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COMPANY REGISTRATION NUMBER: 11574356
CHARITY REGISTRATION NUMBER: 1183506
Cheltenham Film Trust Limited (previous name Cheltenham International Film Trust Limited)
Company Limited by Guarantee
Unaudited Financial Statements
30 September 2024
Cheltenham Film Trust Limited (previous name Cheltenham International Film Trust Limited)
Company Limited by Guarantee
Financial Statements
Year ended 30 September 2024
Page
Trustees' annual report (incorporating the director's report)
1
Statement of financial activities (including income and expenditure account)
4
Statement of financial position
5
Notes to the financial statements
7
Cheltenham Film Trust Limited (previous name Cheltenham International Film Trust Limited)
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 30 September 2024
The trustees, who are also the directors for the purposes of company law, present their report and the unaudited financial statements of the charity for the year ended 30 September 2024 .
Reference and administrative details
Registered charity name
Cheltenham Film Trust Limited (previous name Cheltenham International Film Trust Limited)
Charity registration number
1183506
Company registration number
11574356
Principal office and registered
Midway House
office
Herrick Way
Staverton Technology Park
Staverton
Cheltenham
GL51 6TQ
The trustees
Mr L Marks
Mr M R Ratcliffe
Mr S K Sheldon
Mr M Chittenden
(Resigned 25 February 2025)
Mrs L Bell
N Blackburn
(Resigned 3 December 2024)
Mrs J K Brewster
(Appointed 25 June 2024)
Structure, governance and management
The charity was incorporated in September 2018 and achieved charitable status in May 2019. All of the funds collected and spent throughout this period have been reflected within these accounts as charitable activities. The Trustees meet on a regular basis and work closely with local organisations in order to deliver the goals of the Charity. As well as seeking sponsors and patrons the Trustees are continually working within the local business community to develop partnerships and raise the Charity profile.
Objectives and activities
Charity status was confirmed on Cheltenham International Film Trust in May, 2019. Within its remit, the Charity is expected to attract new audiences to independent cinema in support of emerging filmmakers and to introduce young people to the cinematic arts.
When it comes to young people, the Trust has partnered with schools within Cheltenham Education Partnership on a Cheltenham Cinema Youth project.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
Cheltenham International Film Festival celebrated its sixth anniversary in 2024, with another diverse presentation of films and events at various venues across Cheltenham but also in collaboration with the Roses Theatre in Tewkesbury.
Highlights included a live comedy piece featuring Sir David Davis M.P., the screening of Arthur's Whisky with director, Stephen Cookson accompanied by two of the actors, Patricia Hodge and Lulu and also guest appearances by Pattie Boyd and film director, Tony Palmer.
The country focus was South Korea, we celebrated the anniversary of A Hard Day's Night and awarded 'We Have Never Been Modern' the festival Best Film.
Whilst many events were well attended, others were not and that in conjunction with rising costs resulted in a disappointing financial performance.
Financial review
The Charity raises funds through a variety of means including donations, grants, sponsorship and ticket sales.
Cheltenham International Film Festival marked its sixth year, 2024, with good audience numbers however securing of funding has been difficult and we saw the loss of some supporters. However the Trust is particularly grateful to those individuals, companies and grant making bodies who have contributed both financially and in kind.
The Trustees and volunteers continue to work tirelessly to secure the future financial stability of the Trust.
Please see our Going Concern review within the accounting policies that sets out post year end financial developments.
Events after the end of the reporting period
Since the year end the Trustees undertook a major strategy review and have established links with other similarly minded organisations in order to deliver a more cost effective festival in October 2025. With this comes a new website and identity to herald a new stage within the Charity development.
The trustees' annual report and the strategic report were approved on 24 July 2025 and signed on behalf of the board of trustees by:
Mr S K Sheldon
Trustee
Cheltenham Film Trust Limited (previous name Cheltenham International Film Trust Limited)
Company Limited by Guarantee
Statement of Financial Activities
(including income and expenditure account)
Year ended 30 September 2024
2024
2023
Unrestricted funds
Total funds
Total funds
Note
£
£
£
Income and endowments
Donations and legacies
5
3,803
3,803
20,942
Charitable activities
6
17,970
17,970
12,221
Other trading activities
7
2,600
2,600
Investment income
8
101
101
104
--------
--------
--------
Total income
24,474
24,474
33,267
--------
--------
--------
Expenditure
Expenditure on charitable activities
9,10
26,431
26,431
42,679
--------
--------
--------
Total expenditure
26,431
26,431
42,679
--------
--------
--------
--------
--------
--------
Net expenditure and net movement in funds
( 1,957)
( 1,957)
( 9,412)
--------
--------
--------
Reconciliation of funds
Total funds brought forward
( 8,656)
( 8,656)
756
--------
--------
--------
Total funds carried forward
( 10,613)
( 10,613)
( 8,656)
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Cheltenham Film Trust Limited (previous name Cheltenham International Film Trust Limited)
Company Limited by Guarantee
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Intangible assets
16
1,218
Tangible fixed assets
17
123
205
----
-------
123
1,423
Current assets
Debtors
18
9,684
7,022
Cash at bank and in hand
1,809
-------
-------
9,684
8,831
Creditors: amounts falling due within one year
19
20,420
10,587
--------
--------
Net current liabilities
10,736
1,756
--------
-------
Total assets less current liabilities
( 10,613)
( 333)
Creditors: amounts falling due after more than one year
20
8,323
--------
-------
Net liabilities
( 10,613)
( 8,656)
--------
-------
Funds of the charity
Unrestricted funds
( 10,613)
( 8,656)
--------
-------
Total charity funds
21
( 10,613)
( 8,656)
--------
-------
For the year ending 30 September 2024 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Cheltenham Film Trust Limited (previous name Cheltenham International Film Trust Limited)
Company Limited by Guarantee
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of trustees and authorised for issue on 24 July 2025 , and are signed on behalf of the board by:
Mr S K Sheldon
Trustee
Cheltenham Film Trust Limited (previous name Cheltenham International Film Trust Limited)
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England & Wales and a registered charity in England and Wales. The address of the registered office is Midway House, Herrick Way, Staverton Technology Park, Staverton, Cheltenham, GL51 6TQ.
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
The charity operated at a deficit in 2024 however it has continued to enjoy the financial support of its Trustees. After the year end £9,000 of Trustee loans were converted to donations resulting in a major reduction of the deficit. Furthermore additional donations were received post year end linked to a major strategy review in order to secure the future of the Charity.
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.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Website
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
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:
Equipment
-
20% 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.
4. Limited by guarantee
The liability of the Trustees is limited to £1 in the event of a winding up.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Donations
Cheltenham Film Society
500
500
Watershed
9,000
9,000
GML Limited
5,000
5,000
Lottery
220
220
442
442
Harper Sheldon Limited
5,000
5,000
Individual Supporters
1,283
1,283
1,000
1,000
Grants
Cheltenham Borough Council
300
300
Gloucestershire County Council
2,000
2,000
-------
-------
--------
--------
3,803
3,803
20,942
20,942
-------
-------
--------
--------
6. Charitable activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Ticket Sales
17,970
17,970
12,221
12,221
--------
--------
--------
--------
7. Other trading activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Sponsorships
2,600
2,600
-------
-------
----
----
8. Investment income
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Bank interest receivable
101
101
104
104
----
----
----
----
9. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Film Hire and Promotion
21,449
21,449
35,729
35,729
Venue Hire and accommodation
308
308
763
763
Support costs
4,674
4,674
6,187
6,187
--------
--------
--------
--------
26,431
26,431
42,679
42,679
--------
--------
--------
--------
10. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Film Hire and Promotion
21,449
5,190
26,639
41,715
Venue Hire and accommodation
308
308
763
Governance costs
(516)
(516)
201
--------
-------
--------
--------
21,757
4,674
26,431
42,679
--------
-------
--------
--------
11. Analysis of support costs
Film Hire and Promotion
Total 2024
Total 2023
£
£
£
Communications and IT
2,355
2,355
1,204
General office
1,535
1,535
2,428
Finance costs
438
Governance costs
(515)
(515)
200
Amortisation
1,218
1,218
1,790
Support costs - Other costs type 2
82
82
82
-------
-------
-------
4,675
4,675
6,142
-------
-------
-------
12. Net expenditure
Net expenditure is stated after charging/(crediting):
2024
2023
£
£
Amortisation of intangible assets
1,218
1,791
Depreciation of tangible fixed assets
82
82
-------
-------
13. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
200
----
----
14. Staff costs
The average head count of employees during the year was Nil (2023: Nil).
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
15. Trustee remuneration and expenses
The Trustees received no remuneration during the year.
Two trustees have claimed expenses or had their expenses met by the charity.
The total amount of expenses reimbursed to the trustees or paid directly to third parties were all on an arms length basis.
The expenses related to administration costs incurred on behalf of the Trust.
16. Intangible assets
Website
£
Cost
At 1 October 2023 and 30 September 2024
8,952
-------
Amortisation
At 1 October 2023
7,734
Charge for the year
1,218
-------
At 30 September 2024
8,952
-------
Carrying amount
At 30 September 2024
-------
At 30 September 2023
1,218
-------
17. Tangible fixed assets
Equipment
£
Cost
At 1 October 2023 and 30 September 2024
410
----
Depreciation
At 1 October 2023
205
Charge for the year
82
----
At 30 September 2024
287
----
Carrying amount
At 30 September 2024
123
----
At 30 September 2023
205
----
18. Debtors
2024
2023
£
£
Trade debtors
9,474
6,312
Other debtors
210
710
-------
-------
9,684
7,022
-------
-------
19. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
1,600
Trade creditors
5,793
8,387
Accruals and deferred income
600
Trustee Loans
12,800
Amounts due to CIFF Limited
1,827
--------
--------
20,420
10,587
--------
--------
20. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,323
Other creditors
5,000
----
-------
8,323
----
-------
21. Analysis of charitable funds
Unrestricted funds
At 1 October 2023
Income
Expenditure
At 30 September 2024
£
£
£
£
General funds
(8,656)
24,474
(26,431)
(10,613)
-------
--------
--------
--------
At 1 October 2022
Income
Expenditure
At 30 September 2023
£
£
£
£
General funds
756
33,267
(42,679)
(8,656)
----
--------
--------
-------
22. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Intangible assets
Tangible fixed assets
123
123
Current assets
9,684
9,684
Creditors less than 1 year
(20,420)
(20,420)
Creditors greater than 1 year
--------
--------
Net liabilities
(10,613)
(10,613)
--------
--------
Unrestricted Funds
Total Funds 2023
£
£
Intangible assets
1,218
1,218
Tangible fixed assets
206
206
Current assets
8,830
8,830
Creditors less than 1 year
(10,587)
(10,587)
Creditors greater than 1 year
(8,323)
(8,323)
--------
--------
Net liabilities
(8,656)
(8,656)
--------
--------