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COMPANY REGISTRATION NUMBER: SC155843
CHARITY REGISTRATION NUMBER: SC002525
Glasgow Media Access Centre Limited
Known as 'GMAC Film'
Company Limited by Guarantee
Financial Statements
31 March 2024
Glasgow Media Access Centre Limited
Known as 'GMAC Film'
Company Limited by Guarantee
Financial Statements
Year ended 31 March 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent auditor's report to the members
9
Statement of financial activities (including income and expenditure account)
13
Statement of financial position
14
Statement of cash flows
15
Notes to the financial statements
16
Glasgow Media Access Centre Limited
Known as 'GMAC Film'
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 March 2024
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2024 .
Reference and administrative details
Registered charity name
Glasgow Media Access Centre Limited
Charity registration number
SC002525
Company registration number
SC155843
Principal office and registered
5th Floor
office
103 Trongate
Glasgow
G1 5HD
Scotland
The trustees
F H Ellis
(Resigned 5 October 2023)
M F Langdon
(Appointed 12 June 2023)
S J Mallinson
L A O'Donnell
(Appointed 12 June 2023)
A Yaqub
L Cherry
(Resigned 29 May 2023)
M V Craig
(Resigned 7 June 2023)
K B Howe
(Resigned 29 May 2023)
L M King
(Resigned 4 May 2023)
T C Lynch
(Resigned 29 May 2023)
J C Whyte
(Appointed 12 December 2023)
N M Wilson
(Appointed 12 December 2023)
M Chakrabarty
(Appointed 12 December 2023)
S M Lyons
(Served from 12 December 2023 to 30 July 2024)
J A Cooke
(Appointed 22 February 2024)
Auditor
Nelson Gilmour Smith
Chartered accountants & statutory auditor
Mercantile Chambers
53 Bothwell Street
Glasgow
G2 6TB
Bankers
The Co-operative Bank Plc
PO Box 250
Skelmersdale
WN8 6WT
Structure, governance and management
Governing Document
Glasgow Media Access Centre Limited (GMAC) is a company limited by guarantee (No. SC155843 ) and a recognised Scottish charity (No. SC002525 ), governed by its Memorandum and Articles of Association.
Recruitment and appointment of new trustees
Throughout the year, Kieran Howe, Therese Lynch, Fiona Ellis, Maria Craig, Lesley Cherry, and Lorna King resigned from their trustee positions. Mark Langdon returned to assume the role of Chair, and Lindsay O’Donnell from MTP was welcomed as a new trustee. In October 2023, a trustee recruitment drive commenced with the aim of adding four new members to our trustee ranks. New trustees receive basic training for their role from sources available online.
Organisational structure
GMAC Film is overseen by a dedicated Board of Directors comprising industry professionals, individuals with business and financial expertise, community development practitioners, academics, and experts in third-sector knowledge and funding. The Board of Directos have appointed David Williams in the role of Director to manage the day to day running of the charity.
Charities Governance Code
GMAC Film is not actively following the Charities Governance Code as they are following OSCR's guidelines and feel this is sufficient for their purpose.
Objectives and activities
Principal Activities and Charitable Objectives
GMAC Film is an open access media centre that is committed to providing access to people interested in moving image. The organisation is a bridge between the local community and screen industry, offering a ladder of opportunities accessible to all, through training, facilities, expertise, information networks and opportunities in moving image to the widest possible community.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
Charitable Activities
Screen Start , We have continued to monitor and forward opportunities via our Outreach Manager to the alumni of our employability programme Screen Start, ran from January 2022 - April 2023
Little Pictures with the departure of our Filmmakers Programme Manager, Caitlin McMullan internally promoted from Filmmakers Officer to the manager role, and Ana Songel Garcia was promoted to Filmmakers Officer. We received 232 applications for the Filmmakers Strand, marking a significant increase from previous years, reflecting the success of our outreach efforts. While the Producer Strand received fewer applications (36), it has grown considerably since our pilot year, and we are committed to to expanding it further. The application was narrowed down to 12 film projects. These chosen pairs collaborated to bring their film projects to fruition. Niall MacRae was added to the team as as Filmmaker Programme Assistant to assist with the increased scope of the project. Looking ahead, preparations for the fifth year of Little Pictures commenced in February 2024.
BFI Film Academy saw 41 applications which was up from the previous year, resulting in the selection of 20 successful participants. The meticulous process involved reviewing applications and consulting with referral partners who supported some young people in their preparations. Visiting industry tutors led sessions on practical aspects such as camera work, directing, sound, and production design, also serving as mentors during the short film production shoot date. This model proved effective in in engaging learners, offering diverse perspectives from the film industry, and contextualising their learning to the Scottish screen sector. This year, securing a location at Film City Glasgow for the cohort's short film production elevated the participants' filmmaking experience and professionalism in their crew roles, evident in the high-quality final films and detailed reflections in their NCFE portfolios. Addressing neurodiversity and English for Speakers of Other Languages (ESOL) learning, resources were made accessible, additional support was provided through drop-in times, and teaching approaches were adapted to accommodate individual learners. During the final sessions in January, participants were guided to complete their written NCFE portfolios for the Level Two award: "Preparing to Work in the Film Industry" through a combination of group work sessions and individual reflective writing. The culmination of the BFI Film Academy featured a cast and crew screening for both final films, attended by participants, industry tutors, GMAC staff, and cast members, underscoring the collaborative achievement of the program.
CASHBACK under the youth and education strand which is overseen by Youth and Education Manager, Anthony Chalmers, GMAC had a successful year one of delivery as part of the three-year programme that uses filmmaking as a hook to engage young people aged 13-25 in learning, creativity, and the development of essential soft skills to help them reach a positive destination. This programme will be running in cycles over the years 2023 - 2026 and is designed to empower young people by providing them with the opportunity to learn new skills and explore their creativity through filmmaking. We are partnering with community organisations and schools to deliver our programme, starting with free Introduction to Film taster sessions and four-day filmmaking holiday workshops. These workshops will cover a wide range of topics, including camera skills, art department, screenwriting, sound, and more. Young people will get the opportunity to learn from industry professionals, raising their awareness of career opportunities in the screen industries, and learning about education and training routes into the sector. Throughout the year we provide one off events including filmmaking challenges, workshops, quizzes, and game nights. This is to build a community with our young people across the whole programme. We also encourage those who have completed to join other programmes within GMAC, continuing their journey of development both personally and professionally. The target reach for year one was 65 participants, GMAC excelled in reaching 105 participants. 65 participants of year one were from the top 20% SIMD.
APPLIED DISSERTATION year one of a three-year partnership with the University of Glasgow, GMAC Film successfully delivered an Applied Dissertation in Community and Collaborative Practice. 14 Students and 13 Community participants engaged in 10 workshops between October 2023 - March 2024 The workshops comprised of social action filmmaking as well as technical knowledge around filmmaking. 6 Community Partners which include: Simon Community, Marie Trust, Dress for Success, Active Life Club, Food Not Bombs, and Plant Grow Share, all engaged with GMAC and the University and worked alongside the participants to engage them with their local organisations. 6 short documentaries were made about each individual organisation and have been screened at various events held by GMAC and the University of Glasgow, the partner organisations can also now use these films as part of their own strategy for funding and building awareness around their organisation.
WACPRO Funded through Creative Scotland, and in partnership with Arts in the City, and The Citizens Theatre, GMAC were invited to collaborate with the WAC cohort with works with 10 care experienced young people. 5 participants were supported by GMAC to make their first short film. The five participants were provided with eight evening workshops on the filmmaking process, and then individually supported in their development of their short films. The Programme continues into 2024 as they filmmakers go on to make their films during summer.
Financial review
Income and expenditure for the 12-month period is set out in the Statement of Financial Activities on page 13 and the accompanying notes. Total income for the charity amounted to £588,815 including income from grants and donations of £542,610. Details on who provided the grants can be found on page 21. Income from Other Trading Activity amounted to £46,205 as shown in note 6 on pages 21-22.
Total expenditure for the 12-month period amounted to £566,902 as shown in note 7 and 8 on page 22.
There was a surplus of £21,913 during the period. Unrestricted funds decreased by £49,423 while restricted funds increased by £71,336. Details of the movement in funds are shown in note 19 on pages 26-28. Funds of £66,889 are carried forward, of which £76,872 is held in restricted funds, £979 in the fixed asset fund (equivalent to the carrying value of the fixed assets). The balance in the general fund is (£10,962) which represents the free reserves of the charity. The reason for the negative balance is due to a funder pulling out of the Screen Start Project. We felt we had an obligation to the participants to deliver the entire project so we used our general funds to cover the remaining costs of the project which unfortunately created a negative balance. During April 2024 the charity was able to accelerate an unrestricted grant payment to ensure a positive general fund balance going forward.
Reserves Policy
It has always been the intention of the management and the Board that a reserves account equal to three months of company overheads costs can be achieved, which for the year ended 31 March 2024 equalled £119,349 has been a long held ambition, but until it is possible to multi-year core funding it will be difficult to achieve this. The Board seeks to supply management to find this through grant and trust funding.
At balance date, unrestricted reserves stood at (£9,983) and so the trustees are aware this policy is not being met and continue to seek ways of generating unrestricted income to build this reserve.
Plans for future periods
David Williams joined the company in the position of Director in July 2023.
Several new trustees were recruited who began their journey with us at the end of 2023. Combined with existing trustees, we have a strong, diverse board who supported the development of a new strategy called "Reimagining GMAC" that was approved in the summer of 2024.
The essence of the plan will be to diversify our sources of income to bring in new events such as film clubs, masterclasses and networking opportunities. 2024-25 is a year of research and development, with a soft launch of the new strategy in March 2025. To support our planning we have engaged fundraising consultant, and we are developing a new website and rebrand. We are also actively engaging with potential partners to create new projects to grow GMAC.
The backdrop to the new strategy is a very challenging period for all cultural and charity organisations, GMAC being no exception. Nevertheless, the trustees remain confident that the new plan will transform the company over the next few years, resulting in a more sustainable and resilient organisation, delivering impact as a learning organisation whose vision is:
GMAC wants Scotland to be a country where underrepresented people with a diverse range of perspectives have the skills to tell stories, communicate clearly, collaborate effectively and lead transformational change in our communities.
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period. In preparing these financial statements, the trustees are required to: - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the applicable Charities SORP; - 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 charity will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
- so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and - they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The trustees' annual report and the strategic report were approved on 30 January 2025 and signed on behalf of the board of trustees by:
M F Langdon
Trustee
Glasgow Media Access Centre Limited
Known as 'GMAC Film'
Company Limited by Guarantee
Independent Auditor's Report to the Members of Glasgow Media Access Centre Limited
Year ended 31 March 2024
Opinion
We have audited the financial statements of Glasgow Media Access Centre Limited (the 'charity') for the year ended 31 March 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 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 charity's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; - have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
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 auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 trustees' 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 charity'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 trustees with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. 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. In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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 the audit:
- the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the trustees' report has 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 charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) 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 trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) 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 trustees 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 trustees are responsible for assessing the charity'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 trustees either intend to liquidate the charity 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. 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: Based on our understanding of the charity, we identified the principal risks of non-compliance with laws and regulations and the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the Companies Act 2006. We evaluated managements' incentives and opportunities for the fraudulent manipulation of the financial statements, including the risk of override of controls. Based on our assessment we adopted a substantive approach to our audit testing. Audit procedures performed included: Testing a sample of transactions to source documentation. We select sample sizes having regard to the inherent risk (specific and general), the quality of the internal controls and the risk that our testing might not detect possible misstatements. Making enquiries of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims. Identifying legislation of particular relevance to the entity and obtaining audit evidence regarding compliance with that legislation. Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness, and evaluating the business rationale of significant transactions outside the normal course of business There are inherent limitations in the audit procedures described above. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example forgery or concealment. 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 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 on the effectiveness of the internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the trustees. - Conclude on the appropriateness of the trustees' 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 charity's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s 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 auditor’s report. However, future events or conditions may cause the charity 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 charity's members, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity'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 charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Andrew Wilson
(Senior Statutory Auditor)
For and on behalf of
Nelson Gilmour Smith
Chartered accountants & statutory auditor
Mercantile Chambers
53 Bothwell Street
Glasgow
G2 6TB
31 January 2025
Glasgow Media Access Centre Limited
Known as 'GMAC Film'
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 31 March 2024
2024
2023
Unrestricted funds
Restricted funds
Total funds
Total funds
Note
£
£
£
£
Income and endowments
Donations and legacies
5
166,556
376,054
542,610
525,695
Other trading activities
6
43,021
3,184
46,205
26,875
---------
---------
---------
---------
Total income
209,577
379,238
588,815
552,570
---------
---------
---------
---------
Expenditure
Expenditure on charitable activities
7,8
229,754
337,148
566,902
595,775
---------
---------
---------
---------
Total expenditure
229,754
337,148
566,902
595,775
---------
---------
---------
---------
---------
---------
---------
---------
Net income/(expenditure)
( 20,177)
42,090
21,913
( 43,205)
---------
---------
---------
---------
Transfers between funds
(29,246)
29,246
---------
---------
---------
---------
Net movement in funds
( 49,423)
71,336
21,913
( 43,205)
Reconciliation of funds
Total funds brought forward
39,440
5,536
44,976
88,181
---------
---------
---------
---------
Total funds carried forward
( 9,983)
76,872
66,889
44,976
---------
---------
---------
---------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Glasgow Media Access Centre Limited
Known as 'GMAC Film'
Company Limited by Guarantee
Statement of Financial Position
31 March 2024
2024
2023
Note
£
£
Fixed assets
Tangible fixed assets
14
979
9,266
Current assets
Debtors
15
50,828
77,002
Cash at bank and in hand
37,533
54,937
--------
---------
88,361
131,939
Creditors: amounts falling due within one year
16
22,451
96,229
--------
---------
Net current liabilities
65,910
35,710
--------
--------
Total assets less current liabilities
66,889
44,976
--------
--------
Net assets
66,889
44,976
--------
--------
Funds of the charity
Restricted funds
76,872
5,536
Unrestricted funds
( 9,983)
39,440
--------
--------
Total charity funds
19
66,889
44,976
--------
--------
These financial statements were approved by the board of trustees and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
M F Langdon
Trustee
Glasgow Media Access Centre Limited
Known as 'GMAC Film'
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 March 2024
2024
2023
£
£
Cash flows from operating activities
Net income/(expenditure)
21,913
(43,205)
Adjustments for:
Depreciation of tangible fixed assets
8,287
14,171
Accrued expenses
23,184
Changes in:
Trade and other debtors
( 4,510)
( 12,777)
Trade and other creditors
( 59,278)
59,378
--------
--------
Cash generated from operations
( 10,404)
17,567
--------
--------
Net cash (used in)/from operating activities
( 10,404)
17,567
--------
--------
Cash flows from financing activities
Proceeds from borrowings
( 7,000)
2,000
--------
--------
Net cash (used in)/from financing activities
( 7,000)
2,000
--------
--------
Net (decrease)/increase in cash and cash equivalents
( 17,404)
19,567
Cash and cash equivalents at beginning of year
54,937
35,370
--------
--------
Cash and cash equivalents at end of year
37,533
54,937
--------
--------
Glasgow Media Access Centre Limited
Known as 'GMAC Film'
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 March 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in Scotland and a registered charity in Scotland. The address of the registered office is 5th Floor, 103 Trongate, Glasgow, G1 5HD, Scotland.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes. Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income: - income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably. - legacy income is recognised when receipt is probable and entitlement is established. - income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers. - income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates: - expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods. - expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities. - other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Technical Equipment
-
25% straight line
Computer & Software
-
25% straight line
Office & Other Equipment
-
25% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost. Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
Each member undertakes that if the company is wound up while he/she is a member (or within one year after he/she ceases to be a member), he/she will contribute - up to a maximum of £1 - to the assets of the company, to be applied towards: a) payment of the company's debts and liabilities contracted before he/she/it ceases to be a member; b) payment of the costs, charges and expenses of winding up; and c) adjustment of the rights of the contributories among themselves.
5. Donations and legacies
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Donations
Donations
118
10
128
Grants
Grants
166,438
376,044
542,482
---------
---------
---------
166,556
376,054
542,610
---------
---------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Donations
Donations
3,429
2,491
5,920
Grants
Grants
248,444
271,331
519,775
---------
---------
---------
251,873
273,822
525,695
---------
---------
---------
Grants received, included in the above, are as follows:
Grant
2024
2023
£
£
Glasgow City Council
20,000
BFI Film Academy
20,000
17,000
CashBack
78,895
Screen Scotland - Pathway Programme
24,148
175,852
Screen Scotland - Reimbursement
5,040
Film Access Scotland
2,652
Screen Scotland - Little Pictures
173,504
138,651
Curious About Film Club Funding
2,990
RCS
264
Robertson Trust
28,601
29,900
Screen Education Schools
17,606
Screen Skills
10,686
18,000
Screen Start BBC
6,801
18,199
Screen Start Glasgow City Council Economic Development Fund
18,328
31,672
SPP Screen Education
4,748
15,506
University of Glasgow
50,166
11,443
Kirkintilloch Transactions
5,416
Screen Scotland - Screen Education - Creative Director
8,688
WACPro
7,500
Other
105,001
15,000
---------
---------
542,482
519,775
---------
---------
6. Other trading activities
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Office Rental
21,684
21,684
Hires
812
812
Other Earned Income
20,525
3,184
23,709
--------
-------
--------
43,021
3,184
46,205
--------
-------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Office Rental
17,005
17,005
Hires
287
287
Other Earned Income
9,583
9,583
--------
----
--------
26,875
26,875
--------
----
--------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Operation of Media Access Centre
217,662
337,148
554,810
Support costs
12,092
12,092
---------
---------
---------
229,754
337,148
566,902
---------
---------
---------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Operation of Media Access Centre
230,901
356,916
587,817
Support costs
7,958
7,958
---------
---------
---------
238,859
356,916
595,775
---------
---------
---------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Operation of Media Access Centre
554,810
9,112
563,922
592,825
Governance costs
2,980
2,980
2,950
---------
--------
---------
---------
554,810
12,092
566,902
595,775
---------
--------
---------
---------
9. Analysis of support costs
Operation of Media Access Centre
Total 2024
Total 2023
£
£
£
Independant Examiner fee
215
215
808
Legal & professional fees
8,897
8,897
4,200
-------
-------
-------
9,112
9,112
5,008
-------
-------
-------
10. Net income/(expenditure)
Net income/(expenditure) is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
8,287
14,171
-------
--------
11. Auditors remuneration
2024
2023
£
£
Fees payable for the audit of the financial statements
2,980
2,950
-------
-------
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
2024
2023
£
£
Wages and salaries
328,717
352,869
Social security costs
23,392
24,710
Employer contributions to pension plans
6,554
6,190
---------
---------
358,663
383,769
---------
---------
The average head count of employees during the year was 14 (2023: 15 ). The average number of full-time equivalent employees during the year is analysed as follows:
2024
2023
No.
No.
Management & Administration
2
2
Operations and Project Staff
12
13
----
----
14
15
----
----
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
Key Management Personnel
Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total compensation paid to key management personnel for services provided to the charity was £54,522 (2023:£68,469).
13. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees
14. Tangible fixed assets
Technical Equipment
Computer & Software
Office & Other Equipment
Total
£
£
£
£
Cost
At 1 April 2023 and 31 March 2024
332,907
7,577
51,901
392,385
---------
-------
--------
---------
Depreciation
At 1 April 2023
328,064
7,577
47,478
383,119
Charge for the year
4,842
3,445
8,287
---------
-------
--------
---------
At 31 March 2024
332,906
7,577
50,923
391,406
---------
-------
--------
---------
Carrying amount
At 31 March 2024
1
978
979
---------
-------
--------
---------
At 31 March 2023
4,843
4,423
9,266
---------
-------
--------
---------
15. Debtors
2024
2023
£
£
Trade debtors
13,851
10,275
Prepayments and accrued income
36,043
66,727
Other debtors
934
--------
--------
50,828
77,002
--------
--------
16. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
7,000
Trade creditors
19,028
8,531
Accruals and deferred income
3,314
79,092
Social security and other taxes
1,606
STF Payroll
109
--------
--------
22,451
96,229
--------
--------
17. Deferred income
2024
2023
£
£
At 1 April 2023
68,278
Amount deferred in year
(68,278)
68,278
--------
--------
At 31 March 2024
68,278
--------
--------
18. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £ 6,554 (2023: £ 6,190 ).
19. Analysis of charitable funds
Unrestricted funds
At 1 April 2023
Income
Expenditure
Transfers
At 31 March 2024
£
£
£
£
£
General funds
30,174
209,577
(221,467)
(29,246)
(10,962)
Designated Fixed Asset Fund
9,266
(8,287)
979
--------
---------
---------
--------
--------
39,440
209,577
(229,754)
(29,246)
(9,983)
--------
---------
---------
--------
--------
At 1 April 2022
Income
Expenditure
Transfers
At 31 March 2023
£
£
£
£
£
General funds
17,713
278,748
(224,688)
(41,599)
30,174
Designated Fixed Asset Fund
23,437
(14,171)
9,266
--------
---------
---------
--------
--------
41,150
278,748
(238,859)
(41,599)
39,440
--------
---------
---------
--------
--------
There was a negative general fund balance caused by a funder pulling out; GMAC decided it had an obligation to the participants to deliver the entire Screen Start project and cover the costs from its general funds. To mitigate this loss, GMAC is looking to other sources of income including accelerating an unrestricted grant that covers the difference at the start of the following year.
Restricted funds
At 1 April 2023
Income
Expenditure
Transfers
At 31 March 2024
£
£
£
£
£
Little Pictures
5,530
173,505
(136,514)
42,521
BFI Film Academy
20,000
(9,454)
10,546
GMAC Action!
Screen Start
6
35,824
(65,076)
29,246
Care Experience Programme
Curious About Film
Glasgow University Workshop
50,166
(40,834)
9,332
Kirkintilloch Tranactions
5,416
(2,526)
2,890
RCS
Screen Progression
4,748
(2,105)
2,643
Youth Programme
Youth Team
CashBack
78,895
(75,541)
3,354
SUTNZ
3,184
(4,636)
(1,452)
WACPro
7,500
(462)
7,038
-------
---------
---------
--------
--------
5,536
379,238
(337,148)
29,246
76,872
-------
---------
---------
--------
--------
At 1 April 2022
Income
Expenditure
Transfers
At 31 March 2023
£
£
£
£
£
Little Pictures
20,957
138,651
(154,078)
5,530
BFI Film Academy
17,000
(17,265)
265
GMAC Action!
16,754
(16,754)
Screen Start
9,320
70,362
(105,676)
26,000
6
Care Experience Programme
(3,717)
3,717
Curious About Film
2,990
(2,990)
Glasgow University Workshop
11,443
(16,718)
5,275
Kirkintilloch Tranactions
17,606
(17,763)
157
RCS
264
(264)
Screen Progression
15,506
(15,659)
153
Youth Programme
(5,842)
5,842
Youth Team
(190)
190
CashBack
SUTNZ
WACPro
--------
---------
---------
--------
-------
47,031
273,822
(356,916)
41,599
5,536
--------
---------
---------
--------
-------
Little Pictures - commission of short films funded by Screen Scotland.
BFI Film Academy - to deliver BFI Film academy for young people.
GMAC Action! - an interactive and intensive programme on the fundamentals of filmmaking for young people aged 16-25.
Screen Start - Employabillity initiative that will support people from under-represented communities to gain access to, and employment in, the screen sector.
Care Experience Programme - engage and inspire care experienced young people over 6 weeks in positive, creative activities and improve equality of opportunity by offering them high quality, free filmmaking opportunities.
Curious About Film - a monthly film club for people who want to explore and engage with film, supported by RCS Fair Access.
Glasgow University Workshop - nine-week programme of practical training taught by film industry practitioners.
Kirkintilloch Transactions - a leadership and peer education project created to develop the capabilities in screen education for senior pupils at Kirkintilloch high school, and that of the cluster primary 7 pupils. Senior pupils are taught practical filmmaking and storytelling skills, which they then use to achieve their Leadership award by helping primary 7 groups create films about their worries of transitioning to secondary school.
RCS - a fund for collaborative projects with the RCS.
Screen Progression - a vocational course that puts learners through the National Progression Award in Film and Media. The course is devised to develop screen sector skills and knowledge, and support participants in moving toward the industry or higher education.
Youth Programme - general youth programme fund.
Youth Team - the GMAC Film Youth Team comprises of ten to twelve young advisers, aged 16-25 who have previously participated in one of our youth programmes. They runs events for young people, including screenings, networking events, filmmaking workshops, and quizzes.
CashBack - 3 year programme that uses filmmaking to engage young people aged 13-25 in learning, creativity, and the development of essential soft skills to help them reach a positive destination.
SUTNZ - a fully funded (Glasgow Chamber of Commerce) intern post to support GMAC to establish carbon reporting and reducing our carbon footprint. The final payment was made in April 2024 which covers the negative balance at the year end.
WACPro - Funded through Creative Scotland, and in partnership with Arts in the City, and The Citizens Theatre to support 5 young participants with care experience to make their first short film.
20. Analysis of net assets between funds
Unrestricted Funds
Restricted Funds
Total Funds 2024
£
£
£
Tangible fixed assets
979
979
Current assets
6,047
82,314
88,361
Creditors less than 1 year
(17,009)
(5,442)
(22,451)
--------
--------
--------
Net assets
(9,983)
76,872
66,889
--------
--------
--------
Unrestricted Funds
Restricted Funds
Total Funds 2023
£
£
£
Tangible fixed assets
9,266
9,266
Current assets
58,124
73,815
131,939
Creditors less than 1 year
(27,950)
(68,279)
(96,229)
--------
--------
---------
Net assets
39,440
5,536
44,976
--------
--------
---------
21. Analysis of changes in net debt
At 1 Apr 2023
Cash flows
At 31 Mar 2024
£
£
£
Cash at bank and in hand
54,937
(17,404)
37,533
Debt due within one year
(7,000)
7,000
--------
--------
--------
47,937
( 10,404)
37,533
--------
--------
--------
22. Related parties
Simon Mallinson is a Trustee in GMAC Film and a director in Mallinson Television Productions . During the year their was related party transaction with Mallinson Television Productions carried out at arms length totalling £ 800 + VAT (2023:£ 750 + VAT) to create cinema packages for the participants of our micro budget short film commission scheme, Little Pictures.