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2021-03-31-accounts

OXFORD FILM AND VIDEO MAKERS LIMITED

Operating as FILM OXFORD

COMPANY NO. 2022892 (ENGLAND AND WALES)

A COMPANY LIMITED BY GUARANTEE AND NOT HAVING A SHARE CAPITAL

REGISTERED CHARITY NO. 1041014

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2021

KING LOOSE & CO STATUTORY AUDITORS

ST JOHN'S HOUSE 5 SOUTH PARADE SUMMERTOWN OXFORD OX2 7JL

OXFORD FILM AND VIDEO MAKERS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2021

CONTENTS

Page

1

2

3

4

5

6 7 - 13

Company Information Directors' and Trustees' Report Statement of Trustees' Responsibilities Auditors' Report Statement of Financial Activities Balance Sheet Notes to the Financial Statements

1.

OXFORD FILM AND VIDEO MAKERS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2021

COMPANY INFORMATION

Operating Name Film Oxford
Directors and Trustees M R Bowman
M L Gunther
N O’Dwyer (resigned 22.07.2020)
K Martin (resigned 31.07.2020)
E Mills
P Cashen
A Smith
J Hunt (appt 29.09.2020)
L Lindsay-Gale (appt 02.02.2021)
L Whiteley (appt 02.02.2021)
Secretary G M Swann
Company Number 2022892
Charity Number 1041014
Registered Office 54 Catherine Street
Oxford
Oxon
OX4 3AH
Bankers The Co-operative Bank Plc
PO Box 101
1 Balloon Street
Manchester
M60 4EP
Auditors King Loose & Co
St John's House
5 South Parade
Summertown
Oxford
OX2 7JL
Operating Executives R Duriez
G Swann
G Shenton
E Sherry-Starmer
N Josse

2.

OXFORD FILM AND VIDEO MAKERS LIMITED

DIRECTORS' AND TRUSTEES' REPORT

FOR THE YEAR ENDED 31[ST] MARCH 2021

The Directors and Trustees present their report and accounts for the year ended 31[st] March 2021. The charity now operates under the title of Film Oxford. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity’s memorandum and articles of association, the Companies Act 2006, the Charities Act 2011, and 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 – Charities SORP (FRS 102); and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

Legal and Administrative Information

This information is summarised on page 1 to these financial statements.

Objects of the Charity, Principal Activities and Organisation of Our Work

The Charity is constituted as a company limited by guarantee and is, therefore, governed by a Memorandum and Articles of Association.

The Charity's object and its principal activity is that of “advancing the education of the public in the knowledge, understanding and appreciation of film making and allied techniques and, in particular, but without prejudice to the foregoing, by:

Each year the Charity commits to working with marginalised groups within the area. It operates and maintains a web base of information and contacts, runs training courses and projects, supports productions, and organises screenings and network events.

The Charity continues to explore new ways of achieving these objectives.

The Charity is organised so that the Trustees meet and converse regularly to manage its affairs. The Trustees, as a body, are represented by the Management Committee.

The organisation operates via a Management Committee that meets every 2 months, and an Executive of mainly salaried staff. Trustees are elected onto the Management Committee by members of the Company or invited onto the Management Committee by the Trustees themselves. In addition to the six Management Committee meetings during the year, Trustees also attend Executive meetings where appropriate and possible.

In discussion with the Executive the Trustees will agree on the overall direction of the Charity and take major decisions, while the Executive will deal with the day to day business of the Charity. The Trustees and Executive update a risk assessment on a yearly basis and systems are put in place to manage any identified risk – for example, reviewing the risk register is a mandatory agenda item for the Management Committee.

Development and Achievements

The Trustees consider that the performance of the Charity this year has been satisfactory. The Charity maintains its validation and recognition as an official training organisation, working with the community at large.

Developing Partnership work

Over the last 12 months we have continued working in partnership with more local arts organisations.

2.a.

OXFORD FILM AND VIDEO MAKERS LIMITED DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31[ST] MARCH 2021

Development and Achievements (continued)

Increasing the amount of cultural activity available to audiences digitally

Film Oxford is committed to distributing films made through the centre ‘on-line’. This year we continued to upload films to YouTube and to VIMEO. Shadowlight Artists maintained their presence via their own separate website, social media and YouTube Channel.

Enhancing cultural provision for young people

Film Oxford offered the following in 2020/21:

Supporting artists with learning disabilities

The Shadowlight Artists were formed in 2009. Each member has a learning disability and a demonstrated track record of commitment to their own artistic work. They have a desire to not only be seen as creative champions within the learning disability community, but for their work to be seen on an equal footing to that of ‘mainstream’ artists. Within a supported framework provided by Film Oxford, the Shadowlight Artists have also achieved a considerable degree of success with their work exhibited locally, nationally and internationally including winning several awards. Film Oxford also maintains an archive of artwork created by the group.

The Shadowlight Artists are a self-directed group of Oxfordshire artists with learning disabilities supported by Film Oxford. Their LUMINOUS project was part way through production when the pandemic struck. As the artists were so vulnerable and isolated, we quickly took on a welfare role giving telephone and other remote support. We worked out a way we could complete the project with a mixture of remote and one-to-one in-person support, including some outdoor shoots. The exhibition took place at Modern Art Oxford (MAO) and the Arts at the Old Fire Station in December 2020 for three weeks; it was enhanced by exhibiting work on virtual platforms. A total of 91 artworks were produced by the group including canvases, films, installations and photographic prints, and there was a combined total of 6,021 visitors for the online and gallery exhibitions. The virtual exhibition will remain permanently online at the group’s website (shadowlightartists.org.uk).

Building a sustainable business model.

In addition to the grant funding Film Oxford received from Oxford City Council, the organisation brought in additional project funding from the British Film Institute, the Arts Council, local charities, as well as other small grants. Other income has been generated through course fees, and particularly Adult Training and from Film Oxford production income

Impact of Covid

The impact on Film Oxford, as with other organisations, was considerable. Staff started working remotely and the charity quickly accessed financial support: local authority business grants, an Arts Council Emergency Fund grant and the National Furlough Scheme; this support helped pay staff and mitigate cash flow problems. All staff continued to received wages at pre-pandemic levels. Despite constraints we adapted quickly to deliver some of our key planned activities and develop new remote

2.b.

OXFORD FILM AND VIDEO MAKERS LIMITED DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31[ST] MARCH 2021

Impact of Covid (continued)

delivery. Activities that took place on the premises were delivered in a Covid-safe environment, always following government guidelines. It was a top priority for us to keep supporting our most marginalised and isolated artists. Delivering activities also allowed us to continue employing local freelancers.

Delivering a film and digital media information and advice service, through website, telephone

and e-mail.

The Film Oxford web presence is key to disseminating information about services the charity offers as well as other film and digital media related news. Film Oxford’s Facebook group serves as a means to putting film makers and digital creators in contact with each other. Through joining the email list, individuals receive e-bulletins about upcoming events, activities and training opportunities. They also receive notice of productions, projects and events taking place in the area. This service continued throughout the pandemic.

Training Courses 2020/21

The Covid-19 pandemic had a severe impact on our courses, which were previously entirely classroom-based. In autumn 2020 we started to trial online courses which proved successful and have since been expanded. We ran 12 online courses and had 92 learners throughout the year.

Professional services

Production work: Although severely hit at the beginning of the pandemic we did quickly develop a Covid-Safe Production Policy and complete the following during August 2020:

Live Streaming: During the pandemic we were able to assist local partners such as Oxford Playhouse and Oxford Folk Festival to stream their performances live online.

Trading wing

Film Oxford received funding from the Arts Council to develop a trading wing offering professional services in film production, bespoke training for organisations and streaming services. The trading wing will ultimately build a surplus that can support our charitable programmes. This year was very much a development period with valuable support from three Trustees – all local industry professionals.

Networking Groups 2020/21

Open Screen moved online and continued to run a monthly platform for filmmakers offering the opportunity to screen and discuss completed films or works in progress. There were 10 meetings with an average of 10 people at each. The Screenwriters’ Group, a peer support group for local screenwriters, also adapted to meeting online and continued throughout the year.

Delivering film screenings in Oxford and beyond

All live screening events (outdoor and indoor) were cancelled. Film Oxford did however, develop:

FLUX: a new international online film festival – Through the wide reach of social media, this new digital festival invited entries from filmmakers across the world, receiving over 70 international submissions from the USA, Japan, Germany, Spain and Brazil. The online festival engaged over 2,000 views in two weeks and helped to promote Film Oxford as an international hub for artists’ moving image work.

2.c.

OXFORD FILM AND VIDEO MAKERS LIMITED DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31[ST] MARCH 2021

Delivering film screenings in Oxford and beyond (continued)

As the festival ran August-September 2020, many of the film submissions had been created during the early part of global lockdown and showcased how artists have adapted to new ways of working.

Our Jericho (2019 Production) – All planned cinema screening of Our Jericho were cancelled throughout April and May 2020; we did however schedule an online screening and discussion with producer Maggie Black which attracted over 260 attendees.

Location Oxfordshire

The service for film, TV and the photographic industries looking to film in Oxfordshire, continues to gain a high profile within the industry nationally and internationally. We offer telephone support and access to locations and a service data base. Over the year, we have continued to coordinate meetings with the local authorities and the University to help streamline responses to enquiries. Funding is being sought to develop and expand a more proactive service, including potential partnerships with the University and local authorities.

Risk Assessment

The main risks identified are in relation to:

Funding

We are now looking to develop more long-term funding relationships with the Arts Council and the BFI for work we do with artists with learning disabilities and young people. It is still the case however that waged staff are doing too much unpaid overtime and this needs to be addressed through developing more income-generating activities.

Premises

There are now concrete proposals for Film Oxford to be relocated in a purpose-built Creative Hub in the re-development and refurbishment of East Oxford Community Centre. Film Oxford will pursue this opportunity, making sure that if relocation takes place, we will receive adequate space, a secure lease and fair rent. These plans are now at a developed stage with draft architectural drawings ready for submission to planning. Film Oxford continue to attend regular community meetings and consultations.

Aims and Objectives

The pressure on core funding demands a refocusing of the organization and this process is ongoing. The Trustees are giving greater support through taking on specific roles and helping the Executive focus on developing training, project and production work that is fully funded or which brings in revenue. We continue to update and implement the Film Oxford Strategy document with annual targets in order to make sure the organization is sustainable in the long term.

Future Plans

As part of Film Oxford’s Strategy we plan to:

2.d.

OXFORD FILM AND VIDEO MAKERS LIMITED DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31[ST] MARCH 2021

Transactions and Financial Position

The statement of financial activities shows, in respect of unrestricted general funds, net incoming resources of £9,178 for the year (2020: incoming resources £9,325), and the general fund balance carried forward stood at £112,657.

Finances and Reserves Policy

The attached financial statements show the current state of the finances which the Trustees consider to be sound.

Film Oxford is funded by both grant, restricted and unrestricted, and earned (including course) income, to enable it to pursue its principal activities. If there were to be a gap in grant funding it is likely that Film Oxford would have to run down existing projects and courses whilst maintaining an ongoing provision of premises, staff and other support costs. The Trustees have agreed to keep a certain level of financial reserves and fixed assets to ensure that main operations can continue for a period of 6 months and cover redundancy costs if necessary. The reserves have been built up from the unrestricted income and the level of reserves is monitored and reviewed on at least an annual basis by the Trustees. This policy will also be reviewed whenever there are significant changes in staff hours or numbers, or if there should be a change in premises or other significant shift in risk.

Designated Funds

As no major external funding has been received post year end to support the Shadowlight Project, nor indeed the Shadowlight Artists and certain other projects, the Trustees have decided to set aside monies to cover the cost shortfalls envisaged. This has been shown as a Designated Fund.

Tangible Fixed Assets for Use by the Charity

Details of movements in fixed assets are set out in the notes to the accounts; none of the assets are believed to be valued at a materially different sum from that reflected in the accounts.

Public Benefit

The trustees have reviewed the Charity’s objects and activities and are of the view that the public benefit test continues to be totally satisfied. In forming this opinion, the trustees have considered the guidance issued by the Charity Commission with regard to public benefit.

Directors and Trustees

All Directors of the Company are also trustees of the Charity, and there are no other trustees. All of the Trustees named on page 1 served during the year. The Board has the power to appoint additional Trustees as it considers fit to do so.

Audit Information

In so far as the trustees are aware:

(b) the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Auditors

King Loose & Co have agreed to offer themselves for re-appointment as Auditors to the Charity.

Small Company Provisions

This report has been prepared in accordance with the small companies’ regime of the Companies Act 2006.

2.e.

OXFORD FILM AND VIDEO MAKERS LIMITED DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31[ST] MARCH 2021

Approval

This report was approved by the Board of Directors and Trustees on …………………………… 2022, and signed on its behalf by:

…………………………………….. M. L. Gunther Trustee and Director

3.

OXFORD FILM AND VIDEO MAKERS LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31[ST] MARCH 2021

The Trustees are required by law to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity, and of its results for that period. In preparing those financial statements, the Trustees are required to:

The Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the Charity, and to enable them to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charity’s Memorandum and Articles of Association, and the relevant Charities’ SORP. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

By Order of the Board of Directors and Trustees

…………………………… M. L. Gunther Trustee and Director

4.

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

OXFORD FILM AND VIDEO MAKERS LIMITED FOR THE YEAR ENDED 31[ST] MARCH 2021

Opinion

We have audited the financial statements of Oxford Film and Video Makers Ltd for the year ended 31st March 2021 which comprise the income and expenditure account, balance sheet and notes to the financial statements including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and the 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:

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 auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company’s 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 the provisions available for small entities, 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.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Respective responsibilities of trustees and the auditors

As explained more fully in the trustees' responsibilities statement set out on page 3, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with The Auditing Practices Board (APB's) Ethical Standards for Auditors.

Scope of the audit of the financial statements

An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. This includes an assessment of: whether the accounting policies are appropriate to the circumstances and have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by the trustees; and the overall presentation of the financial statements. In addition we read all the financial and non-financial information in the directors' and trustees’ report to identify material inconsistencies with the audited financial statements. If we became aware of any apparent material misstatements or inconsistencies we consider the implications for our report.

Other information

The other information comprises the information included in the directors’ and trustees’ report other than the financial statements and our auditors' report thereon. The trustees are responsible for the other information. 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.

4.a.

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

OXFORD FILM AND VIDEO MAKERS LIMITED FOR THE YEAR ENDED 31[ST] MARCH 2021

Cont’d Other information

In connection with our audit of the financial statements, 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 audit, or otherwise appears to be materially misstated.

If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is 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.

Matters on which we are required to report by exception

In the light of the 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 directors' and trustees’ 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:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement (set out on page 3), the trustees 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 directors/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 entity or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of financial statements

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 auditors' 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. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/. This description forms part of our auditors' report.

This report is made solely to the Charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so we might state to the Charity’s trustees 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 Charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

St John’s House 5 South Parade Summertown Oxford OX2 7JL

King Loose & Co Statutory Auditors

King Loose & Co is eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006.

5.

OXFORD FILM AND VIDEO MAKERS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES

FOR THE YEAR ENDED 31[ST] MARCH 2021

SUMMARY INCOME AND EXPENDITURE ACCOUNT

Unres-
tricted
Funds
Note
£
Income and Endowments from:
Voluntary Income
2 60,102
Activities for generating funds
20,914
(Own Income-Production)
Investment Income
113
Government Tax Relief
-
Coronavirus Support
51,746
__
Total Income
132,875
_
Expenditure on:-
Costs Incurred in Furtherance
of the Charity’s Objects
3 162,956
_
Total Expenditure
162,956
_
Net Income/(Expenditure) for
the year before Transfers.
(30,081)
Transfers between Funds
4 39,259
_
Net Movement in Funds
15
9,178
Total Funds B/Fwd
103,479
_____
Total Funds C/Fwd
14 112,657
====== =		 Desig-
Res-
Total
Unres-
Res-
Total
nated
tricted
Funds
tricted
tricted Funds
Funds
Funds
2021
Funds
Funds
2020
£
£
£
£
£
£
-
75,364 135,466
43,307
84,345 127,652
-
-
20,914
81,893
- 81,893
-
-
113
554
-
554
-
-
-
7,898
-
7,898
-
-
51,746
-
-
-
__ _


-
75,364 208,239
133,652
84,345 217,997
 _ _
_
-
26,063 189,019
181,967
36,513 218,480
 _
_
_
-
26,063 189,019
181,967
36,513 218,480
 _
_
-
49,301
19,220
(48,315)
47,832
(483)
12,492 (51,751)
-
57,640
(57,640)
-
 _
_
12,492
(2,450) 19,220
9,325
(9,808)
(483)
-
16,000 119,479
94,154
25,808 119,962
 _ _
_
_ ___
12,492
13,550 138,699
103,479
16,000 119,479
===== ====== ======
======
====== ======

There were no other recognised gains or losses in respect of 2021 or 2020, other than those reflected in the statement of financial activities.

There were no Designated Funds for the 2019/20 year.

The notes on pages 7 to 13 form part of these accounts.

6.

OXFORD FILM AND VIDEO MAKERS LIMITED

BALANCE SHEET AS AT 31[ST] MARCH 2021 (COMPANY NUMBER 2022892)

Note
£
Fixed Assets
Tangible Assets
8
Current Assets
Stocks
9
216
Debtors
10
17,864
Cash at Bank & Building Societies
140,881
_
158,961
Creditors: Amounts
falling due in one year
11
29,371
_
Net Current Assets
Total Assets less Current Liabilities
Capital
Unrestricted Funds - General
15(a)
Designated Funds
15(b)
Restricted Funds
15(c)		 2021
£
£
9,109
200
5,323
113,023
_
118,546
13,318
_
129,590
_
138,699
======
112,657
12,492
13,550
_
138,699
======		 2020
£
14,251
105,228
_
119,479
======
103,479
-
16,000
_
119,479
======

Approved by the Board of Directors and Trustees on ……………………………… 2022, and signed on its behalf by:

……………………………………… M. L. Gunther

Trustee and Director

The notes on pages 7 to 13 form part of these accounts.

7.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2021

1. Accounting Policies

(a) General Information

These financial statements have been presented in Pound Sterling as this is the currency of the primary economic environment in which the charitable company operates.

(b) Basis of preparation

The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) – Charities SORP (FRS 102); and the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities Act 2011 and the Companies Act 2006.

The Charity constitutes a public benefit entity as defined by FRS 102.

The charity has taken advantage of the exemption to prepare a cash flow statement on the grounds that it is a small charity.

(c)

Activities

The financial statements include the results of the charity's operations as described in the directors’ and trustees’ report and all of which are continuing.

(d) Revenue Recognition

(i) Rendering of services

When the outcome of a transaction involving the rendering of services can be estimated reliably, the Company recognises revenue associated with the transaction by reference to the stage of completion of the transaction at the end of the reporting period. The outcome of a transaction can be estimated reliably when all the following conditions are satisfied:-

Revenue for support services is therefore recognised proportionally over the performance of the service contract.

(ii) Grant Income

Grants and donations are accounted for when receivable by the charity, subject to any deferments as explained below. Grants and donations are considered as receivable when the charity becomes entitled to the income and the amount receivable can be measured reliably.

(iii) Investment Income

Investment income is accounted for as receivable, i.e. in the period in which the Charity is entitled to receipt, and the amount of income can be measured reliably.

7(a)

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2021

1. Accounting Policies (continued)

(e) Deferred Income

Incoming resources are deferred when the conditions upon which they may be recognised as income are not yet satisfied.

(f) Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be reliably measured.

Expenditure is included on an accruals basis and has been classified under headings that aggregate all costs related to the category. Costs incurred in relation to the provision of facilities are regarded as support costs for the Charity’s activities.

(g) Operating Leases

Rentals applicable to operating leases where substantially all the benefits and risks of ownership remain with the lessor, are reflected in the statement of financial activities as incurred.

(h) Value added tax

Value added tax is not recoverable by the charity, and as such is included in the relevant costs in the statement of financial activities.

(i) Donated services

Where services are provided to the charity as a donation that normally would be purchased from suppliers, this contribution is included in the financial statements at an estimate based on the value of the contribution to the charity.

(j) Tangible Assets and Depreciation

Tangible assets are initially recognised at cost which is the purchase price plus any directly attributable costs. Subsequently tangible assets are measured at cost less accumulated depreciation and impairment losses.

Depreciation is provided on assets to write off their cost over their estimated useful lives. The rates currently in use are:-

Video equipment - 30% reducing balance
Other equipment - 25% reducing balance
Restricted fund equipment - 50% straight line basis

(k) Stock

Stock is valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

7 (b).

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2021

1. Accounting policies (continued)

(l) Financial Assets – Classified as Basic Financial Instruments

(m) Fund accounting

The charity has balances on restricted, unrestricted and designated funds.

Unrestricted funds comprise those funds which the trustees are free to use in accordance with the objects of the charity, as defined in the constitution.

Designated Funds are those monies set aside, out of otherwise unrestricted funds, to cover specific purposes and projects.

Restricted funds were those funds given for particular purposes and projects.

(n) Going Concern

The financial statements have been prepared on a going concern basis.

The current economic conditions present increased risks for all businesses. In response to such conditions, the trustees have carefully considered these risks, including an assessment of uncertainty on future trading projection for a period of at least 12 months from the date of signing the financial statements, and the extent to which they might affect the preparation of the financial statements.

In common with similar enterprises, the Covid 19 lockdown at the end of March 2020 impacted the Charity, and, in accordance with government regulations the offices were closed to visitors. Activities substantially continued through the online platform, about which further details are given in the Director’s and Trustees’ Report.

As there is considered to be no significant effect on the carrying value of the charity’s assets, the Trustees have concluded that the going concern basis remains appropriate.

8.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2021

2. Voluntary Income - Operational Grants

Unres-
tricted
Funds
£
A.C.E.
28,000
Awards for All (Lottery)
-
Screen South
-
Oxford City Council:-
- Operational Grants etc 20,000
- Christmas Lights
-
- i Creative
-
Other Donations /
Workshops/subsidies
-
Doris Field Trust –
Christmas Lights
-
British Film Institute
-
St. Michael’s and
All Saints Charities -
Shadowlight Artists
-
RTR Foundation -
Shadowlight Artists
-
Education & Skills
Funding Agency
12,102
Other Screenings
-
_
_
60,102
======
=		 Res-
Total
tricted
Funds
Funds
2021
£
£
49,520
77,520
-
-
1,255
1,255
-
20,000
4,000
4,000
-
-
3,104
3,104
500
500
16,985
16,985
-
-
-
-
-
12,102
-
-
__
_____
_
75,364
135,466
=====
======
=		 Unres-
tricted
Funds
£
-
-
-
20,000
-
-
10,230
-
-
-
-
11,032
2,045
_

43,307
=====
=		 Res-
Total
tricted
Funds
Funds
2020
£
£
51,900
51,900
3,250
3,250
-
-
-
20,000
1,500
1,500
2,250
2,250
1,533
11,763
-
-
17,362
17,362
2,300
2,300
4,250
4,250
-
11,032
-
2,045
__
_____
84,345
127,652
=====
======		 Total
Funds		 Total

There was no external income for the Designated Fund in 2020/21 or 2019/20.

9.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2021

3. Costs Incurred in Furtherance of the Charity’s Objects

Unres-
tricted
Funds
£
Provision of
Educational Facilities
Teaching Fees, Materials
and Production Costs
4,026
Freelance Fees
& Prod’n Work
6,589
Provision of Study Environment
Property Expenses
6,898
Equipment Repairs
& Renewals
2,275
Depreciation etc
5,751
Insurance
4,454
Stationery and Supplies
5,452
Activity Support Costs
Salaries & Office Cover 113,823
Telephone, Fax, e-mail
1,965
Travel Costs
455
Sundry Expenses
680
Advertising/PR
2,296
Legal/Prof. Exps.
7,015
Bad Debts
-
Bank & Worldpay charges 1,277
_

162,956
=====
=		 Res-
Total
Unres-
tricted
Funds
tricted
Funds
2021
Funds
£
£
£
1,382
5,408
27,825
23,147
29,736
5,627
-
6,898
8,143
1,089
3,364
5,481
-
5,751
5,610
-
4,454
4,411
223
5,675
2,171
-
113,823
109,879
-
1,965
1,853
222
677
313
-
680
3,167
-
2,296
1,927
-
7,015
4,572
-
-
-
-
1,277
988
__
_
_____
_
26,063
189,019
181,967
=====
======
======
=		 Res-
Total
tricted
Funds
Funds
2020
£
£
13,510
41,335
22,443
28,070
-
8,143
47
5,528
-
5,610
-
4,411
-
2,171
-
109,879
-
1,853
513
826
-
3,167
-
1,927
-
4,572
-
-
-
988
__
_____
36,513
218,480
=====
======		 Total
Funds		 Total

There were no costs attaching to the Designated Fund in 2020/21 or 2019/20.

10.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2021

4. Transfer Between Funds

Elements of unspent and unallocated restricted fund income, for various projects, has been transferred to Unrestricted Funds by way of contributions towards room and equipment hire specifically, with a smaller contribution towards general overheads. These transfers were with the full agreement of the donors of the restricted funds.

Additionally, during 2020/21, a Designated Fund has been allocated from Unrestricted Funds, for the purposes outlined in the Directors’ and Trustees’ report.

5.

Staff Costs 2021 2020
No No
The average number of permanent personnel
employed by the Company during the year was:
Educational and Supervisory (full time equivalent number) 4.5 4.5
====== ======
The aggregate payroll costs of these employees £ £
were as follows:
Salaries 108,897 103,287
National Insurance Costs 3,018 4,525
Pension Costs 1,908 2,037
_ _
113,823 109,879
====== ======

No employee received emoluments above £60,000 during the year. (2020: none).

None of the Trustees are remunerated.

6. Statutory Disclosures
Statutory Disclosures 2021 2020
£ £
Trustees/Directors Remuneration Nil Nil
Depreciation of Tangible Fixed Assets - owned by the Charity 5,751 5,610
Auditors’ Remuneration - audit 1,300 1,250
- other services 1,990 1,950
====== ======
7. Interest Payable and Similar Charges
2021
£
Bank and Worldpay Charges
1,277
======
==		 2020
£
988
====

11.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2021

8. Tangible Fixed Assets

Video
Equip
£
Cost
Balance 1stApril 2020
97,284
Additions
-
Disposals
-
Intercategory transfers
8,348
_
Balance 31stMarch 2021
105,632
======
Depreciation
Balance 1stApril 2020
88,242
Charge for Year
3,400
Released on Disposals
-
Intercategory transfers
8,348
_
Balance 31stMarch 2021
99,990
======
Net Book Value at
31st March 2021
5,642
======
Net Book Value at
31stMarch 2020
9,042
======		 Office &
General
Equip
£
10,428
609
-
-
_
11,037
======
5,219
2,351
-
-
______
7,570
======
3,467
======
5,209
======		 Restricted
Fund
Assets
Total
£
£
8,348
116,060
-
609
-
-
(8,348)
-
_
_
-
116,669
======
======
8,348
101,809
-
5,751
-
-
(8,348)
-
_
_
-
107,560
======
======
-
9,109
======
======
-
14,251
======
======		 Total

=

=
=
=

All tangible fixed assets are used directly for charitable purposes in the furtherance of the Charity's objectives.

9. Stock
Stock of Consumable Materials
==		 2021
£
216
====
==		 2020
£
200
====

12.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2021

10.
11.		 Debtors
2021
2020
£
£
Trade Debtors
10,353
3,397
Prepayments and accrued income
7,511
1,926
Government Tax Relief Receivable
-
-
_
_
17,864
5,323
======
======
Creditors: Amounts Falling Due in One Year
2021
2020
£
£
Trade Creditors
8,502
3,511
Accrued Expenses and Deferred Income
19,285
7,965
Taxation and Social Security
1,584
1,842
_
_
29,371
13,318
======
======

12. Reconciliation of Movements in Shareholders' Funds

Oxford Film and Video Makers Limited, being a company limited by guarantee and a registered Charity, has no shareholders; it is, therefore, inappropriate to include a reconciliation of the movements in shareholders funds.

13. Share Capital

Oxford Film and Video Makers Limited is limited by guarantee and does not have a share capital.

14. Analysis of Net Assets between Funds

Analysis of Net Assets between Funds
Unrestricted Funds
-
General
Designated Funds
Restricted Funds		 Tangible
Fixed
Assets
£
9,109
-
-
_
9,109
======		 Net
Current
Assets
Total
£
£
103,548
112,657
12,492
12,492
13,550
13,550
_
_
129,590
138,699
======
======		 Total
__
=

13.

OXFORD FILM AND VIDEO MAKERS LIMITED NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2021

15. Funds

(a) Unrestricted General Funds

These funds are the free reserves of the charity.

£
Balance brought forward 103,479
Net Incoming unrestricted funds for the year 9,178
______
Balance carried forward 112,657
======

(b) Designated Funds

As no major external funding has been received post year end to support the Shadowlight Project, nor indeed the Shadowlight Artists and certain other projects, the Trustees have decided to set aside monies to cover the cost shortfalls envisaged. This has been shown as a Designated Fund.

The Designated Fund has been created in the 2020/21 year by a transfer from Unrestricted Funds, value £12,492.

(c) Restricted Funds

Restricted Funds
Sustainable Future
Shadowlight Artists
iCreative Projects
Christmas Lights
Misc Productions
BFI Project		 Balance
B/fwd
£
-
16,000
-
-
-
_
16,000
======		 Movement in Resources
Incoming
Outgoing
& Transf
& Transf
£
£
13,050
-
36,470
52,470
4,500
4,000
4,359
4,359
16,985
16,985
_
_
75,364
77,814
======
======		 Balance
Incoming
& Transf
£
13,050
36,470
4,500
4,359
16,985
_
75,364
======
_
=		 C/fwd
£
13,050
-
500
-
-
______
13,550
=====

Details of the Restricted Fund Projects are given in the Directors’ and Trustees’ Report.

16. Operating Lease Commitments

The previous ten year lease over the property from which the charity operates, came to an end in December 2011. Negotiations with Oxford City Council are currently taking place to try to secure a new lease, and the Charity currently pays £5,000 p.a. on a semi-formal basis. Further details regarding premises issues are given in the Directors’ and Trustees’ Report.

17. Trustees Remuneration and Expenses

None of the Trustees receive any remuneration from the charity for their role as Trustee. Regarding expenses, occasional low value reimbursements are made to the Trustees where expenditure has been incurred on the charity’s behalf.

In connection with fees for professional services related to projects, N O’Dwyer was paid £210, M R Bowman paid £500, and J Hunt paid £1,992, during the year, which fees were significantly below market value.