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: 

- Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. 

- Obtain an understanding of internal control relevant to the audit to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion 

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. Conclude on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the charitable company to cease to continue as a going concern. 

- Evaluate the overall presentation, structure, and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation (ie. gives a true and fair view). 

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