1 false false true false false false false true false false false false false true true No description of principal activity 2023-10-01 Sage Accounts Production Advanced 2024 - FRS102_2024_Charity 17,567 10,436 1,783 12,219 5,348 7,131 xbrli:pure xbrli:shares iso4217:GBP 05159589 2023-10-01 2024-09-30 05159589 2024-09-30 05159589 2023-09-30 05159589 2022-10-01 2023-09-30 05159589 2023-09-30 05159589 2022-09-30 05159589 core:FurnitureFittings 2023-10-01 2024-09-30 05159589 bus:LeadAgentIfApplicable 2023-10-01 2024-09-30 05159589 char:Trustee1 2023-10-01 2024-09-30 05159589 char:Trustee2 2023-10-01 2024-09-30 05159589 char:Trustee3 2023-10-01 2024-09-30 05159589 char:Trustee4 2023-10-01 2024-09-30 05159589 char:Trustee5 2023-10-01 2024-09-30 05159589 char:Trustee6 2023-10-01 2024-09-30 05159589 char:Trustee7 2023-10-01 2024-09-30 05159589 char:Trustee8 2023-10-01 2024-09-30 05159589 char:Trustee9 2023-10-01 2024-09-30 05159589 char:Trustee1 2024-09-30 05159589 char:Trustee2 2024-09-30 05159589 char:Trustee7 2024-09-30 05159589 char:Trustee8 2024-09-30 05159589 char:Trustee3 2024-09-30 05159589 char:Trustee4 2024-09-30 05159589 char:Trustee5 2024-09-30 05159589 char:Trustee6 2024-09-30 05159589 char:TotalUnrestrictedFunds 2023-09-30 05159589 char:TotalUnrestrictedFunds 2024-09-30 05159589 char:TotalUnrestrictedFunds 2023-09-30 05159589 char:TotalUnrestrictedFunds 2023-10-01 2024-09-30 05159589 char:TotalUnrestrictedFunds 2022-10-01 2023-09-30 05159589 char:Activity2 char:TotalUnrestrictedFunds 2023-10-01 2024-09-30 05159589 char:Activity2 2023-10-01 2024-09-30 05159589 char:Activity2 2022-10-01 2023-09-30 05159589 char:Activity2 char:TotalUnrestrictedFunds 2022-10-01 2023-09-30 05159589 core:WithinOneYear 2024-09-30 05159589 core:WithinOneYear 2023-09-30 05159589 core:FurnitureFittings 2023-09-30 05159589 core:FurnitureFittings 2024-09-30 05159589 core:FurnitureFittings 2023-09-30 05159589 bus:SmallEntities 2023-10-01 2024-09-30 05159589 bus:AuditExempt-NoAccountantsReport 2023-10-01 2024-09-30 05159589 bus:PrivateLimitedCompanyLtd 2023-10-01 2024-09-30 05159589 bus:FullAccounts 2023-10-01 2024-09-30 05159589 bus:CompanySecretary1 2023-10-01 2024-09-30
COMPANY REGISTRATION NUMBER: 05159589
CHARITY REGISTRATION NUMBER: 1105749
The Independent Film Trust
Company Limited by Guarantee
Unaudited Financial Statements
30 September 2024
The Independent Film Trust
Company Limited by Guarantee
Financial Statements
Year ended 30 September 2024
Page
Trustees' annual report (incorporating the director's report)
1
Independent examiner's report to the trustees
5
Statement of financial activities (including income and expenditure account)
6
Statement of financial position
7
Notes to the financial statements
8
The Independent Film Trust
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
The Independent Film Trust
Charity registration number
1105749
Company registration number
05159589
Principal office and registered
International House
office
6th Floor
Canterbury Crescent
London
SW9 7QE
England
The trustees
David Jobanputra
(Resigned 12 November 2024)
Elliot Grove
(Appointed 12 November 2024)
Jonathan Bowles
(Appointed 12 November 2024)
Lydia Agbobidi
(Resigned 12 December 2024)
Paul Thomas Flynn
(Resigned 12 November 2024)
Soumya Singh
(Resigned 11 November 2024)
Stephanie Charmail-Lakhani
(Resigned 1 December 2024)
Zulfiqar Ali Choudhry
(Appointed 12 November 2024)
Santosh Kumar Kanhaiyalal Mishra
(Appointed 12 December 2024)
Independent examiner
Maxine Gambrill FCCA
Structure, governance and management
The Independent Film Trust (IFT) is a registered charity governed by its constitution (charity number 1105749 ) and was incorporated and governed by its Memorandum & Articles of Association on 22 June 2004. The Board of Trustees is responsible for the strategic direction and governance of the organisation. The Trustees are unpaid volunteers with relevant experience across the film, education and charitable sectors.
The charity is governed by a board of 2 trustees. New trustees are appointed by the exisiting board and provided with relevant guidance and induction on the charity's work, governance obligations and policies.
Objectives and activities
IFT's objectives remain consistent with those set out in our founding constitution:
"To advance education and training in the art and science of film, particulary for those who may not otherwise have access to opportunities within the film and creative industries."
Our work typically involves:
- Supporting the development of independent filmmakers from underrepresented backgrounds;- Facilitating training programmes, workshops, and mentoring schemes;
- Promoting public appreciation of independent film through events and screenings;- Collaborating with partner organisations on socially impactful film initiatives.
Public Benefit
In accordance with the Charities Act 2011, the Trustees have paid due regard to the Charity Commission's guidance on public benefit. The IFT's activities are designed to ensure that individuals from all backgrounds - especially those facing social, economic or geographic barriers - can access opportunities in the creative industries.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the charity.
Achievements and performance
During the period under review, the charity was largely dormant and did not actively trade or deliver programme activity. This was due to a pause in operations due to COVID and pending leadership transition and strategic review.
A new chair was appointed in November 2024 and work began immediately to:
- Assess and consolidate IFT's existing assets, governance, and financial position;- Re-establish trustee engagement and strategic direction;
- Lay the groundwork for relaunching activities in the 2024-25 financial year.
While no new projects were delivered during this period, the Trustees are confident that the upcoming relaunch will position the charity for impactful work in the coming year.
Financial review
The Independent Film Trust did not conduct trading or receive significant income in the year ending 30 September 2024.
The charity remains solvent and in compliance with all filing obligations
In the year ended 30 September 2024 the charity's total income was £5,500 and the charity's total expenditure £11,335. The brought forward funds were £7,946 as at 1 October 2023, and the deficit of income compared to expenditure in the current year resulted in the carry forward balance of £2,111 as at 30 September 2024. The trustees consider that the charity will be able to generate sufficient funds for its future planned activities.
Plans for future periods
The Trustees are committed to revitalising the Independent Film Trust in line with its founding mission. Plans for 2024-25 include:
- Relaunching a programme of filmmaker support and industry training;
- Fundraising and partnership-building to support long-term sustainability;- Appointing new trustees and advisors to broaden our reach and impact;- Delivering projects focused on diversity, access,, and innovation in the UK film industry.
Our goal is to re-establish IFT as a leading voice for equality and opportunity in the independent screen sector.
The trustees' annual report and the strategic report were approved on 31 July 2025 and signed on behalf of the board of trustees by:
The Independent Film Trust
Company Limited by Guarantee
Independent Examiner's Report to the Trustees of The Independent Film Trust
Year ended 30 September 2024
I report to the trustees on my examination of the financial statements of The Independent Film Trust ('the charity') for the year ended 30 September 2024.
Responsibilities and basis of report
As the trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements 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 the 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
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 charity as required by section 386 of the 2006 Act; or
2. the financial statements do not accord with those records; or
3. the financial statements 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 financial statements 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.
Maxine Gambrill FCCA Independent Examiner
PG Lemon LLP
134 High Street
Hythe
Kent
CT21 5LB
31 July 2025
The Independent Film Trust
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
5,550
5,550
57,200
-------
-------
--------
Total income
5,550
5,550
57,200
-------
-------
--------
Expenditure
Expenditure on raising funds:
Costs of other trading activities
6
2,881
2,881
24,366
Expenditure on charitable activities
7,8
8,947
8,947
49,370
--------
--------
--------
Total expenditure
11,828
11,828
73,736
--------
--------
--------
--------
--------
--------
Net expenditure and net movement in funds
( 6,278)
( 6,278)
( 16,536)
--------
--------
--------
Reconciliation of funds
Total funds brought forward
7,946
7,946
24,482
--------
--------
--------
Total funds carried forward
1,668
1,668
7,946
--------
--------
--------
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
The Independent Film Trust
Company Limited by Guarantee
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
Fixed assets
Tangible fixed assets
13
5,348
7,131
Current assets
Debtors
14
863
Cash at bank and in hand
952
----
-------
1,815
Creditors: amounts falling due within one year
15
3,680
1,000
-------
-------
Net current liabilities
( 3,680)
815
-------
-------
Total assets less current liabilities
1,668
7,946
-------
-------
Net assets
1,668
7,946
-------
-------
Funds of the charity
Unrestricted funds
1,668
7,946
-------
-------
Total charity funds
17
1,668
7,946
-------
-------
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.
These financial statements were approved by the board of trustees and authorised for issue on 31 July 2025 , and are signed on behalf of the board by:
Mr Elliot Grove
The Independent Film Trust
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 and Wales and a registered charity in England and Wales. The address of the registered office is International House, 6th Floor, Canterbury Crescent, London, SW9 7QE, England.
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 key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: none.
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:
Fixtures and fittings
-
25% reducing balance
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
The IFT had only basic financial instruments during the period under review .
The pension costs relate to the workplace pension.
4. Limited by guarantee
The charity is a company limited by guarantee and has no share capital. In the event of a winding up, each member of the charity is liable to contribute an amount not exceeding £1.
5. Donations and legacies
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Grants
Grants and donations
5,550
5,550
57,200
57,200
-------
-------
--------
--------
6. Costs of other trading activities
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Costs of generating income
2,881
2,881
24,366
24,366
-------
-------
--------
--------
7. Expenditure on charitable activities by fund type
Unrestricted Funds
Total Funds 2024
Unrestricted Funds
Total Funds 2023
£
£
£
£
Charitable activities
7,611
7,611
46,520
46,520
Support costs
1,336
1,336
2,850
2,850
-------
-------
--------
--------
8,947
8,947
49,370
49,370
-------
-------
--------
--------
8. Expenditure on charitable activities by activity type
Activities undertaken directly
Support costs
Total funds 2024
Total fund 2023
£
£
£
£
Charitable activities
7,611
7,611
46,520
Governance costs
1,336
1,336
2,850
-------
-------
-------
--------
7,611
1,336
8,947
49,370
-------
-------
-------
--------
9. Net expenditure
Net expenditure is stated after charging/(crediting):
2024
2023
£
£
Depreciation of tangible fixed assets
1,783
2,377
-------
-------
10. Independent examination fees
2024
2023
£
£
Fees payable to the independent examiner for:
Independent examination of the financial statements
600
1,000
----
-------
11. Staff costs
Average number of employees was one (2023: three).
12. Trustee remuneration and expenses
No remuneration or other benefits from employment with the charity or a related entity were received by the trustees.
No trustee expenses have been incurred.
13. Tangible fixed assets
Fixtures and fittings
£
Cost
At 1 October 2023 and 30 September 2024
17,567
--------
Depreciation
At 1 October 2023
10,436
Charge for the year
1,783
--------
At 30 September 2024
12,219
--------
Carrying amount
At 30 September 2024
5,348
--------
At 30 September 2023
7,131
--------
14. Debtors
2024
2023
£
£
Amounts owed by group undertakings
863
----
----
15. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
902
Trade creditors
1,344
Accruals and deferred income
600
1,000
Other creditors
834
-------
-------
3,680
1,000
-------
-------
16. Pensions and other post retirement benefits
The amount recognised in income or expenditure as an expense in relation to staff pension costs was £321 (2023: £1,238).
17. Analysis of charitable funds
Unrestricted funds
At 1 October 2023
Income
Expenditure
At 30 September 2024
£
£
£
£
Unrestricted fund
7,946
7,946
Unrestricted fund
5,550
(11,828)
(6,278)
-------
-------
--------
-------
7,946
5,550
(11,828)
1,668
-------
-------
--------
-------
At 1 October 2022
Income
Expenditure
At 30 September 2023
£
£
£
£
Unrestricted fund
24,482
24,482
Unrestricted fund
57,200
(73,736)
(16,536)
--------
--------
--------
--------
24,482
57,200
(73,736)
7,946
--------
--------
--------
--------
18. Analysis of net assets between funds
Unrestricted Funds
Total Funds 2024
£
£
Tangible fixed assets
5,348
5,348
Current assets
Creditors less than 1 year
(3,680)
(3,680)
-------
-------
Net assets
1,668
1,668
-------
-------
Unrestricted Funds
Total Funds 2023
£
£
Tangible fixed assets
7,131
7,131
Current assets
1,815
1,815
Creditors less than 1 year
(1,000)
(1,000)
-------
-------
Net assets
7,946
7,946
-------
-------