2022-03-31-accounts - The Sheffield Media And Exhibition Centre Limited

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						Page
Trustees' report						1 —9
Independent	auditors'	report
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	Sheffield Media	and	Exhibition	Exhibition	Exhibition	Centre Limited
Charity registration		number:			1002020
Company	registration		number:		2444438
Directors	and Trustees:				BMoffett (Chair)
					C M Pons
					D Gormley
					M Ellis
					A Davenport
					BHamilton-Tweedale
					M Drabble - Resigned				26th September 2022
					M Kanarek
					T Kennick
					H Taylor-Smith
					N Belfield
					JDobson
					A Casserly Stewart -				Appointed		31st January 2022
					H Mann Adamson -			Appointed			31st January 2022
					R Mersereau	-	Appointed			26th	September 2022
Chief Executive:					I Wild
Secretary	and Registered			Office:	J Simpson
					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 rewlations that dIrllY and indirecuy affect the financial slatemenls. Based on our understanding of the charitable company an(J the environment tt operates within. we determined that the laws and regulations which were most signtficant included FRS 102. Companies Act 2006. Health and Safety regulations and the Charities Act 2011. We considered the extent lo whith non-compliance with these laws and regulations might have a malefial effect on the financial statements, including how fraud might occur. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements {including the risk of override of controls). and deterfflined that the principal risks were related lo the posting of inappropriate journal enlries to improve the company s resuh for the period. and management bias in key accounting estimates. Audit procedures perfomied by the engagement team indUd. Discussions with management and those responsible for legal compliance procdures within the charitable company to obtain an understanding of the legal and regulatory framework applicable lo the charitable company and how the charitable (x)mpany complies with that framework, including consideration of known or suspected instances of noncompliance Mth laws and regulations and fraud,. Reviewing minutes of Trustee meetings-, Identing and assessing the design effectiveness of controls that management has in place lo prevent and delecl fraud and nort-compliance with laws and regulations: Challenging assumptions and judgements made by management in their significant accountin9 eslimales. Idenlrfying and testing journal entries. in particular any ji)vrnal entrses posted with unusual account combinations or posted by senior management. Thwe are inherent limitations in the audtt pr(dureS degLy1Ld above and the more removed non-compliance with laws and regulations is from the events and transacb.ons reflected in the financial slalements, the less likely we are lo become aware of it. Also. the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by. for example. forgery or intentional misrepresentations. or through collusion. A further description of our reswnsibilttie5 is available on the Financial Reporting Council's website at-. www.frc.org.uklaudilorslaudit-assurancelaudilor-s-responsibilities-for-the-audit-of4he-fddescription-of-Ihe-auditor's- responsibililies-for. This description fomis part of our auditorfs report. Use of our report This report is made solely to the chariL8ble company's members. a5 a body. in accordan with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mighl stale to the charitable company's members those matters we are required to 51ale lo them in an audilor's report and for olher purpose. To the fullest exlenl 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 dy. for our audit work. for this report. or for the opinions we have formed. Simon Bladen. Senior Slatulory Auditor For and on behalf of Hawsons Chartered Actounlants. StalulcKy Auditors Pegasus House 463a Glossop Road Sheffield S10 2QD Date.. -.2022 12

				Restricted	Restricted
			Unrestricted	Income	Capital	2022	2021
		Notes	Funds	Fund	Fund	Total	Total
			5	8			F
Incoming Resources
Donations and legacies			745,970	895,325	58,500	1,699,795	1,651,111
Investment income			28,000			28,000	28,000
Charitable activities			564,170			564,170	139,774
Other income							162,563
Total incoming resources			1,338,140	895,325	58,500	2,291,965	1,981,448
Resources expended
Costs ofgenerating	voluntary
income		9	10,000			10,000	10,000
Raising funds		10
Charitable activities		11	986,561	890,092		1,876,653	1,496,108
Other		12	18,300			18,300	17,110
Total resources expended			1,014,861	890,092		1,904,953	1,523,218
Net incoming resources
before transfers			323,279	5,233	58,500	387,012	458,230
Transfers		24	75,160	(6,331)	(68,829)
Net movement in	funds		398,439	(1,098)	(10,329)	387,012	458,230
Funds brought forward			1,196,819	145,863	1,768,479	3,111,161	2,652,931
Funds carried forward			1,595,258	144,765	1,758,150	3,498,173	3,111,161

				Restricted	Restricted
			Unrestricted	Income	Capital	2022	2021
		Notes	Fundsf	Fund 6	Fundf	Total 6	Total
Incoming resources
Donations and legacies		2	784,498	895,325	58,500	1,738,323	2,012,020
Activities for generating	funds	3	1,467,633			1,467,633	719,332
Charitable activities		5	504,170			504,170	79,774
Other income		6					162,563
Total incoming resources			2,756,301	895,325	58,500	3,710,126	2,973,689
Resources expended
Costs ofgenerating voluntary			10,000			10,000	10,000
income
Raising funds		10	1,742,388			1,742,388	1,262,183
Charitable activities		11	975,916	890,092		1,866,008	1,488,556
Other		12	18,300			18,300	17,110
Total resources expended			2,746,604	890,092		3,636,696	2,777,849
Net incoming resources
before transfers			9,697	5,233	58,500	73,430	195,840
Transfers		24	75,160	(6,331)	(68,829)
Net movement in funds			84,857	(1,098)	(10,329)	73,430	195,840
Funds brought forward			2,141,259	145,863	1,768,479	4,055,601	3,859,761
Funds carried forward			2,226,116	144,765	1,758,150	4,129,031	4,055,601

1 MARCH 2022
		31 March		31 March
	Notes	2022		2021
		Groupf	Company	Groupf	Companyf
FIXEDASSETS
Tangible fixed assets	19	4,518,888	1,960,507	4,672,307	2,034,400
Investment in subsidiaries	20		2		2
		4,518,888	1,960,509	4,672,307	2,034,402
CURRENT ASSETS
Stock		16,616		9,089
Debtors	21	609,821	1,078,168	307,316	567,560
Cash at bank and in hand		128,301	755,235	222,935	853,267
		754,738	1,833,403	539,340	1,420,847
CREDITORS —amounts
falling due within	22	(713,254)	(295,739)	(695,487)	(344,088)
one year
Net current assetsl (liabilities)		41,484	1,537,664	(156,147)	1,076,759
Total assets less current		4,560,372	3,498,173	4,516,160	3,111,161
liabilities
Deferred income	23	(431,341)		(460,559)
NET ASSETS		4,129,031	3,498,173	4,055,601	3,111,161
CHARITYFUNDS
Restricted capital fund	25	1,758,150	1,758,150	1,768,479	1,768,479
Restricted income funds	25	144,765	144,765	145,863	145,863
Unrestricted funds	26	1,048,842	1,595,258	947,634	1,196,819
Revaluation reserve	26	1,177,274		1,193,625
TOTAL CHARITY FUNDS		4,129,031	3,498,173	4,055,601	3,111,161

				Notes	2022	2021
						6
Cash flow	from operating	activities		27	14,974	203,720
Cash flow	from investing	activities
Payments	to acquire tangible		fixed assets		~71,993	~139,477
Net cash flow from investing			activities		(71,095)	(130,477)
Cash flow	from financing	activities
Repayment	of long-term loans				(38,081)	(43,513)
Interest paid					(432)	(2,810)
Net cash flow from financing			activities		(38,513)	(46,323)
Net (decrease) )increase		in	cash and cash equivalents		(94,634)	26,920
Cash and	cash equivalents		at 1 April		222,935	196,015
Cash and	cash equivalents		at 31 March		128,301	222,935
Cash and	cash equivalents		consist of:
Cash at bank and in hand					128,301	222,935
Cash and	cash equivalents		at 31 March		128,301	222,935

2.	DONATIONS AND LEGACIES
			2022f	2022f	2021f	2021f
			Group	Company	Group	Company
	Unrestricted
	BFI		150,000	150,000	150,000	150,000
	Sheffield City Council		16,403	12,000	76,672	51,672
	Europa Cinemas				290	290
	BFI —Culture Recovery Fund		555,626	555,626	321,869	321,869
	CJRS government grant		62,469	28,344	589,225	253,316
	Total unrestricted		784,498	745,970	1,138,056	777,147
	Restricted - revenue
	BFI - Film Hub North 2		638,700	638,700	632,152	632,152
	BFI —Other		237,709	237,709	219,702	219,702
	ICO				2,200	2,200
	Screen Yorkshire				15,245	15,245
	Department ofWork and Pension				4,065	4,065
	Dogwoof		1,000	1,000	500	500
	National Lottery		10,000	10,000
	Film Club Midlands Other(f1,000		5,000 2,916	5,000 2,916	100	100
	Total restricted —revenue		895,325	895,325	873,964	873,964
	Restricted —capital
	BFI - Culture Recovery Fund		58,500	58,500
	Total restricted - capital		58,500	58,500
	Total voluntary income		1,738,323	1,699,795	2,012,020	1,651,111
3.	ACTIVITIES FOR GENERATING	FUNDS
			2022f	2022 f.	2021f	2021f
			Group	Company	Group	Company
	Letting of managed workspace		750,014		671,066
	Commercial operations		717,619		48,266
			1,467,633		719,332

4.	INVESTMENT INCOME	INVESTMENT INCOME	INVESTMENT INCOME
				2022	2022	2021	2021
				F	F		F
				Group	Company	Group	Company
	Loan interest				28,000		28,000
					28,000		28,000
5.	INCOMING RESOURCES FROM			CHARITABLE ACTIVITIES
				2022	2022	2021	2021
				F		F
				Group	Company	Group	Company
	Unrestricted
	Boxoffice receipts			407,096	407,096	35,937	35,937
	Centre hire			51,808	51,808	18,282	18,282
	Membership	fees		19,098	19,098	22,314	22,314
	Advertisement	income		13,748	13,748	3,009	3,009
	Management	fee			60,000		60,000
	Other income			12,420	12,420	232	232
				504,170	564,170	79,774	139,774
6.	OTHER INCOME
				2022 F	2022f	2021f	2021f
				Group	Company	Group	Company
	Unrestricted
	VAT credit —cultural		exemption			162,563	162,563
						162,563	162,563
7.	NET OUTGOING RESOURCES
				2022		2021
				Group f	Company f	Groupf	Company
	This is stated	after charging:
	Operating lease rentals —land
	and buildings				6,000		6,000
	Depreciation			223,649	121,719	232,687	123,439
	Loss on disposal of		fixed assets	865	865
	Government receivable	and other grants		(38,528)		(29,076)

9.	COSTS OF GENERATI	NG V	OLUNTARY	INCOME
				2022f	2022f	2021f	2021f
				Group	Company	Group	Company
	Support costs (note 13)			10,000	10,000	10,000	10,000
10.	RAISING FUNDS
				2022	2022f	2021f	2021f
				Group	Company	Group	Company
	Managed workspace cost			832,001		749,601
	Commercial operations			910,387		512,582
				1,742,388		1,262,183
11.	CHARITABLE ACTIVITIES
	Cost ofoperation ofcinema		and centre	hire
				2022f	2022	2021f	2021
				Group	Company	Group	Company
	Film performances	and	related
	costs
	Film hire			158,058	158,058	11,649	11,649
	Project costs			252,489	254,439	180,586	180,586
	Film Hub North grants	disbursed		424,929	424,929	429,006	429,006
	Centre costs
	Marketing costs			17,263	17,263	20,168	20,168
	Wages and related costs			352,117	352,117	297,622	297,622
	Printing and advertising			20,463	21,063	1,749	2,349
	Depreciation —equipment			31,121	31,121	35,021	35,021
	Credit card charges			10,052	10,052	2,428	2,428
	Other expenses			10,878	10,877	2,432	2,432
				1,277,370	1,279,919	980,661	981,261
	Support costs (note 13)			588,638	596,734	507,895	514,847
	Total cost ofcharitable activities			1,866,008	1,876,853	1,488,556	1,496,108

12.	OTHER COSTS
			2022	2022	2021	2021
				5		E
			Group	Company	Group	Company
	Audit fee		8,300	8,300	7,110	7,110
	Support costs (note	13)	10,000	1D ODO	10,000	10.000
			18,300	18,300	17,110	17,110
13.	INDIRECT SUPPORT COSTS
			2022	2022	2021	2021
			E			E
			Group	Company	Group	Company
	Salaries and related	costs	273,132	273,132	252,096	252,096
	Travel and hospitality		12,829	12,829	503	503
	Rent, rates and service charges		6,582	12,486	2,832	8,736
	Heat and power		78,031	78,031	41,797	41,797
	Printing, postage and stationery		936	2,324	1,222	1,437
	Repairs and maintenance		39,671	39,671	70,255	70,255
	Insurance		15,683	15,683	13,323	13,323
	Telephone charges		222	354	265	386
	Licences and subscriptions		5,955	5,955	3,250	3,250
	Professional fees		15,584	15,584	3,538	3,538
	Bank charges		2,034	2,034	2,621	2,621
	Bank interest		216	216	1,405	1,405
	Equipment hire and	leasing	2,587	2,587	2,111	2,111
	Computer software and
	consumables		10,289	10,289	7,139	7,139
	Website development		10,521	10,521	429	429
	Cleaning and sundry	expenses	42,903	43,575	36,691	37,403
	Depreciation
	- long leasehold property		70,573	70,573	70,573	70,573
	Depreciation -fixtures, fittings
	and equipment		20,025	20,025	17,845	17,845
	Loss on disposal		865	865
			608,638	616,734	527,895	534,847
	Allocation
	Charitable activities		588,638	596,734	507,895	514,847
	Generating voluntary	income	10,000	10,000	10,000	10,000
	Other costs		10,000	10,000	10,000	10,000
			608,638	616,734	527,895	534,847

				Paternoster	Limited
				Managed	Commercial
				workspace f	operations f
Turnover Cost ofsales				758,709 ~403,452	719,569 ~818,908
Gross profit				355,257	100,661
Administrative	expenses			(517,551)	(291,479)
Interest payable				(28,216)
Other operating		income		29,218	38,528
Operating deficit		for year		(161,292)	(152,290)
Loss from commercial			operations	~152,290	152,290
Profit on ordinary		activities before taxation		(313,582)
Net loss for the	year		retained	(313,582)

STAFF CO	STS AND TRUSTEES'	8 REMUNE	RATION
			2022			2021
			Groupf	Company E	Group E	Company
Wages and	salaries	1,154,612		453,809	996,084	370,825
Social security costs			78,884	31,004	60,789	22,631
Pension costs			22,760	8,946	17,062	6,352
		1,256,256		493,759	1,073,935	399,808
The average number ofemployees		calculated	on a full-time	equivalent basis	during the year was as follows:
			2022			2021
		Number		FTE	Number	FTE
Raising funds			46	40	46	48
Charitable	activities		33	19	32	21
			79	59	78	69

16.	INTEREST PAYABLE AND S	IMILAR CHARGES
			2022			2021
		Groupf		Company f.	Groupf		Companyf
	Bank loans and overdrafts	432		216	2,810		1,405
		432		216	2,810		1,405
17.	ANALYSIS OF NET ASSETS	BETWEEN FUNDS
	2022 - Group
				Restricted	Restricted
		Unrestricted		Income	Capital
		Fundsf		Fundf	Fundf		Totalf
	Tangible fixed assets	2,760,738			1,758,150		4,518,888
	Current assets	609,973		144,765			754,738
	Current liabilities	(713,254)					(713,254)
	Long term liabilities	(431,341)					(431,341)
		2,226,116		144,765	1,758,150		4,129,031
	2022 - Company			Restricted	Restricted
		Unrestricted		Income	Capital
		Fundsf		Fundf	Fundf		Total
	Tangible fixed assets	202,359			1,758,150		1,960,509
	Current assets	1,688,638		144,765			1,833,403
	Current liabilities	(295,739)					(295,739)
	Long term liabilities
		1,595,258		144,765	1,758,150		3,498,173

					Restricted	Restricted
			Unrestricted		Income	Capital
			Funds		Fund	Fund	Total
					E		E
	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
			Funds 5		Fund	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
				2022		2022
	As at 31	March the annual	Groupf		Company 8	Group E	Company
	commitments under non-cancellable
	operating	leases were as follows:-
	Due within 1 year		5,797			4,784
	Due within 1 to 2years		5,362			1,742
	Due within 2to 5years		16,220			1,307
			27,379			7,833

TANGIBLE FIXEDASSETS —GROUP
	Long	Fixtures
	leasehold	fittings &
	property F	equipment F	Totalf
Cost or valuation
At 1 April 2021	6,761,247	2,583,408	9,344,655
Additions		71,095	71,095
Disposals		(1,403)	(1,403)
At 31 March 2022	6,761,247	2,653,100	9,414,347
Depreciation
At 1 April 2021	2,603,194	2,069,154	4,672,348
Charge for the year	102,915	120,734	223,649
Disposals		(538)	(538)
At 31 March 2022	2,706,109	2,189,350	4,895,459
Net book value
At 31 March 2022	4,055,138	463,750	4,518,888
At 31 March 2021	4,158,053	514,254	4,672,307
TANGIBLE FIXEDASSETS —COMPANY
	Long	Fixtures
	leasehold	fittings &
	propertyf	equipment	Total
Cost
At 1 April 2021	3,528,630	1,390,434	4,919,064
Additions		48,691	48,691
Disposals		(1,403)	(1,403)
At 31 March 2022	3,528,630	1,437,722	4,966,352
Depreciation
At 1 April 2021	1,680,275	1,204,389	2,884,664
Charge for the year	70,573	51,146	121,719
Disposals		(538)	(538)
At 31 March 2022	1,750,848	1,254,997	3,005,845
Net book value
At 31 March 2022	1,777,782	182,725	1,960,507
At 31 March 2021	1,848,355	186,045	2,034,400

The subsidi	ary ofthe compan	y at 31 March 2	022 (incorpor	ated in Engl	and) was:
		Class of		Directl	Aggregate	Profit/
		shares		indirect	capital and	(loss)
		held	%held	holding	reserves	for the
						year
						5
Paternoster	Limited
02540298
Letting ofmanaged		Ordinary	100	Direct	630,862	(313,582)
workspace	and operation
of bar and	cafd

DEBTORS
			2022			2021
Due within one year:		Group f		Company E	Group		Companyf
Trade debtors		111,395		4,170	76,023		5,475
Other debtors		457,883		350,183	197,307		37,562
Prepayments	and accrued
income		40,543		40,543	33,986		33,986
Amount owed	by group
undertakings				683,272			490,557
		609,821		1,078,168	307,316		567,580

CREDITORS
			2022			2021
Amounts falling due	within one	Group 6		Company 6	Group E		Company 6
year
Bank loan and overdraft					38,081		38,081
Trade creditors		227,163		87,333	186,585		53,470
Other creditors		313,762		94,614	264,507		68,881
Taxation and social security		58,537			78,556		55,898
Accruals and deferred	income	113,792		113,792	127,758		127,758
		713,254		295,739	695,487		344,088

Bank and other loans are repayable by instalments as follows:—
	2022	2021f
Due within one year		38,081
Due within one to two years
		38,081
DEFERRED INCOME —GROUP
	2022	2021
	F
Government grants and other income at 1 April	460,559	442,014
Grants received during the year		47,621
Amount released in year	(29,218)	(29,076)
Balance at 31 March	431,341	460,559

24.	TRANSFER BETWEEN FUNDS	TRANSFER BETWEEN FUNDS	TRANSFER BETWEEN FUNDS	TRANSFER BETWEEN FUNDS
							2022				2021
							Group F	Company		Group 6		Companyf
	Release ofrestricted capital funds re depreciation ofcapital assets						75,160	75,160		72,367		72,367
	Transfer from restricted funds		income				(6,331)	(6,331)
							68,829	68,829		72,367		72,367
25.	RESTRICTED FUNDS —Group				and
	Company
					Balance at		Incoming	Resources		Transfer		Balance at
					31 March		resources	expensed				31 March
						2021						2022
	Restricted capital funds
	Brought forward				1,768,479					(75,160)		1,693,319
	Culture Recovery Fund 2						38,000					38,000
	Culture Recovery Fund 3						20,500					20,500
	National Lottery									6,331		6,331
					1,768,479		58,500			(68,629)		1,758,150
	The restricted capital fund		arises		from grants		we applied for,	for the purpose ofsupporting			our engagement
	and outreach work, through			BSL	welcome films to ticketless			scanners	to support	social distancing		for
	returning customers.
	2022				Balance at		Incoming	Resources		Transfer		Balance at
					31	March	resources	expensed				31 March
						2021						2022
												E
	Restricted income	funds
	Film Hub North 2 (BFI)					86,833	638,700	(623,404)				102,129
	Talent Development	(BFI)				28,912	153,000	(143,142)				38,770
	Youth Film Academy	(BFI)					17,000		(16,708)			292
	Residential Academy					18,000	24,121		(42,121)
	(BFI)
	Venue Education Fund
	(BFI)						28,628		(28,628)
	National Lottery						10,000		(95)	(6,331)		3,574
	Doncaster Film Hubs (BFI)					12,118	14,960		(27,078)
	Film Club Midlands						5,000		(5,000)
	Dogwoof Other (61,000						1,000 2,916		(1,000) (2,916)
					145,863		895,325	(890,092)		(6,331)		144,765
							30


UNRESTRICT	ED FUNDS	Company	Group
		Unrestricted	Revaluation
		income fund	Reserve
			6
Balance at 1 April 2021		1,196,819	1,193,625
Net movement	in funds for the year	323,279
Transfer during	the year	75,160	(16,351)
Balance at 31	March 2022	1,595,258	1,177,274

			2022	2021
			Group	Group
Net incoming	resources		73,430	195,840
Interest payable			432	2,810
Net outgoing	resources from	operations	73,862	198,650
Depreciation	and amortisation		223,649	232,687
Loss on disposal offixed assets			865
(Increase) in	stock		(7,527)	(652)
(Increase) in	debtors		(302,505)	(96,058)
Decrease in	creditors		26,630	(130,907)
Net cash inflow from operating		activities	14,974	203,720

ANAL	YSIS OF NET DEBT
		1 April	Cash flow	Other non-	31 March
		2021		cash	2022
				charges
				8
Cash	at the bank and in hand	222,935	(94,634)		128,301
Bank	overdrafts
Cash	and cash equivalents	222,935	(94,634)		128,301
Debts	falling due within one year	(38,081)	38,081
Debts	falling due after one year
		(38,081)	38,081
		184,854	(56,553)		128,301