Charity registration number: Company Registration number: 1058389 03238712 CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS (COMPANY LIMITED BY GUARANTEE) CONSOLIDATED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE REPORT AND CONSOLIDATED FINANCIAL STATEMEKrs FOR THE YEAR ENDED 31 DECEMBER 2023 CONTENTS Pa Trustees. report i-io Independent examinerfs report 11 Consolidated statement of flnancial activities 12 Balance sheets 13-14 Staternent of cash flow 15 Note5 to the consolidated financial statements 16-42 Registered chartty number- 1058389 Company number- 03238712
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ART5 COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2023 The Trustees are pleased to present their report together with the consolidated financial statements of the charity and its subsidlary for the year ending 31 December 2023, which are a150 prepared to meet the requirementsfor a directors, report and accounts for Companies Att purposes. The financial statements comply with the Charities Act 2011, Companies Act 2006, the Memorandum and Articles of A550ciation, 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 (FRS 1021 (effective l January 20191- (Charities SQRP IFRS 102)), the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021. Our oses and Activitles The purposes of the charity are: a) To promote, maintain, improve and advance education of the public in Clevedon and the surrounding area generally and encouragernent of the Arts. b) To provide facilltles in the interests of social welfare for the recreation and leisure time occupation of the residents of area5 aforesaid without distinction of sex or politlcal, reli8ious or other opinions and with the object of improving the conditions of life for the said inhabitants. c) To presenle for the benefit of the public the Curzon Cinema and the collection of hi5torlc cinematographic artefacts belonging to the charity. The charlty furthers it5 objects by carryin8 Out the following activitles: Providingfilm and cinema-related entertainment and educational activities and exhibitions of cinematographic heritage at the historic Curzon Cinema in Clevedon. The Arts are furtber encouraged by live performance5 of music, comedy and drama and by exhibitions of craft and fine art. Operatlng the Curzon Cinerna in Clevedon. Refurbishment and conservation of the historic Curzon Cinema in Clevedon, and conservation of the Curzon Collection of cinema heritage technology.
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 20231Corrtinued) Achlevements and Performance ChalPs Report This financial year was the first fvll year of my Chairmanship and the year in which our Chief Executive Officer, Andrew Caddy, joined us in the February. I shall leave Andrew to report on operational matters and Daniel Cheesman, our Treasurer, to report on financial matters. 2023 was a year of change and an opportunity to re-assess programming and profitability as well a5 possible next steps in the development and restoration of the cinema building as well as the stafflng structure. It was clear that traditional cinema audiences had still not returned to their pre-covid levels and so action was needed to diversify our programme into more live events and to link more film screenings to live activity. This led in September 2023 to the launch and successful deliveryof the Season One programme which itself then informed 2024's Season Two programme. It was heartening to see improved profitabllity and attendance which has continued. The audiences forthe main film programme had a welcome lift in the summer with the releases of Barbie and Oppenheimer. During the autumn, the Board undertook an audit of the trustees, individual skills and identified where these could be stren8thened. We advertised for new trustees who had particular qualifications and had a very good response. Following short-listing and interviews, Invltations were issued to potential new trustees who will be proposed formally at the AGM, 15hould like to thank our Board of trustees for their work and support durlng the year, In particularthanks are due to all the staff and volunteers who have worked so hard and who have shown such dedication and flexibility to make the Curzon the continulng succe55 it is and to maintain the Curzon's important role in our local community. Davld Sherldan Chalr Chief Executive's Report I was lucky enou8h to start working at the Curzon in February of 2023, the week that the balcony reopened to the public after being closed for 50 years. In 1973, responding to soarin8 energy costs and dwindling audience5, a false ceiling was installed, closing off the grandeur of the vaulted roof. COVID closures, combined with a major renovation of the cinema's roof provided the opportunity for5taff and trustees to take the decision to refurbish and reopen the balcony. Following the trend of boutique cinemas, the capacity of the balcony was reduced to 49 but has been lavlshly furnished with comfortable armchairs and sofas, offering variety with two rows of reupholstered cinema flip-seats. It reopened to a sold-out gala screening of Roman Holiday and it wa5 wonderful to hear stories from the audience, Including one couple who
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st DECEMBER 2023 (Continued) remembered being children and throwlng sweets from the balcony onto unlucky cinemagoers below {we'll be keepin8 our eyes out for this)! The balcony has been a huge success with audiences thi5 year and is regularly the first section to be sold out on busy nights. As we look to the future, it's helpful that the long-term decision about the configuration of the auditorlum has been settled, 8ivin8 us an impressive and large space to deliver our pro8ram. Our program has developed immeasurably overthe last three years, thanks to investment from the National Lottery Heritage Fund to support an activity programme that ran alongside the roof renovations. Over the three years of the project, we ran 33 initiatlves with a total of 4,677 people involved. Most impactfully for the future, these projects involved working with a wide range of new partners, including Clevedon Skate Project, Marlens, Afrika Eye Festival, Heritage Open Days, Raise the Bar, Clevedon YMCA, Clevedon Literature Festival, Cargo Collective, Cinema Redlscovered. Clevedon Football Club, Royal Photographic Society, and Clevedon School. My sincere thanks go to the National Lottery Heritage Fund and all of our supporters for their guidance and funding overthe last five years, With a building that doesn't leak, a resplendently reopened balcony, and deep-rooted networks growing in the community, the recent capital works have given me a wonderful foundation to build on as the new Chief Executive. 2023wa5 a challenglngyearfor cinemas as audiences returned moreslowlythan expected after the pandemic. The double whammy of changing appetites in favour of streaming services and on-demand content, as well as delays to film productian during COVID-19, left nationwide audiences 22% lower than pre-pandemic levels. De5Plte the runawaysucce5s of 8arbenheimer durin8 the summer and Timothée Chalamet's portrayal of Wonka at Christmas, this trend was mirrored in our admission numbers, which were 56,742, down 23% from 73,829 in 2019. Despite th15, we have been able to attract large audiences for events and screenings with live elements. These include events like comedy nights, films with music in the bar beforehand, or Q&As wlth filmmakers or community groups. During the year, we received £10,000 from the UK shared Prosperity Fund to develop a season of curated events, delivered alongside community partners and showcasing local performers. This program was manifested in ourSea50n One program of events, which ran from September to December. The program contained six strands. each exploring the intersection of film with other art forms: Outdoor Adventure- Stories of hope and endurance in the great outdoors Connections- Embracing the essence of community within a global mindset Off the Page- Celebrates literature and spoken word Classic & Cuppa Offers classic films and a hot drink for matinee midweek audiences Sound & Vislon- Brings the building alive with the best music/film combos Comedy- Live comedy nights that get our audiences laughing
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31s1 DECEMBER 2023 (Continued) Across these themes, we held 43 events and screenings, including Big vs Small + Q&A with the local marine lake swimming community, Gary Delaney, A Life on the Farm with Q&A with the film's director, an evening of spoken word with Raise the Bar, a screening of The Commitments with a pre-show perfonnance by local blues musicians Jonah Hitchens Band, An Affair to Remember with The Cary Grant Festival, and a joyous post-christmas treat as our volunteer organist Bernle Brown provided live accompaniment to a duo of Buster Keaton films. In total acr05S the season, we attracted an audience of 5,285, with an average attendance of 123 people, 64% higher than our average film audience of 75. During a difficult trading period for cinemas, these additional audiences played a vital part in achieving a small surplus for the trading company across the financial year. Feedback from our audiences has been incredibly positive aboutthe breadth and variety in the new program, which has led to many new conversations with other community partners about future programming. Off the back of the Season One, we successfully applied for funding of £19,000 from the Rural England Prosperity Fund to Upgrade our light and sound equipment for events in early 2024. This will turbo-charge the development of our live events, enabling us to run much more professional live events in Season Two and beyond. Delivering a wide range of live events and screenings in addition to our maln program of blockbusters has put added pre<sure on our staff and volunteer workforce. l am tremendously proud of how well they have all risen to the challenge and would like to thank them for their f]exibility and dedication to learning new skills and delivering events in different ways. I'm incredibly excited about what we will be able to achieve together. I would Ilketo thank all the donors and supporter5 who gave money to Curzon Cinema and Arts during the year and helped to fund the balcony renovations and our charitable attivities: The Natlonal Lottery Community Fund, Clark Foundation, Medlock Charitable Trust, The Roger and Sarah Bancroft Clark Charitable Trust and to all the senerous individuals who make our work possible. As we lookto the future, we wlll build on the many successes of 2023- reopeningthe balcony after SO years, developin8 a strong network of community partner5, and deliverin8 our first season of multi-disciplinary artistic events. Following a market research project, the trustees and management have been developing a new strategic plan for the period 2024-29, which builds on thetremendous foundations the cinem3 has built overthe last few years and will map out what we hope to achieve both in our community programme and future capital works to make the most of our wonderful cinema, Andrew Caddy Chlef Executlve Officer
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31$t DECEMBER 2023 (Contlnued) Financlal revlew The charitrfs main charitable activity, that of running the Curzon Cinema thfough Its trading subsidiary Curzon Community Cinema Ltd made strides to recovering from the impacts to the cinema industry from the COVID-19 pandemic. The box office income was £355,899 in 2023 {2022- £277,366) and confectionary and bar sales increased to £165,360 (2022- £108,542). The charity received £41,57412022 - £44,989) in grants and donations of which £37,981 was restricted (2022- £18,972). Overall income was £680,708, 29.4% higher than the previou5 year12022- £526,063). Total expenditure for the year was £717,586, 28.0% hlgher than the previous year12022 £560,300). Total restrictsd expenditure in the year was £33,80512022 - £11,844). The net deficlt of income over expenditure for the year is £36,878 {2022- deficit of £34,273). This includes an unrestricted deficit after transfer of funds of £32,314 for the year and restritted deficit of £4,564 for the year. At theyear-end, the group had total funds of £858,840, of which £1,184 were held in restricted funds. Net current assets at 31 December 2023 were £160,217. Treosurerfs Report 2023 has seen the Curzon continue to recover from the post pandemic narrative of the last couple of years. The figures, show encouraging signs of getting back to being a profit making cinema and we expectto see the cinema increasing its contribution to the charity if we continue on thistrajectory. Income for 2023 Improved by 29%, year on year to £630,708 in part, reflettion of the first full year of unrestricted trading following the pandemlc. As expected, costs also increased by 28% to £717,586, of which £54.101 was depreciation of fixed assets, which included the new balcony. This meant that the charlty, w35 impacted by this depreciation and made a Ios5 of £36,878 for the year, We should be optimistic though in that the trading company (cinema) returned to profitability with a Surplus of £7,871, after a loss of £28,512 last year. Thls was helped with the successful openlng of the balcony and creative programming with the introduction of the Season One and Two.
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2023 (Continued) I would 3150 like to acknowledge that our new CEO Andrew Caddy has really added value to the team from a financial perspective and we are very fortunate to benefit from his accountancy background and financial acumen. As always, my thanks to Jan Cromey, our Finance Manager whose dlligence and experience of the Curzon means that our finances are appropriately managed on a day-to-day basis. Danlel Cheesman Treasurer Reserves Poli The Trustee5 have decided that to further secure the continuance of the charity, the reserves policy should be such that the free reserves should wherever possible and appropriate, be £150,000. This currently equates to 2.6 months of unrestrirted expenditure. The netcurrent assets in unrestricted general funds, equlvalent to worklngcapital, of the group at 31 December 2023 were £56,961 {as dlsclosed iii note 26) plu5 £88,000 which is designated to 'the graceful winding up of the charity if ever required,. Giving total available reserve5 of £144961, which includes loans repayable after one year of £35,722.
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31" DECEMBER 2023 (Contlnued) Referen¢e and Admlnlrtrative Information Charity Name: Curzon Clevedon Community Centre forthe Arts Charity Registration number: 1058389 Company Registration number: 03238712 Registered Office: 46 Old Church Road Clevedon North Somerset BS216NN Independent examiner: Burnside, 61 Queen Square, Bristol, BS14JZ Bankers: Lloyds TSB, Clevedon Branch Dlrector5 and trustees The director5 of the charitable Company are Its trustees for the purpose of charity law and throughout thi5 report are collectively referred to as the Trustees. The trustee5serving during the year, and since the year end, were as follows: David Sheridan Nlall Johnson (resigned 16 August 2023) Tara Judah David Turner Rlchard Young {resigned 16 August 2023) Cara Macmahon Daniel Cheesman Katie Lee Charlatte Crofts (appointed 25 March 2024) Nigel Dyke (appointed 25 March 2024) Jeremy Hayward (appointed 29 July 2024)
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE REPORT OF TrIE TRUSTEES FOR THE YEAR ENDED 31st DECEMBER 2023 Icontlnued) Senior Mana ement Team Susann3h Shaw, Chief Executive (to February 20231 Andrew Caddy, Chief Executive Ifrom February 2023} Jan Cromey, Finance Manager Gemma 8urchill, Front of House Manager Petra Mansour, Marketing Manager Clare Mactaggart, Facilitles Manager {to 19 July 20241 Structure Governance and Mana Governin Do¢ument ement Curzon Clevedon Communlty Centre for the Art5 is a charitable company limited by guarantee, incorporated as a re8lstered charity on 16 August 1996. It wholly owns a subsidiary trading company, Curzon Community Cinema Limited which was incorporated on 26 September 1996. The charitywas established under a Memorandum of Association which establishes the objects and powers of the charitable cornpany and is governed under its Articles of Association. In the event of the company being wound up members are required to contribute an amount not exceeding £1. ointment of Trutt Trustee5 are elerted by the members at the Annual General Meeting of the charity. Trustees are elerted to Serve for a period of three years, after whlch they can be re-elerted for a further three-year period. The Trustees may appoint a new trustee to the board, and new trustees are appointed as and when specific new skills and expertise are required. Any trustee appointed bythe Board of Trustees holds office until the next Annual General Meetin8 and 15 then eligible for election. Tru ee Inductlon and Trainln New trustees undergo a briefing with the chairman which cover5, among other things, their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the committee and decision making processes, the business plan and financial performance of the charity. They 3150 V15it the Cinema and its office to meet key employees and to Eain an understanding of the work being conducted In the or8anisation. New trustees receive key documentation such as the Memorandum and Articles of Association and the latest financial statements and reports. Prospective new trustees 8enera.lly attend a
CURZON CLEVEDON COMMUNITY CENTrE FOR THE ARTS COMPANY LIMITED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st DECEMBER 2023 (Contlnued) few board meetlngs as obseniers before a final decision is made on their appointment to the board. anlsation The Board of Trustees administers the charity and is responsible for its strategic direction and policy. The Board meets bi-monthly. A Chief Executive 15 appointed by the Trustee5 to manage the day to day operations of the charity and to ensure that the charity delivers the services specified and that key performance indicators are met. Related Partles There are no other charities that are related to the Cur20n Clevedon Community Centre forthe Arts. Rlsk Mana ement The Trustees regularly review the principal risks which the charity may face and oversee the Implementation of procedures designed to minimise any potential impact on the charity should those risks materialise. A key element in the management of financial risk is the setting of a reserves policy and its regular review by the Trustees. Public benefits The Charlty Commlssion in its 'Charities and Public Benefit, Guidance requires that there are two key princlples to be met in order to show that an organisation's aims are for the public benefrt.. first, there must be an identifiable benefit and secondly, the benefit must be to the public or a settion of the public. Curzon Clevedon Community Centre for the Arts aims to benefit the public directly by the provision of educational activities and information related to film and cinema technology and heritage and by providing arts and recreational facilities to the people of Clevedon and the ider area in the operation of the Curzon cinema. It also aims to benefit the public by maintaining, conserving and seeking to restore the bullding in accordance with it5 heritage status.
CURZON CLEVEDON OMMUNITY CENTRE FOR THE A COMPANY LIMrrED BY GUARANTEE REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31st DECEMBER 2023 (Continued) Trustees. Res onslbllitles The Trustees are required by company law to prepare financial statements which give a true and fair view of the state of affairs of the charity at the end of the financi31 year and of the income and expenditure of the charity for the year ended on that date. In preparing thoso financial statements, the Trustees are required to: select suitable accounting policies and apply them consistently make judgements and estimates that are reasonable and prudent prepare the financial statements on a goin8 concern basis unless it is inapproprlate to presume that the charity will continue in buslness The Trustees are also responsible for keeping proper accountin8 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 Companles Act 2006. They are also responsible for safeguardln8 the assets of the ch?rity and hence for taking reasonable steps for the prevention and detectlon of fraud and other Irre8ularlties. The Trustees confirm that they have given due regard to 8Utdan¢e published by the Charlty Commission as required by Se¢iion 4 of the Charities Att 2011. In so far as the Trustees are aware: there is no relevant information of which the charÈtable Company's independent oxaminers are unaware. and the Trustees have taken all steps that they ought to have t3ken to make themselves aware of any relevant Informatian and to establish that the independent examiners are aware of that Information No Trustees or their relatèd parties have received benefrt or remuneration from the charitable company. BY ORDE BOAR DAVID SHERIDAN TRUSTEE DATE I Rasf knz£t. 10
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE INDEPENDENT EXAMINER'5 REPORT TO THE TRUSTEES OF CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS "the Com I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 December 2023. Re5ponslbllities and baSF5 of report As the charity's trustees of the Company land also Its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 26 {'the 2006 Act,). Having satisfied myself that the accounts of the Company are not requlred to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your chariws accounts as carrled out under section 145 of the Charities Act 2011 ('the 2011 Act,). In carrying out my examination I have followed the Direttions 8Èven by the Charity Commission under settion 145{51 {b} of the 2011 Act. Independent examlnees statement Since the Compan¢s gr05s income exceeded £250,000 your examiner must be a member of a body listed in sertion 145 of the 2011 Act. I confirm that l am qualified to undertake the examination because l a member of the Institute of Chartered Accountants in England and Wales. which Is one of the listed bodies. I have completed my examinatlon. I conflrm that no matters have come to my attention in connectlon with the examlnation giving me cause to believe., accounting records were not kept in respect of the Company a5 required by section 386 of the 2006 Act. or the accounts do not accord with those records; or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which Is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accountiftg and reporting by charities [applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102)]. I have no concems and have come across no other matters in connection with the examination to which attention sh reached. Id be drawn in this report in order to enable a proper understandlng of the accounts to be Sl8ned: Name: Stephen Burnslde FCA Relevant professlonal body: Institute of Chartered Accountants in England & Wales Address: Burnslde Chartered Accountants. 61 Queen Square, Brlstol, BSI 4JZ Date: 11
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE CONSOLIOATED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted Funds Restricted Total fund5 Total funds Funds 2023 2022 Note INCOME AND EXPENDITURE Income from: Grant5, donations and legacies Charitable activities Other trading activitles Investments 3,593 355,899 225,281 57.954 37,981 41,574 355,899 225,281 57,954 44,989 277,540 143,134 60,400 TOTAL INCOME 642,727 37,981 680,708 526,063 Expendlture on: Raisin8 funds Charitable activities 99,112 584.669 99,112 618,474 67,267 493,033 33,805 TOTAL EXPENDITURE 10 683.781 33,805 717,586 560,300 Net Incomel (expendlture) {41,054) 4,176 {36,878) {34,237) Transfers between fund5 8,740 18,740) Net movement In funds 132,314) (4,564) 136,8781 134,237) Recondliatlon of funds: Total funds brought forward 889,970 5,748 895,718 929,955 Total funds carried forward 26 857.656 1,184 858,840 895,718 The notes on pages 16 to 42 form part of these financlal statements. The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The prior year Consolidated Statement of Flnancial Activities 15 provided in note 4. 12
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE BALANCE SHEETS AT 31 DECEMBER 2023 Group 2023 Group 2022 Charity 2023 Charity 2022 Notes FIXED ASSETS Intangible fixed assets Tangible fixed asset5 Investments 14 3,775 15, 16 744,642 17 5,104 724,452 732,048 713,425 748,417 729,556 732,052 713,429 CURRENT ASSETS Stock Debtors Cash at bank and in hand 6,845 89,473 232,417 5,692 54,421 346,072 18 87,842 169,201 53,521 323,652 328,735 406,185 257,043 377,173 CREDITORS: Amounts falling due within one year 19 182,590 97,188 96,826 46,379 NET CURRENT ASSETS 146, 145 308,997 160,217 330,794 TOTAL ASSETS LESS CURRENT LIABILITIES 894,562 1,038,553 892,269 1,044,223 CREDITORS: Amounts fallin8 due After one year 20 32,752 139,957 32,752 139,957 PROVISIONS FOR LIA81LITIES 21 2,970 2,878 NET ASSErs 858,840 895,718 859,517 904,266 FUNDS: Unreallsed revaluation reserve General realised reserves Designated reserves 467,860 175,854 213,942 467,860 264,125 157,985 467,860 176,531 213,942 467,860 272,673 157,985 Total unrestricted reserves 24 857,656 889,970 858,333 898,518 Restrirted 1,184 5,748 1,184 5,748 Total charity funds 26, 27 858,840 895,718 859,517 904,266 13
CURZON C EVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE BALANCE SHEETS AT 31 DECEMBER 2023 {continuedl The directors are satisfied that the company 15 entitled to exemption from the provision5 of the Companies Act 2006 Ithe Act} relating to the audit of the Financial statements for the year by virtue of section 477. and th3t no member or members have requested an audit pursuant to section 476 of the Act. The directors acknowledge their responslbilitie5 for.. {il ensuring that the Company keeps adequate accounting records which wmply with section 386 of the Act, and lil) preparing financial statements which give a tNe and fair view of the state of affairs of the company as at the end of the financial Year and of Its profit or loss for the financial year in accordance with the requirements of section 393, and whlch otherwise comply with the requirement5 of the Act relating to financial statements, so far as applicable to the company. The trustees have prepared groijp accounts in accordance wlth section 398 of the Companies Act 2006 and section 138 of the Chdrities Act 2011. These financial st3tements have been prepared in accordance with the special prov¢Sions for small companies under Part 15 of the Companie5 Act 2006 and with the FinaThc131 ReportinLI Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191 {Charities SORP (FRS 10211. the Financial Reporting standard applicable in the UK and Republic of Ireland {FRS 102), These fi'nancial statements were approved bythe direttors and authorised forlssue on 13ffj812024 , and are signed on their behalf by- 13108rd024 DAVID SHERIDAN TRUSTEE DATE 13n)8r2024 DANIEL CHEES aAN TRUSTEE DATE The notes on pa8e$ 16 to 42 form part of these financial statements. Company number- 03238712 14
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE STATEMENT OF CASHFLOW FOR THE YEAR ENDED 31 DECEMBER 2023 Group 2023 Group 2022 Charity 2023 Charity 2022 Notes Recondliation of net movement In funds to net cash flow from operating activltles Net movement In funds Add back depreciation charge Add back amortisation charge Less interest recelved Add hire purchase interest Add bank loan interest Decrease/(increase) in stock (Increase) in trade debtor5 Ilncrease)/decrease in other debtors Increase/(decrease) in trade creditors Increase/{decrease) in other creditors (36,878) (34,2371 {44,7501 25,087 58,494 36,090 54,101 32,415 1,329 1,701 (1,0351 11041 {984) {1041 6,777 8,364 {1,1521 1109) (11,1921 {4,688) 112,577) 17681 123,8591 (4,281) (21,744) {2,393) 13,062 11,776 6,456 (1,418) 17,889 653 3,856 6,777 8,364 Net cash used Sn operatlng activitles 34.638 32,401 (12.068) 65,039 Cash flows from Investlng actlvltles Purchase of tangible fixed assets Purchase of Intanglble fixed assets Interest received {78,6841 (113,387) 172,723) (110,518) 1,035 104 984 104 Cash provlded by/(used In) Investln8 activities (77,649) (113,283) {71.739) (110,414 Cash flows from financing artlvltles Cash Inflow from borrowings Repayment of borrowing Hire purchase interest paid Bank loan interest paid (63,2311 (15,933) 163,231) (15,9331 (7,413) {6,4941 (7,413) {6,4941 Cash provided by/{used in) financlng artFvlties 170,644) (22,427) {70,644) 122,427) Increasel(Kle¢rease) In cash & cash equlvalentsl113.6551 (103,309) {154,451) {67.8021 Cash & cash equivalents at the beginning of the year 346,072 449,381 323,652 391,454 Total cash & cash equlvalents at the end of the year 28 232,417 346,072 169,201 323,652 15
CURZON CLEVEDON COMMUNITY CENTRE FOR THE Airrs COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 GENERAL INFORMATION The company is a private company limited by guarantee, registered in England and Wales, The address of the registered office is 46 Old Church Road, Clevedon, BS216NN. STATEMENT OF COMPLIANCE These financial statements have been prepared in compliance wrth FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland,. ACCOUNTING POLICIES {a) 8asi5 of preparatlon The ftnancial statements have been prepared in accordance with Accountlng and Reporting by Charities.. Statement of Recommended Practice applicable to charities in preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 (effective l January 20191- (Charities SORP {FRS 10211, the Financièl Reporting standard applicable in the UK and Republic of Ireland {FRS 102) and the Companle5 Act 2006. Asset5 and liabilities are Initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s). (bl Golng Concern On 31 December 2023, the group had total fvnds of £858,840 (2022 £895,718). Restricted funds amounted to £1,184 (2022 - £5,748}. The free reserves of the charity, belng unrestrirted general reserves held in net current assets totalled £56,961. The target for free reserves is £150,000 which currently equates to 2.6 months unrestritted expenditure. th Budgets and cash flow forecasts have been prepared to 30 September 2024 that show the charity will have cash resources to operate until then. The trustees therefore have a reasonable expectation thatthe charitywill be in operation 12 months from the date of approval of these accounts and that the charity remains going concern. The accounts have therefore been prepared on a going concern basis. 16
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl ACCOUNTING POLICIES (continued) (cl Judgements and key sources of estimatlon uncertalnty The preparation of the financial statements require5 management to make judgements, estimates and assumptions that affect the amounts reported, These estimates and Judgements are continually reviewed and are based on experience and other factors, includin8 expectations of future events that are believed to be reasonable under the circumstances. (d) Group financlal statements The financlal rtatements consolidate the results of the charity and its wholly owned subsidiary Curzon Community Cinema Ltd on a line-by-line basis, A separate Statement of Flnancial Activities and income and expenditure account for the charity has not been presented because the charity has not been presented because the charity has taken advantage of the exemption afforded by the section 408 of the Companies Act 2006. (e) Income Items of income are recognised and included in the accounts when all of the following criteria are met: The charity and its subsidiary have entitlement to the funds. Any performance conditions attached to the items of income have been met or are fully within the control of the charlty or its subsidiary. There is sufficient certainty that receipt of the income is considered pmbable. The amount can be measured reliably. Donations. grants ond sponsorship Income from donations, grants and sponsorship, including capital grants, is included in income when these are receivable, except as follow5: when donors specify that donations and grants 8iven to the charity must be used in future accounting periods, the income is deferred untll those periods," and when donors impose conditions which have to be fulfilled before the charity become5 entitled to use such Income, the income is deferred and not included In incoming resources until the pre-conditions for use have been met. When donors specifythat donations and grants, includingcapital grants, are forparticular restricted purpose5, which do not amount to pre-condltions regarding 17
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY UMITED B Y GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) ACCOUNTING POLICIES (continued) entltlement, thi5 income is included in incoming resources of restricted funds when receivable. Intangible income Intanglble income, which comprises donated services, is included in incorne at a valuation which is an estimate of the financial cost borne by the donor where such a cost is quantifiable and measurable. No income is recognised when there is no financlal cost borne by a third party- The value of servSces provided by unpaid volunteer5 is not included In the financial statements. Interest receivable Interest is included when receivable by the charity. Gifts in kind Fixed assets donated to the charity are included in income at market value at the time of receipt. Cinema box office income and associated bar and confectionary sales This income is included and recognlsed at the point of sale. Income is stated excluding discounts, rebates, value added tax and other sales taxes. Rentol income Rental income is recognised on a receivable basis. Any rental holiday period has been spread equally over the life of the lease. (f) Expendlture and irrecoverable VAT Expendlture Is included in the Statement of Financial Activities once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be requlred and the amount of the obligation can be measured reliably. Irrecoverable VAT is charged as a cost against the activity for which the expenditure wa5 incurred. Certain expenditure is dlrectly attributable to specific activities and ha5 been included in those cost categories. Certain other cost5, which are attributable to more than one activlty, are apportioned across cost categories on the basis of an estimate of the proportion of time spent by staff on those activitles. Expenditure is allocated to the particular activity where the cost relates directly to that activity. Support costs have been allocated on the basis of staff costs as a reasonable basi5 for time spent on activlties. 18
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL sTATEmEr5 FOR THE YEAR ENDED 31 DECEMBER 2023 (contlnuedl ACCOUNTING POLICIES (continued) (81 Allocation of sUPPOrt costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activitie5. Support costs include back-office costs, finance, personnel, payroll and governance costs which 5UPPOrt the Charitvs programmes and activities. These costs have been allocated between cost of raisingfunds and expenditure on charitable activities. The bases on which support costs have been allocated are set out In note 12. (h) Intanglble flxed assets Amortisation 15 calculated 50 asto write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Website 25% reducing balance {1) Tangible fixed assets The cost of tangible fixed assets is capitalised and depreclated over their experted useful Ilves on the following basls: Fixtures, fitting5 and equipment Freehold properties, excluding land Freehold properties improvements 25% reducing balance 2% straight line IO% strai8ht line The charity took advantage of the transitional arrangements under settion 35.10(c) of FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland to measure the fair value of its freehold property at the transition date of l January 2016, and use that fair value a5 Its deemed cost going forward. ti) Funds accountlng Funds held by the charlty are: Unrestricted general funds - these are funds whlch can be used in accordance with the charitable objetts at the discretion of the trustees. Restrirted funds-these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictlons arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund Is included in the notes to the financial statements. 19
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued} ACCOUNTING POLICIES {continued} (k) Fixed assets Investments Investment in subsidiary is stated at cost. (l) Stock Stock is valued at the lower of c05t and net realisable value. (ml Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. In) Cash at bank and In hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of deposit account. lol Credltors and provlsions Creditors and provisions are recognised when the charity has a present obligation re5ultingfrom a past eventthatwill probably result in the tran5ferof funds to a third party and the amount due to settle the Obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for anytrade dlscounts due. (p) Finan¢e leases and hire purchase contracts Assets held under finance leases and hire purchase contracts are recognised ID the statement of financial position as assets and liabilitie5 at the lower of the fair value of the asset5 and the present value of the minimum lease payments, which is determined at the Inception of the lease term. Any initial direct Costs of the lease are added to the amount recognised a5 an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance char8es are allocated to each period so as to produce a constant rate of interest on the remainlng balance of the liability. 20
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY UMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER2023 {continued) ACCOUNTING POLICIES (continued) Iq) Flnanclal Instruments The trust only has financial assets and financial liabilities of a kind that qualify as basic financial Instruments. Basic financlal instrument are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are measured at the carrying value plus accrued Interest less repayments. The financing charge to expenditure is at a constant rate calculated using the effecttve interest method. (r) Deflned contributlon plans Contributions to defined contribution plans are recognised as an expense in the period In which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be Settled wholly within 12 months of the end of the reporting date iri which the employees render the related service, the liability IS measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period In which it arises. 21
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {continuedl COMPARATIVE CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted Funds Restrirted Total funds Funds 2022 Note INCOME AND EXPENDITURE Income from: Grants, donations and legacies Charitable activitie5 Other trading activities Investments 26,017 277,540 143,134 DO,400 18,972 44,989 277,540 143,134 60,400 TOTAL INCOME 507,091 18,972 526,063 Expendlture on: Raising funds Charitable activities 67,267 493,033 481,189 11,844 TOTAL EXPENDITURE 548,456 11,844 560,300 Net income/ (expenditure) 141.365) 7,128 (34,237} 22
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) FINANCIAL PERFORMANCE OF THE CHARITY The consolidated statement of financial artivities includes the results of the charlVs wholly owned subsidiary which operates the running of the Curzon Cinema. The summary financial performance of the charity alone is.. Total 2023 Total 2022 Income from: Grants, donations and legacies Other trading activities Investments 41,574 10,265 57,902 39,436 600 114,203 TOTAL INCOME 109,741 154,239 Expenditure on: Charitable artivities 154,490 129,151 TOTAL EXPENDITURE 154,490 129,151 Net Income/(expenditure) (44,749} 25,088 Total funds brought forward 904,266 879, 178 Total funds carrled forward 859,517 904,266 Represented b Restricted funds Unrestricted funds 1,184 858,333 5,748 898,518 TOTAL FUNDS 859,517 904,266 23
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) GRANTS, DONATIONS AND LEGACIES Unrestricted Restrlrted Funds Funds Total 2023 Total 2022 Donations from the public Lottery Restoration project Legacies Roof fund NLHF Donations from the public Balcony fvnd Clark Foundation Donations from the public North Somerset Councll British Film Institute Midland5 Film Hub Other grants and donations 8,444 130 1,020 5,330 447 1,020 11,000 130 1,020 36,401 36,401 2,606 56 10,000 6,310 2,667 1,910 1,983 1,660 1,580 1,580 16,0011 16,001) 3,593 37,981 41,574 44,989 7. CHABITABLE ACTIVITIES Unrestricted Restricted Funds Funds Total 2023 Total 2022 Curzon Community Cinema - Box Office Events 355,899 355,899 277,366 174 355,899 355,899 277,540 24
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY UMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl 8. OTHER TRADING AcfiviTIES Unrestricted Restricted Funds Funds Total 2023 Total 2022 Curzon Community Cinema - Confectionary sales Lounge bar - Advertising income Interruption of business insurance claims Other 101,003 64,357 12,525 101,003 64,357 12,525 61,654 46,888 23,285 3,425 43,971 3,425 43,971 11,307 225,281 225,281 143,134 9. INVESTMENT INCOME Unrestricted Restricted Funds Funds Total 2023 Total 2022 Rental income UK bank interest 56,919 1,035 56,919 1,035 60,296 104 57,954 57,954 60,4Cl 25
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED B Y GUARANTEE NOTES TO THE CON50UDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) 10. TOTAL EXPENDITURE Direct Other Staff Costs Dirett Costs Total Total Ex en iture- 2023 Expendlture on raising funds: Costs of applying for grants and donations Curzon Community Cinema Ltd - Trading income from bar, food and advertislng 1,922 1,922 9,846 87,344 97,1 9,846 89,266 99.112 Expendlture on tharitable actlvlties: Curzon Cinema Restoration project Roof fund Balcony project 210,551 367,209 577,760 19,605 19,605 6,879 14,230 6,879 14,230 217,430 401,044 618,474 227,276 490,310 717,586 26
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) Dlrect Other staff Costs Direct Costs Total Total Ex enditure- 2022 Expenditure on raising funds: Costs of applying for grants and donations Curzon Community Cinefna Ltd - Trading income from bar, food and advertising 1,369 1,369 8,485 57,413 65,898 8,485 58,782 67,267 Expendlture on charitable actlvltles: Curzon Cinerna Restoration projert Roof fund Balcony projert 184,678 271,744 456,422 19,605 19,605 8,785 8,221 8,785 8,221 193,463 299,570 493,033 201,948 358,352 560,300 Other direct costs include: 2023 2022 Amortlsation Depreclation Loan interest charged at amortised cost 1,329 1,701 58,494 36,090 6,777 8,364 27
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CON50LIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) 11. SUMMARY ANALYSIS OF EXPENDITURE AND RELATED INCOME FOR CHARITABLE ACTIVITIES Curzon Restoration Cinema Project Roof Balcony Fund Fund Total Current ear- 2023 Costs Box Office (577,760) (19,6051 355,899 (6,879) 114,230) {618,474) 355,899 Net cost funded from other income and funds {221,861} 119,605) brought forward (6,879) (14,230) 1262,5751 Curzon Restoration Cinema Project Roof Fund Total Prior ear- 2022 Costs Box Office (456,4221 {19,605) 277,366 18,785} 18,221) (493,033) 277,366 Netcost funded from other Income and funds brought forward (179,0561 119,605} {8,785) 18,221) {215,667) 12. SUPPORT AND GOVERNANCE COSTS Charlty support & governance costs have all been allocated to the Curzon Cinema, and FuDdraisin& on the artivities basis of dirett staff costs. Support and governance costs consisted of these activities". 2023 2022 Salary costs Office costs Governance costs- Independent examination 19,824 3.139 8,000 19,062 3,871 4,815 30,963 27,748 28
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOUDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) 13. STAFF COSTS AND TRUSTEES, REMUNERATION 2023 2022 Wages and salaries social security costs Employer penslon contrlbutions 216,451 192,707 7,455 6,254 3,370 2,986 227,276 201,947 As required by law we can confirm that no employee earned £60,000 p,a. or more in either the current year or the previous year, No expenses were paid to trustees during the year. The keymanagement personnel of the gr'oup comprlsethe trustees, the Chief Executive Officer. Finance Manager, the Front of House Manager, the Marketing Manager and the Facilities Manager of Curzon Clevedon Community Centre for the Arts, The total employee benefrts of the key management personnel of Curzon Clevedon Community Centre for the Arts were £116,821 (2022.. £100,957). The average number of employees analysed by function was: 2023 No. 2022 No. Management and administration Clnema 10 io Is 15 29
CURZON CLEVEDON COMMUNifi CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSO.UDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) 14. INTANGIBLE ASSETS- GROUP Webslte Total COST At l January 2023 Additionsacqulred separately 13,958 13,958 At 31 December 2023 13,958 13,958 AMORTISATION At l January 2023 Charge for the year 8,854 1,329 8,854 1,329 At 31 December 2023 10,183 10,183 N ET BOOK VALUE At 31 December 2023 3,775 3,775 At 310ecember 2022 5,104 5,104 30
CURZON CLEVEDON COMMUNITY CENTRE FOR THE COMPANY LIMITED BY GUARANTEE RT5 NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {continuedl 15. TANGIBLE ASSET5- CHARITY Fixtures fittings Freehold ro Total COST AND DEEMED COST At l January 2023 Additions 1,105,156 50,825 230,414 21,899 1,335,570 72,724 At 31 December 2023 1,155,981 252,313 1,408,294 DEPRECIATION At l January2023 Charge for the year 433,387 38,212 188,758 15,889 622,145 54,101 At 31 December 2023 471,599 204,647 676,246 NET BOOK VALUE At 31 December 2023 684,382 47,666 732,048 At 31 December 2022 671,768 41,656 713,425 The charity took advantage of the transitional arrangements under Section 35.IOlcl of FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland to measure the fair value of its freehold property at the transition date of l January 2016, and use that fair value as its deemed cost going forward. 31
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED B Y GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) 16. TANGIBLE ASSETS- GROUP Fixtures fittings Freehold Total COST AND DEEMED COST At l January 2023 Addltions 1,105,156 50,825 291,732 27,859 1,396,888 78,684 At 31 December 2023 1,155,981 319,591 1,475,572 DEPRECIATION At l January 2023 Charge for the year 433,387 38,212 239,049 20,282 672,436 58,494 At 31 December 2023 471,599 259,331 730,930 NET BOOK VALUE At 31 December 2023 684,382 60,260 744,642 At 31 December 2022 671,769 52,683 724,452 The charity took advantage of the transitional arrangements under section 35.10{cl of FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland to measure the fair value of its freehold property at the transition date of l January 2016, and use that fair value as its deemed cost 80ing forward. 32
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY UMITED BYGUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl 17. INVESTMENTS- GROUP AND CHARITY Group 2023 Charity 2023 2022 2022 Investment in sub5idiary- shares at cost Subsidia com an Curzon Clevedon Community Centre for the Arts owns the whole of the issued share capital of Curzon Community Cinema Limited, a company registered in England and Wales. Its principal artivlty is to operate the Curzon Cinema in Clevedon, North Somerset. The results of the subsidiary are consolidated in these financial statements. Further details are disclosed in note 30. 18. DEBTORS Group 2023 Charity 2023 2022 2022 Trade debtors Due from subsidiary undertakin8 Prepayments and accrued income Other debtors 17,168 5.976 14,030 7,350 66,462 1,453 11,183 40,885 67,245 5,060 41,734 6,711 89,473 54,421 87,842 53,521 33
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY UMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinued) 19. CREDITORS: Amounts falling due within one year Group 2023 Charity 2023 2022 2022 Trade creditors Accruals and deferred income VAT liability Social security and other taxes Secured bank loan Coronavirus Bounce Back Loan Other creditors 48,996 45,394 24,642 4,073 53,372 5,955 158 35,934 26,034 15,729 2,576 10,034 5,955 926 16,214 19,463 1,822 9,758 16,495 3,368 53,372 5.955 10,034 5,955 769 182,590 97,188 96,826 46,379 20. CREDITORS: Amountsfalling due after more than one year Group 2023 Charity 2023 2022 2022 Coronavirus Bounce Back Loan falling due in less than 5 years Coronavirus Bounce Back Loan falling due after 5 years Secured bank loan falling dve in less than 5 years Secured bank loan falling due after 5 years 23,820 23,820 23,820 23,820 8,932 14,887 8,932 14,887 46,515 46,515 54,735 54,735 32,752 139,957 32,752 139,957 The secured bank loan totalling £53,372 is secured on the Curzon Cinema property which has a carying value of £684,382. The terms and conditions of the loan are that monthly repayments are to be made over 15 year5. The interest rate applicable to the bank loan 15 base rate plus 3.25%. Both during the year and post year the charity decided to make overpayments on this loan to fully repay the loan early. The bank loans are financial Instruments measured at amortised cost. 34
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOUDATED FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {¢ontinuedl 2L PROVSIONS FOR LIABIUTIES Group 2023 Charity 2023 2022 2022 Deferred tax-taxation allowances 2,970 2,878 22. RELATED PARTY TRANSAcfioNS There were no related party transactions in the current or previous year. 23. CORPORATION TAXATION The charity is exempt from tax on Income and gains falling within section 505 of the Taxes Act 1988 or section 252 of .phe Taxation of Chargeable Gains Art 1992 to the extent that these are applied to its charitable objects. 24. UNRESTRICTED FUNDS Designated- Unrealised General Capital Designated - Balcony revaluation reali5ed expenditure Contingency deprfn reserves reserves fund fund fund Total Balance at i January 2023 Income Expenditure Transfers 467,860 264,125 642,727 1669,787) 161,210) 169,985) 69,985 88,000 889,970 642,727 113,994) {683,781) 139,935 8,740 Balance at 31 December 2023 467,860 175 855 88,1)00 125,941 857,656 35
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl 24. UNRESTRICTED FUNDS (continued) Ca ital ex enditure fund To fund capital expenditure requirements. Contin enc fund To cover any shortfall in a cut in cinema and rental income over the next 18 months. Balcon reciation fund To fund the depreciation charge over 10 years on the balcony improvements. 25. RESTRICTED FUNDS Front Room Cinema Roof Balconv Fund Fund Total Balance at l January 2023 Income Expendlture Transfers 2,722 3,026 5,748 36,401 1,580 37,981 (990} 132,499) {3161 (33,805) 1548) (6,928) (1,264) {8,740) Balance at 31 December 2023 1,184 1,184 Front Room Cinema The Front Room Cinema project was funded by a grant from Quartet and continued donations from the public. The project provides Residential or Care Homes in North Somerset with the big screen experience in their front room. Roof F nd The roof fund Is a projert to raise money toward5 the replacement of the roof of the Curzon Clnema. The transfer between funds into the project relate to funds required to fully pay for remainin8 activity funded bythe National Lottery Heritage Fund. 36
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS tOMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl 25. RESTRICTED FUNDS (continued) alcon Fund The balcony fund is a project to raise money to refurbish the balcony of the Curzon Cinema. The transfer between funds relate to capital improvement5 to the balcony which fulfil the funding requirements of donors. 26. ANALYSIS OF NET A5SETS- GROLIP Net Long term curreiit liabilities + assets provisions Total net assets Intangible Tangible assets assets Investments At 31 December2023.. Restrirted Front room cinema 1,184 1,184 1, 184 1,184 Unrestricted Revaluation General Designated 467,860 3,775 150,840 125,942 467,860 {35,7221 175,854 213,942 56,961 88,000 Total funds 3,775 744,642 146,145 135,7221 858,840 37
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOUDATED FINANCIAL STATEMENTS FO.R THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl 27. ANALYSIS OF NET ASSETS- CHARITY Net Long term current liabilities + assets provislons Total net assets Intangible Tangible assets assets Investments At 31 December 2023: Restrirted Front room cinema 1,184 1,184 1,184 1,184 Unrestricted Revaluatlon General Designated 467,860 138,246 125,942 467,860 132,7521 176,531 213,942 71,033 88,000 Total funds 732,048 160,217 (32,752) 859,517 28. TOTAL CASH & CASH EQUIVALENTS Total cash & cash equivalents as at 31 December 2023 are represented as follows: Group 2023 Group 2022 Charity 2023 Charity 2022 Cash at bank Cash in hand 231,617 346.072 169,201 323,652 800 232,417 346,072 169,201 323,652 38
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY UMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) 29. SUBSIDIARY COMPANY Cur20n Clevedon Community Centre for the Arts owns the whole of the Issued share capital of Curzon Community Cinema Limited {company number- 03255412), a company registered in En8land and Wales. The addre55 of the registered office is 46 Old Church Road, Clevedon, B521 6NN. Its principal activity 15 to operate the Curzon Cinema in Clevedon, North Somerset. All activities have been consolidated on a line by line basis in the Statement of Flnancial Activities. The total net profit is gifted to Curzon Clevedon Commuriity Centre for the Arts. A summary of the results of the subsldiary is shown below: CURZQN COMMUNITY CINEMA LTD: 2023 2022 Turnover: Box office Confectionery and bar sales Advertising Lounge bar Events Other 355,899 101,003 12,525 64,357 277,366 61,654 23,285 46,888 174 16,268 34,258 568,042 425,635 Direct Costs: 2023 2022 Film hire Confettionary and bar purchases Dlrect wages Other direct costs Cinema building expenses Administrative expenses Advertising 169,752 62,084 196,925 22,410 26,279 75,766 9,880 131,808 40,571 169,690 4,326 43,457 63,117 2,178 563,096 455,147 39
CURZON CLEVEDON COMMUNtrY CENTRE FOR ThE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CONSOLIDATED FINANCIAL 5rATEMErs FOR THE YEAR ENDED 31 DECEMBER 2023 (continued) 29. SUBSIDIARY COMPANY (continued) Other operating income: 2023 2022 Furlough grant5 Insurance clalms 2,925 Net (loss)/profit 7,871 129,512) The aggregate of the assets, liabilities and funds was: Assets Liabilitles/provisions 95,409 56,326 (96,082) 164,8691 Funds {673) 18,543) 40
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CON50UDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Icontinuedl 3Q. NET DEBT RECONCILIATION Anal sis of chan e5 in net debt forthe Grou 2023 At start of year Cashflows Other non-cash changes At year end Cash at bank and in hand 346,072 (113,655) 232,417 Secured bank loan (falling due withln l yearl 110,0341 57,277 (100,6151 (53,372) Secured bank loan {falling due in less than 5 years) {46,515} 46,515 Secured bank loan (falling due after 5 year51 {54,736) 54,736 Other bank loans (fallin8 due Within l year) (5,9551 5,955 {5,955) (5,9551 Other bank loan5 (falling due in Less than 5 years) 123.820) ¢23,820} Other bank loans (fallin8 due after 5 years} {14,887) 5,955 18,932) 190,125 (50,423) 636 140,338 41
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE NOTES TO THE CON50LIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 {continuedl 30. NET DEBT RECONCILIATION (continued) Anal sis of chan es in net debt for the Charit 2023 At start of year Cashflow5 Other non-cash changes At year end Cash at bank and in hand 323,652 {154,451) 169,201 Secured bank loan (falling due within l yearl (10,0341 57,277 1100,615) {53,3721 Secured bank loan {fallin8 due in less than 5 years) {46,5151 46,515 Secured bank loan Ifalling due after5yearsl 154,736) 54,736 Other bank loans (fallin8 due Within l year) (5,955) 5,955 {5,9551 (5,955) Other bank loans (fallin8 due in Less than 5 year5) (23,8201 (23,820) Other bank loans (fallin8 due after 5 years) 114,887) 5,955 (8,932) 167.705 (91,2191 636 77,122 42
THE FOLLOWING PAGES DO NOT FORM PART OF THE STATUTORY ACCOUNTS OF THE COMPANY 43
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE DETAILED CONSOUDATED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 INCOME Other8rants and donations Box Offi income Event5 Confectionary and bar sales Advertising income Insurance claims Other cinema income Rental income Bank interest received 41,574 355,899 44,989 277,366 174 108,542 23,285 165.360 12,525 3,425 43,971 56,919 1,035 11,307 60,296 104 680,708 526,063 Expenditure for the year (see page 451 1717,586) 1560,3001 Surplus/(Oeficlt} for the year (36,878) 134,2371 Funds brought forward 895,718 929.955 Funds carrled forward 858,840 895,718
CURZON CLEVEDON COMMUNITY CENTRE FOR THE ARTS COMPANY LIMITED BY GUARANTEE DEfAILED CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 EXPENDITURE Costs of applyin8 for grants and donations Grants payable Film hire Confectionary and bar purchase5 Dlrect cinema costs Direct cinema wage5 Employers, NIC Employer5, pension Freight and carriage Other costs of sales Staff salarle5 Tralning costs Recruitment expenses Rent General rates and water Light and heat Insurances Premises expenses Motor and travelling Telephone and internet Printin& stationery and posta8e Website maintenance and IT support Equipment Entertainment Repairs and renewals Legal and professional fees Accountancy and audit Bank and credit card charges PRS/PPL charges Laundry and cleaning General expenses Subscriptions and licences Advertisln8 NLHF Roof Professional Fees NLHF Activity Co-ordinator Other charitable expenditure Activity expenses Activity resources Activity training Sundry expenses Depreciatlon Amortisatlon Bad debts written off Provision for deferred tax 1,922 1.369 301 131,808 40,571 5,235 160,450 6.254 2,986 2,133 6,216 23,472 2,005 1,029 220 2,528 15.947 19,617 7.515 922 1,162 607 3,546 346 150 6,118 5,548 4,815 25,057 2,461 16,332 2,101 7,624 2,178 8.221 8,785 2,354 414 1,200 35 169,752 62,084 14,999 186,099 7,455 3,371 126 5.668 23,472 2,610 325 2,900 20,615 17,202 9.657 499 1,547 449 2,307 2,448 385 10,343 46 30,885 4,245 23,362 1,004 6,839 9,880 8,524 6,879 2,108 5,593 1,523 477 140 58,494 1,329 36,090 1,701 1,743 17,1251 717,586 560.300 45