REGISTERED COMPANY NUMBER: 02277759 (England and Wales) REGISTERED CHARITY NUMBER.. 802376 REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 FOR SIGNALS ESSEX MEDIA CENTRE LIMITED
SIGNALS ESSEX MEDIA CENTRE LIMITED CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Page Report of the Trustees Independent Examlner's Report Statem8nt of Financial Activitiès Balance Sheet Notes to the Financial Stateménts 8 to 16 Detailed Statement of Flnanclal Actlvltles 17
SIGNALS ESSEX MEDIA CENTRE LIMITED REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2024 The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present Ihelr report with the financial statements of the charity for the year ended 31 March 2024. The Iruslees have adopted the provisions of Accounting and Reporting by Charities.. Slalemenl of Recomfflended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective 1 January 2019). OBJECTIVES AND ACTIVITIES Objectlves and Alms To advanTr education, promote understanding, appreciation of, and participation in digital arl, film and media for the benefit of the public. Through.. Maintaining a rnedia arts centre for the benefit of the public. Helping young people and the disadvantaged enjoy and achieve through creative activities. allowing them lo develop skills, advance in life and contribute positively lo society. Encouraging the developrnenl of the art of digital media and film. Signals uses digital arts for social, leaming, and creative outcomes and is recognised as a specialist in digital and film education. The organisalion's programme is focused on education and community cenlred co-production activities, developing creative skills and practical, collaborative productions. Mission.. Signals supports and facilitates the development of new creative ways of using digital technology to tackle social need within the region. Signals promotes reaming. diversity, experirnentation and equality and achieves this by working in partnership with artists, communities and other organisations. Vision.- Signals is comrnilted to increasing equal access lo digital and creative experiences. Signals vision is to positively impact peoples, lives by encouraging creativity, developing skills and raising aspirations through creative digital production and education. Publlc Beneflt In deciding a programme of actlvlty and development the trustees have paid due regard lo the Charity Commission guidance on public benefit. In seeking to achieve our aims Signals is strongly committed lo working inclusively with all people in the communities il serves, much of its project work is aimed al disadvantaged children and young people who would not usually have access to rnedia production. 11 is fundarnenlal to Signals work that everyone should be able lo have access lo, and increase their understanding of, digital. media and filrn. Signals uses digital technologies, filrn and animation for social. learning and creative outcomes. Signals is a public facility that offers guidance, facilities and courses to all. Signals operates primarily in Essex but also across the Eastern region and works in partnership with other organisations and schools. Signals provides projects for disadvantaged groups that are free for participants and provides resources al ils ntre or travels lo groups enabling full access lo reSoUrs. Signals is especially interested in inspiring people to learn, develop personal skills. and priorilises groups that face barriers in formal education, either through exclusion from mainstrearn education or a disadvantage that prevents full participation. This could be behavioural, physical or lack of opportunity. Voluntèers Signals has worked with four volunteers this year including Jenny who joined us in September 2023 to support our'Peoples of Essex Project, for a year as part of her sandwich degree. Signals is able to offer opportunities for volunteers to develop new skills and lake part in project work. Page 1
SIGNALS ESSEX MEDIA CENTRE LIMITED REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2024 ACHIEVEMENT AND PERFORMANCE Achievements Some key achievements for 202312024.. On the first of April 2023 Signals became an Arts Council England National Portfolio Organisation {NPO). Signals will receive core funding of £65.000 per year for three years and will be able to apply for an additional year. therefore Signals will have core funding for four years until 2027 and be a part ofa national NPO network. The NPO funding enabled Signals to expand ils staff team. needed in order to deliver a larger programme of activity across Essex. Key projects included.. This was the first full year of 'Peoples of Essex, project work. The project engaged 775 people over the year in workshops and activities that explore the history and legacy of migrants in North Essex taking the Colchesler'Dutch Weavers. as an example of refugees. positive effect on the host city's fortunes. This 3-year project is funded by the National Lottery Heritage Fund. Digital Harwich, funded by the National Lottery- Reaching Comrnunities Fund, was launched and has been well received. Signals aitns to irkcrease creative digital skills and confidence in children and young people in Harwich. The three-year project also aims lo establish a sustainable skills hub that can continue lo provide digital support al the projects end. The project has engaged over 500 people in digital learning aclivilies. Children in Need funded year Autism Friendly Holiday Workshop delivery. These workshops have been very popular and we have wailing lists for all activities. Organisational Signals continues to review and update policy and procedures and consult with stakeholders. 11 seeks to increase quality and productivity in all that il does and inspire those qualities in the people il works with. Signals will continue lo do all that is possible to keep overheads to a minimum and diversify its income streams. In this changing economic climate Signals will regularly review and revise its organisational practices. During the year Signals strengthened its team with the full-time appointments of a Creative & Leaming Producer in May 2023 and a Media Assistant in December 2023. Staffing Staff Structure: CEO- Full Time Creative and Learning Producer- Full Tirne Digital PrOdUr- Parl Time Operations Co-ordinator- Part Time Media Assistant- Full Time Page 2
SIGNALS ESSEX MEDIA CENTRE LIMITED REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2024 FINANCIAL REVIEW Flnanclal position Signals has a diverse income frorn earned income streams such as commissioned work, equipment, space and skills hire as well as extensive experience in project fundraising and successful delivery. Signals is also increasingly developing partnership working. Signals total reserves increased in the financial year from £53,785 to £98,451, with restricted reserves increasing from £50,496 to £98,041 and unreslricled reserves reducing from £3,289 to £410. Reserves pollcy Signals strives to ensure that it develops an unrestricted reseNe fund of 3 months operational costs. Al this lime, it has not achieved this figure. 11 aims to build up reseNes annually from earned income, each year Signals aims lo increase unreslricled reserves by a minimum of £3,000 per year until this largel is achieved. PRINCIPAL RISKS AND UNCERTAINTIES The Tnjslees have identified the major risks to which Signals is exposed and consider that the systems in place are adequate lo miligale those risks. The risks and systems are continually reviewed as appropriate.. The major risks identified include.. Maintaining funding for seNices. Ensuring correct policies are in place and adhered to when working with young, vulnerable individuals. FUTURE PLANS Next year's developrnents are to CA)ntinue to implement the business plan.. To be established as experts in creative digital leaming To increase the reach and diversity of the organisalion in its Workfor and audience To improve quality in output and process To create sustainable growth To develop talent In addition, Signals aims lo focus on continuing to deliver ils key projects and schools work and seeks to expand its autism friendly provision. Signals also aims to increase board diversity in line with the board development plan. STRUCTURE, GOVERNANCE AND MANAGEMENT Governlng documont The charity is conslituled as a company limited by guarantee and is therefore governed by a memorandum and arlide5 of association. Recrultment and appointment of new trustees Signals appointment of trustees is by invitation from the existing board and through advertisernenl when need is identified. Signals strives lo have a balance of expertise, diversity and experience represented on the board of trustees. A structured and open recruilrnent programme operates and the charlty is continuing in seeking to expand the diversity of its board and any future appointments will be made in line with increasing diversity of lived experien of communities identified in project work. gender and ethnicity. Organisational structure The charity is organised so that the trustees meet quarterly, ad hoc meetings of the board are also called when the trustees see fit. Page 3
SIGNALS ESSEX MEDIA CENTRE LIMITED REPORT OF THE TRUSTEES - continued FOR THE YEAR ENDED 31 MARCH 2024 Inductlon and training of new trustees Signals have a board induction pack which is aimed at provldlng members of the board with all the relevant information to make them aware of their responsibilities. REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 02277759 (England and Wales) Reglstered Charlty number 802376 Reglstered offlce Victoria Chambers St. Runwald Street Colchester Essex C01 1HF Trustees Ms D Roome MrA Grady Mr N Blower MrJEMery Mr J Saward Mr D F Wotton Dr S L Smyth Ms A K Cotterill resigned 19 June 2024 resigned 14 December 2023 Company Secretary Ms D Bishop Independent Examiner TC Group 11 De Grey Square De Grey Road Colchester C04 5YQ Admini5tratlon Stsff RaGhel Hipkiss - Chief Executlve Officer This report has been prepared In accordance with the special provisions of Part 15 of Companies Act 2006 relating to small companies. Approved by order of the board of trustees on 18th September 2024 and signed on its behalf by: Ms D Roome - Trustee Page 4
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SIGNALS ESSEX MEDIA CENTRE LIMITED Independent axaminer's rèport to the trusteès of Signals Essex Media Cantre Limlted ('the Company'l I report lo the charity trustees on my exafflinalion of the accounts of the Company for the year ended 31 March 2024. Responslbllitles and basls of report As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Acl'l. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charitls accounts as carried out under section 145 of the Charities Act 2011 I'the 2011 Acl'l. In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act. Independent examlner's statement I have completed my examination. I confim that no matters have come to my attention in connection with the exarnination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or the accounts do not accord with those records,. or the accounts do not cornply with the accounting requirernenls of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination", or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102)). I have no concems and have corne across no other rnatlers in connection with the examination lo which attention should be drawn in this report in order lo enable a proper understanding of the accounts to be reached. Jacqueline Frost ACA TC Group 11 De Grey Square De Grey Road Colchester C04 5YQ Io 2024 Page 5
SIGNALS ESSEX MEDIA CENTRE LIMITED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2024 2024 Total Funds 2023 Total Funds Unreslrlcted Funds Restricted Funds Notes INCOME AND ENDOWMENTS FROM Charitable activities Education. training and production 81,106 115,500 196.606 168,168 Other trading activities Other Incorne Inveslrnenl Incorne 8,186 3,181 411 8,186 3,181 411 3,147 30 Total 92,884 115,500 208,384 171.345 EXPENDITURE ON Charitable activities Education, training and production 94,816 68,902 163,718 147,731 NET INCOME I (EXPENDITURE} (1,9321 46,598 44,666 23,614 Transfers between funds 1947) 947 Net movement in funds (2,8791 47,545 44,666 23,614 RECONCILIATION OF FUNDS Total funds bought forward 3,289 50,496 53.785 30,171 TOTAL FUNDS CARRIED FORWARD 410 98,041 98.451 53,785 Page 6
SIGNALS ESSEX MEDIA CENTRE LIMITED BALANCE SHEET 31 MARCH 2024 2024 2023 Notes FIXED ASSETS Tangible assets 11 1,098 2,658 CURRENT ASSETS Stocks Debtors falling due within one year Debtors falling due after one year Cash at bank and in hand 12 13 13 300 38,803 52,500 14,187 300 9,633 45,584 105,790 55,517 CREDITORS Amounts falling due within one year 14 18,437) {4,390) NET CURRENT ASSETS 44,853 51,127 TOTAL ASSETS LESS CURRENT LIABILITIES 98,451 53.785 NET ASSETS 98,451 53,785 FUNDS Unreslricled funds Restricted funds 16 410 98,041 3,289 50.4g6 TOTAL FUNDS 98,451 53,785 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024. The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 ofthe Companies Act 2006. The trustees acknowledge their responsibilities for (a) ensuring that the charitable cornpany keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which give a true and fair view of the slate of affairs of the charitable company as at the end of each financial year and of ils surplus or deficitfor each financial year in accordance with the requirements of Sections 394 and 395 arld which otherwise comply with the requirements of the Companies Act 2006 relating lo financial statements, so far as applicable to the charitable company. {b) These financial slalements have been prepared in accordance with the provisions applicable lo charitable cornpanies subject lo the srnall companies, regime. The financial statements were approved by the Board of Trustees on 18th September 2024 and were signed on its behalf by: Ms D Roome- Trustee Mr D Wotton- Trustee Page 7
SIGNALS ESSEX MEDIA CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES Basis of praparing the financial statements The financial statements of the charitable company, which Is a public benefit entlty under FRS 102, 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),, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Cornpanies Act 2006. The financial statements have been prepared under the historical cost convention and in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded lo the nearest £. Income All income is recognised in the Statement of Financial Activities once the charity has entillemenl to the funds, il is probable that the income will be received and the amount can be measured reliably. Grant income is recognised when the charity is notified that the grant has been awarded and the amount of the grant has been confimed. Where grants are received before the period for which the grant has been awarded the incorne is deferred until that period. Education and production incorne is recognised in the period that the services or courses were provided. Income from equipment and studio hire is recognised in the period lo which il relates. Hire income received in advance at the year-end is treated as deferred income. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or conslnjctive obligation committing the charity lo that expenditure, it is probable that a transfer of econornic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been dassified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings, they have been allocated to activities on a basis consistent with the use of resources. Allocatlon and apportionment of costs Support costs are those costs which have not been directly allocated to an activity of the charity but nevertheless support those aclivilies. Support costs have been allocated on the basis of the estimated lime involved. Tangible flxed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. Fixtures and fittings Computer equipment 200/0 on cost for first year and 10 % on cost thereafter 500/0 on cost for first year and 250/0 on cost thereafter For simplicity assets costing less than £1.000 are written off in the year of purchase. Stock5 Stocks are valued al the lower of cost and net realisable value, after making due allowance for obsolete and slow rnoving items. Cash and cash equivalents Cash and cash equivalents include cash in hand, bank deposits held al call and other short-lerm liquid investments with original malurilies of less than 3 months. Taxation The charity is exempt from corporation lax on ils charitable activities. Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Designated funds are unrestricted funds eamarked by the trustees for a particular purpose. Reslricled funds can only be used for particular reslricled purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular reslricled purposes. Further explanation of the nature and purpose of each fund is included in note 16 to the financial statements. Page 8
SIGNALS ESSEX MEDIA CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 Penslon costs and other post-retlrement beneflts The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financlal Activities in the period to which they relate. 2. CRITICAL ACCOUNTING ESTIMATES & JUDGEMENTS In the application of the charity's accounting policies, the Injstees are required lo make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered lo be relevant. Actual results may differ from these estimates. The eslirnates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. In respect of the year ended 31st March 2024, the Injstees have used theirjudgment in the accounting treatment of income due in respect of NL Reaching Communities - Digltal Harnich and determined that it is receivable in full 81 the slarl of the project. 3. OTHER TRADING ACTIVITIES 2024 2023 Equipment hirelsales & space hire Other incorneldonations 6,860 1,326 3,053 94 8,186 3,147 INVESTMENT INCOME 2024 2023 Deposit account interest 411 30 INCOME Income from charitable activities comprises.. 2024 2023 Education. training and production income Grants 16,106 180,500 35.726 132.442 Total 196.606 168.168 Other Income comprises'.- Insurance claim proceeds for increased working costs during Covid lockdowns Business support grant for increased costs during Covid reslriclions Total 2,681 500 3,181 6. SUPPORT COSTS Included in expenditure on charitable activities are support wsls of £138,326 (2023.- £110,937) as the charity only has one activity, all support costs are attributed lo that acllvity. Page 9
SIGNALS ESSEX MEDIA CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 NET INCOME I(EXPENDITURE} Net incomel(expenditure) is stated after chargingl(creditingl- 2024 2023 Independent examiner's remuneration - IE fee 1,260 1,200 Operating lease - property rental (from 31101120231 11,083 1,817 TRUSTEES. REMUNERATION AND BENEFITS There were no trustees, remuneration or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Trustees, expenses There were no Iruslees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. 9. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 105,622 4,057 2.326 81,630 1,602 1,673 Total staff costs 112,005 84,905 The average monthly number of employees during the year was as follows: 2024 Employees 2024 FTE'S 2023 Employees 2023 FTE'S Production and Support No employees received ernolumenls in excess of £60,000. Page 10
SIGNALS ESSEX MEDIA CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unreslricled Funds Restricted Funds Total Funds INCOME AND ENDOWMENTS FROM Charltable activities Education, training and production 35,726 132,442 168,168 Other trading activities Inveslrnenl Income 3,147 30 3,147 30 Total 38,903 132,442 171,345 EXPENDITURE ON Charitable actlvities Education. trainirbg and production 51,033 96,698 147,731 NET INCOMEIIEXPENDITURE) {12,1301 35,744 23,614 Transfer between funds 26 26 Net Movement in funds (12,156) 35,770 23,614 RECONCILIATION OF FUNDS Total funds brought fonvard 15,445 14,726 30.171 TOTAL FUNDS CARRIED FORWARD 3,289 50.496 53.785 11. TANGIBLE FIXED ASSETS Fixtures and fittings Computer and film equiprnenl COST Al 1 April 2023 Additions during the year Totals 306 27,576 27,882 At 31 March 2024 306 27,576 27,882 OEPRECIATION Al 1 April 2023 Depreciation during the year 306 24,918 1.560 25,224 1,560 At 31 March 2024 306 26,478 26,784 NET BOOK VALUE At 31 March 2024 1,098 1,098 At 31 March 2023 2.658 2,658 Page 11
SIGNALS ESSEX MEDIA CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 12. STOCKS 2024 2023 Stocks 300 300 13. DEBTORS 2024 2023 Trade debtors Prepayments & accwed income 88,185 3,118 800 8,833 91,303 9,633 Included in trade debtors above is £52,500 due after more than one year 14. CREDITORS 2024 2023 Trade creditors Accruals, deposits held and deferred incorne 3.711 4,726 798 3,592 8,437 4,390 15. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Total Funds 2023 Total Funds Unrestricted Funds Reslricled Funds Fixed assets Current assets Current liabilities 1,098 6,800 (7,488) 1,098 105,790 (8,4371 2.658 55,517 14.390) 98,990 {g491 410 98.041 98.451 53.785 Page 12
SIGNALS ESSEX MEDIA CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 16. MOVEMENT IN FUNDS Nel movement in fiJnds Transfers bebmeen funds Al 1.4.23 Al 31.3.24 Unrestrlcted funds General fund Arts Council England NPO grant 3,289 {1,932) (9471 410 Restricted funds BBC Children in Need NLHF Peoples of Essex Awards ForAII- Website NL Reaching Cornmunities - Digital Harwich Essex Community Foundation 2023 Essex Community Foundation 2024 Colchester BC - Enjoy Colchesler Fund 2,683 44.413 3,400 (2,6831 (39,555) (4,3471 88,000 4,858 947 88,000 4,583 600 4.583 600 Totsl Restricted funds 50,496 46,598 947 98.041 TOTAL FUNDS 53,785 44,666 98,451 Nel movement in funds, included in the above are as follows.. Incoming resources Resources expended Movement in funds U nrestricted funds General fund Arts Council England NPO grant Total Unreslricled furids 27.884 65.000 92,884 (29,816) 65,000 {94,8161 {1,9321 (1,932) Restrlcted funds BBC Children in Need NLHF Peoples of Essex Awards For All - Website NL Reaching Communities- Digital Harwich Essex Cornmunity Foundation 2023 Essex Community Foundation 2024 Coichester BC- Enjoy Colchesler Fund {2,683) {39,5551 {4.3471 117,000) 14.9001 {4171 {2,683) (39.5551 14,347) 88,000 105.000 4,900 5.000 600 4,583 600 Total Restricted funds 115,500 {68,9021 46.598 TOTAL FUNDS 208,384 (163.7181 44,666 Page 13
SIGNALS ESSEX MEDIA CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- contlnued Comparatives for movement In funds Net movement In funds Transfers beeen funds At 1.4.22 Al 31.3.23 Unrestricted funds General fund Designated fund 7,645 7,800 (12.130) 7.774 {7,800) 3,289 Restrlcted funds BBC Children in Need NLHF Peoples of Essex EALC Community Initiative Fund Colchesler BC Covid recovery support Colchester BC events support Awards For All - Website Essex Community Foundation 2022 4,686 (2.003) 44,413 (4,181) (485) (1,4001 3,400 (4.0001 2,683 44,413 4,167 473 1,400 14 12 4,000 3,400 Total Restricted fLJnds 14,726 35.744 26 50.496 TOTAL FUNDS 30,171 23.614 53,785 Comparative net movement in funds, included in the above are as follows-. Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 38.903 (51,0331 {12.130) Restrlcted funds BBC Children in Need NLHF Peoples of Essex EALC Comrnunily Initiative Fund Colchester BC Covid recovery support Colchester BC events support Awards For All - Vvebsite ECC Revenue Grant ACE Plug in Creatives Fowler Srnith Jones Trust BFI Film Academy BFI Film Club Essex Community Foundation 2022 4.792 46.750 16,7951 {2,337) 14,1811 (485) (1,4001 1300) (17,5001 (24,000) (2,0001 (17,000) (16,7001 (4.000) (2.0031 44.413 (4,1811 (485) (1.4001 3,400 3,700 17,500 24,000 2,000 17,000 16,700 {4,0001 Total Reslricled funds 132.442 {96.6981 35,744 TOTAL FUNDS 171,345 {147,7311 23.614 Page 14
SIGNALS ESSEX MEDIA CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2024 Deslgnated Fund The designated fund for anticipated costs associated with vacating the premises at a future dale was released in the prior year, as it was no longer required following the signing of a new 5 year propety lease, with an updated schedule of condition. effective from 31 January 2023. Restricted Funds Resources expended on completed projects exceed incoming resourTrs. by virtue of the staff costs and allocated support costs altribulable to the project. These costs are included in unrestricted expenditure. BBC Children in Need= Accessible workshops Autism Friendly workshops supporting smaller groups with speci81 educational needs. learning digital and filmmaking skills alongside developing confidence, comrnunication and team working. National Lottery Heritage Fund.. "Peoples of Essex" funding for a three-year project that engages communities in better understanding the role that migrants and refugees have had in developing north Essex. Natlonal Lottery Reachlng Communities Fund.. To fund 'Digital Hanmich. a project that supports creative digital access in Halch working with local schools and community groups, providing skills training, progression pipelines and local activities. Essex Community Foundation 2024.. Towards the costs of Signals holiday workshops Essex Community Foundation 2023: Towards the cost of Game Academy, a weeklong programme that developed game design skills and provided industry and career progression insights. Awards ForAII.. Funding towards CRM 50ftrMare and a new website design and build. Colchester BC Enjoy Colchester Fund= Towards a creative digital networking event in Colchester 17, OTHER FINANCIAL COMMITMENTS A new five-year lease on its premises at Si Runwald Street was signed effective frorn 31. January 2023, with an annual rental charge of £12,000 that cornmenced from 24 June 2023. The benefit of the rent-free period is being spread over the term of the lease. Signals has been at this address since 1998. 18. RELATED PARTY DISCLOSURES Key management remuneration The key management personnel comprise the trustees, Chief Executive Officer. Operations Co-ordlnatorl Company Secretary and the Creative and Learning Producer. The total ernployee benefits of the key management personnel were £83.824 {2023.' £78,815) 19. GOING CONCERN Unrestricted and undesignated reserves reduced during the year to £410 and remain short of ils reserve policy goal of £44.000. During 2023 Signals were successful in securing three grants all of three years duration. NLHF Peoples of Essex project £93,500 of which 50% was received in February 2023, NL Reaching Communities Fund Digital Halch project £105.000 payable in half-yearty instalments of £17,500 that commenced in October 2023 and the ACE NPO award worth £195,000 over 3 years payable quarterly £16,250 that commenced from April 2023. The board believe with these funds already seujred and with the expected new grants that will becorne available Signals will be able lo maintain positive cash flows for the foreseeable future. As a result. the going conGern basis of accounting has been adopted. Page 15
SIGNALS ESSEX MEDIA CENTRE LIMITED NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2024 20. OPERATING LEASES As al 31 March 2024 the charity has payrnenls due under operating leases as follows-. Property 2024 2023 Within one year Between two and five years 12,000 34.216 12,000 43,216 21. OTHER INFORMATION The charity is a private company limited by guarantee, incorporated and registered in England & Wales. The charity's registered office is: Victoria Chambers, St Runwald Street. Colchester, Essex, C01 1 HF. Page 16
SIGNALS ESSEX MEDIA CENTRE LIMITED DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME AND ENDOWMENTS Other tradlng actlvltles Equipment hirelsales & space hire Other incomeldonalions 6,860 1,326 3,053 94 Investment income Deposit account interest 8,188 3,147 411 30 Charitable activities Education, training and production Grants 16.106 180 500 35,726 132,442 Othèr Income- Increas8d costs of working during Covld restrlctions Insurance claim Grant 196,606 168,168 2,681 500 3,181 Total Incomlng resources 208,384 171.345 EXPENDITURE Charitable activities Exlemal projects Restricted projects 2,296 8,570 28.224 25,392 36,794 Support cost5 - Management Wages and Salaries Social security Pensions Rent and rates Insuran Energy and water Repairs. Equipment and waste Telephone, postage, photocopier, stationery Travel & conference expenses Advertising & marketing Accountinglpayroll system Subscriptions & publications Staff costs, development & recruilrnent Security Alams and Fire Protection Depreciation Equipment 105,622 4,057 2,326 11.083 2.038 2,716 1,456 2,413 64 519 396 431 472 1,538 81.630 1,602 1,673 10,876 2,005 2,387 690 3,345 68 502 373 1.418 82 1,391 1.320 136.691 109,362 Governance costs Independent exarniner's fees Accountancy and professional fees 1.260 375 1,200 375 1,635 1.575 Total resources expended 163,718 147,731 Net Incomellexpendlture) 44,666 23.614 Page 17