Company registration number. 10021217 Charity registration number: 1167779 Seaton Gateway Theatre Company Limited (A company limited by guarantee) Annual Report and Financial Statements for the Year Ended 31 March 2024 WESTCOTTS CNARTERED *¢¢OIJNTA14TS & BUSINESS ADVISERS
Soaton Gatsway Theatre Company Limitsd Contents Reference and Administrative Details Trustees, Report 2to6 Independent Examinerfs Report Statement of Financial Activities Balance Sheet Notes to the Financial Ststements 10t022
Seaton Gateway Theatre Company Limitsd Reference and Administrative Detalls Charlty Reglstration Number 1167779 Company Registrallon Number 10021217 Princlpal office and reglstered The Gateway offlce Seaton Town Hall Fore Street Seaton Devon EX12 2LD Trustees R A Weber A Bentley A Wilson P G Hotchki&s K E Newland C Gamwell J Ransom F Mills-Durston Independent Examiner Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 SAD Accountants Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 SAD Page 1
Seaton Gateway Theatre Company Limited Trustees. Report The trustees, who are directors for the purposes of company law, present the annual report together with the financial statements of the charitable company for the year ended 31 March 2024. Objectlves and actlvities Objects and aims To establish the Seaton Gateway Theatre Company vthich will promote. enhance, educate and provide Performing Arts and Cultural Activities for the benefit of the general public, visitors in Seaton and surrounding areas, pServing The Gateway Seaton Town Hall for future generations. Our charity's aim is as set out in our memorandum- To make Seaton Gateway Theatre a destination venue wth Perfomiing Arts and Cultural activities, ensuring access to all regardless of age or ability- To make Seaton Gateway Theatre a venue that supports existing and potential artists, musicians and actors, by seeking opportunities to encourage and support development of Performing Arts and Cultural Activities. Funding and grants Our Manager has dedicated time to concentrate on funding applications and, whilst larger grants are now notoriously difficult to secure for the arts venues, she has been successful in receiving smaller sums of money which combine to significantty support the charity in it's work. Publlc benefit The trustees confirm that they have complied with the requirements of section 17 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charty Commission for England and Wales. Use of volunteers As new volunteers come and many long standing ones continue the theatre's great wamith of welcome is held together by this core team. Undoubtedly fundamental to the growing success of the theatre, we a hugely indebted to our wonderful team who never fail to amaze us with their commitment, hard work and cheerfulness. The Manager holds a monthly meeting to maintsin good communication and the Front of House Officer maintains direct responsibility for day to day liaison. A regular social get together is held to show our huge appreciation to this team. Page 2
Seaton Gateway Theatre Company Limited Trustees. Report Achievements and performance 2023-24 Chair's Report: The figures for this financial year are testament to the hard work of staff and volunteers as the team has consolidated into an effective and efficient unit bringing 8 huge variety of entertainment. culture and sociallcommunity support. Community groups have grown and flourished providing all important social and psychological support to the town and the larger events are seeing very good ticket sales establishing The Gateway Theatre as the town's premier entertainment venue allowing the charity to ensure that the less profitable, niche cultural and educational events can still be brought to the community, accessible to a broad range of ages, abilities and interests. The building is a landmark in the very ntre of the town and it's continuance as a central community hub serwes as part of the town's identity as a community. A large part of the financial challenge this year w8S the cost of replacing the boiler and heating system for the building. The funds were ring fenced and paid at the end of the year without significant impact to our profrts for the year. This was supported by fundr8ising which continues to show terrific support from our community. Grants have also been achieved in excess of £8,000. We invested £3,000 in replacing our LED light fittings but expect a reduction in electricty costs as a result. We have decreased our website host costs but increased our on-line presence with clickthrough actions increasing by 100 per month. We have plans for further rebranding and social media presen to streamline procedures and make financial support to the charity more accessible. We have had numerous community led events such as Tea and Chat (weekly) to open the doors at no cost to local residents as a warm and welcoming social hub that includes entertainment. The primary school held their Christmas Carol Concert and we had a Christmas film morning for Brownies and Guides in addition to our popular Family Christmas Fun Day. We collaborated with other events in the town for Easter to run an Easter Scavenger Hunt. There was also a Coronation Event with support from Seaton Town Council and the polling stations and NHS blood donation continue to use us as a venue. It was a pleasure to be able to host the screening of a film made by Lyme Bay Fisheries about their innovative local proj&ct. Our film picnic night and gala nights still prove to be immensely popular and alongside the bigger gig nights prove to be the financial staple for the charity- Jazz Jurassica nights are also proving to be a very populsr brand bringing further diversity to our range of music for the area. Other collaborations are in the pl8nning stages. We still hope to welcome more in the form of amateur dramatics but, at present, there are no large amateur dramatic groups in the town. This remains a fim goal of the charity with plans for vnrkshops for a variety of performances genres. We do have 8 small workshop for local beginners to the saxophone that welcome other instrumentalists as a 'safe place, for performing with others and infomial leaming. We have established the very popular 'Seaton Sta. for local school age perfomers. Page 3
Seaton Gateway Theatre Company Limitsd Trustees, Report Ensurlng our work delivers our aims: As the repertoire of the theatre expands we are reaching a broader audience of local residents, the wider community and tourists with many mentioning that it is their first visit but won't be their last. We are mindful to maintain a warm welcome and accessibility to all and are working with local care homes 2nd schoolslnurseries to insure inclusion of the broadest age ranges whilst ensuring that strict safeguarding measures are in place. Staffing deployment has been streamlined for greater task efficiency separating financial responsibilrties from front of house tasks. Likewise our Manager and Programmer are both focused on clearly delineated job description5 to ensure lean but efficient staffing levels. Financial review Total income in the period totalled £215,743, an increase on the last period by £38,229. This can be broken down into income from donations and legacies (including patronage) of £16,245, income from grants of £9,208, income from Arts and Culture events (the main charitable activity) of £112,786, income from raising funds of £77,081 (including the sale of food and drink at events), and Other income of £423. The total expenditure of the Charty during this year amounted to £220,736 therefore a deficit has been made during the period. Expenditure that cannot be attributed to one single activity has been apportioned in the financial statements beeen cost of raising funds and the cost of charitable activities. The basis for apportionment is on the level of income generated by trading activities (raising funds) and also the income generated by charitable activities during the period as this is deemed to be the most reliable basis. Further details on the expenditure incurred during the period is shown in the notes to the financial statements. Pollcy on rnserves Our reserves policy follows the guiding principles from the Charities Commission SORP. At present Seaton Gateway Theatre only has the reserves as stated in the Statement of Financial Position. It is our target to have £43,300 reseNes. £5,000 cash flow reserve for day to day operations, reducing the risk for the need of overdrafts or loans. - £38,300 - 3 months operating costs for any unforeseen eventuality. Unrestricted reserves as at 3110312024 vrfere £32,412 which is not in line with our target reseNes. The Trustees aim to increase free reserves so that they are held at a level in line with our policy. Plans for futu periods Aims and key objectives for future periods Continue to focus on building our entertainment programme to the broadest range of residents of Seaton and beyond. Continue to work towards achieving our cash flow resenies. Continue to research and develop actions, including achieving a successful funding bid, towards achieving our vision for the charity of improved facilities to enable the greatest range and accessibility of events and participation for the local community. Page 4
Seaton Gateway Theatre Company Limitsd Trustees. Report Structure, governance and management Nature of governing document The organisation is a charitable company limited by guarantee, charity number 1167779. The company was established under a Memorandum ofAssociation which defined the objects and powers of the charitable company and is governed under its Articles of Association. Recruitment and appolntment of trustees The directors of the company are also the charity trustees. The directors are elected to serve for a period of 3 years, 2 terms maximum. The directors give their time voluntarily and receive no benefrts from the charity. A director may be appointed by ordinary resolution at a gener81 meeting providing the charity is given notice no less than 14 days to the meeting. Organisadonal structure The Trustees Board and Operations Manager meet on a quarterly basis, or as necessary to meet situations that may arise. The meeting reviews any outstanding actions from the previous meeting, our key performance indicators, finance, health and safety, goals and objectives as well as any other matters. Actions and ownership are assigned accordingly. Forthcoming events programme and any community activities are discussed at each meeting. Employee involvement The staffing team recruited in 2021 have worked hard to t8ke over the running of the theatre which was mothballed during lockdown. Sophia Mosely (Manager) and Ali Ransom (Programmer) have worked so well as a team to bring innovative new events to the building and redefined what was possible for the community. Separating the financial post from Front of House duties bought greater clarity to those roles and we have welcomed the arrival of Justine Clerk bringing wamith and efficiency to the crucial FOH role. ststement of trustees, responsibilities The trustees (who are also the directors of Seaton Gateway Theatre Company Limited for the purposes of company law) are responsible for preparing the trustees, report and the financi81 statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pral¢e), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" The report and accounts have been prepared in accordance with the provisions in the Companies Act 2006 relating to small companies. Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming reSoUrS and application of resources, including its income and expenditure, of the charitsble compsny for that period. In preparing these financial statements, the trustees are required to.. select suitable accounting policies and apply them consistently. observe the methods and principles in the Charities SORP,. make judgements and estimates that are reasonable and prudent- state whether applicable accounting standards, comprising FRS 102 have been followed, subject to any material departures disclosed and explained in the financial statements., and prepare the financial statements on the going COnM basis unless it is inappropriate to presume that the charitable company will continue in business. Page 5
Seaton Gateway Theatre Company Limited Trustees. Report The trustees are responsible for keeping proper accounting records that can disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrty of the corporate and financial information included on the charitable company's website. Legislation goveming the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Small companies provision statement This report has been prepared in accordance with the small companies regime under the Companies Act 2006. The annual report was approved by the trustees of the charity on behalf by: 1.7.1:.1 z.knd signed on its R A Weber Trustee Page 6
Seaton Gateway Theatre Company Limited Independent Examiner's Report to the trustees of Seaton Gateway Theatre Company Limited ('the Company.) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be au(Jited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act.). In carrying out my examination I have followed the Directions given by the Charity Commission under sedion 145(5){b) of the 2011 Act. Independent examiner's statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of Seaton Gateway Theatre Company Limited as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view, which is not a matter considered as part of an independent examination. or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities lapplicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)]. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understsnding of the accounts to be reached. Robyn Gifford-England ACA Westcotts (SW) LLP Timberly South Street Axminster Devon EX13 SAD Date.. Iq.12.2Lf Page 7
Seaton Gateway Theatre Company Limited statement of Financial Activities for the Year Ended 31 March 2024 {Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Total 2024 Total 2023 Note Income and Endowments from: Donations and legacies Charitable activities Other trading activities Investment income Other income 25,453 112,786 77,081 248 175 25,453 112,786 77,081 248 175 14,805 94,894 67,433 382 Total income 215,743 215,743 177.514 Expenditure on: Raising funds Charitable activities {67,363) (153,373) 167,363) (153,373) (64,536) (127,561) {192,097) (14,583) Total expenditure Net expenditure (220,736) (4,993) (220,736) (4,993) Net movement in funds (4.993) (4,993) (14,583) Reconciliation of funds Total funds brought forward 37,405 37,405 51,987 Totsl funds carried forward 21 32,412 32,412 37,404 A]1 of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 21. The notes on pages 10 to 22 fomi an integral part of these financial statements. Page 8
Seaton Gateway Theatre Company Limited (Registration number: 10021217) Balance Sheet as at 31 March 2024 2024 2023 Note Fixed assets Tangible assets Current assets stocks Debtors Cash at bank and in hand 15 54,084 49,793 16 17 1,540 4.764 23,825 1,400 2,988 40,487 30,129 44,875 Creditors: Amounts falling due within one year Net current assets 18 (18,741) (17,899) 11,388 26,976 Total assets less current liabilities 65,472 76,769 Creditors: Amounts falling due after more than one year 19 Net assets 133,060) 32,412 39,365) 37,404 Funds of the charity: Unrestrlcted income funds Unrestricted funds 32,412 37,404 37,404 Total funds 21 32,412 For the financial year ending 31 March 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors, responsibilities.. The members have not required the charity to obtain an audit of its accounts for the year in question in accordance with section 476.. and The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006. ncial statements on pages 8 to 22 were approved by the trustees, and authorised for issue on .i.t ..l.{. and signed on their behalf by= R A Weber Trustee The notes on pages 10 to 22 fomi an integral part of these financial statements. Page 9
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 1 Charlty status The charity is limited by guarantee, incorporated in , and consequently does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation. The address of rts registered office is-. The Gateway Seaton Town Hall Fore Street Seaton Devon EX12 2LD 2 Accounting policies Summary of significant accounting policies and key accounting estimates The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice (applicable to charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)) (issued in October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Basls of preparation Seaton Gateway Theatre Company Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy notes. Going concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity as at the end of the financial year. Exemption from preparing a cash flow statement The charity satisfies the criteria of being a qualifying entity as defined in FRS 102. As such, no cash flow statement has been presented for the company as advantage has been taken of the disclosure exemption available under paragraph 1.12 of FRS 102. Page 10
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Judgements and key sources of estimation uncertainty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expeclations of future events that are believed to be reasonable under the circumstances. Income and endowments All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of the income receivable can be measured reliably. Donations and legacles Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance by the charity before the charty is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in the reporting period. Legacy gifts are recognised on a case by case basis following the grant of probate when the administratorlexecutor for the estate has communicated in writing both the amount and settlement date. In the event that the gift is in the form of an asset other than cash or a financial asset traded on a recognised stock exchange, recognition is subject to the value of the gift being reliably measurable with a degree of reasonable accuracy and the title to the asset having been transferred to the charity. Grants recelvable Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where perfomiance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released. Defeed income Deferred income represents amounts received for future periods and is released to incoming resources in tho period for which, it has been received. Such income is only deferred when: The donor specifies that the grant or donation must only be used in future accounting periods., or The donor has imposed conditions which must be met before the charity has uncondttional entitlement. Government grants Gr£nts are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Where the grant does not impose specified future perfomiance-related conditions on the reciprent, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future perform8nce-related conditions on the recipient, it is recognised in income only when the perfomiance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability. Page11
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dtvidend due. Expenditure All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category. Where costs cannot be directly attributed to particular headings they have been allocated on a basis consistent wtth the use of resources, with central staff costs allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset's use. Other support costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntary income, the management of investments and those ncurred in trading activities that raise funds. Charitsble activities Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. Grant expenditure Grants payable are payments made to third parties in the furtherance of the charitable objectives. Where the charity gives a grant with conditions for its payment being a specific level of service or output to be provided, such grants are only recognised in the Statement of Financial Activities once the recipient of the grant has provided the specific service or output. Grants payable without performance conditions are recognised in the accounts when a commitment has been made and communicated to the recipient, and there are no conditions to be met relating to the grant which remain in the control of the charty. Grantprovisions Provisions for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty about either the timing of the grant or the amount of grant payable. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These include the costs attributable to the charlS compliance wf(h constitutional and statutory requirements, including audit, strategic management and trustees meetings and reimbursed expenses. Page 12
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 Taxation The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity 15 Potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £ I QO or more are initialty recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreciation and amortisation Depreciation is provided on tsngible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected usefijl economic lrfe as follows.. Asset class Leasehold Improvements Youth cafe equipment Fixtures, frttings and equipment Depreciation method and rats 10 Years Straight line 20¥0 reducing balance 200/0 reducing balance Stock Stock is valued at the lower of cost and estimated selling price less costs to complete and sell, after due regard for obsolete and slow moving stocks. Cost is determined using the first-in, first-out (FIFO). Cash and cash equivalents Cash and cash equivalents comprrse cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignfficant risk of change in value. Borrowings Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds. net of transaction costs, and the amount due on redemption being recognised as a charge to the Statement of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges. Borrowings are classified as current liabilities unless the charity has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtheran of the objectives of the charity. Page 13
Seaton Gateway Theatre Company Llmited Notes to the Financial Statements for the Year Ended 31 March 2024 Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Pensions and other post retirement obligations The charity operates a defined contribution pension scheme which is a pension plan under which fixed contributions are paid into a pension fund and the charity has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefrts relating to employee seTvice in the current and prior periods. Contributions to defined contribution plans are recognised in the Statement of Financial Activities when they are due. If contribution payments exceed the contribution due for service, the eXsS is recognised as a prepayment. Flnancial instruments Classification Financial assets and financial liabilities are recognised when the charity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any Contract that evidences a residual interest in the assets of the charity after deducting all of its liabilities. Recognldon and measurement All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liabilty is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financial assets and liabilities are only offset in the statement of financial position when, and only when there exists a legally enforceable right to set off the regnISed amounts and the charity intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derecognised when and only when al the contractual rights to the cash flows from the financial a55et expire or are settled, b) the charity transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or c) the charity, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another paty. Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires. Debt instruments Debt instruments Sre subsequently measured at amortised cost. Page 14
Seaton Gataway Theatre Company Limited Notes to the Financial Ststements for the Year Ended 31 March 2024 Investments Investments in non-convertible preference shares and non-puttable ordinary or preferen shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through profit or loss. Where fair value cannot be measured reliably, investments are measured at cost less impairment. Investments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifying for merger relief, cost is measured by reference to the nominal value of the shares issued plus fair value of other consideration. Any premium is ignored. 3 Income from donations and legacies Unrestrfcted funds General Total 2024 Total 2023 Donations and legacies-, Donations from individuals Patronage Grants, induding capital grants-, Total grants 16,245 16,245 10,383 752 9,208 25,453 9,208 3,670 14,805 25,453 4 Income from charitable activities Unrestricted funds General Total 2024 Total 2023 Ticket sales 112,786 112,786 94,894 5 Income from other trading activitles Unrestricted funds General Total funds Total 2023 Trading income., Bar and kitchen sales Ice cream sales Room hire Events income,. Fundraising events 54.101 1,277 20,155 54,101 1,277 20,155 47,687 1,054 17,427 1,548 1,548 1.265 77,081 77,081 67,433 Page 15
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 6 Investment income Unrestrlcted funds General Unrestricted funds General Total 2024 Total 2023 Bank interest receivable 248 248 7 Other income Unrestricted funds General Total 2024 Total 2023 Other income 175 175 382 8 Expenditure on ralslng funds a) Costs of trading activities Unrestricted funds General Unrestricted funds General Total 2024 Total 2023 Note Direct costs of trading activities Staff Costs Grants released 42,684 25,007 (328) 67,363 42,684 25,007 (328) 67,363 41,820 23,177 (461) 64,536 41,820 23,177 (461) 64,536 Unrestricted funds General Unrestricted funds General Analysis of direct costs Total 2024 Total 2023 Note Fundraising Costs of goods sold Depreciation Other direct costs Support costs 216 22.061 3,013 9,487 7,907 42.684 216 22,061 3,013 9,487 7,907 70 20,704 3,066 8,788 9,192 70 20,704 3,066 8,788 9,192 41,820 10 42,684 41,820 Page 16
Seaton Gateway Theatre Company Limited Notes to the Financial Ststements for the Year Ended 31 March 2024 9 Expendlture on charitable activities Unrestricted funds General Unrestrlcted funds General Total 2024 Total 2023 Note Educating the public in the arts of theatre, performance and drama Staff costs Support costs Loan interest 104,223 36,591 11,583 976 104,223 36,591 11,583 976 81,110 32,074 12,470 1,907 81.110 32,074 12.470 1,907 127,561 10 153,373 153,373 127,561 10 Analysls of governance and support costs Charitable activity Raising funds Total 2024 Total 2023 Communication & IT General office Governance costs 1,500 4,647 5,436 1,025 3,176 3,706 2,525 7,823 9,142 3,389 9,962 8,311 11,583 7,907 19,490 21.662 11 Net incomingloutgoing resources Net outgoing resources for the year include- 2024 2023 Depreciation of fixed assets 8,422 7,TTO 12 Trustees remuneration and expenses No trustees. nor any persons connected with them, have received any remuneration from the charity during the year. No trustees have received any reimbursed expenses or any other benefits from the charty during the year. The amount expenses waived by the trustees during the year totalled £Nil <2023 - £Nil). Page 17
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 13 Staff costs The aggregate payroll costs were as follows: 2024 2023 Staff costs during the year were: Wages and salaries Pension costs 60,545 1,053 54,338 913 61,598 55,251 The monthly average number of persons (including senior management I leadership team) employed by the charity during the year was as follows: 2024 No 2023 No Number of administrative staff No employee received emoluments of more than £60,000 during the year12023'. Nil). 14 Independent examlner's remuneration 2024 2023 Fees payable to the independent examiner for.. Independent examination of the financial statements All other services 589 4,138 4,727 548 3,988 4,536 Page 18
Seaton Gateway Theatre Company Limited Notes to the Financial Ststements for the Year Ended 31 March 2024 15 Tanglble fixed assets Furniture and equipment Land and buildings Plant and machinery Total Cost At 1 April 2023 Additions 46,778 12.713 22,971 17,233 86,982 12,713 At 31 March 2024 59,491 22,971 17,233 99,695 Depreciation At 1 April 2023 Charge for the year At 31 March 2024 9,356 5,949 16,033 1,387 11,800 1,086 37.189 8,422 15,305 17,420 12,886 45,611 Net book value At 31 March 2024 44,186 5,551 4,347 54,084 At 31 March 2023 37,422 6,938 5,433 49,793 16 Stock 2024 2023 Stocks 1,540 1,400 17 Debtors 2024 2023 Trade debtors Other debtors 2,841 1,923 2,988 4,764 2,988 Page 19
Seaton Gataway Theatre Company Limited Notes to the Financial Statements for tha Year Ended 31 March 2024 18 Creditors: amounts falling due within one year 2024 2023 Bank loans Trade creditors Other taxation and social security VAT rEpayable Other creditors Accruals and deferred income 5,650 6,780 1,043 5,650 4,372 1,863 711 141 5.162 181 5.087 18,741 17.899 19 Creditors: amounts falling due after one year 2024 2023 Bank loans Deferred income 30,188 2,872 35,847 3,518 39,365 33,060 20 Pension and other schemes Defined contrlbutlon pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £1,052 (2023 - £912). Page 20
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2024 21 Funds Balance at 1 April 2023 Balance at 31 March 2024 Incoming Resources resources expended Transfers Unrestricted funds General 25,405 216.550 (221,543) 12,000 32.412 Designated Funds- Boiler 12,000 (12,000) Total funds 37,405 216,550 (221,543) 32,412 The Gateway has paid out significant costs in respect of refurbishment in the previous two years and this overspend has come from surplus reserves bought forward. Balance at 31 March 2023 Balance at 1 April 2022 Incoming resources Resources expended Unrestrictsd funds General General 39,987 178,523 (193,106) 25,404 Deslgnated Designated Funds- Boiler 12,000 12,000 Totsl funds 51,987 178,523 (193,106) 37.404 Page 21
Seaton Gateway Theatre Company Limitsd Notes to the Financial Statements for the Year Ended 31 March 2024 22 Analysis of net assets between funds Unrestricted funds Generdl Total funds at 31 March 2024 Tangible fixed assets Current assets Current liabilities Creditors over 1 year Total net assets 54,084 30,129 (18,741) (33,060) 32,412 54,084 30,129 (18.741) (33,060) 32,412 Unrestricted funds General Total funds at 31 March 2023 Tangible fixed assets Current assets Current liabilities Creditors over 1 year Totsl net assets 49,793 44,875 (17,899) (39,365) 37,404 49.793 44.875 (17,899) (39,365 37,404 23 Related party transactions There were no related party transactions in the year (2023- Nil). 24 Non-adjusting events after the financial period During the time of sign off of these accounts, the Gateway is temporarily closed for essential health and safety improvements to the building. The Trustees and staff are working hard towards re-opening and do no believe that the temporary closure impacts on the charity5 abilty to remain a going o)ncem. Page 22