R•gi5tered number. 04855173 Charity number= 1100784 THE GRIERSON TRUST UNAUDITEO TRiISTEES' REPORT AND FINANCIAL STATEIAEMTS FOR THE YEAR ÉNDED 31 DECEMBER 2022 *ACD2BK26* 1111 COK**NIES HCIJSE THE GRIERSON TRUST CONTENTS Rèference and Admintslrati¥e Details of the Charity. its Trnstees afid Advisers Trustee$. Report Independent Examinerfs Rwirt ststemÈnt of Financial Activitles 8alanc8 Shert Notès to the Flnanclal Statoments 9-19 THE GRIERSON TRUST REFERENCE AND ADMINISTRATNE DETAILS OF THE CHARITY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEhlBER 2022 TTUSt•*s L Heggessèy B J Anthony S A 8iswas (appointed 19 June 20231 H J Chhalar (appointed 19 June 2023) S L Chinn (resigned 8 December 20221 L J Compton (appointed 19 June 2023) G Dav*s D A Dg sI￿a lapwinted 19 June 2ff231 N Oh¥nd PJFDixon D Horan MEKapl T J Motie lappointed 8 Oecernber 20221 J M V Quinn IfesLgned 8 December 20221 F Salaria K Soloman R Stapfedon D Tabefer K TownseThJ (resigned 18 May 20221 M E Watson A R Worbjys Company regbstèrèd numl 04855173 Charity registeryl numb 1100784 Register￿ offic• S Elstree Gale. ELstree Way, B(>reh￿￿￿th. Herlfiydshife, WD6 1JD Comp•ny r•e¢r¢t•ry A M Blankr￿d Chair L Heggessey Accwntants Sopher + Co LLP. 5 Etstree Gae. Elstree Way. B￿ehOm¥ffxIl. Hertftyd$hKe. I•106 1JD Page 1 THE GRIERSON TRUST TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The frvstees preseni their annual report together the financiaj st*ements for the yÈ8r to 31 December 2022. The Annual Report seNes the purposes ol twxh a Trustees. report and a d1￿clor￿, report under COrn￿nY law. The Trustees confirm thal the Annual Report and financkal statements of the Cha￿rtab￿ company ¢omply with the current statutory requI￿rnents. the ￿qUIrements ol the chantable companls gL)veming dc£ument and the provisions of the Slatwment of Rewnmended Pradti ISORPI applicable to chairties preparing their accounts in accofdance with the Financkal Repth"n9 &andard app1Kab￿ in thè UK and RepublK of Ireland IFRS1021 (effective 1 January 2015} as amended by Update Bul￿tin 1 leffedN• January 20151. sin￿ the Charity qualifies as small unt1er sectK*n 382 of ihe Ccvnpanies Act 20C6, Ihe Strategic Report required of mediurn and large companies under the Compan￿$ Act 20C6 {strateg￿ Report and D1￿ctorS, Report) Flegulations 2013 has been omitted. Strueturn. go¥•m•n¢e •nd managThnt a. Constltutk•n Thè GI￿rSOn Trust is a5 a th¥iiabk compwy Ivnited by guarantetr and was up by a Memor3Trdum of Assocsati¢)n. b. Alethods of a￿l￿tment or •teclion ol Trnstees The management of the Chwrty is the reS￿n$￿Il￿ crf the TnJsiee5 wh) are eknted aThJ COwed by an in- person ￿s￿lental in Bimingham. Trainees re¢eNed an rndustry pass to Sheffield D￿Fest and where they attended industry mast¥Gbsses aFKI pands. net%%tyked wrth dccumentary and factual industry iepresentatives. Each trainee was m*¢hed wth a mentor. sM)e of %thcvn a￿ Trustees. The trainees then embafked on tsyo or four-week work plxements al a UK lekn.sion production wnpany. The Chanty provde(I the trainees %*ith a bursary for their pla¢ement equNalent to the nab"on81 fving On9￿n9 SUPPOrt lor at least 12 mortths is provKled by the Charty and the menlors provile suprAYt for a minimum of six months. Companies who providett p*ements the 2022 cOl￿rt We￿ BBC Stu(JKts. Blast Films. Box to 8ox Fikns. Dra9onfty TV, The Gardèn. Li9htbox. MinnLXV Films. Plimsoll ProJu¢twJis. RAW. Rcgan Productions. Twenty Twenty. Wall to Wall and Wise C>wl FilmslAIt3Medk8 WKI ZirK Medk4. Funding for thè schème was secured frryn The Rank Founda11￿. for ￿liCh thère ts a three.year grant agreement in pL4ce12022-2024}. The scheme is also SUPFthed in-kind by BILthrry Creth"ves. who Pfovijed one-tr￿one career coaching sessions to each trainee. The Kit Rwm who offer cOm￿￿entary rental of cameras and sound recording equwient to trainees, and Clear Cut Pthres pThwJed training on postprfyluciion workflow5. Of Ihe 13 D￿Lab trainees in 2022. 11 a￿ eithw acb.vety vthing ￿thIn the d￿Mentary.indUStry, or pursuing further development cyportunth"es. One tratnee has rekK*ed abro* and anothef has decKled to pursue career outside of the dctumentary sect￿. APpl￿tI)nS for the 2023 GrierKm DorLab scheme opened in DeC￿ber 2022. Griwson Do¢Lab In Focus Schemes The Charity secured ren￿d funding from Nettt￿ in order to continue second eJition5 of bespoke Griwson Do¢L*) s¢PLemes to plug iThlusty skdfs gaps in w(¥l￿t￿n manag￿ent offline ethtin9. Of the eight trairLees for the editi"r¥J scheme. fNe were women and three were rnen. FI￿r were from an ethni minority b￿grOund, three were dISab￿d aThY lour frrKn oulsth London. Of the e￿￿h1 pr(MYuctK)n management schemè trainees. all wtre femalè. Three people frt*n ethnic mnority bxkgroLtn¢ts, were tjisèbled an(J six were b8sed oufsKJe L¢)ndon. This is in line ¥•iih our missM to provbJe c*)rortunrt*s mentj.oned earlier. The editing and produd*Jn man•3ement schemes c4ynwsed week-long Itaining onli￿. fdkmed by in person residenlial labs. Each traifjee wa5 matched wth a mentor and all trainees secured pa￿ ¢ontractS ¢)n Netll¢x dc£umenl¥ry pr(yJu¢I￿S. &Yne of lonees been r*in¢d by the p￿duCt￿)ft crynpan*s and offered Ctsntra￿ extensions. Grierson DacLab Alumni Throughout the year the Charity also C(fflbnU￿ to stay in rKHnrnunicatv)n ¥￿th and supported lis r*twth of Grierson 0￿b Alumni. of wh￿h there we now 155. J(l> CVF&¥lunths. netwo￿1n9 events and rtyular ¢heck ins continue lo be Off￿￿ to the grtyjp. 8FI 00¢ &>clety Training Support The 8FI Doc Society fund supported Charity wth a grant of £18.OLIJ. The enabled The GrieTron Trust tearn to provide bespoke trainw aNJ menkn.ng 5UtvL¢( f¢r BFI Dr￿ s(￿ granlees. Staffing FdlowiNJ 20 years of serv￿, The Griew50n Trvst's Man•aing Director Jane Callaghan retired in 2022. FoMowin9 opén recruthefit for the role. s￿￿'è Bednarz was named as the Charty's n** Managing ￿"[ectOr in Sèptember 2022. Sylvia has *vrked in s￿la1 roks xross the thKument#ry sttlor Ir￿luding film and TV productitrn, commiss¥)nin9 for onl￿e and TV. and film festNas. Sykna Joined The GrEr50n TFUSt from Sheffdd DcKFest Whe￿ she was Partnershps and Operabons Olrector, overseeirrfj opeTatKJns, production, finance and HR departments Her itwol¥ed secLtring new grants and S[￿5(￿$h￿l fundirKJ annuaty from o¥¢r 60 UK and internatKsnal pathers. Page 4 THE GRIERSON TRUST TRUSTEES. REPORT ICOMTINUEOI FOR THE YEAR ENOED 31 DEC£hl8ER 2022 Achievements and p•rfomianu Icorrtlnuedl . Go¥Èmance Continuing the pritess (rf swLessKm M￿ement, in aCCord￿ce wth the Charitys Arts"cles of A55IKialion Tanya Motse was appointed to the Board in December 2022. There was Or￿ reSIgnat￿n during the year from Simon Chinn who stepped dcwn before his full lerm due to other lwrk commitments. Jwne5 Quinn concluded his third year tem in November 2022. Andre* BLankf￿￿ was appointed as Company Secretsry. Financial revlew . Going concern After making appropriale enquiries. the Trustees haNE a rea%%￿￿e eXpectst1￿ that the Charity h85 adequate rèswrces lo continue tn (Verai￿al e￿$lence for Ihe fO￿seeab￿ fulurt. For this reason they conlinue to adopi the going concem basi5 in preparing the financial statements. Further details warding the 4doptlDn of Ihe going ¢￿cern basis can be fourKL in the Accounb"ng Pdus. b. Reserves pollcy is the policy of the Charity that unrestrthd fvrKls have not been designated for a sp8¢rfic use should b• maintained at a le¥d that WTII ensure that, in ihe eveni of a srynrfscanl drop in fvndirwj. the Charity will be ablè to continue the Charitls eurrènt actmties Whi￿ tonsideratkyl 15 giwi ta way5 in wh￿h wjdrtional funds may be raised. The Trustees ¢on$thr that a level of £1CQ.¢XJo is thts pury￿e •rK1 this level of reseNes has been maintsined through(xJt year. In pr￿arIng this report. Trustees taken a¢fvanlwJe of the small ccrfnpanie5 exempl￿$ provbJ&J by section 415A of the Compa)ies Act 2W6. Approved by order ofthe manbern dthe bo*d ofTntstee5 and s￿n￿j ￿ their tr*ha￿ by.. L Heggessèy Chair Date.. 2Tr1q113 P•Je S THE GRIERSON TRiIST INDEPEMDENT EXAMINER'S REPORT FOR THE YEAR ENDEO 31 DECEMBER 2022 INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE GRIERSON TRUST Ilhe Chartty? I report to Ihe charty Tnjstees on my exarninat￿ of the accounts of the Charity fry the year ended 31 December 2022. RESPONSIBILITIES AND 8ASIS OF REPORT As the Trustees of Ihe Chaiity (and its direclors lor Ihe PLwKThes of company lawl ycw a￿ responsible for the preparatton of the accounts in xoy&n¢e wrfh ts ￿ul[ements of the Com￿1&$ A¢t 20¢A I'lhe 2006 Acfl. Having satisfied myself thal the acccwnls of the Charty are nL* required to be aL&Jrted under Part 16 of thè 21M)6 Act and are eligibk for indepÈndÈnt examrnab"on, I reptsrt in respect ol my examination of the Charity's accounts carried out under sectKJn 145 of the Charilies Ad 2011 1.the 2011 Acf). In Carr￿Trg out rny examination I have folk)wed the Directions by the Charity Commi4•* urKler $￿t￿￿ 14515llbl of the 2011 Act. INDEPEN0E1￿ EXAAIINER'S STATEIIJErir sir￿ ihe Chariivs gros5 irKryne £250,IJXI examimr must be a m8mb&r of a bcéy listed sectK)n 145 of the 2011 A¢t. l confirm that l am qUall￿d to ur*Yertake the eXaMinat￿n because l am a member of ICAEW, which is one of the listed t<#Jies. I have completed my examination. I confim that no matters come lo my attentKJn in ¢onneetion wth th• examination giving me cause to believe.. a¢¢ounling rewds noi kem Ni ￿Spect clthe Charty as ￿QuIr9d by S8¢t￿ 386 of the 2CIJ6 Act., or the ac¢ounts do not acGord those rec¢yds'. (* the accounts do not comply wrth the accounting requir&nents d section 396 of the 2LYJ6 A¢t other than any requ1￿ment that th8 xcounts gi¥E a 'tnJe and fairf view ts not a matter ConS￿lered as part of an independent exaMInat￿n.. or the ￿Unts have nol been PWEpared in acusdarce wilh Ihe meththjs and principles of the Slatemenl of Recommended practi￿ for ￿cOUnting and reporting by charties lapplKable to ¢h8fitw preparing their acco¢Jnts in accordance wilh the FirwKd Re￿￿￿19 applK*le in the UK and Republ￿ of I￿land IFRS 10211. I havè no cOn￿mS arKI ha¥8 cc¥ne across no olher malters in con￿ti￿ V*ilh the examinaliort to whth attènti¢)n should be drawm in IhL8 reptyt ¢Jrderto enable a proper understanding of the accounts to be reached. Str3ned." H Yovrg 4JV Dated: 27109r2023 SOPHER + CO LLP Chartered Accountants 5 E15t￿e Gate E1st￿e Way Boreharnwood Hertfordshire W06 1JO Page 6 THE GRIERSON TRUST STATEMENT OF FINANCIAL ACTv4mES IINCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 DECEMBER 2022 Totsl tunds 2022 Tol81 fvnds 2021 funds 2022 INCOME FROM.. Voluntary InGome A¢tivrties for 9enefatirvJ furxts Investment Income 68,000 368,078 16.000 357.942 1,256 368.078 TOTAL INCOME 437.064 437.064 375.198 EXPENDITURE ON: Raising funds Charitsble a¢tivths". Mentoring costs Governance costs 343.657 343.6S7 286.378 41,$86 22,575 41,586 22,576 42.840 15.606 TOTAL EXPENDITURE 407,818 407,818 344,824 NET MOVEIAENT IN FUNDS 29.246 29,246 30,374 RECONCILIATION OF FUNDS: Total funds brought forwar Net movement in fvnds 348.294 317,920 30.374 29.246 TOTAL FUNDS CARRIED FORWARD 377.540 348,294 The Statement of Finanaal ActN*ies indth gairts aNI kisses I?￿nIsed in ihe ￿. The notes on page5 9 to 19 fomi wt of ilv financial statemenls. P•Je 7 THE GRIERSOhl TRUST REGISTERED NVM8ER: 04855173 BALANCE SHEET AS AT 31 DECEM8ER 2022 2022 2021 FIXED ASSETS Intangible assets Tangible assets CURRENT ASSETS 7.140 4.302 10 1,968 Debtors Cash at bank and in h*KI 37.393 348,117 353.776 CURRENT LIA8ILinES 394,643 385,510 Cr&Jitors.' amounts falThThJ due within one ye 12 128.S451 139,1841 NET CURRENT ASSETS 346.326 TOTAL NET ASSETS 377.540 348,294 CHARITY FUNDS Restrthd funds UnrestrKted fuTrJ5 13 13 3TI.540 348.294 TOTAL FUNOS 37T.540 348.294 The Charity ¥rdS entilknj to ex8mpkn from audit under sectw)n 477 of the C(Nnpanies Act 2rx6. The members have not requffed the ￿*MpanY to obtsin an alhlit for the year in question in acrLJrdance with section 476 of Companw A# 20¢%. The TnJstees ackn￿*￿ed9¢ th•r respOnsi￿"11t[&S for ¢¢ffith'ng the requir&nerts of the Act wrth re5FeCt to counting records and preParat￿n of fiwci#l st*ements The finanual $t*ments lyave been wepared in *¢r￿{lan￿ th¢ provision$ ¥ppluble to entit￿ Subl￿t to the small cf*npan* wrne. T1￿ financial ststement5 4)wo¥ed and aUt￿ristd for issue by the T￿Slee$ and s￿ned on their beh81f by.. L Heggessey Chair Date. 2Tr The notes on pa9es 9 to 19 foFm w ofthese firw)cial sl**nents. 1412} Page 8 THE GRIERSON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENO£D 31 DECEM8ER 2022 ACCOUlmNG POLICIES 1.1 Basis of preparation of financial stst•m•nts The financial stalemÈnts have been prepared in ￿0rdar￿* wth Chant*s SORP IFRS 1021- A¢¢ounb'ng and Reporting by Charities: S￿￿￿ent of Recornmended PraGtice applicable to charities preparir9 their accounts in with the Financial Rep¢xting Stsndard appl￿ble ￿ the UK and Republic of Ir*rNY (FRS 1021 (effedive 1 Jartuory 20151. the Financial Reporting Standard applicable tn the UK arwj Rwjub1￿ of Ird*KI IFRS 102) and the ¢￿￿￿1p$ 2006. Thè Grier50n Trusl meets tt* dÈfifirt*￿ of a wblic benefrt enlty under FRS 102. Assèts and 1obilrtie$ a￿ in*ialty ￿(￿Jn￿e￿ * h4StorKal c05t or tran58CtKJn value urtless otherwise stated in the felevant attovntirwJ poltcy. 1.2 In¢ome All ¢xccme is iects3nised ¢)nce the Ch*rty has enithment to t￿ incomè, it is probable that thè income vlil be re¢eNed and the amcwnt of irmne ￿l¥ablE caft be measured rtlkqbly. Donated or lac111￿ are recognksed when the Charity ha$ ¢ontrd ¢)ver the item. any conditicms assctiated with the donated item have been me( the recwpt of econcynic benefrt from tho use of thè Charty of the rtem rs prc*abk and that l)enefit can be measured relK4bly. On recept, donated profess*)nal seTh￿ aThJ Ojiated f%1h1￿ are recognvd cffi Ihe basis of the value of the grfi to the Charity YAthich is the amount the Charty woukl have been wilkng to pay to obtain servir*s or facilit￿ of equfy*ent ￿Onom￿ benefft on the open matket", a corresponding arnount 15 then recc¥Jnssed in e¥penthiure in the of receipt. Incr)me tax recoverable in relat￿ to dc￿lOn$ r￿efvEd under Gth AKI ￿ deeds of covenant is recognised at the time of the ￿(￿tion. Income tax rec0vWab￿ in relatKm to In%estM￿t incune 1$ th& time the inv8$bnenl income 15 receNabk. 1.3 EX￿￿11￿￿¢ Expenthturè is reccgnwl once there a legal tx conslwclive oblWTh to transfer economr benefit to a third party. it is prcA)abk that a transfer of econcrn￿ benefrts will be required in settlemenl and the amount of the obl￿alKIn can be measured reliabty. Expent1iture is classrf*d by actiwty. Tho.costs of each actiw are made up of the total of direct costs and shared ¢osts, including SLIPFK)rt ctssts involved in undertaking exh ac￿lty. Dirttt costs altn'butsbSe to a single actiwty are al￿￿￿ed directly lo that actiwty. Shar•Y costs whth ccrfrtritrth to mcrfe than one and support costs whi¢h are not attrtjutable to a single athity are apportwj tse￿8￿n those on a basis ¢onsTstent with use of ￿SOUrces. Central staff ￿1$ are albxated m the basis of ts.me $penL and depre¢iatÈon charges alctated on the of the a55et's Use. Support costs *e those costs ll)¢urrwJ dire• in suppJt of exFendrture on the objects of th8 Cttarity. Govemance costs a￿ tlthe Incur￿ in connecti)n administration of the Charty and ccmplHnce wtth ¢onstituttonal and stalim requirements. Costs ol generatWl9 lunds are cosls incJJrr&J in atlrath"rwJ volurw income. aThJ those ￿¢￿rIed in Iradiro aclivth.es that raise f￿￿$. Page 9 THE GRIERSON TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 ACCOUNTING POUCIES ICONTINUEDI 1.3 Expendoiure {continuedl Charitable activit* and Governa￿ ¢c6ts are ¢osts wurred on the ChariV$ aaucational operations. including 5UPWt cosls and costs retating lo Ihe goverrwce of the Charrty apportioned to ¢harilab￿ actN**S. 1.4 Inter•sl rwmivab Inlerest on funds hekl. on d8POSit ts iTrxluded V*then recth3b￿ and the amount can be measured reliably by the Chaty, thK% is ftomw*y upw notffj￿ of ￿ intw¢st paid or Payab￿ by the 8ank. 1.$ Intangible assets and amortisalion Intangibk assels costing £1.ocKI or Mts￿ ao ¢aprtalised 8nd wnised when future e¢￿0M bènefits arè prO￿e and the (x)st or value of the asset ¢an te measured ￿l￿b￿. Intallgkn￿ assets are Init￿lty recognised al c05t After wnition, under the cost model. intsngible assets are measwed at cost less any ￿uMUL￿d amortL8atton ar￿ any a¢¢umul*ed impaimienl kjsses. Amortisaiion 1$ provKted on Intangl￿e assets at rates c*ulated to write off ¢o$t of èach a55et on a st￿4ght-11￿ basis 0￿r its expected useftjl lrfe. Amorb"5ati￿ is provTrknl on the fotkhvirs basis.. Website 25 % stsghl-li 1.6 Tanglble fixed assets and depreclatlon Tangible fixed assets costs"rwJ £2SJ ar MO￿ are caprtalised and recc4Jnised when futu￿ economic benefits are prc+thle and the ccst Of Oftt￿ asset can be Measu￿ reliabty. Tangib￿ fixed assets are initwtty wnised at cost. Aftef re¢¢gnition, unfler the cost model, tangible rixéd assets arè measured at Cosl ￿5$ accumuLatèd deprecptk)n and any accumulated impaiment losses. All costs incurred lo a l*gl)le frxeAI assel irrto ts intw)ded Wofking con¢ilion should be included in the measur*nent of cosL tkpwiatK)n is tharged so as to aifo&* ts c05t of lang￿* fixed assets less their residual value over their estimated useful lives. . DepreCiat￿n ts provijed on ￿ f¢%ltr*4ry b¥k8.' 25% Reducing balance 1.7 Debto Tra