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2023-03-31-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 2023

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 2023

CONTENTS

Page

1

2

3

4

5

5(a)

6

7 - 14

Company Information Directors' and Trustees' Report Statement of Trustees' Responsibilities Auditors' Report Statement of Financial Activities (2023 figures) Statement of Financial Activities (2022 comparative figures) Balance Sheet Notes to the Financial Statements

1.

OXFORD FILM AND VIDEO MAKERS LIMITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

COMPANY INFORMATION

Operating Name
Film Oxford
Directors and Trustees
Patricia Cashen
Mark Gunther
John Hunt
Lorraine Lindsay-Gale (resigned in year)
Emma Mills
Mark Ralph Bowman
Alison Smith
Lucinda Whiteley (resigned in year)
Damian Thomas (appointed in year)
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 2023

The Directors and Trustees present their report and accounts for the year ended 31[st] March 2023. 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 of 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 two 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 make major decisions, while the Executive will deal with the Charity's day-to-day business. 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.

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, plus other small grants. Other income has been generated through primary-purpose trading within the Charity by running adult training courses and commercial trading through Film Oxford Productions Ltd.

2a.

OXFORD FILM AND VIDEO MAKERS LIMITED

DIRECTORS' AND TRUSTEES' REPORT

FOR THE YEAR ENDED 31[ST] MARCH 2023

Development and Achievements

The Trustees consider that the Charity's performance this year has been satisfactory. The Charity maintains its validation and recognition as an official training organisation, working with the community at large. Significant achievements during the year were as follows:

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

Film Oxford's web presence is key to disseminating information about the charity's services. Film Oxford's social media groups serve as a means to putting filmmakers and digital creators in contact with each other. By joining the email list, subscribers receive e-bulletins about upcoming events, activities, and training opportunities; they also receive notice of productions, projects, and events taking place in the area.

2. Enhancing cultural provision in our communities

Film Oxford offered the following in 2022/23:

iCreative – Training for young people aged 15-25 who have not realised their potential through formal education.

2b.

OXFORD FILM AND VIDEO MAKERS LIMITED

DIRECTORS' AND TRUSTEES' REPORT

FOR THE YEAR ENDED 31[ST] MARCH 2023

Queens Platinum Jubilee Week – A week of creative activities in and around Catherine Street to celebrate the Queens Platinum Jubilee. Working with local residents to create a short documentary film about the area and its new demographics. Culminating in a street party on Howard Street. (June 2022. National Lottery funded)

Film Under the Stars – Outdoor screening in Rose Hill to over 150 local residents, screening a popular family feature and locally made short. (July 2022. Funded by local councillors)

BFI Academy – Working with 20 young people, mainly from local state schools. 10-day programme developing film production skills and building links with local industry. Offering NCFE accreditation. (October 2022. BFI funded).

3. Networking Groups

Open Screen continued online for filmmakers, offering the opportunity to screen and discuss completed films or works in progress. The Screenwriters' Group, a peer support group for local screenwriters, also continued to meet weekly 'online' to support new and up-and-coming talent.

4. Training Courses

Take-up of courses in 2022-23 improved, with 221 learner attendances across 21 in-person courses and 12 online courses. However, the uptake of in-person courses was lower than expected, which is attributed to the cost-of-living crisis impacting travel and accommodation costs. While numbers have yet to return to pre-COVID levels, there has been continued improvement from last year.

5. Trading within the Charity and Film Oxford Productions Ltd

From April 2022, Film Oxford continued non-primary purpose trading within the Charity, mainly film production and bespoke training for other non-profits and businesses. In October 2022, the Charity established a wholly-owned Trading Subsidiary called “Film Oxford Productions Ltd” (FOP). FOP has no staff or assets; instead, the charity charges the trading subsidiary for using its staff's time and other resources.

A freelance marketing assistant was brought in to help raise FOP’s profile and the services offered, mainly through social media channels.

Clients and work overview :

Productions and bespoke training

Over 12 months both non-primary purpose trading within the Charity or via the Trading Subsidiary “Film Oxford Productions ltd” delivered services to: University of Oxford: Zoology Department, Department of Education, The Ashmolean Museum, and The Bodleian Libraries. Other clients included: OXCEP Oxfordshire Cultural Education Partnership, and OxLEP Oxfordshire Local Enterprise Partnership.

Our bespoke training offer continues to attract repeat business with Volvo Penta and Screwfix and new clients within the University of Oxford, including OUP and the Ashmolean Museum.

Challenges faced

The Production Manager kept costs low by completing much of the post-production herself. This strategy impacted the time to develop new business for the following year. A marketing assistant helped significantly during 2022 but then left the post in early 2023. This also impacted prospects for the following year.

2c.

OXFORD FILM AND VIDEO MAKERS LIMITED

DIRECTORS' AND TRUSTEES' REPORT

FOR THE YEAR ENDED 31[ST] MARCH 2023

Risk Assessment

The main risks identified are in relation to:

a) Funding

Core funding from Oxford City Council continues to be reduced each year. It is hoped that the charity's production wing will bring in a regular unrestricted income that will cover this shortfall. We are now looking to develop more long-term project funding partnerships with the Arts Council, National Lottery and the BFI for work we do with artists with learning disabilities, young people and. others in the community.

b) Premises

Film Oxford will relocate to a purpose-built Creative Hub in the re-development and refurbishment of East Oxford Community Centre. This is likely to happen in 2025. Film Oxford will pursue this opportunity, ensuring we receive adequate space, a secure lease and fair rent. Although Covid has delayed progress, the City Council has prioritised the development and ring-fenced funding.

c) Aims and Objectives

The pressure on core funding demands a refocusing of the organisation, and this process is ongoing. The Trustees continue to give considerable support by taking on specific roles and helping the Executive focus on developing training, project and production work that is fully funded or incomegenerating. We continue to update and implement the Film Oxford Strategy document with annual targets to ensure the organisation is sustainable.

Future Plans

As part of Film Oxford's Strategy (2022-25), we continue to consolidate three key areas of the charity to create a sustainable model with low environmental impact and that treats and rewards its staff fairly.

CREATIVE COMMUNITIES. Projects to inspire, educate and transform the lives of those facing disadvantage through training programmes, exhibition opportunities and networking platforms.

FILM SCHOOL. A programme of courses for adults that are affordable and relevant to the market run by industry professionals with subsidised places for those from disadvantaged communities.

COMMERCIAL SERVICES. A wholly-owned trading subsidiary that generates income for the charity through film and digital media services and offers work to local creatives.

Transactions and Financial Position

The statement of financial activities shows, in respect of unrestricted general funds, net outgoing resources of £7,693 for the year (2022: incoming resources £12,992), and the general fund balance carried forward stood at £117,956.

Finances and Reserves Policy

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

2.d.

OXFORD FILM AND VIDEO MAKERS LIMITED DIRECTORS' AND TRUSTEES' REPORT FOR THE YEAR ENDED 31[ST] MARCH 2023

Film Oxford is funded by both grants, 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 Fund

The Designated Fund is money put aside to cover the expected shortfall in funds for both costs related to the running of the charity and for activities for beneficiaries in 2023/24.

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:

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.

Approval

This report was approved by the Board of Directors and Trustees on …………………………… 2023, and signed on its behalf by:

……………………………………..

D. Thomas

Trustee and Director

3.

OXFORD FILM AND VIDEO MAKERS LIMITED

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31[ST] MARCH 2023

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

…………………………… D. Thomas Trustee and Director

4.

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

OXFORD FILM AND VIDEO MAKERS LIMITED FOR THE YEAR ENDED 31[ST] MARCH 2023

Opinion

We have audited the financial statements of Oxford Film and Video Makers Limited (the “Charitable Company”), for the year ended 31[st] March 2023, which comprise the statement of financial activities and summary income and expenditure account, the 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 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:

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.

Conclusions relating to going concern

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

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least 12 months from the date that the financial statements are authorised for issue.

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

Other information

The directors/trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. 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.

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.

Opinions on other matters prescribed by the Companies Act 2006

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

4.a.

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF

OXFORD FILM AND VIDEO MAKERS LIMITED FOR THE YEAR ENDED 31[ST] MARCH 2023

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors’ and Trustees’ Annual 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 the trustees

As explained more fully in the trustees’ responsibilities statement set out on page 3, 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 they 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.

Our responsibilities for the audit of the 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 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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

4.b.

INDEPENDENT AUDITORS’ REPORT TO THE MEMBERS OF OXFORD FILM AND VIDEO MAKERS LIMITED FOR THE YEAR ENDED 31[ST] MARCH 2023

We assessed the susceptibility of the entity's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we: - performed analytical procedures to identify any unusual or unexpected relationships and investigated the rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: [www.frc.org.uk/auditorsresponsibilities]. 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 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.

St John’s House Heather C. Fanthome (Senior Statutory Auditor) 5 South Parade King Loose & Co Summertown Statutory Auditors Oxford OX2 7JL

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 2023

SUMMARY INCOME AND EXPENDITURE ACCOUNT

Unres-
tricted
Funds
Note
£
Income and Endowments from:
Voluntary Income
2
49,746
Activities for generating funds
104,012
(Own Income-Production)
Investment Income
1,041
Government Tax Relief
8,522
Cost recharges
7,377
__

Total Income
170,698
_
_
Expenditure on:-
Costs Incurred in Furtherance
of the Charity’s Objects
3
204,883
_

Total Expenditure
204,883
_

Net Income/(Expenditure) for
the year before Transfers.
(34,185)
Transfers between Funds
4
26,492
_

Net Movement in Funds
16
(7,693)
Total Funds B/Fwd
125,649
_____
_
Total Funds C/Fwd
15
117,956
======
=		 Desig-
Res-
Total
nated
tricted
Funds
Funds
Funds
2023
£
£
£
-
53,792
103,538
-
-
104,012
-
-
1,041
-
-
8,522
-
-
7,377
__
_

-
53,792
224,490

_

-
37,657
242,540

_

-
37,657
242,540

_

-
16,135
(18,050)
(5,000)
(21,492)
-

_

(5,000)
(5,357)
(18,050)
15,000
33,741
174,390

_
___
10,000
28,384
156,340
=====
======
======

There were no other recognised gains or losses in respect of 2023, other than those reflected in the statement of financial activities.

Comparative figures are provided on page 5a.

The notes on pages 7 to 14 form part of these accounts.

5(a).

OXFORD FILM AND VIDEO MAKERS LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (COMPARATIVE FIGURES)

FOR THE YEAR ENDED 31[ST] MARCH 2023

SUMMARY INCOME AND EXPENDITURE ACCOUNT

Unres-
tricted
Funds
Note
£
Income and Endowments from:
Voluntary Income
2 106,139
Activities for generating funds
75,792
(Own Income-Production)
Investment Income
109
Government Tax Relief
4,858
Coronavirus Support
16,572
__

Total Income
203,470
_
_
Expenditure on:-
Costs Incurred in Furtherance
of the Charity’s Objects
3 192,470
_

Total Expenditure
192,470
_

Net Income/(Expenditure) for
the year before Transfers.
11,000
Transfers between Funds
4
1,992
_

Net Movement in Funds
16 12,992
Total Funds B/Fwd
112,657
____

Total Funds C/Fwd
15 125,649
======
=		 Desig-
nated
Funds
£
-
-

-
-
-
__

-
_

-
_

-


-
2,508



2,508
12,492
____
_
15,000
=====
=		 Res-
Total
tricted
Funds
Funds
2022
£
£
65,400 171,539
- 75,792
- 109
- 4,858
- 16,572
__
_
65,400 268,870


40,709 233,179

_
40,709 233,179

_
24,691 35,691
(4,500) -

_
20,191 35,691
13,550 138,699

____
33,741 174,390
=====
======

There were no other recognised gains or losses in respect of 2022, other than those reflected in the statement of financial activities.

Please note the above figures are in relation to the year ended 31[st] March 2022 throughout.

The notes on pages 7 to 14 form part of these accounts.

6.

OXFORD FILM AND VIDEO MAKERS LIMITED

BALANCE SHEET AS AT 31[ST] MARCH 2023 (COMPANY NUMBER 2022892)

Note
£
Fixed Assets
Tangible Assets
8
Investments
9
Current Assets
Stocks
10
216
Debtors
11
21,787
Cash at Bank & Building Societies
135,969
_
157,972
Creditors: Amounts
falling due in one year
12
12,067
_
Net Current Assets
Total Assets less Current Liabilities
Capital
Unrestricted Funds - General
16(a)
Designated Funds
16(b)
Restricted Funds
16(c)		 2023
£
£
10,425
10
216
7,929
175,206
_
183,351
20,199
_
145,905
_
156,340
======
117,956
10,000
28,384
_
156,340
======		 2022
£
11,238
-
163,152
_
174,390
======
125,649
15,000
33,741
_
174,390
======

Approved by the Board of Directors and Trustees on ……………………………… 2023, and signed on its behalf by:

……………………………………… D. Thomas

Trustee and Director

The notes on pages 7 to 14 form part of these accounts.

7.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2023

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 2023

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 2023

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.

The Trustees consider that the going concern basis remains appropriate.

(o) Group Accounts

The charity has a 100% subsidiary – Film Oxford Productions Ltd.

The charity has taken advantage of the exemption contained in Section 398 Companies Act 2006 to produce consolidated accounts.

8.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

2. Voluntary Income - Operational Grants

Unres-
tricted
Funds
£
A.C.E.
-
Heritage Lottery
-
Oxford City Council:-
- Operational Grants etc 25,000
- Christmas Lights
- Kickstart
-
Other Donations /
Workshops/subsidies
2,901
Oxfordshire Community
Foundation
9,955
British Film Institute
11,890
RTR Foundation -
Shadowlight Artists
-
_
_
49,746
======
=		 Res-
Total
Unres-
tricted
Funds
tricted
Funds
2023
Funds
£
£
£
28,148
28,148
60,000
23,280
23,280
-
-
25,000
24,000
-
-
-
-
2,364
5,265
-
-
9,955
-
-
11,890
22,139
-
-
-
__
_
_____
_
53,792
103,538
106,139
=====
======
======
=		 Res-
Total
tricted
Funds
Funds
2022
£
£
15,472
75,472
29,100
29,100
-
24,000
7,500
7,500
7,564
7,564
1,514
1,514
-
-
-
22,139
4,250
4,250
__
_____
65,400
171,539
=====
======		 Total
Funds		 Total

There was no external income for the Designated Fund in 2022/23 or 2021/22.

9.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

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

Unres-
tricted
Funds
£
Provision of
Educational Facilities
Teaching Fees, Materials
and Production Costs
16,808
Freelance Fees
& Prod’n Work
39,929
Provision of Study Environment
Property Expenses
8,705
Equipment Repairs
& Renewals
2,939
Depreciation etc
3,939
Insurance
2,723
Stationery and Supplies
5,272
Activity Support Costs
Salaries & Office Cover 107,634
Telephone, Fax, e-mail
1,429
Travel Costs
748
Sundry Expenses
1,749
Advertising/PR
3,299
Legal/Prof. Exps.
9,179
Bad Debts
-
Bank etc charges
530
_
_
204,883
======
=		 Res-
Total
Unres-
tricted
Funds
tricted
Funds
2023
Funds
£
£
£
19,657
36,465
25,504
-
39,929
29,496
-
8,705
11,520
-
2,939
5,434
-
3,939
4,269
-
2,723
4,255
-
5,272
5,630
18,000
125,634
91,619
-
1,429
2,302
-
748
578
-
1,749
1,201
-
3,299
2,518
-
9,179
6,594
-
-
-
-
530
1,550
__
_
_____
_
37,657
242,540
192,470
=====
======
======
=		 Res-
Total
tricted
Funds
Funds
2022
£
£
6,073
31,577
-
29,496
-
11,520
-
5,434
-
4,269
-
4,255
-
5,630
34,636
126,255
-
2,302
-
578
-
1,201
-
2,518
-
6,594
-
-
-
1,550
__
_____
40,709
233,179
=====
======		 Total
Funds		 Total

There were no costs attaching to the Designated Fund in 2022/23 or 2021/22.

10.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

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 the year, a release was made from the Designated Fund, to Unrestricted Funds, of £5,000.

5.

Staff Costs 2023 2022
No No
The average number of permanent personnel
employed by the Company during the year was:
Educational and Supervisory (full time equivalent number) 5.25 5.25
====== ======
The aggregate payroll costs of these employees £ £
were as follows:
Salaries 118,030 119,397
National Insurance Costs 5,140 4,629
Pension Costs 2,464 2,229
_ _
125,634 126,255
====== ======

No employee received emoluments above £60,000 during the years under review.

None of the Trustees are remunerated.

6. Statutory Disclosures
Statutory Disclosures 2023 2022
£ £
Trustees/Directors Remuneration Nil Nil
Depreciation of Tangible Fixed Assets - owned by the Charity 3,939 4,269
Auditors’ Remuneration - audit 1,500 1,350
- other services 2,142 2,000
====== ======
7. Interest Payable and Similar Charges
Bank and PayPal/Worldpay Charges
==		 2023
2022
£
£
530
1,550
====
======		 2022

11.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

8. Tangible Fixed Assets

Video
Equip
£
Cost
Balance 1stApril 2022
107,832
Additions
1,122
Disposals
-
_
Balance 31stMarch 2023
108,954
======
Depreciation
Balance 1stApril 2022
102,342
Charge for Year
1,982
Released on Disposals
-
_
Balance 31stMarch 2023
104,324
======
Net Book Value at
31st March 2023
4,630
======
Net Book Value at
31stMarch 2022
5,490
======		 Office &
General
Equip
Total
£
£
15,235
123,067
2,004
3,126
-
-
_
_
17,239
126,193
======
======
9,487
111,829
1,957
3,939
-
-
__
_____
11,444
115,768
======
======
5,795
10,425
======
======
5,748
11,238
======
======		 Total

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

9.
10.		 Investments
10 Ordinary Shares, being 100%, of £1 each
in Film Oxford Production Limited, at cost
==
Stock
Stock of Consumable Materials
==		 2023
£
10
====
==
2023
£
216
====
==		 2022
£
-
====
2022
£
216
====

12.

OXFORD FILM AND VIDEO MAKERS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31[ST] MARCH 2023

11.
12.		 Debtors
2023
2022
£
£
Trade Debtors
548
5,602
Prepayments and accrued income
2,355
2,327
Amounts due from Subsidiary
18,884
-
_
_
21,787
7,929
======
======
Creditors: Amounts Falling Due in One Year
2023
2022
£
£
Trade Creditors
3,651
3,334
Accrued Expenses and Deferred Income
6,179
14,775
Taxation and Social Security
2,237
2,090
_
_
12,067
20,199
======
======		 2022

13. 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.

14. Share Capital

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

15. Analysis of Net Assets between Funds

Analysis of Net Assets between Funds
Unrestricted Funds
-
General
Designated Funds
Restricted Funds		 Tangible
Fixed
Assets
£
10,425
-
-
_
_
10,425
======
=		 Inves-
tments
£
10
-
-
______
10
=====		 Net
Current
Assets
Total
£
£
107,521
117,956
10,000 10,000
28,384
28,384
_
_
145,905 156,340
======
======


__

=

13.

OXFORD FILM AND VIDEO MAKERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2023

16. Funds

(a) Unrestricted General Funds

These funds are the free reserves of the charity.

Unrestricted General Funds
These funds are the free reserves of the charity.
£
Balance brought forward 125,649
Net (outgoing) unrestricted funds for the year (7,693)
______
Balance carried forward 117,956
======

(b) Designated Funds

As no major external funding has been received post year end to support certain projects, the Trustees have decided to continue to hold monies to cover the cost shortfalls envisaged. This has been shown as a Designated Fund.

The Designated Fund was created in the 2020/21 and 2021/22 years by transfers from Unrestricted Funds, value £15,000. This has been reduced to £10,000 in the current year.

(c) Restricted Funds

Restricted Funds
Shadowlight Artists
Protest & Progress		 Balance
B/fwd
£
18,741
15,000
_
33,741
======		 Movement in Resources
Incoming
Outgoing
& Transf
& Transf
£
£
30,512
21,105
23,280
38,044
_
_
53,792
59,149
======
======		 Balance
C/fwd
£
28,148
236
_
28,384
======
Incoming
& Transf
£
30,512
23,280
_
53,792
======
_
=

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

17. 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.

18. 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, £160 was paid, to E Mills via her business and J Hunt paid £2,450, during the year, which fees were significantly below market value.

14.

OXFORD FILM AND VIDEO MAKERS LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31[ST] MARCH 2023

19. Related Party Transactions

During the year, the Charity made recharges to its subsidiary of £6,777 in respect of salary recharges, and £600 in respect of other expenses.

20. Subsidiary

The Charity has a 100% subsidiary, Film Oxford Productions Limited, which was incorporated during the year.

At the year end date, the total capital and reserves of the subsidiary amounted to £10.