2025-03-31-accounts

Company registration number: 2444438 Charity registration number: 1002020

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

CONSOLIDATED ANNUAL REPORT YEAR ENDED 31 MARCH 2025

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

ANNUAL REPORT

YEAR ENDED 31 MARCH 2025

CONTENTS

	Page
Trustees’ report	1 – 7
Independent auditors’ report	8 – 10
Charitable Company Statement of Financial Activities	11
Consolidated Statement of Financial Activities	12
Consolidated balance sheet	13
Consolidated cash flow statement	14
Notes to the financial statements	15 - 31

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025

The trustees (who are also directors of Sheffield Media and Exhibition Centre Limited for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and financial statements of the charity.

Reference and Administration Details

Official name of charity:	Sheffield Media and Exhibition Centre Limited
Charity registration number:	1002020
Company registration number:	2444438
Directors and Trustees:	B Moffett – Resigned 8thJune 2024
	C M Pons
	D Gormley
	B Hamilton-Tweedale
	M Kanarek – Resigned 8thJune 2024
	H Taylor-Smith
	N Belfield
	A Casserly Stewart – Resigned 10thJune 2024
	R Mersereau – Resigned 30thSeptember 2025
	K R Gilbert
	M J Hilton
	A T Lumb – Appointed 5thNovember 2024; Resigned 2ndJuly 2025
	B Woods – Appointed 28thJanuary 2025
	K A Sheridan – Appointed 28thJanuary 2025
	A P Heap – Appointed 28thJanuary 2025
	P Gilbert – Appointed 30thSeptember 2025
Chief Executive:	I Wild – Resigned 31stDecember 2024
	V Firth – Appointed 3rdFebruary 2025
Secretary and Registered Office:	J Simpson – Resigned 1stJuly 2025
	R Dewsbury – Appointed 1stJuly 2025
	15 Paternoster Row
	Sheffield
	S1 2BX
Bankers:	Unity Trust Bank plc
	Nine Brindleyplace
	Birmingham
	B1 2HB
Auditors:	Hawsons Chartered Accountants
	Statutory Auditors
	Pegasus House
	463a Glossop Road
	Sheffield
	S10 2QD
Solicitors:	Knights plc
	1 St Paul's Place
	Sheffield City Centre
	Sheffield
	S1 2NB

1

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (continued)

The Board of Trustees, who are also Directors for the purposes of the Companies Act 2006, present their report and the consolidated group financial statements of Sheffield Media and Exhibition Centre and its 100% owned subsidiary Paternoster Limited, for the year ended 31 March 2025.

Governance

Sheffield Media and Exhibition Centre Limited is a charity (No. 1002020) and a company limited by guarantee (No. 2444438).

The charity is governed by the Memorandum and Articles of Association dated 28 March 2022.

The charity carries out its activities through the charitable holding company and a 100% owned subsidiary, Paternoster Limited, which makes provision for the development and letting of managed workspace, conference facilities and the operation of the Showroom Bar and Café.

A board of trustees of between 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 board has 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 of the subcommittee reports any notable financial matters to the charity board. A minimum of two trustees attend the meetings as well the Chief Executive and the Head of Finance.

There is also an Employment Subcommittee, to review employment policies and consider any matters pertaining to staff, and an Education and Culture Subcommittee to review the programming and educational activities of the company. Both of these meet as required with the Chair of the relevant subcommittee reporting any notable financial matters to the charity board. A minimum of two trustees attend the meetings as well as the Chief Executive.

The board has also made provision for a Fundraising and Capital Projects Subcommittee to begin meeting, as required, to provide leadership in the development of a clear fundraising strategy and capital programme. The Subcommittee will be open to trustees with relevant experience, and external non-trustees with specialised knowledge. Total membership not to exceed 10 members, with 50% split of trustee / non-trustee.

Sheffield City Council is entitled to nominate up to one trustee to the Board, with observer status at board meetings. Our nominated trustee during 2024/25 was R Mersereau and then P Gilbert.

A Chief Executive is appointed by the trustees to manage the day-to-day operations of the charity. To facilitate effective operations, the Chief Executive has delegated authority, within the terms of the delegation approved by the trustees, for operational matters.

Recruitment of trustees

Elected trustees are recruited through a combination of targeted recruitment, board banks and open advertising. Consideration is given to the skills of the current board and the needs of the organisation. New elected trustees are appointed by a vote. Generally, a trustee is expected to remain on the Board for a period of three years with the possibility of being re-elected for a second and third three-year term of office. Should a trustee fail to attend for three consecutive meetings, their position can be reconsidered.

Prior to appointment and proposed new trustee will meet with the Chief Executive and Chair to discuss the role and expectations. They will also undertake an induction giving them an understanding of the business plan, operating strategy, aims and objectives, and their obligations as trustees.

2

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Recruitment of Chief Executive

This year saw the departure of Ian Wild the founding CEO of the organisation. The trustees commenced an extensive search for a new organisational lead with the support and involvement of partners and funders. V Firth was appointed in late 2024 and began in role on 1[st] February 2025. Her background includes the management of several cross artform cultural buildings, sector leadership, change management and consultancy, and experience working for the Arts Council of England.

Purposes and activities for the public benefit

Showroom Workstation is dedicated to establishing itself as the premier centre for film and creativity in the north of England, serving as a cultural cornerstone for the Sheffield City region. We aim to provide a dynamic platform for film exhibition, production, and new media, fostering an environment where individuals can explore, learn, and thrive within the cultural industries.

As part of the long-term vision for the organisation the trustees agreed five objectives:

1. As a registered charity we will continue to inspire new generations with our diverse and imaginative film exhibition, education and heritage programmes, encouraging debate, community building, engagement, and awareness.

2. We will be South Yorkshire's essential hub for the cultural and creative industries and a beacon of creative renewal. We will support SME’s and foster proactive connectivity, networks, and community.

3. We will have given life to forgotten heritage – by repurposing our historic building and given it new use while minimising our environmental impact.

4. We will be a pathway for young people, providing accessible routes to film exhibition, film education, film and creative industries production.

5. Our governance and staff development activities will be robust and proactive, supported by cross departmental management services and communications.

The trustees adopted a new three-year business plan in April 2024 which prioritised returning the company to profitability, restoring and celebrating the building, and the continuation of a high-quality cultural programme built around film.

In shaping our strategies, and planning activities, the Trustees consider the Charity Commission’s guidance on public benefit and fee charging. The cinema relies on grants, income from fees and charges and the profit from commercial activity undertaken by the wholly owned trading company to cover its operating costs. In setting the level of charges the Trustees actively consider affordability and accessibility with pricing strategies and engagement activity reflecting our commitment to inclusivity.

We have a dedicated Communities Co-ordinator to build local partnerships and to enable collaboration with audiences previously under-represented or under-served. Other posts and activities are dedicated to developing engagement with families and young people, as audiences and participants in education and skills delivery. We have also developed and operate a range of annual festivals both directly, and in partnership, which enable specific communities of interest to explore their passions for film.

Cinema

Total attendance in 2024/25 was 99,564 admissions. This is a slight reduction from 100,822 in 2023/24.

The five highest selling screenings in 2024/25 were A Complete Unknown, NTL: Prima Facie, Conclave, NTL Macbeth: David Tennant and Cush Jumbo, NTL: NYE.

Although audiences did not increase in this year there was significant growth in our year-round festival programme which built infrastructure for future audience development. Celluloid Screams (our horror festival) continued to be a successful part of the programme. In August 2025 we launched the new, month long, Sheffield Film Festival and we

3

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (continued)

welcomed back the Sheffield Adventure Film Festival in March 2025. We also continued to present touring programmes including the London international Film Festival and were a festival hub for the international sector events Docfest and the Children’s Media Conference. This year we made operational improvements to ensure the efficiency of hosting large conferences and events which received positive feedback from partners and enabled us to maximise secondary sales.

This year we made our first claim for Museums and Galleries Tax Relief for the period September 2024 to March 2025. In the next year we will claim for the full 12-month period.

Partnerships

We continue to receive financial support from the British Film Institute (BFI).

This year we entered the second of three years for ‘Another Country’, an ambitious audience development programme for which we received £160,000 per annum from the BFI’s Audience Project Fund. This programme makes provision for capacity around community engagement and work to develop family, young people and school audiences. It also provides support for us to increase accessible and inclusive programme strands such as relaxed screenings, where we welcome neuro-divergent and dementia groups, and dedicated programme days where all screenings are subtitled.

The BFI also provided investment for our Film Academy projects which help young people to break into film. We again ran a Programming Residential course for young people and, new this year, we received an award for young people’s short courses in film making we which delivered directly in Sheffield and, through a cluster of partners, in other locations across the Yorkshire and the Humber. The Sheffield activity award was £91,500. Additionally, we developed a new format for an Archive and Curatorial residential programme for young people for which we were awarded £80,000. Our ongoing alumni network continued to receive a high level of engagement from former students as we supported them to continue their development.

Film Hub North, which is a BFI-funded partnership between ourselves and HOME in Manchester, continued in the second year of its three-year grant to deliver support services to film exhibitors and makers in northern England. In this year Film Hub North was additionally awarded £100,000 from the BFI Places Fund to address local skills gaps and shortages in screen production. This pilot project began in August 2024 and continues until September 2025.

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 combination of grants from Sheffield City Council and the Foyle Foundation enabled the installation of 245 solar panels onto our roof which will reduce our overheads whilst reducing our carbon footprint. This is the largest array of solar panels in Sheffield City Centre The solar panels are estimated to generate 82,500 kWh per annum which is approximately 11% of our electricity consumption.

We also replaced one of our first generation DCP xenon cinema projectors with a new generation laser projector. The sustainability plan identifies the new projector will provide a saving of 4,650 energy kWh per annum saving 1.1 tonnes of CO2 annually.

4

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Paternoster Limited

The profit in Paternoster in 23/24 was £56,487 and in 24/25 this increased to £146,790. This was due to substantial growth in trading and improved cost control.

At the start of 24/25 the occupancy of our managed work space the Workstation was at 83% and grew to 90% by August 2024. Growth continued and by the end of March this had increased to 94%

Conferencing activity also grew with income 15% greater in 24/25 than the prior year. With new staffing within this department delivering better service and sales standards we expect this trajectory to continue.

The Café bar performed less well in comparison but still saw sales increase of 3.6% in 24/25 on the prior year.

Facilities

The significant problems associated with the age of the building that arose last year continued to have considerable business impact. In October 2022 we installed safety scaffolding around the building following discovery of some loose faience brickwork (concrete tile cladding) which was potentially dangerous. The cost of installing the scaffold was £97,654. Although we have subsequently removed part of the scaffold and undertake regular surveys, we have retained scaffolding on the east elevation (Shoreham Street). The annual cost of hiring the scaffolding is significant. In autumn of this year we needed to change our insurer and the cost of obtaining new cover with the current building condition proved challenging and added over £83,000 to our annual cost burden.

Although investigations continue, it is clear that we have to undertake extensive repairs to the building over the next few years which will form the basis of a major capital project.

We have submitted a successful Expression of Interest application to the National Lottery Heritage Lottery Fund and have been invited to apply for funding to undertake full repair and restoration of the historic building.

Financial Review

Overall, the group saw an improvement in performance compared to the previous year, with a much reduced deficit for the year of £34,404 (prior year deficit of £307,657). The charity’s individual position, as detailed on page 11, shows a surplus of £88,206 (prior year deficit of £246,258). At March 2025 Paternoster has a significant amount of intercompany debt and owed SMEC £528,948 in total (prior year of £798,348). This is made up of a long-term loan of £400,000 and trading debt of £128,948. In these accounts a bad debt provision for the trading debt has been included within the charity’s individual accounts.

The commercial trading subsidiary company Paternoster Limited continued to show improving profitability with a profit in 2025 of £146,790 (prior year profit of £56,487). The trading of the café bar and conferencing activity continues its gradual improvement resulting in the trading company seeing an increase in sales and profitability.

We worked closely with our bank in relation to our overdraft facility to ensure we has sufficient cashflow to support us through the annual cycle of seasonal trading, and to support the additional costs linked to the condition of the facility.

Consideration of risk

Investments, Reserves policy and Going Concern

Under the Memorandum and Articles of Association, the charity has the power to make any investments that the Trustees see fit in order to further the objects of the charity.

The reserves of the Group are represented largely by capital grants and property revaluation surpluses. These elements are regarded as the representation of the Group’s fixed assets and are therefore, in effect, not available for any other purpose.

5

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (continued)

The deficit generated by the group in 2024/25, while significantly reduced, has further impacted the level of reserves and without a return to profitability across all aspects of the charity’s activity, the long-term viability of the charity as it is currently organised will be called into question.

The Trustees appointed a new Chief Executive to conduct a full review of the organisation and operating climate to continue the development and restructuring of the operation. By addressing the cost burden of the failing capital asset, building new partnerships and income strategies, and more effectively controlling costs the intention is to move through a break-even trading position and into surplus within the next 18 months, increasing thereon to ensure the organisation is sustainable.

Risk management

A live risk register will be produced quarterly, for the full group, by the CEO and Senior Management Team which will be reviewed quarterly by the Finance and Operations Sub-committee. It identifies the risks to which the Group is, and is likely to be, exposed and the maintenance of effective systems and procedures to mitigate those risks and / or procedures to deal with the potential impact of any of those risks materialising.

In 2024/25 the organisation continued to recover following the period of closure during the Covid lockdown (March 2020 to May 2021). The closure had a significant and direct impact on all areas of our business and continued to do so in the years following reopening. Not all areas of our trading have recovered at the same pace, and we needed to implement new approaches in many areas of our business to rebuild sales income. Some of the changes we made had an immediate effect, although others are having longer term impact. Overall, we saw a much slower recovery of sales than had been anticipated.

During this period, we also experienced significant increases in our cost base, particularly for insurance and risk mitigations relating to the state of the building which had a negative impact on the business profitability and slowed down our recovery. Developments made to date, have significantly helped to reduce trading losses, but full recovery is still expected to take several years.

Future Plans

In 2025 / 2026 we will progress a digital transformation project across the group which will see the launch of a new website, CRM system for box office and EPOS system for the bar café. This will enable more efficient work practices, and data collection and intelligence to inform business planning and decisions. Alongside this we will refresh our visual identity, review pricing and restructure our membership scheme to support audience growth and build a base for individual giving.

Care for our capital asset will also be a priority. We will investigate strategies for mitigating any risk presented by the instability of the building with a view to removing the costly scaffolding installed as a first response. We will also form a team and plan to undertake feasibility work and the investment case for repair and restoration of our premises aligned with our discussions with the National Lottery Heritage Lottery Fund.

2025 marks our 30[th] birthday which provides the opportunity for celebratory events and campaigns to raise our visibility and bring together audiences as we look towards the next chapter in the organisation’s history.

6

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 (continued)

Trustees’ responsibilities in relation to the financial statements

The trustees are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to:

• select suitable accounting policies and then apply them consistently;

• observe the methods and principles in the Charities SORP 2019 (FRS102)

• make judgements and estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

• prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The trustees are responsible for maintaining proper accounting records which disclose, with reasonable accuracy at any time, the financial position of the charitable company, and enables them to ensure that the financial statements comply with the Companies Act 2006. The trustees are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure to auditors

The trustees of the charitable company who held office at the date of approval of this Annual Report each confirm that:

• as far as they are aware, there is no relevant audit information (information needed by the charitable company’s auditors in connection with preparing their report) of which the charitable company’s auditors are unaware; and

• • they have taken all the steps that they ought to take as trustees in order to make themselves aware of any audit information and to establish that the charitable company’s auditors are aware of that information.

Auditors

A resolution will be proposed at the Annual General Meeting that Hawsons be re-appointed as auditors to the charity for the ensuing year.

The report of the trustees has been prepared in accordance with the special provisions of Part VII of the Companies Act 2006.

In approving the Trustees’ Annual Report, we also approve the Strategic Report included therein, in our capacity as company directors. On behalf of the board;

M Hilton Sheffield

25 November 2025

7

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

Opinion

We have audited the financial statements of Sheffield Media and Exhibition Centre Limited (the ‘parent charitable company’) and its subsidiary (the ‘group’) for the year ended 31 March 2025 which comprise the Consolidated and Parent Statement of Financial Activities, Consolidated and Parent Balance Sheet, the Consolidated Statement of Cash Flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

• give a true and fair view of the state of the group’s and parent charitable company’s affairs as at 31 March 2025, and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Material uncertainty relating to going concern

We have considered the adequacy of the disclosures made in note 1 to the financial statements concerning the group’s ability to continue as a going concern. The group generated a net deficit for the year of £34,404 which reduced the level of reserves accordingly. The matters explained in note 1 to the financial statements indicates the existence of a material uncertainty which may cast doubt over the group’s ability to continue as a going concern. The financial statements do not include the adjustments that would result if the group was unable to continue as a going concern. Our opinion is not modified in this respect.

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

8

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED (continued)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

• the information given in the trustees’ report (incorporating the strategic report and the directors’ report) for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report and the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

• adequate and sufficient accounting records have not been kept by the parent charitable company, or returns adequate for our audit have not been received from branches not visited by us; or

• the parent charitable company’s financial statements are not in agreement with the accounting records and returns; or

• certain disclosures of directors’ remuneration specified by law are not made; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement (set out on page 7), the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

9

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED (continued)

The charitable company is subject to laws and regulations that directly and indirectly affect the financial statements. Based on our understanding of the charitable company and the environment it operates within, we determined that the laws and regulations which were most significant 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 statements, including how fraud might occur. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to the posting of inappropriate journal entries to improve the company’s result for the period, and management bias in key accounting estimates.

Audit procedures performed by the engagement team included:

• Discussions with management and those responsible for legal compliance procedures within the charitable company to obtain an understanding of the legal and regulatory framework applicable to the charitable company and how the charitable company complies with 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 effectiveness of controls that management has in place to prevent and detect fraud and non-compliance with laws and regulations;

• Challenging assumptions and judgements made by management in their significant accounting estimates.

• • Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or posted by senior management.

There are inherent limitations in the audit procedures described above and the more removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we are to become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditors/audit-assurance/auditor-s-responsibilities-for-the-audit-of-the-fi/description-of-the-auditor’sresponsibilities-for. This description forms part of our auditor’s report.

Use 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 state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Hawsone

…………………………………..

Simon Bladen, Senior Statutory Auditor For and on behalf of Hawsons Chartered Accountants, Statutory Auditors

Pegasus House 463a Glossop Road Sheffield S10 2QD

09/12/2025

Date: ………………………………….

10

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

CHARITABLE COMPANY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)

YEAR ENDED 31 MARCH 2025

Notes Incoming Resources Donations and legacies 2 Investment income 4 Charitable activities 5 Other income Total incoming resources Resources expended Costs of generating voluntary income 8 Raising funds 9 Charitable activities 10 Other 11 Total resources expended Net (Outgoing)/incoming resources before transfers Transfers 23 Net movement in funds Funds brought forward Funds carried forward	Unrestricted Funds £ 158,348 28,000 779,330 63,000 1,028,678 10,000 - 1,165,987 23,029 1,199,016 (170,338) 88,473 (81,665) 716,432 634,567	Restricted Income Fund £ 1,092,409 - - - 1,092,409 - - 961,417 - 961,417 130,992 - 130,992 58,371 189,363	Restricted Capital Fund £ 127,552 - - - 127,552 - - - - - 127,552 (88,473) 39,079 1,599,892 1,638,971	2025 Total £ 1,378,309 28,000 779,330 63,000 2,248,639 10,000 - 2,127,404 23,029 2,160,433 88,206 - 88,206 2,374,695 2,462,901	2024 Total £ 1,035,032 28,000 729,499 22,500
					1,815,031
					10,000 - 2,028,689 22,600
					2,061,289
					(246,258) -
					(246,258) 2,620,953
					2,374,695

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

11

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES

YEAR ENDED 31 MARCH 2025

Notes Incoming resources Donations and legacies 2 Activities for generating funds 3 Charitable activities 5 Other income Total incoming resources Resources expended Costs of generating voluntary income 8 Raising funds 9 Charitable activities 10 Other 11 Total resources expended Net (outgoing)/incoming resources before transfers Transfers 23 Net movement in funds Funds brought forward Funds carried forward	Unrestricted Funds £ 158,348 2,022,197 779,330 63,000 3,022,875 10,000 1,890,723 1,392,071 23,029 3,315,823 (292,948) 88,473 (204,475) 1,459,673 1,255,198	Restricted Income Fund £ 1,092,409 - - - 1,092,409 - - 961,417 - 961,417 130,992 - 130,992 58,371 189,363	Restricted Capital Fund £ 127,552 - - - 127,552 - - - - - 127,552 (88,473) 39,079 1,599,892 1,638,971	2025 Total £ 1,378,309 2,022,197 779,330 63,000 4,242,836 10,000 1,890,723 2,353,488 23,029 4,277,240 (34,404) - (34,404) 3,117,936 3,083,532	2024 Total £ 1,035,032 1,999,993 729,499 22,500
					3,787,024
					10,000 1,926,997 2,135,084 22,600
					4,094,681
					(307,657) -
					(307,657) 3,425,593
					3,117,936

All income and expenditure derive from continuing activities.

The statement of financial activities includes all gains and losses recognised during the year.

12

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED COMPANY REGISTRATION NUMBER 2444438

BALANCE SHEETS

31 MARCH 2025

		31 March	31 March	31 March
	Notes	2025		2024
		Group	Company	Group	Company
		£	£	£	£
FIXED ASSETS
Tangible fixed assets	18	4,198,920	1,835,859	4,216,549	1,780,245
Investment in subsidiaries	19	-	2	-	2
		4,198,920	1,835,861	4,216,549	1,780,247
CURRENT ASSETS
Stock		14,369	-	16,831	-
Debtors	20	669,390	580,887	461,401	453,552
Cash at bank and in hand		10,317	432,661	8,110	464,281
		694,076	1,013,548	486,342	917,833
CREDITORS– amounts
falling due within	21	(1,463,586)	(386,508)	(1,210,589)	(323,385)
one year
Net current assets/ (liabilities)		(769,510)	627,040	(724,247)	594,448
Total assets less current		3,429,410	2,462,901	3,492,302	2,374,695
liabilities
Deferred income	22	(345,878)	-	(374,366)	-
NET ASSETS		3,083,532	2,462,901	3,117,936	2,374,695
CHARITY FUNDS
Restricted capital fund	24	1,638,971	1,638,971	1,599,892	1,599,892
Restricted income funds	24	189,363	189,363	58,371	58,371
Unrestricted funds	25	126,977	634,567	315,101	716,432
Revaluation reserve	25	1,128,221	-	1,144,572	-
TOTAL CHARITY FUNDS		3,083,532	2,462,901	3,117,936	2,374,695

The financial statements were approved by the board of trustees on 25 November 2025 and signed on its behalf by:

M Hilton - Trustee

13

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

CONSOLIDATED CASH FLOW STATEMENT

YEAR ENDED 31 MARCH 2025

Notes Cash flow from operating activities 26 Cash flow from investing activities Payments to acquire tangible fixed assets Net cash flow from investing activities Cash flow from financing activities Interest paid Net cash flow from financing activities Net (decrease) in cash and cash equivalents Cash and cash equivalents at 1 April Cash and cash equivalents at 31 March Cash and cash equivalents consist of: Cash at bank and in hand Overdraft Cash and cash equivalents at 31 March	2025 £ 137,836 (172,639) (172,639) (30,107) (30,107) (64,910) (326,107) (391,017) 10,317 (401,334) (391,017)	2024 £ 34,529 (44,488)
		(44,488)
		(23,786)
		(23,786)
		(33,745) (292,362)
		(326,107)
		8,110 (334,217)
		(326,107)

14

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS

YEAR ENDED 31 MARCH 2025

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 £391,017. The group generated an overall deficit of £34,404 for the year to 31 March 2025. The trustees have therefore considered the short term and medium-term impact with budgets and cashflow forecasts prepared to cover to March 2027, which show the group operating at a small surplus in 2026/27. 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.

15

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

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 that are directly attributable to the generation of income in the operation of the cinema.

ALLOCATION OF COSTS

Costs directly related to an activity are allocated to that activity. Support costs which are necessary to deliver an activity but do not themselves deliver the activity, are allocated in proportion to the benefit 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 capital fund, restricted and unrestricted income funds.

Restricted capital fund

This fund arises from grants received which were required to be invested in fixed 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 at the discretion of the trustees 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.

16

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

1. ACCOUNTING POLICIES (continued)

TANGIBLE FIXED ASSETS

Tangible fixed assets other than the long leasehold property 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 life.

The annual rates used are: -

Long leasehold land and buildings 1% - 2% straight line Fixtures and fittings 15% - 25% straight line/reducing balance Equipment 5% - 25% straight line/reducing balance

STOCK

Stock is valued at the lower of cost and net 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 cost and the total obligation under the lease represents the 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.

17

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

2. DONATIONS AND LEGACIES Unrestricted BFI Donations Total unrestricted Restricted - revenue BFI - Film Hub North 3 BFI - Other Watershed - Film Hub North 3 Sheffield City Council Powell & Pressburger Story Futures SXSW Bursary Other < £1,000 Total restricted - revenue Restricted - capital Sheffield City Council - Projector Sheffield City Council – Solar Panels Foyle Foundation Total restricted - revenue Total voluntary income 3. ACTIVITIES FOR GENERATING FUNDS Letting of managed workspace Commercial operations	2025 £ Group 150,000 8,348 158,348 803,054 225,500 32,000 30,000 - - - 1,855 1,092,409 18,677 88,875 20,000 127,552 1,378,309 2025 £ Group 925,079 1,097,118 2,022,197	2025 £ Company 150,000 8,348 158,348 803,054 225,500 32,000 30,000 - - - 1,855 1,092,409 18,677 88,875 20,000 127,552 1,378,309 2025 £ Company - - -	2024 £ Group 180,000 14,889 194,889 763,287 65,000 - - 5,000 3,000 2,096 1,760 840,143 - - - - 1,035,032 2024 £ Group 937,675 1,062,318 1,999,993	2024 £ Company 180,000 14,889
				194,889
				763,287 65,000 - - 5,000 3,000 2,096 1,760
				840,143
				- - -
				-
				1,035,032
				2024 £ Company - -
				-

18

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

4. INVESTMENT INCOME

2025 2025 £ £ Group Company Loan interest - 28,000 - 28,000 5. INCOMING RESOURCES FROM CHARITABLE ACTIVITIES 2025 2025 £ £ Group Company Unrestricted Box office receipts 619,220 619,220 Sheffield Film Festival income 10,373 10,373 Centre hire 79,876 79,876 Membership fees 25,596 25,596 Advertisement income 23,854 23,854 Other income 20,411 20,411 779,330 779,330 6. NET OUTGOING RESOURCES 2025 Group Company £ £ This is stated after charging: Operating lease rentals – land and buildings - 6,000 Depreciation 189,821 112,351 Loss on disposal of fixed assets 447 447	2024 2024 £ £ Group Company - 28,000 - 28,000 2024 2024 £ £ Group Company 589,936 589,936 - - 75,264 75,264 25,081 25,081 28,647 28,647 33,071 33,071 751,999 751,999 2024 Group Company £ £ - 6,000 207,458 115,207 - -	2024 £ Company 28,000
		28,000
		2024 £ Company 589,936 - 75,264 25,081 28,647 33,071
		751,999

19

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

7. AUDITOR’S REMUNERATION

The auditor’s remuneration amounts to a fee of £15,800 (2024: £15,750) and £2,050 for other services (2024: £1,575).

8. COSTS OF GENERATING VOLUNTARY INCOME

Support costs (note 12) 9. RAISING FUNDS Managed workspace cost Commercial operations	2025 £ Group 10,000 2025 £ Group 784,204 1,106,519 1,890,723	2025 £ Company 10,000 2025 £ Company - - -	2024 £ Group 10,000 2024 £ Group 818,070 1,108,927 1,926,997	2024 £ Company 10,000
				2024 £ Company - -
				-

10. CHARITABLE ACTIVITIES Cost of operation of cinema and centre hire

Film performances and related costs Film hire Sheffield Film Festival costs Project costs Film Hub North grants disbursed Centre costs Marketing costs Wages and related costs Printing and advertising Depreciation – equipment Credit card charges Other expenses Support costs (note 12) Total cost of charitable activities	2025 £ Group 252,156 8,250 230,779 361,906 4,519 556,394 36,252 28,722 10,680 24,613 1,514,271 839,217 2,353,488	2025 £ Company 252,156 8,250 236,770 361,906 4,519 556,394 36,252 28,722 10,680 (244,787) 1,250,862 876,542 2,127,404	2024 £ Group 257,741 - 70,575 339,368 16,728 542,209 7,530 21,735 10,513 26,727 1,293,126 841,958 2,135,084	2024 £ Company 257,741 - 73,591 339,368 16,728 542,209 7,530 21,735 10,513 (91,159)
				1,178,256 850,433
				2,028,689

20

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

11. OTHER COSTS Audit fee Support costs (note 12) 12. INDIRECT SUPPORT COSTS Salaries and related costs Travel and hospitality Rent, rates and service charges Heat and power Printing, postage and stationery 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 Allocation Charitable activities Generating voluntary income Other costs		2025 £ Group 13,029 10,000 23,029 2025 £ Group 444,979 24,842 12,047 173,646 315 23,355 22,067 31 9,479 7,673 3,019 9,751 2,876 6,381 (19,400) 54,527 70,573 13,056		2025 £ Company 13,029 10,000 23,029 2025 £ Company 444,979 24,842 47,000 173,646 2,087 23,355 22,067 631 9,479 7,673 3,019 9,751 2,876 6,381 (19,400) 54,527 70,573 13,056		2024 £ Group 12,600 10,000 22,600 2024 £ Group 394,877 24,695 37,890 167,000 188 27,007 18,207 175 9,565 12,501 3,814 7,929 3,061 7,770 420 53,387 70,573 22,899 861,958 841,958 10,000 10,000 861,958		2024 £ Company 12,600 10,000
								22,600
								2024 £ Company 394,877 24,695 43,794 167,000 2,159 27,007 18,207 775 9,565 12,501 3,814 7,929 3,061 7,770 420 53,387 70,573 22,899
		859,217		896,542				870,433
		839,217 10,000 10,000		876,542 10,000 10,000				850,433 10,000 10,000
		859,217		896,542				870,433

Charitable costs are primarily for the running of cinema screenings and the managing of rented workspace, support costs are allocated as such above.

21

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

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 of the company at 31 March 2025 is detailed in note 19 of these financial statements. A summary of its trading results including intra-group sales is shown below:

Turnover Cost of sales Gross profit Administrative expenses Interest payable Other operating income Operating deficit for year Loss from commercial operations Profit on ordinary activities before taxation Net profit for the year retained	Paternoster Managed workspace £ 962,404 (489,166) 473,238 (313,348) (38,178) 28,488 150,200 (3,410) 146,790 146,790	Limited Commercial operations £ 1,103,109 (790,069)
		313,040 (306,272) (10,178) -
		(3,410) 3,410
		-
		-

14. STAFF COSTS AND TRUSTEES’S REMUNERATION

Wages and salaries Social security costs Pension costs	2025 Group Company £ £ 1,466,076 602,607 110,550 45,440 27,835 11,441 1,604,461 659,488	2024 (as restated) Group Company £ £ 1,369,045 559,247 99,052 40,462 26,061 10,646 1,494,158 610,355	2024 (as restated) Group Company £ £ 1,369,045 559,247 99,052 40,462 26,061 10,646 1,494,158 610,355
			610,355

In the prior year financial statements, staff costs excluded costs of £127,404 which were recharged to tenants. These costs have been included in the current year expense and the prior year figures have been restated to include this cost.

The average number of employees calculated on a full-time equivalent basis during the year was as follows:

Raising funds Charitable activities	2025 Number FTE 57 27 28 21 85 48	2024 Number FTE 53 28 30 18 83 46	2024 Number FTE 53 28 30 18 83 46
			46

22

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

14. STAFF COSTS AND TRUSTEE REMUNERATION (continued)

The trustees neither received nor waived any remuneration during the year (2024: £nil). No trustees had expenses reimbursed during the year (2024: £nil).

The total amount of employee benefits received by key management personnel is £264,997 (2024: £251,330). 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 Operations Head of Marketing Head of Programme

15. INTEREST PAYABLE AND SIMILAR CHARGES

2025 Group Company £ £ Bank loans and overdrafts 30,107 9,751 30,107 9,751 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2025 - Group Unrestricted Restricted Income Funds Fund £ £ Tangible fixed assets 2,559,949 - Current assets 504,713 189,363 Current liabilities (1,463,586) - Long term liabilities (345,878) - 1,255,198 189,363 2025 - Company Tangible fixed assets 196,890 - Current assets 824,185 189,363 Current liabilities (386,508) - Long term liabilities - - 634,567 189,363	2024 Group Company £ £ 23,786 7,929 23,786 7,929 Restricted Capital Fund Total £ £ 1,638,971 4,198,920 - 694,076 - (1,463,586) - (345,878) 1,638,971 3,083,532 1,638,971 1,835,861 - 1,013,548 - (386,508) - - 1,638,971 2,462,901	2024 Group Company £ £ 23,786 7,929 23,786 7,929 Restricted Capital Fund Total £ £ 1,638,971 4,198,920 - 694,076 - (1,463,586) - (345,878) 1,638,971 3,083,532 1,638,971 1,835,861 - 1,013,548 - (386,508) - - 1,638,971 2,462,901
		7,929
		Total £ 4,198,920 694,076 (1,463,586) (345,878)
		3,083,532
		1,835,861 1,013,548 (386,508) -
		2,462,901

23

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

16. ANALYSIS OF NET ASSETS BETWEEN FUNDS (continued) 2024 - Group

Tangible fixed assets Current assets Current liabilities Long term liabilities 2024 - Company Tangible fixed assets Current assets Current liabilities Long term liabilities 17. FINANCIAL COMMITMENTS 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		Unrestricted Restricted Income Funds Fund £ £ 2,616,657 - 427,971 58,371 (1,210,589) - (374,366) - 1,459,673 58,371 Unrestricted Restricted Income Funds Fund £ £ 180,355 - 859,462 58,371 (323,385) - - - 716,432 58,371 2025 Group Company £ £ 6,676 - 6,676 - 7,393 - 20,745 -		Restricted Capital Fund Total £ £ 1,599,892 4,216,549 - 486,342 - (1,210,589) - (374,366) 1,599,892 3,117,936 Restricted Capital Fund Total £ £ 1,599,892 1,780,247 - 917,833 - (323,385) - - 1,599,892 2,374,695 2024 Group Company £ £ 6,653 - 6,676 - 10,730 - 24,059 -	Total £ 4,216,549 486,342 (1,210,589) (374,366)
					3,117,936
					Total £ 1,780,247 917,833 (323,385) -
					2,374,695

As at 31 March 2025 the company and the Group had capital commitments of £nil (2024: £nil).

24

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

18. TANGIBLE FIXED ASSETS – GROUP Cost or valuation At 1 April 2024 Additions Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for the year Disposals At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024 TANGIBLE FIXED ASSETS – COMPANY Cost At 1 April 2024 Additions Disposals At 31 March 2025 Depreciation At 1 April 2024 Charge for the year Disposals At 31 March 2025 Net book value At 31 March 2025 At 31 March 2024	Long leasehold property £ 6,761,247 - - 6,761,247 2,911,934 102,856 - 3,014,790 3,746,457 3,849,313 Long leasehold property £ 3,528,630 - - 3,528,630 1,891,993 70,573 - 1,962,566 1,566,064 1,636,637	Fixtures fittings & equipment £ 2,774,419 172,639 (1,480) 2,945,578 2,407,183 86,965 (1,033) 2,493,115 452,463 367,236 Fixtures fittings & equipment £ 1,489,998 168,412 (1,480) 1,656,930 1,346,390 41,778 (1,033) 1,387,135 269,795 143,608	Total £ 9,535,666 172,639 (1,480)
			9,706,825
			5,319,117 189,821 (1,033)
			5,507,905
			4,198,920
			4,216,549
			Total £ 5,018,628 168,412 (1,480)
			5,185,560
			3,238,383 112,351 (1,033)
			3,349,701
			1,835,859
			1,780,245

25

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

19. INVESTMENT IN SUBSIDIARY UNDERTAKINGS

Cost of shares in subsidiary undertaking
	£
At 1 April 2024 and 31 March 2025	2

The subsidiary of the company at 31 March 2025 (incorporated in England) was:

	Class of		Direct/	Aggregate	Profit
	shares		indirect	capital and	for the
	held	% held	holding	reserves	year
				£	£
Paternoster Limited
025 40298
Letting of managed	Ordinary	100	Direct	491,685	146,790
workspace and operation
of bar and café

20. DEBTORS

Trade debtors Other debtors Prepayments and accrued income Amount owed by group undertakings	2025 Group Company £ £ 137,179 2,391 471,185 117,470 61,026 61,026 - 400,000 669,390 580,887	2024 Group Company £ £ 123,727 3,907 314,640 26,611 23,034 23,034 - 400,000 461,401 453,552	2024 Group Company £ £ 123,727 3,907 314,640 26,611 23,034 23,034 - 400,000 461,401 453,552
			453,552

Of the amount owed by group undertakings, £400,000 (2024: £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%.

26

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

21. CREDITORS Amounts falling due within one year Bank overdraft Trade creditors Other creditors Taxation and social security Accruals and deferred income	2025 Group Company £ £ 401,334 - 460,609 189,092 376,296 54,565 109,931 27,435 115,416 115,416 1,463,586 386,508	2024 Group Company £ £ 334,217 - 306,022 95,419 332,465 57,134 96,410 29,357 141,475 141,475 1,210,589 323,385	2024 Group Company £ £ 334,217 - 306,022 95,419 332,465 57,134 96,410 29,357 141,475 141,475 1,210,589 323,385
			323,385

The bank overdraft is secured by fixed and floating charges over the undertaking and all property and assets.

22. DEFERRED INCOME – GROUP

DEFERRED INCOME – GROUP
Government grants and other income at 1 April Grants received during the year Amount released in year Balance at 31 March	2025 £ 374,366 (28,488) 345,878	2024 £ 402,854 (28,488)
		374,366

23. TRANSFER BETWEEN FUNDS

TRANSFER BETWEEN FUNDS
Release of restricted capital funds re depreciation of capital assets	2025 Group Company £ £ 88,473 88,473 88,473 88,473	2024 Group Company £ £ 79,880 79,880 79,880 79,880
			79,880

27

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

24. RESTRICTED FUNDS – Group and Company

2025 Restricted capital funds 2024 Restricted capital funds	Balance at 31 March 2024 £ 1,599,892 Balance at 31 March 2023 £ 1,679,772	Incoming resources £ 127,552 Incoming resources £ -	Resources expensed £ - Resources expensed £ -	Transfer Balance at 31 March 2025 £ £ (88,473) 1,638,971 Transfer Balance at 31 March 2024 £ £ (79,880) 1,599,892

Additions during 24/25 relate to grants that were received to upgrade one of the old projectors to a laser projector and also to instal 245 solar panels onto the roof of the building to help reduce our carbon footprint and our overheads.

2025 Restricted income funds Film Hub North 3 (BFI) Film Hub North 3 (Watershed) Short Courses (BFI) Residential Academy (BFI) Archive & Curation Residential (BFI) Sheffield City Council Other < £1,000	Balance at 31 March 2024 £ 58,371 - - - - - 58,371	Incoming resources £ 803,054 32,000 91,500 54,000 80,000 30,000 1,855 1,092,409	Resources expensed £ (723,348) (32,000) (87,905) (54,000) (62,489) - (1,675) (961,417)	Transfer £ - - - - - - - -	Balance at 31 March 2025 £ 138,077 - 3,595 - 17,511 30,000 180
					189,363

28

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

24. RESTRICTED FUNDS – Group and Company (continued)

2024 Restricted income funds Film Hub North 3 (BFI) Youth Film Academy (BFI) Residential Academy (BFI) Powell & Pressburger Story Futures SXSW Bursary Young Programmers Other < £1,000	Balance at 31 March 2023 £ - - - - - - 3,667 1,050 4,717	Incoming resources £ 763,287 20,000 45,000 5,000 3,000 2,096 - 1,760 840,143	Resources expensed £ (704,916) (20,000) (45,000) (5,000) (3,000) (2,096) (3,667) (2,810) (786,489)	Transfer £ - - - - - - - - -	Balance at 31 March 2024 £ 58,371 - - - - - - -
					58,371

Film Hub North 3 (BFI): initiative to develop a network of film exhibitors in the north of England, funded by the BFI. This includes us being part of a countrywide network of talent executives, who search out and develop from a grass roots level, new and emerging film directors, producers and writers. This includes short film production and early feature script development.

Film Hub North 3 (Watershed): A grant provided for regional support to deliver the Art of Action series presented by BFI FAN with support from the National Lottery. This supported seven venues in delivering their projects.

Short Courses (BFI): SMEC was the lead partner in a consortium with REEL solutions and Leeds Young Film who worked together to deliver four BFI Film Academy programmes across Yorkshire and the Humber. The key focus areas were Bradford, Doncaster and Scarborough with 80 young people participating in total.

Youth Film Academy – BFI funded training and development for young people 16-19 in filmmaking and appreciation.

Residential Academy (BFI): Programming, is part of the BFI’s Film Academy Network. There are 9 residentials each specialising in an area of the film industry. We recruit 30 young people (aged 16-19), from across the UK to come to Sheffield for a week to learn about all aspects of programming, exhibition and distribution, through industry led masterclasses and practical based projects.

Archive & Curation Residential (BFI): Project to deliver a specialist 7 day residential course to 32 participants from across the UK to learn about film curation and archiving. The course was delivered in partnership with ITV archive and York, St Johns. Speakers from the industry were included in the delivery for the in-person elements of the programme and to schedule an extensive weekly challenge in the form of creative re-use remixing of archive material to a theme that resonates with the young cohort.

Sheffield City Council: A grant towards finding an alternative solution to the scaffolding that is in place around a section of the building.

29

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

25. UNRESTRICTED FUNDS Balance at 1 April 2024 Net movement in funds for the year Transfer during the year Balance at 31 March 2025	Company Unrestricted income fund £ 716,432 (170,338) 88,473 634,567	Group Revaluation Reserve £ 1,144,572 - (16,351)
		1,128,221

26. RECONCILIATION OF CONSOLIDATED NET INCOMING RESOURCES TO NET CASH INFLOW FROM OPERATING ACTIVITIES

Net (outgoing) resources Interest payable Net outgoing resources from operations Depreciation and amortisation Loss on disposal of fixed assets Decrease/(increase) in stock (Increase) in debtors Increase in creditors Net cash inflow from operating activities	2025 Group £ (34,404) 30,107 (4,297) 189,821 447 2,462 (207,989) 157,392 137,836	2024 Group £ (307,657) 23,786
		(283,871) 207,458 - 622 (30,530) 140,850
		34,529

30

SHEFFIELD MEDIA AND EXHIBITION CENTRE LIMITED

NOTES ON ACCOUNTS (continued)

YEAR ENDED 31 MARCH 2025

27. ANALYSIS OF NET DEBT Cash at the bank and in hand Bank overdrafts Cash and cash equivalents Debts falling due within one year Debts falling due after one year	1 April 2024 £ 8,110 (334,217) (326,107) - - - (326,107)	Cash flow £ 2,207 (67,117) (64,910) - - - (64,910)	Other non- cash charges £ - - - - - - -	31 March 2025 £ 10,317 (401,334)
				(391,017)
				- -
				-
				(391,017)

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 taken advantage of the exemption from disclosing transactions with its fellow subsidiary companies.

31