Encounters Festivals Limited (A company limited by gu•ralltee) Report and Accounts 31 March 2023 Company regi5tralion number.. 03229078 Charity regislralion number.. 1058603
Encounters Festivals Limited REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 The trnstees are pleased lo present their report together with the accounts of th¢ charity for the year ended 31 March 2023, which are also prcpared to mxt the requiremcnts for & directors, rcport and accounts for Companies Act purposes. The accounts comply with the Charities Aci 2011, the Companies Act 2006, the Memorandum and Articles of Association, and Accounting and Reportii)g by Charities.. Statetnent of Recommended Practice applicable to charities pr¢paring their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRSI 02) (effective l January 2015). Reference and Admillis¢rative Details Charity Number.. Company Number: Register¢d Office: Principal Office- 1058603 03229078 61 Queen Square, Bristol, BS14JZ Studio IA, 36 King Street. Bristol. BS14DZ Bankers National Westminstsr Bank plc 45-49 Broadmead Bristol BSI 3EU Directors and Trnstees The directors of the Charitable company ('the charity") are its trustees for the purpose of charity law and throughout this report are collectively referr¢d to as th¢ trnstees. The trustees serving during the year and since the y¢&r-¢nd w¢re as follows.. Chair= Simon Perry (Industy Consultant) Freya Billington {boomsatsuma)- Resigned 29 October 2023 Natalie Collier (Aardman Animations) Steven Coombe (Burnside, Cliartered Accountants) Emma Grazette (Freelance Filtn and TV Producer)- Appointed 8 June 2023 Euella Jackson (Freelance Creative Producer} Mark Hewis (Aardman AniTnalion5, Animation Prcxiucer)- Appointed 8 Jun¢ 2023 Lisa Howe (Independent ConsultanE)- Resigned l January 2023 Jessi¢a Loveland (BBC Writers Room) Will Massa (Independent Consultant) Natalie Moore (Brislol City Council, Local Government Manager)- Appointed 8 June 2023 James Mullighan (Independent Producer)- Resigned l January 2023 Alison Si¢rling (Ignition Films)- Resigned l January 2023 Liz Warren {Live Cinema)- Resigned 14 November 2023 Man ement Personnel.. Festival Dir¢¢tor Rich Waen- Resigned l November 2023 Bizzy Day- Appointed l May 2023
Encounters Festivals Limited Inde endent Examiner Philip Bany FCA Hollands Accountancy Limited Accountants Burnside, Chartered Accountants Structure, Governance and Management Governin Document Encounter5 Festivals Limited is a company limited by guarantee governed by its Memorandum and Articles of Association incorporated on the 24 July 1996. It is registered as a charity with the Charity Commission ( I I Octobcr 1996). There are currently 9 members { I l in 2022), each of whom agrees to contribute £10 in the event of the charity winding up. intment of TrLbStees Suggestions for new ttustees are discussed at the Board Meetings and if agreed, invitations are issued. Trustee Induction and Trainin New trustees are introduced to the charity staff and fellow trustees at a board meeting and are provided with background information {including minutes of previous meetings, budgets and other documents such a5 the Memorandutn and Articles of Association)- anisation The board of trustees administers the charity. The board tneets several times a year who together with the Festival Director and th¢ stsff, tneet to discuss progratnming and sponsorship sugg¢stions for the f¢slival. To facilitate effective operalions, the Festival Director has delegated authority, within tem)s of delegation approved by the trust¢¢& for operational matters including finance, employment and artistic perfomiance related activity- Related Parties None of our trustees receives remuneration or other b¢n¢fit from their work with the charity. D¢tails of transactions with related parties are disclosed in note 16 to the accounts on page 17. Risk Mana ement Management accounts are presented and scrutinised at each board meeting (415 per annum) with financial implications highlighted and discussed. Potential problem areas that become apparent are carefully monitored. The trustees have asscssed the major risks to which the charity is exposed, in parti¢ular, those related to the operations and finances of the charity and are satisfied that systems are in place to miligale exposure to major risks. Objectives and Activities for the Public Benefit Brief En¢ounl¢rs - Bristol's annual celebration of the short film genr¢ was first held in O¢tob¢r 1995 - and managed entirely by th¢ Watershed. Following the success of this first festival, it was decided to establish this ¢harity with the object of arranging and managing all future short film festivals and since then an annual short film festival has been held at the Walersh¢d and oth¢r venues nearby. Accordingly, the charity was in¢orporated as a ¢ompany limited by guarant¢¢ on 24 July 1996. In 2000, the first Animated En¢ounters Intemational Animation Festival was organised and run by Encounters Festivals. The Encounters Board took the d¢¢ision to combine the two festivals for the 2006 edition. There was a change of name and the festival became known as 'Encount¢rs Short Film and Animation Festival,. The objects of the charity are to promot¢, maintain, improv¢ and advance education by the encouragement of the Arts with particular reference to the making, distribution and exhibition of films and other recorded pernianent or semi-pemianent media wh¢r¢by sound, vision, or both may be communicated or preserved.
Encounters Festivals Limited Given that the charity promotes the advancement of the arts and is open to the majority of the public. the Trustees are satisfied that the charity meets the requirements of being for the public benefit. Achievements and PerforniaDce The 2022 Encounters Festival returned to being delivered as a physical event. The festival took place in Bristol from 27 September to 2 October 2022, off¢ring a ¢ulturally and geographically diverse programme of short films and animations from Europ¢ and around the World as part of the 28th Encounters Festival. The festival hosts one of the world's leading international competitions for visual storytelling and acts as an official gateway to the world's most pr¢sligious awards. th¢ A¢ademy Awards@, BAFTAS, BIFA'S and the European Film Awards. Connecting industry and audiences. th¢ festival ¢elebrates the creativity. diversity, and the impact of short film. Encount¢rs is a springboard for audiences to discover new and emerging talent and for artists to progress, exchange knowledge, infomi and learn within th¢ evolving global iThdustry. As part of the festival, Encounters scr¢¢n¢d 353 films and host¢d thirty-five events and 8 networking events to a combined &udien¢e of10,041. There were several feature film s¢r¢¢nings from firsl-tim¢ feature film directors as part of the Shorts2Features strand providing case studi¢s of filmmaker's journeys from ihe short to long form as well as a focus on innovation with Virtual Reality, Augm¢nl¢d Reality, 360-degree filmmaking and other immersive platfomis showcased. This activity sat alongside our intensive programme of maste1a$SeS, panels and workshops for participating filmmaker5 and industry delegates which focused on career pathways and the use of digital technologies to increase audience participation and engagement. The festival also ran Reflective Encounters, a film literacy initiative in which new and emerging film critics write short thought pieces for each of the film screening in cornpetition. The physical festival was a¢¢otnpani¢d by digital screenings for thos¢ who Could not attend. In addition lo the festival, Encounters ran de¢entralised a¢tivity throughout the year locally, nationally and int¢rnationally through onlin¢ s¢r¢¢ning5, touring programm¢s, workshops and new festival collaborations to promote new talent, increase film literacy and expose new audiences to the content showcased and championed by the festival. Below ar¢ a few examples of initiatives in this area. Chinese Female Filmmaker Fo¢us For the past 2 years, in partnership with th¢ One Women International Film Festival, we have been mentoring a group of Chinese female filmmakers in ¢reating new short film content supported by the British Council. In October, to coincide with the production of this year's cohorts films we hosted an online showcase and Q&A of the 2021122 films. In Dreams Are Monsters Encounter5 presented a curated touring programme of international, contemporary short films around the theme of 'The Politicise B(yJy' to coincide with the In Dreams Are Monsters national activity. After a launch event during the Encounters Film Festival in Bristol at Watershed, w¢ off¢red Ih¢s¢ shorts as both a touring progrydmme and for individual screenings before feature films taking part in this season. Each film was given a presence on our website with short thought pieces and director Q&A's included to support venues promotion and marketing of the events. Tourin Pro ramme Our touring programme included screenings in Bristol at Watersh¢d as we look¢d to develop a local audience. Programmes included.. Urban Spaces- a programme exploring city landscapes through short film- Closer Together- short films made by Deaf talent and ¢xplorin(y Deaf culture during Deaf Awareness week. and
Encounters Festivals Limited Queer Joy - shorts celebrating Queer stories as part of Pride month. Ukrain¢ Pro ratnine We continued to tour our Ukrainian fundraiser programme. curated last year. to show solidarity with all proceeds being donated to Ukrainian Red Cross. Deaffest We partnered with Deaffest to deliver the online offer for their annual festival. As part of the partnership, we were able to take on board all operational asp¢¢ts of the online off¢r and support their audience in accessing the films remotely. These films were offered for free to the audience for 10 days once they had registered on the platform. We achieved over 2,000 views across the 30+ titles on offer to the Deaffest audience. Alongside advice sessions with the wider film, f¢stival and cultural community and maintaining a presence on the national and international film festival Circuits, Encounters also lead on fotTnal and informal, national, and international networks sharing best practice and exchanging knowledge including International Short Film Conference, Eurofest Xll Film Festival Alliance, Alliance of British Animalion Exhibitors, UK Short Film Network and Bristol Festiv&ls. The Charity receive5 funding. in-kind and cash sponsorship from several different sources who include the British Film Institute, Bristol City Council, West of England Combined Authority, British Council, Innovate UK, Aardman Animations, the University of the West of England and the University of Bristol. Financial Review The overall income was £363,348 compared to £341,655 in the previous year. This resulted in a loss for the year of £34,659 compared to aloss last year of £33,063. The trustees would like to thank all donors and staff for their continued support and efforts. The loss for the year was budgeted for as part of a 3-year plan post COVID-19 to return the charity lo profitsbility by 2023124. Volunteers The charity is grateful for th¢ efforts of the volvnt¢¢rs who assisl in the offic¢ and help with the running of the festivals. Due to the festival returning to being delivered as a physical event the utilisation volunteers w&s greatly increased in th¢ year. It is estimated that the charity benefited from approximately 582 (2022.. 32) volunteer hours during the year. If this is valued at the UK living wage £9.50 per hour, the volunteer efforts amount to £5,529 {2022= £300 at £9.50 per hour)- In accordance with FRS102 and the Charities SORP (FRS102), the economic contribution of general volunteers is not recognised in the accounts. Reseryes Policy The trustees have reviewed the reserves of the charity. A policy was previously set which reflected the wish to safely commit as Inuch as possible to the promotion of Bristol as a centre of International Media excellence whilst retaining financial stability and the potential lo respond to new opportunities. The truste¢s agreed that holding unrestricted reserves equivalent co approximately 12 months unr¢stri¢ted expenditure would meet this policy. Unrestricted res¢rv¢s at 31 March 2023 were £74.529 (2022.. £65,379) representing 9 (2022.. 8) months of unreslri¢t¢d expenditure. The 3-year ptan referred to al)ove was approved by the trustees and put in place during the prior year to utilise certain brought forward reserves to assist the charity as it moves forward from the COVID-19 pandemic.
Encounters Festivals Limited Plalls for Futre Development We will continue lo capitslise on the kst elements frotn each festival and develop the new festival with a ttew image and a fresh vibrancy with a focus on being a ptatforni for discovering and developing n¢w talent in short film and animatioft. We also continue lo explore year-round activity, both industry facing and audience facing to increase our year-round presence, further our relevance within the moving image sector and increase our ability 10 generate income beyond the festival dates. The 2023 Encounters Feslival was delivered as a physical event. The festival took place in Bristol from 27 September to l October 2023 and will be reported on in the Report and Accounts for the year ended 31 March 2024. Trustets, Responsibilities in Relation to the Accounts The trustees (who are also the directors of the charity for the purpose5 of company law) are responsible for preparing the Report of the Trustees and the accounts in accordance with applicable law and regulations. Company law requires the trustees to prepare aceounts for each financial year in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounling Standard5 and applicable law). Under company law, the trustees must not approve the financial Statements unless they are satisfied that they give a true and fair view of the state of affairs of ihe charitable company and of its incotning resources and application of resources, including the income and expenditure of the charitable company, for that period. In preparing these accounts, the trusiees are required to.. select suitable accounting policies and then apply them consistently. observe the methods and prin¢iples in th¢ Charities SORP. make judgements and estimates that are reasonable and prudent- slate whether applicable UK accounting standards have been followed, subject to any material departures disclosed and explained in the accounts. and prepare the accounts on th¢ going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sutticient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company and enable thetn to ensure that the accounts Cotnply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and h¢nc¢ for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are responsible for the maintenance and integrity of ihe corporate and financial inforn)ation included on the charitable company's website. Legislation in the United Kingdom goveming the preparation and dissemination of financial stateEnents may differ from legislation in oiher jurisdictions. On behalf of h¢ board: Steven Coombe Trustee Date.. 19 D¢¢¢mb¢r 2023 The report of the trustees has b¢¢n prepared in accordance with the small company regime (Section 419(3) of th¢ Companies Act 2006).
Encounters Festivals Limited IJYDEPENDENT EX4MINER'S REPOR T TO THE TRUSTEES OF ENCOUNTERS FESTJVALS LIMITED I report on the accounts of Encounters F¢slivals Limited ("Ihe Charity") for the y¢ar ended 31 March 2023. which comprise the Statement of Financial Activities, th¢ Balan¢¢ Sheet, the Statem¢nl of Cash Flows and the related notes. Respective responsibilities of truslees 2nd examiner As the charity's trustees (and the directors of the company for the purposes of company law). you are responsible for the preparation of the accounts. You consider ihat an audit is not required for this year under section 144 of the Chariti¢s Act 2011 (th¢ 2011 Act) aTrd that an ind¢pcndent ¢xamination is ne¢d¢d. You also consider that an audit is not required for this year under the Companies Act 2006, Part 16. Havin8 satisfied myself that th¢ Charity is not subject to audit under company law and is eligible for independent examination, il is my responsibility to examine the accounts under s¢¢lion 145 of the 201 l Acl, follow the procedures laid down in the g¢n¢ral Dir¢clions giv¢n by th¢ Charity Commission under section 145(5Kb) of the 2011 Act, and state whether particular matiers have come lo my att¢ntion. Basis of independent examiner's repor¢ My examination was carried out in ac¢ordan¢e with the general Directions given by the Charity Commission. An examination includes a review of the a¢counling rrcords kept by the Charity and a comparison of the accounts presented with ihose r¢¢ords. It also includes consid¢ration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any such matters. The pro¢edur¢s undertaken do not provide all the ¢vid¢tic¢ that would be required in an audit and consequently no opinion is given as to whether the accounts present a 'tru¢ and fair view, and the report is limited to those tnatters set out in the statement below. IndependeDt examiner's statement The charity's gross income exceeded £250,000 and l am qualified to undertake the examiiiation by being a qualified member and Fellow of the Institute of Chartered Accounlants in England & Wales. I hav¢ completed my examination. I conlim that no matters have ¢om¢ to my attention in connection with the examination giving me cause to believe.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 the accounts do not accord with those records- or the a¢¢ounts do not Comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts giv¢ a 'tru¢ and fair view which is not a matter consid¢r¢d as part of an independent examination. or the accounts have not been prepared in accordance with ihe methods and principles of the Statement of R¢commendcd Practice for accounting and reporting by charitie5, appli¢abl¢ to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Your attention is drawn to the paragraph on going ¢on¢¢rn in Note 2 to the accounts on page I I regarding recent ¢vents. Name: Philip Barry 19 December 2023 Relevant professional qualification or body.. FCA Address.. Hollands Accountancy Limited, I l & 13 St Thoma5 Square, Monmouth, United Kingdom. NP25 SES.
Encounters Festivals Limited ST ATEMENT OF FINANCIAL ACTIVITIES {INCLUDING llYCOMK AND EXPEIYDITURE ACCOUND for the Year Ended 31 March 2023 Total Funds 2023 Tolal Funds 2022 Unrestricted Restricted Funds Funds Nole INCOME FROM: Donated services and facilities 84,700 84.700 82,680 Investments 86 86 Charitable activities 101,791 176.771 278.562 258,966 TOTAL INCOME 101,877 261,471 363,348 341.655 EXPENDITURE ON: Raising funds (3,723) (6,915) (10,638) (11,478) Charitable activities (89,004) (298,365) (387,369} (363,240) TOTAL EXPENDITURE 305 280 398,007 374 718 Net (expenditureyincome before transfers 9,150 (43,809) (34.659) (33,063) Transfers Gross transfers between funds 13,14 Net movement in funds 9,150 43.809 34,659 33,063 R¢¢on¢iliation of funds Total funds brought fotward Total funds carried forward 111803 77,144 144,866 111,803 74,529 2,615 The stat¢m¢nt of financial activities include5 all gains and losses recognis¢d in the year, tog¢th¢r with retained earnings of ¢a¢h fund at the beginning and end of the year. There was no other comprehensive in¢ome in either y¢ar. All in¢ome and expenditure derive from continuing activities. The notes on pages 11 to 17 form part of these 4ccounts
Encounters Festivals Lirnited BALANCE SHEET at 31 March 2023 Registered Numb¢r'. 03229078 2023 2022 Note FIXED ASSETS Tangible assets 10 2.792 CUIiRENT ASSETS Debtors Cash at batik and in hand 63,699 51,042 144 881 195,923 105.303 CREDITORS: amounts falling due within one year 12 (29.555) (86,912) Y4ET CURRENT ASSETS NET ASSETS 77,144 111,803 FUNDS Unrestricted Funds Restricted Funds 13 14 74,529 2,615 65,379 46,424 TOTAL CHARITY FUI¥DS 77,144 111,803 The company is exempt from the requirements relating to preparing audited accounts in accordance with section 477 of the Companies Act 2006; The members have not required the cotnpany to obtain an audit ofils accounts for the y¢ar in question in accordance wish Seciion 476 of the Companies Act 2006; Th¢ dire¢tors acknowledge their responsibility lor complying with the requir¢m¢nts of this act with respect lo accounting records and preparation of accounts; and Th¢s¢ a¢¢ounts have b¢¢n preparcd in accordancc with th¢ special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual &c¢ounts required by the Compani¢s Act 2006 and are for ¢ir¢ulation to members. Approved by the trustees on 19 December 2023 and sign¢d on their behalf by Steven Coombe Trustee The notu on pages 11 to 17 form part of these aceounls
Encounters Festivals Limited STATEMENT OF CASH FLOWS for the Year Ended 31 Mar¢h 2023 2023 2022 CASH IUSED IN) IGENERATED FROM OPERATING ACTIVITIES Nel movem¢nt in funds Add back depreciation charge {Increase)Id¢¢r¢ase in debtors In¢reas¢/(decr¢ase) in creditors (34,659) 1,396 (12,657) (57,357) (33,063) 1.627 (30,012) 44,881 NET CASH (USED IN) IGENEtL4TED FROM OPEIUTING ACTIVITIES (103,277) (16,567) CASH FLOWS FROM INVESTING ACTIVITIES Pur¢has¢ of tangibl¢ fixed assets CASH USED IN INVESTING ACTIVITIES INCREASE IN CASH AND CASH EQUIVALENfs IN THE YEAR (103,277) (16.567) Cash and cash equivalents at th¢ b¢ginning of the year 144,881 161,448 TOTAL CASH AIYD CASH EQUIVALENTS AT THE END OF THE YEAR 41,604 144,881 The notes Dn pages 1 I to 17 forni part of these g4ccounts io
Encounters Festivals Limited NOTES TO THE ACCOUNTS for the Year End¢d 31 March 2023 COMPANY STATUS The company is limited by guarantee and do¢s not have share ¢apital. It is in¢orporated in England and Wales. The liability of each guarantor is limited to £1 O in the event of a winding up. The principal place of business and registered office are dis¢losed in the Report of the Trustees. ACCOUNTING POLICIES The principal accounting poli¢ies adopted, significant judg¢m¢nls and key sources of estimation uncertainty in the prepardtion of the accounts are as follows: Basis ofpreparnlion The accounts have been prepared in Sterling round¢d to the nearest pound and in accordance with Accouiiling and Reporting by Chariti¢s.' Siat¢m¢nl of R¢commend¢d Pra¢lic¢ applicable to ¢harities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS102) (effeeliv¢ l January 2015) - (Charities SORP FRS102), the Financial Reporting Siandard applicable in the UK and Republic of Ireland (FRS102), the Companies Act 2006 and the Charities Act 2011. The company meets the definition of a public benefit entity under FRS102. Assets and liabilitl¢s are initially recognised at historical cost or trdnsaclion value unless othenvise stated in the relevant accounting policy notes. Preparation ofihe accounls a goimg concern The trustees recently received notification of the withdrawal of funding from two main funders which poses material uncertainties about the charity's ability to continue as a going concern after 2024125. The trusl¢¢s are currently undertaking a review of the charity's future operations and funding opportuniti¢s and have takcn measurcs lo significantly dUce ongoing cosis. The trusl¢¢s have a reasonable ¢xpeclation that the charity will have sufficient funds to deliver a festival in 2024 and be able to pay its debts as and when ihey fall due in th¢ 12 monihs from signing these a¢counts. The trustees therefore wntinue lo adopt the going ¢onc¢rn basis of a¢¢ounting in preparing the a¢counts. Tangiblefixed assets Individual assets costing £500 or mor¢ are capilalis¢d at cost. Tangible fixed assets are depreciated on a straight-line basis over their estimated usefvl lives as follows.. Equipment 250/ Debiors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Accrued incotne is valued at the amount expected to be received. net of any trade discount offered. Ch a¢ bank and in liand Cash at bank and cash in hand includes eash and deposits held on call at banks. Crediiors andprovi&ions Creditors and provisions are recognised where the charity has a present obligation resulting from a past ¢vcnl that will probably result in the transfer of funds lo a tl)ird party aiid the atnount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settl¢ment amount after allowing for any trade discounts due. Financial iAslrumen15 Th¢ charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrum¢nts. Basic finan¢ial instruments are initially re¢ognis¢d at transaction value and subsequ¢ntly measured at their settlement value. The charity has no financial instruments measured at amortised cost.
Eneouniers Festivals Limited NOTES TO THE ACCOUNTS for the Year Ended 31 March 2023 ACCOUNTING POLICIES (continued) Income Income derived frotn charitable activities is stated after trade discounts, other sales taxes and net of VAT. Donrtlions ondgrants Income froin donations and grant5, including capital grdnls, is included in incotning resources when these are receivable, except as follows.. When donors specify that donations and grants given to the charity musi b¢ used in future accounting periods, the income is deferred until those periods. When donor5 impose condition5. which have to be fulfillcd bcforc the ¢harity becomes entitled to use such income, the income is deferred and not included in incoming resources Iintil the pre-conditions for use have been met. When donors specify that donations and grants, including capital grants, are for particular restricted purposes, which do not amount to pre-coiiditions regarding entitlement, this in¢om¢ is included in incoming resources of restricted ndS when receivable. Box office income,film submissions income and adverlising andpropno¢ion income These fomis of income are recognised on an accruals basis and are recognised in the year in which the Festival. to which the income relates, tskes place. Donllledservices andfacilities Donated seryices and facilities are included in income at a valuation, which is an estimate of the financial cost IM)rne by the donor where such & cost is quantifiable and measurable. No income is recognised when there is no financial cost borne by a third party. Inlerest receivable Inierest is included when receivable by the charity. Resources expended ReSou¢S expended are included in the Statement of Financial Activities on an a¢¢ruals basi4 inclusive of any V AT, which cannot be recovered. Certain exp¢nditur¢ is directly attributable to specific activities and has been in¢luded in thos¢ cost categories. C¢rtain other ¢osts, which ar¢ attributabl¢ to more than one activity, are apportioned across cost eat¢gori¢s on the basis of an estimate of th¢ proportion of time spent by staff on those a¢tivities. Charitable activities includ¢ expenditure associated with the staging of the film festivals and include both the dire¢t Costs and support costs relating to th¢s¢ activities. Governance costs include those incurred in the governance of the charity and its assets and are primarily associat¢d with constitutional and statutory r¢quirement. Pension costs and oiherpost-relirement benefits The charity makes contributions to defined contribution pension schemes and these are charged to charitable activities as they become payable accordance with the rules of thc sch¢m¢. Differences between contributions payable in the year and those actually paid are shown as either accruals or prepayments in the balance sheet. 12
Encounters Festivals Limited NOTES TO THE ACCOUNTS for the Year Ended 31 March 2023 ACCOUNTING POLICIES (continued) Foreign Currencies Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balan¢e sh¢et dal¢. Transactions in foreign curr¢n¢i¢s ar¢ translated into sterling at the rate of ex¢hang¢ ruling at the dale of the transaction. Exchange differences are taken into account in arriving at the net income of the charity. FMndAccounling Funds held by th¢ charity are-. UNrestricled general fvnds these are funds. which can be used in accordan¢e with the charitable objects at the discretion of the trustees. Reslriciedfups - these are funds that can only be us¢d for particular restricted purposes within the objects of th¢ charity. Restri¢tions arise when specified by the donor or when funds are raised for particular r¢stri¢t¢d purpos¢s. CORPORATION TAX The charity, which is a registered charity, is not liable to corporation tax on the net revenue from its primary activity or investment income to the extent that these are applied to its charitabl¢ objects. INCOME FROM DONATED SERVICES AND FACILITIES Gifts in kind are analysed into the following itetns.. 2023 2022 Festival programme Mark¢ting 43,500 41,200 84,700 72,680 10,000 82,680 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Unrestricted R¢stricl¢d Unrestricted Restricted Sponsorship Grants and donations r¢¢¢ivable Festival box office income Film submissions Advertising, promotion and other 16.100 7,333 160.671 178,252 24,508 68,958 3,593 69,336 8,325 101.791 452 73.381 176,771 185,585 13
Encounters Festivals Limited NOTES TO THE ACCOUNTS for the Year Ended 31 March 2023 EXPENDrruRE ON RAISING FUNDS Expenditure on raising funds consists of a percentage of the Festival Director's salary, to reflect the time spent raising funds, together with the Cost of external fundraisers. 2023 2022 Exp¢t]diture on raising funds 10,638 11,478 EXPENDITURE ON CHARITABLE ACTIVITIES Festival expenditure does not involv¢ any grant making a¢tiviti¢s. 2023 2022 Unrestricted Restricl¢d Unrestricted Restricted Staff costs Artislic programme Marketing Stationery and subscriptions Administration serviccs Governance costs (see note 8) Sundry Bad or doubtful d¢bts 51,517 95,673 145,143 48,717 51,730 96,070 161,703 l4,034 1,320 32,992 30,137 550 3,140 35 5,000 2,645 360 4,500 3,832 298,365 89,004 86,383 276,857 Administrative services are shown net of foreign currency gain of £727 for the year (2022 - Ioss £640) and includes rent of £9,276 (2022 £6,934). GOVERNANCE COSTS 2023 2022 Legal fees Bookkeeping fees Accountancy fees Independent examiner's fees 120 2,970 4,000 1,050 8,140 100 2,545 3,500 1,000 7,145 Net incoming resources for the year 2023 2022 This is stated after charging: Depreciation 1,396 1,396 1,627 1,627 14
Encounters Festivals Limiled NOTES TO THE ACCOUNTS for th¢ Year Ended 31 March 2023 STAFF COSTS, TRUSTEES, REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSOIYEL 2023 2022 Wages and salaries Employers pension contributions Social security costs 148,138 2,584 7,106 157,828 149,590 2,497 7,191 159,278 No etnployee eamed more than £60,000 per annum. The charity truste¢s w¢re not paid and did nol r¢ceive any oth¢r benefits from employment with th¢ charity in the year (2022 £nil). The trust¢es ar¢ only reimbursed for expenses relating to the attendance of meetings in Bristol which amount¢d to £1,527 for the year (2022 - £823). Certain staff are supplied by employment agencies at prevailing market rates. The key management personnel of the charity comprise the trustees and ihe Festival Director. The total employment benefits of the key management personnel for the year were £40.911 (2022 £44,144). The average monthly headcount was 5 staff (2022 - 5 stsffl and the average numb¢r of full-titne equivalent employees (including casual and part-time staffy during the year was made up as follows= 2023 2022 Management and administration io TANGIBLE ASSETS Equipment Cost At l April 2022 Additions At 31 March 2023 14,099 14,099 Depreciation At l April 2022 Charge for the year At 31 March 2023 11.307 1.396 12.703 Net Book Value 31 March 2023 1.396 31 March 2022 15
Encounters Festivals Limited NOTES TO THE ACCOULYrs for the Year Ended 31 March 2023 li DEBTORS 2023 2022 Trade and other debtors Accrued incom¢ 11,391 37,563 2.088 51,042 62,440 1,259 63,699 VAT 12 CREDITORS.. amounts falling due within one year 2023 2022 Trade creditors Accruals and deferred income Oiher taxes and Social Security Pension liability 3,188 25,055 955 357 29,555 16,329 67,124 2,940 519 86,912 At 31 March 2023 the charity had a rental commitment of £l,S00 falling due within one year (2022 - £2.750). 13 UNRESTRICTED FUNDS OF THE CHAIUTY CURREKf YEAR Atl April 2022 In¢oming R¢sourc¢s Outgoing Resources Transf¢r to r¢stricted funds At31 March 2023 Unrestricted generdl fund 65,379 101,877 (92,727) 74,529 PREVIOUS YEAR Atl April 2021 Incoming Resources Outgoing Resources Transfer to restrict¢d funds At31 March 2022 Unrestricted general fund 82,389 73,390 90,400 65,379 14 RESTRICTED FUNDS OF THE CHARITY CURRENT YEAR Atl April 2022 Incotlling Resources Outgoing Resources Transfer from unrestri¢t¢d funds At31 March 2023 Festival fund 261471 305,280 2,615 16
Encounters Festivals Limited OTES TO THE ACCOUNTS for the Year Ended 31 March 2023 14 RESTRICTED FUNDS OF THE CHARITY {colltinued) PREVIOUS YEAR Atl April 2021 Incoming Resource5 Outgoing Resources Transfer fro unrestricted funds At31 March 2022 F¢stival fund 62,477 268,265 284,318) 46,424 15 AIYALYSIS OF NET ASSETS BETWEEN FUNDS CURRENT YEAR Unrestri¢t¢d fund Restricted fund Total Tangible fixed assets Cash Other net current assetsl (liabilities) Net assets 1,396 38.989 34,144 74,529 1,396 41.604 34.144 77,144 2,615 2,615 PREVIOUS YEAR Unr¢stri¢ted fund Restri¢t¢d fund Total Tangible fixed assets Cash Other net current (liabilities) Net assets 2,792 83,563 20,976 65,379 2.792 IH,881 35,870 111,803 61,318 14,894 46,424 16 RELATED PARTY TRANSACTIONS The charity entered into the following transa¢tions during the year, which r¢quire disclosure under FRSIO2.. Organisation Trustee's nam¢ Trdnsaction type Incomel(expens¢s) during the year 2023 2022 Aardman Animations N Collier Sponsorship Artistic 6,000 6,000 Limina Immersive Ltd C Allen programme Nil (20,000) At 31 March 2023 £Nil (in¢luding VAT) (2022 - £7.200) was owed to th¢ charity by Aardman Animalions Limited and £Nil (including VAT) (2022 - £12.000) was owed by the charity lo Limina Immersive Ltd. 17