**Registered number: 01956960 Charity number: 296135**
**THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
**TRUSTEES' REPORT AND FINANCIAL STATEMENTS**
**FOR THE YEAR ENDED 31 MARCH 2022**
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **CONTENTS**
||Page|
|---|---|
|**Reference and administrative details of the Company, its Trustees and advisers**|1|
|**Trustees' report**|2 - 7|
|**Independent auditors' report on the financial statements**|8 - 12|
|**Statement of financial activities**|13|
|**Balance sheet**|14 - 15|
|**Statement of cash flows**|16|
|**Notes to the financial statements**|17 - 33|
**THE PHOENIX CINEMA TRUST**
**(A company limited by guarantee)**
## **REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022**
|**Trustees**|Benjamin Ellis, Trustee|
|---|---|
||Patrick Swaffer, Trustee|
||Adrian Bull, Trustee|
||Madeleine Hoare, Trustee|
||Victoria Kelsall, Trustee|
||Viran Parshu Ram, Trustee|
||Abdullah Riasat Khan, Trustee|
||Paul Rossi, Trustee|
||Marta Montague, Trustee|
||Alison Gold, Chairman|
||Paul Homer, Trustee (Resigned 12 January 2022)|
|**Company registered**
**number**
01956960
**Charity registered**
**number**
296135
**Registered office**
52 High Road
East Finchley
London
N2 9PJ
**Independent auditors**
Simmons Gainsford LLP
14th Floor
33 Cavendish Square
London
W1G 0PW
**Bankers**
Barclays Bank plc
Crouch End Group
PO Box 6549
London
N8 9RJ||
Page 1
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022**
The Trustees, who are also directors of the charity for the purposes of the Companies Act 2006, are pleased to present their annual report, together with the audited financial statements of the charity, for the year ended 31 March 2022. These are also prepared to meet the requirements for a directors’ report and accounts 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) (as amended for accounting periods commencing from 1 January 2019).
## **Objectives and activities**
## **a. Policies and objectives**
The Charity’s purposes are the advancement of the education of the public and in particular of persons who live or work in London in the arts including, but without limiting the foregoing, the arts of film, television, drama, ballet, mime, dance, music, singing and opera, and for such purpose to establish, operate and manage and administer the Phoenix Cinema in the London Borough of Barnet and to promote and maintain and encourage schemes for the use thereof.
The trustees have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties.
The strategies employed to achieve these objectives are:
- To promote film culture by showing a broad range of quality films;
- To preserve and develop the Phoenix Cinema as a popular centre of film, video and new media;
- To encourage the greatest possible access to film activities for the diverse local communities.
There has been no change to these during the year.
There are four major areas of activity where we put these strategies into action which are: main feature film screenings, education and community activities, alternative content and special events including festivals.
## **Achievements and performance**
## **a. Main achievements of the Company**
This year marked a major stage in the transformation of the Phoenix to a successful and modern community cinema, following several years of challenging trading.
Following the previous year when the Phoenix – like all UK cinemas – was mostly closed due to COVID pandemic measures, it was able to begin to revert to normal trading. It reopened in May 2021, initially with socially distanced seating for screenings and, like all cinemas, its admissions remained lower during the year than before the pandemic.
Funding from the UK government’s Culture Recovery Fund was essential to support the Phoenix through this challenging time when many customers were still wary of attending out-of-home entertainment and the programme of film releases was weaker due to the pandemic restricting production activity in 2020.
Page 2
**THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **Achievements and performance (continued)**
## **a. Main achievements of the Company (continued)**
We are grateful for these funds that allowed us to continue operating and to invest in some key initiatives to support us in the future. These included a sustainability audit, diversity and inclusion training (‘Dignity and Respect in the workplace’), refurbishment of the cinema foyer and investment in a new PoS system.
While trading continued front of house, behind the scenes the cinema transformed its management and operation to a model which has, particularly since the end of the financial year under review, begun to deliver clear financial benefits, due to lower running costs, more efficient financial and operational management as well as a restructure of the management team to align front of house activity with the aims of the board.
This was enabled through an agreement in September 2021 with Regal Community Cinema Limited, under which the Executive Director of the successful Rio Cinema in Dalston took oversight of the Phoenix operations and brought in a proven model of running an independent community cinema.
The Phoenix has strong links with the local community, including through groups such as N2 United, The Archer newspaper, the East Finchley Festival and with local schools and other independent businesses around the High Road.
By the start of 2022, the Phoenix was running a full programme of community and education activities, including screenings for local schools, Into Film festival, Parent and Baby club, Captioned Screenings alongside partnerships with Black History Walks, the UK Jewish Film Festival and supporting the LGBTQIA community in Barnet. The cinema also continues to be the base for a weekly free-meals initiative, organised by the N2 Food Project.
Since the end of FY22, the board of trustees has been increasingly impressed by the achievements of the new management team in securing better trading income while re-establishing the Phoenix as a much-loved and valued part of its community and London’s cultural life. We are confident that it is now in a stronger position than at any time in the past few years and look forward to overseeing its further development and growth.
At the start of 2021, the remaining Phoenix board, through open advertisement, recruited a number of new trustees and significantly increased the range of relevant knowledge and skills on the board. The new trustees, most of whom are residents of the local area, come from backgrounds in fundraising, various parts of the film and cinema industry as well as bringing essential legal and other governance skills to the board. This puts the board in a much stronger position to oversee the future development of the Phoenix as well as ensuring there succession planning for the chair and other roles.
Financially, trading was severely restricted due to the ongoing pandemic but the cinema’s immediate future was secured through DCMS funding. Revenue for FY22 came in at £610k, expenses came in at £605k and the overall surplus was £5k. Of the revenue, £385k came from trading and £191k from funding/donations and £32k from government furlough support.
## **b. Overall performance**
Trading revenue was £385K which is just over 50% of the £699k of trading revenue generated in FY20, the last full year of trading. Admissions were 26,783 as audiences were slow to return to the cinema amidst pandemic concerns with the Phoenix’s audience being of an older demographic and therefore being more reticent than younger audiences. By way of comparison, FY20 saw 64,275 admissions.
Audience pick-up was slow, and the film slate was underwhelming compared to 2020 with no standout releases to compare with Parasite or Little Women.
Page 3
## **THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
**TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **Achievements and performance (continued)**
## **b. Overall performance (continued)**
The new management team came in and quickly streamlined the expense base by optimising staffing, cutting unnecessary costs whilst making effective improvements to the overall look and feel of the Phoenix.
In the period since the end of March 2022, box office and F&B (‘Food and Beverage’) revenues have picked up, especially over the last 3 full months. Over the last three months, box office revenues are averaging £27k per month. There is still clearly room to grow admissions and revenues, but over the last six months’ admissions have started to pick up (16,758 for the period June-December 2022) and the expectation is that January-March 2023 will be the best quarter since the cinema reopened after the pandemic.
## **c. Education and community programme**
With the cinema having been closed for 18 months the education and community programme took some time to re-establish. Initially, schools were unable to authorise cinema trips and vulnerable groups were still avoiding social contact. COVID also had a very damaging impact on family releases, with most key titles going directly to streaming. This meant a dearth of content for the Saturday kids’ club and waiting for the school holidays for a limited number of releases. However, by the start of 2022 links had been re-established with local schools and the cinema began to receive regular enquiries from community groups again.
## **Financial review**
## **a. Financial review**
The Phoenix was able to enter the year with a strong cash balance of £152k due to the DCMS support funding for the arts and entertainment industry, the furlough scheme and a large private donation.
Despite a challenging FY22, the cash position remained strong and was £88k at the end of March 2022.
Since the end of the year, the cinema has received its final instalment from the DCMS and a £58k insurance settlement from Hiscox. These are the final COVID-related cash injections into the business.
## **b. Financial position**
The statement of financial activities for the year shows total incoming resources of £610k and total resources expended of £605k, resulting in a net surplus of £5k. This compares to income of £435k the previous year and a net surplus of £46k.
## **c. Reserves policy**
The Board’s reserves policy continues to be that the Phoenix should hold unrestricted general funds, held in cash or readily realisable assets, equivalent to at least two months’ operating costs (approximately £80k). These funds should be held to mitigate the risk of poor trading or cover unplanned emergency repairs or other expenditure. The reserves policy has not been changed.
Unrestricted general funds held at 31 March 2022 were £58,872 (see note 18).
The management and Board of the Phoenix monitors cash flow and projected cash on a regular basis in order to anticipate any solvency problems.
Page 4
**THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **c. Reserves policy (continued)**
As at the end of the year, the Phoenix’s assets were sufficient to meet its current obligations. The major asset remains the cinema building and associated land which would not be readily realisable for cash.
## **d. Going concern**
The cinema ends FY22 in a much stronger financial and operational position than for many years. The business has been optimised, admissions have stabilised, revenues are growing, and the outlook has not been better for many years.
## **e. Plans for future periods**
Trading has been reasonable through the last few months with film receipts averaging £27k per month over the last three months (October to December 2022).
The board alongside the management team has developed a robust plan to build a second screen that would further secure the future of the business by growing and diversifying the revenue streams. While there would be significant, but cost effective, investment in the short-term, the longer-term payoff would be to create a thriving, modern and independent community cinema in north London.
With the current cash and trading positions in a good place despite the wider economic turmoil, now feels like the time to move forward with these plans.
## **Structure, governance and management**
## **a. Governing document**
The Phoenix Cinema Trust Limited (“The Phoenix”) is a charitable company limited by guarantee and governed by its Memorandum and Articles of Association, dated 11 November 1985, as amended. It is registered as a charity with the Charity Commission. The trustees are members of the company and guarantee to contribute £1 in the event of the charity winding up.
## **b. Appointment of trustees**
During the year, one trustee left in January 2022. Having recruited six new trustees in early 2021, no replacement was recruited.
Each year, one-third of the trustees shall be retired/reappointed at the Annual General Meeting of its Company Members. In line with best practise in governance, no trustee will serve for more than nine years in total.
## **c. Organisation**
The Phoenix is governed by a board that comprises not less than six and no more than twelve members. The board normally meets quarterly and there are two sub-committees that meet quarterly: the Finance Committee, and the Education, Community and Fundraising committee.
At year end, the Phoenix had 26 staff members compared to an average of 25 the previous year. Most are employed part-time.
Page 5
## **THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **Structure, governance and management (continued)**
## **d. Related party relationships**
The trustees provide their services on a voluntary basis. None of the trustees has any beneficial interest in the company. There are no connected charities. There are no related party transactions, except as disclosed in note 10 in the financial statements.
## **e. Risk management**
The trustees put in place a risk management policy in 2016 which comprises a risk register that identifies and measures the key risks faced by the cinema in addition to actions to be taken to mitigate the impact. An updated risk register was reviewed and approved by the board in 2019. The cinema has adequate insurance cover in place to mitigate certain of the identified risks.
In prior years, the key risk faced by the cinema was its financial sustainability. This remains a key focus for the board and management team. However, with the DCMS support during the pandemic alongside bringing in a new management team the cinema is in a more secure financial position than it has been in many years.
At the start of FY22, the Phoenix maintained the social distancing measures implemented during FY21 to stem the spread of COVID. This ended in September 2021.
## **Statement of Trustees' responsibilities**
The Trustees (who are also the directors of the Company 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 Company 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 Company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company 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 Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 6
## **THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022**
## **Disclosure of information to auditors**
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
- so far as that Trustee is aware, there is no relevant audit information of which the charity's auditors are unaware, and
- that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information.
## **Auditors**
The auditors, Simmons Gainsford LLP, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
## **Small company provisions**
These financial statements have been prepared in accordance with the special provisions relating to small companies within part 15 of the Companies Act 2006.
Approved by order of the members of the board of Trustees and signed on their behalf by:
................................................
**Alison Gold** Trustee Date: 31/1/2023 | 12:17 GMT
Page 7
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PHOENIX CINEMA TRUST**
## **Opinion**
We have audited the financial statements of The Phoenix Cinema Trust (the 'charitable company') for the year ended 31 March 2022 which comprise the Statement of financial activities, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2022 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
Page 8
**THE PHOENIX CINEMA TRUST**
**(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PHOENIX CINEMA TRUST (CONTINUED)**
Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
## **Opinion on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements.
- the Trustees' report has been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees' report.
We have nothing to report in respect of the following matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of Trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a Strategic report.
## **Responsibilities of trustees**
As explained more fully in the Trustees' responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 9
**THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PHOENIX CINEMA TRUST (CONTINUED)**
## **Auditors' responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
In order to identify and assess the risks of material misstatements, including fraud and non-compliance with the Charities SORP and laws and regulations that could be expected to have a material impact on the financial statements, we have considered:
- the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;
- the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);
- management’s incentives and opportunities for fraudulent manipulation of the financial statements; and
- the industry and environment in which it operates.
We also considered UK tax and pension legislation and laws and regulations relating to employment and the preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:
- laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Charities SORP, Company Law, tax and pension legislation;
- the timing of the recognition of grant income;
- the calculation of, and adherence to, claims made through the Government’s Coronavirus Job Retention Scheme (Furlough);
- the controls over cash receipts;
- the going concern status of the charity in light of the Coronavirus Pandemic;
- existence of the tangible fixed assets including the accurate recording of all equipment disposed of during the year;
- compliance with legislation relating to GDPR, health and safety; operating licenses, and the Charity Commission;
- management bias in selecting accounting policies and determining estimates; and
- inappropriate journal entries.
Page 10
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PHOENIX CINEMA TRUST (CONTINUED)**
We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:
- enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations and discussion with the same regarding any known or suspected instances of noncompliance and fraud;
- enquiries with the same concerning any actual or potential litigation or claims;
- obtaining an understanding of the relevant controls during the period;
- obtaining an understanding of the policies and controls over the recognition of income and control of cash receipts and testing their implementation during the year;
- checking calculations of, and relevant documentation concerning, claims made through the Governments’ Coronavirus Job Retention Scheme;
- discussing with senior management the on going viability of the charity and reviewing post year end trading activities;
- testing from the fixed asset register to ensure the physical existence of the tangible fixed assets;
- review documentation relating to compliance with the regulations relating to health and safety regulation and assessments and operating licenses;
- assessing the allocation of income and expenditure between restricted and unrestricted funds;
- • challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to depreciation of tangible fixed assets and the timing of recognition of grant income;
- • identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;
- reviewing the financial statements for compliance with the relevant disclosure requirements;
- performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud; and
- reviewing the minutes of Board meetings.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK) .
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 11
## **THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF THE PHOENIX CINEMA TRUST (CONTINUED)**
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.
## **David Pumfrey (Senior statutory auditor)**
for and on behalf of
## **Simmons Gainsford LLP**
Statutory Auditors 14th Floor 33 Cavendish Square London W1G 0PW
Date: 31/1/2023 | 12:48 GMT
Page 12
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022**
|**Note**
**Income from:**
Donations and legacies
4
Charitable activities
5
Investments
6
Other income
7
**Total income**
**Expenditure on:**
Charitable activities
8
**Total expenditure**
**Net movement in funds**
**Reconciliation of funds:**
Total funds brought forward
Net movement in funds
**Total funds carried forward**|**Unrestricted**
**funds**
**2022**
**£**
47,339
385,112
2
31,858
464,311
356,395
356,395
107,916
(30,744)
107,916
77,172|**Restricted**
**funds**
**2022**
**£**
143,964
-
-
1,467
145,431
248,845
248,845
(103,414)
459,441
(103,414)
356,027|**Total**
**funds**
**2022**
**£**
191,303
385,112
2
33,325
609,742
605,240
605,240
4,502
428,697
4,502
433,199|**Total**
**funds**
**2021**
**£**
206,700
15,223
4
212,741
434,668|
|---|---|---|---|---|
|||||388,342
388,342|
|||||46,326|
|||||382,371
46,326
428,697|
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 17 to 33 form part of these financial statements.
Page 13
## **THE PHOENIX CINEMA TRUST (A company limited by guarantee) REGISTERED NUMBER: 01956960**
## **BALANCE SHEET AS AT 31 MARCH 2022**
|**Note**
**Fixed assets**
Tangible assets
13
**Current assets**
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within one
year
16
**Net current assets**
**Total assets less current liabilities**
Creditors: amounts falling due after more
than one year
17
**Total net assets**
**Charity funds**
Restricted funds
18
Unrestricted funds
Designated funds
18
General funds
18
Total unrestricted funds
18
**Total funds**|3,311
34,112
87,665
125,088
(58,911)
18,300
58,872|**2022**
**£**
367,022
367,022
66,177
433,199
-
433,199
356,027
77,172
433,199|3,209
28,591
151,631
183,431
(155,261)
27,801
(58,545)|**2021**
**£**
404,527
404,527
28,170
432,697
(4,000)
428,697
459,441
(30,744)
428,697|
|---|---|---|---|---|
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 and delivered in accordance with the provisions applicable to entities subject to the small companies regime.
Page 14
# **THE PHOENIX CINEMA TRUST (A company limited by guarantee) REGISTERED NUMBER: 01956960**
# **BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022**
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
................................................
**Alison Gold** Trustee Date: 31/1/2023 | 12:17 GMT
The notes on pages 17 to 33 form part of these financial statements.
Page 15
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022**
|**Cash flows from operating activities**
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest received
**Net cash used in investing activities**
**Cash flows from financing activities**
Repayments of borrowing
**Net cash used in financing activities**
**Change in cash and cash equivalents in the year**
Cash and cash equivalents at the beginning of the year
**Cash and cash equivalents at the end of the year**|**2022**
**£**
(47,040)
(8,928)
2
(8,926)
(8,000)
(8,000)
(63,966)
151,631
87,665|**2021**
**£**
108,105
(1,467)
4
(1,463)
(4,000)
(4,000)
102,642
48,989
151,631|
|---|---|---|
The notes on pages 17 to 33 form part of these financial statements
Page 16
**THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
# **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **1. General information**
The Phoenix Cinema Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 52 High Road, East Finchley, London, N2 9PJ.
## **2. Accounting policies**
## **2.1 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 Phoenix Cinema Trust 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.
## **2.2 Going concern**
These accounts have been prepared on a going concern basis. At the time of approving the accounts, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future.
## **2.3 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 Company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Company 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.
## **2.4 Income**
All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Page 17
**THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **2. Accounting policies (continued)**
## **2.5 Expenditure**
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Company's objectives, as well as any associated support costs.
## **2.6 Intangible assets and amortisation**
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following basis:
- Computer software - 20% straight line
## **2.7 Tangible fixed assets and depreciation**
Tangible fixed assets costing £500 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 initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following bases:
|Freehold property|- straight line over 30 years|
|---|---|
|Cafe bar|- straight line over 20 years|
|Air conditioning|- straight line over 15 years|
|Foyer improvements & additions- straight line over 13 years||
|Fixtures and fittings|- 25% reducing balance|
|Seating|- straight line over 20 years|
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of financial activities.
## **2.8 Impairment of fixed assets**
At each reporting end date, the charity reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If an impairment loss arises then it is recognised in the Statement of Financial Activities.
Page 18
**THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **2. Accounting policies (continued)**
## **2.9 Stocks**
Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
## **2.10 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.
## **2.11 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.
## **2.12 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.
Liabilities are recognised at the amount that the Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
## **2.13 Financial instruments**
The Company 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.
## **3. Critical accounting estimates and areas of judgment**
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Critical accounting estimates and assumptions:
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates and assumptions will, by definition, seldom equal the related actual results.
Page 19
## **THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **4. Income from donations and legacies**
|**Unrestricted**
**funds**
**2022**
**£**
Grants
40,788
Gift aid income
6,551
47,339
**Total 2021**
122,392|**Restricted**
**funds**
**2022**
**£**
143,964
-
143,964
84,308|**Total**
**funds**
**2022**
**£**
184,752
6,551
191,303
206,700|**Total**
**funds**
**2021**
**£**
206,700
-
206,700|
|---|---|---|---|
|||||
## **5. Income from charitable activities**
|**Unrestricted**
**funds**
**2022**
**£**
Film receipts
246,329
Cinema hire
31,422
Education and workshops
3,863
Friends subscriptions
35,547
Screen advertising
9,383
Confectionary and cafe bar
48,427
Merchandise
158
Other income
9,983
385,112
**Total 2021**
15,223|**Total**
**funds**
**2022**
**£**
246,329
31,422
3,863
35,547
9,383
48,427
158
9,983
385,112
15,223|**Total**
**funds**
**2021**
**£**
2,720
5,561
6,300
-
(256)
477
5
416
15,223|
|---|---|---|
||||
Page 20
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **6. Investment income**
|**Unrestricted**
**funds**
**2022**
**£**
Bank interest received
2
**Total 2021**
4|**Total**
**funds**
**2022**
**£**
2
4|**Total**
**funds**
**2021**
**£**
4|
|---|---|---|
||||
## **7. Other incoming resources**
|**Unrestricted**
**funds**
**2022**
**£**
Furlough support
31,858
Profit on disposal of fixed assets
-
31,858
**Total 2021**
212,741|**Restricted**
**funds**
**2022**
**£**
-
1,467
1,467
-|**Total**
**funds**
**2022**
**£**
31,858
1,467
33,325
212,741|**Total**
**funds**
**2021**
**£**
212,741
-
212,741|
|---|---|---|---|
|||||
Page 21
**THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **8. Analysis of expenditure on charitable activities**
## **Summary by fund type**
|**Unrestricted**
**funds**
**2022**
**£**
Staff costs
66,166
Film hire and festival costs
90,677
Programming fees
7,397
Cinema hire, education and workshops
21
Publicity and marketing
515
Confectionery and café bar purchases
6,933
Merchandise purchases
23,973
Fees and other staff costs
2,799
Other support costs
157,698
Fundraising costs
216
**Total 2022**
356,395
**Total 2021**
346,929|**Restricted**
**funds**
**2022**
**£**
204,517
-
-
-
-
-
-
-
44,328
-
248,845
41,413|**Total**
**2022**
**£**
270,683
90,677
7,397
21
515
6,933
23,973
2,799
202,026
216
605,240
388,342|**Total**
**2021**
**£**
263,435
1,263
(226)
559
1,800
3,907
1,600
6,820
108,968
216
388,342|
|---|---|---|---|
Page 22
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **9. Analysis of expenditure by activities**
|Staff costs
Film hire and festival costs
Programming fees
Cinema hire, education and workshops
Publicity and marketing
Confectionery and café bar purchases
Merchandise purchases
Fees and other staff costs
Other support costs
Fundraising costs
**Total 2021**|**Activities**
**undertaken**
**directly**
**2022**
**£**
270,683
90,677
7,397
21
515
6,933
23,973
2,799
-
216
403,214
276,374|**Support**
**costs**
**2022**
**£**
-
-
-
-
-
-
-
-
202,026
-
202,026
111,968|**Total**
**funds**
**2022**
**£**
270,683
90,677
7,397
21
515
6,933
23,973
2,799
202,026
216
605,240
388,342|**Total**
**funds**
**2021**
**£**
263,435
1,263
(226)
559
1,800
3,907
1,600
6,820
108,968
216
388,342|
|---|---|---|---|---|
Page 23
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **9. Analysis of expenditure by activities (continued)**
## **Analysis of support costs**
|Depreciation
Legal and professional
Rent and rates
Insurance
Light and heat
Building repairs and maintenance
Equipment maintenance
Postage and stationery
Telephone
Sundries
Subscriptions and training
Booking fee charges
Bank charges
Governance costs|**Total**
**funds**
**2022**
**£**
47,900
35,274
1,162
8,324
10,561
29,319
31,741
608
3,826
3,043
5,578
-
8,050
16,640
202,026|**Total**
**funds**
**2021**
**£**
46,359
5,695
3,229
7,632
8,104
22,324
2,933
1,271
3,108
100
2,488
1,350
530
6,845
111,968|
|---|---|---|
## **10. Trustees and key management personnel**
During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).
During the year, no Trustee expenses have been incurred (2021 - £NIL).
The total amount of employee benefits received by key management personnel for their services to the trust was £48,221 (2021: £51,197).
In addition, consultancy fees of £34,264 (2021: £Nil) were paid for the services of a member of key management.
Page 24
**(A company limited by guarantee)**
## **THE PHOENIX CINEMA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **11. Staff costs**
|**Employment costs**
Wages and salaries
Social security costs
Staff pension costs
Temporary staff|**2022**
**£**
253,605
7,701
4,082
5,295
270,683|**2021**
**£**
250,532
8,259
4,644
-|
|---|---|---|
|||263,435|
The average number of persons employed by the Company during the year was as follows:
||**2022**|**2021**|
|---|---|---|
||**No.**|**No.**|
|Employees|26|25|
No employee received remuneration amounting to more than £60,000 in either year.
Page 25
## **THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
|**12.**
**Intangible assets**
**Cost**
At 1 April 2021
At 31 March 2022
**Amortisation**
At 1 April 2021
At 31 March 2022
**Net book value**
At 31 March 2022
At 31 March 2021|**Computer**
**software**
**£**
5,000|
|---|---|
||5,000|
||5,000|
||5,000|
||-|
||-|
The software costs relate to the design and build of a new website in November 2015 at a cost of £5,000. The new website gives customers the ability to book tickets for upcoming film screenings, thereby providing an ongoing economic benefit to the trust.
Page 26
**(A company limited by guarantee)**
## **THE PHOENIX CINEMA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **13. Tangible fixed assets**
|**Cost or valuation**
At 1 April 2021
Additions
Disposals
At 31 March 2022
**Depreciation**
At 1 April 2021
Charge for the year
On disposals
At 31 March 2022
**Net book value**
At 31 March 2022
At 31 March 2021|**Freehold**
**property**
**£**
581,892
-
-
581,892
571,015
890
-
571,905
9,987
10,877|**Fixtures and**
**fittings**
**£**
113,819
10,395
(9,638)
114,576
95,946
5,572
(7,756)
93,762
20,814
17,873|**Cafe bar**
**£**
791,105
-
-
791,105
415,328
39,556
-
454,884
336,221
375,777|**Total**
**£**
1,486,816
10,395
(9,638)
1,487,573|
|---|---|---|---|---|
|||||1,082,289
46,018
(7,756)
1,120,551|
|||||367,022|
|||||404,527|
The property title deeds in respect of the above land and buildings are held by The Phoenix Cinema Trust Limited with a charge in place to the National Heritage Memorial Fund of £656,800.
The Café Bar and betterment costs financed by the National Heritage Memorial Fund have certain conditions and if breached before 2035 the charity will be required to repay the grant in full.
In April 2009, Colliers CRE, Chartered Surveyors, valued the Freehold property at £850,000 prior to the works, with a presumptive valuation of £1,000,000 post the capital works being completed.
## **14. Stocks**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Finished goods and goods for resale|3,311|3,209|
Page 27
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **15. Debtors**
|**Due within one year**
Trade debtors
Other debtors
Prepayments and accrued income|**2022**
**£**
1,449
4,510
28,153
34,112|**2021**
**£**
-
50
28,541|
|---|---|---|
|||28,591|
## **16. Creditors: Amounts falling due within one year**
|Other loans
Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income|**2022**
**£**
-
25,451
12,909
1,259
19,292
58,911|**2021**
**£**
4,000
46,900
57,301
11,020
36,040|
|---|---|---|
|||155,261|
## **17. Creditors: Amounts falling due after more than one year**
||**2022**|**2021**|
|---|---|---|
||**£**|**£**|
|Other loans|-|4,000|
Page 28
## **THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **18. Statement of funds**
## **Statement of funds - current year**
|**Unrestricted funds**
**Designated funds**
Capital fund
Entrance hall and canopy
renovation fund
**General funds**
General funds
**Total Unrestricted funds**
**Restricted funds**
Capital fund
Education fund
BFI - non-capital expenditure
BFI - capital expenditure
**Total of funds**|**Balance at 1**
**April 2021**
**£**
19,246
8,555
27,801
(58,545)
(30,744)
385,281
7,305
60,553
6,302
459,441
428,697|**Income**
**£**
-
-
-
464,311
464,311
-
-
143,964
1,467
145,431
609,742|**Expenditure**
**£**
(3,572)
(1,314)
(4,886)
(351,509)
(356,395)
(44,328)
-
(204,517)
-
(248,845)
(605,240)|**Transfers**
**in/out**
**£**
2,626
(7,241)
(4,615)
4,615
-
7,769
-
-
(7,769)
-
-|**Balance at**
**31 March**
**2022**
**£**
18,300
-
18,300|
|---|---|---|---|---|---|
||||||58,872|
||||||77,172|
||||||348,722
7,305
-
-
356,027|
||||||433,199|
Page 29
**(A company limited by guarantee)**
## **THE PHOENIX CINEMA TRUST**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **18. Statement of funds (continued)**
## **Statement of funds - prior year**
|**Unrestricted funds**
**Designated funds**
Capital fund
Entrance hall and canopy renovation fund
**General funds**
General Funds - all funds
**Total Unrestricted funds**
**Restricted funds**
Capital fund
Education fund
BFI - non-capital expenditure
BFI - capital expenditure
**Total of funds**|**Balance at**
**1 April 2020**
**£**
24,083
8,555
32,638
(82,725)
(50,087)
425,336
7,122
-
-
432,458
382,371|**Income**
**£**
-
-
-
350,360
350,360
-
742
75,797
7,769
84,308
434,668|**Expenditure**
**£**
(4,837)
-
(4,837)
(326,180)
(331,017)
(40,055)
(559)
(15,244)
(1,467)
(57,325)
(388,342)|**Balance at**
**31 March**
**2021**
**£**
19,246
8,555
27,801
(58,545)
(30,744)
385,281
7,305
60,553
6,302
459,441
428,697|
|---|---|---|---|---|
Page 30
**THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **18. Statement of funds (continued)**
## **Designated funds**
The designated fund consists of a Capital fund, this balance will fund future depreciation of fixed assets which were originally purchased using general funding.
The designated fund also included an Entrance Hall and Canopy Renovation fund, the purpose of this was to meet the cost of renovation and repair of the entrance hall and canopy of the Phoenix cinema. As this work was completed in the year, the remaining balance has been transferred to the General Fund.
## **Restricted funds**
The restricted fund consists of a Capital fund, this balance will fund future depreciation of fixed assets which were originally purchased using restricted and matching funding.
The restricted fund also consists of an Education fund, this is a fund for specific education projects.
The restricted fund also consists of BFI expenditure funds. This relates to funds received as part of the Culture Recovery Fund for Independent Cinemas in England, which was intended to help protect cultural and heritage organisations from the impact of Covid-19.
## **19. Analysis of net assets between funds**
## **Analysis of net assets between funds - current year**
|**Unrestricted**
**funds**
**2022**
**£**
Tangible fixed assets
18,300
Current assets
117,783
Creditors due within one year
(58,911)
**Total**
77,172|**Restricted**
**funds**
**2022**
**£**
348,722
7,305
-
356,027|**Total**
**funds**
**2022**
**£**
367,022
125,088
(58,911)
433,199|
|---|---|---|
Page 31
## **THE PHOENIX CINEMA TRUST**
## **(A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **19. Analysis of net assets between funds (continued)**
## **Analysis of net assets between funds - prior year**
|**Unrestricted**
**funds**
**2021**
**£**
Tangible fixed assets
19,246
Current assets
109,271
Creditors due within one year
(155,261)
Creditors due in more than one year
(4,000)
**Total**
(30,744)|**Restricted**
**funds**
**2021**
**£**
385,281
74,160
-
-
459,441|**Total**
**funds**
**2021**
**£**
404,527
183,431
(155,261)
(4,000)
428,697|
|---|---|---|
## **20. Reconciliation of net movement in funds to net cash flow from operating activities**
|Net income for the year (as per Statement of Financial Activities)
**Adjustments for:**
Investment income recognised in statement of financial activities
Profit on disposal of tangible fixed assets - Restricted fund
Loss on disposal of tangible fixed assets - General fund
Depreciation and impairment of tangible fixed assets
Decrease/(increase) in stocks
Increase in debtors
Increase/(decrease) in creditors
Increase/(decrease) in deferred income
**Net cash provided by/(used in) operating activities**
**21.**
**Analysis of cash and cash equivalents**
Cash in hand|**2022**
**£**
4,502
(2)
(1,467)
1,882
46,018
(102)
(5,521)
(88,251)
(4,099)
(47,040)
**2022**
**£**
87,665|**2021**
**£**
46,326
(4)
-
1,265
45,094
1,285
(5,253)
19,079
313
108,105
**2021**
**£**
151,631|
|---|---|---|
Page 32
## **THE PHOENIX CINEMA TRUST (A company limited by guarantee)**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022**
## **22. Analysis of changes in net debt**
|Cash at bank and in hand
Debt due within 1 year
Debt due after 1 year|**At 1 April**
**2021**
**£**
151,631
(4,000)
(4,000)
143,631|**Cash flows**
**£**
(63,966)
4,000
4,000
(55,966)|**At 31 March**
**2022**
**£**
87,665
-
-
87,665|
|---|---|---|---|
Page 33