CHARITY NO: SC049556 GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 PAGE Reference and Administrative information Report of the Trustees Independent Examiner's Report Statemenl of Financial Activities 10 Balance Sheet statement of Cash Flows 12 Notes lo the Financial Statements 13-20
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 REFERENCE AND ADMINISTRATIVE INFORMATION Trustees Company Secretary Prlnclpal Offlce Registered Office Charity Number SC049556 Bankers Royal Bank of Scotland plc, 300 Bath Street, Glasgow G2 6EQ
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees present their annual report and financial statements of the charity for the year ended 31 August 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's constitution, the Charities and Trustee Investment (Scotlandl Act 2005, the Charities Accounts IScotland} Regulations 2006 (as amended) and Accounting and Reporting by Charities.. Slatement of Recommended Practice applicabSe to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland published on 16 July 2014. The legal and administrative information on page 1 forms part of this report. OBJECTIVES AND ACTIVITIES Glasgow Short Film Festival hosts an inclusive community of filmmakers and film lovers, showcasing ground-breaking works of visual storytelling. GSFF was inrtially developed as a project of Glasgow Film over a period of twelve years. In 2019, the decision was taken to establish GSFF as an independent Scottish Charitable Incorporated Organisation. The SCIO was established.. To advance the education of the public, both formal and inforrnal, linked to, or through the medium of short film and related media, primarily within Glasgow but also throughout Scotland and beyond., To advan short film as a form of art and cultural expression, primarily within Glasgow but also throughout Scotland and beyond., To advance Scotland's film heritage. through researching and exhibiting short films held in archives, and through researching, cataloguing and exhibiting short films held by private individuals or organisations GSFF aims to achieve these objectives primarily through lal the delivery of an annual film festival at several venues in Glasgow and (bl the design andlor delivery of a range of initiatives, activities, programmes and events all year round, both in Scotland and internationally. PURPOSE To nurture and inspire diverse forms of cinematic expression, in Scotland and around the world. VALUES Collaboration - we seek to learn from and be challenged by partner individuals and organisations. and to work wilh them in fairness and mutual respect. We encourage and enable collaboration between talents, both within Scotland and internationally. Enqulry - we question everything. in order to programme with rigour and curiosity, and to ensure constant organisalional change and development. We champion filmmakers who challenge formal conventions and ask difficult questions.
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Inclusion - we foreground accessibility, diversity and equality within our organisalion, partnerships and programme. Everyone is welcome, and we strive to ensure that everyone is represented. Solidarity - our activities and governance reflect our commitment to social justice, and our responsibility to our audience, staff, volunteers and to the artists who entrust their work to us. Monltorlng Achievements and Evaluation Glasgow Short Film Festival is committed to ensuring that all activities and programming are of the highest qualily. We aim to undertake a continuous process of planning, monitoring and evaluation with quality assurance embedded wilhin the whole process from aims and objectives through lo business planning and programme delivery. We monitor the quality and our progress in the following ways.. Recording all attendances at, engagements with and participations in our activities, both off and online., Measuring performance against targets for attendance and income; Website and Social Media engagement is recorded., Audience and visitor feedback is enGouraged and is recorded, collated and acted on., Festival Director's Reports are produced and circulated to trustees in advance of trustee meetings., Formal evaluation meetings take place following all editions of the festival, as well as any other projects and large events. Vvhen evaluating how effectively we are achieving our aims and objeclives, we consider.. Attendance figures (increaseldecreasel., Audience feedback including the impact of work., Income generation (increaseldecreasel., Peer reviews {posilivelnegative)', Submissions - both numbers and income (increaseldecrease)-, Profile for organisation.. positivelincreased or negative; Organisations that want lo work with GSFF., Staff and volunteer morale is positive, staff understand business plan and their contribution to achieving Ihe goals. Summary of Activities Between September 2023 8nd August 2024, GSFF delivered the following activities.. October 2023: short film and filmmaker conversation as part of an event exploring dreams at the recently opened Advanced Research Centre at University of Glasgow November 2023: co-hosted screening with LUX Scotland and Take One Action Film Festival to raise funds for MediGal Aid for Palestine September-June 2023: festival strategy consultation for Short Circuit Sharp Shorts Year 3 films February-march 2024: extensive screening and workshop programme at HMP & Yol Polmont, in collaboration with Glass Performan March 2024: the seventeenth edition of GSFF, including extensive schools programme at multiple locations across the city May 2024: programme of shorts for the ARC as part of Glasgow Science Festival
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 July 2024: Queens Park Arena - for the second year we programmed recent Scottish shorts to screen with repertory features at Inhouse's free summer programme Key Achievements We screened 136 short films from 46 countries, including 10 world premieres and 19 UK premieres 950/0 of responders to our audience SueY rated the programme 4 or 5 out of 5, and 980A found the festival to be welcoming and accessible There were 4643 attendances by 1804 unique visitors lan increase of 560 unique visitors on the 2023 event, but a slight decrease in attendances from 4649). 680/0 attended from Glasgow, 210h from elsewhere in Scotland, 70/0 from the rest of the UK, and 4 % were international attendees. We welcomed 37 internalional delegates from 21 countries, including Brazil, Canada, China, Costa Rica, Indonesia, Taiwan and the USA, as well as several European countries. Key industry attendees included representatives of high profile events including Toronto Film Festival, SXSW, Palm Springs, IDFA and FID Marseille. Collaborating with Glass Perfortnance we delivered a series of screenings and animation workshops at HMP & YOI Polmont to approximately 140 participants across four populations within the prison. The animation completed in the workshops screened al our opening event before going on to win a prestigious Koestler Award for arts in criminal justice. It was also included in an exhibition curated by Jeremy Deller at the Royal Festival Hall, London. Our opening event featured the first public screening of six earfy 8mm shorts by Bill Douglas, with a specially commissioned live accompaniment, and a new dialogue track recorded specially for the occasion. The event was attended by Peler Jew811, Bill's longtime Close friend and Gollaboralor (and star of several of the films), who had previously attended the festival in 2012 to give his blessing to our inaugural Bill Douglas Award. This was to be one of Peter's final public appearances in support of Bill's work. as he passed away in March 2025 al the age of 90. We welcomed student delegations from Edinburgh College of Art and Screen Academy Scotland's Kino Eyes Erasmus programme alongside, for the first time, delegations from the University of the Highlands and Islands and Newcastle University. We delivered an extensive schools programme, including screenings and animation workshops at CCA and Platform, Easterhouse for 492 primary school children, and filmmaker workshops for pupils at four secondary schools in areas of relative deprivation across the city. We established new commercial sponsorship deals with Blazing Griffin and Shorls TV, supporting our Scottish Short Film Award and International Audience Award respectively. The festival featured positively in BBC News, The Herald, The National, The Skinny and The List. We collaborated with Glasgow Film Festival on the announcement of our opening event, as GFF was screening a documentary about the friendship between Bill Douglas and Peter Jewell, and this benefitled us hugely in terms of press coverage. GSFF was also fealured in a ten minute interview package on the European cultural channel ARTE (filmed in December 20231. Concluslon The seventeenth edition of the festival presented us with the opportunily lo consolidate and improve various systems whilst tackling new challenges. After our website hosts decided not to renew their contract with us, we devised and launched a new website beller integrated with our database. Using lessons learned when running our own box office in 2023, we successfully
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 ran an almost entirely online box office, saving staffing costs by offering in-person cash sales in partnership with CCA. The limited in-person lake-up confirmed not only the demand for this option from an access perspective but also the value of working in partnership rather than recruiting additional box Offi staff. Meanwhile our community activities in Glasgow schools and in HMP Polmonl marked exciting new learning experiences, both for the participants and for the festiva5 team. The Polmont activity in particular proved to be some of the most rewarding and well-received work we've ever done. Securing a New Producer paid internship through Film Hub Scotland ensured that all our community activity was ooordinated by a single person (Frieda Ford), saving the rest of the team from spreading ourselves too thinly. Remarkably, Frieda also found time lo devise and deliver a Film Criticism workshop for young people during the festival. 2024 marked Sanne Jehoul's final edition of the festival, and offered as challenging, curious and diverse a programme as we've come lo expect from her. Having worked her way up from volunteer lo Programme Director over ten editions, and instrumental in the festival's move to independence in 2019. Sanne leaves an indelible stamp on GSFF'S identity, valu8s and purpose. She'll be irreplaceable. FINANCIAL REVIEW Total income for the financial year 2023124 was £183,819 {2023.' £175.8601. This was up 4.5010 overall on the prior year. Submissions income was up 50/0 on the prior year. While not among our key revenue streams, incomefrom external curation and consultancy and from commercial sponsorship more than doubled. All other income streams were largely consistent with 2022123, with the exception of box office and delegate pass sales. Once again we offered a Paywhat You Can scale across all public screenings, and increased the scale to £3-£5-£7-£10 (previously £2-£4-£6-£8}. This resulted in a modest increase in average tickel spend, from £4.03 to £4.50, with over 40 % of tickets being sold at the lowest level. Consequently, whilst the number of public tickets sold actually dropped by 120h, the box office income was up by 180h on the 2023 event. Gross income from box office and delegate pass sales was £11,381, just short of ourlarget of £12k. We welcomed 241 delegates. 86 of whom were paying, a drop from 2023's figures {30211401, and as a result income from delegate pass sales dropped by 45°/o. The decrease was due to institutional budget cuts - none of the student cohorts who regularly attend the festival from Sheffield, Swansea and elsewhere in England came this year. Clearly the cost- of-living crisis continues to bite, reinforcing the need for the PWYC scale to provide access to affordable cultural experiences. Public investment and truslslgrants comprised 670/0 of our income {2023= 710/0) which was in line with our expectations. The level of income from submissions remained largely constant with the prior year at 21 OA12023'. 20010). Our expenditure of £189,432 (2023.. £188,495) for the year was marginally higher than last year. Finding ourselves in need of a new website at short notice after our hosts chose not to renew the contract, we were able to raise additional funds through private trusts and make some reductions in programme delivery and guest costs. This went some way towards miligaling against this additional unexpected expenditure. However. the drop in delegate pass sales and the additional expenditure resulted in a net deficit being reported for the year of £5,613 {2023.' £12,635}.
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 Our balance sheet at year-end reflects a negative unrestricted reserves position of1£11,1271 compared to a PDSition of1£5,414) at the previous year-end. This naturally led to much more cautious planning for the 2025 edition of the festival, for which we already had Gore funding of £80.000 as the second installmenl of two-year funding frorn Screen Scotland. Despite Ihe knock to our financial standing, we remain committed to the aspirations of our ambitious Reserves Policy, although we continue to be aware that the arts funding landscape is an exceptionally challenging one. Reserves Pollcy Glasgow Short Film Festival wishes to establish reserves that will secure the day to day operational requirements of the charity for a minimum period of three months. so that in the event of unforeseen financial challenges, staff may continue lo deliver activities whilst applying for additional financial support. GSFF is a small organisalion with limited resources to deliver an ambitious annual programme of activity. To date the organisation's on-going operation has been dependent on core funding from Creative Scotland, namely the Screen Sootland Film Festival & Screening Programme Fund. The SCIO was awarded funds from this Sour for an initial Iwo-year period. Subsequent awards have been made annually, however we received two year funding for 2024-25, to facilitate our application in 202314 to Creative Scotland for Mulli-year Funding 2025-28. We were delighted lo receive notification in January 2025 that GSFF'S application for Multi- Year Funding was successful, and consequently, going into the 2025 edition of the festival we found ourselves in the unprecedented position of having already confirmed core-funding for the 2026-2028 editions. Furthermore, that core-funding is 500/0 higher per year than our previous annual levels of £80,000. It should be noted that our application included increased spending on staffing. and some ambitious targets for project funding and other revenue streams, however this newfound security and funding boost will allow us to address our negative reserves and start to build towards our intended level of reserves. Intended level of reserves In order lo cover the core costs of salaries, rent and other regular outgoings for three months, GSFF envisages free reserves of around £12,000. Within the Mulli-year Funding application (completed in April 2024) we proposed building a minimum of £6,500 by 2028. Given our current level of negative reserves, this target is challenging, however greater staff security affords us the capacity lo pursue new and increased revenue streams. STRUCTURE, GOVERNANCE AND MANAGEMENT Glasgow Short Film Festival (GSFFI was established in August 2019 as a Scottish Charitable Incorporated Organisalion, having previously been run as a project of Glasgow Film Theatre. GFT is governed by its constitution dated 21 August 2019. The organisation is governed by a Board of Trustees, and run on a day-to-day basis by a Festival Director, who is also a Trustee, and a Programme Director. The Festival Director and Programme Director are responsible for all operational matters and decisions. All major policy decisions are ratified by the Trustees. The Trustees have overall responsibility for the organisation's reSoUrS and ensuring ils financial wellbeing.
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 As set out in the constitution, the charity Trustees are also the members of the SCIO for the purposes of the Charities and Trustee Investment {Scolland) Act 2005. Under the provisions of the constitution, no-one can be a member unless they are also a charity trustee of the SCIO. Appointment and retiral of charity Trustees is covered by paragraphs 19-28 of the constitution. The Trustees administer the charity. They are supported by a voluntary Company Secretary. The Trustees critically examine the organisation's strategy. budget and business plan each year and meet four to six times a year to review performance, key business issues and initiatives. The Festival Director is responsible for developing and implementing business strategy and processes and with the Programme Director, for the day-lo-day management of the organisation. The remuneration of the charity's staff is reviewed by the Trustees annually. We aspire to pay the market rale as benchmarked with charities of a similar size and activity to ensure that the remuneration set is fair and not out of line with that generally paid for similar roles. Glasgow Short Film Festival pays a minimum of the Real Living Wage to all employees. A register of Trustees, inleresls is maintained and as at the dale of signing there were no trustees who had a conflicting interest. Connected Charities The organisation works in collaboration with other charitable organisations such as other film venues and educational institutions - on specific projects and initiatives. It also receives funding from various charitable trusts and foundations. Trustees, responsibilities in relation to the financial ststements The charity trustees are responsible for preparing a trustees, annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom Generally Accepted Accounting Practice). The law applicable lo charilies in Scotland requires the charity trustees to prepare financial statements for each year which give a true and fair view of the slate of affairs of the charity and of the incoming resources and application of resources, of the charity for that period. In preparing the financial statements, the trustees are required to.. select suitable accounting policies and then apply them Gonsistently., observe the methods and principles in the applicable Charities SORP., make judgements and estimates that are reasonable and prudent., state whether applicable accounting standards have been followed, subject lo any material departures disclosed and explained in the financial slalements., prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records thal disclose with reasonable accuracy at any time the financial position of the charity and to enable them lo ensure that the financial statements comply with the Charities and Trustee Investment {Scotland) Act 2005, the Charity Accounts {Scollandl Regulations 2006 las amended}, and the provisions of the charity's constitution. They are also responsible for safegLJarding the assets of the charity and taking reasonable sleps for the prevention and detection of fraud and other irregularities.
GLASGOW SHORT FILM FESTIVAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 The trustees are responsible lor the mainlenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Statement of Disclosure to Independent Examiner In so far as the Trustees are aware.. There is no relevant information of which the charity's Independent Examiner is unaware.. and The Trustees have taken all steps that they ought to have taken ta make themselves aware of any relevant audit information and to establish that the Independent Examiner is aware of Ihat information. Approved by the Trustees on 9 May 2025, and signed on their behalf by..
GLASGOW SHORT FILM FESTIVAL INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF GLASGOW SHORT FILM FESTIVAL FOR THE YEAR ENDED 31 AUGUST 2024 I report on the accounts of the ¢harity for the year ended 31 August 2024, which are set out on pages 10 to 20. Respectlva responslbllltles of trusts8s and examiner The charity's trustees are responsible for the preparation of the accounts in accordance with the term8 of the Charities and Trustee Investment {Scotland) Act 2005 and the Charitie8 Accounts (Scotland} Regulations 2006. The charity trustees consider that the audit requirement of Regulation 10(1) (a} lo Ic) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under sedion 44(1) {c) of the Act and to state whether particular matters have come to my attention. Basis of independent examlner's statement My examinalion is carried out in accordan Mth Regulation 11 of the Charities Accounts (Scolland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the a¢counts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeks explanations from the trustees concerning any SUGh matters. The proGedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Indep•nd8nt examlnefs stat8ment In the cours8 of my 8xamination. no malter has come to my attention whlch gives me reasonable c8u8e to believe that in any material respects the requirements.. to keep a¢¢ounting records in accordance with Sedion 4411) (al of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations, and to prepare accounls whidi accord with the acGounling records and Gomply with Regulation 8 of the 2006 Accounts Regulations have not been mel, or 2. to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
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GLASGOW SHORT FILM FESTIVAL BALANCE SHEET AS AT 31 AUGUST 2024 2024 2023 Note Current assets.. Debtors Cash al bank and in hand 13 18 17,821 677 70,294 5,317 Total current a55ets 18,498 75,611 Current liabilities: Creditors falling due within one year 14 29,625 21,125 Net assetsllliabiliti6S 11,127 5,514 The funds of the charity.. Restricted income funds Unrestricted funds (11,127} (5,514) Totsl charity funds 15 11,127 5,514 For the year ended 31 August 2024, the company was entitled to exemption under section 477 of the Companies Act 2006. No member oflhe company has deposited a notice, pursuant lo section 476, requiring an audit of these financial slalements under the requiremenls of the Companies Act 2006. The trustees acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 of the Act and for preparing financial slalements which give true and fair view of the state of affairs of the company as at tho end of the financial period and of its profit or loss for the financial period in accordance with the requirements of sections 394 and 395 and which otherwise comply with Ihe requirements of the Companies Act 2006 relating to acGounts, $0 far as applicable to the company. Approved by the trustees on 9 May 2025 and signed on their behalf by: li
GLASGOW SHORT FILM FESTIVAL STATEMENT OF CASH FLOWS FOR THE YEAR ENDING 31 AUGUST 2024 Total Funds 2024 Total Funds 2023 Note Cash flows from operating activities: Net cash provided byllused inl operating activities 17 (4,6291 (13,864) Cash flows fmm investing actlvltles Bank and transadion charg8s paid 47 Net cash provided byl{used in) investing activities (11} (47) Cash flows from flnanclng activities Change in cash and cash equivalents in the year 14,640) (13,911) Cash and cash equivalent brought forward 5.317 19,228 Cash and cash equivalents carrled forward 18 677 12
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 1. Accounting Policies (a} Basis of preparation and assessment of golng concern The accounts (financial statemenlsl have been prepared under the historical cost convention with items recognised al cost or transaction value unless otherwise stated in the relevant note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021 issued on 16 July 2014, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotlandl Regulations 2006 (as amended). The charity Gonstitutes a public benefit enlity as defined by FRS 102. The trustees consider that there are no material uncertainties about the charity's ability to onlinue as a going Goncern, as secure funding and balanced budgets have been agreed through the next twelve months. {b) Funds structure Unrestricted income funds comprise those funds which the trustees are free to use for any purpose in furtherance of the charitable objects, Unrestricted funds include designated funds where the trustees, at their discretion, have created funds for specific purposes. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by the donor or trust deed, or through the terms of an appeal. Further details of the funds are disclosed in note 16. {c) Income recognition Income is recognised once the charity has entitlemenl to the income, it is probable that the income will bo received and the amounl of income receivable can be measured reliably. Donalions are recognised when the charity has been notified in writing of both Ihe arnounl and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fLJlly met, or the fulfilmenl of those conditlDns is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period. Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity,. this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised Dnce the dividend has been declared and notification has been received of the dividend due. This is normally upon notification by our investment advisor of the dividend yield of the investment portfolio. Income from government and olher grants. whether 'capilal' or 'revenue' grants, is recognised when the charity has entillemenl to the funds, any performance conditions allached to the grants have been met. il is probable that the income will be received and the amount can be measured reliably and is not deferred. 13
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 1. Accounting Policies (continued) {d} Expenditure recognition Liabilities are recognised as expenditure as soon as Ihere is a legal or constructive obligation committing the charity to that expenditure, it is probable that selllement will be required and Ihe amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. For more information on this attribution refer to note (4 below. Costs of raising funds comprise an allocation of salary cosls in proportion to the time spent by staff on fundraising activity. Expenditure on charitable activities includes other salary Gosts, programme and other activities undertaken to further the purposes of the charity and their associated support costs. Irrecoverable VAT is charged as a cost against the activity for which the expenditure is incurred. {e} Donated services and faGilities Donated professional services and donated faGilities are recognised as income when the harily has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 102), the general volunteer time of the Friends is not recognised and refer to the trustees, annual report for more information about their contribution. On receipl, donaled professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing lo pay to obtain services or facilities of equivalent economic benefit on the open market., a corresponding amount is then recognised in expenditure in the period of receipt. {f) Allocation of support and governance costs Support costs have been allocated between governance costs and other support costs. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include costs related lo st81utory audit and legal fees together with an apportionmenl of overhead and support costs. Governance costs and support costs relating to charitable activities have been apportioned based on the number of individual grant awards made in recognition that the administrative costs of awarding, monitoring and assessing research grants, salary support grants and postgraduate scholarships are broadly equivalent. The allocation of support and governance costs is analysed in note 9. 14
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 {g} Debtors Trade and other debtors are reGognised at the seltlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. {h} Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid inveslments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. (i) Creditors and provisions Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. O.) Realised gains and losses All gains and losses are taken to the Stalemenl of Financial Activities as they arise. Realised gains and losses on investments are Galculated as the difference between sales proceeds and their opening carrying valLte or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the fair value at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities. {kl Contingent liabilities A contingent liability is identified and disclosed for those grants resulting from.. a possible obligation which will only be confirmed by the occurrence of one or rnore uncertain future events not wholly within the Iruslees, control., or a present obligation following a grant offer where settlement is either not considered probable., or the amount has not been communicated in the grant offer and that amount cannot be estimated reliably. (l} Financial instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instrLJments. 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 melhod. 2. Legal status of the Charity The Charity is a registered Scottish Charitable Incorporated Organisation. The charity has no share capital. The liability of each member in the event of winding up is £nil. 15
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 3. Related party transaction5 and trustees, expenses and remuneratlon Other than the Festival Director, the trustees all give freely their time and expertise wilhout any form of remuneration or other benefit in cash or kind. The Festival Director's remuneration is disclosed in the Key Management Personnel declaration in note 10. The Festival Director was reimbursed for business expenses of £1,97212022'. £862). These mainly consisted of travel costs and office supplies. No expenses were paid to any other trustees in the year. During the year, no trustee had any personal interest in any contract or transaction entered into by the charity. 4. Income from donations and legacies 2024 2023 Donations General grants 49 86,500 94 85, 000 85. 094 5. Income from charltable activities 2024 2023 Programme l GSFF 91,770 89, 266 6. Income from other trading actlvltles 2024 2023 Commercial sponsorship 5,500 1, 500 7. Raising funds- expenditure on raising donations and legacies Direct Costs Support Costs Total 2024 Direct Costs Support Costs Total 2023 Development and fundraising 8,592 8,592 8,223 8,223 8,592 8,592 8.223 8,223 16
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 8. Analysis of expenditure on charitable activities 2024 2023 Programme costs Promotional CDSts Research costs General expenses Governance costs (note 9) Support costs {nole 91 90,621 11,266 93 1,528 2,148 75,184 87,923 13,161 250 643 2,056 76, 239 180,840 180.272 9. Allocation of governance and support costs The breakdown ofsupport costs and how these were allocated between governance and other support costs is shown in the table below.. Other Basis of support apportionment costs Cost type Total Allocated 2024 Raising Governance Funds related Salary Costs Overheads RoyallieslLicences Travel & Subsistence Bankltransacbon oharges 69,127 13,013 1,593 2,180 6,913 1,301 159 218 1,728 325 40 55 60,486 Time spent 11,387 Time spent 1,394 Time spent 1,907 Time spent 10 Time spent Totsl 85,924 8,592 2,148 75,184 Other Basis of support apportionment osts Cost type Total Allocated 2023 Raisffng Governance Funds related Salary costs Overheads Royallies/Licences Travel & Subsistence 88nkltr8nsaction ch8rg8s 67,731 14,502 1,020 3,218 47 6, 773 1,450 7.693 363 59,265 Time spent 12, 689 Time spent 1, 020 Time spenl 3,218 Time spent 47 Time sp8nl Total 8,223 2,056 76,239 Governance cosls: 2024 2023 Support costs (see above) 2,148 2,148 17
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 10. Analysis of stsff Costs and remuneration of key management personnel 2024 2023 Salaries and wages Social security costs Pensions costs 68,164 66,683 963 1,048 Total staff costs 69,127 67,731 Key Management Personnel renumeration 23,567 22,400 Other than the pension plan contributions shown above, Ihe charity gave no other employee benefits during the year. There were no employees whose employee benefits were over £60,000. During the year. the charily incurred no redundancy and termination payments. The average weekly number of persons, by headcount, employed by the charity during the year was 412023.. 4). 11. Net Incomel{expendlture) for the year This is stated after charging: 2024 2023 Bank interest and Iransaclion charges payable 47 12. Governmenl Grants 2024 2023 Creative Scotland 86,500 85,000 In 2023124, Creative Scotland provided funding for general running costs of Glasgow Short Film Festival and ils all-year programme. 13. Debtors 2024 2023 Trade debtors Other debtors 12,089 5,732 2,275 8,019 17,821 10,294 18
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 14. Creditors: amounts falling due within one year 2024 2023 Trade creditors other creditors and accruals Taxation and social security costs 14,056 15,467 102 4,285 16,079 761 29,625 15. Analysis of charitabl6 funds 2023 Balance blfwd 2024 Balance clfwd Analysis of Fund movements Income Expenditure Unrestricted funds General funds Total unrestri¢ted funds 5,514 5,514 132,506 132,506 138,119 138,119 11,127 11,127 Restricted fund GSFF Total restricted fund$ 51,313 51,313 51,313 TOTAL FUNDS 5,514 183,819 189,432 11,127 al The unrestricted funds are available to be spent for any of the purposes of the charity. bl Restricted funds comprise funding from specific funders including Creative Scotland and Film Hub Scotland, to support bolh the delivery of GSFF24 and specific events and activities as part of our year-round programme. 2022 Balance b/fwd 2023 Balance c/fwd Analysls of Fund movements Income Expenditure Unrestricted funds General funds Total unrestricted funds 6,521 147, 728 6,521 147, 728 159, 763 159, 763 5,514 5,514 Restri¢ted fund GSFF Total restri¢ted funds 600 600 28,732 28,732 28, 732 28, 732 TOTAL FUNDS 7 121 175,860 188, 495 5,514 19
GLASGOW SHORT FILM FESTIVAL NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 AUGUST 2024 16. Nat assets over funds Unrestricted Funds Restricted Funds Total 2024 Debtors Cash Current liabilities 17,821 677 (29,6251 17,821 677 129,6251 11,127 Unrestricted Funds Restricted Funds Total 2023 Debtors Cash Cuent liabililies 10,294 5,317 (21,125) 10,294 5,317 (21, 125) 5,514 5,514 17, Reconciliatlon of net incomel{expenditure) to net Cash flow from operating activities 2024 2023 Net incomel(expenditurel for the year las per the Statement of Financial Activities) {5,613} (12,635) Adjustments for-. Bank interest and transaction charges paid Ilncreaselldecrease in debtors Increase in creditors 47 (5, 619) 4, 343 {7,5271 8,500 Net Cash provided byllused inl operating activities 4,629 13,864 18. Analysis of cash and cash equivalents 2024 2023 Cash in bank Cash in online sales platforms 654 23 4,885 432 Total cash and cash equivalents 677 5.317 20