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, p￿Serving 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 be￿een 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 Pra￿l¢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
reSoUr￿S 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 COn￿M 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.
Defe￿ed 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 charl￿S 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 eX￿sS 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 re￿gnISed 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