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← Independent Cinema Office

2025-03-31-accounts

REGISTERED COMPANY NUMBER: 05369193 (England and Wales) REGISTERED CHARITY NUMBER: 1109053

Report of the Trustees and Financial Statements

for the Year Ended 31 March 2025

for Independent Cinema Office

Locke Williams Associates LLP Chartered Accountants Registered Auditors Studio 2 50-54 St Pauls Square Birmingham West Midlands B3 1QS

Independent Cinema Office

Contents of the Financial Statements for the Year Ended 31 March 2025

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 12
Report of the Independent Auditors 13 to 15
Statement of Financial Activities 16
Balance Sheet 17 to 18
Cash Flow Statement 19
Notes to the Financial Statements 20 to 36

Independent Cinema Office

Reference and Administrative Details for the Year Ended 31 March 2025

TRUSTEES
TRUSTEES Ayo Akingbade
Rowan Aust (appointed 8.10.24)
Sudha Bhuchar
Thea Burrows
Hiu Man Chan (appointed 8.10.24)
Harry Kalfayan
Anthony Lee (appointed 25.4.25)
Eleanor Lowe
Will Massa
Emily McDonald (resigned 3.3.25)
Richard McDonald (appointed 20.3.25)
Ameet Parekh (resigned 7.3.25)
Sita Thomas (appointed 28.3.25)
Yi Wang (appointed 8.10.24)
Simon Ward
Dorothy Wilson MBE FRSA
KEY MANAGEMENT Director/CEO - Catharine Des Forges
PERSONNEL
Head of Cinemas - David Sin
Head of Operations - Rebecca Clarke
Head of Partnerships & Development - Hatice
Ozdemirciler
Head of Finance - Hayley Collins
REGISTERED OFFICE 9 Bickels Yard
151-153 Bermondsey Street
London
SE1 3HA
REGISTERED COMPANY 05369193 (England and Wales)
NUMBER
REGISTERED CHARITY 1109053
NUMBER
AUDITORS Locke Williams Associates LLP
Chartered Accountants
Registered Auditors
Studio 2
50-54 St Pauls Square
Birmingham
West Midlands
B3 1QS
BANKERS Barclays Bank Plc
Leicester
LE87 2BB
SOLICITORS Bates, Wells & Braithwaite London LLP
10 Queen Street Place
London
EC4R 1BE

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Independent Cinema Office

Report of the Trustees for the Year Ended 31 March 2025

The trustees present their report and the audited financial statements for the year ended 31 March 2025 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 the 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 (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Purposes and aims

The objects of the charity are to promote all purposes recognised as 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 mission of the Independent Cinema Office ("ICO") is to stimulate an open, thriving and challenging film culture. We have six overarching goals:

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 (BFI) Film Audience Network (FAN). The trustees review the aims, objectives and activities of the charity each year.

Public benefit

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission's guidance on public benefit, including the guidance on public benefit: running a charity (PB2) and fee charging. The ICO relies on grants and the income from fees and charges to cover its operating 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:

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Independent Cinema Office

Report of the Trustees for the Year Ended 31 March 2025

OBJECTIVES AND ACTIVITIES

Diversity

The ICO was established in 2003 to ensure that the widest range of stories could reach the widest possible range of audiences. 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 (ED&I) action plan to increase ambition and drive meaningful change across ICO activities, the ICO as an organisation and the wider sector. ED&I principles are integrated into all levels of our operations, from recruitment and HR policies to staff appraisals. We want to ensure every staff member feels part of the development of this work and responsible for their assigned actions. Our ED&I plan is a living document that continues to evolve with the ICO, the wider sector, and the world at large, with progress updates published on our website every six months.

Ongoing and new initiatives include:

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Independent Cinema Office

Report of the Trustees for the Year Ended 31 March 2025

ACHIEVEMENT AND PERFORMANCE

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 ICO. We support film exhibitors 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 2024-25 the ICO programming network grew with the addition of cinemas in Harwich, Haverhill, Whitley Bay and Newcastle. We continued to work with Mareel in Lerwick, Shetland Isles, the most northerly cinema in the UK, to extend the ICO's geographic reach. For the twelfth year running, ICO delivered programming to the Borderlines Film Festival in Herefordshire, Shropshire and Worcestershire, which is the UK's largest rural film festival with 20,000 admissions. We ended the year with 28 venues and one major regional film festival (an equal record high number of programming partner organisations for the ICO) and this remains one of the UK's biggest independent cinema networks. In an improved but still not yet fully recovered cinema marketplace, our programming team worked closely with venues to help them continue to rebuild their audiences and diversify their programming to include a wider range of culturally important films.

This year, our network screened 1,006 films, achieving 884,085 total admissions and £6,536,098 gross box office, with ICO cinemas making vital contributions to the broader UK performance of key independent and world cinema 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 world 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.

We now deliver four events annually, 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 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 also included the opinions of our Screening Days advisory group.

Our one-day audience development events preceding our Spring and Autumn events are becoming a major event in the exhibitors' calendar and have grown significantly in attendance. These have become useful closed-door meetings between theatrical exhibitors, not only giving clear routes to new audiences, but also showcasing 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:

Training

The ICO's training portfolio provides film exhibition professionals with the opportunity to access expert knowledge to help our industry succeed, become inclusive, and stay progressive. In 2024-25, ICO training addressed sector needs by supporting key professional development goals for individuals and paving the way towards a highly-skilled, financially sustainable, and inclusive future for exhibition organisations.

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Independent Cinema Office

Report of the Trustees for the Year Ended 31 March 2025

We provided professional development and training opportunities both in-person and online, with courses available in hybrid formats. This year also marked the first full year of delivering support in our role as CrossFAN lead for members.

The fifth edition of our REACH: Strategic Audience Development training programme concluded in September 2024, supporting 10 film exhibition professionals to enhance their skills in expanding and diversifying audiences. Participants attended skills development workshops, participated in high-level networking opportunities, and received one-to-one mentorships to implement a new audience development project. Projects included a workshop for Deaf filmmakers and an Under 25s membership scheme.

In April 2024, the first edition of our business skills course, Revisiting Your Cinema Business Model , launched in London. The course ran over eleven months, from April 2024 to March 2025, and offered 13 participants the chance to focus on developing a sustainable business model, enabling their organisations to survive and thrive in the long term. One of the aspects of the programme that participants valued most was its strong mix of practical insights and actionable lessons. After taking part in the training programme, venues and participants have taken concrete steps, including working with their Board more confidently and effectively, refining the membership scheme for their cinema, and adopting a more strategic approach to their current business model.

In the second half of 2024/25, we organised two short-form training courses as part of our role as Cross-FAN lead for member support. The first was Accessibility Across the Board , a new course aimed at providing organisations with practical steps to develop their own disability action plan. We had 23 participants from November 2024 to February 2025. The second course, Film Programming Essentials , was held over three sessions in March 2025, bringing together 30 film programming professionals to explore the basics of creating a successful film programme.

Building on the establishment of the International Film Festival Network (IFFN) in 2023, we have continued to expand the network and organise a series of events for our 21 members from 15 countries. Throughout the year, we have hosted online discussion sessions for members focused on key topics they have raised with us. These sessions have included:

In July 2024, we hosted the inaugural International Festival Summit as part of our IFFN activities. We welcomed 15 of our members back to the New Horizons International Film Festival in Poland with the aim of gaining fresh insights into key issues affecting our sector, as well as developing new connections and collaborative opportunities. During the event, the main topics discussed included crisis management, international film rights, impact assessments, and social media strategies.

We were delighted to bring back our flagship training course, Cultural Cinema Exhibition , for its 12th edition in January 2025. The course provided 18 participants from across the country with the tools to create pioneering film programmes and inclusive venues, as well as encourage community engagement with thoughtprovoking cinema. Through their group work, participants delivered a variety of innovative projects, including Brave Girls, a repertory season critiquing one of Hollywood's biggest backhanded compliments, and Reel Time, a repertory season focused on the concept of time, inspired by Christian Marclay's The Clock.

Finally, we continued to support and promote the courses available on our online learning platform. This year, the platform received a total of 286 new course enrolments, bringing the overall number of enrolments since its launch to over 2,800. Practical Programming and the Front of House Workers Online Course remain our two most popular courses, making up 30% of new enrolments.

Across all our online, in-person, and hybrid training courses and programmes, we trained 397 individuals from 344 different organisations and 25 countries in 2024-25.

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Independent Cinema Office

Report of the Trustees for the Year Ended 31 March 2025

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 of 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 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 over 1,100 email enquiries this year, the majority from individuals or organisations hoping to start screening films in their communities for the very first time.

Complementing this service are the comprehensive suite of free guides and resources on our website. These include our popular 'What licences do I need?' resource and our 'How to start a cinema' guide, as well as guides on programming, marketing, environmental and financial sustainability, and more. This year, we added a practical guide to local film licensing, helping exhibitors navigate the often-challenging process of showing films that lack BBFC classification.

The ICO blog is a key resource for independent exhibitors, sharing news and opportunities in a regular monthly round-up as well as publishing articles showcasing examples of best practice in cinema work and exploring current industry debates. We published 26 blog posts this year: the most popular being a case study of a crossarts festival that used archive film to engage a diverse audience in Wales.

Our blog also supports professional development in the sector more widely. We publish writers from a variety of backgrounds and at various career stages, giving them industry exposure and providing a competitive rate of pay of £0.19 per word.

Our free-to-use jobs board plays a significant role in the independent exhibition sector, providing a crucial 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 process clearer and fairer for job seekers, while helping exhibitors find the best talent. This year our jobs page accumulated over 195,000 views, with our daily jobs e- bulletin reaching 6,500 subscribers.

In 2024-25:

Film Hub Lead Organisation - South East

The ICO has managed Film Hub South East (FHSE) - one of the BFI Film Audience Network's eight regional film hubs - since 2018. In 2024-25, our mission remained focused on increasing access to a diverse range of independent British and international films for audiences across the South East. We supported regional exhibitors through funding, training and partnership initiatives, with a growing emphasis on peer-to-peer learning and network-building.

We awarded £220,017 across 43 projects through our Film Exhibition Fund and the UK-wide Art of Action season. These projects collectively generated 61,628 admissions - an 18% increase on the previous year - and supported a broad range of screenings and events, from silent film concerts and drag shows to collaborations with food banks, refugee groups and neurodivergent communities. Our key strategic fund, the Film Exhibition Fund, which is designed to support regional exhibitors' cultural film programming and audience development activities supported 32 projects with £186,647 of National Lottery funding. Screenings took place across nearly every county in the region, generating 58,758 admissions.

In addition, we:

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Independent Cinema Office

Report of the Trustees for the Year Ended 31 March 2025

Distribution

While a great number of films are released into distribution UK each year, the opportunity to see a true diversity of work remains limited. The ICO intervenes in the marketplace to champion films of cultural significance and/or which have an important appeal to a specific underserved audience. In 2024-25 we continued to share our organisational strength and expertise with organisations who have a strong track record with audiences. We completed our tour of the South African title Mapantsula with African curators Cinema Africa and Maona Arts, retaining the film in distribution in the UK. We also acquired new restored materials for film classic I Am Cuba (1964), giving cinemas the opportunity to offer the film to audiences for its sixtieth anniversary in a new 4K version, ultimately playing at sixteen venues in the UK.

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 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 2024-25, our consultancy work has included initial scoping work for a new independent cinema in Birmingham and a business viability study for a cinema proposal in East London.

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Independent Cinema Office

Report of the Trustees for the Year Ended 31 March 2025

FINANCIAL REVIEW

Financial review

In the year ended 31 March 2025 ICO's income was primarily derived from grant income and fees for programming services, courses, screening days, advocacy, consultancy and film hire. The charity's main expense is staff costs. Other costs largely comprise expenses related to running courses and grant-giving.

Income was £17,912 higher than the prior year. This was largely driven by additional projects undertaken by the ICO, which resulted in an increase in funding from the BFI. The charity also saw a growth in its programming fees due to a rise in the number of venues using its programming service. The increase in activities meant that costs were also higher than the prior year with staff costs and costs associating with running events increasing.

Overall net income for the year was £48,795 (comprising a £71,053 surplus on unrestricted funds and a £22,258 reduction in 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 FAN 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 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 make awards independently 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 policy and going concern

The reserves policy is reviewed by the trustees on a regular basis. 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 £266,519 (2024: £220,522). At 31 March 2025 free reserves were £229,026. The finance committee will continue to focus on improving income streams and ensuring efficient cost management to raise the free reserves to be in line with our stated target. For 2025/26 the ICO has budgeted for a small surplus.

Total funds held at the 31 March 2025 were £740,489 of which £93,710 is restricted funds and £646,779 unrestricted funds. Included in unrestricted funds are designated amounts of £418,449. Designated funds include fixed assets (representing the net book value of fixed assets after accounting for the loan outstanding), a sustainability fund set aside by the charity to ensure a managed closure of the charity in the event that funding ceases, the Miles Ketley filmmakers' bursary fund established to commemorate our trustee who died in 2019, an amount to fund a disability action plan, funds for assessing the impact of our Film Exhibition Distribution and Sales (FEDS) training course, and money set aside for training activities at the Cannes Film Festival.

The ICO was awarded three-year funding from the BFI commencing April 2023. The trustees therefore believe that, combined with our available general funds, the charity is a going concern and will be able to pay its liabilities as they fall due.

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Independent Cinema Office

Report of the Trustees for the Year Ended 31 March 2025

FINANCIAL REVIEW

Investment 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.

Fundraising

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 induction/refresher 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 us 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.

Anonymous evaluation is an embedded part of our cultural programmes. Evaluation data is shared with trustees in quarterly board reports, to which all ICO teams contribute detailed updates on their work.

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.

Principal risks and uncertainties

The high-level risks and management strategy are as follows:

Risks Risk Management Risk Management
Nature of risk Gross
risk		 Strategy Strength Net risk
Funding not renewed –
the charity may close		 High Funding renewed for three years until
April 2026. Consider opportunities in
new funding bids. Explore new
relationships and opportunities. Invest
in marketing consultancy services
and sponsorship development.		 Strong High
Property loan – facility
may be withdrawn		 High Quarterly
management
accounts,
cash flow, regular review of bank
covenants.		 Strong High

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Independent Cinema Office

Report of the Trustees for the Year Ended 31 March 2025

PLANS FOR THE FUTURE

The current environment is still challenging across the whole arts sector and independent cinemas are not immune from this. We have seen some success but there is still great need of our advocacy and support. We have seen that our focus on advocacy and data reporting has had an impact on national conversations and we have been working hard to alert government to the challenges with a view to improving both structural support and funding for independent cinemas. We will continue at pace to undertake annual surveys of the independent cinema sector, respond in writing to government consultations and lobby ministers for increased support particularly as regarding capital investment.

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 for Member Support and Communications and will continue to convene our national advisory group to help us in our work.

We will plan a national conference for FAN over 2 days in September 2026.

We will deliver a new major national short course on sponsorship for the sector with a particular focus on Film Festivals. In addition, we will continue with new iterations of our programmes on business development and audience development and online seminars to engage the wider membership who are unable to make the time commitment to longer training courses.

We will add a new online course to our training portal on Developing a Disability Action Plan for organisations based on our successful FAN course delivered in 2024. This will allow wider engagement in organisations across the UK who may otherwise be unable to attend courses due to time, cost or travel constraints.

We will aim to deliver a new iteration of our course for Film Producers on sales, distribution and exhibition called Get it Seen, in order to increase their skills in bringing their films to market and building sustainable careers.

We will hold our second International Film Festival Network summit in Poland in partnership with the New Horizons Film Festival in Poland and continue to hold events and deliver support for the Network.

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 continue our 'Shadow a Filmmaker' programme enabling young people to gain valuable experience on our NETWORK short film productions.

We will be recruiting and appointing a new Chair and a number of Trustees in 2025.

STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document

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 was established under a Memorandum of Association which established the objects and powers of the charitable company and is governed under its Articles of Association.

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Independent Cinema Office

Report of the Trustees for the Year Ended 31 March 2025

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment, appointment and induction/training of new trustees

All trustees give their time voluntarily and receive no benefits from the charity in their capacity as trustees. Any expenses reclaimed from the charity are set out in note 11 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 interviews carried out prior to taking up office. New trustees are sent an 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.

Organisational structure

The ICO is managed by the board of Directors/trustees. 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 Özdemirciler Head of Finance - Angela Blanchard (resigned 31 May 2024) Head of Finance - Hayley Collins (appointed 01 May 2024)

Key management remuneration

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.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Independent Cinema Office for the purposes of company law) are responsible for preparing the Report of the Trustees 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 the charitable company for that period. In preparing those financial statements, the trustees are required to

The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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 and other irregularities.

In so far as the trustees are aware:

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Independent Cinema Office

Report of the Trustees

for the Year Ended 31 March 2025

AUDITORS

The auditors, Locke Williams Associates LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on and signed on its behalf by: 24 September 2025

i

Dorothy Wilson MBE FRSA Chair

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Report of the Independent Auditors to the Trustees of Independent Cinema Office

Opinion

We have audited the financial statements of Independent Cinema Office (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to 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 performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, 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 2008 requires us to report to you if, in our opinion:

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Report of the Independent Auditors to the Trustees of Independent Cinema Office

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal 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 charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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 a Report of the Independent Auditors 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 (UK) 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.

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:

We gained an understanding of the legal and regulatory framework applicable to the charitable company and the sector in which it operates, and considered the risk of acts by the charitable company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to these risks, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

We focussed on laws and regulations which could give rise to a material misstatement in the financial statements, including, but not limited to, the Companies Act 2006, the Charities Act 2011 and UK tax legislation. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, trustees and enquiries of third parties, where appropriate.

As in all our audits, we also addressed the risk of management override of internal controls, including testing journals and checking the authorisation of expenditure as part of our substantive testing, using analytical review to identify any significant or unusual transactions and evaluating whether there was evidence of bias by the trustees that represented a risk of material misstatement due to fraud.

There are inherent limitations in the audit procedures described above and, the further removed noncompliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. We did not identify any key audit matters relating to irregularities, including fraud.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.

Page 14

Report of the Independent Auditors to the Trustees of Independent Cinema Office

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed.

ble Wb

Locke Williams Associates LLP Chartered Accountants Registered Auditors Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 Studio 2

50-54 St Pauls Square Birmingham West Midlands B3 1QS

Date: 26 September 2025

Page 15

Independent Cinema Office

Statement of Financial Activities

for the Year Ended 31 March 2025

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Programming
Training
Film Hub South East
Distribution
Advocacy
Consultancy
Other trading activities
3
Investment income
4
Other income
6
Total
EXPENDITURE ON
Charitable activities
7
Programming
Training
Film Hub South East
Distribution
Advocacy
Consultancy
Support & governance
Total
NET INCOME/(EXPENDITURE)
Transfers between funds
21
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
15
232,276
50,142
-
11,549
-
8,403
3,612
2,836
-
308,833
75,407
46,201
107,579
8,740
4,591
94
-
242,612
66,221
4,832
71,053
575,725
646,778		 Restricted
funds
£
175
416,777
42,288
917,614
141
30,124
-
-
-
-
1,407,119
434,746
41,461
926,055
217
22,066
-
-
1,424,545
(17,426)
(4,832)
(22,258)
115,969
93,711		 31.3.25

Total
funds
£
190
649,053
92,430
917,614
11,690
30,124
8,403
3,612
2,836
-
1,715,952
510,153
87,662
1,033,634
8,957
26,657
94
-
1,667,157
48,795
-
48,795
691,694
740,489		 31.3.24
Total
funds
£
249
621,200
117,254
894,764
11,250
30,124
9,980
6,272
2,973
3,974
1,698,040
496,726
156,113
929,903
17,027
32,917
7,033
-
1,639,719
58,321
-
58,321
633,373
691,694

The notes form part of these financial statements

Page 16

Independent Cinema Office

Balance Sheet
31 March 2025
Notes
FIXED ASSETS
Tangible assets
14
CURRENT ASSETS
Debtors
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts falling due after more than one year 17
NET ASSETS
FUNDS
21
Unrestricted funds
Restricted funds
TOTAL FUNDS		 31.3.25
£
1,015,096
37,517
584,576
622,093
(229,443)
392,650
1,407,746
(667,257)
740,489
646,779
93,710
740,489		 31.3.24
£
1,040,548
67,120
547,331
614,451
(215,990)
398,461
1,439,009
(747,315)
691,694
575,725
115,969
691,694

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not deposited notice, pursuant to Section 476 of the Companies Act 2006 requiring an audit of these financial statements.

The trustees acknowledge their responsibilities for

These financial statements have been audited under the requirements of Section 145 of the Charities Act 2011.

The notes form part of these financial statements

Page 17

Independent Cinema Office

Balance Sheet - continued 31 March 2025

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.

The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. 24 September 2025 and were signed on its behalf by:

i

Dorothy Wilson MBE FRSA Chair

The notes form part of these financial statements

Page 18

Independent Cinema Office

Cash Flow Statement

for the Year Ended 31 March
Notes
Cash flows from operating activities
Cash generated from operations
23
Interest paid
Net cash provided by operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash used in investing activities
Cash flows from financing activities
Loan repayments in year
Net cash used in financing activities
Change in cash and cash equivalents
in the reporting period
Cash and cash equivalents at the
beginning of the reporting period
Cash and cash equivalents at the end
of the reporting period		 2025
31.3.25
£
134,867
(34,792)
100,075
(4,588)
-
2,836
(1,752)
(61,078)
(61,078)
37,245
547,331
584,576		 31.3.24
£
149,109
(37,601)
111,508
(6,227)
707
2,973
(2,547)
(48,893)
(48,893)
60,068
487,263
547,331

The notes form part of these financial statements

Page 19

Independent Cinema Office

Notes to the Financial Statements for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in Sterling, which is the functional currency of the charity, and rounded to the nearest £1.

Public benefit entity

The charity meets the definition of a public benefit entity under FRS 102.

Going concern

Independent Cinema Office has been awarded three-year funding from the BFI commencing April 2023. At the balance sheet date the charity has sufficient reserves, enough of which are unrestricted and are able to absorb short-term in year deficits, if required. The financial forecasts prepared show that the charity will be able to pay its liabilities as they fall due. On this basis the trustees have prepared these financial accounts on a going concern basis.

Estimates and judgements

Estimates and judgements have been used in the preparation of these financial statements, mainly in connection with the valuation of fixed assets and the allocation of support costs to charitable activities. The allocation of support costs is set out in accounting policy. The long leasehold property at Bickles Yard and its related refurbishment costs have been impaired and the carry forward amount is based on fair value depreciated over its remaining useful life.

The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

Income

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Grants

Income from grants is recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value to the charity which is the amount the charity would have been willing to pay to obtain services or facilities equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

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.

Page 20

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES - continued

Expenditure and irrecoverable VAT

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Expenditure on charitable activities includes the costs of delivering services and other educational activities undertaken to further the purposes of the charity and their associated support costs.

Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Governance costs

Governance costs are the costs associated with the governance arrangements of the charity. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the charity's activities.

Allocation and apportionment of costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. Support and governance costs are re-allocated to each of the activities on the following basis which is an estimate, based on the direct staff costs of each activity, of the amount attributable to each activity.

Programming 38.21%
Training 4.36%
Film Hub South East 55.08%
Advocacy 2.35%
Distribution -%
Consultancy -%

Tangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £250. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows:

Long leasehold 2% straight line basis
Leasehold refurbishment 10% straight line basis
Fixtures, fittings & equipment 25% straight line basis
Database & website 25% straight line basis

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Page 21

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

1. ACCOUNTING POLICIES - continued

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

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.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors and provisions

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Pension costs and other post-retirement benefits

The charity contributes to the personal pension schemes of some of its employees and from 1 November 2016 to SMART Pension, the ICO auto-enrolment scheme. The schemes and their assets are held by independent managers. The pension charge represents contributions due from the charity.

2. DONATIONS AND LEGACIES

DONATIONS AND LEGACIES
31.3.25 31.3.24
Unrestricted Restricted
Total		 Total
funds funds funds funds
£ £ £ £
Donations 15 175 190 249
OTHER TRADING ACTIVITIES
31.3.25 31.3.24
Unrestricted Restricted
Total		 Total
funds funds funds funds
£ £ £ £
Desk space and board room hire 3,575 - 3,575 6,272
Merchandise income **37 ** - **37 ** -
3,612 - 3,612 6,272
INVESTMENT INCOME
31.3.25 31.3.24
Unrestricted Restricted
Total		 Total
funds funds funds funds
£ £ £ £
Bank interest 2,836 - 2,836 2,973

3. OTHER TRADING ACTIVITIES

4. INVESTMENT INCOME

Page 22

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

5. INCOME FROM CHARITABLE ACTIVITIES

Activity
Programming
BFI
Venue income
Sponsorship income
Screening days income
Contribution in kind
Other income
Training
BFI
Sponsorship income
Contribution in kind
Other income
ScreenSkills
British Council
Course fees
Membership
Film hire and print transport
Film Hub South East
BFI
Sponsorship income
Event income
Course fees
Watershed Arts Trust Ltd
Distribution
Other income
Arts Council England
Distribution fee
Film hire and print transport
Fees
Advocacy
BFI
Consultancy
Other income
Course fees
Fees		 31.3.25
£
384,082
232,001
5,495
27,139
-
336
29,127
7,044
-
106
-
10,000
40,276
5,977
(100)
895,768
3,900
12,289
5,657
-
-
-
-
8,690
3,000
30,124
-
2,000
6,403
1,709,314		 31.3.24
£
383,603
195,353
11,158
26,968
3,813
305
29,606
-
5,400
-
828
75,000
5,149
1,271
-
841,894
-
-
19,200
33,670
1,825
4,997
1,875
2,553
-
30,124
200
-
9,780
1,684,572

6. OTHER INCOME

OTHER INCOME
31.3.25 31.3.24
Unrestricted Restricted
Total		 Total
funds funds funds funds
£ £ £ £
Gain on sale of tangible fixed assets - - - 158
Income received from legal action - - - 3,191
Advertising income - - - 150
Other income - - - 475
- - - 3,974

Page 23

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

7. CHARITABLE ACTIVITIES COSTS

Programming
Training
Film Hub South East
Distribution
Advocacy
Consultancy
£
Staff costs (see note 12)
322,939
Fees - course
leader/Speaker/Film-
maker/Project manager
20,594
Focus group evaluation
12,675
Film hire
2,176
Filming & editing
-
Catering/hospitality/entertaining
20,901
Marketing & publicity
(214)
Couriers/transport
288
Production programming costs
10,573
Certification/accreditation
524
Venue hire
33,057
Bursaries
589
Grants (see note 8)
22
Hotels, travel & subsistence
18,117
IT/Web costs
12,167
Office costs
10,193
Premises costs
9,799
Bank charges & interest
14,119
Exchange loss
74
Depreciation and impairment
costs
11,478
Irrecoverable VAT
5,401
Bad debts
Audit
4,510
Legal & professional
Trustees' meeting costs
171
510,153
Programming		 Programming
Training
Film Hub South East
Distribution
Advocacy
Consultancy
£
Staff costs (see note 12)
322,939
Fees - course
leader/Speaker/Film-
maker/Project manager
20,594
Focus group evaluation
12,675
Film hire
2,176
Filming & editing
-
Catering/hospitality/entertaining
20,901
Marketing & publicity
(214)
Couriers/transport
288
Production programming costs
10,573
Certification/accreditation
524
Venue hire
33,057
Bursaries
589
Grants (see note 8)
22
Hotels, travel & subsistence
18,117
IT/Web costs
12,167
Office costs
10,193
Premises costs
9,799
Bank charges & interest
14,119
Exchange loss
74
Depreciation and impairment
costs
11,478
Irrecoverable VAT
5,401
Bad debts
Audit
4,510
Legal & professional
Trustees' meeting costs
171
510,153
Programming		 £
36,846
7,118
-
-
-
5,286
1,826
-
681
176
6,534
11,418
116
9,493
1,394
1,390
1,116
1,799
9
1,310
616
514
20

Training		 Direct
Costs
£
384,073
73,162
594,752
8,957
18,903
94
1,079,941
£
£
465,509
-
65,080
-
102
-
2,053
7,030
2,880
-
28,119
-
5,928
-
8
1,162
25,022
-
293
128
19,645
-
2,999
-
257,167
-
33,257
-
15,726
423
44,503
-
14,307
182
19,849
32
108
-
16,546
-
7,786
-
6,499
-
248
-
1,033,634
8,957
Film Hub
Distribution		 Direct
Costs
£
384,073
73,162
594,752
8,957
18,903
94
1,079,941
£
£
465,509
-
65,080
-
102
-
2,053
7,030
2,880
-
28,119
-
5,928
-
8
1,162
25,022
-
293
128
19,645
-
2,999
-
257,167
-
33,257
-
15,726
423
44,503
-
14,307
182
19,849
32
108
-
16,546
-
7,786
-
6,499
-
248
-
1,033,634
8,957
Film Hub
Distribution		 Grant
funding of
activities
(see note
8)
£
22
116
257,167
-
-
-
257,305
£
19,801
350
372
-
-
18
687
-
-
6
-
-
-
73
404
2,187
601
827
5
706
332
277
11

Advocacy		 Support
costs (see
note 9)
31.3.25
£
£
126,058
510,153
14,384
87,662
181,715
1,033,634
-
8,957
7,754
26,657
-
94
329,911
1,667,157
31.3.24
£
£
£
-845,095
804,701
-93,142
127,955
-13,149
7,235
-11,259
1,937
-2,880
2,367
-54,324
33,532
-8,227
8,414
-1,458
1,137
-36,276
14,062
-1,127
7,163
-59,236
36,644
-15,006
24,688
-257,305
271,929
94
61,034
68,066
-30,114
32,678
-58,273
34,710
-26,005
26,246
-36,626
39,871
-196
146
-30,040
74,303
-14,135
7,602
-
(10,734)
-11,800
14,000
-
11,067
-450
-
94
1,667,157
1,639,719
Consultancy
31.3.25
£
-
-
-
-
-
-
-
-
-
-
-
-
-
94
-
-
-
-
-
-
-
-
-
Consultancy
510,153 87,662 1,033,634 8,957 26,657 94

Page 24

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

8. GRANTS PAYABLE

The total grants paid to institutions during the year was as follows:

31.3.25
£
Film Exhibition Fund - Young Audiences
18,417
Film Exhibition Fund
137,600
Small Pots Fund
30,580
FHSE Programming Group
1,000
Spotlight
38,388
Independent Cinema Office (Art of Action Young Programmers Group
Project)
6,750
FHSE – Art of Action
21,570
Film Academy Plus
-
Cinema Unbound - Powel & Pressburger
-
254,305
The total grants paid to individuals during the year was as follows:
31.3.25
£
Film Academy Plus
3,000
In total, 54 grants were made; material grants paid in the year were:
Cambridge Film Festival
25,000
Chichester Cinema at New Park
17,000
Cinecity
15,000
Creative Arts East
30,000
Cine-Sister CIC
38,388
In addition to those above, the number of grants paid fell into the following brackets:
Less than £1,000
9
£1,001 to £5,000
32
£5,001 - £10,000
8
SUPPORT COSTS
Governance
Management
costs
£
£
Programming
121,377
4,681
Training
13,850
534
Film Hub South East
174,968
6,747
Advocacy
7,466
288
317,661
12,250		 31.3.24
£
10,500
161,428
17,156
3,600
38,000
-
-
9,000
32,245
271,929
31.3.24
£
-
31.3.24
Totals
£
126,058
14,384
181,715
7,754
329,911

9. SUPPORT COSTS

Page 25

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

9. SUPPORT COSTS - continued

These costs are allocated on a direct salary costs basis and consist of:

Staff costs
Couriers/transport
Catering/hospitality/ entertaining
Certification/accreditation
Marketing & publicity
Hotel, travel & subsistence
IT/web costs
Office costs
Premises costs
Bank charges & interest
Exchange loss
Depreciation of tangible assets
Impairment of tangible assets
Legal & professional
Irrecoverable VAT
Bad debts
Governance costs are as follows:
Trustees' meetings
Accountancy and legal fees		 31.3.25
£
175,077
-
747
238
(559)
3,106
17,203
16,704
25,593
35,181
196
30,040
-
-
14,135
-
317,661
31.3.25
£
450
11,800
12,250		 31.3.24
£
137,909
139
1,102
85
1,805
8,319
18,937
17,728
26,246
38,496
146
29,857
44,446
4,466
7,600
418
337,699
31.3.24
£
-
15,100
15,100

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Depreciation - owned assets
Surplus on disposal of fixed assets
Impairment of property
Bank interest payable
Auditors remuneration
Foreign exchange loss		 31.3.25
£
30,040
-
-
34,792
11,000
196		 31.3.24
£
29,857
(158)
44,446
37,601
14,000
146

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Page 26

Independent Cinema Office

Notes to the Financial Statements - continued

for the Year Ended 31 March 2025

12. STAFF COSTS

Wages and salaries

Social security costs
Other pension costs
Other staff costs:
Freelance staff
Staff recruitment
Staff training
Human resources fees
Occupational health insurance
Other staff costs		 31.3.25
£
727,938
71,417
32,793
578
1,011
1,045
5,690
3,703
921
845,096		 31.3.24
£
686,820
64,546
30,787
11,255
1,434
1,325
5,597
2,483
454
804,701

The average monthly number of employees during the year was as follows:

Programming
Training
Film Hub South East
Advocacy
Distribution
Consultancy
Support		 31.3.25
4.2
2.0
9.2
0.2
0.1
0.2
3.8
19.7		 31.3.24
4.5
1.2
8.8
0.2
0.1
0.2
5.1
20.1

The number of employees whose employee benefits (excluding employer pension costs) exceeded £60,000 was:

31.3.25 31.3.24
£60,001 - £70,000 1 1

The total employee benefits including employer national insurance and pension contributions of the key management personnel were £277,983 (2024: £263,633).

Page 27

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Programming
Training
Film Hub South East
Distribution
Advocacy
Consultancy
Other trading activities
Investment income
Other income
Total
EXPENDITURE ON
Charitable activities
Programming
Training
Film Hub South East
Distribution
Advocacy
Consultancy
Total
NET INCOME
Transfers between funds
Net movement in funds
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
249
201,649
4,859
-
4,723
-
9,980
6,272
2,973
3,974
234,679
68,516
17,023
92,164
4,302
5,020
7,033
194,058
40,621
(13,167)
27,454
548,271
575,725		 Restricted
funds
£
-
419,551
112,395
894,764
6,527
30,124
-
-
-
-
1,463,361
428,210
139,090
837,739
12,725
27,897
-
1,445,661
17,700
13,167
30,867
85,102
115,969		 Total
funds
£
249
621,200
117,254
894,764
11,250
30,124
9,980
6,272
2,973
3,974
1,698,040
496,726
156,113
929,903
17,027
32,917
7,033
1,639,719
58,321
-
58,321
633,373
691,694

Page 28

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

14. TANGIBLE FIXED ASSETS

COST
At 1 April 2024
Additions
Disposals
At 31 March 2025
DEPRECIATION
At 1 April 2024
Charge for year
Eliminated on disposal
At 31 March 2025
NET BOOK VALUE
At 31 March 2025
At 31 March 2024		 Long
leasehold
£
1,308,014
-
-
1,308,014
284,408
22,487
-
306,895
1,001,119
1,023,606		 Improvements
Database
to
and

property
website
£
£
65,082
35,973
-
-
-
-
65,082
35,973
65,082
35,973
-
-
-
-
65,082
35,973
-
-
-
-
Fixtures,
fittings

& equipment
£
42,830
4,588
(500)
46,918
25,888
7,553
(500)
32,941
13,977
16,942
Totals
£
1,451,899
4,588
(500)
1,455,987
411,351
30,040
(500)
440,891
1,015,096
1,040,548

All of the above assets are used for charitable purposes.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Trade debtors
Other debtors
Prepayments
Accrued income
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other loans (see note 18)
Grants payable
Trade creditors
Social security and other taxes
Other creditors
Accruals
Deferred income

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Page 29

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR - continued

Deferred Income

Deferred income comprises of membership fees for the International Film Festival Network (IFFN).

31.3.25
£
Balance as at 1 April
12,915
Released in the year
(12,915)
Deferrals in the year
3,265
Balance as at 31 March
3,265
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.3.25
£
Other loans (see note 18)
667,257
18.
LOANS
An analysis of the maturity of loans is given below:
31.3.25
£
Amounts falling due within one year on demand:
Other loans
70,572
Amounts falling due between two and five years:
Other loans
105,494
Amounts falling due in more than five years:
Repayable by instalments:
Other loans
561,763		 31.3.24
£
85,000
(76,271)
4,186
12,915
31.3.24
£
747,315
31.3.24
£
51,591
130,828
616,487

There are two secured and two unsecured bank loans on the property at Unit 9 Bickels Yard, London, SE1 3HA. The loan from Charity Bank is charged at BoE base rate + 2.75% and the loans with Big Issue Invest are charged at 7% and 6%. The Charity Bank loan is repayable over 25 years and the Big Issue Invest loans over 7 years, 63 months and 57 months. The property has a carrying value of £1,001,119. The loans are secured with fixed and floating charges over the assets of the charity.

19. SECURED DEBTS

The following secured debts are included within creditors:

31.3.25 31.3.24
£ £
Other loans **715,064 ** 752,046

Page 30

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

20. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Fixed assets
Current assets
Current liabilities
Long term liabilities
21.
MOVEMENT IN FUNDS
Unrestricted funds
General fund
Fixed assets
Summit in Poland
Sustainability fund
Miles Ketley filmmakers’ bursary fund
Disability Action Plan
FEDS impact study
IFFN training activity
Restricted funds
British Film Institute
BFI – Advice, information, support and
training
Film Hub South East
DYFF online resource
Other training
BFI – Britain on Film
Major Programmes Horror
ICO Training Support Fund
TOTAL FUNDS		 Unrestricted
funds
£
1,015,096
528,383
(229,443)
(667,257)
646,779
At 1.4.24
£
208,107
241,642
6,500
115,000
4,476
-
-
-
575,725
12,787
1,148
98,715
776
2,056
487
-
-
115,969
**691,694 **		 Restricted
funds
£
-
93,710
-
-
93,710
Net
movement
in funds
£
107,965
(30,040)
(6,500)
-
(5,203)
-
-
-
66,222
6
134
(18,196)
(63)
689
(72)
(100)
175
(17,427)
48,795		 31.3.25

Total
funds
£
1,015,096
622,093
(229,443)
(667,257)
740,489
Transfers

between

funds
£
(87,742)
69,347
-
5,000
727
5,000
10,000
2,500
4,832
(1,968)
(508)
(2,456)
-
-
-
100
-
(4,832)
-		 31.3.24
Total
funds
£
1,040,548
614,451
(215,990)
(747,315)
691,694

At
31.3.25
£
228,330
280,949
-
120,000
-
5,000
10,000
2,500
646,779
10,825
774
78,063
713
2,745
415
-
175
93,710
740,489

Page 31

Independent Cinema Office

Notes to the Financial Statements – continued

for the Year Ended 31 March 2025

21. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Fixed assets
Summit in Poland
Miles Ketley filmmakers' bursary fund
Restricted funds
British Film Institute
BFI - Advice, information, support and
training
Film Hub South East
DYFF online resource
Other training
BFI - Britain on Film
Major Programmes Horror
ICO Training Support Fund
TOTAL FUNDS		 Incoming
resources
£
308,833
-
-
-
308,833
447,042
29,044
917,551
(63)
13,470
-
(100)
175
1,407,119
**1,715,952 **
Resources

expended
£
(200,868)
(30,040)
(6,500)
(5,203)
(242,611)
(447,036)
(28,910)
(935,747)
-
(12,781)
(72)
-
-
(1,424,546)
(1,667,157)
Movement

in funds
£
107,965
(30,040)
(6,500)
(5,203)
66,222
6
134
(18,196)
(63)
689
(72)
(100)
175
(17,427)
48,795

Page 32

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

21. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Unrestricted funds
General fund
Fixed assets
Summit in Poland
Sustainability fund
Miles Ketley filmmakers' bursary fund
Restricted funds
British Film Institute
BFI - Advice, information, support and
training
Film Hub South East
DYFF online resource
ScreenSkills
Other training
BFI - The Camera is Ours
BFI - Britain on Film
Arts Council England - National Trails
TOTAL FUNDS		 At 1.4.23
£
167,382
261,374
-
110,000
9,515
548,271
11,152
21,977
45,598
-
75
2,243
500
627
2,930
85,102
633,373		 Net
movement
in funds
£
120,512
(74,852)
-
-
(5,039)
40,621
(11,590)
(21,093)
57,025
776
(75)
(6,302)
(462)
(140)
(439)
17,700
58,321		 Transfers
between
funds
£
(79,787)
55,120
6,500
5,000
-
(13,167)
13,225
264
(3,908)
-
-
6,115
(38)
-
(2,491)
13,167
-		 At
31.3.24
£
208,107
241,642
6,500
115,000
4,476
575,725
12,787
1,148
98,715
776
-
2,056
-
487
-
115,969
691,694

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Fixed assets
Miles Ketley filmmakers' bursary fund
Restricted funds
British Film Institute
BFI - Advice, information, support and
training
Film Hub South East
DYFF online resource
ScreenSkills
Other training
BFI - The Camera is Ours
BFI - Britain on Film
Arts Council England - National Trails
TOTAL FUNDS		 Incoming
resources
£
234,679
-
-
234,679
449,975
29,927
894,764
797
-
81,671
-
100
6,127
1,463,361
1,698,040
Resources

expended
£
(114,167)
(74,852)
(5,039)
(194,058)
(461,565)
(51,020)
(837,739)
(21)
(75)
(87,973)
(462)
(240)
(6,566)
(1,445,661)
(1,639,719)
Movement

in funds
£
120,512
(74,852)
(5,039)
40,621
(11,590)
(21,093)
57,025
776
(75)
(6,302)
(462)
(140)
(439)
17,700
58,321

Page 33

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

21. MOVEMENT IN FUNDS - continued

Purposes of restricted funds

British Film Institute

Funding received from the BFI to be a strategic partner for the BFI Film Audience Network (FAN) to enable film exhibitors to boost film audiences around the UK for independent and specialised films.

British Film Institute - Advice, Information, Support and Training

Organisational funding received to provide telephone and online support including an update of our online resources and support to venues.

Film Hub South East

The ICO is responsible for administering funds from the National Lottery to support a stronger and more connected approach to growing audiences for British and international cinema throughout the region.

Developing Your Own Film Festival ("DYFF") Online Resource

Through this course, ICO seeks to address the lack of training opportunities for those organising and managing film festivals, which offer many films their first point of access to audiences around the world.

Other Training

Funding received primarily from the British Council for the 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.

British Film Institute - Britain on Film

Organisational funding received from the BFI to enable the ICO to deliver archive film programmes that celebrated and explored the stories of the people and places of Britain.

Major Programmes Horror

Alongside a major season at BFI Southbank from October 2022 to December 2022 ICO ran a nationwide tour as part of the BFI in Dreams are Monsters funded by Film Hub Midlands on behalf of BFI Film Audience Network supported by Funds from the National Lottery.

ICO Training Support Fund

A fund into which individuals/groups can donate which will be used to provide bursaries for individuals who would otherwise be unable to access our training provisions.

ScreenSkills

Funding received to run an on line course - Data Driven Film Exhibition.

British Film Institute - The Camera is Ours

Organisational funding received from the BFI to put together a feature length film using film from Britain's women documentary makers.

Arts Council England

Funding received to commission three new films from British Artists for our National Trails tour.

Page 34

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

21. MOVEMENT IN FUNDS - continued

Purposes of designated funds

Fixed assets

The net book value of fixed assets, after deducting loans outstanding.

Summit in Poland

An amount set aside to contribute towards the costs of hosting the 2024 International Festival Summit as part of our IFFN activities.

Miles Ketley Filmmakers' Bursary Fund

A fund set aside to pay bursaries to filmmakers to enable them to attend industry events to aid their development.

Sustainability Fund

A fund to pay redundancy costs in the event of the closure of the charity.

Disability Action Plan

Funds set aside to support the development of an organisation-wide Disability Action Plan.

FEDS impact study

The ICO will be carrying out an impact study of our pioneering Film Exhibition, Distribution & Sales (FEDS) trainee scheme. When complete, the report will be launched at a 2025-26 event in celebration of FEDS alumni, their achievements and the broader industry impacts of the scheme to date.

IFFN training activity

Funds generated by our flagship training course "Cultural Cinema Exhibition" to be used to deliver a training activity in Cannes for the International Film Festival Network.

22. RELATED PARTY DISCLOSURES

Dorothy Wilson, Chair, received £1,350 for consultancy services relating to the Revisiting Your Cinema Business Model course (2024: £nil).

Sudha Bhuchar, trustee, was paid £300 during the year for consultancy services in relation to recruitment (2024: £200).

Vision Box, co-directed/owned by Simon Ward, an ICO trustee, and his wife Corrina Ward, was awarded £1000 for the National Lottery Cinema Thank You event "Lights, Camera, Thanet" (2024: £500 for the Cinema Unbound Powell & Pressburger season).

Simon Ward, trustee, was paid £175 speaker fees for the FAN programming course (2024: £nil).

Yi Wang, trustee, received £553 (2024: £nil) for his services as a speaker at events held by the ICO.

Mel Clarke, the sister of Becky Clarke, Head of Operations, was paid £1,344 during the year for design work on various projects (2024: £nil).

The ICO receives funding from the British Film Institute ("BFI"). One of the governors of the BFI, Monica Chadha, is the wife of Ameet Parekh who was a trustee of the ICO during the year ending 31 March 2025. 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 levels of funding received by the ICO from the BFI are below the threshold requiring approval by their Board of Governors.

All related party transactions are approved and minuted at finance committees and Board meetings.

Page 35

Independent Cinema Office

Notes to the Financial Statements - continued for the Year Ended 31 March 2025

23. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES OPERATING ACTIVITIES
31.3.25 31.3.24
£ £
Net income for the reporting period (as per the Statement of
Financial Activities) 48,795 58,321
Adjustments for:
Depreciation charges 30,040 74,303
Profit on disposal of fixed assets - (158)
Interest received (2,836) (2,973)
Interest paid 34,792 37,601
Decrease in debtors 29,603 81,034
Decrease in creditors (5,527) (99,019)
Net cash provided by operations **134,867 ** 149,109

24. ANALYSIS OF CHANGES IN NET DEBT

At 1.4.24 Cash flow At 31.3.25
£ £ £
Net cash
Cash at bank and in hand **547,331 ** 37,245 584,576
**547,331 ** 37,245 584,576
Debt
Debts falling due within 1 year (51,591) (18,981) (70,572)
Debts falling due after 1 year (747,315) 80,058 (667,257)
(798,906) 61,077 **(737,829) **
Total (251,575) 98,322 **(153,253) **

25. LEGAL STATUS OF THE CHARITY

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. At 31 March 2025 there were 16 (2024: 13) guarantees in place.

Page 36

2025-09-26

IND04-CHA 2025 Final (002)

Final Audit Report

Created: 2025-09-24 By: DAVID WILLIAMS (davidw@lockewilliams.com) Status: Signed Transaction ID: CBJCHBCAABAAljMXp6AdN2neCxSR0ScCI1xeBL7bEKLa

"IND04-CHA 2025 Final (002)" History

Document emailed to Dorothy Wilson (djw3365@gmail.com) for signature

2025-09-24 - 08:41:32 GMT

Document emailed to DAVID WILLIAMS (davidw@lockewilliams.com) for signature 2025-09-24 - 17:06:31 GMT

Document e-signed by DAVID WILLIAMS (davidw@lockewilliams.com) Signature Date: 2025-09-26 - 08:29:58 GMT - Time Source: server

Agreement completed.

2025-09-26 - 08:29:58 GMT