**COMPANY REGISTRATION NUMBER: 11574356 CHARITY REGISTRATION NUMBER: 1183506** ## **Cheltenham International Film Trust Limited Company Limited by Guarantee Unaudited Financial Statements 30 September 2022** ## **LISTON ACCOUNTING LIMITED** Chartered accountants 23 The Plantation Abbeymead Gloucester UK GL4 5TR ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Financial Statements** ## **Year ended 30 September 2022** ||**Page**| |---|---| |Trustees' annual report (incorporating the director's report)|**1**| |Independent examiner's report to the trustees|**4**| |Statement of financial activities (including income and|| |expenditure account)|**5**| |Statement of financial position|**6**| |Notes to the financial statements|**8**| **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Trustees' Annual Report (Incorporating the Director's Report)** ## **Year ended 30 September 2022** The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 September 2022. ## **Reference and administrative details** **Registered charity name** Cheltenham International Film Trust Limited **Charity registration number** 1183506 **Company registration number** 11574356 **Principal office and registered** Midway House **office** Herrick Way Staverton Technology Park Staverton Cheltenham GL51 6TQ ## **The trustees** Mr L Sheldon Mr L Marks Mr M R Ratcliffe Ms S Speed Mr S K Sheldon Mr M Chittenden Mr D Quli Mrs L Bell **Independent examiner** Jane Liston 23 The Plantation Abbeymead Gloucester UK GL4 5TR ## **Structure, governance and management** The charity was incorporated in September 2018 and achieved charitable status in May 2019. All of the funds collected and spent throughout this period have been reflected within these accounts as charitable activities. The Trustees meet on a regular basis and work closely with local organisations in order to deliver the goals of the Charity. As well as seeking sponsors and patrons the Trustees have now embarked on an active fundraising campaign in order to ensure that the Film Festival is sustainable and to widen its reach within the community. **1** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ ## **Year ended 30 September 2022** ## **Objectives and activities** Charity status was confirmed on Cheltenham International Film Trust in May, 2019. Within its remit, the Charity is expected to attract new audiences to independent cinema in support of emerging filmmakers and to introduce young people to the cinematic arts. When it comes to young people, the Trust has had a slow reaction from the community, in part because of Covid and to timing. But, the good news is that schools within Cheltenham Education Partnership have expressed an interest to participate in the Trust's new initiative Cheltenham CineYouth which launches as a pilot in the Autumn 2022 and runs through to the international film festival 2023. It is worth mentioning that Cheltenham International Film Festival 2023 marks the fifth anniversary of the film festival. It is planned to mark the occasion in spectacular fashion with names from the film industry. ## **Strategic report** The following sections for achievements and performance and financial review form the strategic report of the charity. ## **Achievements and performance** To recognise new talent, the Trust has introduced BEST FILM - Emerging Director, to acknowledge new talent; this year won by Olga, director, Elie Grappe from Switzerland. Olga was timely in that it takes place against the Maidan Revolution in Ukraine in 2014, which preceded the invasion of the country by Russian-backed rebels. The award benefits the director who is able to make reference to the same on the film's publicity, which, at the same time, raises the profile of the film festival. I am also pleased to say that we expect to work in partnership with other artistic bodies in the community in 2023, including The Everyman Theatre, Cheltenham Trust and Cheltenham Festivals. The film festival initiated a successful trial co-operation with Cheltenham Trust by holding its headline event at The Pump Room - "An Afternoon with Dame Judi" (Judi Dench) which attracted nearly 200 people. Cheltenham International Film Trust is proud to have engaged volunteers from all sections of the community broadening its inclusivity. And, it is delighted to have included four films directed by women in the shortlist of eight films for BEST Film - Emerging Director; the list included black-American director, Nana Mensah, and Egyptian-American, Dina Amer. **2** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** **Trustees' Annual Report (Incorporating the Director's Report)** _**(continued)**_ ## **Year ended 30 September 2022** ## **Financial review** The Charity Raises funds through a variety of means including donations, grants, sponsorship and ticket sales. Cheltenham International Film Festival marked its fourth year, 2022, by organising the festival as a screen and stream hybrid, offering films and events, both, live and online, reaching audiences in and around Cheltenham and throughout the country. The trustees' annual report and the strategic report were approved on 29 September 2023 and signed on behalf of the board of trustees by: Mr S K Sheldon Trustee **3** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Independent Examiner's Report to the Trustees of Cheltenham International Film Trust Limited** ## **Year ended 30 September 2022** I report to the trustees on my examination of the financial statements of Cheltenham International Film Trust Limited ('the charity') for the year ended 30 September 2022. ## **Responsibilities and basis of report** As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’). Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. ## **Independent examiner's statement** I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: 1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or 2. the financial statements do not accord with those records; or 3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or 4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Jane Liston Independent Examiner 23 The Plantation Abbeymead Gloucester UK GL4 5TR **4** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Statement of Financial Activities (including income and expenditure account)** ## **Year ended 30 September 2022** |||**2022**|**2022**|2021| |---|---|---|---|---| |||Unrestricted||| |||funds|**Total funds**|Total funds| ||**Note**|**£**|**£**|£| |**Income and endowments**||||| |Donations and legacies|**5**|22,528|22,528|12,593| |Charitable activities|**6**|20,114|20,114|9,389| |Other trading activities|**7**|6,250|6,250|12,424| |Investment income|**8**|106|106|104| |||``|``|``| |**Total income**||48,998|48,998|34,510| |||``|``|``| |**Expenditure**||||| |Expenditure on charitable activities|**9,10**|51,742|51,742|30,281| |||``|``|``| |**Total expenditure**||51,742|51,742|30,281| |||``|``|``| |||``|``|``| |**Net (expenditure)/income and net movement in funds**||(2,744)|(2,744)|4,229| |||``|``|``| |**Reconciliation of funds**||||| |Total funds brought forward||3,500|3,500|(729)| |||``|``|``| |**Total funds carried forward**||756|756|3,500| |||``|``|``| The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. **The notes on pages 8 to 15 form part of these financial statements.** **5** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Statement of Financial Position** ## **30 September 2022** |||**2022**|2021| |---|---|---|---| ||**Note**|**£**|£| |**Fixed assets**|||| |Intangible assets|**16**|3,009|4,799| |Tangible fixed assets|**17**|287|369| |||``|``| |||3,296|5,168| |**Current assets**|||| |Debtors|**18**|1,088|1,088| |Cash at bank and in hand||8,636|10,110| |||``|``| |||9,724|11,198| |**Creditors: amounts falling due within one year**|**19**|7,932|7,168| |||``|``| |**Net current assets**||1,792|4,030| |||``|``| |**Total assets less current liabilities**||5,088|9,198| |**Creditors: amounts falling due after more than one year**|**20**|4,332|5,698| |||``|``| |**Net assets**||756|3,500| |||``|``| |**Funds of the charity**|||| |Unrestricted funds||756|3,500| |||``|``| |**Total charity funds**|**21**|756|3,500| |||``|``| For the year ending 30 September 2022 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. Directors' responsibilities: - The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476; - The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime. ## The statement of financial position continues on the following page. **The notes on pages 8 to 15 form part of these financial statements.** **6** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Statement of Financial Position** _**(continued)**_ ## **30 September 2022** These financial statements were approved by the board of trustees and authorised for issue on 29 September 2023, and are signed on behalf of the board by: Mr S K Sheldon Trustee **The notes on pages 8 to 15 form part of these financial statements.** **7** **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Notes to the Financial Statements** ## **Year ended 30 September 2022** ## **1. General information** The charity is a public benefit entity and a private company limited by guarantee, registered in England & Wales and a registered charity in England and Wales. The address of the registered office is Midway House, Herrick Way, Staverton Technology Park, Staverton, Cheltenham, GL51 6TQ. ## **2. Statement of compliance** These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006. ## **3. Accounting policies** ## **Basis of preparation** The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure. The financial statements are prepared in sterling, which is the functional currency of the entity. ## **Going concern** There are no material uncertainties about the charity's ability to continue. ## **Judgements and key sources of estimation uncertainty** The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. ## **Fund accounting** Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. **8** **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 30 September 2022** **3. Accounting policies** _**(continued)**_ ## **Incoming resources** All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted. ## **Resources expended** Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities. All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis. **9** **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 30 September 2022** **3. Accounting policies** _**(continued)**_ ## **Intangible assets** Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably. ## **Amortisation** Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows: Website - 20% straight line If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates. ## **Tangible assets** Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities. ## **Depreciation** Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows: Equipment - 20% straight line **10** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 30 September 2022** ## **3. Accounting policies** _**(continued)**_ ## **Impairment of fixed assets** A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units. ## **4. Limited by guarantee** The liability of the Trustees is limited to £1 in the event of a winding up. ## **5. Donations and legacies** |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---|---| |||Funds|**2022**|Funds|2021| |||£|**£**|£|£| ||**Donations**||||| ||Cheltenham Film Society|500|500|500|500| ||Watershed|7,150|7,150|6,350|6,350| ||Lottery|278|278|295|295| ||Harper Sheldon Limited|–|–|48|48| ||**Grants**||||| ||Cheltenham Borough Council|14,600|14,600|5,400|5,400| |||``|``|``|``| |||22,528|22,528|12,593|12,593| |||``|``|``|``| |**6.**|**Charitable activities**||||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2022**|Funds|2021| |||£|**£**|£|£| ||Ticket Sales|20,114|20,114|9,389|9,389| |||``|``|``|``| **11** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 30 September 2022** ## **7. Other trading activities** |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |---|---|---|---|---|---| |||Funds|**2022**|Funds|2021| |||£|**£**|£|£| ||Sponsorships|6,250|6,250|12,424|12,424| |||``|``|``|``| |**8.**|**Investment income**||||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2022**|Funds|2021| |||£|**£**|£|£| ||Bank interest receivable|106|106|104|104| |||``|``|``|``| |**9.**|**Expenditure on charitable activities**|**by fund type**|||| |||Unrestricted|**Total Funds**|Unrestricted|Total Funds| |||Funds|**2022**|Funds|2021| |||£|**£**|£|£| ||Film Hire and Promotion|47,620|47,620|22,350|22,350| ||Venue Hire and accommodation|648|648|217|217| ||Support costs|3,474|3,474|7,714|7,714| |||``|``|``|``| |||51,742|51,742|30,281|30,281| |||``|``|``|``| ## **10. Expenditure on charitable activities by activity type** ||Activities|||| |---|---|---|---|---| ||undertaken||**Total funds**|Total fund| ||directly Support costs||**2022**|2021| ||£|£|**£**|£| |Film Hire and Promotion|47,620|3,273|50,893|29,864| |Venue Hire and accommodation|648|–|648|217| |Governance costs|–|201|201|200| ||``|``|``|``| ||48,268|3,474|51,742|30,281| ||``|``|``|``| ## **11. Analysis of support costs** ||Film Hire and||| |---|---|---|---| ||Promotion|**Total 2022**|Total 2021| ||£|**£**|£| |Communications and IT|161|161|902| |General office|823|823|4,304| |Finance costs|418|418|477| |Governance costs|200|200|200| |Amortisation|1,790|1,790|1,790| |Support costs - Other costs type 2|82|82|41| ||``|``|``| ||3,474|3,474|7,714| ||``|``|``| **12** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 30 September 2022** ## **12. Net (expenditure)/income** ||Net (expenditure)/income is stated after charging/(crediting):||| |---|---|---|---| |||**2022**|2021| |||**£**|£| ||Amortisation of intangible assets|1,790|1,791| ||Depreciation of tangible fixed assets|82|41| |||``|``| |**13.**|**Independent examination fees**||| |||**2022**|2021| |||**£**|£| ||Fees payable to the independent examiner for:||| ||Independent examination of the financial statements|200|200| |||``|``| ## **14. Staff costs** The average head count of employees during the year was Nil (2021: Nil). No employee received employee benefits of more than £60,000 during the year (2021: Nil). ## **15. Trustee remuneration and expenses** The Trustees received no remuneration during the year. One trustee has claimed expenses or had their expenses met by the charity. The total amount of expenses reimbursed to the trustee or paid directly to third parties during the year was £4,824. The expenses related to rent and telephone & broadband. ## **16. Intangible assets** ||**Website**| |---|---| ||**£**| |**Cost**|| |**At 1 October 2021 and 30 September 2022**|8,952| ||``| |**Amortisation**|| |At 1 October 2021|4,153| |Charge for the year|1,790| ||``| |**At 30 September 2022**|5,943| ||``| |**Carrying amount**|| |**At 30 September 2022**|3,009| ||``| |At 30 September 2021|4,799
``| **13** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 30 September 2022** ## **17. Tangible fixed assets** ||||**Equipment**| |---|---|---|---| ||||**£**| ||**Cost**||| ||**At 1 October 2021 and 30 September 2022**||410| ||||``| ||**Depreciation**||| ||At 1 October 2021||41| ||Charge for the year||82| ||||``| ||**At 30 September 2022**||123| ||||``| ||**Carrying amount**||| ||**At 30 September 2022**||287| ||||``| ||At 30 September 2021||369| ||||``| |**18.**|**Debtors**||| |||**2022**|2021| |||**£**|£| ||Prepayments and accrued income|378|378| ||Other debtors|710|710| |||``|``| |||1,088|1,088| |||``|``| |**19.**|**Creditors:** **amounts falling due within one year**||| |||**2022**|2021| |||**£**|£| ||Bank loans and overdrafts|1,600|1,768| ||Accruals and deferred income|1,332|400| ||Trustee Loans|5,000|5,000| |||``|``| |||7,932|7,168| |||``|``| |**20.**|**Creditors:** **amounts falling due after more than one year**||| |||**2022**|2021| |||**£**|£| ||Bank loans and overdrafts|4,332|5,698| |||``|``| **14** ## **Cheltenham International Film Trust Limited** ## **Company Limited by Guarantee** ## **Notes to the Financial Statements** _**(continued)**_ ## **Year ended 30 September 2022** ## **21. Analysis of charitable funds** ## **Unrestricted funds** ||**Unrestricted funds**||||| |---|---|---|---|---|---| |||At|||**At**| ||1|October 202||**30 Septembe**|| |||1|Income|Expenditure|**r 2022**| |||£|£|£|£| ||General funds|3,500|48,998|(51,742)|756| |||``|``|``|``| |||At|||At| ||1|October 202||30 September|| |||0|Income|Expenditure|2021| |||£|£|£|£| ||General funds|(729)|34,510|(30,281)|3,500| |||``|``|``|``| |**22.**|**Analysis of net assets between funds**||||| |||||Unrestricted|**Total Funds**| |||||Funds|**2022**| |||||£|**£**| ||Intangible assets|||3,009|3,009| ||Tangible fixed assets|||287|287| ||Current assets|||9,724|9,724| ||Creditors less than 1 year|||(7,932)|(7,932)| ||Creditors greater than 1 year|||(4,332)|(4,332)| |||||``|``| ||**Net assets**|||756|756| |||||``|``| |||||Unrestricted|Total Funds| |||||Funds|2021| |||||£|£| ||Intangible assets|||4,799|4,799| ||Tangible fixed assets|||369|369| ||Current assets|||13,198|13,198| ||Creditors less than 1 year|||(7,168)|(7,168)| ||Creditors greater than 1 year|||(5,698)|(5,698)| |||||``|``| ||**Net assets**|||5,500|5,500| |||||``|``| **15**