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← Norwich Film Festival

2024-11-30-accounts

Charity registration number 1173950 (England and Wales)

NORWICH FILM FESTIVAL

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

NORWICH FILM FESTIVAL

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Beth Sowersby Simon De-lacy Adams Thomas Martin Debbie Gray Dr Ellie Nixon Dr K M Johnston (Chair) 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

(Appointed 21 August 2024) (Appointed 18 January 2024) (Appointed 5 January 2024)

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 2024 Th& Chair presents his statement for the period. NFF 2024 was another slrong yearfor submissions, with 1419 films from over 30 countries under consideration for inclusion. We also instigated a new partnèrship with Picturehousel Cinema Clty Nowich that saw almost all feslival events housed at this local arthouse cinema venue. Ticket numbers and audience numbers remained steady compared to 22-23, although a new venue partnership did have an impact on revenue, and revenue from sponsorship dipped slightly in difficult economic times. The Trustees, with their legal, financial, educational and marketing expertise. continued to glve strong support to NFF foundèr Kellen Playrord and the NFF Executive team. Thie was a transitional year for th8 Trustee Board, with the change in leadership in 2023 (Professor Keith M Johnston replacing original CIO Chair John Gordon-Saker} and th8 recruitment of three new truslees 8cross Iha period of this report. The most slgnificant hurdle faced by the Trustee board was helping to manage changes al the NFF Executive team across this year with three roles being vacant. Head of Production, Slobhan Ellis and interim Head of Communications, Penny Bartram, both stepped down- most significantly, our long-running Festlval Lead. Kellen Playford, decided to step back. The Trustee board worked with Kellen to recruit a replacement.. after a recruitment process that included several strong candidates, the Trustee board welcomed Rachel Prendergast as the NFF25 Festival Coordinator. She will take the lead on replacing the other Exe(xJtive leam roles. wlth support from the Trustee board. The Fastival saw a partial dedine in sponsorship across 23-24. Some key partnerships continued: British Film Institute Film Audience Nelwork and the University of East Anglia remained main Festival sponsors, with Artlist. Meantime Studlos, Norwich University of ttie Arts. Submotion. and UEA as award sponsors. NFF 2024 received additional support for our Filmmakers Hub (Artlist) and via specific events: Shakespeare in Love screeninglQ&A (Holkham Estates), Lile Finds a Way short film screening (Norfolk CottageslHoliday Cottages), All We Imagine is Lighf screening (Skyline IFE). l am grateful to all our sponsors for trkeir valuable support which allows us to functlon. Two OLttstanding NO￿lCh venues provided well-attended launch and awards events: the NFF 2024 launch was held at The Yard- our sold-out screening of Nosfer8tu was held at NO￿lCh Playhouse theatre. All other events, including feature, shorts screening and Industry events, were all held at Cinema City No￿lch, providing NFF wilh a ￿ntral festival base with excellent screening fa¢S1ilies and markoting support. None of this outpul would be possible without our committed, passlonate and knowledgeable volunt88rs and I pay trlbute to the sludenl cohorts especially as they grappled with their own careers and livellhoods post-pandemlc. K M Johnston Chair Date: ....¢S::of,._

NORWICH FILM FESTIVAL

TRUSTEES REPORT FOR THE YEAR ENDED 30 NOVEMBER 2024

The trustees present their annual report and financial statements for the year ended 30 November 2024.

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

Norwich Film Festival 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 sixth operating year as a CIO, the charity operated a main film festival between the 11[th] and 24[th] November 2024. 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 and short film screenings, alongside a full Industry Day with speakers including sound editors Nina Hartsone and Louise Burton, a masterclass in visual effects from Julian Fiddy (Lucasfilm), a BBC Writers Room workshop, and a discussion on AI in filmmaking.

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 2024

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.

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:

NORWICH FILM FESTIVAL

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024

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 K M Johnston (Chair)

Simon De Lacy Adams – appointed 21/08/24

Debbie Gray – appointed 05/01/24

Tom Martin – appointed 18/01/24

Ellie Nixon

Beth Sowersby

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.

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 audience ticket numbers remaining relatively static in 2023-24, we are hopeful for to see this rise 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. Our new partnership with Picturehouse Cinemas (Cinema City Norwich) was successful on many fronts, offering a highquality projection experience that respond to the needs of submitting filmmakers and audience feedback. This relationship was designed to stabilise and enhance revenue from local and regional audiences: the first year of this relationship was positive, but there is more work to do to get the correct financial arrangement in place for NFF 2025.

NORWICH FILM FESTIVAL TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024 Informallon on fundralsing practices Fundraising actlvlties are carried oul by NFF'S own Tnjstees and volunteers. We do not employ professional fundraisers or commercial participants to carry out fundraising activities. NFF complles with all relevant statutory regulations. induding the Chadtles Act 2011. the Data Protection Acl 2018 and General Data Protecllon Regulalions, We always seek to act in ways Ihal are legal, open, honesl and respectful. No complaints regarding fundraising practice were re￿iVed during the year. Members ol the public are never approached dlrectly and, as a result, vulnerable people are never al risk from unreasonably intrusive or persistenl fundraising approaches or undue pressure to donate. The Trustees report was approved by the Board of Trustees. Dr K M Johnston <Chalr) Trustee

NORWICH FILM FESTIVAL

STATEMENT OF TRUSTEES RESPONSIBILITIES

FOR THE YEAR ENDED 30 NOVEMBER 2024

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 my examination of the financial slalemenls of Norwich Film Feslival Ilhe charity) for the year ended 30 November 2024. Responsibilities and basls of report As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of Ihe Charities Act 2011. I report in respect of my examination of the charity's financial statements carried out under section 145 of the Charities Act 2011. In carrying out my examination I have followed Ihe Directions given by the Charity Commission under section 14515}(b) of the Charities Acl 2011. Independent examiner's statement Your attention is drawn lo the fact that the charity has prepared financial 51alemenls in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK IFRS 102) in preferénce lo the Accounting and Reporting by Charities: Slalemenl of Recommended Practice issued on 1 April 2005 which is referred to in the exlanl regulations but has now been withdrawn. undèrstand that this has been don8 in order for financial statements lo provide a true and fair view in accordance with Generally AC￿pIed Accounting Pracllce effective for reporting periods beginning on or afler 1 January 2015. I have completed my 8xaminalion. l confirm that no mallers have come to my attention in connection with the examination giving me cause to believe that in any material respe¢l'. accounting records were not kept in respect of the charity as required by section 130 of the Charities Act 2011. the financial statements do not accord with those records., or the financial slalemenls do not comply with the applicable requirements concerning the form and content of financial slalements sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the financial slalemenls give a true and fair view, which is not a matter considered as part of an independent examination. I have no concerns and have come across no other mallers in connection with the examination to which allenlion should be drawn in this report in order to enable a propèr understanding of the financial statements lo be reached. Lynn Mandari ACCA Aston Shaw Limited Chartered Certified Accountants Statutory Auditor The Union Building, 51-59 Rose Lane Norwich Norfolk NR1 18Y England Dated= Q51091aoo5

NORWICH FILM FESTIVAL

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 30 NOVEMBER 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Charitable activities 3 41,427 56,332
Total income 41,427 56,332
Expenditure on:
Charitable activities 4 62,692 52,700
Total expenditure 62,692 52,700
Net income/(expenditure) and movement in funds (21,265) 3,632
Reconciliation of funds:
Fund balances at 1 December 2023 32,077 28,445
Fund balances at 30 November 2024 10,812 32,077

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 AT30 NOVEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 619 Current assets Debtors Cash at bank and in hand 10 1,655 20,911 2,203 35,209 22,566 37.412 Credltors: amounts falling due w5thin one year 11 {11,754) (5.9541 Net currenl assels 10,812 31,458 Total assets less current Ilabllltles 10.812 32,077 The funds of the charity Unrestricted funds 12 10,812 32,077 10,812 32,077 The notes on pages 1010 16 fomi part of these financial statements. The flnancial statements were approved by the trustees on ......... ... Dr K M Johnston (Chair) Trustee

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 NOVEMBER 2024

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 2024

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 2024

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.

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 2024

3 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Film submissions
Income from charitable activities 30,806 30,897
Tickets and festival passes
Income from charitable activities 2,921 6,935
Sponsorships
Income from charitable activities 7,700 18,500
41,427 56,332
Charitable activities
Film Film
submissions submissions
2024 2023
£ £
Depreciation and impairment 619 699
Insurance 369 532
Postage 334 1,106
Catering & refreshments 1,669 3,297
Marketing and advertising 9,209 10,101
Purchases 470 353
Bank charges 143 267
Film prizes and awards 5,938 4,595
Venue hire and costs 5,305 5,130
Film screen costs 1,343 4,664
Computer and website 4,727 4,477
Exchange losses/(gains) - 472
Consultation and professional fees 25,153 11,787
Storage costs 2,768 2,551
Accountancy 3,212 1,668
Travel and accommodation 1,433 1,001
62,692 52,700
62,692 52,700

4 Charitable activities

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024

5 Support costs

Governance - Independent Examiner's fee was £1,020 (2023: £1,020).

6 Net movement in funds 2024 2023
£ £
The net movement in funds is stated after charging/(crediting):
Fees payable for the independent examination of the charity's financial
statements 1,020 1,020
Depreciation of owned tangible fixed assets 619 699

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 2023 2,097
At 30 November 2024 2,097
Depreciation and impairment
At 1 December 2023 1,478
Depreciation charged in the year 619
At 30 November 2024 2,097
Carrying amount
At 30 November 2023 619

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 NOVEMBER 2024

10 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
1,251
-
404
1,655		 2023
£
1,829
87
287
2,203

11 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Trade creditors
Accruals and deferred income		 2024
£
10,134
1,620
11,754		 2023
£
4,334
1,620
5,954

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
2023 2024
£ £ £ £
General funds 32,077 41,427 (62,692) 10,812
Previous year: At 1 Incoming Resources At 30
December resources expended November
2022 2023
£ £ £ £
General funds 28,445 56,332 (52,700) 32,077

13 Analysis of net assets between funds

Unrestricted
funds
2024
£
At 30 November 2024:
Current assets/(liabilities) 10,812
10,812

NORWICH FILM FESTIVAL

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 30 NOVEMBER 2024

13 Analysis of net assets between funds (Continued)
Unrestricted
funds
2023
£
At 30 November 2023:
Tangible assets 619
Current assets/(liabilities) 31,458
32,077

14 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).