Company registratiin number. 01495543 Charity wistratKJn number. 280278 Gate Theatre Company Llmited(the) IA coThpary limited by guarantee) Annual Rep)rt and Finan(ial Ststements for the Year Ended 31 March 2023 Lucraft Htrjgson & Dawes LLP 214 Ash Lane Rustsngton Liiuehampt West Sussex BN16 3BZ 11111111 "A(FBP)V5* 31110rk023 COMPANIES Gate Theatre Compary Llmited{thel Contonts RefererKe and AdministratNe C)*il$ Strategic Report Chief Execulive's Report 3to4 Trustees, Rep)rt 5t08 Independent Examine¢s Rep*)rt Statement of Finan¢k41 Actiwtses 10 Balan￿ Sheet 11 stalemenl of Cash Flows 12 Notes to the Financkql Ststements 13to26 Gate Theatre Company Llmited(the) Rof•rnn¢• and Adminlstrative D#ta Chair Ms Shamishts Chakrabarb Sian Aexander Dav￿ Lakhdhir Jan Baiskr Sarah Frankcom Rahul Sinha Ms Shamiishta Chakrabarti Mr Jason Femandez Mr Jonathan Charles Evans Secretary Lucy Jane Perman Ms Ntha Clements Senlor Management I Leadership Team NicoLa Ckments. Execuli¥e Th'rector aTrJ CEO stef O'Driscoll. Interim Artistic Director Charity Registration Number Company Regi$tralion Nuth 01495543 The tharity ￿ incorForated in EnglarKI & Wale5. 26 Crowndale Road Lorthn . NW11 1 280278 Registered Office Auditor Lucraft Hodgson & Dawes LLP 214 Ash Lane Ruslington Lrtuehampton West Sussex 8N16 3BZ Page 1 Gate Theatre Company Limitedltho) Stratsgie R•port for th• Yèar Ended 31 M•r¢h 2023 The trustees. vtho are direrAor5 for the purposes of LX)mpany kw. present their strategic report for the year ended 31 March 2023. n COM￿lanCe s414C of the Ac* 20￿. Chalfs Report 2022123 was a year of halves in which Gate theatre made &gnificant progress in recovery post-pandemic through a venue rek)catK>n. key leadership apFointrnents and delivering innovative. exciting arb.slic work to scale for the first ts.me 2020. However. this was marred by the devasling decisK*n by the Arts Council to cut 1￿% of Ihe wular fundir#J th* made up 45% of the Gate's annual tumover. Public opinion o in our favour, notsbty mentioned In the nattonal and consistenty outstanding reviews for Bootycandy, and the support and affeth.on from industy peers. audiences and local communty partners has been heartening. Initial strategy work dearty shows the impact of 43 years of artist development. intemational programming and innovative apwoaches to theatre-making. indicakn'ng solid case for the Gate's continued e￿Sten￿. In anticipation of the rek￿tion and increased risks around eamed as the theatre industy continues to fed the effects of the pandern￿, *ryth sk)w-to-rebJm audiences, changed exFeclations around wotfr plac11￿ and a r￿tional cost of living uigs. reserves were designated as a Relocalion fund in order to support in¢￿ased expenditu￿ and reduced income for 22f23. The year ended with strong cash posit￿n and a generous up reserve in p￿ce whth will be revEwed and reduced once organisalK)nal plannin9 has taken ￿aCe. antsctpating much reduced overheads and liabilities ty end of 2023124. This work has alreajy Wun our nvw Executive Th'rector and CEO Nicda Clements who pned n November 2022. We are grateful for the 5upF￿ of our donors. stakeholders and audiences as we rebuild. The following report oullines the key artistic oryanisational xtr4ity from the last year. The strategic report was apwoved by the trustees of the charity on 25 August 2023 and signed on its behalf by: Ms Sharmishta Chakrabarti Chair and trustee Page 2 Gate Theatre C¢xnpany Llmit¢dlthe) Chief Execulive's Report for the Year Ended 31 March 2023 The chief execub.ve presents their rep)rt and revie4V of the year for the year ended 31 March 2023. Introduction In 2022, the Gate moved operations to Theatro Technis @ 26 Crowndale. a step-free and wheelchair accessible home in Camden. The lease was ended on the premises atthte the Prince Albert pub in Notthing Hill. which whilst held in great affect￿ by artists. slaff and aud*nces of the Gate, c¢uld not be made accessitAe and the￿fOre no longer served (yjr missKJn. We were thrilled lo announce the apFoirknent of our new Chair. Baroness Sharni Chakrabarb, and our fir51 fv11 season of Gate-projuced work Sin￿ pre-pande￿c'. Bootycandy. HOT IN HERE and Brassic FM is a season of intemational votts. emergng arts.sts and contemporary issues curated by Intenm Stef O'Driscoll. Unfortunatety, we also f*ed the challenging derysion of the Arts Counal not to continue our regular NPO funding, which will nece$￿te a review of our business mtsjel. Transtbon funding was secured. enabling us to honour our commitrnents to arb.sts and aUd￿ceS and ensuring our 2023 season remained viable. but further busness develow￿l work is being undertaken urgently to explore options fof the future of the Gate. Our work Route27.. Voices A farewell exhibitK)n at the Pembridge Road venue ￿rated by desyner Hazel Low. culminated in an event introdLtcing donors and stakeholders to ojr new IK)me. travelling there along the bus route be￿een Notting Hill and Camden (Route 271. The Caravan PAD ." Our VoKes Led by the Young Associates in partnetship wth Small Truth Theatre, presented three original audio plays, performed live InS￿e the Caravan Theatre for the Henry Dickens Community Centre and Migrants Organise Charity. as as in Portobello Market. and recorded al Gate Theatre. '.ii ravanlheatre.co.uklour-voic2s at&lheatre A Sudden Burst of V￿ent Rain The firsl production in our new ￿)rne. A Sudden Burnt of Videnf Rain. was a co-production with Paines Plough and Rose Theatre ￿"ngStOn. Directed by Associate Oirector Yasmin Hafesji, it was a poetic fable from playwright Sami Ibrahim deP￿tIng an Impenetrab￿ immigrdtion system. The production was wamty reeerved for rts im4inalion and stirr&1 hearts and minds for ils poignancy. particularfy as at the ts'me of FertoM￿nCe. the govemment was being condemned for ils hostile treatment of asYl￿n seekers. Boo and Written by Ro￿rt O'Hara and directed by AsscKiate Artist Tristan Fynn-Aiduenu. Bootycandy was the most ambitious production the Gate has ever produced. both in scale and o)ntent. Critical and audience responses were fantssb'cally suc￿sSful {4 and 5 ' reviews) and word of moulh drove bcket saks to meet cautious t*)x Offi￿ targets. Page 3 Gate Theatre Company Limiledlthe Chi•f Etsculiv¢'s R•port for th• Y•ar End￿ 31 PAar¢h 2023 Our ¥udion¢oS During 2022r2023 dis11￿uted and sokl 2.720 ttd(ets across 59 event instances. We continued our Gale Late series and wraparound activity. working vAth Migrants Organise. presenting our )Irst ever Blackout performance and increasing access provision in line with our phpcally accessible theatre space by offenng relaxed. audit>described. BSL interpretats'on and captM?ned performances. Aud￿nCe Finder identsfies our top custorner profiles as foll￿ 41% as Metroculturals, 22% as Kaleidoscope Creativity. and 18Qkn as Experience Seekers. 1I4e are very proud to see a 7% increase in Kaleidescope creats.vity from last year. a group recognised as having Icw cultural engagement preferring free. Ictal, {￿lIUralty speafic arts. This speaks to our audien￿ development and communty strategy, as well a5 the nature of our programming speakn.ng to these audiences. The 4% increase in the Experience Seekets ¢alegory can also be attn"buted to our prc#3ramming, whth appeals to diverse, highty active and arn￿.￿.0Us arts engageTr. as the Gate known for its risk taking and produung work not seen M other stages. New customers actount for 77% of btyJking5 for A Sudden 8urst of Ww)lenl Rain and 78% for Bootycandy. Student and Under 26s remain one of our strongest demograph￿ 123%) and we welcomed 8% of I￿)OkerS for ASBVR retum for Bootycandy. Our engagement on our digital ￿tforMS rose this year. folkx¥ing the annoUn￿￿nt of Ihe Gate Theatre move to Camden, as well as iwo major prcrtjuciions. Our websile received 52.101 ¥i5ilors, an in¢rease of 48% on the previous year. Our most visited content was the statement made by Choir Shami Chakrabarti in response to the Arts Counol deosion to cut the Gate's NPO fvnding. with 1,522 unique page views, alrnost 5x more popular than the highest rankn.ng ljog contenl of the previous year. Our scKial media engagement Yds as folkms.. . 50,385 Twtter followers . 8,617 Instagram followers 7,482 Facebook likes . 386 Linkedln follower5 Instagram saw follower growth of 33%. based on a f011ry￿.ng of 6,478 during 2021r2022. then rising to 8,617 during 2022r2023. Our Linkedln followng reffk4ins small, but the engagement just a5 was shown last year rernains promising and engaged. and the folk)wer growth has almost triP￿d. rising 184% trorn follwng of 136 last ye￿. Our organisation Funded by the Aziz Foundaknon and Stsge One, we welC￿n￿l Harris Albar in the fixed term role of Trainee PrOdu￿r and othe￿ise maintsined team structure as in 2021 in order to deliver committed programme supported by Ihe NPO Transition fund. The year dosed with contracts coming lo an end for Interim ￿￿StiC Director Stef O'Dris¢oll and Interim General Manager Wofai Je, and an organisational stTuclure review prompted by the k>s5 of NPO funding ha5 been plann￿￿ for 202314 alongside business planning and str*gy woth around a new financial and opernting model. Nicola Clements Executive Director and CEO Page 4 Gate Theatre Company Llmltedlthfr) Trustees. Roport The trustees, who are directors for the purposes of company law. p￿￿t the annual report together th Ihe financial ststements of the charrtable company for the year ended 31 March 2023. Public benefft The trustees confimi that they have complied wilh the requirements of sectK)n 4 of the Chanties Act 2011 to have due regard to the wblic benefit gU￿ance publLshed by the Charity Commission for England and Wales. The ¢*aritys obiecbves are educalronal ￿ its prinopal a¢bvity o)nbnues to be that of woducing theatre performances, ntroducing internat￿nal drama￿ art to the Bfitth stage and publ￿. and the upkeep and Promot￿ of the theatre to that ￿d. The charity's rnain objectives for 2018-2022 as (Artlined in the 4 year Business Plan, are." Our Wc 1. Productions.. we wll make excellent work. telling a wide range of internalK￿al slorres, ty 8 diverse range of artists, in line with our mission statement 2. Talent development" we will support emerging artists to futhl Iheir Fotential and enable eslabli5hed arbsts to ty scNnething r 3. Partnerships". we will ¢*velop oYlatMyati¥e pathethips ¥￿h a ￿ge of T￿li0￿al and intemational companies to expand the scope of our wo 4. Outreach.. will run a programnE of &tMty that provides further acr£ss opportunities for audiences to leam more about our producbons. theatrwraclic* and to engage wth wider social debate around our work 5 DvJitsl." we wll explore opportunities to create ￿ with or for digilal platronr Our Community 6. Aud￿n￿.. we will maintsin arvj gruw the Gate's audience in our venue and online. wth a particular fo¢us on attracting new aud￿nCes, and engaging hard to Teach local audwces 7. Artists.. we wll support the artists VE work wth by invests.ng time and resource to enable them to make their best work 8. Staff.. we will invest in training and dev*oment fty the Gate'5 Staff team, ¢￿ating the industy leaders of tomorrow 9. Stskeholders and partners". will twild a arwThJ the G* Ihat ￿able$ u$ to grow and support our amtm'lior Our Organisation 10. Financial resilien￿.. ￿ will make the Gate a rn0￿ financialty robust organisatK)n 11. organisats.onal sustainability.. ￿ wll revie* and evaluate our structure to ensure best practio in govemance and that the supports the work and ambilions of the company 12. Venue.. we will seek to secure the long-tenn stsbilrty of the buildings that we occupy and improve our theatre and office space. lo provKle a ￿lcOMIng and accessible environment to slaff visitor5 13 Environrnental responsibility" will minimise our impact on the environment and continue to reduce our carbon fcotprint 14. Diversty and Inclu￿on.. ￿ ￿1[ provKle equality of opportunty and representation, reflecting the diversity of London on ￿Jr stage. in the afb'sts we work wilh and in our staff team and Board By producing theatre and fuThJing the core organisation that Ihe charity to do this, the charity's expendrture for the year was put wlKAty into meeting these oty'ectNes. The Chief EXe{￿tive'S report oullines Ihe tharty has undertaken to further public benefft through the delivery of these activibes against Ihe stated obiectsves. Gats Theatre Company Limitod(the Trustees. Report The trustees Confim Ihat they have C(￿pIEd with the wuirements of Sect￿ 17 of the Charities Act 2011 to have due regard to the wblic benefil guthrtt published ty the Charity Commission for England and Wales. Financial revlew Polic on reserves The Trustees have set asKJe £190.CKIO as a minin￿rn reserve ringferKing for wind up wrposes. al fvndi sources 2021122 was the final year of the 2018-22 fvnding ¢yde of the Arts Coun¢il EnglaThJ National Portlolh). For 2022r23 the Gate was in receipt of extensron year funding and from 2023 onwards will ￿ ksnger remain part of the portfoli). L￿kIng ahead. it is the Board and Senior Managemenys priority to divefsify income streams and transrtion from this support to a new funding model. Structure. governance and management NatuTr of ovemin document The chanty is constituted as a cOM￿Y k'mitsd by guara)tee, aThJ E goverrEO by a rnemorandum artides of association. RecnJitm8nt and a ntn7ent of twst8es The Board of Ch"rectors form the g)veming tody. Al director5 of the company are also Iruslees of the harty, and there are no other trustees. The Board has the p(r￿ to apwint additional trustees as il sees fit. Recwitment of new trustees 15 discussed regularly al Board meetings, wth the airn of addressing sknlls gaps and broadening diversity. Induction and traini of tnistees The recruitment p￿sS is led by the Chair V￿th support from the Ch￿f Executive Officer. After meeting with the Chair, at least one other Board member and representstsves from the senior management team. a Wential rwi Injstee is invited to attend a Board meeting as an observer. New trustees re￿1ve a comprehensive inducts.on pad( indudes the Gale's Board member desCrIpt￿In.. our current Buyness Plan. most recent management xcounts, audrted accounts and accompanying Directors'rrrustees. Report.. the char￿5 Memorandurn and Artides of A&￿ciatIOn.. and the Scottish Art3 Council's publicatK)n "Care. Diligence and Skill {A Corwrate Governance Handbc¥)k for Arts Organisations}'. Addrtional training for trustees 15 arranged rf needed. anisalional structure In 2022123. the day-t￿aY management of the ¢hanty was delegat￿ to the senior management leam. This comprised Executive ￿'reCtorIcE0 Shawab Iqbal until September 2022, followed by Intefim Executive Difecior Lucy Pemian from September to D￿Mber, and Interim Artislie Diwtor Stef O'Drisc(Al throughout In kn￿ber 2022, l&o)la cl￿nents was appoint&l permanent Executive Director & CEO. The charity's Business Plan and annual budgets are subpd to Board approval. The senior management team's progre55 in financBI management and health and safety i5 monitored regulady by suttommittees of the Board of Diredor5. A Remuneratton sutummittee of the Board meets annually to consider staff salaries. All subcorrffnittee5 fEFK¢rt diredy to the fvll Board of Diwtors, who meet quarterty. The Board of DirectfY5 are actively invO￿ed in rec¥uitrnent of senior management and lead any recruibnent woc85s for the two rdes. The maj¢y risks to whth the charity is exkwd. as Identi￿ by the Trustees. have been reviewed aThJ procedures have been established to rnanage these risks. Pap6 Gole Theatre Company Llmitedlthel Tnffjtees. Report Financial instruments Ob ectives and icies The charty's acbvth.es expose rt lo a number of financial risks indudirvj c￿dIt risk. cash Ilow risk and liquidty risk. The use of finanoal derivatives is govemed by Ihe rtharity's poliC￿S approved by the board of trustees. which prov#Je ￿ ￿inCIpleS on the use of financial derivatsves to manage these risks. The chanty r￿)1 use derivaiive financbgl instruments for sp￿latiVe purposes. Credit risk The charity's prinapal ffinancial assets a￿ bank balan￿S cash. trade and other receivables, and investments. The chanty's credit risk is primarity attn"butable to Fis trade receNables. The amounts presented in the balance sheet are net of aliowances for doubtful receivabses. An alftrwanee for impaimient is made where there is an identified loss event wthich. based on previous eyrience. is evidence of a reduction in the recoveratHlIty of the cash flows. The credit risk on liquid hJrMts and derivabye financial insinjments ts limited because Ihe counterparties are banks high credit-ratings assigned by Internat￿al credit-rating agencies. The charity has no S￿nifficant concentrthn of uedit risk. with exposure Spread over a lar9e numter of o)unterpartses and custorrefs. Golng concern The charity's Arts Council England IACEI annual grant has been discontinued from April 2023. This follow5 a new investrnenl round indudes the levelling up ￿enda. where arts fvnding is redistribuled away inner London followiry diredl￿ tr￿fi central go¥eM￿￿nt The Charity has secured a Transitjon FurKI grant This grant will be used to support committed activity and related core cxjsts in the pefictyJ to (ktober 2023. In addilion. management have budgete(I for a redUc￿n of £100k in overheads and have secured &gnificant funding for 2023r24 and 2024r25. The trustees anticipate that the resefve of £190.(MJ) in order to imptement an ordety wnding up wll reduce by approximatety 50% by the end of 2023r24 For the ￿8$on$ ¢)Utiined at*)ve the tfustees Cons￿ that the Charity conhnues to be a going cOn￿rft. Statement of trustees. responsibilities The Iwstees (who are also the directors of Gale Theatre Company Limitedlthel for the purposes of company law) are reswnsible for prepanng the tNstees' report and the financial statements in accordance vth appluble law and United ￿ngdoM A￿￿￿n￿.Trg Stsndards (United Kingdom Generally A¢¢epted A¢￿Unting PrXtr'￿). including FRS 102 Yhe Finanaal Reports"ng Stsndard applicab￿ in the UK 2nd Republ￿ of Irelan(r. Company [• requires Ihe truslees to prepare financial ststenwts for each financial year. Under company law the Injstees must not approve the financial ststements unless they a￿ satisfied that they give a true and fair Vie4V of the state of affairs of Ihe charitsbje company and of the incoming reSoUr￿S and application of resou￿5. including rts in¢onE and expenditure. of the charitsble company for that ￿riod. In preparing these finawal statements. Ihe tnjstees are required to." select suitable accounting rM)licies and appty them i>)nsistently. obseNe the methcpJs and pnnciples in the Charities SORP: make judgements and estimates that are reasonabk arKI wudent state whethei appIl￿ble accountsng standards. comprising FRS 102 have teen followed. subject to any maierial departures disclosed aThl extAained in the financial statements. and Page 7 Gate Theatrn Company Limited{the) Trustees. Report p￿pare the financBI statements on the wing c4)ncem basis unless it is inappropriate to presume that the charitable wmpany wrll conbnue in Fwness. The trustees are responsible for keeping pn)per accounb.ng records that can disdose wrth reasonable accuracy at time the financial [￿tr.0n of the charitable company and enable them lo ensure that the financial statements compty with the Companies Act 20(￿. They are also responsible for safeguardirvJ the assets of the Charitab￿ ￿MpanY and he￿e for taking rea5cl￿tsle steps for the prevenb'on and deteth.on of fraud and ots irregularities. The trustees are responsible for the Maintenan￿ and integnty of the ￿rpOrate and financial infomalion induded on the charrtable cfjmpanys website. Legislation goveming the preparation and disseminab'on of finanad statements may differ from legislat￿n in other jurisdict￿ns. The annual report was approv&J ty the truslees of the thanty on 25 August 2023 aThJ signed on its behalf by= Ms Shamiishta Chakrabarti Chair and Trustee Page 8 Gate Theatre Company Lirnited(th¢l Independent Examinefs Report to the trustees of Gate Th•atr• Company Limit•dlthe) (Ihe Company.) l ￿pOrt to the charity trustees on rny examination of the accounts of the Company for the year er￿ed 31 March 2023. Responsibilities and ba$4s of r*p￿t As the charity's trustees of the Company land also its directors for the purposes of company lawl you are reswnsible for the preparati)n of the ￿OUnts in accordan￿ the requirements of the Compantes Act 2006 {Ihe 2(￿ Arf). Having sats"sfied myseW that Ihe aCc￿nts of the Company are not required to be audrted under Part 16 of the 2006 Act and are eligible for independent examination. I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charibes Aca 2011 1.the 2011 ACY). In carrying out my examination I have follcr#ed the DireclM)ns gbven by the Charity Commission under section 145(5llbl of the 2011 Act. Independent examine￿$ stst¢ment Since the Companls gross income exceeded £250,000 your examiner musl be a rnember of a body listed in sects.on 145 of the 2011 Acl. I confirm that l am qUaIrf￿ to undertake the examination becau* l am a member of Lucraft Hodgson & Dawes LLP. whith is cffje of the listed bodies. I have completed my examinatson. I Conffi￿ that ￿ rnatters have cotre to my attention in connection with the examinath￿ giving Cause to bdieve: 1. accounting records were not kept in re¥￿￿ of Gate Theatre C(Knpany Limrted(the} as required by se¢bon 386 of the 2006 Act: or 2. the accounts do not aco)rd wrth those records" 3. the accounts do not compty wth the accounting requ1rerr￿ts of sectTon 396 of the 20C6 Act other than any requirement that the accounts give a 'true and fair VI￿ whth is nol a matter con&dered as part ofan independent examination.. 4. the accounts have not been prepared in XCOrdan￿ with the ￿thOdS and principles of the statement of Recommended Pract￿ for accounting and reForts'ng by charities lapplicabk to charilEs preparing their ac£ounts in accordance wilh Finanual ReFK>iting Standard applicable fft the UK and Republic of IrelarKI {FRS 102)]. I have no concems and have ctyne across no other matters in conneclK)n with the examination to which attenb.on should be drawn in this report Ni order to enable a proper undeT5tanding of the accounts to be reached. Adam ickie F For and on behalf of Lu¢raft Hod9son & Dawes LLP 214 Ash Lane Rustinglon Littlehampton Wesl Sussex BN16 3BZ 25 A￿JUst 2023 Page 9 Gate Thealre Company Llmitedlthe) Statement of FinancFal Actlvitie5 for the Year EDd¢d 31 2023 (Including In¢orn and Expend5ture Account and Statsn*nt of Total Recognised Gain5 and Losses) Total 2023 Total 2022 Income and Endowments from". Donations and legacies Charitable activlts'es Investment incorne 349.011 72J77 1￿24 375.2S4 72.377 1824 895,961 5,029 43 Total Income 423212 26243 449,455 901,033 Expenditure on: Raising fijnds Charitsble activities 143.9481 1596,895) 143,948) 1663,747 (62,102> (510.340) (66,852) Total Expendlture (640.843) 166.8521 (T07.6951 {572A42) Net (expendltureylncon Net movem•nt in funds (217,6311 (217,631) (40,6091 (40.609) 1258240 (258,240> 328,591 328.591 Reconciliation of funds Totsl funds brought fopmard 561.694 61214 622JO8 294.315 Totsl funds ￿Tr￿d forw•rd 344.063 20.605 364.668 622.906 All of the charty's xb"vth'es derive from continuing operations during the at￿e two pen(xts. The funds breakdown for 2022 s shown in note 19. The notes on es 13 to 26 fomi an int ral rt of these fin￿claS statements. Page 10 Gate Theatre Company Limit¢d{the) (Registration number: 01495543 Balance Sheet as at 31 March 2023 2023 2022 Flxed assets Tangible assets Current assets Debtors Cash at baftk and in hand 14 1M10 3,628 15 16 62.057 340,929 265.807 406,264 402,986 {40,1281 672,071 152,7931 Creditors: Amounts falllng due withln one year 17 Net current assets 362.858 619,278 Net assets 364,668 622.906 Funds ofthe charity: Restricted 20,605 61.214 Unrestricted income funds Designated FurKIs General Funds 115,991 228.072 242,691 319,001 Total unro$tri¢ted funds 344.063 561.692 Total funds 19 364,668 622.906 For the financial year ending 31 March 2023 Ihe charity was entiued to exernpti￿ from audit under secl*)n 477 of the Compan￿$ Acl 20C6 felating to small companies. Directors, resFonsibilities'. The members have not required the tharity to obtain ￿ a￿￿11 of ils xounts fDr the year in question in accordan￿ ￿th section 476.. and The director5 acknowkdge their ￿pOnsIbIlitieS ￿ ctsmplying with the requirements of the Ad wth spect to accwnting records and the preparation of ac£ounts. The financial statements on pages 10 to 26 approved ty the trustees. and authorised for tssue on 25 August 2023 and ggned on their tehalf by: Ms Shamiishts Chakrabarti Chair and Trustee The notes t es 13to26foman int ral rt of these finanaal statements. PwJe 11 Gats Theatre Company Limited(the) stst•ft*nt of Cash Flows for the Year End•d 31 March 2023 2023 2022 Cash fl¢>ws from 0￿ratIng activities Net cash leXpenditu￿¥lncC Adjustments to ¢ash flows from non4ash itemB DeprecHtion Investment incom8 (258,240) 328,591 3,960 11,8241 (256.104) 8.941 {431 337.489 Worklng capltsl adJu#tmtnts Decreasellin¢reasel in debtors (Decreaseyincrease in credrtlJ5 15 17 203,750 112.663) (161,061) 16,398 Net cash flows from operating adivit*s 165,017) 192,826 Cash flows from investing activiti•6 Interest reC￿Vable and similar income Purchase of tangible fixed assets 1,824 12,142 43 14 Net cash flows from investing actlv6tles 13181 43 Net Idecreasevincrease in cash and c•sh equivalents {65.335) 192,869 Cash and cash equNalents at 1 Awil 406,264 213.395 Cash and cash equivalents at 31 Pllarch 340,929 406.264 All of the cash fiows are derived on8tsons and I acies Donatws are recognised when the dwrity has been notsfied in wribng of both the amount and setuement date. In the event ihat a donation is subpd to o)nditions that require a level of performance by the chanty before the chanty is enbtled to the fijnds. the Inco￿ is deferred and not recognised unb'l erther those condiltons are fully or the fvlfilmenl of those wndrtions ts wholty within the control of the ch￿ty WKI rt B probable that these o)ndthns %*ryl be fulfilled in the ￿Porting period. Granfs ￿CeIvable Giants are recognised when the charity has an entilement to the fvnds and any condth'ons linked to the grants have teen met. Where perfonnance C4)nditions are attached to the grant and are yel lo be mel, the income is reCOgn￿ed as a liabilty and induded the balance sheet as deferred income to be released. Investment income Dividends a￿ recognised On￿ the divDJend has teen dedared and notificatK)n has been received of the dividend due. nditure All expenditure is recognised 0￿e there is a legal or constructive oblvJabon to that expenditure, it is probable settle￿Ent is required and the amount be measured reliabty. Al costs a￿ allocated to the appltcable expenditure headiry that aggregate similar costs to that category. whe￿ ¢osts cannot be dire¢tyy attributed to particular headings they have been albxated on a bass ￿nSistent with the use of resources, with ¢entr41 staff wsts alto¢ated on the bag's of time spent. and depreciation charges allocated on the of the astsevs use. Other support o)sts are allocated based on the spread of staff costs. All resources expended are indusp4e of irrecoverable VAT. Rai&n fvnds These are costs incurred in attrath.ng voluntary Inco￿￿. the management of investrrents and those iftcur￿d in trading aCti¥￿'eS that ra￿ fund& Charitable activiti6+S Charitsble expenditure comprises those incurred by the charity in the delivery of its activities and services for its beneficiaries. It indudes both costs that can te allocated directly to such acts"vities and those costs of an indir￿t nature neLxsary to suppcKt them. costs Support costs include ￿ntral functions and have been albcaled to activity cost categories on a basis consislenl with the use of resources. for examtAe. dlocats.ng pn)perty costs by floor areas. or per apita. staff costs by the b'me spent and other costs ty Iheir uEa9e. Govemance costs These include the costs attn'butable to Ihe chanty's Complian￿ wth consb"tub"onal and statutory qui￿rnents, induding audit strategic mar￿ement and trustees meets.ngs and reimbursed expenses. Page 14 Gate Thealrn Company Limiledlthe> Notes to the Financlal Statements for the Year Ended 31 Alarch 2023 2 Accounting polkles (continued) Govemment rants Government grants are recognised based on Ihe accrual model and are measured at the fair value of the asset received ￿ re￿1Vable. Grants are dassffj￿ as relats'ng ather to revenue or to assets. Grants relatrng to revenue are reccgnised in in¢off* over the Feriod in vthich the related costs are recognised. Grants relating lo assets are recognised over the expected usefijl life of the asset. Where part of a grant relatsng to an asset is deferred. it is ￿nised a5 deferred incorne. lff8eo￿rdb1e VA T Irrecoverable VAT is charged against the Categ￿ of ￿sourceS exFended ts which it was incurred. raxation The charity is considered to pass Ihe tests set ￿ in Paragraph 1 s￿￿d￿le 6 of the Finance Act 2010 and therefore rt meels the definrtK)n of a charttable company for UK corporation lax purFrt)ses. Accordingly. the charity poleniially exempt from taxab.on in respecl of income or captsl gains Teceived within Categories covered by Chapter 3 Part 11 of the Corporabon Tax Act 2010 ￿ Section 256 of the Taxation of Chargeable Gains Act 1992, to Ihe extenl th* such in¢offe or gains are applied exdu&vely to ¢haritable purF*)ses. Tan ible fixed assets Individual fixed assets costing £100.00 or are initslty reC￿deCI at o)sL reciation and amothsat Depreciab"on is pro¥￿ed on tangible f￿ed assets so as to wriie off Ihe cost or valuatson. less any estimated residual value. over lh￿r expected usefvl econom￿ life as fo11rA￿.. Asset class Fixtures and fittings Office equipment Trade debtors Trade debtors are amounts due from custoffers for Merchandise 9)td C￿ se￿1￿ perfOr￿d in the ordinary course of business. D•pr•ciation method and rats 5 year slraighl line 3 year Stra￿h1 line Trade debtors are recognised initially at the traftsacbon price. They are subsequenty measured at amortised cost using the effeth.ve interest methcml. less prowsion for impairrnent. A provision for the impairment of trade debtors is eslablished when there LS obJ"ectsve eV￿ence ihat the charity will not te able to wlle¢t all amounts due xcordiry to the (YNJinal te1Th￿ of the receivalks. Cash and ca&ty uivalents Cash and cash equivathts Comprise cash cfft hand and ￿11 dep)stis, and other short-lem highly liquid investments Ihal are readity converb.ble to a known amount of cash and are subject to an insignificant risk of dbange in value. Page 15 Gate Theatrn Company Limitedlthel Notes to th• Financial Stalements for the Year Ended 31 Ma￿h 2023 2 A¢¢ounling policies (continued) Trade creditors Trade creditors are oblKJ*'ons to pay for gcods or services that have teen acquired in the ordinary cnurse of business from suppliers. Attounts payable are dassf￿d as current liabilities rf the charity d￿$ not have an un¢on(Jib'onal right * the end of the reporb.ng pericMJ. to defer settlernent of the creditor for at knt ￿Ve rTh)nths after the reporting date. If the￿ ts ￿ unwnditsonal rKJhl to defer settlement frjr at least knvefve n￿nts after Ihe ieporb'rKJ d*, tlw ￿ presented as non4urrent Trade creditors are recognised initialty at the transxtion Pn￿ aThJ subsequenlty measured at amortised cost U￿ng the effective interest method. Borrowin Inte￿$1-bear1rtg ￿￿rrOwIngS are inibally recorded al fair value. net of transaction costs. Inte￿$1-bearing torrowings are subsequentty Ca￿led al amortised cost. wilh the difference befvleen the pr¢￿ed$, nel of IransactK)n trjsts. and the arnount due on redernplion tEing recognised as a charge lo the Statement of Financial Ac*vibes over the perKAJ of the relevant borrowing. Interest expense is recognised on the basis of the effectr.ve interest ffleth￿ aThJ is irtluded in interest payable and simiL3r charges. Borrowngs are Classif￿ as ujrrent lialm'lilies unless the charity has an uncA)nditional right to defer selllement of the liabdity for ai least twefve ryKJnths after Ihe retKJrting date. Fund slmctu Unrestricted in¢ome fvnds a￿ general fvrKls that are available for use at the trustees dI$¢￿tron in furtheran￿ of the obpctives of the chanty. Designated funds are unrestricted knds set aside for St￿ ￿￿oseS at the discretion of the trustees. Restricted income funds a￿ those donated for use in a parbcular a￿a or for speuft purposes, the use of which is restricted to Ihat area or purpose. Pensws and olher rett'rement LW. ations The charity operates a defined conlribution pension s¢heme is a pen&on plan under which fixed contributions are paKI into a pen￿On fuThJ and the thanty has no legal or constructive obligatson lo pay further contributions even rf the fvnd does not hold suffiaent assets to pay all employees the benefits relating to em￿ service in the current and prw peri¢)ts. Contribu￿nS lo defined contribution ￿anS ate recognised in the Statement of Financial Activities when they are due. If contribution paYTh￿ts exceed the (x)ntributb)n due for servi￿, the excess is recognised as a prepayment. ' Finanoal instmments c1assffjcat￿n Finanoal assets arKI financial Irdbilibes are rwnised when the tharity becorre5 a paty to the contractual provisions of the instrument Financial liabilities and equity instruments ￿ c4as5if￿d ￿)rding to Ihe substance of the contractual arrangements entered into. An equty instrument ￿ any contr￿1 that eV*Jen￿5 a reshdual interest in the assets of the charity aftef deduth.rwj all of rts Iralmlittes. Page 16 Gale Theatre Company Limltedlthe) Notes to the Financial Statements for the Year Ended 31 Mavch 2023 2 Accounting policies Icontinu•d) ReCognit￿n and m6asur8ment All financjal assets and liatM'lrtie5 are initially measured at tranwtion p￿e linciuding transxtion costs). except for those financial assets dassI￿d as * fair value through profft or Ioss, v4hich are initialty measured at fair value (which is normally the transact#)n price excluding transaction costs). unless the arrangement eonslitutes a financing transathn. If an arrdngemenl conslTtules a financing transaeb"on, the finanual asset or financial liats.lity is measured at the present value of the luture payments dI￿Unted at a market rate of interest for a similar debt instrument. Financial assets and liatilibes are onty offset in the statement of hancial position when. and only when there exisls a IwJally enforceable right to set off the Te¢c*Jnised amwnts and the charity intends either to selue on a basis. ￿ to realtse the asset and setue the liatrfFity gmultaneousty. Financk41 assets are derecognised when and onty when a) the contrathl nghts to the cash ffows from the financial asset expire or are settfed. b) the thanty transfers to anolher paty substsntially all of the risks and rewards of ownership of the financial asse( ￿ cl the chanty. despite haviroJ retained sorne, bul not all. ￿nifiC￿nt tisks of has transferred (x>ntrol of the assel to another paty. Financial liabilitres are derecognised onty when Ihe Obl￿atiOn specIf￿d in the contract is discharged. cancelled or expires. Fair value me8surement The best evidence of fair value is a quoted prKe for an idenbcal asset wi an actNe market. When quoted prices are unavailable, the prth of a re¢ent transa¢kn for an Klentical asset provides evidence of fair value as long as there f￿$ not been a sNJnificant change in economic circumstances or a signifi¢ant lapse of tsme since the transaction took pra*. If the market is rnt active and recent transactions of an identical asset on their (Mn are Th)t a estimate of fa.r value. the fair value is estimated by u&n9 a valuakn technNue. 3 Income from donatlons and legacies Unrestricted General Total 2023 ToLIl 2022 Donaltons and legacEs". Donations from indivvJuals Gift aid redaimed Grants. including capbtal grants: Govemment grants Grants from other ¢hanb"es Regular giving and wrtal donations 5,935 2￿7 26343 32,178 2,347 31.932 5,398 311.966 17.143 311.966 17.143 786,868 43.000 11.620 11￿20 28.763 349.011 375254 895.961 P•3e 17 Gate Theatre Company Llmitedlthe) Notes to the Financial Slat¢ments for the Year Ended 31 Mavch 2023 4 Incom• from charitsWe activitws Total 2023 Total 2022 Theatre woduth.on 71377 72,377 5,029 72 S Inveslm•nt income GI￿rnI Totsl 2023 Total 2022 Intefesl receivable and smitar incon*" Inte￿$t ￿CeIVable cffl bank dep￿ts 1824 1.824 43 1,824 6 Expenditure on raising funds a) Costs of generating donations and legacles Goneral Total 2023 Total 2022 Regular givirvj Other direct costs of generat¥w v￿Untary income Allccated support costs staff costs 4,519 4.519 135 135 7.884 54,218 39294 39,294 Page 18 Gate Thealr• Company Limitedlthel Notes to th• Financial Statwn•ts for the YMr Ended 31 Mar¢h 2023 6 Expendlture on raising fvnds (contin￿dI Allocated support ¢￿ts DSrecl costs Total costs Costs of generatsng donab.ons and legaues 15,024 19.678 Total for 2023 4.654 1S,024 19,678 Total for 2022 7.884 7,884 7 Expenditur¢ on charitable activities Unrestricted General Totsl 2023 Total 2022 Theatre production Stsff costs Alkxated support costs Governan￿ costs 231,604 253,$82 276,570 273A18 185.216 250,587 19136 102,2SI 104A01 36.175 9.458 38.362 596.89S 66￿2 663,747 tivity ndertaken directly ztlvity support Total 2023 Totsl 2022 Theatre prc*luclion Staff costs 276.570 248278 68,928 345A98 248,278 221.391 250,587 524 471.978 In addrtion lo the expenditure anatysed al￿)Ve. there are also govemance costs of £9.458 {2022 - £38.362) which relate directy to charitatAe athviks. See note 8 for bjrther detaiLs. Page 19 Gate Theatre Cunpany Llmited(the) Notos to the Financlal Stat•mots fr•r the Year End¢d 31 PAar¢h 2023 8 Analysis of goveman¢o and support ¢o8ts Ba&$ ofallocath The trustees have reviewed the hoton.cal of costs and adjusted this alk)cation to ff￿e accurately renect direct govemartt and develok¥nent costs in line industy practi￿. For governanr2 these costs indude acrountancy. kgal fees. charrtable administration and dep￿tiatI)n. For development this shows salaries for devdopment speok roles and bud9et assoaated wrth fundraising. Previousty CJ)sts were albxated based on an aFvroximation of staff tirne spent on each activity. had the methcd applied this year teen used for the previous year. govemance costs would have been £18.917. Governance ¢osts Total 2023 Total 2022 Staff costs Wages and salaries Social Se￿rity costs Pen￿On costs Other staff costs Independent examiner fees Examination of the ffina￿al statements Legal and professiona fees Depreciation, amortisation and other similar costs Other g0veMan￿ costs Althated support Costs 14,984 740 222 1,378 8J45 &545 4.680 6.500 4,886 3￿61 3,961 8,941 88.023 (101251) 2.050 (2,050) 90.073 1104.301) 46.590 144,059) 9 Not in¢omingloutgoing res￿￿¢$ Net loutgoingyinujming ￿SOUrceS for the year indude: 2023 2022 Deprecaakn"on of fixed assets 3,961 8,941 Page 20 Gale Theatre Company Limiledlthe) Notes to the Financlal Statements lor the Year Ended 31 Mar¢h 2023 10 TN$tees remuneration and expenses No trustees, nw any petsons Connected them. have received any remuneration from the charty during the year. 11 Staff Costs The aggregate payroll costs W￿ as folkyws: 2023 2022 Staff costs during the year were: Wages and salaries Socpl security o)sts penS￿n costs Other staff costs 296,791 12,659 3.262 300,782 14,809 4.440 2,098 321257 322 129 The monthly average numter of peTrons {induding senior management team) employed by the chanty during the year expressed as fun time equivalents VAS as follows". 2023 2022 Administration 12 No employee received emoluments of more ihan £60.1)W during the year. 12 Independent examin*8 vemuner•ti( 2023 2022 Examination of the ffinanc￿ Statern￿ts 4,680 4.680 13 Taxatlon The charity is a registe￿ thanty and is therefore exempt from taxalw)n. Page 21 Gate Theatre Company Limlted(the) Notes to the Financial Statements for the Year Ended 31 IAarch 2023 14 Tangible fixed assets FuTnriur• and •quipment Comput•r •quipmgnt Totsl At 1 Apnl 2022 Addib'ons 1SSm1 612 88264 243,325 2.142 At 31 March 2023 155.6n 89,794 245,467 Depreciation At 1 April 2022 Charge for the year 153.655 1A13 86,042 2￿7 239,697 3.960 At 31 March 2023 154,968 88,689 243,657 Net book value At 31 March 2023 1.105 1,810 At 31 Mar¢h 2022 3.628 Induded vrtiin the net took value of land aThJ buildings above is £Nil 12022 - £Nil) in ￿SpeCt of freehofd land and buildin9s and £Nil12(Y22 - £Nil) in respecl of l&wholds. 15 Debtors 2023 2022 Trade debtors Prepayments Accrued income Other debtor5 232 18,495 2.143 41.187 2,500 30.373 227.425 5.509 62,057 265 807 Page 22 Gate Theatr• Company Limitedlthel Notes to the Financial Stalements lor the Year Ended 31 March 2023 16 Cash and cash •quivalents 2023 2022 Cash on hand Cash at bank Short-tem deposrts 1J98 217,133 122,398 1,363 191,687 213,214 Cash and cash equivalents in slalement of cash fknvs 340.929 406.264 17 Crodilors: amounts falllng due vhthin one year 2023 20T2 Trade creditor5 Other taxation and sooal security Other credito AccNals 23.194 4274 6813 6247 11,597 6.670 21.260 13.266 40.128 52.793 18 Pension and other 8ch•m Defined contribut nsion schen The charity operates a defined conthbutron pensKfft thrr*. The pens￿)n cost charge for the year represents conlribubons payable by the tharity to the sche￿￿ and amounted to £3.261 (2022 - £4.4391. Page 23 Gats Theatre Company Limitodlthel Notes to the Financial Stst¢ments for the Year End•d 31 March 2023 19 Funds Balance at Incoming Resources Balance at 31 March 2023 Transfers 2022 Unrestricted General unrestrthd funds 319,001 423212 (640.8401 126.700 228,073 Designated Relo¢ation Rebuilding Better propct 212.691 1%.700) 130.000 115,991 Totsl Unrestricted 561,692 423212 1640.840 Restrkted Production costs organisakn.onal sustsinats.lity OpenGate Other restricted funds 43.000 130.158> 1.356 14,198 2.050 26243 P1,886) 6A07 114,808) 1,356 Totsl r•stri¢ted 61214 26243 166.852) 20,605 Totsl funds 622.906 449N55 1707.692) 364.669 Balance at 1 April 2021 Ineoming Resources resources expended Balance at 31 March 2022 Trdnsfw5 Unrestrlcled General General unrestricted funds 234.908 848W4 (569N41} 1195.0001 319.001 Deslgnat•d Relocation Rebuilding Better woiec 17.691 Jo,000 195,000 212.691 30,000 Total unrestricted 282.599 848,534 {569,441) 561.692 Page 24 Gate Theatre Company Limited(the} Notss to the Financlal Stat•m•nts for th? Year Ended 31 IAarch 2023 19 Funds Icontinued Bal•nce at 1 April 2021 In¢omSng Resou￿¢8 resources expended Balance at 31 March 2022 Trnrnfe Restricted Production costs Organisational sustairtability OpenGale Other reslricted funds 43,000 2,050 13.OODI 14,808 1.356 1,356 Total restricted 11.714 52,$00 13,01)0 61214 Total funds 294,313 901.034 1571441) 622.906 20 Analysis of assets belween funds Genernl Designated Total funds Tangible fixed assets Current assets Current liabilities 1010 266390 140.128) 1.810 402,986 140,1281 115991 20,605 Total net assets 228,072 115J91 20.605 364,668 General Total funds Tangible fixed assets Current assets Current liabilities 3,628 368.167 (52,793) 3,628 672,071 152.793 24690 61214 Totsl net assets 319,002 242,690 61,214 622,906 Page 25 Gate Theatre Ctynpany Limited(the) Notes to the Fin•Dcial slatM￿nts for the Year Ended 31 IAarch 2023 21 Analysi8 of net lunds At 1 Aprll 2022 Flnanclng cash flows At 31 March 2023 Cash at bank and in hand 1406,264) Net debt 406364 1406,2641 At 1 April 2021 Financing c•sh Ilows At 31 March 2022 Cash at bank and in hand 213,395 192￿69 406.264 Net debt 213,395 192,869 406,264 Page 26