REGISTERED COMPANY NUMBER: 02911222 (England and Wales)

REGISTERED CHARITY NUMBER: 1035524

FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

FOR

MAYDAY TRUST

Page

Report of the Trustees

1

to

7

Report of the Independent Auditors

8

to

11

Statement of Financial Activities

12

Balance Sheet

13

Cash Flow Statement

14

Notes to the Cash Flow Statement

15

Notes to the Financial Statements

16

to

23

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Annual Impact Report

April 2024 - March 2025

Our Vision

A world where systems work for people going through tough times.

Our Mission

To model a person-led, transitional and strength-based system alongside people going through tough times and to build a movement of people and organisations to change the current deficit-based systems.

Our values.

We are:

-

People Led In everything we do: we are led by people going through tough times.

-

Strength-Based We always look for people's strengths and potential in our work, our recruitment and how we work together as a team.

-

Change Makers We are radical, creative and imagine a very different future, while always being willing to meet people where they are.

-

Kind and Curious We are never afraid to challenge others and ourselves, but we do so with kindness and humility. We are curious and want to learn. We take risks, get things wrong and are open to change.

-

Resilient We are brave, we persevere, and we aim to build our own and others' resilience. We keep our promises, and we don't give up on people when others write them off.

-

Inclusive We are committed to building the inclusiveness and diversity of our team and our work. We challenge oppression and build equality wherever we can.

Strategic Objectives for 2024-25

-

Review our organisational health, planning our future alongside Platfform

-

Continue making Mayday a consistently supportive, creative and inclusive place to work

-

Continue to deliver our work with the City of London, alongside our partners.

-

Continue to create opportunity for connection and influence

-

Influencing local and national charities, NHS and local governments and; work with partners, Platfform, to connect like-minded organisations collectively pursuing system change

Our activity during 2024/25

New System Alliance

March-November 2024 saw the New System Alliance (NSA) project come to its conclusion, with our final report submitted to the National Lottery in December 2024.

In collaboration with Platfform, our focus in our final year was on delivering practical change and impact through our place-based initiatives - but also on creating a legacy for the Alliance, building on the various aspects of our work since we launched. The approach we took was simple: how can we embed the learning from the network over the last five years, and how can we leave as many seeds planted in different spaces as possible.

Against a backdrop of financial, societal and organisational challenges, the act of changing systems is hard, emotionally difficult and requires creativity and the willingness to be brave about what is or isn't working. These same lessons that we share as part of the Alliance for our network of supporters are very much relevant to us as a funded project too, and we were delighted to use these experiences, and the shared input of our network, to create a resource pack that captures some of the key aspects of system change. These resources, which launched in December, are based on the five years of events and conversations we have had and are a clear legacy of the project that we know will be invaluable to other people and organisations across the UK attempting to change our systems for the better.

We also took an approach, in our final year, of supplementing existing work by other organisations, so that the work of the New System Alliance can be continued in various forms long after we have concluded. One of those pieces of work, was providing additional funding and capacity to the development of a Heart of Help report, which was initially funded by the Adverse Childhood Experiences Hub, and Traumatic Stress Wales, as part of a joint effort (underpinned by the Trauma Informed (Wales) Framework) to make trauma-informed working more prevalent across Wales. The report considered the experiences of sanctuary seekers, and people using substances, in the context of what being trauma-informed means for people often labelled as significantly disadvantaged, marginalised and traumatised. From there, we developed "relational values" that can be explored further in a range of contexts. We have also commissioned two focus groups additional to this report, one led by Welsh Refugee Council, and the other by a third sector representative organisation (Cymorth Cymru), to explore how practitioners feel about the values. The aim is for this work to then be rolled into the activity of Trauma Informed Wales over the next five plus years.

In our final year we continued to support our colleagues in the New System Alliances, Homeless Network Scotland (HNS), and we allocated additional funding within the budget as they sought engagement with the No Wrong Door policy approach. By supporting them to maximise engagement with this area of work, they have been able to move the implementation of this much-needed policy shift further forward. The legacy of this funding and the work HNS has done will mean Scotland will be moving towards this way of working in public services more quickly, and with local connection and impact.

NSA Learning Network Events -Free Consultancy / Training for organisations considering system change

We continued to hold free online learning events throughout the year. We delivered 220 hours of training and consultancy, to over 16 organisations. These organisations have ranged from a local Cardiff refugee charity (Oasis), to part of a wider private healthcare organisation (Cygnet Healthcare), to a Midlands-based homelessness charity (Father Hudsons). Our most popular session was around implementing strengths-based approaches within organisations.

Feedback from these sessions includes:

"This course has been an eye opener for my job role, I have learnt that the importance of being empathetic and patient and have understanding of individuals situation."- Southwark Council

"Platfform worked with Caritas Salford to help identify how staff training could help us to deliver our day centre and hostel services in a more person centred, strengths based and trauma informed way. The 3 sessions were attended by 15 staff from 3 different projects. The training gave us the opportunity to reflect on areas where we could improve our practice and take a different approach. The staff teams are now discussing practical ways to adapt our assessments, key working sessions and our general approach to supporting people who face multiple challenges related to housing, addiction and poor health but still fundamentally want to be understood as individuals with many talents and interests." - Caritas

"2 sessions of Strength Based Training were delivered to groups of staff within our Floating Support, Street Outreach, and Older Person's Visiting Support Service. These sessions enabled staff to have a better understanding of adopting a strength based approach, and apply this learning to support delivery. From feedback received, the training also incorporated trauma informed values and theories, which aligns with our values and culture at P3. The training was well received and over the next 12 months we will continue to review support delivery, ensuring there is always a Strength Based approach adopted. Managers will audit this and continue to coach staff to ensure understanding and delivery of this style of practice." - P3 Charity

Our work with the City of London- coproduction

The City of London Coproduction Project, led by Mayday Trust (managed by Platfform) and Groundswell is a collaborative initiative that places the voices of people with lived experience of homelessness at the centre of service design and decision-making. Over the past year, the project has focused on deepening relationships, building trust, and laying strong foundations for meaningful coproduction.

Project highlights and achievements:

-

Advisory Panel expanded from 2 to 10 members, contributing to service design and accessing personal development.

-

Champions programme delivered workshops on power-sharing and coproduction, building confidence and relationships with commissioners.

-

Leadership workshops engaged commissioners and senior staff in reflection and action planning to embed coproduction.

-

Appreciative Inquiry sessions co-designed outreach service recommendations and will expand into frontline services.

-

Advisory Panel members accessed training, wellbeing support, and employment pathways.

-

Participatory activities (e.g. barista training, art exhibitions) built confidence and community.

Key Learning

-

Relationships and trust are foundational to meaningful coproduction.

-

Flexibility in engagement formats and recruitment is essential

-

Language matters-terms like 'lived experience' can feel limiting

-

Participation requires tailored support (transport, coaching, wellbeing).

-

Champions need recognition and support to engage meaningfully.

-

Leadership engagement is key to shifting culture and practice.

-

Conditions for coproduction include relational structures, shared commitments, and inclusive practices. These are being documented to guide future work.

Looking Ahead (April 2025 - March 2026)

-

Refresh project identity and commitments, including a shared glossary and visual identity.

-

Deliver Appreciative Inquiry and facilitation training for Champions and Advisory Panel members.

-

Run Appreciative Inquiry sessions in frontline services, co-facilitated by people with lived experience.

-

Host leadership events and coproduction forums to share learning and drive system change.

-

Publish a 'Conditions for Coproduction' report with tools and templates for future work.

-

Continue mentoring, progression support, and participatory activities to build confidence and leadership.

Continuing to create connection and influence

London event: creating connections to make change happen - Mayday (and Platfform) hosted their 3rd in-person event in Westminster in March 2025, providing a fantastic opportunity for practitioners and organisations working in strengths-based, relational, and person-led ways to come together, cement relationships with people, share ideas and develop new partnerships. Our 154 attendees ranged from funders, political contacts, local authority and NHS relationships, third sector partners and friends, community activists, businesses and corporate connections.

Examples include: North East London ICB, Canterbury Christ Church University, Mind, No Going Back, Future of Health, Bristol Council, The People's Recovery Project, Transport for London, Ferdinando and Luigi Innocenti Foundation, Heart-Centred Leaders, Plaid Cymru, City of London, Centre for Mental Health, Kings College London, St Martin's in the Field, National Suicide Prevention Alliance, Partisan, Kidscape, Housing Justice Cymru, Welsh Refugee Council, London Borough of Lewisham, Haringey Council, Groundswell, Save the Children, Homeless Network Scotland, Making Every Adult Matter, Samaritans and many more.

It provided a great platform for bringing a range of people together from a variety of sectors - both to highlight how far we've come as well as acknowledge the vast challenges we continue to face economically, socially and politically. The event is about coming together to begin conversations around how we can overcome shared challenges through our collective system change work.

Departing from Westminster Pier, in front of the Houses of Parliament, felt particularly apt as the backdrop to our guest speaker, Kwajo Tweneboa, who delivered powerful calls to action around ending social injustice in the housing sector. Notable social activist and writer, Kwajo was born in South London and has been campaigning for people's right to safe and quality social housing for a number of years, following his own experiences. He showed a hard-hitting film exposing squalid living conditions being experienced by people across the country, the impact on people's physical and mental health and what he hopes from a new government in Westminster. It was also a rallying cry to attendees to hold ourselves and each other to account to call out injustice and be a voice for change.

Funding Partnerships

We are grateful for support from NLCF and the City of London.

Financial Review of the Year

Mayday's income for the year ended 31st March 2025 was £146k, down on the prior year income (2024: £849k) and is reflective of contracts and projects in parallel coming to an end, specifically the project funded by a National Lottery grant.

Our expenditure for the year was £1,589k, significantly more than the prior year (2024: £1,043k), however within which was £1.2m donation made to Mayday's parent company, Platfform for Change resulting in operating expenses of just over £300k.

The deficit for the year was £1,444k, driven mostly by the £1.2m donation and in part by incurring project delivery costs post completion of a contract.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

Having formed in 1976, in 1979 Mayday Trust was established as a registered charity and in 1994 became a company limited by guarantee, having no share capital.

The charitable company was established under a Memorandum of Association, which was last amended on 9th October 2023 and which established its objects and powers, and it is governed under its Articles of Association. In the event of the charitable company being wound up, members are required to contribute an amount not exceeding £1.

Objects

Mayday works with people going through the toughest of times - homelessness, leaving care, coming out of prison, fleeing violence.

We believe that tough times should be a brief transition in someone's life, not a life choice or a life sentence.

The charitable company's objects are to:

-

Carry on for the benefit of the community the business of providing houses, hostels, supported housing or any other housing and associated amenities, services or assistance for vulnerable adults and others resident in the United Kingdom (the "area of benefit") who are homeless or in need, suffering hardship or distress or who have suffered a legal restriction on their liberty, on terms appropriate to their means.

-

Provide within the area of benefit, support, advice and counselling for those who are suffering from, or who may have suffered from alcohol, drug or substance misuse upon terms appropriate to their means.

-

Provide within the area of benefit, for the elderly or other vulnerable persons with a disability (including mental and learning or associated disabilities) in need of accommodation specially designed or adapted to meet the disabilities and requirements of such persons and to provide associated amenities, advice or assistance.

-

Promote any other charitable purpose and in particular the relief of poverty.

Public Benefit

The Trustees confirm that they have complied with the duty in section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity. Further details on the activities undertaken by Mayday during the year are given above in the section Activities, Achievements and Performance.

Legal and Policy Context

Mayday Trust is governed by the Charity Commission rules, the Companies Act and the regulatory frameworks of service commissioners. The Charity has no statutory obligation to provide services, but some of the services provided are covered by legislation and other statutory regulations, including Children's Acts, which apply to all service provision for young people and children.

Recruitment and Appointment of Trustees

Since becoming a subsidiary of Platfform, the Trustees are appointed by Platfform as sole member. The Board of Trustees meets at least quarterly, and Trustees focus on governance and strategy, significant new business, risk and financial issues.

Organisational Structure

The day-to-day management of the organisation is delegated to the Executive Leadership team of Platfform as sole member of Mayday.

Pay Policy for Senior Staff

The Board of Trustees and the Executive Leadership Team (post-merger Platfform leadership team) are the key management personnel of the charity in charge of directing and controlling, running and operating Mayday. All Trustees give of their time freely and no Trustee received remuneration in the year. Details of Trustees' expenses and related party transactions are disclosed in note 7 to the accounts.

Going Concern

Based on the position demonstrated by the Statutory Accounts to 31 March 2025 and the cashflow and balance sheet projection model, the directors are confident the Company will continue as a going concern for at least 12 months from the signing of the Balance Sheet.

The directors note that the reduction in profit compared to the prior year was anticipated and primarily reflects a large donation gifted to the parent company. These factors are not expected to recur and have been considered in forecasts.

In the light of the above, the directors consider it appropriate to prepare the accounts on a going concern basis

Reserves Policy

In determining the level of reserves required trustees have given due consideration to guidance issued by the Charity Commission and have considered the key risks to which Mayday Trust is exposed.

Trustees have set a reserves target of £170k to enable Mayday Trust to manage short term losses of grant or contract income and provide sufficient time to plan and implement required changes to activities, as well as to ensure we maintain an appropriate level of working capital to enable us to meet commitments as they fall due.

As at 31 March 2025, Mayday holds free and total reserves of £209k.

Risk Management

Trustees have responsibility for the management of the risks identified by the charity and are assisted by the CEO & Senior Management Team to mitigate these. A full risk audit is conducted as part of the annual review of the Business Plan objectives. Routine risks are identified, assessed and managed through rigorous controls on an ongoing basis.

Trustees are satisfied that the major risks identified have been mitigated where necessary. It is recognised that systems cannot eliminate all risks but only provide assurance that the identified risks have been managed.

The principal risks to Mayday and the established mitigating actions, are:

-

Pressure on public service budgets, lack of tendering/business development capacity limiting access to income and growth. Mitigated by:

o

A new income generation plan and strategy, with diversified income sources and new fundraising and marketing capacity.

o

Development of clearer communications and support offers.

-

Working safely and consistently well with people going through tough times. Mitigated by:

o

Robust safeguarding policy and procedure as part of comprehensive pack of policy and practice guidance and learning materials.

o

Values-led recruitment, induction and support for coaches and the team, including communities of practice, external supervision, management support.

o

Partnerships with the local community, local authorities, statutory bodies and other providers to assist in providing person-led support and removing system barriers so people are able to take more control of their lives.

-

Inability to collect sufficient, statistically viable data to confirm the effectiveness our work. Mitigated by:

o

Central collection of data sets

o

Memorandums of Understanding across PTS Partners on the importance of providing regular data provision.

o

Data and impact training for PTS coaches and organisations.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02911222 (England and Wales)

Registered Charity number

1035524

Registered office

85 Great Portland Street

First Floor

London

England

W1W 7LT

Trustees

The Board of Trustees who served during the year and up to the date of this report were as follows:

R Anderson (resigned 25 September 2024)

Ewan Hilton

Debbie Green

Auditors

Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Mayday Trust for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).

Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to

-	select suitable accounting policies and then apply them consistently;

-	observe the methods and principles in the Charities SORP;

-	make judgements and estimates that are reasonable and prudent;

-	prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

-	there is no relevant audit information of which the charitable company's auditors are unaware; and

-	the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

AUDITORS

The auditors, Bevan Buckland LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 28 November 2025 and signed on its behalf by:

E R W Hilton - Trustee

Opinion

We have audited the financial statements of Mayday Trust (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

-	give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

-	have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

-	have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty related to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

We draw attention to note 1 in the financial statements, which indicates that Mayday Trust will eventually have its assets transferred across to parent charity (Platfform for Change) and although the timing may be uncertain, Mayday Trust is expected to be formally closed once this transfer is complete.

As stated in note 1, these events or conditions indicate that while some material uncertainty exists that may cast significant doubt on Mayday's ability to continue as a going concern, the parent charity (Platfform for Change) have committed to support Mayday Trust through the formal close down process. Our opinion is not modified in respect of this matter.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed 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 Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and

-	the Report of the Trustees has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

-	adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or

-	the financial statements are not in agreement with the accounting records and returns; or

-	certain disclosures of trustees' remuneration specified by law are not made; or

-	we have not received all the information and explanations we require for our audit; or

-	the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Extent to which the audit was considered capable of detecting irregularities, including fraud

We identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error,and then, design and perform audit procedures responsive to those risks, including obtaining audit evidence that insufficient and appropriate to provide a basis for our opinion.

We discussed our audit independence complying with the Revised Ethical Standard 2024 with the engagement team members whilst planning the audit and continually monitored our independence throughout the process.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Identifying and assessing potential risks related to irregularities.

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:

-

enquiring of management, including obtaining and reviewing support documentation, concerning the company's policies and procedures relating to:

-

identifying, evaluating, and complying with laws and regulations and whether they were aware of any instances of non-compliance;

-

detecting and responding to the risks of fraud and whether they have knowledge of any actual, suspected or alleged fraud;

-

internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;

-

discussing among the engagement team how and where fraud might occur in the Financial Statements and any potential indicators of fraud.

-

obtaining an understanding of the legal and regulatory frameworks that the company operates in, focusing on those laws and regulations that had a direct effect on the Financial Statements or that had a fundamental effect on the operations of the company, The key laws and regulations we considered in this context included the Charities Act 2011, Charity Commission guidance, and relevant tax legislation.

Audit response to risks identified

In addition to the above, our procedures to respond to risks identified included the following:

-

reviewing the financial statement disclosures and testing to supporting documentation to assess compliance with relevant laws and regulations;

-

enquiring of management concerning actual and potential litigation and claims; performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material misstatement due to fraud;

-

reading minutes of meetings of those charged with governance and reviewing correspondence with HMRC;

-

in addressing the risk of fraud through management override of controls, testing the appropriateness of journal entries and other adjustments;

-

assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and

-

evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business.

We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

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 state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Alison Vickers (Senior Statutory Auditor)

for and on behalf of Bevan Buckland LLP

Chartered Accountants

And Statutory Auditors

Ground Floor Cardigan House

Castle Court

Swansea Enterprise Park

Swansea

SA7 9LA

11 December 2025

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

2

1,500

-

1,500

23,120

Charitable activities

3

Charitable Activities

125,068

-

125,068

818,317

Other income

19,044

-

19,044

7,491

Total

145,612

-

145,612

848,928

EXPENDITURE ON

Charitable activities

4

Charitable Activities

72,006

298,605

370,611

1,042,861

Other

1,219,044

-

1,219,044

-

Total

1,291,050

298,605

1,589,655

1,042,861

NET INCOME/(EXPENDITURE)

(1,145,438

)

(298,605

)

(1,444,043

)

(193,933

)

RECONCILIATION OF FUNDS

Total funds brought forward

1,354,098

298,605

1,652,703

1,846,636

TOTAL FUNDS CARRIED FORWARD

208,660

-

208,660

1,652,703

2025

2024

Unrestricted

Restricted

Total

Total

funds

funds

funds

funds

Notes

£

£

£

£

CURRENT ASSETS

Stocks

12

-

-

-

1,200,000

Debtors

13

7,139

-

7,139

345,643

Cash at bank

260,775

-

260,775

416,338

267,914

-

267,914

1,961,981

CREDITORS

Amounts falling due within one year

14

(59,254

)

-

(59,254

)

(309,278

)

NET CURRENT ASSETS

208,660

-

208,660

1,652,703

TOTAL ASSETS LESS CURRENT LIABILITIES

208,660

-

208,660

1,652,703

NET ASSETS

208,660

-

208,660

1,652,703

FUNDS

15

Unrestricted funds

208,660

1,354,098

Restricted funds

-

298,605

TOTAL FUNDS

208,660

1,652,703

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on 28 November 2025 and were signed on its behalf by:

E R W Hilton - Trustee

Cash flows from operating activities

Cash generated from operations

1

(1,374,607

)

(319,275

)

Proceeds from property held for resale

1,219,044

-

Net cash used in operating activities

(155,563

)

(319,275

)

Cash flows from investing activities

Sale of tangible fixed assets

-

172,491

Net cash provided by investing activities

-

172,491

Change in cash and cash equivalents in the reporting period

(155,563

)

(146,784

)

Cash and cash equivalents at the beginning of the reporting period

416,338

563,122

Cash and cash equivalents at the end of the reporting period

260,775

416,338

1.	RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES

2025

2024

£

£

Net expenditure for the reporting period (as per the Statement of Financial Activities)

(1,444,043

)

(193,933

)

Adjustments for:

Depreciation charges

-

10,785

Profit on disposal of fixed assets

-

(7,491

)

Proceeds from property held for resale

(1,219,044

)

-

Reclassify asset as held for sale

-

1,200,000

Decrease/(increase) in stocks

1,200,000

(1,200,000

)

Decrease/(increase) in debtors

338,504

(291,519

)

(Decrease)/increase in creditors

(250,024

)

162,883

Net cash used in operations

(1,374,607

)

(319,275

)

2.	ANALYSIS OF CHANGES IN NET FUNDS

At 1.4.24

Cash flow

At 31.3.25

£

£

£

Net cash

Cash at bank

416,338

(155,563

)

260,775

416,338

(155,563

)

260,775

Total

416,338

(155,563

)

260,775

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The Company is Limited by Guarantee and does not have share capital. Each member's liability is limited to a maximum of £1.

As at 31st March 2025 there was only one member of the Charitable Company, the Charity Platfform for Change.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

No amount is included in the financial statements for volunteer time, in line with the Charity SORP.

Voluntary income by way of grants, donations and gifts are included in full in the Statement of Financial Activities when receivable and when amounts are known with certainty and are measurable. Grants where entitlement is not conditional on the delivery of a specific performance by the charitable company, are recognised when it becomes unconditionally entitled to the grant.

Incoming resources from grants and contracts, where related to performance and specific deliverables are accounted for as the charitable company earns the right to consideration by its performance. where income is received in advance of performance it is treated as deferred income and included within creditors.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Property held for resale is classified as stock and is measured at the lower of cost and estimated selling price less costs to complete and sell, in accordance with Section 13 of FRS 102.

Revenue from the sale of property is recognised when significant risks and rewards of ownership have transferred to the buyer, the amount of revenue can be measured reliably, and it is probable that economic benefits will flow to the charity.

Taxation

The charitable company is a charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Freehold property is not depreciated as the high residual value renders depreciation immaterial.

Depreciation is provided on all other tangible fixed assets, at 25% on a straight line basis in order to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.

Assets purchased which are under £2,500 are expensed to the Statement of Financial Activities.

Investments

Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value with changes recognised in ‘net gains/(losses) on investments’ in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Recognition of liabilities

Liabilities are recognised when an obligation arises to transfer economic benefits as a result of past transactions or events.

Loans and borrowings

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measures at present value.

Provisions

Provisions are recognised when the charity has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

Employee benefits & redundancy costs

When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in for that service.

The charity operates a defined contribution plan for the benefit of its employees. Contributions are expenses as they become payable.

Redundancy costs arising from periodic reviews of staff levels are charged to the Statement of Financial Activities in the year in which an irreversible decision had been made on the redundancy process..

VAT

The charity is subject to VAT on a partial exemption basis. Irrecoverable VAT is included within the relevant costs in the Statement of Financial Activities.

Going concern

The financial statements have been prepared on a going concern basis.

Mayday became a subsidiary of Platfform on 6th October 2023. Mayday's activities in the main transferred over to Platfform for Change on the 1st April 2024, however several projects will continue without loss of service in Mayday until completion. At the time of signing, Mayday Trust continues to deliver one project.

The intention of the Trustees of Mayday is to transfer the surplus assets of Mayday over to Platfform for Change.

Once the remaining projects undertaken by Mayday are completed satisfactorily, the charitable company will have its remaining assets transferred to Platfform for Change and be formally closed down. Platfform for Change has confirmed support to Mayday to meet its day to day obligations and obligations as a result of these ongoing projects until completion.

No final decision has been made on the timing of winding up of operations and therefore, the trustees believe it is appropriate to prepare the accounts on a going concern basis.

2.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

1,500

3,120

Legacies

-

20,000

1,500

23,120

3.	INCOME FROM CHARITABLE ACTIVITIES

2025

2024

Charitable

Total

Activities

activities

£

£

Direct delivery contracts and grants

84,777

128,531

System influencing

3,304

605,697

Sector support

-

30,169

Property income

35,756

50,000

Other income

1,231

840

Membership income

-

3,080

125,068

818,317

4.	CHARITABLE ACTIVITIES COSTS

Support

Direct

costs (see

Costs

note 5)

Totals

£

£

£

Charitable Activities

369,977

634

370,611

5.	SUPPORT COSTS

Finance

£

Charitable Activities

634

6.	NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2025

2024

£

£

Depreciation - owned assets

-

10,785

Surplus on disposal of fixed assets

(19,044

)

(7,491

)

Auditors' remuneration

-

9,000

7.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

8.	STAFF COSTS

2025

2024

£

£

Wages and salaries

28,062

638,809

28,062

638,809

The total amount of employee benefits received by the Key Management Personnel is £nil (2024: £138,501). The Charity no longer employs any senior staff and is managed by Platfform.

The average monthly number of employees during the year was as follows:

2025

2024

Support

1

1

Operations

-

13

1

14

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

2025

2024

£60,001 - £70,000

-

1

9.	EXCEPTIONAL ITEMS

During the year, the charity donated the net proceeds (£1.2m) from the sale of a property to its parent charity within the group. This transaction is considered exceptional due to its size and non-recurring nature. The donation was made in accordance with the charity's objectives and approved by the trustees.

10.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Total

funds

funds

funds

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

23,120

-

23,120

Charitable activities

Charitable Activities

212,620

605,697

818,317

Other income

7,491

-

7,491

Total

243,231

605,697

848,928

EXPENDITURE ON

Charitable activities

Charitable Activities

352,202

690,659

1,042,861