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2023-09-30-accounts

Charity registration number 1095371

Company registration number 04476928 (England and Wales)

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Mr CJ P McKeown Ms S Williams Miss G Kearney

Charity number

Company number Registered office

1095371 04476928

Old St Lawrence School Westminster Road Liverpool Merseyside United Kingdom L4 3TQ

Independent examiner

Sedulo Liverpool Limited 5th Floor Walker House Exchange Flags Liverpool Merseyside United Kingdom L2 3YL

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

CONTENTS

Page
Trustee report 1 - 5
Independent examiner's report 6
Statement of financial activities 7
Balance sheet 8
Notes to the financial statements 9 - 17

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

The trustees present their annual report and financial statements for the year ended 30 September 2023.

The financial statements have been prepared in accordance with the accounting policies to the financial statements and comply with the charity's deed of trust, the Companies Act 2006 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 102).

Objectives and activities

Mission Statement

Our mission is to maintain excellence in education and service provision. To pay attention to the detail of our student’s needs, in the design and delivery of our courses, and the needs of our clients, in the set up and execution of our services. To afford our students, and our clients, every advantage and opportunity in the realisation of their goals. We value our clients, and we love film. Our mission is to honour both.

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

LFAET Aims

The charity is a company limited by guarantee. The charity's objects are to provide professional media, digital and creative training, personal development, professional and personal mentoring, guidance, advocacy and group educational activities to young and old people on Merseyside regardless of any social, financial or geographical restrictions.

The Educational Trust aims to provide quality industry standard training and personal

development to each of the participants on our courses. The trust will play its full part in the economic, cultural and social life of Merseyside through its development plan to deliver a quality service by contributing and subsidising leisure facilities, advocacy services and training support to the local community.

During the past 22 years we have strived to become a beacon of vision and social advancement in North Liverpool.

22 years ago, we at the Liverpool Film Academy Educational Trust, restored the otherwise dilapidated old school building of Kirkdale St. Lawrence from a windowless monstrosity into the proud business you see today.

A potential fire hazard and permanent example of a despondent and downcast community was reborn in to an area for positive activity, business, creativity and economic growth.

The Film Academy exists as not-for-profit organisation primarily here to serve out the mission statements listed above.

Giving something back:

We support and house community groups and local artists - for free - in an effort to engage community hearts and minds and raise local aspirations.

The Reach of our Work:

Liverpool Film Academy Educational Trust persists in their vision to engage with youth, returners to work, minority groups and those other members of our community who are excluded from mainstream routes into media and creative learning.

We try to up skill, educate and personally develop individuals through using creativity and media as a vehicle. The fact we are so closely linked with the working media industry only goes to further our breadth of learner opportunity and potential to engage individuals with work based learning and employment opportunities.

LFAET objectives:

Competitive advantage:

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Public benefit

As required by Section 17(5) of the Charities Act. The Trust, in shaping the objectives for the year and planning the Trust's activities, the trustees have considered the Charity Commission's guidance on public benefit and fee charging, The Company provide subsidised office space for Liverp0ol start up creative businesses.

Activities

Community Activities

Partnerships:

The unique selling point for LFAET is Its relationship with LA Productions and the opportunities that provides to trainees for real employment opportunities in the film and television industry. In addition LFAET staff have access to the wealth of expertise and resources LA Productions make available to their trainees. From the point of view of a trainee they get an outstanding experience in that they are supported in their educational development by professional educations in LFAET and are able to access mentors working at the top of their profession in film and television.

Our successes with all levels of educational and community agencies have been documented in previous reports. We have offered over 50 training and placement opportunities ranging from one day to three months. We continue to offer this range of placements but experience tells us that longer term training and placements are more productive so we have broadened our efforts in this direction and in collaborative community projects as below.

Schools:

Script to Screen is our longest standing training programme that remains available to schools with LFAET and LA Production staff go into schools and workshop pupils to develop short stories and films about social issues.

University:

We continue to work with all four the local universities and this year we have been engaged with:

With our Masterclass and Industry Talk’s programmes we have been particularly active this year with Edge Hill University and Liverpool John Moores University. These events generally

comprise half a day or a day with a group of senior staff including the CEO attending the University for workshop and talks. They will conclude by engaging informally with students for advice and guidance on working in the industry and always with the offer of hosting interested students who would like to visit LA Productions and the offer of placements to the right candidates.

What is not often appreciated by students is the breath of roles in the film and television industry. We have also worked with Salford University as external examiners for a PhD on the Media Industry, specifically Children’s Television.

Other Partnerships:

BBC Bursary Scheme

LA Productions have been awarded a paid bursary from the BBC for BAME trainees/students to be paid to work on all productions. The experience is invaluable. The time, resources and energy afforded to managing and properly monitoring these projects is substantial on the staff at LA Productions and LFA responsible for the development of the trainee.

Volunteers

As the Trust operates from the same site as Liverpool Academy Productions Limited, it continues to benefit from the various members of the LA Productions team who volunteer their time and the use of space and equipment. This allows for an exceptional quality of volunteer that would not be available if based elsewhere.

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

Achievements and performance

Significant activities and achievements against objectives

Projects

Granite Harbour series 2 - BBC Scotland & BBC1

These placements were for five episodes of the whole series working with a different director and cast on every episode. BBC also provided a similar bursary on previous projects trainees working in Directing, Camera and Costume and feedback from trainees was that they had an outstanding experience.

This Scheme is highly successful and feedback from students indicates it is invaluable in gaining professional training and again requires substantial work and commitment from both LA Productions and LFA.

National Educational Networks include:

International Networks include:

Financial review

Reserves policy

The Charity's reserves (excluding restricted funds) held as at the balance sheet date are in deficit by £32,115 (2022: deficit £17,857).

Unrestricted funds, where available, can be used in accordance with the charitable objectives at the discretion of the trustees.

Structure, governance and management

The charity is controlled by its Articles and Association and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr CJ P McKeown

Ms S Williams

Miss G Kearney

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

TRUSTEE REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Recruitment and appointment of trustees

Recruitment and appointment of trustees

I take this opportunity to thank all trustees who have served on the Board during the past year.

At the Educational Trust we are always eager to recruit trustees to the board and new members to the Trust. The Board of trustees may appoint any person nominated by any member of the Association as a member of the Board of trustees.

No person who is not a member of the Association shall in any circumstances be eligible to hold office as a member of the Board of trustees.

As Trustees serve as a means of communication with communities that a charity exists to serve, it is important we consider the composition and diversity of the board. Expanding and diversifying the composition of trustees will enhance the good management and senior staffing of the charity by bringing in fresh expertise and experience. After deliberations and consideration of our strategic plan and aims going forward we would:

Existing trustees will conduct interviews with a set of agreed questions for all candidates. Notes of interviews will be kept. Successful candidates will be approved by all trustees and appointed subject to positive references. Trustees must also be satisfied in writing that candidates have:

Once the above procedure is followed to the satisfaction of the board, the existing Trustees would be in a position to appoint the new Trustee. The Chair of Trustees would then write to the successful candidate outlining their duties as members of the Board. They would be invited to participate in the next meeting and be allocated a mentor who would support them through a formal induction process where they would get full information of the charity and meet staff and participants.

Risk management

The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.

The trustee report was approved by the Board of Trustees.

Mr CJ P McKeown Trustee

16 August 2024

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

I report to the trustees on my examination of the financial statements of The Liverpool Film Academy Educational Trust (the charity) for the year ended 30 September 2023.

Responsibilities and basis of report

As the trustees of the charity (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

Having satisfied myself that the financial statements of the charity 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 the charity’s financial statements carried out under section 145 of the Charities Act 2011 (the 2011 Act). In carrying out my examination I have followed all the applicable 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 that in any material respect:

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 financial statements to be reached.

Sedulo Liverpool Limited

5th Floor Walker House Exchange Flags Liverpool Merseyside L2 3YL United Kingdom

Dated: 20 August 2024

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 SEPTEMBER 2023

Unrestricted
Restricted
funds
funds
2023
2023
Notes
£
£
Income from:
Donations and legacies
2
-
-
Charitable activities
Creative Skillset - Script to
Screen
3
-
-
Investment income
3
25,322
-
Total income
25,322
-
Expenditure on:
Raising funds
4
1,663
-
Charitable activities
5
23,859
13,906
Other expenditure
152
-
Total expenditure
25,674
13,906
Net expenditure
(352)
(13,906)
Transfers between funds
(13,906)
13,906
Net movement in funds
(14,258)
-
Reconciliation of funds:
Fund balances at 1 October 2022
(17,857)
-
Fund balances at 30 September
2023
(32,115)
-		 Total
Unrestricted
Restricted
funds
funds
2023
2022
2022
£
£
£
-
2,600
-
-
-
21
25,322
25,908
-
25,322
28,508
21
1,663
750
-
37,765
110,140
9,080
152
152
-
39,580
111,042
9,080
(14,258)
(82,534)
(9,059)
-
(9,059)
9,059
(14,258)
(91,593)
-
(17,857)
73,736
-
(32,115)
(17,857)
-		 Total
2022
£
2,600
-
21
25,908
28,529
750
119,220
152
120,122
(91,593)
-
(91,593)
73,736
(17,857)

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

BALANCE SHEET

AS AT 30 SEPTEMBER 2023

Notes
Fixed assets
Tangible assets
10
Current assets
Debtors
11
Cash at bank and in hand
Creditors: amounts falling due within one year
12
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
13
Net assets excluding pension liability
Net liabilities
The funds of the charity
Unrestricted funds		 2023
£
£
543,954
432
2,529
2,961
(71,449)
(68,488)
475,466
(507,581)
(32,115)
(32,115)
(32,115)
(32,115)		 2022
£
£
557,860
-
-
-
(69,166)
(69,166)
488,694
(506,551)
(17,857)
(17,857)
(17,857)
(17,857)

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 30 September 2023.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 16 August 2024

Mr CJ P McKeown

Trustee

Company registration number 04476928 (England and Wales)

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

Charity information

The Liverpool Film Academy Educational Trust is a private company limited by guarantee incorporated in England and Wales. The registered office is Old St Lawrence School, Westminster Road, Liverpool, Merseyside, L4 3TQ, United Kingdom.

1.1 Accounting convention

The financial statements have been prepared in accordance with the Charities SORP (FRS 102), the Companies Act 2006 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 102) (effective 1 January 2019)". The charity is a Public Benefit Entity as defined by FRS 102.

The charity has taken advantage of the provisions in the SORP for charities applying FRS 102 Update Bulletin 1 not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.5 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements 2% on cost Plant and equipment 20% on cost Fixtures and fittings 25% on reducing balance Motor vehicles 33% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.6 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.8 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2 Income from donations and legacies

Donations and gifts
Income from charitable activities
Unrestricted
Restricted
funds
funds
2023
2023
£
£
Creative Skillset - Script to Screen
Other income
-
-
Investment income
Charitable rental income
25,322
-
25,322
-		 Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
-
2,600
Total
Unrestricted
Restricted
Total
funds
funds
2023
2022
2022
2022
£
£
£
£
-
-
21
21
25,322
25,908
-
25,908
25,322
25,908
21
25,929		 Unrestricted
Unrestricted
funds
funds
2023
2022
£
£
-
2,600
Total
Unrestricted
Restricted
Total
funds
funds
2023
2022
2022
2022
£
£
£
£
-
-
21
21
25,322
25,908
-
25,908
25,322
25,908
21
25,929
Total
2022
£
21
25,908
25,929

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

4 Expenditure on raising funds

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Trading costs
Other trading activities 1,663 750

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

5 Expenditure on charitable activities

General fund Building fund
2023
2023
£
£
Direct costs
Depreciation and impairment
-
13,906
Share of support and governance costs (see note 6)
Support
19,859
-
Governance
4,000
-
23,859
13,906
Analysis by fund
Unrestricted funds
23,859
-
Restricted funds
-
13,906
23,859
13,906		 Total
General fund Building fund
2023
2022
2022
£
£
£
13,906
4,871
9,059
19,859
102,054
-
4,000
3,215
-
37,765
110,140
9,059
23,859
110,140
-
13,906
-
9,059
37,765
110,140
9,059		 Creative
Skillset
2022
£
21
-
-
21
-
21
21		 Total
2022
£
13,951
102,054
3,215
119,220
110,140
9,080
119,220

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

6
Support costs
Support costs
Governance
costs
£
£
Wages
-
-
Rent and rates
11,412
-
Insurance
605
-
Repairs and renewals
481
-
Establishment expenses
6,473
-
Travel expenses
480
-
Administration expenses
408
-
Accountancy and
professional
-
4,000
19,859
4,000
Analysed between
Charitable activities
116,828
4,000		 2023 Support costs
Governance
costs
£
£
£
-
78,335
-
11,412
13,925
-
605
-
-
481
1,468
-
6,473
4,548
-
480
297
-
408
3,291
-
4,000
-
3,215
23,859
101,864
3,215
118,006
102,054
3,215		 2022
£
78,335
13,925
-
1,468
4,548
297
3,291
3,215
105,079
105,269

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
- 3

There were no employees whose annual remuneration was more than £60,000.

9 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

10
Tangible fixed assets
Leasehold
improvements
Plant and
equipment
Fixtures and
fittings
Motor vehicles
£
£
£
£
Cost
At 1 October 2022
688,618
47,434
6,091
1,250
At 30 September 2023
688,618
47,434
6,091
1,250
Depreciation and impairment
At 1 October 2022
131,302
47,434
5,547
1,250
Depreciation charged in the year
13,770
-
136
-
At 30 September 2023
145,072
47,434
5,683
1,250
Carrying amount
At 30 September 2023
543,546
-
408
-
At 30 September 2022
557,316
-
544
-
11
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
432
12
Creditors: amounts falling due within one year
2023
Notes
£
Bank loans
14
768
Other taxation and social security
7
Deferred income
-
Trade creditors
1,739
Accruals and deferred income
68,935
71,449		 Total
£
743,393
743,393
185,533
13,906
199,439
543,954
557,860
2022
£
-
2022
£
2,766
515
62
2,063
63,760
69,166

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

13
Creditors: amounts falling due after more than one year
Notes
Bank loans
14
Other creditors
14
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year		 2023
£
-
507,581
507,581
2023
£
768
768
-		 2022
£
826
505,725
506,551
2022
£
3,592
2,766
826

The bank loan has been secured in line with the following security schedule:

Security Address/Description

Security Type Granted By Security Address/Description 1. 1st Legal Charge Liverpool Film Academy Old St. Lawrence School, Educational Trust Westminster Road, Liverpool and the associated assets 2. Guarantee for £236,000 Liverpool Academy Productions Limited Supported by: (a). Debenture Liverpool Academy Productions Limited

15 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 October Incoming Resources Transfers At 30
2022 resources expended September 2023
£ £ £ £ £
General funds (17,857) 25,322 (25,674) (13,906) (32,115)

THE LIVERPOOL FILM ACADEMY EDUCATIONAL TRUST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2023

15 Unrestricted funds (Continued)
Previous year: At 1 October Incoming Resources Transfers At 30
2021 resources expended September 2022
£ £ £ £ £
General funds 73,736 28,508 (111,042) (9,059) (17,857)

16 Related party transactions

Transactions with related parties

Included in other creditors is an amount of £507,581 (2022: £505,725) owed to LA Productions Limited, a company in which one of the trustees Colin McKeown is a director. This amount has arisen due to the financial support provided by LA Productions Limited over the years.