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← The Seachange Trust

2025-03-31-accounts

Reglstered number: 3370914 Charlty number: 1063853 THE SEACHANGE TRUST (A CHARITABLE COMPANY UMITED BY GUARANTEE) DRAFT TRUSTEES, REPORT AND FINANCIAL STATEMENT5 FOR THE YEAR ENDED 31 MARCH 2025

THE SEACHANGE TRUST COMPANY INFORMATION TRUSTEES N Darwin Smith (resigned15111124) J W Newman H Robinson (Chair) RLee C Todd B Wlliamson C Richards COMPANY NUMBER 3370914 CHARITY NUMBER 1C63853 REGISTERED OFFICE The Drlll House York Road Great Yannouth Norfolk NR30 2LZ BANKERS Barclays Bank PIC 4042 Market Place Gr88l Yannouth Norfolk NR30 1LX SOLICITORS Isadore Goldman Lawrence House 5 St Andrews Hill Nonvich NR2 1AD AUDITORS Sexly & Co 124 Thorp8 Road Norwich NR11RS

THE SEACHANGE TRUST CONTENTS Page Trustees, report Auditors, report 9-11 Statement of financial activities 12 Balance sheet 13 Statement of cashflows 14 Notes to the finanaal st8tem&nts 15-31 Appendlces Org8nogram Memorandum Articles of Association Importance of Good Governance 32-35

THE SEACHANGE TRUST TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2025 The Trust owns 1000k of the issued share capital of Great Yamiouth Seachange Tradlng Limited which did not trade during the period. Our fundralslng The m8jority of our funds comes from public and private grants and commissioned acb"vities. We seek to support our programme of activities through various relat&J income-generating activities. The charity is focussed on its charitable works and ba18nces its need to deliver activity of public benefit with th8 ne8d to raise funds to pay for it. We are min(fful of our duty to protect the public. including vulnerable people, during any public-facing fundraising activity. Rlsk management The trustees acknovrtedge the Charity Commissioner's requirement for them to undertake a review of the major risks to which the Trust is exposed. The Trustees continued to review the major risks to which the Trust is exposed, and to establish systems and actions to mitigate those risks idents.fied in the risk reglster where not already covered by th& Trust's existing syst8ms and risk management strategies. The prlncipal rfsks that the Trustees have Identified as hlgh risk are as follows: Loss or reduction of core funding - mitlgation via contlnued focus within the business plan and Fundraising Strategy. Resource development priority for the whole team during 2024125 2nd beyond. The charity's dependency on a number of key indivlduals - mitigation via succession planning. ensuring key information is recorded digilally. carrying out regu18r team meetings and the performance managemenuappraisal scheme. The long8r-t8m socio-èconomic imp8Ct of tha Coronavirus pand8mic and current wlder global economicl financial crises are impacting public funding - mitigation work is underway In tems of advanced business planning and focussed resource devalopment activity to bolster resilience and prepare for a potentially more competitive future funding environment. OBJECTIVES AND ACTIVITIES The objectives for which the Trust is established gre.. To advance the education of the public in the Arts. To educate and train young people and 8dults in work and life skills likely to enable them subsequently to find satisfactory employment or to start up in business and become self-employed and by such means 8130 to rdieve poverty. A provision in the interest of social welf8re and facilities for recreation and other leisure time occupations for Inhal￿tantS of Great Yarmouth and surroundlng areas, the facilities (i) of which those persons have need by reason of their youth, age, infirmity or disablement. poverty, or social and economic cir(xJmstances and (li) which will improve the conditions of life for Such persons by promoting their physical, mental, and spiritual well-being. The trustees believe tkey have complied with their duty to have due regard to the guidance on pU￿1C benefit published by the Comrnission in exercising their pvwers or duties. ACHIEVEMENTS AND PERFORMANCE

THE SEACHANGE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 In April 2024 Out There Arts entered its second year of its secon¢J round as an Arts Council England funded Natlonal Portfolio Organisation (ACE NPO). The organisation made signfficant hea(fviay towards achieving the targets set out within its NPO activity plan. Communlty & Young People In 2024-25 the organisation ddivered an expanded community and youth engagement programme. wrth a focus on diversity and inclusion, encouraging creative expression, cultural participation and collaborations bebNeen artists and some of the most disadvantaged, least engaged communities in the UK. Around 100,000 community and 5000 children and young people were engaged through a year round programme of creative and cultural events, fesb.vals and workshops. The NPO uplift has a target of engaging every school chlld in the Great Y8miouth Borough over 3 years. c.600h of this target was achieved 2023-24-25. Our &year Big Lottery funding for 8 community 6ng8gement project Called 'Stronger Connected Communiti88, completed in October 2024. In November 2024 the organisation secured 4 years of core funding from Esmee Fairbaim Foundation (£30,000 p.a.) towards a year-round community voice I neighbourhood transfomation project. In March 2024 2 years of fundlng (c£64.000) was secured from National Lottery Mlllion Hours programme towards a new, weekly youth club called 'Stomping Gound., for 11-18-year-olds. Activity took place in the Drill House. in public space and across school and community Settings. Out There Fesllval There was a shift in the dates of the Out There FestiV81 trom the month of September to M8y, the key aims of this change being ￿0fOld.. to enable Ihe organisation to be able to work more effectively with scho￿$ in order to meet the ambitlous NPO targets, and to facilitate a more balanced event dellvery year with the festival in May and potential for a further winter event in OctoberlNovember. Out There Festival took place in September 2024 and was once again a highly successful event with a world dass programme featuring over 38 nation81 and inlemational artistic companies 8nd attended by 100 sector professionals and an estimated 80,000 audiences. Economic impact of the event was estimated to be £3.4million. The 'lnsect Circus. presented their last ever show at the festival. featuring a community parade of over 1(Ki community participants. We delivered Young Out There. _ a programme strandlplatrorm to showcase young Ioc81 talent. We developed a highly successful partnership wilh East Norfolk Sixth Fom College who hosted a weeklong residency hub with intem8tional artists and support8d us to 8ngage with other Ioc81 schools. 10 schools and 1000 young people took part. Circostrada FRESH 2024-25 - planning has been ongoing to deliver the largest sector gathering of UKllntemattonal sector professiona15 to coincide with Out There Festival 2025. The event will be hosted by The Hippodrome Circu5. £350k Funding was secured from ACE to contribute trj this progr8mme and also develop an international touring partnership Beer and Clrcus Festival The Drill House also presented Beer & Circus Festival in September 2024 wlth a quallty programme of professional bands and Gabaret style theatre and circus acts. Attendance estimated 1000

THE SEACHANGE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Resldency Programme Creation Residency actlvity in the Drill House was busy. with 17 local, national, and intemational artists l artistic companies hosted this ye8r and 8 new creats'onsl co-productions 5UPPOrted. The Ice House Construction work commenced in Fabru8ry 2024 to restorelredevelop the historic Ice House building on Great Yarmouth's quayside to become a prominent multi-use v8nue and community hub, an intem8tional centre of excellence for circus training and creation in the future. Full funding for the c£3m development sch8me was secured in 2023-24 from key partners including Great Yarmouth Borough Counal and 'Towns Deal,; Architectural Heritage Fund and Brineflow (local business and previous owners), including a successful £1.96m application to Nation81 Heritage Lottery Fund. An additional £400,000 was secured in 2024 from Arts Councll England for technical fit out- scheduled for completion by the end of 2025. STRUCTURE, GOVERNANCE AND MANAGEMENT The Seachange Trust Is a Limited Company arKI registered charity (since 1996), the govemlng documents comprise a Memorandum and Article8 of Association. New truslees are recruited through open calls and recommendation and appointment Ihrough rotation, decided upon at the annual AGM and in line with the Memorandum and Articles of Association. The Seachange Trust is govemed by a board of 7 trustees with strong backgrounds in the arts, community development, local government communications, tourism, business, fundraising, economlc and business development, architecture 8nd education. The Board of Trustees provlde m8n8gement support and financial oversight, regularly reviewing risks to delivery. The full 8oard méets four times a year wlth a separate Financ8 Sub-commlttae {FSC) a180 m8&ting quarterly ahead of the full board to monitor and review finance8 Imanagement accounts and report backl make recommendations to the full board. Action focussed trustee 'wort(ing groups, also meet regularfy to support the staff t88m and also report back to the full board.. Children, Young P8ople and Communities Business and Employars Artists and Creative Progr8mm8s Environmental Sustainability Capital Works Joe M8ckintosh has b88n th8 CEOIArtistic Director of the organisation for over 25 years and has built the organisation into an intemationally recognised C8ntre of EX￿llenCe, has securing funds and leading projects worth over £15m. The CEOIArtislic Director is supported by a senior management team {SMT) comprising Executive Director, Executive Producer and Communications and Audience Dev8lopment Man8g8r. The SMT sats strategic plans, manages the wider staff team and reports to the Board ol TNstees and extemal funding bodies.

THE SEACHANGE TRUST TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 Financial management is overseen by an extemal finance management consultant (Triple Bottom Line Accounting), plus an in-house bookeeper. Annual audits are carried out by an independent accounting company (Sexty) who produce the year end statutory accounls. As 8n Arts Council England (ACE) funded National Portrolio Organisation, there are numerous opportunits'es available for trustees to t8ke part in free training events and trustees are required to follow the 'Good Governance, guidance provided (see attached importance of good govemance info. sheet). Trustees will also be directed to follow the Charit ovemance Code. A comprehensive organisational rlsk register has been put together to identify key areas of potential rfsk and mitigations to reduce the impact of those rlsks from a variety of p8rspective (reputational, financial, legal, practical delivery, capital works, health and safety alc.). The risk register is reviewed dynamically on an ongoing basis by the s8nior management team and by trustees 8t quarterly b08rd meetings. FUTURE PLANS AND GOING CONCERN The charity continues to operate In 8 tougher fundraising climate post pandemic with reduced grant- 8UPPOrt for c8rtaln activity and in the face of major glot)ai economic factors and Inflationary cost increasas. Resource development continues to be a priority focus for the whole staff team. W8 will conttnue to WO￿ wlth key funder8 and partners to grow longer tenn support and identlty opportunities In 2024 the Trust entered its sacor)J year of a second round a8 an Arts Council England Funded Nation81 Portfolio Organisation (ACE NPO). £597.176 per annum core funding was awarded for 3 years (2023-2026) including a Significant uplift of £200,000 per year towards an expanded programme of community and schools, engagemenL This level of core fundino for 3 years affords the organisab'on a welcome degree of stability. Plan8 for 2026126 Plans ara undeNiay to deliver a programme of the highest artistic quality wlth extended community reach. Key activity planned for 2025126 includes: Out There Festival . 17th edition of the Out There International Festlval of Stre8t Arts and Circus in May 2025- A strong emphasis on building neighbourhood activity, high quality International work. further development of Young Out There programme strand, Drill House co-productions and communitylschoolslyouth p8rh'cipation. Circostrada FRESH STREET#5 - Intemational Conference to take place alongside the Out There Festival between May 2840, 2025. This will be th8 first time the conference has been hald in the UK. bringing together 400 UKfintematlonal sector professionals artists, programmers, producers, and policymakers. The conference will foster discussions and exchanges on the future of outdoor arts, bringing together professionals to share insights and build nthorks. The conference will launch a three-year reciprocal axchange programme between the UK and Europe, tocusing on showcasing and touring outdoor arts. Freshly Greated CPP- Increased partnership work with Freshly Greated to grow community- led events 8nd participalory activity across neighbourhoods and demographics of low engagement. There will be a focus on Youth Muslc and opportunities for young bands to perform at the Drill House and Out There Festival. A year-round programme ot events and participatory activlty in and around the Drill House Including.. Family Saturdays, Stomping Ground Youth Club. Drillaz Circus school, schoolslcollegeluniversity engagement. events and activities co-produced by diverse communities working with artists, professional ticketed programming. Advan¢em8nt of the capital works and engagement activities with the Ice House -supported by multiple funders and stakeholders.

THE SEACHANGE TRUST TRU5TEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 FINANCIAL REVIEW Total incoming resources have increased by 45% from the prior year, an increase of £854,642. Much of the increas8 coming from grants aTrJ contracts, in particular restrFCted capital funds for the Ice House project. Additional detail on incoming resources is set OLrt in notes 4 to 6 of the financial statements. Expenditure on charitable objectives has decreased this year by 16.7% from the prior year, a decrease of £229,374. This expenditure relates to artistic programme costs, income generating activities and support costs, as shown in note 7 of the financial statements. Net outgoing resources for the period on unrestricted funds amounted to £7,395 (2024.. net outgoing resources £11,645), reflecting a small profit for the year. On restrlci8d funds net incoming resources amounted to £1,653,440 (2024.. net outgoing resources £600,289) which primarily refiects the increase in funds, of which National Herilage Lottery Fund, Great Yamouth Borough Council, Arts Council England, and Big Lottary being the main sources. Investment powern and pollcy Under thè M8morandum and Articles of Associ8tton, the charitable company has the power to Invest in any way the trust888 wlsh. R•8erve8 The trusts8s, having considered the potential risks facing the Trust and assessed future plans and development opportunities, would wish to retain minimum reserves sufficient to ensure an orderfy withdrawal from its operstlng role should thi8 prove necess8ry. In addltlon the trustees are mindful of the range of possibl8 and prob8bl8 need6 to maintain reseNes over and above this minimum level, includlng within this consideration of the increased likelihoc*l of significant future capital developments. risk liabilities in regard to increas8d event programming, cash flow and financial management needs in the context of a growing project programme and necessary strategic development work arising durirKJ a critical and f8St-developing period of change and growth for the organisation. Designated reserves have been eannarked for specrflo areas of activity. AUDITORS The auditors Sexty & Co Registered Auditors arè willing to continue in offlce and a r8solution to reappoint th8m will be proposed at the Annual General M8èting. By order of Ihe toard Chalr Hannah Roblnson diQ.L5

THE SEACHANGE TRUST REPORT OF THE AUDITORS TO THE MEMBERS OF THE SEACHANGE TRUST We have audited the financial statements of The Seachange Trust for the y8ar ended 31 March 2025 which cA)mprise the Statement of Financial Activities. the Balance Sheet, Cashflow statement and notes to the financial statements, including significant accountirKJ polici8s. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Flnancial Reporting Standard appllcable in the UK and Republic of Ireland. In ajr opinion the financial statements: give a true and falr vlew of the state of th8 charitable company's affairs as of 31 Ma￿h 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 Klngdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 20CE. 8a818foroplnlon We conducted our audlt In accordance with Internatlon81 Standards on Auditing and applthble law. Our responsibililies under those standards are further described in the Auditor's responsibilities for the audit of the financial stalements Section of our report. We are independent of the charitsble company in accordance with the ethic81 requirements that are relevant to our audit of the fln8nci81 statements in the UK, induding the FRC'S Ethlcal Standard, and we have fulftlled our other ethical responsibillties in accordance with these requirements. We belleve that the audit evidenc8 wa have obtained is sufficient and appropriat8 to provide a basis for our opinion. Conclu8lons rdatlng to golng concem In auditing the finanaal st8tement8, we have concluded that tha tnAStées' use of the going concem basls of accounting in th8 prepar81ion of the financial statements is appropriate. Based on the wot* we have perfomed. we have not Identified any rnaterial uncertainties relatlng to events or Conditions that, indivldu811y or collectively, may cast signrflcant doubt on the charitable company's abillty to continue as a going concem for a period of at least twelve months from when the financial statements are 8Uthorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concem are described in the relev8nt sections of this report. OttRrlnfomiatlon The other information comprises the infomation included in the trustees, annual report, oth8r than the financlal statements and our auditorfs report thereon. The trustees are responslble for the other Infonnation contsined within the annu81 report. Our opinion on the financial statements does not cover the other InfO￿natIon and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other informati{￿ Is materially inconsistent with the financial ststements or our knowledge obtained during the aL>Jit or otherwise appears to be materially misstated. If we identfy such material inconsistencies or apparent material misstatements, we are required to dete￿Ine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we hav8 performed, we conclude that there is a material misstatement of this oth8r infomatlon, we are required to report that fact. W8 have nothing to report in this regard.

THE SEACHANGE TRUST REPORT OF THE AUDITORS TO THE MEMBERS OF THE SEACHANGE TRUST (CONTINUED) nlons on other mattern presCrf1￿d bythe Companles Act 21Th In our opinion. bas8d on the work undertaken during the audit.. the information given in the trustees, ￿pOrt for the financial year for which the financial statem&nts are prepared is consistent with the financial statements., and th8 directors, report has been prepared in accordance with applicable leg81 requirements. Mattern ¢M %thlch we arn requ1￿￿ to rnport by excepllon In the light of the knowledge and understsnding of the charitable company and its environment obt8in8d during the audlt, we have not identified materi81 misstatements in th8 directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to r8POrt to you if, in our opinion: adequate accounting records have not been kapt, or retums adequate for our audit hav8 not been received from branches not visited by us; or 8 financial 3tstements are not in 8gr8em8nt with the aeLounting records and retums. or C8rtaln disdosures of directors, remunerats'on speclfied by law are not made. or we have not received all the infomation and explanations we r8quir8 for our audit R￿pOnSIbIlItIeS of tsustees As exFlained more fully in the trustees, responsibilities statement set out on pag8 5, the truslees are responsible for the preparation of the financial statements and for being satisfiad that they give 8 true and fair view, and for such int8mal control as the trustees detemiine is necessary to enable the preparation of financial statements that ar8 fr88 from mat8ri81 misstatement. whether due to fraud or error. In preparing the financAal statements. the trustees are responslble for assessing the ch8rltable company's ability to continue as a golng concem, disclosing, as applicable, matters related to going concem and using Ihe going concem basis of accounting unless the trustees either intend to liquidate the charitable company or to ce8se operations, or have no realistic 81ternative but to do so. Audftofs Trgponsjblllllesforthe audtt of theflnandal *ateme Our obJ"ects'ves are to obtain reasonable assurance aboLrt whether the financial statements a8 a whole are free from material mlsstatement, whether due to fraud or effor, and to issue an auditorfs report that Includes our opinion. Reason8ble assuranc8 is a high level of assurance but is not a guarantee that an auditconducted in accord8nce with ISAS (UK) will always detect a material misstatementwhen it exists. Misstatements can arise from fraud or error and are considered m8terial if, individually or in th8 aggregate, they could reasonably be expected to infiuence the economic decisions of users taken based on these ftn8ncial statements. Irr6gularities, including fraud, are instances of non-compliance with laws and regulations. we design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures can detect irregularities, including traud is detailed below-. The audit procedures are designed 50 that with reasonable assurance, material misstatements can be detected, inctuding those relating to fraud. Specifically, areas which involve provisions or estimations have been tested where material. io

THE SEACHANGE TRUST

REPORT OF THE AUDITORS TO THE MEMBERS OF THE SEACHANGE TRUST (CONTINUED)

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission, or misrepresentation.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

I A Barlow (Senior Statutory Auditor) For and on behalf of Sexty & Co Chartered Certified Accountants & Statutory Auditor 124 Thorpe Road Norwich NR1 1RS

Date: 17[th] December 2025

11

THE SEACHANGE TRUST STATEMENT OF FINANCIAL ACTIVITIES (Includlng Income and Expendtture Account) FOR THE YEAR ENDED 31 MARCH 2025 Total Funds 2025 Totaf Funds 2024 Unrestrfcted Restrlcted Fund Fund Notes Income from.. Grants and donations Investments Ch8ritable activities 745,841 5,168 108,628 1,890,416 2,636,257 1,710,356 5,166 3,045 108,828 182,008 Total Income 859,635 1,890.416 2,750.051 1,895,409 Expendtture on.. Raising funds Charitable objectives Other - Govemance costs Other- D8preciation 10,908 844,175 21,782 28,463 10,908 20,046 1,037,325 1,245,868 21,782 20.471 72,289 85,294 193,150 10 43,826 Total expendlturn 905.328 238,976 1,142,304 1.371,679 Net Income l {expendlture) before tax for the year (45.694) 1.653,440 1,607,748 523,730 Taxation 53,089 53,089 88,204 Net Income l (expendlture) after tax for the year 7,395 1,653,440 1,660,835 611.934 Net Income l (expendlture) and net movement In lunds for the year 7,395 1.653,440 1,660,835 611.934 Reconclllatlon of fund8: Totsl funds brought forward 974 416 1533,614 921,680 Total funds carrled fonmard $66,593 2 627 856 3 194 449 1533 614 The statement of financial activities includes all gains and losses recognlsed in the year. PJI incoming resources and resources expended relate to continuing activltles. The notes on pages 15 to 31 form part of these financial statements. 12

THE SEACHANGE TRU¥f (REGISTERED NUMBER: 3370914) BALANCE SHEET AS AT 31 MARCH J)25 Flxed assets Tangtble fix8d assets 10 11 2.012.113 705.741 Total Fixed Assets Current assets Stock Debtors Cash at bank and in hand 2.012.115 705.743 12 13 2.742 875.916 4.014 585.318 458.081 Tolal Cuffent Assets 1.4LYa. 1.047,413 (1(K).366) 831 Net current assets I2￿,478 Total asset8 less cuffent Ilabllllles 3,3LIJ,593 Creditors falling due after one year 15 (106.144) (119,176) Net assets 3.194.449 Charfty funds Restricted .income funds Projects Restricted income funds . C¥tsl Unrestricted fvnds - general fund Unrestricted funds - designated 18 1,649.429 978,427 100,000 466,593 312,C62 662.354 100,000 459,198 16 16 16 Total Unmtrfcted Funds 566,593 Total charlty funds 3,194,449 1533 614 The financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 20(A relating to small companies. Th8 financial statements were approved by the trustaes on ...... ... 2025. H Robinson Chalr J Newman Dlrector The notes on pages 15 to 31 form part of thes8 financial statements. 13

THE SEACHANGE TRUST STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2026 2025 2024 Cash flow from operating activities Net income l {expenditure) b8for8 tax for the reporting period (as per the statement of financial a￿[Vities) Adjustments for.. Depreciation charges Dividends, interest and rents frorn inv8Stments {Increase) I decrease In stock (Increase) I decrease in debtors Increase / {decr8ase) In creditors 1,660.835 611,934 72,289 (5,168) 1,272 (290,598) 85,294 (3,046) (2,068) (364,637) Net cash provlded by l (u8ed In) operatlng actlvltle• 1448.065 334218 Cash flow provlded by l (used In) Inve8tlng actlvlti Payments to acqulre tangible fixed assets Divldends, interest and rents from investments (1,378,661) 5,166 (165,395) Net cash flow from Investlng actlvltles 1373 495 Cash flow from nnanclng actlvltles Repayment of loans Net cash provlded by l (u8ed Inj flnanclng a¢tlvltles 10.764 Change In cash and cash equlvalents In th• reportlng perfod 72,570 171,869 Cash and ca8h equlvalents at the beglnnlng of the reportlng pertod Cash and cash equlval8nts at the end olthe reportlng perlod 458,081 286 212 530 651 458,081 Cash and cash equlvalent8 conslst of: Cash at bank and in hand 530,651 458,081 Cash and cash equlvalents at the end of the reportlng period 530 651 14

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES BASIS OF PREPARATION The charity constitutes a public benefit entlty as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended pra￿lce (SORP 2019) applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in th8 UK and Republic of Ireland (FRS 102), the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102>, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Practice in issue at 1 April 2023. Th8 financial statements are prepared on a going concem basis under the hlstorical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity and rounded to the nearest The significant 8ccounting policies applled In the preparation of these flnancial 8t8tements are set out below. The88 policies have been con8lstently applied to all years presented unless othernise stated. FUNDS Unrestricted funds are availab18 for us8 at the discretion of the trustees in further8nce of th8 general objectives of thg charity and which have not bean designated for other purposes. Design8t8d funds comprlse unrestricted funds that have been set asida by the trustees for P8rticular purposes. The aim and use of each designated fvnd is set out in the notes to the financial statements. Restrlcted fund8 are funds whlch are to b8 used in accordance wlth specific restrictions Imposed by donots or which have been raised by the charity for particular purposes. The cost of raising and 8dministerlng such funds are charged against the speclfi¢ fund. The aim and use of each restricted fund is set out in the notes to the fin8nci81 statements. INCOME RECOGNITION All incoming resources are included in the Statement of Financial Activities {SoFA) when the charity is legally entitled to the income after any performance condib'ons have been met, the £mount can be measured reliably, and it is probable that the income will be received. For donations to be recognised the charity will have been notifi8d of the amounts. If there are conditions attached to the donation and this requires a level of performance before entit18m8nt can be obtained, then income is deferred until thos8 Conditions are fully met or the fulfilment of those conditions is within the control of the ch8rity, and it is probable that they will be fulfilled. Income from govemment and other grants are recognised at fair value wh8n the chartty has ents'tlem8nt after any perfOn￿￿Ce conditions have b￿n met, it is probable that the income will be received, and the amount can b8 measured reliably. If entitjement is not met, then these amounts are deferred. 15

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THEYEAR ENDED 31 MARCH 2025 SUMMARY OF SIGNIFICANT ACCOUNTING I¥)LICIES (contlnued) EXPENDITURE RECOGNITION All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs ￿lated to the category. Expenditure is recognised where Ihere is a legal or constructive obligation to m8ke payments to third parties, it is probable that the settlement will be required, and the amount of Ihe obligatlon can be measured reliably. Irrecoverable VAT is charged 88 an expense against the actlvity for which 8xpenditur8 arose. ALLOCATION OF SUPPORT COSTS Support costs are those functions that assist the work of the charity but do not dir8Ctly undertake charitable activities. Support costs include baCk￿ffICe costs, finance, personnel, payroll and other costs which support the charity's delivery of projects and ev8nts. Support costs are primarily allocated to projects based on th8 levels set out in the underlying grant agreement. Residual 6UPPOrt costs are bome by unrestrlcted funds. FIXED ASSETS T8nglble fixed assets are stated at cost (or deemed cost) or v81uation less accumulated depreciation and accumulated impaimient Ioss85. From 1 April 2018 the truslees formallsed a policy that only indlvidual fixed assets costlng £1,000 or more are capit81ised. The trustees consider that this enables the charity to present 8 materially accurate representation of the fixed assets used by the charity whilst pennltting a cost-effective mechanism of recording and accounting for the assets it uses. Depreciation is provided on all tangible fixed assets, at rates CAlcul8ted to write off the cost, 18SS estimated residual value, of each asset on a systematic basis ovar its expected useful life as follows.. Flxtures, fittings and equipment- Marquees and related equipment Fixtures, fittings and equipment - other Land and buildings- hard landscaping Land 8nd buildings - tollet additions to Drill Hall Land and txjildings other Lease Premlum 50/0 siraight line 10% _ 331AgA str8ight line 5Vo Stralght line 6.67% straight line 29/0 straight line Over the terni of the lease STOCK Stock is measured at the lower of cost 8nd estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of converslon and other costs incurred in bringing the stock to their present location and condition. IMPAIRMENT Assets not rneasured at fair value are reviewad for any indication that the a5S8t may be impair8d at each balance sheet date. If such indication exists. the recoverable amount of the a55et, or the asset's cash generating unit, is estimated and compared to the carrying amount. ￿ere the carying amount exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carrled at a revalued amount where the impaimient lo&s is a revaluation decrease. 16

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (contlnued) INVESTMENTS Investrnents in subsidiaries are rneasU￿d at cost less imp8irment. DEBTORS AND CREDITORS RECEIVABLE I 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 impaiment are recognised in expenditure. CASHAT BANKAND IN HAND Cash at bank and In hand includes cash and short temi highly liquid investments with a short maturity of thre8 months or less from the date of acquisition or opening of the deposit or similar account. FINANCIAL INSTRUMENTS The Charity only has financial assets and financial liats'lrties of 8 kind that qU81ify as basic financial instruments. Basic financial instruments are initially recognised at trans8Ction value and subsequenlly measured at their settlement V81ue with the exceptlon of bank loans which 8re subsequently measured at the carrying value plus accrued income less repayments. The financing charge to expenditure is at a constant rate measured using the effectlvo Interest method. FOREIGN CURRENCY Foreign currency transactions are initially recognis8d by applying to the foreign currency amount the spot exchange rate between the functional currency and Ihe for8ign currency at the date of the transaction. Monetary assets and liabilities denominated in 8 forelgn curr8ncy at the balance sheet date are translated using tha closing rate. KEY JUDGEMENTS AND ASSUMPTIONS The preparatlon of the financial statemonts requlr88 judgements and assumptlons to be made that affect the reported carrying value of assets, liabilities, revenue end expenses. Significant judgements made in preparing the financial statements Indude the assessment of 8ny performance conditions attached to items of income which impact the degree to which income is recognised. TAX The charity IS 8n exempt 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 definits'on of a charitable company for UK corporation tax purposes. For 2024125 the charity anticipated a rebate of £53,089 (2024.. £88,204) relatlng to Theatre Tax Reli8f. GOING CONCERN The financial statements have been prepared on a going concem basis as the trustees b81ieve that no materiai uncertainties exist. The trustees hav8 considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgetsd income and expenditure are sufficient with the level of reserves for the charity to be able to ontinue as a going concern. 17

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 LEGAL STATUS OF THE CHARITY The Seachange Trust is a private charita￿e company limited by guarantee in England. In the event of the charity being wound up, the liability in respect of the guarantee is limlted to £1 per member Df th8 charity. The address of Ihe registered office is given in the charity infonration page of these financial statements. The nature of the charity's operations and principal activities are explained in the Trustees, Repcrt From December 2020 th8 charity began operating under the trade name Out There Arts. NET INCOME I EXPENDITURE FOR THE YEAR Net income l (expenditure) 15 Stated afier charging l (crediting).. Depreciats'on Auditors, remuneration.. audit services Forelgn exchange loss l (gain) 2025 2024 72,020 6,000 488 85,294 5,980 2,121 93 395 18

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM GRANTS AND DONATIONS During the period the trust received grants from the followlng: Unre8trlcted Restrlcted funds funds Total 2025 Total 2024 Norfolk County Council. Art Grant Award Earfy Chlldhood Community Funding SEND Fest Great Yarmouth Borough Council" Arts Development Service Contract Ice House - Townsdaal Volunteer Access Grant Wnter Gardens Cultural Support Grant Vislt Great Yarmouth {GYTABIA) Visit Great Yarmouth (GYTABIA) - OTF 6,184 6,184 6,184 1,800 5.6thJ 1,800 5,600 1,440 38,OC 38,000 44,000 3,075 15,763 20,000 44,000 3,075 15,763 20,000 406,OIJ) 111,982 30,000 30,000 Other Income Arts Coundl National Portfolio Funding. Arts Council England Capital Grant Ice House Architectural Herltage Funcr Freshly Grated Big Lottery Million Hours Awards for All Historic England" Norfolk Community Foundation grants MAP National Heritage Lottery Fund Voluntary Norfolk Circuscentrum Esrnee Fairbaim The National Lottery Cultural Fund Beach of Dreams Right to Succeed Hubbub Foundation 5,035 597,176 5,035 597,176 7,544 597,176 175,OCK) 19,295 175,000 19,295 275,758 30,000 28,180 30,000 30,000 14,090 14,090 27.731 27,731 12,478 12,478 15,000 15,000 6,523 6,523 1,500 1,500 1,508,330 1,508.330 53,000 8,000 79,951 3,288 13,353 30,000 30,000 20,081 2,046 1,550 6.000 20,081 2,046 1,550 6,000 Total Incomo from grants and donatlons 745,841 1890.418 2,636,257 1710 356 Grants and donations marked ' are govemment grdnt income. Income is only recognised where tha income recognition criteria set out in accounting policies are met. 19

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM INVESTMENTS All the charity's investment income arises from interest bearing bank accounts. INCOME FROM CHARITABLE ACTIVITIES The income arises from project management and contractual income £8,650 (2024.. £12,291). sales of tickets £5,089 {2024." £9,500), room hire £15,595 (2024.. £21,514), trading sales £47,805 (2024: £55.402) and other sales £31,489 (2024: £83,301). DIRECT CHARITABLE EXPENDITURE 2026 2024 Artlstlc programme Artist fees Other costs 148,910 326,820 223,525 429,148 2026 2024 Income generatlng actlvltle8 Salaries Other costs 6.940 27,731 9,509 44,707 2026 2024 Support costs Salaries Other support costs 330,742 196,182 320,890 218,090 1037 325 1245 889 2026 2024 Allocated as follow8: Unrestricted Funds Restricted Funds 844,175 1,057,095 193,150 188,774 1,037 325 1,245,869 20

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 GOVERNANCE COSTS 2025 2024 Financial and administration Legal and professional Audit fees.. current auditor 15,129 654 6,000 13,221 1.270 5.980 2026 2024 Allocated as follows: Unrestricted Funds Restricted Funds 21,783 20,471 STAFF COSTS 2026 2024 The cost of employlng staff was.. Wages and sa18ries Employers, Social security costs Employers, contribution to defined contributlon pension scheme 294,900 28,176 7.666 301,054 23,215 6.130 330,742 330,399 The average number of employees during the year was 9 (2024.. 9). No employees received total employee benefits (excluding employer pension costs) of more than £60,000 Tha trustees neither recelved nor waived any remuneration during the current or previous year. The trustees did not have any expenses reimbursed during the current or previous year. Th8 charity considers that the key management personn81 currently comprise the trustees, the Chief Executive and Arti8tic Director, the Executive Dlrector and the Executive Producer. The total employee benefits of the three key management personnel posts were £175,387 (2024. £168,022). The chatity operates a defined contribution pension plan for its employees. The amount recognised as an expense in th8 year was £7,666 (2024.. £6,130). Pension costs are allocated in accordance v41th the underlying activities of the individual. Vvhere individuals are allocated to restrictad fund projects then their pension costs are included in the restricted fund activities. 21

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 10 FIXED ASSETS Capltal project under constructlon Land & Bulldlngs Flxtures. flttlngs & oqulpment Totsl Cost As of 31 March 2024 Additions Transf8r8 154,897 1,356,189 1,564,251 549,570 22.500 (27) 2.268,518 1,378,689 <27) As of 31 March 2025 1,510,886 1,564.251 572,043 3,847,180 Depreclatlon As of 31 March 2024 Ch8rge for the year 1,147,931 14,179 414,846 58,110 1,562,777 72,289 As of 31 March 2025 1,162,110 472,958 1,635,068 Net book value As of 31 March 2025 1,510,886 402,141 99,087 2,012,113 As of 31 March 2024 154,897 416.320 134,724 705,741 11 INVESTMENTS 2026 2024 Subsidiary undertaking The Trust holds 100¥0 of th8 issued share capital of Great Yarmouth Seachange Trading Limited, which is registered in England. The company did not trade during the year, and its net liabilit188 on 31 March 2025 were £110 (31 March 2024.. £110). The Trust is the parent undertaking of a small grciup aThJ as such is not required by the Companies Act 2006 to prepare group accounts. 22

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STA TEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 12 STOCK 2026 2024 Goods for resale 13 DEBTORS 2025 2024 Trade debtors Pr8payments Accrued income Other debtors 2,700 77,149 688,400 107,667 184,551 29.259 346,392 25,117 875,916 585 319 Trade debtors includes bad debt provision of £NIL (£Nil in 2024) Accrued Income corresponds to £50,785 {£88.204 in 2024) in t8X theatre relief relating to 2025. Grants tot811ing £636,940 (2024.. £41,960) wer8 Included in 8ccrued Income where the charity considers it meets incom8 recognits'on requirements as set out in the accounting pollcies. Financial instruments included in debtors are basic and are measur8d at amortised cost. 14 CREDITORS: AMOUNTS FALLING DUE WIThIN ONE YEAR 2026 2024 Trad8 creditors Accruals and deferred income Other creditors Taxation and social security 16,837 84,706 30,521 8,967 16,858 45,919 28,597 8,992 120,831 Certain income of the charity Is contract incom8 that Is subject to ￿rtornianc8-re18ted or time-limited condth'ons. Where the income is ￿ceiVed in advance of delivaring the services required by those conditions th8 income is accounted for as a li8bility and shown on the balan￿ sheet a5 deferred income. Deferred income is released to income in the reporting period in which the performance-relatgd conditions or other conditions which limit recognition are met. 23

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR (continued) Movements on deferred income are: 2025 2024 Opening balance Amounts released to income eamed from charitable activities Amount deferred in year 1,978 (1,978) 15,967 2,000 (2,000) 1,978 Year4rKI balance Financial instruments included in creditors are b8SIC and are measured 8t amortised cost. 15 CREDITORS: AMOUNTS FALLING AFTER ONE YEAR 2025 2024 other creditors 106,144 119,176 106 144 119,176 16 FUND RECONCILIAnoN 2025: Restrlcted Restrlct8d fund fund projects ¢apltal Unrestrlcted funds Total 2026 Total 2024 FurKI balance as at 31 March 2024 Movements in year Restated funds 559,198 7,395 312,062 1,613,971 (276,604) 662,354 1,533,614 39,469 1,660,835 276,604 921,680 611.934 Fund balance as at 31 March 2025 566 593 1,649.429 978,427 3 194,449 1,533 814 Unrestricted funds ar8 analysed as follows: 2026 2024 Unrestricted - General Designated - Deprèciation - Drill Hall Designated - Depreciation - Other general fund assets Designated - Artistic Development and Production Designaled - Capital Programme 100,000 74,545 222,134 119.914 50.000 100,000 76,574 248,568 84,056 Balan￿ on 31 March 2025 566,593 559,198 24

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 FUND RECONCILIATION YEAR (contlnued) 2024: Restricted Restricted fund fund proJe¢ts capltal Total 2024 Restated Unrestrfcted funds Total 2023 Fund balance as at 31 March 2023 Movements in year Fund balance as at 31 March 2024 547,553 63.189 248 873 310,938 351418 921,680 611.934 807,903 113777 312 062 662 354 1533 614 921680 17 ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025: Restrlcted Restrlcted fund fund projects capltal Unre8trlcted funds Total 2026 Total 2024 TangitAe fixed assets Investment Current assets less credilors 1,033,686 978,427 2,012,113 705,741 467 095 1,649 429 1182,334 827,871 566,593 1.649,429 978,427 3,194,449 1,533 614 2024: Re81rfcted Restrlcted fund fund projects capltal Total 2024 Restated Unre8trfcted funds Total 2023 Tangible fixed assets Invastment Current assets less creditors 43.387 662,354 705,741 625,640 515,809 312,062 827 871 559 198 862,354 1,533614 921,680 25

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 MOVEMENT IN RESTRICTED FUNDS 2025: Fund balance 1 Aprll 24 Reststed Transfers Inl{out) Expendlture general fund Fund balance 31 March 25 Income Projects National Lottery Fund NHLF Ice House Delivery GYBC Volunteer Access GY Winter Gardens Nation81 Lottery - Million Hours Blg Lottery Awards for All Historic England Know Your Neighbour Norfolk Comm Foundation Wklcome to Norfolk GY YAB Phystcal Activites Funding Right to Succe8d Hubbub Found8tion ACE Major Projects 10,932 24,526 14,090 1.508,330 3,075 15,763 47,812 (25,022) (94,992) {1,569) (15,763) (30,697) 1,437,864 1,5(E 17,115 12,478 15,OlYJ (3,942) (15,000) 8,536 8,523 (1,592) 4,931 1,500 1,500 1,550 6,000 175,000 (1.550) (53) (2,970) 5,947 172,030 35,458 1,807,121 Capltal ACE Capital 2015116 ACE Small Capital 2018119, including NCC capit81 grant, Wirgin Money Foundation Grant and Geoffrey Watling Chanty) GYBC- Wnter Adaptations GYBC Cultur81 Support ACE CIP Ice Htyjse Capital GYBC Ice House Purchase GYBC Townsdeal AHF Ice House Project NHLF Ice House Development (193,150) 1.849.429 109.147 (16,425) 92,722 97,971 (24,842) 73,129 936 (610) (749) 326 19,251 19,295 20,000 19,295 48,300 (1,200) 47,100 408,000 240,486 36,118 44,000 450,000 240,486 36,118 938.958 83,295 (43,826) 978,427 974.416 18￿416 2￿,978 2,627,856 Archrtectural Heritage Fund (AHF) and National Heritage Lottery Fund (NHLF) Ice House development have been restated as Capital Projects. 26

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 MOVEMENT IN RESTRICTED FUNDS (CONTINUED) Detalls of restricted funds Archltectural Herltage Fund Funding towards the capital development scheme for the Historic Ice House on the South Quay of the river Y8re in Great y8￿noUth, comprisiro of detailed design plans, plannirvJ pemiission and initial capital works. The Natlonal Lottery Communlty Fund 'Big Lottery, _ three years, funding for 'Stronger Connected Communities, to support people to become more activ8 and connected to their communities through aC￿sS to facilities and activities including Family Saturday events,. making workshops. circus skills and training opportunities Great Yarniouth Borough Councll- Wlnter Adaptlon• Fund Funding to provid8 spaces to enhance COVID soclal dlstancing, including the improvement of outdoor spaces that are utilised for charitsble actlvities. Hlstorlc England - Know Your Nelghbour Know Your Neighbour is ft)Ilow on funding for 8 volunteer programme building on the previous years, Heritage Action Zone activity to strengthen community coh88ion, support indusion, build volunteer skills. Natlonal Lott•ry Herltag• Fund Funding from National Lottery Heritage Fund toward development of the project then further grant for re-development and restoration of the historlc Ice House. Grant covers Capital Works and Engagement programme delivery in 2024-26. ACE Capltal 2016118: A Treasury Grant, administered by the Arts Council, as part of the Government's Long-term Economic Plan for Ihe East. £125,1)00 of the fundlng provided w8S to enable repayment of finance debts of the Trust and therefore help tOW8rds putting It on a sound longer tem financial position. ACE Small Caplt•l Capital Funding trom Art8 Counc41 England to support minor works and 2018119 equipment in the Drill House and converslon of three adjacent storage Sheds into additional facilities. Thls includes a £10,000 matdi-funding contribution from Norfolk County Counal, a £35,000 match-funding contribution from The Virgin Money Foundats'on and a £6.000 grant from the Geofftey Watling Charity. Or•at Yarniouth Funding toward the purthase of the Ice House building and Capital Borough Councll Works stheme via Towns Deal Funding 27

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 MOVEMENT IN RESTRICTED FUNDS (CONTINUED) GY8C Volunteer Access Small local authority grant to improve access and support vdunteer activity within the local community. GY Wlnter Gardens Funding from National Lottery Heritage Fund administr8ted by GY Borough Council towards a schools and community héritage leaming I engagement programme around the restoration of th6 Winter Garden, featuring large scale prqections co-created with communities. GYBC Cultural Support Capltsl grant for r8P8irs and improvements to the Drill Hou88 facilities including black OLrt system, fira safety enhancements, accessible facilltles. Natlonal Lottery - Mllllon Hours 2 ye8rs' funding iowards 'Stomplng Ground, _ regular youth club actlvlty for 11-18 year olds. Natlonal Lottery Awards for All Funding tOW8rd repalr and refurbishment of Drill House accesslble facilities and C￿Munity kitchen. Norfolk Communfty Foundatlon Welcome to Norfolk Small grant to support young refugees to volunteer and be able to take part in cultural I creative programmes. GY YA8 Phy8lcal A¢llvlte8 Fundlng Small grant to support youth engagement and partlclpation in physlcal activities. Rlght to Succeed Small grant towar¢JS youth club activity. Hubbub Foundatlon Small grant towards yOLrth club activity. ACE Major Projects 3 year funding towards the Circostrada FRESH conference in 2025, Professional development and development of a UKllntemational touring partnership netrNorf( for outdoor 8rtists. ACE CIP Ice House Capital funding for tschnlcal fit out of the Ice House and other equipment for outdoor events - including staging, projectors, sound and lightlrvJ, rigging equipmerrt purchase and installation. 28

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 MOVEMENT IN RESTRICTED FUNDS (CONTINUEDI 2024: Fund balance 31 March 24 Restated Fund balance 1 Aprll 23 Transfern tol(from) Expendlture general fund Income Projects Archrtectural Heritage Fund- Ica Housa Project The Nation81 Lottery Community Fund Historic England- Heritage Action Zone Nab'on81 Heritage Lottery Fund- Ice House Delbvery Nation81 Heritage Lottery Fund- Ice House Development 3.418 275,759 (38,692) 240,485 11,(E9 28,180 (28,317) 10.932 10,712 53,000 41,960 {64,470) (17,434) 758 24,526 37,990 39,990 {39,862) 38,118 63,189 438,889 Capltal ACE Capital- 2015116 ACE Small Capital 2018119, includlng Norfolk County Council capital grant, Virgin Money Foundation grant and Geoffrey W8tling Charity) Great Yamouth BC Wnter Adaptations Great Yamiouth BC Purchase of Ice House GYBC Townsdeal (188,775) 758 312,061 125,572 (18,425) 109,147 133,450 {35,479) 97,971 2,416 49,500 (1,480) (1.200) 406,000 406,OLVJ 406,000 662,354 310,938 {54,584) 374,127 842,889 243 358 758 974 416 29

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STA TEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 19 RELATED PARTY TRANSACTIONS The Trust has a 1 OOVO owned subsidiary comp8ny, Great Yafmouth Seacharoe Trading Limited, which is incorporated in England. This has not traded during 2024r25. N Damin is a company director. B Wfilliamson is an elected councillor for Great Yarmouth Borough Council. During the y8ar the Trust re￿IVed management fees 8nd other income from the Council of £38,000 and £18,837 respectively (2024: £58,500 and £5,000). Other income indud8d an asset grant of £220,000 towards the Purchase of the Ice House. (2024.. £230,000>. Sales of £250 were generated in Ihe period (2024: £Nil). At the ye8r-end £Nil (2024.. £178,000) was due from Great Yamiouth Borough Council to th8 Trust. The Trust purchased seNices of £Nil (2024: £2,134) from Great Yarmouth Borough Council. At the year-end £Nil (2024: £165) was due to GYBC from the Trust. B Wlliarnson is the chalr of Great Yarmouth Preservatlon trust, during the perlod the trust purchased no services {2024.' £Nil) J W Newman is employed by Great Yamiouth Town Centre Partnership and Is a member of the HAZ Steering Group. During the year the Trust sold no s8rvices {2024: £Nil) to the company but did recelved sponsorship of £120 (2024: £Nil). At the year-end there were no balances dua toffrom the Trust (2024: Nil). C Todd is employed by EE Green. During the year the Trust sold no services {2024'. £Nil) to the company but did received sponsorship of £120 (2024: £Nil). At the year-end there were no balances due tofftom the Trust (2024: Nil). M Smlth is the proprietor of Sara's Tea Rooms. During the year the Trust Sold no seNlce8 (2024: Nil) to the business 2nd received no in sponsorship <2024.. £120). At the year-end there were no balances due toltrwi the Trust (2024: Nil). C Richards is the Principl8 of East Norfolk Sixth Fomi College. During the year the Trust sold services of £184 (2024.. £154) to the buslness and received Nil in sponsorship {2024: Nil). The Trust purchased servlces of £107 (2024. £300). At the year-end there were no balances du6 toffrom th8 Trust {2024: Nil). 30

THE SEACHANGE TRUST NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2026 STATEMENT OF FINANCIAL ACTIVITIES - 2024 COMPARATIVES Total Funds 2024 Unrestrlcted Restrlcted Fund Fund Income from". Grants and donations Invéstments Charitable actlV8tes 867,467 3,045 182,008 842,889 1,710,356 3,045 182.008 Total Income 1,052,520 842,889 1.895.409 Expendlture on: Raising funds Charitable objectives Govemance costs Imp8irment losslcharge for deweciatlon 20.046 1,057,094 20,471 30,710 20,046 188,774 1,245,868 20,471 85,294 54,584 Total 8xpendlture 1,128.321 243,358 1,371,879 Net Income l (expendlture) before tax for the year (75,801) 599,531 523,730 Ta¥8tion 88,204 88,204 Net Income l {expendlture> after tax for the year 12,403 599,531 611,934 Transfers betsveen funds (758) 758 Net movement In lunds 11,645 600,289 611,934 Reconclllatlon of ftinds: Total funds brought forward 547,553 374,127 921,680 Total funds carrled forward 659.198 974416 1533 614 31