2024-03-31-accounts

Charity registration number 280278

Company registration number 01495543 (England and Wales)

THE GATE THEATRE COMPANY LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

THE GATE THEATRE COMPANY LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees	J Evans
	J Fernandez
	S Chakrabarti
	R Sinha
	S Bhattacharyya	(Appointed 1 July 2024)
Secretary	N Clements
Senior management	N Clements	Executive Director and CEO
Charity number	280278
Company number	01495543
Registered office	38 Mayton Street
	London
	England
	N7 6QR
Independent examiner	Simpson Wreford LLP
	Wellesley House
	Duke of Wellington Avenue
	Royal Arsenal
	London
	SE18 6SS

THE GATE THEATRE COMPANY LIMITED

CONTENTS

	Page
Chair's statement	1
Trustees' report	2 - 5
Independent examiner's report	7
Statement of financial activities	8
Balance sheet	9
Notes to the financial statements	10 - 17

THE GATE THEATRE COMPANY LIMITED

CHAIR'S STATEMENT FOR THE YEAR ENDED 31 MARCH 2024

Transition funding from the Arts Council enabled the delivery of the remaining two productions of our 2023 season at Theatro Technis: Hot in Here, a co-production with emerging climate artists Pigfoot, and Brassic FM, a devised exploration of the intersection between class and culture co-created by Gate Associate Artists Stef O’Driscoll and Zia Ahmed.

Our designated relocation fund supported core costs and was boosted by a generous grant from the Backstage Trust to support the development of a new business plan. Executive Director and CEO Nicola Clements has worked closely with Creative Associate Atri Banerjee to rearticulate our artistic mission and explore new ways of working for the Gate’s future. Additional brand and artist consultancy work was made possible in the development of our new website, funded by the Bloomberg Digital Accelerator programme, and we are thankful for the opportunity to adapt our digital presence at the same time as we evolve our business model.

The Gate’s ambition is to retain its place in the theatre ecology, as a home for international storytelling, whilst navigating the changes to the industry and adjusting to new financial constraints. As a theatre producer rather than a venue, the Gate can remain responsive and reactive to these challenges, with reduced committed overheads and new opportunities to reach audiences beyond one specific location. We look forward to our next production at Theatro Technis in Autumn 2024 before exploring opportunities to take the Gate further out into the world.

Thank you to all those who believe in the Gate. Our donors, artists and audiences are invaluable and we would not still be making theatre without you.

Chair

Date: 13 August 2024

• 1 -

THE GATE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 MARCH 2024

The trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Activities

The charity's objectives are educational and its principal activity continues to be that of producing theatre performances, introducing international dramatic art to the British stage and public, and the upkeep and promotion of the theatre to that end.

Our Work

1. Productions: we will make excellent work, telling a wide range of international stories, by a diverse range of artists, in line with our mission statement

2. Talent development: we will support emerging artists to fulfil their potential and enable established artists to try something new

3. Partnerships: we will develop collaborative partnerships with a range of national and international companies to expand the scope of our work

4. Outreach: we will run a programme of activity that provides further access opportunities for audiences to learn more about our productions, theatre-practice and to engage with wider social debate around our work

5. Digital: we will explore opportunities to create work with or for digital platforms

Our Community

1. Audiences: we will maintain and grow the Gate's audience in our partner venues and online, with a particular focus on attracting new audiences, and engaging hard to reach local audiences

2. Artists: we will support the artists we work with by investing time and resource to enable them to make their best work

3. Staff: we will invest in training and development for the Gate's staff team, creating the industry leaders of tomorrow

4. Stakeholders and partners: we will build a network around the Gate that enables us to grow and support our ambitions

Our Organisation

1. Financial resilience: we will make the Gate a more financially robust organisation

2. Organisational sustainability: we will review and evaluate our structure to ensure best practice in governance and that the model supports the work and ambitions of the company

3. Venues: we will seek to build relationships with a diverse mix of accessible and inclusive partner venues, festivals and collaborators that align with our values, enable our work to reach new audiences and build our reputation for international work.

4. Environmental responsibility: we will minimise our impact on the environment and continue to reduce our carbon footprint

5. Diversity and inclusion: we will provide equality of opportunity and representation, reflecting the diversity of London on our stage, in the artists we work with and in our staff team and Board

6. 2 -

THE GATE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

By producing theatre and funding the core organisation that allows the charity to do this, the charity's expenditure for the year was put wholly into meeting these objectives.

The Chief Executive's report outlines how the charity has undertaken to further public benefit through the delivery of these activities against the stated objectives.

CEO's report

Achievements and performance

2023 saw the continuation of our Theatro Technis season with HOT IN HERE and Brassic FM, whilst the team focused in parallel on redeveloping the business plan to adapt to reduced funding and resource. The delivery of these two productions and the success of the season was hampered by commitments made prior to the Arts Council funding cut, and the staff team reducing throughout the year. However, the faith and support from Backstage Trust to underwrite our operations as we adapt to a new model and our successful admission into the Bloomberg Digital Accelerator program show continued confidence in our mission.

A number of partnerships were explored within this year and although these have ultimately proved unsuitable, the deliberations clarified the Gate’s position on our artistic priorities, requirements for space and commitment to equity, diversity, inclusion and justice. We have significantly reduced our overheads, sought fellowship and solidarity with likeminded theatre-makers and listened to our artists and our audiences to develop our plans for the coming year and ambitions for beyond.

HOT IN HERE

A co-production with award winning carbon neutral theatre company Pigfoot, this show was devised around interviews conducted with over 40 climate activists from around the globe and examined the personal stories that sit inside the politics of activism. Hetty Hodgson directed, and video design from Douglas Baker enabled every performance to be creatively captioned. Ticket sales were challenging, impacted by the cost-of-living crisis and a surprisingly sunny start to the British summer, but was nonetheless successful in terms of artist development for individuals within the company and we have ambitions to release a filmed version to give it opportunity to better reach the audiences we had hoped to welcome in person.

Brassic FM

Co-created by former Interim Artistic Director Stef O-Driscoll and Associate Artist Zia Ahmed, Brassic FM brought a mix-tape to life, rooted in pirate radio with music from Kwake Bass. Using snapshots and shout-outs to celebrate and showcase working class culture, this show highlighted the fact that working class and migrant identities have always sat at the heart of the cultural melting pot of London. Ticket sales improved on Hot in Here and met the reforecast target and several changes to working practices have been implemented to ensure fewer challenges around staffing and resource.

• 3 -

THE GATE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Audiences

During 2023/2024 we distributed and sold 1,364 tickets across 59 event instances. We continued our wraparound activity, working with Pigfoot to deliver post-show talks with climate activists and local businesses after every performance of Hot in Here, and continued our commitment to consistent and regular access provision through relaxed, audio-described, BSL interpretation and captioned performances.

New customers account for 76% of bookings for Hot in Here and 84% for Brassic FM. Student and Under 26s remain one of our strongest demographics.

Our engagement on digital platforms remained steady this year, despite a reduction in output in Q4 as we conducted our brand consultancy and recruited a new internal marketing role.

Our Instagram following increased by 10% with majority of followers from London (40%) and in the 25-34 age bracket (41%). Facebook has remained static and there has been a small increase in LinkedIn followers. X (formerly Twitter) remains our largest following however the impressions and interactions are much lower at 7%. Plans to relaunch social channels and regular communications in Q1 of 24/25 alongside programme announcement will incorporate recommendations from the Bloomberg brand consultancy.

Social media as at June 2024:

• 49,664 Twitter / X followers

• 9,516 Instagram followers

• 7.5k Facebook likes, 8.4k followers

• 505 LinkedIn followers

Our website received 46k visitors with an average engagement time of 57 seconds, and we have set targets for increased engagement as key objectives for the new website being developed through the Bloomberg Digital Accelerator programme.

The most prominent audience segments we are reaching through bookings are Metroculturals, Kaleidoscope Creativity and Experience Seekers, with 84% of Gate bookers belonging to one of these 3 segments.

The majority of our stakeholders discussed the importance of refocusing on international work in the sense of storytelling from abroad, with exchange and representation international artists.

Our Organisation

Following the loss of NPO funding and in line with the development of the new business plan, team roles were reviewed to ensure the organisational structure and resource matched the company’s needs and ambition going forward. It should be noted that whilst fixed term contacts were not renewed, no redundancies were made and the Gate has retained its status as a London Living Wage employer.

Alice Linnane was promoted to Senior Producer to reflect additional responsibilities around artist development and Atri Banerjee’s freelance contract as Creative Associate has been extended into 2025, whilst Bloomberg funding has enabled the recruitment of Fisola Kelly-Akinnoye as Administrative Assistant. At time of writing, the vacant Communications Manager post has now also been recruited with Rebecca Prentice in post from May 2024.

Financial review

The attached financial statements show the current state of the charity’s finances for the year ended 31 March 2024.

Incoming resources for the year totaled £499,086 of which £203,084 were for restricted purposes. Outgoing resources for the year totaled £509,677 of which £228,788 were attributable to restricted funds. Overall the accounts show a surplus for the year on unrestricted funds of £10,014. Unrestricted funds at the year-end totaled £354,077 of which £105,437 is designated received from Bloomberg Philanthropies. the year 1 grant period runs to 30 September 2024.

• 4 -

THE GATE THEATRE COMPANY LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The charity is constituted as a company limited by guarantee, and is governed by a memorandum and articles of association

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

J Evans

J Fernandez

S Chakrabarti R Sinha S Bhattacharyya (Appointed 1 July 2024)

Recruitment and appointment of trustees

The Board of Directors form the governing body. All directors of the company are also trustees of the charity, and there are no other trustees. The Board has the power to appoint additional trustees as it sees fit. Recruitment of new trustees is discussed regularly at Board meetings, with the aim of addressing skills gaps and broadening diversity.

The recruitment process is led by the Chair with support from the Chief Executive Officer. After meeting with the Chair, at least one other Board member and representatives from the senior management team, a potential new trustee is invited to attend a Board meeting as an observer. New· trustees receive a comprehensive induction pack which includes the Gate's Board member description; our current Business Plan, most recent management accounts, audited accounts and accompanying Directors'/Trustees' Report; the charity's Memorandum and Articles of Association; and the Scottish Arts Council's publication "Care, Diligence and Skill (A Corporate Governance Handbook for Arts Organisations)". Additional training for trustees is arranged if needed

Organisational structure

In 2023/24, the day-to-day management of the charity was delegated to the senior management team. This comprised Executive Director/CEO, Nicola Clements.

Plans and annual budgets are subject to Board approval. Financial management is reviewed in detail by the Finance Trustee prior to each Board meeting and policies relating to finance, remuneration, health & safety, and data management are all subject to Board approval. These policies are reviewed annually at Board level. The recruitment and evaluation of senior management role (currently CEO & Executive Director only) is lead by the Chair with the rest of the Board actively involved in the process.

The major risks to which the charity is exposed, as identified by the Trustees, have been reviewed and procedures have been established to manage these risks.

The trustees' report was approved by the Board of Trustees.

S Chakrabarti

Trustee

13 August 2024

• 5 -

THE GATE THEATRE COMPANY LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024

The trustees, who are also the directors of The Gate Theatre Company Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP;

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

• 6 -

THE GATE THEATRE COMPANY LIMITED

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GATE THEATRE COMPANY LIMITED

I report to the trustees on my examination of the financial statements of The Gate Theatre Company Limited (the charity) for the year ended 31 March 2024.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of ICAEW, which is one of the listed bodies.

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 that in any material respect:

• 1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or

• 2 the financial statements do not accord with those records; or

• 3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

• 4 the financial statements 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 financial statements to be reached.

Kate Taylor FCA Simpson Wreford LLP

Wellesley House Duke of Wellington Avenue Royal Arsenal London SE18 6SS

Dated: 23 August 2024

• 7 -

THE GATE THEATRE COMPANY LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Restricted funds funds 2024 2024 Notes £ £ Income from: Donations and legacies 3 228,284 181,986 Charitable activities 4 63,908 21,098 Investments 5 3,810 - Total income 296,002 203,084 Expenditure on: Raising funds 6 19,481 - Charitable activities 7 261,408 228,788 Total expenditure 280,889 228,788 Net income/(expenditure) 15,113 (25,704) Transfers between funds (5,099) 5,099 Net movement in funds 9 10,014 (20,605) Reconciliation of funds: Fund balances at 1 April 2023 344,063 20,605 Fund balances at 31 March 2024 354,077 -

Total Unrestricted Restricted Total funds funds 2024 2023 2023 2023 £ £ £ £ 410,270 349,011 26,243 375,254 85,006 72,377 - 72,377 3,810 1,824 - 1,824 499,086 423,212 26,243 449,455 19,481 43,948 - 43,948 490,196 596,893 66,852 663,745 509,677 640,841 66,852 707,693 (10,591) (217,629) (40,609) (258,238) - - - - (10,591) (217,629) (40,609) (258,238) 364,668 561,692 61,214 622,906 354,077 344,063 20,605 364,668

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

• 8 -

THE GATE THEATRE COMPANY LIMITED

BALANCE SHEET AS AT 31 MARCH 2024

Notes Fixed assets Tangible assets 13 Current assets Debtors 14 Cash at bank and in hand Creditors: amounts falling due within one year 15 Net current assets Total assets less current liabilities The funds of the charity Restricted income funds 17 Unrestricted funds	£ 175,128 192,466 367,594 13,517	2024 £ - 354,077 354,077 - 354,077 354,077	£ 62,057 340,929 402,986 40,128	2023 £ 1,810 362,858
				364,668
				20,605 344,063
				364,668

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 13 August 2024

S Chakrabarti

Trustee

Company registration number 01495543 (England and Wales)

• 9 -

THE GATE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

The Gate Theatre Company Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 38 Mayton Street, London, N7 6QR, England.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's [governing document], the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

• 10 -

THE GATE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings 5 year straight line Computers 3 year straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

1.8 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

• 11 -

THE GATE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

3 Income from donations and legacies

Unrestricted Restricted funds funds 2024 2024 £ £ Donations and gifts 1,784 - Grant income 226,500 181,986 228,284 181,986 Grants receivable for core activities Backstage Trust 100,000 - The LHR Charitable 1,500 - Arts Council England - 181,986 Cockayne Foundation - - Bloomberg Philanthropies 125,000 - Other - - 226,500 181,986 Income from charitable activities Unrestricted Restricted funds funds 2024 2024 £ £ Income Co-productions - 21,098 Theatre production 63,908 - 63,908 21,098	Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 1,784 19,902 26,243 408,486 329,109 - 410,270 349,011 26,243 100,000 - - 1,500 - - 181,986 311,966 - - 15,000 - 125,000 - - - 2,143 - 408,486 329,109 - Total Unrestricted Restricted funds funds 2024 2023 2023 £ £ £ 21,098 - - 63,908 72,377 - 85,006 72,377 -	Total 2023 £ 46,145 329,109
		375,254
		- - 311,966 15,000 - 2,143
		329,109
		Total 2023 £ - 72,377
		72,377

4 Income from charitable activities

5 Income from investments

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Interest receivable	3,810	1,824

• 12 -

THE GATE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

6 Expenditure on raising funds

	Unrestricted	Unrestricted
	funds	funds
	2024	2023
	£	£
Fundraising and publicity
Seeking donations, grants and legacies	2,212	4,519
Other fundraising costs	-	135
Staff costs	17,269	39,294
	19,481	43,948
Expenditure on charitable activities
	2024	2023
	£	£
Direct costs
Staff costs	158,450	273,416
Depreciation and impairment	1,811	3,960
Theatre production	254,834	276,570
	415,095	553,946
Share of support and governance costs (see note 8)
Support	73,275	104,301
Governance	1,826	5,498
	490,196	663,745
Analysis by fund
Unrestricted funds	261,408	596,893
Restricted funds	228,788	66,852
	490,196	663,745

7 Expenditure on charitable activities

• 13 -

THE GATE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

8 Support costs allocated to activities

Insurance Computer running Telephone Rent Bank charges Staff costs and recruitment Postage, stationery and subscriptions Travel and subsistence Relocation costs Premises expenses Governance costs Analysed between: Charitable activities 9 Net movement in funds Net movement in funds is stated after charging/(crediting) Depreciation of owned tangible fixed assets	2024 £ 980 10,250 17,424 23,370 2,133 3,716 1,532 2,646 5,791 5,433 1,826 75,101 75,101 2024 £ 1,811	2023 £ 1,225 28,191 6,813 33,600 2,477 7,471 6,555 1,074 - 11,213 11,180
		109,799
		109,799
		2023 £ 3,960

10 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

11 Employees

The average monthly number of employees during the year was:

	2024	2023
	Number	Number
Administration	4	5
Employment costs	2024	2023
	£	£
Wages and salaries	165,979	296,789
Social security costs	7,058	12,659
Other pension costs	2,682	3,262
	175,719	312,710

• 14 -

THE GATE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

(Continued)

11 Employees

There were no employees whose annual remuneration was more than £60,000.

12 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

13 Tangible fixed assets

13 Tangible fixed assets
Fixtures and fittings £ Cost At 1 April 2023 155,673 At 31 March 2024 155,673 Depreciation and impairment At 1 April 2023 154,967 Depreciation charged in the year 706 At 31 March 2024 155,673 Carrying amount At 31 March 2023 705 14 Debtors Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 15 Creditors: amounts falling due within one year Other taxation and social security Trade creditors Other creditors Accruals and deferred income	Computers £ 89,794 89,794 88,689 1,105 89,794 1,105 2024 £ - 172,136 2,992 175,128 2024 £ 1,476 4,427 5,114 2,500 13,517	Total £ 245,467
		245,467
		243,656 1,811
		245,467
		1,810
		2023 £ 232 43,330 18,495
		62,057
		2023 £ 4,274 23,194 6,413 6,247
		40,128

• 15 -

THE GATE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

16 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £2,682 (2023 - £3,262).

17 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

	At 1 April 2023	Incoming	Resources	Transfers	At 31 March
		resources	expended		2024
	£	£	£	£	£
Production costs	14,198	21,098	(35,386)	90	-
Organisational sustainability	6,407	-	(6,407)	-	-
Transition fund	-	181,986	(186,995)	5,009	-
	20,605	203,084	(228,788)	5,099	-
Previous year:	At 1 April 2022	Incoming	Resources	Transfers	At 31 March
		resources	expended		2023
	£	£	£	£	£
Production costs	43,000	-	(30,158)	1,356	14,198
Organisational sustainability	2,050	26,243	(21,886)	-	6,407
OpenGate	14,808	-	(14,808)	-	-
Other retsricted funds	1,356	-	-	(1,356)	-
	61,214	26,243	(66,852)	-	20,605

18 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

	At 1 April 2023	Incoming	Resources	Transfers	At 31 March
		resources	expended		2024
	£	£	£	£	£
Relocation fund	115,991	-	(76,676)	(39,315)	-
Bloomberg Philanthropies	-	125,000	(19,563)	-	105,437
General funds	228,072	171,002	(184,650)	34,216	248,640
	344,063	296,002	(280,889)	(5,099)	354,077

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THE GATE THEATRE COMPANY LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

18	Unrestricted funds					(Continued)
	Previous year:	At 1 April 2022	Incoming	Resources	Transfers	At 31 March
			resources	expended		2023
		£	£	£	£	£
	Relocation fund	212,691	-	-	(96,700)	115,991
	Rebuilding Better project	30,000	-	-	(30,000)	-
	General funds	319,001	423,212	(640,841)	126,700	228,072
		561,692	423,212	(640,841)	-	344,063

Relocation Designated Fund

The Relocation fund are funds designated for the purpose of the current year's support costs as the charity transitioned out of the Arts Council England National Portfolio funding arrangement. The remainder has been undesignated for general funds by the Board.

Bloomberg Philanthropies

Funding received from Bloomberg Philanthropies runs from the period 1 October 2023 to 30 September 2025. The year one income recognised above is to assist the charity in advancing its digital strategy and capacity.

19 Analysis of net assets between funds

Unrestricted Restricted funds funds 2024 2024 £ £ Fund balances at 31 March 2024 are represented by: Current assets/(liabilities) 354,077 - 354,077 - Unrestricted Restricted funds funds 2023 2023 £ £ Fund balances at 31 March 2023 are represented by: Tangible assets 1,810 - Current assets/(liabilities) 342,253 20,605 344,063 20,605	Total 2024 £ 354,077
	354,077
	Total 2023 £ 1,810 362,858
	364,668

20 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

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