Iris Prize Outreach Limited
(a company limited by guarantee)
Trustees’ Report and Financial Statements for the year ended 31 May 2023
Charity number: 1149914 Company number: 8079169
Table of Contents
| Trustee’s Annual Report for the Year Ended 31 May 2023 | 3 |
|---|---|
| Objectives and Activities | 3 |
| Achievements and Performance | 5 |
| Financial Review | 6 |
| Structure, Governance and Management | 6 |
| Reference and Administrative details | 7 |
| Statement of Financial Activities for the Year Ended 31 May 2023 | 8 |
| Balance Sheet as at 31 May 2023 | 9 |
| Prior Year Statement of Financial Activities (year ended 31 May 2022) | 10 |
| Notes to the Financial Statements | 11 |
| 1. Basis of preparing the financial statements |
11 |
| 2. Accounting policies |
11 |
| 3. Analysis of income |
12 |
| 4. Analysis of exependiture |
13 |
| 5. Details of certain items of expenditure |
13 |
| 6. Paid employees |
14 |
| 7. Defined contribution pension scheme |
14 |
| 8. Grant making |
14 |
| 9. Debtors and prepayments |
15 |
| 10. Creditors and accruals | 15 |
| 11. Related party transactions | 15 |
| 12. Movement in funds | 16 |
| Independent Examiner’s Report to the Trustees of Iris Prize Outreach Limited | 17 |
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914
Iris Prize Outreach Limited Trustees’ annual report for the year ended 31 May 2023
IRIS PRIZE OUTREACH LIMITED: Charity registration number: 1149914
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 May 2023. The trustees have adopted the provisions of 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).
Objectives and Activities
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Summary of the purposes For the public benefit to promote education in the arts
of the charity 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 The award, annually, of the Iris Prize – a cash sum of
activities. £30,000 to the director of an LGBT+ short film to enable
them to make a new film in the UK. In October 2022 the
Iris Prize was awarded to John Sheddy for his film
Tarneit. Expenditure on this project is expected to take
place in 2024.
Awarding the first commission under the Iris Prize
Documentary Film Finance Fund to Mena Fombo for
her project Some Girls Hate Dresses ;
Working with community groups across Wales to build
their skills in storytelling and filmmaking and increasing
their understanding of equality and diversity.
Statement confirming The Trustees confirm they have had regard to the
whether the trustees have guidance issued by the Charity Commission on public
had regard to the benefit. It is their opinion that the activities undertaken
‘ ’ ‘ ’ ’
guidance on public benefit meet the tests of benefit aspect and public aspect .
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Iris Prize Outreach Limited, 31 May 2023 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. This includes the awarding of prizes to community and education films selected for the Iris Prize LGBTQ+ film festival. In the year ending 31 May 2023 a grant of £10,000 was awarded to Blak Wave Productions as the first recipient of the Iris Prize Documentary Film Fund. 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 2023 over 700 person hours were given to the Charity across all these roles. |
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Iris Prize Outreach Limited, 31 May 2023 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 2022 was awarded to John Sheddy from the Australia for his film_Tarneit._ Sharing LGBT+ stories with audiences is a crucial part of Iris’ work. Iris’ partnership with Channel 4 continued into its third year with a broadcast of all fifteen films that had competed in the Iris Prize Best British competition in 2022. Work has progressed with the second cohort of community groups taking part in the Iris Community Films project funded by the Lottery Community Fund. We are on track to complete filming of the second five films In August 2022 the charity was granted a lease of office space in Cardiff city centre. The new space provides ample room for Iris core staff as well as a shared event space suitable for workshops and other activities. |
|---|---|
| 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 BFI Film Audience Network through Film Hub Wales and the National Lottery Community Fund. |
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914
Financial Review
| Financial Review | |
|---|---|
| Review of the charity’s financial position at the end of the period |
For the year ending 31 May 2023 the Charity returned a surplus of £10 78559 . Turnover of £178 463 (£162 084 in 2022) included £3 315 in donations from the public. 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 hold reserves to cover at least three month’s direct operating expenses - currently £20,000. |
| Amount of reserves held | As at 31 May 2023 the Charity held reserves of £30 715. The higher level of reserves is due to the timing of payment of the National Lottery Community Fund grant and profile of cash expenditure on the Iris Community Films Project, |
| The charity’s principal sources of funds (including any fundraising) |
For the year ending 31 May 2023 and at least the next year the principal source of funding is the grant from the National Lottery Community Fund for the Iris Community Films project. The Michael Bishop Foundation has committed to makinga 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
| Structure, Governance and Management | 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 2023 Company # 8079169 Registered Charity #1149914
Reference and Administrative details
| Reference and Administrative details | 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 | Chapter Market Road CARDIFF CF5 1QE |
Names of the charity trustees who manage the charity
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Dates acted if not for whole Name of person (or
Office
Trustee name year body) entitled to
(if any)
appoint trustee (if any)
Christopher William Racster
Jacqueline Lawrence From 3 March 2023
Kathleen Lagan
Carol Ann Jones Until 1 October 2022
Linda Suzanne Davies
Alice Blanc
Tom Abell Chair
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Name of chief executive or names of senior staff members
Berwyn Rowlands – Chief Executive
Name of Independent Examiner
Michael Jones Bevan Buckland LLP Cardigan House, Castle Court Swansea Enterprise Park SWANSEA SA7 9LA
Declarations
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies. The Trustees declare that they have approved the report above.
Signature: Tom Abell
Chair 27 October 2023
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914
STATEMENT OF FINANCIAL ACTIVITIES: year ending 31 May 2023
(including income and expenditure account)
| Incoming resources (Notes 3) Donations, legacies and Grants Sponsorship Other income Total incoming resources Resources expended (Notes 4) Legal and professional fees Donations and Grants Education & Community Projects 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 Restricted income funds Endowment funds Total this year Total last year £ £ £ £ £ F01 F02 F03 F04 F05 |
|---|---|
| 66,247 75,941 - 142,188 124,450 |
|
| - - - - - |
|
| 36,275 - - 36,275 37,544 |
|
| 102,522 75,941 - 178,463 162,084 |
|
| - - - - 14 |
|
| 37,300 - - 37,300 83,378 |
|
| - 119,415 - 119,415 69,382 |
|
| 9,723 - - 9,723 8,125 |
|
| 47,023 119,415 - 166,438 160,899 |
|
| 55,499 (43,474) - 12,025 1,185 |
|
| (43,474) 43,474 - - - |
|
| 12,025 - - 12,025 1,185 |
|
| - - - - - |
|
| - - - - - |
|
| 12,025 - - 12,025 1,185 |
|
| 19,913 - - 19,913 18,728 |
|
| 31,938 , - 31,938 19,913 |
The prior year Statement of Financial Activities is provided on page 10.
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914
BALANCE SHEET: 31 May 2023
| 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 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 £ £ |
|---|---|
| - - |
|
| 12 188 - |
|
| - - |
|
| 23 466 21 486 |
|
| 35 654 21 486 |
|
| 3 716 1 573 |
|
| 30 715 19 913 |
|
| 31938 19 913 |
|
| - - |
|
| 31 938 19 913 |
|
| 31 938 19 913 |
|
| - - |
|
| 31 938 19 913 |
|
| - - |
|
| - - |
|
| 31938 19 913 |
For the year ending 31 May 2023 the company was entitled to exemption from audit 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
-
a) Ensuring that the charitable company keeps accounting records that comply with Sections 386 & 387 of the Companies Act 2006 and
-
b) Preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies’ regime.
The fiancial statements were approved by the Board of Trustees and authorised for issue and were signed on it’s behalf by:
Signed: Tom Abell Chair
Date: 27 October 2023
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914
PRIOR YEAR 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 |
Unrestricted Restricted Endowments £ £ £ |
Unrestricted Restricted Endowments £ £ £ |
Unrestricted Restricted Endowments £ £ £ |
Total £ |
|---|---|---|---|---|
| 27 536 97 004 - |
124 540 | |||
| - - - |
- | |||
| 37 544 - - |
37 544 | |||
| 65 080 | 97 004 | - | 162 084 | |
| 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) |
14 | - - |
- - |
14 |
|---|---|---|---|---|
| 53 378 | 30 000 - |
83 378 | ||
| - | 69 382 - |
69 382 | ||
| 8 125 | - - |
8 125 | ||
| 61 517 | 99 382 | - | 160 899 | |
3 563 |
1 185 | |||
| (2 378) | - | |||
| (2 378) | 2 378 | - | - | |
| 1 185 | - | - | ||
| 1 185 |
| Other recognised gains/(losses) Net movement in funds Total funds brought forward Total funds carried forward |
- - - |
- - - |
- - - |
- |
|---|---|---|---|---|
| - - - |
- | |||
| 1 185 | - | - | 1 185 | |
| 18 728 - - |
18 728 | |||
| 19 913 | - | - | 19 913 |
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914
NOTES TO THE ACCOUNTS
1. Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention
Financial reporting standard 102 - reduced disclosure exemptions
The charitable company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows
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 related expenditure |
Where incoming resources have related expenditure (as with fundraising or contract 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 |
| and gifts | the 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 | Gifts in kind are accounted for at a reasonable estimate of their value to the charity or 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 |
| facilities | resources 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. | |
| Volunteer help | The value of any voluntary help received is not included in the accounts but is described 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 2023 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 conditions level of 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 performance conditions and 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 use by charity £500. 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
3. Analysis of income
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Analysis Unrestricted Restricted Endowment Total Total
funds Income funds this year prior year
funds
Donations
-
& legacies Donations and gifts 62,608 40,379 102,987 86,985
Gift Aid 3 315 - - 3,315 1,809
- -
General grants 35,562 35,562 35,562
Subscriptions and 324 - - 324 184
sponsorships which are
in substance donations
Total 66,247 75,941 - 142,188 124,540
Other
trading Internships and Pink
activities Portraits Revisited 36,275 - - 36,275 37,544
Total 36,275 - - 36,275 37,544
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All income in the prior year was unrestricted expect for donations and gifts of £61,442 and general grants of £35 562.
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914
4. Analysis of expenditure
Charitable Activities
| Grants made Documentary Film Fund Education and community prizes Iris Prize Film education Total Iris Community Films Project Direct production costs Session workers Total Bank and finance costs Dues and subscriptions Insurances Accountancy fees Office costs Total |
2023 £ 2022 £ |
2023 £ 2022 £ |
|---|---|---|
| 8,000 - |
||
| 1,000 1,000 |
||
| 23,300 37,000 |
||
| 5,000 45,378 |
||
| 37,300 83,378 |
||
| 70,859 55,529 |
||
| 48,556 12,853 |
||
| 119,415 69,382 |
||
| 2 1 |
||
| 755 1,034 |
||
| 901 1,133 |
||
| 900 - |
||
| 7,165 5,971 |
||
| 9,723 | 8,139 | |
5. Details of certain items of expenditure
5.1 Trustee expenses
Number of trustees who were paid expenses
Nature of the expenses
Total amount paid
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2023 2022
£ £
- -
n/a n/a
- -
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5.2 Fees for examination or audit of the accounts
Independent examiner’s fees (including VAT payable) for reporting on the accounts
Other fees (for example: advice, consultancy, accountancy services) paid to the independent examiner or auditor
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2023 2022
£ £
900 -
- -
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914
6. Paid employees
6.1 Staff costs
| 6.1 Staff costs | ||
|---|---|---|
| Salaries and wages Social security costs Pension costs Other employment benefits Total amount paid |
2023 £ |
2022 £ |
| 35,332 | 12,500 | |
| - | - | |
| 1 208 | 429 | |
| - | - | |
| 36,540 | 12,929 |
No employees received employment benefits (excluding employer pension costs) for the year of more than £60,000.
The charity employed 2 employees this year. (1 in 2022).
7. Defined contribution pension scheme
| This year | Last year | |
|---|---|---|
| Amount of contributions recognised in the SOFA as an expense | £1,208 | £429 |
Pension costs are allocated to activities in proportion to the related staffing costs and are wholly charged to unrestricted funds.
8. Grant making
£1,000 was paid as prize money to the winners of the Education, Community and Micro-short Awards from the Iris Prize LGBTQ+ Film Festival October 2022.
An initial payment of £8,000 was paid to Blak Wave Productions for the first Iris Prize Documentary Film Fund commission, the final £2,000 will be paid on successful delivery of the film which is expected to be in August 2023.
£23,000 was paid to The Festivals Company (2022: £14,750) towards the Iris Prize. An additional grant of £5,000 was paid to The Festivals Company in April 2023 to support the Iris Prize Storytelling Workshop series.
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914
9. Debtors and prepayments
Trade debtors Prepayments Total
| 2023 £ 2022 £ |
2023 £ 2022 £ |
|---|---|
| 12,188 - |
|
| - - |
|
| 12,188 | - |
10. Creditors and accruals
| Trade creditors Accruals Tax and Social Security Total |
2023 £ 2022 £ |
2023 £ 2022 £ |
|---|---|---|
| 1,555 1,573 |
||
| 900 - |
||
| 1,261 - |
||
| 3,716 | 1,573 |
11. Transactions with related parties
There were no transactions with related parties. (Prior year – nil.)
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914
12. Movement in funds
| Unrestricted General Fund Restricted Iris Community Films Total Unrestricted General Fund Restricted Iris Community Films Total |
Balance at 1 June 2022 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 May 2023 |
Balance at 1 June 2022 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 May 2023 |
|---|---|---|
| 19 913 102 522 (47 023) (43 473) 31 938 |
||
| - 75 941 (119 415) 43 373 - |
||
| 19 913 178 463 (166 438) - |
31 938 | |
| Balance at 1 June 2021 £ Incoming resources £ Resources expended £ Transfers £ Balance at 31 May 2022 |
||
| 18 728 65 080 61 517 (2 378) 19 913 |
||
| - 97 004 99 382 2 378 - |
||
| 18 728 162 084 160 899 - |
19 913 |
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Iris Prize Outreach Limited, 31 May 2023 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 to the charity trustees on my examination of the accounts of the Company for the year ended 31 May 2023.
Responsibilities and basis of report
As the charity's trustees of the 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 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 your charity's accounts as 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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
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 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.
Michael Jones ACCA Bevan Buckland LLP Ground Floor Cardigan House Castle Court Swansea Enterprise Park Swansea SA7 9LA Date: ........29/02/2024.....................................
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Iris Prize Outreach Limited, 31 May 2023 Company # 8079169 Registered Charity #1149914