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.
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## 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.
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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
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## 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.
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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.
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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
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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
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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