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2023-04-30-accounts

COMPANY REGISTRATION NUMBER 00269085 REGISTERED CHARITY NUMBER. 260467

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

FINANCIAL STATEMENTS

30 APRIL 2023

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 LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) FOR THE YEAR ENDED 30 APRIL 2023

CONTENTS

Page
Report of the Trustees 1 - 9
Independent Examiner's Report to the Trustees 10
Statement of Financial Activities 11
Balance Sheet 12
Notes to the Financial Statements 13 - 22

Page 1

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

The trustees are pleased to present their annual report together with the financial statements of the charity for the year ended 30 April 2023 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 the charities Statement of Recommended Practice (applicable to charities preparing their financial statements in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland; FRS 102) issued in October 2019."

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 LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

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 2022 AGM was hosted on Zoom on Saturday 12th November 2022, followed by Members’ Voices. As with the 2021 AGM, the event was better attended than recent physical events, though lower than the previous year with 30 members connecting online. Members’ Voices was well supported.

It is anticipated that the 2023 AGM will be hosted online again.

BIAFF 2023 took place in May 2023 and was, therefore, outside the period covered by this report. The competition took place as normal, with judging in mid-February 2023 and results announced on 31st March. The number of entries was similar to that of the previous year, with a total of 208 films entered. IAC members were again able to enter films without fee before the early bird deadline, and this offer was popular.

It is anticipated that BIAFF 2024 will look similar to 2023, with a combination of online meetings and in-theatre screenings at the Crescent Theatre. Consideration will be given to hosting the in-theatre screenings for the entire weekend in the main theatre, and possibly dropping the simultaneous online feature at that point; running a hybrid event is difficult and compromises the quality of the in-theatre experience, as well as threatening the ongoing viability of the intheatre event through reduced attendance. Focus needs to be placed upon promoting the event beyond the IAC membership and increasing local visibility.

Our IAC Magazine, Film and Video Maker continues to be well supported. Feedback from members continues to be positive, with contributors old and new providing interesting and varied articles. Martin Evans took over as Editor and designer in time for the October 2022 issue.

Membership continues to decline slowly as average membership age increases. Focus upon supporting members and clubs needs to continue, and Council welcomes suggestions and, above all, assistance from members.

Financial Review

The Statement of Financial Activities shows a deficit of £9,319 for the year (2022 - £8,258 surplus) before an unrealised investment loss of £2,256. Total reserves are £200,055 (2022 - £211,630). Reserves of £5,000 (2022 - £5,000) are earmarked for possible future work with UNICA (Union Internationale du Cinéma) in the UK. A further designated reserve of £4,223 (2022 - £4,223) is held as a result of funds received from EARIAC. A further designated reserve of £5,523 (2022 - £5,523) represents the closing funds of the NW Region. Cash and investments (including notice and fixed deposit accounts) are £186,565 (2022 - £198,810).

Page 3

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

Financial Review (continued)

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.

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

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:

Page 4

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

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 APRIL 2023

Financial Review (continued)

Investment Powers and Policy (continued)

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.

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.

Page 5

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

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

Plans for Future Periods

We will continue to support members through our work. Producing a high-quality magazine, hosting regular events and competitions, managing two websites and a number of social media accounts, and producing a world class international film festival. We will continue to build links with other filmmaking organisations to raise our visibility, and will continue to champion amateur filmmaking.

Our Thanks

The IAC would like to thank everyone on and off Council who help support our work, including Jan and Dave Watterson for their work on the websites, Martin Evans for his work on FVM and the BIAFF programme, Mike Whyman for his support with BIAFF, and all our judges and festival volunteers. We owe thanks to the late Raymond Henderson for his many years acting as Company Secretary, and to David Henderson for taking on that role. 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

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 6

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

REPORT OF THE TRUSTEES

FOR THE YEAR ENDED 30 APRIL 2023

Reference and Administrative Details (continued)

Elected Trustees:

L. Gough FACI (President) S. Sumner FACI (Chairman) R. Henderson FACI (Company Secretary) (resigned 5 June 2022) D. A. Henderson (Treasurer/Company Secretary) J. Howden FACI (resigned 12 November 2022) 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

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 7

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

FOR THE YEAR ENDED 30 APRIL 2023

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 8

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

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 9

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

FOR THE YEAR ENDED 30 APRIL 2023

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 6.

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 9 November 2023 and signed on its behalf by:

Signed by S. Sumner

……………………………………………………….

S. SUMNER FACI Chairman/Trustee

Page 10

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES FOR THE YEAR ENDED 30 APRIL 2023

I report on the financial statements of the charity for the year ended 30 April 2023 set out on pages 11 to 22.

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

9 November 2023

Page 11

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

(INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 APRIL 2023

Note
INCOME:
Donations and Legacies
3
Investment Income
4
Income from Charitable Activities
5
TOTAL INCOMING RESOURCES
EXPENDITURE:
Cost of Generating Funds
Fundraising Costs - Subscriptions
6
Expenditure on Charitable Activities
7
TOTAL EXPENDITURE
(DEFICIT) / SURPLUS FOR THE YEAR
Unrealised losses on investments
NET MOVEMENT IN FUNDS FOR THE YEAR
RECONCILIATION OF FUNDS:
OPENING FUNDS AT 1ST MAY 2022
17
(DEFICIT) / SURPLUS FOR THE YEAR
CLOSING FUNDS AT 30TH APRIL 2023
17		 Unrestricted
2023
£
40,725
5,712
7,687
54,124
8,522
54,921
63,443
(9,319)
(2,256)
(11,575)
211,630
(11,575)
200,055		 Unrestricted 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

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 13 to 22 form part of these financial statements.

Page 12

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT 30 APRIL 2023

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
30,944
33,200
-
416
1,967
775
186,565
198,810
188,532
200,001
(19,431)
(21,581)
169,101
178,420
200,055
211,630
185,309
196,884
5,000
5,000
4,223
4,223
5,523
5,523
200,055
211,630
2023
2022		 £
£
£
£
10
10
30,944
33,200
-
416
1,967
775
186,565
198,810
188,532
200,001
(19,431)
(21,581)
169,101
178,420
200,055
211,630
185,309
196,884
5,000
5,000
4,223
4,223
5,523
5,523
200,055
211,630
2023
2022
211,630
196,884
5,000
4,223
5,523
211,630

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 2023 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 9 November 2023 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 13 to 22 form part of these financial statements.

Page 13

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

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 the 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)) (issued in October 2019) - (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. 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 14

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

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 15

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

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 16

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

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
2023
£
35,084
5,616
25
-
-
40,725		 Unrestricted
2022
£
37,319
12,328
6,279
-
1,418		 Unrestricted
2022
£
37,319
12,328
6,279
-
1,418
57,344

4 INVESTMENT INCOME

5 Income from interest bearing accounts
INCOME FROM CHARITABLE ACTIVITIES		 Unrestricted
2023
£
5,712
5,712		 Unrestricted
2022
£
3,636		 Unrestricted
2022
£
3,636
3,636
Festivals and competitions
Copyright programme		 Unrestricted
2023
£
261
7,426
7,687		 Unrestricted
2022
£
100
8,128		 Unrestricted
2022
£
100
8,128
8,228

Page 17

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

6 SUPPORT, MANAGEMENT AND ADMINISTRATION COSTS

SUPPORT, MANAGEMENT AND ADMINISTRATION COSTS
Office rent and services
Administration staff (note 8)
Technical support and consultancy
BACS and related software
Other administrative costs		 Unrestricted
2023
£
6,106
13,300
4,520
1,126
4,187
29,239		 Unrestricted
2022
£
4,211
12,133
3,915
1,192
4,106
25,557

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
2023
£
1,007
7,515
8,522
1,158
13,779
14,937
2,022
3,758
5,780
29,239		 Unrestricted Unrestricted
2022
£
1,058
6,435
7,493
1,216
11,798
13,014
1,832
3,218
5,050
25,557

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
Total direct costs
Support costs allocated to charitable activities (note 6)		 Unrestricted
2023
£
26,625
1,817
24
5,103
635
-
-
2,022
3,758
39,984
14,937
54,921		 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

Page 18

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2023

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

Gross salaries
Total (note 6)		 2023
£
13,300
13,300		 2022
£
12,133
12,133

No employees had employee benefits in excess of £60,000 (2022 - £nil).

The charity Trustees were not paid or received any other benefits from employment with the charity in the year (2022 - £nil) neither were they reimbursed expenses during the year (2022 - £nil). No charity Trustee received payment for professional or other services supplied to the charity nor did they receive any honoraria (2022 - £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		 2023
0.3
0.6
0.1
1.0		 2022
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:
Operating lease rentals - fixed serviced office costs
Independent examiner's fees		 2023
£
5,389
1,754		 2022
£
3,432
1,548

Page 19

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

11 TANGIBLE FIXED ASSETS

COST
As at 1st May 2022
Additions
Disposals
As at 30th April 2023
DEPRECIATION
As at 1st May 2022
Charge for year
Disposals
As at 30th April 2023
NET BOOK VALUE
As at 30th April 2023
As at 30th April 2022		 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		 2023
£
30,944
2023
£
-		 2022
£
33,200
2022
£
416

Page 20

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

14 DEBTORS

Prepayments
Accrued interest receivable		 2023
£
222
1,745
1,967		 2022
£
222
553
775

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		 2023
£
6,059
568
70,438
74,280
15,592
11,000
8,628
186,565		 2022
£
6,127
568
83,341
73,727
12,939
11,000
11,108
198,810

16 CREDITORS

Amounts falling due within one year:
Deferred income - subscriptions in advance
Copyright licences
Competition prize bequest
PAYE and NIC
Other creditors and accruals		 2023
£
16,084
1,128
300
209
1,710
19,431		 2022
£
18,024
1,202
400
-
1,955
21,581

Page 21

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

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
2022
£
196,884
5,000
4,223
5,523
211,630		 Balance
1 May
2022
£
196,884
5,000
4,223
5,523
211,630		 Income
£
54,124
-
-
-
54,124		 Expended
£
(65,699)
-
-
-
(65,699)		 Transfers
Between
Funds
£
-
-
-
-
-		 Balance
30 April
2023
£
185,309
5,000
4,223
5,523		 Balance
30 April
2023
£
185,309
5,000
4,223
5,523
200,055

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 £1,754.

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 22

INSTITUTE OF AMATEUR CINEMATOGRAPHERS LIMITED(THE) (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 APRIL 2023

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.