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2023-03-31-accounts

Page
Trustees' report
Independent auditors' report
Charitable
Company		 Statement ofFinancial Activities 13
Consolidated Statement of Financial Activities 14
Consolidated balance sheet 15
Consolidated cash flow statement 16
Notes to the financial statements

Official name ofcharity: Official name ofcharity: Official name ofcharity: Official name ofcharity: Sheffield
Media and		 Exhibition Exhibition Exhibition Centre Limited
Charity registration number: 1002020
Company registration number: 2444438
Directors and Trustees: BMoffett (Chair)
CMPons
D Gormley
M Ellis —Resigned 28e
A Davenport
-Resigned		 November 2022
25"September 2023
BHamilton-Tweedale
M Drabble - Resigned 26e September 2022
M Kanarek
T Kennick —Resigned 28th November 2022
H Taylor-Smith
N Belfield
J Dobson
-Resigned		 28e November 2022
A Casserly Stewart
H Mann Adamson
R Mersereau
-Appointed		 26rh September 2022
K RGilbert —Appointed 12rh June 2023
Chief Executive: I Wild
Secretary and Registered Office: JSimpson
15Paternoster
Row
Sheffield
S12BX
Bankers: Uniiy 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
S12AT

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 lo laws and regulations that directly and indirectly affect the financial slalements. Based on our understanding of the charitable company and the environment it operates within. we determined that the laws and regulations which were most s$gnrf￿nt included FRS 102. Companies Act 2006, Health and Safety regulations and the Charities Act 2011. We considered the extent to 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 opportunities for fr8udulenl manipulation of the financial slalements (including the risk of override of controls). and determined that the principal risks were related lo the posting of inappropriate journal entries lo improve the company's result for the period. aiKI management bias in key accounting eslimales. Audit procedures performed by the engagement team induded.. Discussions with management and those resw)nsible for legal Complian￿ procedures within the charitable company lo obtain an understanding of the legal and regulatory framework applicable lo the charitable company and how the charitable company complies Y￿th that framework. including consideration of known or suspected instances of non-compliance with laws and regulations and fraud.. Reviewing minutes of Trustee meetings.. Identifying and assessing the design effeclweness of controls that management has in place to prevent and detect fraud and non-compliance wth laws and regulations. Challenging assumptions and judgements made by management in their signrficant accounting estimates. Identifying and lesling joumal entries. in part￿ular any journal entries posted with unusual account combinations or posted by Sen1￿ management. There are inherent limitations in the audr( procedures des(¥ibed above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial slalemenls, the less likely we are lo become awaie of it. Also, the risk of not delecling a material misstalemenl due lo fraud is higher than the risk of not delecling one resulting from error, as fraud may involve deliberate cnncealment 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.. www.frc.org.uklaudilorslaudil-assurancelaudilor-s-responsibilrties-for-the-audi1-of-lhe-f￿descflpIi0n￿f-Ihe-auditor'5- responsibililies-for. This description foms part of our auditorfs report. Usg of our report This report is made solely to 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 that we might slate lo the charitable company's member5 those matters we are required to slate lo them in an auditor's report and for no other ptjrpose. To the fullest extent permilled by law, we do not accept or assume responsibilrty lo anyone olher 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. Simon laden, Senior Slalutory Auditor For and on behalf of Hawsons Chartered Accountants. SL8tulrry Auditors Pegasus House 463a GIos50p Road Sheffield S102QD Dale.. ..2023 12

EAR ENDED 31 MARCH 20 23
Restricted Restricted
Unrestricted Income Capital 2023 2022
Notes Funds
f		 Fund Fund
f		 Totalf Totalf
Incoming Resources
Donations
and legacies		 208,297 861,048 1,069,345 1,699,795
Investment
income		 28,000 28,000 28,000
Charitable
activities		 622,606 622,606 564,170
Other income
Total incoming resources 858,903 861,048 1,719,951 2,291,965
Resources expended
Costs ofgenerating
voluntary
income 9 10,000 10,000 10,000
Raising funds 10
Charitable
activities		 11 1,564,425 1,001,096 2,565,521 1,876,653
Other 12 21,650 21,650 18,300
Total resources expended 1,596,075 1,001,096 2,597,171 1,904,953
Net (Outgoing)/incoming
resources before transfers (737,172) (140,048) (877,220) 387,012
Transfers 24 78,378 (78,378)
Net movement
in funds		 (658,794) (140,048) (78,378) (877,220) 387,012
Funds brought forward 1,595,258 144,765 1,758,150 3,498,173 3,111,161
Funds carried forward 936,464 4,717 1,679,772 2,620,953 3,498,173

Restricted Restricted
Unrestricted Income Capital 2023 2022
Notes Funds Fund Fund Total Total
F
Incoming resources
Donations
and legacies		 2 208,297 861,048 1,069,345 1,738,323
Activities for generating funds 3 1,809,873 1,809,873 1,467,633
Charitable
activities		 5 562,606 562,606 504,170
Total incoming resources 2,580,776 861,048 3,441,824 3,710,126
Resources expended'
Costs ofgenerating
voluntary		 10,000 10,000 10,000
income
Raising funds 9 2,075,152 2,075,152 1,742,388
Charitable
activities		 10 1,037,364 1,001,096 2,038,460 1,866,008
Other 11 21,650 21,650 18,300
Total resources expended 3,144,166 1,001,096 4,145,262 3,636,696
Net (outgoing)/incoming
resources before transfers (563,390) (140,048) (703,438) 73430
Transfers 23 78,378 (78,378)
Net movement
in funds		 (485,012) (140,048) (78,378) (703,438) 73,430
Funds brought
forward		 2,226,116 144,765 1,758,150 4,129,031 4,055,601
Funds carried forward 1,741,104 4,717 1,679,772 3,425,593 4,129,031

1 MARCH 2023
31 March 31 March
Notes 2023 2022
Group Company Group Company
6 'Z 6 6
FIXEDASSETS
Tangible fixed assets 18 4,379,519 1,883,981 4,518,888 1,960,507
Investment
in subsidiaries		 19 2 2
4,379,519 1,883,983 4,518,888 1,960,509
CURRENT ASSETS
Stock 17,453 16,616
Debtors 20 430,871 510,391 609,821 1,078,168
Cash at bank and in hand 60 458,279 128,301 755,235
448,384 968,670 754,738 1,833,403
CREDITORS —amounts
falling due within 21 (999,456) (231,700) (713,254) (295,739)
one
year
Net current assetsl
(liabilities)		 (551,072) 736,970 41,484 1,537,664
Total assets less current 3,828,447 2,620,953 4,560,372 3,498,173
liabilities
Deferred income 22 (402,854) (431,341)
NET ASSETS 3,425,593 2,620,953 4,129,031 3,498,173
CHARITYFUNDS
Restricted
capital		 fund 24 1,679,772 1,679,772 1,758,150 1,758,150
Restricted
income		 funds 24 4,717 4,717 144,765 144,765
Unrestricted
funds		 25 580,181 936,464 1,048,842 1,595,258
Revaluation
reserve		 25 1,160,923 1,177,274
TOTALCHARITYFUNDS 3,425,593 2,620,953 4,129,031 3,498,173

Notes 2023f 2022
Cash flow from operating activities (343,832) 14,974
Cash flow from investing activities
Payments to acquire tangible fixed assets ~76,331 ~71.995
Net cash flow from investing activities (76,831) (71,095)
Cash flow from flnancing activities
Repayment of long-term
loans		 (38,081)
Interest paid (432)
Net cash flow from financing activities (38,513)
Net (decrease) in cash and cash equivalents (420,663) (94,634)
Cash and cash equivalents at 1 April 128,301 222,935
Cash and cash equivalents at 31 March (292,362) 128,301
Cash and cash equivalents consist of:
Cash at bank and
in hand		 (292,362) 128,301
Cash and cash equivalents at 31 March ~292,362 128,301

2. DONATIONS
AND LEGACIES
2023
F		 2023f 2022 2022f
Group Company Group Company
Unrestricted
BFI 150,000 150,000 150,000 150,000
Sheffield City Council 16,403 12,000
Europa Cinemas 6,164 6,164
BFI —Culture Recovery Fund 555,626 555,626
CJRS government
grant		 62,469 28,344
Donations 52,133 52,133
Total unrestricted 208,297 208,297 784,498 745,970
Restricted - revenue
BFI - Film Hub North 2 605,430 605,430 638,700 638,700
BFI - Other 230,608 230,608 237,709 237,709
Young Programmers 15,000 15,000
Picturehouse 2,208 2,208
Film Feels 5,952 5,952
Dogwoof 1,000 1,000
National
Lottery		 10,000 10,000
Film Club Midlands
Other(f1,000		 1,850 1,850 5,000
2,916		 5,000
2,916
Total restricted - revenue 861,048 861,048 895,325 895,325
Restricted —capital
BFI - Culture Recovery Fund 58,500 58,500
Total restricted - capital 58,500 58,500
Total voluntary
income		 1,069,345 1,069,345 1,738,323 1,699,795
3. ACTIVITIES FOR GENERATING FUNDS
2023f 2023f 2022f 2022f
Group Company Group Company
Letting of managed
workspace		 776,789 750,014
Commercial
operations		 1,033,084 717,619
1,809,873 1,467,633

4. INVESTMENT INCOME INVESTMENT INCOME
2023f 2023 2022 2022f
Group Company Group Company
Loan interest 28,000 28000
28,000 28,000
5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES
2023f 2023 2022 2022f
Group Company Group Company
Unrestricted
Boxoffice receipts 449,718 449,718 407,096 407,096
Centre hire 65,236 65,236 51,808 51,808
Membership fees 25,278 25,278 19,098 19,098
Advertisement income 18,631 18,631 13,748 13,748
Management fee 60,000 60,000
Other income 3,743 3,743 12,420 12,420
562,606 622,606 504,170 564,170
6. NET OUTGOING RESOURCES
2023 2022
Group
f		 Company
f.		 Groupf Company
This is stated after charging:
Operating
lease rentals —land
and buildings 6,000 6,000
Depreciation 216,200 117,331 223,649 121,719
Loss on disposal offixed assets 865 865
Government
receivable		 and other grants (38,528)

2023 2023 2022 2022
E 6
Group Company Group Company
Support costs (note 12) 10,000 10,000 10,000 10,000
9. RAISING FUNDS
2023 2023 2022 2022
E 6 F
Group Company Group Company
Managed workspace cost 902,601 832,001
Commercial
operations		 1,172,551 910,387
2,075,152 1,742,388
10. CHARITABLE ACTIVITIES
Cost ofoperation ofcinema and centre hire
2023 2023 2022f 2022
E
Group Company Group Company
Film
performances		 and related
costs
Film hire 190,466 190,466 158,058 158,058
Project costs 294,698 297,048 252,489 254,439
Film Hub North grants disbursed 470,080 470,080 424,929 424,929
Centre costs
Marketing costs 23,039 23,039 17,263 17,263
Wages and related costs 386,696 386,696 352,117 352,117
Printing
and advertising		 13,833 15,168 20,463 21,063
Depreciation —equipment 24,105 24,105 31,121 31,121
Credit card charges 9,957 9,957 10,052 10,052
Other expenses 20,424 536,658 10,878 10,877
1,433,298 1,953,217 1,277,370 1,279,919
Support costs (note 12) 605,162 812,304 588,638 596,734
Total cost ofcharitable activities 2,038,460 2,565,521 1,866,008 1,876,653

OTHER COSTS
2023 2023 2022 2022
E E
Group Company Group Company
Audit fee 11,650 11,650 8,300 8,300
Support costs (note 12) 10,000 10,000 10,000 10,000
21,650 21,650 18,300 18,300
INDIRECT SUPPORT COSTS
2023 2023 2022f 2022
E
Group Company Group Company
Salaries and related costs 275,062 275,062 273,132 273,132
Travel and hospitality 29,778 29,778 12,829 12,829
Rent, rates and service charges 8,345 14,249 6,582 12,486
Heat and power 112,424 112,424 78,031 78,031
Printing,
postage and stationery		 701 1,807 936 2,324
Repairs and maintenance 26,079 26,079 39,671 39,671
Insurance 15,064 15,064 15,683 15,683
Telephone
charges		 287 419 222 354
Licences and subscriptions 5,669 5,669 5,955 5,955
Professional fees 2,236 2,236 15,584 15,584
Bank charges 3,323 3.323 2,034 2,034
Bank interest 216 216
Equipment
hire and		 leasing 2,621 2,621 2,587 2,587
Computer
software		 and
consumables 18,852 18,852 10,289 10,289
Website development 380 380 10,521 10,521
Cleaning and sundry expenses 31,115 31,115 42,903 43,575
Depreciation
- long leasehold
property		 70,572 70,572 70,573 70,573
Depreciation
-fixtures, fittings
and equipment 22,654 22,654 20,025 20,025
Loss on disposal 865 865
625,162 632,304 608,638 616,734
Allocation
Charitable
activities		 605,162 612,304 588,638 596,734
Generating
voluntary		 income 10,000 10,000 10,000 10,000
Other costs 10,000 10,000 10,000 10,000
625,162 632,304 608,638 616,734

Paternoster Limited
Managed Commercial
workspace
f		 operations
f
Turllover
Cost ofsales		 785,266
~434.DDD		 1,035,434
~841.884
Gross profit 351,240 193,630
Administrative expenses (557,063) (330,749)
Interest payable (28,000)
Other operating income 28,488
Operating
deficit		 for year (205,335) (137,119)
Loss from commercial operations ~133,448 137,119
Profit on ordinary activities before taxation (342,454)
Net loss for the year retained (342,454)

STAFF CO S TS AND TRUSTEES' S REMUNE RATION
2023 2022
Groupf Companyf Groupf Companyf
Wages and salaries 1,349,890 489,053 1,154,612 453,809
Social secudity costs 96,331 34,900 78,884 31,004
Pension costs 26,274 9,519 22,760 8,946
1,472,495 533,472 1,256,256 493,759
The average number ofemployees calculated on a full-time equivalent
basis		 during the year was as follows:
2023 2022
Number FTE Number FTE
Raising funds 60 24 46 40
Charitable activities 31 24 33 19
48 79 59

15. INTER EST PAYABLE AND S IMILAR CHARGES
2023 2022
Group Company Group Company
F F
Bank loans and overdrafts 432 216
432 216
16. ANALYSIS OF NET ASSETS BETWEEN FUNDS
2023 - Group
Restricted Restricted
Unrestricted Income Capital
Funds
F		 Fund
6		 Fund Totalf
Tangible fixed assets 2,699,747 1,679,772 4,379,519
Current assets 443,667 4,717 448,384
Current liabilities (999,456) (999,456)
Long term liabilities (402,854) (402,854)
1,741,104 4,717 1,679,772 3,425,593
2023 - Company Restricted Restricted
Unrestricted Income Capital
Funds Fund Fund Total
E 6 5
Tangible fixed assets 204,211 1,679,772 1,883,983
Current assets 963,953 4,717 968,670
Current liabilities (231,700) (231,700)
Long term liabilities
936,464 4,717 1,679,772 2,620,953

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued)
2022 - Group
Restricted Restricted
Unrestricted Income Capital
Funds
f		 Fund
f		 Fund
F		 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 Fund
F		 Fund Totalf
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
17. FINANCIAL
COMMITMENTS
2023 2022
As at 31 March the annual Group
F		 Companyf Groupf Companyf
commitments
under non-cancellable
operating leases were as follows:-
Due within
1 year		 6,588 5,797
Due within
1 to 2 years		 6,588 5,362
Due within 2to 5years 18,498 16,220
31,674 27,379

18. TANGIBLE FIXEDASSETS —GROUP
Long Fixtures
leasehold fittings
&
property equipmentf Total
F
Cost or valuation
At 1 April 2022 6,761,247 2,653,100 9,414,347
Additions 76,831 76,831
At 31 March 2023 6,761,247 2,729,931 9,491,178
Depreciation
At 1 April 2022 2,706,109 2,189,350 4,895,459
Charge for the year 102,912 113,288 216,200
At 31 March 2023 2,809,021 2,302,638 5,111,659
Net book value
At 31 March 2023 3,952,226 427,293 4,379,519
At 31 March 2022 4,055,138 463,750 4,518,888
TANGIBLE FIXEDASSETS —COMPANY
Long Fixtures
leasehold fittings
&
property equipment Total
6 F
Cost
At 1 April 2022 3,528,630 1,437,722 4,966,352
Additions 40,805 40,805
Disposals
At 31 March 2023 3,528,630 1,478,527 5,007,157
Depreciation
At 1 April 2022 1,750,848 1,254,997 3,005,845
Charge for the year 70,572 46,759 117,331
Disposals
At 31 March 2023 1,821,420 1,301,756 3,123,176
Net book value
At 31 March 2023 1,707,210 176,771 1,883,981
At 31 March 2022 1,777,782 182,725 1,960,507

The subsidia ry ofthe company at 31 March 2 023 (incorp orated
in En		 gland) was:
Class of Direct/ Aggregate Profit/
shares indirect capital and (loss)
held %held holding reserves for the
year
9
Paternoster Limited
02540298
Letting ofmanaged Ordinary 100 Direct 288,408 (342,454)
workspace and operation
of bar and cafe
20. DEBTORS
2023 2022
Due within one year: Group
f		 Company
f		 Group
f		 Company
f
Trade debtors 123,867 3,932 111,395 4,170
Other debtors 264,710 64,165 457,883 350,183
Prepayments and accrued
income 42,294 42,294 40,543 40,543
Amount owed by group
undertakings 400,000 683,272
430,871 510,391 609,821 1,078,168

21. CREDITORS
2023 2022
Group Company Group Company
Amounts
falling due		 within one 6 6 E
year
Bank overdraft 292,422
Trade creditors 227,730 69,877 227,163 87,333
Other creditors 307,301 60,553 313,762 94,614
Taxation and social security 91,550 20,817 58,537
Accruals and deferred income 80,453 80,453 113,792 113,792
999,456 231,700 713,254 295,739
22. DEFERRED INCOME —GROUP
2023 2022
F F
Government
grants and other income at 1 April		 431,341 460,559
Grants received
during the year
Amount released
in year		 (28,487) (29,218)
Balance at 31 March 402,854 431,341
23. TRANSFER BETWEEN FUNDS
2023 2022
Groupf Company
6		 Group Company
Release of restricted
capital funds
re depreciation
ofcapital assets		 78,378 78,378 75,160 75,160
Transfer
from
restricted
income
funds,		 (6,331) (6,331)
78,378 78,378 68,829 68,829

Balance at Incoming Resources Transfer Balance at
2023 31 March resources expensed 31 March
2022f 2023f
Restricted capital funds 1,758,150 (78,378) 1,679,772
2022 Balance at Incoming Resources Transfer Balance at
31 March resources expensed 31 March
2021f 2022
F
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 (68,829) 1,758,150
2023 Balance at Incoming Resources Transfer Balance at
31 March resources expensed 31 March
2022f 2023f
Restricted income funds
Film Hub North 2 (BFI) 102,129 605,430 (707,559)
Talent Development (BFI) 38,770 164,308 (203,078)
Youth Film Academy (BFI) 292 17,300 (17,592)
Residential
Academy
(BFI) 45,000 (45,000)
Venue Education
(BFI)		 Fund 4,000 (4,000)
National
Lottery		 3,574 (3,574)
Film Feels 5,952 (5,952)
Young Programmers 15,000 (11,333) 3,667
Picturehouse 2,208 (2,208)
Other & f1,000 1,850 (800) 1,050
144,765 861,048 (1,001,096) 4,717

25. UNRESTRICTED FUNDS UNRESTRICTED FUNDS Company Group
Unrestncted Revaluation
income fund Reserve
6 E
Balance at 1 April 2022 1,595,258 1,177,274
Net movement in funds for the year (737,172)
Transfer during the year 78,378 (16,351)
Balance at 31 March 2023 936,464 1,160,923

2023 2022
Group Group
E 6
Net (outgoing)/
incoming resources		 (703,438) 73,430
Interest payable 432
Net outgoing resources from operations (703,438) 73,862
Depreciation
and amortisation		 216,200 223,649
Loss on disposal of fixed assets 865
(Increase)
in stock		 (837) (7,527)
Decrease/(increase) in debtors 178,950 (302,505)
(Increase)/decrease in creditors (34,707) 26,630
Net cash inflow from operating activities (343,832) 14,974

ANAL YSIS OF NET D EBT
1 April Cash flow Other non- 31 March
2022 cash 2023
charges
Cash
Bank		 at the bank and
overdrafts		 in hand 128,301 (128,241)
~292.422		 60
~292,422
Cash and cash equivalents 128,301 (420,663) (292,362)
Debts falling due within one year
Debts falling due after one year
128,301 (420,663) (292,362)