Charity Registration No. 1107649
Company Registration No. 05053960 (England and Wales)
MOVIOLA LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
MOVIOLA LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees B Clay H Owers P Comer D Gent S Allen Secretary C Walkley Charity number 1107649 Company number 05053960 Registered office Spring Cottage Queen Street YETMINSTER Dorset DT9 6LL Independent examiner Old Mill Accountancy Limited Unit 2 Greenways Business Park Bellinger Close CHIPPENHAM Wiltshire England SN15 1BN Bankers National Westminster Bank Plc 2 North Street WAREHAM Dorset BH20 4AL
MOVIOLA LIMITED
CONTENTS
| Page | |
|---|---|
| Trustees' report | 1 - 3 |
| Independent examiner's report | 4 |
| Statement of financial activities | 5 |
| Balance sheet | 6 |
| Notes to the financial statements | 7 - 14 |
MOVIOLA LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The trustees present their annual report and financial statements for the year ended 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, 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)".
Objectives and activities
The charity's objects are to promote, maintain, improve and advance education within the community at large and particularly in the rural areas of the United Kingdom, by the promotion and exhibition of cinematography and films of all genres, including the provision of consultancy services in the performance of film to other individuals and organisations in the United Kingdom. There has been no change in these during the year.
The charity is a public benefit entity and the trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake for the public benefit.
The Moviola network consists of two types of client: Partners for whom Moviola provides a full cinema service (booking, licensing and film presentation) and Associates for whom Moviola books and licenses films and supplies discs.
In fulfilment of the Company and Charity’s objectives, and within these restrictions, the Partner programme delivered 77 shows (118 the previous year) to 12 rural venues and to an audience of 3,576 people. In 2023-24 we enabled 1,766 associate shows (1,653 previous year) in 210 venues across the UK, to a total audience of 59,934 (58,310 the previous year). The number of associate shows continues to grow as does the number of associates signing up to the network. The number of partners shows have been decreasing as many of them convert to being associates. We feel this situation has now plateaued.
Moviola´s income depends not only on the fee it charges, but also on the box office takings (audience). Although the number of shows in general continue to increase, year, we have not yet returned to pre-pandemic levels.
As part of the Moviola service, we charge partners film hire costs and pay the costs to the distributors on their behalf. We guarantee the partners that any title chosen from our menu will have film hire costs of 35% with no need for a minimum guarantee - we can do this because usually we book sufficient numbers of each title to obviate a minimum guarantee. As a result we expect to have net income from film hire as zero- we pay the distributors what we charge the partners. In 202324 this did not turn out as expected as we actually lost money on film hire for several titles where there were insufficient bookings (net loss £4k) The team is reviewing the charging policy to attempt to prevent this situation in future years.
In September 2023 one of the officers voluntarily reduced their paid employment by 50%. This officer has kindly agreed to volunteer for the charity going forward, the trustees are extremely grateful for this donated time. The resulting gift in kind has been recognised in both donations and salary costs. In future years the donated time will increase as it will relate to a whole year rather than the seven months reflected in these accounts.
For all these reasons the free reserves, which started the year with funds of £16,002 were further reduced by £6,416 to £9,586.
With the exception of the 2023 AGM, all trustee and other meetings have been held on line (Zoom). The side effect of this has been very low costs for officer travel and zero costs for sustenance at meetings.
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MOVIOLA LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
Financial review
Partners' fee income decreased by £6,182 to £11,851 (2023: £18,033), associates' fee income increased by £4,745 to £76,382 (2023: £71,637) and film hire income increased by £525 to £102,285 (2023: £101,760). Total income for the year was £203,052 (2023: £196,609).
Moviola did not secure any further grants in 2024, however we plan to approach a variety of entities with hope to secure grant funding for 2025 onwards.
Costs of the Moviola service, including associated staff costs, have increased by £337 to £118,526 (2023: £118,189) with total resources expended of £210,193 (2023: £200,921).
There were net unrestricted outgoing resources for the year, before transfers, of £7,141 (2023: outgoing £4,312).
Fund balances at the year end amounted to £12,101 (2023: £19,242), all funds are unrestricted.
Excluding the Moviola service costs, the free reserves stand at £9,586 (2023: £16,002), which represent approximately 1 months (2023: 2 months) overhead expenditure. It is important that this increases to at least 6 months and hopefully from next year forward as business returns to pre-pandemic normal this will happen.
While clearly the reserves continue to be reduced, the board will review the policy towards the end of 2024 once the performance from September onwards has become clearer.
The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.
Plans for the future
It is expected that the number of shows / audience will continue to grow during the second half of 2024-25 and that by the end of the financial year the company will have sufficient funds to continue. This very much depends on the number of shows booked during the September-December season which will dictate the actual funds balance.
Structure, governance and management
The company is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 24 February 2004 (as amended by special resolution on 20 April 2009). The company was registered as a charity on 17 January 2005 and is a registered charity number 1107649.
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:
B Clay
H Owers
P Comer J Buckley (Resigned 4 October 2024) D Gent S Allen
The management of the company is the responsibility of the trustees who are elected and co-opted under the terms of the Articles of Association.
None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £10 in the event of a winding up.
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MOVIOLA LIMITED
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
The directors as charity trustees control the company. There must be no less than three and not more than ten directors, all of whom must be members.
Although the articles of the company allow for a wider membership at present the only members of the company are the directors of the company.
One third (or the number nearest to one third) of the directors must retire at each annual general meeting, those longest in office retiring first.
The directors may at any time co-opt any individual as a director to fill a vacancy but a co-opted director holds office only until the next annual general meeting. The members at the annual general meeting approve the appointment of directors or make their own appointments.
The directors must hold at least four meetings each year at which one third attending or two, whichever is the greater, represents a quorum. The directors have established procedures at meetings to ensure that potential conflicts of interest are highlighted at the start of meetings and where necessary interested parties are required to withdraw from the meeting.
Statement of trustees' responsibilities
The trustees, who are also the directors of Moviola Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees' report was approved by the Board of Trustees.
B Clay Trustee Dated: 13 December 2024
P Comer Trustee Dated:13 December 2024
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MOVIOLA LIMITED
INDEPENDENT EXAMINER'S REPORT
TO THE TRUSTEES OF MOVIOLA LIMITED
I report to the trustees on my examination of the financial statements of Moviola Limited (the charity) for the year ended 31 March 2024.
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:
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1 accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
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2 the financial statements do not accord with those records; or
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3 the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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4 the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.
Rachel Wills, FCA
Old Mill Accountancy Limited Unit 2 Greenways Business Park Bellinger Close CHIPPENHAM Wiltshire SN15 1BN England
Dated: 17 December 2024
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MOVIOLA LIMITED
STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
| Unrestricted funds 2024 Notes £ Income and endowments from: Donations and legacies 3 6,416 Charitable activities 4 190,518 Investments 5 - Other income 6 6,118 Total income 203,052 Expenditure on: Charitable activities 7 210,193 Net expenditure for the year/ Net movement in funds (7,141) Fund balances at 1 April 2023 19,242 Fund balances at 31 March 2024 12,101 |
Total 2023 £ 175 191,430 1 5,003 196,609 200,921 (4,312) 23,554 19,242 |
|---|---|
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
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MOVIOLA LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
| 2024 Notes £ Fixed assets Tangible assets 12 Current assets Debtors 13 10,470 Cash at bank and in hand 43,785 54,255 Creditors: amounts falling due within one year 14 (44,669) Net current assets Total assets less current liabilities Income funds Unrestricted funds |
2023 £ £ 2,515 14,212 52,680 66,892 (50,890) 9,586 12,101 12,101 12,101 |
£ 3,240 16,002 |
|---|---|---|
| 19,242 | ||
| 19,242 | ||
| 19,242 |
The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2024.
The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.
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 13 December 2024
B Clay P Comer Trustee Trustee
Company Registration No. 05053960
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MOVIOLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
Company information
Moviola Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is Spring Cottage, Queen Street, YETMINSTER, Dorset, DT9 6LL.
1.1 Accounting convention
The financial statements have been prepared in accordance with the charity's governing document, 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.
1.4 Incoming resources
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.
Grants and donations subject to the specific wishes of the donor are credited to relevant restricted funds.
Donated services or facilities which comprise donated services are included in income at a valuation which is an estimate of the financial cost borne by the donor where such cost is quantifiable and measurable.
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MOVIOLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
1.5 Resources expended
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.
Expenditure is accounted for on an accruals basis and has been included under expense categories that aggregate all costs for allocation to activities. Where costs cannot be directly attributed to particular activities they have been allocated on a basis consistent with the use of the resources.
Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
1.6 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.
All assets costing more than £500 are capitalised.
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:
Plant and machinery
25% reducing balance
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.
1.7 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.
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.
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MOVIOLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1 Accounting policies
(Continued)
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.
1.8 Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.9 Company status
The company is a company limited by guarantee. The members of the company are the trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £10 per member of the company.
2 Critical accounting estimates and judgements
In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows:
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MOVIOLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
2 Critical accounting estimates and judgements
(Continued)
Estimated useful lives of tangible fixed assets
In determining the estimated useful life the charity considers the expected physical wear and tear of the asset that could lead to obsolescence of the asset. Each year the charity reviews the above to establish if there is any change in the expected useful life of tangible assets.
3 Donations and legacies
| Donations and gifts | Total 2024 £ 6,416 6,416 |
Total 2023 £ 175 |
|---|---|---|
| 175 |
4 Charitable activities
| Partners' fees Associates' fees Film hire income |
2024 £ 11,851 76,382 102,285 190,518 |
2023 £ 18,033 71,637 101,760 |
|---|---|---|
| 191,430 |
5 Investments
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Interest receivable | - | 1 |
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MOVIOLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
6 Other income
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Postage recovered from partners | 6,118 | 5,003 |
7 Charitable activities
| Staff costs Depreciation and impairment Film hire Presenters' mileage Postage Office expenses Insurance Bank charges and interest Telephone Subscriptions Accountancy fees Professional fees (Profit)/loss on disposal of fixed assets Board development, administration and expenses Share of governance costs (see note 8) Analysis by fund Unrestricted funds |
2024 £ 79,713 708 106,298 1,558 6,380 2,636 2,069 1,007 740 2,187 3,310 2,248 17 122 208,993 1,200 210,193 210,193 210,193 |
2023 £ 73,409 931 104,216 2,174 5,550 2,109 1,882 1,000 966 1,761 3,310 1,858 433 122 |
|---|---|---|
| 199,721 1,200 |
||
| 200,921 | ||
| 200,921 | ||
| 200,921 |
Staff costs include £4,290 (2023: £6,249) relating to presenters' salaries and social security costs.
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MOVIOLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8 Support costs
| Support costs Governance costs £ £ Independent Examiner's Fees - 1,200 - 1,200 Analysed between Charitable activities - 1,200 |
2024 £ 1,200 1,200 1,200 |
2023 £ 1,200 |
|---|---|---|
| 1,200 | ||
| 1,200 |
Charitable expenditure includes payments to the independent examiner of £3,310 (2023: £3,310) for accountancy services.
9 Trustees
None of the trustees (or any persons connected with them) received any remuneration during the year.
One trustee received reimbursed travel expenses of £45 (2023: £nil).
10 Employees
The average monthly number of employees during the year was:
| 2024 | 2023 | |
|---|---|---|
| Number | Number | |
| Presenters | 3 | 4 |
| Other Staff | 3 | 3 |
| Total | 6 | 7 |
| Employment costs | 2024 | 2023 |
| £ | £ | |
| Wages and salaries | 78,699 | 80,967 |
| Social security costs | 709 | (8,051) |
| Other pension costs | 305 | 493 |
| 79,713 | 73,409 |
£10,000 of Employment Allowance relating to a retrospective claim for prior years was recognised in the prior year.
There were no employees whose annual remuneration was more than £60,000.
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MOVIOLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
| 10 | Employees | (Continued) | |
|---|---|---|---|
| Remuneration of key management personnel | |||
| The remuneration of key management personnel was as follows: | |||
| 2024 | 2023 | ||
| £ | £ | ||
| Aggregate compensation | 68,152 | 75,047 | |
| 11 | Taxation | ||
| The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. | |||
| 12 | Tangible fixed assets | ||
| Plant and machinery | |||
| £ | |||
| Cost | |||
| At 1 April 2023 | 43,660 | ||
| Disposals | (1,302) | ||
| At 31 March 2024 | 42,358 | ||
| Depreciation and impairment | |||
| At 1 April 2023 | 40,420 | ||
| Depreciation charged in the year | 708 | ||
| Eliminated in respect of disposals | (1,285) | ||
| At 31 March 2024 | 39,843 | ||
| Carrying amount | |||
| At 31 March 2024 | 2,515 | ||
| At 31 March 2023 | 3,240 | ||
| 13 | Debtors | ||
| 2024 | 2023 | ||
| Amounts falling due within one year: | £ | £ | |
| Trade debtors | 9,006 | 12,875 | |
| Prepayments and accrued income | 1,464 | 1,337 | |
| 10,470 | 14,212 |
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MOVIOLA LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
14 Creditors: amounts falling due within one year
| Creditors: amounts falling due within one year | ||
|---|---|---|
| Other taxation and social security Accruals and deferred income |
2024 £ 9,313 35,356 44,669 |
2023 £ 12,655 38,235 |
| 50,890 |
15 Related party transactions
During the year, a member of the key management personnel donated salary costs equivalent to £6,244 (2023: nil).
See note 10 for disclosure of key management compensation.
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