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Registered number: 02591474









PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED
(A Company Limited by Guarantee)







AUDITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2023

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED
 
(A Company Limited by Guarantee)
 
 
COMPANY INFORMATION


Directors
J Muirhead (Chair Person)
A Jones (Vice Chairperson)
 
J Baines 
J Burstall (appointed 1 January 2023)
N Bentham 
K Blyth 
T Brisley 
G Carnie (resigned 1 January 2023)
E Davies (appointed 1 January 2023)
A Davis (appointed 1 January 2023)
E Dias
 
D Fenton  (resigned 1 January 2023)
T Gibson (appointed 15 March 2023)
 
J Kelly
H Kousetta (resigned 1 January 2023)
 
W Macqueen 
L Marshall (resigned 1 January 2023)
H Pye (appointed 10 January 2023)
J Moreton
 
C Mundell 
K Norrish (resigned 1 January 2023)
M Samuelson
 (resigned 1 January 2023)
S Vertue 
S Warr 




Company secretary
R Carey



Registered number
02591474



Registered office
Fitzrovia House Third Floor
153-157 Cleveland Street

London

W1T 6QW




Independent auditors
BKL Audit LLP
Chartered Accountants & Statutory Auditors

35 Ballards Lane

London

N3 1XW





 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED
 
(A Company Limited by Guarantee)
 

CONTENTS



Page
Chief Executive's Statement
 
 
1 - 2
Directors' Report
 
 
3 - 5
Independent Auditors' Report
 
 
6 - 9
Statement of Income and Retained Earnings
 
 
10
Statement of Financial Position
 
 
11
Notes to the Financial Statements
 
 
12 - 19


 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
CHIEF EXECUTIVE'S STATEMENT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The chief executive presents his statement for the period
At the beginning of the financial year, Pact’s TV Exports showed that the sale of British TV shows overseas returned to growth after a small decline in the previous year, increasing by 7% to reach a record £1,521 billion. In particular, library sales (content aged 4+ years) continued to be popular overseas with a 30% share of total revenues
.
In the autumn, Pact published the results of its member survey looking at the impact of the cost-of-living crisis on members’ businesses.Survey found that indies’ costs increased between 10 – 20% over the previous year with 86% of respondents saying that increased costs had impacted their margins. Additionally, 42% of respondents said that the broadcasters and streamers had not been understanding or tried to help with rising costs.
 
In December, Pact held its biennial Council Election which resulted in the election of Raise The Roof Productions’ Jane Muirhead as Pact Chair. Jane had previously served on Pact Council in various roles for over a decade, and was elected to serve as Chair for a two-year period. A new Council was also elected bringing with them a wide range of expertise and covering a variety of genres.
 
In January 2023, the Government decided not to go ahead with sale of Channel 4, but it stopped short of maintaining its publisher-broadcaster status, paving the way for Channel 4 to consider producing programmes in-house. Pact made clear publicly that it was disappointed with this decision, as it believes that in-house production will have a detrimental impact on the indie sector. However, Pact was pleased that the Government committed to working with Pact and the indie sector to mitigate any potential negative effects on the industry.
 
In the Government’s Spring Budget, it set out plans to raise the level for children’s and animation tax credits from 25% to 39%. Pact was very pleased that Government listened to its concerns about the future of UK children’s TV production, having submitted a report to Government at the end of 2022 recommending an increase to the tax credit, and acted to support this critical part of the UK TV sector.
 
Pact also welcomed the publication of the draft Media Bill as it contained a provision to extend the Terms of Trade to PSBs’ on-demand services for the first time ever. This vital update to the Terms of Trade will help to ensure that online only commissions are made on fair terms.
 
In May 2023, Pact announced that one of its longest serving members of staff, Dawn McCarthy-Simpson would be retiring later in the year. This resulted in a process to recruit the right people to ensure that members continue to be supported across the UK, and that they are given the help needed to grow their businesses internationally.
 
As part of Pact’s 30th anniversary celebrations in 2021, it committed to developing a series of videos aimed at young people to educate them about the indie sector, provide them with insights about setting up and running an indie production company, and offer them role models and inspiration.
 
Completed in 2023, Pact released the 14 videos and is building on their success by developing education packs and relationships with specialist media education organisations to help the videos reach their target audiences.
 
Another of its 30th anniversary projects was Future30, a two-year scheme which included two years’ free Pact membership and a supercharged, tailored development programme giving participants access to industry experts to help them to develop and grow their businesses.
 
As the UK-wide scheme drew to a close in 2023, Pact launched Future North East, giving ten promising indies in the North East the opportunity to take part in the Scheme and help them develop into global businesses.
 
Over the past few years, Pact has been developing a Skills Platform, to help to address gaps in knowledge and skills in graduates leaving university to enter the TV industry. The Skills Platform consists of modules covering IP and rights, distribution, global trends and exploitation, as well as understanding commissioning, co-production and new commercial models for TV production. It has been designed to be implemented into university courses
Page 1

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
CHIEF EXECUTIVE'S STATEMENT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023
including, but not limited to media, marketing, business and legal. In September 2023, Pact launched the free Skills Platform to its membership and over 450 individuals registered to complete the course. And after a successful university trial, the course will be licensed to universities from September 2024.
 
Towards the end of the financial year, Pact published its annual industry Census, which saw production revenues bounce back to almost pre-Covid levels, growing by 13% to £3.251 billion. Domestic revenues in particular recovered strongly, reaching £2.196 billion, a 30% increase and the first time domestic revenues have reached over £2 billion. However, Pact CEO John McVay warned that this was likely to be an exceptional year, with next year’s revenues likely to be affected by the cost-of-living crisis.
 
Overall financially, it’s been another stable year – with a post-tax surplus of £546,677. This is a decrease on last year’s surplus as membership fees were reduced from 1st October to continue to support members at a time when budgets are being squeezed by rising costs and a reduction in commissioning.
 

NameJohn McVay
Chief Executive

Date

Page 2

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 SEPTEMBER 2023

The directors present their report and the financial statements for the year ended 30 September 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The directors are responsible for the maintenance and integrity of the corporate and financial information included on the Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements and other information included in Directors' Reports may differ from legislation in other jurisdictions.

Principal activity

The principal activities of the Alliance during the year were the promotion and advancement of the British film and television production industry in the United Kingdom and overseas, the furtherance of the interests of all
members of the Alliance and representing the interests of their members in relations with Industry Bodies,
Unions and Regulators.

Page 3

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Directors

The directors who served during the year were:

J Muirhead (Chair Person)
A Jones (Vice Chairperson)
 
J Baines 
J Burstall (appointed 1 January 2023)
N Bentham 
K Blyth 
T Brisley 
G Carnie (resigned 1 January 2023)
E Davies (appointed 1 January 2023)
A Davis (appointed 1 January 2023)
E Dias
 
D Fenton  (resigned 1 January 2023)
T Gibson (appointed 15 March 2023)
 
J Kelly
H Kousetta (resigned 1 January 2023)
 
W Macqueen 
L Marshall (resigned 1 January 2023)
H Pye (appointed 10 January 2023)
J Moreton
 
C Mundell 
K Norrish (resigned 1 January 2023)
M Samuelson
 (resigned 1 January 2023)
S Vertue
S Warr
 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

Under section 487(2) of the Companies Act 2006BKL Audit LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

Page 4

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2023


Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





R Carey
Secretary

Date: 28 November 2023

Page 5

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED
 

Opinion


We have audited the financial statements of Producers' Alliance For Cinema and Television Limited (the 'Company') for the year ended 30 September 2023, which comprise the Statement of Income and Retained Earnings, the Statement of Financial Position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 30 September 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 6

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Directors' Report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Directors' Report and from the requirement to prepare a Strategic Report.

Page 7

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED (CONTINUED)


Responsibilities of directors
 

As explained more fully in the Directors' Responsibilities Statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In pResponsibilities of directorsreparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Enquiring of management and those charged with governance, including the Audit Committee, around actual and potential litigation and claims;
Enquiring of management and those charged with governance, including the Audit Committee, to identify any instances of noncompliance with laws and regulations;
Reviewing board meeting minutes for all meetings taking place throughout the year and indeed up until the date of signature of these financial statements;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance  with applicable laws and regulations;
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, walkthrough testing and evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:


Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is
Page 8

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED (CONTINUED)


sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the effectiveness of the Company's internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the directors.
Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our Auditors' Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our Auditors' Report. However, future events or conditions may cause the Company to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.


 
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.


Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Myfanwy Neville FCA (Senior Statutory Auditor)
  
for and on behalf of
BKL Audit LLP
 
Chartered Accountants
Statutory Auditor
  
London

28 November 2023
Page 9

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED
 
(A Company Limited by Guarantee)
 
 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2023
2022
Note
£
£

  

Turnover
  
3,698,067
4,180,530

Gross profit
  
3,698,067
4,180,530

Administrative expenses
  
(3,174,632)
(3,307,905)

Operating profit
  
523,435
872,625

Interest receivable and similar income
  
156,828
19,065

Profit before tax
  
680,263
891,690

Tax on profit
 4 
(133,586)
(172,754)

Profit after tax
  
546,677
718,936

  

  

Retained earnings at the beginning of the year
  
3,413,078
2,694,142

  
3,413,078
2,694,142

Profit for the year
  
546,677
718,936

Retained earnings at the end of the year
  
3,959,755
3,413,078
There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of income and retained earnings.


The notes on pages 12 to 19 form part of these financial statements.

Page 10

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED
 
(A Company Limited by Guarantee)
REGISTERED NUMBER: 02591474

STATEMENT OF FINANCIAL POSITION
AS AT 30 SEPTEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 5 
23,550
17,047

  
23,550
17,047

Current assets
  

Debtors: amounts falling due within one year
 6 
641,587
277,602

Current asset investments
 7 
-
1,500,000

Cash at bank and in hand
 8 
4,762,924
2,692,094

  
5,404,511
4,469,696

Creditors: amounts falling due within one year
 9 
(1,468,306)
(1,073,665)

Net current assets
  
 
 
3,936,205
 
 
3,396,031

Total assets less current liabilities
  
3,959,755
3,413,078

  

Net assets
  
3,959,755
3,413,078


Capital and reserves
  

Profit and loss account
  
3,959,755
3,413,078

  
3,959,755
3,413,078


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




J Muirhead (Chair Person)
Director

Date: 28 November 2023

The notes on pages 12 to 19 form part of these financial statements.

Page 11

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

1.


General information

The principal activities of the Alliance during the year were the promotion and advancement of the British film and television production industry in the United Kingdom and overseas, the furtherance of the interests of all members of the Alliance and representing the interests of their members in relations with Industry Bodies, Unions and Regulators.
The Company is a private company limited by guarantee and is incorporated in England and Wales.
The Registered Office address is Fitzrovia House Third Floor, 153-157 Cleveland Street, London, W1T 6QW.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK ("FRS 102") and the Republic of Ireland and the Companies Act 2006.
The Company is the parent undertaking of a small group and as such is not required by the Companies Act 2006 to prepare group accounts. These financial statements therefore present information about the Company as an individual undertaking and not about its group. The fixed asset investments is trivial as it has been fully impaired therefore the fixed asset investment note is suppressed.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors have considered the surplus for the year, increasing the company’s reserves from 2022, which has been a result of stable membership fees and production levy, in conjunction with overhead savings wherever possible. The directors have further considered the current economic climate, and the financial forecasts for the next twelve months predict a small operating surplus before any exceptional projects that will be covered by reserves.
The directors have also considered the cash balance at the accounting date and are satisfied that cash reserves are available to cover any unpredicted shortfall over the twelve months from the date of signing these financial statements.
The directors are also confident that rapid responses to any changes in income can be made, as revised forecasts and up to date financial information are presented monthly to Council and quarterly to the Finance Committee

Page 12

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.3

Revenue

Revenue from operations is derived from three sources:
- Annual subscription from members;
- Levy income on cinema and television productions;
- The provision of other support services to its members.
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
The following criteria must also be met before revenue is recognised:
Annual subscription from members
Members pay an annual subscription to access support services and contribute to the activities of the association. Income is recognised in the Income and Expenditure account in the period to which it relates.
 
Levy income on cinema and television productions
Film productions, overseas productions shooting in the UK, and member television productions that are run through an SPV, pay a levy on production budgets to access support services and contribute to the activities of the association. Income is recognised in the Income and Expenditure account in full, on the date that initial support services are provided.
 
Other support services
Other support services include current ongoing projects aimed at improving diversity within the industry and furthering the interests of members. Income is recognised in the Income and Expenditure account when the costs associated with providing such services have been incurred.
Event Income
Event income relates to Pact's Indie Party awards, a one-off event that occured in the summer of 2022. Income is recognised in the Income and Expenditure account on the date the event occurred.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 13

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)


2.4
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Leasehold property
-
over the 5 year lease period
Fixtures and fittings
-
20% straight line
Computer equipment
-
25% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Income and Retained Earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

  
2.6

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term.

Page 14

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not
reversed by the Statement of Financial Position date, except that:
 - The recognition of deferred tax assets is limited to the extent that it is probable that they will be
recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax
allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees & Directors

The average monthly number of employees, excluding directors, during the year was 18 (2022 - 18).
There were 18 directors on average during the year (2022 - 19).

Page 15

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

4.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
134,136
175,000

Adjustments in respect of previous periods
(550)
(2,246)


133,586
172,754

Total current tax
133,586
172,754

Factors affecting tax charge for the year

The tax assessed for the year is the same as (2022 - the same as) the standard rate of corporation tax in the UK of22% (2022 -19%) as set out below:

2023
2022
£
£


Profit on ordinary activities before tax
680,263
891,690


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 22% (2022 - 19%)
133,586
172,754


Factors that may affect future tax charges

The Company has capital losses of £110,000 (2022: £110,000) available to carry forward against tax due on any future chargeable gains. As it is not possible to estimate when these losses will be utilised, no deferred tax asset has been included in the financial statements in respect of this asset.

Page 16

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

5.


Tangible fixed assets





Leasehold property
Fixtures and fittings
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 October 2022
28,352
36,682
58,979
124,013


Additions
-
4,829
8,604
13,433


Disposals
-
-
(4,837)
(4,837)



At 30 September 2023

28,352
41,511
62,746
132,609



Depreciation


At 1 October 2022
28,352
36,681
41,933
106,966


Charge for the year on owned assets
-
-
6,667
6,667


Disposals
-
-
(4,574)
(4,574)



At 30 September 2023

28,352
36,681
44,026
109,059



Net book value



At 30 September 2023
-
4,830
18,720
23,550



At 30 September 2022
-
1
17,046
17,047

Page 17

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

6.


Debtors

2023
2022
£
£


Trade debtors
355,581
89,310

Other debtors
60,338
10,429

Prepayments and accrued income
225,668
177,863

641,587
277,602



7.


Current asset investments

2023
2022
£
£

Monies held on deposit
-
1,500,000

-
1,500,000



8.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
4,762,924
2,692,094

4,762,924
2,692,094


Included within cash at bank and in hand is £4,062,554  (2022: £1,766,413) held on deposit in a 100 day notice account.


9.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
107,741
79,747

Corporation tax
134,005
175,000

Other taxation and social security
134,927
311,887

Other creditors
416,518
128,394

Deferred income
675,115
378,637

1,468,306
1,073,665


Page 18

 
PRODUCERS' ALLIANCE FOR CINEMA AND TELEVISION LIMITED

(A Company Limited by Guarantee)
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2023

10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. Contributions totalling £8,913 (2022: £38,961) were payable to the fund at the reporting date.


11.


Commitments under operating leases

At 30 September 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
111,432
108,949

Later than 1 year and not later than 5 years
25,179
108,846

136,611
217,795





12.


Escrow Balances

2023
2022
        £
        £
Cash held on escrow account

2,585,584

2,963,458

Escrow account creditor

(2,585,584)

(2,963,458)


In addition to amounts held in cash at bank as shown in note 8, the Company holds escrow monies on behalf of certain production companies and their trade unions. These balances are repayable on demand and at no time does the Company have any legal title to these monies. Accordingly, these have been derecognised from the Company's Statement of Financial Position and are disclosed in this note for completeness.


13.


Related party transactions

The statutory directors as defined by the Companies Act 2006 are the council members of the Producers' Alliance for Cinema and Television ("Pact").
During the year, there were no related party transactions outside of the normal market conditions.

 
Page 19