Registered number: 00888435 Charity number: 288309
THE SIR JOHN HURT FILM TRUST LIMITED
(A company limited by guarantee)
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2022
THE SIR JOHN HURT FILM TRUST LIMITED
(A company limited by guarantee)
CONTENTS
| Page | |
|---|---|
| Reference and administrative details of the charity, its Trustees and advisers | 1 |
| Chairman's statement | 2 - 4 |
| Trustees' report | 5 - 7 |
| Independent examiner's report | 8 |
| Statement of financial activities | 9 |
| Balance sheet | 10 |
| Notes to the financial statements | 11 - 22 |
(A company limited by guarantee)
THE SIR JOHN HURT FILM TRUST LIMITED
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 30 SEPTEMBER 2022
| Trustees | Philip Easter, Chair |
|---|---|
| Karen Buchanan | |
| Lady Anwen Hurt | |
| Michael Hutchinson | |
| Jaan Larner | |
| Andrew Newman | |
| Julian Swainson | |
| Company registered number 00888435 Charity registered number 288309 Registered office Cinema City St Andrew's Street Norwich Norfolk NR2 4AD Accountants Larking Gowen LLP Chartered Accountants 1st Floor Prospect House Rouen Road Norwich NR1 1 RE Bankers Barclays Bank Plc 5-7 Red Lion Street Norwich NR1 3QH |
Page 1
THE SIR JOHN HURT FILM TRUST LIMITED
(A company limited by guarantee)
CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 30 SEPTEMBER 2022
Summary
The year 2021/22 (ending September 2022) was another challenging year for the charity, with Covid continuing to impose restrictions in both income generation and the delivery of activities, and the continuing financial difficulties experienced by Cineworld, the parent company of our tenant (and main source of income) Picturehouse. This culminated in September 2022 with the Cineworld group entering into Chapter 11 bankruptcy.
Our main focus for the year was attempting to recover the unpaid debt from Cineworld/Picturehouse which had accrued due to the non-payment of rent on Cinema City, not just during the periods when the cinema was closed, but following its reopening.
The emergence of the Omicron variant of Covid in November 2021 put further restrictions on activity through until March 2022 – and in reality it took several months after this before either the cinema or the charity could start to think about moving forward to a completely Covid-free future.
Income Recovery
Although Cineworld/Picturehouse did start to pay rent again once the cinema was fully open, the company at first attempted to renege on both the base rent and the turnover rent for the periods during which the cinema was closed and partially operating because of the pandemic.
The charity entered into robust negotiations (this prior to the Chapter 11 bankruptcy), which resulted in a satisfactory agreement that Cineworld/Picturehouse would repay 68% of the debt in six monthly instalments. By the end of the year in question we had received three instalments, and the remaining three have been paid in the current year.
Given that we understand many other Cineworld/Picturehouse landlords have been considerably less successful in standing up to what we regard as the bullying tactics of a very large multinational corporation, we are satisfied that this is the best settlement we could have achieved.
On 7 September 2022, Cineworld sought Chapter 11 bankruptcy protection in the US, a ruling which affects its operations worldwide. The trustees are maintaining a close watching brief on the situation, and are liaising with the court in Houston, Texas to ensure our interests are considered at every stage.
The cinema remains open and operating, and (due to our robust negotiating stance, no doubt), the company has continued to pay both base and turnover rents to the charity more or less on time at the time of writing (May 2023).
Finance
Due to the energetic measures taken by the trustees to recover the debt from Cineworld/Picturehouse, and to the continued prudence in terms of spending by the charity, we end the year in a sound financial position.
The charity made an operating surplus of £11,518 during the year, and the Trust ends the year with a bank balance of £46,653. The charity now has no outstanding debts.
Caution due to uncertainty about past, present and future income from Cineworld/Picturehouse, combined with continued Covid-based restrictions on delivering education and other programmes, meant that expenditure plans were very conservative.
Page 2
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee)
CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
We plan to ramp up delivery against our charitable objectives in 2022/23, now we have recovered the debt and are receiving regular income. However, the trustees remain cautious about spending in the light of the ongoing Chapter 11 bankruptcy – several deadlines for resolving the situation have come and gone without any apparent progress being made.
We are once again starting to see room hire income from the Sir John Hurt Centre, and we continue to market this proactively to both charitable and commercial organisations.
Picturehouse Cinemas (Norwich) Ltd
The commercial undertakings of the cinema operation, bar and restaurant are sub-contracted to Picturehouse Cinemas Limited (Norwich). The Trust receives a less-than-commercial rental income from its parent company, Cineworld/Picturehouse.
Aside from the financial travails of its parent company, we have been much encouraged by a change in local management at Cinema City, where a new general manager, Justin Holmes, has successfully injected a new energy into the cinema and the team, and has demonstrated a commitment to delivering against the Service Level Agreement (something which has been sadly lacking in recent years), and in working with the charity to jointly deliver education and other film-related activities.
Justin Holmes has also overseen an investment in the fabric of the building, and in rejuvenating its commercial operations. He and his team have had considerable success in marketing the cinema, with a subsequent upturn in admits, and he has also overseen the successful reopening of the food and beverage offer, which should be an important part of the cinema’s (and hence the charity’s) income.
The trustees pay tribute to Mr Holmes and his team. The commercial success he has overseen appears to have allowed him and his team a degree of local autonomy which is not present elsewhere in Cineworld/Picturehouse, and this is very much to benefit of the film-lovers in Norfolk, and to the operation of the Sir John Hurt Film Trust.
Whilst we remain cautious about being optimistic about relationships with Cineworld/Picturehouse – and there remains considerable uncertainty about its long-term ownership and control – we are optimistic that Picturehouse Cinemas (Norwich) Ltd under its current local management is delivering on our behalf.
Activity
With the Covid pandemic continuing to restrict the activities we could deliver – coupled with the lack of income from Cineworld/Picturehouse’s refusal to pay the rent due until the very latter part of the year – our charitable activities have once again been much reduced this year.
However, some programmes were able to be delivered, both face-to-face where possible, and via online channels where this was not possible.
These included:
-
Moving Memories: our successful project which uses cinema to stimulate memories in people living with dementia, continued, and we are currently in the process of greatly expanding this project
-
Positive Cinema, a film project aimed at helping disadvantaged young people in Norfolk, which was able to embrace Zoom and WhatsApp, as well as filming monologues using local actors. An application for funding to run the project again was submitted towards the end of the year.
-
The charity supported educational activities held in the Sir John Hurt Centre by the Workers Education Association (WEA) and the University of the Third Age (U3A)
Page 3
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee)
CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
Future Prospects
We can report optimism about the charity’s future prospects, based on a number of factors:
-
The end of Covid restrictions means we are in a position to resume more of our educational and other charitable activities
-
The investment which the new local management team has managed to secure from Cineworld/Picturehouse means that the fabric of the cinema is now being properly maintained and, indeed, improved.
-
The much-improved relationship with the local management at Cinema City is already bearing fruit, both in terms of the commercial and artistic success of the cinema, and in the development of joint ventures such as educational activities and special screenings which very much fulfil our charitable objectives.
Specific plans being considered for delivery over the next 24 months include:
-
Recreational courses for underprivileged young people
-
Creation of and support for cinema appreciation groups
-
Working with the local management to include Cinema City in Heritage Days
-
Pop-up screenings, with possible involvement from our Patron Mark Kermode
-
Working with other festivals to ensure that cinema is included as an art form
-
Nurturing film-makers, both aspiring professionals and enthusiastic amateurs
Philip Easter Chairman Date:
Page 4
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022
The Trustees present their annual report together with the financial statements of the charity for the year 1 October 2021 to 30 September 2022. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charity qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.
Objectives and activities
a. Policies and objectives
The objectives of the charity are to advance the education of the public in film and the moving image as an art and as a medium for information, education and social enlightenment. The charity seeks to provide the public of Norwich and the surrounding area with the opportunity to experience a wide ranging programme of cultural cinema and related activities with the aim of enhancing the audience’s appreciation, enjoyment and understanding of film.
The Sir John Hurt Film Trust Limited is a charitable organisation in Norfolk that uses the popular medium of moving image to engage, educate, enrich and inspire the Norfolk community.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
Achievements and performance
a. Main achievements of the charity
Covered in Chair's report.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
b. Reserves policy
As explained the the Chair's Report, due to the energetic measures taken by the trustees to recover the debt from Cineworld/Picturehouse, and to the continued prudence in terms of spending by the charity, the charity ends the year in a sound financial position. However, the trustees remain cautious about spending in the light of the ongoing Chapter 11 bankruptcy of Cineworld. In light of this a reserves target has not been set.
Page 5
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
c. Financial risk management objectives and policies
Total income for the year is £73,127 compared to £68,920 for the prior year. Total expenditure decreased by £10,787 from £72,396 to £61,609 for the year.
The charity reports net income of £11,518 for the year ended 30 September 2022 compared to net expenditure of £3,476 in the period ended 30 September 2021.
Total funds are 30 September 2022 are unrestricted £48,964 (2021: £10,003) and restricted £313,475 (2021: £340,918). Note 11 provides further details of the funds held.
d. Principal funding
The charity’s principal revenue funding resources for the year should have been the rental income from Cineworld/Picturehouse to manage the cinema operation, bar and restaurant at Cinema City on the charity’s behalf. As explained the charity was still pursuing outstanding rent from the Tenant at the year end.
Structure, governance and management
a. Constitution
The company is a registered charity and company limited by guarantee and was set up on 26 September 1966 as Norfolk and Norwich Film Theatre Limited. In August 2014, the charity changed its name to Cinema City Limited. In November 2019 the charity relaunched as The Sir John Hurt Film Trust Limited. Assuming a wider role in promoting great cinema right across Norfolk. It is governed by a Memorandum and Articles of Association.
The charitable company has no share capital and is limited by guarantee. Each member is liable to contribute £1 to the assets of the company in the event of its winding up and total members may not exceed 50. At 30 September 2022 the company has 7 such members.
In the event of the charitable company being wound up with surplus funds, no member shall be entitled to participate in the distribution of this surplus. The funds remaining after settlement of all debts and liabilities will be transferred to organisations pursuing similar objectives to those of this charity.
b. Methods of appointment or election of Trustees
Trustees are appointed at a general meeting of the organisation in accordance with the Memorandum and Articles of Association.
c. Organisational structure and decision-making policies
The charity delivers its charitable aims and objectives effectively and actively through the Board of Trustees, who operate on a voluntary basis. They are well supported by a small part-time administration team.
The cinema, restaurant and bar operations at Cinema City are undertaken on behalf of the Trustees by Cineworld/Picturehouse under a management contract. The Sir John Hurt Film Trust Limited Board monitors the performance of Cineworld/Picturehouse according to the terms of the Service Level Agreement and is responsible for seeing the agreed operating standards are met.
Page 6
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee)
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2022
Structure, governance and management (continued)
d. Risk management
The Board reviews the risks of the charitable company on a regular basis and has implemented policies and procedures to mitigate exposure to these risks. In addition, a review of all financial risks is undertaken on a regular basis.
Plans for future periods
In a climate of ongoing cuts to funding and increasing competition for grants, the Board of Trustees are aware that in order to operate successfully and achieve educational aims and objectives, The Sir John Hurt Film Trust Limited must become less reliant on grants and increase its earned income. The development of The John Hurt Centre is a key factor in helping us to do this and, as stated in the Chair’s report, the Board continues to review its relationship with Cineworld/Picturehouse. As we move through this process, the organisation has used its skills and strengths to preserve a healthy financial position.
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Philip Easter Chairman Date:
Page 7
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee)
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2022
Independent examiner's report to the Trustees of The Sir John Hurt Film Trust Limited ('the charity')
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 30 September 2022.
Responsibilities and basis of report
As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charity 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 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:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts 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
-
the accounts 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.
This report is made solely to the charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Trustees those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Trustees as a body, for my work or for this report.
Signed: Dated:13 June 2023 Julie Grimmer FCA DChA
Larking Gowen LLP
Chartered Accountants Norwich
Page 8
THE SIR JOHN HURT FILM TRUST LIMITED
(A company limited by guarantee)
STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 30 SEPTEMBER 2022
| Note Income from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities Total expenditure Net (expenditure)/income Transfers between funds 10 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Restricted funds 2022 £ - - - 10,413 10,413 (10,413) (17,030) (27,443) 340,918 (27,443) 313,475 |
Unrestricted funds 2022 £ 48,025 25,102 73,127 51,196 51,196 21,931 17,030 38,961 10,003 38,961 48,964 |
Total funds 2022 £ 48,025 25,102 73,127 61,609 61,609 11,518 - 11,518 350,921 11,518 362,439 |
Total funds 2021 £ 48,000 20,920 68,920 72,396 72,396 (3,476) - (3,476) 354,397 (3,476) 350,921 |
|---|---|---|---|---|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 11 to 22 form part of these financial statements.
Page 9
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee) REGISTERED NUMBER: 00888435
BALANCE SHEET AS AT 30 SEPTEMBER 2022
| Note Fixed assets Tangible assets 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total net assets Charity funds Restricted funds 10 Unrestricted funds 10 Total funds |
9,762 46,653 56,415 (7,011) |
2022 £ 313,035 313,035 49,404 362,439 313,475 48,964 362,439 |
28,269 18,788 47,057 (18,449) |
2021 £ 322,313 |
|---|---|---|---|---|
| 322,313 28,608 |
||||
| 350,921 | ||||
| 340,918 10,003 |
||||
| 350,921 |
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Philip Easter Chairman Date:
The notes on pages 11 to 22 form part of these financial statements.
Page 10
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Sir John Hurt Film Trust Limited 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.
1.2 Company status
The charity is a company limited by guarantee. The members of the company are the Trustees named on page . In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
1.3 Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements.
1.4 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.
Voluntary income includes grants that provide core funding or are of a general nature. These are recognised when there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Income from activities for generating funds is recognised as earned (as the related goods and services are provided).
Investment income is recognised on a receivables basis.
Income from charitable activities is recognised as earned (as the related goods and services are provided).
Capital development grants and donations are credited to a restricted purpose capital fund within the statement of financial activities. They are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.
Rental income is recognised on a receivables basis.
Where services and gifts are provided to the charity as a donation that would normally be purchased from our suppliers, this contribution is included in the financial statements as an estimate based on the value of the contribution to the charity.
Page 11
THE SIR JOHN HURT FILM TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
1. Accounting policies (continued)
1.5 Volunteers
The value of services provided by volunteers is not incorporated into these financial statements. Cinema Plus has the assistance of one regular volunteer for school events.
1.6 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the company's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
1.7 Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank.
1.8 Tangible fixed assets and depreciation
Tangible fixed assets costing £250 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are carried at cost, net of depreciation and any provision for impairment. Depreciation is not charged on freehold land. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following bases:
- Long-term leasehold property over 40 years - Fixtures, fittings, cinema and over 3-4 years office equipment - Computer equipment over 3 years
1.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Page 12
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
1. Accounting policies (continued)
1.10 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
1.11 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
1.12 Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
1.13 Fund accounting
General funds are unrestricted 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.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by 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. The aim and use of each restricted fund is set out in the notes to the financial statements.
Page 13
THE SIR JOHN HURT FILM TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
2. Income from donations and legacies
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2022 | 2022 | |
| £ | £ | |
| Donations | 48,025 | 48,025 |
Donations include £48,000 (2021: £48,000) in kind rent for gifted premises and venue hire from Norwich City Council related. This is wholly dependent on the charitable activities being maintained.
| Unrestricted | Total | |
|---|---|---|
| funds | funds | |
| 2021 | 2021 | |
| £ | £ | |
| Donations | 48,000 | 48,000 |
3. Income from charitable activities
| Unrestricted funds 2022 £ Education courses and admission fees 1,240 Rent of cinema 23,862 25,102 Unrestricted funds 2021 £ Education courses and admission fees 1,302 Rent of cinema 19,618 20,920 |
Total funds 2022 £ 1,240 23,862 |
|---|---|
| 25,102 | |
| Total funds 2021 £ 1,302 19,618 |
|
| 20,920 |
Page 14
THE SIR JOHN HURT FILM TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
4. Analysis of expenditure by activities
| Direct costs - education Depreciation Support costs - education Direct costs - education Depreciation Support costs - education |
Activities undertaken directly 2022 £ 1,142 9,278 - 10,420 Activities undertaken directly 2021 £ 12,081 9,278 - 21,359 |
Support costs 2022 £ 2,462 - 48,727 51,189 Support costs 2021 £ 2,374 - 48,663 51,037 |
Total funds 2022 £ 3,604 9,278 48,727 |
|---|---|---|---|
| 61,609 | |||
| Total funds 2021 £ 14,455 9,278 48,663 |
|||
| 72,396 |
Page 15
(A company limited by guarantee)
THE SIR JOHN HURT FILM TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
4. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Depreciation Cinema plus direct costs Printing, stationary and postage Press advertising and other Consultancy Overheads Depreciation Cinema plus direct costs Printing, stationary & postage Press advertising and other Consultancy Overheads Positive cinema project |
Education 2022 £ - (2,804) 334 1,365 2,141 106 1,142 Education 2021 £ - 7,779 246 271 1,429 81 2,275 12,081 |
Norfolk Art At The Pictures 2022 £ 9,278 - - - - - 9,278 Norfolk Art At The Pictures 2021 £ 9,278 - - - - - - 9,278 |
Total funds 2022 £ 9,278 (2,804) 334 1,365 2,141 106 10,420 Total funds 2021 £ 9,278 7,779 246 271 1,429 81 2,275 21,359 |
|---|---|---|---|
Page 16
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
4. Analysis of expenditure by activities (continued)
Analysis of support costs
| Governance 2022 £ In kind rent and venue hire - Insurances - Governance costs 2,462 2,462 Governance 2021 £ In kind rent and venue hire - Insurances - Governance costs 2,374 2,374 5. Independent examiner's remuneration Fees payable to the charity's independent examiner for the independent examination of the charity's annual accounts |
Education 2022 £ 48,000 727 - 48,727 Education 2021 £ 48,000 663 - 48,663 2022 £ 2,270 |
Total funds 2022 £ 48,000 727 2,462 |
|---|---|---|
| 51,189 | ||
| Total funds 2021 £ 48,000 663 2,374 |
||
| 51,037 | ||
| 2021 £ 2,100 |
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL) .
During the year ended 30 September 2022, no Trustee expenses have been incurred (2021 - £NIL) .
Page 17
THE SIR JOHN HURT FILM TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
7. Tangible fixed assets
| Cost or valuation At 1 October 2021 At 30 September 2022 Depreciation At 1 October 2021 Charge for the year At 30 September 2022 Net book value At 30 September 2022 At 30 September 2021 |
Fixtures and fittings £ 411,071 411,071 411,071 - 411,071 - - |
Computer & office equipment £ 100,541 100,541 100,541 - 100,541 - - |
Leasehold improvemen ts £ 371,116 371,116 48,803 9,278 58,081 313,035 322,313 |
Total £ 882,728 |
|---|---|---|---|---|
| 882,728 | ||||
| 560,415 9,278 |
||||
| 569,693 | ||||
| 313,035 | ||||
| 322,313 |
The charity has a leasehold interest over the land on which the capital development stands under a 125 year lease.
Legal charges over the leasehold property are held by the Trustees of the National Heritage Memorial Fund and the Arts Council of England.
8. Debtors
| Due within one year Other debtors |
2022 £ 9,762 9,762 |
2021 £ 28,269 28,269 |
|---|---|---|
Page 18
THE SIR JOHN HURT FILM TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
9. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 7,011 | 18,449 |
10. Statement of funds
Statement of funds - current year
| Balance at 1 October 2021 £ Unrestricted funds General funds 10,003 Restricted funds Capital development fund 335,431 Awards for All - Positive Cinema Project 3,912 NNDC - Moving Memories 1,575 340,918 Total of funds 350,921 |
Income £ Expenditure £ 73,127 (51,196) - (9,278) - - - (1,135) - (10,413) 73,127 (61,609) |
Transfers in/out £ 17,030 (13,118) (3,912) - (17,030) - |
Balance at 30 September 2022 £ 48,964 |
|---|---|---|---|
| 313,035 - 440 |
|||
| 313,475 | |||
| 362,439 |
Page 19
(A company limited by guarantee)
THE SIR JOHN HURT FILM TRUST LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
10. Statement of funds (continued)
Statement of funds - prior year
| Unrestricted funds General Funds Restricted funds Capital development fund Awards for All - Positive Cinema Project NNDC - Moving Memories Total of funds |
Balance at 1 October 2020 £ 11,204 335,431 6,187 1,575 343,193 354,397 |
Income £ 68,920 - - - - 68,920 |
Expenditure £ (70,121) - (2,275) - (2,275) (72,396) |
Balance at 30 September 2021 £ 10,003 |
|---|---|---|---|---|
| 335,431 3,912 1,575 |
||||
| 340,918 | ||||
| 350,921 |
11. Summary of funds Summary of funds - current year
| Balance at 1 October 2021 £ General funds 10,003 Restricted funds 340,918 350,921 |
Income £ Expenditure £ 73,127 (51,196) - (10,413) 73,127 (61,609) |
Transfers in/out £ 17,030 (17,030) - |
Balance at 30 September 2022 £ 48,964 313,475 |
|---|---|---|---|
| 362,439 |
Page 20
THE SIR JOHN HURT FILM TRUST LIMITED
(A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
11. Summary of funds (continued)
Summary of funds - prior year
| General funds Restricted funds |
Balance at 1 October 2020 £ 11,204 343,193 354,397 |
Income £ 68,920 - 68,920 |
Expenditure £ (70,121) (2,275) (72,396) |
Balance at 30 September 2021 £ 10,003 340,918 |
|---|---|---|---|---|
| 350,921 |
12. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2022 Unrestricted funds 2022 £ £ 313,035 - - 56,415 440 (7,451) 313,475 48,964 |
Total funds 2022 £ 313,035 56,415 (7,011) |
|---|---|---|
| 362,439 |
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Restricted funds 2021 £ 322,313 18,605 - 340,918 |
Unrestricted funds 2021 £ - 28,452 (18,449) 10,003 |
Total funds 2021 £ 322,313 47,057 (18,449) |
|---|---|---|---|
| 350,921 |
Page 21
THE SIR JOHN HURT FILM TRUST LIMITED (A company limited by guarantee)
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2022
13. Related party transactions
The charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the charity at 30 September 2022.
Page 22