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← Norwich Film Festival

2023-11-30-accounts

Charity registration number 1173950

NORWICH FILM FESTIVAL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

NORWICH FILM FESTIVAL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

Beth Sowersby Simon Adams Thomas Martin Debbie Gray Dr Ellie Nixon Professor K M Johnston (Chair)

(Appointed 27 November 2023) (Appointed 21 August 2024) (Appointed 18 January 2024) (Appointed 5 January 2024) (Appointed 9 October 2023)

Charity number 1173950 Principal address Larking Gowen LLP 1st Floor Prospect House Rouen Road Norwich NR1 1RE Independent examiner Aston Shaw Limited Chartered Certified Accountants Statutory Auditor The Union Building, 51-59 Rose Lane Norwich Norfolk England NR1 1BY

NORWICH FILM FESTIVAL

CONTENTS

Page
Chair's statement 1
Trustees report 2 - 5
Statement of Trustees responsibilities 6
Independent examiner's report 7
Statement of financial activities 8
Balance sheet 9
Notes to the financial statements 10 - 16

NORWICH FILM FESTIVAL

CHAIR'S STATEMENT

FOR THE YEAR ENDED 30 NOVEMBER 2023

The Chair presents his statement for the period. NFF 2023 saw another record number of submissions with 1800 film from over 35 countries under consideration for inclusion. We also saw a welcome increase in ticket sales and audience numbers, suggesting that the post-pandemic dip affecting cultural organisation might be easing despite cost-of-living concerns; equally, revenue from sponsorship held firm in a difficult financial situation.

The Trustees, with their legal, financial, educational and marketing expertise, continued to give strong support to NFF founder Kellen Playford and the NFF Executive team. A shift in Trustee Board leadership and membership was instigated by original CIO Chair John Gordon-Saker announcing his intention to stand down as a trustee, with longstanding trustee Professor Keith M. Johnston stepping forward. In the period being reported on, two other trustees resigned and two new trustees were appointed, with others being actively recruited.

Norwich BID, Norwich City Council, BFI FAN, Norwich University of the Arts and University of East Anglia (UEA) continued their main support. Award sponsors were: Meantime Media, Norfolk Will Writing, Norwich University of the Arts, Skyline IFE, UEA and Work In Norwich. We received additional sponsorship and support for: NFF Launch (Production Bureau); NFF Awards (Creative Enterprise); NFF Industry Day (Saxon Air); Filmmakers Hub (Artist) and individual events (Holiday Cottages, October Studios, Geoffrey Watling). I am grateful to all our sponsors for their valuable support which allows us to function.

Two outstanding venues provided well-attended launch and awards events at the Norwich Writers’ Centre, a mediaeval building representing the city’s literary heritage and the Norwich University of the Arts’ production theatre. The University of East Anglia (UEA) once again provided an excellent venue for our Industry Day events, this year featuring a masterclass from Mission Impossible: Dead Reckoning and Top Gun: Maverick editor Eddie Hamilton.

None of this output would be possible without our committed, passionate and knowledgeable volunteers and I pay tribute to the student cohorts especially as they grappled with their own careers and livelihoods post-pandemic.

With a return to a small but welcome year-end surplus, our plan for the 2024 festival is to pick up on our positive trajectory, that was interrupted by an unpredictable couple of years.

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.............................. K M Johnston Chair

Date: .........................27/09/24

NORWICH FILM FESTIVAL

TRUSTEES REPORT FOR THE YEAR ENDED 30 NOVEMBER 2023

The trustees present their annual report and financial statements for the year ended 30 November 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Constitution dated 26 July 2017, the Charities Act 2011 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

Policy

NFF is a UK film festival celebrating independent films in all short film categories. It aims to deliver inspiring events that are both bold and imaginative along with championing new methods of storytelling, which we hope encourages the new generation of filmmakers. Through our open submissions process we support local filmmakers as well as those from across the globe, providing a platform for new and existing talents to showcase their excellent work in Norwich. The festival also ensures that we provide an opportunity for the general public and students to learn more about the art of filmmaking through our industry talks, Q&As and screenings.

Charitable objectives

To advance and promote the high standards of the art of cinema, visual art and cinematography for the benefit of the public in and around the Norwich area by providing and promoting a programme of screenings of films by international, national and local filmmakers and associated events to encourage the public to engage with, and educate the public on, the art of cinema, visual arts and cinematography.

Activities for achieving objectives

During NFF’s fifth operating year as a CIO, the charity operated a main film festival between the 6[th] and 19[th] November 2023. The curated programme featured short and feature films in venues across Norwich across multiple themed strands, culminating in an award’s ceremony that celebrated nominated films in six categories: East Anglian, British, International, Documentary, Student and Animation. Industry events included panel discussions ahead of key feature film and shorts screenings, alongside a full Industry Day with speakers including writers Helen Serafinowicz ( Motherland ) and Gabby Best ( Dreamland ), and a masterclass in editing from Eddie Hamilton ( Mission Impossible: Dead Reckoning, Top Gun: Maverick, Kingsman: The Secret Service ). We also ran a parallel online festival.

The strategies employed to achieve the charity’s aims and objectives are to:

NORWICH FILM FESTIVAL

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

Achievements and performance

Review of activities

Financial review

Going concern

After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies.

NORWICH FILM FESTIVAL

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

Reserves policy

The Trustees always aim to hold sufficient reserves to meet the total of creditors falling due. The policy concerning the payment of trade creditors is to follow the CBI’s Prompt Payers’ Code, and currently is to:

Structure, governance and management

The Charity is governed by its Constitution and directed by a Board of Trustees who support the founder and a group of volunteers, headed up by leads in the key areas of submissions, design, marketing, participation and events.

Trustees who served during the financial year and up to the date of signature of the financial statements were:

Dr M Crumpton-Taylor – resigned 09/10/23

Dr K M Johnston (Chair)

Dr E Nixon – appointed 09/10/23

P Bartram – resigned 09/10/23

J Gordon-Saker (Chair) – resigned 09/10/23

Beth Sowersby – appointed 27/11/23

Method of appointment or election of trustees

Trustees are elected and co-opted under the terms of the CIO Constitution. Since its formation, they have been appointed on their specialisms, designed to support the development of NFF. The Board continues its desire to appoint Trustees who can bring diversity and inclusivity to its make-up, along with a variety of expertise.

Meetings and decision making

The Board normally meets quarterly and there are regular sub-meetings of an Executive Team made up festival volunteers who cover development, membership and finance matters. The festival founder is responsible for the day-to-day operations of the charity, supported by a team who run individual operations, whose performance is discussed and supported at Trustee level.

NORWICH FILM FESTIVAL

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

Plans for future developments

The festival aims to continue a growth strategy that embraces its charitable aims by enhancing its reputation and revenue from submissions, ticketing and sponsorship, through strengthening ties with local, national and international arts and cultural organisations and communities.

With the increase in audience ticket numbers seen in 2023, we are hopeful for that to continue in future festivals and events. This, combined with a small financial surplus, leads us to believe our longer-term strategy can be put back on track and we will continue to grow.

New relationships with sponsors and partners are fluid and emerging, which will affect revenue moving forward. We hope to develop our new partnership with Picturehouse Cinemas (Cinema City Norwich) in future years, aiming to offer audiences the highest quality projection experience in order to enhance revenue from local and regional audiences and respond to the needs of submitting filmmakers.

Information on fundraising practices

Fundraising activities are carried out by NFF’s own Trustees and volunteers. We do not employ professional fundraisers or commercial participants to carry out fundraising activities.

NFF complies with all relevant statutory regulations, including the Charities Act 2011, the Data Protection Act 2018 and General Data Protection Regulations. We always seek to act in ways that are legal, open, honest and respectful. No complaints regarding fundraising practice were received during the year. Members of the public are never approached directly and, as a result, vulnerable people are never at risk from unreasonably intrusive or persistent fundraising approaches or undue pressure to donate.

The Trustees report was approved by the Board of Trustees.

.............................. Professor K M Johnston (Chair)

Trustee

Date: .............................................27/09/24

NORWICH FILM FESTIVAL

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 30 NOVEMBER 2023

The trustees are responsible for preparing the Trustees Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the CIO Constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

NORWICH FILM FESTIVAL INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF NORWICH FILM FESTIVAL I report to the trustees on rny examination of the financAal stalements of Norw7ch Ftlm FestNal Ithe ch8rity1 for the year ended 30 November 2023. R8spofFsibilities and basi5 of report As the twslees of the charity you are responsible for the preparation of the finan￿￿1 statèments in acwrdance with the wuiremenis of the CharitiesAct 2011 (the 2011 Acti. I report in respect of my examination of the tharity's finanaal statements carried out under section 145 of the 2011 Act. In carrying out my examination I have followed all the ap￿ICable Directions given by the Charity Commissk)n under section 14515llbl of the 2011 Ad. Independent examinerfs Statement Your attention is drawn to the fart Ihat the charity has prepared finanaal statements in accordance with Accounting and Rep(xOng by Charities preparing Iheir awunts in accordance with the Finanual Reporting Standard applicable in the UK IFRS 1021 in preference to the Accounting and Reporting by Charitias". Statement of Recornrnended Practice issued on 1 April 2005 which is referred lo in the exianl regulations bLJt has now been withdrawn. l understand ihal this has been done in order for fit)anaal stètements to provide a and fair view in accordance with Generally Accepted AcC￿￿n￿"ng Practice effeclive f￿ reporbng ￿nOdS beginning on or after I January 2015. I hav8 cofflpleted rny examinatioft. l ¢onfirm thal no matters have cA)me lo my attents.￿ in C￿nection with the examination giving me cause to believe that in any material respecL accounting records were not kept in ￿Spect of the charity as required by section 130 of the 2011 Act,. or the financial statements do not a￿rd with those record5- or the financial slalements do not comply wth the applicable requirements concerning the form and content ol accounts set oul in Ihe Charities (Accounts arKI Reportsl Regulats"ons 2008 other than any requiremenl that the accounts gNe a true and fair view which is not a matter considered as part of an independenl examination. I have no concerns and have come auoss no other matters in connection wth the examination to which attention should be drawn in this report in order to enable a proper understandin9 of Ihe finanoal slat8inents to be reached. Sotos Christophi FCCA Aston Shaw Lirnited Chartered Certified Accountants Statutory Auditor The Union Building. 51-59 Rose Lane Norwich Norfolk NR1 1BY England Dated-.

NORWICH FILM FESTIVAL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 NOVEMBER 2023

Unrestricted Unrestricted
funds funds
2023 2022
Notes £ £
Income from:
Charitable activities 3 56,332 64,213
Total income 56,332 64,213
Expenditure on:
Charitable activities 4 52,700 56,368
Total expenditure 52,700 56,368
Net income and movement in funds 3,632 7,845
Reconciliation of funds:
Fund balances at 1 December 2022 28,445 20,600
Fund balances at 30 November 2023 32,077 28,445

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

NORWICH FILM FESTIVAL

BALANCE SHEET

AS AT 30 NOVEMBER 2023

Notes
Fixed assets
Tangible assets
9
Current assets
Debtors
10
Cash at bank and in hand
Creditors: amounts falling due within
one year
11
Net current assets
Total assets less current liabilities
Net assets excluding pension liability
The funds of the charity
Unrestricted funds		 2023
£
2,203
35,209
37,412
(5,954)		 2022
£
£
619
7,179
50,299
57,478
(30,351)
31,458
32,077
32,077
32,077
32,077		 £
1,318
27,127
28,445
28,445
28,445
28,445

The notes on pages 10 to 16 form part of these financial statements.

The financial statements were approved by the trustees on .........................27/09/24

..............................

Professor K M Johnston (Chair)

Trustee

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2023

1 Accounting policies

Charity information

Norwich Film Festival is a charitable incorporated organisation.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers 33.3% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

All assets costing more than £500 are capitalised.

1.7 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.10 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2023 2022
£ £
Film submissions
Sales within charitable activities 30,897 31,223
Tickets and festival passes
Sales within charitable activities 6,935 8,497
Sponsorships
Sales within charitable activities 18,500 24,493
56,332 64,213

4 Charitable activities

Film Film
submissions submissions
2023 2022
£ £
Depreciation and impairment 699 699
Insurance 532 482
Postage 1,106 971
Catering & refreshments 3,297 2,556
Marketing and advertising 10,101 5,964
Purchases 353 -
Bank charges 267 290
Film prizes and awards 4,595 6,717
Venue hire and costs 5,130 6,062
Film screen costs 4,664 3,922
Computer and website 4,477 1,558
Exchange losses/(gains) 472 (2,215)
Consultation and professional fees 11,787 20,770
Storage costs 2,551 2,328
Accountancy 1,668 1,855
Travel and accommodation 1,001 915
Ticketing service and fees - 3,494
52,700 56,368
52,700 56,368

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

5 Support costs

Governance - Independent Examiner's fee was £1,020 (2022: £1,020).

6 Net movement in funds 2023 2022
£ £
The net movement in funds is stated after charging/(crediting):
Depreciation of owned tangible fixed assets 699 699

7 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

8 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

9 Tangible fixed assets

Tangible fixed assets
Computers
£
Cost
At 1 December 2022 2,097
At 30 November 2023 2,097
Depreciation and impairment
At 1 December 2022 779
Depreciation charged in the year 699
At 30 November 2023 1,478
Carrying amount
At 30 November 2023 619
At 30 November 2022 1,318

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

10 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 2023
£
1,829
87
287
2,203
2023
£
4,334
1,620
5,954		 2022
£
986
-
6,193
7,179
2022
£
7,653
22,698
30,351

11 Creditors: amounts falling due within one year

12 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 Incoming Resources At 30
December resources expended November
2022 2023
£ £ £ £
General funds 28,445 56,332 (52,700) 32,077
Previous year: At 1 Incoming Resources At 30
December resources expended November
2021 2022
£ £ £ £
General funds 20,600 64,213 (56,368) 28,445

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2023

13 Analysis of net assets between funds
Unrestricted
funds
2023
£
At 30 November 2023:
Tangible assets 619
Current assets/(liabilities) 31,458
32,077
Unrestricted
funds
2022
£
At 30 November 2022:
Tangible assets 1,318
Current assets/(liabilities) 27,127
28,445

14 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).