CITY EYE LIMITED
02786596
REPORTS AND ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2021
| CONTENTS | Pages |
|---|---|
| Company information | 2 |
| Report of the directors | 3-10 |
| Independent Examiner’s Report | 11 |
| Income and expenditure account | 12 |
| Balance sheet | 13 |
| Statement of financial activities | 14 |
| Statement of financial activities – comparative | 15 |
| Notes to the accounts | 16-22 |
Company number 02786596 Registered charity number 1089882
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CITY EYE LIMITED
ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2021
COMPANY INFORMATION
Registered office and workshop premises
Studio 144 142 – 144 Above Bar Street Southampton SO14 7DU Telephone 02380 711672 E mail: admin@city-eye.co.uk Website: www.city-eye.co.uk
Bankers
Co-operative Bank 149 High Street Southampton SO14 2BT
Independent Examiner
Robert Anthony BSc ACA 36 Merdon Avenue Chandlers Ford Eastleigh SO53 1EP
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CITY EYE LIMITED
REPORT OF THE DIRECTORS
The directors, being the trustees of the charity, present their twenty-sixth report and accounts, being for the year ended 31 March 2021.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The constitution of the charity, being a limited company, is its Memorandum and Articles of Association. The company is limited by guarantee, and has no share capital. The members of the company are prohibited from receiving any share of the surpluses that the company may make, these being retained by it to further its charitable objectives.
The charity’s registration number is 1089882 and its company registration number is 02786596. Its registered office is given on page 2 of these accounts.
The company is run by a voluntary board of directors, who act as the trustees of the charity. Directors meetings are held on a regular basis. The directors are appointed at the company’s annual general meeting. All of the directors are members of the company.
The company reviews the membership of its Board from time to time, and seeks out potential new directors, mainly from contacts made through the activities of the company and its directors. In view of the small size of the company, there is no formal procedure for training and induction of new board members.
The company currently has one full-time employee, and one part-time employee. The directors delegate the day-to-day running of the company to the full-time employee.
DIRECTORS
The directors who held office during the year were as follows:
Darren Kerr Lucy-Jane Attrill Alys Scott-Hawkins (resigned 1 November 2021) Peter Thompson Glen Jevon John Savage (appointed 1 October 2021)
OBJECTIVES AND ACTIVITIES
The principal objective of the charity is to advance the education of the public in the arts and in particular the art and science of film and video techniques.
As part of its principal objective City Eye has aimed to stimulate an interest and engagement with all areas of film production. It undertakes a range of projects involving film and video engaging with the broadest range of people and their communities. This work includes work with other charities and CICs, educational establishments and local authorities, in particular Southampton City Council.
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CITY EYE LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
OBJECTIVES AND ACTIVITIES - Continued
It also undertakes training courses and screening events, including the annual Southampton Film Week, which seeks to enhance the opportunity for filmmakers to screen work and for audiences to engage with the broadest range of film, developing experiences and deeper understanding of the medium and its content. The charity operates from rented premises in the centre of Southampton.
Access to City Eye, its services and resources continues to be of prime importance in meeting the charity’s public benefit remit. In addition to specific work with individuals and groups which experience physical or mental access challenges, the company remains concerned with the social inclusion agenda. This brings engagement with community members who find themselves isolated by issues, circumstances, or who might be identified as people vulnerable to discrimination as described in the protected characteristics of the Equality Act 2010.
The support of the organisation’s key funder, Southampton City Council, has enabled City Eye to offer competitively priced services and resources to community groups and individuals who seek to engage with the medium of film. Whenever possible, training courses and workshops are offered free to those on means tested benefits and a sliding scale of charges for equipment is in place to ensure that cost is not a barrier to anyone wishing to express themselves through a film project.
ACHIEVEMENTS AND PERFORMANCE
By the beginning of 2020/21 the country was in the grip of Covid-19 and plunged into the first period of lockdown. City Eye was unwavering in its commitment to work alongside its partners Southampton City Council and University of Southampton to enable occupation and launch of operations in the new Arts Council funded arts complex, Studio 144, but was unavoidably hindered by the unfolding events relating to the pandemic. The Studio 144 project received another blow early in the year with the announcement that Nuffield Southampton Theatres, which had operated the theatre within the complex since February 2018, had been put into administration. The financial impact to City Eye of NST’s closure was minimal, but the fate of the organisation and City Eye’s colleagues working in it a cause of concern.
Within the building occupied by City Eye and John Hansard Gallery in the Studio 144 complex ongoing negotiations to agree lease terms were stalled by the pandemic and the resultant closure of the building. John Hansard Gallery is a department of University of Southampton, which holds the lease to the premises and which will in due course agree a sub-lease with City Eye. In the interim period the organisation is permitted access to and use of the accommodation planned for it under a Tenancy at Will.
At the beginning of the lockdown period University of Southampton closed John Hansard Gallery leaving City Eye unable to access its spaces in the building. City Eye took immediate action to relocate its activities and to store equipment and resources at the company secretary’s home in order that some level of activity might be maintained. It was later agreed with the University that access would be enabled for a short time on a weekly basis whilst building checks were undertaken, but for most of the year activity was managed off-site.
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CITY EYE LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE - Continued
Whilst progress to resolve City Eye’s lease was stalled through this time, the funds allocated within the Studio 144 budget to support acquisition of equipment and fit-out of City Eye accommodation, which were held by University of Southampton, were transferred to City Eye in trust and are held pending full access to and use of City Eye’s accommodation at Studio 144.
The Studio 144 project, of which City Eye was a founding partner in 2002, has been immensely challenging, particularly for a small organisation with limited core funding to underpin its activity. The prolonged time scale and demand placed on limited resources has compounded the challenge by diverting available resources away from day-to-day operation and project development and delivery. The opportunity which the new building and its associated partnerships presents has been sufficient, however, for City Eye to sustain its commitment to the project and the creation of a dedicated hub for film and digital art for Southampton and the wider region. The Covid-19 pandemic has hindered but not weakened the organisation’s resolve to achieve this.
Studio 144 will accommodate City Eye’s operation and will enable the organisation to continue with expansion of its vibrant programme of film focused events and activities including training and education, support of emergent filmmaking talent and the wider industry and a film screening programme. In particular, and in addition to purpose-built spaces for City Eye activity such as a dedicated training room, post-production and screening spaces, the significant investment in equipment, which the organisation will soon make, will provide the uplift in resources to enable the next phase of the organisation’s development.
Through the challenges presented during the year, City Eye continued to develop, deliver and support projects – independently and in collaboration with its cultural partners and the wider community. In particular the charity worked with cultural partners to provide creative resources and activities for people of all ages. City Eye’s own projects ‘Lockdown Days’ and ‘Weekend Watchlist’ were created to engage the community in activity to document their own experience of lockdown and to engage with a broader range of films, available for viewing on-line. Working with Southampton City Council, Solent University’s Showcase Gallery, John Hansard Gallery and Southampton Cultural Education Partnership, information on these projects was included in large numbers of ‘art boxes’. These were circulated to young people most likely to be experiencing hardship during the lockdown. The boxes contained materials, ideas and links to engage with a wide variety of creative activity.
The charity continues to work closely with the wider arts, cultural and education sectors to enable projects and activity for young people although in the 20/21 year only a limited number of new projects were possible. It was gratifying, however, to continue projects with Mayflower Theatre and to continue discussions with John Hansard Gallery and Southampton City Council’s Mayflower 400 team in planning activity for delivery in 21/22. City Eye’s own school holiday Film School was paused during the year.
Production and project work during the year continued with projects on behalf of Turner Sims, John Hansard Gallery, Mayflower Theatre, SCC Mayflower 400, Go! Southampton and University of Southampton Arts and Culture team. Through this activity the organisation was able to sustain a level of work for its core team of freelance videographers some of whom found themselves ineligible for government grants and not entitled to furlough due to their freelance status.
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CITY EYE LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE - Continued
In November the company delivered the twelfth annual Film Festival, Southampton Film Week, in spite of the challenges presented by the pandemic. Whilst the programme was reduced in scale City Eye was able to present a fully on-line programme offering opportunities for filmmakers and audience through its diverse content.
The main elements of the programme were as follows:
Mayflower Theatre Southampton
The organisation is proud to work with Mayflower Theatre and in 20/21 collaborative work extended across youth engagement activities and the creation of a film to document and celebrate the work of its youth theatre which was prevented from performing projects as part of the Mayflower 400 project due to Covid-19 restrictions. Four short films were produced showing the work undertaken by the young performers. The films were shared on-line providing audiences with the opportunity to enjoy and celebrate the achievements of the group. Mayflower and City Eye Young Filmmakers Group, launched in 19/20 was adapted to run on-line with young filmmakers meeting weekly to produce a number of short films; first individually but then as a collaboration over-coming the challenges of not meeting or being supported in person.
John Hansard Gallery Documentation
In October John Hansard Gallery with which City Eye shares its accommodation was unable to open to the public due to further lockdown restrictions. Its planned exhibition Seaside: Photographed was filmed by City Eye and combined with location footage of Southampton to create a film offering an experience of the exhibition along with a sense of seaside in Southampton.
Mayflower 400
Mayflower 400 was an ambitious year-long commemoration marking the 400th anniversary of the Mayflower’s pioneering voyage, telling the story of a ship and its passengers. It included a creative, inspiring series of events linking the 4 nations at the heart of the story. In England, the commemoration focused on the key towns and cities that make up the national Mayflower trail, one of which is Southampton. City Eye’s principle engagement with the project was planned for 20/21 but due to Covid-19 was very much delayed and in the event only half of the main project, based on recording oral histories of people who have migrated to Southampton and working with young people to produce short films inspired by the stories, was achieved. 12 new stories were recorded, however, in preparation for work with young filmmakers in the future.
City Eye was also successful in securing a Community Heritage Grant as part of the M400 project to support work in digitising its own archive of film and video footage in particular records and projects that engage with the stories of people and communities that have migrated to the city.
In Southampton Film Week (November 2020) 2 feature films were shown as on-line events with Q&As. Via webinar, City Eye was joined by filmmakers in New England to discuss their films with panellists, chaired by the SFW and City Eye Director.
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CITY EYE LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
ACHIEVEMENTS AND PERFORMANCE – Continued
Go! Southampton: Giving Thanks
In November the charity was commissioned by Southampton’s Business Improvement District, Go! Southampton as its own contribution to the Mayflower 400 project, to produce 5 short films celebrating people from the health and voluntary sector for their work and significant contributions to supporting the community during the pandemic. The films were shared widely via social media in particular around the time of American thanksgiving and as the UK prepared for Christmas in lockdown.
Southampton Film Week
The twelfth annual Southampton Film Week, held between 6th and 15th November, again saw City Eye leading the city’s celebration of filmmaking and film culture – but delivered as an online event. The circumstances of the pandemic necessitated a significantly smaller festival but continued to cater for a range of broad tastes and age groups, professional and developing filmmakers.
SFW: Shorts, the festival’s own short film competition ran for the 8[th] year and invited filmmakers to submit films up to 10 minutes in length for judging. Short films were again submitted from across the globe. The creation of showcase opportunities for emergent filmmaking talent remains a key driver for the festival and alongside the workshop, networking and masterclass events, providing enhanced opportunities for project and career development. Submissions enabled a rich and varied short-list of films which were shared on-line for audiences to enjoy and respond to. Further on-line features and shorts included an archive presentation in collaboration with Wessex Film and Sound Archive and work as part of the Mayflower 400 programme. In order to extend the opportunity for audiences to engage with a programme of independent and world cinema SFW collaborated with the one-off Amplify Film Festival linking its audiences with the diverse programme it had to offer.
SFW20 was supported largely through in-kind contributions from its partners which complement box office and competition submission income. Further funding is provided through City Eye’s annual grant provided by Southampton City Council, an element of which is directed to Southampton Film Week activity.
Southampton’s New Arts Complex
As described, City Eye continues in its effort to establish a fully operational film and media hub within Studio 144, the new arts complex project with which it has been engaged for 18 years. The investment of time and resources to bring the project to fruition has been significant, particularly for such a small organisation. Completion of all outstanding legal work to enable launch in the centre is an absolute priority for the organisation as it pushes to protect its own investment and that on behalf of the region’s film and media communities.
Located on Guildhall Square, at the heart of Southampton’s developing Cultural Quarter, the impressive arts facilities have been principally funded by Arts Council England, SCC and University of Southampton, and sit within a larger development which includes residential and retail spaces delivered by Grosvenor who have worked with CZWG architects. Studio 144 incorporates a range of performance art and gallery spaces along with production, postproduction, screening and education facilities for City Eye.
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CITY EYE LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
FINANCIAL REVIEW
Results
| The surplus for the year has arisen as follows: Surplus/(deficit) on general fund Surplus on restricted revenue funds (Deficit) on restricted capital funds Overall surplus/(deficit) |
2020/21 £ 32,457 500 -1,699 --------- £31,288 ===== |
2019/20 £ -30 - -2,226 --------- -£2,256 ===== |
|---|---|---|
The charity generated a surplus of £32,457 on its general fund for the year. This was an exceptional result brought about by the consequences of the Covid pandemic. The pandemic resulted in the company having to curtail many activities, especially in the first half of the year under review. Whilst this led to reduction in both project income and costs, Southampton City Council continued to pay its revenue grant. This was £26,527, the same level as for 2019/20.
The premises occupied by Studio 144 are subject to a high level of business rates, although the company has previously obtained 80% mandatory charity relief. This benefitted the company in two ways – not only was it granted complete exemption from paying any business rates for the year under review, it also benefited from the higher level of covid support grants, as these were based on the rateable value of the premises.
The charity is very grateful for the covid support grants which it obtained, as without those, it would have made a deficit which would have largely eliminated its general reserves.
Project income declined from £28,313 to £17,255. The Southampton Film Week live performances were all cancelled and were replaced by a digital offering. Whilst this led to a reduction in project costs, more was spent in terms of freelance support for digital marketing. Expenditure on digital subscriptions and on-line services also increased from the previous year.
The level of core funding provides for the very minimum of staffing. The charity spent the majority of the year with just one employee, and due to the effects of Covid, recruitment was not possible. Towards the end of the period, the company engaged an additional, albeit part-time employee.
The restricted capital fund shows a deficit for the year which is expected, as depreciation is being charged on the tangible fixed assets funded in previous years by grants and donations, and this will gradually reduce the fund over the coming years.
A transfer is made each year to or from the designated capital fund to reflect the change in the company’s investment in its equipment and other fixed assets, excluding assets acquired by restricted funds. An amount of £91 has been transferred from the general fund to the capital reserve as shown in note 10.
Owing to the exceptional surplus for the year, the charity has designated all its covid-related support with the exception of £10,000 - a total of £29,857 - to cover future costs of employing additional staff and to provide reserves to cover the potential future rent and service charges which may arise once the University of Southampton complete the formal lease arrangements.
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CITY EYE LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
FINANCIAL REVIEW – Continued
Reserves policy statement
The charity does not hold reserves in order to fund future operations, since a significant part of its funding is in the form of an annual grant from the city council, and the charity aims to break-even on an annual basis. Where a surplus does arise, this is retained to fund either future capital expenditure or additional development costs. The amount of such reserves used by the company to cover capital expenditure is shown as a separate designated fund on the balance sheet.
The company has a reserves policy of maintaining a £5,000 general reserve. The company has maintained its general reserves at above this level for 2020/21.
Risk assessment statement
The main operating risks facing the charity are those associated with the operating of premises and the employment of staff. However, many of the risks of the base at Studio 144 are minimised since the actual building is looked after by Southampton University. The charity ensures that adequate insurance is maintained to cover not only general contents but also public and employers liability.
The main financial risk is the reliance on revenue grants from its main funder, Southampton City Council, which is essentially fixed for the year, yet the operating income, especially project work is uncertain. The directors keep the annual budget regularly under review at their meetings and budgets and reports are produced during the year.
The directors and staff work to maintain good relations with the City Council and additional funding from other sources is obtained wherever possible to supplement the main grant.
Another potential risk facing the charity is in relation to the costs associated with its occupation of accommodation in Studio 144, as the charity has at present no formal lease and there is no quantification of the likely service costs which may be levied by the university in the future.
FUTURE DEVELOPMENTS
The charity will continue to develop its programme of education and training, aiming to involve greater numbers of people from all sections of the community. Funding will be identified and sought where possible to improve the facilities available in order to support the growth of the education programme. Work to support the development of new film, emergent and established filmmakers along with activity to embed the medium in the community through engagement on filmmaking projects and screenings will continue to be key areas of focus.
Work continues with John Hansard Gallery, Mayflower Theatre, University of Southampton and Southampton City Council, the organisations partners in Studio 144, Southampton’s city centre arts complex project. City Eye will continue to engage with initiatives focused on the development of audience for and animation of Southampton’s Cultural Quarter including We Are The Square which has succeeded the earlier Art at the Heart project.
The charity anticipates being able to fully occupy its new spaces in Studio 144 within the 2022/23 financial year.
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CITY EYE LIMITED
REPORT OF THE DIRECTORS (CONTINUED)
PUBLIC BENEFIT STATEMENT
In accordance with the requirements of the Charities Act 2011 and the associated Charities (Accounts and Reports) Regulations 2008, the directors confirm that they have complied with their duties to have due regard to the guidance on public benefit as published by the Charity Commission, in exercising their powers and duties in the year under review.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Report of the Directors and accounts in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including the Charity SORP of 2015. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing those financial statements, the directors are required to:
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select suitable accounting policies and then apply them consistently
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make judgments and estimates that are reasonable and prudent
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prepare accounts on a going concern basis unless it is inappropriate to presume that the company will continue in business.
STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the company and that enable them to ensure that the accounts comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.
BY ORDER OF THE BOARD
Susan Beckett Secretary, Southampton
Date: 29 March 2022
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INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF
CITY EYE LIMITED CHARITABLE COMPANY
I report to the charity trustees on my examination of the accounts of the company charity for the year ended 31 March 2021, which are set out on pages 12 to 22.
Responsibilities and basis of report
As the charity’s trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (the 2006 Act).
Having satisfied myself that the accounts of the company are not required 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 charity’s accounts as carried out under Section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner’s statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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 my examination; or
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The accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by Charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Robert Anthony
36 Merdon Avenue Chandlers Ford Eastleigh Hampshire SO53 1EP
29 March 2022
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CITY EYE LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2021
| Notes INCOME Donations Income from charitable activities 2 Other income – Southampton City Council Covid support grants EXPENDITURE Charitable activities 3 SURPLUS(DEFICIT) ON OPERATING ACTIVITIES Bank interest received SURPLUS/(DEFICIT) ON ORDINARY ACTIVITIES BEFORE TAXATION Corporation Tax 6 SURPLUS/(DEFICIT) FOR THE YEAR AFTER TAXATION 12 |
2020/21 £ 21 46,582 39,857 ---------- 86,460 ---------- 55,174 ---------- 31,286 2 --------- 31,288 - --------- £31,288 ===== |
2019/20 £ 200 60,008 - ---------- 60,208 ---------- 62,466 --------- -2,258 2 --------- -2,256 - --------- -£2,256 ===== |
|---|---|---|
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CITY EYE LIMITED
COMPANY NUMBER 02786596
BALANCE SHEET
AT 31 MARCH 2021
| AT 31 MARCH 2021 | |||
|---|---|---|---|
| Notes | 2021 | 2020 | |
| £ | £ | ||
| TANGIBLE FIXED ASSETS | 7 | 5,763 | 7,341 |
| --------- | --------- | ||
| CURRENT ASSETS | |||
| Debtors | 8 | 7,245 | 8,223 |
| Cash at bank and in hand | 45,070 | 8,297 | |
| --------- | --------- | ||
| 52,315 | 16,520 | ||
| CREDITORS: Amounts falling due within | |||
| one year | 9 | 4,427 | 1,498 |
| --------- | --------- | ||
| NET CURRENT ASSETS | 47,888 | 15,022 | |
| --------- | --------- | ||
| NET ASSETS | £53,651 | £22,363 | |
| ===== | ===== | ||
| FUNDS OF THE CHARITY | |||
| Unrestricted funds: | |||
| Income and expenditure account | 10 | 15,531 | 13,022 |
| Designated revenue reserve | 10 | 29,857 | - |
| Designated capital reserve | 10 | 754 | 663 |
| --------- | --------- | ||
| 46,142 | 13,685 | ||
| Restricted funds: | |||
| Revenue funds (page 14) | 2,500 | 2,000 | |
| Capital funds | 11 | 5,009 | 6,678 |
| --------- | --------- | ||
| TOTAL FUNDS | 12 | £53,651 | £22,363 |
| ===== | ===== |
For the financial year ended 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 and no notice has been deposited under section 476. The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing accounts which give a true and fair view of the state of affairs of the company as at 31 March 2021 and of its result for the financial year in accordance with the requirements of section 396 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
The financial statements have been prepared in accordance with the provisions of Part 15 of the Companies Act 2006.
The accounts on pages 12 to 22 were approved by the Board of Directors and authorised for issue on 29 March 2022 and are signed by:
Peter Thompson Director
Glen Jevon Director
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CITY EYE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2021
| Income from: Donations Charitable activities Other income Interest received Expenditure on: Charitable activities Net income/(expenditure) Funds brought forward Funds carried forward Analysis of net assets between funds Tangible fixed assets Debtors Cash at bank Less: Creditors Total net assets |
Unrestricted funds 21 43,782 39,857 2 ---------- 83,662 ---------- 51,205 ---------- 32,457 13,685 --------- £46,142 ===== 754 7,105 42,710 -4,427 --------- £46,142 ===== |
Restricted revenue funds £ - 2,800 - - --------- 2,800 --------- 2,300 --------- 500 2,000 --------- £2,500 ===== - 140 2,360 - --------- £2,500 ===== |
Restricted capital Total Total funds 2021 2020 £ £ £ - 21 200 - 46,582 60,008 - 39,857 - - 2 2 --------- ---------- ---------- - 86,462 60,210 --------- ---------- ---------- 1,669 55,174 62,466 --------- ---------- ---------- -1,669 31,288 -2,256 6,678 22,363 24,619 --------- --------- --------- £5,009 £53,651 £22,363 ===== ===== ===== 5,009 5,763 7,341 - 7,245 8,223 - 45,070 8,297 - -4,427 - 1,498 --------- --------- --------- £5,009 £53,651 £22,363 ===== ===== ===== |
|---|---|---|---|
The net income figure of £31,288 is equivalent to the surplus of income over expenditure for the year as shown in the income and expenditure account on page 12. The balance on the income and expenditure account of £53,651 equals the total net assets at 31 March 2021 shown above. The unrestricted revenue funds are analysed in note 10.
14
CITY EYE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2021 – COMPARATIVE
| Income from: Donations Charitable activities Interest received Expenditure on: Raising funds Charitable activities Net (expenditure)/income Funds brought forward Funds carried forward Analysis of net assets between funds Tangible fixed assets Debtors Cash at bank Less: Creditors Total net assets |
Unrestricted funds 200 54,840 2 ---------- 55,042 ---------- - 55,072 ---------- 55,072 ---------- -30 13,715 --------- £13,685 ===== 663 8,223 6,297 -1,498 --------- £13,685 ===== |
Restricted revenue funds £ - 5,168 - --------- 5,168 --------- - 5,168 --------- 5,168 --------- - 2,000 --------- £2,000 ===== - - 2,000 - --------- £2,000 ===== |
Restricted capital Total Total funds 2020 2019 £ £ £ - 200 460 - 60,008 76,265 - 2 - --------- ---------- ---------- - 60,210 76,725 --------- ---------- ---------- - - 248 2,226 62,466 67,859 --------- ---------- ---------- 2,226 62,466 50,987 --------- ---------- ---------- -2,226 -2,256 8,618 8,904 24,619 16,001 --------- --------- --------- £6,678 £22,363 £24,619 ===== ===== ===== 6,678 7,341 9,995 - 8,223 7,487 - 8,297 17,806 - -1,498 - 10,669 --------- --------- --------- £6,678 £22,363 £24,619 ===== ===== ===== |
|---|---|---|---|
The net expenditure figure of £2,256 is equivalent to the deficit of income over expenditure for the year as shown in the income and expenditure account on page 12. The balance on the income and expenditure account of £22,363 equals the total net assets at 31 March 2020 shown above.
15
CITY EYE LIMITED
NOTES TO THE ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2021
1. ACCOUNTING POLICIES
Basis of accounting
The company uses the historical cost basis of accounting, and the accounts are drawn up in accordance with the requirements of the Statement of Recommended Practice of Accounting by Charities (SORP) 2015 – second edition, issued by the Charity Commission.
Income
Income represents revenue and capital grants receivable and project fees for work done and equipment hire. Grants and amounts invoiced in advance of the project work being completed are included in creditors as deferred income. Grants received for general revenue purposes are treated as unrestricted funds; grants received that are specified by the donor for a specific purpose are treated as restricted funds. Grants are included as receivable when the company has an unconditional entitlement to the funds at the year-end.
Tangible fixed assets
Tangible fixed assets are stated in the balance sheet at cost less capital grants received less accumulated depreciation. Depreciation is provided to write off the cost of these assets over their estimated useful life on the reducing balance basis at the rate of 25% per annum.
Where tangible fixed assets are donated to the charity and are material and their value can be assessed with reasonable accuracy, they are included in the balance sheet as assets and depreciated in the normal manner. Their value is included as restricted grant income and the depreciation is allocated against the restricted income, such that the net book value of the assets at the year-end is equivalent to the balance on the restricted fund.
Tangible fixed assets purchased from capital funds provided by the University of Southampton are not included in the balance sheet as they are held in trust for the university and do not belong to the company.
Allocation of support costs
In view of the small size of the charity, it is not practical to attempt to allocate staff time and other office related overheads between charitable activities and governance, and so all such costs have been allocated to the cost of charitable activities, these being by far the most predominant activity.
Restricted and unrestricted funds
The company has a policy of distinguishing its reserves (or funds) between unrestricted or general reserves, and restricted reserves. The latter arise from income that is unspent by the year-end, but where the donor has specified the use to which the money is to be put. The unrestricted reserves are designated by the directors where necessary, to fund future events, activities or capital expenditure for which the funds were received.
16
CITY EYE LIMITED
NOTES TO THE ACCOUNTS (Continued)
- ACCOUNTING POLICIES - continued
Restricted and unrestricted funds - continued
The charity has one such designated revenue reserve, relating to funds provided by the Southampton City Council to assist in meeting the extra costs of operating from the new premises of Studio 144.
Capital funds provided by the University of Southampton which are unspent at the year-end are held in trust and as such are not included in the balance sheet as reserves nor as cash at bank.
Capital reserve
Where tangible fixed assets are purchased from revenue funds, an amount equal to their cost is transferred to a capital reserve, from the income and expenditure account. This is a designated rather than restricted fund, in that part of the unrestricted or general reserves have been applied for a purpose specified by the trustees of the charity.
As the tangible fixed assets are depreciated, an amount equal to this depreciation is then released to the income and expenditure account. The balance on the capital reserve is therefore equal to the net book value of the tangible fixed assets financed.
Companies Act 2006
The directors have departed from the exact formats laid down by the Companies Act 2006 in order for the accounts to give a true and fair view of the company's affairs.
17
CITY EYE LIMITED
NOTES TO THE ACCOUNTS (Continued)
2. INCOME FROM CHARITABLE ACTIVITIES
| Unrestricted funds: General revenue grants: Southampton City Council Income from activities: Project fees and event income Workshop fees Facilities and equipment hire Other Total unrestricted funds Restricted revenue funds: Southampton City Council British Film Institute Total Total income 3. COST OF CHARITABLE ACTIVITIES Staff costs (note 4) Direct project costs Freelance worker fees Southampton Film Week Computer maintenance Websites and social media Internet provision Rates for Studio 144 Insurance Support costs (note 5) Depreciation Loss on disposal of fixed assets |
2020/21 £ 26,527 16,746 490 - 19 ---------- 17,255 ---------- 43,782 ---------- 2,800 - --------- 2,800 ---------- £46,582 ====== 32,511 - 9,696 1,581 1,325 1,533 605 - 1,685 4,329 1,909 - ---------- £55,174 ====== |
2019/20 |
|---|---|---|
| £ 26,527 25,640 930 1,743 - ---------- 28,313 ---------- 54,840 ---------- 500 4,668 ---------- 5,168 ----------- £61,008 ====== 29,758 3,098 11,535 3,753 1,300 226 72 4,057 1,900 4,113 2,435 219 ---------- £62,466 ====== |
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CITY EYE LIMITED
NOTES TO THE ACCOUNTS (Continued)
| 4. STAFF COSTS Salaries Pension contributions Training |
2020/21 £ 31,645 704 162 ---------- £32,511 ====== |
2019/20 £ 28,533 545 680 ---------- £29,758 ====== |
|---|---|---|
The company had on average one full-time employee (2020: one full-time and one part-time) during the year, excluding directors. The directors received no remuneration for their services as directors. No re-imbursement of trustee expenses was made in the year (2020: nil).
Under the terms of the charity’s constitution, one director received fees for his professional filming services. Glen Jevon received fees amounting to £2,400 (2019/20: £6,650) during the year.
Remuneration paid to the key management personnel, not being a trustee, was £30,000 (2020: £22,221).
| 5. SUPPORT COSTS Freelance administration Stationery, postage and office Telephone Travel and subsistence Bookkeeping Accountancy Professional fees Subscription Sundries Interest and charges Bad debts Exchange loss/(gain) Paypal commission Eventbrite commission |
2020/21 £ 2,003 27 109 157 342 1,170 210 50 13 - 19 186 8 35 --------- £4,329 ===== |
2019/20 £ 1,151 132 128 617 300 1,080 - 40 90 2 414 -66 30 195 --------- £4,113 ===== |
|---|---|---|
6. CORPORATION TAX
No charge to corporation tax arises since the company is a registered charity.
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CITY EYE LIMITED
NOTES TO THE ACCOUNTS (Continued)
| 7. TANGIBLE FIXED ASSETS | ||
|---|---|---|
| Film, video and computer equipment | ||
| £ | ||
| COST | ||
| At 1 April 2020 | 45,134 | |
| Addition | 331 | |
| --------- | ||
| At 31 March 2021 | 45,465 | |
| --------- | ||
| DEPRECIATION | ||
| At 1 April 2020 | 37,793 | |
| Provided | 1,909 | |
| --------- | ||
| At 31 March 2021 | 39,702 | |
| --------- | ||
| NET BOOK VALUE | ||
| At 31 March 2021 | £5,763 | |
| ===== | ||
| At 31 March 2020 | £7,341 | |
| ===== | ||
| 2021 | 2020 | |
| £ | £ | |
| 8. DEBTORS | ||
| Amounts falling due within one year: | ||
| Project income debtors | 4,600 | 6,500 |
| Prepayments and accrued income | 2,379 | 150 |
| Other debtors | 266 | 1,573 |
| --------- | --------- | |
| £7,245 | £8,223 | |
| ===== | ===== | |
| There are no amounts falling due after more than one year. | ||
| 9. CREDITORS | ||
| Amounts falling due within one year: | ||
| Social security payable | 652 | - |
| Accruals and other creditors | 1,375 | 1,498 |
| Deferred income | 2,400 | - |
| -------- | -------- | |
| £4,427 | £1,498 | |
| ===== | ===== | |
| There are no amounts falling due after more than one year. |
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CITY EYE LIMITED
NOTES TO THE ACCOUNTS (Continued)
10. UNRESTRICTED FUNDS
| 10. UNRESTRICTED FUNDS | ||||
|---|---|---|---|---|
| General | Capital | Premises | ||
| fund | fund | fund | Total |
|
| £ | £ | £ | £ |
|
| Balance brought forward | 13,022 | 663 | - | 13,685 |
| Surplus for the year | 32,457 | - | - |
32,457 |
| Transfer from general fund re tangible | ||||
| fixed assets (see below) | -91 | 91 | - | - |
| Transfer to designated fund | -29,857 | - | 29,857 | - |
| ---------- | ---------- | ---------- | ---------- |
|
| Balance carried forward | £15,531 | £754 | £29,857 | £46,142 |
| ====== | ====== | ====== | ====== |
|
| The transfer to the capital fund from the income | ||||
| and expenditure account is in respect of: | ||||
| £ | ||||
| Depreciation charged for the year | -1,909 | |||
| Depreciation allocated to restricted capital | funds | 1,669 | ||
| Cost of addition financed from general funds | 331 | |||
| --------- | ||||
| Net transfer to the capital fund | £91 | |||
| ===== |
The balance on the capital fund represents the company’s investment in its tangible fixed assets. With the amount of the restricted capital funds of £5,009, this equals the total net book value of the tangible fixed assets shown in note 7 of £5,763
11. RESTRICTED CAPITAL FUNDS
| 11. RESTRICTED CAPITAL FUNDS | ||||
|---|---|---|---|---|
| Pheonix | Southampton | |||
| Film | Screen | Solent | ||
| Society | South | University | Total | |
| £ | £ | £ | £ | |
| Balance brought forward | 675 | 133 | 5,870 | 6,678 |
| Depreciation allocated for the year | 169 | 33 | 1,467 | 1,669 |
| --------- | ---------- | ---------- | ----------- | |
| Balance carried forward | £506 | £100 | £4,403 | £5,009 |
| ====== | ====== | ====== | ====== |
| 2021 | 2020 | |
|---|---|---|
| £ | £ | |
| 12. STATEMENT OF MOVEMENT IN FUNDS | ||
| Opening funds | 22,363 | 24,619 |
| Surplus/(deficit) for the year (page 12) | 31,288 | -2,256 |
| ----------- | ---------- | |
| Closing funds | £53,651 | £22,363 |
| ====== | ====== |
21
CITY EYE LIMITED
NOTES TO THE ACCOUNTS (Continued)
13. RELATED PARTIES
There are no disclosures required in respect of transactions with related parties, other than the transactions relating to the director for professional services provided as described in note 4.
14. CONTINGENT LIABILITY
The company has entered into a Tenancy At Will in relation to its occupation of rooms within the arts complex known as Studio 144. Its immediate landlord is the John Hansard Gallery which is a department of the University of Southampton. To date the company has not received any demands from the university for any rent or service charges that may be due once the company has entered into a formal lease for the occupation of these premises. As these charges are not quantified at the present time, no provision has been made in these financial statements for the possible cost.
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