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COMPANY REGISTRATION NUMBER: 03739675
CHARITY REGISTRATION NUMBER: 1075315
The Film Place
Company Limited by Guarantee
Unaudited Financial Statements
31 March 2023
The Film Place
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2023
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
4
Statement of financial activities (including income and expenditure account)
5
Statement of financial position
6
Statement of cash flows
7
Notes to the financial statements
8
The Film Place
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2023
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 31 March 2023 .
Reference and administrative details
Registered charity name
The Film Place
Charity registration number
1075315
Company registration number
03739675
Principal office and registered
Yeomanry House
office
Hunter Street
Buckingham
MK18 1EG
Bucks
The trustees
Mr J Tooley
N Brash
P J Hoare
M L White
M G Dalzell
M C Pringle
The Trustees, who are also Directors of the Charity for the purposes of the Companies Act 2006, present their report with the financial statements of the Charity for the year ended 31 March 2023. The Trustees have adopted the provisional Accounting and Reporting by the 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 2015).
Company secretary
M L White
Independent examiner
Reid & Co Corporate Services Limited
Artemis House
4a Bramley Road
Mount Farm
Milton Keynes
MK1 1PT
Structure, governance and management
The organisation is a charitable company limited by guarantee, incorporated on 24th March 1999 and registered as a charity on 30 April 1999.
The Charity was created by its Memorandum of Association which established the Object and powers of the charitable company and is governed under its Articles of Association. Under these Articles the Board of Trustees are elected at the AGM to serve a period of three years, subject to ratification at each AGM.
Objectives and activities
The Objective of the Charity is to provide an Independent, Community Cinema benefitting the town of Buckingham and its environs. To screen a wide-ranging choice of film, both popular and cultural, for the engagement of all ages and sections of the community to advance education, skills, appreciation and understanding of the performing arts via film and digital technologies.
The Charity remains totally focused upon the ‘ The Film Place ’, having changed its name in March 2018 from the Buckingham Centre for The Arts.
Achievements and performance
The past year has been a challenging one for The Film Place, not least due to the continuing recovery from the Covid pandemic. However, when allowed, and with our new seating programme and ticketing to enable social distancing, we were able to provide a weekly film.
Once restrictions were lifted, we were able to open up more seating. The audience figures at this point proved the public was sceptical about social distancing, but thanks must go to the Joint Management Committee and volunteers who did all that was practicably possible to keep the public safe within the rules at the time.
One of the problems we were facing, was the ageing of our projection equipment and sound system. This was apparent in the degradation of picture and sound quality within our venue. Investment in new equipment was necessary.
In November 2022 a lifeline was offered in the form of an invitation to use a new venue within the University at the Vinson Building where there is a purpose-built lecture theatre which offers modern surroundings with comfortable seating, a superior screen, sound and lighting facilities, together with an adequate storage area.
Investment was still required to update and replace some of our equipment in order for it to be compatible with the University's set up. However, once all issues were dealt with, the University's AV contractors (DWM) completed the installation. Various grants were applied for to assist with the expense, but only one proved successful.
We had planned to open in July 2022 but a delay was experienced by the fact that it took time to apply and get permission for a Change of Use of the premises to allow public showings of films. A new programme of dates was arranged, and initial film programme issued.
Our Opening weekend on 20 /21 October 2022 was a great success. Our audience figures have increased; however, the choice of film has a great impact on these figures plus the fact we are competing against the likes of Netflix, Sky, You Tube etc.
Agreement to take on Duke of Edinburgh students from local schools did not materialise as planned, which has left us short of volunteers, and in particular projectionists. We are in the process of recruiting and training more mature volunteers from our audience base.
The Film Place now features on The Winslow Community Bus website offering trips to The Film Place from various locations surrounding Buckingham. However, trials for this service have been received with a modicum of success.
Specialist films have been trialled, i.e., a Ukrainian film offered to the Ukrainian community was not a success but a film in Spanish appealed to some local schools who sent students to help with their Spanish studies.
Alcohol licenses to sell wine to customers have been withheld until summer due to restrictions by the University. In conclusion, a good venue, audience figures are up, but must be maintained and sourcing of volunteers remains a priority.
Financial review
The income resources for the year amounted to: £26,788 all of which were unrestricted. The Charity had an overall profit of £15 which, when added to unrestricted reserves at 31 March 2022 gave £29,907 to carry forward at 31 March 2023.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
The trustees' annual report was approved on 7 July 2023 and signed on behalf of the board of trustees by:
M G Dalzell
Trustee
The Film Place
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Film Place
Year ended 31 March 2023
I report to the trustees on my examination of the financial statements of The Film Place ('the charity') for the year ended 31 March 2023.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 ('the 2006 Act’).
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 the charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act. Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
1. accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair' view which is not a matter considered as part of an independent examination; or
4. the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Reid & Co Corporate Services Limited Independent Examiner
Artemis House 4a Bramley Road Mount Farm Milton Keynes MK1 1PT
7 July 2023
The Film Place
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2023
2023
2022
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
2,593
2,593
993
Other trading activities
6
24,195
24,195
7,227
--------
--------
-------
Total income
26,788
26,788
8,220
--------
--------
-------
Expenditure
Expenditure on charitable activities
7,8
26,773
26,773
12,667
--------
--------
--------
Total expenditure
26,773
26,773
12,667
--------
--------
--------
--------
--------
--------
Net income/(expenditure) and net movement in funds
15
15
( 4,447)
--------
--------
--------
Reconciliation of funds
Total funds brought forward
29,892
29,892
34,339
--------
--------
--------
Total funds carried forward
29,907
29,907
29,892
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Film Place
Company Limited by Guarantee
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
Fixed assets
Tangible fixed assets
13
1,293
1,073
Current assets
Stocks
14
325
398
Debtors
15
442
421
Cash at bank and in hand
28,344
28,568
--------
--------
29,111
29,387
Creditors: amounts falling due within one year
16
497
568
--------
--------
Net current assets
28,614
28,819
--------
--------
Total assets less current liabilities
29,907
29,892
--------
--------
Net assets
29,907
29,892
--------
--------
Funds of the charity
Unrestricted funds
29,907
29,892
--------
--------
Total charity funds
17
29,907
29,892
--------
--------
For the year ending 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 7 July 2023 , and are signed on behalf of the board by:
M G Dalzell
Trustee
The Film Place
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2023
2023
2022
£
£
Cash flows from operating activities
Net income/(expenditure)
15
(4,447)
Adjustments for:
Depreciation of tangible fixed assets
470
358
Accrued expenses
137
Changes in:
Stocks
73
( 240)
Trade and other debtors
( 21)
14
Trade and other creditors
( 208)
( 78)
----
-------
Cash generated from operations
466
( 4,393)
----
-------
Net cash from/(used in) operating activities
466
( 4,393)
----
-------
Cash flows from investing activities
Purchase of tangible assets
( 806)
( 144)
Proceeds from sale of tangible assets
116
----
-------
Net cash used in investing activities
( 690)
( 144)
----
-------
Net decrease in cash and cash equivalents
( 224)
( 4,537)
Cash and cash equivalents at beginning of year
28,568
33,105
--------
--------
Cash and cash equivalents at end of year
28,344
28,568
--------
--------
The Film Place
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2023
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is Yeomanry House, Hunter Street, Buckingham, MK18 1EG, Bucks.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
There is no uncertainty in relation to these financial statements.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% reducing balance
Fixtures and fittings
-
25% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
4. Limited by guarantee
The company is limited by guarantee.
5. Donations and legacies
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Donations
Other donations and grants
2,497
2,497
780
780
Gift aid recoverable
96
96
213
213
-------
-------
----
----
2,593
2,593
993
993
-------
-------
----
----
6. Other trading activities
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Ticket sales
21,118
21,118
6,205
6,205
Advertising income
482
482
43
43
Confectionery sales
2,595
2,595
979
979
--------
--------
-------
-------
24,195
24,195
7,227
7,227
--------
--------
-------
-------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2023
Unrestricted Funds
Total Funds 2022
£
£
£
£
Activity type 1
26,773
26,773
12,667
12,667
--------
--------
--------
--------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Total funds 2023
Total fund 2022
£
£
£
Activity type 1
26,773
26,773
12,667
--------
--------
--------
9. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2023
2022
£
£
Depreciation of tangible fixed assets
470
358
Operating lease rentals
2,993
1,942
-------
-------
10. Independent examination fees
2023
2022
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
300
----
----
11. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2023
2022
£
£
The average head count of employees during the year was Nil (2022: Nil).
No employee received employee benefits of more than £60,000 during the year (2022: Nil).
12. Trustee remuneration and expenses
There were no trustees' remuneration or other benefits for the year ended 31 March 2022 or 31 March 2021.
13. Tangible fixed assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 April 2022
2,650
8,046
10,696
Additions
130
676
806
Disposals
( 1,061)
( 4,607)
( 5,668)
-------
-------
--------
At 31 March 2023
1,719
4,115
5,834
-------
-------
--------
Depreciation
At 1 April 2022
2,239
7,384
9,623
Charge for the year
135
335
470
Disposals
( 1,005)
( 4,547)
( 5,552)
-------
-------
--------
At 31 March 2023
1,369
3,172
4,541
-------
-------
--------
Carrying amount
At 31 March 2023
350
943
1,293
-------
-------
--------
At 31 March 2022
411
662
1,073
-------
-------
--------
14. Stocks
2023
2022
£
£
Raw materials and consumables
325
398
----
----
15. Debtors
2023
2022
£
£
Prepayments and accrued income
442
421
----
----
16. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
208
Accruals and deferred income
497
360
----
----
497
568
----
----
17. Analysis of charitable funds
Unrestricted funds
At 1 April 2022
Income
Expenditure
At 31 March 2023
£
£
£
£
General funds
29,892
26,788
(26,773)
29,907
--------
--------
--------
--------
At 1 April 2021
Income
Expenditure
At 31 March 2022
£
£
£
£
General funds
34,339
8,220
(12,667)
29,892
--------
-------
--------
--------
18. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
1,293
1,293
Current assets
29,111
29,111
Creditors less than 1 year
(497)
(497)
--------
--------
Net assets
29,907
29,907
--------
--------
Unrestricted Funds
Total Funds 2022
£
£
Tangible fixed assets
1,073
1,073
Current assets
29,387
29,387
Creditors less than 1 year
(568)
(568)
--------
--------
Net assets
29,892
29,892
--------
--------
19. Analysis of changes in net debt
At 1 Apr 2022
Cash flows
At 31 Mar 2023
£
£
£
Cash at bank and in hand
28,568
(224)
28,344
--------
----
--------