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2022-04-30-accounts

COMPANY REGISTRATION NUMBER 00269085 REGISTERED CHARITY NUMBER. 260467

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE)

FINANCIAL STATEMENTS

30 APRIL 2022

BELL TINDLE WILLIAMSON LLP

Chartered Accountants and Registered Auditors The Old Post Office 63 Saville Street North Shields Tyne & Wear NE30 1AY

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) FOR THE YEAR ENDED 30 APRIL 2022

CONTENTS

Page
Report of the Trustees 1 - 10
Independent Examiner's Report to the Trustees 11
Statement of Financial Activities 12
Balance Sheet 13
Notes to the Financial Statements 14 - 23

Page 1

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ended 30 April 2022 which are also prepared to meet the requirements for a directors' report and financial statements for Companies Act purposes.

The financial statements comply with the Charities Act 2011, the Companies Act 2006, the Memorandum and Articles of Association, 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 2015).

Our Purposes and Activities

Purposes and Aims

The Charity's object and its principal activity continues to be that of the promotion, advancement and improvement of general education in relation to all aspects of cinematography and associated audio and visual arts and the development of public appreciation of such arts.

Ensuring Our Work Delivers Our Aims

We review our aims, objectives and activities each year. This review looks at what we have achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits that they have brought to those groups of people we are set up to help.

The review also helps us to ensure that our aims, objectives and activities have remained focused on our stated purposes. We have referred to guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, the trustees consider how planned activities will contribute to the aims and objectives they have set.

The Focus of our Work

Our main objectives for the year continued to be the promotion, advancement and improvement of general education in relation to all aspects of cinematography and associated audio and visual arts. The strategies used to meet these objectives included:

Page 2

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022

How Our Activities Deliver Public Benefit

Our main activities and who we try to help are described below. All our charitable objectives focus on promoting cinematography and the public's appreciation of such arts.

Who Used and Benefitted from Our Services?

The charity encourages and supports anyone, from beginner to expert, who makes films and AV sequences. It provides newsletters and forums to allow people to engage and share ideas.

More information about the services offered by the charity may be accessed on the website at www.theiac.org.uk.

Achievements and Performance

The 2021 AGM was hosted on Zoom on Saturday 13th November 2021, followed by Members’ Voices. As with the 2020 AGM, the event was better attended than any recent physical event, with 65 members connecting online. Members’ Voices was well supported.

It is anticipated that the 2022 AGM will be hosted online again.

BIAFF 2022 included a return to a live event over the weekend of 22nd-24th April 2022, supplemented by evening Zoom sessions on the evenings of 19th -21st April. Members could also join the theatre audience online during the weekend. The weekend shows were held in the Studio theatre within the Crescent Theatre complex in Birmingham. Because of this only one cinema was available for Saturday shows but, throughout the week, nearly all the 4-star films were shown, together with all the 5-star films at the weekend. 78 people attended in person and 157 joined online. Sunday again featured the Award Winners show, screening the very best films, including the IAC Diamond and category award winners. The number of entries returned to normal levels after the drop in 2021, just 5 short of the record. IAC members were able to enter films without fee before the early bird deadline, and this offer was popular. Over 425 online meeting joins were logged throughout the weekend. Feedback from members was positive.

It is hoped that BIAFF 2023 will be able to build on the success of 2022, with a physical and online event. We hope to return to the Crescent Theatre in Birmingham and plan to hold the Sunday show in the main auditorium, whilst retaining the online event. This format seemed to suit almost everyone: those for whom distance is a barrier to physical attendance, and those who crave the enjoyment that a physical festival gathering brings. Accommodation needs have been scaled back to better suit an expected smaller physical attendance, and future plans will depend upon take-up.

Our IAC Magazine, Film and Video Maker continues to be well supported. Regular feedback from members continues to be positive, with contributors old and new providing interesting and varied articles. Mike Whyman as Editor and John Jones as designer and compiler will come to the end of their tenure during the next year.

Membership continues to decline slowly as average membership age increases. We must continue to support our members by supporting individuals, clubs and regions with training support and with new ways to encourage filmmaking at all ability levels. Free early bird BIAFF entry for members allows them to enjoy the benefits of receiving written critiques for their films. Open Film Nights, started in March 2021 offer a bi-monthly opportunity for members to show their films to fellow filmmakers and receive feedback and constructive comment. Hosted by IAC Patron Paul Kittel, FACI, these evenings continue to be well supported.

Page 3

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE)

(A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022

Achievements and Performance (continued)

As always, thanks are due to the volunteers that make our hobby so enjoyable. From grassroots club members and organising committees and regional volunteers, to the IAC Council itself, successful, enjoyable amateur filmmaking relies heavily on the collective effort of many individuals.

Financial Review

The Statement of Financial Activities shows a surplus of £8,258 for the year (2021 - £11,470) before an unrealised investment loss of £1,938. Total reserves are £211,630 (2021 - £205,310). Reserves of £5,000 (2021 - £30,000) are earmarked for possible future work with UNICA (Union Internationale du Cinéma) in the UK. A further designated reserve of £4,223 (2021 - £4,223) is held as a result of funds received from EARIAC. A further designated reserve of £5,523 (2021 - £5,523) represents the closing funds of the NW Region. Cash and investments (including notice and fixed deposit accounts) are £198,810 (2021 - £168,389).

The Charity continues to exercise strict financial controls over its costs, and to ensure value for money.

No dividends are payable. Under Clause 3 of the Memorandum of Association no part of any income may be distributed to the members.

Neither honoraria nor emoluments of any kind have been paid to any Trustee of the Charity in respect of their services as Trustee.

Principal Funding Sources

The major sources of income for the charity continue to be subscriptions and monies received from the Copyright programme.

Cost Analysis

The costs associated with producing the Film and Video Maker magazine and offering the Copyright programme are the main costs associated with the charity.

Investment Powers and Policy

In line with Charity Commission advice, the Trustees have adopted a formal investment policy for the Charity. This was revised at the Council meeting of 17 July 2011. The remainder of this section summarises the key elements of the policy.

The Charity is currently in surplus and historically, and at the year end, funds were invested in bank accounts, including fixed interest and notice deposit accounts, the Charities Aid Foundation, and a FTSE Index-linked investment. Recent World financial events have resulted in extremely low returns from bank deposits and have also highlighted the potential risks/need for government protection of deposits. In the UK the limit for protection is £85,000 for the sum of all the deposits held by the Charity with each individual institution.

Page 4

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 APRIL 2022

Financial Review (continued)

Investment Powers and Policy (continued)

Under the Memorandum and Articles of Association, the Charity has the power to invest in any way the Trustees wish. Similarly, under the Trustee Act 2000, the Trustees have a very wide power of investment.

The Trustees follow the basic principle of the Charity Commission, in that they must take a prudent approach. When investing funds the Trustees seek to strike the right balance between the two objectives of:

The Trustees, in managing the risks faced by the Charity, are mindful to balance those risks against the potential returns from particular investments, and to be careful to avoid undue risk to the Charity's funds by:

The Trustees have regard to the liquidity requirements of operating the Charity and to the Reserves Policy of the Charity.

The Investment Policy adopted by the Trustees extends the current range of investments beyond deposits in banks, building societies, the Charities Aid Foundation and National Savings.

The Investment Policy is that the Charity's funds in excess of immediate needs should be managed to secure the best returns available within a spread of investment that:

The Treasurer recommends any change in investments to Council for approval, by email or meeting.

Page 5

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 APRIL 2022

Investment Powers and Policy (continued)

In order to discharge the duty to adopt a prudent approach to the investment of the Charity's funds, Trustees acknowledge they must:

The Trustees are not liable to make good the Charity's loss simply because an investment made by them is unsuccessful. However, Trustees may be liable if, in making or retaining the unsuccessful investment, they have acted outside the scope of their powers, or have failed to discharge the duties referred to above.

Reserves Policy and Going Concern

The Trustees have established the level of general reserves (that is those funds that are freely available) that the Charity ought to have. Reserves are needed to cover potential gaps, to fund development of the Charity's activities, and to cover unexpected costs.

The current aim of the Trustees is to build the general fund to a level to cover its cost base for a period of two and a half years. Satisfactory progress is being made towards this objective.

Plans for Future Periods

Our clubs and societies are the backbone of the IAC – they introduce us to so many of our members. Supporting them and individuals alike is key to the future of the IAC. More than ever, a strong online presence is key to ensuring the success of our online events, and we recognise the role we have in developing this. Our website remains a cornerstone resource - for members and potential members alike. Recognition and thanks go again to Jan Watterson for the superb job she does. We know that a website alone is not enough. It needs the support of an active social media presence to generate interest and traffic. We will continue to engage with our members through our IAC and BIAFF Facebook pages and encourage them to promote their own activities on our usergroup and forums.

We will continue to develop ideas that bring filmmakers together to enjoy their creativity. We started the online IAC Open Film Nights to allow filmmakers to showcase their films in an informal, non-competitive setting and these have been well supported, and our thanks go to our regular host and IAC Patron, Paul Kittel, FACI. We will continue to support regions and clubs with training grants and will explore the possibilities of providing online training where practicable.

We will strive to continue producing a world class film festival. The feedback we receive from filmmakers and attendees is overwhelmingly positive. BIAFF is the jewel in the IAC’s crown, and we will ensure that its strong reputation and value to members is retained.

We will continue to produce a high-quality members’ magazine to be proud of.

And finally, we will continue to work in the interests of all our members to support them in their filmmaking, to help them to get the most from this terrific hobby and to give them the best value for their membership.

Page 6

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022

Our Thanks

The IAC would like to thank Jan Watterson and her husband Dave for their work on the IAC website. It's so very important that the IAC has a strong presence on the internet which now involves interaction on social media. Thanks must go to John Bartlett for the running the IAC Film Library, Gerald Mee (who sadly died in 2022) for advising on the use of the IAC Music Copyright Licences and all the other members who have taken up an office during the year either nationally or regionally. We owe thanks to Raymond Henderson for his many years acting as Company Secretary. It is only by members taking an active role in the running of the Institute that we can continue to enjoy and promote the IAC.

Reference and Administrative Details

Charity Name: The Institute of Amateur Cinematographers Charity Registration Number: 260467 Company Registration Number: 00269085 Registered Office and McCracken Park Operational Address: Great North Road Gosforth Newcastle upon Tyne NE3 2DT Bankers : HSBC 54 High Street Epsom Surrey KT19 8DS Independent Examiner: E. J. Hartshorne-Ferguson BA FCA Bell Tindle Williamson LLP The Old Post Office 63 Saville Street North Shields NE30 1AY

The Institute of Amateur Cinematographers

Directors and Trustees:

The Charity is governed by a Council, whose members are the directors of the charitable company for the purpose of the Companies Act. The directors are its trustees for the purpose of charity law and throughout this report are collectively referred to as the Trustees.

The Trustees who served during the year, and following the year end, were as follows:

Page 7

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE)

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 APRIL 2022

Reference and Administrative Details (continued)

Elected Trustees:

L. Gough FACI (President) S. Sumner FACI (Chairman) R. Henderson FACI (Company Secretary) D. A. Henderson (Treasurer/Company Secretary) J. Howden FACI M. Whyman FACI A. W. Atkinson FACI P. E. C. Collins FACI R. J. Day FACI M. C. H. Gough FACI (M) T. D. Patrick FACI D. A. Newman FACI W. J. Owen J. Williams FACI

(resigned 5 June 2022) (appointed 7 September 2021)

Structure, Governance and Management

Governing Document

The Institute of Amateur Cinematographers Limited is a company limited by guarantee governed by its Memorandum and Articles of Association dated 6 October 1932, amended on 25 February and 4 November 1972, 8 October 2000 and 22 October 2006. It is registered as a charity with the Charity Commission. There is no age limitation to becoming a member of the Institute and there are currently approximately 1,200 members, each of whom agrees to contribute up to £2 in the event of the Charity winding up.

In accordance with s.1 of the Companies Act 1980, the Company's classification was changed from a public to a private company.

Appointment of Trustees

The directors of the Company are also charity Trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association, one-third of Trustees must retire by rotation. The Trustees to retire by rotation shall be those who have been longest in office since their last (re) appointment. If the vacancy of the retiring trustee cannot be filled by another candidate then they can be reappointed in their original role.

Trustees are voted onto the Council at the Annual General Meeting. The Council has the power to fill vacancies and to appoint additional Trustees as it considers fit to do so.

All of the Trustees give their time voluntarily.

Page 8

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 APRIL 2022

Structure, Governance and Management (continued)

Trustee Induction and Training

New Trustees are provided with an information pack containing an explanation of the role, details of the duties of Trustees and Directors, links for further information on these duties, and a copy of the Memorandum and Articles of Association of the IAC. This is supported by ongoing discussion with and advice from senior members of the Council.

Organisation

The Council, which can have no less than 12 and up to 30 members, administers the Charity. The Council meets quarterly and there are committees and sub-committees which meet regularly covering Film & Video Maker and Website; Video Library; Finance, Staffing and Remuneration; UNICA Programme; Young Persons Initiative and Fellowship.

The Institute's Chairman and Vice-Chairman oversee the operations of the Charity. A General Secretary manages the day-to-day affairs of the Charity. Two members of Council are appointed as Administration Officers to provide close links between the Council and the General Secretary.

Risk Management

The trustees have conducted a review of the major risks to which the charity is exposed.

As part of the risk management process, the trustees have implemented a risk management strategy which comprises:

During the year, the Trustees have taken steps to address specific risks, including:

The Trustees are satisfied that they have taken all the necessary steps to lessen the risks affecting the IAC.

Related Parties

In as far as it is complementary to the charity’s objectives, the charity is guided by local policy and partnerships. The related parties during the financial year are shown in the notes to the financial statements.

Page 9

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022

Trustees’ Responsibilities in Relation to the Financial Statements

The Trustees (who are also the Directors for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of the affairs of the charitable company as at the balance sheet date and of its incoming resources and application of resources, including the surplus or deficit, for the financial year.

In preparing those financial statements, the Trustees are required to:

The Trustees have overall responsibility for ensuring that the charitable company has appropriate systems and controls, financial and otherwise. The Trustees are also responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006.

The Trustees are also responsible for safeguarding the assets of the charitable company and for their proper application as required by charity law, and hence for taking reasonable steps to prevent and detect fraud and other irregularities and to provide reasonable assurance that:

The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Page 10

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 APRIL 2022

Trustees’ Responsibilities in Relation to the Financial Statements (continued)

Trustees

The Trustees, who are Directors for the purpose of company law, and Trustees for the purpose of charity law, who served during the year and up to the date of this report are set out on page 7.

In accordance with company law, as the company’s Directors, we certify that:

Independent Examiner

It will be proposed at the Annual General Meeting that E. J. Hartshorne-Ferguson of Bell Tindle Williamson LLP will continue in office as the independent examiner for the ensuing year.

This report was approved by the board of trustees on 12 November 2022 and signed on its behalf by:

Signed by S Sumner

……………………………………………………….

S. SUMNER FACI Chairman/Trustee

Page 11

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2022

I report on the financial statements of the charity for the year ended 30 April 2022 set out on pages 12 to 23.

Respective Responsibilities of Trustees and Examiner

The charity's trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the financial statements. The charity's trustees consider that an audit is not required for the year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.

Having satisfied myself that the charity is not subject to audit under Part 16 of the Companies Act 2006 and is eligible for independent examination, it is my responsibility to:

Basis of Independent Examiner's Report

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and the seeking of explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and, consequently, no opinion is given as to whether the financial statements present a 'true and fair view' and the report is limited to those matters set out in the statement below.

Independent Examiner's Statement

In connection with my examination, no matter has come to my attention:

Bell Tindle Williamson LLP Chartered Accountants and Registered Auditors The Old Post Office 63 Saville Street North Shields Tyne and Wear NE30 1AY

Signed by E.J. Hartshorne-Ferguson

E. J. Hartshorne-Ferguson BA FCA Independent Examiner

12 November 2022

Page 12

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2022

Note
INCOME:
Donations and Legacies
3
Activities for Generating Funds
Investment Income
4
Income from Charitable Activities
5
TOTAL INCOMING RESOURCES
EXPENDITURE:
Cost of Generating Funds
Fundraising Costs - Subscriptions
6
Purchase of IAC Merchandise
Expenditure on Charitable Activities
7
TOTAL EXPENDITURE
SURPLUS FOR THE YEAR
Unrealised (losses)/gains on investments
NET MOVEMENT IN FUNDS FOR THE YEAR
RECONCILIATION OF FUNDS:
OPENING FUNDS AT 1ST MAY 2021
17
SURPLUS FOR THE YEAR
CLOSING FUNDS AT 30TH APRIL 2022
17		 Unrestricted
2022
£
57,344
-
3,636
8,228
69,208
7,493
-
53,457
60,950
8,258
(1,938)
6,320
205,310
6,320
211,630		 Unrestricted Unrestricted
2021
£
48,174
53
4,270
12,272
64,769
7,335
24
45,940
53,299
11,470
2,428
13,898
191,412
13,898
205,310

The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.

All incoming resources and resources expended derive from continuing activities

The notes on pages 14 to 23 form part of these financial statements.

Page 13

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 30 APRIL 2022

FIXED ASSETS
Tangible Assets
Investments
CURRENT ASSETS
Stock
Debtors
Cash at Bank and in Hand
CREDITORS - AMOUNTS DUE
WITHIN ONE YEAR
NET CURRENT ASSETS
TOTAL ASSETS LESS
CURRENT LIABILITIES
FUNDS OF THE CHARITY
General Funds
Designated Fund: UNICA in the UK
Designated Fund: EARIAC Fund
Designated Fund: NW Region Fund		 Note
11
12
13
14
15
16
17		 £
£
£
£
10
10
33,200
35,138
416
416
775
24,305
198,810
168,389
200,001
193,110
(21,581)
(22,948)
178,420
170,162
211,630
205,310
196,884
165,564
5,000
30,000
4,223
4,223
5,523
5,523
211,630
205,310
2022
2021		 £
£
£
£
10
10
33,200
35,138
416
416
775
24,305
198,810
168,389
200,001
193,110
(21,581)
(22,948)
178,420
170,162
211,630
205,310
196,884
165,564
5,000
30,000
4,223
4,223
5,523
5,523
211,630
205,310
2022
2021
205,310
165,564
30,000
4,223
5,523
205,310

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 30th April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

These financial statements were approved by the board of directors and authorised for issue on 12 November 2022 and are signed on their behalf by:

Signed by S Sumner

Signed by D Henderson

………………………………………………………. ………………………………………………………. S. SUMNER FACI D. A. HENDERSON Chairman/Trustee Treasurer/Company Secretary

Registration Number: 00269085

The notes on pages 14 to 23 form part of these financial statements.

Page 14

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

1 ACCOUNTING POLICIES

The principal accounting policies adopted in the preparation of the financial statements are set out below. The accounting policies have been applied consistently throughout the year and in the preceding year.

a) Basis of Preparation of Financial Statements

The financial statements have been prepared under the historical cost convention, and in accordance with 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 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The Institute of Amateur Cinematographers meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note.

b) Preparation of the Financial Statements on a Going Concern Basis

The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The trustees have considered the impact of Covid-19 and the financial assistance received when reaching this judgement. There are no significant judgments or key sources of estimation uncertainty that affect the financial statements.

c) Cash Flow Statement

The Trustees have taken advantage of the exemption from including a cash flow statement in the financial statements on the grounds that the charity is small.

d) Tangible Fixed Assets

All fixed assets are initially recorded at cost.

e) Depreciation

Depreciation is calculated to write off the cost of fixed assets over the expected useful lives of the assets concerned. The principal annual rates for this purpose, which are consistent with those of the previous year, are:-

Office Equipment 25% Straight Line
Fixtures and Fittings 10% Straight Line
Film Library and Trophies Nominal Value

f) Stocks

These comprise promotional and member items for sale and are reflected on the latest recorded costs basis. Expenditure on stationery and membership badges is expensed in the year paid.

Page 15

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

1 ACCOUNTING POLICIES (continued)

g) Income

All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

h) Expenditure

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. Expenditure is classified under the following activity headings.

Page 16

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

1 ACCOUNTING POLICIES (continued)

i) Fund Accounting

Unrestricted Funds are 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 other purposes.

Designated Funds are unrestricted funds received for a particular purpose.

Restricted Funds are funds which are to be used in accordance with specific restrictions imposed by their donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund.

j) Finance and Operating Leases

Rentals applicable to operating leases are charged to the Statement of Financial Activities over the period they are incurred. Assets obtained under finance leases are capitalised as tangible fixed assets. Obligations under such leases are included in creditors net of finance charges allocated to future periods. The finance element of each payment is charged to the Statement of Financial Activities so as to produce a constant periodic rate on the net obligation outstanding in each period.

k) Investments

Listed investments are shown at market value. Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation throughout the year.

l) Irrecoverable VAT

All resources expended are classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

m) Debtors

Prepayments are valued at the amount of expenditure that is prepaid. Other debtors are calculated accordingly.

n) Cash at Bank

Cash at bank comprises funds held in the charity bank current account and interest bearing deposit accounts.

o) Creditors

Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably.

p) Financial Instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Page 17

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

2 LEGAL STATUS

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £2.

3 DONATIONS AND LEGACIES

Subscriptions
Gift aid recoverable
Donations
Local Authority grant
HMRC CJRS grants		 Unrestricted
2022
£
37,319
12,328
6,279
-
1,418
57,344		 Unrestricted
2021
£
40,111
-
136
5,000
2,927		 Unrestricted
2021
£
40,111
-
136
5,000
2,927
48,174

4 INVESTMENT INCOME

Income from interest bearing accounts Unrestricted
2022
£
3,636
3,636		 Unrestricted
2021
£
4,270		 Unrestricted
2021
£
4,270
4,270

5 INCOME FROM CHARITABLE ACTIVITIES

Festivals and competitions
Video library and film archive
Copyright programme
Refund of theatre deposits		 Unrestricted
2022
£
100
-
8,128
-
8,228		 Unrestricted
2021
£
100
21
8,688
3,463		 Unrestricted
2021
£
100
21
8,688
3,463
12,272

Page 18

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

6 SUPPORT, MANAGEMENT AND ADMINISTRATION COSTS

SUPPORT, MANAGEMENT AND ADMINISTRATION COSTS
Office rent and services
Administration staff (note 8)
Independent examiner's fees
Other administrative costs		 Unrestricted
2022
£
4,211
16,048
1,192
4,106
25,557		 Unrestricted
2021
£
3,536
15,780
1,225
4,134
24,675

These costs are allocated in support activities, as shown in the table below, on a basis consistent with the use of resources, as set out in Note 1 (g):

Fundraising costs - subscriptions
- specific allocations
- apportionment of remaining office, administration and staff costs
Charitable activities
- specific allocations
- apportionment of remaining office, administration and staff costs (note 8)
Governance costs
- independent examiner's fees, council meetings and AGM
- apportionment of remaining office, administration and staff costs		 Unrestricted
2022
£
1,058
6,435
7,493
1,216
11,798
13,014
1,832
3,218
5,050
25,557		 Unrestricted Unrestricted
2021
£
1,173
6,162
7,335
1,352
11,298
12,650
1,609
3,081
4,690
24,675

7 CHARITABLE ACTIVITIES

CHARITABLE ACTIVITIES
Magazines
Festivals and competitions
Film archive and video library
Copyright programme
Website information service
Grants awarded
UNICA
Independent Examiner's fees, council meetings and AGM
Governance element of office, administration and staff costs
Other
Total direct costs
Support costs allocated to charitable activities (note 6)		 Unrestricted
2022
£
20,437
2,300
12
5,675
1,137
2,580
3,252
1,832
3,218
40,443
13,014
53,457		 Unrestricted
2021
£
21,530
82
-
6,118
870
-
-
1,609
3,081
33,290
12,650
45,940

Page 19

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

8 ANALYSIS OF STAFF COSTS, TRUSTEE REMUNERATION AND EXPENSES AND THE COST OF KEY MANAGEMENT PERSONNEL

Gross salaries
Total (note 6)		 2022
£
16,048
16,048		 2021
£
15,780
15,780

No employees had employee benefits in excess of £60,000 (2020 - £nil).

The charity Trustees were not paid or received any other benefits from employment with the charity in the year (2021 - £nil) neither were they reimbursed expenses during the year (2021 - £nil). No charity Trustee received payment for professional or other services supplied to the charity nor did they receive any honoraria (2021 - £nil).

The key management personnel of the charity comprise the Trustees.

9 STAFF NUMBERS

The average weekly number of staff employed, calculated as full time equivalents was as follows, analysed by type of activity:

Fundraising
Charitable activities
Governance		 2022
0.3
0.6
0.1
1.0		 2021
0.3
0.6
0.1
1.0

The charity does not operate a pension scheme.

10 NET INCOMING/(OUTGOING) RESOURCES FOR THE YEAR

Net outgoing resources are stated after charging:
Depreciation of tangible fixed assets
Operating lease rentals - fixed serviced office costs
Independent examiner's fees		 2022
£
-
5,776
1,548		 2021
£
-
5,776
1,502

Page 20

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

11 TANGIBLE FIXED ASSETS

COST
As at 1st May 2021
Additions
Disposals
As at 30th April 2022
DEPRECIATION
As at 1st May 2021
Charge for year
On Disposals
As at 30th April 2022
NET BOOK VALUE
As at 30th April 2022
As at 30th April 2021		 Office
Equipment
£
2,612
-
-
2,612
2,612
-
-
2,612
-
-		 Furniture &
Fittings
£
300
-
-
300
300
-
-
300
-
-		 Film
Library/
Trophies
£
10
-
-
10
-
-
-
-
10
10		 TOTAL
£
2,922
-
-
2,922
2,912
-
-
2,912
10
10

12 INVESTMENTS

Investments comprise of equities listed on a recognised stock exchange. Investments are shown at market value.

13 UK equities
STOCK
Closing stock		 2022
£
33,200
2022
£
416		 2021
£
35,138
2021
£
416

Page 21

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

14 DEBTORS

Prepayments
Accrued interest receivable
UNICA		 2022
£
222
553
-
775		 2021
£
208
1,197
22,900
24,305

15 CASH AT BANK AND IN HAND

Current account
Current account (competition)
Instant access accounts (interest-bearing)
Fixed-term deposit account
Hargreaves Lansdown
Redwood account
Bank of Scotland account		 2022
£
6,127
568
83,341
73,727
12,939
11,000
11,108
198,810		 2021
£
12,970
568
71,984
72,530
10,337
-
-
168,389

16 CREDITORS

Amounts falling due within one year:
Deferred income - subscriptions in advance
Copyright licenses
Competition prize bequest
Other creditors and accruals		 2022
£
18,024
1,202
400
1,955
21,581		 2021
£
19,262
1,231
500
1,955
22,948

Page 22

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

17 STATEMENT OF FUNDS

Unrestricted Funds
General
Designated Fund:
UNICA in the UK
Designated Fund:
EARIAC Fund
Designated Fund: NW
Region Fund		 Balance
1 May
2020
£
165,564
30,000
4,223
5,523
205,310		 Balance
1 May
2020
£
165,564
30,000
4,223
5,523
205,310		 Income
£
69,208
-
-
-
69,208		 Expended
£
(62,888)
-
-
-
(62,888)		 Transfers
Between
Funds
£
25,000
(25,000)
-
-
-		 Balance
30 April
2021
£
196,884
5,000
4,223
5,523		 Balance
30 April
2021
£
196,884
5,000
4,223
5,523
211,630

Unrestricted Funds - General

The funds can be used in any way by the trustees in accordance with the objectives of the charity.

Designated Fund: UNICA in the UK

A £5,000 fund has been set aside for future activities which involve UNICA in the UK.

Designated Fund: EARIAC Fund

This fund represents the closing funds of the EARIAC region which were received on 12/12/2014. These funds are to be repaid to EARIAC should this region ever reform and consequently are shown in a separately designated fund.

Designated Fund: NW Region Fund

This fund represents the closing funds of the NW Region.

18 INDEPENDENT EXAMINER'S FEE

The independent examination work conducted entailed a fee of £1,548.

19 TAXATION

As a charity, The Institute of Amateur Cinematographers is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charity.

Page 23

INSTITUTE OF AMATEUR CINEMATOGRAPHERS(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2022

20 RELATED PARTY TRANSACTIONS

No transactions with related parties were undertaken such as are required to be disclosed under FRS 102.

21 ULTIMATE CONTROLLING PARTY

In the opinion of the trustees, there is no ultimate controlling party of the charity other than the Board itself.