Company number: 5369193 Charity number: l 109053 Independent Clnema Offlce (Limited by Guarantee) Reporl and Financial Statements For the year ended 31 March 2023
Independent Cinemg Office- Content5 Contents Page Reference and administrative details Trustees, report Objectives ond octivities Achievements ond performance Financial review Plans for the future structure. governance ond management Independent Auditor's report statement of Financial Activities lincluding Income and Expenditure Account) Balonce Sheet stotement of cosh flows Noles to the Financial Statements 9-10 10-1 I 12-13 14-17 18 19 20 21-32
Independent Clnema Offlce- Reference & Admlnlstratlve Detalls Reference and admlnlstratlve detalls Chorlty reglstrollon number: 1109053 Compony regislralion number: 5369193 Reglslered office and operatlonal address: Independent Cinema Office Unit 9 Bickels Yard 151-153 Bermondsey Street London SEI 3HA Trustees The Director5 of the choritoble company I'the charity'l ore 115 tfU5tees for the purpose ol charity law and throughout this report are collectively referred to as trustees. Trustees who served during the year and up lo Ihe date of Ihis report were os follows.. Ayo Akingbode Sudha Bhuchar Thea Burrows Julian Connerty (resigned 26 May 20221 Horry Kalfoyon Susan Lovell (resigned 18 August 20221 Eleanor Lowe Will Mosso Emily McDonald Ameel Porekh George Sowtell (resigned 26 May 20221 Simon Word Dorothy Wilson MBE FRSA Ichairl Key management personnel: Director/CEO- Cotharine Des Forges Heod of Cinemos- Dovid Sin Head of Operations- Becky Clarke Head of Partnerships & Development- Halice Ozdemirciler Head of Finonce- Angelo Blonchard Bankers: Barclays Bank Plc, Leicester LE87 288 Sollcltors: Bales, Wells & Braithwaite, Cheapside House, 138 Cheapside. London EC2V Audilors: Cooper Porry Group Limited stotulory Auditors Cubo Birmingham Two Chomberfain Square Birmingham B3 3AX
Independent Clnema Offlce- Trustees, Report Trustees, report The trustees present their report and the audited financial statements for the year ended 31 March 2023 which are also prepared lo meet the requirements for a directors, report ond accounts for Companies Act purposes. The reference and administrative information set out on page 2 form part of this report. The rinoncial statements comply with Charities Act 2011. the Companies Act 2006. the Memorondum ond Articles of Association and Accounting ond Reporting by Chorities.. statement ol Recommended Proctice opplicoble to chorities preporing their occounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021. Objectives and activities Purposes and alms The objects ol the charity are to promote all purposes recognised as charitable under the laws of England and Wales from time lo lime. in particular. without prejudice to the generality. the promotion, mointenance. improvement ond odvancement of educotion ol the public by the encouragement ol the knowledge and appreciation of the arts of film and video. Alms The ICO'9 mission is to stimulate an open. thriving and challenging film culture. We have six overarching gools.. To incre05e odmission5 for independent cinemos To enable a diverse range ol films to be seen by diverse audiences To make the exhibition industry more inclusive To provide formal troining routes into exhibition careers To support new venues so that people can access independent films wherever they live To inform positive policy changes and increased funding tor independent film exhibition. Activities The principal activity ol the charity during the year was to act as the national support orgonisolion for independent cinemos. Our key octivities ore film programming odvice. training, advocacy for the sector, distribution ond consullancy. We olso manoge Film Hub Soulh East, part of British Film Instilute's IBFII Film Audience Nelwork IFANI. The truslees review the oims. objectives and activities ol the charity each year. Public benefit In shaping our objectives for the yeor ond plonning our oclivities, the trustees hove considered the Charity Commission's guidance on public benefit, including the guidance on public benefit.. running a chority IPB21 and lee charging. The ICO relies on grants and the income from fees and charges to cover its operating costs. In selling the level ol fees. charges and concessions, the Irustees give careful considerotion lo the accessibility of its oclivities. The charity has a series ol aims which foreground public benefit as a key outcome of ils octivities. These include.. Having inclusivity al the heart ol our mission statement Ensuring that wherever you live in the UK, you have comparable access to the arl ol film os if you lived in the copitol Exponding the geogrophical reach of world cinemo (including artists, work, animation and archive film) Building capacity in organisations both professional ond non-professional lo ensure that they ochieve the highest stondords in oudience development through troining progrommes ond online resources ovoiloble al no chorge to users Offering bursaries for those wilh caring responsibilities or access needs on all our Iroining courses
Independent Clnema Offlce- Trustees, Report Partnering with grassroots and community organisalions, especially those in rural communities National advocacy lor our sector Offering free advice ond informotion to o huge ronge of orgoni5Qtions from schools to care homes as well 05 traditional cinemas Only working with partners and clients who share our goal lo develop audiences for a wide range of cinema, thereby ensuring that the public has access to the widest range ol films possible. both archive and contemporary. Diversity The ICO was established in 2003 to ensure thol a wide range of stories reached o wider range of audiences and we hove put diversity ol the heart ol what we do ever since. However, the murder of George Floyd in the USA in Moy 2020 ond the worldwide Block Lives Momer protests sporked crucial internal conversations about our work. our influence and how we use our power. Subsequently. we worked with sloff and external criticol friends to develop an Equality, Diversity and Inclusion action plan IEDI plan). published on our website in March 2021 '. ualil Diversit Inclusion Action Plan - Inde endent inema In 2022-23, we have progressed action points from the plan, publishing six-monthly updates on our website. Our activities included.. A pilot of our ICO Programming Charter, which aims to increase the number of films shown by Block. Asion ond ethnically diverse lilmmokers in ICO client sites. growing audience engagement with these tilles vio bespoke funding and morketing support For Screening Days. continuing to work with on exlemol Advisory Group,- holding paid open calls for external curator contributions lo specialised events.. meeting or exceeding our commilmenl to screen 30f¢ minimum films mode by Block. Asion ond ethnicolly diverse filmmoker5 or disobled filmmaker5 Qt all events., and commi55ioning subtitles for Deal/hord of hearing audiences for films screened online Launching our Miles Kelley Memorial Fund. in memory ol our former trustee. and owarded a tolol of £5.000 to eight early coreer filmmokers in ils lirsl round, prioritising Block, Asian ond ethnically diverse ond disobled filmmokers os well 05 British debut filmmakers Commissioning three Black. Asian and ethnically diverse filmmakers to create works relating lo Iheir experience ol the UK countryside for our Right of Way film tour examining issues ol access and inclusion in rural Britain Commissioning accessible 'Eosy Read, versions of our most popular web guides ond resources, including those most Used by the public os entry points into film exhibition In November 2022, holding a series of in-deplh meelings reviewing our existing EDI action plan ond its commitments. subsequently selling up an EDI Working Group ol three trustees and several slalf members to move this work forward. In 2023-24, the EDI Working Group 15 looking al how lo expand the plon with o more intersectional approach and implement specific EDI goals into broader team objectives.
Independent Clnema Offlce- Trustees, Report Achievements and performance This reporl looks al the charity's achievements and the oulcomes ol its work in the reporting period. Programming Progromming is at the heart of the Independent Cinema Office. We support cinemas all over the UK. whether they're in mojor cities or rurol communities, to occess o culturol film offering which will toke their venue to the next level and serve oll their locol oudiences. In 2022-23, Ihe ICO progromming network held ot 30 clients- 29 cinemos ond one mojor regional film feslival - remaining one ol the UK'5 biggest independent cinema networks. In an improved but still chollenging economic environment, our programming team worked closely with venues to help them continue lo rebuild their audiences and diversify their programmes to include o wider ronge ol culturolly importont film5. This yeor, our network screened 947 films. ochieving 797k lolal admissions and £5.3m gross box office. with ICO cinemos making vital contributions to the brooder UK perlormonce of key independenl ond world cinemo tilles. Screening Days Screening Days is the ICO'S flagship event series ond the UK'S biggest cinema conference programme. The events give exhibitors across the UK the chonce to see the best world cinema ond British independent titles months in advonce of rele05e, so they con moke informed decisions on how besl to position these films for Iheir audiences. In 2022-23. we continued offering the events in a hybrid format. giving delegotes the chonce to watch films and allend sessions in-venue or access them from home, with over ?Ofo ol the programme available online. As well as increasing acce55ibility by offering online-only attendance, on affordable pricing model and bursary support to delegates, we made online films available with subtitles lor the Deal/hord ol hearing and provided live captioning on capacily-building sessions held online. We conlinued to work wth on external Screening Day5 Advisory Group, appointing hvo critical friends for a year's period lo steer the programmes and strategy of our specialised events Iyoung Audiences. Inclusion & Diversity. Archive Screening Daysl. We also continued to hold poid open colls for curated se$5ions for these events, giving o national stage to groups and work that might olhenvise stay on the margins. Tolal figures for the Screening Doys programme this year: 1.154 delegates attended the events (online, in-person or a combination of both) 363 unique organisalions represented 82 films screened- 51fo ol which were foreign longuoge., 46fo mode by Block, Asion ond ethnically diverse filmmokers or disobled lilmmokers,- 4570 by lemole filmmokers. Training The ICO'S training portfolio offers film exhibition professionals the opportunity to benefit from high-level knowledge to ensure our industry is successful, inclusive ond progressive. In 2022-23, Ico training responded to seclor needs by supporting key prole55ionol developmenl aims for individuals and charling a palh towords a highly skilled, financially sustainable and inclusive future lor exhibition organisalions. We held profes5ionol development ond training opportunilies both online ond in-person, with several courses offered in hybrid formats.
Independent Clnema Offlce- Trustees, Report Supported by the BFI Audience Fund, our FEDS (Fllm Exhlbltlon, Dlstrlbutlon & Sales) Traineeships scheme recruits new enlronts lo paid roles in film exhibition to help make the industry workforce more reflective ol UK 50ciety. Our 2022 troineeships were undertaken ot Belfasl Film Festival, &FI (London), Broadway (Notlinghaml, Depot (Lewesl, Flatpack Festival (Birmingham) and Hippodrome Silent Film Festival (Falkirkl. Troinees were paid the Living Wage and received industry troining sessions and professional career coaching 05 well 05 on-the-job training. In response to feedback from our FEDS Co-crealion Committee, mode up of former FEDS. the programme included an increased focus on trainee wellbeing. To 5UPPOrt talent in our wider FEDS Alumni Network, we provided £15,000+ in bursaries to 13 alumni this year, giving them access to career development opportunities including coaching and international film leslival attendance. Alongside funds. we held training sessions responding to specific alumni needs, such as how to manoge freelance careers in the sector. The sixth edition of our Elevate: Introductlon lo Leadershlp programme ron from July lo December 2022. giving l O female film exhibition professionals support to build confidence in their skills ond identify pothwoys to coreer progression. Porticiponts were provided with one- to-one cooching. skills development workshops ond high-level networking opportunities. Our Data-Driven Film Exhibition course helped film exhibition profes5ionols learn how to Use dato sources to adjust lo Ihe changes wrought by the pandemic. Alter a three-day online training programme. we held a Sector Forum lo open up conversations more broadly. joined by arts consultancies Indigo Ltd and The Audience Agency. In August 2022, our Film Festivals Sponsorship Roundtable saw 16 UK film le5tiva15 come together to begin designing efleclive sponsorship campaigns for their festivals, drawing on the expertise ol Toronto International Film Festival's fomer VP. Partnerships and backed by case sludies ol successful reol-world results. This roundtable wos followed by o wider Sponsorship Success for Film Festivals troining progromme. Open to internotional applicant5, It W05 specificolly targeled at senior film leslival professionals in a posilion lo drive significant change within their organisations and was attended by representatives ol 16 film festivals from 12 different countries. Finally, we lounched our lotest Online Leoming Course- 'Screening Films in Your Community, to aid newcomers to independent film exhibition. Our Online Learning Platform attracted a total 01288 new course enrolments this year. bringing the total since ils inception to 1.854. Across oll our online, in-person and hybrid Iroining courses ond progrommes, we troined 316 individuals from 274 different organisations and 19 countries in 2022-23. Advice and Information We seek to democratise occess to informotion oboul the film induslry ond how to succeed in it, providing advice, support, blog posts and web guides for people who have never shown a film as well as long-estoblished independent venues and workers throughout the sector. Thi5 yeor, we 50w o renewed number ol enquirie5 from people seeking to pul on in-person screenings lor the first lime. as well as exhibitors seeking advice on potential funding opportunities omidsl the cost-of-living crisis ond wider economic chollenges. The ICO blog continued lo grow in reach and now sees over 2,300 subscribers receive updates several times a month. Seeking out examples of innovation and best proctice from acr055 the sector, the blog publishes posts from both senior and emerging film exhibition professionals, giving newcomer5 the chance to gain industry recognition. 2022-23 highlights included reports from FEDS alumni trips to the Trinidad and Tobago Film Festival and Outfesl
Independent Clnema Offlce- Trustees, Report Fusion in L.A.', case studies of Cine Brazil in London, the Hong Kong Film Festival UK, Irish Film London, Thamesmead Travelling Cinema. the Barbicon. the Film in Hospital project., and front of house workers writing about their crucial aLJdience-focing work for cinemos and feslivols. We wrole and published an in-depth, downloadable 'Guide to Film Tours, a comprehensive look al the process of creating ond distributing film tours to independent cinemas, now ovoilable on our website alongside existing guides on lopics including programming, marketing, audience development, accessibility, environmental sustainobility and more. The ICO'S jobs board is the biggest source for recruitment in our port of the sector. We hove advertised thousands of jobs over the past 16 years, have over 5,000 subscribers to our daily jobs bulletin ond receive l 00,Offl hits per year on ourjobs pages. In 2022-23, we refined the criteria established in 2021-22 which ensures only fair jobs are advertised lo our nelworks. In 2022-23.. We answered 731 enquiries and advertised 647jobs The ICO blog published 42 posts and received 20k+ page views ICO online guide5 were downlooded 2,466 times. Film Hub Lead Organisation - South East The ICO has managed Film Hub South Eost- one of the BFI Film Audience Network's eight regionol film hubs- since 2018. Throughout 2022-23. we supported our members both linonciolly ond strotegicolly. helping them novigote continuing uncertainty in the sector and consider new pathway5 lor growlh. Film Exhibition Fvnd - We continued our key strategic fund, the Film Exhibition Fund, designed lo support regionol exhibitors, cultural film programming and audience development activities. approving 31 proposals lolalling £210.399 in 2022-23. Projects focused on bringing oudiences back lo the cinemo. centring on seasons of British ond intemotionol film, film festivo15, oudience-lacing young film programmer octivity, and Pride events. In addition. os Film Hub South Eost. we.. Provided dedicated support for member exhibitors vio Iroining and events- attracting 188 atlendees representing over 80 different regional organisalions to a programme of online and in-person training courses and events Grew our Hub membership by 141. (since April 20221 to 341 total members Held development consultancies for key regionol organisotions, helping them develop new business plans. improve their governance and identify next steps Continued to develop our Young Film Progrommers, IYFPI Network- now comprising 170 young film programmers in 45 groups at venues across the region- offering members access to training and networking events, regional/nalional exhibition opportunities and mentoring support. engaging with 2.500+ young people in 2022-23 Exponded our Progromming Group. which gives key regionol theatrical sites updotes on sector development5, funding opportunities, plus o menu ol new films lor programming and marketing support, at meetings held bolh online and in-person Continued lo support regional filmmakers via BFI NETWORK South Eost by.. Helping 9 teams secure Short Film Fund ond 7 teams Eorly Development Fund awards of over £120k total Hosting and facilitating an orray of Iroining and networking events. including online Cohort Troining lor funded filmmokers., monthly virtuol lilmmoker roundtables-, and screening events showcasing NEtWORK films Produced key resources to showcase regional talent. including commissioning a zine profiling the diverse stories being told by South East filmmakers and a 50- poge digitol Tolent Guide highlighting the recipients of NETWORK funding in the previous year, all circulated lo key industry players.
Independent Clnema Offlce- Trustees, Report Distribution While a great number of films are released into distribution UK each year, the opportunity lo see a true diversity ol work remoins limited. The ICO intep/enes in the morkelplace to chompion film5 of cultural signiliconce ondlor which hove on important oppeol lo o specific Under5eed audience. In 2022-23, we worked on a variety ol standalone and partnership projects to bring exciting new ond reissued work to UK oudiences. Following on orchive reseorch ond restorotion project by Ihe BFI Notionol Archive focused on landmark works of the British documenlary movement made by women, Ihe ICO curated a selected theatrical programme ol these films entitled The Camera Is Ours. Touring lo over 30 venues. we were reolly gratified by the response from audiences celebroting the contribution of women to British filmmaking. We worked with Ihe BFI ogoin on In Dreams Are Monslers, curating o notionol film tour from their wider blockbuster BFI Southbank season ol repertory horror, facilitating bookings and encouraging venues to access available funds. marketing and audience development support. We porlnered with Studioconal to re-issue Jacques Becker'5 classic crime drama Casque d'or, touring the film lo over 20 venues alter a lounch at Leeds International Film Festival. We worked with Women Moke Movies to moke Killing fime ond Fannie's Film, two superb short films by little-known direclor Fronza Woods documenting African American lives, ovailoble to screen in UK cinemos. We olso portnered with the Lithuonion Cullurol Institule and curator Herb Shellenberger to tour Jonos Mekos 1001, a retrospeclive of o filmmoker often hailed os the godfolher of avant garde cinema, but whose works are hord to see on UK screens. We commissioned three Block, Asion ond ethnicolly diverse filmmokers to create works relating to their experience of the UK countryside for our Right of Way film tour examining issues of access and inclusion in rural Britain. The new commissions were combined with a selection of archive shorts and toured to rural and urban venues ocross the UK. generating important conversations ot screening events ond in Ihe nolionol press. Via our collaborative virtual platfomi, The Cinema of Ideas, we worked with external curators to offer a voriety of speciol tolks ond screening events exploring contemporory film culture and screen heritage. Our lull TCOI programme this year comprised 17 live/recorded events and 21 films. generating 1.6k+ bookings. We algo commissioned a short film. Projectlonlsm. designed to remind oudiences of Ihe power of the cinemo spoce as the pondemic receded. which we previewed on Ihe plotform ond mode ovoiloble for free in-cinema bookings. Consultancy Through consultoncy. independent cinema operotors con attain best practice ot all stoges of the cinemo operation process, from initiol le05ibility studies through to business plonning and into Issues of manogemenl, programming, audience development, fundraising, lechnical presentation and sustainability. ICO consultancy is o fee-bosed service offering reseorch ond 5peciol reporting on the widest possible range of cinema related matters. Each year, Ihe ICO fields over 300 enquiries, and we have developed a repertoire of consultancy formots lo respond to them in the most effective way- from advice sessions to the development ol business or audience development plons, to lull options apprai5ols or feasibility sludie5. We ore proud to hove boosted venues, festivals and community screens to new levels of achievement and to have ployed a port in esloblishing new venue5 lor oudiences notionwide.
Independent Clnema Offlce- Trustees, Report In 2022-23, our consultancy work was moinly themed around changes in distribution which present an existentiol threat to community cinemas. in particular the shift from screening films from disc lo digitol formots. We delivered consultoncies to two orgonisotions seeking to respond in different ways to this challenge., one, the UK'S long-established rural louring cinema scheme and the other, a community film society which following our recommendations. has now become a Iheatrical cinema. Financial review In the year ended 31 March 2023 ICO'S income derived from grant income and fees lor programming, courses. screening days, advocacy, consultancy and film hire. The charity's main expense is staff costs. Other costs relote to expenses in running courses and grant giving. Income increased by £267.WO in the year ended 31 March 2023. Overall nel expenditure lor the year was £124,532 01 which there was a delicil on restricted funds of £227,372 and a surplus on unrestricted funds of £102,840. Principal fvnding sovrce$ Our principal Sources ol funding are from Ihe British Film Institute. One of the BFI'S main objectives is to promote access to and appreciation of the widest possible range of British and worfd cinema so it is a natural partner of the ICO. Grant making policy The ICO moinly grants owords through the Film Exhibition Fund. These funds ore restricted ond come from the BFI. Film Hub South Eost operates the Film Exhibition Fund and supports Film Audience Network IFANI members, which includes organisations ol various shapes and sizes, from community cinemas to festivals lo multi-arts cenlres. to maximise the number of oudiences engoging with independent Brilish ond Intemolionol film across Ihe region. The fund inviles applications for awards from members that respond to the Film Hub Soulh East's strategic objectives ol cultural engagement. developing young audiences. providing inclusivity and showcasing screen heritage. Applicants are asked to submit an application form, o budget and on eqvolity monitoring form. The guidelines ond regulolions for owords are set by the BFI and we cannot independently make awards outside thi5 rubric. Reserves policy and going concern The reserves policy is reviewed by the trustees on a regular basis. cUentlY the resepdes policy seekg lo have. ol the minimum. three monlhg running costs available lo enoble the charity to seek olternotive or additionol funding. if necessary. This equotes to £220,00012022.' £250.0001. At 31 March 2023 free reserves were £167,382. The ICO hove budgeted for o smoll surplus in 2023124. Total funds held ol the 31 Morch 2023 were £633.373 of which £85.102 is restricted funds ond £548,271 unrestricted funds. Included in unrestricled funds are designoted omounts of £380,889. The fixed assets fund represents the nel book value of fixed assels after accounting for the loan outstanding. The susloinobilily fund is an amount sel aside by the charity to ensure o monoged closure ol the chority in the event that funding ceases. The Miles Ketley rilmmakers, bursary fund has been established to commemorote our trustee who died in 2019. Funds hove been set aside lo provide bursaries to filmmakers to ollow them to attend industry events to old their developmenl. The ICO has been owarded Ihree-yeor funding from the BFI commencing April 2023. The trustees therefore believe that. combined with our avoiloble generol funds. the charity is o going concern and will be oble to poy its liobililies as they foll due.
Independent Clnema Offlce- Trustees, Report Inveslmenl pollcy The trustees may invest the charity's money not immediately required for its objects in any investments. securities or properly. The current policy is to keep availoble funds in interest- beoring dep051t occounl5. Fundralslng The Charity doe5 not engage in public fundroising and does nol use professional lundroisers or commercial participators. The Chority nevertheless observes and complies with the relevant lundroising regulations and codes. During the year there was no non-compliance of these regulations ond codes and the Chority received no comploints relating to its fundraising practice. Code ol Governance The Independent Cinemo Office oims to mointain good govemonce praclices in line with the Charity Governance Code. All Trustees have a job description, and new trustee5 hove a full induction programme, and are offered the NCVO induclion/refresher Trustee course. We know Ihe immense value ol hoving a brood range ol experiences ond voices guiding our work. This is of particular importance when it comes lo our trustees. who under the leadership of our Choir, work closely with our Senior Monogement Teom lo steer ond monitor the ICO'S Strategic development. They ensure we remain focused on improving our work ond broadening its reach to UK audiences. We also engage several advisory groups lo help us interrogate and reflecl on specific areas of ICO work ond ensure we better represent the communities we serve. We encourage these advisory group members to develop their relationships with us by applying lo become trustees when their terms have finished. We prioritise the importonce ol trustees and staff working together and leaming from each other to deliver truly valuable. high-quality work. Trustees ond staff often undertake organisation-wide training together and we ensure that staff can independently contact trustees, so they have an additional channel to raise iueS and challenge harassment or discrimination. staff members regularty present at ICO board meetings on dislinct oreas ol our current work, helping trustees make informed assessments aboul what ambition looks like for us os an organisation and agree on stretch targets to further improve and develop our praclice. Similarfy, anonymous evaluation is an embedded part ol our cultural programmes. Evaluation dola is shared with trustees in quartedy board reporls, lo which all ICO team5 contribute detailed updates on their work. Our integration ol truslees and stofl ensures thot we foster Ihe shoring of ideos ond moximise of our combined expertise and diverse lived experiences. benefiting the reach ol our orgonisotion, the venues we support ond the oudience5 we 5errfe. 10
Independent Clnema Offlce- Trustees, Report Prlncipal risks and uncertalntles The high-level risks ond management strategy are as follows.. Risks Nature ol risk Funding not renewed- the charity may close Risk Mana ernenl Gross risk High Strate Funding ienewed lor three years until 2026. Consider opportunities in new funding bids. Explore new relationships and opportunities. Invest in marketing consultancy seNices and sponsorihip develo ment. Quorterly monogement occounts, cosh flow, regulor review ol bonk covenar)ts. Stren th strong Net risk High Property loon- focilily may be withdrawn High Strong High Plans for the future In 2022-23. ollhough there has been a lol ol change in the industry and we see a greot deal of flux, some things are regrettably unchanged. There is still a lack of diversity in who gets to make films and the kinds of film generally bought lor dislribulion and exhibition. There are notable exceptions, but the fact that they are noloble tells its own story. Post-COVID, a Ihird of cinema audiences have not returned to regular cinema going. This is compounded by the UK'S c05t of living crisis, with the public more discriminating than ever about their leisure and entertoinment spend. The decline in returning audience5 hos 0150 resulted in more conservotive content, with dislributors becoming increasingly risk over5e. The growkh and popularity ol online slreaming plofforms has seen them become a significant competitive force in Ihe entertainment industry, with most producing their own originol content. This hos led to o chonge in market operotions, with Ihe reduction ol the theotricol window, Ihe period in which cinemos exclusively screen new film releases. Our role is 10 5UPPOrt the independent exhibition sector through this challenging period ond to build o sustoinable business model for our chorily. We will continue with our support services lor the sector including advice. informotion and programming with the addition of a new pilot project developing new audiences lor o number ol venues supported by an evaluation framework working in partnership with Indigo, a speciolist consultancy. We will deliver a lully hybrid portfolio of Screening Days events for exhibitors across the UK, both showcasing new releases and building capacity in professionals and arts organisations. We will be the lead organisalion lor the BFI'S FAN IFilm Audience Network) lor Member Support and Communications and will be convening a national advisory group to help us in our work. We delivered o mojor conference lor inlernotionol film festivols in Polond focussing on the future of the sector with the support of the Brit15h Council. We will conlinue to support filmmakers and exhibitor5 in the South East region of the UK 05 Part of our work running Film Hub Soulh Eost 05 Port ol BFI FAN. In oddition, we will conlinue to support and develop our FHSE Young Film Network with the e5tobli5hment of a dedicoled website ond member resources.
Independent Clnema Offlce- Trustees, Report We will be underlaking a major national sueY and report on the financial health of independenl exhibitor5 in order to inform, advocate ond influence national government policy in this area. Three of our longstanding Trustees including our Chair will be due to step down in 2025 so this yeor we will be developing a succession plan and emborking on a new recruitment drive in order to odd to our Trustees and diversity our board yel further. structure, governance and management The orgonisotion is o charitoble company limited by guorantee, incorporated on 18 February 2005 and registered as a charity on 14 April 2005. The company was established under a Memorandum of Association which established the objects and powers of the chariloble compony and is governed under its Articles ol As50ClOtion. During the year the trustees updated the Articles of Association to allow for payment to trustees. who are freelancers or sell-employed. for loss ol earnings as a result ol ollending trustee meetings ond corrying out their duties 0$ trustees. This is subject to approvol by the Charity Commission. The process was undertaken in line with our EDI plan to diver5ily the Board of Trustees. In the process the trustees took the opportunity to update the articles in line with the most recent Charities low changes. All trustees give their time voluntarily and receive no benefits from the charity. in their copocity as trustees. Any expenses reclaimed from the charity ore set out in note 12 to Ihe occount5. As set out in Ihe Article5 Of A5SQClQtion the Irustees ore oppointed by re501ulion of the Irustees. Recruitment for new trustees is openly adverlised with full job descriplions and inteNiews carried out prior to taking up office. New trustees are sent an extensive information pock which deloils the responsibility of trustees ond their legol obligolions. There ore three subcommittees, Finonce, Personnel & HR ond EDI which moke recommendation5 to the wder board. This year saw Ihe Chair ol our Finance commitlee leave the board, with a new appointment made and new Trustees joining the committee. Policies ond procedures odopted for the induction ond training of truslees ore ongoing ond incorporated indirectly into the regular boord meetings. All new Trustees ore invited lo allend the NCVO'S introduclory course for Trustees. The ICO is managed by the board of Direclorsttrustees. Day-to-day managemenl is delegoted to the Director and the senior management team as follows-. Director/CEO - Cothorine Des Forges Head of Cinema- David Sin Head of Operations- Becky Clarke Head of Training ond Professionol Development- Hotice Ozdemirciler Heod of Finonce- Angelo Blonchord We have developed o formol fromework with criteria lor setting poylremunerotion for key management personnel which has included the eslablishment of a Personnel & HR subcommillee which makes recommendations lo the wider board of trustees. Orgonisotions we currently work with who co-operate with our choritoble objectives include BFI, Cinemo for All, o number of our key clienl cinemas, Screenskills, the National Film and Television Archive and Into Film. 12
Independent Clnema Offlce- Trustees, Report Trustees, responsibilities statement The trustee5 (who are also direclors ol Independent Cinema Office for the purposes of compony lowl are responsible for preparing the Trustees, Report and the financial statements in accordance with opplicable low ond United Kingdom Accounting Standords (United Kingdom Generolly Accepted Accounting Procticel. Company law requires the trustees to prepare financial slalements for eoch financial year, which give o true and fair view of the state ol olfoirs of the choritable company and of the incoming resources ond opplication ol resources, including the income ond expenditure, of the charitable company lor the year. In preparing these financial statements, the trustees are required to- Select suitoble occounting policies and then opply them consistenlly Observe the methods and principles in the Chorities SORP 2019 Moke judgemenls ond estimoles thol are reosonoble ond prudent state whether applicable UK Accounting Standards have been followed, subject to ony material departures disclosed and explained in the linanciol statements Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitoble compony will continue in operotion. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at ony lime the financial position ol the charitable compony ond enoble them to ensure thol the linonciol stotements comply with the Componies Act 2006. They ore olso responsible for soleguording the assets of the choritoble compony ond hence lor toking reasonable steps for the prevention and detection ol fraud and other irregularities. In so for as the trustees are aware at the time of approving our tru5tee5' report.. There is no relevant audit information, being information needed by the auditor in connection with preparing their report. ol which the charitable company's auditor is unaware.. and The trustees, hoving mode enquiries of fellow directors ond the choritoble compony's ouditor, hove taken oll Steps that they ought to have individuolly token to moke themselve5 awore of any relevanl audit information and to establish that the auditor is aware of that information. The trustees ore responsible lor the moinlenance and integrity of Ihe corporate ond finonciol inlormotion included on the charitoble compony's website. Legislation in United Kingdom governing the preparation and dissemination ol financial slotemenls may differ from legislalion in other jurisdictions. Small company exemptions This reporl is prepared in accordance with the provisions of Ihe Companies Act 2006 relating lo small companies. Audltors Cooper Porry Group Limited wos reoppointed in Ihe year and has expressed 115 willingness to continue in office. This reporl wos opproved by the Boord ol Trustees on 28 November 2023 ond signed on its behalf by Dorothy Wilson MBE FRSA Chalr 13
Independent Clnema Offlce- Independent Audllor's Report Independent Auditor's Report to the Members of Independenl Clnema Office Oplnlon We have oudited the finonciol statements ol Independent Cinema Office I'the choritable compony") lor the yeor ended 31 Morch 2023 which comprise the Stotement of Finonciol Activities, the Balance Sheel, the Slatemenl of Cash Flows and the related noles, including a summary of significant accounting policies. The financial reporting framework that has been opplied in their preparation is opplicable low and United Kingdom Accounting Standards. including Financial Reporting Standard 102 'The Financial Reporting Slondard applicable in the UK and Republic of Ireland (United Kingdom Generolly Accepted Accounting Proclicel. In our opinion Ihe financial slatement5'. give a true and fair view of the state of the charilable company's affairs as at 31 Morch 2023, and ol the incoming resources ond opplication ol resources, including ils income and expenditure, lor the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Proclice.. and hove been prepored in occordance with Ihe requirements of the Companies Act 2ffl6. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII ond opplicoble low. our responsibilities under Ihose stondords ore further described in the Auditor's responsibilities for the oudit of the finonciol stolements seclion of our report. We ore independent of the company in occordonce with the ethicol requirements thol are relevant to our audit ol the financial statements in the UK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe Ihot the oudit evidence we hove obtoined is sufficient ond oppropriote to provide a basi5 lor our opinion. Conclv5ions reloting to going concern In auditing the linanciol statements. we have concluded that the trustees, use ol the going concern bosis of occounting in the preporotion of the finonciol stolements is oppropriote. Based on the work we have performed, we have not identified any material uncertainlies relating to events or conditions thol. individually or collectively. may cast significant doubl on the choritoble company's obility to continue 05 o going concern for o period ol ot least trwelve months from when the finonciol stotement5 ore outhorised for issue. Our regponsibilities and the responsibililieg of the trustees with respect lo going concern are described in the relevant sections of this report. other Informallon The tru5tee5 are responsible lor the other information. The other information comprise5 the information included in the report ol the trustees, other than the financial slotemenls and our auditor's report thereon. Our opinion on the finoncial statements does not cover the other inlormotion ond, except to the extent otherwise explicitly stoted in our report, we do not expre55 any form of assurance conclusion thereon. 14
Independent Clnema Offlce- Independent Audllor's Report Independent Auditor's Report to the Members of Independenl Clnema Office (contlnved) In connection with our audit ol the financial slalements, our respongibilily is lo read the other information and. in doing so. consider whether the other information is moteriolly inconsistent with the finonciol 5totements or our knowledge obtoined in the oudit or otherwise oppeors lo be materially misstated. If we identify such material inconsislencies or apparent material misstatements. we are required lo determine whether there is a maleriol misstatement in the linonciol statement5 or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlons on other motters prescrlbed by the Companles Act 2(M16 In our opinion. based on the work undertaken in the course of the audit.. the informotion given in the Trustees, Annual Report Iwhich includes the directors, report) for the linonciol year for which the linanciol statements ore prepored is consistent with the financial statements.. and Ihe Trustees, Annual Report (which includes the directors, report) has been prepored in occordonce wilh legal requiremenl5. Matters on whlch we ore reqvlred to report by exceptlon In the light of our knowledge ond underslonding of the choritoble compony ond its environment obtoined in the course of the audit, we have not idenlilied moterial misstatements in the Trustees, Annual Report (which includes the directors, report). We have nothing lo report in respect ol the following motters in relation to which the Companies Act 2006 requires us lo report to you il. in our opinion-. odequate and sufficient occounting records have not been kept by the choritoble company, or retums adequate for our audit have not been received from branches not visited by us- or Ihe choriloble compony's finonciol stotements are not in agreement with Ihe occounting records ond returns., or certain disclosures ol Trustees, remuneration specified by law are not made,. or we hove not received all the information and explonalions we require for our audit., or the Trustees. were not entitled to prepare Ihe financiol stalemenls in occordonce with the smoll componies regime ond toke odvonloge of Ihe smoll companies, exemplions in preparing the Trustees, Annual Report and from the requirement to prepare a strotegic report. Responslbllllles of trustees As exploined more fully in the Statement of Trustees, Responsibilities set out on poge 13. the trustees Iwho ore olso the directors ol the choritoble compony for the purposes ol compony lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and foir view. and for such internal control os the trustees determine is necessary to enable the preparotion of financial statements that are free from material mi5Stotement, whether due to froud or error. In preparing the financial slatemenls, the trustees are responsible lor assessing the choritable company's ability to continue as a going concern. disclosing. as applicable. mollers related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or lo cease operations. or have no realislic olternative bul to do $0. 15
Independent Clnema Offlce- Independent Audllor's Report Independent Auditor's Report to the Members of Independenl Clnema Office (contlnued) Avdltor's responslbllllles for Ihe audll of Ihe ftnanclal slalemenls Our objectives are to obtain reasonable assurance about whether Ihe financial stalements as a whole are free from molerial misslalemenl. whether due to froud or error. and to issue an auditor'5 report that includes our opinion. Reasonable 05suronce is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delect a material misstalemenl when il exists. Misstatements can arise from fraud or error and are considered material il, individuolly or in the oggregole. Ihey could reasonobly be expected to influence the economic decisions of users token on the basis of these financial statements. Irregulorities, including Iroud, ore instances of non-compliance with lows ond regulations. We design procedures in line with our responsibilitie5, Outlined above, to detecl molerial misstatements in respect of irregularities, including fraud. The extent lo which our procedures are capable ol detecting irregulorilies. including fraud is detailed below.. Our assessment locussed on key laws and regulations the charitable company has lo comply with ond Oreos ol the finonciol stotements we ossessed os being more susceptible to misstotement. These key law5 and regulations included but were nol limited to compliance with the Companies Act 2006, Charities Acl 2011, taxation legislation, data protection and employment legislation. We ore not responsible for preventing irregulorities. Our opprooch to detecting irregulorilies included, but was not limited to, the following.. obloining an understanding ol the legal and regulatory framework applicable to the choritoble compony ond how Ihe charitoble compony is complying with thot framework. including agreement of financial statement disclosures to underlying documenlotion and other evidence., obloining on understonding ol the choritoble compony's control environment ond how Ihe charitable company has applied relevant conlrol procedures, through discussions with Trustees and other management and by performing wolkthrough lesting over key oreas.. obloining on understonding of the choritoble compony's risk osse55ment process, including the risk ol fraud., reviewing meeting minutes of those charged with governance throughout the year-, and performing oudit testing to oddre55 the risk ol monogement override of conlrols, including testing journal entries and other adjustments for appropriateness, evalualing Ihe business fQtionole ol significant Ironsoctions outside Ihe normol course of busines5 and reviewing accounting estimates for bias. Whilst considering how our audit work addressed the detection of irregularities. we also considered the likelihood of deteclion bosed on our opprooch. Irregulorities arising from fraud are inherently more difficult to detecl than those arising from error. Because of the inherent limitations of an oudil. there is a risk that we will not delect oll irregulorities, including those leoding to o moteriol mi5Stotement in Ihe finonciol stotements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due lo fraud rather than error, as fraud involves intentional concealment. forgery. collusion. omission or misrepresentation. 16
Independent Clnema Offlce- Independent Audllor's Report Independent Auditor's Report to the Members of Independenl Clnema Office (contlnued) A further description ol our responsibilities lor the audit of the linoncial statements is located on Ihe Finonciol Reporting Council'5 website ot- fr This description forms part of our audilor's reporl. Use of our report This report is made solely to the charitable company's members. as a body. in accordance wilh Chapter 3 Part 16 of Ihe Companies Acl. Our audil work hos been undertaken so thal we might slate lo the charitable company's members and trustees those motters we are required to state to them in an auditorfs report and lor no other purpose. To Ihe fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the choritoble company and the charitable company'5 members and truslees as a body, lor our audit work. lor this report. or for the opinions we have formed. Glen Bott FCA Senior Statutory Auditor lor and on beholf of.. Cooper Parry Group Llmlted statutory Auditor Cubo Birmingham Two Chamberlain Square Birminghom B3 3AX Dote.. 28 November 2023 17
Independent Cinema Office
Statement of financial activities (incorporating an income and expenditure account)
For the year ended 31 March 2023
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2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
Note £ £ £ £ £ £
Income and endowments from:
Donations 2 181 - 181 14,554 - 14,554
Charitable activities
Programming 3 225,718 398,061 623,779 173,970 342,127 516,097
Advice, information, support & training 3 35,999 402,213 438,212 25,074 359,557 384,631
Film Hub South East 3 - 560,000 560,000 - 535,000 535,000
Distribution 3 41,751 144,360 186,111 10,295 114,246 124,541
Advocacy 3 - 13,176 13,176 - 30,310 30,310
Consultancy 3 18,278 87,628 105,906 20,605 37,165 57,770
Other trading activities 4 7,242 - 7,242 6,536 - 6,536
Investments - bank interest 5 453 - 453 97 - 97
Other income 6 1,400 - 1,400 363 - 363
Exchange gain 227 - 227 - - -
Total income 331,249 1,605,438 1,936,687 251,494 1,418,405 1,669,899
Expenditure on:
Charitable activities
Programming 7 54,211 443,842 498,053 75,772 383,782 459,554
Advice, information, support & training 7 73,300 488,805 562,105 109,822 415,898 525,720
Film Hub South East 7 11,930 633,637 645,567 74,178 473,446 547,624
Advocacy 7 1,293 18,898 20,191 8,792 28,800 37,592
Distribution 7 51,081 178,905 229,986 34,398 81,916 116,314
Consultancy 7 9,898 88,177 98,075 12,007 37,015 49,022
Other trading activities 7 7,242 - 7,242 6,536 - 6,536
Total expenditure 208,955 1,852,264 2,061,219 321,505 1,420,857 1,742,362
Net income / (expenditure) for the year 9 122,294 (246,826) (124,532) (70,011) (2,452) (72,463)
Transfers between funds 21 (19,454) 19,454 - (55,536) 55,536 -
Net movement in funds 102,840 (227,372) (124,532) (125,547) 53,084 (72,463)
Reconciliation of funds:
Total funds brought forward 445,431 312,474 757,905 570,978 259,390 830,368
Total funds carried forward 21 548,271 85,102 633,373 445,431 312,474 757,905
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All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 21 to the financial statements.
The notes on pages 21 to 32 form an integral part of these financial statements.
Independent Cinema Office
Balance sheet
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Company no. 5369193
As at 31 March 2023
2023 2022
Note £ £ £ £
Fixed assets:
Tangible assets 15 1,109,173 1,122,799
Current assets:
Debtors 16 148,154 95,447
Cash at bank and in hand 487,263 813,289
635,417 908,736
Liabilities:
Creditors: amounts falling due within one year 17 (312,310) (425,832)
Net current assets 323,107 482,904
Total assets less current liabilities 1,432,280 1,605,703
Creditors: Amounts falling due after more than one
year 19 (798,907) (847,798)
Total net assets 20a 633,373 757,905
The funds of the charity: 21a
Restricted income funds in surplus 85,102 312,474
Unrestricted income funds:
Designated funds 380,889 348,075
General funds 167,382 97,356
Total unrestricted funds 548,271 445,431
Total charity funds 633,373 757,905
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These accounts are prepared in accordance with the special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual accounts required by the Companies Act 2006 and are for circulation to members of the company.
Approved by the trustees on 28 November 2023 and signed on their behalf by
Dorothy Wilson MBE FRSA Chair
The notes on pages 21 to 32 form an integral part of these financial statements.
Independent Cinema Office
Statement of cash flows
For the year ended 31 March 2023
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2023 2022
£ £ £ £
Cash flows from operating activities
Net cash provided by operating activities (173,473) 219,589
Cash flows from investing activities:
Dividends, interest and rents from investments 453 97
Purchase of fixed assets (13,981) -
Net cash provided by/(used in) investing activities (13,528) 97
Cash flows from financing activities:
Repayments of borrowing (139,252) (82,386)
Change in cash and cash equivalents in the year (326,253) 137,300
Cash and cash equivalents at the beginning of the year 813,289 677,015
Change in cash and cash equivalents due to exchange rate movements 227 (1,026)
Cash and cash equivalents at the end of the year 487,263 813,289
Reconciliation of net income to net cash flow from operating activities
2023 2022
£ £
Net income for the reporting period (124,532) (72,463)
Depreciation charges 27,607 42,382
Impairment of property - 179,751
Interest from investments (453) (97)
Interest on bank loans 40,616 32,942
Foreign exchange (gain)/losses (227) 1,026
Increase in debtors (52,707) (9,964)
(Increase) / decrease in creditors (63,777) 46,012
Net cash provided by operating activities (173,473) 219,589
Analysis of changes in net debt
Foreign
At 1 April exchange Other At 31 March
2022 Cash flows movements changes 2023
£ £ £ £ £
Cash at bank and in hand 813,289 (326,253) 227 - 487,263
Loans falling due within one year (98,637) 98,637 - (48,892) (48,892)
Loans falling due after more than one year (847,798) (1) - 48,892 (798,907)
Total (133,146) (227,617) 227 - (360,536)
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Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
1 Accounting policies
a) Basis of preparation
The financial statements have been prepared in accordance with 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 2022) - (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The financial statements are prepared in Sterling, which is the functional currency of the charity, and rounded to the nearest £1.
Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy or note.
b) Public benefit entity
The charity meets the definition of a public benefit entity under FRS 102.
c) Going concern
Independent Cinema Office has been awarded three-year funding from the BFI commencing April 2023. At the balance sheet date the charity has sufficient reserves, enough of which are unrestricted and are able to absorb short-term in year deficits, if required. The financial forecasts prepared show that the charity will be able to pay its liabilities as they fall due. On this basis the trustees have prepared these financial accounts on a going concern basis.
d) Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.
Income from grants, is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.
- e) Donations of gifts, services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value to the charity which is the amount the charity would have been willing to pay to obtain services or facilities equivalent economic benefit on the open market; a corresponding amount is then receognised in expenditure in the period of receipt.
f) Investment income
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.
g) Fund accounting
Restricted funds are to be used for specific purposes as laid down by the donor and within the objects of the charity. Expenditure which meets these criteria is charged to the fund.
Unrestricted funds are donations and other incoming resources received or generated for the charitable purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular purposes.
h) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:
Expenditure on charitable activities includes the costs of delivering services and other educational activities undertaken to further the purposes of the charity and their associated support costs
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.
Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
1 Accounting policies (continued)
i) Allocation of support costs
Resources expended are allocated to the particular activity where the cost relates directly to that activity. Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on the direct staff costs of each activity, of the amount attributable to each activity.
| Programming | 30.5% |
|---|---|
| Training | 30.8% |
| Film Hub South East | 27.5% |
| Advocacy | 1.1% |
| Distribution | 9.2% |
| Consultancy | 0.9% |
Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic
j) Operating leases
Rental charges are charged on a straight line basis over the term of the lease.
k) Foreign currencies
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated at the date of the transaction. All gains and losses on exchange are put through the income and expenditure account.
l) Tangible fixed assets
Items of equipment are capitalised where the purchase price exceeds £250. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.
Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:
| its expected useful life. The depreciation rates | in use are as follows: |
|---|---|
| Long leasehold property | 2% straight line basis |
| Leasehold refurbishment | 10% straight line basis |
| Fixtures, fittings & equipment | 25% straight line basis |
| Database and website | 25% straight line basis |
m) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
n) Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
o) Creditors and provisions
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
p) Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.
Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
1 Accounting policies (continued)
q) Pensions
The charity contributes to the personal pension schemes of some of its employees and from 1 November 2016 to SMARTPension, the ICO auto-enrolment scheme. The schemes and their assets are held by independent managers. The pension charge represents contributions due from the charity.
r) Estimates and judgements
Estimates and judgements have been used in the preparation of these financial statements, mainly in connection with the valuation of fixed assets and the allocation of support costs to charitable activities. The allocation of support costs is set out in accounting policy i). The long leasehold property at Bickels Yard and its related refurbishment costs have been impaired and the carry forward amount is based on fair value depreciated over its remaining useful life.
The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.
- 2 Donations
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2023 2022
Unrestricted Restricted Total Total
£ £ £ £
Furlough - - - 14,554
Other donations 181 - 181 -
Total 181 - 181 14,554
3 Income from charitable activities
2023 2022
Programming Unrestricted Restricted Total Total
£ £ £ £
BFI - 398,061 398,061 342,127
Venue income 190,340 - 190,340 147,709
Sponsorship income 7,428 - 7,428 2,500
Screening days income 27,823 - 27,823 23,761
Other 127 - 127 -
Sub-total 225,718 398,061 623,779 516,097
Training
ScreenSkills - 3,970 3,970 7,647
Creative Europe Media - 60,200 60,200 4,933
BFI - 226,402 226,402 230,827
British Council - 10,177 10,177 5,000
Third party contributions - 56,250 56,250 40,000
Course fees 27,666 30,651 58,317 38,804
Contribution in kind - 13,600 13,600 16,340
Sponsorship 8,333 - 8,333 -
Other income - 963 963 41,080
Sub-total 35,999 402,213 438,212 384,631
Film Hub South East
BFI - 560,000 560,000 535,000
----- End of picture text -----
Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
- 3 Income from charitable activities (continued)
----- Start of picture text -----
2023 2022
Unrestricted Restricted Total Total
£ £ £ £
Distribution
BFI - 79,510 79,510 83,909
Arts Council England - 19,990 19,990 27,987
Distribution fee 20,353 - 20,353 4,326
Film hire and print transport 21,398 - 21,398 5,969
Third party contributions - 30,860 30,860 -
Contribution in kind - 14,000 14,000 -
Other income - - - 2,350
f
Sub-total 41,751 144,360 186,111 124,541
Advocacy
BFI - 13,176 13,176 30,310
Consultancy
Fees 18,020 - 18,020 20,605
Other income 258 87,628 87,886 37,165
Sub-total 18,278 87,628 105,906 57,770
Total income from charitable activities 321,746 1,605,438 1,927,184 1,648,349
----- End of picture text -----
The proportion of income from charitable activities derived from outside the UK amounted to 6.3% (20220.3%).
----- Start of picture text -----
4 Other trading activities
2023 2022
Unrestricted Restricted Total Total
£ £ £ £
Desk space and board room hire 7,242 - 7,242 6,536
5 Income from investments
2023 2022
Unrestricted Restricted Total Total
£ £ £ £
Bank interest 453 - 453 97
6 Other income
2023 2022
Unrestricted Restricted Total Total
£ £ £ £
Contribution in kind 1,400 - 1,400 363
----- End of picture text -----
----- Start of picture text -----
2022 Total £ 843,214 181,325 12,407 15,800 3,554 23,744 6,254 2,893 32,563 6,684 39,466 7,641 25,960 183,197 21,662 32,648 12,487 222,133 9,250 1,500 6,678 841 35,248 11,479 2,708 1,026 1,742,362
lta £ 05 11 82 84 55 74 21 25 20 77 82 61 01 80 62 30 82 07 93 63 11 33 34 27 61 - 91
To 15, 37, 63, 04, 62, 04, 44, 95, 91, 67, 29, 81, 64, 23, 64, 75, 95, 67, 67, 32, 75, 90, 33, 11, 4 21,
3 3 4 3 4 2 4 5 3 9 0 3 4 1 2 1 1 4 1 6
202 9 2 3 02, 1,742,362
Other trading activities £ - - - - - - - - - - - - - - - - 7,242 - - - - - - - - - 7,242 6,536
Consultancy £ 8,122 23 - - - 36 12 (1) - 4 - - 411 88,177 117 178 107 240 117 20 50 - 361 97 4 - 98,075 49,022
Distribution £ 85,700 61,213 - 26,724 640 1,639 5,680 5,355 18,549 1,902 - - 2,589 - 1,898 7,215 1,126 2,530 1,237 214 523 - 4,186 1,024 42 - 229,986 116,314
Advocacy £ 10,311 5,291 - - - 46 416 (2) - 5 - - 85 - 149 2,627 135 304 149 26 63 - 458 123 5 - 20,191 37,592
Film Hub South East £ 256,942 81,800 4,700 2,180 - 6,700 10,543 321 4,482 739 8,006 4,716 5,727 215,103 5,965 6,091 3,376 7,586 3,709 642 1,569 - 11,473 3,070 127 - 645,567 547,624
Training £ 288,170 75,601 932 - 515 5,586 1,620 (50) 3,662 2,026 19,219 32,506 66,361 - 7,266 18,752 3,786 8,508 8,300 720 1,760 - 13,280 3,443 142 - 562,105 525,720
Programming £ 285,860 23,383 750 1,544 1,500 30,040 6,150 329 15,209 2,101 32,057 939 19,428 - 21,067 10,840 3,756 8,439 4,127 714 1,746 10,933 13,585 3,415 141 - 498,053 459,554
3
tsn 20
e 2
ffdd O CiiItemeeeecannnpn flhi i Ntt t ttmeeea sacnanoso hddh 31 MF te eeecranraro y fdli i A7tee ernp ossanuxy Staff costs (Note 12) Fees - Course leader/Speaker/Film maker/Project manager Focus group/evaluation Film hire Filming & editing Catering/hospitality/entertaining Marketing and publicity Couriers/transport Production programming costs Certification/accreditation Venue hire Bursaries Hotel, travel & subsistence Grants (Note 14) IT/Web costs Office costs Premises costs Depreciation Audit Annual report Legal & professional Bad debts Bank charges & interest Irrecoverable VAT Trustees' training Exchange loss Total expenditure 2022 Of the total expenditure, £208,955 was unrestricted (2022: £321,505) and £1,852,264 was restricted (2022: £1,420,857).
----- End of picture text -----
Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
- Support costs
These costs are allocated on a direct salary costs basis and consist of:
----- Start of picture text -----
2023 2022
£ £
Staff costs 118,976 138,721
Couriers / transport (163) 168
Catering/ hospitality/entertaining 4,200 1,275
Certification/accreditation 458 312
Marketing and publicity 1,407 1,260
Hotel travel & subsistence 7,715 2,528
IT/Web costs 13,512 10,798
Office costs 20,544 20,801
Premises costs 12,286 5,951
Depreciation 27,607 42,382
-
Impairment of property 179,751
Legal and professional 2,560 4,578
Bank charges and interest 41,507 33,444
Irrecoverable VAT 11,172 11,479
-
Exchange loss 1,026
Governance 22,072 13,458
283,853 467,932
Governance costs consist of:
2023 2022
£ £
Audit fees 13,500 9,250
Annual report 2,335 1,500
Legal fees 3,150 -
Trustees' training 2,625 2,708
Trustees' expenses 462 -
22,072 13,458
9 Net income / (expenditure) for the year
This is stated after charging / (crediting):
2023 2022
£ £
Depreciation of tangible fixed assets 27,607 42,382
-
Impairment of property and refurbishment costs 179,751
Bank interest payable 40,616 32,942
Auditors' remuneration (excluding VAT):
Statutory audit current year 12,500 9,250
prior year underaccrual 1,000 -
Other audit 4,140 -
Foreign exchange (surplus)/loss (227) 1,026
----- End of picture text -----
10 Related party transactions
Mel Clarke, the sister of Becky Clarke, Head of Operations, was paid £1,800 (2022: £3,150) during the year for design work on various projects. At 31 March 2023 £nil (2022: £1,650) was outstanding and due to be paid. Vision Box was awarded £10,000 through the Film Exhibition Fund. Simon Ward, trustee, is co-director/owner with his wife Corrina Ward. At 31 March 2023 £5,000 was outstanding and due to be paid. Simon Ward, trustee, was also paid £200 for speaker and interview fees (2022:£475). At 31 March 2023 £nil was outstanding and due to be paid (2022: £150). In addition Vision Box was paid £nil for reimbursement of ticket sales during National Lottery Cinema Weekend (2022: £72) and £nil for a training & professional development bursary to attend This Way Up conference in December 2021(2022:£54). In the previous year only, Suman Bhuchar, the sister of Sudha Bhuchar, trustee, was awarded a bursary of £117 to pay for train tickets to attend ID Screening Days in October 2021.
11 Corporation taxation
The charity is an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is exempt from tax on income and gains falling within section 478 of the Corporation Tax Act 2010 or section 252 of the Taxation of Chargeable Gains Act 1982 to the extent that these are applied to its charitable objects.
Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
- 12 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel
Staff costs were as follows:
----- Start of picture text -----
2023 2022
£ £
Salaries and wages 790,671 700,887
Social security costs 75,032 65,401
35,329 35,461
Freelance staff 14,825 18,270
Staff recruitment 805 1,841
Staff training 9,933 13,971
Human resources fees 5,539 5,495
Occupational Health Insurance 2,631 1,707
Other staff costs 340 180
935,105 843,213
----- End of picture text -----
One employee received employee benefits (excluding employer pension costs) during the year in the band £60,000 - £70,000 (2022:1).
The total employee benefits including employer national insurance and pension contributions of the key management personnel were £257,640 (2022: £253,060).
Expenses were paid to three trustees (2022: None) during the year for travel, subsistence and accommodation for attending the Board away day and screening days £462 (2022: £nil).
The trustees neither received nor waived any remuneration during the year (2022: £nil). For other transactions relating to trustees, please refer to Note 10.
13 Staff numbers
The average number of employees (head count based on number of staff employed) during the year was as follows:
----- Start of picture text -----
2023 2022
No. No.
Programming 5.5 4.7
Training 9.3 7.7
Film Hub South East 5.5 5.8
Advocacy 0.2 0.4
Distribution 2.2 0.9
Consultancy 0.3 0.2
Support 3.5 3.3
26.5 23.0
14 Grants
2023 2022
Paid from restricted funds: £ £
Payments to Institutions 303,280 183,197
Payments to Institutions analysed as follows:
2023
Film Hub South East £
Film Exhibition Fund - Young Film Programmers
Balik Arts 3,200
Fabrica 1,980
Maona Cinema 2,000
Open House Film Club 351
The Place Bedford 10,424
The Riverside 2,775
20,730
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Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
----- Start of picture text -----
14 Grants (continued) 2023
£
Film Exhibition Fund
Anglo Asiatic Arts and Heritage Alliance (AAAHA) 3,071
Babylon Arts 2,000
Balik Arts 3,300
Brighton Rocks International Film Festival 5,000
Bute Street Festival 9,500
Cambridge Film Festival 25,000
Chichester Cinema at New Park 19,880
CINECITY 17,000
The Corn Exchange (Newbury) Trust 3,613
Creative Arts East 30,000
Fabrica 6,825
Ipswich Film Theatre 1,750
King Street Cinema 2,500
Latest Group CIC 5,000
Norden Farm Centre Trust Ltd (182)
Norwich Film Festival 6,850
Reel Connections 3,000
The Riverside 1,800
Saffron Screen 3,007
The Suffolk Shorts Film Festival CIC (Suffolk Shorts) 2,000
Sunrise Studios (Access Community Trust) 6,000
Violet Pictures 7,500
Vision Box Cinema (at the Palace Cinema Broadstairs) 10,000
Watersprite Film Festival 12,706
Women Over Fifty Film Festival 4,000
Worthing Theatres & Museum 1,053
192,173
2023
Programming groups £
The Capitol Horsham (300)
2023
£
Film Access
Chapter Cardiff Ltd 2,500
Total Film Hub South East 215,103
The total figure above also takes into account actual amounts paid in the year which had been withdrawn in the prior
year but reinstated and consequently the total differs from the total awards in the year of £210,399.
2023
Consultancy - National Lottery - Love Actually screenings £
Grants awarded to 58 different institutions totalling 88,177
----- End of picture text -----
Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
15 Tangible fixed assets
----- Start of picture text -----
Long Leasehold Fixtures,
leasehold refurb - Database fittings &
property ishment and website equipment Total
£ £ £ £
Cost or valuation
At the start of the year 1,308,014 65,082 35,973 29,880 1,438,949
Additions in the year - - - 13,981 13,981
Disposals in year - - - (2,099) (2,099)
At the end of the year 1,308,014 65,082 35,973 41,762 1,450,831
Depreciation
At the start of the year 193,014 65,082 35,973 22,081 316,150
Charge for the year 23,474 - - 4,133 27,607
Disposals in year - - - (2,099) (2,099)
At the end of the year 216,488 65,082 35,973 24,115 341,658
Net book value
At the end of the year 1,091,526 - - 17,647 1,109,173
- -
At the start of the year 1,115,000 7,799 1,122,799
All of the above assets are used for charitable purposes.
16 Debtors
2023 2022
£ £
Trade debtors 42,168 52,987
Other debtors - 281
Prepayments 65,002 15,101
Accrued income 40,984 27,078
148,154 95,447
17 Creditors: amounts falling due within one year
2023 2022
£ £
Grants payable 54,473 60,440
Secured bank loans 48,892 98,637
Trade creditors 46,004 61,732
Accruals 42,607 45,519
Other creditors 532 -
Taxation and social security 31,622 30,921
Pension contributions 3,180 5,241
Deferred income 85,000 123,342
312,310 425,832
18 Deferred income
2023 2022
Deferred income comprises of grant and income for events taking place in 2023/24 and £ £
consultancy fees received in advance of the work being carried out.
Balance at the beginning of the year 123,342 74,157
Amount released to income in the year (67,092) (22,242)
Amount deferred in the year 28,750 71,427
Balance at the end of the year 85,000 123,342
19. Creditors: Amounts falling due after more than one year
2023 2022
£ £
Secured bank loans - falling due in less than 5 years 155,172 177,935
Secured bank loans - falling due after 5 years 643,735 669,863
798,907 847,798
----- End of picture text -----
Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
- Creditors: Amounts falling due after more than one year (continued)
There are three secured and one unsecured bank loans on the property at Unit 9 Bickels Yard, London, SE1 3HA. The loan from Charity Bank is charged at 4.4% and the loans with Big Issue Invest are charged at 7% and 6%. The Charity Bank loan is repayable over 25 years and the Big Issue Invest loans over 7 years, 63 months and 57 months. The property has a carrying value of £1,091,526. The loans are secured with fixed and floating charges over the assets of the charity.
- 20a Analysis of net assets between funds (Current year)
----- Start of picture text -----
General
unrestricted Designated Restricted Total funds
£ £ £ £
Tangible fixed assets - 1,109,173 - 1,109,173
Net current assets 167,382 70,623 85,102 323,107
Creditors due after more than one year - (798,907) - (798,907)
Net assets at the end of the year 167,382 380,889 85,102 633,373
Analysisnalysisalysislysisysissisiss off netett assetsssetssetsetstss betweenetweentweenweeneenenn fundsundsndsdss (PriorPriorrioriororr year)ear)ar)r))
General
unrestricted Designated Restricted Total funds
£ £ £ £
Tangible fixed assets - 1,122,799 - 1,122,799
Net current assets 97,356 73,074 312,474 482,904
Creditors due after more than one year - (847,798) - (847,798)
Net assets at the end of the year 97,356 348,075 312,474 757,905
Movementsovementsvementsementsmentsentsntstss inn fundsundsndsdss (CurrentCurrenturrentrrentrententntt year)ear)ar)r))
Incoming Outgoing
At the start of resources & resources & At the end of
the year gains losses Transfers the year
£ £ £ £ £
Restricted funds:
British Film Institute 48,974 477,082 (537,051) 22,147 11,152
BFI - Advice, information, support and
training 93,313 247,362 (319,529) 831 21,977
Film Hub South East 124,343 560,000 (633,637) (5,108) 45,598
-
Devloping Your Own Film Festival 2022 1,121 85,784 (91,885) 4,980
ScreenSkills - 4,120 (4,045) - 75
Other training 11,257 64,947 (73,347) (614) 2,243
Tours -
Film Hub Midlands - Horror - 32,860 (32,494) (366) -
BFI - The Camera is Ours 8,695 15,665 (21,205) (2,655) 500
BFI - Britain on Film 939 - (312) - 627
Arts Council England - National Trails 23,522 29,990 (50,582) - 2,930
National Lottery Cinema Day 310 87,628 (88,177) 239 -
Total restricted funds 312,474 1,605,438 (1,852,264) 19,454 85,102
Unrestricted funds:
Designated funds:
Fixed assets 176,364 - (27,607) 112,617 261,374
- - -
Loan repayment 51,711 (51,711)
Sustainability fund 105,000 - - 5,000 110,000
Miles Ketley filmmakers' bursary fund 15,000 - (5,485) - 9,515
Total designated funds 348,075 - (33,092) 65,906 380,889
General funds 97,356 331,249 (175,863) (85,360) 167,382
Total unrestricted funds 445,431 331,249 (208,955) (19,454) 548,271
Total funds 757,905 1,936,687 (2,061,219) - 633,373
----- End of picture text -----
20b Analysisnalysisalysislysisysissisiss off netett assetsssetssetsetstss betweenetweentweenweeneenenn fundsundsndsdss (PriorPriorrioriororr year)ear)ar)r))
21a Movementsovementsvementsementsmentsentsntstss inn fundsundsndsdss (CurrentCurrenturrentrrentrententntt year)ear)ar)r))
The narrative to explain the purpose of each fund is given at the foot of the next note.
Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
21b Movements in funds (Prior year)
----- Start of picture text -----
Incoming Outgoing
At the start of resources & resources & At the end of
the year gains losses Transfers the year
£ £ £ £ £
Restricted funds:
British Film Institute 46,948 458,696 (498,701) 42,031 48,974
BFI - Advice, information, support and
training 127,413 276,678 (314,280) 3,502 93,313
Film Hub South East 59,380 535,000 (470,037) - 124,343
- -
MUBI bursary fund 1,000 (992) (8)
Developing Your Own Film Festival 2020 7,285 (53) (7,285) 53 -
Devloping Your Own Film Festival 2022 - 4,985 (4,985) 1,121 1,121
ScreenSkills - 9,222 (9,222) - -
Other training 19,058 68,725 (76,668) 142 11,257
Tours -
BFI - The Camera is Ours - - - 8,695 8,695
BFI - Britain on Film 1,263 - (324) - 939
- - -
Arts Council England - Second Sight (3,000) 3,000
Arts Council England - National Trails - 24,987 (1,465) - 23,522
National Lottery Cinema Weekend 43 37,165 (36,898) - 310
Total restricted funds 259,390 1,418,405 (1,420,857) 55,536 312,474
Unrestricted funds:
Designated funds:
Fixed assets 349,053 - (222,133) 49,444 176,364
Loan repayment - - - 51,711 51,711
Sustainability fund 95,000 - - 10,000 105,000
Miles Ketley filmmakers' bursary fund - - - 15,000 15,000
Total designated funds 444,053 - (222,133) 126,155 348,075
General funds 126,925 251,494 (99,372) (181,691) 97,356
Total unrestricted funds 570,978 251,494 (321,505) (55,536) 445,431
Total funds 830,368 1,669,899 (1,742,362) - 757,905
----- End of picture text -----
Purposes of restricted funds
British Film Institute
Funding received from the BFI to be a strategic partner for the BFI Film Audience Network (FAN) to enable film exhibitors to boost film audiences around the UK for independent and specialised films. Transfer of funds relates mainly to funds received from ICO funds as contribution towards programming services offset against funds transferred to the fixed assets fund and other BFI activities.
British Film Institute - Advice, information, support and training
Organisational funding received to provide telephone and online support including an update of our online resources, support to venues and additional funding for our FEDS training schemes and Young People Programme.
Film Hub South East
The ICO is responsible for administering funds from the National Lottery to support a stronger and more connected approach to growing audiences for British and International cinema throughout the region. During 2021/22 and 2022/23 we distributed funds through the Film Exhibition Fund. The transfer out relates mainly to the transfer of funds to the fixed assets fund following the purchase of computer equipment.
MUBI bursary fund
Funding received from MUBI to be used for screening day bursaries.
Developing Your Own Film Festival
Funding received from the European MEDIA programme and the British Council to support the costs of running the Developing Your Film Festival course which took place in August 2022 in Edinburgh. An on line version was held in March 2021. The transfer in of funds relates to a contribution by ICO towards course costs.
ScreenSkills
Funding received to run an on line course - Data Driven Film Exhibition.
Independent Cinema Office
Notes to the financial statements
For the year ended 31 March 2023
Purposes of restricted funds (continued)
Other training
Funding received from FAN. During 2022/23 we completed a the Women's Leadership course, continued the FAN Festivals training which commenced in 2020/21 and ran an Elevate course.
Film Hub Midlands - Horror
Alongside a major season at BFI Southbank from October 2022 to December 2022 ICO ran a nationwide tour as part of the BFI In Dreams are Monsters funded by Film Hub Midlands on behalf of BFI Film Audience Network supported by funds from the National Lottery.
The Camera is Ours
Organisational funding received from the BFI to put together a feature length film using film from Britain's women documentary makers. The transfer out relates mainly to the transfer of funds to other BFI activities.
Britain on Film
Organisational funding received from the BFI to enable the ICO to deliver eight archive film programmes.
Arts Council England
Funding received to commission three new films from British Artists for our National Trails tour.
National Lottery Cinema Day / Weekend
Funding received from Camelot to repay venues the ticket value of tickets given away on National Lottery Cinema Day in December 2022 fo a screening of Love Actually and on National Lottery Cinema Weekend in June 2021.
Purposes of designated funds
Fixed assets
Funds representing the net book value of fixed assets, after deducting loans outstanding, that are consequently not readily available in cash.
Loan repayment
Due to a decrease in the value of the property in March 2022and its subsequent impairment in last year's financial statements, £51,711 was repaid to Charity Bank in July 2022 to ensure that the Charity remained within its loan covenants. An amount was set aside to account for this.
Sustainability fund
An amount set aside to pay redundancy costs in the event of the closure of the charity.
Miles Ketley filmmakers' bursary fund
An amount set aside to pay bursaries to filmmakers to enable them to attend industry events to aid their development.
22 Legal status of the charity
The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. At 31 March 2023 there were 13 (2022: 13) guarantees in place.
23 Contractual commitments
Contractual commitments for the acquision of tangible fixed assets contracted but not provided in the financial statements amounted to £2,508 (2022:£Nil).