DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 REGISTERED COMPANY NUMBER.. 04699825 IEngland and Wales) REGISTERED CHARITY NUMBER: 1163968 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR FILM LONDON
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report ol the Trustees Reference and Administrative Details 19 Statement ol Trustees, ResponSibileS 20 Report ol the Independent Auditors 21-23 Statement ol Financial Activities 24 Statement of Financial Position 25 Statemenl of Cash Flows 26 Notes to the Fin8n¢ial Staterrents 27-36
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also directors Of the charity lor the purposes of the Companies Actl present their annual report together with the audited financial statements of Film London (the Company) for the year ended 31st March 2024. The Trustees confirm that the Annual Report and financial statements ol the Company comply with the current statutory requirements, the requirements of the Company's governing document and the provisions of the Statement of Recommended Practice ISORPI, applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1st January 20151. Since the Company qualifies as small under section 383, the strategic report required of medium and large cornpanies under The Companies Act 2006 Istrategic Report and Director's Report) Regulations 2013 is not required. Objectives and activities a. Policies and objectives Film London acts as a major showcase within the UK and internationally for film, TV, anirnation and games working to foster a high st8ndard of artistry snd ¢r8ativity and prormote the artistic and cultural excellence of thg moving image induslries. In determining the Company's strategy and activities for the year. its Board of Trustees and senior management consider the Gharity s Cornmission guidance on publi¢ benefit. Across all its 8Ctivities and projects. Film London remains focused on prornoting and advancing th8 visu81 arts as well as th8 provision of education and training. b. Obj8Ctives and activities for public ben8frt As s&t out in th8 M8morandum of Association the objects of the charity are.. Promote and advance the visual arts, most particularfy the arts of film, television and the m(>ving image, including through". the promotion of artistic and cultural excellence in the film, television and moving image industries., the e5tablishtnent and pieservab.on of collections reflecting the film, television and tnoving image history and heritage of London and Great Britain., and facilitating the creation of audio-visual cont8nt of artistic n18rit in film, television and moving image Content by reference to the culture, history and heritage of London and Great Britain. Provide education and training in the art and production ol film, television and the moving image, including through.. the cultivab.on and improvement of public taste in filrn, television and the moving itnage., the encouragement ol innovative and creative production work In film, television and the rnoving image., and the promotion of a high standard of atti5try, creativity and technique in persons involved in the production ()f rilm, television and the moving image. Achl•vam•nts and parfom)anco Raviaw of aetivitl•s In 2023-24 Film London continued to sustain and champion London's film, television, moving image and games industries, supporting the development ol the city's emerging filmmaking talent and promoting a diverse and rich film culture. Our commitment lo diversity and inclusion and to ensuring equality of access to our services across audience development, talent development, skills, film culture and business development rna1ned a priority. Film London also has a national remrt, the British Film Commission IBFCI, which in 2023-24 continued to focus on supporting film and HETV production as well as on the development of stage space to sustain growth and inward investment across the UK. Working in partnership with Ukie (UK Interactive Entertainrnentl, Filrn London continued to rnanage Games London and has delivered an exciting year-long programme for the games induslry wilh its AThlerator programme, the annual London Games Festival and its Games Finance Market and a new Game Changer programme. Funded by the Mayor of London through the GLA, the National Lottery and Grant in Aid through the British Film Institute IBFII, we also reiVed sUPPOrt from Arts Gouncil England and thg Department of Business and Trad8 IDBTI. The UK Shared Prosperity Fund. the New Deal for Young People. the GLA and industry partners have provided valuable project funding We report to our funders against the rnilestones and KPIS agreed in the respective funding agreements. Page 1
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Raviaw of aetiviti•s leontinuadl London is 8 global city wth a uniqLJe blend and div8rsity of artistic vision and voices, vibrancy and cr88tiv8 t818nt. We are privileged to work in partnership with our funders, stakeholders, commercial partners and industry to make creative connects'ons between London's outstanding talent and the opportunities the city offers in lems ol skills development, access to ¢ar8ers, 8nd training through production, 8udien¢e development and screen heritage. Filrn London's programmes are for public benefit, target the diverse communities across the capital and promote the artistic and cultural eXllen of the UK'S filrn, television, moving image and games industries through an extensive range ol initiatives. 2023-24 continued t(> be focused on sustaining levels of production and investment across the film, TV, animation, moving image and games industries through our strategic partnerships. policy work and our London Filming Partnership. A member ol the Mayor of London Anchor Institutions, Network, we have been supporting the return to a more stable future with greater value placed on equilable. cleaner. healthier and safer communities as a foundation of our growth. Funded by the BFI and Mayor of London, we embarked on addressing the challenges to the skills pipeline. Working with Higher Education. Further Education and industry, we invested Creative Sector Academy funding from the Mayor of London and 5ecur8d BFI Lottery funding for th8 M8tro London Skills Cluster in partnership with the National Filrn and Television School. Our Skills programme and its Equal Access Network have been working to meet industry demand and we successfully trained and placed candidates in industry roles. Through all our programmes, we rerrained fwused on chatnpioning diversity and inclusion. Our key markets- including London Screenings, the Production Finance Market and its New Talent strand,. the 8 edition of London Games Fe5tlV81, showcasing and c818brating the gam8s industry and its cultural impact., the annu81 Distributor Slate Days, the Jarman Award and UPstream - were delivered as live events. Film London continued supporting artists moving image work through FLAMIN Productions, the FLAMIN Fellowship snd FLAMIN Animations. We continued to deliver our online support for new and emerging writers, directors and producers through our Film London Labs programme, and as the London partner of the BFI NETWORK. Film London worked with the industry and funders- the BFI, the GLA, the Mayor's Offi, Arts Council England and DBT to champion the UK'S and London's film, television anirnation and games industries and cuvre, regionally, n8tion8lly and int8rnation811y. Page 2
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Obj•etiv• 1.. Promotè and advane• th& visual arts, particularly th• arts of film, t•l•vision and th• moving imaga Promoting the visual arts and boosting audience choice Film Hub London has supported London exhibitors to remain resilient in the face c)1 continued challenges., to enable them to continue programming a broad and indusive range ol film,. and to encourage them lo maintain a commitment to devgloping their 3udign¢e with 8 p8rti¢ular focus on undersgrved ¢ornrnunities. The number of Film Hub London members continued to grow and we welcomed more than 25 new mernbers in 2023-24, with th8 tnemb8rship now r8aching mor8 than 385 organis8tions. Filtn Hub London r8main8d focLJS8d on supporting members to connect with audiences and Hub supported projects welcomed 115,000 people aeross the year with a focus on diversity, equity and inclusion. Throughout the year, Film Hub London distributed 25 awards to Hub members. Awardees included Fringel Queer Film & Arts Fest. Tongues on Fire, Rainbow Film Festival, SAFAR Film Festival, The New Black Film Collective, Women Over Fifty Filrn Festival, and Raindance Film Festival. The Hub continued to support London independent cinemas through the Cinema Incentive Scheme. Exhibitors Breaklasis c()ntinued to prove popular with the membership. Three breakfasts were held in 2023-24.. in July 2023 at Rich Mix focused on attracting and retaining working class audienTrs led by Dr Leanne Daw50n,' in Octob8r 2023 as part of BFI London Film FestiV818t ActOn8 in Acton, focused on Environmental Sustainability., and in March 2024 at Stratlord Picturehouse with a locus on encouraging community film exhibition activity in Newham, Barking and Dagenham as part of the new'SpoUight' initiative. Spotlight aims to support growth of activity and aUdIenS in the bordering boroughs ol Newham and Barking and Dagenharn by developing local partnerships and building local capability, film exhibition knowledge and resource. Regular screening activity began in Octob8r with pop-up screening5 at Heathway Shopping Mall, th8 Boathouse and in partnership with the New Black Film Collective at Discover Children's Story Centre and Slratford Library in Newham. Film Hub London continued its work as the BFI FAN Young Audiences Champion. In September 2023, Film Hub London delivered the ninth edition of Distributor Slate Days at Ritzy Picturehouse Brixton. Slate Days saw a strong attendan ol distributors presenting their upcoming independent releases. For the third year. presented in partnership with The New Black Filrn Collective, BlackTiack highlighted upcoming releases with Black talent and themes. An updated BlackTrack was presented at The New Black's TNB XPO in March. Unlocking Screen Heritage Film London continues to faalitate, resource and manage London's Screen Archives ILSAI to unify organisations that hold historic moving image material, building a regional collection about London and its people. Over the years. the LSA networf( has grown from strength to strength, now encornpassing more than 65 partners, all sharing London's history on screen with local and international audienTrs. Our partners include local borough archives, national museums, community organisations, art galleries, charities and public secior bodies. LSA were successful in applying to the BFI National Lottery Screen Heritage Project Fund for the year-long 'Undocurnented' project focused on engaging London's Black communities with screen heritage. delivered in partnership with The New Black Film Collective ITNBFCI. Extracts frorn LSA collections were presented in front of TNBFC'S screenings ol Origin. The Color pule, Cas&us X, Barbie, Book of clanCe, Drift, Omen, and lo Capitano, all of which have feature introductions, panel discussions or performances. Outreach programmes with community partners are planned in Southwark and Hackney. As part of the project, LSA took part in the third annual TNB XPO chairing a panel focusing on the importance and challenge ol representation in the archive. The panel featured Dr. June Givanni, Film Curator & Founder of the June Givanni PanAfrican Cinema Archive.. Harlynn Hom8n, Senior Archivist at Black Cultural Archives IBCAI,. and Dr. Ets"enne Joseph, Hackney Archives Manager. LSA were also successful securing funding from the National Lottery Heritage Fund Innovation Fund to develop their rights offei, and increase future 5UStainability. Engaging Naomi Korn A550ciates to undertake comparative research interviews with nine UK-based archives that hold moving image collections, LSA concluded the Explore phase reviewing LSA'S licensing model with a view to m8xirnising its potential. LSA are Currently fundraising to test the findings. Page 3
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Objectiv• 1.. Promotè and advanea tha visual arts, partieularly tha arts of film, t•l•vision and thè moving imag• Icontinuedl Unlocklng Screen Herltage Icontlnuedl LSA delivered a fourth season ol archive film compilations on London Live in March and April 2024. The four episodes showcased LSA partner rn8tgrial on the themes of Love and Marriage, Fashion, Sport and Pets. With the support of d)e BFI National Lottery Screen Heritage Resilience Fund, the LSA'S volunteer prograrnrne restarted and following the mov8 of the St88nb8ck and th8 winding b8nch from London Metropolitan Archiv8S to Filrn London's offiees. In June 2023, LSA delivered an online training session 'Using the LSA D8t8b8sg and Website. and in S8Ptember, delwgrgd a session as part of Black Cultural Archive's Pathways.. Creating Space providing guidance on routes into screen heritage careers and providing an introduction io Iden'fIcatIon and handling ol archive film and video. In October 2023, London's Screen Archives participated in Home Movie Day at the Cinema Museum, presenting selection of home movies and being on hand to offer advice and guidance about donating home movies to an archive. LSA also presented at the Sutton Historians. Talk in Novemb8r, screening 8 5818ction of clips from Sutton Archive's collections. In March 2024, LSA delivered 8 virtual tnasterdass for Film London's Equal Acce55 network titled"Demystifying Archive5" giving an overview of LSA, the screen heritage sector and the work of archives, and insights into the kinds of opportunities, roles and training available. LSA alsts ctsntinued to deal with a large number of licensing requests from BBC, Disney+ and Sky News, independent production companies and freelan filmmakers, and non-commercial requests for community and educational use. Online, LSA continues to engage audiences with more than 114,752 views on YouTube and 134,130 page views On the LSA website. $0 248,882 views in total in 2023-24. Our Film of the Week initiative, which involves a topical tiue from the collection shared via FilTn London Social media every Tuesday, continues. While helping us highlight the wealth and Scope ol films available to view on the website, it also strengthens our relationships with member archives by linking to them in the posts and thus helping thern increase their profile. Champlonlng and promotlng Independent Brltlsh film The London Screenings continued in June 2023 and welcomed national and international distributors and film festival programtner5 as well a5 sale5 companie5 to screen and acquire new Brib"5h filtns lor distribution. The new talent section, Breakthrough, was delivered with six filmmakers having the opportunity to screen their films to sales companies and film festival programmers. Film London delivered, in partnership with the BFI, DBT and the wider industry, the 18th year ol its Production Finan Market IPFMI to support British independent film and to facilitale the distribution of audio-visual content of artistic rnerit. The market aims to support London's and the UK'S independent diverse production talent providing access to finance whilst also promoting London and the UK'S position as a centre for production finance. Over two days, the marketsupported British and International independent feature, documentary and animation projecls that are likely to find an audience in the UK and worfd cinema market. The PFM has a New Talent stiand for prOdUr5 who are Tnaking their first feature fil Through our international partnerships and our participation in fests'vals and markets, Film London continued to support innovative and creative productions promoting a high standard of artistic merit. Targeted and effective showcasing ensures London grows and maintains a positive presence in the global marketplace, and confirms its reputation as a serious competitor. Both events provided connections for British talent with financiers, sales agents, distributors and festival producers, promoting and 8dvancing the visual arts and artistic excellence. Page 4
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Objective 1.. Promote and advan¢e the visual arts, particularly the art$ of film, television and the moving image Icontinuedl Champlonlng and promotlng Indapandènt Brltlsh film Icontlnu•dl UPstream 2024 was delivered as a hybrid event, allowing more international projects to participate. This year we showcased eleven new pieces of IP. which were presented by their creators to a Curated audience of film and television producers as well a5 games developers. The IP ranged from graphic novels to intemet books to animation and theatre and the feedback has been very positive. Our successes to dale include projects being developed into TV drama as well as Games. The event continues to grow, as do our plans for its continuation as we enhance the offering by making UPstrearn a y88r-round digital talent discov8ry plattortn. Th8 IP pr85ented at this year's 8v8nt wll be showcas8d on our new UPstream digital platform which will be populated quarterly with more new IP projects. This platfom aims not only to highlight new IP but also to build UPstream as a brand. The animation strategy is an area we have continued to build on, as there is a clear requirement for further support within the sector. We have been supporting new talent in animation and, in particular. Black anirnators via the FLAMIN Animations progratntne. The disability work within the animation strategy has been well received by ernployer5, many of whom participated in our training and info sessions on employing disabled and neurodiverse talent. London Filming Partnership Filming in London in 2023 was greatly affected by the US Writers IWGAI and Actors ISAG-AFTRAI strikes. in particular the autumn of 2023. Our crew were hugely impacted with the more expeiientsd able to adapt to dotne5tic TV, cotnrneicials and independent features but the less experienced struggled to find work. This also affected our locations partners across London whose adivity and inoome dipped signific8ntly'. with only 9,266 filming days on location recorded in 2023 Ic8lend8r yearl, down by 22.6Vo on 2022. The industry has been slow t() start back up but the end ol quarter four has seen numerous productions going into prep, suggesting that 2024 will be busy towards the end of the year. As a consequence, during the past year the Production Services team focused training and networking opportunities for partners including on unit publicity, filming wilh weapons and food waste schemes, as well as three networking opportunits.es studio d8veloprngnt5 8180 slowed down as a con5equen¢g of the strikes,. although this did not affect London too rnuch 8$ most developments ol note were completing theirworks such as West London Film Studios expansion, Sky Elstree Studios and Dagenham's Eastbrook Studios. The latter still being on schedule to start using stages in the summer 012024. Meanwhile The Story Collective acquired temporary planning permission for the old Mortl8ke Brewery site in South West London which htssted A Thc>usand Blows for six months. Throughout th8 y88r, the London Filming Partnership has rn8t wth k8y Stakehold8r5 and industry. We provided upd8t8S on Film London's sustainability initiatives to the London 8orough Film Services. Brit15h Film Commission IBFCI- facilitsting the provision of audio-visual Content of artistic merit Despite a challenging yearwhich has seen global filming activity decrease significandy due tts the impact of US guild strikes and overall uncertainty and corporate consolidation in the entertainment industry, the UK has continued to attract the production of 8 substantial nutnber of major filrn 8nd TV proj8Cts, with th8 continued 5UPPOrt and advocacy of the BFC. Classic British IP. from a diverse range of UK writers from James Herriot to Jilly Cooper, continues to be successfully transformed into wntent for big and srM811 screens, showoasing our versatile and stunning locations from Bristol and the south west to Yorkshire. Modern classics like Ll)ctor Who - based in Wales - continues to attract new generations of audiences. These iconic British stories have been prodUd in British studios, locations and rM)St and wsual effects facilits.es alongside high profile, globally recognised franchise film instalments and returning high-end TV series including Sonic the Heclgehog, B88tlejuic8, D8sdpool, Ghostbust8rs, Hous8 of fh8 Dr&90 and V8nom. Th8 common d8nOTninator for all th8Se titl85 IS that they have been created in the UK by UK cast and crew. Page 5
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Objectiv• 1.. Promotè and advanea tha visual arts, partieularly tha arts of film, t•l•vision and thè moving imag• Icontinuedl Brltlsh Fllm Commlsslon IBFCI- facllltatlng the provlslon of audlo.vlsual content of artlstlc merlt Icontlnuedl To ensure the UK is able to continue lo attract these kinds ol high-end productions that create so much employment and activity for British ¢8st, Crew and f8cilities, we have worked wth Government 8nd industry stskeholders to refine and promote a new Audio-visual Expenditure Credit for film & TV, and continue to feed in to the development of a complimentary enhanment for visual effects activity. In tandem, we have supported the development and launch of a new Inrntive for lower budget films that will diversify film content in the UK, promote British creativity and provide an enormous boost to the skills pipeline. We also continue to monitor first-hand the shifts in the industry and how the UK can capitalise on changes in how projects are being financed and set up- lor example, in looking to sharing the risk on bigger budget TV series. seeking UK creative production partners to get involved earfy on and co-production opportunities for UK broadcasters. Our support for training and skills development more broadly conts.nues with ()ur partnerships and advocacy work including". The Production Guild of Gr8at Britain's Mission Inclusion Prograrmrmg Screen Skills- delivering tail()red training & development and careers advi, supporting film and HETV through Skills Fund Commercial facilities such as Angels Costumes, Nexus, the MBS Group. Blue Zoo. Wamer Bros. Channel 4 National and Regional Screen Agencies Specialist Colleges e.g. NFTS, London Film School, London Screen Academy, Met Film School, NextGen and others BFI Skills Clusters We have increased our focus on social responsibility in production through ongoing support and promotion of a wide range of UK-wide agenae5 and initiatives that advocate for mental health and well-being, diversity, inclusion, equality and access in the film and TV industries, including.. Sharp Futures IManch8stgrl svpports diversg tslgnt to aSs ernployment in ¢re8tivg digitsl and tech sectors through training, apprenticeships, work experience and volunteering 104 Films Iyorkshirel champions representation ofdisabled people in front ofand behind the camera, and runs training and short rilm progr8rnmes Disabled Artists Networking Community NorthlNorth West IDANCyTriple C- DANC has c.1000 members, Triple C is key gateway organisalion for disabled people's access to arts and media Screen Scotland, Northern Irel8nd Screen, Screen Aliance Wales and BECTU all run prograrnrnes targeting under- represented groups Creative Access UK-wide initiative to connect talent from black and Minority ethnic cornrnunities, and people Irorn lower socioeconomic backgrounds with ernploymenl opportunities in creative industries We have 8ddition8lly increased our focus on sustain8bility- both on set and in new-build and converted studios, where we have commi5s10ned groundbreaking research that we will share univeisally. The UK'S own sludio and stage space capacity remains a priority for the BFC. We have now supported the development of an additional 1.1 rnillion 5q. ft. of UK Stage space capacity and continue to work in particular with the devolved administrations to ensure we can meet the demand for content creation in every part ol Great Britain and Northern Ireland. Our close work with HM Govemment to ensure we continue to develop and retain film-friendly policies has been particularly crucial over the last 12 months. We have led on interventions on a wide range of policy areas including business rates for studios in England and Wales, road Closure legislation for filrning throughout the English regions, ternporary planning to Page 6
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Objective 1.. Promote and advance the visual arts, particularly the arts of film, television and the moving image Icontinuedl British Film Commission18FCI- facilitating the provision of audio-visual content of artistic merit Icontinuedl help expedite filming pemissions and migration policy to ensure we have access to the best global talent whilst protecting and promoting the indigenous workforce. We also work closely with HM Government through our US office in the British Consulate in Los Angeles. The Close relationship with have with the local consul general and Department for Business and Trade Creative teatll ensuie a joined up approach to the film & TV industry acioss Los Angeles but also the wider Noth American network for eventslinitiatives that spotlight the entertainment industry. Whilst focusing on our own immigrati()n policy, we have continued ()utreach to European partners to ensure we can optimise support lor our mutual clients, in recognition ol the creative, cultural and economic value production brings to the continent. In the last year. we have hosted and participated in both inward and oulward missions with Malta. Spain. Norway nd Frants and we continue to expand our network of European partners. The BFC are also a rnetnber of the Associats"on ol Film Commissioners International IAFCII and sil on the board. As a larger and more robust film commission, we often serve as an example of how to run a wmmission and service the local cornrnunity efftIVelY and it 81so drives business development. Our business development initiatives have seen both inward and outward missions to and from the US. showcasing the UK'S nations and regions to decision-makers in the US studios and streaming companies. The BFC is truly known for its bespoke approach to queries, clients and UK infrastructure and we always aim to be innovating to maintain that approach. We have additionally collaborated with stakeholdeis to jointly ensure the UK iemains at the cutting-edge of technological discovery and exploitation, crucially as a partner on Government's Co-star initiative. And we continue lo develop our own knowledge of, and relationships with, UK-wide virtual production facilities and volumes who benefit too from our recently launched promotional Virtual Production Direct()ry. Games London- promotion of an artistic and cultural excellence Supported by the Mayor ol London, project furiders and industry partners, Games London reflects Film London's extended remit to promote the creativity, artistry and culture of video games and interactive entertainrnent. One of the key cultural aims is to tackle the wder issue of changing perceptions around games and interactive content by raising awareness about games amongst the public and non4James audiences. Games London also runs a year-r(>und programme of support f(>r emerging games businesses. In 2023 this included a new programme, funded by the UK Shared Prosperity Fund, called Garne Changer. This scheme a¢pts up to 40 founders a year from und&rrepr85ented backgrounds and provides a prograrMrM8 of business development workshop5, mentoring, plus access to exclusive events induding a fully-lunded place on an outbound mission to Finland, and a dedicated pitching market in London. The first cohort ofthis programme ran from August 2023 to Dember 2023. The London Games Festival 2023 took place in April 2023. This included events at locations such as Trafalgar Square, Trurnan Brewery and Sornerset House. More than 800 different businesses were a part of LGF 2023. with an increased global footprint, and 8 range of diff8r8nt g8m85 and &xperi8nc85. An Official Selection of garnes featured 35 titles from around the world across key themes- with 25 of the studios that developed the featured games having diverse leadership. founders or showng underrepresented characters and themes on screen. The Games Finance Market ran for its eighth edition. 60 studios and 50 investors attended for pre-set pitch rneetings sch8duled by Garngs London. The event took pl5 on-site at consurn8r event WASD, which attracted ore than 9,000 people over three days. Now Play This, another event part-funded by Games London, again delivered a cultural showcase, with its own dedicated official selection looking of games. The event had an extended run overthe course of the entire festiv81, adding to the overall footfall figures ft>r LGF. Page 7
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Objective 1.. Promote and advan¢e the visual arts, particularly the art$ of film, television and the moving image Icontinuedl Game5 London- promotion of an artistic and cultural excellence Icontinuedl Gatll85 London also organi5ed its flagship outdoor exhibition at Trafalgar Squar8, With installations pritnarily promoting Ensemble, a dedicated programme that locuses on Black, Asian and underrepresented UK games talent. 58,000 people over8118ttended LGF prograrnrning over the wurs8 of its Iwo week run. Supportlng sustalnablllty In the sector The Grid Project cabinet in Victoria Park has been running successfully throughout the year. Despite the downturn in location filming across the capital, the cabinet was used on 113 days by 19 film and TV productions and major events using a total of 24,480 kwh and saving approximately 118 tons of C02. We were finalists at the European Regiosiars Awards and won the Sustainability Makers and Shakers Award in December 2023. We delivered two online training sessions to partner5 in London and the rest of th8 UK with mor& planned for 2024-25. In Aulumn 2023. after acquiring sponsorship from Nefflix and Sky, we corrmenced the second part of The Fuel Project in collaboration with Creative Zero. Receiving a very good response from our industry survey of over 100 cotnpanies and productions, we aim to deliver the second report by the beginning Q2 of 2024-25. This report will provide data on current fuel usage for transport and generators in the industry and help create a pathway for suppliers to adjust to sustainable power options. The British Film Commission continues lo support US clients and the UK production infrastructure aoross regions and nations to keep ours81v85 b85t placed for SLJCC8SS through some changing dynamic5 in the global industry. We continu8 to work closely with industry and partners to capitalise on the areas ol the sector that show room for growth. The BFC are also at the forefront of being helpful and Collaborative partners in Co-production rnodels across different jurisdictions and providing full-service support to clients on their corporate social responsibility agenda5. We are committed to keeping the UK first for world-class film and TV production. We h8V8 led and op8r8t8d th8 BFC successfully through the 5h8r8d s8rvic85 mod81 now for over 8 decade working in close partnership with funders, industry and stakeholders. We are working with our funders on a longer-term outlook and support slructure to ensure BFC can continue to help guide both government and industy to the next phase of activity cross the UK c(>vering stage space, skills, sustainability and more. During 2023-24, Games London continued the work established with its Green Games Guide to continue educating busin85ses about green issues and sustainability mstters in g8rM8s production. Games London expects to update the publication during the 24-25 period. In the meantime, Games London once again supported the Best Places To Work awards for video games in September 2023 to deliver a Green Award- the winner of which was a London-based games team for the third consUtiVe year. The charity has also been progressing its journey to net zero across all three brands. Working in partnership with Neptune Sustainability, w8 fin81is8d OLJr road rnap to r8duce our carbon footprint y88r on y88r to 8chi8V8 net Zero by 203518nd operationally by 20301. Page 8
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Objedive 2.. Provide eduution and training in the art and production of film, television and the moving image The art and business of film TV storytelling are constanuy evolving, and we seek to ensure our education and training are geared to equip filmmakers to thrive in and enrich that changirig wodd with inventive and authentic stories. The last year has be8n a bumpy on8 for independent filtmtmakers and most freelancers in the scre8n industries. Within such a landscape, our programmes aim to support our talent through difficulties and help them produce the very best versions of their work. and ready them for the years ahead in a constantly evolving industry. Early Career Talent.. BFI NETWORK Our BFI NETWORK Talent Executives in London reiVed 650 applications to the Short Film Fund last year, or 56°/0 of total national applications. and 450 applications to the Early Development Fund (supporting writers in creating treatments for feature film proiectsl, approximately half of national applications. The team comm15510ned eight new short filtns and four feature film treatments from rising London lalenl. While none ol those films or treatments are yel finished, our alumni from past years have enjoyed many successes, including two shorts screening at the BFI London Film Festival. one short rilrn nomination at the British Independent Film Awards, and one Short, 8ufferZone, being picked up by the British Council to be screened in Italian schools in the fight against homophobia. Rising Talènt= Film London Labs, Upstrèam and PFM N•w Talènt We have three programmes lor talent looking to progress from short form to long fom media and each had a strong year. We ran four Film London Labs in the last financial year, each a week-long deep dive into a given subject, held on social media. The Labs covered the evolution of screenwriting (The Vanguard Writers Sessions, May 20231, feature film finance (The Production Finance Sessions, September 20231, filmmakers getting into TV (The TV Sessions, December 20231, and working as a director (The D1ctorS Sessions, FebruarylMar¢h 20241. Attendan held strong this year, despite the cost of living crisis being particularly challenging for our freelance audience, wth an average of 86 attendees per Lab. The cohort selected for PFM New Talent seemed parcularlY strong this year. which we attribute lo the removal of the 1 milli(>n budgetcap we had in place until last year, and to our continued concentrats.on on outreach and work witr partners. Unusually, one of our selected projects is already enjoying a successful leslival run. Grand Theft Hamlet, which came to the rnarket 8s a Completion project. 1$ 8 documentary that follows two out of work 8¢tors 8tt&rMpting to stage Sh8kespe8re's Hamlet within Grand Theft Atho, and the entire filtn is shot within the game. It premiered at SXSW, where it won Best Feature Documentary, before screening at CPH'.DOX, Visions du Reel and Hot Docs. 2023 was a stiong year for PFM New Talent alumrii generally, with If Tre Stet$ Ive On FNre INTS 20191 winning two BIFAS, following its UK theatrical release and broadcast on BBC Sloryville. Tish INTS 20211 opening Sheffield DocFest,' Augur8 INTS 20191 premiering at Cannes and wnning the Un Cgrtsin Regard Ngw Voice award and Last swrn INTS 20201 premiering at Berfin, where it won the Generation 14+ Crystal Bear. Finally, Reawakening INTS 20211 premiered at the Dublin Film Festival, where it attached Signature Entertainment for UKllreland release. UPslream, our innovats.ve IP showcase, celebrated its fifth year by returning to an in-person event, the first since the pandemic. We showcased eleven 'lPsters' _ creators from media forrns from film, podcasts, graphic novels, theatre and more.. with 67 prodUr$. development executives and executive producers from the worlds of TV, filrr and games. ttending the event overall. The event als(> marked the launch of UPstreatll as an online showcase, and we are preparing to share more'lPsters' with our industry audience each quarter by email. As always, for all of our activity, we aim to select cohorts of talent that reflect the population of the capital, so the year has seen us continuing our work in maintaining partnerships and building relationships with talent networks who can help us ensure that our progr8mmes attract new talent that accurately represents the dernographics of our city. Whether that's a script development Lab for 81ack women for BFI NETWORK, or a focus on disability-led networks for the Museum of London, our relationships with these partners and networks are invaluable to our work and, we hope, similarfy beneficial for thern and their talgnt. Page 9
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Objective 2.. Provide education and training in the art and produdion of film. television and the moving image (continued Rising Talent.. Film London Labs. UP5tream and PFM New Talent Icontinuedl Finally, once again we showcased the cream ol our talent, and that ol all of Film London at our annual Lodestars event, held in June. Nominated by Film London staff and voted for by a jury of our Board, the Lodestars showcase is an annual snapshot of the m05t promising talent to come through our radar each year. 2023,5 Film London Lodestars featured.. Directors.. Karl Jackson, AliTr Russell. Beru Tessema Producers.. Gina Lyons, J8ssica Palarozza, Gannesh Rajah Writers.. Theo James Krekis, Tracey Lopes, Toby Wharton, Aminder Virdee Artist Filmmakers.. Max Coulson. Mahenderpal Sorya. Chris Zhongtian Yuan Heads ol Departtnents.. Gillian Fox, Raluca Petre, Adam Singodi Crew.. Tayo Odesanya, Jonell Rowe, Jenny Stimpson Animation.. Isabel Barfod, Ben Dawson. Jide Johnson, Ronan Mackenzie Exhibitois.. The Castle Cinema, Milktea, The New Black Filrn Collective Games.. Anna Hollinrake, Yoyu Li, Nick Murray London's Screen Archives.. Tower Harnlets Local History Library & Archives Fllm London's Artists, Movlng Image Network FLAMIN (Film London Artists. Moving Imag8 Network comp18t8d year one of a thr8e-year NPO contract with Arts Council England, delivering support for artists working in tnoving iTnage through commissioning, development programmes, advice and advocacy. FLAMIN artist rilmmakers benefited from continued access to training. resources and networks enabling them to make a significant and recognised contribution to the profile and success of the Brits'sh film and visual arts industries, promoting a high standard of British artistry and creativity. FLAMIN conb"nu8d to play 8 k8y role in supporting th8 moving im8g8 talent of London and beyond, achi8ving 5ignific8nt national and international recognition for FLAMIN-supported artists. FLAMIN films continued to reach audiences and its alurnni achieved major career outcomes. FLAMIN'S long-running commissioning programme ft)r mid-career artists, FLAMIN Productions, supported artists, long fom film commissions through development and production with a new award to artist Graeme Amfield for his moving image work The Casg ForSp8C8. Works supported through the sohemg were exhibited and screened widely. Steven E8Stwood's StNm CNnema, co-cieated by tnembers of The Neurocultures Collective, a group of neurodiverse creatives, premiered as an installation at Nottingham Castle. Michelle Williams Gamakgr's ThNev88 forrned the ¢entr81 focus of 8 touring solo exhibition at South London G8118ry and Dundee Contemporary Art and will go on to tour to BILJecoat Gallery in Liverpotsl. Thieves also received the prize for Best Experimental Film at Aesthetica Film Festival. Onyeka Igwe's film. A Raclical Duet, was exhibited as a two screen work at Bonington Ga118ry in Nottingham and scr8en8d at London Film Festival, Berwick Film & Media Art5 F8Stival and Barbican Cinemas. It will be exhibited at Peer Gallery London from September 2024. Previous wmmissions were screened in London alongside panel discussions - Jasmina Cibic's The Gift at B8rbican Cinemas and Patrick Hough's Two Fa$ of Tomorrtrw at Curzon Hoxton. Billy Dosanjh's FLAMIN Productions film Incli screened at the London Indian Film Festival at BFI Southbank. FLAMIN continued to support early career moving image artists with mentoring, development and production support. The sixth round of the FLAMIN Fellowship took place for six practitioners receiving rnentoring and finance to develop new works. FLAMIN curat8d an online and exhibition pres8ntation of their work along5id8 FLAMIN Alumni artists as part of B3 Biennial in Frankfurt, continuing this established partnership. The Fellows also took part in a collaborative online workshop and networking prograrrme. Pave Your Path, in partnership with Videotage Hong Kong and G39 Cardiff. Feedback and career nd project advice session5 were offered to all un5ucce5sful applicants across all FLAMIN 5chetnes and to selected EAN members through a pilot advice partnership project. Page 10
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Objective 2= Provide education and trainin9 in the art and production of film. television and the moving image Icontinuedl FLAMIN worked again with videoclub to present the Selected UK tour, a touring progratmrne of work by early career artists selected by the shortlisted Jarman Award artists each year. The tour. showcased films by artists from underrepresented backgrounds and travelled to five UK venues. Other partnership projects included working with Accumulate, Art School for the Home18SS, to delivgr, in partn8rship with Autograph 8 filrnrnaking workshop to a group of peopl8 who had exp8rienoed homelessness. FLAMIN also supported Vital Capacities, an c)nline residency lor disabled artists delivered by videoclub. The 16th edition ol the Film London Jaman Award took place in partnership with the Whitechapel Gallery and the winner, Rehan8 Zaman. was announced al an award cerernony at the Barbican Cinema. In the lead-up to the announcement, FLAMIN presented screenings and talks profiling the shortlisted artists in partnership with seven UK venues including a day of events at the Whitech8P81 Gallery. FLAMIN alumni presented solo exhibitions at major institutions in the UK and inlemationally. Developed through FLAMIN'S New Approaches scheme, Melanie Manchot's experimental documentary feature STEPHEN premiered at the Liverpool Bi8nni81. Th8 s8cond edition of X Museum'5 Incubator cotMtMission5 by Lawr8nce Lek wa5 presented in Beijing's X Museum. Lawrence Abu Hamdan's latest film installation Parallel was on show at Edinburgh's Talbot Rice Gallery. Solo exhibitions by FLAMIN alumni included Andrew Black (LUX, Lond()nl," Larry Achiampong Isianley Picker Gallery, London),. Daniellg Br8thw81te-Shirfey (Studio Voltaire, London), Sophie Koko Gate IEast G8118ry, Norwich University of Arts), The Otolith Group (GengrasS1, London), Project Art Works IBallic, Newcasltel, Hetain Patel IArt Exchange, Colchesterl, Alberta Whitue (The Modem Insb"tute, Glasgowl and Zineb Sedira Iwhitechapel Gallery), atnongst others. Monster Chetwynd was commissioned by Art on the Underground to produce a new work for Gloucester Road Station. Adham Faramawy was named as iecipient of the 2023 Attist Award at Frieze London. A major new public installation was presented at Chapter, Cardiff, by Rosa-Johan Uddoh. Cornmissioned by Cement Fields. FLAMIN alurn Phil Coy's latest film Grit premiered at Chatham Dockyard. FLAMIN alum Larry Achiampong's debut feature Wayfinder120221 screened at Kingston University's Town House Courtyard. Suki Chan was selected for the Sundance Institute Sandbox Fund. Larissa Sansour's latest film premiered at CPH'.DOX. Projects developed through previous rounds ol the FLAMIN Fellowship achieved wide audience reach. Spike Island Bristol pres8nt8d a new film commission by FLAMIN F8llow Astmaa Jama who was also announced as the r8CiPi8nt of th8 2023 AcTrss Art X Prize AfricalDiaspora prize. Reading Inlemational festival featured a new solo exhibition of work by FLAMIN alumnus Chri5 Zhongtian Yuan Zabludowicz Co118Ction in London pr85ent8d a solo 8xhibition of work by Milo Cr885e Julia Parks. Seaweed screened at CCA Glasgow as part of the Scottish International Short Film Festival. Holly Marie Parnell's FLAMIN Fellowship commissitsn showed in a solo exhibition at Sirius Arts Centre, Cobh, Ireland, and stteened at Cork International Film Festival and Berwick Filrn & Media Arts Festival. Also developed through the FLAMIN Fellowship, Dyke, JustDo it, 3 mulb"media live perfOanCe by Sweatmother took place at ICA. Antonia Lux8m's lat85t fil was selected lor BFI Flare. Seema Mattu had their debut solo show at QUAD, Derby. The third edition of FLAMIN Anirnations took place and four new commissions by emergent Black artist animators were supported in production. The foul 2023124 FLAMIN Animations artists, completed films premiered at the New Black Film Collective XPO al Rich Mix and the artists attended and spoke on a panel about their work. Previous commissioned works were screened including Isabel Barfod's commission A Float at Edinburgh International Film Festival and Manipulate Festival, Edinburgh. Isabel Barfod also went on to win the Margaret Tate Commi5SIOn. Brokering access to jobs through Skills As of March 2024, the Equal Access N8twork IEANI has grown to OV8r 8,000 rn8mbers, with steady monthly increases. Its projects receive backing from various organisations, including the GLA, Mayorfs Office, the 8FI's National Lottery funding and industry partners such as NBCUniversal, Ulffv All Voices. Film Fixer, and Two Brothers Pictures. Page11
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Objectiv• 2- Providè •dueation and training in tha art and production of film, t•l•vision and th• moving imag• leontinu•dl Brokèring aecass to lobs through Skllls Icontlnuadl In April 2023, Film London secured £2.2 million from the BFI'S Metro London Skills Cluster, funded by the National Lottery. Over thre8 y8ars, FilTn London will lead this initiativ8 alongside th8 National Filtn and T8levi5ion School, focusing on London and nearby counties-Buckinghamshire, Hertfordshire, and Surrey. Collaborations include the Association of Colleges. Capital City College Group. London Higher, and Middlesex University. This fund aims to provide targeted training for difficult-to-fill roles. Partnerships forrM8d during this p8riod include FilTn Fixer for Lo¢8tion Marshall training, John Yorke Story lor Production Accounting, NBCUniversal for Hair and Makeup, and Talking Point Films for Art Department Props Making, with the prograrnme running until April 2026. Throughout the last year, we continued to work with the Capital City College Group ICCCGI, London Higher, Middlesex University, employers and other stakeholders on the delivery of the Creative Skills Academy ICSAI. The CSA programme sets OLJt to creat8 8 5ustainab18 PIP81ine of ski118d 18bour In8w entrants and industry r8turnersl to addr855 th8 ongoing skills shortage across all areas ol the screen industries (film, TV, animation, visual effects and games) with a particular focus on under-represented groups. The CSA has enabled Film London to offer a range of industry-led short courses as well as 5UPPOrt for diverse individuals and groups who are seeking to pursue 8 cAreer in the screen industries. In Decernber 2022, the GLA awarded Filrn London a contr8Ct to expand the Job Gentre Plus programme to include Westminster, Newham, 8nd Islington, adding to the initi81 borough5 of Lamb8th, Tow8r Hamlets, and Br8nt. This 8xt8nsion also supported a third iteration of the Breaking the Glass Ceiling Programme, which concluded in October 2023. Film London's partnership with N8CUniversal continued to place EAN members as trainees (>n their productions. These trainees reTrive support from EAN, including an industry mentor and set eliquelte training. In March 2024, a new agreement with Universal was formed to launch an intensive Hair & Makeup Aelerator Prograrnrne. offering trdining. placernent, and tmentoring throughout 2024. UKTV and the EAN continue lo foster the All VolS initiative. designed to enhance TV industry employment opportunities for undgrrepres8ntgd groups. This initiative provides paid, full-tirne roles on UKTV original prodLJCtions for n&w entr8nts, mid-level professionals, and industry returnees. To date, production companies such as Phil Nclntyr8, BBC, Clockwork Films, Zinc Media, Stu(Jio Crook,Zeppotron, Label 1 TV, Hallof Mirrors rv, RDFTelevi8ion, Boom Cymru, Monument81TV, Wall to WallTV, Studio CrookTV, Expectation TV and Tuesday Child TV have supported the All V0CeS pilot. In March 2024, the Higher Education Framework was introduced to facilitate systematic collaboration with higher education institutions for training and dev81opment. This Fr8m8work, supported by the BFI'S M8tro London Skills Cluster, includ8S two primary components. First, it offers a series of conferences aimed at increasing awareness about the needs of the screen industry and includes Continuous Professional Development ICPDI for university staff on topics like Intirnacy Coordination, Sustainability, and Inclusivity in Productions. The second COTnponent provides targeted training for students in shortage occupation roles, delivered by industry partners and Film London. Universities can subscribe lo ihese courses for their students. The EAN has also expanded its extensive network of industry training partners. This network includes organisations such as Arts Ernergency. BFI NETWORK, Creative Sparkworks, Diva. Film Fixer. Four Corners, Fully Focused. Into Film. Foidharn University, The National Film and Television School, The Ghetto Film School, The London Film School, The London Screen Academy, MAMA Youth, The Media Trust, Sara Putt, The Prince's Trust, The Global Academy, and The New Black Film collective. The EAN rnembers benefited from training provided by film London and delivered with RDF Television, Solas Mind, David Thotllas (Finance for Freelancers) and S8mina Kiyani Imedia Networking Training). Games London Diverse talents and perspectives continue to be vital for building a more diverse games industry. In the period ending 31 March 2024, our games programmes included.. Game Changer, a new business development programme for founders from underrepresented backgrounds., and Ensemble, which focuses on garnes industry Crealives from Black, Asian and underrepresented ethnicities. Page 12
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Futur• Davèlopmènts and Funding The beginning of the new financial year 2024-25 is marked by financial stability. Across our three brands- Film London, Games London and the British Film Cornrnission- we continue to work with fund8rs, stak&holders and indLJStry to ensure we maximise our contribution the sustainable growth ol our industry, deliver bespoke programmes and valuable supp)rt. Diversity, equity, inclusion and sustainability remain an integral part ol our commitment. The GLAcontinues to sustain ourwork across film, TV, animati()n and games as well as additional funding lor skills through the Mayoral Creative Sector Academy programme and our funding agreements with the British Film Institute allow us to continu8 our work across our core remit. Working in partnership wth th8 NFTS, we s8cur8d thre8-y8ar BFI lott8ry funding for the Metro London Skills Clustei. As a NPO, we continue to be in receipt of Arts Council England funding to continue delivering our unique FLAMIN awards and support programme for emergent and mid-career moving image artists. We have renewed our DCMS funding for the British Film Commission through to the end of Mah 2025. Despite our strong relationships with funders. we are very aware of the challenging funding clirnate and that some of our key contracts will require renewal for 2025-26. Filrn London has faced funding reductions in the past and has worked with its Board to restruclure the company to allow for cutbacks when required. We have robust planning processes in place whereby we draw up funding scenarios in the autumn of the financial year reflecting discussions with lunders allowing us to make adjustm&nts if r8quir8d by the &nd of th8 financial year. Film London also r&vi8ws annually th8 Costs of 8 dosing down scenario and has sufficient reserves in place to close the company should it be required. With the continued growth ol our industries, we face challenges and opportunities for London and the UK. Film London. the British Film Cotmtmission and G8rn85 London will continue working with governm&nt, stak8hold8rs and industry for our industry to be a key contributor to sustain growth and to support government in key policy areas such as levelling up. Promoting and advancing the visual arts in London and Great Britain Talent Development. NETWORK and FLAMIN BFI NETWORK will remain at the heart of our t81ent d8V81oprn8nt progr8mme 8n8bling 8xating and divers8 London talent to produce and make short films. Our FLAMIN Fellowship, our new FLAMIN Animations strand, as well as our ongoing FLAMIN Productions and the Jarman Award will continue to support. develop and foster artist filmmakers. The New Talent strand of the PFM, our Lodestars awards, our Labs pr(NJramme and UP5tream are cornerstones in developing, prornoting, recognising and connecting talent. The Metro London Skills Cluster As we enter the second year ol the Metro London Skills Cluster, we continue to work in partnership with the National Film and Television School INFTSI. London Higherand the Association of Colleges IAOQI and Middlesex University. the Capital City College Group ICCCGI. Working with industry we continue to address the skills shortage in the screen industry by growing our offer ol training and workforce development. This also wotl(s to increase the diversity of the sector wotl(lorce. Page 12
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Film Culturè- Film Hub London and London's Serèan Archiv•s Film London continues to invest in Audiences, Culture and Screen Heritage. Film Hub London retnains focused on 5UStaining and growing diverse audienees and aecess to einema for all. Film Hub London's continues to support the membership lo keep operating and rernain resilient programme 8 broad and inclusive range of film sustain and develop their audience with a particular focus on young and family audiences London's Screen Aichives will support the meTnbership through.. strengthening the network, serviang and understanding the members, needs connecting more people with Archive Film online and through innovative screening and education opportunities empowering our members by offering training and capacity building preserving and celebrating diverse stories to ensure that our collections represent the full breadth of London's cc)mmunities ensuring a sustainable future d)rough cornmercial income generation and collaborative working Buslness Development Film London will continu8 to d81iv8r its k8y markets with the London Scr8enings sch8duled to b8 d81w8r8d in Jun8 2024. The Production Finance Market and its New Talent strand will be delivered as an in-person event during the London Film Festival in October 2024 with some access online. The sixth edition of the IP Market UPstream is scheduled to take place in February 2025 and will have delivered its first year-iound digital plafform online. We will continue to support filming in London through our London Filming Partnership. sustaining London's reputation as a film-friendly d85tination as well as promoting the capital'5 UnlqU8 production infr85tructure and its extraordinary rich, competitive and cultural offer to the global production industry across film, television, animation and commercials. We continue to develop and sustain London's position as one of the worfd's top production hubs, providing guidance for government departtnents and local authorities and stiengthening our strategic partnership wth the Mayor of London. With London and the South East remaining a key hub for content production as well as animation. games and post and VFX, London makes a significant contribution to the overall national industrial strategy. London is very rnuch a gateway, which contributes to the levelling up agenda benefitting the whole of the UK. Our work in Gam•s London is looking forward to the 10th anniversary of the Games Festival and building on the success ol the 2024 leslival to deliver an enhand offer to industry and the public. The British Film Commission continues lo support US clients and the UK production infrastructure across regions and nations to undeipin the growth ol (>ur industry and its intemational promotion. We continue to support the development of additional stage space in the UK and work to secure a large share of content production and a sustainable future lor the UK production sector. We have led and operated the BFC successfully through the shared services model now for over a decade w(>rking in close partnership with funders, industry and stakeholders. We are working with our lunders on long-term growth strategies for our industry, mapping out an industrial strategy underpinned by the sustainable growth across stag8 space and skills. Page 13
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Our eommltmènt to &nvlronm•ntal and soclal sustalnablllty Equity, Diversity & Inclusion as well as Environrnental Sustainability are key to sustaining growth. We cOnnUe to place these priorities at the heart of our strategy and delivery across our three biands. Our aitn is for sustainability to be reflected in our delivery, and corporately, through staff training, recruiiment, procurement, and by setting our tswn ambitious but achievable goals mapped against the UN'S sustainable development goals. Improving h88lth, safety and w811-being for productionslon set. Supporting our sector in a transition to a zero carbon world providing advice to our clients and through facilitating access to appropriate resources. Creating social value to achieve a more inclusive and equitable society. Supporting our 5takeholder5 and UK infrastructure through partne15hip working. Supporting our clients through outreach to production partners to identify and understand the challenges they rnay face translating their initiatives to the UK. Partnership working snd learning from and sharing best practice in these 8reas wth other filrn commissions, industry and stakeholders. Partnering globally- European and international collaboration Partnership working remains at the heart of the agency's ethos and we are committed to sustaining and growing our European and International partnerships. On the BFC side we conts'nue to put in place Mous with European partners and work clos&ly with all US studios and str88mers and our LA-based t88m 15 in daily contact wth partners in the US and Canada. On the Film London side, we continue to place 8 particular etllphasis on working with 8 wide range of European and global partners. Melboume International Film Market, South Africa Film Commission, Netherlands Film Fund and EAVE are partners of the PFM. We wntinue lo exchange best practice wth some key partners of our Green Screen project.. ProMalag8 in Spain, Flanders AudiovisLJal Fund in Belgium, Ystad Municipality in Swed8n, P8ris Region Entr8Pri58s in France, the Slovak Audiovisual Fund I Slovak Film Commission in Slovakia and Rzeszow Regional Development Agency in Poland. We have ongoing partnerships exploring opportunities for promoling the soft power and benefits for tourism from filming working with the Austrian Film Cotntnission, the Italian Film Cotntnissions, the Spanish Film Commission and Malla Film Commission as well as Southern Sweden Film Commission. We continue to be active partners of AFCI, Cine Regio and the European Filrn Commission Nelwork IEUFCNI. Page 15
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Financial review a. Remuneration policy The pay of Film London staff is reviewed annually by the Finance Cotnrnittee who will rnake a recotmrnendation to the Board ol Trustees. The Finance Committee will assess as to whether the Company can afford to pay a cost of living increase within the budget. In 2023124 Film London staff have been awarded an unconsolidaled cost ol living increase d8p8nding on lev81 of s818ry per 8nnum. The Finance Committee determines the pay for the Key Management Personnel. so that it is tighuy aligned to the delivery of FilTn London's strategic goals and pay decisions for Film London generally, and wnsistent with internal rel8tiviti85 and affordable. On an annual basis, the Finance Committee lotsks at the growth and success ol the Key Management Personnel within their roles. b. Grant glvlng pollcy Film London awards annually a number of grants through its talent development and production schemes as well as through Film Hub London. Grants arg reviewed and approved by the respective SVcOMMittee$ and the Film London Board. Reserv85 Policy In line with the guidance issued by the Charity Commission, the Trustees have considered the future needs ol the charity and believe that unrestricted general funds lor what the Charity Commission define as°free° reserves) should be sufficient to COV8r 811 liabilities, in th8 ev8nt of closure of the charity. Th8 18v&I of r858rves is annually r8Vi8W8d by the Finance Committee, to ensure that we have sufficient funds to provide for the charity's working capital needs and a sensible contingency against an unexpected shortfall in fundraising incorre. emergency or exceptional unforeseen expenditure. thus ensuring the financial stability of the charity over the longerterm. In 2023124, we have free reserves of £984.8k, which falls in line with our requirements12022123'. £942.1 kl. d. Financial perforniance Total incoming resources at £6.7m are 2.5°/o higher than the previous year. Total expended reSoUrS al £6.7m are 3.3°/. higher. The overall result was that the charity's total reserves increased by £13k to £1,042k12022123.' increase of £64kl. In cc)mmon with many charities, revenue fundraising continues tc) be extremely challenging. The charity is investing in fundraising to grow incorne strearns. providing a better balance, with less dependency on restricted income particularly frotm grants frotm the public sector. Film London continue5 to review its strategy with regards to fundraising from the public and private sector and is monitoring income very closely. As usual, we wotked hard to ensure overhead costs were controlled. Film London's fundraising focuses on corporate sponsorship as well as public sector agencies. We have a small team working on fundraising consisting of one senior manager and part tirne support. Film London does not engage in fundraising froTll individuals. Page 16
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Structure. governance and management Constitution Film London is a company limited by guarantee, registered in England, (registered number 46998251. It was incorwrated on 17 March 2003. and is governed by its Memorandum and Articles of Association. Film London is a registered charity nutllber 1163968. Filtn London also trades as British Film Cotnrni5sion and Games London. b. Recruitment and training of Trustees At the end of their two terrns leach of thr88 y8arsl, Trustees 5t8p down and Film London will adv8rti58 to recruit new Trustees. During the year one Trustee, lain Smith, stepped down. Trustees usually serve two tems of three years but in special eircumstances any trustee who would nomally be eligible for re-election may be extended for a third lemi by the Board. Film London was entered on the Register of Charities on 14th October2015. Trustee training is delivered on a regular basis by Harbottle & Lewis to provide an update on legislation and best practice to all Trustees. The annual Trustee training reminds Direotors of their duties under the Charity Govemance Code. The induction pack to new Trustees includes Filrn London's Memorandum and Artides ol Association, its Finance Regulations, Staff Organogram as well as detsils of the Board's Sui>Committees and dates of Trustee meetings. - Trustee board and committe85 Film London is governed by its Board of Trustees, chaired by Daniel Battsek. The Board of Trustees meets seven times per year and has five sub-committees.. Finance Committee Fundraising Committee Production Committee Audience D8veloprn8nt Cornrnitt88 FLAMIN Committee. The SUbmMitteeS meet two lo four times annually and oversee distinct areas of Film London's activity, discuss and select grants and provide advice snd guidsnce and report back to thg Film London Trustees. E8¢h sub-comrnittee is chaired by a Film London Trustee. The mernber5hip of sub-cotntllittees is made up of Trustees. As set out in the Articles of Association. the Board of Trustees set the slrdlegy for the charity and discuss and approve the annual business planning induding budgets, accounts and significant grants. The British Film Commission has an Advisory Board including repr85ent8tion frorn fund8r5, nations, regions and industry chaired by lain Smith. Daniel Battsek, Chairol Film London 5its on the Advisory 8oard and lain Smith, Chairof the Advisory Board, is a Film London Trustee. The BFC Advisory Board oversees the strategy and activities of the British Film Commission. It meets four times 8 ye8r. It has a Business Sub-committee which meets 5-7 times per annum io discuss and provide guidance to ongoing activity. Papers frotn th8 BFC Advisory Board ar8 includ8d in board papers going to Filrn London Truste85. Games London is a brand developed in partnership with Ukie (UK Interactive Entertainment). The brand was launched in January 2016 with the announcermgnt of the London Gsrnes Festiv81. A steering group is Chaired by Li M8, Trustee of Film London and Director ol UK Interactive Entertainment Iukiel and has participation from senior management from Film London. Ukie as well as representation of funders and industry. Page 17
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 Structure. governance and management Icontinuedl d. Organisational structure The charity is under the day-t041ay control of the CEO, who reports to the Board of Trustees at their regular meetings and as required to the Chairrran of the Board. The Trustees are aware of the Charity Governance Code and the principles of this Code undetpin Film London's decision making, processes, board and sub-cornmittee meetings. Film London's Senior management team reports to the CEO. Related Parties Transaction5 Film London's Directors give their time as Charity Trustees freely and no director is in receipt ol remuneration in 2023124 for their role as Directors. Details of related paty transactions are disclosed in note 18 of the accounts. f. Rlsk management The Film London Board of Trustees approved the Financial Regulations of the charity, which is based on the Charty Commission publication CC8-"Inteinal Financial Controls for Charitie5" The Finance Cotntmittee over5ee5 the financial management ol the Charity discussing and reviewing the budget, management accounts and annual accounts as well as the Charity's risk register. Our approach is to identify the rnost significant risks and how to manage and mitigate Ihem. Al types of risk are considered e.g. financial, operational, reputational, govemance and compliance as well as iisks outside our control such as political, environmental, technical, legal and economic. The Chair of the Finance Committee reports to the Film London Board. All Finance Committee meetings are minuted. g. PrfncSpal rfsks and uncertalntSes The Directors are assessing and monitoring closely all principal risks legal, financial, reputstional, operation81, governance, compliance on an ongoing basis across all activities and projects undertaken by the company. The assessment of risks are closely monitored by Film London's Finance Committee and regular calls with all core funders and key stakeholders regularly take place. At the date of this Port, the Trustees consider fund raising frorr cornrnercial partners as well other sourees to continue to be a key challenge in dèveloping altemative funding streams. Page 18
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 REFERENCE AND ADMINISTRATIVE DETAILS Trustees Geraldine Atlee Daniel 8attsek Judith Chan Eve Gabreau John Graydon Jeffrey Jacobs Saurabh Kakkar Lima Bennett McGhee Oliver Meek Hamish Mosley Nicola Pearcey Dan Penfold Lila Rawlings lain Smith (resigned 291h November 20231 Fran$ Trought Nicole Yip Company Secretary Daniela Kirchner Chief Executive Officer Adrian Wootton Chief Operating Officer Daniela Kirchner Registered Office The Arts Building Morris PI8c8 London N4 3JG Company Number 04699825 Charity Numbèr 1163968 Au(Iltor Azets Audit setv1$ Regis House 45 King William St London EC4R 9AN SolScltors Harboltle & Lewis LLP 7 Savoy Court London WC2R OEX Bankers Barclays Bank plc 27 Soho Square London W1 D 3QR Page 19
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trust8es (who are also Directors of Filrn London for th8 purpos85 of company lawl ar8 responsib18 for pr8paring the Trustee5' Report and the financial staternents in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company law requires the Tiustees to prepare financial staternent5 for each financial year. Under cornpany law the Trustees musl not approve the financial statements unless they ale satisfied that they give a true and fair view ol the state ol affairs ol the charitable company and ol the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the trustees are required to". select suitable accounting policies and then apply them consistently., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent", and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation. The Trustees are responsible lor keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible lor safeguarding the assets of the charitable company and hence for taking reasonable steps lor the prevention and detection of fraud and c)ther irregularities. Disclosure of information to auditors Each ol the persons who are Trustees at the time when this Trustees, Report is approved has confirrned that.. so far as that Trustee is aware, there is no relevant audit information of which the charitable company's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company's auditors are aware of that information. This report was approved by the Trustees on 3110712024 and signed on their behalf by.. Do¢uS*Mdby'. .A17.DE17AQB3JFAAC...... Daniel Battsek Director Page 20
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF FILM LONDON Opinion We have 8udited the financial ststements of Film London Ithe 'charitsble company I for the year ended 31 March 2024 which oompri5e the Statement of Finan¢is1 Position, the Stat8ment of Financial Activities, the Stat8ment of Cash Flows and notes to the financial statern8nts, including significant accounting polici8s. The financial r8POrting framework that ha5 been applied in their preparation is applicable law and United Kingdotn Accounting Standard5, including Financial R8POrting Standard 102 Th8 Financial R8POrting St&nd8rd applicabl8 th8 UK anrl Republic of Ir81and IUnit&d lingdom Generally Accepted Accounting Practi1. In tsur opinion the finanaal statements". give a true and fair view of the state of the charitable company's affair5 as at 31 March 2024, and of its incoming resources and applicab.on of resources, including it5 incotne and expenditure, for the year then ended., have been properly prepared in accordan with United Kingdom Generally Actspted Accounting Practice,. and have been prepared in acc()rdance with the requirements ol the Companies Act 2006. Basis for opinion We conducted our audit in accordants with Intemational Standards on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under th(>se standards are further described in the Auditor's responsibilities lor the audit ol 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 siatements 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 eviden we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financial statements, we have conduded that the irustees, use of the going concern basis of aCcn11ng in the preparation of the financial stalernents is appropriate. Based on the work we have perforrned, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable companys ability to continue as a going conr for a period of at least twelve months from when the financial staternents are authorised lor issue. Our responsibilitses and the responsibilities of the trustees with respect to going concem are described in the relevant sections of this report. Other inforniation The other information cornprises the inforrn8tion included in the trustees annual report. other than the financi81 staternents and our auditor's report thereon. The truste85 ar8 responsible for th8 Other information contained within th8 annual r8POrt. Our opinion on the financial stat8m8nts d085 not COV8r th8 Oth8r inforrnation and, exc8Pt to th8 8Xt8nt otherwis8 explicitly stated in our report, we do not express ally form of assur8n¢e conclusion thereon. Our responsibility is to read the oth8r inforrnation and, in doing so, consider wh8th8r the oth8r information is mat8rially inconsistent with th8 financial statements or our knowledge obtained in the course of the audit or oth8rwis8 appears to b8 materially misstated. If w8 Identify such material inconsistencies or apparent Tnaterial misstatements, we are required to determine whether thi5 gives ris8 to 8 tMat8ri81 tMisst8tern8nt in th& financi81 stat&tT18nts themselves. If, based on th8 work we hav8 P8rform8d, wg 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. Opinions on oth•r matt•rs préseribad by thè Companiès Aet 2006 In (jur opinion, based on the work undertaken in the course of the audit." the infomation given in the trustees, report (incorporating the directors, report) for the financial year for which the financial statements are prepared is consistent with the financial ststements., and the directors, report has been prepared in accordance with applicable legal requirements. Page 21
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF FILM LONDON Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitsble cornp8ny and its environment obtained in the course of the audit, we have not identified material misstatements in the dirertors. report. We have nothing to report in respect of the following matters in relation to which the Cotnpanies Act 2006 requires us to r8POrt to you rf, in our opinion.. adequate accounting records hav8 not be8n k8Pt, or returns adequate for our audit hav8 not b8en r8C8iV8d from branches not visited by u5., or the financial statements are not in agreement with the accounting records and returns., or C8rtain disclosur8s of directors. r8mun8r8tion sp8cifi8d by law ar8 not rnade,. or w8 have not r8ceived all th8 information and explanations we require for our audit- or the trustees were not entitled to prepare the financial statements in accordance with the Small companie5. regitme and take advantag8 of the sm811 oompanies. exemptions in preparing the dIrtorS, report and from the reqLJirement to prepar8 a strategic r8port. R*sponsibilitias of trust•ès As explained more fully in the trustees. responsibilities staternent set out on page 20, the trustees Iwho are also the directors of the charitable cotnpany for the purposes of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such Intemal control as the trustees determine is necessary to enable the preparation tsf financial stalements that are free from material misstatement, whether due to fiaud or eri(>r. In preparing the financial statements, the trustees are sponSible lor 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. Auditor's responsibilities for the audit of the financial statements Ourobjectives are to obtain reasonable assurance about whetherthe financial statements as a whole are free from material misstalemenl, whether due to fraud or error, and lo issue an auditor's report that includes our opinion. Reasonable assurance is a high level ol assurance. but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstaternent when it exists. Misslalernents 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 fi'nancial statements. The specific procedures for this engagernent and the extent to which these are capable of detecting irregularilies, including fraud is detailed below.. Enquiry of management and those charged with governance around actual and wtential litigation and claims as well as actual. suspected and alleged fraud., Reviewing minutes ol meetings of those charged with governance., Assessing the extent of compliance with the laws and regulations considered to have a direct rnaterial effect on the financial statements or the operations of the company through enquiry and inspection., Reviewing financial statement disclosures and testing to supporting documentation io assess compliance with applicable laws and regulations., Performing audit work over the risk of management bias and oveIde of controls. including testing of journal entries and other adjustments for appropriateness. evaluating the business rationale of significant tr8nsadions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. Irregul8riti85. including fraud, are instsnces of non-¢ompli8nce with laws and regulations. W& design procedures in line with our r8sponsibiliti8s, ouUin8d abov8, to d8t8ct material misSt8t8ments in r8sP8Ct of irr8gularities, including fraud. 88cause of th8 inh8r8nt limitations of an audit, there is a risk that we will not detect 811 irregularities, including thos8188ding to a tMateri81 mi55tatement in the Iinancial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation 15 removed frorn the events and transactions ieflected in the financial statetnents, as We will be less likely to b8COtn8 aware of instanc8s of non-cornplianc8. Th8 risk is also gr8at8r regarding irregularit185 occurring due to fraLJd rather than error, a5 fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities is 8vail8bleon the Financi81 Reporting Counal'5 website at.. https".Ilwww.frc.org.uklOur-WorklAuditlAudit-and-assurantslStandard5-and-guidancelStandards-and-guidance-for- auditorslAudittsrs-responsibilities-for-audiUDescription-of-auditors-rÈsponsibilits-es-for-audit.aspx This description forms part of our auditorfs report. Page 22
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF FILM LONDON Use of our report This report Is made solely to the charitsble company s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our suditwork has been und8rtak8n SO that we might state to the ¢harit8bl& company s memb8rs those m8tters w8 are required to state tothetn in an auditor'5 r8port 8nd for no otherpurpos8. To the fullest extent permitted by law, we do not accept or a5surne re5ponsibilrty to anyone other than the charitable company and the charitabl company s m8mb8rs as a body, for our audit work, for this report, or for th8 opinions we have forrn8d. Azets Audit S8rvic85 Limit8d Statutory Auditor 2nd Floor, Regis House 45 King William Street London EC4R 9AN Date.. 0610812024 Page 23
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 2024 2024 Restricted 2024 Total fund5 2023 Total fund5 Unrestricted Notes INCOME FROM Donations and legacies 36,000 219,369 255.369 339,751 Charitable activities 2,027,901 4,284,029 6.311,930 6,116,926 Other trading activities 73,316 73,316 43,653 Investment income 22,930 22,930 3,824 Total 2,160,147 4,503,398 6,663,545 6,504,154 EXPENDITURE ON Raising funds Charitabl8 activities 134,062 2,013,277 134,062 6,516.675 146.955 6,292,791 4,503,398 Total 2,147.339 4.503,398 6.650,737 6,439.746 NET INCOME 12,808 12,808 64,408 RECONCILIATION OF FUNDS Total funds brought forward 1,029,540 1,029,540 965,132 TOTAL FUNDS CARRIED FORWARD 1.042.348 1.042.348 1,029,540 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notes form part of these financial statements Page 24
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON STATEMENT OF FINANCIAL POSITION AT 31 MARCH 2024 2024 Total fund5 2023 Total funds Notes FIXED ASSETS Intangible assets Tangible assets 560 86,882 12 57.528 57,S28 87,442 CURRENT ASSETS Debtors Cash al bank and in hand 13 627,490 2,442,677 904,265 2,345,038 3,070,167 3,249,303 CREDITORS Amounts falling due within one year 14 12.08S,3471 12,307,205) NET CURRENT ASSETS 984.B20 942,098 TOTAL ASSETS LESS CURRENT LIABILITIES 1,042.348 1,029,540 NET ASSETS 1 029,540 FUNDS Unrestricted funds 15 1,029,540 TOTAL FUNDS 1.029,540 These financi81 staterments have been prepared in a¢wrdan with the spe¢i81 provisions of Part 15 of the Companies Act 2006 relating to sm811 charitable cotnpanies. Th8 financial statements wer8 approv8d by the Board of Trustees on 31107/2024 and w8r8 signed on its behalf by.. Docu8*Mdty'. QAMALL ballsLL 7DDTenB31TIC.................. Danlel Battsek Director The notes form part of these financial statements Page 25
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities= Net cash provided by op8rating activitiès 99.430 1798,1311 Cash flows from investing activities.. Divid8nds, interest and rents from investrnents Proc8eds from the sale of prop&rty, plant and equiprn8nt Purchase of property, plant and equipment 22,930 3,824 24.721 20,190 Net cash (used inl investing activities 11,7911 116.3661 Change in cash and cash equivalents in the year 97,639 1814,4961 Cash and cash equivalents brought forward 2,34S,038 3,159,535 Cash and cash equlvalents carrfed fOard 2,442,677 2,345,038 Reconciliation of net movement in funds to net cash flow from operating activities Net incorne for the year 12,808 64.408 Adjustments for= Depreciation charges Dividends, interest and rents from inv8Stments Decrease in debtors Increase in creditors 54,635 122,9301 276.775 1221,8581 75,879 13,8241 229,942 11,164,536) Net cash (provided byVuse(l in operating activities 798.1311 Analysls of cash and cash equlvalents Cash in hand 2,442,677 2,345,038 Total 2,442.677 2,345,038 Page 26
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATUTORY INFORMATION Film London is 8 charitab18 cornpany, limit8d by guarant8e and incorpor8t8d in England. Th8 memb8rs of the Charitable Company are the Trustees natmed on page 19. In the event of the Charitable Company being wound up, the liabilrty in respect of the guarantee 15 litnited to £1 per tnember ol the Charitable Cornpany. Film London meets the definition of a public benefit entity under FRS 102. ACCOUNTING POLICIES Basis of Prèparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities". Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 effective 1 January 20191- Charities SORP IFRS 1021 and the Companies Act 2006. The Directors reviewed Film London's financials (Financial Statements 2023-24, current year to dale management accounts and cash flow) at the Board meeting on 30 July 2024, as part of their regular assessment. as well as its principal risks, financial and otherwise. At that lime, they were satisfied that Film London had sufficient resources to continue operating for the foreseeable future and accounts have been prepared in the knowledge that Film London is a financially viable organisation. The 2024125 budget approved by the Board in February 2024 showed that 81°k of the Film London's funding was at that point committed. Since then, Film London has had further income sources confimied. Funding confirrned for 2023-24 includes.. GLA.. The 8nnual contribution for film, TV, animation 8nd games is confirrned until March 2025. This represents a significant percentage of Film London's core funding. BFI." Film London has negotiated Grant in Aid funding lor 24125 as well as multi-year lottery grants for the Metro London Skills Cluster. Network. Filrn Hub London, Screen Heritage and the British Film Cornmission. Arts Council England.. Film London has secur8d a thr88-y8ar r8new81 of it NPO Status, plus 8ddition81 years, funding with income confirmed until March 2027. Department of Business and Trade IDBTI service level agreement with 24125. DCMS.. addition81 funding for 24125 for the British Film Cornmission. UK Shared Prosp8rity Fund.. th8 charity has $8cur8d 8 proj8Ct award to 31 March 2025 for Garn85 London. Film London has shown in the 24125 budget that it can manage its activity accoiding to the funding raised. Multi- year agreements tnean that the charity will conb.nue to be in a good position beyond 24125. The Ttustees believe that the charity will be in a strong position to deliver across our three brands and our existing programme. After reviewing the Charitable Company's forecasts and pr(>jections, the directors have a reasonable expectation that the entity has adequate resources tts continue in operational existence for the foreseeable future. The entity therefore continues to adopt the going concem basis in preparing its financial statements. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. Page 27
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Fund accounting General fund5 are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for othei purposes. Designated funds cornprise unrestricted funds that have been Set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been iaised by the charrty for particular purposes. The cost of raising and administering such funds are charged againsl the specific fund. The aim and use ol each restricted fund is sel out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income All incorne is recognised once the Charity has entitlement to the incorne, it is more likely than not that the income will be received and the amount lo be reiVed can be reliably estimated and any conditions required lo receive the funds have been met or are with the control ol the charity. Contracied incorne is recognised according to the contract terms. Non-event sponsorship and rnembership income is recognised in the year in which it is invoiced. Where Film London provides services in relum for payment, the income is recognised when Film London completes its part of the agreement by delivering the services. Grants related to Pgrforrn8n¢e of oontradu81 obligations 8re recognisgd when the conditions 8tta¢hed to the grant have b88n tn8t, Film London has 8ntitl8tn8nt to th8 income, it is probab18 that incorn8 will b8 rec8iV8d and the arnount of incotme can be measured reliably. Wh8r8 8ntitletll8nt of th8 income d085 not exist at the balanc8 sheet dat8, intx)m8 is d8f8rr8d and disclosed as a liability at the year-end. On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the Charity which is the amount the Charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market", a corresponding amount is then recognised in expenditure in the period of receipt. In acc()rdance with the Charities SORP IFRS 1021, the economic contribution of general volunteers is not recognised in the accounts. Other income is recognised in the period in which it is re1vable and to the extent the golS have been provided or on completion ol the se1. Expendlture Expenditure is recognised once there is a legal or constructive obligation to make payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated to the applicable expenditure headings. Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disserninating information in support of the charitable acb'vities. Tangible fixed assets and depreciation Tangible fixed assets are ststed at cost less depreciation. Depreciation is provided 81 rated calculated to writ8 off the cost of fixed ass8ts, 18SS th8ir 85tim8ted residual value, over th8ir 8xped8d usefLJI lives using the straight-line method. The tangible fixed assets 8re depreoiated on the following basis.. Leasehold irnprovern8nts Office equipment 10 years 3-5 years Page 28
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES- continued Intan9ible assets Intangible assets repre5entwebsite costs and are stated at cost less depreciation. Depreciation is provided against intangible fixed assets over 3 years, ealeulated to write off the cost over their expected useful lives, using the straight-line method. Intar*st raeèivabl• Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Charity., this is normally upon notification of the interest paid or payable. 2.8 Operatlng leas•s Rentals under operating leases are charged to the Statement of Financial Activities on a straight-line basis over the lease term. 2.9 Flnanclal Instruments The Charity only has financial assets and financial liabilities ol a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured al 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. Prepayrnents are valued at the amount repaid net of any 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 rllaturity of three months or less from the date of acquisition or opening of the deposit or similar aocount. 2.12 Creditor5 and provisions Creditors and piovisions are recognised where the Charity has a present obligation resulting froTll a past event that will probably result in th8 transfer of funds to a third party and the 8Tnount due to settle the obligation can be tneasured or 8StitMat8d reliably. Cr8ditors and provisions ar8 norrnally r8cognised 8t their settlement atnount after allowing for any trade discounts due. 2.13 Pension costs The charity operates a defined eontribution pension scheme. The assets of the scheme are held separately from those ol the Charity in an independently administered fund. The amount charged to the Statement ol Financial Activities represents the contributions payable to the scheme in respect of accounting period. 2.14 Critical accounting astimatas and judg•mants In preparing the financial statements, management is required to make estimates and assumptions which affect reported income, expenses, assets, liabilities and disclosure ol contingent assets and liabilities. Use of available infomation 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 or judgements that need disclosure in these financial statements. Page 29
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 DONATIONS AND LEGACIES 2024 Unr85trict8d 2024 R85tricted 2024 Total 2023 Total Donated SeNces 36,000 219,369 255,369 339,751 36,000 219,369 255,369 339,751 In 2023, of the total income from donations and legacies, £36,000 was to unrestricted funds and £303,751 was to restricted income. The charity is grateful to various organisats'ons who donate their servi$ for free or for a redUd charge. These include support across a nurnber of activities including venue hire, office space, speaker fees. event accreditations, website events plattorm and legal advice. An equivalent charge is included wthin charitable expenditure. The charity also benefits from the involvement and support of its volunteers who rrake 8 vital Contribution towards their achievements in 8ccordance with FRS102 and the Charities SORP IFRS1021. the economic contribution of g8neral volunteers is not rewgnised in the accounts. INCOME FROM CHARITABLE ACTIVITIES 2024 Unrestricted 2024 Restricted 2024 Total 2023 Total Promotion of visual arts FLAMIN Production of talent development Film promotion and culture British Film Commission 1,157,745 59,537 75,743 566,876 168,000 1,908,369 335,349 168,512 392,761 1,479,038 3,066,114 394,886 244,255 959,637 1.647,038 2,517,719 352,370 394,641 823,992 2,028,204 2,027,901 4,284,029 6.311,930 6,116,926 In 2023, 01 the total income from charitable acliviiies, £2,218,140 was to unrestricted funds and £3,89e,796 was to restricted funds. OTHER TRADING ACTIVITIES 2024 Unrestricted 2024 Restricted 2024 Total 2023 Total Rental income Other incorlle 46,341 26.976 46,341 26,976 28,539 15.114 73,316 73,316 43,653 In 2023, of the total income from other trading activities, £43,653 was to unrestricted funds and £NIL to restricted funds. Page 30
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 INVESTMENT INCOME 2024 Unrastrietad 2024 Rèstrictèd 2024 Total 2023 Total Bank interest 22,930 22,930 3,824 In 2023, 01 the total investment income, £3,824 was to unrestricted funds and £NIL to restricted funds. ANALYSIS OF EXPENDITURE staff Adivities Costs Costs (note 101 Grant Funding Support Costs (note 81 2024 Total 2023 Total Raising funds 58,330 15,974 59,758 134.062 146,955 Promotion of visual arts 974,810 FLAMIN 170,066 Production and talent development 181,116 Film production & cultur8 4fj5,741 Brits"sh Film Commission 439,574 1,567,401 82,207 38,953 143.426 1,036,360 500,119 87,251 92.920 238,945 303,707 3,042.330 2,478,442 397,924 387,416 315.489 408.609 981.291 931,720 1,779.641 2,086,604 58,400 2,500 133,179 2,231,307 2.868,347 194,079 1,222.942 6,516,675 6,292.791 2,289,637 2,884,321 194,079 1,282,700 6,650.737 6,439,746 ANALYSIS OF SUPPORT COSTS 2024 2023 Staff costs Inote 101 Overheads Legal and professional Audit and accounting fees 550,568 712,061 2.071 18.000 582,040 702,971 2,991 12,876 1,282,700 1.300,878 NET INCOME 2024 2023 This is stated after charging.. Depreciation Auditors. r&rMuneration Operating lease rentals 54,635 18.000 141,673 75,879 12,876 141,203 Page 31
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 10. ANALYSIS OF STAFF 2024 2023 Wages and salaries Social security costs P8nsion contributions Other staff c(>sts 2,428,S96 265,138 136,425 10.046 2,260,882 254.640 114.403 9,365 2,840,205 2.639,290 The total staff costs of £2,840.20512023'. £2.639,2901 include £2,289.63712023'. £2.057.2501 of direct staff costs as shown in note 7, plus £550,56812023'. £582,040) which have been allocated to support costs (note 81. 2024 No. 2023 No. The 8verage number of staff employed during the year was.. Raising funds Inward investment & business development FLAMIN Production & talent development Film promotion & culture British Film Comtnis5ion Support 16 12 10 59 2024 No. 2023 No. The number of employees whose salaries for the year fell within the following bands were.. £60.001- £70,000 £70,001- £80,000 £80.001- £90,000 £130,001- £140,000 £140.001- £150.000 The key management personnel ol the charity comprises ol the Chief Executive Officer and the Chief Operating Officer. The total employee benefits of the key managemenl personnel of the charity were £285,66012023'. £287,048). During the year, no Trustees reiVed any remuneration12023.' £Nill. During the year. no Trustees received any reimbursement of expenses12023.' £Nill. Page 33
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 11. INTANGIBLE FIXED ASSETS Website cost5 Cost At 1 April 2023 Additions 40,200 At 31 March 2024 40.200 Depreciation At 1 April 2023 Charge for the year 39,640 560 At 31 March 2024 40,200 Net Book Valuè AT 31 March 2024 At 31 March 2023 560 12. TANGIBLE FIXED ASSETS Office Leasehold Equipment Improvements Totsl Cost At 1 April 2023 Additions Disposals 228.528 24,721 98,621 327,149 24,721 At 31 Mard) 2024 253,249 98,621 351,870 D•pr•ciation At 1 April 2023 Charge for the year Depreciation on disposals 174,964 44,697 65,303 9,378 240,267 54,075 At 31 March 2024 219,661 74,681 294,342 Net Book Value At 31 M8r<* 2024 35,588 23,940 57,528 At 31 Mard) 2023 53,564 33,318 86,882 13. DEBTORS 2024 2023 Trade debtors Other debtors VAT recoverable Prepayments and accrued income 228,709 51,45S 19,219 328,107 341,889 51,273 63,470 447,633 627,490 904,265 Page 33
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 14. CREDITORS.. AMOUNTS FALLING DUE IMTHIN ONE YEAR 2024 2023 Trade creditors Grants payable Other taxation and social security Accruals and deferred income 477,685 75,393 68,257 1.464,012 897,385 99,937 63,976 1,245,907 2,085,347 2,307.205 Analysis of grants payable (all due within one yearl Grants cornrnitted but unpaid blfwd Grants corrrritted in the year Grants paid in the year 99,937 194,079 1218,6231 227,885 205.058 1333.0061 Grants cornrnitted but unpaid c1fv4d 75,393 99,937 During the current year 2369,74412023." £261,966) (>f ineome has been deferred and £190,62512023.. £1,046,056) has been released from previous peri(xls. 15. MOVEMENTS IN FUNDS Asat 1 Aprll 2023 Asat 31 March 2024 Income Expendlture Unrestrlcted funds General funds 1,029,540 2,160,147 12,147,339) 1,042,348 Restricted funds 4,503,398 14,503,398) Total funds 1,029,540 6,663,545 16,650,737) 1,042,348 Our restricted funding is predominantly funding for specific projects from Arts Council England IACEI, British Fil In5titute18FII, Department for Digital, Culture, Media and Sport IDCMSI, Departrnent lor Business and Trade ID8TI and Greater London Authonty IGLAI. Comparativa Asat 1 Aprll 2022 Asat 31 March 2023 Incomè Expandltura Unrestrict8d funds General funds 965,132 2,301,617 12,237,209) 1,029,S40 Restrlcted funds 4,202,537 14,202,537) Total funds 965,132 6,504,154 16,439,746) 1,029,540 Page 34
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENTS IN FUNDS Unrestricted Funds Restricted Fund5 Total 2024 Total 2023 Tangible fixed assets Intangible fixed assets Cuirent assets Creditors due within one year 57,528 57.528 86,882 560 3,070.167 3,249,303 12.085.347) 12,307,205) 3,070,167 12,085,347) 1,042,348 1,042,348 1,029.540 Unrestricted Funds Restricted Funds Total 2023 Total 2022 Movement in funds Icomparativel Tangible fixed assets Iniangible fixed assets Gurrent assets Creditors due within one year 86.882 560 3,249,303 12,307.2051 86,882 130.287 560 12.844 3,249,303 4,293,742 12.307.2051 13.471,7411 1,029.540 1,029,540 965,132 17. OPERATING LEASE COMMITMENTS The Charitable Company had total commitments for land and buildings at the yearénd under non-cancellable operating leases as follows.. 2024 2023 Within 1 year Between 1 and S years Over 5 years 169,054 112,702 169,054 281,756 281,756 450,810 Page 35
DoGusign Envelope ID.. 6AOOC56F-082A-4BD34B32-A3426365BC47 FILM LONDON NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 18. RELATED PARTY TRANSACTIONS During the year th8 Charitab18 Company 8nt8r8d into V8fioLJS transaction5 for services with relat8d parti8s and organisations that forrn part of the Film London programme and it5 piojects.. Cha ad to th• Charitsbl• Com Sèrvie•s Organisation Ralationship Chargè 2023 Balanea 2023 2022 2022 BFC Consultancy Screenings Saffery LLP Partner (J Graydonl 44,000 57,315 156,1781 131,2781 Rio Cinema Phoenix Cinema Act One Cinema Director 10 Meekl 13,207 2,500 ha Services Organisation Relationship Charge 2023 Balance 2022 2023 2022 Giants Microwave Sponsorship Screenskills BBC Warner Bros Director11 Smithl Director IG Atleel Vice President ID Penfoldl 13,767 2,500 24,000 3,000 28,800 Sponsorship Saffery LLP 20,293 9,000 12,000 Partner IJ Graydonl Page 36