2022-03-31-accounts

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Registered number: 06278119 Charity number: 1121488

FREEDOM STUDIOS

TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

FREEDOM STUDIOS

	Page
Reference and administrative details of the Charitable company, its Trustees and advisers	1
Trustees' report	2 - 9
Independent examiner's report	10
Statement of financial activities	11
Balance sheet	12 - 13
Notes to the financial statements	14 - 23

FREEDOM STUDIOS

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2022

Trustees	Anju Handa,Chair(Acting)
	Rodolfo Barradas
	Matthew Owen Ingram
	Yasmin Hussein
	Bobsie Robinson
Company registered number 06278119 Charity registered number 1121488 Registered office St Peter's House Forster Square Bradford BD1 4TY Company secretary Alexandra Chisholm Accountants BHP LLP New Chartford House Centurion Way Cleckheaton BD19 3QB Bankers The Co-operative Bank plc 1 Balloon Street PO Box 101 Manchester M60 4EP Senior Management Alexandra Chisholm - Co-Director Aisha Khan-Catley - Co-Director Stephen McCabe - General Manager

Page 1

FREEDOM STUDIOS

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report together with the financial statements of the Charitable company for the year 1 April 2021 to 31 March 2022. The annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Charitable company qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

Structure, governance and management

 Governing Document

Freedom Studios was established in 2007 and registered as a charity and incorporated as a company limited by guarantee in 2007. The company was established under a Memorandum of Association, which established the objects and powers of the charitable company, and is governed under its Article of Association. Freedom Studios operates in Bradford and has a regional and national profile.

Company No: 06278119 Charity No: 1121488

 Recruitment and Appointment of Trustees

The Directors of the company are also charity trustees for the purpose of charity law and, under the company's Articles, are known as members of the Board of Trustees. Under the requirements of the Memorandum and Articles of Association the members of the Board of Trustees are elected to serve for a period of three years, after which they must be re-elected at the next Annual General Meeting.

The Board of Trustees of the company seeks to ensure that its members possess the range of skills and expertise required to benefit the diverse range of work the company undertakes.

In the event of particular skills or expertise being lost due to retirement, appropriate individuals are identified and approached to offer themselves for election to the Board of Trustees.

 Trustee Induction and Training

Trustee appointment, induction and training - Trustees are identified through contacts within the arts and education fields, advertising through social media, Freedom Studios website and wider professional networks. The Charity has a thorough induction policy which outlines how a potential trustee is approached and introduced to the charity and the formal procedure for appointing them as a trustee. Once they are appointed an induction pack is sent to them and they are offered the opportunity to attend one of the Board training programmes run by the Company to inform trustees of their roles and responsibilities. Trustees are also invited to come to the offices and spend time with staff understanding the systems and details of the operations of the Charity. Additionally, trustees are made aware of external trustee development opportunities and a budget is made available for this.

The board also undertakes periodic skills and characteristics audit to support existing trustees’ training and development needs and to support trustee succession planning.

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FREEDOM STUDIOS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management (continued)

 Risk Management

The Board of Trustees and the Management Committee periodically undertake a review of the major risks to which the charity is or may be exposed. Where appropriate, systems and procedures have been established to mitigate the risks that the charity is facing or may face.

Appropriate policies and procedures are in place to ensure compliance with legislative requirements, which include employment laws, health and safety of staff, volunteers, clients and visitors.

 Organisational Structure

Freedom Studios has a board of trustees, who are also directors for the purpose of company law, that oversee the Charity’s activities and employs a management team – 2 co-Artistic Directors (operating as a job share half a week each) and part-time General Manager to develop and carry out the vision of the Charity and its activities. All other people working for the Charity are employed either on a freelance basis or on short term contracts to fulfil the diverse projects undertaken.

The Board of Trustees meets quarterly and is responsible for the strategic direction and policy of the charity. The CoArtistic Directors and General Manager attend the board meetings. Each meeting has a full agenda. Discussions take place about particular issues of concern or of strategic significance to the company. Decisions are reached through discussion and are minuted at the meetings with action points attached to each decision. These action points and minutes are reviewed at every subsequent meeting.

The Co-Artistic Directors are responsible for the artistic vision and direction of the Charity. The General Manager is responsible for all aspects of financial control and management and for ensuring that services are delivered in accordance with contract specifications. The management team has responsibility for day-to-day operational and project management.

The present Co-Artistic Directors are due to leave the company at the end of May 2022. The company is in the process of succession planning and hopes to have a new leadership in place by the Autumn of 2022.

The Charity is a member of ITC, the Independent Theatre Council, which is the management association and industry lead body for performing arts organisations and individuals working in the field of drama, dance, opera and music theatre, mime and physical theatre, circus, puppetry, street arts and mixed media..

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FREEDOM STUDIOS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management (continued)

Objectives and activities

 Objectives

The objectives of Freedom Studios are:

• To advance education for the public benefit by the promotion of the arts, in particular but not exclusively the art of drama inspired by the voice of the British born Asian Community.

The activities employed to meet these objectives include the following:-

Creating quality theatrical events for audiences in traditional and non-traditional settings
Delivering performing arts workshops to support young people to tell their own stories
Working with people as active participants in our work to reflect contemporary experiences
Offering opportunities to people who wouldn't normally engage in theatre
Making work with and about Bradford and its vibrant communities for those communities and to tour regionally and nationally
Initiating projects that develop professional artistic practice for emerging artists, particularly young people
Developing and working in partnership with other artists and venues to develop artistic work that pushes boundaries and enhances creative practice to explore new ideas, new forms and new contexts for dramatic work
Providing a platform and creative opportunities for BAME artists.

The trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the Charity’s aims and objectives and in planning future activities.

Achievements and performance

 Summary

Once again lockdown caused through the Covid-19 virus has sharply curtailed the ability of Freedom Studios to perform its normal tasks i.e. produce theatre shows and conduct youth theatre projects.

Staff carried on working through the period.

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FREEDOM STUDIOS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance (continued)

 Aaliyah (after Antigone) Research and Development

Directed by Freedom Studios co-artistic director Alex Chisholm and Dermot Daly, the new adaptation was simultaneously premiered as a live and digital online experience at Impact Hub Bradford between 8-16 October 2021.

Set in the Local Authority offices in Bradford, Aaliyah: After Antigone uses the ancient Greek play Antigone, written by Sophocles, as a framework to show the plight of British Bangladeshi sisters Aaliyah and Imani as they try and save their brother Syeed who has been deported by the Home Office. In the play Aaliyah rises up and face the might of the Home Secretary - Parveen Parvaiz (Jocasta in the original play), but Aaliyah’s political activism puts her own life in danger.

Since 2016 Freedom Studios been exploring digital spaces as a new medium and material for performance; a place where artists and audiences can meet in new ways and collaborate in the creation and exploration of storytelling. In 2016 we appointed a technologist-in-residence, Imran Ali of CARBON:imagineering. Aalyah (after Antigone) is the latest iteration of Freedom Studios’ quest to bring together digital and live performance.

Rather than developing for high-end immersive technologies Freedom Studios focussed on those everyday devices (iPhones) with which audiences are most digitally literate and crafting a more democratised form of immersive storytelling.

Freedom Studios is leading the way in making live stream based dramatic content, with interactive features. The tools to create this content are not expensive or high end but have yet to be used in this way. Freedom Studios anticipates that by showing the impact of storycasting-based content, they will also be highlighting the low cost of production for stories which can reach many.

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FREEDOM STUDIOS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance (continued)

 Youth Theatre

Vision:

To create a youth theatre for 10 to 18 year olds from diverse ethnic and social backgrounds around Bradford to integrate to tell their own stories as powerful theatre productions. To train the next generation of diverse theatregoers and theatremakers.

The company members will devise their own productions for the community, acting as catalysts for thought provoking and entertaining theatre alongside celebrating and offering new perspectives of their city, and their lives.

Aims:

To reach out to the young people from communities in Bradford who are excluded from theatre.

To provide a space and a process for members of diverse communities to work together, celebrating both their different perspectives and skills and their common ground as citizens of Bradford.

To enable young people to express themselves by providing them with the opportunities and skills to tell their own stories and the stories of their communities.

To improve young people’s social skills, self-expression and confidence which will support their overall well-being and employability.

To support young people to initiate and develop their own work, from individual projects, to ensemble companies.

To create a sustainable youth-led organisation which is not reliant on the sustained support of any one artist.

Freedom Studios has been funded by Bradford Council to help facilitate the Youth Theatre groups.

Natalie Quatermass left the company in April 2021 and because of Covid the company decided not to replace her immediately. Youth Theatre sessions were revived at Kala Sangam in the Autumn of 2021 led by Leah Francis in the autumn and Alex Dunlop in the spring of 2022..

 Street Voices 8 and Introduction to Playwriting

Freedom Studios ran Introduction to Playwriting (led by Mwewa Sumbwanyambe) and Street Voices 8 (led by Zodwa Nyoni) as online courses via Zoom. We had 10 participants in Introduction to Playwriting and 8 in Street Voices.

 Spirits

Spirits is a play by Gemma Bedeau who first came to the attention of Freedom Studios when she attended Street Voices 7. Unfortunately it has not been possible because of Covid to go ahead with this play and the project will be reviewed later in the spring.

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FREEDOM STUDIOS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Achievements and performance (continued)

 BD Stories

In 2020 Freedom Studios commissioned 2 young female writers, Kat Rose Martin and Suhaiymah Manzoor-Khan, to write short plays (Pick ‘n’ Mix and Magar Tera Pyar) which were to be performed in and around Bradford in various community centres. This didn’t happen because of Covid. When the project was reviewed at the end of spring it was decided that Freedom Studios would no longer produce Pick and Mix which was quickly picked up by another producer to be staged in the Autumn 2023

Freedom Studios is committed to producing Magar Tera Pyar in the new financial year.

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FREEDOM STUDIOS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Financial review

 Financial review

The Charitable company reports an in-year deficit of £11,289 (2021 - surplus of £22,884) across the Charitable company's funds during the year ending 31st March 2022. This deficit can be analysed as follows:

a. Operational Fund (unrestricted).

i. Surplus in core activities £12,116 (2021 - surplus of £252)

ii. A net transfer of £53,280 of expenditure was required to support Restricted Fund projects.

b. Designated Fund (Unrestricted) - £26,220 (2021 - surplus of £16,020) used to pay for an associate artist programme in 2021-22.

c. Restricted Fund - in-year surplus of £2,815 (2021 - surplus of £6,612).

Restricted Funds carried forward have increased to (£4,266) as projects were completed or continued, and new projects started.

All of the activity above has been supported by Arts Council England to whom the Charity offers its greatest thanks. The company also acknowledges and offers thanks to other funders, who have supported the programme of activity for the year, itemized below.

Strong financial management and strategic planning has ensured costs have been contained within budgets and Freedom Studios will continue to work towards building reserves through prudent financial management and the generation of earned income.

The principal sources of funding during the year were as follows: Arts Council England – NPO funding Bradford Council

 Reserves policy

The Board of Trustees has established a policy whereby Freedom Studios aims to have a level of reserves that amounts to three to six months operating costs. At 31st March 2022, Freedom Studios has unrestricted reserves of £66,892 (2021: £80,996).

The company aspires to have six months operating costs (£50k) which will be achieved through sound financial management and the generation of earned income.

 Accountant

A resolution will be proposed at the Annual General Meeting that BHP LLP be re-appointed as accountants to the Charitable company for the ensuing year.

 Going concern

After making appropriate enquiries, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason they continue to adopt the going concern basis for preparing the financial statements.

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FREEDOM STUDIOS

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Charitable company for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees 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 Charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles of the Charities SORP (FRS 102);
make judgements and accounting estimates that are reasonable and prudent;
state whether applicable UK Accounting Standards (FRS 102) 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 Charitable company will continue in business.

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the Charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Approved by order of the members of the board of Trustees and signed on their behalf by:

Anju Handa (Chair of trustees) Date: Dec 16, 2022

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FREEDOM STUDIOS

INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2022

Independent examiner's report to the Trustees of Freedom Studios ('the Charitable company')

I report to the charity Trustees on my examination of the accounts of the Charitable company for the year ended 31 March 2022.

Responsibilities and basis of report

As the Trustees of the Charitable company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Charitable company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable company's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

accounting records were not kept in respect of the Charitable company as required by section 386 of the 2006 Act; or
the accounts do not accord with those records; or
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination; or
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Signed: Dated: Dec 16, 2022

Lesley Kendrew BSc FCA BHP LLP, Chartered Accountants New Chartford House Centurion Way Cleckheaton BD19 3QB

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FREEDOM STUDIOS

STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2022

Note Income from: Donations and legacies 2 Charitable activities 3 Total income Expenditure on: Charitable activities 4 Total expenditure Net (expenditure)/income Transfers between funds 14 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward	Restricted funds 2022 £ 13,000 - 13,000 63,465 63,465 (50,465) 53,280 2,815 (7,081) 2,815 (4,266)	Unrestricted funds 2022 £ - 150,328 150,328 111,152 111,152 39,176 (53,280) (14,104) 80,996 (14,104) 66,892	Total funds 2022 £ 13,000 150,328 163,328 174,617 174,617 (11,289) - (11,289) 73,915 (11,289) 62,626	Total funds 2021 £ 15,350 146,853
				162,203
				139,319
				139,319
				22,884 -
				22,884
				51,031 22,884
				73,915

The Statement of financial activities includes all gains and losses recognised in the year.

The notes on pages 14 to 23 form part of these financial statements.

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FREEDOM STUDIOS REGISTERED NUMBER: 06278119

BALANCE SHEET AS AT 31 MARCH 2022

Note Fixed assets Tangible assets 7 Current assets Debtors 8 Cash at bank and in hand Creditors: amounts falling due within one year 9 Net current assets Total assets less current liabilities Net assets excluding pension asset Total net assets Charity funds Restricted funds 14 Unrestricted funds 14 Total funds	7,473 65,780 73,253 (10,627)	2022 £ - - 62,626 62,626 62,626 62,626 (4,266) 66,892 62,626	7,577 77,113 84,690 (10,775)	2021 £ -
				- 73,915
				73,915
				73,915
				73,915 (7,081) 80,996
				73,915

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FREEDOM STUDIOS REGISTERED NUMBER: 06278119

BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2022

The Charitable company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Anju Handa (Chair of Trustees) Date: Dec 16, 2022

The notes on pages 14 to 23 form part of these financial statements.

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FREEDOM STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies

1.1 Basis of Accounting

The financial statements have been prepared in accordance with the Charties SORP (FRS 102) - Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Freedom Studios meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Freedom Studios is a charitable company registered in England and Wales. The registered office is St Peter's House, Forster Square, Bradford, BD1 4TY.

1.2 Going concern

1.3 Incoming Resources

All incoming resources are included in the statement of financial activities when the Charitable company is entitled to the income and the amount can be quantified with reasonable accuracy: The following specific policies are applied to particular categories of income:

Voluntary income is received by way of grants, donations and gifts and is included in full in the Statement of Financial Activities when receivable. Grants, where entitlement is not conditional on the delivery of a specific performance by the Charitable company, are recognised when the Charitable company becomes unconditionally entitled to the grant.

Donated services and facilities are included at the value to the Charitable company where this can be quantified. The value of services provided by volunteers has not been included in these accounts.

Investment income is recognised on a receivable basis.

Incoming resources from grants, where related to performance and specific deliverables, are accounted for as the Charitable company earns the right to consideration by its performance.

1.4 Resources Expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charitable company's objectives, as well as any associated support costs.

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FREEDOM STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

1. Accounting policies (continued)

1.5 Taxation

The Charitable company is registered with the Charities Commission and is not subject to taxation on its normal activities.

1.6 Cost Apportionment

Expenses are apportioned between the projects based on the percentage of income generated from each project for expense items which cannot easily be separately identifiable between the projects. All other expense items are allocated to the appropriate project as they are incurred.

1.7 Capital Expenditure

All expenditure of a capital nature is capitalised in the balance sheet.

Fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated value of each asset over its expected useful life, as follows:

Theatrical equipment: 15% reducing balance basis but in 2017 depreciated to a £nil net book value Office fixtures and fittings: 15% reducing balance basis but in 2017 depreciated to a £nil net book value

1.8 Funds Structure

The Charitable company has a number of restricted income funds to account for situations where a donor requires that a donation must be spent on a particular purpose or where funds have been raised for a specific purpose.

All other funds are unrestricted income funds and are available for use at the discretion of the trustees in furtherance of the general objectives of the Charitable company.

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FREEDOM STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

2. Incoming resources analysed between projects

*Grants* Youth Theatre Antigone BD Stories Bradford Producing Hub Makefilm Donations *Total 2022* Total 2021	Restricted funds 2022 £ 9,000 4,000 - - - - 13,000 15,350	Total funds 2022 £ 9,000 4,000 - - - - 13,000 15,350	Total funds 2021 £ 9,000 - 3,750 1,600 1,000 (1,000)
			15,350

3. Income from charitable activities

Arts Council Box Office Other income *Total 2022* Total 2021	Unrestricted funds 2022 £ 143,720 1,354 5,254 150,328 146,853	Total funds 2022 £ 143,720 1,354 5,254 150,328 146,853	Total funds 2021 £ 146,853 - -
			146,853

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FREEDOM STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

4. Analysis of expenditure on charitable activities

Summary by fund type

Governance costs Insurance Rent and rates Printing, postage and stationery Internet and computer costs Telephone & subscriptions Wages, salaries and national insurance General expenses Marketing Theatre costs *Total 2022* Total 2021	Restricted funds 2022 £ - - - - - - - - - 63,465 63,465 10,885	Unrestricted funds 2022 £ 5,307 874 7,200 47 3,112 1,211 61,603 20,734 7,200 3,864 111,152 128,434	Total 2022 £ 5,307 874 7,200 47 3,112 1,211 61,603 20,734 7,200 67,329 174,617 139,319	Total 2021 £ 5,479 896 7,200 220 2,823 1,157 74,397 16,676 7,200 23,271
				139,319

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FREEDOM STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

Governance costs	Restricted funds	Unrestricted funds	Total funds	Total funds
	2022	2022	2022	2021
	£	£	£	£
Consultancyfees	-	650	650	2,575
Accountancyfees	-	4,113	4,113	2,000
Legal andprofessional fees	-	544	544	904

*Total 2022*	-	5,307	5,307	5,479

Total 2021	2,575	2,904	5,479
Independent examiner's remuneration Fees payable to the Charitable company's independent examiner for the independent examination of the Charitable company's annual accounts			2022 £ 2,200	2021 £ 2,000

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FREEDOM STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

7. Tangible fixed assets

*Cost or valuation* At 1 April 2021 At 31 March 2022 *Depreciation* At 1 April 2021 At 31 March 2022 *Net book value* At 31 March 2022 Debtors *Due within one year* Trade debtors Other debtors Prepayments and accrued income	Theatrical Equipment £ 5,631 5,631 5,631 5,631 -		Office equipment £ 5,329 5,329 5,329 5,329 - 2022 £ 800 5,915 758 7,473	Total £ 10,960
				10,960
				10,960
				10,960
				-
				2021 £ - 6,613 964 7,577

8. Debtors

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FREEDOM STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

9. Creditors: Amounts falling due within one year

Trade creditors Other creditors Accruals and deferred income	2022 £ 4,844 585 5,198 10,627	2021 £ 2,217 895 7,663

		10,775

10. Net Incoming Resources For The Year

*This is stated after charging:* Accountancy fees Operating lease - rent *Total 2022* Total 2021	Unrestricted funds 2022 £ 4,113 7,200 11,313 9,553	Total funds 2022 £ 4,113 7,200 11,313 9,553	Total funds 2021 £ 2,353 7,200
			9,553

11. Taxation

The Charitable company is exempt from taxation on income and gains to the extent that these are applied for charitable purposes only.

12. Remuneration/Expenses Paid to Trustees

During the year, there was no remuneration or expenses paid to any of the Trustees of the Charitable company (2021 - £nil).

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FREEDOM STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

13. Staff costs

Wages and salaries Social security costs Contribution to defined contribution pension schemes	2022 £ 60,599 - 1,004 61,603	2021 £ 73,001 370 1,026

		74,397

The average number of persons employed by the Charitable company during the year was as follows:

Core The average headcount expressed as full-time equivalents was: Core	2022 No. 4 2022 No. 2	2021 No. 4
		2021 No. 2

No employee received remuneration amounting to more than £60,000 in either year.

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FREEDOM STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

14. Statement of funds

Statement of funds
Statement of funds - current year *Unrestricted funds* *Designated funds* Designated Funds *General funds* Core *Total Unrestricted funds* *Restricted funds* Youth Theatre BD Stories Spirits Antigone *Total of funds*	Balance at 1 April 2021 £ 26,220 54,776 80,996 1,695 - (3,526) (5,250) (7,081) 73,915	Income £ - 150,328 150,328 9,000 - - 4,000 13,000 163,328	Expenditure £ - (111,152) (111,152) (6,825) (9,220) - (47,420) (63,465) (174,617)	Transfers in/out £ (26,220) (27,060) (53,280) - 4,610 - 48,670 53,280 -	Balance at 31 March 2022 £ - 66,892 66,892 3,870 (4,610) (3,526) -
					(4,266) 62,626

Descriptions of all restricted funds can be found within the Trustees' Report.

Restricted funds have been carried forward in deficit only where there is a realistic expectation that future income will be received to cover the shortfall.

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FREEDOM STUDIOS

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022

14. Statement of funds (continued)

Statement of funds - prior year

*Unrestricted funds* *Designated funds* Designated Funds *General funds* Core *Total Unrestricted funds* *Restricted funds* Youth Theatre BD Stories Bradford Producing Hub Spirits Antigone Makefilm *Total of funds*	Balance at 1 April 2020 £ 10,200 54,524 64,724 - (5,757) (910) (3,526) (3,500) - (13,693) 51,031	Income £ - 146,853 146,853 9,000 3,750 1,600 - - 1,000 15,350 162,203	Expenditure £ (7,200) (121,234) (128,434) (7,305) (300) - - (1,750) (1,530) (10,885) (139,319)	Transfers in/out £ 23,220 (25,367) (2,147) - 2,307 (690) - - 530 2,147 -	Balance at 31 March 2021 £ 26,220 54,776 80,996 1,695 - - (3,526) (5,250) -
					(7,081) 73,915

15. Related party transactions

The Charitable company has not entered into any related party transaction during this year or the prior year, nor are there any outstanding balances owing between related parties and the Charitable company at 31 March 2022.

Page 23

Freedom Studios

Charity number: 1121488 Company number: 06278119

BHP LLP New Chartford House Centurion Way Cleckheaton BD19 3QB

Dear BHP,

The following representations are made on the basis of enquiries of management and staff with relevant knowledge and experience such as we consider necessary in connection with your independent examination of the charitable company’s financial statements for the year ended 31 March 2022. These enquiries have included inspection of supporting documentation where appropriate. All representations are made to the best of our knowledge and belief.

General

1 We acknowledge that the work performed by you is substantially less in scope than an audit performed in accordance with International Standards on Auditing (UK) and that you do not express an audit opinion.
2 We confirm that the charitable company qualifies as small in accordance with the conditions set out in chapter 1 of part 15 of the Companies Act 2006.
3 We confirm that the charitable company was entitled to exemption under section 144 of the Charities Act 2011 the requirement to have its financial statements for the financial year ended 31 March 2022 audited. We also confirm that the members have not required the company to obtain an audit of its financial statements for the financial year in accordance with section 476 of the Companies Act 2006.
4 We have fulfilled our responsibilities as trustees as set out in the terms of your engagement letter dated 14 February 2020, under the Companies Act 2006 for preparing financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), for being satisfied that they give a true and fair view and for making accurate representations to you.
5 All the transactions undertaken by the charitable company have been properly reflected and recorded in the accounting records.
6 All the accounting records have been made available to you for the purpose of your independent examination. We have provided you with unrestricted access to all appropriate persons within the charitable company, and with all other records and related information requested, including minutes of all management and trustee meetings and correspondence with The Charity Commission.
7 The financial statements are free of material misstatements, including omissions.
8 The effects of uncorrected misstatements are immaterial both individually and in total.
9 The charitable company has satisfactory title to all assets and there are no liens or encumbrances on the charitable company’s assets, except for those that are disclosed in the notes to the financial statements.
10 All actual liabilities, contingent liabilities and guarantees given to third parties have been recorded or disclosed as appropriate.
11 We have no plans or intentions that may materially alter the carrying value and where relevant the fair value measurements or classification of assets and liabilities reflected in the financial statements.
12 Significant assumptions used by us in making accounting estimates, including those measured at fair value, are reasonable.
13 The charitable company has not granted any advances or credits to, or made guarantees on behalf of, directors other than those disclosed in the financial statements.
14 We have disclosed to you all claims in connection with litigation that have been, or are expected to be, received and such matters, as appropriate, have been properly accounted for, and disclosed in, the financial statements.
15 We have disclosed to you all known instances of non-compliance or suspected noncompliance with laws and regulations whose effects should be considered when preparing the financial statements.
16 Related party relationships and transactions have been appropriately accounted for and disclosed in the financial statements. We have disclosed to you all relevant information concerning such relationships and transactions and are not aware of any other matters which require disclosure in order to comply with legislative and accounting standards requirements.
17 All events subsequent to the date of the financial statements which require adjustment or disclosure have been properly accounted for and disclosed.
18 We believe that the charitable company’s financial statements should be prepared on a going concern basis on the grounds that current and future sources of funding or support will be more than adequate for the charitable company’s needs. We have considered a period of twelve months from the date of approval of the financial statements. We believe that no further disclosures relating to the charitable company’s ability to continue as a going concern need to be made in the financial statements.
19 All grants, donations and other income, the receipt of which is subject to specific terms or conditions, have been notified to you. There have been no breaches of terms or conditions in the application of such income.

Yours faithfully on behalf of the Board of Trustees

................................................. Trustee

Dec 16, 2022

……………………………………………… Date

Freedom Studios

Corporation Tax Computation Year ended 31 March 2022

Client reference: I23075 Tax reference: 71270 20785

Freedom Studios

Year ended 31 March 2022

Corporation tax computation

A1 Corporation tax

Trading income

B1 Theatre tax B2 Losses B3 Theatre tax profit/(loss) B4 Summary of income and expenditure B5 Theatre tax credit