REGISTERED COMPANY NUMBER: 02324916 (England and Wales) REGISTERED CHARITY NUlJlBER." 800664 ort ot the Trustees and Flnancl I For The Year Ended 31 March 2024 pi mou hArts Inem TC 8romhead Limited Hars¢ombe House 1 Darklake View Plymouth Devon PL6 7TL ¥ADIKVP7K* 2311212024 COMPANIES HOUSE A14 #213 pi uth Arts Cinema Contents of the Financial Stslements or The Year Ended 31 March 202 Page Chalrman's Report Report ol the Trustees Independent Examlnorfs Report Staloment ol Flnanclal AcllvllSa8 Balance Sheet Notes to the Flnanclal Statemants 12 10 19 Detalled Staiement ot Financlal Actlvllles 20 10 21 pi mouth A inema Chalrman's Re ort For The Year Ended 31 March 2024 Since January 2019, Plymouth Arts Centre has been trading as Plymouth Arts Cinema and is now exclusively focusing Ils aciivilies on independeni cinema. In January 2022, thè organisation officially changed Its nam8 to Plymoulh Arts Cinema IPACI. 202312024 was the second lull year ol opeialion since 201912020, glven the Interruptions lo busSness acllvily because ol the Covid-19 pandemic in those intervening years. Audiences for independeni Cinema, both in Plymouth and nalionally, hav8 been slow to return to pre-pandemic levels ol @ngagemenl. partly because ol the cosl-ol-living crisis and partly because ol the increase in popularity for streaming services during the slay-al-home era ol the pandemic. In 2022-23, audience numbers represented 710/0 ol Ihe 2019-20 average attendance per screening. In 2023-24, the recovery level was al 85% of Ihe 2019-20 average attendance per screening. Al the start of the year there was consequently a very low level ol reseNes. Despite these challenges, the organisalion again delivered a slrong programme ol the best independent cinema and has grown audiences in particulai lor artist moving image, lor local film-makers and lor archive malerial. The main disappointment was the cancellalion ol several ol the open-air cinema screenings due lo stormy weather in August. Despite this, il worked hard to maintain and deepen Cfeative partnerships wilhin the city and beyond. li has sustained a strong, but small, staff team ihroughoul the year and conlinues to be recognised as ol strategic importance for cullural provision in the south wesl. Plymouth Arts Cinema is supported by Plymouth City Council and in July 2023 was successlul in securing three-year funding Irom the BFI Nalional Lottery Audience Projects. The lirsl year of funding was to targel developing audien¢es from those on a low in¢ome. PAC also developed further successful applications lo the Garlield Weston Foundation and the Foyle Foundalion, pursued poleniial sponsors, and organised a Crowdlunding ¢ampalgn in December 2023. There was also an auction that month ol artist works and prints which had been in Ihe PAC archive, also contributing to the much heallhi8r cash balance al the end of the financial year. Page 1 pi mou h Arls Cin Re ort ol the Trustees For The Year Ended 31 March 2024 The Iruslees who are also directors of the charity for the purposes ol ihe Companies Act 2006, present their report with the financial stalefflenls ol the charity lor the year ended 31 March 2024. The trustees have adopted the provislons ot Accounting and Reporting by Charities: Statement of Recommended Practice applicable lo charities preparing iheir accounls in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 102) leff eclive l January 2019). Since the Company qualifies as small under secbon 383, the slralegic rèport required of medium and large companies under The Companies Act 2006 (Strategic Report and Director's Report) Regulabons 2013 is nol required. OBJECTIVES AND ACTIVITIES Objectives and aims The Objectivès lor which the Associalion is eslablished are lo promote the educalion ol lh8 public in the practice and appreciation ol the arts and letters in the City ol Plymouth and the suriounding dislricl wilhin Ihe Counties ol Devon and Cornwall. Founded in 1947, PAC occupies a key place in Ihe cullural lrte of the city. Signilicant activities Mission - PAC loslers and delivers distinctive and inspiralional contemporary cinema. We want our vibrant programme to excite. challenge and inspire everyone who encounters il and we want lo engage as many people as possible. Our visitors will lind unexpected and thought-provoking ideas in a sociable space with a warm welcome, Values - We stnve lo be: Open by inviting people in to work with us, to lead on and respond lo new ideas and partnerships; keeping the social aspects of everything we do al the Ironl ol our work. Incluslve by presenting a broader programm8 across a whole range of clnema and olher movlng Imaoe progiammes., and tailoring our offer to rellecl and develop our audiences Irorn our loyal Members, lo visitors to Plymouth and sp8ciliC communities in our clly and beyond. Creative . by thinkin9 in unusual ways, working with partners lo Ihink and behave differently, lo challenge and also to reassure., lo see and support our audiences as creative individuals. Experimental - by seeking new partnerships. trying out new ideas, being brave, examining new trends and leadlng and 6tirnulalino debale. Excellent - in everything we do. Keeping abreast ol new ideas and national and intefnalional developments in film ¢ullure. We participate in national progiammes and engage with other organisations in national conversations around programme developments in Ihe cinema exhlbllion sector, whilst supportlng the Icral arts ecology and engaging a broad audience in our high quality programme. Page 2 IhA ema ort ol ihe Truslees h 2024 F rTheY ACHIEVEMENT AND PERFORMANCE Achievemenls and Performance PAC continues to work wih local cultural Ofganisations, building on exisling and new partnerships: THE BOX We conlinue working with The Box to show curated archive contents before our feature films (Wild Wild West Couniry in September 2023) and mini-seasons of films tying in with their exhibitions. ARTS UNIVERSITY PL YMOUTH (AUP) From March 2023, PAC took part in a 6-monih Knowledge Exchange projecl wilh AUP, developing Screen Talks events which brought 'added value. 10 the man lilm pTogramme wilh 15-minule introductions by AUP academics before Ihe lilrns Raging Bull and Midsommar, and a podcast series which look a deeper dive into how film programmes are curated and in-depth discussions around lilm themes. In November 2023, AUP'S Head of Academic Research Judith Noble curaled Pertormance as the film lo accompany her inaugural Professorial lecture, An Occuli Avanlgarde.. magic, sexuality, gender an¢Y transcendence.. The lecture and film screening l)oth look place in the cin8ma on Ihe same evening. FOTONOW CIC We started working in partnership with FOTONOW CIC in March 2023. with the launch ol Culture Connectors, a pilot project partnership between PAC, Fotonow and Plymouth Youlh Juslice Team to WO￿ with a group of young people who are ollen excluded from cily culture activities. The prolecl explored how we can create ¢onnedions, make lilm-walching and film-making fun. For 6 weeks we worked wllh a oroup ol young people lo make a lilrn from start lo finish,. d8vising Ihe plol, sloryboarLling the shots. lilming, anirnating and ediling. The result was a short, animated cats and dogs version ol tho limeless Romeo and Juliet love-story. The film was s¢regned in June 2023 at the Cinema. The event was open to Ihg public and included Ihe screening ol The Lion Klng, as chosen by the group of young people who had also been leaming about film programming during ihe project. In January 2024, to accompany the screenlngs ol documentary Tish on phologiapher Tlsh Murtha al PAC. Fotonow organised a guided photography walk as well as an inlroduclion lo one ol the screenings. The partnership will continue in 2024 with a new project around learning filmmaking skills loi older audience members in the community. which will also involve the Red Velvet Cinema group. CINE SISTERS On Saturday 13 May 2023, PAC hosted Cine Sislers Sw's inaugural film leslival. Wilh screenings, workshops and networking opportunliies, this one-¢Jay festival highlighted Ihe innovalive work ol women and non-binary crealives working in1Slm and moving image In the South Wesl. HIDDEN FIGURES OF PLYMOUTH On Saturday 14 October 2023. local prolect Hldden Figures ol Plymouth took over the PAC programme lor a day to celebrate Éhe launch ol the project with an opening ceremony and 3 leaiure Illrn screenings (Hidden Figures, Belle, Gel Out). 'Hidden Flgures ol Plymouth, is a 2-year projecl run by Wonderzoo, a Plymouth based afls collective, and sponsored by The National Lottery Heritage Fund.The project's core aims are lo share the untold slories of the contributions ol People ot the Global Majority to the cily ol Plymouth. The stories of people like Ann Wilkinson (co-founder of the Plymotslh Respect Festival in 19981, Jimmy Peters Ilhe lirst black rugby player lo play lor England in 19061, and Claude Millei (who In 2004 became the flrsl black Lord Mayoi ol Plymouih}, lo name a lew. As well as highlighting the Stories of past ligures, the projecl will caplure ihe slories ol living figures and engage wilh younger people Irom the Global Majority communilies to explore their vision lor a luture, knowing iheir past. The screening ot Belle also coinclded wllh the exhlbillon Aelramlng Reynolts,. A Celebrallon on Slr Joshua Reyf￿ld$ at The Box, and was introduced by DT Jenny Graham. Go-curalor of the exhibition and Associate Prolessor in Art History al the University of Plyrnouth. ThEATRE AOYAL PLYMOUTH PAC started working with Theatre Royal Plymouth in 2024. 10 curale a short season of events paying Iribute 10 the silenl lilm era lor April 2024, ahead ol the world premiere stage adaptab'on ot The Artist al TRP in May 2024. Involvement in national programmes.. Page 3 pi moulh A Cinem ort ot the Trustees For The Year Ended 31 March 2024 Plymouth Arts Cinema hostad a multi-venue season ol films, talks, workshops and events as part of'cinema Unbound.. The Creative Worlds of Powell + Pressburger" a BFI-lunded. UK-wide celebration ol one ol the greatest and most enduTing filmmaking partnerships= Michael Powell and Emeric Pressburger. PAC'S season culminaled in an immersive screening ol Powell and Pressburgefs The Red Shoes in December wilh a newly commissioned dance work trom Barbican Theatre. Screenings and events look place al PAC, the University of Plymouth and Ihe Barbican Theatre. In 2023-24, PAC also participated in the following national leslivals I touring programmes.. Salar Arab Film F8Stival, July 202313 lilms, 4 screenings . one ol Ihe screenings was accompanied with a talk by Calhi Pawson, co-founder of Zayloun CIC. which supports Palestinian larmers in distributing their produce in the UK. There were also some sampling plates ol olive oil and za'atar lor the audience lo tastel. French Film Festival UK, Novembei 202313 films, 9 screenings) Japan Foundalion Tourlng Film Programme. March 202414 films, 4 screeningsl Iris on thè Move, February 202412 programmes ol short films curaled by the Iris Prize LGBTQ+ Film Feslivall Exhibilion on Scieen {4 screenings} National Cinema Day, 2 September 2023 (all ¢lnema lickels £3 lor any ot the 3 screenlngs hosled al PAC that dayl Into Film free school screenings16 screening5, November 2023 and March 2024 Eseapes, a mulli-ye8r audience development programme, working wilh 150+ cinemas across the UK lo deliver monthly screenings, completely lfee for audiences. The audience gels the chance lo walch a preview screening ol a new independent film. The aim is lo bring new audienGes to indèpendenl cinemas, especially Ihose who never or no longer go lo the cinema. PAC started taking part in March 2024. All these inilialives give local audiences the opportunity lo see lilms and experience events which Can traditionally be hard lo access outside ol London. establishing PAC as a key provider of cultural content for Plymouth and the wider area. Guests who visited PAC this year to present Ihelr lilm included musician and lilm director Dunstan Bruce (l Gel Knoclfed Down), film director Carol Morley (Typist Artist Pirale King), and actor Greg Seslero (The Room}. In October 2023 we also had Ihe privilege of being invited lo Bresl (Plymouth's twin European city) to present Ken Loach's film The Old Oak as part of the British Film Festival Ihere. "GREEN SCREEN" In 2023-24, we've deepened our Commilfflenl to programme films and ev8nls with environmental themes. The strand had been present in our programme organically lor Ihe past lew years bul we have tormalised il this year by.. Joining the UK Green Film Ne￿Ork Creating an "Environment and Natur8" label lo highlight these evènts on our printed programme, and on our website, where events can be filtered uslng this attrlbule. Whlle the declsion to screen some new releas8S tackling clima18 chang8 or envlronmenlal Issu8s sometimes come directly Irom our lilm programmer, we're delighted lo notice that we are approa¢hed more and more by in(lividuals and local grassroot organlsatlons asklng us If we would consldei sc￿e￿ing a particular 111m or hosting an evenl lolntly wllh them. Screenings are very often lollowed by invigorating conversations on how to light climate change and the environmenlal cnsis we are lacing, We're proud lo be perceived as Ihe venue lo go lo lo¢ally lo access those films and discuss those topics. .1 hose events are dlways really popular and very often solol ocil. In 2023-24, we hosted: A screening ol The Hidden Life of Trees, lor Ihe first edition of the Plyrnouth Urban Tree Festival. organised by the Plymouth Tree Partnership. We're collaborating again wilh Ihe leslival Ihls year lor their second edition. A screening of Ihe 2 most recenl films from the Cornwall Climale Stories series, pfoduced by Cornwall Climate Care. This is the s8cond lime we scr8en their films. A Journey into Manta Ray Conseryation, a sele¢tton ol short films curated and presented by the Mants Tnjst for World Manta Day. Scfeenings of The Nett￿ Dress, with one craft workshop. 3 school screenings around the theme of the sea, introduced by Ihe Ocean Conservation Trusl. A screening ol System Update, organised by Climate Action Plymouth as part ol a series of evenls taking place in Plymoulh lo mark Ihe COP28. Screenings ol A Year in a Field lor the winter solstice And at the very beginning ol April 2024, a sold-out screening of Six Inches of Soil, followed by a Q&A with a local network ol regenerative farmers. In 2024-25, we're lookino forward lo conlinuing providing a venue for those local and global stories trom people fighting to save our planei to be seen and heard. Page 4 uth Arts Cln Re ort of the Truslees F r The Year Ended 31 March 2024 Other highlights In November-December 2023, PAC ran a Crowdlunder campaign lo raise funds to make Our cinema a sustainable and affordable venue for our whole community. The initial targei of £10,000 was reached in 3 weeks, thanks to our generous supporters and a £5,000 match-lunding pledge Irom Plymouth Cily Covncil's City Chan9e Fund. In lolal ihe campaign raised £11 ,745 plus £557 in Gift Aid. Part of the funding was used lo offer low-income tickets lo all of those who need them and reach new people in our communily, and contributed to maintainina Ihe £4 Budget lir.ket for those unwaged and on low income into 2024. In March 2024, PAC was one ol the 5 businesses with the most nominations in the Best Arts, Culture & Theatre venue category in Devon for the Muddy Slilellos Awards 2024. PAC went on lo win the regional award in May 2024 by public vote and was Ihen shortllsted by a ludging panel as a Flnalist in the National Muddy Slllettos Awards 2024 alongside 4 other venues in the UK. Open Alr Cinema A big challenge of 2023-24 was Ihe Open Air Cinema season. High winds and rain led to the cancellation 014 out of the 6 events planned. Outdoor 8venls are increasingly presenting a linancial risk in the lace ol uncertain weaiher, and the decision was lakan not to run them next year, instead focusing our surnmer programme for 2024 on indoor screenings and aclivities lor families. AEVIEW OF ACTIVITIES IN FIGURES In 2023-24. we welcomed 14,166 people through our doors over 563 screenings and showed 173 different films. 48•/0 ol our audien¢0 were lirst lime allend8rs. 34•/• ol our audience att8nded two or more tsmes. Out ol which: 6 Open Air Cinema screenings 16 scheduled, 4 cancelled due lo bad wealherl 31 scieenings with Descriplive Subtiiles1733 lickeisl 5 Relaxed screenings135 lickelsl 11 Bringing in Baby screenings1107 licketsl 6 free school screenings las pari ol Ihe national Into Film Festival} with 361 attendees 40 articles published on our blog {hllps:Ilplymouthartscinema.orglblogl) 137,982 visils lo our website (lolal visits, which includes repeal visitors) Facebook - 11 k lollowers Inslagram 4.568 followers 30 volunteers, supporting cinema ushering, event stewarding and programme marketing FINANCIAL REVIEW Reserves pollcy PAC'S reserve's policy is lo have unrestricted funds, not ¢ommrtted in designaleLI lunds or fixed assèls, approximalely equal lo eighl weeks of the charity's overheads, in line wilh industry Pracllce. This equates Sn Ihe new operations lo approximately £34,000. At the year end, Ihere were no unreslricled reserves with the balance sheel showing a deficit ol £23,781 {2023'. £24,334) Golng concern PAC has received: £20,000 from Ihe Foyle Foundation lo go towards core costs for 2023-24 £20,000 from Plyfflouih City Council lor 2022-23 under the annual Service L8vel Agreement (SLAI and this funding wlll coniinue into the 2023-24 financial year. £120,000 Irom the BFI Nalional Lottery Audience Proj8Cts Fund, to span Ihree years from Augusl 2023 to March 2026. £45,000 will be for the firsl and second years, running from August 2023 to July 2025, and then £30,000 lor Ihe remaining 8 monihs of th8 2025126 linancial year. Besides its earned income from ticket sales, its calétbar and other sources, Plymouih Arts Cinema has historically relied on regular funding from the 8FI and Plymouth City Council. The BFI's three year transition lunding lor core costs ol £35,000 a year ended in July 2022, with a final payment ot £3,500. No further funding lor core costs from ihe BFI was available in 2022123 or can be expected in future years. However, the cinema's new success in ils applicalions lo trusts and loundations and to the BFI'S Audience Projects Fund gives Ihe Truslees a reasonable expectation that Ihe company has adequate resources to continue in operational exislence lor the foreseeable future. For this reason, they conlinue to adopt ihe going concern basis in preparing the financial slatements. Further delails regarding the adoption ol the going concern basis can be found in the Accounting Policies. Page 5 pi uth Arts Cinema ort ol Ihe Trustees For The Year Ended 31 March 2024 FUTURE PLANS Key Objecllves 2022 - 2025 Create a period of linanckil slabilily and build sustainability into the Business Plan. Developing audiences in line with BFI 2033 priorities and the Audience Projects Fund Award.. o Enable people across the UK to access a wider choice ol lilrn and the moving image including stories thai r8flecl their lives. Conlribute to delivering against ihe BFI'S equity, diversity and inclusion principles. Consolidaiè exisling and build new stakeholder partneiships. Build new business partnerships in Order to explore lutUTe Opportunities to grow. Sector developmenl create and lead on a new Cinema and Moving Image strategy for Plymouth in partnership with The Box, Plymouth Cuhure and olher slakeholders. Continue lo generate tunded mulli-partner cinema projects with The Box, Arts Inslitute and other city culture slakeholders. Key Oblectlves for 2024125 To slabilise the business as11 emerges from the effe¢ls ol Ihe global Covid-19 pandemic. To re-engage and develop audiences. particularly Ihose disadvantaged through socio-economic deprivatlon, as well as families and young people. To sustain a cultural cinema o118r of signilicance wilhin Plymouth and the South West for the wider community, and conlinue lo grow our audiences and stakeholder partnerships. To lead the developmenl of independent cinema in Plymouth and the wider region, and lo numure lalent. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng documanl The charity is controlled by its governing document, a deed of trust, and constilutes a limited company, limiled by guarantee, as defined by the Companies Act 2006. Charity constltutlon PAC is a company limited by guarantee governed by ils Mernorandum and Articles of Association daled 9 December 2021. It is registered as a charity with the Charity Commission. Reerultmenl and oppolnlmenl of new trustees As sel oul in the Articles of Association, the Directors may appoint a person who is willing lo act as a Direclor. The lerm ol office of an individual appointgd as a Director is 4 consecutive years Irorn the date ol his or her appointment. The indivldual and Ihe Directors may agree lo extend the term ol off ice lor a further 4 years, or for such period that the individual and the Directors may agree. The Directors appoint Ihe Chair ol the Board ol Directors and may al any lime revoke such appoinlmenl. The Direclors also have ihe power to Co-opt further members lo fill sp8ciallst roles such as Treasurer and Depuly Chair. Organisalional struciure and Declslon making The Board ol Trusle&s, which must have a minimum ol three and a maximum ol len, adminlslers the Charily. The Board normally meets on a bi-monthly basis. An Executive Dir8Ctor and Film Programmer is appoinled by the Trustees to manage the day-lo-day operations ol the charity. To fa¢ililale effective operations, the Executive Director and Film Programmer has delegated authority, wilhin terms of delegation approved by Ihe trustees, lor operational matters incSuding finance, employment and artistic performance related aclivily. The Board of Trustees make up a dynamlc group wilh a range of skills rellecling our aclivilies. Across the Board our specialisl areab Include media, dits fflanagemenl, conlemtx)rary art, cinp.ma and movin9 imaqe. architecture, linancial and educallon. Inductlon and Iralnlng of now Irugtoes New Trustees undergo an orienlalion meeling lo briel them on their legal obllgalions under charity and company law, the conlenl ol the Memorandum and Articles ol Association. the committee and de¢ision-making processes, the business plan and recent linancial pertormance of thè charity. During the induction process they meet key employees and other TnJstee5. Key management remunerallon The Trustees and Board of Trustees have devolved responsibility lor day to day management of the Charity to the key management personnel. The key management peisonnel is comprSsed ot Anna Navas, Executive Dire¢lor and Film Pfogrammer, who implemenls Ihe policies laid down by Ihe Truslees and reports back lo them on perfomiance. Further delails regarding key management personnel are disclosecl in nole l O . Remuneralion for senior stalf is reviewed and approved by the Board of Trustees. Related partles None ol our Tiustees receive remuneration or other benefit from their worf( with the Charity. Page 6 pi inèm ort ot Ihe Trustees For The Year Ended 31 March 2024 STRUCTURE, GOVERNANCE AND MANAGEMEfrir Risk management The rnanagement committee has conducted ils own revi8w of the major risks lo which the charity is exposed, and systems have been eslablish8d to miligale those risks. Signilicanl external risks include.. Fundlng Oespile the success in 2023124 in securing the three-yeaf funding Irom the BFI National Lottery Audience Projects Fund, the difficuliy in reaching prèvious pre-pandemic box officè targets still crèates a risk around whether adequate funding for the operalion is available. This is compounded by the very low level ol reserves and Cash in the bank at any particular lime. Plymouth Arts Cinema has been miligating this risk by developing further applications to trusts and loundalions, pursuing polenlial sponsors, and seeking savings on expenditure where possible. SltelAcce$slblllly PAC is now silualed within Arts Universily Plymouth and has lull accessibility with wheelchair access to all PAC levels and disabled loilel lacililies. Intemal Rlsks Internal risks are minlmisèd by the implementation ol procedures lor aulhorisation of all Iransaclions and projects and to ensure consistent qLJalily ol delivery for all operational aspects ol the ¢haTilable company. These procedures are periodically reviewed lo ensure thai they still meel Ihe needs of the charty. Rlsk assessmenls are revlewed as part ol the senior management slruclure. External Rl8k8 External risks include the exislence of Iwo large 154) TOTAL FUNDS CARRIED FORWARD 28 9481 23 781) 24 334) The notes lomi part of these linancial statements Page 10 hArt Cln Balance Sheet 31 March 2024 31.3.24 Total funds 31.3.23 Total funds Unreslricled funds Aestricled funds Nol8s FIXED ASSETS Tangible assets 3,128 3,128 16.332 CURRENT ASSETS Stocks Debtors Cash at bank and In hand 1,681 13,089 1,681 13,089 1,421 3,038 10 48,046 5,167 53,213 33,013 CREDITORS Amounts falling due within one year (23,872) {23,872) (15,929) NET CURRENT ASSETS 29,341 17,084 TOTAL ASSETS LESS CURRENT LIABILITIES 27,302 S.167 32,469 33.416 CREDITOAS Amounis lalling due after more Ihan one year 12 (56,250) (56,250) 157,750) NET ASSETS 23 781) 24 3341 FUNDS Unrestricted funds Reslricled lunds 14 (28,948) 124,334) TOTAL FUNDS 23 781 24,3341 The chariiable company is enlilled lo exemption from audil und8r Section 477 01 the Companies Act 2006 lor the year ond8d 31 March 2024. The members have not required the company to oblain an audit of ils financial statemenls for the year ended 31 March 2024 in accordance with Sectlon 476 ot the Companies Acl 2006. Thè trustees acknowledge their responsibllilies lor (al ensuring that the charitable company keeps accounting records thal comply wllh Sections 386 and 387 of the Companies Acl 2006 and preparing financial statements which Qive a true and fair vi8w of the stale of affairs ol the charitable company as at the end ol each financial year and of ils surplus oi deficit lor each financial year in accordance with the fequiTemenls ol Seclions 394 and 395 and which otherwise comply with the iequiremenls ol Ihe Companies Act 2006 Telaling to financial slalemenls, so far as applicable lo Ihe charitable company. {b) These linan¢ial statements have been prepared In accordance with the provisSons appllcable lo chadtable companies subject to the small companies regime. The financial statements wer8 approved by the Board of Trustees and authorised for issue on .k6..1.! zl.2o.L4.... and were slgned on ils behall by". Trustee. SUSAfyJ I￿oLSr￿￿oLA6 The notes form part ol these linancial statements Page11 pi h Arts Cinema Notes to the Financlal Staternents Foi The Year Ended 31 fvlarch 2024 ACCOUNTING POLICIES Basls of preparing Ihe financial statements The linancial statements ot the chariiable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 'Ac¢ounling an(J Reporting by Charities.. Slalement of Recommended Practic8 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe UK and Republic ol Ireland IFRS 102) (effective 1 January 2019),. Financial Reporting Standard 102 'The Financial Reporting Slandar(l applicable in the UK and Republic of Ireland. and the Companies Act 2006. Thè financial statements have been prepared under the historical cost convention. Income All income is recognised in the Stalemenl ol Financial Activities once Ihe charity has enlillement to the funds, it is Probable that the income will be received and the amount can be measured reliably. Grants are included in Ihe Slalement of Financial Aclivilies on a receivable basis. The balance of income recelved lor specific purposes bul not expended during the period Is shown in the r818vant funds on the Balance Sheet. Where income is received in advance of enliilemenl of receipt, ils recognition is delerred and included in creditors as deferred income. Where enti118m8nt occurs b8lore income is received, the income is accrued. Expendlture Liabilities are recognised as expendittsre as soon as there is a leoal of conslruclive obligation committing the charity to that expenditure, il is probable that a Iransler ol economi¢ benelils will be required in settlement and Ihe amount ol the obligation can be measured reliably. Expendilure is accounted lor on an accruals basis and, has been classified under headings that aggregate all cost related to the calegory. Where costs cannot be directly allribuled to particular headings they have been allocated to aclivilies on a basis consislenl with the use ol resources. All gxpendlture Is indusive ol irrecoverable VAT. Interest recelvable Interest on funds held on deposil is included when receivable and the amounl can be measured rellabty by Ihe Company,. this is normally upon notilicalion ol the interest pald or payable by the inslitulion with whom the funds are deposited. Tanglble flxed agsels Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Plani and machinery Fixtures and fittings Computer equipment 20% on cost 15% on cosl 15°/o on cost Stocks Stocks are valued al the lower of cost and nel realisable value, after making due allowance for obsolele and slow moving items. Taxatlon The charily is exempl Iruiii Loiporation lax on il chirilable activilip.s. Fund accounting Unreslricled lunds can bè used in accordance with Ihe charitable obiectives at Ihe discretion ol the trustees. Restricted lurrfjs can only be used for particular restricted purposes within the objects of the charity, Restriciions arise wh&n spgcilied by the donor oi when ILJnds are raised lor particular reslricled purposes. Further explanatlon of Ihe nature and purpose ol each luncl is included in Ihe notes to the financial statements. Pension costs and other post-vetlremenl benetits The ¢harilable ¢ompany operaies a defined contribullon penslon scheme. Contrlbutlons payable to the charitable company's pension scheme aye charged lo the Statement of Financial Activilies in the period to which Ihey relate. Cash at bank and In hand Cash al bank and in hand includes cash and short-lerm highly liquid investments with a short lerm maturity of three months or less from the dale ol acquisition or opening of Ihe deposit or similar accouni. Pag8 12 continued... hArts Notes to the Financial Statements - continued For The Year Ended 31 March 2024 ACCOUNTING POLICIES- continued Cash at bank and In hand Debtors Trade and other debtors are recognised at th8 selllement amount after any trade discount offered. Prepaymenls are valued at Ihe arnounl prepaid net ol any trade discounts due. Llabillties and provlslong Liabilities are recognised when there is an obligation al the Balance SHeel date as a result ol a past event, it is probabl8 that a Iransler ol Konomic benefit will be required in selllement, and the amount ol the selt18menl can be estimated reliably. Liabilities are recognised al the amount thal the Company anticipates il will pay to settle the debt or the amount it has received and advance payments lor goods or seNices il musl providè. Provislons are measured at the best estimate of the afflounls required to setlle the obligalion. Where the effect of the time value of money is material, the provision is based on the present value ol thos8 amounts, dis¢ounled at the pre-tax discount fate the rellecls the risks specitic lo the liability. The unwinding of the discount is recognised in Ihe Slalement ot Financial Activities as a finance cost. Golng concern Plymouth Arts Cinema continues lo receive £20.000 per annum Irom Plymouth Cily Council under the annual Service Level Agreement ISLAI. The Company has also secured funding from British Film In5tilute 01 £120,000 over three years.These, along with other grants the Company has secured after the year end, mean the Trust&es are confident that th8 going concern basis rernains accurate and the organisalion will continu8 lor al least Iwelvo monlhs from the dale upon which these accoLJnls were signed. OTHER TRADING ACTIVITIES 31.3.24 31.3.23 Prolesslonal evenls Bar laklngs and commlssion Publicity and promolion Membership in¢ome oiher income 77,658 23,864 6,100 6,482 75.371 19,059 6,100 6,646 58 107 234 INVESTMENT INCOME 31.3.24 31.3.23 Deposll account Inte￿$t 109 55 NET INCOMEI(EXPENDITURE) Nel incomel{expenditurel is staled after chargingllcrediting).. 31.3.24 31.3.23 Independenl exarniners lee Deprecialion - owned assets 3,150 3,000 19,259 Page 13 continued... mouth A s Cinema Notes to the Financlal Statements - eontinued For The Year Ended 31 March 2024 TRUSTEES, REMUNERATION AND BENEFITS There were no trustees, remuneration or benefits lor the year ended 31 March 2024 nor for the year ended 31 March 2023. Tru5tees' expenses There were no Iwstees. ex&￿Se$ for Ihe year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS The averag8 monlhly number ol employees during th8 year was as follows.. 31.3.24 31.3.23 Support staff No employees received emoluments in excess of £60,000. Total remuneralion received by key management personnel (including employers pension coniributionsl is £25,97412023.' £24,976). COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Reslricled lunds Total funds INCOME AND ENDOWMENTS FROM Oonallons and legacles 95,017 7,150 102,167 Other trading activities Investmenl income 107,234 55 107,234 55 Total 202,306 209,456 EXPENDITURE ON Raising funds 51,532 7,150 58.682 Charltable actlvllles Arts Cinema 175,054 175054 Total 226 586 7.150 233 736 NET INCOMEI{EXPENDITURE) 124,2801 124,280) RECONCILIATION OF FUNDS Total funds brought forward 154) (541 TOTAL FUNDS CARRIED FORWARD 24,334) 24,334) Page 14 continued... Ih inema. Notes lo the Financial Statements - continued For The Year Ended 31 March 2024 TANGIBLE FIXED ASSETS Fixtures and fittings Plant and machinery Compuler equipment Tolals COST Al 1 April 2n23 Addillons 94,967 359 1,914 416 97,240 416 Al 31 March 2024 359 DEPRECIATION Al 1 April 2023 Charge lor year 80,104 162 54 642 329 80,908 Al 31 March 2024 216 971 NET BOOK VALUE Al 31 March 2024 Al 31 March 2023 14.863 197 STOCKS 31.3.24 31.3.23 Stocks 10. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Trade debtors Olher debtors Prèpayments and accrued incorrte 1,270 11,250 11. CAEDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 31.3.24 31.3.23 Other loans {see note 131 Trade creditors Social security and other laxes VAT Other creditors Accruals and deferred income 1,500 3,402 1,980 4,198 9,642 1,500 2,643 1,365 3,286 4,135 3,000 15.929 Page 15 continued... pi moulh A s Cinema es to the Flnanclal Statements - eontlnued For The Year Ended 31 March 2024 12. CREDrroRS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR 31.3.24 31.3.23 Olher loans {see note 13) 56.250 57,750 13. LOANS An analysis of the maturily of roans is given below: 31.3.24 31.3.23 Amounts lalllng due wlthin one year on demand:, Other loans Amounts falling between one and two years: Other loans - 1-2 years Amounts lalling due between two and five years.. Other loans - 2-5 years 4.500 Amounts falling due in more than live years: Repayable by Instalmenls.. Other loans more 5yrs instal 50.250 51,750 14. MOVEMENT IN FUNDS Nel movement in funds At 31.3.24 Al 1.4.23' Unre$trl¢led lund8 Arts Cinema (24,334) {4.614} (28,948) Reslrlcl8d lunds Powell and Pressburger The Box 4,367 800 4.367 800 TOTAL FUNDS 24 334) 553 23 7811 Page 16 conlinued... pi h Arts Cinema Noles lo the Financl81 Statements - conllnued For The Year Ended 31 March 2024 14. MOVEMENT IN FUNDS • continued Net movement in funds. included in the above are as follows.. Incoming resources Resources expended Movement in lunds ￿n￿$t11C1ed funds Arts Cinema 224,901 {229,515) (4,614) Re$trlcled funds Powell and Pressburger The Box Watershed Arts Trust Lld 6,000 (1,633) 4,367 800 170 (170) TOTAL FUNOS 231871 231318) 553 Comparatlves tor movoment In lunds Net movement In funds Al 31.3.23 Al 1.4.22 Unrestrlcted lunds Arts Cinema 541 24 3341 TOTAL FUNDS 541 24 2801 24 3341 Compaialive nel movement in funds, included in the above are as follows.. Incoming iesources Resources expended Movement in lunds Unrestricled lunds Arts Ginema 202,306 (226,586) (24,280) Restrleted lunds Curious about Plymouth Season ol Ihe Wilch 2,650 12,6501 TOTAL FUNDS 209.456 233 736) 24 2801 Page 17 continued... moulh Arts Clnem Nolès to the Flnanclal sl8lÈments - eonlinu For The Year Ended 31 March 2024 14. MOVEMENT IN FUNDS - contlnued A Current year 12 months and prior year12 months combined position is as follows.. Nel mov8menl in funds Al 31.3.24 At 1.4.22 Unreslrlcted lunds Arts Cinema {54) {28,894) (28,948) Aeslrlcted lurKIs Pow811 and Pressburger The Box 4,367 800 4,367 800 TOTAL FUNDS 541 23,7271 23,781) A current year 12 months and prior yèar 12 months eombined nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds Unreslrl¢ted fundg Arts Cinema 427,207 (456,1011 128,894} Roslrlctod lund8 Curious about Plymouth Season ol the Witch Powell and PressburgeT The Box Watershed Arts Trust Lld 2,650 4,500 6.000 800 170 (2,6501 (4.5001 {1.6331 4,367 800 TOTAL FUNDS 441,327 465,0541 23.7271 Curlous about Plyffloulh Grant lof Curious Aboul British Art Show project to run two workshops for a curated film programme. Season ol Iho Wllch Granl lor project of curated screenlngs enhanced by work crealed from The Box archive which relates lo the folkloric tradilions ol Ihe South West. Watershed Arts Trust Limited A Granl for the Typisl Artisi Pirale King Screening 2023. Powell and Pressburger A grant for the Fan Exhibstion Fund lor 2023. The Box A grant for a project to run a Soulh Asian Film Season in the Spring of 2024. Page 18 Continued... Notes to the Financial Statements - continued For The Year Ended 31 March 2024 15. RELATED PARTY DISCLOSURES There were no relaled party transactions for the year ended 31 March 2024 nor were there lor Ihe year ended 31 March 2023. 16. PENSION COMMITMENTS The company operates a defined conlribution pension scheme. The assets are held separately from those of the group in an independenily administerèd fund. The pension Cost charge represents Contributions payable by the group lo the fund and amounted to £2,061 (2023.. £1,832). 17. CONTROLLING PARTY The charitable company is conlrolled by its Trustees. Page 19 pi mouth Arts Cinema Detalled Statement of Financlal Ac Ivrtles For The Year Ended 31 March 2024 31.3.24 31.3.23 INCOME AND ENDOWMENTS Donations and legacles Donations Gfft aid Giants 16,352 1,137 8,584 628 92,955 108,313 102,167 Olher irading aclivilies Professional events Bar takings and commlssion Publicity and promolion M8mb8rship income Other income Tf,658 23,864 6,100 6,482 75,371 19,059 6,100 6,646 58 123,449 107,234 Inveslment In¢offle Deposil account interest 109 55 Tolal In¢omlng r•sourees 231,871 209,456 EXPENDITURE Olher Iradlng a¢llvltles Opening stock Cinema expenses Bar and calering expenditure Closing stock 1,421 46.275 8,930 2.017 51,184 6,902 54,945 58,682 Charitable actlvllle8 Wages Social securlty Pensions Slafl expenses 8ookkeeplng ¢osts Payroll costs Insuiance Telephone Postage and slalionery Sundries Bank Charges Repairs antj maintenance Subscriptions Bad debts IT cosls Pvblicily and promotion Governance Depn ol plant & machinery Depn of fixtures & fittings Depn of computer equipment 114,639 2,055 2,061 2,133 7,124 1,253 2,370 3,973 1,686 2,834 2,399 4,889 851 171 11.165 107,697 1,600 1,832 1,472 10,341 1,192 1,474 5,557 2,879 983 1,598 4,591 175 10,868 529 13,237 54 329 18,918 287 173.223 172,054 This page does not lorm part ol the slalutory financiJ slaternents Page 20 Inem Detailed Stat ment ot Flnanclal Activltles For The Year Ended 31 March 2024 31.3.24 31.3.23 Support costs Governance cosls Independent examiner's fees Total resources expended 231318 233.736 Net Incomel(expendilure 552 24 280} This page does not lomi part of the slalutory financial statements Page 21