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