The trustees present their report and financial statements for the year ended 31 March 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the company's memorandum and articles of association, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).
The charitable aims of the organisation are the advancement of the Arts and Culture and in furtherance of this by:
Procuring and operating for the public benefit the Belmont Cinema in the City of Aberdeen
Promoting cinema screenings and other artistic events in the Belmont Cinema
Promoting education, film making and training
Working in partnership with other bodies to achieve the purposes
In the beginning
Belmont Community Cinema Ltd is now two years old, having been formed by the “Save The Belmont Campaign” team in June 2023. We set out with a bold ambition: to bring The Belmont back to life - not just as a cinema, but as a cornerstone of Aberdeen’s cultural and civic identity. What began as a grassroots campaign, born of frustration and fuelled by affection, became a movement and then a charity with a fantastic team, strategy, and vision. A great deal has happened since June 2023, and with every conversation, quiz night, panel appearance, funding application, and film screening, our shared belief in the power and potential of The Belmont has only deepened.
These two years have seen great progress as we’ve worked assiduously to raise the funds needed to reopen Aberdeen’s iconic and much-loved Belmont Cinema.
Financial growth and growing support
The year ending 31st March 2025 was a significant one with increased income from both grants and donations. We move into the new year with 12 months of funding secured for operating costs and with £205,909 of unrestricted funds towards our refurbishment target. We have two major capital funding applications in progress which, if awarded, will enable us to reach our £3 million target by Spring 2026.
We recruited staff into key posts this year – a full-time Fundraiser, a Community Engagement Officer, and a CEO with strong leadership skills and experience of opening and running an award-winning, non-profit, community cinema. These appointments mark a shift for the Board of Trustees from driving the operational side of the organisation to concentrate on their governance duties and strategic role.
Key funding and funders
In addition to several capital funding awards, we will receive a Creative Scotland Multi Year Fund grant of £507,000 over the next 3 years. This provides a secure platform for us to focus on our main purpose of refurbishing and reopening The Belmont, while also working on audience development, marketing, education, and on nurturing our loyal following and customer base preopening. These grant awards show the confidence and belief of funders in our vision and designs for the building, and in the strength of our business plan and operating model.
The continued support of Aberdeen City Council, the local press, Creative Scotland, regional and national politicians, and (most importantly) the people who live, work and visit Aberdeen, propel our determination to deliver a reimagined Belmont to the communities and people of Aberdeen. Our crowdfunder which ran from June to September 2024 and raised more than £60,000 was proof of the groundswell of support.
Grass roots and community support
We have also been well supported at off-site film screenings that we’ve staged, at our popular monthly film quizzes and at events we’ve attended and panels we’ve sat on. There have been several community-led fundraising events held for our benefit, the results of which have been amazing and very humbling for our staff and trustees.
Plans for the Future
Strengthening cinema sector
We continue to reflect on the success of the campaign and the breadth of support that we have had from all quarters. It is heartening to see audiences returning to cinemas across the UK in the past year and in particular the strength of independent cinema offerings.
Phased reopening?
The funding landscape for arts and culture remains very hard with competition for funding from many worthy and worthwhile projects. We have had our share of success and will reopen the cinema as soon as we possibly can. To this end, we have been reviewing and rescoping our designs for the building refurbishment to see if a phased refurbishment is possible and sensible. If so, this will accelerate our opening date. We are fortunate to be working with experts in cinema design, operation and marketing, who will ensure that we put all money to its best possible use.
Education and key partnership
Our CEO is working with the CEO of Station House Media Unit (shmu) to hone our educational offer. This will add value to the North East screen sector and is a significant and very exciting part of our overall project. It will put The Belmont at the heart of the city’s creative sector in addition to our role as a film exhibitor. We plan to launch “test & learn” education programmes in the current year and use these findings to create an industry leading offer moving forward.
Board benefits
A clear narrative has emerged around the regenerative, social, economic, educational, and cultural benefits that a reopened Belmont will bring to Aberdeen, the North East and Scotland as a whole.
We will hold a public meeting in the coming months to celebrate our progress and to renew public engagement in the project, where we will reassert our aims, share our narrative and listen to our future audience and consumers.
Maintaining momentum
Two years into our journey, our momentum is real and feels unstoppable. We have the team in place, we have the skills, knowledge, the experience needed, and we have the support from the public and those with power and influence who can help make our dream a reality.
Engaging a modern audience in a digital world is no small feat, but through perseverance and creativity, we’ve succeeded in keeping the Belmont spirit alive, even during its physical closure. We are closer than ever to reopening the doors of Belmont and to welcoming our community back into this iconic space.
The results for the year are as stated in the Statement of Financial Activities on page 5 and the balance sheet position on page 6.
The charity's income for the year totalled £487,601 (2024 - £129,308) of which £201,601 (2024 - £4,308) was unrestricted and £286,000 (2024 - £125,000) was restricted. The charity incurred revenue expenditure of £252,611 (2024 - £97,845) of which £Nil (2024 - £Nil) was unrestricted and £252,611 (2024 - £97,845) was restricted. The increase in income and expenditure was expected as the development of the Community Cinema progressed.
At 31 March 2025, the charity held total funds of £266,453 (2024 - £31,463) of which £205,909 (2024 - £4,308) was unrestricted and £60,544 (2024 - £27,155) was restricted.
Full notes on the reserves are given in note 13 in the financial statements.
Belmont Community Cinema Limited is a company limited by guarantee, (SC772886) and a charitable company, (SC052867), regulated by the Scottish Charity Regulator (OSCR). The company was incorporated on 16 June 2023 and registered as a charity on 2 October 2023.
The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:
Trustees to date have been recruited from the initial Save The Belmont campaign group or approached by existing trustees to join the board to add expertise in specific areas e.g. charity leadership and governance, financial management, strategic management. The board of trustees meets monthly.
The maximum permitted number of trustees is twelve and the minimum is three. Trustees are appointed for an initial three-year period, and then retire, but are eligible for re-election at the next annual general meeting.
A sub-group of six trustees had been acting as an Executive Management Team (EMT) since the end of 2023 in order to make timely decisions and take action between Trustee board meetings. The EMT was disbanded in January 2025 following the appointment and arrival of Matt Buchanan as CEO. Matt now has executive responsibility for implementing the strategy laid down by the board of trustees. He manages the staff team, liaises with key stakeholders, and has prime focus on achieving our fundraising targets to refurbish and then reopen the cinema. This is now expected by the end of 2026 or early 2027.
The trustees' report was approved by the Board of Trustees.
I report on the financial statements of the company for the year ended 31 March 2025, which are set out on pages 5 to 13.
The company’s trustees, who also act as directors for the charitable activities of Belmont Community Cinema Ltd, are responsible for the preparation of the financial statements in accordance with the terms of the Charities and Trustee Investments (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006. The trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the 2006 Accounts Regulations does not apply. It is my responsibility to examine the financial statements as required under section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
My examination is carried out in accordance with Regulation 11 of the 2006 Accounts Regulations. An examination includes a review of the accounting records kept by the charity and a comparison of the financial statements presented with those records. It also includes consideration of any unusual items or disclosures in the financial statements, and seeks explanations from the trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently I do not express an audit opinion on the view given by the financial statements.
In connection with my examination, no matter has come to my attention:
to keep accounting records in accordance with section 44(1) (a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
to prepare financial statements which accord with the accounting records and comply with Regulation 8 of the 2006 Accounts Regulations;
to which, in my opinion, attention should be drawn in order to enable a proper understanding of the financial statements to be reached.
Donations and grants
The statement of financial activities includes all gains and losses recognised in the year.
All income and expenditure derive from continuing activities.
Belmont Community Cinema Ltd is a private company limited by guarantee incorporated in Scotland. The registered office is PCL House, 14 Golden Square, Aberdeen, AB10 1RH, United Kingdom.
The company was incorporated on 16 June 2023 and the company's accounting period end was subsequently shortened to 31 March 2024 in the first period of trading. The comparative results are not directly comparable with the second year due to the difference in the length of time the accounts have been prepared for.
The accounts have been prepared in accordance with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the provisions of the Charities SORP (FRS 102) “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019), FRS 102 "the Financial Reporting Standard applicable in the UK and Republic of Ireland ("FRS 102") and the provisions of the Companies Act 2006 applicable to small companies. The company is a Public Benefit Entity as defined by FRS 102.
The company has taken advantage of the provisions in the SORP not to prepare a Statement of Cash Flows.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The accounts have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The trustees have considered a period of at least twelve months from the date on which these financial statements have been signed and having considered all information available to them, believe it appropriate to prepare the financial statements on a going concern basis. The trustees are satisfied that it has adequate resources to continue to operate for the foreseeable future.
Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Cash donations are recognised on receipt. Other donations are recognised once the company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs relating to the category. Where costs cannot be directly attributable to particular headings they have been allocated to activities on a basis consistent with the use of resources. Governance costs have been directly attributed to charitable activities.
The charity is registered for VAT therefore expenditure is displayed net of VAT.
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Current asset investments
Cash held in fixed term deposits are included at cost.
In the application of the company’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting
estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
The trustees are of the opinion that there no critical accounting estimates or judgements that would have a material impact on the financial statements.
Donations and grants
Grants
Architects fees
Surveyors fees
Project manager fees
Computer costs
Sundry
Motor expenses
Travel
Marketing and events
Professional fees
Insurance
Repairs
Office costs
Rent
Independent examination fee
None of the trustees (or any persons connected with them) received any remuneration, benefits or expenses from the company during the year.
The average monthly number of employees during the year was:
The company has no high paid employees receiving emoluments in excess of £60,000.
Income
Expenditure
Income
Expenditure
Each of the restricted funds have the following purposes:
Creative Scotland - Screen audience development
Aberdeen City Council - Operating costs grant
UK Shared Prosperity Fund - Communites and place grant
Aberdeen City Common Good Fund - Architects fees
Foundation Scotland - New projectors and roof repairs
AHF - Architects fees
No related party transactions occured during the year.