This Practice Note summarises the statutory provisions of the Companies Act 2006 (CA 2006) and other legislation relating to the filing, distribution and publication of an auditor’s report. For information on the need for an auditor's report, see Practice Note: When to audit company accounts and the content of the auditor’s report. There may be other rules relating to a company’s obligations in relation to audit and auditors that apply a listed company, an AIM company or a company with securities that are listed on the AQSE Main Market, AQSE Growth Market or AQSE Trading (formerly NEX Exchange Main Board, NEX Exchange Growth Market and NEX Exchange Secondary Market), but these are outside the scope of this Practice Note. Signing the auditor’s report The auditor's report must state the name of the auditor and be signed and dated. Where the auditor is an individual, the report must be signed by that person. Where the auditor is a firm, the report must be signed by the senior statutory auditor in their own name, for and

A film is a copyright work which is a recording on any medium from which a moving image may by any means be produced.

The (principal) director of a film is one of the two original owners of the copyright in the film. The other owner being the producer.

This Agreement is made on [insert date] Parties 1 [Insert name of company], a company registered in England and Wales whose registered number is [insert company number] and whose registered office is at [insert address] (the ‘Company’); and 2 [Insert name of artist] of [insert address] (the ‘Artist’) The parties agree: 1 Definitions and interpretation 1.1 The following definitions apply in this Agreement: [Accounting Date • means 90 days from the end of each Accounting Period;] [Accounting Period • means, in respect of the first three years following first theatrical release of the Film, consecutive periods of three months to 31 March, 30 June, 30 September and 31 December in each year and after that, consecutive periods of six months to 30 June and 31 December in each year;] Agreement • means this agreement and any and all schedules and annexures attached to it or incorporated in it by reference; Consecutive Period • means such additional period not exceeding the length of the Guaranteed Period as may be required by the Company after the expiry of the Guaranteed Period in order to complete principal photography of the Part; Daily Rate • means one fifth

For other common film and TV terms, see: Film and TV glossary C–D, Film and TV glossary E–H, Film and TV glossary I–L, Film and TV glossary M–P, Film and TV glossary R–S, Film and TV glossary T–W. Abandonment If, at any time, a commissioning producer becomes entitled to exercise takeover rights and then, or at any time after, in their sole discretion, determines that it is not economically feasible to effect completion of the film, they may, by notice in writing to the film production company, declare abandonment of production of the film. See: Commissioning agreement between a producer and film production company: Encyclopaedia of Forms and Precedents [486]. Acquisition agreements Acquisition agreements are intended for use in circumstances where a company is acquiring from the owner of a film the rights in a number of separate media for a designated territory. See: Acquisition agreement where a company is acquiring from the owner of a film the rights in a number of separate media for a designated territory: Encyclopaedia of Forms and Precedents

Film and TV glossary A–B | Film and TV glossary E–H | Film and TV glossary I–L | Film and TV glossary M–P | Film and TV glossary R–S | Film and TV glossary T–W CAP Code for non-broadcast media UK Code of Non-broadcast Advertising and Direct & Promotional Marketing (CAP Code) is the main form of regulation for non-broadcast advertisements, sales promotions and direct marketing communications. The CAP Code is written by the Committee on Advertising Practice (CAP). CAP is a self-regulatory body and its members include organisations that represent the advertising, sales promotion, direct marketing and media businesses. The CAP Code is enforced by the Advertising Standards Authority (ASA), who can take steps to remove or have amended any ads that breach these rules. See Practice Note: Advertising law and regulation. Cinematograph film The Copyright Act 1956 (CA 1956) protected films as a separate category for the first time as long as they fell within the definition of ‘cinematograph film’ which protected a sequence of visual images capable of being shown as a moving image

For other common film and TV terms, see: Film and TV glossary A–B, Film and TV glossary C–D, Film and TV glossary I–L, Film and TV glossary M–P, Film and TV glossary R–S, Film and TV glossary T–W. Educational Recording Agency Ltd (ERA) Educational Recording Agency Ltd operates a licensing scheme for the educational use of copyright material. See website: Education Recording Agency Ltd and Practice Note: Collecting societies. Eos (the Broadcasting Rights Agency) Eos is a Broadcasting Rights Agency that serves the music industry in Wales. See website: Eos (the Broadcasting Rights Agency) and Practice Note: Collecting societies. Extended Collective Licensing (ECL) scheme Where collective licensing takes place, relevant licensing bodies tend to represent the majority of rights holders in the sector. An Extended Collective Licensing scheme is one where a relevant licensing body, subject to certain safeguards, is authorised to license specified copyright works on behalf

Film and TV glossary A–B | Film and TV glossary C–D | Film and TV glossary E–H | Film and TV glossary M–P | Film and TV glossary R–S | Film and TV glossary T–W Incidental inclusion (‘passing shot’ use) Copyright in a work is not infringed by its incidental inclusion in an artistic work, sound recording, film or broadcast. Therefore, a film made on location at South Bank, London would not infringe copyright in buildings or music (caught because it was being played in the background during filming) included incidentally in it. What is ‘incidental’ depends on the circumstances of each case. See Practice Note: Copyright—permitted acts and defences. Independent Press Standards Organisation (IPSO) IPSO is an independent, self-regulatory body, that deals with complaints about the editorial content (not advertising) of newspapers, magazines (not books) and their websites, as well as about some types of behaviour of such organisations’ journalists. It replaced the Press Complaints Commission on 8 September 2014. See website: Independent Press Standards Organisation and Practice Note: UK media content regulation. Independent

For other common film and TV terms, see: Film and TV glossary A–B, Film and TV glossary C–D, Film and TV glossary E–H, Film and TV glossary I–L, Film and TV glossary R–S, Film and TV glossary T–W. Meme An image, video, piece of text, or something similar, that parodies or provokes humour, that is usually spread virally on the internet by internet users who sometimes adapt or vary the meme when passing it on. Mime In the context of copyright law, mime is an example of a dramatic work. Moral rights The Copyright, Designs and Patents Act 1988 (CDPA 1988) confers a number of personal rights on authors (known as moral rights) that are in addition to their economic rights. While copyright deals with economic interests, moral rights are about the reputation and integrity of the author that is publicly associated with the work. These rights include: • the right to be identified as author or director (the right of paternity) • the right to object to derogatory treatment of work (the right to integrity),

For other common film and TV terms, see: Film and TV glossary A–B, Film and TV glossary C–D, Film and TV glossary E–H, Film and TV glossary I–L, Film and TV glossary M–P, Film and TV glossary T–W. RadioPro Ltd RadioPro Ltd accepts music from independent artists through RadioPro.eu. Those who play music in a public place may need a licence. Artists may upload their music to RadioPro.eu who will, on their behalf, offer it directly to commercial and creative users such as TV shows and series, movies, commercials and documentaries for a fee determined by the artist. See Practice Note: Collecting societies. Recapture or turnaround provision ‘Recapture’ specifies that a licence will expire and all rights will automatically revert to the author/owner after a specified period if the producer has not by the end of that period undertaken certain actions. ‘Turnaround’ gives the author/owner the right within a specified period to give notice to the producer requiring the producer to reassign certain rights in the project in return for the payment of certain sums of

For other common film and TV terms, see: Film and TV glossary A–B, Film and TV glossary C–D, Film and TV glossary E–H, Film and TV glossary I–L, Film and TV glossary M–P, Film and TV glossary R–S. Term Directive The EU Term Directive, Directive 2006/116/EC (codified) was intended to harmonise national terms of protection of copyright works which were generally extended to life of the author plus 70 years for copyright works. The EU Term Directive was implemented in the UK by the Duration of Copyright and Rights in Performances Regulations 1995, SI 1995/3297. (Note that as EU-derived domestic legislation, these Regulations form part of assimilated law and continue to apply in the UK—see Practice Note: Assimilated law). See: The Term Directive: Laddie, Prescott & Vitoria:

Tax analysis: The Upper Tribunal (UT) has dismissed the taxpayers’ appeals and allowed HMRC’s cross-appeal from earlier decisions of the First-Tier Tribunal (FTT) with the result that two LLPs involved with film financing and production and an LLP involved in video game financing and production were not trading, so could not create tax losses for investors in the LLPs. The LLPs were also not carrying on a business ‘with a view to profit’ so even if they were trading, they were not UK tax-transparent and investors could not therefore access their losses.