Iris Prize Outreach Limited
(a company limited by guarantee)
Trustees’ Report and Financial Statements for the year ended 31 May 2022
Charity number: 1149914 Company number: 8079169
Iris Prize Outreach Limited Trustees’ annual report for the year ended 31 May 2022
Trustees’ Annual Report for the period 1 June 2020 to 31 May 2022 IRIS PRIZE OUTREACH LIMITED: Charity registration number: 1149914
Objectives and Activities
| Summary of the purposes of the charity |
For the public benefit to promote education in the arts of the moving image and the production of moving image works including by (a)Awarding prizes or scholarships to facilitate the production of moving image work; (b)Providing education for entry into a trade or profession relevant to the film and television production industries. AND The promotion of equality and diversity by (a)Working for the elimination of discrimination on the grounds of sexual orientation; (b)Raising awareness in equality and diversity; (c)Promoting activities to foster understanding between people from diverse backgrounds; (d)Cultivating a sentiment in favour of equality and diversity. |
|---|---|
| Summary of the main activities. |
The award, annually, of the Iris Prize – a cash sum of £30,000 to the director of an LGBT+ short film to enable them to make a new film in the UK; Publishing a bilingual resource for use by 14 – 18 year olds building their film literacy skills and challenging discrimination on grounds of gender identity; Launching a new fund to support the production of a documentary film of particular interest to an LGBTQ+ audience by a filmmaker or team from an underrepresented group; Working with community groups across Wales to build their skills in storytelling and filmmaking and increasing their understanding of equality and diversity. |
| Statement confirming whether the trustees have had regard to the guidance on public benefit |
The Trustees confirm they have had regard to the guidance issued by the Charity Commission on public benefit. It is their opinion that the activities undertaken meet the tests of‘benefit aspect’and‘public aspect’.’ |
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Iris Prize Outreach Limited, 31 May 2022 Company # 8079169 Registered Charity #1149914
| Policy on grant making |
Iris Prize Outreach makes a single grant (currently of £30,000) each year to the winner of the Iris Prize in order for them to make a new film in the UK. By financing a new film dealing with LGBT+ issues the Trustees are directly furthering the objects of the Charity. The Trustees have regard to the fairness and openness of the submission process and monitoring is undertaken to identify and eliminate bias and inequality in that process. Additional grants may be made if resources are available to support community film production that furthers the Charity’s objectives. To further the Charity’s educational activity a grant of £5 000 was paid to The Festivals Company. |
|---|---|
Contribution made by volunteers |
Volunteers are engaged in various roles: • Front of house at the annual Iris Prize LGBTQ+ Film Festival; • To support marketing and promotional activity; • To provide support to film productions in trainee and assistant positions. For the year ending 31 May 2022 some 700 person hours were given to the Charity across all these roles. |
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Iris Prize Outreach Limited, 31 May 2022 Company # 8079169 Registered Charity #1149914
Achievements and Performance
Summary of the main achievements of the charity, identifying the difference the charity’s work has made to the circumstances of its beneficiaries and any wider benefits to society as a whole. |
The Iris Prize 2021 was awarded to Adam Ali and Sam Arbor from the United Kingdom for their film_Baba_. The covid-19 pandemic has stalled work on Victoria Warmerdam’s project which is now expected to enter production at the end of 2022. In September 2021 Sarah Smith and her writer Phillip Guttmann came to Cardiff to shoot their script_Cardiff_ production of which had been delayed due to Covid-19. _Cardiff,_which stars Ruth Madoc, received its UK premiere at the 2022 Iris Prize LGBTQ+ Film Festival. Sharing LGBT+ stories with audiences is a crucial part of Iris’ work. Iris’ partnership with Channel 4 continued into its second year with a broadcast of all fifteen films that had competed in the Iris Prize Best British competition in 2021. Unfortunately owing to technical issues outwith the control of Iris, or our editorial colleagues at Channel 4, the selection was not available on All4 until January 2022. However by the end of this reporting period in excess of 300,000 views had been registered demonstrating a strong audience for such content and definitely meeting our aim to share stories with as large an audience as possible! Work has continued with the first cohort of community groups taking part in the Iris Community Films project funded by the Lottery Community Fund. The first four films (with SWS Wrexham; Cardiff Theatre Café; and NHS Wales (x2) are scheduled to complete principle photography by early August 2022. |
|---|---|
Performance of fundraising activities against objectives set |
The work of the Charity was adequately funded by continuing donations from The Michael Bishop Foundation and grants from Ffilm Cymru Wales and the Lottery Community Fund. |
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Iris Prize Outreach Limited, 31 May 2022 Company # 8079169 Registered Charity #1149914
Financial Review
| Review of the charity’s financial position at the end of the period |
For the year ending 31 May 2022 the Charity returned a surplus of £1 815 . Turnover of £142 678 (£97 849 in 2021) included £3 120 in donations towards Sarah Smith’s prize film. The Charity is operating as a going concern and is able to meet all its liabilities for the coming year. |
|---|---|
| Statement explaining the policy for holding reserves stating why they are held |
The Charity has adopted a policy to aim to hold reserves to cover at least three month’s operating expenses (£20 000). |
| Amount of reserves held | As at 31 May 2022 the Charity held reserves of £20 921. |
The charity’s principal sources of funds (including any fundraising) |
For the year ending 31 May 2022 and at least the next two years the principal source of funding is the grant from the National Lottery Community Fund for the Iris Community Films project. The Michael Bishop Foundation makes a regular donation annually to fund the Iris Prize and to contribute to the production costs of the Iris Prize LGBTQ+ Film Festival. |
Structure, Governance and Management
| Type of governing document |
Articles of Association for a company limited by guarantee. Adopted on incorporation in May 2012. (Based on model articles from the CharityCommission) |
|---|---|
| How is the charity constituted? |
Private company limited by guarantee. |
| Trustee selection methods including details of any constitutional provisions e.g. election to post or name of any person or body entitled to appoint one or more trustees |
Trustee appointments are made by existing members following widespread advertising and public competition. Trustees retire by rotation in thirds each year and are eligible for re-appointment. |
| The charity’s organisational structure and any wider network with which the charity works |
The Charity has a service level agreement with The Festivals Company for the work on production of the winners’ films and the annual film festival in Cardiff. |
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Iris Prize Outreach Limited, 31 May 2022 Company # 8079169 Registered Charity #1149914
Reference and Administrative details
| Charity name | Iris Prize Outreach Limited |
|---|---|
| Other name the charity uses |
Iris Prize |
| Registered charity number | 1149914 |
| Charity’s principal address | _Until August 2022:_Tŷ Cefn, Rectory Road CARDIFF CF5 1QL _From August 2022:_Friary House (3rdFloor) Greyfriars Road CARDIFF CF10 3AE |
Names of the charity trustees who manage the charity
| 1 2 3 4 5 6 7 |
Trustee name | Office (if any) | Dates acted if not for whole year |
Name of person (or body) entitled **to appoint trustee(if any) ** |
|---|---|---|---|---|
| Andrew Pierce | Chair | Until 9 October 2021 | ||
| Christopher William Racster |
||||
| Carol Ann Jones | ||||
| Linda Suzanne Davies |
From 12 September 2021 |
|||
| Kathleen Lagan | From 12 September 2021 |
|||
| Alice Blanc | From 12 September 2021 |
|||
| Tom Abell | Chair | From 9 October 2021 |
Name of chief executive or names of senior staff members
Berwyn Rowlands – Chief Executive
Declarations
The Trustees declare that they have approved the report above.
Signature:
Tom Abell, Chair 3 March 2023
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Iris Prize Outreach Limited, 31 May 2022 Company # 8079169 Registered Charity #1149914
STATEMENT OF FINANCIAL ACTIVITIES: year ending 31 May 2022
(including income and expenditure account)
| Incoming resources Donations, legacies and Grants Sponsorship Other income Total incoming resources Resources expended (Notes 3) legal and professional fees Donations and Grants Education (& Community) Project Administrative costs Total resources expended Net incoming/(outgoing) resources before transfers Gross transfers between funds Net incoming/(outgoing) resources before other recognised gains/(losses) Other recognised gains/(losses) Gains and losses on revaluation of fixed assets for the charity’s own use Gains and losses on investment assets Net movement in funds Total funds brought forward Total funds carried forward |
Unrestricted funds £ F01 |
Restricted income funds Endowment funds £ £ F02 F03 |
Restricted income funds Endowment funds £ £ F02 F03 |
Total this year Total last year £ £ F04 F05 |
Total this year Total last year £ £ F04 F05 |
|---|---|---|---|---|---|
| 27 536 | 97 004 | 124 540 | 85 181 | ||
| - | - | - | |||
| 37544 | 37544 | 12688 | |||
| 65 080 | 97004 | - | 162084 | 97849 | |
| 14 | 14 | 14 | |||
| 53 378 | 30 000 | 83 378 | 15 000 | ||
| 69 382 | 69 382 | 64 848 | |||
| 8125 | 8125 | 1 790 | |||
61517 |
99 382 | 160 899 | 81652 | ||
| 3 563 | 1 185 | 16197 | |||
| (2378) | 2378 | - | - | ||
| 1 185 | 0 | 1 185 | 16197 | ||
| - | - | ||||
| - | - | ||||
| 1 185 | 1 185 | 16197 | |||
| 19106 | 19106 | 2909 | |||
20291 |
20291 | 19106 |
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Iris Prize Outreach Limited, 31 May 2022 Company # 8079169 Registered Charity #1149914
BALANCE SHEET: 31 May 2020
| Fixed assets Tangible assets Investments Total fixed assets Current assets Stock and work in progress Debtors Prepayment Cash at bank and in hand Total current assets Creditors: amounts falling due within one year Net current assets/(liabilities) Total assets less current liabilities Creditors: amounts falling due after one year Provisions for liabilities and charges Net assets Funds of the Charity Unrestricted funds Designated funds Total unrestricted funds Restricted income funds Endowment funds Total funds |
Total this year Total last year £ £ F01 F02 |
Total this year Total last year £ £ F01 F02 |
|---|---|---|
| - | - | |
| - | - | |
| 0 | 0 | |
| - | - | |
| 0 | 0 |
|
| 0 | 395 | |
| 21 486 | 19236 | |
| 21 486 | 19 631 | |
| 565 | 525 | |
| 19106 | 19106 | |
| 20 921 | 19106 | |
| - | - | |
| - | - | |
| 20 921 | 19106 | |
| 20 291 | 19 106 | |
| - | - | |
| 20 291 | 19 106 | |
| - | - | |
| - | - | |
| 20291 | 19106 |
For the year ending 31 May 2021 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
Signed:
Tom Abell, Chair
Date: 3 March 2023
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Iris Prize Outreach Limited, 31 May 2022 Company # 8079169 Registered Charity #1149914
NOTES TO THE ACCOUNTS
1.1 Basis of accounting
These accounts have been prepared on the basis of historic cost (except that investments are shown at market value) in accordance with:
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Accounting and Reporting by Charities – Statement of Recommended Practice (SORP 2005);
-
and with
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✓ Accounting Standards;
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and with the Charities Act.
1.2 Change in basis of accounting
There has been no change to the accounting policies (valuation rules and methods of accounting) since last year.
1.3 Changes to previous accounts
No changes have been made to accounts for previous years.
2 Accounting policies
INCOMING RESOURCES
Recognition of incoming These are included in the Statement of Financial Activities (SoFA) when: Resources • the charity becomes entitled to the resources; • the trustees are virtually certain they will receive the resources; and • the monetary value can be measured with sufficient reliability. Incoming resources with Where incoming resources have related expenditure (as with fundraising or contract related expenditure income) the incoming resources and related expenditure are reported gross in the SoFA. Grants and donations Grants and donations are only included in the SoFA when the charity has unconditional entitlement to the resources. Tax reclaims on donations Incoming resources from tax reclaims are included in the SoFA at the same time as the and gifts gift to which they relate. Contractual income and This is only included in the SoFA once the related goods or services have been performance related delivered. grants Gifts in kind are accounted for at a reasonable estimate of their value to the charity or Gifts in kind the amount actually realised. Gifts in kind for sale or distribution are included in the accounts as gifts only when sold or distributed by the charity. Gifts in kind for use by the charity are included in the SoFA as incoming resources when receivable. Donated services and These are only included in incoming resources (with an equivalent amount in resources facilities expended) where the benefit to the charity is reasonably quantifiable, measurable and material . The value placed on these resources is the estimated value to the charity of the service or facility received. The value of any voluntary help received is not included in the accounts but is described Volunteer help in the trustees’ annual report. Investment income This is included in the accounts when receivable. This includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
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Iris Prize Outreach Limited, 31 May 2022 Company # 8079169 Registered Charity #1149914
Note 2 continued EXPENDITURE AND LIABILITIES
Liability recognition
Liabilities are recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources.
Grants with performance Where the charity gives a grant with conditions for its payment being a specific level of conditions service or output to be provided, such grants are only recognised in the SoFA once the recipient of the grant has provided the specified service or output.
Grants payable without These are only recognised in the accounts when a commitment has been made and performance conditions there are no conditions to be met relating to the grant which remain in the control of the charity.
ASSETS
Tangible fixed assets for These are capitalised if they can be used for more than one year, and cost at least £500. use by charity They are valued at cost or a reasonable value on receipt. Investments Investments quoted on a recognised stock exchange are valued at market value at the year end. Other investment assets are included at trustees' best estimate of market value.
Stocks and work in These are valued at the lower of cost or market value. progress
Note 3: details of certain items of expenditure
3.1 Trustee expenses
| 3.1 Trustee expenses | ||
|---|---|---|
| Number of trustees who were paid expenses Nature of the expenses Total amount paid |
This year | Last year |
| 0 | 0 | |
| n/a | n/a | |
| £ NIL | £ NIL |
3.2 Fees for examination or audit of the accounts
Independent examiner’s or auditors' fees for reporting on the accounts
Other fees (for example: advice, consultancy, accountancy services) paid to the independent examiner or auditor
| This year £ |
Last year £ |
|---|---|
| 0 | 0 |
| 0 | 0 |
Note 4 – Grant making
A grant of £30,000 was paid towards the production of the film A Beautiful Form To See being made by Lara Zeidan with the Iris Prize 2018.
A grant of £14 750 (2019: £16,068) was paid to The Festivals Company towards the education work they undertake to promote LGBT issues.
A total of £350 was paid as prize money to the winners of the Community and Microshort Awards in January 2020.
Note 5 – Transactions with related parties
There were no transactions with related parties.
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Iris Prize Outreach Limited, 31 May 2022 Company # 8079169 Registered Charity #1149914
EXAMINER’S UNQUALIFIED REPORT: IRIS PRIZE OUTREACH LIMITED
Independent examiner’s report to the trustees of Iris Prize Outreach.
I report on the accounts of the company for the year ended 31 May 2021 which are set out on pages 1-6.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144(2) of the Charities Act 2011 (the 2011 Act) and that an independent examination is needed.
Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
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examine the accounts under section 145 of the 2011 Act
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to follow the procedures laid down in the general Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act
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to state whether particular matters have come to my attention
Basis of independent examiner’s report
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
-
(1) which gives me reasonable cause to believe that in any material respect the requirements:
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to keep accounting records in accordance with section 386 of the Companies Act 2006 and
-
• to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities
have not been met or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached
S Mullis
Relevant professional qualification or body: CIPFA Address: 302 Cowbridge Road East, Cardiff
Date: 1 March 2023
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Iris Prize Outreach Limited, 31 May 2022 Company # 8079169 Registered Charity #1149914