Company registration number: 2444438 Charity registration number: 1002020 SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED CONSOLIDATED ANNUAL REPORT YEAR ENDED 31 MARCH 2024
– Trustees’�report – Independent�auditors’�report�
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SHEFFIELD MEDIA AND EXHIBITION CEKfRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (continued) The Board of Trustees, who are also Directors for the purposes of the Companies Act 2006, present their report and Ihe consolidated group financial statements of Sheffield Media and Exhibition Centre and ils 1000/0 owned subsidiary Paternoster Limited, for the year ended 31 March 2024. Conslitution Sheffield Media and Exhibition Centre Limited is a charity (No. 1002020) and a company limited by guarantee (No. 2444438). Structure, governance and management Governing document The charity is governed by the Memorandum and Articles of Association dated 28 March 2022. Organisation A board of trustees of beeen 7 and 15 members. who are also Directors of the Parent Company, administers the charity. During the year the board met on a quarterly basis. The Directors have established a Finance and Operations Subcommittee which meets at least each quarter with the senior management team to review the management accounts and to receive reports on the financial position of the company and any relevant operational issues or initiatives. The chair ofthe subcommittee reports any notable financial matters to the charity board. The subcommittee is open to all directors to attend but three directors have undertaken specific responsibility to attend each month= Mark Hillon Colin Pons Brian Hamilton-Tweedale There is also an Employment Subcommittee which meets several limes a year as required and reviews our employment policies as well as considering any matters pertaining to slaff. A minimum of two directors attend the meetings as well the Chief Executive and the Head of HR and Governance: Kathryn Gilberl Mark Hillon Colin Pons The board has also established an Education and Culture Subcommillee which meels 4 limes a year and oversees Ihe programme and educalion activities of the company. The Subcommittee is open to all direclors to attend but three directors have undertaken specific responsibility lo attend- Brian Hamilton-Tweedale Nikki Belfield Ruth Mersereau The board has also established a Fundraising and capital Projects Subcommittee after the year-end which will meet during the year as required, with the inaugural meeting to take place in the near future. The purpose of this Subcommittee will be to provide leadership in the development of a clear fundraising strategy and capital programme to lead on the grant application to the Heritage and Lottery Fund. The Subcommittee will be open to Trustees with relevanl experience, and external non-trustees with specialised knowledge. Total membership not to exed 10 members. with 50 % split of trustee I non-trustee. Sheffield Cily Council is entitled to nominate up to one trustee lo the Board, and observer status at board meetings. Our current nominated trustee is Rulh Mersereau. A Chief Executive is appointed by the trustees lo manage the day-to-day operations of the charity. To facilitale effective operations, Ihe Chief Executive has delegated authority, within the lerms of the delegation approved by the Irustees, for operalional matters.
SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (continued)
Cinema
Cinema admissions grew in number compared to the previous year but more slowly than was anticipated. In 2023 ~~-~~ 24 ticket sales increased by 23.3% compared to the same period last year reaching a total of 100,822 ~~.~~ This is a continuing trend following the three years since we reopened ~~.~~ Overall, annual cinema admissions are still around 20% less than was achieved before the pandemic. Recovery and audience growth was greater in the second half of 2023 ~~-2~~ 4, particularly in Q4 ~~.~~ This was despite the annual Sheffield Adventure Film Festival not taking place in March 2024 as had been planned ~~.~~
Notable programme highlights this year included successful new film releases such as Barbie, Oppenheimer and Poor Things. We also had successful runs of films such as Oppenheimer in 35mm versions which proved to be popular with audiences ~~.~~ We had several successful National Theatre productions on screen with Uncle Vanya doing particularly well. The most successful non- ~~f~~ iction film at our box office was the rerelease of the Talking Heads concert film, Stop Making Sense ~~.~~ Our best ~~-s~~ elling non ~~-E~~ nglish language film was Zone Of Interest ~~.~~ The Studio Ghibli film production, The Boy And The Heron was our best ~~-s~~ elling animated film this year presented in dubbed and original language versions ~~.~~ We also had several successful unique presentations which resonated with audiences this year ~~.~~
Our year ~~-~~ round festival programme was the most successful element of our regular audience ~~-f~~ acing activity with most events seeing much higher attendance than the previous year including, Sheffield Doc/Fest and Celluloid Screams (Horror Film Festival) ~~.~~ Touring programmes including our regular partnership with the London Film Festival which also
had strong box office results. The Childrens’ Media Conference (CMC) successfully returned to our venue this year with high delegate numbers and strong sales results ~~.~~
Although audiences did not return to the cinema as rapidly as we had hoped this year, the younger sector of our audience has continued to increase ~~.~~ We focussed on this sector with a r ~~e-~~ engagement programme targeted at new students and promotion of our Cine26 low ~~-~~ cost ticket membership scheme ~~.~~ We also implemented a restructure of our fron ~~t-~~ o ~~f~~ -house staff to reduce our operating costs which helped to offset the lower than anticipated income ~~.~~ This with other cost savings helped move the charity closer to a break ~~-~~ even trading position ~~.~~
Partnerships
This year we continued to receive financial support from the British Film Institute ~~.~~ We applied for support over three
years for a project called ‘Another Country’. This is an ambitious audience development programme for which we received £160kpa. The BFI also provided support for other projects including the Youth Film Academy, Residential Film Academy and Film Hub North. The BFI also funded a major programme initiative to showcase the work of filmmakers Powell and Pressburger in 2023.
The Youth Film Academy and Residential Film Academy both took place as full i ~~n-~~ person events for the first time after the lockdown ~~.~~ Both programmes met or exceeded our diversity targets with a full complement of a total of 52 learners participating. Our ongoing alumni network also continued to receive a high level of engagement from former students ~~.~~
We launched a Young Programmers Group in 2023 following a successful pilot event the previous year ~~.~~ The programme succeeded in recruiting 20 students who met over 10 weeks to learn about and discuss film programming and audience engagement. The learning programme culminated in a successful week-long festival of curated film programmes held during the school hal ~~f-~~ term in February 2024 ~~.~~
Film Hub North, which is a BFl-funded partnership between ourselves and HOME in Manchester, continues to deliver support services to film exhibitors in northern England ~~.~~ FHN also reapplied for funding this year and received support for the three elements of the project ~~.~~ The main cinema support programme, BF! Network support programme for new and emerging filmmakers in the north of England and a new Film Academy Plus programme to provide continued support for young filmmakers through funding of low ~~-~~ budget micro ~~-s~~ horts.
Our BFl-funded audience engagement programme also provides support for us to deliver relaxed screenings which are focussed on autism and dementia groups ~~.~~ We also continue to deliver subtitled Mondays where all our films are shown with English Subtitles, which is particularly successful with hard ~~-o~~ f ~~-~~ hearing customers ~~.~~
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SHEFFIELD MEDIA AND EXHIBITION CEKfRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (continued) Environmental Policy Showroom Workstation recognises the severity of the climate crisis and acknowledges we have a responsibility to the environment beyond legal and regulatory requirements. We have therefore committed to reducing our environmental impact and to continually improving our sustainability. We intend to meet Government targets to become a net zero carbon user by 2050. Work on reducing our environmental impact continued this year. A Green Steering Group was established with represenlation from across the organisalion. We also began regularly monitoring our carbon use through an online tool, lo provide regular comparison of our progress. We also commenced a project to install solar panels on our building roof which if successful, will significantly reduce our carbon use. Equality, Diversity and Inclusion Showroom Workstation has an organisational commitmenl to increasing diversity across all our areas of activity. We want our organisation to be anli-discriminatory with a culture Ihal is open to all regardless of background or circumstances. We have approached our commitment to diversity with three priorities. Diversifying our organisation including governance. management. and staff to ensure that we are fully representative of our community. Ensuring our film and cultural programme reflects the widest range of diversity and that we actively program and work for all our communities. Proactively engaging with our audiences and local communities to ensure we are open and welcoming to all. Operational plans for all these areas of activity are in place. overseen by an organisational-wide steering group. The Employment Sub-committee of the board receives regular reports on our progress and development plans. We regularly review our policies and practices and have set KPI'S to improve EDI within our organisation. We utilise an anonymous recruitment policy and practices and have a positive action plan in place. Staff Iraining in 2023-24 included British Sign Language awareness. neurodiversity, Equality. Diversity and Inclusion awareness and Sight Awareness training. Six staff members at various levels of the company hierarchy undertook Mental Health First Aid training. Our programme actively engages with communities in Sheff ield, and we host a steering group to develop an annual programme lor Black History Month every October and LGBTQ+ History Month in February.
SHEFFIELD MEDIA AND EXHIBITION CEKfRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 (continued) Paternoster Limited Through the subsidiary company, Paternoster Limited. we continued to operate trading activities which include our café/bar and conference activity, cinema sales kiosk as well as the Worf(station creative industries business centre. Calering and Conferences The Showroom cafélbar reopened on the same date as the cinema after the lockdown. Although we have operated a full wel and dry service since reopening, sales have not fully recovered lo pre-covid levels. We have also experienced significant increases in energy costs. Sales for COnferenS have increased in 2023-24 in line with the growth in cinema attendance. Following a review of our operation, we undertook a staff restructure to reduce our operating costs which helped to improve Ihe performance of our cafélbar and conference activity. We also developed a programme of new sales initiatives to promote our facilities, which we anticipale will continue to help in the following trading period. Many of the new initiatives we have implemented are having a positive impact on sales. More events in the café bar including quiz nights, and short film screenings are attracting new users to the building. The increasing success of Ihe cinema event and festival programme also has a very positive impact on the sales we achieve in our cafélbar. Workstation Occupancy of the office workspace was reduced during ihe covid lockdown as several companies chose to cease Irading or relinquish their tenancies. Occupancy has gradually increased since we reopened providing improved rent and service charge income, resulting in occupancy returning to pre-covid levels. Whilst we try to attract start-up companies with very attractive rates. the scale of recent utility pri increases means we are having to pass these on to our tenants in full in order to maintain our financial sustainability- Facilities Several significant problems associated with the age of the building arose during the year. We discovered part of the external brickwork cladding had become damaged and potentially dangerous. We dealt with this issue by initially installing safety scaffolding, whilst we carried out a detailed building survey. Although investigations continue, it is clear that we have to undertake extensive repairs to the building over the next few years. To address this issue, the trustees have established a new Subcommittee in 2024-25 to oversee our major building repair work and begin the process of securing funding for the capital project. We have submitted a successful Expression of Interest application to the Heritage Lottery Fund and have been invited to apply for funding to undertake full repair and restoration of the historic building.
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SHEFFIELD MEDIA AND EXHIBITION CEKfRE LIMITED CHARITABLE COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) YEAR ENDED 31 MARCH 2024 Restricted Income Fund Restricted Capital Fund Unreslricled Funds 2024 Total 2023 Total Notes Incoming Resources Donalions and legacies Investmenl income Charilable activities Other income 194,889 28,000 729,499 22,500 974,888 840,143 1.035,032 28,000 729,499 22,500 1.815,031 1.069,345 28,000 622,606 Toial incoming resources 840,143 1.719,951 Resources expended Costs of generating voluntary income Raising funds Charitable activities Other 10.000 10,000 10,000 10 1.242,200 22.600 786.489 2.028,689 22,600 2.565,521 21,650 Total resources expended 1,274,800 786,489 2,061,289 2,597,171 Nel {Outgoing)lincoming resources before transfers {299,912) 53.654 (246,258) (877,220) Transfers 23 79.880 (79,880) Net movement in funds (220,032) 53,654 (79,880) 1246,258) (877,220) Funds brought forward 936,464 4.717 1,679,772 2.620,953 3.498,173 Funds carried forward 716.432 58.371 1,599.892 2,374,695 2,620,953 All income and expenditure derive from continuing activilies. The statement of financial activities includes all gains and losses recognised during the year. 13
SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES YEAR ENDED 31 MARCH 2024 Restricted Income Fund Restricted Capital Fund Unreslricled Funds 2024 Total 2023 Total Notes Incoming resources Donations and legacies Activities for generating funds Charitable activities Other income 194,889 1.999,993 729,499 22.500 840.143 1.035.032 1.999,993 729,499 22,500 1,069.345 1,809.873 562.606 Total incoming resources 2.946,881 840.143 3.787,024 3,441,824 Resources expended Costs ol generating voluntary income Raising funds Charilable activities Other 10.000 10,000 10,000 1.926,997 1.348,595 22,600 1.926,997 2.135,084 22,600 2,075,152 2,038,460 21,650 10 786.489 Tolal resources expended 3.308,192 786.489 4.094,681 4,145.262 Net {outgoing)lincoming resources before iranslers (361,311) 53,654 1307,6571 {703,4381 Transfers 23 79.880 (79.880) Net movement in funds (281,431) 53,654 (79,880) 1307,6571 {703,438} Funds brought forward 1,741,104 4,717 1,679,772 3,425,593 4,129,031 Funds carried forward 1 .459,673 58,371 1,599,892 3.117,936 3,425.593 All income and expenditure derive from continuing activities. The statement of financial activities includes all gains and losses recognised during the year. 14
SHEFFIELD MEDIA AND EXHIBITION CETrrrRE LIMITED COMPANY REGISTRATION NUMBER 2444438 BALANCE SHEETS 31 MARCH 2024 31 March 2024 31 March 2023 Notes Group Company Group Company FIXED ASSETS Tangible fixed assels Investment in subsidiaries 18 19 4.216.549 1.780,245 4.379.519 1,883,981 4.216,549 1.780,247 4,379,519 1,883.983 CURRENT ASSETS Slock Debtors Cash at bank and in hand 16,831 461,401 8.110 17,453 430,871 60 20 453,552 464,281 510.391 458,279 486,342 917.833 448,384 968.670 CREDITORS- amounts falling due within one year Nel current assetsl (liabilities) 21 {1.210.589) (323,385) (999,4561 {231.700) (724.24n 594,448 (551,072) 736.970 Total assets less current liabilities 3.492.302 2.374.695 3.828.447 2,620.953 Deferred income 22 (374.366) {402,854} NET ASSETS 3.117.936 2.374.695 3,425.593 2,620,953 CHARITY FUNDS Restricted capital fund Restricled income funds Unrestricted funds Revaluation reserve 24 24 25 25 1,599,892 58,371 315,101 1.144,572 1,599,892 58,371 716,432 1,679,772 4,717 580,181 1,160,923 1,679,772 4,717 936,464 TOTAL CHARITY FUNDS 3.117,936 2.374.695 3,425,593 2,620.953 The financial statements were approved by the board of trustees on 5 November 2024 and signed on its behalf by: Hilton Trustee 15
SHEFFIELD MEDIA AND EXHIBITION CEKfRE LIMITED CONSOLIDATED CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2024 Notes 2024 2023 Cash flow from operating activities 26 34,529 (343,8321 Cash flow from invesling aclivilies Payments to acquire tangible fixed assets Net cash flow from investing activities 44,488 {44,488) 76.831 176,831 } Cash flow from f inancing activities Interest paid (23,786) Net cash flow from financing activities (23,786) Nel (decrease) in cash and cash equivalents {33,745) (420,6631 Cash and cash equivalents at 1 April {292,362) 128,301 Cash and cash equivalents at 31 March (326,107} (292,3621 Cash and cash equivalents consisl ot: Cash at bank and in hand Overdraft Cash and cash equivalents at 31 March 8.110 {334,217) 326,107 60 (292,4221 292,362 16
SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED
NOTES ON ACCOUNTS
YEAR ENDED 31 MARCH 2024
1 ~~.~~ ACCOUNTING POLICIES
The following accounting policies have been used consistently in dealing with items which are considered material to the company’s affairs.
STATUTORY INFORMATION
Sheffield Media and Exhibition Centre Limited is a charity (No. 1002020) and a company limited by guarantee (No ~~.~~ 2444438) domiciled in England and Wales ~~.~~ The registered office is at 15 Paternoster Row, Sheffield, S1 2BX.
BASIS OF PREPARATION
The charity constitutes a public benefit entity as defined by FRS 102 ~~.~~ The financial statements have been prepared in accordance with 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 issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice ~~.~~
GOING CONCERN
The charitable group is currently in a net overdraft position of £326,107 ~~.~~ The group generated an overall deficit of £307,657 for the year to 31 March 2024 ~~.~~ The trustees have therefore considered the short term and medium ~~-t~~ erm impact with budgets and cashflow forecasts prepared to cover to March 2026, which show the group operating at a small surplus in 2025/26. The company’s bank continues to support the group.
After due consideration of all relevant factors, the trustees have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis in preparing the annual report and financial statements ~~.~~
BASIS OF CONSOLIDATION
These financial statements consolidate the results of the charity and its wholly owned subsidiary, Paternoster Limited on a line by line basis.
GRANTS AND DONATIONS
Grants receivable are recognised in the Statement of Financial Activities when the conditions for receipt have been complied with ~~.~~
Grants received for specific projects are accounted for as restricted funds.
Grants received in the trading subsidiaries are credited to a separate account from which amounts will be released to revenue over the depreciation period of the relevant assets.
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SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES {conlinued) OPERATION OF CINEMA AND CENTRE HIRE- CHARITABLE TRADING ACTIVITIES Operation of the cinema and centre comprises those costs that are directly attributable to the generation of income in the operation of the cinema. ACTIVITIES FOR GENERATING FUNDS This represents income generated by the trading subsidiaries to support the directly charitable activity carried out by the group. RESOURCES EXPENDED Expenditure is included on an accruals basis. Costs of operation of the cinema and centre comprise those costs thal are directly attribulable to the generation of income in the operation of the cinema. ALLOCATION OF COSTS Costs directly related to an activity are allocated lo that activity. Support costs which are necessary io deliver an activity but do not Ihemselves deliver the activity, are allocated in proportion to Ihe benefil attributable based on an internal assessment of time spent and resources used. Governance costs are those costs incurred in meeting statutory and constitutional requirements. Support costs include central functions and have been allocated to activity cost categories on the basis of time spent. FUNDS Incoming and outgoing resources are analysed between restricted capff(al fund, restricted and unrestricted income funds. Restricted capital fund This fund arises from grants received which were required to be invested in fed assets for the company's use. An annual transfer is made to the unrestricted income fund for the depreciation on the restricted assets which is charged to the unrestricted income fund. Unrestricted income fund This fund is expendable al the discretion of the Irustees in the furtherance of the objectives of the company and have not been designated for other purposes. Restricted income fund This fund arises from grants received which are required to be used for specific projects of a revenue nature. 18
SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) TANGIBLE FIXED ASSETS Tangible fixed assets other than the long leasehold propety held by Paternoster Limited, are included at original cost less accumulated depreciation. The long leasehold property held by Paternoster Limited was previously held at valuation less accumulated depreciation. On transition to FRS102. the value at transition date. 1 April 2014, is taken as deemed cost and continues to be depreciated going forward. Depreciation of fixed assets is provided at rates estimated to write off each asset over the term of its useful lrfe. The annual rates used are: _ Long leasehold land and buildings Fixtures and fittings Equipment 1 % 2 % slraight line 150/. 250/0 slraight linelreducing balance 5 % 25 % slraight linelreducing balance STOCK Stock is valued at the lower of cost and nel realisable value. FINANCE AND OPERATING LEASES Rentals applicable to operating leases are charged to the SOFA over the period in which the cost is incurred. Assets purchased under finance leases are capitalised as fixed assets. Obligations under such agreements are included in creditors. The difference between the capitalised cosl and the lolal obligation under the lease represents Ihe finance charges. Finance charges are written off to the SOFA over the period of the lease so as to produce a constant periodic rate of change. 19
SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 2024 2023 2023 Group Company Group Company Unreslricted BFI Europa Cinemas Donations 180.000 180,000 150,000 6,164 52,133 150,000 6,164 52,133 14.889 14,889 Total unrestricted 194,889 194,889 208,297 208,297 Restricled - revenue BFI - Film Hub North 3 BFI - Film Hub North 2 BFI Olher Young Programmers Picturehouse Film Feels Powell & Pressburger Story Futures SXSW Bursary Other < £1,000 763,287 763,287 605,430 230,608 15,000 2,208 5,952 605,430 230,608 15,000 2,208 5,952 65.000 65,000 5.000 3,000 2,096 1,760 5,000 3,000 2,096 1,760 1,850 1,850 Total restricted - revenue 840,143 840,143 861,048 861,048 Total voluntary income 1.035,032 1.035,032 1.069,345 1.069,345 ACTIVITIES FOR GENERATING FUNDS 2024 2024 2023 2023 Group Company Group Company Letting of managed workspace Commercial operations 937,675 1,062.318 776,789 1.033,084 1 ,999,993 1,809,873 20
SHEFFIELD MEDIA AND EXHIBrfioN CEKfRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 2024 2023 2023 Group Company Group Company Loan interest 28,000 28,000 28,000 28,000 INCOMING RESOURCES FROM CHARITABLE ACTivrriES 2024 2024 2023 2023 Group Company Group Company Unresiricted Box office receipts Centre hire Membership fees Advertisement income Management fee Other income 589.936 75.264 25.081 28.647 589,936 75,264 25,081 28,647 449,718 65,236 25,278 18,631 449,718 65,236 25,278 18,631 60,000 3,743 622,606 33,071 751,999 33,071 751,999 3,743 562,606 NET OUTGOING RESOURCES 2024 2023 Group Company Group Company This is stated after charging- Operaling lease rentals- land and buildings Depreciation 6,000 115.207 6,000 117,331 207.458 216.200 21
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SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 11. OTHER COSTS 2024 2024 2023 2023 Group Company Group Company Audit fee Support costs {note 12) 12.600 10.000 22,600 12,600 10,000 22,600 11,650 10,000 21,650 11,650 10,000 21,650 12. INDIRECT SUPPORT COSTS 2024 2024 2023 2023 Group Company Group Company Salaries and related costs 394,877 394,877 275,062 275,062 Travel and hospitality Rent, rates and service charges Heat and power Printing, postage and slationery Repairs and maintenance Insurance Telephone charges Licences and subscriptions Professional fees Bank charges Bank interest Equipment hire and leasing Computer software and consumables Website development Cleaning and sundry expenses Depreciation long leasehold property Depreciation - fixtures, fittings and equipment Loss on disposal 24,695 37,890 167,000 188 27.007 18,207 175 9,565 12.501 3,814 7,929 3,061 24,695 43,794 167,000 2,159 27,007 18,207 775 9,565 12,501 3,814 7,929 3,061 29,778 8,345 112.424 701 26.079 15,064 287 5,669 2.236 3.323 29,778 14,249 112,424 1.807 26,079 15,064 419 5,669 2,236 3,323 2.621 2,621 7,770 420 53.387 7,770 420 53.387 18,852 380 31.115 18,852 380 31,115 70.573 70.573 70.572 70,572 22.899 22.899 22,654 22,654 861.958 870,433 625.162 632,304 Allocation Charitable activities Generating voluntary income Other costs 841,958 10.000 10.000 861,958 850,433 10,000 10,000 870,433 605,162 10,000 10,000 625.162 612.304 10,000 10,000 632.304 Charitable costs are primarily for the running of cinema screenings and the managing of renled workspace, support costs are allocaled as such above. 23
SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 13. FUNDRAISING TRADING FROM TRADING ACTIVITIES OF SUBSIDIARY The wholly owned subsidiary is used for trading activities to generate income to support the direct charitable activities of the group. The net profits of the subsidiary are gifted to the charity- The subsidiary ofthe company at 31 March 2024 is detailed in note 19 ofthese financial statements. A summary of its trading results including intra-group sales is shown below= Paternoster Limited Managed Commercial workspace operations Turnover Cosl of sales 946,150 490,649 455.501 {347.981) (35,928) 28,488 100.080 43,593 1,065,334 770,646 294,688 (330,3521 (7,9291 Gross profit Administralive expenses Inlerest payable Olher operaling income Operating deficit for year Loss from commercial operations 143,5931 43,593 Profit on ordinary activities before taxation 56,487 Net Profit for the year retained 56,487 14. STAFF COSTS AND TRUSTEES'S REMUNERATION 2024 2023 Group Company Group Company Wages and salaries Social security costs Pension costs 1,250.086 90,607 26,061 1,366.754 558.255 40,462 11,638 610.355 1,349.890 96,331 26,274 1,472.495 489,053 34,900 9,519 533,472 The average number of employees calculated on a full-time equivalent basis during the year was as follows: 2024 2023 Number FtE Number FTE Raising funds Charitable activities 53 30 83 28 18 46 60 31 91 24 24 48 The number of employees who earned beiween £60,000 and £69,999 during the year was 1 12023.. 1 }. 24
SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 14. STAFF COSTS AND TRUSTEE REMUNERATION (continued) The trustees neither received nor waived any remuneralion during ihe year (2023: £nil}. No Irustees had expenses reimbursed during the year {2023: £nil). The total amount of employee benefits received by key management personnel is £251,330 {2023: £243,318). The key management personnel of the charity comprise the trustees and the Senior Management Team, which at the year-end comprises the staff members listed below. chief Executive Head of Finance Head of HR and Governance Head of Managed Workspace and Facilities Head of Communications and Engagement 15. INTEREST PAYABLE AND SIMILAR CHARGES 2024 2023 Group Company Group Company Bank loans and overdrafts 23,786 7,929 23,786 7,929 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 - Group Restricted Income Fund Restricted Capital Fund Unreslricled Funds Total Tangible fixed assets Current assels Current liabilities Long term liabilities 2.616,657 427,971 (1.210,589) (374,366) 1.599,892 4,216,549 486,342 11,210,589) (374,3661 58,371 1,459,673 58,371 1,599,892 3,117,936 2024 - Company Tangible fixed assets Current assets Current liabilities Long term liabilities 180,355 859,462 {323,385) 1.599,892 1.780,247 917,833 (323.3851 58,371 716,432 58,371 1,599,892 2,374,695 25
SHEFFIELD MEDIA AND EXHIBITION CEKfRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 16. ANALYSIS OF NET ASSEfs BETWEEN FUNDS (continued) 2023 - Group Restricted Income Fund Restricted Capital Fund Unrestricted Funds Total Tangible fixed assets Current assets Current liabilities Long term liabilities 2,699,747 443,667 (999,456} (402,854) 1.679,772 4.379,519 448,384 1999,4561 (402,8541 4.717 1.741.104 4,717 1.679,772 3,425,593 2023 - Company Restricted Income Fund Restricted Capital Fund Unrestricted Funds Total Tangible fixed assets Currenl assets Currenl liabilities Long term liabilities 204,211 963,953 (231,700} 1,679,772 1.883,983 968,670 (231 ,7001 4,717 936,464 4.717 1,679,772 2.620,953 17. FINANCIAL COMMITMENTS 2024 2023 Group Company Group Company As at 31 March the annual commitments under non-cancellable operating leases were as follows:_ Due within 1 year Due within 1 to 2 years Due within 2 to 5 years 6,653 6,676 10,730 24.059 6,588 6,588 18,498 31,674 As at 31 March 2024 the company and the Group had capital commttmenls of £nil (2023: £nil). 26
SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 18. TANGIBLE FIXED ASSETS- GROUP Long leasehold property Fixtures fittings & equipment Total Cost or valualion At 1 April 2023 Additions 6.761,247 2,729,931 44,488 9,491,178 44,488 At 31 March 2024 6,761,247 2,774,419 9,535,666 Deprecialion At 1 April 2023 Charge for the year 2.809,021 102,913 2,302,638 104,545 5,111,659 207.458 At 31 March 2024 2,911,934 2,407,183 5,319,117 Nel book value At 31 March 2024 3,849,313 367,236 4,216,549 At 31 March 2023 3,952,226 427,293 4,379,519 TANGIBLE FIXED ASSETS- COMPANY Long leasehold property Fixtures fittings & equipmenl Total Cost At 1 April 2023 Additions Disposals 3.528,630 1,478.527 11,471 5,007,157 11,471 At 31 March 2024 3,528,630 1,489,998 5,018,628 Deprecialion At l April 2023 Charge for the year Disposals 1,821,420 70.573 1,301,756 44,634 3,123,176 115.207 At 31 March 2024 1,891,993 1,346,390 3,238,383 Nel book value At 31 March 2024 1,636,637 143,608 1,780,245 At 31 March 2023 1,707,210 176,771 1,883,981 27
SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 19. INVESTMENT IN SUBSIDIARY UNDERTAKINGS Cosi of shares in subsidiary undertaking At 1 April 2023 and 31 March 2024 The subsidiary of the company at 31 March 2024 {incorporated in England) was: Class of shares held Direcv indirect holding Aggregate capital and reserves Profiu {loss) for the year /. held Paternoster Limited 025 40298 Lelling of managed workspace and operation of bar and café Ordinary 100 Direct 344,895 56.487 20. DEBTORS 2024 2023 Group Company Group Company Trade debtors Other debtors Prepayments and accrued income Amount owed by group undertakings 123.727 314.640 3,907 26.611 123,867 264,710 3.932 64,165 23.034 23.034 42,294 42,294 400.000 400,000 461.401 453.552 430,871 510.391 Of the amount owed by group undertakings, £400.000 {2023: £400,000) is due after more than one year, which represents a loan made to Paternoster Limited, a subsidiary company. The loan was made on normal commercial terms at an interest rate of 7°/o. 28
SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 21. CREDITORS 2024 2023 Group Company Group Company Amounls falling due wilhin one year Bank overdraft Trade creditors Other creditors Taxation and social security Accruals and deferred income 334.217 306.022 332.465 96,410 141,475 292.422 227.730 307.301 91,550 80,453 95,419 57.134 29,357 141,475 69,877 60,553 20,817 80,453 1,210,589 323.385 999.456 231,700 22. DEFERRED INCOME- GROUP 2024 2023 Government grants and other income at 1 April Grants received during the year Amount released in year 402.854 431,341 (28,488) 128,4871 Balance at 31 March 374,366 402,854 23. TRANSFER BETWEEN FUNDS 2024 2023 Group Company Group Company Release of restricted capital funds re depreciation of capital assets 79,880 79,880 78,378 78,378 79.880 79,880 78.378 78,378 29
SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 24. RESTRICTED FUNDS- Group and Company Balance at 31 March 2023 Incoming resources Resources expensed Transfer Balance at 31 March 2024 2024 Restricted capital funds 1,679,772 (79.880} 1,599,892 Balance at 31 March 2022 Incoming resources Resources expensed Transfer Balance at 31 March 2023 2023 Restricted capital funds 1.758,150 (78.378) 1,679,772 The restricted capital fund arises from grants we applied for. for the purpose of supporting our engagement and outreach work. through BSL welcome films to ticketless scanners to support social distancing for returning customers. 2024 Balance at 31 March 2023 Incoming resources Resources expensed Transfer Balance at 31 March 2024 Restricted income funds Film Hub North 3 IBFI) Youth Film Academy {BFI} Residential Academy IBFI) Powell & Pressburger Story Futures SXSW Bursary Young Programmers Other < £1,000 763,287 20,000 {704,916) (20,000) 58,371 45,000 5.000 3,000 2.096 (45,000) 15,000) 13,000) 12,096) 13,667) 12,810) {786,489) 3,667 1,050 4,717 1,760 840,143 58,371 30
–
– Film Hub North 3 _ initiative to develop a network of film exhibitors in the north of England, funded by the BFI.
– Youth Film Academy — BFI funded training and development for young people 16 ~~-~~ 19 in filmmaking and
SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 25. UNRESTRICTED FUNDS Company Unreslricled income fund Group Revaluation Reserve Balance at 1 April 2023 Net movement in funds for the year Transfer during the year 936,464 (299,912) 79,880 1,160,923 116,3511 Balance at 31 March 2024 716.432 1,144,572 26. RECONCILIATION OF CONSOLIDATED INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATING ACTIVITIES 2024 Group 2023 Group Nel loutgoingl resources Interest payable {307,657) 23.786 (703,4381 Net outgoing resources from operations {283,871) 1703,4381 Depreciation and amortisation Decreasel(increasel in stock {Increaselldecrease in deblors Increaselldecrease) in creditors 207.458 622 (30,530) 140.850 216,200 18371 178,950 134,7071 Nel cash inflow from operating activities 34,529 (343,8321 32
SHEFFIELD MEDIA AND EXHIBITION cErRE LIMITED NOTES ON ACCOUNTS (continued) YEAR ENDED 31 MARCH 2024 27. ANALYSIS OF NET DEBT 1 April 2023 Cash flow Other non- cash charges 31 March 2024 Cash at the bank and in hand Bank overdrafts 8.050 41.795 (33.745) 8,110 334,217 (326,1071 292,422 (292,362) Cash and cash equivalents Debts falling due within one year Debts falling due after one year (292,362) (33.745) (326,1071 28. ULTIMATE CONTROLLING PARTY The ultimate controlling party is the board of directors. 29. TRANSACTIONS WITH RELATED PARTIES In accordance with FRS102 paragraph 33.1A the company has laken advantage of the exemption from disclosing transactions wilh its fellow subsidiary companies. 33