 30 Mawch 2025 18. ANALYSIS OF NET ASSETS 8ETWEEN FUNDS Genernl a¢¢umulat•d fund 2025 D￿1g￿•t•d fvnds 2025 Rftstri¢t•d fund 2025 Total 2025 Group- 2025 Fixed assets CuThent assets Current liats'lities Nonrycurrenl liabiliti.es 5.593.395 17.556,417 {15.428.184) 1108.992) 7.636.658 8.700,000 980,954 14,211,007 26,256,417 {15.42B.1841 1108.9921 7,612.636 16,336,658 980,954 24,930,248 Company- 2025 Fixed assets Current assets Cuffenl babilit Non {45161 (6.77B) (47.15$1 1409.OY61 irt¥tstment 6.778 At31 M•w¢h 2024 I,IP)8.518 S0.0ty) W4.1144 4.911.899 2.257. 11761.879 21.827.091 Gantry Jlldln9 ¢•p*al Totsi At2Aprfl 2Q2J 1.036.5tsS *S1.190 s.WSSS 22l&*b) 111￿1.??2 2.440 11540. (4￿.0￿6} Q7.9101 {10.10ZS• 20,649.781 19.603,979 (1$K5.910Tr I91.￿1 4.578 14.578} .7T•1 {47.155) 19J.$31 8.718 ($77 At Jl hlar¢h 2024 1.000.506 50.QryJ .014 4.941.199 57.004 11657,212 21.61$.825 THE PlAyFLO￿R THEATRE TRUST (A Company limit•d by guarant••) NOTES TO THE FINANCIAL STATEMENTS For the p•riod and￿ 30 Mar¢h 2025 19. RECONCILIATION OF FUNDS AND PAOVEMENTS ON RESERVES Icontinuedl Restvlthd fund8 rtal Grants Thi5 fund represents grants received from Hampshire County Council, Southampton Cty Council and The Foundabon of Sports and Arts whth were wiftwrity given to to purchase the leasehold ofthe theatre. Buildin Maintenance ReseNe This fvnd has been created from an appeal furKI. Thi5 15 prrnarity tor the maintenance of the audrtorium and stage area within the Gfade11 listed buikling. Dosignatsd Funds This represents monw allocated to help SUFWt local youn9 peots accesslsludy perfom)ing arts and the*re studies. The aim is Ihal this fund should te maintained at £200,000. Furmts have been transferred in from the general reserve to achieve Ihis. Buildin maintenan￿ Reserve This money is designated for major refwbishment required lo theatre propety. It indLKles the capital value of refuth"shmerbt lo the stage lo enable to hold a wkder range of West EThJ productions. Th15 refuth"shment was carried out in 2004 and capitaltsed al that F￿nl Further capital projects i.e. foyer, Footlights Bar, Circle Bar and Ovation refurbishments have been transferred lo this rwrve account to rellect the capital value of all major projects. hearsal Studio This is a new reserve wbth £8.500.000 set aside to fun¢J the creatton of the ne• rehearsal studio. joint slage door & recepts'on entrar￿ and the provision of additional ful￿ accessib￿ dressing rooms. The construction works on this prqect began at the end of Apnl 2025. in ReseNe The building development reserve of £4,538,561 was a designated fund estatAished to eontribute towards the major refurbi5hmenl to the auditorium and construction of the connectivty to the office block carr*d out in 2018. Future depreciation on these assets will be allocated to this fund. Develo ment Buildi Reserve This fund was designated lor Ihe work to improve the stage •cces&bilrty and for the construction of the new office building. which was cornpleled in September 2010. Future depreCIat￿n on these assets wll be allocated to this fund. 20. PENSION COMMITIENTS MT[ operates a defined contribulb)n pension scheme for its emFdoyees. The assets ofthe scheme are held separatety from those of in an independentty administered fund. The tharge in the accounts was £292.884 {2024'. £276.798) and an anv)unt of£36,69612024.. £53. 1141 was included in creditors at the period end. THE MAYFLOWER THEATRE TRUST (A company limit•d ty guarants•) NOTES TO ThE FINANCIAL STATEMENTS For the pethxl ended 30 PA)￿h 2025 21. FINANCIAL COMMITMENTS Al the period end, the group had anIK￿l corywnifvnts under non-cancelable operating1&75es as foll(yws." Plant & Machlnery 2025 2024 Expiry date.. <1year 2-5years > 5 years 55,148 160.000 181.667 4,178 4.178 22. CAPITAL COMpxfAIENTS The Board approved a spend of £8.5m (including VAT) for the developmenl of a d(yuble height rehearsal spacg. a new joint stsge door & recepb.on entrance and 2 new acC￿lbIe dressing rC￿ms. The replacement ofthe grid over the stage, at a ￿$t of £700.(K)O I￿￿dIng VAT. wa5 apwoved by the Board in June 2023. 23. NEf CASH INFLOW FROM OPERATING ACTMnES 202S 2024 Net income Interest receNable Depreciats"on Decrease I lincreasel in debtors (Decrease) l in￿aSe in credrtors Decrease l (increase) in stock Loss l {gainl on investment assets L05s on disposal of fixed assets 3.003,157 {1,077,0721 900,606 179.980) 314,067 (4.454} (3,2821 3.080 1,183,238 1669,7021 871,800 1209,890) 5.023,724 1,246 1191,831) 2.123 3.056.122 6.010,708 THE MAYFLOWER THEATRE TRUST (A company Ilmlled by guarants•) NOTES TO THE FINANCIAL STATEMENTS For th• p•iiod •nded 30 Maf¢h 2025 24. ANALYSIS OF CHANGES IN NET DEBT At 31 Ma￿h Other non- 2024 Cash Iky*# Cash chang68 At 30 March 202S Cash Investrnent 22.132.358 2.178.194 3.315,097 3.333 1210,3411 25.450.788 1,967.853 24,310.552 3.315,097 (207,0081 27.418.641 Cash holdings inclutle advance tthl sales. the lgvel of whKh was hwher as at 30 March 2025 than the prgViOU$ year. We held over £12,638,823 in advance sales as at 30 Ma￿h 202512024.. £11,566,252} including £4.Sm in advance sales for Hamilton. and £935k for Mary Poppins. In additKfft. we earned £1,077.074 interest in the year 12024.. £771.3771. Our investrtwnt with Brewin Dolphin reduced in value in the first quarter of 2025 due to wortd events and can be withdrawn at any time adding to our cash balances. 25. CONTROL The controlling paty is the Board of DirectUs. represenling the company's rnembers. THE IAAYFLOWER THEATrE TRUST (A company Ilmlt•d by guarantee) NOTES TO THE FINANCIAL STATEMENTS Fiv the P•Tiod •nd•d 30 IAar¢h 2025 26. COMPARATIVE STATEMENT OF FINANCIAL ACTI￿ Below is the 2023r2024 Statenpnl of Financial Act]vity for Comparis(￿ purposes onty. Unfegtrlcted Restrlcl¢d fvnds Total 2024 INCOME AND ENDOYIMENTS FROM: Donations and ￿gaCleS Other Trading activities Investments Charitable activities- show inc4)me 82.174 1.544.480 771.3TT 17.710.881 4,576 86.750 1.544.480 771,377 17,710.881 Total In¢om¢ 20,108,912 4.576 20,113.488 EXPENDITURE ON: Raising Funds". Fundraising trading Sponsorship 577,370 6.560 S77,370 6,560 Charitable activities - theatre pTogramff￿S - investment in productK>ns costs - education and outreath 18.246.914 97.000 161.742 32.495 18,279.409 97.000 161.742 Total oxpendlture 19.089.586 32.495 19,122.081 Not Incomellexpendituro) for th• p8rlod befor• galns I I0￿e$ on inveslments 1.019.326 {27,9191 991.407 Gainl{lossl on investment asset 191.831 191.831 Net Incomo 11oxpendl¢uro) for th pwlod 1.211,157 {27.9191 1.183.238 TOTAL FUNDS AT 2 APRIL 2023 19.707,348 1,036.505 20,743.853 TOTAL FUNDS AT 31 MARCH 2024 20,918.505 1.008.586 21,927,091 47