## |||Page| |---|---|---| |Report ofthe Trustees||1 to 19| |Reference and Administrative
Details||20| |Statement of Trustees'|Responsibilities|21| |Report ofthe Independent
Auditors||22 —24| |Statement of Financial|Activities|25| |Statement of Financial|Position|| |Statement ofCash Flows||27| |Notes tothe Financial|Statements|28to 37| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## |Championing
and developing
talent (continued)| |---| |Games
~
Catherine
Unger (Art Director ofState ofPlay's South ofthe Circle)
~
Ed Fear (Creative Director and Writer ofMediatonic's
Murder by Numbers)| |~
Abubakar
Salim (Actor and Founder of Silver Rain Games)| |London's
Screen Archives| |~
Southwark
Archives
(Looking for Sierra Leone)| |The Lodestars awards took place in early June 2021.| |Providing
training through
production
Under the BFI NETWORK banner,
Film London
had some great results of promoting
new talent to the next level
in the| |industry:
~
Dad Joke (BFI NETWORK SFF, 2019) is in development
as a TV series and the team was selected
for an| |Edinburgh
Connects lab in June
~
Naomi Soneye-Thomas
(Losing Pace, 2019, BFINETWORK) wss selected for the Fresh Perspectives
scheme| |at BBCStudios
~
Rosie Westhoff
(writer/directo,
Our Sister, 2019, BFI NETWORK)
has received
funding
from
BFI Young| |Audiences
Fund for aTV seriies
~
Netflix acquired
We Love Moses (London Calling Plus, 2016)as a Netflix Original
~
BBC hired three ofour BFI NETWORK/London
Calling
short film directors to make episodes
of Soon Gone: A
Wlndrusb
Chronicle (Christian
Ebohon-Green,
Dionne Edwards and Destiny Ekaragha)
~
BFI NETWORK/London
Calling
alumni
Rubika Shah and Ed Gibbs were nominated
for Best Documentary
at the
BIFAs for the feature
White Riot, based on a short film they made with us in 2016| |Our Microwave
programme
has pushed a new crop offeature filmmakers
onto the scene;
~
Bulldog released
Looted across the UK in November
2020. The film was longlisted
in seven categories
at the
8IFAs, and nominated
for the Rsindance
Discovery Award
~
Body of Water was released
by Verve across the UK in October 2020 and was longlisted
in three categories at| |the BIFAs
~
Sweetheart
premiered
at Glasgow
Film Festival, where
it won the Audience
Award,
and recently signed a UK
snd Ireland distribution
deal with Peccadillo Pictures for release
in summer 2021
~
Faye Gilbert, writer and director ofZero, has been hired by ITVto shoot a TV drama. The film will launch later
in| |2021| |We remain
committed
to working
towards
a fairer industry,
and diversity
and inclusion
have been a huge focus of our
work for many years now. Our target is always to ensure that the filmmakers
we work with are representative
of London's
population.
Our range of insightful,
innovative
talent development
schemes,
alongside
our Equal Access Network
(EAN)
and our Lodestars
celebration,
champion
exciting and diverse voices and train the most promising
talent the capital has| |to offer, showcasing
their stories and talent.| ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ## ||||2021|2021|2021|2020| |---|---|---|---|---|---|---| |||Notes|Unrestricted
6|Restricted
6|Total funds
f|Total funds
6| |INCOME FROM
Donations
and legacies|||36,000|50,882|86,882|240,124| |Charitable
activities|||2,110,877|4,202,275|6,313,152|5,550,628| |Other trading
activities|||19,741||19,741|48,674| |Investment
income|||556||556|1,634| |Total|||2,167,174|4,253,157|6,420,331|5,841,060| |EXPENDITURE ON
Raising funds
Charitable
activities|||161,814
1,913,961|4,253,157|161,814
6,16?,118|183,174
5,636,084| |Total|||2,075,775|4,253,157|6,328,932|5,819,258| |NET INCOME|||91,399||91,399|21,802| |RECONCILIATION
OF FUNDS
Total funds brought forward|||850,817||850,817|829,015| |TOTAL FUNDS CARRIED FORWARD|||942,216||942,216|850,817| ## |||2021|2020| |---|---|---|---| |||Total funds|Total funds| |FIXEDASSETS
Intangible assets
Tangibieassets|11
12|26,243
~142183|18,983
10$007| |||'l68,426|'l27.990| |CURRENT ASSET8
Debtors
Cash at bank and in hand|13|1,881,980
1,810,S50|1,392,176
647,516| |||3,698,846|2,039,092| |CREDITORS|||| |Amounts
falling due within one year||(2,925,050)|(1,316,865)| |NET CURRENT ASSETS||773,700|722,827| |TOTAL ASSETSLESS CURRENT UASIUTIES||942,216|850,817| |||~942 216|~850 817| |FUNDS
Unrestricted
funds||~942 216|850,817| |TOTALFUNDS||~942 2'l6|850,817| ## ||2021|2020| |---|---|---| ||6|6| |Cash flows from operating
activities:||| |Net cash provided
by operating
activities|1,266,198|106,716| |Cash flows from investing
activities:
Dividends,
interest and rents from investments|556|1,634| |Proceeds from the sale of property,
plant and equipment
Purchase
of intangible
assets
Purchase of property,
plant and equipment|(20,100)
~77,310|(20,100)
~30,976)| |Net cash (used in) investing
activities|(96,854)|(49,442)| |Change
in cash and cash equivalents
in the year|1,169,344|57,274| |Cash and cash equivalents
brought forward||| |Cash and cash equivalents
carried forward|647,516|590,242| ||1,816,86|647,516| |Reconciliation
ofnet movement
in funds to net cash||| |flow from operating
activities
Net income forthe year|91,399|21,802| |Adjustments
for:
Depreciation
charges
Dividends,
interest and rents from investments
(Increase)
in debtors
Increase
in creditors|56,974
(556)
(489,810)
1,608,191|28,876
(1,634)
(39,583)
97,255| |Net cash used in operating
activities|1~266,198|106,716| |Analysis ofcash and cash equivalents
Cashin hand|1,816,860|647,516| |Total|1,816860
l|647,516| ## ## ## ## ## ## ## ## ## |2.|ACCOUNTING
POLICIES —continued|||||||| |---|---|---|---|---|---|---|---|---| |2.6|Intangible assets|||||||| ||Intangible
assets
represent
website costs and are|stated at cost less depreciation.|||Depreciation||is provided|| ||against intangible
fixed assets over 3years, calculated
to write off||the cost|over their expected
useful
lives, using||||| ||the straight-line
method.|||||||| |2.7|Interest receivable|||||||| ||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
ofthe interest paid or payable.|||||||| |2.8|Operating
leases|||||||| ||Rentals under operating
leases are charged
to the|Statement
of Financial||Activities
on a straight||line basis over||| ||the lease term.|||||||| |2.9|Financial
instruments|||||||| ||The Charity
only has financial assets and financial|liabilities ofa kind that||qualify as basic financial|||instruments.|| ||Basic financial
instruments
are
initially
recognised|at transaction|value|and
subsequently
measured||||at their| ||settlement
value
with the exception
of loans
which are subsequently
measured
at amortised|||||cost using
the||| ||effective interest method.|||||||| |2.10|Debtors|||||||| ||Trade and other debtors are recognised
at the settlement
amount||after any trade discount offered.||||Prepayments|| ||are valued at the amount
repaid net ofany trade discounts due.|||||||| |2.11|Cash at bank and in hand|||||||| ||Cash at bank and
in hand includes cash short term|highly
liquid investments||with a short maturity||of|three|months| ||or less from the date of acquisition
or opening ofthe|deposit or similar account.||||||| |2.12|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 offunds 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.|||||||| |2.13|Pension costs|||||||| ||The charity operates a defined
contribution
pension|scheme.
The|assets ofthe scheme are held|||separately
from||| ||those of the Charity
in an independently
administered
fund.
The||amount|charged
to|the Statement||of Financial|| ||Activities represents
the contributions
payable to the scheme
in respect of|||accounting|period.|||| |2.14|Critical accounting
estimates
and judgements|||||||| ||In preparing
the financial
statements,
management|is required
to|make estimates
and assumptions||||which affect|| ||reported
income, expenses, assets, liabilities
and disclosure of contingent|||assets and|liabilities.|Use of available||| ||information
and
application
of judgements
are inherent
in the formation|||of estimates,
together
with||||the past| ||experience and expectations
of future events that are believed to be reasonable
under||||the circumstances.|||Actual| ||results
in the future
could
differ from such estimates.
Management
do|||not consider
there
to||be|any|material| ||accounting
estimates orjudgements
that need disclosure
in these||financial|statements.||||| ## ## ## |DONATIONS
AND LEGACIES|DONATIONS
AND LEGACIES|||||||2021||2021|||2021|||2020| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |||||||Unrestricted|||Restricted||||Total|||Total| |||||||||6||6|||6|||6| |Donations||||||||36,000|||||36,000|||36,000| |Gifts in kind||||||||||50,882|||50,882||204,124|| |||||||||36,000||50,882|||86,882||240,124|| |In 2021,ofthe total income from donations
f50,882 (2020:8204,124)was to restricted||||and legacies, 636,000 (2020:
income.||||||636,000)was||to|unrestricted||funds and|| |The charity is grateful
to various||oiganisations|||who||donate their services|||for free or for||a|reduced charge.|||These| |include
support
across
a|number||of activities||||including
venue||hire,
office space,||||speaker|fees,||event| |accreditations,
website
events||platform
and|||legal||advice.
An equivalent|||charge|is|included
within|||charitable|| |expenditure.||||||||||||||||| |The charity
also benefits
from||the|involvement|||and||support
of its|volunteers
who|||make a vital|||contribution|| |towards
their
achievements|in|accordance|||with||FRS102 snd
the||ChariTies
SORP|||(FRS102), the economic||||| |contriibution
ofgeneral
volunteers||is|not recognised||||in|the accounts.||||||||| |INCOME FROM CHARITABLE||ACTIVITIES||||||2021||2021|||2021|||2020| ||||||||Unrestricted||Restricted||||Total|||Total| |||||||||6||8|||6|||6| |Promotion ofvisual arts||||||||1,083,079||754,029||1,837,108|||2,595,569|| |F LAMIN||||||||74,237||270,688||344,925|||446,218|| |Production
oftalent development||||||||208,800||211,697||420,497||||580,745| |Film promotion
and culture||||||||652,261||589,770||1,242,031||||977,961| |British Film Commission||||||||92,500|2,376,091|||2,468,591||||950,135| |||||||||2,110,877|4,202,275|||6,313,152|||5,550,628|| |In 2020, ofthe total income|from|charitable||activities, 62,110,877was|||||to unrestricted||funds||(2020:62,286,922)and|||| |64,202,275was to restricted|funds (2020:f3,263,706).|||||||||||||||| |OTHER TRADING ACTIVITIES||||||||2021||2021|||2021|||2020| ||||||||Unrestricted
6||Restricted
6||||Total
6|||Totalf| |Rental income||||||||17,839|||||17,839|||45,720| |Other income||||||||1,902|||||1,902|||2,954| |||||||||19,741|||||19,741|||48,674| ## ## |INVESTMENT INCOME|2021|2021|2021|2020| |---|---|---|---|---| ||Unrestricted
f|Restricted
f|Total
f|Totalf| |Bank interest|556||556|1,634| ## ## |ANALYSIS|OF EXPENDITURE|Staff|Activities|Grant|Support|2021|2020| |---|---|---|---|---|---|---|---| |||Costs|Costs|Funding|Costs|Total|Total| |||(note 10)f|||(note 8)f|f|| |Raising funds||79,163|15,466||67,185|161,814|183,174| |Promotion|ofvisual arts|608,332|699,690||397,388|1,705,410|2,474,934| |FLAMIN||164,423|59,626|33,800|107,408|365,257|511,494| |Production|and talent development|192,579|58,904|54,091|125,801|431,375|661,238| |Film production
&culture||368,903|110,385|492,720|240,983|1,212,991|1,009,045| |British Film|Commission|311,202|1,822,630|80,000|238,253|2,452,085|979,373| |||1,645,439|2,751,235|660,611|1,109,833|6,167,118|5,636,084| |||1,724,602|2,766,701|660,611|1,177,018|6,328,932|5,819,258| |ANALYSIS OF SUPPORT COSTS||||||2021f|2020f| |Staff costs|(note 10)|||||479,680|472,589| |Overheads||||||669,425|706,944| |Legal and|professional|||||12,804|8,400| |Audit fees||||||15,109|17,917| ||||||1,177,018||1,205,850| |NET INCOME||||||2021f|2020f| |This is stated affer charging:|||||||| |Depreciation||||||56,974|28,876| |Auditors'
remuneration||||||15,109|17,917| |Operating|lease rentals|||||147,384|162,010| ## ## |ANALYSIS OF STAFF|ANALYSIS OF STAFF|||||2021f||2020
6| |---|---|---|---|---|---|---|---|---| |Wages and salaries|||||1,894,176||1,937,063|| |Social security costs|||||198,682||204,165|| |Pension contributions|||||103,201||107,020|| |Other staff costs||||||8,223||35,286| ||||||2,204,282||2,283,534|| |The total staff costs of62,204,282 (2020:62,283,534) include f1,724,602 (2020:61,810,945)ofdirect|||||||staff|costs| |as shown
in note 10,|plus|6479,680(2020:6472,589)which have been|||allocated to support|costs (note 8).||| |The average
number|ofstaff||employed|during the year was:||No.||No.| |Raising funds||||||1.5||1.5| |Inward
investment
&|business||development|||11.0||13.5| |FLAM IN||||||4.0||4.5| |Production
8 talent development||||||6.0||6.5| |Film promotion
&culture||||||12.5||12.0| |British Film Commission||||||5.5||4.0| |Support||||||8.5||8.5| |||||||49.0||50.5| ||||||2021||2020|| ||||||No.||No.|| |The number ofemployees||whose salaries for the year fell||||||| |withing
the following|bands were:|||||||| |660,001 - 670,000||||||||| |670,001 - 680,000||||||||| |680,001 - 690,000||||||||| |6130,001 - Kf40,000||||||||| ## |||||| |---|---|---|---|---| |11.|INTANGIBLE FIXEDASSETS||Website costs|| |||||6| ||Cost|||| ||At 1 April 2020|||20,100| ||Additions|||20,100| ||At 31 March 2021|||40,200| ||Depreciation|||| ||At 1 April 2020|||1,117| ||Charge for the year|||12,840| ||At 31 March 2021|||13,957| ||Net Book Value|||| ||AT 31 March 2021|||26,243| ||At 31 March 2020|||18,983| |12.|TANGIBLE FIXEDASSETS|Office|Leasehold|| |||Equipment|Improvements|Total| |||6|6|6| ||Cost|||| ||At 1 April 2020|172,254|90,318|262,572| ||Additions|77,310||77,310| ||Disposals|(45,300)||(45,300)| ||At 31 March 2021|204,264|90,318|294,582| ||Depreciation|||| ||At 1 April 2020|116,396|37,169|153,565| ||Charge for the year|34,756|9,378|44,134| ||Depreciation
on disposals|(45,300)||(45,300)| ||At 31 March 2021|105,852|46,547|152,399| ||Net Book Value|||| ||At 31 March 2021|98,412|43,771|142,183| ||At 31 March 2020|55,858|53,149|109,007| |13.|DEBTORS||2021|2020| ||||5|| ||Trade debtors||191,530|661,195| ||Other debtors||78,892|57,897| ||VAT recoverable||203,657|19,289| ||Prepayments
and accrued income||1,407,907|653,795| ||||1,881,986|1,392,176| ## ## |CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|2021|2020| |---|---|---|---| |||6|| |Trade creditors||1,752,602|447,898| |Grants payable
Other taxation and social security||315,500
51,361|122,673
52,289| |Accruals and deferred income||805,593|694,005| |||2,925,056|1,316,865| |Analysis
ofgrants payable|(all due within one year)||| |Grants committed
but unpaid
Grants committed
in the year|b/fwd|122,673
660,611|194,818
186,613| |Grants paid in the year||(467,784)|(258,758)| |Grants committed
but unpaid|cifwd|315,500|122,673| ## |MOVEMENTS|IN FUNDS|As at|||As at| |---|---|---|---|---|---| |||1 April 2020|Income|Expenditure|31 March| ||||||2021| |||||8|| |Unrestricted|funds|850,817|2,167,174|(2,075,775)|942,216| |General funds|||||| |Restricted funds|||4,253,157|(4,253,157)|| |Total funds||850,817|6,420,331|(6,328,932)|942,216| ## ## ## |MOVEMENTS|IN FUNDS|Unrestricted|Restricted|Total|Total| |---|---|---|---|---|---| |||Funds|Funds|2021|2020| |||6|8|8|| |Tangible fixed|assets|142,183||142,183|109,007| |Intangible
fixed assets||26,243||26,243|18,983| |Current assets||3,698,846||3,698,846|2,039,692| |Creditors due within one year||(2,925,056)||(2,925,056)|(1,316,865)| |||942,216||942,216|850,817| |||Unrestricted|Restricted|Total|Total| |Movement
in|funds (comparative)|Funds|Funds
8|2020
8|2019
6| |Tangible fixed|assets|109,007||109,007|105,791| |Intangible
fixed assets||18,983||18,983|| |Current assets||2,039,692||2,039,692|1,942,835| |Creditors due within one year||(1,316,865)||(1,316,865)|(1,219,611)| |||850,817||850,817|829,015| ## |The Char
operating|itable
Company
had total commitments
for land
leases as follows:|and buildings at the year-end
under non-can|cellable| |---|---|---|---| |||2021|2020| |||6|8| |Within
1
Between|year
1 and 5years|121,507
619,863|169,054
676,214| |Over 5years|||112,702| |||741,370|957,970| ## ## ## |Char ed to|the|Charitable
Com|Charitable
Com|an|||||| |---|---|---|---|---|---|---|---|---|---| |Services||Organisation|||Relationship|Charge
2021|2020f|Balance
2021
f|2020
f| |Games
Screenings||UKIE
Genesis|Cinema||Director (APayne)
Owner (T Walker-|24,694|5,740
4,000|2,500|| ||||||Hebborn)||||| |BFCconsultancy||Saffrey|Champness||Partner (JGraydon)|7,355|9,900|7,355|| |Cha
e b|the|Charitable|Com|an|||||| |Services||Organisation|||Relationship|Charge
2021f|2020f|Balance
2021
f|2020
f| |Grants||ScreenSkills|||Director (I Smith)|7,022|48,000|7,022|8,000| |Microwave
Grants||BBC
Genesis|Cinema||Director (G Atlas)
Owner (T Walker-|12,500|52,990
5,000|5,000|5,000
5,000| ||||||Hebborn)||||| |Games
Sponsorship||UKIE
Saffrey Champness|||Director (A Payne)
Partner (J|7,500|21,583
15,000|r,5oo|9,500
7,'5oo| ||||||Graydon)|||||