2021-03-31-accounts - The Sheffield Media And Exhibition Centre Limited

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

				Page
Trustees' report				1 —g
Independent	auditors'	report		10—12
Charitable Company		Statement of Financial	Activities	13
Consolidated	Statement of Financial Activities			14
Consolidated	balance	sheet		15
Consolidated	cash flow statement			16
Notes to the	financial	statements		17-33

Official name ofcharity:	Official name ofcharity:	Official name ofcharity:	Official name ofcharity:		Sheffield Media	and	Exhibition Centre Limited	Exhibition Centre Limited	Exhibition Centre Limited
Charity registration		number:			1002020
Company	registration		number:		2444438
Directors	and Trustees:				BMoffett (Chair)
					C M Pons
					SSanderson —resigned			on 30" November	2020
					D Gormley
					M Ellis
					A Davenport
					BHamilton-Tweedale
					M Drabble
					M Kanarek
					T Kennick
					H Taylor-Smith
					N Belfield
					J Dobson
					J Roy —appointed 2F"			July 2020; resigned	28'" May 2021
Chief Executive:					I Wild
Secretary	and Registered			Office:	JSimpson
					15Paternoster	Row
					Sheffield
					S12BX
Bankers:					Unity Trust Bank pic
					Nine Brindleyplace
					Birmingham
					B12HB
Auditors:					Hawsons Chartered		Accountants
					Statutory Auditors
					Pegasus House
					463a Glossop Road
					Sheffield
					S102QD
Solicitors:					Knights pic
					Commercial House
					14Commercial	Street
					Sheffield
					S1 2AT

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED (continued) The charitable company is subject to laws and regulations that direcuy and indirectly affect the financial stalemenls. Based on our understanding of the charitable company and the environment it operates wilhin, we determined that the laws and regulations whh were m05t signtficanl induded FRS 102, Companies Act 2006. Health and Safely regulations and the Charities Act 2011. We considered the exlenl lo which non-compliance with these laws and regulations might have a material effect on the financial 5talemenls, including how fraud might occur. We evaluated management's incentives and opportunitses for fraudulent manipulation of the financial statements (including the risk of override of contro151. and determined thal the principal risks were related lo the posting of inappropriate journal entries lo improve the company's result fof the period. and management bias in key accounting estimates. Audit procedures performed by the engagement team indudgj: Discussions with managemenl and those responsible for legal compliance procedures within the charitable company to obtain an understanding of the legal and regulatory framework applicable lo the charitable company and how the charitable company complies with that framework. including consideration of known or suspected Instan of non-compliance with laws and regulations and fraud.. Reviewing minutes of Trustee meetings. Idenlrfying and assessing the design effectiveness of controls that management has in place to prevent and delect fraud and non-compliance with laws and regulations.. Challenging assumption5 and judgements made by management in their signrficant accounting estimates. Idenlfying and testing joumal entrEs, in parti(xJlar any journal entries posted with unusual account combinations or posted by senior management. There are inherent limitations in the audit procedures desuibgj above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial slalements, the less likely we are lo become aware of it. Also. the risk of not detecting a material misstalement due to fraud is higher than the risk of not delecling one resulting from error. a5 fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations. or through collusion. A further description of our responsibilities is available on the Financial Reporting Council's website al-. w.frC.org.Ukl2{JdiIDrS1audIl-asSurancelaudrtOr-S-responSlb1lItles-f0r-1he-audIlf-thede$crptIon-Of-Ihe- audilor's-responsibililies-for. This description forms part of our auditor's report. Use of our report This report is made solely lo the charitable company s members. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so thal we might slate lo the charitable company's members those matters we are required to Stale lo them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the Charitable company and the charitable company s members as a body. for our audit work, for this report, or for the opinions we have formed. Ukns Simon Bladen, Senior Statutory Auditor For and on behalf of Hawsons Chartered Accountants. Statutory Audilors Pegasus House 463a Glossop Road Sheffield S10 2QD Date.. .2021 12

			Restricted	Restricted
		Unrestricted	Income	Capital	2021	2020
	Notes	Funds f'	Fund 6	Fund	Totalf	Total
incoming Resources
Donations and legacies		777,147	873,964		1,651,111	1,032,775
Investment income		28,000			28,000	28,000
Charitable activities		139,774			139,774	833,716
Other income		162,563			162,563
Total incoming resources		1,107,484	873,964		1,981,448	1,894,491
Resources expended
Costs ofgenerating voluntary
income	9	10,000			10,000	10,000
Raising funds	10
Charitable activities	11	682,971	813,137		1,496,108	1,977,608
Other	12	17,110			17,110	16,390
Total resources expended		710,081	813,137		1,523,218	2,003,998
Net incoming i(outgoing)
resources before transfers		397,403	60,827		458,230	(109,507)
Transfers	24	72,367		(72,367)
Other recognised losses
Loss on disposal of subsidiary						(2)
Net movement in funds		469,770	60,827	(72,367)	458,230	(109,509)
Funds brought forward		727,049	85,036	1,840,846	2,652,931	2,762,440
Funds carried forward		1,196,819	145,863	1,768,479	3,111,161	2,652,931

				Restricted	Restricted
			Unrestricted	Income	Capital	2021	2020
		Notes	Funds F	Fundf	Fund 6	Total	Total E
Incoming resources
Donations and legacies		2	1,138,056	873,964		2,012,020	1,032,775
Activities for generating	funds	3	719,332			719,332	3,759,900
Charitable activities		5	79,774			79,774	741,716
Other income		6	162,563			162,563
Total incoming resources			2,099,725	873,964		2,973,689	5,534,391
Resources expended
Costs ofgenerating voluntary			10,000			10,000	10,000
income
Raising funds		10	1,262,183			1,262,183	3,588,448
Charitable activities		11	675,419	813,137		1,488,556	1,963,713
Other		12	17,110			17,110	36,302
Total resources expended			1,964,712	813,137		2,777,849	5,598,463
Net incoming I(outgoing)
resources before transfers			135,013	60,827		195,840	(64,072)
Transfers		24	72,367		(72,367)
Other Recognised Losses
Loss on disposal ofsubsidiary		7					(71,775)
Net movement in funds			207,380	60,827	(72,367)	195,840	(135,847)
Funds brought forward			1,933,879	85,036	1,840,846	3,859,761	3,995,608
Funds carried forward			2,141,259	145,863	1,768,479	4,055,601	3,859,761

1 MARCH 2021
			31 March		31 March
		Notes	2021		2020
			Group	Company	Group	Company
				6	L
FIXEDASSETS
Tangible fixed assets		19	4,672,307	2,034,400	4,774,517	2,094,074
Investment in subsidiaries		20		2		2
			4,672,307	2,034,402	4,774,517	2,094,076
CURRENT ASSETS
Stock			9,089		8,437
Debtors			307,316	567,580	211,258	536,501
Cash at bank and	in hand		222,935	853,267	196,015	548,389
			539,340	1,420,847	415,710	1,084,890
CREDITORS —amounts
falling due within		22	(695,487)	(344,088)	(850,444)	(488,027)
one year
Net current assetsl (liabilities)			(156,147)	1,076,759	(434,734)	596,863
Total assets less current			4,516,160	3,111,161	4,339,783	2,690,939
liabilities
CREDITORS —amounts		23			(38,008)	(38,008)
falling due after one year
Deferred income		23	(460,559)		(442,014)
NET ASSETS			4,055,601	3,111,161	3,859,761	2,652,931
CHARITY FUNDS
Restricted capital	fund	25	1,768,479	1,768,479	1,840,846	1,840,846
Restricted income	funds	25	145,863	145,863	85,036	85,036
Unrestricted funds		26	947,634	1,196,819	723,903	727,049
Revaluation reserve		26	1,193,625		1,209,976
TOTAL CHARITY	FUNDS		4,055,601	3,111,161	3,859,761	2,652,931

				Notes	2021	2020
					6
Cash flow	from operating	activities		27	203,720	119,397
Cash flow	from investing	activities
Payments	to acquire tangible		fixed assets		~13O477	, ~15ll.082
Net cash flow from investing			activities		(130,477)	(150,082)
Cash flow	from financing	activities
Repayment	oflong-term loans				(43,513)	(66,370)
Interest paid					(2,810)	(4,574)
Net cash flow from financing			activities		(46,323)	(70,944)
Net increase I(decrease)		in	cash and cash equivalents		26,920	(101,629)
Cash and	cash equivalents		at 1 April		196,015	297,644
Cash and	cash equivalents		at 31 March		222,935	196,015
Cash and	cash equivalents		consist of:
Cash at bank and in hand					222,935	196,015
Short term	deposits
Cash and	cash equivalents		at 31 March		222,935	196,015

2.	DONATIONS	AND	LEGACIES
					2021	2021	2020	2020
					E		F	L'
					Group	Company	Group	Company
	Unrestricted
	BFI				150,000	150,000	150,000	150,000
	Sheffield City	Council			76,672	51,672	11,500	11,500
	Europa Cinemas				290	290	1,458	1,458
	BFI —Cultural	Recovery Fund			321,869	321,869
	CJRS government grant				589,225	253,316
	Total unrestricted				1,138,056	777,147	162,958	162,958
	Restricted
	BFI - Film Hub	North 2			632,152	632,152	617,700	617,700
	BFI - Other				219,702	219,702	248,945	248,945
	ICO				2,200	2,200
	Screen Yorkshire				15,245	15,245
	Department ofWork		and Pension		4,065	4,065
	Dogwoof				500	500
	Modern Films				100	100
	AYA Distribution						167	167
	UOS —Taking	I ives					287	287
	Film Feels						450	450
	UK Jewish Film Festival						208	208
	Cine North						1,000	1,000
	Live —RIP Vine						360	360
	Picture House	—Kelly Gang					500	500
	Live Cinema						200	200
	Total restricted				873,964	873,964	869,817	869,817
	Total voluntary	income			2,012,020	1,651,111	1,032,775	1,032,775
3.	ACTIVITIES FOR GENERATING			FUNDS
					2021f	2021 6	2020 E	2020 6
					Group	Company	Group	Company
	Letting of managed		workspace		671,066		814,973
	Film festival receipts						1,892,838
	Commercial operations				48,266		1,052,089
					719,332		3,759,900

4.	INVESTMENT INCOME	INVESTMENT INCOME	INVESTMENT INCOME
				2021 F	2021f	2020f	2020f
				Group	Company	Group	Company
	Loan interest				28,000		28,000
					28,000		28,000
5.	INCOMING RESOURCES FROM			CHARITABLE ACTIVITIES
				2021 F	2021f	2020f	2020
				Group	Company	Group	Company
	Unrestricted
	Boxoffice receipts			35,937	35,937	656,029	656,029
	Centre hire			18,282	18,282	28,550	60,550
	Membership	fees		22,314	22,314	25,405	25,405
	Advertisement	income		3,009	3,009	31,565	31,565
	Management	fee			60,000		60,000
	Other income			232	232	167	167
				79,774	139,774	741,716	833,716
6.	OTHER INCOME
				2021f	2021f	2020 f.	2020f
				Group	Company	Group	Company
	Unrestricted
	VAT credit —cultural		exemption	162,563	162,563
				162,563	162,563
7.	NET OUTGOING RESOURCES
				2021		2020
				Group f	Company f.	Group	Company
	This is stated	after charging:
	Operating lease rentals —land
	and buildings				6,000		6,000
	Depreciation			232,687	123,439	225,464	118,632
	Loss on disposal of		fixed assets			7,673
	Loss on disposal of		subsidiary			71,775	2
	Government receivable	and other grants		(29,076)		(19,669)

				2021f	2021	2020f	2020
				Group	Company	Group	Company
	Support costs (note 13)			10,000	10,000	10,000	10,000
10.	RAISING FUNDS
				2021f	2021	2020f	2020
				Group	Company	Group	Company
	Managed workspace cost			749,601		797,870
	Film festival costs					1,738,383
	Commercial operations			512,582		1,052,195
				1,262,183		3,588,448
11.	CHARITABLE ACTIVITIES
	Cost ofoperation ofcinema		and centre	hire
				2021f	2021 f.	2020f	2020f
				Group	Company	Group	Company
	Film performances	and	related
	costs
	Film hire			11,649	11,649	283,455	283,455
	Project costs			180,586	180,586	215,836	219,945
	Film Hub North grants	disbursed		429,006	429,006	390,063	390,063
	Centre costs
	Marketing costs			20,168	20,168	20,714	20,714
	Wages and related costs			297,622	297,622	343,597	343,597
	Printing and advertising			1,749	2,349	27,129	27,729
	Depreciation —equipment			35,021	35,021	31,025	31,025
	Credit card charges			2,428	2,428	14,217	14,217
	Other expenses			2,432	2,432	20,757	20,757
				980,661	981,261	1,346,793	1,351,502
	Support costs (note 13)			507,895	514,847	616,920	626,106
	Total cost ofcharitable activities			1,488,556	1,496,108	1,963,713	1,977,608

OTHER COSTS
	2021 E	2021f	2020 E	2020 E
	Group	Company	Group	Company
Audit fee	7,110	7,110	6,390	6,390
Support costs (note 13)	10,000	10,000	10,000	10,000
Tax charge in subsidiary			19,912
	17,110	17,110	36,302	16,390
INDIRECT SUPPORT COSTS
	2021	2021	2020	2020
	E	E
	Group	Company	Group	Company
Salaries and related costs	252,096	252,096	283,807	283,807
Travel and hospitality	503	503	37,025	37,025
Rent, rates and service charges	2,832	8,736	10,718	16,622
Heat and power	41,797	41,797	66,504	66,504
Printing, postage and stationery	1,222	1,437	1,723	3,907
Repairs and maintenance	70,255	70,255	33,923	33,923
Insurance	13,323	13,323	12,969	12,969
Telephone charges	265	386	252	252
Licences and subscriptions	3,250	3,250	8,650	8,650
Professional fees	3,538	3,538	3,403	3,403
Bank charges	2,621	2,621	3,372	3,372
Bank interest	1,405	1,405	2,287	2,287
Equipment hire and leasing	2,111	2,111	2,324	2,324
Computer software and
consumables	7,139	7,139	4,460	4,460
Website development	429	429	841	841
Cleaning and sundry expenses	36,691	37,403	77,055	78,153
Depreciation
—long leasehold property	70,573	70,573	70,572	70,572
Depreciation - fixtures, fittings
and equipment	17,845	17,845	17,035	17,035
	527,895	534,847	636,920	646,106
Aiiocation
Charitable activities	507,895	514,847	616,920	626,106
Generating voluntary income	10,000	10,000	10,000	10,000
Other costs	10,000	10,000	10,000	10,000
	527,895	534,84?	636,920	646,106

				Paternoster	Limited
				Managed	Commercial
				workspace f	operations F
Turnover Cost ofsales				678,618 ~394.328	48,266 ~295.982
Gross profit				314,290	(247,721)
Administrative	expenses			(472,944)	(216,595)
Interest payable				(29,405)
Other operating		income		75,922	314,063
Operating deficit		for year		(112,137)	(150,253)
Loss from commercial			operations	~159,253	150,253
Profit on ordinary		activities before taxation		(262,390)
Net loss for the	year		retained	(262,360)

INTER	EST PAYABLE AND S	IMILAR CHARGES
			2021			2020
		Group		Company	Group		Company
				f.			F
Bank loans and overdrafts		2,810		1,405	4,574		2,287
		2,810		1,405	4,574		2,287
ANALYSIS OF NET ASSETS		BETWEEN FUNDS
2020 - Group
				Restricted	Restricted
		Unrestricted		Income	Capital
		Funds		Fund	Fund		Total
				6	6
Tangible fixed assets		2,933,671			1,840,846		4,774,517
Current	assets	330,674		85,036			415,710
Current	liabilities	(850,444)					(850,444)
Long term liabilities		(480,022)					(480,022)
		1,933,879		85,036	1,840,846		3,859,761
2020 - Company				Restricted	Restricted
		Unrestricted		Income	Capital
		Funds		Fundf	Fund F		Total
Tangible fixed assets		253,230			1,840,846		2,094,076
Current	assets	999,854		85,036			1,084,890
Current	liabiTities	(488,027)					(488,027)
Long term liabilities		(38,008)					(38,008)
		727,049		85,036	1,840,846		2,652,931

17.	ANALYSIS OF NET ASSETS BETWEEN FUNDS	ANALYSIS OF NET ASSETS BETWEEN FUNDS
	2021 - Group
				Restricted	Restricted
		Unrestricted		Income	Capital
		Fundsf		Fund	Fundf		Totalf
	Tangible fixed assets	2,903,828			1,768,479		4,672,307
	Current assets	393,477		145,863			539,340
	Current liabilities	(695,487)					(695,487)
	Long term liabilities	(460,559)					(460,559)
		2,141,259		145,863	1,768,479		4,055,601
	2021 - Company			Restricted	Restricted
		Unrestricted		Income	Capital
		Fundsf		Fundf	Fundf		Total
	Tangible fixed assets	265,923			1,768,479		2,034,402
	Current assets	1,274,984		145,863			1,420,847
	Current liabilities	(344,088)					(344,088)
	Long term liabilities
		1,196,819		145,863	1,768,479		3,111,161
18.	FINANCIAL COMMITMENTS
			2021			2020
	As at 31 March the annual	Groupf		Companyf	Groupf		Companyf
	commitments under non-cancellabie
	operating leases were as follows:-
	Due within 1 year	4,784			5,797
	Due within 1 to 2years	1,742			4,784
	Due within 2 to 5years	1,307			3,049
		7,833			13,630

TANGIBLE FIXEDASSETS —GROUP
	Long	Fixtures
	leasehold	fittings &
	property 8	equipmentf	Total 6
Cost orvaluation
At 1 April 2020	6,761,247	2,452,931	9,214,178
Additions		130,477	130,477
At 31 March 2021	6,761,247	2,583,408	9,344,655
Depreciation
At 1 April 2020	2,500,281	1,939,380	4,439,661
Charge for the year	102,913	129,774	232,687
At 31 March 2021	2,603,194	2,069,154	4,672,348
Net book value
At 31 March 2021	4,158,053	514,254	4,672,307
At 31 March 2020	4,260,966	513,551	4,774,517
TANGIBLE FIXEDASSETS —COMPANY
	Long	Fixtures
	leasehold	fittings &
	property E	equipmentf	Total E
Cost
At 1 April 2020	3,528,630	1,326,669	4,855,299
Additions		63,765	63,765
At 31 March 2021	3,528,630	1,390,434	4,919,064
Depreciation
At 1 April 2020	1,609,702	1,151,523	2,761,225
Charge for the year	70,573	52,866	123,439
At 31 March 2021	1,680,275	1,204,389	2,884,664
Net book value
At 31 March 2021	1,848,355	186,045	2,034,400
At 31 March 2020	1,918,928	175,146	2,094,074

The subsidia	ry ofthe compan	y at 31 March 2	021 (incorpor	ated in Engl	and) was:
		Class of		Direct/	Aggregate	Profit/
		shares		indirect	capital and	(loss)
		held	% held	holding	reserves	for the
						year
Paternoster	Limited
02540298
Letting ofmanaged		Ordinary	100	Direct	944,444	(262,390)
workspace	and operation
ofbar and cafe

DEBTORS
			2021			2020
		Group		Company	Group		Company
Due within one year:		6		6	6
Trade debtors		76,023		5,475	114,089		8,897
Other debtors		197,307		37,562	58,437		7,400
Prepayments	and accrued
income		33,986		33,986	38,732		38,732
Amount owed	by group
undertakings				490,557			481,472
		307,316		567,580	211,258		536,501

CREDITORS
			2021			2020
Amounts falling due	within one	Group		Companyf	Group		Companyf
year
Bank loan and overdraft		38,081		38,081	43,586		43,586
Trade creditors		186,585		53,470	194,676		90,193
Other creditors		264,507		68,881	417,375		216,305
Taxation and social security		78,556		55,898	75,745		18,881
Accruals and deferred	income	127,758		127,758	119,062		119,062
		695,487		344,088	850,444		488,027
			2021			2020
Amounts falling due	after more	Groupf		Company	Group f		Company f
than one year
Bank loan and overdraft					38,008		38,008
					38,008		38,008

	Bank and other loans are repayable by instalments as follows;-
		2021f	2020f
	Due within one year	38,081	43,586
	Due within one to two years		38,008
		38,081	81,594
23.	DEFERRED INCOME —GROUP
		2021f	2020f
	Government grants and other income at 1 April	442,014	428,135
	Grants received during the year	47,621	33,548
	Amount released in year	(29,076)	(19,669)
	Balance at 31 March	460,559	442,014

TRANSFER BETWEEN FUNDS
		2021			2020
	Groupf		Companyf	Groupf		Company
Release ofrestricted capital funds re depreciation ofcapital assets	72,367		72,367	72,368		72,368

Company
			Balance at	Incoming	Resources	Transfer	Balance at
			1 April	resources	expensed		31 March
			2020f				2021f
Restricted	capital	funds	1,840,846			(72,367)	1,768,479

2020		Balance at	Incoming	Resources	Balance at
		31 March	resources	expensed	31 March
		2019f			2020
Restricted income	funds
Youth Film Academy	(BFI)		17,000	(17,000)
Residential Academy	(BFI)		45,000	(45,000)
Film Hub North 2(BFI)		75,487	617,700	(621,718)	71,469
Talent Development	(BFI)		185,745	(172,178)	13,567
BFI Musicale (BFI)			1,200	(1,200)
AYA Distribution			167	(167)
UOS —Taking Lives			287	(287)
Film Feels			450	(450)
UK Jewish Film Festival			208	(208)
Live Cinema			200	(200)
Cine North			1,000	(1,000)
Live —RIP Vine			360	(360)
Picture House —Kelly Gang			500	(500)
		75,487	869,817	(860,268)	85,036

UNRESTRICTED FUNDS	UNRESTRICTED FUNDS	Company	Group
		Unrestricted	Revaluation
		income fund	Reserve
		F	E
Balance at 1 April 2020		727,049	1,209,976
Net movement	in funds for the year	397,403
Transfer during	the year	72,367	(16,351)
Balance at 31	March 2021	1,196,819	1,193,625

			2021	2020
			Group	Group
			6	E
Net incoming/(outgoing) resources			195,840	(135,847)
Interest payable			2,810	4,574
Net outgoing resources from operations			198,650	(131,273)
Depreciation and amortisation			232,687	225,464
Loss on disposal offixed assets				14,307
(Increase)/decrease	in stock		(652)	3,006
(Increase)/decrease	in debtors		(96,058)	845,163
Decrease in creditors			(130,907)	(837,270)
Net cash inflow from	operating	activities	203,720	119,397

			1 April	Cash flow	Other non-	31 March
			2020		cash	2021
					charges
					6
Cash	at the bank and	in hand	196,015	26,920		222,935
Bank	overdrafts
Cash	and cash equivalents		196,015	26,920		222,935
Debts	falling due within one year		(43,586)	5,505		(38,081)
Debts	falling due after	one year	(38,008)	38,008
			(81,594)	43,513		(38,081)
			114,421	70,433		184,854