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 2025 WESTCOTTS CHARTEREO ACCOUNTANTS 4 8U$INE$S ADVISERS
Seaton Gatsway Theatre Company Limited Contents Reference and Administrative Details strategic Report Trustees, Report 3to6 Independent Examinerfs Report ststement of Financial Actiwties Balance Sheet Notes to the Financial Statements 10t022
Seaton Gateway Theatre Company Limited Reference and Administrative Detsils Charity Registration Number 1167779 Company Registration Number 10021217 Prfncipal offica and registered The Gatewsy office Seaton Town Hall Fore Street Seaton Devon EX12 2LD Trustees R A Weber A Bentley A Wilson P G Hotchkiss K E Newland C Gamwell J Whitehouse C Wood 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 Limlted Strategic Report for the Year Ended 31 March 2025 The trustees, who are directors for the purposes of company law, present their strategic report for the year ended 31 March 2025, in compliance with s414C of the Companies Act 2006. Financlal revlew Total income in the period totalled £198,942, a decrease on the last period by £16,801. This can be broken down into income fram donations and legscies (including patronage) of £43,936. Gift aid reclaimed of £10,583, income from grants of £11,250, income from Arts and Culture events (the main charitsble activity) of £81,975, income from raising funds of £49,903 (including the sale of food and drink at events), and other income of £1,295. The total expenditure of the Charity during this year amounted to £234,674 therefore a deficit has been made during the period. Expenditure that cannot be attributed to one single activty 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. Pollcy on reseNes 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 tsrget to have £43,300 reserves. £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 3110312025 were in deficit which is not in line with our target reserves. The Trustees aim to increase free reserves so that they are held at a level in line with our policy. The strategic report was approved by the trustees of the charity on behalf by: lolzs.. and signed on its Chairma d trustee Page 2
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 2025. Objectives and activities Objects and aims To establish the Seaton Gateway Theatre Company which vrfill promote, enhance, educate and provide Performing Arts and Cultural Activities for the benefit of the general public, visitors in Seaton and surrounding areas. preserving The Gateway Seaton Town Hall for future generations. Our charity'5 aim is as set out in our memorandum", To make Seaton Gateway Theatre a destination venue with Performing Arts and Cultural activities, ensuring access to all regardless of age or 8bilty- To make Seaton Gateway Theatre a venue that supports existing and potentl81 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 reIving smaller sums of money which combine to significantly support the charity in it's work. Public 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 are indebted to our wonderful team of volunteers who never fail to am82e us with their commitment, hard work and cheerfulness. A regular social get together is held to show our huge appreciation to this team. Page 3
Seaton Gateway Theatre Company Limited Trustees, Report Achievements and performance 2024-25 Chalr's Report: The 2024125 financial year presented The Gateway Theatre Company with exceptional challenges that posed the most serious threat to date to the continuation of the charity. It is testimony to the huge support given to the charity that it is still in existence. With close liaison with our landlords, Seaton Town Council, we navigated a series of existential challenges to ensure that the theatre continues with its mission statement to provide a communty venue and access to the performing arts. The year commenced with a continuation of trends of previous years with April to October showing ticket sales up across a variety of entertainment and community events. Reflecting a growing reputation we had increasingly prestigious acts booked in for December and onwards, including Acantha Lang and Ferocious Dogs. However, a building insurance review by the town council revealed that there were H&S oversights including a lapse in the EleGtriGal Installations Certrficate Report renewal. Consequentially the building, including the Seaton Museum housed upstairs, had to be closed with no notice from the start of December until all H&S requirements were met to the satisfaction of the town council's insurers. Aside from the considerable building improvements that were required, to which the charity was required by the temis of its Lease to contribute S0°A, and technical equipment upgrades, for which the charity bear 100 % responsibility, trustees acted comprehensively to revise policies and procedures, in close liaison with its Landlords the town council, to ensure that such circumstances could never recur. With huge expenses involved, ticket refunds for any cancelled events (a few were relocated) and with no opening date there was no possibilty of putting any ticket sales on for future events the future of the charity was in serious doubt. In such a scenario it was not appropriate to start a Go Fund Me campaign as it appeared that the continued existence of the Charity was in doubt. Staff salaries continued to be paid but with no income and significant outgoings, trustees advised staff that notice of closure was imminent. However. an incredible act of generosity ensued as a small group of people donated sufficient funds to ensure that the staff were paid for the coming months and reserves could be put towards the impending bills. It only then appropriate to start a Go Fund Me Campaign, knowing that the monies raised would go directly into building improvements, for the benefit of the community. Trustees held a public meeting to advise the community of what had taken place and what would be done to ensure y could move forwards. The community rallied and local financial support flooded in. As a measure to improve future governance new trustees joined the board to bring greater specialised expertise and the H&S policies were completely rewritten. Trustees issued a questionnaire to the local community and theatre users to explore what w8s being well received and what needed improvement. There was extremely positive feedback regarding events being held and the wamith of the welcome and inclusion but there was a clear cry for reducing the cost of community hires. Trustees have acted on this. Towards the end of this financial year the opening date vrfas set at 23rd April. The charity returned to the building on that date and the new H&S protocols were implemented and all policies will continually be reviewed on a regular basis. Further to the questionnaire carried out during closure there has been a detailed review of community involvement with a push for greater collaboration with community users such as Seaton Music Society, and fundraising events are being undertaken. Trustee oversight will be thorough as new policies are implemented. Page 4
Seaton Gateway Theatre Company Llmited Trustees. Report There is now a great deal of optimism about the future based on the incredible community support and feedback that the charity continues to receive. Very considerable improvements have been made in management oversight and governance, but the vision remains the same.. To deliver accessible arts and entertainment and a social hub to the heart of the community. Ensuring our work delivers our aims: As the repertoire of the venue expands we are reaching 8 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 and 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 efflenCy separating financial responsibilities from front of house tasks. Likewise our Manager and Programmer are both focused on clearly delineated job descriptions to ensure lean but efficient staffing levels. Financlal review Total income in the period totalled £198,942, a decrease on the last period by £16,801. This can be broken down into income from donations and legacies (including patronage} of £43,936, Gift aid reclaimed of £10,583, income from grants of £11,250, income from Arts and Culture events (the main charitable activity) of £81,975, income from raising funds of £49,903 (including the sale of food and drink at events), and other income of £1,295. The total expenditure of the Charity during this year amounted to £234,674 therefore a deficit has been m8de during the period. Expenditure that cannot be attributed to one single activty has been apportioned in the financial statements between 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. Policy on reseThes 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 reserves. £5,000 cash flow reserve for day to day operations, reducing the risk for the need of overdrafts or 108ns. - £38,300 - 3 months operating costs for any unforeseen eventuality. Unrestricted reserves as 8t 3110312025 were in deficit 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. Structure. governance and management Nature of govemlng document The organisation is a charitable company limited by guarantee, charity number 1167779. The company was established under a Memorandum of Association which defined the objects and powers of the charitable company and is governed under its Articles of Association. Page 5
Seaton Gateway Theatre Company Limitsd Trustees, Report Recrultment and appointment 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 diredors give their time voluntarily and receive no benefts from the charity. A director may be appointed by ordinary resolution at a general meeting providing the charity is given notice no less than 14 days to the meeting. Organisatlonal 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. Statement 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 financial statements in accordance with applicable law 8nd United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland" Company law requires the trustees to prepare financial statements for each financial year. Under company law the trustees must not approve the financi81 statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including its income and expenditure, of the charitable company 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., stste 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 ststements on the going concem basis unless it is inappropriate to presume that the charitable company will continue in business. 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 integrity of the corporate and financial information included on the charitable company's website. Legislation governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. The annual report was approved by the trustees of the charity on behalf by.. and signed on its CGa Chairma d trustee Page 6
Seaton Gateway Theatre Company Limited Independent Examlner'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 2025. Responslbilities 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 8ccordance with the requirements of the Companie5 Act 2006 ('the 2006 Act,). Having satisfied myself that the accounts of the Company are not required to be audited 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 section 145{5)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm 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 8ccounts 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 thal the accounts give a ttrue 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 [applicable 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 understanding of the accounts to be reached. Robyn Gifford-England ACA Westcotts {SWI LLP Timberly South Street Axminster Devon EX13 SAD Date.. 2.2.1.1 L |.L5.... Page 7
Seaton Gateway Theatre Company Limitsd statement of Financial Activities for the Year Ended 31 March 2025 (Including Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Unrestricted funds Totsl 2025 Total 2024 Note Income and Endowments from. Donations and legacies Charitable activities Other trading activities Investment income Other income 65,769 81,975 49,903 65,769 81,975 49,903 25,453 112,786 77,081 248 175 1,295 1,295 Total income 198,942 198,942 215,743 Expenditure on: Raising funds Charitable activities (73,834) 160,840 (73,834) (160,840) (67,363) (153,373) Total expenditure (234,674) 1234,674) (220,736) Net expenditure Net movement in funds (35,732) (35,732) 4,993) {35,732) (35,732) (4,993) Reconclllatlon of funds Total funds brought forward 32,412 32,412 37,405 Total funds carried forward 21 (3,320) 3,320) 32,412 All of the charity's activities derive from continuing operations during the above Iwo periods. The funds breakdown for 2024 is shown in note 21. The notes on pages 10 to 22 fonn an integral part of these financial statements. Page 8
Seaton Gateway Theatre Company Limitsd (Registration number: 10021217) Balance Sheet as at 31 March 2025 2025 2024 Note Flxed assets Tangible assets Current assets Stocks Debtors Cash at bank and in hand 15 47,504 54,084 16 17 300 11,112 9,464 20,876 (19,114) 1,540 4,764 23.825 30,129 Creditors: Amounts falling due within one year Net current assets 18 (18,741 1,762 11,388 Total assets less current IFabilities 49,266 65,472 Creditors: Amounts falling due after more than one year 19 Net (liabilities)lassets (52,586) (33,060) 3,320) 32,412 Funds of the charity: Unrestricted income funds Unrestricted funds (3,320 32,412 Total funds 21 3,320 32,412 For the financial year ending 31 March 2025 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 charty to obtain an audit of its accounts for the year in question in accordance with section 476., and The directors acknowledge their responsibilities fr)r complying with the requirements of the Act with respect to accounting records and the preparation of accounts. The financial statements on pages 8 to 22 were approved by the trustees, and authorised for issue on .l.).and signed on their behalf by- Chair and trustee The notes on pages 10 to 22 fom 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 2025 I Charity 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 its 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 othemise stated. Statement of compliance The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended practi (applicable to charities preparing their accounts in accordance 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. Basis of preparation Seaton Gsteway 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 UnrtaIntieS about the charitls ability to continue as a going concern nor any significant areas of unrtainty 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 Limitsd Notes to the Financial Statements for the Year Ended 31 March 2025 Judgements and key sources of estlmatlon uncertalnty The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the Smounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations 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 reiVed and the amount of the income receivable can be messured reliably. Donations and legacies 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 charity 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. Grants receivabl• 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 liabilty and included on the balance sheet as deferred income to be released. Deferred Income Deferred income represents amounts received for future periods and is released to incoming resources in the 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 futur8 accounting periods; or The donor has imposed conditions which must be met before the charity has unconditional entitlement. Government grants Grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurants thst the company will comply with the conditions att8ching to them and the grants will be reNed. Where the grant does not impose specified future perfomance-related condbtions on the recipient, ti is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria. they are recognised as a liabilty. Investment income Dividends are recognised once the dividend has been declared and notification has been received of the dividend due. Page11
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 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 with 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 incurred in trading activities that raise funds. Charitable 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 pendIture 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 perfomiance 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 eiiher 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 propety 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 charity's compliance with 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 Ststements for the Year Ended 31 March 2025 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 t8x purposes. Accordingly, the charty is 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 g8ins are applied exclusively to charitable purposes. Tangible fixed assets Individual fixed assets costing £150.00 or more are initialty recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Depreclation and amortisation Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows.. Asset class Leasehold Improvements Youth cafe equipment Fixtures, fittings and equipment Depreciation method and rate 10 Years Straight line 20 /0 reducing balance 20°h reducing balance Stock Stock is valued at the lower of cost and estimated selling pri 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 equlvalents Cash and cash equivalents comprise cash on hand and call deposits, and other short-tem highly liquid investments that are readily convertible to a known amount of cash and are subject to an Insignifnt 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 e1ve months after the reporting date. Fund structure Unrestricted income funds are general funds that are available for use at the trustees discretion in furtherance of the objectives of the charity. Page 13
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 Pensions and other post retirement obligatlons 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 service 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 servi, the eX$S is recognised as a prepayment. Financial 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 InteSt in the assets of the charity after deducting all of its liabilities. Recognition and measurement All financial assets and liabilities are initially measured at transadion 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 nomially 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 recognised 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 a) the contractual rights to the cash flows from the financial asset expire or are settled, b) the charity transfers to another party substantially all of the risks and WardS of ownership of the financial asset, or c) the chartty, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party. Financial liabilities are derecognised onty when the obligation specified in the contract is discharged, Canlled or expires. Debt instruments Debt instruments are subsequently measured at amortised cost. Page 14
Seaton Gateway Theatre Company Limited Notes to the Financlal Statements for the Year Ended 31 March 2025 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 Unrestricted funds General Total 2025 Total 2024 Donations and legacies., Donations from individuals Gift aid reclaimed Grants, including capital grants., Total grants 43,936 10.583 43,936 10,583 16,245 11,250 65,769 11,250 9.208 65,769 25.453 4 Income from charitabl8 activities Unrestricted funds General Total 2025 Total 2024 Ticket sales 81,975 81,975 112,786 S Income from other trading activities Unrestricted funds General Total funds Total 2024 Trading income; Bar and kitchen sales Ice cream sales Room hire Events income., Fundraising events 30,525 840 17.584 30,525 840 17,584 54,101 1.277 20,155 954 954 1,548 49,903 49,903 77,081 Page 15
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 6 Investment income Unrestricted funds General Total 2025 Total 2024 Bank interest receivable 248 248 7 Other income Unrestricted funds General Total 2025 Total 2024 Other income 1,295 1,295 175 8 Expenditure on raising funds a) Costs of trading activities Unrestricted funds General Unrestrlcted funds General Total 2025 Total 2024 Note Direct costs of trading activities Staff Costs Grants released 49,389 24,832 (387) 73,834 49,389 24,832 {387) 73,834 42,684 25,007 (328) 67,363 42,684 25,007 {328) 67.363 Unrestricted funds General Unrestricted funds General Analysis of direct costs Total 2025 Total 2024 Note Fundraising Costs of goods sold Depreciation Other direct costs Support costs 176 15,592 3.308 21,478 8,835 176 15.592 3,308 21,478 8,835 216 22,061 3,013 9,487 7,907 216 22,061 3,013 9,487 7,907 49,389 49,389 42,684 42,684 Page 16
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 9 Expendlture on charitable activities Unrestricted funds General Unr8Stricted funds General Total 2025 Total 2024 Note Educating the public in the arts of theatre, performance and drama Staff costs Support costs Loan Inte$t 108,819 37,458 13.731 832 108,819 37,458 13,731 832 104,223 36,591 11,583 976 104,223 36,591 11,583 976 10 160,840 160,840 153,373 153,373 10 Anatysis of governance and support costs Charitable activity Raising funds Total 2025 Total 2024 Communication & IT General office Governan costs 1,003 3,379 9,349 13,731 669 2,242 5,924 1,672 5,621 15,273 3,389 9,962 8.311 8,835 22,566 21,662 11 Net Incomlngloutgoing resources Net outgoing resources for the year indude.. 2025 2024 Depreciation of fixed assets 8,265 8,422 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 benefts from the charity during the year. The amount expenses waived by the trustees during the year totalled £Nil (2024 - £Nil). Page 17
Saaton Gataway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 13 Staff costs The aggregate payroll costs We as follows: 2025 2024 Staff costs durlng the year were: Wages and salaries Pension costs 61,253 1,037 62,290 60,545 1,053 61,598 The monthly average number of persons (including senior management I leadership team) empbyed by the charity during the year was as follows: 2025 2024 Number of administrative staff No employee received emoluments of more than £60.000 during the year (2024.. Nil). 14 Independent examiner's remuneration 2025 2024 Fees payable to the independent examiner for: Independent examination of the financial statements All other services 620 4,287 4,907 589 4,138 4,727 Page 18
Seaton Gatsway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 16 Tangible fixed assets Fumiture and equipment Land and buildings Youth cafe equipmant Total Cost At 1 April 2024 Additions 59,491 22,971 1,685 17,233 99,695 1,685 At 31 March 2025 59,491 24,656 17,233 101,380 Depreciation At 1 April 2024 Charge for the year At 31 March 2025 15,305 5,949 17,420 1,447 12,886 869 45,611 8,265 21,254 18,867 13,755 53,876 Net book value At 31 March 2025 38,237 5,789 3,478 47,504 At 31 March 2024 44,186 5,551 4,347 54,084 16 Stock 2025 2024 Stocks 300 1,540 17 Debtors 2025 2024 Trade debtors Other debtors 605 10,507 2,841 1,923 11,112 4,764 Page 19
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 18 Creditors: amounts falling due within one year 2025 2024 Bank loans Trade creditors Other taxation and social security Other creditors Accruals and deferred income 5,650 6,971 1,300 756 4,437 19,114 5,650 6,780 1.043 181 5,087 18.741 19 Creditors: amounts falling due after one year 2025 2024 Bank loans Other loans Accruals Deferred income 24,530 10,000 15,700 2,356 30.188 2,872 33,060 52,586 20 Pension and other Schemes Deflned contrlbutlon pension scheme The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the chsrty to the scheme and amounted to £1,037 {2024 £1.052). Page 20
Seaton Gatsway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 21 Funds Balance at 31 March 2025 Balance at 1 April 2024 Incoming resourc85 Resourcos expended Unrestricted funds General 32,412 199,588 {235,320) (3,320) The Gateway has paid out significant costs in respect of refurbishment in the previous bNO years and this overspend has come from surplus reserves bought foard. Balance at Balance at 31 March 2024 Incomlng Resources resources expended 2023 Transfers Unrestrfcted funds General General 25.405 216,550 (221,543) 12,000 32.412 Deslgnated Designated Funds - Boiler 12,000 (12,000) Total funds 37,405 216,550 (221,543) 32,412 Page 21
Seaton Gateway Theatre Company Limited Notes to the Financial Statements for the Year Ended 31 March 2025 22 Anatysls of net assets between funds Unrastricted funds General Total funds at 31 March 2025 Tangible fixed assets Current assets Current liabilities Creditors over 1 year 47,504 20,876 (19,114) {52,5861 (3,320 47,504 20,876 (19,114) 52,586 Total net assets (3,320) Unrestricted funds General 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) (33,080) 32,412 54,084 30,129 (18,741) (33,060) 32,412 23 Related party transactlons Other than the following, there were no related party transactions in the year (2024.. Nil): Trustees donated a total of £25,000 during the year. Page 22