Everyman Media Group PLC
Registered number 08684079
Annual report and financial statements
Year ended
02 January 2025
2
Everyman Media Group PLC
Annual report and financial statements
Contents
Company information
Chairman's statement
Chief Executive’s statement
Strategic report
Climate-Related Financial Disclosures
Finance Director’s statement
Companies Act Section 172 statement
Corporate governance
Audit Committee report
Remuneration Committee report
Directors' report
Statement of Directors' responsibilities in respect of the annual report and financial statements
Independent auditor’s report to the members of Everyman Media Group PLC
Consolidated statement of profit and loss and other comprehensive income
Consolidated balance sheet
Consolidated statement of changes in equity
Consolidated cash flow statement
Notes to the financial statements
Company balance sheet
Company statement of changes in equity
Notes to the Parent company financial statements
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Everyman Media Group PLC
Annual report and financial statements
Company information
Directors
Function
Adam Kaye
Executive Director
Alexander Scrimgeour
Chief Executive Officer
Charles Dorfman
Non-Executive Director
Maggie Todd
Non-Executive Director
Michael Rosehill FCA
Non-Executive Director
Philip Jacobson FCA
Non-Executive Chairman
Ruby McGregor-Smith FCA
Non-Executive Director
William Worsdell FCA
Finance Director
Company secretary
One Advisory Limited
Registered office address of the Company
Studio 4
2 Downshire Hill
London
NW3 1NR
Company registration number
08684079 (registered in England & Wales)
Nominated adviser and broker
Canaccord Genuity Limited
88 Wood Street
London
EC2V 7QR
Auditor to the Company
BDO LLP
R+
2, Blagrave Street
Reading
Berkshire
RG1 1AZ
Solicitor to the Company
Howard Kennedy
No. 1 London Bridge
London
SE1 9BG
Registrar to the Company
Computershare Investor Services PLC
The Pavilions
Bridgwater Road
Bristol
BS13 8AE
4
Everyman Media Group PLC
Annual report and financial statements
Chairman’s statement
Review of the Year
I am pleased to report another year of operational and strategic progress. Admissions rose to 4.3 million, a 15.0% increase on last year
(2023: 3.7 million). Average ticket price climbed to £11.98, a 2.8% rise on last year (2023: £11.65), while Food & Beverage Spend per Head
increased to £10.64, up 3.4% on last year (2023: £10.29). Most encouragingly, our market share grew to 5.4%, a 12.5% increase on last year
(2023: 4.8%).
2024 was not without challenges. The Screen Actors Guild–American Federation of Television and Radio Artists (“SAG-AFTRA”) and Writers
Guild of America (“WGA”) strikes of 2023 resulted in a disappointing number of releases in the second quarter.
In the fourth quarter we faced a number of other challenges. Most notable was the failure of Joker: Folie a Deux to excite cinemagoers in
October, reaching just £10.3m at the UK Box Office in comparison to 2019’s Joker, which grossed over £58.0m. Whilst trading in November
and December was very strong in absolute terms, congestion in the film slate prevented major releases from reaching their full box office
potential.
We are mindful of the ongoing cost challenges facing the broader hospitality sector and continue to ensure that our cost base is efficient.
During 2024 we opened three new venues, in Bury St Edmunds, Cambridge and Stratford International. As ever, each of these venues
highlight the outstanding quality and unique aesthetic that has become associated with Everyman.
I would like to extend my thanks to our venue and Head Office teams, who performed outstandingly in 2024.
Outlook
Despite the challenges arising from the announcement of increases to National Living Wage and the lowering of National Insurance
thresholds in November’s Autumn Statement, we look to 2025 with confidence. With the impact of the SAG-AFTRA and WGA strikes firmly
behind us, we look forward to a robust lineup of releases distributed more evenly throughout the year.
We continue with our programme of measured organic expansion. New venues include Brentford and The Whiteley (Bayswater), a landmark
re-development of the historic West End shopping centre. Notwithstanding the broader consumer environment, we are optimistic about the
year ahead. We remain mindful of net debt and further reducing leverage over the next two years.
Philip Jacobson
Non-Executive Chairman
14 April 2025
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Everyman Media Group PLC
Annual report and financial statements
Chief Executive’s Statement
Business Model and Growth Strategy
The Everyman brand is positioned as a premium offering within the UK leisure market. The Group’s venues are predominantly located in
vibrant town-centres, and designed to provide a welcoming, high-quality environment. Everyman’s core focus is on delivering exceptional
hospitality, which is reflected in its venues, food and beverage options, staff, and film programming.
The Group continues to see significant long-term growth potential across the UK. Measured expansion remains a focus, with new site
openings and selective acquisition opportunities under evaluation. Everyman is committed to continually enhancing the customer experience,
in-venue service, film curation and investing in the development of its food and beverage range. Targeted marketing supports these efforts,
helping to build brand awareness and drive sustained revenue growth.
Financial Overview
Despite a heavily interrupted film slate due in the main to the impact of the WGA and SAG-AFTRA strikes, we saw strong growth in all key
revenue generating metrics in 2024. Admissions increased to 4.3m, a 15.0% increase on last year (2023: 3.7m). Average Ticket Price
increased to £11.98, a 2.8% increase on last year (2023: £11.65) and Food & Beverage Spend per Head increased to £10.64, a 3.4% increase
on last year (2023: £10.29). More pleasing still, our Market Share increased to 5.4%, a 12.5% increase on last year (2023: 4.8%).
We faced some significant cost headwinds in 2024, the most notable being a £1.5m increase in People costs, directly attributable to the
National Living Wage. Additionally, having rolled off a favourable long-term contract, we faced a £1.2m increase in the cost of our Utilities.
Despite these headwinds and challenges associated with the 2024 film slate, Adjusted EBITDA was in line with the prior year at £16.2m
(2023: £16.2m).
The Group’s operating loss increased to £3.4m (2023: £0.1m) mainly as a result of additional depreciation charges on the expanded estate
and an impairment charge of £2.6m (2023: £0.7m). The loss before tax increased to £10.2m (2023: £5.5m) due to additional interest charges
on lease liabilities relating to the increased number of venues. These metrics are explored in more detail in the Finance Director’s Statement.
We continued our programme of measured organic expansion, opening three new venues in Bury St Edmunds, Cambridge and Stratford
International. As such, the cash flow statement for the year includes £15.4m on the acquisition of Property, Plant & Equipment (2023:
£18.6m). This amount also includes work in progress on our venues in Brentford and The Whiteley (Bayswater), which both open in 2025.
The Group has been able to finance the majority of its expansion through £21.6m of operating cash flow (2023: £17.9m) and received lease
incentives of £5.7m (2022: £4.1m) in the form of landlord contributions to venue fit out costs. This illustrates the ongoing appeal to have
Everyman as an anchor leisure tenant.
We were pleased to reduce net banking debt to £18.1m (2022: £19.4m). With capital expenditure on new openings excluded, the Group
would have generated significant free cash flow.
Everyman continues to see the property acquisition landscape as highly favourable, with the majority of transactions attracting significant
lease incentives and generating strong investment returns. The Board continues to be mindful of making the most of these attractive market
conditions whilst maintaining sensible levels of banking debt and reducing leverage. As a result, following the opening of a new venue in
Brentford in March, the Board expects to open one further venue in 2025, at The Whiteley in Bayswater. Two further venues are expected
to open in 2026, plus our fully fitted-out venue in Durham, pending completion of the wider Milburngate scheme.
The Directors consider that the Group balance sheet remains robust, with sufficient working capital to service ongoing requirements and to
support our growth going forward.
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Everyman Media Group PLC
Annual report and financial statements
Chief Executive’s Statement (cont.)
KPIs
The Group uses the following key performance indicators, in addition to total revenues, to monitor the progress of the Group’s activities:
Year ended
Year ended
02 January
28 December
2025
(53 weeks)
2023
(52 weeks)
Admissions
4,312,708
3,749,120
Paid for average ticket price
£11.98
£11.65
Food and beverage spend per head
£10.64
£10.29
New Venues
During 2024 the Group opened three new venues: a three-screen venue in Bury St Edmunds in February 2024, a five-screen venue in
Cambridge in November 2024 and a three-screen venue in Stratford International in December 2024. Management is confident that they
will create significant value moving forward, with new venues typically taking four years to reach full maturity.
In 2025, the Group plans to open venues at The Whiteley (Bayswater) and Brentford. Beyond 2025, other venues are in advanced stages of
negotiation; however, the Board remains mindful of measured expansion funded mainly through free cash flow.
Our fully fitted out venue in Durham is ready to open, pending practical completion of the wider Milburngate scheme. Our current
expectation is that the venue will open in Q4 2026.
At the end of the year, the Group operated 47 venues with 163 screens:
Location
Number of Screens
Number of Seats
Altrincham
4
247
Bath
4
229
Birmingham
3
328
Bristol
4
476
Bury St. Edmunds
3
228
Cambridge
5
321
Cardiff
5
253
Chelmsford
6
411
Cheltenham
5
369
Clitheroe
4
255
Edinburgh
5
407
Egham
4
275
Esher
4
336
Gerrards Cross
3
257
Glasgow
3
201
Harrogate
5
410
Horsham
3
239
Leeds
5
611
Lincoln
4
291
Liverpool
4
288
London, 14 venues
40
3,383
Manchester
3
247
Marlow
2
161
Newcastle
4
215
Northallerton
4
274
Oxted
3
212
Plymouth
3
190
Reigate
2
170
Salisbury
4
311
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Everyman Media Group PLC
Annual report and financial statements
Stratford-Upon-Avon
4
384
Walton-On-Thames
2
158
Winchester
2
236
Wokingham
3
289
York
4
329
163
12,991
The Market
The SAG-AFTRA and WGA strikes, which ran from May to November 2023, resulted in delays to both the production and promotion of
certain titles. The disruption was most pronounced in the second quarter of 2024 which, following the delay of Deadpool & Wolverine
from May to July, saw few major releases of particular note. As a direct result of the strikes, 2024 was the poorest performing second
quarter since 2008, with the UK Box Office 25% down on 2022 and 16% down on 2023.
In October we saw the critical and commercial disappointment of Joker: Folie a Deux, which grossed just £10.3m at the UK Box Office.
This was a drop of over 80% on the original Joker, which reached over £58.0m in 2019. The failure of the film to connect with audiences
resulted in a dry October slate and a difficult start to the fourth quarter.
There were, however, a number of highlights to the 2024 film slate. We started the year with a strong awards season, with titles such as
Poor Things, The Holdovers and All Of Us Strangers playing particularly well to the Everyman audience. Dune: Part II captivated our guests
during March and Deadpool & Wolverine was the summer’s major release, grossing £58m in the UK.
November saw the major blockbusters Paddington in Peru, Gladiator II, Wicked and Moana 2 release in consecutive weeks. Whilst each
title delivered in excess of £30m at the UK Box Office, the compressed nature of their release dates prevented the films from reaching
their full box office potential.
The Group was pleased that market share for the year was 5.4%, up from 4.8% in 2023. Positive momentum in market share has
continued into the new year.
Key Business Developments
We grew our Membership base during the period, reaching 56,486 members by the end of the year (2023: 34,151), an increase of over
65%. Focus groups conducted during 2023 underscored the potential value of expanding our membership base; as a result, we introduced
a new strategy that included on-screen, out-of-home, and digital advertising, and the introduction of ticket bundles (which allow members
to extend the number of visits within their existing membership term). While Membership remains an important driver of brand advocacy,
its primary benefit is increased guest frequency, which supports higher admissions and, consequently, contributes to incremental Revenue
and EBITDA.
In September we launched our new App, which delivered improvements in functionality and user experience, as well as adding Android to
existing iOS compatibility for the first time. The new App also gives users the ability to purchase Memberships and Gift Cards, as well as
including additional features such as favourite venues and watchlists. Since launch we have seen a 52% increase in downloads and a
22% increase in sessions, as well as a 37% increase in transactions completed.
Our Food & Beverage offer continues to go from strength to strength. During the year we added new sharing dishes such as Serrano Ham
and Cheese Croquetas, Achiote Chicken Skewers and Honey and Mustard Sausages, as well as a new Korean Fried Chicken Burger, Fig &
Prosciutto Pizza and a Baked Camembert. New drinks included Rum Punch, Raspberry Mojito and Watermelon and Elderflower Coolers.
We also completed the successful roll out of at-seat QR codes which give guests the ability to order Food & Beverage from mobile
devices. This feature has significantly increased repeat orders, with 18.3% of orders placed through this process being second orders
before the film starts. This is one of the key contributing factors to the year-on-year increase in Food & Beverage Spend per Head.
Our Food and Beverage is highly complementary and enhances the Everyman proposition. We expect that continued innovation will
continue to drive increases in spend per head going forward.
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Everyman Media Group PLC
Annual report and financial statements
Chief Executive’s Statement (cont.)
People
Everyman would not be the business that it is without our exceptional and dedicated venue and Head Office teams. We are consistently
focused on training initiatives in order to deliver our unique brand of hospitality and exceptional guest experiences. In 2024, we made
improvements to our digital training platform, launched our Kitchen Apprenticeship programme and established an operational training
team.
We opened three venues in 2024 and warmly welcome our latest team members who are delivering the Everyman experience in these
new locations. We also extend our thanks to our experienced teams, who have expertly trained our new people.
We are delighted that so many people are choosing to start and develop their careers at Everyman, and internal progression remains a
significant focus for us.
Outlook
Despite what has been a challenging year, we remain excited about the future of Everyman. With our Membership base increasing at an
accelerated pace and our market share continuing to improve, it remains evident that the Everyman model has become the most relevant
form of cinema.
We continue our programme of prudent expansion. The deal landscape remains favourable and landlords continue to seek out Everyman
as a high quality, premium leisure tenant. In 2025 we will open two new venues, and a further three in 2026, with several further exciting
opportunities in the pipeline. We continue to focus on controlling net debt and reducing leverage, with the majority of organic expansion
financed through free cash flow.
We look forward to a well-rounded and more consistently-phased film slate in 2025, with disruption from the SAG-AFTRA and WGA
strikes now concluded. Bridget Jones: Mad About the Boy has delivered an encouraging start to the year, and further key titles include
Mission Impossible: The Final Reckoning and Lilo & Stitch in May, F1 in June, Superman in July, Downton Abbey 3 in September, Wicked:
Part 2 in November and Avatar: Fire and Ash in December.
Alexander Scrimgeour
CEO
14 April 2025
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Everyman Media Group PLC
Annual report and financial statements
Strategic Report
The Directors present their strategic report for the Group for the year ended 02 January 2025 (comparative period: 52 weeks 28 December
2023).
Review of the business
The Group made a loss after tax of £8.5m (2023: £2.7m). Non-GAAP adjusted EBITDA was £16.2m (2023: £16.2m).
The Finance Director’s Statement contains a detailed financial review. Further details are also shown in the Chief Executive’s Statement
and consolidated statement of profit and loss and other comprehensive income, together with the notes to the financial statements.
Principal risks and uncertainties
The Board considers risk assessment to be important in achieving its strategic objectives. There is a process of evaluation of performance
targets through regular reviews by senior management to forecasts. Project milestones and timelines are reviewed regularly.
1
Film release schedule - The level of the Group’s box office revenues fluctuates throughout the course of any given year and are
largely dependent on the timing of film releases, over which the Group has no control. The film slate in 2024 was impacted by the
2023 WGA and SAG-AFTRA strikes, notably resulting in a shortage of content in the second quarter of the year. The Group mitigates
variable box office revenue through high-quality programming, widening the sources for new content and creating other strands such
as Throwbacks and Everyman Beyond, which showcase older and independent titles. The Group also focuses on creating a great
overall experience at venues, independent from the films themselves.
2
Consumer environment – A reduction in consumer spending because of broader economic factors could impact the Group’s
revenues. Higher interest rates have sustained during 2024, putting pressure on disposable incomes, although the Board considers
that the impact on the Group has been minimal. Historically, the cinema industry has been resilient to difficult macroeconomic
conditions, with it remaining an affordable treat during such times for most consumers. The Group continues to monitor long term
trends and the broader leisure market.
3 Alternative media channels - The proliferation of alternative media channels, including streaming, has introduced new competitive
forces for the film-going audience, which was accelerated by the pandemic. To date this has proven to be a virtuous relationship,
both increasing the investment in film production and further fuelling an overall interest in film with customers of all ages. The Board
considers that the Everyman business model works well alongside other film channels. It remains an ever-present caution that to
maintain this position we must continue to deliver an exceptional experience to deliver real added value for our customers.
4
Inflation – There is a risk to the cost base from inflation, given the current economic and geopolitical environment. To mitigate this,
the Group enters into long-term contracts and works very closely with suppliers to improve efficiencies and limit costs. In addition,
and thanks to its size, the Group can take advantage of lower price points for higher volumes, and payroll costs are closely monitored
and managed to the level of admissions.
5
Climate change – The Group’s business could suffer because of extreme or unseasonal weather conditions. Cinema admissions are
affected by periods of abnormal, severe, or unseasonal weather conditions, such as exceptionally hot weather or heavy snowfall.
Climate change is also high on the agenda for investors and increasingly institutional investors are looking closely at the actions
being taken by business to reduce carbon emissions. The Group is working towards developing a net zero carbon emissions strategy
to mitigate this risk. The Group is compliant with climate-related financial disclosure requirements under the Companies (Strategic
Report) (Climate-Related Financial Disclosure) Regulations 2022 (“CRFD”), which are aligned to the Taskforce on Climate-Related
Financial Disclosures framework (“TCFD”).
6 Data and cyber security – The possibility of data breaches and system attacks would have a material impact on the Group through
potentially exposing the business to a reduction in service availability for customers, potentially significant levels of fines, and
reputational damage. To mitigate this risk, the IT infrastructure is upgraded to ensure that the latest security patches are in place and
that ongoing security processes are regularly updated. This is supported by regular pen testing and back-ups.
7
Film piracy - Film piracy, aided by technological advances, continues to be a real threat to the cinema industry generally. Any theft
within our venues may result in distributors withholding content to the business. Everyman’s typically smaller, more intimate
auditoria, with much higher occupancy levels than the industry average, make our venues less appealing to film thieves.
8
Reputation - The strong positive reputation of the Everyman brand is a key benefit, helping to ensure the successful future
performance and growth which also serves to mitigate many of the risks identified above. The Group focuses on customer experience
and monitors feedback from many different sources. A culture of partnership and respect for customers and our suppliers is fostered
within the business at all levels. We continue to see our market share increase and receive extremely positive customer feedback.
10
Everyman Media Group PLC
Annual report and financial statements
Strategic Report (cont.)
Financial risks
The Group has direct exposure to interest rate movements in relation to interest charges on bank borrowings, with a 1% increase in rates
resulting in an increase in interest charges of £0.3m on current forecast borrowings over the next twelve months. The Board manages this
risk by minimising bank borrowings and reviewing forecast borrowing positions.
The Group takes out suitable insurance against property and operational risks where considered material to the anticipated revenue of the
Group.
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Everyman Media Group PLC
Annual report and financial statements
Climate-Related Financial Disclosures
2024 is the second time that the Group reports under the Companies (Strategic Report) (Climate-Related Financial Disclosure) Regulations
2022, which are aligned with the Taskforce on Climate-Related Financial Disclosures (TCFD). Therefore building on the assessment in 2023,
the Group has updated its obligations under the four pillars of the TCFD and re-assessed our governance and processes accordingly.
The four pillars of the TCFD are Governance, Risk Management, Strategy and Metrics and Targets.
Governance
Disclosure Requirement
2024
Going Forward
Describe the Board’s oversight of
climate-related risks and
opportunities
The Board meets on a monthly basis. The Board
considers climate change as a principal risk, and
recognises that cinema admissions are impacted
by periods of abnormal, severe, or unseasonal
weather conditions, such as exceptionally hot
weather or heavy snowfall, and that the topic is
also high on the agenda for investors and other
stakeholders.
The Group has established a Sustainability
Committee which meets on a bi-monthly basis. The
Sustainability Committee includes an Executive
Director, ensuring that all relevant matters are
reported to and considered by the Board.
The Group is working towards developing a net
zero carbon emissions strategy, and the Board are
updated regularly on progress towards this goal.
The Sustainability Committee ensures
that climate-related risks and
opportunities are identified and managed
through ongoing monitoring, scenario
analysis, stakeholder engagement, and
regular assessments of our operations
and supply chain.
During 2024, the Sustainability
Committee has engaged Zero Carbon
Services, to establish its detailed GHG
inventory for 2024, building on the
summary report produced in 2023 as part
of the UK Cinema Association Emissions
Reduction Framework project. Output
from this inventory will form part of 2025
Metrics & Targets.
Describe management’s role in
assessing and managing climate-
related risks and opportunities
Finance and Operations senior management
currently hold weekly trading meetings, during
which they analyse key financial and non-financial
KPIs. These meetings routinely assess the
influence of weather and climate conditions on
trading activities.
Assessment of flood risk is carried out by the
Property team and externally-appointed property
consultants when assessing new venue
opportunities.
The group’s Sustainability Committee is looking to
identify key commodities within the supply chain
that are and have been affected by changes in
climate. Key focus areas already identified are
Coffee and Cocoa which have seen supply
pressures throughout 2024.
As per above, the Group has established
a Sustainability Committee, which
includes representatives from
management teams across the business.
The 2024 GHG inventory will form the
basis for key emission areas to enable
the zero carbon emissions strategy,
identifying key products and suppliers
within operations.
12
Everyman Media Group PLC
Annual report and financial statements
Risk Management
Disclosure Requirement
2024
Going Forward
Describe the organisation’s
processes for identifying and
assessing climate-related risks
Describe the organisation’s
processes for managing climate-
related risks
The Group worked with externally-appointed
sustainability consultants, CCC Energy Ltd, to
complete its Energy Saving Opportunity Scheme,
ESOS. The scheme identifies and reports on
climate-related risks and opportunities in terms of
energy consumption and associated emissions.
The resulting actions taken as a result of
ESOS need to be reported as part of an
annual action plan to the Environment
Agency. Detailing planned reduction
activity across capital investment,
behavioural change and control
improvements. This will be reported on
an annual basis going forward as part of
the Environment Agency Action Plan
Submission.
Risks and opportunities are identified at
Group level. The ESOS report will form
the basis for future construction for new
sites and refurbishments to include
energy efficient equipment and systems
to reduce direct emissions
The Sustainability Committee will
continue to work with our externally-
appointed sustainability advisors on
climate-related matters, implementation
of new equipment and processes to
improve efficiency, whilst reducing
emissions.
Describe how processes for
identifying, assessing and
managing climate-related risks are
integrated into the organisation’s
overall risk management
The Board considers Climate Change to be a
principal risk, in line with the Principal Risks and
Uncertainties detailed earlier in the Strategic
Report.
As a result, Climate Change is considered in key
strategic decisions, where relevant.
The Sustainability Committee includes an
Executive Director, who will report
identified risks and opportunities to the
Board on a bi-monthly basis.
Strategy
Disclosure Requirement
Describe the climate-related risks
and opportunities the organization
has identified over the short,
medium and long term
The Group defines Risks and Opportunities over the following time frames:
Short-term (S): within 2 years
Medium-term (M): 2 to 10 years
Long-term (L): 10 years +
Opportunities
Reputational (S,M,L)
With an ever-growing climate-conscious customer base, improving the Group’s climate-related
credentials could enhance the reputation of the business and improve performance.
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Everyman Media Group PLC
Annual report and financial statements
Risks
Weather (S,M,L)
Trading patterns may vary based on weather conditions; however, the diversity of Everyman’s
estate assists in the mitigation of this risk. Additionally, extreme cold, snow, or rainy conditions
may impede suppliers, guests, and staff from accessing certain locations.
Flooding (S,M,L)
Flooding was identified as a potential risk from extreme weather conditions. All sites were
researched to assess the current flood risk level based on location from environment government
data available.
All 50 locations were reviewed (including the Group’s Head Office and the completed venue in
Durham). The information came from the gov.uk check for long-term flood risk. The risks are
recorded as Very Low, Low, Medium and High Risk. A flood risk plan for all sites is prepared
with emphasis on the sites with a medium to high-risk potential.
Supply Chain (S,M,L)
Flooding, extreme heat, or drought can pose challenges within the supply chain. Contingency
plans are in position for essential product lines, although acquiring them from secondary
suppliers may incur higher cost.
Compliance (M,L)
Increased cost to comply with new government regulation to meet climate targets, such as
packaging tax and carbon taxes. The introduction of Extended Producer Responsibility, EPR, in
April 2025, will have an impact on cost and operations. Solutions are being sought look to
reduce waste generation through operations, the use of alternative packaging and draught
solutions within the drink offer.
In the case of non-compliance, there could be financial penalties and reputational damage.
Flood Risk
Very Low
Low
Medium
High
Surface Water
25
14
5
6
River & Sea
39
7
4
0
Reservoirs
0
31
6
0
Groundwater
0
38
1
0
Describe the impact of climate-
related risks and opportunities on
the organisation’s business,
strategy and financial planning
The Group’s strategy is to support long-term business growth whilst minimising its impact on the
environment and operating in an ethical and responsible way.
The Board considers Climate Change to be a principal risk and therefore takes it into
consideration when making key business and strategic decisions, where relevant. As detailed
above, specific consideration is given to current and potential future flood risk in new venue
evaluation.
All identified risks with potential cost implication, as per the section above, are considered in
the Group’s financial planning, with sensitivity scenarios prepared, where considered relevant.
Describe the resilience of the
organisation’s strategy, taking into
consideration different climate-
The environmental risks considered included a 2° increase in global temperature. This scenario
has the potential to affect extreme weather conditions including heatwaves, droughts, floods
14
Everyman Media Group PLC
Annual report and financial statements
related scenarios, including a 2° or
lower scenario
and wildfires. In addition, the health impact from air pollution and heat stress increases demand
on cooling, which may have a knock-on impact on energy prices.
The Board have considered the above scenario and do not consider the business to be
significantly impacted, given that it is not in a high risk sector.
Metrics and Targets
Disclosure Requirement
Disclose the metrics used by the
organization to assess climate-
related risks and opportunities in
line with its strategy and risk
management process
The Group considers the following metrics to assess climate-related Risks and Opportunities:
Direct tCO2e emissions (Gas / Electricity) per sq. ft
Following the full GHG Inventory completion, we will look to set reduction targets as part
of intensity metrics for the near term in relation to direct emissions within Scope 1 and 2
Re-cycling rate:
o
69.4% of total waste recycled. This is measured and monitored through our
partnership with First Mile.
o
2.43% of food waste recycled. This is measured and monitored through our
partnership with First Mile.
Disclose Scope 1, Scope 2 and, if
appropriate, Scope 2 greenhouse
gas (“GHG”) emissions and the
related risks
Please refer to the Streamlined Energy and Carbon Reporting (“SECR”) statement in the
Directors’ Report.
Describe the targets used by the
organization to manage climate-
relates risks and opportunities and
performance against targets
During the year the Group has invested in establishing base line metrics for climate-related KPIs,
through partnerships with First Mile, TravelPerk and Zero Carbon Services, as described above.
15
Everyman Media Group PLC
Annual report and financial statements
Finance Director’s Statement
Summary
Group revenue of £107.2m (2023: £90.9m)
Gross profit of £69.1m (2023: £58.1m)
Non-GAAP adjusted EBITDA of £16.2m (2023: £16.2m)
Operating loss of £3.4m (2023: £0.1m loss)
Operating loss excluding impairment charges of £0.7m (2023: £0.7m profit)
Net banking debt £18.1m (2023: £19.4m)
Revenue and Operating Profit
Admissions for the 53 weeks ending 02 January 2025 were 4.3m, an increase of 15.0% on the prior year (2023: 3.7m). The uplift was
driven by three organic new openings during the year (Bury St Edmunds, Cambridge and Stratford International) as well as the full year
impact of prior year openings (Marlow, Salisbury, Northallerton, Plymouth, Bath and Cheltenham).
The Group notes that the second quarter of the year was adversely impacted by the 2023 SAG-AFTRA and WGA strikes, which resulted in
delays to the film slate and a shortage of content. The Group also notes the poor performance of Joker: Folie a Deux, which achieved
£10.3m at the UK Box Office in contrast to the first Joker film’s £58.3m in 2019.
Paid-for Average Ticket Price was £11.98, a 2.8% increase vs. the prior year (2023: £11.65) and Food & Beverage Spend per Head was
£10.64, a 3.4% increase vs. the prior year (2023: £10.29). The Group has remained conservative with passing on price increases to guests in
2024, and was therefore pleased to see growth in these two metrics.
We also saw a strong revenue benefit from growth in our Membership base which, as detailed in the Chief Executive’s Statement, grew by
65% to over 56,000 at the end of the year (2023: 34,000).
As a result of the above, revenue for the period was £107.2m, a 17.9% increase on the prior year (2023: £90.9m).
The Group is pleased to report that Gross Margin increased to 64.4% (2023: 64.0%). This was mainly as a result of continued strong cost
control by our Film and Procurement teams, but also as a result of the aforementioned growth in Membership, which is a high margin income
stream.
Other operating income was £0.5m (2023: £0.6m) and related entirely to landlord compensation.
Administrative Expenses for the period were £72.9m (2023: £58.8m). This was driven in the main by increased admissions, as well as the
impact of new venue openings and associated fixed asset depreciation.
The Group saw cost inflation in two key areas, both of which were substantially outside of management control. People Costs are inherently
linked to increases in National Living Wage, which increased by 9.8% in April 2024, driving a £1.5m increase in cost across both hourly-paid
and salaried employees. In addition, the Group’s previous fixed-rate Utilities contracts came to an end in October 2023. Whilst lower than
initial management expectations, higher global electricity rates drove a £1.2m cost increase in 2024. The Group anticipates that Utilities
costs will fall during 2025.
The Board carried out an impairment review at the year end, based on a judgement of future cash flows from venues considered to have
indicators of impairment. As a result of this, Administrative Expenses includes an impairment charge of £2.6m (2023: £0.7m). This is based
on the Board’s assessment that, at the Balance Sheet date, the present value of future cash flows was less than the carrying amount of the
Right-of-Use Asset and Property, Plant and Equipment. The Board anticipates that the UK Box Office will continue to improve during 2025
and 2026 and will closely monitor the impact of this on any venues with carried forward impairment to Right-of-Use Assets and Property,
Plant and Equipment, in the event that any charges previously incurred can be reversed.
With impairment charges excluded, the operating loss for the year was £0.7m (2023: £0.7m profit). With Adjusted EBITDA consistent year-
on-year, the decrease is substantially due to higher depreciation charges relating to the expanded estate.
Finance Expense
Financial expenses were £6.9m (2023: £5.4m) and relate mainly to interest charges on the Group’s banking facilities and on lease liabilities.
£1.0m of the increase relates to the impact of new leases entered into during the year, and £0.4m relates to an increased draw down on the
Group’s Revolving Credit Facility and higher underlying interest rates.
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Everyman Media Group PLC
Annual report and financial statements
Finance Director’s Statement (cont.)
Taxation
The Group’s loss for the year includes a £1.7m credit (2023: £2.8m credit) relating to the recognition of a Deferred Tax Asset. The Group has
consulted the FRC’s thematic review of Deferred Tax Assets published in September 2022 and concluded that an asset should be recognised
on the basis of a sufficient level of probable future taxable profits.
The Group continues to recognise the Deferred Tax Asset due to increased certainty over future trading performance as we emerge further
from the pandemic, and following the conclusion of the WGA and SAG-AFTRA strikes, which no longer pose the threat of long-term disruption
to the film slate.
Non-GAAP adjusted EBITDA
In addition to performance measures directly observable in the financial statements, the following additional performance measures are
used internally by management to assess performance:
Non-GAAP Adjusted EBITDA
Admissions
Paid-for Average Ticket Price
Food & Beverage Spend per Head
Management believes that these measures provide useful information to evaluate performance of the business as well as individual venues,
to analyse trends in cash-based operating expenses, and to establish operational goals and allocate resources.
Non-GAAP adjusted EBITDA was £16.2m (2023: £16.2m).
Non-GAAP adjusted EBITDA is defined as earnings before interest, taxes, depreciation, amortisation, profit or loss on disposal of Property,
Plant & Equipment, impairment, share based payments, pre-opening expenses and exceptional costs.
The reconciliation between operating (loss) / profit and non-GAAP adjusted EBITDA is shown at the end of the consolidated statement of
profit and loss and other comprehensive income.
Cash Flows
The Directors believe that the Balance Sheet remains well capitalised, with sufficient working capital to service ongoing requirements. Net
cash generated in operating activities was £21.6m (2023: £17.9m) with a net cash inflow for the year of £3.2m (2023: £2.9m).
Operating Cash Flow included a working capital outflow of £9.0m (2023: £2.4m) relating to an increase in Trade and Other Payables. This
amount arose mainly due to the very high levels of trading during November and December 2024 and associated timing differences for
payments relating to Costs of Sales and Administrative Expenses.
Cash flow used in investing activities was £16.1m (2023: £14.2m). This related mainly to payments for new venues in Bury St Edmunds,
Cambridge and Stratford International, as well as work in progress on new venues in Brentford and at The Whiteley (Bayswater).
The Group financed the majority of its expansion from operating cash flow. The remainder was financed via £5.7m landlord contributions
(2023: £4.1m) and a net £2m draw on the Group’s Revolving Credit Facility (2023: £4m).
The Group ended the year with cash and cash equivalents of £9.9m (2023: £6.6m) and net banking debt of £18.1m (2023: £19.4m). The Group
therefore reduced net debt and leverage during the year. With fewer new openings planned during 2025 and 2026, the Group currently
anticipates that leverage will fall further over the next two years.
Pre-opening costs
Pre-opening costs, which have been expensed within administrative expenses, were £0.9m (2023: £0.9m). These costs include expenses
which are necessarily incurred in the period prior to a new venue being opened but which are specific to the opening of that venue.
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Everyman Media Group PLC
Annual report and financial statements
Finance Director’s Statement (cont.)
Exceptional costs
The Group incurred exceptional costs of £0.3m during the year (2023: £0.5m), which related in the main to IT restructuring costs, as well as
abortive recruitment costs relating to certain Head Office teams.
Banking
The Group retains its £35m three-year loan facility with Barclays Bank Plc and National Westminster Bank Plc, which was agreed on 17th
August 2023. The facility is extendable by a further two years subject to lender consent, and ensures that the Group is soundly financially
structured and well positioned to take advantage of opportunities moving forwards. The facility also includes an additional £5m accordion
element, again subject to lender consent.
Covenants on the loan facility are based on Adjusted Leverage and Fixed Charge Cover. The Group’s current forecasts demonstrate that the
Group will remain within these covenants for the foreseeable future.
At the end of the year the Group had drawn down £28m (2023: £26m) of the available funds under the new facility, and therefore £7m of
the £35m facility was undrawn (2023: £9m undrawn).
Annual General Meeting
The Annual General Meeting of the Company will be held on 19 June 2025 at 9:30am at Everyman Cinema Hampstead, 5 Holly Bush Vale,
London NW3 6TX.
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Everyman Media Group PLC
Annual report and financial statements
Companies Act Section 172 Statement
Our Board of Directors are bound by their duties under the Companies Act 2006 (the “Act”) to promote the success of the company for the
benefit of our members as a whole taking into account the factors listed in section 172 of the Act. In doing so, however, they must have
regard for the interests of all of our stakeholders, to ensure the long-term sustainability of the Company. The Board is therefore responsible
for ensuring that it fulfils its obligations to those impacted by our business, in its stakeholder consideration and engagement.
The ongoing sustainable success of Everyman is dependent on its relationship with a wide range of stakeholders, including consumers,
employees, governments & regulators, customers, suppliers, and investors. We are aware that each stakeholder group requires a tailored
engagement approach in order to foster effective and mutually beneficial relationships. Our understanding of stakeholders is then factored
into Board discussions, regarding the potential long-term impacts of our strategic decisions on each group, and how we might best address
their needs and concerns. The Board understands that it is not always possible to provide positive outcomes for all stakeholders and
therefore, sometimes, must make decisions based on the competing priorities of stakeholders. However, the Board acts in the best long-
term interests of the Company and its stakeholders generally.
Throughout this Annual Report, we provide examples of how we:
Take into account the likely consequences of long-term decisions;
Consider the interests of the Company’s employees;
Consider the interests of the Company’s shareholders;
Foster the Company’s business relationships with suppliers, customers and others;
Understand our impact on our local community and the environment; and
Maintain a reputation for high standards of business conduct.
This section serves as our section 172 statement and should be read in conjunction with the Strategic Report and the Company’s Corporate
Governance Statement. Section 172 of the Companies Act 2006 requires Directors to take into consideration the interests of stakeholders
in their decision making. The Directors continue to have regard to the interests of the Company’s employees and other stakeholders, including
the impact of its activities on the community, the environment and the Company’s reputation, when making decisions. Acting in good faith
and fairly between members, the Directors consider what is most likely to promote the success of the Company for its members in the long
term.
The principles underpinning section 172 are not only considered at Board level, the differing interests of stakeholders are taken into
consideration by management when making wider business decisions. The Board regularly reviews our principal stakeholders and how we
engage with them. The stakeholder voice is brought into the Boardroom throughout the annual cycle through information provided by
management and also by direct engagement with stakeholders themselves. The relevance of each stakeholder group may increase or
decrease depending on the matter or issue in question, so the Board seeks to consider the needs and priorities of each stakeholder group
during its discussions and as part of its decision making.
The table below acts as our s172(1) statement by setting out the key stakeholder groups, their interests and how Everyman has engaged
with them over the reporting period. However, given the importance of stakeholder focus, long-term strategy and reputation, these themes
are also discussed throughout this Annual Report.
Stakeholder
Their interests
How we engage
2024 highlights
Our employees
Training, development and
career prospects.
Health and Safety
Working conditions
Diversity and Inclusion
Human Rights and modern
slavery
Fair pay, employee benefits
Workforce posters and
communications
Ongoing training and
development opportunities
Whistleblowing procedures
Publication of Modern
Slavery Statement
Employee benefits packages
Employee questionnaires
Staff intranet
Introduced our Kitchen
Apprenticeship programme
Continued to run our internal
development programmes,
establishing a pipeline of
future Venue Managers
Established the Everyman
Bartenders Academy
Established our Wellbeing
Hub on Workplace
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Everyman Media Group PLC
Annual report and financial statements
Companies Act s172 Statement (cont.)
Stakeholder
Their interests
How we engage
2024 highlights
Our customers
Comfort and hospitality
Good quality food and drink
High quality viewing
environment
Ease of access
Safety
Data security
Venue staff welcome every
customer
Focus on in-theatre service
Regular review of menu
quality
High specification auditoria
Customer support service
Marketing and
communications
New customer app launched
in September 2024
Functionality for customers to
order food and beverage from
QR codes in screen fully rolled
out
Improved membership
experience, with option to add
ticket bundles
Three new state-of-the-art
venues opened, increasing our
geographical reach
Our suppliers &
landlords
Workers’ rights
Supplier engagement and
management to prevent
modern slavery
Fair trading and payment
terms
Sustainability and
environmental impact
Collaboration
Long-term partnerships
Initial meetings and
negotiations
KPIs and Feedback
Board approval on significant
changes to suppliers
Direct engagement between
suppliers and specified
company contact
Continued work with Change
Please, providing over 3,500
hours of support so far, and
hosting their graduation and
global conference.
Gained 2 stars for Food Made
Good, the first cinema in the
UK to be accredited.
Our Investors
Comprehensive review of
financial performance of the
business
Business sustainability
High standard of governance
Success of the business
Ethical behaviour
Awareness of long-term
strategy and direction
Regular reports and analysis
on investors and shareholders
Investor roadshows
Annual Report
Company website
Shareholder circulars
AGM
Stock exchange
announcements
Bi-annual investor roadshows
Regular ad-hoc
communication with
shareholders
Our banking partners
Business performance &
forecast accuracy
Cash management and
financial control
Compliance with laws and
regulations
High standard of governance
Ethical behaviour
Data security
Regular meetings & updates
Regular reports and analysis
Annual Report
Stock exchange
announcements
Regular meetings and
communication with banking
partners
Ongoing monthly reporting
Regulatory bodies
Compliance with regulations
Worker pay and conditions
Gender Pay
Health and Safety
Treatment of Suppliers
Brand reputation
Insurance
Waste and environment
Company website
Stock exchange
announcements
Annual Report
Direct contact with regulators
Compliance updates at Board
Meetings
Consistent risk review
Full review of pay across all
roles
NOMAD attended Board
meeting to update on
compliance
Community and
Environment
Sustainability
Human Rights
Energy usage
Recycling
Waste Management
Community outreach and CSR
Philanthropy
Oversight of corporate
responsibility plans
CSR initiatives
Workplace recycling policies
and processes
Sourced over 75% of our
energy from renewable
sources.
69% of waste is recycled, and
none goes to landfill.
Reduced food waste by 0.3%
saving over £50k.
Within the Corporate Governance Report on pages 21 to 24 we describe how the Board operates and the culture of the business including
employee engagement.
20
Everyman Media Group PLC
Annual report and financial statements
William Worsdell
Finance Director
14 April 2025
21
Everyman Media Group PLC
Annual report and financial statements
Corporate Governance
It is the responsibility of the Chairman of the Board of Directors of Everyman Media Group PLC to ensure that the Group has both sound
corporate governance and an effective Board. This is managed by ensuring that the Group and the Board are acting in the best interests of
shareholders, and by making sure that the Board discharges its responsibilities appropriately. This includes creating the right Board dynamic
and ensuring that all important matters, in particular strategic decisions, receive adequate time and attention at Board meetings. The Board
considers that the Group complies with the QCA Code so far as it is practicable having regard to the size, nature and current stage of
development of the Group.
While seeking to build a strong governance framework, the Board is mindful to ensure that the Group takes a proportionate approach and
that processes remain fit for purpose as well as embedded within the culture of the organisation. Good governance provides a framework
that allows the right decisions to be taken by the right people at the right time.
QCA principles
A description of the Group’s business model and strategy can be found in the Strategic report along with key challenges in their execution
and information in relation to the Group’s risk management.
Board of Directors
Philip Jacobson FCA
Independent Non-Executive Chairman
Philip is a fellow of the Institute of Chartered Accountants in England & Wales and was previously a partner at BDO LLP, where he was
involved in a number of flotations in the leisure sector. Philip was appointed to the Board on 8 October 2013, and as Chairman on 28
February 2023. Since retiring from BDO LLP, Philip has acted as family office to a small number of clients. The Board consider Philip’s
shareholding and tenure as a director to be immaterial to his independence.
Alexander Scrimgeour
Executive Director – Group Chief Executive Officer
Alexander joined Everyman from Côte Brasserie, the UK’s largest French restaurant Group. He joined Côte as a start-up business in 2008 and
was appointed as joint Managing Director in 2011 and CEO in 2015. Alexander has extensive experience in the hospitality sector, and was
appointed to the Board on 18 January 2021.
Adam Kaye
Executive Director
Adam founded ASK Central plc with his brother Sam in 1993. Adam studied catering at Westminster College, London and subsequently
worked at City Centre Restaurants, before opening the first ASK restaurant at Haverstock Hill in 1993. ASK Central plc was sold in 2004.
Adam was appointed to the Board on 8 October 2013.
William (Will) Worsdell FCA
Executive Director – Group Finance Director
Will is a fellow of the Institute of Chartered Accountants in England & Wales and has held senior financial roles at several leisure and
hospitality businesses, including Head of Commercial Finance at Côte Brasserie. Previously, Will worked in financial and operational
planning at Heathrow for 3 years and started his career with Smith & Williamson, where he qualified as a Chartered Accountant in 2014.
Will was appointed to the Board on 28 June 2022.
Charles Dorfman
Non-Executive Director
Charles was co-founder of Esselco properties serviced office business (now known as The Office Group). He was involved in the financing of
the development phase of the Oscar winning ‘The King’s Speech’ with See Saw films and became the Executive Producer, following this
success by producing titles such as ‘Untouchable’ and ‘The Lost Daughter’. He is CEO of Dorfman Media Holdings, Chairman of Media
Finance Capital and Chairs the Young Patrons of the National Theatre. Charles was appointed to the Board on 8 October 2013.
22
Everyman Media Group PLC
Annual report and financial statements
Corporate Governance (cont.)
Margaret (Maggie) Todd
Independent Non-Executive Director
Maggie joined Everyman from the Walt Disney Studios Motion Pictures European marketing leadership team, where she most recently held
the role of Vice President of Communications for twelve years. Prior to Disney, Maggie worked at Twentieth Century Fox, in the music
industry and has delivered campaigns for BAFTA, AMPAS and world-renowned European film festivals.
Maggie was appointed to the Board on 14 July 2021. The Directors consider Ms Todd to be independent in line with the Quoted Companies
Alliance Corporate Governance Code for small and mid-size quoted companies.
Michael Rosehill FCA
Non-Executive Director
Michael is a member of Chartered Accountants Ireland and has spent most of his career at the Lewis Trust Group (owners of the River Island
group of companies) in both the finance and private equity divisions. Michael is a Director of Blue Coast Private Equity L.P. and therefore also
has an interest in the shareholding of Blue Coast Private Equity L.P in the Ordinary Shares of the Company.
Baroness Ruby McGregor-Smith CBE
Independent Non-Executive Director
Ruby brings with her a wealth of business acumen, acquired over a career spanning more than three decades. One of the few women to
have held the position of Chief Executive at a FTSE 250 company, she grew revenues at Mitie more than four-fold to £2.2 billion, establishing
it as the largest business in its sector. She is highly decorated as an industry leader, winning the 'Leader of the Year' accolade at the 2011
National Business Awards, and in 2013 being recognised by the Financial Times as one of the top 50 female business leaders in the world.
Ruby is a Fellow of the Institute of Chartered Accountants in England and Wales, and was appointed a member of the House of Lords in
2015.
Ruby was appointed to the Board on 20 September 2022. The Directors consider Ruby to be independent in line with the Quoted Companies
Alliance Corporate Governance Code for small and mid-size quoted companies.
All Directors are encouraged to challenge and to bring independent judgement to bear on all matters, both strategic and operational.
Biographical details of the Directors can be found on the Group’s website.
Board and its Committees All Non-Executive Directors are expected to dedicate at least one day per month to the Group. The Board is
satisfied that each of the Directors are able to allocate sufficient time to the Group to discharge their responsibilities effectively. The
number of meetings of the are outlined below:
Attendance by Directors
Board
Audit
Remuneration
Nomination
Philip Jacobson
12
n/a
n/a
-
Alexander Scrimgeour
12
n/a
n/a
n/a
Adam Kaye
11
n/a
n/a
n/a
William Worsdell
12
n/a
n/a
n/a
Charles Dorfman
11
n/a
4
-
Maggie Todd
10
-
n/a
-
Michael Rosehill
10
2
4
n/a
Ruby McGregor-Smith
10
2
4
n/a
Total meetings held
12
2
4
-
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Everyman Media Group PLC
Annual report and financial statements
Corporate Governance (cont.)
The Directors have both a breadth and depth of skills and experience to fulfil their roles. The Company believes that the current balance of
skills in the Board as a whole are appropriate and beneficial for all shareholders and stakeholders. Each Director has significant experience
in building a successful business and offer key expertise that are beneficial to the Group as a whole.
To enable each Director to keep their skill-set up to date, individual training needs are identified as part of the annual Board evaluation
process and training is provided as required. All Directors receive regular updates on legal, regulatory and governance issues. In addition,
there are regular ‘deep dives’ from across the business at Board level to ensure the Directors’ understanding of the operational aspects of
the business are kept up to date.
Advisors
One Advisory acts as Group Secretary and support to ensure the necessary information is supplied to Directors on a timely basis and to
enable them to discharge their duties effectively. All Directors have access to the advice of the Group’s solicitors as well as access to
independent professional advice, at the Group’s expense, as and when required.
Neither the Board nor its Committees have sought external advice on a significant matter.
Board evaluation
The Board accepts that the Group does not fully comply with this aspect of the QCA code and has not implemented a Board evaluation. In
the frequent Board meetings, Directors can discuss any areas where they feel a change would benefit the Group, and the independent Group
Secretary and other Group advisers remain on hand to provide impartial advice.
Culture
The Board recognises that its decisions regarding strategy and risk will impact the corporate culture of the Group as a whole and that this
will impact the performance of the Group. Similarly, the tone and culture set by the Board will greatly impact all aspects of the Group as a
whole and the way employees behave. The Corporate Governance arrangements that the Board has adopted are designed to ensure that
the Group delivers long term value to its shareholders and that shareholders have the opportunity to express their views and expectations
for the Group in a manner that encourages open dialogue with the Board. Therefore, the importance of sound ethical values and behaviours
is crucial to the ability of the Group to successfully achieve its corporate objectives.
A large part of the Group’s activities are centred on an open and respectful dialogue with employees, customers and other stakeholders.
The Board places great importance on this aspect of corporate life and seeks to ensure that this flows through all that the Group does. The
Directors consider that the Group has an open culture facilitating comprehensive dialogue and feedback that enables positive and
constructive challenge.
The Board also recognises that as an operator of cinemas within local communities, it has responsibility to engage openly, transparently
and effectively with community stakeholders, local planning and Government agencies.
The Group places considerable emphasis on maintaining good relations with all its employees. The Group places great importance on
managers at each venue being well trained and capable of recruiting, training and developing a strong team and equips them with the
necessary tools in order to provide a positive working environment. The Group regularly communicates important updates with employees
and seeks engagement and consultation whenever making decisions that affect them or their interests. Employees are provided with regular
on-the-job training, including a staff handbook and career development opportunities. The Group places a significant importance on
developing from within.
The Group is an equal opportunities employer and is committed to the employment of people with disabilities and guarantees an interview
for those who meet the minimum selection criteria. The Group provides training and development for people with disabilities tailored, where
appropriate, to ensure they have the opportunity to achieve their potential. If an employee becomes disabled while in our employment the
Group will do its best to retain them, including consulting with them about their requirements, making reasonable and appropriate
adjustments and providing alternative suitable employment where possible.
The Group has an anti-bribery and confidentiality policy in place to ensure the highest standards of personal and professional ethical
behaviour are adhered to. The Company has adopted a code for Directors’ and employees’ dealings in securities in relation to its Ordinary
Shares and related securities which is compliant with AIM as well as being in accordance with the requirements of the Market Abuse
Regulation which came into effect in 2016 and was transposed into British law following Brexit.
There is a system in place for financial reporting and the Board receives regular reports to enable it to carry out these functions in the most
efficient manner. These procedures include the preparation of management accounts, forecast variance analysis and other ad-hoc reports.
There are clearly defined authority limits throughout the Group, including those matters which are reserved specifically for the Board.
The Board has responsibility for the effectiveness of the internal financial control framework. Such a system can only provide reasonable
24
Everyman Media Group PLC
Annual report and financial statements
Corporate Governance (cont.)
and not absolute assurance against material misstatement. The Group does not currently have, nor considers there is currently a need
for, an internal audit function. As the number of venues operated by the Group increases, the Board intends to regularly assess the
ongoing need for strengthening internal financial controls.
The Board’s financial risk management, objectives and policies together with the Board’s policies in respect of credit risk, liquidity risk
and cash flow risk are set out in the notes to the financial statements.
25
Everyman Media Group PLC
Annual report and financial statements
Audit Committee Report
The Audit Committee is chaired by Ruby McGregor-Smith FCA and includes Michael Rosehill FCA and Maggie Todd. Ruby and Michael have
extensive experience as Chartered Accountants working both within audit practice and industry. The Audit Committee met twice during the
year. The external auditor (“auditor”) attended both of these meetings at the invitation of the Committee Chair.
Objectives and Responsibilities
The Committee, operating under its Terms of Reference, discharged its responsibilities by, amongst other things, reviewing and
monitoring:
the consistency of, and any changes to, accounting policies both on a year-on-year basis and across the parent Company and
the Group.
the methods used to account for significant or unusual transactions.
whether the Company has followed appropriate accounting standards and made appropriate estimates and judgments, taking
into account the views of the auditor.
the effectiveness of the auditor and considering and making recommendations on the reappointment of the auditor.
the adequacy and effectiveness of the Company’s internal financial controls and internal control and risk management systems.
the clarity of disclosure in the Company’s financial reports and the context in which statements are made; and
all material information presented with the financial statements, such as the operating and financial review including the audit
and risk management statements within the corporate governance report.
Financial Reporting
The Committee concluded that the Annual Report and financial statements, taken as a whole, were fair, balanced, and understandable and
provided the information necessary for shareholders to assess the Company’s and the Group’s financial position, performance, business
model and strategy.
The Committee reviewed the 2024 full-year and half-year results announcements and considered matters raised by the auditor identifying
certain issues requiring its attention.
The Committee has continued its monitoring of the financial reporting process and its integrity, risk management systems and assurance.
External Audit
The Committee will meet with the auditor at least twice a year, once at the planning stage, where the nature and scope of the audit will be
considered, and once post-audit at the reporting stage. The Committee is responsible for reviewing and approving the annual audit plan
with the auditor and ensuring that it is consistent with the scope of the audit engagement and the effectiveness of the audit.
In addition, the Committee is responsible for reviewing the findings of the audit with the auditor which shall include but not be limited to
discussing any issues which arose during the audit, accounting and audit judgements, levels of errors identified and the effectiveness of the
audit.
BDO LLP were appointed as auditor in 2020 following an audit tender process carried out in 2020. The Company will look to rotate auditors
through an external audit tender by 2029.
The Committee will engage in discussions with the auditor regarding fees, internal controls and such issues as compliance with accounting
standards.
Risk Management and Internal Controls
The Committee shall keep under review the adequacy and effectiveness of the Company’s internal financial controls and risk management
systems including monitoring the proper implementation of such controls and will review and approve the statements to be included in the
annual report concerning internal controls and risk management. The Committee will also consider annually whether there is a need for an
internal audit function and make a recommendation to the Board. At present, the function is not yet considered necessary as day-to-day
control is sufficiently exercised by the Company’s Executive Directors. Further details on the Company’s risk management and internal
controls can be found on pages 9 and 10.
26
Everyman Media Group PLC
Annual report and financial statements
Audit Committee Report (cont.)
The Committee also has a responsibility to review the adequacy of the Company’s arrangements for its employees and contractors to
confidentially raise any concerns about possible wrongdoings regarding financial reporting or other matters. The Audit Committee shall
ensure that these arrangements allow proportionate and independent investigation of such matters and appropriate follow up action. In
addition, the Committee shall review the Company's procedures for detecting fraud and the Company's systems and controls for the
prevention of bribery and receive reports on non-compliance. The Committee will also monitor and ensure the Company's adherence to its
AIM Rules compliance policy.
Significant issues considered by the Audit Committee during the year
During the year the Committee, Management and the auditor considered and concluded what the significant risks and issues were in relation
to the financial statements and how these would be approached. In relation to the 2024 Group financial statements, significant risks have
been identified which are outlined as follows:
Management override of controls
Fraud in revenue recognition
Impairment of goodwill, property, plant and equipment and right of use assets. The Committee agreed the principles of the
impairment model and venues that were considered to have indicators of impairment.
In addition to the above significant risks, the Committee, management and the external auditor considered the following elevated risks:
Accounting for new property leases under IFRS 16
Completeness of lease modifications and rent concessions
Revenue – Film, Food and Beverage
Auditor’s Independence
The Committee approves the auditor’s terms of engagement, scope of work, the process for the interim review and the annual audit. It also
reviews and discusses with the auditor the written reports submitted and the findings of their work. It has primary responsibility for making
recommendations to the Board, for it to put to the shareholders for their approval at a general meeting, in relation to the appointment, re-
appointment, and removal of the auditor.
The Committee is also responsible for reviewing and monitoring the auditor's independence and objectivity as well as their qualifications,
expertise and resources and the effectiveness of the audit process, taking into consideration relevant UK and other relevant professional
and regulatory requirements. The Group have considered the auditor's independence and continues to believe that BDO is independent
within the meaning of all UK regulatory and professional requirements and the objectivity of the audit engagement partner and audit staff
are not impaired.
Ruby McGregor-Smith
Chair
Audit Committee
14 April 2025
27
Everyman Media Group PLC
Annual report and financial statements
Remuneration Committee Report
The Remuneration Committee is chaired by Michael Rosehill (non-executive Director) and includes Charles Dorfman and Ruby McGregor-
Smith. The Committee meets as required during the year and invites recommendations as to remuneration levels, incentive arrangements
for senior executives and proposals regarding share option awards from the Chief Executive Officer.
The Remuneration Committee reviews the performance of the Executive Directors and makes recommendations to the Board on matters
relating to their remuneration and terms of service. The Remuneration Committee also makes recommendations to the Board on proposals
for the granting of share options and other equity incentives pursuant to any employee share option scheme or equity incentive plans in
operation. The Remuneration Committee meets as and when necessary and met four times during 2024.
Bonus plans, share option awards and the Company’s LTIP scheme are regularly reviewed by the Committee to ensure that they are
appropriately incentivising key management.
Responsibilities
The Committee’s principal responsibilities include:
Determining and agreeing with the Board the framework or broad policy for the remuneration of Executive Management;
Reviewing and having regard to pay and employment conditions across the Company when setting remuneration policy for
Executive Management and especially when determining salary increases;
Approving the design of and determining targets for any performance-related pay schemes operated by the Company;
Overseeing the design and application of share options and any other such reward plan in conjunction with the Board; and
Determining the policy for and scope of pension arrangements for Executive Management.
The Non-Executive Directors, whose remuneration is determined by the Board as a whole, receive fees in connection with their services
provided to the Group, to the Board and to Board Committees.
Certain senior staff and Executive Directors receive basic salaries, annual bonuses according to performance against defined targets, and
certain benefits in kind.
Basic Salary
The base salary, benefits in kind and Company pension contributions are determined by the Committee with reference to the experience and
responsibilities of each individual and having regard to prevailing market conditions.
Annual Bonus
Annual bonuses for the Chief Executive Officer, Finance Director and Executive Director are at the discretion of the Committee and are based
on individual and Company performance targets.
Share Options
The Group’s policy is that in addition to their salaries and bonuses, Executive Directors and senior management should be awarded share
options in order that their interests may be more closely aligned with those of shareholders. The company operates a Long-Term Incentive
Plan (LTIP) and the Committee recommended to the Board that share options were awarded and set the performance criteria (see note 29).
The Group also operates a non-approved share incentive plan, and believes that all the venue managers, head office staff, and the Executive
and senior management team should have the opportunity to participate, alongside shareholders, in the long-term growth and success of
the Group. During the year awards were recommended by the Committee (see note 29).
28
Everyman Media Group PLC
Annual report and financial statements
Remuneration Committee Report (cont.)
Directors’ remuneration
For the year ended 02 January 2025
Director
Salary
Pension
Contributions
Other
benefits
Bonus
Share-based
payments
Total
£’000
£’000
£’000
£’000
£’000
£’000
Alexander Scrimgeour
324
10
9
39
580
962
William Worsdell FCA
156
8
2
18
58
242
Adam Kaye
116
-
-
19
-
135
Philip Jacobson FCA
78
-
-
-
-
78
Charles Dorfman
28
1
-
-
-
29
Michael Rosehill FCA
26
-
-
-
-
26
Maggie Todd
44
-
-
-
-
44
Ruby McGregor-Smith FCA
57
-
-
-
-
57
829
19
11
76
638
1,573
For the year ended 28 December 2023
Director
Salary
Pension
Contributions
Other
benefits
Bonus
Share-based
payments
Total
£’000
£’000
£’000
£’000
£’000
£’000
Alexander Scrimgeour
312
10
6
-
368
696
William Worsdell FCA
144
6
1
-
44
195
Paul Wise
31
-
-
-
109
140
Adam Kaye
111
-
-
-
109
220
Philip Jacobson FCA
69
-
-
-
16
85
Charles Dorfman
26
1
-
-
8
35
Michael Rosehill FCA
25
-
-
-
8
33
Maggie Todd
42
-
-
-
-
42
Ruby McGregor-Smith FCA
55
-
-
-
-
55
815
17
7
-
662
1,501
Other benefits include interest in respect of an amount of uncalled share capital due in respect of the issue of performance shares in
Everyman Media Holdings Limited, a subsidiary of the Company, to Alexander Scrimgeour.
Share based payments are valued using the share price at the original grant date.
Remuneration policy for 2025 and future years
The Group remuneration policy is designed to support strategy and promote long-term sustainable success. It is committed to complying
with the principles of good corporate governance in relation to the design of the Group’s remuneration policy. As such, our policy takes
account of the QCA Corporate Governance Code. The Committee also considers other best practice guidance such as the QCA Remuneration
Committee Guide and the Investment Association’s Principles of Remuneration, as far as is appropriate to the Group’s management structure,
size and listing.
Future salary awards and increases will be set in line with relevant market levels, economic changes and to retain and attract high quality
executives. Performance elements of remuneration will have clearly defined and challenging targets that link rewards to business
performance in the short and medium-term. All variable elements of remuneration are subject to clawback or repayment in the event of
serious financial misstatement or misconduct.
29
Everyman Media Group PLC
Annual report and financial statements
Remuneration Committee Report (cont.)
Consideration of Shareholder Views
The Remuneration Committee considers feedback received from Shareholders during any meetings or otherwise from time to time, when
undertaking the Group’s annual review of its Policy. In addition, the Chairman of the Remuneration Committee will seek to engage directly
with institutional Shareholders and their representative bodies should any material changes be made to the Policy.
Consideration of employment conditions elsewhere in the Group
The Remuneration Committee considers any general basic salary increase for the broader employee population when determining the annual
salary increases for the Executive Directors. The Remuneration Committee did not consult with other employees regarding remuneration of
the Executive Directors.
Michael Rosehill
Chair
Remuneration Committee
14 April 2025
30
Everyman Media Group PLC
Annual report and financial statements
Director’s Report
The Directors present their annual report and audited financial statements for the Group for the year ended 02 January 2025 (comparative
period: year ended 28 December 2023).
Results and dividends
The results of the Group are included in the strategic report. Further details are shown in the consolidated statement of profit and loss and
other comprehensive income and the related notes to the financial statements. The Group generated a loss after tax for the year of £8.5m
(2023: £2.7m loss). The Directors do not recommend the payment of a dividend (2023: £nil).
Principal activity
The Group is a leading independent cinema group in the UK. Further information is contained in the strategic report. The subsidiaries of the
Group are set out in the related notes to the financial statements.
Financial risk management: objectives and policies
The financial and other risks to which the Group is exposed, together with the Group’s objectives and policies in respect of these risks, are
set out in the strategic report.
Energy and carbon
Everyman recognises that its operation has an environmental impact globally and is committed to monitoring and reducing its emissions.
The Group is also aware of the reporting obligations under The Companies and Limited Liability Partnerships Regulations 2018. The table
below summarises emissions and energy usage to increase the transparency with which the business communicates about the
environmental impact to stakeholders.
Emissions Source
2024
2023
Natural Gas (Scope 1)
1,031
838
Electricity (Scope 2)
3,015
2,657
Fuel for transport (employees only; Scope 3)
37
33
Total tCO2e
4,083
3,528
Total Energy Usage (kWh)
20,352,805
17,551,870
Energy Intensity – CO2t per ft2
0.0083
0.0074
The EMA methodology has been used to calculate the GhG emissions is in accordance with the relevant requirements of the following
standards:
GHG Reporting Protocol: Corporate Standard
Internal Organisation for Standardisation, ISO (ISO 14064-1:2018)
The Global Reporting Initiative Sustainability Reporting Guidelines
In the period covered by the report, the Group has undertaken the following emissions and energy reduction initiatives:
Continued roll-out of air conditioning controls enabling timing, temperature regulation and demand-controlled ventilation for
auditoria based on occupancy levels
Continued installation of heat recovery reclaiming a portion of the energy used in heating, venting and air conditioning
Continued installation of LED lamps and Passive Infrared Sensors in areas of infrequent occupancy to conserve electricity usage
Continued roll-out of energy saving catering electrical kitchen equipment
Capital structure
The number of Ordinary shares in issue at 02 January 2025 was 91.2m (2023: 91.2m). Total issued options over the share capital of the
Company to members of the Board and to certain employees amounted to 5.1m Ordinary shares (2023: 7.2m Ordinary shares) which, if
exercised, would comprise 5.3% (2023: 7.9%) of the current issued share capital of the Company (see also Directors’ interests below and
the related notes). The shares of the Company are quoted on the London AIM market.
31
Everyman Media Group PLC
Annual report and financial statements
Director’s report (cont.)
Going concern
Current trading is in line with management expectations. Management note encouraging trading in the first quarter of 2025, predominantly
from a strong awards season and the success of Bridget Jones: Mad About The Boy.
The Group notes the 2023 WGA and SAG-AFTRA strikes and the impact that this had on the 2024 film slate. Management consider that the
impact of the strikes has substantially concluded, and that the impact on the 2025 film slate will be negligible. As a result, the Directors
expect Directors expect a continuously improving film slate in 2025 and 2026, and anticipate that admissions will continue to recover towards
pre-pandemic levels.
Banking
The Group retains its three-year facility with Barclays Bank and National Westminster Bank Plc, which runs to 17th August 2026, extendable
by up to two further years subject to lender consent. The Group therefore has no current requirement to re-finance.
At the end of the year, the Group had drawn down £28.0m (2023: £26.0m) on its facilities and held £9.9m in cash (2023: £6.6m). The undrawn
facility was therefore £7.0m (2023: £9.0m) and net banking debt £18.1m (2023: £19.4m).
Covenants on the facility are based on Adjusted Leverage and Fixed Charge Cover. The Group has operated within these covenants all year
and expects to continue to do so going forward.
Base case Scenario
The period forecast is up to 30 April 2026.
The forecast assumes that admissions grow as the film slate recovers towards pre-pandemic levels, as well as in line with the new venue
pipeline. Two new venues are assumed to open in 2025, at Brentford in Q1 and at The Whiteley (Bayswater) in Q3. The forecast also assumes
the opening of a new venue in Lichfield in the first quarter of 2026. Corresponding capital investment has been included for all new openings.
In this scenario the Group maintains significant headroom in its banking facilities.
Stress testing
The Board considers budget assumptions on admissions to be realistic, particularly in light of current trading and the stronger, more
consistently-phased 2025 film slate. A reduction in admissions of 6% during 2025 and 2026 has been modelled. This scenario would cause
a breach in the Adjusted Leverage covenant in September 2025.
If such a scenario were to occur, Management would be able to temporarily reduce administrative expenditure to increase EBITDA and avoid
a breach, without material impact to the Group’s operations and the quality of customer experience. The Group also has the ability to delay
the deployment of capital expenditure.
The Directors believe that the Group is well-placed to manage its financing and other business risks satisfactorily and have a reasonable
expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these
consolidated financial statements.
The Board considers that a 6% reduction in budgeted admissions is very unlikely, particularly in light of business performance in the first
quarter of 2025. As a result, the Board does not believe this to represent a material uncertainty, and therefore consider it appropriate to
adopt the going concern basis of accounting in preparing the financial statements.
32
Everyman Media Group PLC
Annual report and financial statements
Director’s report (cont.)
Substantial shareholdings
As at 02January 2025 the Company was aware of the following interests in 3% or more of the Company’s Ordinary share capital as set out
below.
Shareholder
% of issued share
capital 2024
% of issued share
capital 2023
Blue Coast Private Equity LP
29.20%
23.91%
Gresham House Asset Management
9.56%
9.56%
Samuel Kaye
6.93%
6.89%
Charles Dorfman*
6.44%
6.44%
Otus Capital Management
6.11%
6.33%
Adam Kaye
5.98%
5.98%
Premier Miton Investors
5.84%
5.84%
Killik & Co
3.57%
1.35%
Shore Capital
3.29%
3.29%
*Of the 5,870,027 Ordinary shares Charles Dorfman is interested in 3,213,876 (2023: 3,213,876) Ordinary shares are held by the Lloyd Dorfman Children’s Settlement.
Charles Dorfman is one of the potential beneficiaries of the settlement.
Directors
Biographical details of continuing Directors are set out on the Company’s website: investors.everymancinema.com.
The Directors of the Company during the year were:
Directors
Function
Adam Kaye
Executive Director
Alexander Scrimgeour
Chief Executive Officer
Charles Dorfman (R,N)
Non-Executive Director
Maggie Todd (N,A)
Independent Non-Executive Director
Michael Rosehill FCA (R,A)
Non-Executive Director
Philip Jacobson FCA (N)
Independent Non-Executive Chairman
Ruby McGregor-Smith (R,A)
Independent Non-Executive Director
William Worsdell FCA
Finance Director
R = Member of the remuneration committee
N = Member of the nominations committee
A = Member of the audit committee
Directors’ interests in the Company
The following Directors held shares in the Company at the year-end (there were no significant changes between the shareholdings at the
year end and the date of this report):
Director
Number of
Ordinary shares
2024
% of issued
share capital
2024
Number of
Ordinary shares
2023
% of issued
share capital
2023
Charles Dorfman
5,870,027
6.44%
5,870,027
6.44%
Adam Kaye
5,449,956
5.98%
5,449,956
5.98%
Alexander Scrimgeour
307,652
0.34%
307,652
0.34%
Michael Rosehill FCA*
218,710
0.24%
218,710
0.24%
Philip Jacobson FCA
98,336
0.11%
98,336
0.11%
William Worsdell FCA
16,949
0.02%
16,949
0.02%
*Michael Rosehill is a Director of Blue Coast Private Equity and therefore has an interest in its shareholding.
33
Everyman Media Group PLC
Annual report and financial statements
Director’s report (cont.)
As at the Balance Sheet date, the following options over Ordinary shares were held by the Directors (see also notes to the financial
statements):
Director
Grant
Date
Exercise
Price
Pence
28
December
2023
Number
Issued in
the year
Number
Lapsed in
the year
Number
Exercised
in the year
Number
02 January 2025
Number
Alexander Scrimgeour
8 April 21
100
1,000,000
-
-
-
1,000,000
24 Oct 22
10
37,333
-
-
-
37,333
31 Jan 23
10
70,827
-
-
-
70,827
16 Apr 24
10
-
344,177
(275,342)
-
68,835
Adam Kaye
12 Nov 20
94
533,333
-
-
-
533,333
Philip Jacobson
29 Oct 13
83
100,000
-
-
-
100,000
Charles Dorfman
29 Oct 13
83
50,000
-
-
-
50,000
Michael Rosehill
04 Nov 13
83
50,000
-
-
-
50,000
William Worsdell
05 May 22
60
100,000
-
-
-
100,000
27 June 22
60
100,000
-
-
-
100,000
24 Oct 22
10
9,312
-
-
-
9,312
31 Jan 23
10
29,545
-
-
-
29,545
16 Apr 24
10
-
165,664
(132,531)
-
33,133
Total
2,080,350
509,841
(407,873)
-
2,182,318
In addition to the options in the table above, Alexander Scrimgeour holds Growth Shares in Everyman Media Holdings Limited which subject
to certain performance conditions can be exchanged for new shares in Everyman Media Group PLC.
Director
Grant Date
Exercise
Price
(Pence)
28
December
2023
Number
Issued in
the Year
Lapsed in
the Year
Exercised
in the
Year
02 January
2025
Number
Alexander Scrimgeour
10 June 21
60
1,000,000
-
-
-
1,000,000
10 June 21
60
1,000,000
-
-
-
1,000,000
Total
2,000,000
-
-
-
2,000,000
No share options (2023: Nil) were exercised by Directors during the year.
Policy and practice on the payment of creditors
The policy of the Group is to settle supplier invoices within the terms and conditions of trade agreed with individual suppliers, unless other
arrangements have been agreed.
34
Everyman Media Group PLC
Annual report and financial statements
Director’s report (cont.)
Employees
Employee involvement
The Group places considerable emphasis on maintaining good relations with all its employees. The Group places great importance on
managers at each venue being well trained and capable of recruiting, training and developing a strong team and the Group equips them
with the necessary tools in order to provide a positive working atmosphere. Employees are provided with regular on-the-job training and
career development opportunities and the Group places a significant importance on developing from within.
Employment of disabled persons
The Group is an equal opportunities employer and is committed to the employment of people with disabilities and guarantees an interview
for those who meet the minimum selection criteria. The Group provides training and development for people with disabilities tailored,
where appropriate, to ensure they have the opportunity to achieve their potential. If a Group employee becomes disabled while in our
employment the Group will do its best to retain them, including consulting with them about their requirements, making reasonable and
appropriate adjustments and providing alternative suitable employment where possible.
Political and charitable donations
The Group made charitable donations in the year of £Nil (2023: £Nil).
Disclosure of information to auditor
In the case of each person who was a Director at the time this report was approved:
So far as that each Director was aware, there was no relevant available information of which the Company’s auditor is
unaware
Each Director has taken all steps that they ought to have taken as a Director to make himself aware of any relevant audit
information and to establish that the Company’s auditor was aware of that information.
Auditor
In accordance with s489 of the Companies Act 2006, a resolution for the re-appointment of BDO LLP as auditor of the Company is to be
proposed at the forthcoming annual general meeting.
Internal financial control
The Group operates a system of internal financial controls commensurate with its current size and activities, which is designed to ensure
that the possibility of misstatement or loss is kept to a minimum. There is a system in place for financial reporting and the Board receives
regular reports to enable it to carry out these functions in the most efficient manner. These procedures include the preparation of
management accounts, forecast variance analysis and other ad hoc reports. There are clearly defined authority limits throughout the Group,
including those matters which are reserved specifically for the Board.
The Board has responsibility for the effectiveness of the internal financial control framework. Such a system can only provide reasonable
and not absolute assurance against material misstatement. The Group does not currently have, nor considers there is currently a need for,
an internal audit function. As the number of sites operated by the Group increases the Board intends to regularly assess the ongoing need
for strengthening internal financial controls.
The Board’s financial risk management, objectives and policies together with the Board’s policies in respect of price risk, credit risk,
liquidity risk and cash flow risk are set out in the notes to the financial statements.
On behalf of the Board
Alexander Scrimgeour
CEO
Everyman Media Group PLC
Studio 4, 2 Downshire Hill
London NW3 1NR
14 April 2025
35
Everyman Media Group PLC
Annual report and financial statements
Statement of Directors’ responsibilities in respect of the annual report and financial statements
The Directors are responsible for preparing the annual report and the Group and parent Company financial statements in accordance with
applicable laws and regulations.
Company law requires the Directors to prepare financial statements for each financial year. Under that law the Directors are required to
prepare the Group financial statements in accordance with UK adopted International Accounting Standards and the parent Company financial
statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and
applicable law).
Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of
the state of affairs of the Group and parent Company and of the profit or loss of the Group for that period.
In preparing each of the Group and Parent company financial statements, the Directors are required to:
Select suitable accounting policies and then apply them consistently.
Make judgements and estimates that are reasonable, relevant, reliable and prudent.
For the Group financial statements, state whether they have been prepared in accordance with UK adopted international
accounting standards subject to any material departures disclosed and explained in the financial statements.
For the parent Company financial statements, 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 Group and parent
Company will continue in business.
The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the parent Company’s
transactions and disclose with reasonable accuracy at any time the financial position of the parent Company and enable them to ensure that
its financial statements comply with the Companies Act 2006. They are responsible for such internal control as they determine is necessary
to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error, and have general
responsibility for taking such steps as are reasonably open to them to safeguard the assets of the Group and to prevent and detect fraud
and other irregularities.
The Directors are responsible for ensuring the annual report and the financial statements are made available on a website. Financial
statements are published on the company's website in accordance with legislation in the United Kingdom governing the preparation and
dissemination of financial statements, which may vary from legislation in other jurisdictions. The maintenance and integrity of the company's
website is the responsibility of the Directors. The Directors' responsibility also extends to the ongoing integrity of the financial statements
contained therein.
36
Everyman Media Group PLC
Annual report and financial statements
Independent auditor's report to the members of Everyman Media Group PLC
Opinion on the financial statements
In our opinion:
•
the financial statements give a true and fair view of the state of the Group’s and of the Parent Company’s affairs as at 02 January
2025 and of the Group’s loss for the year then ended;
•
the Group financial statements have been properly prepared in accordance with UK adopted international accounting standards;
•
the Parent Company financial statements have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice; and
•
the financial statements have been prepared in accordance with the requirements of the Companies Act 2006.
We have audited the financial statements of Everyman Media Group plc (the ‘Parent Company’) and its subsidiaries (the ‘Group’) for the
year ended 02 January 2025 which comprise the Consolidated Statement of Profit and loss and other comprehensive income, the
Consolidated Balance Sheet, the Consolidated Statement of changes in equity, the Consolidated Cash flow statement, the Company
balance sheet, the Company Statement of changes in equity and notes to the financial statements, including a summary of material
accounting policy information.
The financial reporting framework that has been applied in the preparation of the Group financial statements is applicable law and UK
adopted international accounting standards. The financial reporting framework that has been applied in the preparation of the Parent
Company financial statements is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 101
Reduced Disclosure Framework (United Kingdom Generally Accepted Accounting Practice).
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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Independence
We remain independent of the Group and the Parent Company 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 as applied to listed entities, and we have fulfilled our other ethical
responsibilities in accordance with these requirements.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Directors’ use of the going concern basis of accounting in the preparation
of the financial statements is appropriate. Our evaluation of the Directors’ assessment of the Group and the Parent Company’s ability to
continue to adopt the going concern basis of accounting included:
obtaining an understanding of how the Directors undertook the going concern assessment process to determine if we considered
it to be appropriate for the current economic circumstances;
obtaining the Directors’ base case forecast and stress test scenarios underlying the going concern assessment and considering
sensitivities over the level of financial resources indicated by the financial forecasts including admissions, average ticket prices
and spend per head;
testing the mathematical accuracy of the forecasts used in management’s going concern assessment;
confirming compliance with loan covenants is expected during the forecast period based on the above scenarios to identify the
existence of breaches;
obtaining copies of latest banking facility agreements, and checking management have reflected debt service costs and covenant
tests accurately in their models;
comparing post year end trading performance against the forecasts to evaluate the achievability of the forecasts prepared; and
considering whether the going concern disclosures in note 2 to the financial statements give a full and accurate description of
the Directors’ assessment of going concern.
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 Group and the Parent Company’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.
37
Everyman Media Group PLC
Annual report and financial statements
Independent auditor's report to the members of Everyman Media Group PLC
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this
report.
Overview
Key audit matters
Current
year
Prior
year
Impairment of the carrying value of cinema
venues
Materiality
Group financial statements as a whole
£1,000,000 (2023: £900,000) based on 1% (2023: 1%) of revenue
An overview of the scope of our audit
Our Group audit was scoped by obtaining an understanding of the Group and its environment, the applicable financial reporting framework
and the Group’s system of internal control. On the basis of this, we identified and assessed the risks of material misstatement of the Group
financial statements including with respect to the consolidation process. We then applied professional judgement to focus our audit
procedures on the areas that posed the greatest risks to the group financial statements. We continually assessed risks throughout our audit,
revising the risks where necessary, with the aim of reducing the group risk of material misstatement to an acceptable level, in order to
provide a basis for our opinion.
Components in scope
The group comprises a single business unit operating cinema venues across the United Kingdom. All trading activity is undertaken within
one subsidiary, Everyman Media Limited. All other group companies are non-trading holding or financing companies. A consistent control
environment is applied across the group with a centralised finance function at head office.
As part of performing our Group audit, we have therefore determined that the group comprises a single component. As a result our scope
addressed 100% of the Group’s revenue, loss before tax and total assets.
Procedures performed at the component level
Procedures were performed on the entire financial information of the group as a single component. The Group engagement team has
performed all procedures directly, and has not involved component auditors in the Group audit.
Procedures performed centrally
We considered there to be a high degree of centralisation of financial reporting, commonality of controls and similarity of the group’s
activities and business lines in relation to all financial statement areas. We therefore designed and performed procedures centrally across
the entire group.
The group operates a centralised IT function that supports IT processes for certain components. This IT function is subject to specified risk-
focused audit procedures, predominantly the testing of the relevant IT general controls and IT application controls.
Changes from the prior year
In substance there has been no change in the group audit scope from the prior year.
38
Everyman Media Group PLC
Annual report and financial statements
Independent auditor's report to the members of Everyman Media Group PLC
Climate change
Our work on the assessment of potential impacts of climate-related risks on the Group’s operations and financial statements included:
Enquiries and challenge of management to understand the actions they have taken to identify climate-related risks and their
potential impacts on the financial statements and adequately disclose climate-related risks within the annual report and;
Our own qualitative risk assessment taking into consideration the sector in which the Group operates and how climate change
affects this particular sector;
We challenged the extent to which climate-related considerations, including the expected cash flows from the initiatives and
commitments have been reflected, where appropriate, in the Directors’ going concern assessment.
We also assessed the consistency of management’s disclosures included Climate Related Financial Disclosures with the financial
statements and with our knowledge obtained from the audit.
Based on our risk assessment procedures, we did not identify there to be any Key Audit Matters materially impacted by climate-related
risks.
Key audit matters
Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements
of the current period and include the most significant assessed risks of material misstatement (whether or not due to fraud) that we
identified, including those which had the greatest effect on: the overall audit strategy, the allocation of resources in the audit, and directing
the efforts of the engagement team. These matters were addressed in the context of our audit of the financial statements as a whole, and
in forming our opinion thereon, and we do not provide a separate opinion on these matters.
Key audit matter
How the scope of our audit addressed the key audit matter
Impairment of the carrying
value of cinema venues
See accounting
policy in note 2,
note 15 Property,
plant and
equipment, note
16 Leases, and note
17 Goodwill and
intangible assets
and note 18 Impairment.
Impairment charge for the
year was £2,626,000
(2023: £724,000).
The carrying value of
cinema venues comprises
assets contained within
property, plant and
equipment of
£104,586,000 (2023:
£101,544,000), right-of-use
assets of £63,515,000
(2023: £68,088,000), and
Intangibles of £9,247,000
(2023: £9,388,000).
Property, plant and equipment (PPE),
including the right-of-use assets (ROU
Assets) and intangibles are significant
balances. Cash Generating Units (CGU)
are assessed for impairment on an
individual venue basis, which
management believes is the lowest level
for which there are identifiable cash
flows.
CGU’s containing goodwill are subject to
annual impairment reviews. The
remaining CGU’s have been subject to an
impairment trigger analysis.
Impairment reviews require use of
assumptions, including discount rates,
forecast admissions, average ticket price
and spend per head.
The assessment of any potential
impairment of the carrying values are
subject to management judgment and
estimation uncertainty where there is a
requirement to estimate the recoverable
amount.
Due to the high degree of estimation
uncertainty included in impairment
We have obtained management’s impairment analysis and:
checked the mathematical accuracy of the cash flow
forecasts and impairment models, checking consistency
with the requirements of the applicable accounting
standard;
agreed the budgeted performance data to board approved
forecasts and evaluated the process by which
management prepared its forecast, including whether it
appropriately factored in higher salary costs following the
Autumn budget and the potential impacts of higher
inflation, and any expected decline in consumer spending;
challenged the appropriateness of key estimates and
assumptions used by management within the forecast
model including admissions, average ticket price and
spend per head, comparing these against prior periods,
industry peers and external sources of data including
industry outlook reports;
reviewed management’s sensitivity analysis and
considered whether a reasonable change in assumptions
could indicate a potential impairment; and
with the assistance of our internal valuation experts, we
assessed the appropriateness of the discount rate and
impairment model used to calculate value in use.
39
Everyman Media Group PLC
Annual report and financial statements
models we consider this to be a
significant risk and key audit matter.
We also critically reviewed completeness and accuracy of
disclosures relating to assumptions used in management’s
model.
Key observations:
We are satisfied that the judgements applied by management
and disclosures within the financial statements are appropriate.
Our application of materiality
We apply the concept of materiality both in planning and performing our audit, and in evaluating the effect of misstatements. We consider
materiality to be the magnitude by which misstatements, including omissions, could influence the economic decisions of reasonable users
that are taken on the basis of the financial statements.
In order to reduce to an appropriately low level the probability that any misstatements exceed materiality, we use a lower materiality level,
performance materiality, to determine the extent of testing needed. Importantly, misstatements below these levels will not necessarily be
evaluated as immaterial as we also take account of the nature of identified misstatements, and the particular circumstances of their
occurrence, when evaluating their effect on the financial statements as a whole.
Based on our professional judgement, we determined materiality for the financial statements as a whole and performance materiality as
follows:
Group financial statements
Parent company financial statements
2 January 2025
28 December 2023
2 January 2025
28 December 2023
Materiality
£1,000,000
£900,000
£2,000,000
£1,989,000
Basis for determining materiality
1% of Group Revenue
1% of Group Revenue
2% of Company net
assets
2% of Company net
assets
Rationale for the benchmark
applied
As the Group continues to expand through
investment in new venues, advertising and
promotion, we consider revenue to be the most
stable measure on which to base materiality and
provides users of the financial statements with
the most appropriate benchmark to assess
performance of the Group.
We have selected net assets as the appropriate
benchmark as it most accurately reflects the
Parent Company’s status as a non- trading
holding company.
Performance materiality
£700,000
£630,000
£1,500,000
£1,390,000
Basis for determining
performance materiality
70% of Group materiality
70% of Parent company materiality
Rationale for the percentage
applied for performance
materiality
In setting the level of performance materiality, we have considered the level of specific risk
associated with the audit, including the potential for aggregation and sampling risk across the Group.
Component performance materiality
For the purposes of our Group audit opinion, we set performance materiality for the sole component of the Group, in line with Group
performance materiality set out above. This resulted in group performance materiality being applied to all financial statement areas in the
Parent Company that were relevant to the Group financial statements, even though Parent Company materiality was higher.
Reporting threshold
We agreed with the Audit Committee that we would report to them all individual audit differences in excess of £40,000 (2023: £36,000).
We also agreed to report differences below this threshold that, in our view, warranted reporting on qualitative grounds.
40
Everyman Media Group PLC
Annual report and financial statements
Independent auditor's report to the members of Everyman Media Group PLC
Other information
The directors are responsible for the other information. The other information comprises the information included in the document entitled
annual report and financial statements other than the financial statements and our auditor’s report thereon. 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. 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 course of 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 this gives rise to a material misstatement in the financial statements themselves. 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.
Other Companies Act 2006 reporting
Based on the responsibilities described below and our work performed during the course of the audit, we are required by the Companies Act
2006 and ISAs (UK) to report on certain opinions and matters as described below.
Strategic report and
Directors’ report
In our opinion, based on the work undertaken in the course of the audit:
the information given in the Strategic report and the Directors’ report for the financial year for which the
financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors’ report have been prepared in accordance with applicable legal
requirements.
In the light of the knowledge and understanding of the Group and Parent Company and its environment obtained
in the course of the audit, we have not identified material misstatements in the strategic report or the Directors’
report.
Matters on which
we are required to
report by exception
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006
requires us to report to you if, in our opinion:
adequate accounting records have not been kept by the Parent Company, or returns adequate for our
audit have not been received from branches not visited by us; or
the Parent Company financial statements are not in agreement with the accounting records and
returns; or
certain disclosures of Directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of Directors
As explained more fully in the Statement of Directors’ responsibilities, the Directors 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 Directors 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 Directors are responsible for assessing the Group’s and the Parent Company’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
Directors either intend to liquidate the Group or the Parent Company 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.
41
Everyman Media Group PLC
Annual report and financial statements
Independent auditor's report to the members of Everyman Media Group PLC
Extent to which the audit was capable of detecting irregularities, including fraud
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:
Non-compliance with laws and regulations
Based on:
Our understanding of the Group and the industry in which it operates;
Discussion with management and those charged with governance and the Audit Committee; and
Obtaining an understanding of the Group’s policies and procedures regarding compliance with laws and regulations
we considered the significant laws and regulations to be the applicable accounting frameworks, the UK Companies Act, UK tax legislation
and the AIM Listing Rules
The Group is also subject to laws and regulations where the consequence of non-compliance could have a material effect on the amount
or disclosures in the financial statements, for example through the imposition of fines or litigations. We identified such laws and
regulations to be Health and safety regulations, the Data Protection Act, Food hygiene regulations, Alcohol licencing, the British Board of
Film Classification and Premises licencing (under the licencing act 2003).
Our procedures in respect of the above included:
Review of minutes of meetings of those charged with governance for any instances of non-compliance with laws and
regulations;
Review of correspondence with regulatory and tax authorities for any instances of non-compliance with laws and regulations;
Review of financial statement disclosures and agreeing to supporting documentation;
Involvement of tax specialists in the audit;
Review of legal expenditure accounts to understand the nature of expenditure incurred; and
Enquiries of management, those charged with governance and the Audit Committee regarding any non-compliance with laws
and regulations;
Fraud
We assessed the susceptibility of the financial statements to material misstatement, including fraud. Our risk assessment procedures
included:
Enquiry with management and those charged with governance and the Audit Committee regarding any known or suspected
instances of fraud;
Obtaining an understanding of the Group’s policies and procedures relating to:
o
Detecting and responding to the risks of fraud; and
o
Internal controls established to mitigate risks related to fraud.
Review of minutes of meetings of those charged with governance for any known or suspected instances of fraud;
Discussion amongst the engagement team as to how and where fraud might occur in the financial statements;
Performing analytical procedures to identify any unusual or unexpected relationships that may indicate risks of material
misstatement due to fraud; and
Considering remuneration incentive schemes and performance targets and the related financial statement areas impacted by
these.
Based on our risk assessment, we considered the areas most susceptible to fraud to be revenue recognition and management override of
controls.
42
Everyman Media Group PLC
Annual report and financial statements
Independent auditor's report to the members of Everyman Media Group PLC
Our procedures in respect of the above included:
Testing a sample of journal entries throughout the year, which met a defined risk criteria, by agreeing to supporting
documentation;
Testing a sample of journal entries posted as part of the financial statement preparation and consolidation process, by agreeing
to supporting documentation;
Performing testing to identify journal entries impacting revenue which did not follow the expected business process and
validating these journals with reference to supporting documentation;
Reconciliation of revenue to receipts in the bank; and
Assessing significant estimates made by management for bias including those in relation to the Impairment of the carrying
value of cinema venues outlined in the Key audit matters section.
We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members who were all
deemed to have appropriate competence and capabilities and remained alert to any indications of fraud or non-compliance with laws and
regulations throughout the audit.
Our audit procedures were designed to respond to risks of material misstatement in the financial statements, recognising that 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, misrepresentations or through collusion. There are inherent limitations in the audit
procedures performed and the further removed non-compliance with laws and regulations is from the events and transactions reflected in
the financial statements, the less likely we are to become aware of it.
A
further
description
of
our
responsibilities
is
available
on
the
Financial
Reporting
Council’s
website
at:
www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the Parent Company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.
Our audit work has been undertaken so that we might state to the Parent Company’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 Parent Company and the Parent Company’s members as a body, for our audit work, for this report, or for the opinions
we have formed.
Daniel Henwood (Senior Statutory Auditor)
For and on behalf of BDO LLP, Statutory Auditor
Reading, UK
Date:
BDO LLP is a limited liability partnership registered in England and Wales (with registered number OC305127).
14 April 2025
43
Everyman Media Group PLC
Annual report and financial statements
Consolidated statement of profit and loss and other
comprehensive income for the year ended 02 January 2025
Year ended
Year ended
02 January
28 December
2025
2023
Note
£000
£000
Revenue
6
107,173
90,859
Cost of sales
(38,106)
(32,724)
Gross profit
69,067
58,135
Other Operating Income
11
506
647
Administrative expenses
(72,935)
(58,834)
Operating (loss)
(3,362)
(52)
Financial expenses
12
(6,855)
(5,449)
Loss before tax
(10,217)
(5,501)
Tax credit
13
1,682
2,805
Loss for the year
(8,535)
(2,696)
Total comprehensive loss for the year
(8,535)
(2,696)
Basic loss per share (pence)
14
(9.36)
(2.96)
Diluted loss per share (pence)
14
(9.36)
(2.96)
All amounts relate to continuing activities.
44
Everyman Media Group PLC
Annual report and financial statements
Non-GAAP measure: adjusted EBITDA
Year ended
Year ended
02 January
28 December
2025
2023
£000
£000
Adjusted EBITDA
16,170
16,180
Before:
Depreciation and amortisation
15/16/17
(14,867)
(13,152)
Loss on disposal of Property, Plant & Equipment
(241)
(121)
Impairment
18
(2,626)
(724)
Pre-opening expenses*
(888)
(934)
Exceptional**
(316)
(481)
Share-based payment expense
29
(594)
(820)
Operating loss
(3,362)
(52)
*Pre-opening expenses mainly include venue staff costs (new venue preparation and staff training) and property expenses (such as
utilities, service charges and business rates) incurred prior to a new venue opening.
**Exceptional costs mainly relate to IT restructuring costs, as well as abortive recruitment costs relating to certain Head Office teams.
45
Everyman Media Group PLC
Annual report and financial statements
Consolidated balance sheet at 02 January 2025
Registered in England and Wales
Company number: 08684079
02 January
28 December
2025
2023
Note
£000
£000
Assets
Non-current assets
Property, plant and equipment
15
104,586
101,544
Right-of-use assets
16
63,515
68,088
Intangible assets
17
9,247
9,388
Deferred tax assets
27
4,487
2,805
Trade and other receivables
20
333
173
182,168
181,998
Current assets
Inventories
19
964
858
Trade and other receivables
20
7,386
5,216
Cash and cash equivalents
22
9,883
6,645
18,233
12,719
Total assets
200,401
194,717
Liabilities
Current liabilities
Trade and other payables
21
28,125
19,455
Lease liabilities
16
2,146
2,824
30,271
22,279
Non-current liabilities
Loans and borrowings
22
28,000
26,000
Other provisions
26
1,596
1,631
Lease liabilities
16
104,082
100,414
133,678
128,045
Total liabilities
163,949
150,324
Net assets
36,452
44,393
Equity attributable to owners of the Company
Share capital
28
9,118
9,118
Share premium
57,112
57,112
Merger reserve
11,152
11,152
Other reserve
83
83
Retained earnings
(41,013)
(33,072)
Total equity
36,452
44,393
These financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and signed on its behalf by:
William Worsdell
Finance Director
46
Everyman Media Group PLC
Annual report and financial statements
Consolidated statement of changes in equity for the year ended 02 January 2025
Note
Share
capital
£000
Share
premium
£000
Merger
reserve
£000
Other
reserve
£000
Retained
earnings
£000
Total
Equity
£000
Balance at 29 December 2022
9,118
57,112
11,152
83
(31,196)
46,269
Loss for the year
-
-
-
-
(2,696)
(2,696)
Total comprehensive loss
-
-
-
-
(2,696)
(2,696)
Share-based payments
29
-
-
-
-
820
820
Total transactions with owners of the parent
-
-
-
-
820
820
Balance at 28 December 2023
9,118
57,112
11,152
83
(33,072)
44,393
Loss for the year
-
-
-
-
(8,535)
(8,535)
Total comprehensive loss
-
-
-
-
(8,535)
(8,535)
Share-based payments
29
-
-
-
-
594
594
Total transactions with owners of the parent
-
-
-
-
594
594
Balance at 02 January 2025
9,118
57,112
11,152
83
(41,013)
36,452
47
Everyman Media Group PLC
Annual report and financial statements
Consolidated cash flow statement for the year ended 02 January 2025
02 January
28 December
2025
2023
Note
£000
£000
Cash flows from operating activities
Loss for the year
(8,535)
(2,696)
Adjustments for:
Financial expenses
12
6,855
5,449
Tax credit
27
(1,682)
(2,805)
Operating loss
(3,362)
(52)
Depreciation and amortisation
15,16,17
14,867
13,152
Loss on disposal of property, plant and equipment
241
122
Impairment
18
2,626
724
Loss on lease modification
-
15
Share-based payment expense
29
594
820
14,966
14,781
Changes in working capital:
Increase in inventories
(106)
(168)
(Increase)/decrease in trade and other receivables
(2,330)
850
Increase in trade and other payables
9,045
2,423
Net cash generated from operating activities
21,575
17,886
Cash flows from investing activities
Proceeds from sale of assets
-
6,490
Business combinations
-
(1,250)
Acquisition of property, plant and equipment
(15,433)
(18,586)
Acquisition of intangible assets
(640)
(829)
Net cash used in investing activities
(16,073)
(14,175)
Cash flows from financing activities
Repayment of existing loan facility
-
(24,000)
Repayment of bank borrowings
22
(3,000)
-
Drawdown of bank borrowings
22
5,000
28,000
Lease payments – interest
16
(4,363)
(3,409)
Lease payments – capital
16
(3,330)
(3,104)
Landlord capital contributions received
16
5,680
4,054
Loan arrangement fees paid
-
(263)
Interest paid
(2,251)
(2,045)
Net cash used in financing activities
(2,264)
(767)
Net increase in cash and cash equivalents
3,238
2,944
Cash and cash equivalents at the beginning of the year
6,645
3,701
Cash and cash equivalents at the end of the year
9,883
6,645
The Group had £7,000,000 of undrawn funds available of a £35,000,000 facility (2023: £9,000,000 of a £35,000,000 facility) at the year
end.
48
Everyman Media Group PLC
Annual report and financial statements
Notes to the financial statements
1 General information
Everyman Media Group PLC and its subsidiaries (together, the Group) are engaged in the ownership and management of cinemas in the
United Kingdom. Everyman Media Group PLC (the Company) is a public company limited by shares registered, domiciled and incorporated in
England and Wales, in the United Kingdom (registered number 08684079). The address of its registered office is Studio 4, 2 Downshire Hill,
London NW3 1NR. All trade takes place in the United Kingdom.
2 Basis of preparation and accounting policies
The consolidated financial statements of the Group have been prepared in accordance with UK adopted International Accounting Standards.
The financial statements are prepared on the historical cost basis.
The preparation of financial statements in compliance with UK adopted International Accounting Standards requires the use of certain
critical accounting estimates, it also requires Group management to exercise judgements and estimates in preparing the financial
statements. Their effects are disclosed in the notes below.
The accounting policies set out below have, unless otherwise stated, been applied consistently to all periods presented in these Group
financial statements. The Group prepares its financial statements on a 52/53 week basis. The year end date is determined by the 52nd
Thursday in the year. A 53rd week is reported where the year end date is no longer aligned with 7 days either side of 31st December. The
year ended 02 January 2025 is a 53-week period. The comparative period is a 52 week period.
Amounts are rounded to the nearest thousand, unless otherwise stated.
Going concern
Current trading is in line with management expectations. Given the increased number of wide releases year-on-year, commitment to the
theatrical window from distributors and new investment from streamers in content for cinema, management expect admissions to continue
to recover towards pre-pandemic levels. Paid for Average Ticket Price and Spend per Head have continued to grow steadily despite well-
publicised concerns over consumer spends.
Banking
At the end of the year, the Group had drawn down £28.0m on its facilities and held £9.9m in cash; the undrawn facility was therefore £7m
and net banking debt £18.1m.
The Group’s Revolving Credit Facility has leverage and fixed charge cover covenants. The Board has reviewed forecast scenarios and is
confident that the business can continue to operate with sufficient headroom. These forecasts include prudent assumptions around increased
to admissions, as well as wage increases and inflation.
In light of this, the Board consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
49
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
2 Basis of preparation and accounting policies (continued)
Going Concern (continued)
Base case Scenario
The period forecast is up to 30 April 2026.
The forecast assumes that admissions grow as the film slate recovers towards pre-pandemic levels, as well as in line with the new venue
pipeline. Two new venues are assumed to open in 2025, at Brentford in Q1 and at The Whiteley (Bayswater) in Q3. The forecast also assumes
the opening of a new venue in Lichfield in the first quarter of 2026. Corresponding capital investment has been included for all new openings.
In this scenario the Group maintains significant headroom in its banking facilities.
Stress testing
The Board considers budget assumptions on admissions to be realistic, particularly in light of current trading and the stronger, more
consistently-phased 2025 film slate. A reduction in admissions of 6% during 2025 and 2026 has been modelled. This scenario would cause
a breach in the Adjusted Leverage covenant in September 2025.
If such a scenario were to occur, Management would be able to temporarily reduce administrative expenditure to increase EBITDA and avoid
a breach, without material impact to the Group’s operations and the quality of customer experience. The Group also has the ability to delay
the deployment of capital expenditure.
The Directors believe that the Group is well-placed to manage its financing and other business risks satisfactorily and have a reasonable
expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these
consolidated financial statements.
The Board considers that a 6% reduction in budgeted admissions is very unlikely, particularly in light of business performance in the first
quarter of 2025. As a result, the Board does not believe this to represent a material uncertainty, and therefore consider it appropriate to
adopt the going concern basis of accounting in preparing the financial statements.
Use of non-GAAP profit and loss measures
The Group believes that along with operating loss, adjusted EBITDA provides additional guidance to the statutory measures of the
performance of the business during the financial year. The reconciliation between operating loss and adjusted EBITDA is shown on page 44.
Adjusted EBITDA is calculated by adding back depreciation, amortisation, profit or loss on disposal of Property, Plant & Equipment, pre-
opening expenses and certain non-recurring or non-cash items. Adjusted EBITDA is an internal measure used by management as they believe
it better reflects the underlying performance of the Group beyond generally accepted accounting principles.
Exceptional items relate to IT restructuring costs, as well as abortive recruitment costs relating to certain Head Office teams.
Basis of consolidation
Where the Group has power, either directly or indirectly so as to have the ability to affect the amount of the investor returns and has
exposure or rights to variable returns from its involvement with the investee, it is classified as a subsidiary. The balance sheet at 02 January
2025 incorporates the results of all subsidiaries of the Group for all years and periods, as set out in the basis of preparation and accounting
policies.
Intra-Group balances and transactions, and any unrealised income and expenses arising from intra-Group transactions, are eliminated.
Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment.
The consolidated financial statements include the results of the Company and all its subsidiary undertakings made up to the same accounting
date.
50
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
2 Basis of preparation and accounting policies (continued)
Merger reserve
On 29 October 2013 the Company became the new holding company for the Group. This was put into effect through a share-for-share
exchange of 1 Ordinary share of 10 pence in Everyman Media Group PLC for 1 Ordinary share of 10 pence in Everyman Media Holdings
Limited (previously, Everyman Media Group Limited), the previous holding company for the Group. The value of 1 share in the Company was
equivalent to the value of 1 share in Everyman Media Holdings Limited.
The accounting treatment for group reorganisations is presented under the scope of IFRS 3. The introduction of the new holding company
was accounted for as a capital reorganisation using the principles of reverse acquisition accounting under IFRS 3. Therefore, the consolidated
financial statements are presented as if Everyman Media Group PLC has always been the holding company for the Group. The Company was
incorporated on 10 September 2013.
The use of merger accounting principles has resulted in a balance in Group capital and reserves which has been classified as a merger
reserve and included in the Group’s shareholders’ funds.
The Company recognised the value of its investment in Everyman Media Holdings Limited at fair value based on the initial share placing
price on admission to AIM. As permitted by s612 of the Companies Act 2006, the amount attributable to share premium was transferred to
the merger reserve.
Revenue recognition
Revenue for the Group is measured at the fair value of the consideration received or receivable. The Group recognises revenue for services
provided when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.
Most of the Group’s revenue is derived from the sale of tickets for film admissions and the sale of food and beverage, and therefore the
amount of revenue earned is determined by reference to the prices of those items. The Group’s revenues from film and entertainment
activities are recognised on completion of the showing of the relevant film. The Group’s revenues for food and beverages are recognised at
the point of sale as this is the time the performance obligations have been met.
Bookings, gift cards and similar income which are received in advance of the related performance are classified as deferred revenue and
shown as a liability until completion of the performance obligation.
Contractual-based revenue from Everywhere (unlimited tickets) memberships is initially classified as deferred revenue and subsequently
recognised on a straight-line basis over the year. Revenue from Everyman and Everyicon is classified as deferred revenue and subsequently
recognised in line with ticket usage. Advertising revenue is recognised at the point the advertisement is shown in the cinemas.
Fees charged for advanced bookings of tickets are recognised at the point when the tickets are purchased.
Goodwill
Goodwill is stated at cost less any accumulated impairment losses. Goodwill is allocated to cash-generating units and is not amortised but
is tested annually for impairment. Goodwill represents the excess of the costs of a business combination over the acquisition date fair values
of the identifiable assets, liabilities and contingent liabilities acquired. Goodwill is capitalised as an intangible asset.
The recoverable amount of an asset or cash-generating unit (CGU) is the greater of its value-in-use and its fair value less costs to sell. In
assessing value-in-use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects
current market assessments of the time value of money and the risks specific to the asset. For the purpose of impairment testing, assets
that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use
that are largely independent of the cash inflows of other assets or groups of assets (the CGU), this is usually an individual cinema venue.
The goodwill acquired in a business combination, for the purpose of impairment testing, is allocated to CGUs. Subject to an operating
segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that
the level at which impairment is tested reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill
acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination.
An impairment loss is recognised if the carrying amount of an asset or its CGU exceeds its estimated recoverable amount. Impairment losses
are recognised in the profit and loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of
any goodwill allocated to the units, and then to reduce the carrying amounts of the other assets in the unit/group of units on a pro-rata
basis. Once goodwill has been impaired, the impairment cannot be reversed in future periods.
51
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
2 Basis of preparation and accounting policies (continued)
Property, plant and equipment
Items of property, plant and equipment are recognised at cost less accumulated depreciation and accumulated impairment losses. As well
as the purchase price, cost includes directly attributable costs.
Depreciation on assets under construction does not commence until they are complete and available for use. These assets represent fit-
outs. Depreciation is provided on all other leasehold improvements and all other items of property, plant and equipment so as to write off
their carrying value over the expected useful economic lives. The estimated useful lives are as follows:
Leasehold improvements
- straight line on cost over the remaining life of the lease
Plant and machinery
- 5 years
Fixtures and fittings
- 8 years
Impairment
The carrying amounts of the Group’s assets are reviewed at each Balance Sheet date to determine whether there is any indication of
impairment. If any such indication exists, the asset’s recoverable amount is estimated. For goodwill assets that have an indefinite useful
economic life, the recoverable amount is estimated at each Balance Sheet date.
An impairment loss is recognised whenever the carrying amount of an asset or its cash-generating unit (‘CGU’) exceeds its recoverable
amount. Impairment losses are recognised in the Consolidated Statement of Profit or Loss.
Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to CGUs and
then to reduce the carrying amount of the other assets in the unit on a pro-rata basis.
A CGU is the smallest identifiable group of assets that generates cash inflows that are largely independent of the cash inflows from other
assets or groups of assets and relates to an individual cinema venue.
Provisions
A provision is recognised in the balance sheet when the Group has a present legal or constructive obligation as a result of a past event, that can
be reliably measured and it is probable that an outflow of economic benefits will be required to settle the obligation. Lease dilapidation provisions
are recognised when entering into a lease where an obligation is created. This obligation may be to return the leasehold property to its original
state at the end of the lease in accordance with the lease terms. Leasehold dilapidations are recognised at the net present value and discounted
over the remaining lease period.
Leases
At inception of a contract, the Group assesses whether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys
the right to control the use of an identified asset for a period of time in exchange for consideration. The majority of leases entered into determine
the lease commencement to be dependent on the date in which access to the property is provided by the landlord, at this point we assess the
Group gains control.
To assess whether a contract conveys the right to control the use an identified asset, the Group assesses whether:
the contract involves the use of an identified asset i.e. a cinema venue (this may be specified explicitly or implicitly, and should be
physically distinct or represent substantially all of the capacity of a physically distinct asset).
the Group has the right to obtain substantially all of the economic benefits from use of the asset throughout the period of use, which
will be the Group’s use of the venue; and
the Group has the right to direct the use of the asset. The Group has this right when it has the decision-making rights that are most
relevant to changing how and for what purpose the asset is used. This is evident through the fit out of the venue for its intended use
as a cinema.
Lease liabilities are measured at the present value of the contractual payments due to the lessor over the lease term, with the discount rate
determined by reference to the rate inherent in the lease unless (as is typically the case) this is not readily determinable, in which case the
Group’s incremental borrowing rate on commencement of the lease is used, the incremental borrowing rate is most commonly used in the Groups
recognition of leases.
52
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
2 Basis of preparation and accounting policies (continued)
Leases (continued)
Right of use assets are initially measured at the amount of the lease liability, reduced for any lease incentives received, and increased for:
lease payments made at or before commencement of the lease;
initial direct costs incurred; and
the amount of any provision recognised where the Group is contractually required to dismantle, remove or restore the leased asset
(typically leasehold dilapidations – see note 26.)
Subsequent to initial measurement lease liabilities increase as a result of interest charged at a constant rate on the balance outstanding and are
reduced for lease payments made. Right-of-use assets are amortised on a straight-line basis over the remaining term of the lease.
If the Group revises its estimate of the term of any lease it adjusts the carrying amount of the lease liability to reflect the payments to make over
the revised term, which are discounted using a revised discount rate. An equivalent adjustment is made to the carrying value of the right-of-use
asset, with the revised carrying amount being amortised over the remaining (revised) lease term. If the carrying amount of the right-of-use asset
is adjusted to zero, any further reduction is recognised in profit or loss.
Sale and Leaseback transactions
The Group has entered into two sale and leaseback transactions during the prior year where the Group transferred an property to another
entity and leased the property back from the buyer-lessor. In both cases a sale was deemed to have taken place and the Group de-recognised
the underlying asset and applied the lessee accounting model to the leaseback arrangement. A right-of-use asset is recognised based on
the retained portion of the previous carrying amount of the asset and only the gain or loss is recognised related to the rights which are
transferred to the lessor.
Immediately before the initial classification of the asset as held for sale, the carrying amount of the asset will be measured in accordance
with applicable IFRSs. The Group has previously held freehold assets which were later classified as assets held for sale.
Assets that are classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell (fair value less costs
to distribute in the case of assets classified as held for distribution to owners).
Impairment must be considered both at the time of classification as held for sale and subsequently:
At the time of classification as held for sale. Immediately prior to classifying an asset or disposal group as held for sale,
impairment is measured and recognised in accordance with the applicable IFRSs. Any impairment loss is recognised in profit or
loss unless the asset had been measured at revalued amount under IAS 16 or IAS 38, in which case the impairment is treated as
a revaluation decrease.
After classification as held for sale. Impairment is calculated based on the difference between the adjusted carrying amounts of
the asset/disposal group and fair value less costs to sell. Any impairment loss that arises by using the measurement principles
in IFRS 5 would be recognised in profit or loss.
Impairment of these transactions is considered within the wider portfolio for impairment review.
Leaseback
On initial recognition, the Group measures the right of use assets as a proportion of the carrying amount of the underlying asset. The lease
liabilities are recorded in adherence to the above principles on lease recognition.
53
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
2 Basis of preparation and accounting policies (continued)
When the lease liability is remeasured, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded
in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
Taxation
Tax on the profit and loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss except to the extent that
it relates to items recognised directly in equity, in which case it is recognised in equity. Current tax is the expected tax payable or receivable
on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment
to tax payable in respect of previous years.
Deferred tax assets and liabilities are recognised where the carrying amount of an asset or liability in the consolidated balance sheet differs
from its tax base, except for differences arising on:
The initial recognition of goodwill.
The initial recognition of an asset or liability in a transaction which is not a business combination and at the time of the transaction
affects neither accounting nor taxable profit.
Investments in subsidiaries and jointly controlled entities where the Group is able to control the timing of the reversal of the
difference and it is probable that the difference will not reverse in the foreseeable future.
Recognition of deferred tax assets is restricted to those instances where it is probable that taxable profit will be available against which
the difference can be utilised.
The amount of the asset or liability is determined using tax rates that have been enacted or substantively enacted by the reporting date and
are expected to apply when the deferred tax liabilities or assets are settled or recovered. Deferred tax balances are not discounted.
Deferred tax assets and liabilities are offset when the Group has a legally enforceable right to offset current tax assets and liabilities and
the deferred tax assets and liabilities relate to taxes levied by the same tax authority on either:
The same taxable Group company; or
Different company entities which intend either to settle current tax assets and liabilities on a net basis or to realise the assets
and settle the liabilities simultaneously, in each future period in which significant amounts of deferred tax assets and liabilities
are expected to be settled or recovered.
Operating segments
The Board, the chief operating decision maker, considers that the Group’s primary activity constitutes one reporting segment, as defined
under IFRS8.
The total profit measures are operating profit and profit for the year, both disclosed on the face of the consolidated profit and loss. No
differences exist between the basis of preparation of the performance measures used by management and the figures used in the Group
financial information.
All of the revenues generated relate to cinema tickets, sale of food and beverages and ancillary income, an analysis of which appears in the
notes below. All revenues are wholly generated within the UK. Accordingly, there are no additional disclosures provided to the financial
information.
Pre-opening expenses
Overhead expenses incurred prior to a new site opening are expensed to the profit and loss in the year that they are incurred. Similarly, the
costs of training new staff during the pre-opening phase are expensed as incurred. These expenses are included within administrative
expenses, right-of-use depreciation and financing expenses.
54
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
2 Basis of preparation and accounting policies (continued)
Employee benefits
Defined contribution plans
A defined contribution plan is a post-employment benefit plan under which the company pays fixed contributions into a separate entity and
will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution pension plans are
recognised as an expense in the profit and loss in the periods during which services are rendered by employees.
Share-based payments
Certain employees (including Directors and senior executives) of the Group receive remuneration in the form of equity-settled share-based
payment transactions, whereby employees render services as consideration for equity instruments (equity-settled transactions, through the
Growth Share Scheme, Approved and Unapproved Options Schemes). The cost of share-based payments is recharged by the Company to
subsidiary undertakings in proportion to the services recognised.
Equity-settled share based schemes are measured at fair value, excluding the effect of non-market based vesting conditions, at the date on
which they are granted. The fair value is determined by using an appropriate pricing model.
The cost of equity-settled transactions is recognised, together with a corresponding increase in equity, over the period in which the
performance and/or service conditions are fulfilled, ending on the date on which the relevant employees become fully entitled to the award
(the vesting date). The profit or loss charge or credit for a period represents the movement in cumulative expense recognised as at the
beginning and end of that period.
No expense is recognised for awards that do not ultimately vest, except for awards where vesting is conditional upon a market condition,
which are treated as vesting irrespective of whether or not the market condition has been satisfied, provided that all other performance
and/or service conditions are satisfied. The dilutive effect of outstanding options is reflected as additional share dilution in the computation
of earnings per share.
55
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
3 Financial Instruments
The Group is exposed through its operations to the following financial risks:
Credit risk
Interest rate risk
Liquidity risk
In common with all other businesses, the Group is exposed to risks that arise from its use of financial instruments. This note describes the
Group's objectives, policies and processes for managing those risks and the methods used to measure them. Further quantitative information
in respect of these risks is presented throughout these financial statements.
There have been no substantive changes in the Group's exposure to financial instrument risks, it’s objectives, policies and processes for
managing those risks or the methods used to measure them from previous periods unless otherwise stated in this note.
The principal financial instruments used by the Group, from which financial instrument risk arises are as follows:
Trade receivables
Cash and cash equivalents
Trade and other payables
Floating rate bank revolving credit facilities and lease liabilities
Financial assets
All the Group’s financial assets are subsequently accounted for at amortised cost. These assets arise principally from the provision of goods
and services to customers (e.g. trade receivables), but also incorporate other types of financial assets where the objective is to hold these
assets in order to collect contractual cash flows and the contractual cash flows are solely payments of principal and interest. They are
initially recognised at fair value plus transaction costs that are directly attributable to their acquisition or issue, and are subsequently carried
at amortised cost using the effective interest rate method, less provision for impairment.
Impairment provisions for trade receivables are recognised based on the simplified approach within IFRS 9 using a provision matrix in the
determination of the lifetime expected credit losses. During this process the probability of the non-payment of the trade receivables is
assessed. This probability is then multiplied by the amount of the expected loss arising from default to determine the lifetime expected
credit loss for the trade receivables. For trade receivables, which are reported net, such provisions are recorded in a separate provision
account with the loss being recognised in profit or loss. On confirmation that the trade receivable will not be collectable, the gross carrying
value of the asset is written off against the associated provision.
The Group's financial assets measured at amortised cost comprise trade and other receivables and cash and cash equivalents in the
consolidated balance sheet.
Cash and cash equivalents comprise cash balances, deposits and cash amounts in transit due from credit cards which are settled within four
days from the date of the reporting period.
Financial liabilities and equity
Financial instruments issued by the Group are treated as equity only to the extent that they meet the following conditions:
They include no contractual obligations upon the Group to deliver cash or other financial assets or to exchange financial assets
or financial liabilities with another party under conditions that are potentially unfavourable to the Group
Where the instruments may be settled in the Group’s own equity instruments, they are either a non-derivative that include no
obligation to deliver a variable number of the Group’s own equity instruments or they are a derivative that will be settled by the
Group exchanging a fixed amount of cash or other financial assets for a fixed number of its own equity instruments.
To the extent that this definition is not met, the proceeds of issue are classified as a financial liability and initially recognised at fair value
net of any transaction costs directly attributable. Such interest-bearing liabilities are subsequently measured at amortised cost using the
effective interest rate method, which ensures that any interest expense over the period to repayment is at a constant rate on the balance of
the liability carried in the consolidated statement of financial position. For the purposes of each financial liability, interest expense includes
initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
56
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
3 Financial Instruments – Risk Management (continued)
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual
obligations. The Group is mainly exposed to credit risk from credit sales. It is Group policy, to assess the credit risk of new customers before
entering material contracts.
Credit risk also arises from cash and cash equivalents and deposits with banks and financial institutions. For banks and financial institutions,
only independently rated parties with minimum rating "A" are accepted.
Further disclosures regarding trade and other receivables, which are neither past due nor impaired, are provided in note 25.
Interest rate risk
The Group is exposed to cash flow interest rate risk from its revolving credit facility at variable rates. During 2024 and 2023, the Group's
borrowings at variable rate were denominated in GBP.
The Group analyses the interest rate exposure on a monthly basis. A sensitivity analysis is performed by applying various reasonable
expectations on rate changes to the expected facility drawdown.
Liquidity risk
Liquidity risk arises from the Group's management of working capital and the finance charges and principal repayments on its debt
instruments. It is the risk that the Group will encounter difficulty in meeting its financial obligations as they fall due. The Group's policy is
to ensure that it will always have sufficient cash to allow it to meet its liabilities when they become due.
The Board receives rolling 12-month cash flow projections on a monthly basis as well as information regarding cash balances. At the end of
the financial year, these projections indicated that the Group expected to have sufficient liquid resources to meet its obligations under all
reasonably expected circumstances, through utilisation of its revolving credit facility.
4 Changes in accounting policies
New standards, interpretations and amendments adopted from 01 January 2024
There are a number of standards, amendments to standards, and interpretations which have been issued by the IASB that are effective in
future accounting periods that the Group has decided not to adopt early.
The following amendments are effective for the period beginning 01 January 2024:
Lease Liability in a Sale and Leaseback (Amendments to IFRS 16 Leases)
Classification of Liabilities as Current or Non-Current (including Classification of Liabilities as Current or Noncurrent - Deferral
of Effective Date) (Amendments to IAS 1 Presentation of Financial Statements)
Non-current Liabilities with Covenants (Amendments to IAS 1 Presentation of Financial Statements)
Supplier Finance Arrangements (Amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures)
The following amendments are effective for the period beginning 01 January 2025:
Lack of Exchangeability (Amendment to IAS 21 The Effects of Changes in Foreign Exchange Rates)
The following amendments are effective for the period beginning 01 January 2026:
Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 Financial Instruments)
Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7)
The Group is currently assessing the impact of these new accounting standards and amendments.
57
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
5 Critical accounting estimates and judgements
The Group makes certain estimates and assumptions regarding the future. Estimates and judgements are continually evaluated based on
historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
In the future, actual experience may differ from these estimates and assumptions. The estimates and assumptions that have a significant
risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below.
Impairment of cinemas (accounting estimate)
The Group determines whether the above are impaired when impairment indicators exist or based on the annual impairment assessment.
The annual assessment requires an estimate of the value in use of the CGUs to which the intangible and tangible fixed assets are allocated,
which is at the individual cinema site level.
Estimating the value in use requires the Group to make an estimate of the expected future cash flows from each cinema and discount these
to their net present value at an appropriate discount rate. All venues are located in the UK and therefore a single discount rate has been
used for all CGUs. The resulting calculation is sensitive to the assumptions in respect of future cash flows and the discount rate applied.
The Directors consider that the assumptions made represent their best estimate of the future cash flows generated by the CGUs and that
the discount rates used are appropriate given the risks associated with the specific cash flows. A sensitivity analysis has been performed
over the estimates (see Note 18)
Deferred tax assets (accounting estimate)
The Group recognizes deferred tax assets to the extent that it is probable that future taxable profits will be available against which temporary
differences can be utilised. The recognition of deferred tax assets based on future taxable profits requires significant management judgment
and estimation.
In assessing the probability of future taxable profits, management considers historical profitability, forecasts, and business plans. These
assessments are based on various factors including, but not limited to, expected future market conditions, industry trends, regulatory
environment, and specific operational strategies.
The Group reviewed its forecasts for a three year period based on management expectations and projections to assess the likelihood of
future taxable profits and adjusts the recognition of Deferred Tax assets accordingly. However, actual results may differ from these forecasts
due to changes in economic conditions, market dynamics, or other unforeseen events.
Incremental borrowing rate (accounting estimate)
The Group determines the incremental borrowing rates used to discount lease payments for the purpose of measuring the lease liability and
right-of-use asset under IFRS 16, Leases. The determination of incremental borrowing rates involves significant judgment and estimation by
management. Key factors considered are the nature and term of lease, market conditions and availability of comparable financing.
58
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
6 Revenue
Year ended
Year ended
02 January
28 December
2025
2023
£000
£000
Film and entertainment
51,849
44,718
Food and beverages
45,881
38,563
Venue Hire, Advertising and
Membership Income
9,443
7,578
107,173
90,859
All trade takes place in the United Kingdom.
The following provides information about opening and closing receivables, contract assets and liabilities from contracts with customers.
Contract balances
02 January
28 December
2025
2023
£000
£000
Trade receivables
2,641
1,565
Deferred income
5,757
4,330
Deferred income relates to advanced consideration received from customers in respect of memberships, gift cards and advanced screenings.
The movement in deferred income relates predominantly to increases in memberships, gift cards and advertising contracts.
7 Loss before taxation
Loss before taxation is stated after charging:
Year ended
Year ended
02 January
28 December
2025
2023
£000
£000
Depreciation of tangible assets
10,013
8,808
Amortisation of right-of-use assets
4,073
3,591
Amortisation of intangible assets
781
753
Loss on disposal of property, plant and equipment
241
121
Share-based payment expense
594
820
Impairment
2,626
724
59
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
8 Staff numbers and employment costs
The average number of employees (including Directors) during the year, analysed by category, was as follows:
02 January
28 December
2025
2023
Number
Number
Management
276
252
Operations
1,352
1,180
1,628
1,432
At the year end the number of employees (including Directors) was 1,989 (2023: 1,689). Management staff represent all full-time
employees in the Group.
Year ended
Year ended
02 January
28 December
2025
2023
£000
£000
Wages and salaries
28,193
22,800
Social security costs
2,288
1,809
Pension costs
422
356
Share-based payment expense
594
820
31,497
25,785
There were pension liabilities outstanding as at 02 January 2025 of £89,000 (28 December 2023: £81,000).
9 Directors' remuneration
The remuneration of the Directors, who are the key management personnel of the Group, is set out below in aggregate for each of the
categories specified in IAS24 Related Party Disclosures:
Year ended
Year ended
02 January
28 December
2025
2023
£000
£000
Salaries/fees
829
815
Bonuses
76
-
Other benefits
11
7
Pension contributions
19
17
935
839
Share-based payment expense
638
662
1,573
1,501
60
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
9 Directors' remuneration (continued)
Information regarding the highest paid Director is as follows:
Year ended
Year ended
02 January
28 December
2025
2023
£000
£000
Salaries/fees
324
312
Bonuses
39
-
Other benefits
9
6
Pension contributions
10
10
382
328
Share-based payment expense
580
368
962
696
Directors remuneration for each Director is disclosed in the Remuneration Committee report. The costs relating to the Directors remuneration are
incurred by Everyman Media Limited for the wider Group. No Directors exercised options over shares in the Company during the year (2023: None).
10 Auditor's remuneration
Year ended
Year ended
02 January
28 December
2025
2023
Fees payable to the Group's auditor for:
£000
£000
Audit of the Company’s financial statements
26
36
Audit of the subsidiary undertakings of the Company
189
161
215
197
11 Other Operating Income
Year ended
02 January
2025
£’000
Year ended
28 December
2023
£’000
Landlord compensation
506
647
12 Financial expenses
Year ended
Year ended
02 January
28 December
2025
2023
£000
£000
Interest on bank loans
2,303
1,934
Bank loan arrangement fees
178
148
Interest on lease liabilities
4,363
3,409
Revaluation of dilapidations
-
(50)
Interest on dilapidations provision
11
8
6,855
5,449
61
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
13 Taxation
Year ended
Year ended
02 January
2025
28 December
2023
£000
£000
Deferred tax credit
(1,682)
(2,805)
Total tax credit
(1,682)
(2,805)
The reasons for the difference between the actual tax credit for the period and the standard rate of corporation tax in the United Kingdom
applied to the loss for the year are as follows:
Reconciliation of effective tax rate
Year ended
Year ended
02 January
2025
28 December
2023
£000
£000
Loss before tax
(10,217)
(5,501)
Tax at the UK corporation tax rate of 25% (2023:23.5%)
(2,554)
(1,293)
Permanent differences (expenses not deductible for tax purposes)
1,310
1,313
Impact of difference in overseas tax rates
-
3
Effect of change in expected future statutory rates on deferred tax
-
(196)
Changes in prior year capital allowance estimate
(468)
-
Tax losses/temp. differences of deferred tax previously unrecognised
30
(2,632)
Total tax credit
(1,682)
(2,805)
14 Earnings per share
Year ended
Year ended
02 January
2025
28 December
2023
Loss used in calculating basic and diluted earnings per share (£000)
(8,535)
(2,696)
Number of shares (000's)
Weighted average number of shares for the purpose of basic earnings per share
91,178
91,178
Number of shares (000's)
Weighted average number of shares for the purpose of diluted earnings per share
91,178
91,178
Basic loss per share (pence)
(9.36)
(2.96)
Diluted loss per share (pence)
(9.36)
(2.96)
62
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
14 Earnings per share (continued)
02 January
28 December
2025
2023
Weighted average
Weighted
average
no. 000's
no. 000's
Issued at beginning of the year
91,178
91,178
Share options exercised
-
-
Weighted average number of shares at end of the year
91,178
91,178
Weighted average number of shares for the purpose of diluted earnings per share
Basic weighted average number of shares
91,178
91,178
Effect of share options in issue
-
-
Weighted average number of shares at end of the year
91,178
91,178
Basic earnings per share values are calculated by dividing net loss for the year attributable to Ordinary equity holders of the parent by the
weighted average number of Ordinary shares outstanding during the year. The shares issued in the year in the above table reflect the weighted
number of shares rather than the actual number of shares issued.
The Company has 5.1m potentially issuable Ordinary shares (2023: 7.2m) all of which relate to the potential dilution from share options issued to
the Directors and certain employees and contractors, under the Group’s incentive arrangements. In the current year these options are anti-dilutive
as they would reduce the loss per share and so haven’t been included in the diluted losses per share.
The Company made a post-tax profit for the year of £1,192,000 (2023: £1,365,000).
63
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
15 Property, plant and equipment
Land &
Leasehold
Plant &
Fixtures &
Assets under
Buildings
improvements
machinery
Fittings
construction
Total
£000
£000
£000
£000
£000
£000
Cost
At 29 December 2022
4,409
84,457
16,176
13,593
6,522
125,157
Acquired in the year
-
613
1,065
786
17,617
20,081
Acquired in business
combination
-
1,232
389
326
-
1,947
Disposals
(1,223)
(210)
-
(15)
-
(1,448)
Transfer on completion
-
8,372
1,600
5,977
(15,949)
-
Transfer on sale of
freehold
(3,186)
3,023
38
125
-
-
At 28 December 2023
-
97,487
19,268
20,792
8,190
145,737
Acquired in the year
-
8,365
2,070
1,603
2,786
14,824
Disposals
-
(11)
(4)
(650)
-
(665)
Transfer on completion
-
2,796
402
1,655
(4,853)
-
At 02 January 2025
-
108,637
21,736
23,400
6,123
159,896
Depreciation
At 29 December 2022
70
19,797
9,767
5,456
-
35,090
Charge for the year
8
4,197
2,743
1,860
-
8,808
Impairment
-
390
13
13
-
416
On Disposals
(13)
(95)
-
(13)
-
(121)
Transfer on sale of
freehold
(65)
65
-
-
-
-
At 28 December 2023
-
24,354
12,523
7,316
-
44,193
Charge for the year
-
4,795
2,897
2,321
-
10,013
Impairment
-
1,047
65
416
-
1,528
On Disposals
-
(1)
(2)
(421)
-
(424)
At 02 January 2025
-
30,195
15,483
9,632
-
55,310
Net book value
At 02 January 2025
-
78,442
6,253
13,768
6,123
104,586
At 28 December 2023
-
73,133
6,745
13,476
8,190
101,544
At 29 December 2022
4,339
64,660
6,409
8,137
6,522
90,067
Impairment considerations of tangible fixed assets were considered using the value in use basis disclosed in Note 18.
64
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
16 Leases
Nature of leasing activities
The Group leases all properties in the towns and cities from which it operates. In some locations, depending on the lease contract signed, the lease
payments may increase each year by inflation or and in others they are reset periodically to market rental rates. For some property leases the
periodic rent is fixed over the lease term. The Group also leases certain vehicles. Leases of vehicles comprise only fixed payments over the lease
terms.
The percentages in the table below reflect the current proportions of lease payments that are either fixed or variable. The sensitivity reflects the
impact on the carrying amount of lease liabilities and right-of-use assets if there was an uplift of 5% on the balance sheet date to lease payments
that are variable.
02 January 2025
Lease
contract
No.
Fixed
payments
%
Variable
payments
%
Sensitivity
(+/-)
£’000
Property leases with payments linked to inflation
26
-
10%
3,039
Property leases with periodic uplifts to market rentals
23
-
73%
1,718
Property leases with fixed payments
5
15%
-
-
Vehicle leases
5
2%
-
-
59
17%
83%
4,757
During 2024 the Group entered three property leases and one agreement for lease for new venues for a period of 25 years each. The lease liability
and right-of-use asset for the agreement for lease have not been recognised at 2 January 2025 as the Group had yet to take access. The aggregate
future cash outflows to which the group is exposed in respect of this contract is fixed payments of £104,000 per year for the next 5 years, with only
rent reviews every 5 years.
28 December 2023
Lease
contract
No.
Fixed
payments
%
Variable
payments
%
Sensitivity
(+/-)
£’000
Property leases with payments linked to inflation
22
-
61%
2,854
Property leases with periodic uplifts to market rentals
23
-
28%
1,745
Property leases with fixed payments
5
10%
-
-
Vehicle leases
4
1%
-
-
54
11%
89%
4,599
Right-of-Use Assets
Land & Buildings
£’000
Motor Vehicles
£’000
Total £’000
As at 29 December 2022
58,865
55
58,920
Additions
6,759
22
6,781
Business combinations
6,672
-
6,672
Negative addition*
(1,361)
-
(1,361)
Amortisation
(3,563)
(28)
(3,591)
Impairment
(308)
-
(308)
Effect of modification to lease terms
975
-
975
At 28 December 2023
68,039
49
68,088
Additions
1,410
58
1,468
Negative addition*
(1,504)
-
(1,504)
Amortisation
(4,047)
(26)
(4,073)
Impairment
(1,098)
-
(1,098)
Effect of modification to lease terms
634
-
634
At 02 January 2025
63,434
81
63,515
65
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
16 Leases (continued)
Lease incentives received prior to lease commencement during the year are deducted directly from the right of use, these amounted to
£250,000 (2023: £Nil).
Lease liabilities
Land &
Buildings
£’000
Motor
Vehicles
£’000
Total £’000
At 29 December 2022
86,421
52
86,473
Additions
7,349
22
7,371
Acquired through business combination
7,369
-
7,369
Interest expense
3,407
2
3,409
Effect of modification to lease terms
1,075
-
1,075
Lease payments
(6,449)
(64)
(6,513)
Landlord contributions
4,054
-
4,054
At 28 December 2023
103,226
12
103,238
Additions
1,334
58
1,392
Negative addition*
(1,541)
-
(1,541)
Interest expense
4,361
2
4,363
Effect of modification to lease terms
789
-
789
Lease payments
(7,669)
(24)
(7,693)
Landlord contributions
5,680
-
5,680
At 02 January 2025
106,180
48
106,228
*Negative right-of-use asset and lease liabilities addition relates to a lease in which lease incentives exceeded present value of fixed rent
payments resulting in a negative right-of-use asset. This materialised due to the nature of the lease agreement in which rent payments are
made up of turnover based rent and quarterly rent. Turnover rent is excluded from the present value of lease liabilities on recognition of
the lease.
02 January 2025
£’000
28 December 2023
£’000
Lease liabilities
Current
2,146
2,824
Non-current
104,082
100,414
106,228
103,238
Maturity analysis of lease payments
02 January 2025
£’000
28 December 2023
£’000
Contractual future cash outflows
Land and buildings
Less than one year
8,413
7,056
Between one and five years
33,910
31,774
Over five years
124,343
119,354
166,666
158,184
Motor Vehicles
Less than one year
42
24
Between one and five years
9
22
51
46
66
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
17 Goodwill and intangible assets
The Group is required to test, on an annual basis, whether goodwill has suffered any impairment. The recoverable amount is determined
based on value in use calculations. The use of this method requires the estimation of future cash flows and the determination of a discount
rate in order to calculate the present value of the cash flows. The Group has determined there is no impairment on goodwill for the period
ending 02 January 2025.
Amortisation is applied to write down the carrying value of assets over expected useful economic lives. The estimated useful economic life
for intangible assets is 3 years, which commences when the asset is available for use.
Goodwill
£’000
Software
£’000
Total
£’000
Cost
At 29 December 2022
8,951
3,936
12,887
Acquired in the year
-
829
829
At 28 December 2023
8,951
4,765
13,716
Acquired in the year
-
640
640
At 02 January 2025
8,951
5,405
14,356
Amortisation and impairment
At 29 December 2022
1,599
1,976
3,575
Charge for the year
-
753
753
At 28 December 2023
1,599
2,729
4,328
Charge for the year
-
781
781
At 02 January 2025
1,599
3,510
5,109
Net book value
At 02 January 2025
7,352
1,895
9,247
At 28 December 2023
7,352
2,036
9,388
At 29 December 2022
7,352
1,960
9,312
67
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
17 Goodwill and intangible assets (continued)
Goodwill is allocated to the following CGUs:
02 January
28 December
2025
2023
£000
£000
Baker Street
103
103
Barnet
1,309
1,309
Esher
2,804
2,804
Gerrards Cross
1,309
1,309
Islington
86
86
Muswell Hill
1,215
1,215
Oxted
102
102
Reigate
113
113
Walton-On-Thames
94
94
Winchester
217
217
7,352
7,352
18 Impairment
The Company evaluates assets for impairment annually or when indicators of impairment exist.
The annual impairment assessment requires an estimate of the value in use of each cash-generating unit (CGU) to which goodwill, property
plant and equipment and right-of-use assets are allocated, which is the individual cinema level. The recoverable amount of a CGU is the
higher of value in use and fair value less cost of disposal. The Company determines the recoverable amount with reference to its value in
use.
Estimating the value in use requires estimate of the expected future cash flows from each CGU and discount these to their net present value
at a post-tax discount rate. Forecast cash flows are derived from adjusted EBITDA generated by each CGU which is based on management’s
forecast performance. Cash flow forecasts have been prepared for each CGU by applying growth assumptions to key drivers of cash flows,
including admissions, average ticket price, spend per head, direct and overhead costs.
As required by IAS 36, the company assessed whether there was an indication that a previously recognised impairment no longer exists or
may have decreased. A reversal of an impairment loss should only be recognised if there has been a change in the estimates used to
determine the asset’s recoverable amount since the last impairment loss was recognised
The key assumptions of this calculation are shown below:
02 January
28 December
2025
2023
Discount rate (post-tax)
11.25%
11%
Long term growth rate
2%
2%
Number of years projected
5 years
5 years
68
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
18 Impairment (continued)
A post-tax WACC was used in the impairment calculation. The equivalent pre-tax WACC was 15% (2023: 14.7%).
Adjusted EBITDA used for 2025 is based on the Board approved budget and represents the balanced and most likely outcome of future
cashflows. In the remaining five-year forecast, the following assumptions have been applied excepted in limited cases where adjustments
have been made for venue-specific factors:
Admissions: 3% like-for-like increase year-on-year.
Average Ticket Price: 3% increase year-on-year.
Spend Per Head: 3% increase year-on-year.
An impairment charge of £2,626,000 has been recognised in the period (2023: £724,000) relating to four venues, at which the recoverable
amount was deemed to be lower than the carrying value.
The cumulative impairment charges that have been recognised in previous periods have not been reversed and are summarised in the
below table.
28 December
Impairment Charge
02 January
2023
£000
2024
£000
2025
£000
Goodwill
1,599
-
1,599
Right-of-use
1,032
1,098
2,130
Property, plant & equipment
1,224
1,528
2,752
Total
3,855
2,626
6,481
Sensitivity analysis
Impairment reviews are sensitive to changes in key assumptions. Sensitivity analysis has been performed by considering incremental
changes in assumptions of admission levels and discount rates.
Scenarios
The following sensitivity scenarios have been applied to the cash flow forecasts for stress testing purposes:
Admissions levels were increased by 3% versus the base case in each year in the upside case, and decreased by 3% versus the
base case in each year in the downside case; and
WACC was decreased by 1% versus the base case in the upside case, and increased by 1% versus the base case in the
downside case.
The results of this were as follows:
Upside
Number of venues
Impaired
Downside
Number of venues
Impaired
£,000
£,000
Admissions sensitivity
1,705
2
6,376
6
WACC sensitivity
1,134
2
4,298
5
Combined sensitivity
1,134
2
8,402
8
69
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
19 Inventories
02 January
28 December
2025
2023
£000
£000
Food and beverages
964
858
Finished goods recognised as cost of sales in the year amounted to £10,969,000 (2023: £9,393,000).
20 Trade and other receivables
02 January
28 December
2025
2023
£000
£000
Included in current assets
7,386
5,216
Included in non-current assets
333
173
7,719
5,389
Trade receivables
2,641
1,565
Other receivables
512
291
Prepayments and accrued income
4,566
3,533
7,719
5,389
There were no receivables that were considered to be impaired. There is no significant difference between the fair value of the other
receivables and the values stated above. Other debtors include deposits paid in respect of long-term leases and have been recognised as
non-current assets.
21 Trade and other payables
02 January
28 December
2025
2023
£000
£000
Trade creditors
5,850
3,385
Social security and other taxation
3,290
3,100
Other creditors
910
523
Accrued expenses
12,318
8,117
Deferred income
5,757
4,330
28,125
19,455
70
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
22 Loans and borrowings
02 January
28 December
2025
2023
£000
£000
Total Bank Debt
28,000
26,000
Cash
(9,883)
(6,645)
Net Bank Debt
18,117
19,355
Commitment fees are charged quarterly on any balances not drawn at 40% of the applicable rate of drawn funds. The face value is
deemed to be the carrying value. The Group had drawn down £28 million of the £35 million debt facility as at 02 January 2025 (2023: £26
million of the £35 million debt facility).
23 Changes in liabilities from financing activities
Non- current loans
and borrowings
Lease liabilities
Total
£000
£000
£000
At 28 December 2023
26,000
103,238
129,238
Cash flows
2,000
(2,013)
(13)
Non- cash flows:
Interest accruing in period
-
4,363
4,363
Lease additions
-
(149)
(149)
Effect of modifications to lease terms
-
789
789
At 02 January 2025
28,000
106,228
134,228
At 29 December 2022
22,000
86,473
108,473
Cash flows
4,000
(2,459)
1,541
Non- cash flows:
Interest accruing in period
-
3,409
3,409
Lease additions
-
14,740
14,740
Effect of modifications to lease terms
-
1,075
1,075
At 28 December 2023
26,000
103,238
129,238
71
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
24 Financial instruments
Investments, financial assets and financial liabilities, cash and cash equivalents and other interest-bearing loans and borrowings are
measured at amortised cost and the Directors believe their present value is a reasonable approximation to their fair value.
02 January
28 December
2025
2023
£000
£000
Financial assets measured at amortised cost
Cash and cash equivalents
9,883
6,645
Trade and other receivables
3,153
1,856
Accrued income
963
1,426
13,999
9,927
02 January
28 December
2025
2023
£000
£000
Financial liabilities measured at amortised cost
Bank borrowings
28,000
26,000
Trade Creditors
5,850
3,385
Leases
106,228
103,238
Other Creditors
910
523
Accrued expenses
12,318
8,117
153,306
141,263
25 Financial risks
The Board has overall responsibility for the determination of the Group’s risk management objectives and policies. The overall objective of
the Board is to set policies that seek to reduce risk as far as possible without unduly affecting the Group’s competitiveness and flexibility.
The Group has not issued or used any financial instruments of a speculative nature and the Group does not contract derivative financial
instruments such as forward currency contracts, interest rate swaps or similar instruments.
The Group is exposed to the following financial risks:
Credit risk
Liquidity risk
Interest rate risk
To the extent financial instruments are not carried at fair value in the consolidated Balance Sheet, net book value approximates to fair value
at 02 January 2025 and 28 December 2023.
Trade and other receivables are measured at amortised cost. Book values and expected cash flows are reviewed by the Board and there
have been no impairment losses recognised on these assets.
Cash and cash equivalents are held in sterling and placed on deposit in UK banks. Trade and other payables are measured at book value and
held at amortised cost.
Credit risk
Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual
obligations and arises principally from the Group’s receivables from customers and investment securities.
At 02 January 2025 the Group has trade receivables of £2,641,000 (2023: £1,565,000). Trade receivables arise mainly from advertising and
sponsorship revenue. The Group is exposed to credit risk in respect of these balances such that, if one or more of the customers encounters
financial difficulties, this could materially and adversely affect the Group’s financial results. The Group attempts to mitigate credit risk by
assessing the credit rating of new customers prior to entering into contracts and by entering into contracts with customers with agreed
credit terms. At 02 January 2025 the Directors have recognised expected credit losses of £Nil (2023: £Nil) as credit losses are assessed as
immaterial.
72
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
25 Financial risks (continued)
The maximum exposure to credit risk at the balance sheet date by class of financial instrument was:
02 January
28 December
2025
2023
£000
£000
Ageing of receivables
<30 days
2,011
1,005
31-60 days
513
322
61-120 days
18
171
>120 days
99
67
2,641
1,565
In determining the recoverability of trade receivables the Group considers any change in the credit quality of the trade receivable from the
date credit was initially granted up to the reporting date. Credit risk is limited due to the customer base being diverse and unrelated. There
has not been any impairment other than existing provisions in respect of trade receivables during the year (2023: £nil). There were no
material expected credit losses in the year.
Liquidity risk
Liquidity risk arises from the Group’s management of working capital. It is the risk that the Group will encounter difficulty in meeting its
financial obligations as they fall due. The Group’s policy is to ensure that it will always have sufficient cash to allow it to meet its liabilities
when they become due. To achieve this aim, it seeks to maintain cash balances to meet its expected cash requirements as determined by
regular cash flow forecasts prepared by management.
The Group’s forecasts show sufficient headroom in banking covenants for the next 12 months.
Exposure to liquidity risk
The following are the remaining contractual maturities of financial liabilities at the reporting date. The amounts shown are gross, not
discounted and include contractual interest payments and exclude the impact of netting agreements.
Contractual cash flows
2 January 2025
Carrying
Less than
Between one
Between three
Over five
amount
one year
and two years
and five years
years
Total
£000
£000
£000
£000
£000
£000
Non-derivative financial
liabilities
Secured bank facility
28,000
1,595
29,063
-
-
30,658
Trade creditors
5,850
5,850
-
-
-
5,850
Leases
106,228
8,413
8,352
25,558
123,613
165,936
Other creditors
910
910
-
-
-
910
Accrued expenses
12,318
12,318
-
-
-
12,318
153,306
29,086
37,415
25,558
123,613
215,672
73
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
25 Financial risks (continued)
Contractual cash flows
28 December 2023
Carrying
Less than
Between one
Between three
Over five
amount
one year
and two years
and five years
years
Total
£000
£000
£000
£000
£000
£000
Non-derivative financial
liabilities
Secured bank facility
26,000
2,012
2,012
27,341
-
31,365
Trade creditors
3,385
3,385
-
-
-
3,385
Leases
103,238
7,080
8,146
23,604
119,354
158,184
Other creditors
523
523
-
-
-
523
Accrued expenses
8,117
8,117
-
-
-
8,117
141,263
21,117
10,158
50,945
119,354
201,574
Interest rate risk
Interest rate risk arose from the Group’s holding of interest-bearing loans linked to SONIA. The Group is also exposed to interest rate risk
in respect of its cash balances held pending investment in the growth of the Group’s operations. The effect of interest rate changes in the
Group’s interest-bearing assets and liabilities is set out below.
In respect of interest-earning financial assets and interest-bearing financial liabilities, the following indicates their effective interest rates
at the end of the year and the periods in which they mature:
Effective
Maturing
Maturing
Maturing
interest
within
between 1 to
between 2 to
rate
1 year
2 years
5 years
%
£000
£000
£000
At 28 December 2023
Bank borrowings*
7.74%
190
-
26,000
Bank current and deposit balances
0.01%
6,597
-
-
At 02 January 2025
Bank borrowings*
7.25%
234
-
28,000
Bank current and deposit balances
0.01%
9,883
-
-
*Bank borrowings comprises SONIA of 4.7% (2023: 5.19%) and margin of 2.55% (2023: 2.55%).
The following table demonstrates the sensitivity to a reasonably plausible change in interest rates, with all other variables held constant,
of the Group's profit and loss before tax through the impact on floating rate borrowings and bank deposits and cash flows:
Change in
02 January
28 December
rate
2025
2023
%
£000
£000
Bank borrowings
0.5%
(140)
(130)
1.0%
(280)
(260)
1.5%
(420)
(390)
Bank current and deposit balances
0.5%
49
33
1.0%
99
66
1.5%
148
99
74
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
25 Financial risks (continued)
Capital management
The Group’s capital is made up of share capital, share premium, merger reserve and retained earnings totalling £36.4m (2023: £44.5m).
The Group's objectives when maintaining capital are:
To safeguard the entity’s ability to continue as a going concern so that it can continue to provide returns for shareholders and
benefits for other stakeholders.
To provide an adequate return to shareholders by pricing products and services commensurately with the level of risk.
The capital structure of the Group consists of shareholders equity as set out in the consolidated statement of changes in equity. All
funding required to set-up new cinema sites and for working capital purposes are financed from existing cash resources where possible.
Management will also consider future fundraising or bank finance where appropriate.
26 Provisions
All provisions for lease dilapidations are due after more than five years.
Leasehold dilapidations relate to the estimated cost of returning leasehold property to its original state at the end of the lease in
accordance with lease terms. The cost is recognised as depreciation of leasehold improvements over the remaining term of the lease. The
main uncertainty relates to estimating the cost that will be incurred at the end of the lease term, the average remaining lease term for
leases held at 02 January 2025 was 17 years (2023:18 years).
Leasehold Dilapidations
£,000
As at 29 December 2022
1,362
Additions
311
Revaluation of net present value
(50)
Unwinding of discount
8
As at 28 December 2023
1,631
Additions
112
Revaluation of net present value
(158)
Unwinding of discount
11
As at 02 January 2025
1,596
75
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
27 Deferred tax
02 January
28 December
2025
2023
£000
£000
Deferred tax gross movements
Opening balance
2,805
-
Deferred tax asset recognised in period
1,682
2,805
Closing balance
4,487
2,805
Recognised in profit and loss
Arising on loss carried forward
(1,658)
(4,660)
Net book value in excess of tax written down value
529
1,805
Amortisation of IFRS accumulated restatement
45
45
Prior year adjustment
(468)
-
Other temporary differences
(130)
5
Credit to profit and loss
(1,682)
(2,805)
Deferred tax comprises:
Temporary differences on property, plant and equipment
7,618
7,794
Temporary differences on IFRS 16 accumulated restatement
(510)
(552)
Available losses
(11,719)
(10,302)
Other temporary and deductible differences
124
255
(4,487)
(2,805)
Deferred tax is calculated in full on temporary differences under the liability method using the tax rates that have been substantively enacted
for future periods, being 25% from 1 April 2023. The deferred tax liability has arisen due to the timing difference on property, plant and
equipment, the deferral of capital gains tax arising from the sale of property and other temporary and deductible differences.
Deferred tax assets have been recognised in respect of tax losses and other temporary differences giving rise to deferred tax assets where
the Directors believe it is probable that they will be recovered. The Group has consulted the FRC’s thematic review of Deferred Tax Assets
published in September 2022 and concluded that an asset should be recognised on the basis of a sufficient level of probable future taxable
profits. The Group has taken the decision to recognise the Deferred Tax Asset in 2023 and 2024 due to increased certainty over future trading
performance.
76
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
28 Share capital and reserves
02 January
28 December
Nominal
2025
2023
value
£000
£000
Authorised, issued and fully paid Ordinary shares
£0.10
At the start of the year
9,118
9,118
Issued in the year
-
-
At the end of the year
9,118
9,118
Number of shares
02 January
28 December
2025
2023
Number
Number
Authorised, issued and fully paid Ordinary shares
At the start of the year
91,177,969
91,177,969
Issued in the year
2,791
-
At the end of the year
91,180,760
91,177,969
The holders of Ordinary shares are entitled to one vote per share. During the year the Company issued 2,791 Ordinary shares (2023: Nil)
Merger reserve
In accordance with s612 of the Companies Act, the premium on Ordinary shares issued in relation to acquisitions is recorded as a merger
reserve.
Share premium
Share premium is stated net of share issue costs.
Dividends
No dividends were declared or paid during the period (2023: £nil)
29 Share-based payment arrangements
EMI, Non-Qualifying and LTIP Schemes
The Group operates three equity-settled share-based remuneration schemes for employees. The schemes combine a long term incentive
scheme, an EMI scheme and an unapproved scheme for certain senior management, executive Directors, non-executive Directors and certain
contractors.
All equity-settled share options are measured at fair value as determined through use of the Binomial technique, at the date of grant, aside
from those with market-based performance conditions, which are valued using the Monte Carlo model. During the year, no equity-settled
share options were issued with market-based performance conditions.
The fair value determined at the grant date of the equity-settled share-based payments is expensed on a straight-line basis over the vesting
period, based on the Groups estimate of shares that will eventually vest and adjusted for the effect of non-market-based vesting conditions.
77
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
29 Share-based payment arrangements (continued)
Weighted average exercise
price per share in the year ended
02 January
28 December
02 January
28 December
2025
2023
2025
2023
Pence
Pence
Number
Number
Options at the beginning of the year
90.4
104.3
7,196,834
6,973,833
Options issued in the year
10
28.6
1,119,797
1,202,808
Options exercised in the year
10
-
(2,791)
-
Option forfeited in the year
70.4
41.8
(3,172,504)
(979,807)
Options at the end of the year
85.3
90.4
5,141,336
7,196,834
The exercise price of options outstanding at 02 January 2025 ranged between 10.0 pence and 184.0 pence (2023: 10.0 pence and 184.0
pence) and their weighted average contractual life was 10 years (2023: 10 years).
The weighted average share price (at the date of exercise) of options exercised during the year was 10.0 pence (2023: n/a)
The weighted average fair value of each option granted during the year was 49.7p (2023: 63.3p).
No options lapsed beyond their contractual life in the year (2023: nil).
The following information is relevant in the determination of the fair value of options granted during the year and equity-settled share-based
remuneration schemes operations by the Group:
Option scheme conditions for options issued in the year:
02 January
28 December
2025
2023
Option pricing model used
Binomial
Binomial
Weighted average share price at grant date (pence)
59.0
82.4
Weighted average option exercise prices (pence)
10
30.1
Expected volatility
30%
35%
Expected option life (years)
1.7
2.9
Weighted average contractual life of outstanding share options (years)
10
10
Risk-free interest rate
4.12%
3.56%
Expected dividend yield
0.0%
0.0%
Fair value of options granted in the year (pence)
49.7
63.3
Volatility has been calculated based on historical share price movements of the Company as at each grant date.
The share-based remuneration expense applicable to key management personnel was as follows:
02 January
28 December
2025
2023
£000
£000
Equity-settled schemes
637
639
78
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
29 Share-based payment arrangements (continued)
Growth Shares
On 8th April 2021, the Group announced that Alexander Scrimgeour, Chief Executive Officer of Everyman, had been issued 2,000,000 A
ordinary shares ("Growth Shares") in a subsidiary company, Everyman Media Holdings Ltd. The Growth Shares could be exchanged for new
Ordinary Shares in the future, subject to meeting certain vesting conditions and share price performance criteria.
Subsequent to this, on 23rd January 2023, the Remuneration Committee resolved that the share price performance condition attached to
the Growth Shares was no longer appropriate. The Company announced that, subject to vesting conditions and financial performance targets
being met, the Growth Shares would entitle Mr. Scrimgeour to receive an amount equivalent to the market value of an Ordinary Share in
the Company less 86.0p, being the closing share price of the Company on 20th January 2023.
On 18th August 2023, the Remuneration Committee has resolved that, due to equity market conditions, the terms of the Growth Shares
should be amended so that Mr. Scrimgeour will now receive an amount equivalent to the market value of an Ordinary Share less 60.0p,
being the closing share price of the Company on 17 August 2023. All other terms and conditions relation the Growth Shares remain
unchanged.
Details of the outstanding shares under the A Growth Share Scheme are as follows:
02 January
Re-stated
28 December
2025
2023
Outstanding at beginning of year
2,000,000
2,000,000
Lapsed in year
-
-
Outstanding at end of year
2,000,000
2,000,000
Growth Shares that were deemed to have lapsed in 2023 have been re-stated as outstanding following legal advice.
Following the amendments to the terms of the A Ordinary Shares noted above, the Binomial model was used for fair valuing the A Growth
Share awards at the date of modification. The inputs to the model were as follows:
A Growth Share Scheme
Target 1
Target 2
Number of shares
1,000,000
1,000,000
Adjusted EBITDA Target
£17.2m
£19.3m
Expected volatility
30%
30%
Risk free interest rate
4.82%
4.76%
Option life (years)
5
5
Share price at valuation
date
£0.60
£0.60
Share-based payments charged to the profit and loss were as follows:
02 January
28 December
2025
2023
£000
£000
Share options charge
50
470
Growth shares charge
544
350
Administrative costs
594
820
The charge for the Company was £nil (2023: £nil) after recharging subsidiary undertakings with a charge of £594,000 (2023: £820,000). The
relevant charge is included within administrative costs.
79
Everyman Media Group PLC
Annual report and financial statements
Notes on the financial statements (continued)
30 Commitments
There were capital commitments for tangible assets at 02 January 2025 of £11,950,000 (2023: £14,521,000). The amount of landlord
contributions committed were £7,015,000 (2023: £7,650,000) which is not included in the above figure.
31 Events after the balance sheet date
On 21 March 2025, the Group purchased the remaining long leasehold interest at its venue at The Everyman Cinema, Great North Road,
New Barnet, Barnet EN5 1AB, for the sum of £1,000,000. The long leasehold runs until 22 December 2032.
32 Related party transactions
In the year to 02 January 2025 the Group engaged services from entities related to the Directors and key management personnel of £853,000
(2023: £848,000) comprising of office rental of £110,000 (2023: £105,000 ) and venue rental for Bristol, Harrogate, Stratford-Upon-Avon and
Maida Vale of £743,000 (2023: £743,000 ). There were no other related party transactions. There are no key management personnel other
than the Directors.
The Group's commitment to leases is set out in the above notes. Within the total of £167,000,000 (2023: £158,000,000 ) is an amount of
£386,000 (2023: £499,000 ) relating to office rental, £4,114,000 (2023: £4,319,000) relating to Stratford-Upon-Avon, £2,865,000 (2023:
£3,036,000) relating to Bristol, £804,000 (2023: £914,000) relating to Madia Vale and £4,115,000 (2023: £4,412,000) relating to Harrogate.
The landlords of the sites are entities related to the Directors of the Company.
33 Ultimate controlling party
The Company has a diverse shareholding and is not under the control of any one person or entity.
80
Everyman Media Group PLC
Annual report and financial statements
Company balance sheet as at 02 January 2025
Registered in England and Wales
Company number: 08684079
02 January
28 December
2025
2023
Note
£000
£000
Assets
Non-current assets
Right-of-use assets
C1
8,105
8,452
Investments
C2
31,994
31,994
Deferred tax assets
C7
141
167
Trade and other receivables
C3
98,416
94,859
138,656
135,472
Current assets
Trade and other receivables
287
398
Total assets
138,943
135,870
Liabilities
Current liabilities
Other interest-bearing loans and borrowings
234
-
Trade and other payables
C4
203
237
Lease liabilities
C1
589
520
1,026
757
Non-current liabilities
Loans and borrowings
C5
28,000
26,000
Lease liabilities
C1
9,125
9,564
Other provisions
C6
84
84
37,209
35,648
Total liabilities
38,235
36,405
Net assets
100,708
99,465
Equity
Equity attributable to owners of the Company
Ordinary shares
9,118
9,118
Share premium
57,112
57,112
Merger reserve
20,336
20,336
Retained earnings
14,142
12,899
Total equity
100,708
99,465
The Company profit for the year was £1,192,000 (2023: £1,365,000).
These financial statements were approved by the Board of Directors and authorised for issue on 14 April 2025 and signed on its behalf by:
William Worsdell
Finance Director
81
Everyman Media Group PLC
Annual report and financial statements
Company statement of changes in equity for the year ended 02 January 2025
Share
Share
Merger
Retained
Total
capital
premium
Reserve
earnings
equity
Note
£000
£000
£000
£000
£000
Balance at 29 December 2022
9,118
57,112
20,336
11,064
97,630
Profit for the year
-
-
-
1,365
1,365
Total comprehensive income
-
-
-
1,365
1,365
Share-based payment expense
29
-
-
-
470
470
Total transactions with owners of the parent
-
-
-
470
470
Balance at 28 December 2023
9,118
57,112
20,336
12,899
99,465
Profit for the year
-
-
-
1,192
1,192
Total comprehensive income
-
-
-
1,192
1,192
Share-based payment expense
29
-
-
-
51
51
Total transactions with owners of the parent
-
-
-
51
51
Balance at 02 January 2025
9,118
57,112
20,336
14,142
100,708
82
Everyman Media Group PLC
Annual report and financial statements
Notes to the Parent company financial statements
Company basis of preparation
The Parent Company financial statements were prepared in accordance with Financial Reporting Standard 101 Reduced Disclosure
Framework (FRS101).
In preparing these financial statements, the Company applies the recognition, measurement and disclosure requirements of International
Financial Reporting Standards but makes amendments where necessary in order to comply with the Companies Act 2006 and has set out
below where advantage of the FRS101 disclosure exemptions has been taken.
Under s408 of the Companies Act 2006 the Company is exempt from the requirement to present its own profit and loss account.
In these financial statements, the Company has applied the exemptions available under FRS101 in respect of the following disclosures:
A cash flow statement and related notes.
Disclosures in respect of transactions with wholly-owned subsidiaries.
Disclosures in respect of capital management.
Disclosures in respect of the compensation of key management personnel.
New but not yet effective IFRS.
As the consolidated financial statements include the equivalent disclosures, the Company has also taken the exemptions under FRS101
available in respect of the following disclosures:
IFRS2 Share Based Payments in respect of Group-settled share based payments.
Certain disclosures required by IFRS13 Fair Value Measurement.
Certain disclosures required by IFRS7 Financial Instruments.
83
Everyman Media Group PLC
Annual report and financial statements
Notes on the Parent company financial statements (continued)
C1 Leases
Right-of-Use Assets
Land & Buildings
£’000
At 29 December 2022
8,347
Amortisation
(562)
Effect of modification to lease terms
667
At 28 December 2023
8,452
Amortisation
(588)
Effect of modification to lease terms
241
At 02 January 2025
8,105
Lease Liabilities
Land & buildings
£’000
At 29 December 2022
9,811
Interest expense
329
Effect of modification to lease terms
667
Lease payments
(723)
At 28 December 2023
10,084
Interest expense
322
Effect of modification to lease terms
241
Lease payments
(933)
At 02 January 2025
9,714
02 January
2025
£’000
28 December
2023
£’000
Lease liabilities
Current
589
520
Non-current
9,125
9,564
9,714
10,084
Maturity analysis of lease payments
02 January
2025
£’000
28 December
2023
£’000
Contractual future cash outflows
Land and buildings
Less than one year
893
838
Between one and five years
3,442
3,367
Over five years
8,161
8,955
12,496
13,160
Lease payments for land and buildings are a combination of fixed and variable payments (including any scheduled increases). Remaining
lease liabilities are reassessed following annual rent reviews based on an external index (such as the RPI). The weighted average lease
length of the remaining lease portfolio is 11 years (2023: 12 years).
84
Everyman Media Group PLC
Annual report and financial statements
Notes on the Parent company financial statements (continued)
C2 Investments
Total
£000
At 28 December 2023 and 02 January 2025
31,994
The Company also has intercompany receivable balances of £98.4m (2023: £94.9m). As part of the Group impairment review, the future
cash flows from each of the venues were forecast and an NPV of these flows calculated. The total value of these were £185m (2023:
£195m) which would indicate that sufficient profits and cash will be generated to repay the monies owed to the Company if required.
The subsidiaries of the Company are as follows (all of which are included on consolidation and all are registered at 2 Downshire Hill,
London, NW3 INR, with the exception of Foxdon Limited which is registered at 33 Sir John Rogerson’s Quay, Dublin 2, Dublin, Ireland):
Principal
Country of
Class of
Proportion of
Name
Activity
incorporation
share held
shares held
Everyman Media Holdings Limited
Cinema management and ownership
UK
Ordinary
100%
A ordinary shares
Series 1, 2, 3, 4 and
5*
94%
Everyman Media Limited**
Cinema management and ownership
UK
Ordinary
100%
CISAC Limited**
Dormant
UK
Ordinary
100%
Foxdon Limited**
Cinema management and ownership
ROI
Ordinary
100%
ECPee Limited***
Property management
UK
Ordinary
100%
Bloom Martin Limited***
Dormant
UK
Ordinary
100%
Bloom Theatres Limited****
Dormant
UK
Ordinary
100%
Mainline Pictures Limited****
Dormant
UK
Ordinary
100%
* 2m A ordinary shares series 4 and 5 are held by Alexander Scrimgeour
** Shareholding is held by Everyman Media Holdings Ltd
*** Shareholding is held by Everyman Media Ltd
**** Shareholding is held by Bloom Martin Ltd
The A Ordinary shares have no rights to a dividend. Everyman Media Group PLC directly holds all the Ordinary shares (£27,015) and A
Ordinary shares (£6,557) of Everyman Media Holdings Limited.
Everyman Media Limited has 285,000 Ordinary shares of £1.00 each in issue, all of which are held by Everyman Media Holdings Limited
and therefore indirectly held by Everyman Media Group PLC. All other subsidiaries are also indirectly held investments. Everyman Media
Holdings Limited acquired 100 Ordinary shares, being the entire issued share capital of Foxdon Limited (a limited company established and
resident in the Republic of Ireland and dormant at the date of acquisition) for €100 on 24 June 2019. With respect to the class and
proportion of shares held in existing subsidiaries, the amounts remain the same for the year ended 02 January 2025 and the year ended 28
December 2023. Bloom Martin Limited, Bloom Theatres Limited, and Mainline Pictures Limited are all dormant companies and exempt
from the requirement for an audit for the year.
The class and proportion of shares held in all other subsidiaries remain the same for the year ended 02 January 2025 and the year ended
28 December 2023.
The registered office address of all investments incorporated in the UK is Studio 4, 2 Downshire Hill, London NW3 1NR. Foxdon Limited’s
registered office is 33 Sir John Rogerson’s Quay, Dublin 2, D02 XK09. All companies listed above are included in the consolidated financial
statements. All consolidated companies have the same financial year and apply the same accounting policies.
85
Everyman Media Group PLC
Annual report and financial statements
Notes on the Parent company financial statements (continued)
C3 Trade and other receivables
02 January
28 December
2025
2023
£000
£000
Amounts due from company undertakings
98,416
94,859
Interest is charged on inter-company loans at the same rate as that charged to the Group by its lenders, currently 3.3%. The loans are
repayable on 15 January 2027.
C4 Trade and other payables
02 January
28 December
2025
2023
£000
£000
Accrued loan interest and rent accruals
203
237
C5 Loans and borrowings
02 January
28 December
2025
2023
£000
£000
Bank borrowings
Total Bank Debt
28,000
26,000
C6 Provisions
Leasehold Dilapidations
£,000
As at 28 December 2023
84
As at 02 January 2025
84
All provisions for lease dilapidations are due after more than five years.
Leasehold dilapidations relate to the estimated cost of returning leasehold property to its original state at the end of the lease in
accordance with lease terms. The cost is recognised as depreciation of leasehold improvements over the remaining term of the lease. The
main uncertainty relates to estimating the cost that will be incurred at the end of the lease term, the average remaining lease term for
leases held at 02 January 2025 was 11 years (2023: 12 years).
86
Everyman Media Group PLC
Annual report and financial statements
Notes on the Parent company financial statements (continued)
C7 Deferred tax
02 January
28 December
2025
2023
£000
£000
Included in non-current assets
(167)
(188)
Opening balance
(167)
(188)
Recognised in profit and loss
Net book value in excess of tax written down value
9
13
Adjustment in respect of prior years
8
-
Amortisation of IFRS 16 accumulated restatement
9
8
Charge to profit and loss
(141)
(167)
02 January
28 December
2025
2023
£000
£000
The deferred tax asset comprises:
Temporary differences on property, plant and equipment
(51)
(69)
Temporary differences on IFRS 16 accumulated restatement
(90)
(98)
(141)
(167)