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REGISTERED COMPANY NUMBER: 03443981 (England and Wales)
REGISTERED CHARITY NUMBER: 1095587














Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2024

for

Somerset Film And Video Ltd

Somerset Film And Video Ltd






Contents of the Financial Statements
for the Year Ended 31 March 2024




Page

Reference and Administrative Details 1

Report of the Trustees 2 to 5

Independent Examiner's Report 6

Statement of Financial Activities 7

Balance Sheet 8 to 9

Notes to the Financial Statements 10 to 22

Somerset Film And Video Ltd

Reference and Administrative Details
for the Year Ended 31 March 2024



TRUSTEES A Buchanan TV Producer (resigned 10.10.23)
S Isherwood Arts Consultant
J Mellor Consultant (resigned 23.4.24)
J Waters Freelance Cameraman (resigned 6.2.24)
N Williams Media technician (resigned 27.2.24)
P Burr Retired
Miss H L Earl Artist (resigned 8.10.24)
Mrs A J Maclay Marketing Consultant (resigned 8.10.24)
Mrs J L Latta Tv Producer / Director (resigned 10.10.23)
Mrs K Pearce Photographer (appointed 18.4.23)
D P Martlew Trustee (appointed 1.12.23)
R C Franklin Trustee (appointed 1.2.24)
R J Crowe Trustee (appointed 1.2.24)
J Godman Trustee (appointed 1.3.24)
C A Luck Trustee (appointed 1.3.24)


COMPANY SECRETARY P A R Shepherd


REGISTERED OFFICE The Engine Room
50-52 High Street
Bridgwater
Somerset
TA6 3BL


REGISTERED COMPANY
NUMBER
03443981 (England and Wales)


REGISTERED CHARITY
NUMBER
1095587


INDEPENDENT EXAMINER Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF


BANKERS NatWest Bank plc
Leicester Rcsc
Bede House
11 Western Boulevard
Leicester
LE2 7EJ

Somerset Film And Video Ltd (Registered number: 03443981)

Report of the Trustees
for the Year Ended 31 March 2024


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
Paragraph 3 of the Memorandum states that 'The Company's objects are the advancement of public education generally and, in particular, in moving image production and distribution'. To achieve this objective Somerset Film and Video Ltd promotes the moving image and digital media in Somerset, encouraging communication, collaboration and the sharing of skills to produce innovative work and to foster creative community engagement across the county.

Our vision is to give everyone in and around Somerset the opportunity to be creative with moving image and digital media, and through our collaborative approach, to act as a catalyst for a more just and equal society.

We operate county wide with a small professional core team, governed by a multi-skilled board of trustees. We are assisted by regular volunteers, and draw on a wide pool of professional collaborators to deliver our offer. We offer work experience and bursary opportunities.

Our work covers three key areas:

o Community Engagement
o Talent Development
o Content Creation

Our current priority beneficiaries are:

o Children and Young People
o People from Diverse Backgrounds, in particular those:
- From lower socio-economic backgrounds
- With disability or long-term health conditions including mental health
- From ethnically diverse backgrounds

These are reviewed on an annual basis.

While access to a camera on our phones turns many of us into media makers, the craft skills remain important, and opportunities to work with other makers are often elusive. Somerset Film provides access to skills and collaborative opportunities, connecting individuals and organisations that might otherwise not have a chance to work together. By exploring creativity with others in an informal setting our participants and producers have a chance to learn more about their own potential, and to identify the contribution they can make in the wider world. We are privileged to see on a daily basis how this process builds confidence and unlocks potential for personal growth and fulfilment in many fields. We are equally privileged to recognise the learning we gain on a daily basis from the mutually beneficial creative relationships we build with our users'

We are committed to addressing the growing demand for our services from the isolated and marginalised sections of society. We are doing what we can to minimise our impact on our changing climate, and to build resilience in the face of it. We are looking too at more specifically local challenges like the need to retain the young talent in the county, and the imperative to build wider support for the role of Somerset's cultural and creative industries for the future.

The charity website www.somersetfilm.com is regularly updated with past work including the most recent projects.

Public benefit
The trustees confirm that they have complied with the requirements of Section 4 of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Wales.


Somerset Film And Video Ltd (Registered number: 03443981)

Report of the Trustees
for the Year Ended 31 March 2024

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The year has been busy, filled with new activities and exciting new resources.

The transformation of the Engine Room, our community media centre and base for our activities, progressed. We completed the first phase of building work, made possible by Town Deal funds. We also secured additional funds from Garfield Weston Foundation, Valencia Communities Fund and the Clothworkers Foundation as well as a local charity, which wishes to remain anonymous. An additional floor of space in the part of the Engine Room known as Number 50 High Street, opened in December 2023 and we purchased new equipment such as laser projectors, Mac Studios, VR headsets and other digital media equipment. This new space meant we could continue delivering activity whilst work began on the ground floor space in number 52 High Street. Notably we also bought the building from our landlords Sedgemoor District Council.

We began a further three year programme of activity as part of the National Portfolio of organisations receiving funding from Arts Council England. Originally a three year contract, this has now been extended to four years. We received financial support from Somerset Council, despite the financial difficulties they are facing, through the Octagon outreach programme in South Somerset and for Wellington Film Festival.

Our regular programme of activity included networking & screening events, technical support sessions through our creative hub, courses, work experience week, advice and guidance plus:

o The Ignite programme delivered a range of activities designed to pass on digital skills to audiences and artists alike. Notable highlights include: - supporting artist Luminara Florsecu to create a new work, which was projected in Castle Cary and South Cadbury; - Creative Network events profiled artists working in social prescribing, environmental art and augmented reality; - Supporting young people in Crewkerne to create digital work in response to the Bincombe Nature reserve for a digital gallery and older people in Highbridge to share their thoughts about where they live for a song using AI;- engaging young members of the LGBTQIA+ community through activities with support organisation 2BU.

o Our expanded street cinema project led by filmmaker Dr John Sealey culminated in Wells. Two public screenings in outdoor spaces were held of the short films commissioned from people who live or work in the smallest city in England, thanks to support from Mendip Communities Fund.

o Informed by our Disability Advisory Panel and based on the outreach undertaken previously we successfully secured funds from Discovery to research and pilot creativity activity for neurodivergent adults. Inspired by Game Changers, a social group that regularly hire the facilities at the Engine Room, we worked with four artists to develop drop in activities for a six week programme called 'Morning Juice'.

o Our BFI Film Academy programme once again imparted key skills to the next generation of local film making talent. Eighteen young people achieved Bronze Arts Award through a seven day programme of masterclasses and practical filmmaking. We were pleased to welcome back BFI alumna Lily Limmer, who now works as a sustainability consultant for companies such as Sky and Apple TV, to give guidance to the academy on sustainable filmmaking.

o We celebrated diversity and engaged with a wide variety of groups through community events including cultural diversity at Bridgwater Together, Chard Together and Yeovil Together using VR and animation and Street CIAT Family Day for children with disabilities, exploring sound and bubble art.

o As part of the consortium for Seed Sedgemoor, Creative People and Places Project, we supported their work, notably the Hidden Station AR installation at Bridgwater Railway Station and the Empirical Pop-Up Jazz Lounge. Somerset Film also has a management role within the project. We worked in partnership with Mendip AONB to illuminate Cheddar Gorge with the work of commissioned artist Elizabeth Woodger. Over 1300 attendees also enjoyed new work by local photographers.

o We continued to play our part in the Bridgwater Cultural Partnership, sharing best practice and delivering creative activity for events such as Quayside Festival and The World Turned Upside Down.

o Supported by BFI Film Academy South West we were delighted to once again enable an emerging filmmaker to make an original short film, inspired by environmental themes. Jasmine Otley produced '65p" combining live action and animation to explore the impact of plastic bottles used for drinking water.


Somerset Film And Video Ltd (Registered number: 03443981)

Report of the Trustees
for the Year Ended 31 March 2024

o In January 2024 we began delivery of a community article film project, supported by the National Lottery heritage Fund. This project will involve the digitisation of films from the C. S. John Sparkes collection, 300+ Super-8mm footage of village life in and around the Golden Hills Villages. We will be sharing the re-discovered films with the community.

o Behind the scenes we began co-ordinating a second edition of Wellington Film Festival, supported by Wellington Town Council and raised funds for Mayhem, a new film festival celebrating music in film to be delivered in May 2024 in partnership with Bridgwater Arts Centre.

o We undertake commissions for a wide range of clients, offering training and work experience opportunities as well as generating a surplus, which helps to fund the charitable delivery. Despite being unable to film for much of the year, we adopted online recording platforms. Projects this year include films for Somerset Rivers Authority, Avalon Marshes, Wells and Mendip Museum and Somerset & Exmoor Coast Festival. A notable highlight was the animation created for Spark Somerset, to show how they support collaboration, strengthen the voice of the VCFSE and influence and advocate on its behalf.

We are extremely grateful to the volunteers who give their time and expertise to our Repair Cafe initiative - repairing 95+ household items for members of the public, that would otherwise end up in landfill.

FINANCIAL REVIEW
Financial position
The charity has continued to secure funding for specific projects and to develop an adequate level of free income reserves.

Incoming resources were £560,602 of which £211,364 related to unrestricted funds and £349,238 to restricted funds. Resources expended amounted to £288,246 of which £257,280 was from unrestricted funds and £30,966 from restricted funds.

The balance held on general unrestricted funds at the end of the year was £506,322 and the balance held on designated unrestricted funds was £325,056. The balance held on restricted funds at the end of the year was £87,604.

Policy on reserves
The trustees have a reserves policy based on the running costs of the organisation. They have set to increase the value of that reserve year on year until such time as it equates to three months running costs plus redundancy costs. Additional surplus will be earmarked to complete the capital development. We have continued to prioritise building links with businesses and to pursue contracts and support for the capital programme.

This year the trustees have created a £5k discretionary fund from the reserves, which will be used to meet staffing costs when they are sick and cannot access statutory sick pay.

PLANS FOR FUTURE PERIODS
Aims and key objectives for future periods
The charity is committed to consolidating its delivery in key areas and to growing engagement and audiences across the county.

We will continue the transformation of the Engine Room thanks to £500k capital investment from the Town Deals fund by removing the wall between the cafe and studio one to create a multi-purpose space. We have secured funds for large events taking place in the next financial year including the Heritage Lottery 'A Village Apart. Villages Together' project, Mayhem Film festival, Wellington Film Festival and Earth in Focus, a series of filmmaking workshops for young people supported by the Clare and Derek Stevens Trust.

We will continue to build on the strength of our board through an ongoing process of trustee recruitment and training.

STRUCTURE, GOVERNANCE AND MANAGEMENT
Nature of governing document
Somerset Film and Video Ltd (operating as Somerset Film, the Engine Room and as Jump Cuts) is a charitable company limited by guarantee of its members. It was incorporated under the Companies Acts on 2 October 1997 and registered as a charity on 24 January 2003 and is governed by its Memorandum and Articles of Association.


Somerset Film And Video Ltd (Registered number: 03443981)

Report of the Trustees
for the Year Ended 31 March 2024


STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
Vacancies on the Board are filled by new directors proposed by an existing director and elected by the Board. Directors are eligible for re-election on an annual basis. The election takes place at the AGM.

Organisational structure
The directors of the charity who form the Board of Directors are the ultimate governing body. The directors are the trustees of the charity. All directors are members of the charity and are due for re-election on an annual basis. Directors meet as necessary but at least quarterly. Responsibility for the day to day administration of the charity's activities is delegated to the Creative Director, reporting directly to the Board of Directors on all activities and referring all major decisions to the Board. The Company Secretary also has a role as Ambassador for Community Engagement within the organisation.

The directors endeavour to run the charity to the highest standards set by relevant bodies. The charity operates within the regulatory framework set by the Charity Commission and also complies with Company Law and appropriate Health and Safety regulations. In addition, the directors are aware of the charity's responsibilities to the young and vulnerable people involved in courses and projects.

The directors monitor the activities of the charity on an ongoing basis and confirm that they have complied with their duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers and duties.

Induction and training of new trustees
Directors are invited each year to attend a workshop at which the background, aims and objectives of the charity are discussed. Directors have also been offered the opportunity of attending training courses for charity trustees.

Major risks and management of those risks
It is confirmed that the major risks to which the charity is exposed, as identified by the directors, are reviewed at each board meeting and that systems have been established to mitigate those risks. The directors accept that the management and control of the charity rests with the Board of Directors and, as such, directors' involvement in the key aspects of the risk management process is essential, particularly in setting the parameters of the process and in the review and consideration of the results.

In particular the directors ensure that:

> the identification, assessment and mitigation of risk is linked to the charity's charitable operational objectives

> the process covers all areas of risk including financial, governance, operational and reputational risks and is focused primarily on major risks

> the process seeks to produce a risk exposure profile that reflects the directors' views as to levels of acceptable risk

> the risk management is ongoing and is embedded in management and operational procedures. Risk Register is a standing item at Board meetings.

Third party indemnity insurance policy
The charity maintains a third party indemnity insurance policy for the benefit of the Trustees. The policy was in force during the year and remains in force at the time of approval of this report.

Approved by order of the board of trustees on 19 November 2024 and signed on its behalf by:





P Burr - Trustee

Independent Examiner's Report to the Trustees of
Somerset Film And Video Ltd

Independent examiner's report to the trustees of Somerset Film And Video Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2024.

Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 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 your 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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

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 Company as required by Section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts 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 accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no 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.








Clive Hall-Tomkin

Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF

28 November 2024

Somerset Film And Video Ltd

Statement of Financial Activities
for the Year Ended 31 March 2024

31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 3 154,541 348,760 503,301 371,599

Charitable activities 6
Charitable 14,789 475 15,264 12,676

Other trading activities 4 39,982 - 39,982 62,803
Investment income 5 2,053 - 2,053 430
Total 211,365 349,235 560,600 447,508

EXPENDITURE ON
Raising funds 7 18,900 - 18,900 20,094

Charitable activities 8
Project costs 42,945 12,910 55,855 85,890
Employment costs 113,749 12,310 126,059 114,609
Establishment costs 16,505 2,399 18,904 23,969
Repairs and maintenance - - - 6,793
Office expenses 4,310 783 5,093 6,642
Printing postage and stationery 536 272 808 1,731
Subscriptions and donations 557 - 557 294
Cleaning 4,014 838 4,852 4,770
Bank charges 635 91 726 525
Bad debts 167 - 167 407
Travel and subsistence 1,698 443 2,141 3,102
Advertising and promotion 7,646 - 7,646 707
Depreciation of tangible fixed assets 34,921 - 34,921 23,657
Accountancy 10,695 922 11,617 6,906
Total 257,278 30,968 288,246 300,096

NET INCOME/(EXPENDITURE) (45,913 ) 318,267 272,354 147,412
Transfers between funds 17 402,476 (402,476 ) - -
Net movement in funds 356,563 (84,209 ) 272,354 147,412

RECONCILIATION OF FUNDS
Total funds brought forward 474,814 171,812 646,626 499,214

TOTAL FUNDS CARRIED FORWARD 831,377 87,603 918,980 646,626

CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.

Somerset Film And Video Ltd (Registered number: 03443981)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Unrestricted Restricted Total Total
funds funds funds funds
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 14 751,187 - 751,187 454,867

CURRENT ASSETS
Debtors 15 9,408 - 9,408 43,151
Cash at bank and in hand 96,244 87,603 183,847 192,284
105,652 87,603 193,255 235,435

CREDITORS
Amounts falling due within one year 16 (25,462 ) - (25,462 ) (43,676 )

NET CURRENT ASSETS 80,190 87,603 167,793 191,759

TOTAL ASSETS LESS CURRENT
LIABILITIES

831,377

87,603

918,980

646,626

NET ASSETS 831,377 87,603 918,980 646,626
FUNDS 17
Unrestricted funds 831,377 474,814
Restricted funds 87,603 171,812
TOTAL FUNDS 918,980 646,626

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Somerset Film And Video Ltd (Registered number: 03443981)

Balance Sheet - continued
31 March 2024

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 19 November 2024 and were signed on its behalf by:





P Burr - Trustee

Somerset Film And Video Ltd

Notes to the Financial Statements
for the Year Ended 31 March 2024

1. CHARITY STATUS

The charity is a private company limited by guarantee and does not have share capital. Each of the trustees is liable to contribute an amount not exceeding £1 towards the assets of the charity in the event of liquidation.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared in accordance with applicable accounting standards and estimation techniques, the Statement of Recommended Practice - Accounting and Reporting by Charities (SORP 2005) and the Companies Act 2006.

Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':

the requirements of Section 7 Statement of Cash Flows.

Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Donations and legacies
Donations and grants are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability. Where appropriate grants are included in a restricted fund and are used for the purpose that the grant was made.

Deferred income
Deferred income represents amounts received for future periods and is released to incoming resources in the period for which it has been received. Such income is only deferred when:
> The donor specifies that the grant or donation must only be used in future accounting periods; or
> The donor has imposed conditions which must be met before the charity has unconditional entitlement.

Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Raising funds
Costs of raising funds are the costs of trading for fundraising purposes.

Charitable activities
Income from charitable activities includes income recognised as earned (as the related goods or services are provided) under contract or where entitlement to grant funding is subject to specific performance conditions. Grant income included in this category provides funding support programme activities and is recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficient reliability.

Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

2. ACCOUNTING POLICIES - continued

Allocation and apportionment of costs
Capital expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources.

Governance costs include costs of the preparation and examination of the statutory accounts, the costs of trustee meetings and the costs of any legal advice to trustees on governance or constitutional matters.

Bank interest and other investment income is recognised on a receivable basis.

The charity has not received any material gifts in kind or services during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.


Plant and machinery - Straight line over 3 years
Fixtures and fittings - Straight line over 3 years
Computer equipment - 33% on cost

Taxation
The charity is exempt from corporation tax on its charitable activities.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Designated funds are unrestricted funds set aside for specific purposes at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Where restricted funding is received for capital expenditure, and unless the funding agreement states otherwise, the value of the capital equipment or improvements purchased with the restricted funding is transferred to unrestricted funds, once the terms of the restricted funding have been met.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.


Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

3. DONATIONS AND LEGACIES
31.3.24 31.3.23
£    £   
Donations from individuals and organisations 1,975 4,232
Project grants 501,326 367,367
503,301 371,599

Grants received, included in the above, are as follows:

31.3.24 31.3.23
£    £   
Arts Council - Ignite Somerset 89,062 89,062
Womad 625 400
BFI Film Club - 6,781
Wellington Film Festival 4,000 1
Petroc - 2,549
BFI Film Academy 20,222 16,806
Clothworkers 10,000 -
Sedgmoor Creative People and Places 36,772 47,361
Same Difference - 700
Watershed Arts Trust - 1,000
Bridgwater Town Council - repair cafe 900 -
Spark Somerset CIO - 150
Somerset County Council - Innovations SCF - 1,450
Bridgwater Town Council - Quayside 3,106 1,245
Somerset Arts Works - 804
South Somerset DC 2,500 2,500
Mendip District Council 5,000 5,000
Bridgwater Arts Centre - Fairytale week - 671
Town Deal Fund 256,000 173,000
BFI Film HUb - 8,477
Somerset County Council - SCF Discovery - 9,410
CIAT 520 -
Valencia Community 22,582 -
Garfield Weston 15,000 -
National Heritage 18,822 -
Harptree Trust 500 -
Animating the Town 8,500 -
Rory Pilgrim Project 1,254 -
Moment on Mendip 962 -
Earth in Focus 5,000 -
Other grants (1 ) -
501,326 367,367


Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

4. OTHER TRADING ACTIVITIES
31.3.24 31.3.23
£    £   
Cafe income 7,552 11,383
Commissions 32,430 51,420
39,982 62,803

5. INVESTMENT INCOME
31.3.24 31.3.23
£    £   
Deposit account interest 2,053 430

6. INCOME FROM CHARITABLE ACTIVITIES
31.3.24 31.3.23
Activity £    £   
Equipment and facility hire Charitable 8,505 6,928
Course and workshops Charitable 4,977 2,642
Other income Charitable 963 325
Services Charitable 819 2,255
Recharges Charitable - 526
15,264 12,676

7. RAISING FUNDS

Other trading activities
31.3.24 31.3.23
£    £   
Purchases 3,321 4,127
Staff costs 15,579 15,967
18,900 20,094

Costs of trading activities relate to the Engine Room café.


Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

8. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 9) Totals
£    £    £   
Project costs 55,855 - 55,855
Employment costs 126,059 - 126,059
Establishment costs 18,904 - 18,904
Office expenses 5,093 - 5,093
Printing postage and stationery 808 - 808
Subscriptions and donations 557 - 557
Cleaning 4,852 - 4,852
Bank charges 726 - 726
Bad debts 167 - 167
Travel and subsistence - 2,141 2,141
Advertising and promotion - 7,646 7,646
Depreciation of tangible fixed assets - 34,921 34,921
Accountancy - 11,617 11,617
213,021 56,325 269,346

£222,359 (2023 - £246,076) of the above expenditure was attributable to unrestricted funds and £30,966 (2023 - £105,161) to restricted funds.

9. SUPPORT COSTS
Governance
costs
£   
Travel and subsistence 2,141
Advertising and promotion 7,646
Depreciation of tangible fixed assets 34,921
Accountancy 11,617
56,325

Support costs, included in the above, are as follows:
Depreciation
of
Travel Advertising tangible
and and fixed
subsistence promotion assets
£    £    £   
Travel and subsistence 2,141 - -
Advertising and promotion - 7,646 -
Accountancy - - -
Depreciation of tangible fixed assets - - 34,921
2,141 7,646 34,921

Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

9. SUPPORT COSTS - continued
31.3.24 31.3.23
Total Total
Accountancy activities activities
£    £    £   
Travel and subsistence - 2,141 3,102
Advertising and promotion - 7,646 707
Accountancy 11,617 11,617 6,906
Depreciation of tangible fixed assets - 34,921 23,657
11,617 56,325 34,372

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

31.3.24 31.3.23
£    £   
Depreciation - owned assets 34,921 23,657

11. TRUSTEES' REMUNERATION AND BENEFITS

No trustees have been received any other benefits from the charity during the year.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023.


12. STAFF COSTS
31.3.24 31.3.23
£    £   
Wages and salaries 14,557 14,983
Social security costs 805 210
Other pension costs 217 774
15,579 15,967

The average monthly number of employees during the year was as follows:

31.3.24 31.3.23
Trading activities 2 2
Charitable activities 7 8
9 10

6 (2023 - 5) of the above employees participated in the Defined Contribution Pension Scheme.

Pension costs relating to the charity's defined contribution pension scheme are allocated to activities and funds on the same basis as the allocation of wages and salaries costs for the employees in the scheme.

No employee received emoluments of more than £60,000 during the year.

The total employee benefits of the key management personnel of the charity were £27,192 (2023 - £27,192).

Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

13. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Total
funds funds funds
£    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 177,394 194,205 371,599

Charitable activities
Charitable 12,676 - 12,676

Other trading activities 62,803 - 62,803
Investment income 430 - 430
Total 253,303 194,205 447,508

EXPENDITURE ON
Raising funds 20,094 - 20,094

Charitable activities
Project costs 67,916 17,974 85,890
Employment costs 103,041 11,568 114,609
Establishment costs 23,684 285 23,969
Repairs and maintenance 4,396 2,397 6,793
Office expenses 6,220 422 6,642
Printing postage and stationery 1,557 174 1,731
Subscriptions and donations 294 - 294
Cleaning 4,713 57 4,770
Bank charges 471 54 525
Bad debts 407 - 407
Travel and subsistence 2,198 904 3,102
Advertising and promotion 707 - 707
Depreciation of tangible fixed assets 23,657 - 23,657
Accountancy 6,815 91 6,906
Total 266,170 33,926 300,096

NET INCOME/(EXPENDITURE) (12,867 ) 160,279 147,412


RECONCILIATION OF FUNDS
Total funds brought forward 487,681 11,533 499,214

TOTAL FUNDS CARRIED FORWARD 474,814 171,812 646,626


Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

14. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Computer
property machinery fittings equipment Totals
£    £    £    £    £   
COST
At 1 April 2023 517,939 44,364 64,495 255,369 882,167
Additions 288,147 - - 43,094 331,241
At 31 March 2024 806,086 44,364 64,495 298,463 1,213,408
DEPRECIATION
At 1 April 2023 141,312 12,699 32,796 240,493 427,300
Charge for year 3,535 5,138 4,377 21,871 34,921
At 31 March 2024 144,847 17,837 37,173 262,364 462,221
NET BOOK VALUE
At 31 March 2024 661,239 26,527 27,322 36,099 751,187
At 31 March 2023 376,627 31,665 31,699 14,876 454,867

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings and £321,525 (2023 - £325,058) in respect of long leasehold improvements.

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 7,729 41,337
Prepayments 1,679 1,414
Accrued income - 400
9,408 43,151

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 16,982 6,385
VAT 996 8,610
Other creditors 410 -
Accrued expenses 3,750 10,933
Deferred income 3,324 17,748
25,462 43,676


Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.4.23 in funds funds 31.3.24
£    £    £    £   
Unrestricted funds
General fund 149,758 (45,913 ) 402,476 506,321
Property Assets Fund 325,056 - - 325,056
474,814 (45,913 ) 402,476 831,377
Restricted funds
Homes in Sedgemoor Capital Fund 313 - - 313
BFI Film Academy Fund 912 (761 ) - 151
Clothworkers Foundation 172 (172 ) - -
Kickstarter 190 - - 190
Wellington Film Festival 2 - (2 ) -
Town Deal 170,223 303,063 (402,476 ) 70,810
National Heritage - 12,639 - 12,639
Harptree Trust - 500 - 500
Earth in Focus - 2,998 2 3,000
171,812 318,267 (402,476 ) 87,603
TOTAL FUNDS 646,626 272,354 - 918,980

Net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 211,365 (257,278 ) (45,913 )

Restricted funds
BFI Film Academy Fund 20,697 (21,458 ) (761 )
Clothworkers Foundation - (172 ) (172 )
Womad 625 (625 ) -
Town Deal 303,581 (518 ) 303,063
National Heritage 18,832 (6,193 ) 12,639
Harptree Trust 500 - 500
Earth in Focus 5,000 (2,002 ) 2,998
349,235 (30,968 ) 318,267
TOTAL FUNDS 560,600 (288,246 ) 272,354


Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net
movement At
At 1.4.22 in funds 31.3.23
£    £    £   
Unrestricted funds
General fund 159,090 (9,332 ) 149,758
Property Assets Fund 328,591 (3,535 ) 325,056
487,681 (12,867 ) 474,814
Restricted funds
Homes in Sedgemoor Capital Fund 313 - 313
BFI Film Academy Fund 75 837 912
Clothworkers Foundation 172 - 172
Womad 675 (675 ) -
Kickstarter 190 - 190
Wellington Film Festival 8,000 (7,998 ) 2
Business Improvement Grant 2,108 (2,108 ) -
Town Deal - 170,223 170,223
11,533 160,279 171,812
TOTAL FUNDS 499,214 147,412 646,626

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 253,303 (262,635 ) (9,332 )
Property Assets Fund - (3,535 ) (3,535 )
253,303 (266,170 ) (12,867 )
Restricted funds
BFI Film Academy Fund 16,805 (15,968 ) 837
Petroc 2,550 (2,550 ) -
Womad 400 (1,075 ) (675 )
Wellington Film Festival - (7,998 ) (7,998 )
Business Improvement Grant - (2,108 ) (2,108 )
Town Deal 173,000 (2,777 ) 170,223
SCF Innovations 1,450 (1,450 ) -
194,205 (33,926 ) 160,279
TOTAL FUNDS 447,508 (300,096 ) 147,412

Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.4.22 in funds funds 31.3.24
£    £    £    £   
Unrestricted funds
General fund 159,090 (55,245 ) 402,476 506,321
Property Assets Fund 328,591 (3,535 ) - 325,056
487,681 (58,780 ) 402,476 831,377
Restricted funds
Homes in Sedgemoor Capital Fund 313 - - 313
BFI Film Academy Fund 75 76 - 151
Clothworkers Foundation 172 (172 ) - -
Womad 675 (675 ) - -
Kickstarter 190 - - 190
Wellington Film Festival 8,000 (7,998 ) (2 ) -
Business Improvement Grant 2,108 (2,108 ) - -
Town Deal - 473,286 (402,476 ) 70,810
National Heritage - 12,639 - 12,639
Harptree Trust - 500 - 500
Earth in Focus - 2,998 2 3,000
11,533 478,546 (402,476 ) 87,603
TOTAL FUNDS 499,214 419,766 - 918,980

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Movement
resources expended in funds
£    £    £   
Unrestricted funds
General fund 464,668 (519,913 ) (55,245 )
Property Assets Fund - (3,535 ) (3,535 )
464,668 (523,448 ) (58,780 )
Restricted funds
BFI Film Academy Fund 37,502 (37,426 ) 76
Clothworkers Foundation - (172 ) (172 )
Petroc 2,550 (2,550 ) -
Womad 1,025 (1,700 ) (675 )
Wellington Film Festival - (7,998 ) (7,998 )
Business Improvement Grant - (2,108 ) (2,108 )
Town Deal 476,581 (3,295 ) 473,286
SCF Innovations 1,450 (1,450 ) -
National Heritage 18,832 (6,193 ) 12,639
Harptree Trust 500 - 500
Earth in Focus 5,000 (2,002 ) 2,998
543,440 (64,894 ) 478,546
TOTAL FUNDS 1,008,108 (588,342 ) 419,766

Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

17. MOVEMENT IN FUNDS - continued

The funds of the charity include the following unrestricted funds:

Unrestricted Income Fund

This fund represents the 'free reserves' of the charity after allowing for all designated funds.

Designated Property Assets Fund

The Property Assets Fund has been set aside by the trustees as a separate designated fund corresponding to the value of unrestricted funds represented by capital expenditure by the charity on leasehold property improvements at its premises at the Engine Room, Bridgwater which are used on an ongoing basis for its charitable and other activities.

During the year £3,535 was transferred from the Property Assets Fund to the Unrestricted Income Fund, representing the depreciation charged on the leasehold property assets of the charity in respect of the year.

The funds of the charity include the above restricted funds comprising unexpended balances of grants held on trusts to be applied for specific purposes. Details of the restricted funds are as follows:


BFI Film Academy Fund

The purpose of the British Film Institute Film Academy fund is to provide a national programme for 16 - 19 year olds, developing the next generation of filmmaking talent.

Clothworkers Foundation

The purpose of the Clothworkers Foundation's is to provide capital support to reduce the impact of Covid.

Womad

The purpose of Womad is to provide an educational activity programme to celebrate diversity and provide children with the opportunity to produce sound and radio inspired by world culture.

Kickstarter

The purpose of Kickstarter is to provide a national government programme to create jobs for 16 to 24 year olds on Universal Credit.

Wellington Film Festival

The purpose of the Wellington Film Festival is to provide a three day festival of screenings, activities and events, funded and initiated by Wellington Town Council and supported by Somerset West and Taunton.

Sedgemoor District Council - Town Deal

The purpose of the Town Deal Fund is to provide capital investment to improve the Engine Room facilities.

Somerset County Council - SCF Innovations

The purpose of the Somerset Community Foundation is to provide innovation and organisational development support.

Petroc

The purpose of Petroc is to pass on digital skills to those seeking employment post-Covid pandemic.

Somerset Film And Video Ltd

Notes to the Financial Statements - continued
for the Year Ended 31 March 2024

18. EMPLOYEE BENEFIT OBLIGATIONS

The charity operates a defined contribution pension scheme. The pension cost charge for the year represents contributions payable by the charity to the scheme and amounted to £2,358 (2023 - £2,145).

19. RELATED PARTY DISCLOSURES

Trustees who provide services to the charity must do so on a commercial basis and must tender for the contract in competition with other service providers. Details of fees paid to trustees for services provided during the year are shown in note 11.

During the year the charity also made the following transactions with other related parties:

Salient Features (2003) Ltd
(a company controlled by Mr P Shepherd, the company secretary)

Mr P Shepherd, the company secretary, acts as facilitator for the charity. His services are contracted to the charity by Salient Features (2003) Ltd, a company in which Mr P Shepherd has a controlling interest. During the year the charity paid £nil (2023 - £nil) to Salient Features (2003) Ltd in respect of facilitator services and associated costs. At the balance sheet date the amount due to Salient Features (2003) Ltd was £nil (2023 - £nil).

There were no other related party transactions in the year.

20. PRIOR YEAR ADJUSTMENT

In the prior year, an adjustment was made to the restricted funds resulting in the reserves being incorrect and the bank balance being understated by £71,235. This did not affect the financial statement of financial activities and therefore has not been adjusted through a prior year adjustment.

The prior year reserves have been restated to include this correction.

The brought forward balances have also been adjusted in the current year to correct this.