2024-03-31-accounts

Company number: 5369193 Charity number: l 109053 Independent Cinema Office (Limited by Guarantee) Report and Financial Statements For the year ended 31 March 2024

Independent Cinema Office Contents Page Reference and administrative details Trustees, report Objectives and activities Achievements and performance Financial review Plans for the future structure, governance and management Independent Auditor's report Statement of Financial Activities {including Income and Expenditure Account) Balance Sheet Statement of cash flows Notes to the Financial Statements 9-11 11-12 12-13 14-17 18 19 20 21-33

Independent Cinema Office Reference ond administrative delails Charity regi51ration number: 1109053 Company registsation number: 5369193 Reglslered offlce and operallonal address: Independent Cinema Office Unit 9 Bickels Yard 151-153 Bermondsey Street London SEI 3HA Trustees The Directors of the charitable company I'the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as trustees. Trustees who served during the year and up to the date of thi5 report were as follows: Ayo Akingbade Sudha Bhuchar Thea Burrows Harry Kalfayan Eleanor Lowe Will Massa Emily McDonald Ameet Parekh Simon Ward Dorothy Wilson MBE FRSA (Chair) Key management personnel: Director/CEO- Catharine Des Forges Head of Cinemas- David Sin Head of Operations- Rebecca Clarke Head of Partnerships & Development- Hatice Ozdemirciler Head of Finance- Hayley Collins Bankers: Barclays Bank Plc, Leicester LE87 2BB Solicitors: Bates, Wells & Braithwaite, l O Queen Street Place, London EC4R I BE Auditors: Kreston Reeves LLP 9 E>onnington Park 85 Birdham Road Chichester West Sussex P020 7AJ

Independent Cinema Office Trustees, report The trustees present their report and the audited financial statements for the year ended 31 March 2024 which are also prepared to meet the requirements for a directors, report and accounts for Companies Act purposes. The reference and administrative information set out on page 2 form part of this report. The financial statements comply with Charities Act 2011. the Companies Act 2006. the Memorandum and Articles of Association 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 IFRS 1021. Objectives and activities Purposes and aims The objects of the charity are to promote all purposes recognised a5 charitable under the laws of England and Wales from time to time. in particular. without prejudice to the generality, the promotion. maintenance, improvement and advancement of education of the public by the encouragement of the knowledge and appreciation of the arts of film and video. Aims The ICO'S mission is to stimulate on open. thriving and challenging film culture. We have six overarching goals: To increase admissions for independent cinemas To enable a diverse range of films to be seen by diverse audiences To make the exhik)ition industry more inclusive To provide formal training 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 for independent film exhibition. Activities The principal activity of the charity during the year was to act as the national support organisation for independent cinemas. Our key activities are film programming advice. training, advocacy for the sector. distribution and consultancy. We also manage Film Hub South East. part of the British Film Institute's {BFII Film Audience Network IFANI. The trustees review the aims, objectives and activities of the charity each yeai. Public benefit In shaping our objectives for the year and planning our activities. the trustees have considered the Charity Commi55ion's guidance on public benefit. including the guidance on public benefit: running a charity IPB21 and fee charging. The ICO relies on grants and the income from fees and charges to cover its operoting costs. In setting the level of fees, charges and concessions, the trustees give careful consideration to the accessibility of its activities. The charity has a series of aims which foreground public benefit as a key outcome of its activities. These include: Havir)g inclusivity at the heart of our mission statement Ensuring that wherever you live in the UK. you have comparable access to the art of film as if you lived in the capital Expanding the geographical reach of world cinema {including artists, work. animation and archive filml Building capacity in organisations both professional and non-professional to ensure that they achieve the highest standards in audience development through training programmes and online resources available at no charge to users

Independent Cinema Office Offering bursaries on all our training courses for those with caring responsibilities or access needs Partnering with grassroot5 and community organisation5, especially those in rural communities Natior)al advocacy for our sector Offering free advice and information to a huge range of organisations from schools to care homes as well as traditional cinemas Only working with partners and clients who share our goal to develop audiences for a wide range of cinema. thereby ensuring that the public has access to the widest range of films possible, both archive and contemporary. Diversity The ICO was established in 2003 to ensure that the widest range of stories could reach the widest possible range of audiences. We have put inclusion and diversity at the heart of what we do ever since. Our work seeks to diversify the sector and the audiences the exhibition workforce serves. ensuring everyone is welcome. We are also continuously looking at how to foster positive change within the ICO and share the privilege and power we hold. In 2021, we created an Equality. Diversity and Inclusion IEDII action plan to increase ambition and drive meaningful change across ICO activities. the ICO as an organisation and the wider sector. EDI criteria are embedded into all levels of our organisation. from recruitment and HR policies to staff appraisals. We want to ensure every staff member feels part of the development of this work and accountable for their assigned actions. Our EDI plan is a living document that continues to evolve with the ICO. the wider sector. and the worfd at large. with progress updates published on our website every six months. Our activities include: An EDI Working Group, which has continued to meet once every three months. This voluntary group is made up of three trustees and several staff members who discuss essential oreas of EDI work. For our Screening Days. we continue to work with an external Advisory Group. We seek to ensure our Screening Days are accessible to all. offering no strings bursaries to pay for delegate travel. accommodation and pass fees. The events are also available online so that those with caring responsibilities. health conditions and mobility issues can watch films and take part in sessions online. We have commissioned new descriptive subtitles for the Dldeaf and Hard of Hearing for as many films as possible in our online programme. We have committed to showing at least 30Yo of films from disabled filmmakers. filmmakers from Black, Asian and ethnically diverse backgrounds. or anyone at the intersection of these. We are committed to working with a broader range of people when selecting speakers. Writers, designers and otherfreelancers. The introduction of an anonymous feedback form in October 2023 will help achieve this goal and improve the experience of our collaborators going forward. We have reviewed the language used on the ICO website to ensure it is inclusively and thoughtfully worded in line with our EDI objectives.

Independent Cinema Office Achievements and performance This report looks at the charity's achievements and the outcomes of its work in the reporting period. Programming Programming is at the heart of the Independent Cinema Office. We support cinemas all over the UK, whether they're in major cities or rural communities. to access a cultural film offering which will take their venue to the next level and serve all their local audiences. In 2023-24 the ICO programming network saw some changes. with 6 client venues departing and 3 new venues joining the nelwork. including one in Scotland to extend the ICO'S geographic reach. Two of our existing client venues (Phoenix Leicester and Hyde Park Picturehouse Leeds) completed development projects. adding 3 further screens to the Network. We ended the year with 25 venues and one major regional film festival, and this remains one of the UK'S biggest independent cinemo networks. In an improved but Still challenging economic environment. our programming team worked closely with venues to help them continue to rebuild their audiences and diversify their programmes to include a wider range of culturally important films. This year, our network screened 880 films, achieving 844k total admissions and £5.9m gross box office, with ICO cinemas making vital contributions to the broader UK performance of key independent and world cinemo titles. Screening Days Screening Days is the ICO'S flagship event series and the UK'S biggest cinema conference programme. The events give exhibitors across the UK the chance to see the best WOt1d cinema and British independent titles months in advance of release. so they can make informed decisions on how best to position these films for their audiences. Owing to a cut in our funding in 202>24. we now deliver four events annually Ipreviously five), alternating between Archive Screening Days and Young Audiences Screening Days every other year. We maintain our Inclusion and Diversity event and our Spring and Autumn events. We continued to work with our advisory group in 23124 to help us understand how we can continue to deliver an event that meets the needs of our widest potential audience. We also continued to hold paid open calls for curated sessions for our specialised events, giving a national stage to groups and work that might otherwise stay on the margins. As well as increasing accessibility by offering online-only attendance. an affordable pricing model and bursary support to delegates. we made online films available with subtitles for the Deaf/hard of hearing and provided live captioning on capacity-building sessions held online. We have also introduced a one-day audience development event preceding our Spring and Autumn event. These have become useful closed-door meetings between theatrical exhik)itors, not only giving clear routes to new audiences. but also showcosing ICO'S central place in this area. We have offered case studies of effective working, shared audience data from research agency Indigo and offered Ico-led workshops to help find new audiences and highlight emerging trends from our national perspective. Total figures for the Screening Days programme this year: 1.105 delegates attended the events (online. in-person or a combination of both) 314 unique orgonisations represented

Independent Cinema Office 61 films screened- 5210 of which were foreign language: 38Yo made by Black, Asian and ethnically diverse filmmakers or disabled filmmakers.. 457. by female filmmakers. 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, and progressive. In 2023-24. Ico troining responded to sector needs by supporting key professional development aims for individuals and charting a path towards a highly skilled. financially sustainable and inclusive future for exhibition organisations. We held professional development and training opportunities both in-person and online. with courses offered in hybrid formats. Supported by the British Council, we hosted the Future of Film Festivals Forum, a summit which was created to support the alumni of the Developing Your Film Festival IDYFFI training programme. Hosted in collaboration with the mBank New Horizons International Film Festival in Wroclaw. Poland. the event was a culmination of I I successful and acclaimed editions of the DYFF training programme. which I CX)% of the 3(K) alumni would recommend to their peers. Delivered across two days. the Forum programme consisted of multiple seminar-style sessions supported by guests from leading inlernafional film festivals. including the Toronto International Film Festival and Tribeca Film Festivol, as well as senior teom member5 at the ICO. The event was attended by 44 film festival professionals representing 41 international film festivals based in 24 countries. Following on from the Future of Film Festivals Forum, the ICO established the International Film Festival Ne￿Ork IIFFNI. a membership-based community of film festivals with a mission to secure a vibrant future for film festivals. Launched in September 2023. the network quickly grew to include 18 members from 14 countries. Development and networking sessions were hosted for members both online and at major international film festivals including the Bedin International Film Festival. The fourth edition of our REACH: Strategic Audience Development training programme started in March 2023, running through until September 2024, giving I I film exhibition professionals support to build on fheir expertise in growing and diversifying audiences. Participants were provided with one-to-one mentoiship, skills development workshops and high-level networking opportunities. Finally. we launched our latest Online Learning Course - 'Environmental Sustainability, _ to help cinemas address the climate crisis head-on. Our Online Learning Platform attracted a total of 333 new course enrolments this year. a 1610 increase on 2022-23. This brings the total er)rolments since the platform's inception to 2.607. Across all our online. in-person and hybrid training courses and programmes, we trained 401 individuals from 380 different organisations and 24 countries in 2023-24. Advice and Information The ICO provides impartial, expert advice on a vast array of topics to ensure that everyone can show films and be a part ot our sector. Via our free. email-based enquiries service. we share advice on licensing requirements, identifying the rights holders of films, starting new cinemas, getting films into distribution and

Independent Cinema Office more. This service plays a significant role in increasing the number of community film screenings taking place in the UK each year and supporting new and existing venues. We answered almost 900 email enquiries this year. 42Yo of which were from individuals or organisations hoping to start screening films in their communitie5 for the very first time. Complementing this service is the comprehensive suite of free guides and resources on our website. This includes our popular 'What licences do I neede, resource and our 'How to start a cinema, guide. as well as guides on programming. marketing, environmental and financial sustainability. and more. The ICO blog is a key resource for independent exhibitors. sharing news and opportunities in a regular monthly round-up os well as publishing articles showcasing examples of best practices in cinema work and explortng industry debates. We published 28 blog posts this year: the most popular discussing the benefits of cinemas using content nolices and reporting intelligence on new films seen at 2023 festivals. Our blog also supports professionol development in the sector more widely. We publish writers at various career stages who hail from a variety of backgrounds. To ensure we are providing a fair rate of pay, this year we researched the fees of similar outlets and as a result increased our rate to £0.19 per word. Ourjobs board plays o significant role in the independent exhibition sector. providing a free service for employers and job seekers alike. We require employers to state specific salaries and limit the voluntary roles we include. making the job application proces5 clearer and fairer for job seekers, while helping exhibitors find the best talent. This year our jobs page accumulated almost I50.0￿ views with our daily jobs e-bulletin reaching 5,000+ subscribers. In 2023-24: We answered 867 enquirie5 and advertised 430 jobs We published 28 posts on the ICO Blog. reaching over 17k readers ICO online guides were downloaded 2.878 times. Film Hub Lead Organisation - South East The ICO has managed Film Hub South East- one of the BFI Film Audience Ne￿ork'S eight regional film hubs- since 2018. Throughout 2023-24, we supported our members to show a broad range of independent intemational and British films to their audiences and find new pathways towards financial growfh and sustainability. We also began a new role as the national lead on Cross FAN Member Support and Communications activities. Our key strategic fund. the Film Exhibition Fund. is designed to support regional exhik)itors' cultural film programming and audience development activities. This year. we approved 31 project proposals and made awards totalling £189.084 in 2023-24. with 23Yo of funds going to members who hadn't previously received FHSE support. and supported projects generating 48,076 admissions across the region. In addition, we". Made new funding opportunities available. launching our Under £3k fund and offering multi-year funding for the first time to ease the administrative buiden on both organisations making smaller applications and those applying for multi-year awards, enabling the latter to build greater ambition into their proposals Held a dedicated Film Hub South East Forum event comprising capacity-building training sessions and networking opportunities. attended by 80+ members

Independent Cinema Office Held a series of dedicated training events for FHSE members- welcoming I I I members to events held both in-person and online and supporting their attendance with bursaries totalling £2.951 Maintained our Programming Group initiative giving key regional theatrical sites updates on sector development5. funding opportunities. and a menu of new films backed by bespoke marketing support. with quarterly meetings Helped 16 regional exhibitors participate in the UK-wide BFI FAN programming season 'Cinema Unbound: The Creative Worlds of Powell + Pressburger, celebrating the filmmaking duo's extraordinary contribution to British cinema Achieved 1.914 admissions in Peterborough. our BFI FAN Spotlight location, working in partnership with Gateway Film Festival to improve local access to independent film Provided crucial resources and support to the next generation of cinema audiences and industry professionals via our Young Film Network {YFNI. a free-to-join network made up of 16 groups across the South East Continued to support regional filmmakers via BFI NETWORK South East by: Awarding £156.000 to new Short Film Fund projects and £13,800 to Eady Development Fund projects Welcoming 1.693 people to a broad array of training and networking event5 held in-person and online Supporting three young filmmakers aged 18-23 with a £l.000 grant plus mentorship from BFI NETWORK-supported directors and producers to develop their skills and create their first short film on a budget. Distribution While a great number of films are released into distribution UK each year, the opportunity to see a true diversify of work remains limited. The ICO intervenes in the marketplace to champion films of cultural significance andlor which have an important appeal to o specific urnderserved audience. In 2023-24. we adapted our approach to reimagine distribution at ICO- historically undertaken with BFI backing. which is now difficult to directly attract given the reduced size of the overall fund- 50 that we can share our organisational strength and expertise with organisations who have a strong track record with audiences. ICO worked with curatorial groups Cinema Africal and Maona Arts to deliver a national tour of South African underseen clossic Mapantsula {19881 to cinemas. Our aim was to bolster the work they are doing in a wider context to deliver African diaspora audiences to independent cinemas, by sharing our skills and knowledge at national touring. We gave them insight and knowledge on our approach, with the curators activating local audiences. We achieved 30 bookings for the film (compared with an average of l 0-12 for their solo releases). We plan to work with the collective again and are actively approaching other groups with strong audience connections to repeat this new model for distribution. Consultancy Through consultancy, independent cinema operators can attain best practice at all stages of the cinema operation process. from initial feasibility studies through to business planning and into issues of management. programming. audience development. fundraising. technical presentation and sustainability. ICO consultancy is a fee-based service offering research and special reporting on the widest possible range of cinema-related matters. Each year. the ICO fields over 300 enquiries, and we have developed a repertoire of consultancy formats to respond to them in the most effective way- from advice sessions to the development of business or audience development plans to full options appraisals or feasibility studies. We are proud to have

Independent Cinema Office boosted venues. festivals and community screens to new levels of achievement and to have played a part in establishing new venues for audiences nationwide. In 2023-24, our consultancy work was mainly pre-feasibilify work around the development of new cinemas, working with both community groups and interested individuals in Plymouth. Newton Abbott, Prestwick in Scotland and Tenterden in Kent. Financial review In the year ended 31 March 2024 ICO'S income was derived from grant income and fees for programming. courses. screening days. advocacy. consultancy and film hire. The charity's main expense is staff costs. Other costs relate to expenses in running courses and grant-givirng. Income was reduced by £238.647 in the year ended 31 March 2024 primarily due to a decrease in training events. a reduction in distribution activity, and less funding for consultancy work. This was portly offset by increased funding for Film Hub South East. The reduction in income meant that the charity strived to keep costs down with the ICO reporting a decrease in total costs of £421.5CQ. A review of the property in Bickels Yard indicated an impairment in its value of £44.446. A consequence of this was that the loan to value covenant for the Charity Bank was breached and a repayment of £9.617 will be made lo rectify this. Overall net income for the year was £58,321 (comprising a £27,454 surplus on unrestricted funds ond a £30,867 surplus on restricted funds). Principal funding sources Our principal sources of funding are from the 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 world cinema so it is a natural partner of the ICO. Grant making policy The ICO mainly grants awards through the Film Exhibition Fund. These funds are restricted and come from the BFI. Film Hub South East operates the Film Exhibition Fund and supports Film Audience Network IFANI members. which includes organisations of various shapes and sizes. from community cinemas to festivals to multi-arts centres, to maximise the number of audiences engaging with independent British and International film across the region. The fund invites applications for awards from members that respond to the Film Hub South East's strategic objectives of cultural engagement. developing young audiences, providing inclusivity and showcasing screen heritage. Applicants are asked to submit an application form. a budget and an equality monitoring form. The guidelines and regulations for awards are set by the BFI and we cannot independently make awards outside this rubric. All grants are assessed by a minimum of 3 members of the ICO'S Senior Management team. We also award grants to filmmakers from the Miles Ketley Bursary Fund. These monies come from ICO'S designated funds. They are assessed by a panel of Trustees and Miles, widow. Rebecca Ketley. Reserves pollcy and golng concern The reserves policy is reviewed by the trustees on a regular basi5. Currently, the reserves policy seeks to have three months running costs available to enable the charity to seek alternative or additional funding, if necessary. This equates to £220.522 {2023: £220,0001. At 31 March 2024 free reserves were £208,107 The ICO have budgeted for a small surplus in 2024125. Total funds held at the 31 March 2024 were £691.694 of which £115,969 is restricted funds and

Independent Cinema Office £575,725 unrestricted funds. Included in unrestricted funds are designated amounts of £367.618 The fixed assets fund represents the net book value of fixed assets after accounting for the loon outstanding. The sustoinability fund is an amount set aside by the charity to ensure a managed closure of the charity in Ihe event that funding ceases. The Miles Ketley filmmakers, bursary fund has been established to commemorate our trustee who died in 2019. Funds have been set aside to run an international film festival training event. The ICO was awarded three-year funding from the BFI commencing April 2023. The trustees therefore believe that, combined with our avoilable general funds. the charity is a going concern and will be able to pay its liabilitie5 as they fall due. Investmenl policy The trustees may invest the charity's money not immediately required for its objects in any investments, securities or property. The current policy is to keep available funds in interest- bearing deposit accounts. Fundralslng The Charity does not engage in public fundraising and does not use professional fundraisers or commercial participators. The Charity nevertheless observes and complies with the relevant fundraising regulations and codes. During the year there was no non-compliance of these regulations and codes and the Charity received no complaints relating to its fundraising practice. Code of Governance The Independent Cinema Office aims to maintain good governance practices in line with the Charity Governance Code. All Trustees have a job description, and new trustees have a full induction programme and are offered the NCVO inductionlrefresher Trustee course. We know the immense value of having a broad range of experiences and voices guiding our work. This is of particular importance when it comes to our trustees. who under the leadership of our Chair. work closely with our Senior Management Team to steer and monitor the ICO'S strategic development. They ensure we remain focused on improving our work and broadening its reach to UK audiences. We also engage several advisory groups to help us interrogate and reflect on specific areas of ICO work and ensure we better represent the communities we serve. We encourage these advisory group members to develop their relationships with u5 by applying to become trustees when their terms have finished. We prioritise the importance of trustees and staff working together and learning from each other to deliver truly valuable. high-quality work. Trustees and staff often undertake organisation-wide training together and we ensure that staff can independently contact trustees. so they have an additional channel to raise issues and challenge harassment or discrimination. staff members regularly present at ICO board meetings on distinct areas of our current work, helping trustees make informed assessments about what ambition looks like for us as an organisation and agree on stretch targets to further improve and develop our practice. Similarly. anonymous evaluation is an embedded part of our cultural programmes. Evaluation data is shared with trustee5 in quartedy board reports. to which all ICO teams contribute detailed updates on their work. io

Independent Cinema Office Our integration of trustees and staff ensures that we foster the sharing of ideas and maximise our combined expertise and diverse lived experiences. benefiting the reach of our organisation. the venues we support and the audiences we serve. Prlnclpal rlsks and uncertalnlles The high-level risks and management Strategy are as follow5: Risks Nature of risk Funding not renewed- the charily may close Risk Mana emenl Gross risk High SITale Funding renewed for three years until 2026. Consider opportunities in new funding bids. Explore new relationships and opportunities. Invest in marketing consultancy services and sponsorship develo ment. Quartedy management accounts, cash flow. regular review of bank covenants. Stren strong Net risk High Property loan- facility may be wilhdrawn High strong High Plans for the future The economic outlook for cinemas and film festivals remains challenging - there are Still a number of organisations who are finding things diff icult and our role is to support the sector and advocate on their behalf for the impactful intervention and structural support. We will continue with our advocacy work and undertake a national survey of organisations, presenting the outcome to national press and government. We will continue with our support services for the sector including advice. information and programming as well as the continuation of our audience development evaluation project across venues. We will deliver a fully 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 organisation for the BFI'S FAN (Film Audience Network) for Member Support and Communicotions and will continue to convene our national advisory group to help us in our work. We will deliver a national conference in Belfast for the Film Audience Network over 2 days in September 2024. We will deliver a new major national short course on Disability for the sector with the aim that the participants gain the lools lo develop their own Disability Action Plans for their organisations. In addition, we will continue with our programmes on business development and audience development and online seminars to engage the wider membership who are ur)able to make the time commitment to longer training courses. We will deliver a new iteration of our flagship Cultural Cinema Exhibition course in January 2025. We will hold the first International Film Festival Nelwork summit in Polond in partnership with the New Horizons Film Festival in Poland and continue to hold events and deliver support for the Network. li

Independent Cinema Office We will continue to support filmmakers and exhibitors in the South East region of the UK as part of our work running Film Hub South East. In addition. we will continue to support and develop our FHSE Young Film Network with ongoing management of our dedicated website and member resources. We will begin our new 'Shadow a Filmmaker, programme enabling young people to gain valuable experience on our NETWORK Short film productions. We will be developing our succession plon and recruitment drive to replace our Chair in 2025. Structure, governance and management The organisation is a charitable company limited by guarantee. incorporated on 18 February 2005 and registered as a charity on 14 April 2005. The company w05 established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association. All trustees give their time voluntarily and receive no benefits from the charity in their capacity as trustees. Any expenses reclaimed from the charify are set out in note 12 to the accounts. As set out in the Articles of Association the trustees are appointed by resolution of the trustees. Recruitment for new trustees is openly advertised with full job descriptions and inferviews carried out prior to taking up office. New trustees are sent on extensive information pack which details the responsibility of trustees and their legal obligations. There are three subcommittees. Finance. Personnel & HR and EDI which make recommendations to the wider board. Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular board meetings. All new Trustees are invited to attend the NCVO'S introductory course for Trustees. The ICO is managed by the board of Directorstrrustees. Day-to-day management is delegated to the Director and the senior management team as follows: Director/CEO- Catharine Des Forges Head of Cinemas- David Sin Head of Operations- Rebecca Clarke Head of Partnerships & Development- Hatice Ozdemirciler Head of Finance- Angela Blanchard (resigned 31 May 20241 Head of Finance- Hayley Collins {appointed 01 Moy 2024} We have developed a formal framework with criteria for setting pay/remuneration for key management personnel which has included the establishment of a Personnel & HR subcommittee which makes recommendations to the wider board of trustees. Trustees, responsibilities statement The trustees (who are also directors of Independent Cinema Office for the purposes of company lawl 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 charitable company and of the incoming resources and application of resources. including the income and expenditure, of 12

Independent Cinema Office the charitable company for the year. In preparing these financial statements, the trustees are required to: Select suitable accounting policies and then apply them consistently Observe the methods and principles in the Charities SORP 2019 Make judgements and estimates that are reasonoble and prudent state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements Prepare the financial statements on a going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud ar)d other irregularities. In so far as the trustees are aware at the time of approving our trustees, report: There is no relevant audit information. being information needed by the auditor in connection with preparing their report. of which the charitable company's auditor is unaware; and The trustees, having made enquiries of fellow directors and the charitable company's auditor, have taken all Steps that they ought to have individually taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are responsible foi the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial Statements may differ from legislation in other jurisdictions. Small company exemptions This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies. Auditors Kreston Reeves LLP w05 appointed in the year and has expressed its willingness to continue in office. This report was approved by the Board of Trustees on 26 November 2024 and signed on its behalf by Dorothy Wllson MBE FRSA Chair 13

Independent Cinema Office Independent Auditor's Report to the Members of Independent Cinema Office Opinion We have audited the financial slatements of Independent Cinema Office (the 'Charity'l for the year ended 31 March 2024, which comprise the Statement of Financial Activities, the Balance Sheet. the Statement of Cash Flows. Analysis of Changes in Net Debt and the related notes. including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland. (United Kingdom Generally Accepted Accounting Practicel. In our opinion the financial statements: give a true and fair view of the state of the Charity's affairs as at 31 March 2024 and of the charity's incoming resources for the year then ended: have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and have been prepared in accordance with the requirements of the Charities Act 2011 . Basis for opinion We conducted our audit in accordance with Intemationol Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in occordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating lo going concern In auditing the financial statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomed. we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability to continue as a going concern for a period of at least ￿e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees Wlth respect to going concern are described in the relevant sections of this report. other information The other information comprises the information included in the Annual Report other than the financial statements and our Auditors. Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and. except to the extent othetwise explicitly stated in our 14

Independent Cinema Office report. we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and. in doing so. consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material mi5Statements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations require us to report you, if in our opinion: the information given in Ihe Trustees, report is inconsistent in any material respect with the financial statements,- or sufficient accounting records hove not been kept: or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the information and explanations we require for our audit. Responslbllllles ol Trustees As explained more fully in the Trustees, Responsibilities Statement set out on page 12, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such intemal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement. whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the Charity's ability to continue as a going concem. disclosing. as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Charity or to cease operations. or have no realistic alternative but to do so. Auditors, responsibililies for the audit of the financial slatements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an Auditors. Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if. individually or in the aggregate. they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 15

Independent Cinema Office Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above. to detect material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: Capability of the audit in detecting itTegularities. including fraud Based on our understanding of the charity and sector. and through discussion with the Trustees and other management las required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to the Charities Act 2011, health and safety, anti-bribery. GDPR legislation and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have o direct impact on the preparation of the financial statements such as the Charities SORP IFRS 10212019, the Charities Act 2011, the Companies Act 2006, and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indication5 of non-compliance throughout the audit. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statement5 (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase revenue or reduce expenditure and management bias in accounting estimates specifically in recognising the accrued legacies. Audit procedures performed by the engagement team included: Discussior)s with managemer)t and assessment of known or suspected instances of non- compliance with laws and regulations and fraud; and Assessment of identified fraud risk factors: and Challenging assumptions and judgements made by management in its significant accounting estimates: and Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business,. and Performing analytical procedures to identify any unusual or unexpected relationships. including related party transactions. that may indicate risks of material misstatement due to fraud.. and Reading minutes of meetings of those charged with governance,. and Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions.. and Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation-, and Challenging assumptions and judgements made by management in its significant accounting estimates. Because of the inherent limitations of an audit. there is a risk that we will not detect all itregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increoses 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. 16

Independent Cinema Office As part of an audit in accordance with ISAS IUKI. we exercise professional judgment and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error. design and perform audit procedures responsive to those risks, ond obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error. as fraud may involve collusion. forgery. intentional omissions, misrepresentations. or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances. but not for the purpose of expressing an opinion of the effectiveness of the Charity's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees. Conclude on the appropriateness of the Trustees, use of the going concern basis of accounting and, based on the audit evidence obtained. whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Charity's ability to continue as a going concefft. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors, Report to the related disclosures in the financial statements or. if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors, Report. However. future events or conditions may cause the Charity to cease to continue as a going concern. Evaluate the overall presentation. structure and content of the financial statements. including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. We communicate with those charged with governance regarding. among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Use of our report This report is made solely to the Charity's Trustees. as a body, in accordance with Part 4 of the Charities (Accounts and Reports} Regulations. Our audit work has been undertaken so that we might state to the Charity's Trustees those matters we are required to state to them in an Auditors, Report ond for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Charity and its Trustees, as a body. for our audit work, for this report, or for the opinions we have formed. Kreston Reeves LLP statutory Auditor Chartered Accountants Chichester Date: 5 December 2024 Kreston Reeves LLP is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006 17

Independenr Cinema Office Sraiement of financial actwities (incorporating an income and expenditure account) For rhe ear ended 31 March 2024 2024 2023 Total Unrestricted Restricied Total Unrestricted Resrricied Note Income and endowments from.. Donarions Charirable activities Programming Advice, information, support & training Film Hub South East Distribution Advocacy Consultancy Other trading activities Investments bank interest Other income Exchange gain Total income 249 249 201.649 4.859 419.551 12.39S 894.764 6,527 30.124 621.200 17.254 894.764 11.250 30.124 9.980 6.272 2.973 3.974 225.718 35.999 398,061 402,213 560,000 144,360 13,176 87,628 623.779 438,212 560.000 4.723 41.751 13.176 105.906 7.242 453 1.400 227 9.980 6,272 2,973 3.974 18.278 7.242 453 1.400 227 234.679 1.463.361 1,698,040 331,249 1,605,438 1,936,687 Expenditure on.. Charitable activities Programming Advice, information. support & training Film Hub South East Advocacy Distribution Con5ultanry Other trading activities 68.516 17.023 92.164 5.020 4.302 7.033 428,210 139,090 837,739 27.897 12.725 496.726 156.113 929.903 32.917 17.027 7.033 54,211 73,300 11,930 1,293 51,081 9,898 7,242 443,842 488,805 633,637 18,898 178,905 88,177 498,053 562,105 645.567 20.191 229,986 98,075 7.242 Total expenditure 194,058 1.445.661 1,639,719 208.955 1.852,264 2,061,219 Net Income I lexpendlture) for the year 40.621 17,700 58.321 122,294 1246,8261 1124,5321 Transfers between funds 21 113.1671 13.167 119.4541 19,454 Net movement in funds 27.454 30.867 58.321 102,840 1227,3721 1124,5321 Reconciliation of funds= Total funds brought fotward 548.271 85.102 633.373 445.431 312,474 757.905 Total funds carried fonydrd 21 575.725 115,969 691.694 548,271 85,102 633,373 All of the above results are derived from tontinuing activitie5. There were no othei recogni5ed gan5 or 1055e5 Other than those Stated above. Movements in funds are disclosed in Note 21 to the financial statements. The nores on pages 21 ro 32 form an iniegral part of ihese financial staiemenis. 18

Balance sheet Company no. 5369193 As at 31 March 2024 2024 2023 Note Fixed assets- Tangible assets 1.040.548 1,109.173 Current assets- Debtors Cash at bank and in hand 67.120 547.331 148,154 487,263 614,451 635,417 Liabilities= Creditors.. amounts falling due within one year 1215.990) 1312.310) Net current assets 398.461 323,107 Total a55ets less current liabilities 1.439.009 1,432,280 Creditors.. Amounts falling due after more than one year (747.315) 1798.9071 Total net assets 20a 691,694 633,373 The funds of the charlty: Restricted income funds in surplus Unrestricted income funds.. Designated funds General fund5 21a 115,969 85,102 367.618 208.107 380,889 167,382 Total unrestricted funds 575.725 548.271 Total charity funds 691.694 633,373 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 Cornpanies Act 2006 and are for circulation to members of the company. For the year ending 31 March 2024 the charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companie5 Act 2006. However an audit 15 required under the Charities Act 2011 .The Trustees acknowledge their responsibility for complying with the requirements of the Companies Act 2006 with respect to accounting record5 and preparation of financial 5tatementS. Approved by the trustees on 26 November 2024 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. 19

Independent Clnema Office Siatement of cash flows For ihe ear ended 31 March 2024 2024 2023 Cash flows from operaring actwities Nei cash provlded by operatSng auivltles 149,255 1173,4731 Cash flows from investing activitie5-. Dividend5, Interest and rent5 from inve5trnent5 Purchase of fixed assets Disposal of fixed assets 2,973 16,2271 707 453 113,9811 Net cash provided byl{used inl investing activitie5 12.5471 113.5281 Cash flows from financing activities= Repayments of borrowing 1139 2521 Change In cash and cash equlvalents In the year 60,214 1326.2531 Cash and cash equivalent5 at the beginning of the year Change in cash and cash equivalents due to exchange late movements 487,263 11461 813,289 227 Cash and cash equivalents at the end of the year 547,33 1 487,263 ReconclllatSon of net Income to net cash flow from operating attsvities 2024 2023 Nei Income for the reportlng perlod 58,321 1124,5321 Gain on disposal of fixed assets Depreciation charges Impairment of propertv Interest frorn invesrmenis Interest on bank loan5 Foreign exchange Igainlllosses Ilncreasel I decrease in debtors Increase I Idecrea5el in crediior5 11581 29,857 44,446 12.9731 37,601 146 81.034 199.0191 27,607 14531 40,616 12271 152.7071 163.7771 Nei cash provlded by operatlng auivltles 149,255 1173,4731 Analysis of change5 in net debt Foreign exchange movements At 01 April 2023 Other changes Ar 31 March 2024 Cash flows Cash at bank and in hand Loans falling due within one year Loans falling due after rnore than one year 487.263 148.892) 1798.9071 60.214 48.892 11461 547,331 151.5911 1747,3151 51,591 Total 1360.536) 109.107 1146) {25 1.5751 20

Independent Cinema Offlce Notes to the financial statements For the ear ended 31 March 2024 Accountlng pollcles 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 IFRS 1021 (effective l January 2019) (Charities SORP FRS 1021. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. The financial statements are prepared in Sterling, which is the funcrional currency of the chariry, and rounded to the nearest £ I Assets and liabilities are initially recognised at historical cost or transaction value unless Othe￿ise stated in the relevant accounting policy or note. b) Public benefit entity The charity meet5 the definition of a public benefit entity under FRS 102. c) Going concern Independent Cinema Office has been awarded three-year funding from Ihe BFI commencing April 2023. At the balance sheet date the charity has sufficient reserves, enough of which are unrestricted and are able to absorb shorr-rerm in year deficits, if required. The financial forecasts prepared show that the charity will be able ro pay its liabilities as they fall due. On this ba515 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 Ihat the amount can be measured reliably. Income from grant5, 15 recogni5ed when the charity has entitlement to the funds. any performance condition5 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. el Donations of gifts, services and facilities Donated professional service5 and donated facilities are recognised as income when the charity ha5 control over the item or received the Se￿ICe. any conditions associated with the donaiion have been met, the receipt of economic benefit from the use by the charity of the item 15 probable and that economic benefit can be measured reliably. On receipr. 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 service5 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. gl Fund accounting Restricted funds are to be used for specific purposes as laid down by rhe 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 construrtive obligation to make a payment to a third party, it is probable that sertlement will be required and the amount of the obligation can be measured reliably. Expendirure is classified under the following artivity heading5'. Expenditure on charitable activities includes the costs of delivering service5 and other educational activities undertaken to fLbrther the purposes of the charity and their associated support costs Irrecoverable VAT is charged as a cost against the activiry for which rhe expenditure was incurred. 21

Independent Cinema OfPice Notes to the financial statements For the ear ended 31 March 2024 Accounting policies (continued) i) Allocation of support costs Resources expended are allocated to the particular artivity where the cost relates directly to that activity. Support and governance cost5 are re-allocated to each of the activities on the following basi5 which is an estimate, based on the direct staff costs of each activity. of the amount attributable to each activity. Programming Training Film Hub SoLAth East Advocacy Distribution Consultancy Governance costs are the c05t5 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 management of the charity's activities. 39.0% 6.6% 50.6% 2.4% 0.8% 0.7% J) Operatlng 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 1055e5 on exchange are put through the income and expenditure account. l) Tanglble flxed assef s Irems of equipment are capitalised where the purchase price exceeds £250. Depreciation costs are allocaied to activities on the basi5 Of the use of the related a55ets in those activities. A55ets 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 expeited useful life. The depreciation rate5 in use are as follows.. Long leasehold property 2% straight line basis Leasehold refurbishment l 0% straight line ba515 Fixtures, fittings & equipment 2 5% straight line basis Database and web51te 2 5% straight line bas15 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 investment5 Wlth a short maturity of three months or less from the dare of acquisition or opening of the deposit or similar account. o) Creditors and provisions Creditor5 and provisions are recognised where the charity has a present obligation resulting from a past event that will probably resulr in the transfer of funds to a third pany and the amount due to settle rhe obligarion 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 a55et5 and financial liabilities of a kind that qualify a5 basic financial instruments. Basic financial instrumenis are iniiially recognised ai transaction value and subsequently measured at their settlement value. 22

Independent Cinema OfPice Notes to the financial statements For the ear ended 31 March 2024 Accounting policies (continued) q) Pensions The charity contributes to the personal pension schemes of some of its employees and from l November 2016 to SMARTPension, the ICO auto-enrolment scheme. The schemes and their a55ets are held by independent managers. The pension charge represents contributions due from the charity. r) Estimates and judgements Esiimates and judgements have been used in the preparation of these financial statements, mainly in connection with the valuation of fixed asset5 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 relaied 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 reponing date that have a Significant risk of causing a material adjustment to the carrying amounts of asset5 and liabilitie5 Wlthin the next reporting period. 2 Donations 2024 Total 2023 Total Unrestricted Restricted Other donations 249 249 181 Total 249 249 181 Income from charitable activities 2024 Total 2023 Total Programming Unrestricted Restricted BFI Venue income Sponsorship income Screening days income Contribution in kind Other 383,603 383,603 195,353 398,061 190,340 7,428 27,823 195,353 6.083 5,075 26.968 3,813 92 26.968 3.813 305 213 127 Sub-total 201.649 419,551 621.200 623,779 Training Screenskills Creative Europe Media BFI British Council Third party contributions Course fee5 Contribution in kind Sponsorship Membership Other income 828 828 3.970 60,200 226,402 10,177 56,250 58,317 13,600 8,333 29.606 75,000 29.606 75,000 4.031 1.118 5.400 5.149 5.400 1,271 1,271 963 Sub-total 4.859 112.395 117.254 438,212 Film Hub South East BFI Watershed Arts Trust Ltd Course fees 841,894 33.670 19,200 841.894 33.670 19.200 560,000 894,764 894,764 560,000 23

Independent Cinema OfPice Notes to the financial statements For the ear ended 31 March 2024 3 Income from charltable attlvltles (contlnued) 2024 Total 2023 Total Unrestricted Restricted Distribution BFI Arts Council England Distribution fee Film hire and print tran5POrt Third party contributions Contribution in kind Other income 79,510 19,990 20,353 21,398 30,860 14,000 4,997 4.997 1,875 2,553 1,875 1,123 1.430 1.725 100 Sub-total 4,723 6,527 11,250 186,111 Advocacy BFI 30.124 30.124 13,176 Consultancy Fees Other income 9,780 200 9,780 200 18,020 87,886 Sub-total 9.980 9.980 105,906 Toial Income from charliable acilvltles 221.211 1 .463.361 1.684.572 1.927.184 The proportion of income from charitable activities derived from outside the UK amounted to 0.1 %12023'. 6.3%). 4 Other trading artivities 2024 Total 2023 Total Unrestricted Restricted Desk space and board room hire 6.272 6.272 7,242 Income from investments 2024 Total 2,023 Total Unrestricted Restricted Bank interest 2.973 2.973 453 6 Other Income 2024 Total 2023 Total Unrestricted Restricred Contribution in kind Gain on disposal of fixed assets Iniome received from legal artion Advertising income Other income 1,400 158 3.191 150 475 158 3.191 150 475 3,974 3.974 1,400 24

Independe￿￿ Cinerna Office Note5 tothe finanaal 51aternents For the ar ended 31 March 2 24 7 Anatys15 of expendlturt Other Fikn Hub s￿￿h Ea5E Ad¥w(y &stribution Con5ulran(y 2023 Osramming T[￿nI stsll costs (Note 121 Fees- Cwrse kader,.SoeakeriFilm makerip¥o￿t man¥Jei FOCUS group,. S4.334 14.227 407.391 76.381 18.947 7.680 6.289 S.492 5.330 804.7QI 127.9S5 7.235 1,937 2,367 33.532 8.414 6.382 30.448 2.217 3.237 1.1S9 32 1.5rM) 22.686 7.567 3.745 26 443 44.047 37 646 Courier5:'transport Production programrning costs 9.774 675 25,839 528 19.385 2288 97 10.205 14,062 7.163 36,64 24,688 68,066 271.929 32.678 34.710 26,246 74,303 14.000 576 6.777 59.282 602 12.747 12.756 271.929 14.702 20.537 13.288 37.784 7.088 197 163 144 94.601 303.280 36,462 45.703 rrrweb c0515 Office cost5 Prém15es costs 4.206 1.862 448 10.230 2&972 5.457 620 1.$95 2Q6 678 4.631 921 643 93 27.607 Annual report Légal & proféssional 5.866 2,818 192 19.608 3.84B 37 11,067 Bank charye5 & inleresl Irrecoverabk VAT Trustee&, tr￿ning 910 342 256 43.343 2.963 SL 7,602 461 57 496.726 74 1$6.113 929.W3 32.917 17.027 7.033 1.639.719 2.061.219 Total expÈndlturè 2023 498.054 562.1 64S.567 229.986 98.075 7.242 Of the toial expenditure. £149.612 Yfds Vilresir￿Qd 1202J- £208.9551 and £1.445.661 wa5 resiriued 12023 11.852.264). 25

Independent Cinema OfFice Notes to the financial sratemenrs For the ear ended 31 March 2024 Support costs These costs are allocated on a direcr salary cosis basis and consist of.. 2024 2023 Staff costs Couriers I transport Careringl hospitaliryleniertaining Certificationlaccreditation Markering and publicity Hotel travel & subsistence ITIWeb costs Office costs Premises costs Depreciation Impairment of propertv Legal and profe55ional Bank charges and interest Irrecoverable VAT Bad debt5 Exchange loss Governance 137.909 139 1,102 85 1,805 8,319 18.937 17,728 26.246 29,857 44.446 4,466 38.496 7,600 418 146 15,100 118,976 11631 4,200 458 1,407 7.715 13,512 20.544 12,286 2 7.607 2,560 41.507 11,172 22.072 352.799 283,853 Governance costs consist of.. 2024 2023 Audit fees Annual report Legal fees Trustee5' training Trustees, expenses 14.000 13.500 2.335 3,150 2,625 462 1,100 15,100 22,072 Net Income I lexpen(liturel for the year Thi5 IS stated after charging I Icreditingl.. 2024 2023 Depreciation of tangible fixed assets Impairment of properry and refurbishment cosrs Bank interest pay&ble Auditors, remuneration (excluding VAT).. Statutory audit current year prior year underaccrual 29.857 44,446 37.601 27,607 40.616 14.000 12.500 1.000 4.140 12271 Other audit Foreign exchange Isurplusllloss 146 l O Related party transactlons Mel Clarke, the sister of Becky Clarke, Head of Operations, was paid £nil during the year for design work on variou5 projects12023." £ 18001. During the year, Vision Box. co-directedlowned by Simon Ward. an ICO rrustee. and his wife Corrina Ward, was awarded £500 in connection with the Crnema Unbound Powell & Pre55burger season Ifunded by Film Hub South We5tl'. at 31 March 2024. £nil was outstanding. In 2024. Vision Box was awarded £nil through the Film Exhibition Fund 12023." £10,000). Simon Ward was also paid £nil for speaker and inteNiew fees {2023'.£2001. In November 2023 Sudha Bhuchar. trustee. was paid £200 for assistance with trustee recruitment 12023.. £nill. The ICO receives funding from the British Film Institute CBFI'I. One of the governors of the BFI. Monica Chadha, is the wife of Ameet Parekh a trustee of rhe ICO. Monica was not involved in the decision making process for the funding of the ICO. As per the BFI'S delegated areas of authority in respect of the Board of Governors. the leve15 of funding received by the ICO from the BFI are below the threshold requiring approval by their Board of Governors. 26

Independent Cinema OfFice Notes to the financial sratemenrs For the ear ended 31 March 2024 I I Corporation taxation The charity is an exempt charity within the meaning of Schedule 3 of the Charitie5 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 rhe extent that rhese are applied to its charitable objects. 12 Analysis of staff costs, trustee remuneration and expenses, and the cost of key management personnel Staff cost5 were as follows.. 2024 2023 Salaries and wages Social security costs Employer's contribution to defined contribution pension schemes Freelance staff Staff recruitment Staff training Human resources fees Occupational Health Insurance Other staff cost5 686.820 64.546 30.787 11.255 1 ,434 1,325 5,597 2,483 454 790,671 75.032 35,329 14.825 805 9.933 5,539 2.631 340 804.701 935,105 One employee received employee benefits (excluding employer pension costs) during the year in the band £60,000 £70.000 12023'.1 }. The total employee benefits including employer national insurance and pension contributlOn5 of the key management personnel were £263.633 12023". £257.6401. No expenses were paid to the Trustees during the year {2023'. £462 for subsistence and accommodation for attending the Board away day and screening days). The trustees neither received nor waived any remuneration during the year 12023.. £nil). For other tran5action5 relating to trustees, please refer to Note l O. 13 Sraff numbers The average number of employee5 {head count based on number of staff employed) during the year wa5 a5 follows". 2024 No. 2023 Programming Training Film Hub South East Advocacy Distribution Consultancy Support 20.1 26.5 27

Independent Cinema OfFice Notes to the financial sratemenrs For the ear ended 31 March 2024 14 Grants 2024 2023 Paid from restricted funds.. Paymenis io Institutions 271 929 303.280 Payments to Institution5 analy5ed as follow5.. 2024 Film Hub South East Film Exhibition Fund Young Audiences Balik Arts Lion Mountain Entertainment Riverside Restaurant and Theatre Watersprite Film Festival 1.500 1,250 2.750 5,000 10.500 2024 Fllm Exhlbltlon Fund Anglo Asiatic Arts & Heritsge Alliance Brighton Rocks Intemational Film Festival IBRIFF) Cambridge Film Festival Chichester Cinèma at Néw Park Cinecity Filrn Festival Creative Arts East Fabrica Folkestone Documentary Festival Kent Film Foundation Latest Group Lion Mountain Entertainfflent Maona Ramsgate International Film & TV Festival ReelN Lld 7,500 4,000 23.000 16.500 17.000 30.000 5,000 7.500 5.000 4,000 3.750 2,000 5,000 6.400 3.430 7,500 4.348 6,500 3.000 Riverside Restaurant & Theatre Sunrise Studios (part of Access Communty Trust} The Theatre Chipping Norton Watersprite Film Festival Women Over Frfty Filtn Festival CIC 161 428 2024 Small Pots Fund The Horttsn Arts Centre ADEC (Arts Development in East Cambridgeshire) TIA Babylon ARTS Aldeburgh Trust Chichester Cinerna at New Park Deal Film Festival Electric Palace. Hastings South Hill Park Arts Centre The Suffolk Short Film Festival CIC {Suffolk Shorlsl Through A Different Lens 3.000 3,000 1.100 1,796 260 2,000 3.000 1,500 1.500 17.156 2024 FHSE Programming Group Babylon Arts Chichester Cinerna New Park Electric Palace, Hastings King Street Cinema South Hill Park Towner, Easttx)urne Ultimate Picture Palace 200 400 600 600 600 600 600 3,600 2024 Spotlight Cinesister CIC 38,000 38,000 28

Independent Cinema OfFice Notes to the financial sratemenrs For the ear ended 31 March 2024 2024 Film Academy Plus Electric Palace. Hastings Fabrica 4,500 4.500 9,000 2024 Cinema Unbound - Powel & Pressburger Aldeburgh Cinema Trust Cambridge Film Trust Chichester Film Festival Cinecity Filrn Festival Cinema City Nonmch Depot Cinema. Le￿￿S Electric Palace Cinema, Hastings Fabrica Golden Arrow King Street Cinema. Ipswich King's Lynn Film Festival NoThMch Filrn Festival The Regal Picturehouse The Ultirnate Picture Palace, Oxford Vision Box- Palace Cinema Worthing The8tres and Museum (Connaught Cinemal 375 2,000 500 1,500 500 2,500 5.000 7,370 4.350 500 250 125 500 5,900 500 375 32,245 Total Film Hub South East 271,929 15 Tangible fixed assets Long leasehold property Leasehold refurb Daiabase ishment and website Fixtures. fittings & equipment Total Cost At the start of the year Additions in the year Disposa15 in year 1,308,014 65,082 35.973 41.762 6,227 15,1591 1,450,831 6,227 15.159) At the end of the year 1.308.014 65,082 35.973 42.830 1,451,899 Depreciation At the start of the year Charge for the year Disposals in year Impairment At the end of the year Net book value At the end of the year 2 16.488 23,474 65,082 35.973 24.115 6,383 14,6101 341.658 29,857 14.610) 44.446 411,351 44,446 284.408 65.082 35.973 25.888 1.023,606 16.942 1,040,548 At the start of the year 1,091,526 17,647 1,109,173 All of the above assets are used for chariiable purposes. 16 Debtors 2024 2023 Trade debtors Other debtors Prepayments Accrued income 32.122 119 26.680 8,199 42.168 65.002 40,984 148.154 29

Independent Cinema OfFice Notes to the financial sratemenrs For the ear ended 31 March 2024 17 Creditors.. amounts falling due within one year 2024 2023 Grants payable Secured bank loans Trade creditors Accruals Other creditors Taxation and social Security Pension conrributions Deferred income (note 181 5.919 51.591 75.760 37.011 214 29.351 3,229 12.915 215990 54.473 48,892 46.004 42,607 532 31,622 3.180 85,000 312,310 18 Deferred income 2024 2023 Deferred income comprises of grant and income for events taking place in 2023124 and consultancy fees received in advance of the work being carried out. Balance at the beginning of ihe year Amount released to income in the year Amount deferred in the year Balance at the end of the year 85.000 176.2711 4,186 123.342 167.0921 28.750 12.915 85,000 19. Creditors.. Amounts falling due after more than one year 2024 2023 Secured bank loans falling due in less than S years Secured bank loans falling due after S years 130,828 616.487 747315 155.172 643,735 798.907 There are three secured and one unsecured bank loans on the property ar Unir 9 Bickels Yard. London, SEI 3HA. The loan from Charity Bank is charged at 4.4% and the loans with Big 155ue Invest are charged at 7% and 6%. The Charity Bank loan 15 repayable over 25 yÈars and the Big Issue Invest loans over 7 years. 63 rnonths and 57 months. The property has a carrying value of £1,023,606. The loans are secured with fixed and floating charges over Ihe assets of rhe charity. Following a review of its value, a decision was made to impair the property. This has resulted in a breach of the Charity Bank loan to value covenant. Consequently, a repayment of £9.617 will be made to Charity Bank. 20a Analysis of net assets between funds (Current year) General unrestricted Designated Restricted Total funds Tangible fixed assets Net current assets Creditors due after more than one year 1,040,548 74.385 1747,3 151 1,040,548 398.461 1747.3151 208.107 115.969 Net assets at the end of the year 208.107 367.618 115.969 691.694 20b Analysis of net assets between funds (Prior year) General unresrricted Designated Restricted Total funds Tangible fixed asset5 Net current assets Creditors due after more than one year 1,109,173 70.623 1798,907} 1,109,173 323.107 1798,9071 167.382 85.102 Net assets at the end of the year 167.382 380,889 85.102 633.373

Independent Cinema OfFice Notes to the financial sratemenrs For the ear ended 31 March 2024 21 a Movements in funds (Current year) Incoming resources & gains Outgoing resources & losses At the start of the year At the end of the year Transfers Restrltted funds.. British Film Institute 11,152 449.975 1461.5651 13.225 12.787 BFI Advice, information, support and training Film Hub South East DYFF online resourie Screenskills Other training Tours BFI The Camera is Ours BFI - Britain on Film Art5 Council England 21,977 45,598 29,927 894.764 797 151,0201 {837.739} 121) 175} 187,9731 264 13,9081 1,148 98,715 776 75 2,243 81,671 6,115 2,056 500 627 2,930 1462) 1240} 16,5661 1381 100 6,127 487 National Trails 12,4911 Total restricted funds 85,102 1,463,361 {1,445.6611 13,167 115.969 Unrestricted funds-. Designated fund5'. Fixed assets Sustainability fund International training event Miles Ketley filmmakers, bursary fund Total designated fund5 261.374 10,000 {74.852} 55.120 5,000 6,500 241,642 115,000 6.500 9.515 15.0391 380.889 179.891) 66.620 367,618 General funds 167,382 234,679 {114.1671 179,7871 208.107 Total unrestricted funds 548,271 234,679 1194.0581 113,1671 575,725 Total funds 633,373 1,698,040 11,639,719) 691,694 The narrative to explain the purpose of each fund is given at the foot of the next note. 21 b Movements in funds (Prior yearl Incoming resources & gains Outgoing resources & 1055e5 At the start of the year At the end of the year Transfers Restricted funds.. Brit15h Film Institute 48,974 477,082 1537,051} 22,147 11.152 BFI Advice, information. support and training Film Hub South East Developing Your Own Film Festival 2022 Screenskills Other training Tours Film Hub Midlands - Horror BFI The Camera is Ours BFI - Briiain on Film Arts Council England National Trails National Lottery Cinema Weekend 93,313 24.343 247.362 560.000 85.784 4,120 64,947 1319,529} 1633.637) 191.8851 {4.0451 {73,347) 831 15,1081 4,980 21,977 45.598 75 2,243 ,257 {6141 32,860 1 S,665 (32,494} {21.2051 1312) 150.582} 188.177) {3661 12,6551 8.695 939 23.522 310 500 627 2,930 29.990 87.628 239 Total restricted fund5 312.474 1.605.438 {1.852.2641 19.454 85.102 Unrestricted funds- Designated funds.. Fixed a55ets Loan repayment Sustainability fund Miles Ketley filmmaker5' bursary fund Total designated funds 176,364 51,711 105,000 Is,000 127,607} 112,617 261.374 5,000 I i 0,000 {5.4851 348.075 133.092} 65.906 380,889 General funds 97.356 331.249 {175.863} 185,3601 167,382 Total unrestrlcted funds 445.431 331.249 {208.955} 119,4541 548,271 Total funds 757,905 1,936,687 {2,061.2 191 633.373 31

Independent Cinema OfFice Notes to the financial sratemenrs For the ear ended 31 March 2024 Purposes of restricted funds Brltish Film Institute Funding received from the BFI to be a strategic partner for the BFI Film Audience Network IFANI to enable film exhibitor5 to boost film audiences around the UK for independent and specialised films. Transfer of funds relates mainly to funds received from ICO funds as contribuiion towards programming Se￿ICeS offset against funds iransferred io the fixed assets fund and other BFI activities. British Film Institute Advice, information, support and training Organi5ational funding received to provide telephone and online support including an update of our online re50urce5, 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 fund5 from the National Lottery to support a stronger and more connected approach to growing audiences for British and International cinema throughout the region. During 202 1122 and 202 2123 we distributed funds through the Film Exhibiiion Fund. The iransfer oui relates mainly to ihe rransfer of funds to the fixed assets fund following the purchase of computer equipment partly offsei by the reversal of a bad debt provision. Developing your own Film Festival I"DYFf) Online Resource Through this course, ICO seeks to address the lack of training opportunities for those organi5ing and managing film fe5tiva15, which offer many film5 their first point of acce55 to audience5 around the world. Screenskills Funding receive(J to run an on line course - Data Driven Filrn Exhibition. Other training Funding received primarily from the Brit15h Council for the Future of Film Festival which look place during the year. We also continued to run our International Film Festival Network which the ICO founded in December 2023. This is a membership-based community of film festivals with the purpose of fostering new partnerships between festivals, promoting best practice and strategic innovation in programming and reaching audiences, and encouraging the discovery and celebration of the art of film. The transfer out predominantly relates to VAT consultancy costs. 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 Monsrers funded by Film Hub Midlands on behalf of BFI Film Audience Network supported by funds from the Naiional Lottery. The Camera is Ours Organisational funding received from ihe BFI io put togeiher a feature length film using film from Britain's women documentary maker5. 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. Natlonal Lottery Clnema Day I Weekend Funding received from Camelot lo repay venues the ticket value of tickets given away on National Lottery Cinema Day in December 2022 for a screening of Love Actually and on Naiional Lottery Cinema Weekend in June 2021 . 32

Independent Cinema OfFice Notes to the financial sratemenrs For the ear ended 31 March 2024 Purposes of designated funds Fixed assets Funds representing the nei book value of fixed assets. after dedutting loans outstanding. that are consequently not readily available in cash. Loan repayment Due to a decrease in the value of the property in March 2022 and its subsequent impairment in last year's financial siatements. £ 51.711 was repaid to Charity Bank in July 2022 to ensure Ihat the Charity remained within its loan covenants. Sustainability fund An amount ser aside ro pay redundancy costs in the event of rhe closure of the charity. Miles Ketley filmmakers, bursary fund An amount Set aside to pay bursaries to filmmakers to enable them to attend industry event5 to aid their development. 22 Legal status of the charity The charity is a company limited by guarantee and ha5 flo Share ￿pItal. The liability of each member in the event of winding up is limited to £ l. At 31 March 2024 there were 13 12023.. 13) guarantees in place. 23 Contractual commitments Contractual commitments for the acqui5ion of tangible fixed assets contracted but not provided in the financial statement5 amounted to £nil 12023=£2,508). 33