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 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.
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 re￿Iving 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
eff￿lenCy 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 Un￿rtaIntieS about the charitls ability to continue as
a going concern nor any significant areas of un￿rtainty 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 re￿iVed 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 re￿Ned.
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
Insignif￿nt 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 Inte￿St 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,
Can￿lled 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 fo￿ard.
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