REGISTERED COMPANY NUMBER: 03443981 (Eng]And and Wales) REGISTERED CHARITY NUMBER: 1095587 Re ort of the TTUStees and Unaudited Financial Statem l March 2024 Somerset Film And Video Ltd Maxwells Chartered A¢¢i)witants 4 King Square Bridgwater Somerset TA6 3YF
Somerset Film And Video Ltd Contents of the FiDanrial St%tcm¢nts for th¢ Year End¢d 31 March 2024 Page Reference and Administrative Details Report of the Trnstees 2 to 7 Independent Examiner'5 Report Statement of Financial Activities Balance Sheet 10 to 11 Notes to the Financial Statements 12 to 25 Detailed Statement of Financial Adivities 26 to 27
sOnSet Fi]m And Video Ltd Reference and Administrative De118 for the Year Ended 31 March 2024 TRUSTEES A Buchanan TV Producw (r¢S1¢d 10.10.23) S Isherwood Arts Consultant J Mellor Consultant J Waters Freelance Cameraman N Williams Media tec11clan P Bwr Retired Miss H L Earl Artist Mrs A J Maclay Marketing Consultant Mrs J L Latta Tv Producer l Director (resigned 10.10.23) Mrs K Pearce PhOtoapher (appointed 18.4.23) D P Martlew Tlltee (appointed 1.12.23) R C Franklin TrStee (appointed 1.2.24) R J Crowe Trustee (appoint 1.2.24) J Godman Ttwtee {appointed 1.3.24) C A Luck Truste¢ (appointed 1.3.24) COMPAIYY SECRETARY P A R Shepherd REGISTERED OFFICE The Engine Room 50-52 High Strect Bridgwater Somerset TA6 3BL REGISTERED COMPANY IYUMBER 03443981 (England and Wales) REGISTERED CHARITY NUMBER 1095587 INDEPENDENT EXAMINER Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF BANKERS Natwest Bank plc tKiccster Rcsc Bede House I I Western Boulevard Leicester LE2 7EJ Page I
Somerset Film And Video Ltd of ihe Truste¢s for the Year Ended 31 March 2024 The trust¢es who are also directors of the cllarity for the pwposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustces have adopted the provisions of A¢¢ounting and Reporting by Clwities: Statement of Recommended Practice applicable to charities preparing their accounts in accoTdance with the Financial Rq)orting Standard applicable in the UK and Republic of Ireland (FRS 102) (effe¢tive l January 2019). ORTECTIVES MTI ACTIVITIES Objectives and •imy Paragraph 3 of the Memorandum slates that'Th¢ Company's objects ar¢ the advan¢em¢nt of publi¢ edu¢ation generally and, in particular, in moving image production and diStriblOn,. To achieve this objective Somerset Film and Video Ltd promotes the moving image and digital m¢dia in Somers¢L en¢ouraging communication, Collaboration and the slwlng of skills to produce ijmovative work and to foster crealive community engagement across thc county. Our vision is to give everyone in and around Somerset th¢ opwrtunity to be creative with moiqng image and digital media, and through our collaborative approach, to act as a catalyst for a more just and equal society. We operate county wide with a sma]I professional core lew governed by a multi-skilled board of trustecs. W¢ are assisted by regular volunteers, and draw on a widc pool of professional collaborntors to deliver our offer. We offer work experience and bursary opportunities. Our work covers three key areas.. o Conm]w]ity Engagement o Talent Development o Content Creation Ir current priority bencficiaries aTe.' o Children and Young People o People from Diverse BaCkOUnds, in particulaT those: - From lower s(KiOw¢¢onomi¢ baCkOundS - With disability or long-tern] health conditions in¢luding mental health - From.ethnically diverse baCkOundS These are reviewed on an annual basis. While access to a camera on our ph¢)nes turns many of us into media makers. th¢ ¢raft skills remain important, and opportunities to work with other makers are often elusive. Somerset Film provides access to skills and collaborative opportunities, connecting individuals and organisations that might otherwise not have a c]wice to work logether. By exploring creativity with others in an infonnal s¢tting our participants and PToduceTS have a ¢han¢e to learn more about their own potential, and to identify the contribution they can make in tbe wider world. We are privileged lo see on & daily basis how this process builds confiden¢¢ and unlo¢ks potential for personal groiwth and fulfilment in many fielts. We are equally privileged to recognise the learning we gain on a daily basis frorn the mutually beneficial creative relationships we build with our users, We are comnlltted to addressing the growing demand for our services from the isolated and marginalised sections of soGi¢ty. We are doing what we can to MiniSe our impact on our changing climate, and to build Tesilience in th¢ face of it. We are looking too at more sp¢cifiGally lo¢al challenges like the need to retain the young talent in the county, and the imperative to build wider 8UPPOrt for the role of Somers¢t's ¢ultural and cr¢alive industries for the future. Th¢ charity website www.somersetfllm.com is regularly updated with pasl work including the m05t recent projects. Page 2
Somerset Film And Video Ltd rt of th¢ Trust¢es for th¢ Year Ended 31 March 2024 OBJECTIVES AND ACTIVITIES Pybli¢ benefit The In1¢¢$ ¢onfim that they have complied with the requirements of Section 4 of the Chariti¢s Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales. Page 3
Somerset Film And Video Ltd rt of the TnJste¢s for th¢ Y Ended 31 March 2024 ACHIEVEMENT AND PERFORMANCE Cbaritsble activities The year has been busy, filled witb new aclivities and exciting new resources. The transfornmtion of the Engine Rooni our wmmunity media centre and base for our activities, progressed. We ompl¢ted the first phase of building work, made possible by Tosvn Deal fimds. We also se¢ur¢d additional funds from Garfield Weston Foundatiory Valen¢ia Communities Fund and the Clothworkers Foundation as well as a local charity, which wishes to renill anonymous. An additional floor of space in the part of the Engine Room known as Number 50 High Street, op¢n¢d in De¢ember 2023 and we purchased new equipment such as laser projectors, Mac Studios, VR headsets and other digital media equipment. This new space meant we Could ¢ontinu¢ delivering activity whilst work began on the ound floor space in number 52 High Street. Notably we also bought the building fron] our landlords Sedg¢moor Distri¢t Council. We began a further three year Prograll¢ of a¢tivity as part of the National Portfolio of organisations receiving funding from Arts Councll England. Originally a three year contrath, this has now been extended to four years. We received fmancial support frorn Somerset Council, despite tbe fjnancial difficulties they are facing, tbJough th¢ Octagon outr¢a¢h proarnMe in South Somerset and for Wellington Film Festival. regular programme of activity included ndworking & s¢reening eventy teclmical wpport sessions tIough ow crealive hub, wurs¢s. work experience weeL advice and guidance plus: o The Ignite prOamme delivered a range of aclivilies design to pass on digitsl skills to audiences and artists alike. Notable highlights include: . supporting artist Luminara Florsecu to create a new work, which was projected in Casile Cary and South Cadbury; Creative Network events profileAI artists working in social prescribing, environmental art and augmented rrality,. Supporting young people in Crewkerne lo creat¢ digital work in response to the Bin¢ombe Nature reserve for a digital gallery and older people in Highbridge to share their thoughts about where they live for a song using Al.. engaging young members of the LGB TQJA+ community through activities with support organisation 2BU. o Our expanded street cinema project led by filmmaker Dr John Sealey ¢ulminat¢d in Wells. Two public screenings in outdoor spaces were held of the short films Commissioned from people who live or work in the smallest city in England, thanks to support from Mendip Communities Fund. o Infomied by our Disability Advisory Panel and based on the outreach undertaken previously we success11Y secured funds from DI0Very to research and pilot creativity aclivity for n¢urodiv¢Tgent adults. Inspired by Game Changers, a Sla1 0Up that regularly hire the facilities al the Engine ROO we W0ed with four artists to develop drop in activilies for a six week programme called'morning Juice,. o Our BFI Film Academy proarnMe once again Impart key skills to the next generation of local film making talent. Eighteen young people achieved Bronze Arts Award throu a seven day prograrnme of masterclasses and prathical filmmaking. We were pleased to welcome back BFI alumna Lily Limmer, who now works as a sustainability consultant for companies suth as Sky and Apple TV, to give guidance to the academy on sustainabl¢ filmmaking. o We ¢elebraled diversity and engaged with a wide variety of groups through Community events including cultural diversity at Bridgwater Together, Chard Togvther and Yeovil Together using VR and animation and Street CIAT Family Day for hildren with disabilities, exploring sound and bubble art. o As part of the consortium for Seed Sedgemoor, Creative P¢opl¢ and Places Project, we pported their worK notably the Hkdden Station AR insta]lation at Bridgwater Railway Station and the Empirical Pop-up Jazz Lounge. Som¢rs¢t Film also has a management Tole within the project. We worked in parth¢rship with Mendip AONB to illuminate Cheddar Gorge with the work of Gommissioned artist Elizabeth Woodger. Over 13(X> attend¢e$ also enjoyed new work by local phOtopher8. o We continued to play OUT part in the Bridgwater Cultural Partnership. sharing best practice and deliveTing ¢reative a¢¢ivity for events such as Quayside Festival and Th¢ World Turned Upside Down. Pag¢ 4
Somerset Film And Video Ltd rt of the Trustees for the Year Endeil 31 March 2024 o Supported by BFI Film Academy South West we were delighted to once again enable an emerging fflmmak¢r to make an original short fi]m, inspired by enviTonmental ihemes. Jasminc Otley produced '65p" combining live action and an]ntIOn to explore the impa¢t of plastic bottles used for dTiDkng water. o In January 2024 we began dclivcry of a community article film project, supported by the National Lottery heritage Fund. This project will involve the digitisation of films from the C. S. John Sparkes collcction, 30(>k Super-8mm footage of village lifc in and around the Golden Hills Villages. We will be sbaring the re-dISVerCd films with the community. o Behind the scenes we began co-ordinating a second edition of Wellington Film Festival, supported by Wellington Town Council and raised ftmds for Mayhem. a new fi]m fcstival cclcbrating music in film to be delivered in May 2024 in PaershIp with Bridgwater Arts Centre. o We undertake commissions for a wide range of Clients, offering trdining and WOTk experiencc opportunities as well as generating a SUTpIu5, which belps to fund the charitable delivery. Despite being unable to film for much of the year, we adopted online recording platforms. Projects this year include films for Somersct Rivers Authority, Avalon Marshes, Wells and Mcndip Museum and Somerset & Exmoor Coast Festival. A notable highlight was the animation crealcd for Spark Somerset, to show how they support collaboration. strengthen the voice of the VCFSE and influence and advocate on its b¢half. We are extremely grateful to the volunteers who give ihcir timc and pertiSe to our Repair Caf¢ initiative - repairing 95+ hous¢hold items for members of the public, that would othenvise end up in landfill. FllYANCIAL REVIEW FlnanclAI position The charity has continued to secure fimding for specific projects and to develop an adequate level of free income reservcs. Incoming resources were £349,238 of which £211 J64 related unrestricted funds and £349,238 to restricted funds. Resources expended amounted to £274,026 of whi¢h £243,058 wa8 from unrestricted funds and £30,968 from restricted funds. The balance held on general unrestricted fimds at the end of the year was £523.866 and the balance held on designated unrestricted funds was £325,056. The balance held on restricted funds at the end of the year was £87,604. Policy on reserv The trnstees have a reserves policy based on ihe running Costs of th¢ organisation. They havc set to incrcase the value of that reserve ycaT on year until such time as it equates to three months nll]ning cosls plus Tedundan¢y costs. Additional surplus will be eannarked to complete the capital develOpMt. We have continucd to prioritise building links with businesses and to pursue contracts and support for the Capit programme. This year the trustees have created a £5k discretionary fund fiDm the reserves. which will be used to mect staffing LX)sts when they are sick and cann(rt access statutory sick pay. PLANS FOR FUTURE PERIODS Aims and key objectives for future peri(Mls The charity is committed to consolidating its delivery in key areas and to growing engagement and audi¢nr¢s across th¢ county. We will continue the transfonnation of the Engine Room thank5 to £500k capitsl investment from the Towi Deals fvnd by removit)g the wall between the cafe and studio one to creale a multi-purpose space. W¢ have secured funds for large entS taking place in the next fmancial year including the Heritage Lottery 'A Village Apart. Villages Together, project, Mayhem Film festival, Wellington Film Festival and Earth in Focus, a series of filmmaking workshops for young p¢ople supported by the Clare and Dcrek Stevens Tru. We will continu¢ to build on the strength of our boord througb an ongoing process of trustee recruitment and training. Page 5
Somerset Film And Video Ltd rt of the Trustees for the Year Ended 31 Marcb 2024 STRuuRE, GOVERNANCE AND MANAGEMENT Iyature of governillg documeDt Somers¢t Film and Video Ltd (operating as Somerset Film, th¢ Engine Room and as Jump Cuts) is a charitsble company limited by guarant¢e of its rn¢mb¢rs. It was incorporated under the Companies Acts on 2 October 1997 and r¢gi$ter¢d as a charity on 24 January 2003 and is governed by ils Memorandum and Articles of Association. Retrnltment and appointment of new truste¢$ Vacancies on th¢ Board are fflled by new directors proposed by an existing dirkxlor and cleed by the Board. Directors are eligible for re-election on an annual basis. The election takes place at the AGM. OrgaDisatiollal strncture The direct(¥rs of the charity who forn] the Board of Directors ar¢ the ultimate governing body. The directors are the trustees of the thlty. All dir¢ctor$ are Members of the charity and are due for re-election on an annual basis. Dire¢tors meet as necessary but at least quarterly. Responsibility for th¢ day to day admintstration of the charity's activities is delegated to the Creative Director, reporting directly to the Board of Directors on all activiti and Teferring a]1 major de¢isions to the Board. The Company Secretary also has a role as Ambassador for Community Engagement within the Organisation. The directors endcavouT to nm the charity to the higbest standards set by relevant bodies. The charity operdles within the regulatory framework set by the Charity Commission and also wmplies with Company Law and appropriate Health and Safely regulations. In addition, the directors are aware of the charity's resp¢)nsibililies to the young and vulnerable people involved in courses and projects. The directors monitor the activities of the thaTity on an ongoing basis and confllm that they have complied with iheir duty to have due regard to the guidance on public benefit published by the Charity Coimission in exercising their werS and duties. Indu¢tioD and training of n¢w trustees Directors are invited each year to attend a workshop al which the ba¢kgroulld, aims and objectives of the cFthTity are discus%d. Directors have also been offered the opportunity of attending training Courses for charity trustees. Major risks and management of those rlsks It is confllmed that the major risks to which th¢ charity is exposed, as identifled by the directOTS, are reviewed at each board rneeling and that systems have been established to mitigate those risks. The directors accept that the managenllt and control of the dlarity Tests with the Board of Directors and, as SUCK directors, involvement in the k¢y aspe¢ts of the risk rnanagement process is essential, particularly in setting th¢ parameters of the process and in the review and consideration of the results. In partilaT the directors ensure that:
the identification, assessment and mitigation of risk is linked to th¢ charity's tharAÉable operational objectives the pro¢ess covers all eaS of risk including fmancial, governance, operational and reputationa] risks and is focused primarily ¢)n major risks the process se¢k$ to produce a risk exposure profile that reflects the diredors, views a$ to levels of acceptable risk th¢ risk management is ongoing and is embedded in managem¢nt and operational procedures. Risk Register is a standing item at Board meetings. Third party iDdemnity insuranee poliey Th¢ ¢harity maintains a third party indemnity insurance policy for the benefit of the Tnees. The policy was in force durlng the year and remains in forcc at the time of approval of this report. Approved by ord¢T of the board of tntee9 on ..... .. ...... . and signed on its behalf by: Pagc 6
om¢rset Film And Video Ltd rt of the Trustees for the Year Ended 31 Marth 2024 P Burr- Tnte¢ Page 7
endent Examin&s Re rt lo the Trustees of Somerset Film And Video Ltd Ittdtpendtnt examlner's report to the trn8tee% of Somerset Fum And Vldeo Ltd ethe Company,) I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024. Responsibilities and basis of report As the charity's tst¢£5. of tbc Company (and also its direcÉoTS for thc purposcs of company law) you are resSible for th¢ preparatiim of th¢ accounts in acc¢)rdance with the Tequirernents of the Companies Act 2006 (Mh¢ 2006 Act). Having satisfied myself that the accounts of the Company are not required to b¢ audited under Part 16 of the 2006 Act and are eligible for independent examinatio I report in respect of my examination of your charitys accounts as carried out under Sti()n 145 of the chariti Ad 2011 ('the 2011 Act,). In ca]ng out nly ¢xamination I havc followed the Directions given by the Charity Commission under Section 145(5) 0)) of the 2011 Act. Independent examiner's statement Since your Charity's gross income exceeded £250,000 your ¢xamin¢r must be a member of a listed body. I can confinn thai I am qualified to undertake the examination because I am a member of the Instimte of Chartered Accountants in England and Wales, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my atttIOn in comie£tion with the examination giving me cause to believe: accounting rerdS were not kept ID respect of the Company as required by Section 386 of the 2006 Act. or the accounts do not accord with those records" or the account5 do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a tme and fair view which is not a matter considered as part of an independent examinalion. or the accounts bave not been prepared in accordance with the methods and Principles of the Statement of Recommended Practice for accounting and reportlng by charities (applicable to charftties preparing their awounts in accordance with the Financial Rq)orting 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. Clive Hall-Tomkin Maxwells Chartered Accountants 4 King Square Bridgwater Somerset TA6 3YF Date:..... Page 8
Somerset Film And Video Ltd Statement of Financial Activities for the Year Ended 31 March 2024 31J.24 Total fund% 31.3.23 Total fimds Unrestricted fimds Restricted fid$ Notes INCOME ATrID ENDOIVMENTS FROM Donations and legacies 154,540 348,763 503J03 371,599 Chvdritable activities Charitable 32,537 475 33,012 12,676 Other trading activities Investment income 22,234 22,234 62,803 430 Total 211 349 238 560 602 EXPENDITURE OIY Raising funds 18,900 1&900 20,094 Charltsble activities Project costs Employment costs Estsblishment costs R¢pairs and maintenance oirlce expenses Printing postage and stationery Subscriptions and donations Cleaning Bank charges Bad debts Travel and subsistence Advertising and promotion Depreciation of tangible fixed assets Accountancy 42,945 113,749 16,505 12,910 12JlO 2J99 55,855 126,059 1&904 85,890 114,609 23,969 6,793 6,642 1,731 294 4,770 525 407 3.102 707 23,657 4J09 537 557 4,015 635 167 1,697 5,093 808 557 4,852 726 167 2,141 7,646 20.701 271 837 91 20,701 922 Total 274 026 NET INCOMEI(EXPEP4DITURE) TransfeTh between funds (31,694) 402 478 318,270 402 478) 286,576 147.412 17 Ntt movement in funds 370,780 {84,208) 286,576 147,412 RECOlYCtLIATION OF FUNDS Totsl funds brought fonvard 474I14 171,812 646,626 499214 TOTAL FUNDS CARRIED FORWARD 933 202 CONfINUINC OPERATIONS All income and expenditure arisen from Continuing activities. The notes forni part of these fmancial statements Page 9
Somerset Film And Video Ltd Balance Sheet 31 March 2024 31J.24 31.3.23 Total funds Unrestricted fLmds Restricted funds funds Notes FIXED ASSETS Tangible assets 14 765,407 765,407 454,867 CURRENT ASSETS Debtors Cash at bank and in hand 15 9,410 96.244 9,410 183W8 43,151 192,284 105,655 87,604 193,258 235,435 CREDITORS Amounts falling due within one year 16 (25,463) (25,463) (43,676) NET CURRENT ASSETS 80,191 87.604 167 795 191.759 TOTAL ASSETS LESS CURRENT LIABILITIES 845J98 87,604 933202 646.626 NET ASSETS 845598 87.604 933202 646.626 17 Unrestricted funds Restricted fimds 845.398 87.604 474.814 171,812 TOTAL FUIYDS 933 646,626 The ¢haritable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial staternents for the year ended 31 March 2024 in arcordancc with Section 476 of the Companies Act 2006. The trustees a¢knowledg¢ their responsibilities for (a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing fmancial statements which give a true and fair view of the stat¢ of affairs of the charitsble company as at the end of each fmancial year and of its SUTplus or deficit for each financial year in accordance with tbe requirements of Sections 394 and 395 and which othenvise comply with the requirements of the Companies Act 2006 relating to financia] statements, so far as applicable to the charitsble company. (b) The notes fonn part of these financial statements Pagc 10 continued...
Film An These financial ststemfflts have been prepared in accordan¢e with the provisions applicable to Charitable companies subject to the small companies re8im¢. The finaticlal statements were approved by the Board of Trustees and authorised for issue on .. ................... and were sign¢d on its bdf by: P Burr. Tnlee The notes forni part of these finoncial statsm¢nts Page 11
Somerset Film And Video Ltd Notes to the Financial Statements for the Year Ended 31 March 2024 CHARITY STATUS The charity is a private company limited by guoJalltee and does not have share capitAI. Each of the trnstees is liable to contribute an amount not ClL.dIng £1 towards the assets ofthe charity in the event of liquidation. ACCOUNTING POLICIES B4$is of preparing the financial statements The financial statements of the charitable company. which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by cEIties.. Statemcnt of Recommended Practice applicable lo charities Preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of IrelaJ)d IFRS 102) (effective l January 2019),, Financial Reporting Standard 102 The Financial Rcporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been Prepared undeT the historical cost convention. The financial statements hav¢ been pr¢paT¢d in awordance with applicable accounting standards and estimation techniqu¢s. the Statement of Recommended Practice- Accounting and Reporting by Charities (SORP 2005) and th¢ Companies Act 2006. Financial reporting standard 102 - redu¢ed di$¢losure exemptlon8 The charitable company has taken advantag¢ of the following disclosure exemption in preparing these fmancial statements, as pellDitt by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ircland,: the requireroents of Seclion 7 Slatement of Cash Flows. Income All incom¢ is r¢¢ognised in tbe Statement of Financial Activities once the charity has entitl¢ment to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations aDd lega¢ie5 Donations and grants are rccognised where there is entitlement, certainty of receipt and the amount can be measuTed with sufficienl reliability. Wh¢re appropriate graDts are included in a restricted fund and are used for the puwe that the wt was made. Deferred illcome Deferred incorne represents arnounts rcccived for future periods ond is released to incoming resources in the period for which it has been received. Such income is only defed when..
The donor specifies that thc grant or donation must only be used in future accounting peri(Mls,' or The donor imposed conditions which must b¢ m¢t brfor¢ the charity has unconditional entitlement. Expenditure Liabilities are recognised as expenditure as as there is a legal or Constrnctive obLigation con)mitting the charity to that expenditure, 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 acwunted for on an a¢crLthls basis and has been classified under headings that aggregat¢ all cost related to the category. Where costs cannot be directly attribut¢d to particulaT headings they have been allocated to activitics on a basis ¢onsi$tent with the use of resources. Raislng funds Costs of raising funds are the costs of trading for fundraising PUTPOSCS. Page 12 contAnu¢d...
Som¢Tset Film And Video Ltd Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTING POLICIES - ¢ontinv¢d Charitable activities Income from charitable activities includes income recognised as earned (as the related goods or SeA¢eS are provided) und¢r ¢ontra¢t or where entitlement to grant fimding is subje¢t to spe¢ifi¢ perfomance conditions. Grant income included in this category provides funding support programme activities and is reco11Sed where there is entitlemenL certainty of receipt and the amount can be measured with sufficient reliability. Allocatlon And Apportlonment of costs Capital expenditure comprises those costs incurred by the charity in the delivy of its adivities and services for its beneficiaries. It includes botti costs that can be allocated directly to such activities and those costs of an indirect naturc ne¢¢ssary to support them. Support costs include central fun¢tions and have been all(ated to activity Cost categories on a basis ¢onsistent with the use of resources. overnanc¢ costs include costs of th¢ PTeparation and examination of th¢ statutory a¢¢ounts. the costs of trustee meetings and the costs of any legal advice to tnteeS on governance or constitutional nTrtters. Bank interest and other investment InMe is recognised on a receivable basis. Th¢ charity has not received any material gifts in kind or services during the ycaT. Tangible fixed 4s8ets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plant and machinery Fixtures and fittings Computer equipment Straight lin¢ over 3 years Straight line over 3 years 33010 on cost Taxation The charity is exempt from corporation tsx on its clwitable activities. Fund Accounting Unrestricted funds ¢an be ed in a¢¢ordan¢e with the clwitsble objk%tiv¢s at tb¢ discretion of the trustee$. Desiat¢ funds are unrestri¢t¢d fund8 set aside for specific purposes at the discretion of the trnstees. Restricted fid8 can only be used for particular restricted purposes within the objects of the charity. Restrictions arisc when specified by the donoT OT Wh fimds are raised for parti¢ular restricted purposes. Wh¢r¢ restri¢t¢d funding is received for ¢apital eKpenditur¢, and unless the funding aement states otherwise, the value of the capital equipment or in]provements purthased with the restricted funding 15 trallsfe to unrestricted funds, once the ternis of the restricted funding have been met. Further explanation of the nature and pllrp of each fund is included in the notes to the financial statements. Pensloll costs and other post-retlrement benefits The charitsble company operat¢$ a d¢fmed contrtbution pension sth¢me. Contributions payable to the charitable company's pension scheme are charged io the Statement of Financial Activitics in the period to which they relate. Page 13 continued...
Somers¢t Fiim And Video Ltd Notes to the Finan¢ial Ststements- continued for the Year Ended 31 March 2024 DONATIOIYS AND LEGACIES 31J.24 31.3.23 Gifts Donations from individuals and organisations Project grants 1,97S 501 4,232 367 367 503 371,599 Grants receive(L Included in the above, are as follows.. 31J.24 31.3.23 Arts Council- Ignite Somffset Wornad BFI Filrn Club Wellington Film Festival Petro¢ BFI Film Academy Clothworkers Sedgmoor Creative People and Plac¢s Same Difference Watershed Arts Trust Bridgwater Town Council- repair cafe Spark Sorn¢TSet CIO Somerset County Council - Innovations SCF Bridgwater Town Council - Quayside Somerset Arts Wo South Somerset DC Mendip District Council Bridgwater Arts Centre - Fairytale week Town Deal Fund BFI Film Hub Somerset Cowity Council - SCF Discovery CIAT Valencia Community Garfield Weston National HeriLqge Harptree Trust Animating the Town Rory Pilgrim Proje Moment on Mendip Earth in Foc$ 89,062 625 89.062 400 6.781 4,000 2,549 16,806 20222 10,000 36,772 47,361 700 1,000 9(Kl 150 1.450 1245 804 2,500 5,000 671 173,000 8,477 9,410 3,106 2500 5,000 256,000 520 22082 15,000 1&822 500 500 1,254 960 5,000 501 367,367 Page 14 continued...
Somerset Film And Video Ltd Notes to th¢ Financial Ststements - continued for the Year Ended 31 March 2024 OTHER TIL4DING ACTIVITIES 31.3.24 31.3.23 Cafe income Commissi¢)n5 7.552 11,383 62,803 INVESTMENT INCOME 31J.24 31.3.23 Deposit account interest 430 IIYCOME FROM CHARITABLE ACTIVITIES 31.3.24 31.3.23 Activity Charitable Charitable Charitable Charitable Charitable Equipment and facility hire Course and workshops Commissions Services Rechargcs 8.505 4,977 18,711 819 6,928 2,642 325 2.255 526 RAISING FUNDS Other trading activitie$ 31.3.24 31.3.23 Purchas¢s Stsff costs 3J21 15.579 4,127 15,967 Costs of trdding activitie5 relate to the F.ngine R(KJm café. Page 15 continued...
Somerset Film And Video Ltd Notes to the Financial Statements - continued for the Year Ended 31 March 2024 CHARITABLE ACTIVITIES COSTS Support costs (sec note 9) Direct Costs Totals Project costs Employrnent costs Establishment costs Office expcnscs Prlnting postage and stationery Subscriptions and donations Cleaning Bank ¢harg¢s Bad debts Travel and subsistence Advertising and promotion Depreciation of tangible fixed assets Accountancy 55,855 126,059 18,904 5,093 808 557 4,852 726 167 55055 126,059 18,91M 5,093 808 557 4,852 726 167 2,141 7,646 20,701 2,141 7,646 20,701 213 021 255 126 £222,359 (2023 - £246,076) of the aknve expenditure was attributable to unrcstricled funds and £30,966 (2023 - £105.161) to restricted funds. SUPPORT COSTS Governance costs Travel and subsistence Advertising and promotion Depreciation of tangible fixed assets Acwuntancy 2.141 7,646 20.701 Page 16 continued...
Somerset Film And Video Ltd Notes to the Financial Sialements - continued for the Year Ended 31 March 2024 SUPPORT COSTS- Continued Support cost4 included in the above, are as follows: Depreciation Travel and subsistence Advertising tangible fixed promotion Travel and subsistence Adv¢rtisAng and promotion AccoltancY Depreciation of tan1¢ fIX assets 2,141 31J.24 Total activities 31.3.23 Totsl activities Accountancy Travel and subsistfflce Advcrtlsing and promotion Accountancy Depreciation of tangible fixed assets 2.141 3.102 707 6906 11,617 11,617 34 io. NET INCOMEI(EXPENDITURE) Net tncomel(expenditure) is stated after Chargin{C[ClI]Iing). 31J.24 31.3.23 Depreciation- owned assets ii. TRUSTEESI REIWUIYERATION AND BENEFtTS No trustees hav¢ been re¢eiv¢d any other benefits from the chaTity during the year. Trustees, ¢xpen$e$ There wtte no tsustees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Page 17 continued...
Somerset Film And Video Ltd Notes to the Financial Statem¢nts- c(Intinu¢d for the Year Ended l March 2024 12. STAFF COSTS 313.24 31.3.23 Wages and salwi¢s Social security costs Other p¢nsion Costs 14,557 805 217 14,983 210 774 The average monthly number of employees dwing thc year was as follows: JlJ.24 31.3.23 Trading activities Clwktable activities io 6 (2023 - 5) of the al)ove employees participated in the Defined Contribution Pension Scheme. Pension costs relating to the charity's def]ned contribution p¢nsion scheme are allocated to adivities and fimds on the same basis as the allocation of wages and salaries costs for the employees in the scheme. No employee received emoluments of more than £60,000 during the year. The total employee benefits of the key managemenl personnel of the clwity were £27,192 (2023 - £27,192). 13. COMPARATIVES FOR THE STATEMENT OF FIIYAIYCIAL ACTIVITIES Unrestricted Restricted fiLnds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 177,394 194,205 371,599 Charitable acdvltles Charitabl¢ 12,676 12,676 Other trading activities Investment income 62,803 430 62.803 430 Tot*1 253 303 447.508 EXPENDITURE OIY Raising fimds 20,094 20.094 Charitsble actlvldes Project costs Employment costs Establishment costs Repairs and maintenance Offic¢ ¢xpenses Printing postage and stationery 67,916 103.041 23,684 4,396 6,220 1,557 17,974 11,568 285 2,397 422 174 85,890 114,609 23,969 6,793 6,642 1,731 Page 18 ontinued...
Somerset Film And Video Ltd Notes to the Financial Statements - continued for the Year Ended 31 March 2024 13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted fidS fimds Total Subscriptions and donations Cleaning Bank charges Bad debts Travel and subsistence Advertising and promotion Depreciation of tangible red assets Aw)untancy 294 4.713 471 407 2,198 707 23,657 6,815 294 4,770 525 407 3,102 707 23,657 57 54 904 91 Total 266.170 300 096 NET INCOMEI(EXPEIWITURE) (12.867) 160,279 147,412 RECONCILIATION OF FUNDS Total funds brought fonvard 487,681 11,533 499,214 TOTAL FUNDS CARRIED FORWARD 474 814 171812 14. TANGIBLE FIXED ASSETS Fixtures Freehold property Plant and Computer equipment fittings Totals COST At l April 2023 Additions 517,939 331 44J64 64,495 255J69 882,167 331 At 31 March 2024 849,180 64 255J69 DEPRECIATION At l April 2023 Charge for year 141J12 12,699 32,796 240,493 427J(Kl At 31 March 2024 144 17 24 44 NET BOOK VALUE At 31 March 2024 704 27 At 31 March 2023 376 627 31,699 454 867 Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £321,525 (2023 - £325,058) in respect of long leasehold improvements. Page 19 continued...
Somerset Film And Video Ltd Noles to the Financial Statements - continued for the Year Ended 31 March 2024 15. DEBTORS: AMOUNTS FALLING DUE WITHILY ONE YEAR 31J.24 31.3.23 Trade debtors Prq)ayments Accrued income 7,731 1,679 41,337 1,414 400 43,151 16. CREDrroRS: AMOUNTS FALLIIYG DUE WITHllY OIYE YEAR 313.24 31.3.23 Trddc creditQTS VAT Other ¢redilors Accrued expenses Deferred income 16,983 996 410 3,750 6.385 8,610 10.933 17. MOVEMENT IN FUNDS Net movement in funds Transf¢TS between funds At 31.3.24 At 1.4.23 Unrestricted fvnds General fund Propety Assets Fund 149,758 325 056 (31,694) 402,478 520,542 325 056 474.814 (31,694) 402A78 845,598 Restricted funds Homcs in Scdgcmoor Capital Fund BFI Film A¢ademy Fund Clothworkers Foundation Kickstarter Wellington Film Festival Town Deal Nationaj Heritage HaTptr¢¢ Tst Earth in Fu8 313 912 172 190 313 151 (761) (172) 190 (2) (402,476) 170223 303,063 12.640 500 70010 12.640 500 171812 318 TOTAL FUIYDS 933 Page 20 ¢)ntinued...
Somerset Film And Video tAd Notes to the Financial Siatem¢nts - continued for the Year Ended 31 Iarch 2024 17. MOVEMENT IN FUNDS - ¢ontitiued Net movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in fimds Unrestricted funds General fund 211J64 (243,058) (31,694) Restricted futtds BFI Film Academy Fund Clothworkers Foundation Womad Town Deal National Heritage HaTptre¢ Tntst Earth in Focus 20.697 (21,458) (172) (625) (518) (6,193) (761) (172) 625 303,581 IV33 500 303.063 12,640 500 349 30 31 TOTAL FUNDS 274 026) Comparatives for movemeDt in Dd$ Net mOvn¢t in funds At 31.3.23 At 1.4.22 Uttrestrficted funds Genal fimd Property Assets Fund 159,090 328 591 (9,332) 149.758 325 056 487,681 (12,867) 474,814 Restrleted funds Homes in Scdgemc¥)r Capital Fund BFI Film Academy Fund Clothworkers Foundation Womad Kickstarter WellingtOD Film Festival Business Improvement Grant Town Deal 313 75 172 675 190 8,000 2,108 313 912 172 837 (675) 190 (7.998) (2,108) 170,223 170 223 160279 171812 TOTAL FUNDS 499214 147 412 Page21 continued...
Somerset Film And Video Ltd Notes to the Financi Ststements - continued for the Year Ended 31 March 2024 17. MOVEMENT 11¥4 FUNDS - continued Comparative net movement in funds, included in the above are as follows.. Lncoming resources Resour¢¢s expended Movement in funds UDrestriet¢d funds General fund Property A&8ets Fund 253,303 (262,635) (9,332) 253,303 (266,170) (12,867) Restricted funds BFI Film Academy Fund Petroc Womad Wellington Film Festival Busines5 Improvfflnent Grant Town Deal SCF Innovations 16,805 2.550 4¢X) {15,968) (2.550) (1,075) (7,998) (2,108) (2,777) 837 (675) (7,998) (2,108) 170,223 173.IM)O 160 279 TOTAL FUNDS 447,508 3,096) 147,412 A Current year 12 months and prior year 12 months combined position is as follows: Net movement in funds Transfers between funds At 31.3.24 At 1.4.22 UDrestri¢t¢d fund$ General fimd Property Assets Fund 159,090 328 591 (41,026) 402,478 520,542 325 056 487,681 {44,561) 402,478 845,598 Restrleted funds Homes in Sedgernoor Capital Fund BFI Film Academy Fund ClothwoTk¢rs Foundation Womad Ki¢kstarter Wellington Fikn Festival Business ImpTovement Grant Town Deal National Heritage Harptree Trust Earth in Focus 313 75 172 675 313 151 76 (172) (675) 190 8.000 2,108 {7.998) {2.108) 473,286 12.640 500 (2) (402,476) 70,810 12.640 500 478 549 402 478 TOTAL FiJNDS 499,214 433,988 933,202 Page 22 ontinued...
Somerset Film And Video Ltd Notes to the Financial Statements - ¢ontitiued for the Year Ended 31 March 2024 17. MOVEMENT IIY Fulls - continued A current year 12 months and prior year 12 months combined net movement in fids, included in the above are as follows= Incoming re50UTC¢S Resources expended Movement in fiaS Unrestrictsd funds Gcneral fund Property Assets Fund 464,667 (505,693) 3,535} (41,026) 3,535) 464,667 {509,228) (44,561) Restrieted funds BFI Film Academy Fund Clothworkers Foundation Petro Womad Wellington Film Festival Business Improvement Grant Town Deal SCF Innovations National Heritage Harptree Trust Earth in Focus 37.502 (37,426) (172) (2,550} {1,700) (7.998) {2,108) (3,295) {1,450) (6,193) 76 (172) 2,550 1,025 (675) (7,998) (2,108) 473,286 476,581 1,450 18,833 500 12,640 500 478 549 TOTAL FUNDS 1008 110 574 122) 433 988 The funds of the clwity include the following eStiCted funds: Unrestricted InGome Fund This fid r¢presents the'free reserves, of the charity after allowing for all de5ignatcd funds. Designated Property Assets Fund The Propety Assets Fund has been set aside by the trustees as a sq)arate designated fund corresponding to the value of unrestricted fimds represented by capital expenditure by the charity on leasehold propety improvements at its pranis¢s at the Engine Room, Bridgwater which are used on an ongoing basis for its charitable and other activities. During the year £3,535 was transferred from the Property Assets Fund to the Unrestricted Income Fun(L Tepresenting the depreciation charged on ihe l¢as¢hold property as8ets of the charity in respect of the year. The fia$ of the chaTity in¢lud¢ the above restricted funds comprising unexpended balances of t$ held on trusts to be applied for specific purposes. Details of the restricted funds are as follows: BFI Film A¢ad¢my Fund Page 23 continued...
Somerset Film And Video Ltd Not to the Financial Statements - continued for the Year Ended 31 MaTch 2024 17. MOVEMENT IN FUNDS - ¢ontitiued The purpose of the British Film Institute Film Academy fund is to provide a national prOamMe for 16 - 19 year olds, developing the next generation of filmmaking talent. Clothworkers Foulldation The purpose of the Clothworkers Foundation's is to Provide capital support to Teduce the impacl of Covid. Womad The purpose of Womad is to provide an educational activity programme to celebrate diversity and provide children with the opportunity to produce souod and radio inspired by world cultLfe. Kickstartcr Thc purpose of Kickstarter is to provide a national government progran]me to create jobs for 16 to 24 year olds on UDiversal Credit. Wellington Film F¢]VaL The purpose of the Wellington Film Festival is to provide a three day festival of scr¢enings, activities and events, fimded and initiated by Wellington Town Council and supported by Somerset Wesl and Taunton. Sedgemoor District Council- Town Deal The purpose of the Town Deal Fund is to provide capital investment to improve the Engine R(Kim facilities. Somerset County Council - SCF Innovations The purpose of the Somerset Community Foundation is to Provid¢ innovati¢)n and organisational dcv¢lopllL¢nt support. Petroc The purpose of Petroc is to pass on digital skills to those seeking employment post-covid pandemic. 18. EMPLOYEE BENEFIT OBLIGATIONS The charity operates a defined contribution pension scheme. The pension cost charge for the year rq)resents contributions payable by the charity to ihe scheme and amounted to £2J58 (2023 - £2,145). Page 24 continued...
Somerset Fikn And Video Ltd Notes to the Financial Statements - continued for the Year Ended 31 Mar¢h 2024 19. RELATED PARTY DISCLOSURES TrIle¢S who provide 5¢rvices to the clwity must do so on a commerciaj basis 8nd must tender for the contract in competition with other service providers. Details of fees paid to trStee$ foT services proKded during the year are shown in note I l. Duting tbe year the clwity also made the following transactions with other related parties: S*li¢nt Feature& (2003) Ltd (a company controlled by Mr P ShcpheTd, the company s¢•) Mr P ShepheTIL the company secretary. acts as fa¢ilitator for the tharity. His services are contracted to the clwity by Salient FeareS (2003) Ltd, a company in which Mr P Shepherd has a controlling interest. During the year the charity paid £n?1 (2023 - £nil) to Salient Features (2003) Ltd In respect of facilitator services and associated costs. At the balance sheet date the amount due Salient Features (21)03) Ltd w&s £nil {2023 - £nil). There were no otber related paty transactions il) the year. 20. PRIOR YEAR ADJUSTMENr In the prior year. an adjustment was madc to thc Tcstrictcd funds resulting in the reserves being incorrect and the bank balance being understaled by £71,235. This did nol affect the financial statement of financial acliviti&s and therefore has not been adjusted through a Prior y¢ar adjuslment. The prior y¢ar r¢s¢rves have been restated to include this correction. The brought fi)rwaTd balafts have also been adjusted in the current year to correct this. Page 25
Somerset Film And Video Ltd Detailed Statement of Financial Activities for the Year Endd 31 March 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS DoDation$ and legaeles Gifts Donations from individuals and organisations Project grants 1.975 501 4232 367 367 503 J03 371.599 Other trading activities Cafe irt¢ome Con]missions 7,552 11,383 22234 62,803 Investment income Deposit account interest 2,053 430 Ch94rltable acilvlties Equipment and facility hire Course and Workshops Comrnissions seICes R¢chaTges 8,505 4,977 1&711 819 6.928 2,642 325 2,255 526 Total Incomlng resources 5(A),602 447,508 EXPENDITURE Other tradlng Actliltles Cafe expense5 Wages Social s¢curity Pensions 3J21 14J57 4,127 14,983 210 774 217 18,900 20.094 Chthtable fdrtlvitie8 Project costs Employment costs Establishm¢nt Costs Rq)airs and maintenancc Carried fonvard 55055 126,059 1&904 85.890 114,609 23.969 6,793 231,261 200,818 This page does not forn) part of the stathtory fiDan¢ial statements Page 26
Somerset Film And Video Ltd Detailed Statement of Finoncial Activities for the Year EDded 31 March 2024 31.3.24 31.3.23 Charitsble Activities Brought fonvard office expenses Printing, post and station¢ry Subscriptions Cleaning Bank charges Bad debts 200,818 5,093 808 537 4,852 726 167 231,261 6,642 1,731 4,770 525 407 213,021 245.630 Support cost5 Governance costs Trnvel and subsistence Advertising and PTomotion Accountancy Fixtures and fittings 2,141 7,646 11,617 3,102 707 6,906 Total resour¢es expended 274 026 Net income 286 576 147 412 This page does not fonn part of the statutory fmancial statements Page 27