Company registration number 05278207 (England and Wales)
DOC SOCIETY
(LIMITED BY GUARANTEE)
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
DOC SOCIETY
(LIMITED BY GUARANTEE)
COMPANY INFORMATION
Directors
Mr S D Padania
Ms E Finzi
Mr O M Rivers
Ms S A Scotland
(Appointed 13 September 2023)
Ms S C Whipham
(Appointed 13 September 2023)
Company number
05278207
Registered office
Level 5A, Maple House
149 Tottenham Court Road
London
W1T 7NF
Auditor
Silver Levene (UK) Limited
Chartered Certified Accountants
Level 5A, Maple House
149 Tottenham Court Road
London
W1T 7NF
Business address
Studio 9
2 Arundel Street
London
WC2R 3DA
DOC SOCIETY
(LIMITED BY GUARANTEE)
CONTENTS
Page
Strategic report
1 - 3
Directors' report
4 - 5
Independent auditor's report
6 - 8
Statement of comprehensive income
9
Balance sheet
10
Statement of changes in equity
11
Statement of cash flows
12
Notes to the financial statements
13 - 21
DOC SOCIETY
(LIMITED BY GUARANTEE)
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -
DOC SOCIETY
(LIMITED BY GUARANTEE)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
The BFI Doc Society Fund
This fund supports and nurtures independent non-fiction film and immersive projects by UK filmmakers, prioritising expansive, director-led storytelling.
Doc Society became the British Film Institute’s documentary partner in 2018, administering money raised through the UK’s National Lottery. There are three key funds, alongside a talent support programme:
The Features Fund provides grants of up to £150,000 for documentaries at any stage in production.
Made of Truth offers up to £25,000 to roughly 15 short-form projects per year.
The newly created RAD (Research & Development) Fund, which seeks to support the perennially under-supported R&D stage of the filmmaking process.
Together, these three funds are an essential component of the documentary ecosystem in the UK. For most awardees, Doc Society is their first source of funding and a major mark of legitimacy for their project. There is £2m per year available under this fund for the next 3 years.
Climate Story Fund
Since launching the Climate Story Fund in 2020, we have been mapping hundreds of creative non-fiction climate stories. To date, we have regranted $4 million to 51 climate storytelling projects of which 37 are now screening to audiences and rolling out impact campaigns.
We look for both creative excellence and high impact potential. Stories that elevate the lived experiences of communities who have historically been ignored, misrepresented, and marginalised by the media. Stories for romantics, comedians, and thrill seekers alike that demonstrate the richness and diversity possible in climate programming which will be necessary to engage publics over time.
Meanwhile the Climate Story Lab model has been adopted and iterated 19 times across the globe, from the Brazilian Amazon, East Africa, West Africa, South Asia, to MENA and Europe.
We have observed that the Labs are not only engaging and inspiring new communities of storytellers to lean into climate, but are also having a structural impact on our regional partners who have found in them a tool to centre climate justice as a priority for their own institutions.
Democracy Story Unit
Launched in 2023, the Democracy Story Unit is a cultural strategy initiative that supports transformative storytelling to advance more just and inclusive societies, and better futures for all.
The Democracy Story Unit brings storytellers into a broader ecosystem of activists, journalists, social scientists and academics, colleagues who are wrestling with the fundamental question: with the polycrises facing us, with the loss of faith in our existing systems of governance, how do we imagine better futures together?
The Unit consists of complementary programmes working towards the same priorities:
Expand the pipeline of compelling stories and impact activities that centre civic renewal and better futures for all.
Grow confidence in the power of cultural strategy and collaborate with civil society and philanthropy to prioritise storytelling as part of a strategy for civic renewal.
Support and develop ideas for the future of public interest media to build a healthy information ecosystem for all.
To date we have held a major Democracy Story Lab event in the UK and one in Brazil. Five initial film projects were also funded.
DOC SOCIETY
(LIMITED BY GUARANTEE)
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
Field Buiding
In addition to grant making and supporting the creative process, Doc Society helps filmmakers develop impact strategies and connect with communities and allies beyond the mainstream media and across civil society. The organization is focused on imagining new partnership models to strengthen independent voices, to reach underserved audiences and hold public space for urgent conversations.
This strand of our work includes one off projects and ongoing initiatives, including:
Design of impact tools, guides and best practise for the field. These include the Impact Field Guide, and Safe and Secure.
The Independence Project, a study of the issues facing independent documentary filmmakers.
Good Pitch programmes which connect the world's best social justice films with new allies and partners.
DISCO (Decentralised Independent Story and Culture Organizers) is a network of cultural organisations advocating for the unique importance of independent documentary to culture, society and democracy.
The Global Impact Producers Alliance (GIPA) is a community-led network, nurturing impact producers and amplifying their work.
Climate Reframe an initiative aimed at supporting the climate and environment movement by modelling a more intersectional, intergenerational and equity-focused movement.
.............................................
Mr O M Rivers
Director
Date: .............................................
DOC SOCIETY
(LIMITED BY GUARANTEE)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
The directors present their annual report and financial statements for the year ended 31 March 2024.
Principal activities
Doc Society consists of five legally separate and independent entities; Doc Society and Doc Society Charitable Trust in the UK, Doc Society Inc in the US, Stichting Doc Society in the Netherlands and Doc Society Australia Pty Ltd. These entities have identical aims and objectives and often work in close collaboration with one another. We support documentary filmmakers globally, providing them with production finance and editorial, strategic, legal, and other forms of support. We also seek to encourage new partnerships between filmmakers and NGOs, charities and other funders to provide additional financing, strategic support and distribution opportunities for documentary film projects.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Ms A Chang
(Resigned 9 July 2024)
Mr S D Padania
Ms E Finzi
Mr P G Van Zyl
(Resigned 9 July 2024)
Ms R Chen
(Resigned 9 July 2024)
Mr O M Rivers
Ms S A Scotland
(Appointed 13 September 2023)
Ms S C Whipham
(Appointed 13 September 2023)
Ms J Search
(Resigned 30 June 2023)
Auditor
In accordance with the company's articles, a resolution proposing that Silver Levene (UK) Limited be reappointed as auditor of the company will be put at a General Meeting.
Statement of directors' responsibilities
The directors are responsible for preparing the annual 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 United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). 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 surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
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 enable them to ensure that the financial statements comply with the Companies Act 2006. They 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.
DOC SOCIETY
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr O M Rivers
Director
15 November 2024
DOC SOCIETY
(LIMITED BY GUARANTEE)
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF DOC SOCIETY
- 6 -
Opinion
We have audited the financial statements of Doc Society (the 'company') for the year ended 31 March 2024 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity, the statement of cash flows and notes to the financial statements, including significant accounting policies. The 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 31 March 2024 and of its surplus 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.
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 Auditor's 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 UK, including the FRC’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.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
DOC SOCIETY
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INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DOC SOCIETY
- 7 -
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 strategic report and the directors' report.
We have nothing to report in respect of the following matters where 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 remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, 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 preparing 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.
Auditor's 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 auditor's 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.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
Discussions were held with, and enquiries made of, management and those charged with governance with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, company law, tax legislation, and distributable profits legislation.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of entries in the nominal ledger, including journal entries; reviewing transactions around the end of the reporting period; and the performance of analytical procedures to identify unexpected movements in account balances which may be indicative of fraud.
DOC SOCIETY
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INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF DOC SOCIETY
- 8 -
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's 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 2006. Our 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 auditor's 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.
Marc Ian Franks (Senior Statutory Auditor)
For and on behalf of Silver Levene (UK) Limited
Chartered Certified Accountants
Statutory Auditor
Level 5A, Maple House
149 Tottenham Court Road
London
W1T 7NF
15 November 2024
DOC SOCIETY
(LIMITED BY GUARANTEE)
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
2024
2023
Notes
£
£
Income
2
4,366,407
6,024,392
Cost of sales
(2,778,527)
(4,261,937)
Gross surplus
1,587,880
1,762,455
Administrative expenses
(1,716,226)
(1,416,674)
Other operating income
12,570
2,124
Exceptional item
3
196,760
(284,857)
Operating surplus
4
80,984
63,048
Interest receivable and similar income
7
119
476
Surplus before taxation
81,103
63,524
Tax on surplus
8
(22,119)
(13,247)
Surplus for the financial year
58,984
50,277
The income and expenditure account has been prepared on the basis that all operations are continuing operations.
DOC SOCIETY
(LIMITED BY GUARANTEE)
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
9
8,441
10,487
Current assets
Debtors
10
308,725
217,958
Cash at bank and in hand
4,305,776
2,933,536
4,614,501
3,151,494
Creditors: amounts falling due within one year
11
(4,051,883)
(2,649,906)
Net current assets
562,618
501,588
Net assets
571,059
512,075
Reserves
Restricted reserve
15
250,000
250,000
Income and expenditure account
321,059
262,075
Members' funds
571,059
512,075
The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr O M Rivers
Director
Company registration number 05278207 (England and Wales)
DOC SOCIETY
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
Restricted reserve
Income and expenditure
Total
£
£
£
Balance at 1 April 2022
250,000
211,798
461,798
Year ended 31 March 2023:
Surplus and total comprehensive income
-
50,277
50,277
Balance at 31 March 2023
250,000
262,075
512,075
Year ended 31 March 2024:
Surplus and total comprehensive income
-
58,984
58,984
Balance at 31 March 2024
250,000
321,059
571,059
DOC SOCIETY
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STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
18
1,381,292
2,120,589
Income taxes paid
(7,865)
Net cash inflow from operating activities
1,373,427
2,120,589
Investing activities
Purchase of tangible fixed assets
(1,665)
(5,514)
Proceeds from disposal of tangible fixed assets
359
Interest received
119
476
Net cash used in investing activities
(1,187)
(5,038)
Net increase in cash and cash equivalents
1,372,240
2,115,551
Cash and cash equivalents at beginning of year
2,933,536
817,985
Cash and cash equivalents at end of year
4,305,776
2,933,536
DOC SOCIETY
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 13 -
1
Accounting policies
Company information
Doc Society is a private company limited by guarantee incorporated in England and Wales. The registered office is Level 5A, Maple House, 149 Tottenham Court Road, London, W1T 7NF.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
Income is recognised in two circumstances when the project for which the company has received the film grants:
i) Direct project income/grant arises in which an amount equal to the direct expenditure incurred or expected to incur. Unspend grant will be carried forward as deferred income to the next period to be granted to specific films.
ii) Project management fee receivable over the relevant period.
Expenses exclude VAT as the company is VAT registered.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
20% Straight line
Computers
33% Straight line
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Impairment of financial assets
Financial assets, other than those held at fair value through surplus and deficit, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in surplus or deficit.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in surplus or deficit.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 15 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.8
Taxation
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
2
Income
The total turnover of the company for the year has been derived from its principal activity. Out of this total, 86% (2023: 92%) were derived from the UK, 4% (2023: 1%) were derived from Europe, Nil (2023: 7%) were derived from USA and 10% (2023: Nil) were derived from rest of the world.
Included in turnover, £2,437,514 (2023: £4,401,450 ) and £1,619,046 (2023: £1,424,430 ) related to project income and management fee respectively.
Income included £1,500,000 (2023: £1,500,000) from the Ikea Foundation. This was received towards the end of the financial year and was put towards work within the Climate Story Film Fund.
3
Exceptional item
2024
2023
£
£
Expenditure
Exceptional (profit) / loss
(196,760)
284,857
During the previous financial year (2023), the organisation suffered a sophisticated attack. The exceptional item relates to a financial loss that occurred. The amount of gain recognised in the current year (2024) was the amount recovered. Should further funds to be recovered these will be reflected on a receipt basis.
4
Operating surplus
2024
2023
Operating surplus for the year is stated after charging/(crediting):
£
£
Exchange losses
19,598
24,198
Depreciation of owned tangible fixed assets
5,871
8,429
(Profit)/loss on disposal of tangible fixed assets
(2,519)
2,643
Operating lease charges
46,900
47,446
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Management
3
2
Project delivery
8
8
Finance
3
3
Administration
1
1
Total
15
14
DOC SOCIETY
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
5
Employees
(Continued)
- 17 -
Their aggregate remuneration comprised:
2024
2023
£
£
Wages and salaries
1,000,965
854,686
Social security costs
98,361
90,933
Pension costs
27,049
28,244
1,126,375
973,863
6
Directors' remuneration
2024
2023
£
£
Remuneration for qualifying services
277,200
180,709
Company pension contributions to defined contribution schemes
11,959
9,036
289,159
189,745
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2023 - 2).
Remuneration disclosed above include the following amounts paid to the highest paid directors:
2024
2023
£
£
Remuneration for qualifying services
95,040
90,355
7
Interest receivable and similar income
2024
2023
£
£
Interest income
Interest on bank deposits
119
476
2024
2023
Investment income includes the following:
£
£
Interest on financial assets not measured at fair value through surplus or deficit
119
476
8
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
22,119
13,247
DOC SOCIETY
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
8
Taxation
(Continued)
- 18 -
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2024
2023
£
£
Profit before taxation
81,103
63,524
Expected tax charge based on the standard rate of corporation tax in the UK of 25% (2023: 19%)
20,276
12,070
Tax effect of expenses that are not deductible in determining taxable profit
2,281
2,692
Unutilised tax losses carried forward
-
(133)
Permanent capital allowances in excess of depreciation
(438)
(1,382)
Taxation charge for the year
22,119
13,247
Taxation charge in the financial statements
22,119
13,247
9
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 April 2023
35,429
35,086
70,515
Additions
1,665
1,665
Disposals
(9,371)
(11,589)
(20,960)
At 31 March 2024
26,058
25,162
51,220
Depreciation and impairment
At 1 April 2023
32,439
27,589
60,028
Depreciation charged in the year
1,197
4,674
5,871
Eliminated in respect of disposals
(10,011)
(13,109)
(23,120)
At 31 March 2024
23,625
19,154
42,779
Carrying amount
At 31 March 2024
2,433
6,008
8,441
At 31 March 2023
2,990
7,497
10,487
DOC SOCIETY
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
10
Debtors
2024
2023
Amounts falling due within one year:
£
£
Service charges due
1,599
2,993
Corporation tax recoverable
5,376
Amounts owed by group undertakings
56,137
Other debtors
273,641
128,149
Prepayments and accrued income
33,485
25,303
308,725
217,958
Included in other debtors, there are amount of £39,330 (2023: £103,797) due from connected companies.
11
Creditors: amounts falling due within one year
2024
2023
Notes
£
£
Trade creditors
798,382
694,336
Amounts owed to group undertakings
15,783
Corporation tax
22,125
13,247
Other taxation and social security
34,682
30,320
Deferred income
12
2,814,447
1,589,288
Other creditors
271,905
219,360
Accruals and deferred income
94,559
103,355
4,051,883
2,649,906
Included in other creditors, there are amount of £271,905 (2023: 219,360) due to connected companies.
12
Deferred income
2024
2023
£
£
Other deferred income
2,814,447
1,589,288
13
Retirement benefit schemes
2024
2023
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
27,049
28,244
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
DOC SOCIETY
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
14
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
15
Restricted reserve
2024
2023
£
£
At the beginning and end of the year
250,000
250,000
Restricted reserve is a capital reserve and represents contribution from a previous member of the company.
16
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2024
2023
£
£
Within one year
14,000
42,000
Between two and five years
14,000
14,000
56,000
17
Related party transactions
During the year, the company entered into a number of transactions with the entities which are controlled by the common management team.
Included in cost of sales, total grants payable to related entities are £130,338 (2023: £60,000 ).
Included in the rent and rates, £Nil rent (2023: £4,500 ) paid to a director of the company for office space in line with an arm's length basis lease as agreed by the rest of the Board
As at 31 March 2024, the balances due to the following entities are as follow:
Stichting Doc Society (registered in the Netherlands) - £Nil (2023: £55,481)
Doc Society Inc (registered in US) - £227,528 (2023: £163,879)
Britdoc Films Limited (registered in UK) - £44,377 (2023: £Nil)
Doc Society Australia £15,783 (2023: £Nil)
As at 31 March 2024, the balances due from the following entities are as follow:
Doc Society Charitable Trust (registered in UK) - £19,655 (2023: £96,827)
Stichting Doc Society (registered in the Netherlands) - £9,675 (2023: £Nil)
Britdoc Films Limited (registered in UK) - £Nil (2023: £6,970)
Doc Society Australia £Nil (2023: £56,137)
DOC SOCIETY
(LIMITED BY GUARANTEE)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
18
Cash generated from operations
2024
2023
£
£
Surplus for the year after tax
58,984
50,277
Adjustments for:
Taxation charged
22,119
13,247
Investment income
(119)
(476)
(Gain)/loss on disposal of tangible fixed assets
(2,519)
2,643
Depreciation and impairment of tangible fixed assets
5,871
8,429
Movements in working capital:
(Increase)/decrease in debtors
(96,143)
1,519,858
Increase in creditors
167,940
233,260
Increase in deferred income
1,225,159
293,351
Cash generated from operations
1,381,292
2,120,589
19
Analysis of changes in net funds
1 April 2023
Cash flows
31 March 2024
£
£
£
Cash at bank and in hand
2,933,536
1,372,240
4,305,776
DOC SOCIETY
(LIMITED BY GUARANTEE)
MANAGEMENT INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024
DOC SOCIETY
(LIMITED BY GUARANTEE)
SCHEDULE OF ADMINISTRATIVE EXPENSES
FOR THE YEAR ENDED 31 MARCH 2024
- 23 -
2024
2023
£
£
Administrative expenses
Wages and salaries
723,765
673,977
Social security costs
98,361
90,933
Staff welfare
28,103
6,974
Staff pension costs defined contribution
15,090
19,208
Directors' remuneration
277,200
180,709
Directors' pension costs - defined contribution scheme
11,959
9,036
Rent and rates
46,900
47,446
Cleaning
1,559
1,500
Property repairs and maintenance
286
479
Premises insurance
2,661
2,558
Computer running costs
68,335
39,276
Travelling expenses
80,743
22,261
Postage, courier and delivery charges
226
271
Professional subscriptions
12,397
9,010
Legal and professional fees
25,253
15,500
Consultancy fees
204,795
205,035
Audit fees
18,151
18,100
Bank charges
2,881
2,839
Bad and doubtful debts
33,461
-
Insurances (not premises)
27,751
21,156
Advertising
408
-
Telecommunications
874
3,388
Other office supplies
4,181
4,176
Entertaining
5,771
5,739
Sundry expenses
2,165
1,833
Depreciation
5,871
8,429
(Profit) / loss on sale of tangible assets (non exceptional)
(2,519)
2,643
Loss on foreign exchange
19,598
24,198
1,716,226
1,416,674
2024-03-312023-04-01falseCCH SoftwareCCH Accounts Production 2024.210Ms A ChangMr S D PadaniaMs E FinziMr P G Van ZylMs R ChenMr O M RiversMs S A ScotlandMs S C WhiphamMs J Searchfalsetrue052782072023-04-012024-03-3105278207bus:Director22023-04-012024-03-3105278207bus:Director32023-04-012024-03-3105278207bus:Director62023-04-012024-03-3105278207bus:Director72023-04-012024-03-3105278207bus:Director82023-04-012024-03-3105278207bus:Director12023-04-012024-03-3105278207bus:Director42023-04-012024-03-3105278207bus:Director52023-04-012024-03-3105278207bus:Director92023-04-012024-03-3105278207bus:RegisteredOffice2023-04-012024-03-31052782072024-03-31052782072022-04-012023-03-310527820712023-04-012024-03-310527820712022-04-012023-03-3105278207core:RetainedEarningsAccumulatedLosses2022-04-012023-03-3105278207core:RetainedEarningsAccumulatedLosses2023-04-012024-03-31052782072023-03-3105278207core:FurnitureFittings2024-03-3105278207core:ComputerEquipment2024-03-3105278207core:FurnitureFittings2023-03-3105278207core:ComputerEquipment2023-03-3105278207core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3105278207core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3105278207core:CurrentFinancialInstruments2024-03-3105278207core:CurrentFinancialInstruments2023-03-3105278207core:FurtherSpecificReserve1ComponentTotalEquity2024-03-3105278207core:FurtherSpecificReserve1ComponentTotalEquity2023-03-3105278207core:RetainedEarningsAccumulatedLosses2024-03-3105278207core:RetainedEarningsAccumulatedLosses2023-03-3105278207core:FurtherSpecificReserve1ComponentTotalEquity2022-03-3105278207core:RetainedEarningsAccumulatedLosses2022-03-31052782072023-03-31052782072022-03-3105278207core:FurnitureFittings2023-04-012024-03-3105278207core:ComputerEquipment2023-04-012024-03-3105278207core:UKTax2023-04-012024-03-3105278207core:UKTax2022-04-012023-03-3105278207core:FurnitureFittings2023-03-3105278207core:ComputerEquipment2023-03-3105278207core:WithinOneYear2024-03-3105278207core:WithinOneYear2023-03-3105278207core:BetweenTwoFiveYears2024-03-3105278207core:BetweenTwoFiveYears2023-03-3105278207bus:CompanyLimitedByGuarantee2023-04-012024-03-3105278207bus:FRS1022023-04-012024-03-3105278207bus:Audited2023-04-012024-03-3105278207bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP