Company number 1303657 Charity number 273527 

## **I.O.U. Limited** 

**(Limited by Guarantee)** 

**Report and Financial Statements for the year ended 31 March 2022** 

**Breckman & Company Ltd Chartered Certified Accountants 49 South Molton Street London W1K 5LH** 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Contents** 

||**Page**|
|---|---|
|Reference and Administrative Details|1 - 2|
|Chair's Report|3 - 7|
|Trustees' Report|8 - 22|
|Independent Examiner's report|23|
|Statement of Financial Activities (including Income and Expenditure Account)|24 - 27|
|Balance Sheet|28|
|Cash Flow Statement|29|
|Notes to the Financial Statements|30 - 39|





## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Reference and Administrative Details** 

## **Constitution** 

The company is a private company limited by gaurantee regsitered in EW - Engalnd and Wales, company number 1303657, incorporated under the Companies Act and its governing document is its Memorandum and Articles of Association. The company is a registered charity, number 273527. 

## **Directors and trustees** 

The directors of the charitable company ("the charity") are its trustees for the purpose of charity law and throughout this report are collectively referred to as the trustees. 

As set out in the Articles of Association the number of the members of the board shall not be less than 2 nor more than 50. The company may, by special resolution, from time to time appoint any person to be a member of the board. 

Policies and procedures adopted for the induction and training of trustees are ongoing and incorporated indirectly into the regular trustees meetings. 

The trustees during the year and since the year end,  were : 

David Wheeler Philip Boyes Nancy Ellis Imran Ali - resigned 26 April 2022 Tudor Gwynn Laurence Walker Ben Wilson - resigned 26 April 2022 Shirley May Sarah Coulson - appointed 26 October 2021 Shazia Khadim - appointed 26 April 2022 Catherine Wright - appointed 26 April 2022 

## **Secretary** 

David Wheeler 

## **Executive (day to day management)** 

Executive Director - Joanne Wain 

## **Independent Examiners** 

Breckman & Company Ltd, Chartered Certified Accountants, 49 South Molton Street, London W1K 5LH. 

## **Bankers** 

Lloyds TSB Bank Plc, 75 Commercial Street, Batley, West Yorkshire WF17 5EQ. 

## **Solicitors** 

Harbottle & Lewis, 7 Savoy Court, London WC2R 0EX. 

1 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Reference and Administrative Details** 

## **Operation address** 

IOU, Dean Clough Mills, Halifax HX3 5AX. 

## **Registered office** 

49 South Molton Street, London W1K 5LH. 

2 



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- ��� � !"��#$%&#""&��!'("��)*+,%)#",��'��$-&.��'+'/0&-&��#*��-,"+#-10��#!"��2'3*$��$-&.&��#*��4!-)!��#!"��)!'$-#0��-&� �"56*&",7��80&#"2&��!'("��9""+��6%#��-+��6/')"��#*��2-#-:'#"��#!"&"��$-&.&��4!"$"90��#!"��$-&.&��'$"� �$"(-"4",�;%'$#"$/0�'#�#!"�#$%&#""&<�2""#-+:&7� �=�>?�@AB�@C>DE� � !"��#$%&#""&��F4!*��'$"��'/&*��,-$")#*$&��*1��G7H7I7��J-2-#",��1*$��#!"��6%$6*&"&��*1��)*26'+0��/'4K��'$"� �$"&6*+&-9/"��1*$��6$"6'$-+:��#!"�� $%&#""&<��L"6*$#��'+,��#!"��1-+'+)-'/��&#'#"2"+#&��-+��'))*$,'+)"�4-#!�� �'66/-)'9/"��/'4��'+,��I+-#",��M-+:,*2��N))*%+#-+:��8#'+,'$,&��FI+-#",��M-+:,*2��O"+"$'//0� �N))"6#",��N))*%+#-+:��P$')#-)"K7��Q*26'+0��/'4��$";%-$"&��#!"��#$%&#""&��#*��6$"6'$"��1-+'+)-'/� �&#'#"2"+#&��1*$��"')!��1-+'+)-'/��0"'$��4!-)!��:-("��'��#$%"��'+,��1'-$��(-"4��*1��#!"��&#'#"��*1��'11'-$&��*1��#!"� �)!'$-#'9/"��)*26'+0��'+,��*1��#!"��-+)*2-+:��$"&*%$)"&��'+,��'66/-)'#-*+��*1��$"&*%$)"&R��-+)/%,-+:�#!"�� �-+)*2"��'+,��"56"+,-#%$"R��*1��#!"��)!'$-#'9/"��)*26'+0��1*$��#!"��0"'$7��G+��6$"6'$-+:��#!"&"��1-+'+)-'/� �&#'#"2"+#&R�#!"�#$%&#""&�'$"�$";%-$",�#*S� �T�&"/")#�&%-#'9/"�'))*%+#-+:�6*/-)-"&�'+,�#!"+�'66/0�#!"2�)*+&-&#"+#/0U� �T�*9&"$("�#!"�2"#!*,&�'+,�6$-+)-6/"&�-+�#!"�Q!'$-#-"&�8HLPU� �T�2'."�3%,:"2"+#&�'+,�"&#-2'#"&�#!'#�'$"�$"'&*+'9/"�'+,�6$%,"+#U� �T��&#'#"��4!"#!"$��'66/-)'9/"��IM��N))*%+#-+:��8#'+,'$,&��!'("��9""+��1*//*4",R��&%93")#��#*��'+0� �2'#"$-'/�,"6'$#%$"&�,-&)/*&",�'+,�"56/'-+",�-+�#!"�1-+'+)-'/�&#'#"2"+#&U� �T��6$"6'$"��#!"��1-+'+)-'/��&#'#"2"+#&��*+��#!"��:*-+:��)*+)"$+��9'&-&��%+/"&&��-#��-&��-+'66$*6$-'#"��#*� �6$"&%2"�#!'#�#!"�)!'$-#'9/"�)*26'+0�4-//�)*+#-+%"�-+�*6"$'#-*+7� � !"��#$%&#""&��'$"��$"&6*+&-9/"��1*$��.""6-+:��6$*6"$��'))*%+#-+:��$")*$,&��#!'#��,-&)/*&"��4-#!� �$"'&*+'9/"��'))%$')0��'#��'+0��#-2"��#!"��1-+'+)-'/��6*&-#-*+��*1��#!"��)!'$-#'9/"��)*26'+0��'+,��"+'9/"� �#!"2��#*��"+&%$"��#!'#��#!"��1-+'+)-'/��&#'#"2"+#&��)*26/0��4-#!��#!"��Q*26'+-"&��N)#��VWWX7�� !"0��'$"� �'/&*��$"&6*+&-9/"��1*$��&'1":%'$,-+:��#!"��'&&"#&��*1��#!"��)!'$-#'9/"��)*26'+0��'+,��!"+)"��1*$��#'.-+:� �$"'&*+'9/"��&#"6&��1*$��#!"��6$"("+#-*+��'+,��,"#")#-*+��*1��1$'%,��'+,��*#!"$��-$$":%/'$-#-"&7�� !"��#$%&#""&� �'$"��$"&6*+&-9/"��1*$��#!"��2'-+#"+'+)"��'+,��-+#":$-#0��*1��#!"��)*$6*$'#"��'+,��1-+'+)-'/��-+1*$2'#-*+� �-+)/%,",��*+��#!"��)!'$-#'9/"��)*26'+0<&��4"9&-#"7��J":-&/'#-*+��-+��#!"��I+-#",��M-+:,*2��:*("$+-+:�#!"�� �6$"6'$'#-*+��'+,��,-&&"2-+'#-*+��*1��1-+'+)-'/��&#'#"2"+#&��2'0��,-11"$��1$*2��/":-&/'#-*+��-+��*#!"$� �3%$-&,-)#-*+&7� � !-&��$"6*$#��-&��6$"6'$",��-+��'))*$,'+)"��4-#!��#!"��6$*(-&-*+&��*1��#!"��Q*26'+-"&��N)#��VWWX��$"/'#-+:��#*� �&2'//�)*26'+-"&7� � !-&��$"6*$#��4'&��'66$*(",��90��#!"��Y*'$,��*1�� $%&#""&��*+��Z��[*("29"$��VWVV��'+,��&-:+",��*+��-#&��9"!'/1� �90S� � %,*$�O40++� � $%&#""� 



## **Independent Examiner's Report to the Trustees of I.O.U. Limited** 

I report on the accounts of the charity for the year ended 31 March 2022, which are set out on pages 24 to 39. 

## **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. The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a qualified member of The Association of Chartered Certified Accountants. 

Having satisfied myself that the charity is not subject to an audit under company law and is eligible for independent examination, it is my responsibility to: 

- ꞏ examine the accounts under section 145 of the 2011 Act; 

- ꞏ follow the procedures laid down in the general Directions given by the Charity Commission (under section 145(5)(b) of the 2011 Act; and 

- ꞏ state whether particular matters have come to my attention. 

## **Basis of independent examiner's statement** 

My examination was carried out in accordance with 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 statement below. 

## **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: 

- ꞏ to keep accounting records in accordance with section 386 of the Companies Act 2006; and 

- ꞏ 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. 

## **Graham Berry FCCA Breckman & Company Ltd Chartered Certified Accountants** 

49 South Molton Street London W1K 5LH 

1 November 2022 

23 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 March 2022** 

|**Unrestricted**<br>**Restricted**<br>**Notes**<br>**funds**<br>**funds**<br>**£**<br>**£**<br>**Income and endowments from:**<br>**2**<br>Donations and legacies - page 25<br>188,409<br>-<br>Charitable activities<br>Theatre - page 25<br>24,882<br>209,690<br>Investments<br>26<br>-<br>Other<br>**3**<br>120,044<br>-<br>**Total**<br>333,361<br>209,690<br>**Expenditure on:**<br>Charitable activities:<br>Theatre - page 26<br>273,727<br>209,690<br>**Total**<br>273,727<br>209,690<br>**Net income / (expenditure)**<br>**4**<br>59,634<br>-<br>Transfers between funds<br>**14, 15**<br>15,902<br>)<br>(15,902<br>**Net movement in funds:**<br>75,536<br>)<br>(15,902<br>**Reconciliation of funds:**<br>**Total funds brought forward**<br>161,000<br>143,123<br>**Total funds carried forward**<br>**14, 15**<br>236,536<br>127,221|**2022**<br>**Unrestricted**<br>**Restricted**<br>**Total**<br>**funds**<br>**funds**<br>**£**<br>**£**<br>**£**<br>188,409<br>200,904<br>-<br>234,572<br>570<br>90,690<br>26<br>41<br>-<br>120,044<br>5,114<br>-<br>543,051<br>206,629<br>90,690<br>483,417<br>205,459<br>109,325<br>483,417<br>205,459<br>109,325<br>59,634<br>1,170<br>)<br>(18,635<br>-<br>15,902<br>)<br>(15,902<br>59,634<br>17,072<br>)<br>(34,537<br>304,123<br>143,928<br>177,660<br>363,757<br>161,000<br>143,123|**2021**<br>**Total**<br>**£**<br>200,904<br>91,260<br>41<br>5,114<br>297,319<br>314,784<br>314,784<br>)<br>(17,465<br>-<br>)<br>(17,465<br>321,588<br>304,123|
|---|---|---|



The notes on pages 30 to 39 form an integral part of these financial statements. 

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derives from continuing activities. 

24 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Year ended 31 March 2022** 

|**Income from donations and legacies**<br>**Grants**<br>Arts Council England<br>Revenue / NPO<br>Calderdale small business relief<br>-<br>University of York - emergency COVID fund<br>-<br>**Donations**<br>Friends and Patrons<br>**Incoming resources from charitable activities**<br>**Theatre income**<br>Box office/fees/sales<br>Other income/donations<br>**Project specific funding**<br>**Grants**<br>ACE Culture Recovery Fund<br>CFFC - flood fund<br>CFFC - hostel accessability<br>Donation - hostel accessability<br>**Sponsorship/donations**<br>Dean Clough Ltd - rent<br>LCEP<br>STTA<br>First Group West Yorkshire - bus maintenance<br>Volunteers<br>Cultural destinations - PR/marketing<br>University of Sheffield - interns|**2022**<br>**£**<br>188,404<br>-<br>188,404<br>5<br>188,409<br>23,549<br>1,333<br>24,882<br>56,000<br>-<br>5,000<br>5,000<br>77,290<br>37,000<br>6,000<br>2,400<br>5,000<br>10,000<br>6,000<br>209,690<br>234,572|10,000<br>2,500|**2021**<br>**£**<br>188,404<br>12,500|
|---|---|---|---|
||||200,904<br>-|
||||200,904|
||||570<br>-|
||||570|
||||-<br>1,000<br>-<br>-<br>77,290<br>-<br>-<br>2,400<br>-<br>10,000<br>-|
||||90,690|
||||91,260|



25 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Year ended 31 March 2022** 

|**Expenditure on charitable activities**<br>**Theatre**<br>**Production / R & D costs**<br>Rent<br>Light/heat<br>Equipment/hire/maintenance<br>Salaries/fees<br>Social security costs<br>Artists fees<br>Other fees<br>Sets/props/costumes<br>Bus prop<br>Travel/transport/accommodation<br>Publicity<br>Marketing/fundraising salaries/fees<br>PR/marketing in kind learning<br>LCEP<br>STTA<br>Volunteers<br>Interns<br>Sundry<br>Support and governance costs - page 27|**2022**<br>**£**<br>72,678<br>3,832<br>22,457<br>101,752<br>5,813<br>26,782<br>1,425<br>30,232<br>2,400<br>222<br>22,894<br>12,400<br>10,000<br>37,000<br>6,000<br>5,000<br>6,000<br>1,315<br>368,202<br>115,215<br>483,417|**2021**<br>**£**<br>72,711<br>3,668<br>944<br>101,388<br>10,806<br>2,300<br>-<br>5,668<br>2,900<br>-<br>5,600<br>15,655<br>10,000<br>-<br>-<br>-<br>-<br>)<br>(1,820<br>229,820<br>84,964<br>314,784|
|---|---|---|



26 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Year ended 31 March 2022** 

|**Support and governance costs**<br>**Office overheads**<br>Rent/rates<br>Telephone/internet<br>Insurance<br>Repairs/renovations/renewals<br>Amortisation of short leasehold<br>Depreciation of motor vehicles<br>Depreciation of fixtures/fittings/equipment<br>**Administration costs**<br>Salaries<br>Social security costs<br>Staff pension costs<br>Fees<br>Training/recruitment/H & S<br>Travel/accommodation<br>Printing/postage/stationery<br>Subscriptions/journals<br>Sundry<br>**Professional/financial**<br>Consultancy fees<br>Bank charges<br>**Governance costs**<br>Legal/professional<br>Board expenses<br>Accountancy/consultancy<br>Accountancy - grant certfication<br>TTR<br>Secretarial|**2022**<br>**£**<br>10,383<br>4,518<br>6,785<br>23,925<br>17,909<br>-<br>766<br>16,070<br>1,004<br>17,656<br>3,600<br>3,928<br>1,275<br>26<br>1,848<br>1,527<br>-<br>193<br>26<br>226<br>2,750<br>500<br>-<br>300|**£**<br>64,286<br>46,934<br>193<br>111,413<br>3,802<br>115,215|**2021**<br>**£**<br>10,387<br>3,998<br>6,383<br>4,018<br>17,909<br>200<br>1,376<br>15,986<br>1,578<br>9,795<br>3,600<br>1,147<br>-<br>163<br>2,115<br>160<br>400<br>176<br>13<br>1,960<br>2,550<br>-<br>750<br>300|**£**<br>44,271<br>34,544<br>576|
|---|---|---|---|---|
|||||79,391<br>5,573|
|||||84,964|



27 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Balance Sheet 31 March 2022** 

|||||**2022**||||**2021**||
|---|---|---|---|---|---|---|---|---|---|
||**Notes**|**£**|||**£**|**£**|||**£**|
|**Fixed assets**||||||||||
|Tangible assets|**9**||||143,885||||162,560|
|**Current assets**||||||||||
|Debtors|**10**|14,228||||13,529||||
|Cash at bank and in hand||229,342||||265,067||||
|||243,570||||278,596||||
|**Liabilities**||||||||||
|Creditors: amounts falling||||||||||
|due within one year|**11**|)<br>(23,698||||)<br>(137,033||||
|**Net current assets**|||||219,872||||141,563|
|**Total assets less current**||||||||||
|**over total assets**|||||363,757||||304,123|
|**The funds of the charity**||||||||||
|Unrestricted funds|**14**|||||||||
|- General fund|||||38,609||||32,621|
|- Designated funds|||||197,927||||128,379|
||||||236,536||||161,000|
|Restricted funds|**15**||||127,221||||143,123|
|**Total charity funds**|||||363,757||||304,123|



For the year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. 

## Directors' responsibilities: 

ꞏ The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; 

ꞏ The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. 

These financial statements have been prepared in accordance with the provisions of the Companies Act 2006 applicable to companies subject to the small companies regime. 

The financial statements were approved by the Board of Trustees on 1 November 2022 and signed on its behalf by 

## **Tudor Gwynn Trustee** 

The notes on pages 30 to 39 form an integral part of these financial statements. 

28 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Cash Flow Statement for the year ended 31 March 2022** 

|**Notes**<br>**Cash flows from operating activities**<br>**19**<br>**Cash flows from investing activities:**<br>Dividends, interest and rents from investments<br>Purchase of property, plant and equipment<br>**Net cash provided by investment activities**<br>Change in cash and cash equivalents in the reporting<br>period<br>Cash and cash equivalents at the beginning of the<br>reporting period<br>**Cash at bank and in hand at the end of the**<br>**reporting period**|**2022**<br>**£**<br>)<br>(35,751<br>26<br>-<br>26<br>)<br>(35,725<br>265,067<br>229,342|**2021**<br>**£**<br>136,870<br>41<br>)<br>(1,057<br>)<br>(1,016<br>135,854<br>129,213<br>265,067|
|---|---|---|



29 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **1. Accounting policies** 

## **1.1. Basis of preparing the financial statements** 

The financial statements have been prepared in accordance with 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) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. 

The charity 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 note(s). 

## **1.2. Incoming resources** 

All incoming resources are included in the Statement of Financial Activities when: 

- the charity is legally entitled to the funds 

- any performance conditions attached to the income have been met or are fully within the control of the charity 

- there is sufficient certainty that receipt of the income is considered probable 

- the amount can be reliably measured 

## **- Donations and legacies** 

Grants/donations are recognised in incoming resources in the year in which they are receivable, except as follows: 

- when donors specify that grants/donations given to the charity must be used in future accounting periods, the income is deferred until those periods 

- when donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred and not included in incoming resources until the preconditions for use are met. 

## **- Charitable activities** 

Theatre income - income from box office, performance fees and sundry other theatrical income is included in incoming resources in the period in which the relevant show takes place. 

Project specific funding - when donors specify that donations and grants are for particular restricted purposes, which do not amount to pre-conditions regarding entitlement, this income is included in incoming resources of restricted funds when receivable. 

## **- Donated services and facilities** 

Donated services or facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. On receipt, donated services and facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt. 

30 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **- Investment income** 

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the Bank. 

## **1.3. Resources expended** 

All expenditure is included on an accruals basis inclusive of any VAT which cannot be recovered and is recognised when: 

- there is a legal or constructive obligation to make a payment 

- it is probable that settlement will be required 

- the amount of the obligation can be measured reliably 

## **- Costs of raising funds** 

Costs incurred in attracting donations, and those incurred in trading activities that raise funds. 

## **- Charitable activities** 

Theatre production costs - costs incurred in production and running of productions toured in the year. 

## **- Support costs** 

The administrative and overhead costs associated with running the office from which the company operates as well as governance costs. Support costs are wholly attributable to theatre production costs. 

## **- Governance costs** 

Costs associated with the constitutional and statutory requirements of the charity. 

## **1.4. Tangible fixed assets and depreciation** 

Individual fixed assets costing £500 or more are capitalised at cost. 

Depreciation is provided at annual rates calculated to write off the cost less residual value of each asset over its expected useful life, as follows: 

- Leasehold properties Straight line over the life of the lease - Fixtures/fittings/equipment 50% on reducing balance Motor vehicles - 25% on straight line 

## **1.5. Production costs in advance** 

Costs incurred in respect of a theatre production which opens in the following accounting period, and which are to be paid out of general unrestricted funds, are carried forward at the balance sheet date. 

## **1.6. Pensions** 

The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised as expenditure when due. 

31 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **1.7. Fund accounting** 

Funds held by the charity are either: 

- Unrestricted general funds - these are funds which can be used in accordance with the charitable objects at the discretion of the trustees. 

- Designated funds - these are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose. 

- Restricted funds - these are funds that can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. 

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. 

## **1.8. Debtors** 

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any trade discounts due. 

## **1.9. Cash at bank and in hand** 

Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 

## **1.10. Creditors and provisions** 

Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. 

## **1.11. Financial Instruments** 

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value, and subsequently measured at their settlement value (with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method). 

## **1.12. Significant Accounting Estimates and Judgements** 

In determining the carrying amounts of certain assets and liabilities, the charity makes assumptions of the effects of uncertain future events on those assets and liabilities at the balance sheet date. The charity's estimates and assumptions are based on historical experience and expectation of future events and are reviewed annually. 

## **2. Incoming resources** 

The total incoming resources for the year have been derived from the principal activity undertaken wholly in the UK. 

32 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

|**3.**<br>**Other income**<br>Flood insurance<br>Theatre/Film Tax Relief<br>**4.**<br>**Net income/(expenditure) for the year is**<br>**stated after charging:**<br>Depreciation of tangible fixed assets<br>Independent examiners fees<br>- independent examination<br>- other services|**2022**<br>**£**<br>120,044<br>-<br>**2022**<br>**£**<br>18,675<br>2,750<br>800|**2021**<br>**£**<br>-<br>5,114|
|---|---|---|
|||**2021**<br>**£**<br>19,485<br>2,550<br>1,050|



## **5. Trustees' emoluments and reimbursed expenses** 

The trustees received no remuneration during the year (2021 £nil). 

The aggregated amount reimbursed to trustees during the year was £nil (2021 - £nil). 

Indemnity insurance to cover the management and trustees was taken out during the year. Premiums paid during the year amounted to £101 (2021 £440) 

33 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

|**6.**<br>**Staff costs and numbers**<br>**Staff costs**<br>Salaries and wages<br>Social security costs<br>Pension costs|**2022**<br>**£**<br>135,223<br>6,817<br>17,656<br>159,696|**2021**<br>**£**<br>124,501<br>12,384<br>9,795|
|---|---|---|
|||146,680|



No employee earned £60,000 or more during the year (2021 - nil). 

The key management personnel of the charity comprise the Trustees and the Senior Management Team. The total employee benefits of the key management personnel of the charity were £76,339 (2021 - £76,061). 

## **Staff numbers** 

The average numbers of employees (including casual and part time staff) during the year was made up as follows: 

|up as follows:|||
|---|---|---|
|<br>Production<br>Support|**2022**<br>**Number**<br> <br>3<br>1<br>4|**2021**<br>**Number**<br>4<br>1|
|||5|



## **7. Pension costs** 

The company operates a defined contribution pension scheme in respect of its employees. The scheme and its assets are held by independent managers. The pension charge represents contributions due from the company and amounted to £17,656 (2021 - £9,795). 

## **8. Taxation** 

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. 

34 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

|**9.**<br>**Fixed assets - tangible assets**<br>**Short**<br>**Fixtures/**<br>**Motor**<br>**leasehold**<br>**fittings/**<br>**vehicles**<br>**property**<br>**equipment**<br>**£**<br>**£**<br>**£**<br>**Cost**<br>1 April 2021 /<br>31 March 2022<br>297,616<br>89,349<br>800<br>**Depreciation**<br>1 April 2021<br>136,429<br>87,976<br>800<br>Charge for year<br>17,909<br>766<br>-<br>31 March 2022<br>154,338<br>88,742<br>800<br>**Net book values**<br>31 March 2022<br>143,278<br>607<br>-<br>31 March 2021<br>161,187<br>1,373<br>-<br>**10.**<br>**Debtors**<br>**2022**<br>**£**<br>Other debtors<br>6,805<br>Prepayments<br>7,423<br>14,228<br>**11.**<br>**Creditors: amounts falling due**<br>**2022**<br>**within one year**<br>**£**<br>Trade creditors<br>13,113<br>Other taxation/social security<br>3,878<br>Other creditors<br>1,496<br>Accruals<br>5,211<br>Deferred income (note 12)<br>-<br>23,698|**Total**<br>**£**<br>387,765|
|---|---|
||225,205<br>18,675|
||243,880|
||143,885|
||162,560|
||**2021**<br>**£**<br>-<br>13,529|
||13,529|
||**2021**<br>**£**<br>4,932<br>1,764<br>120,961<br>3,376<br>6,000|
||137,033|



35 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **12. Deferred income** 

|**Deferred income**<br>Balance at 1 April 2021<br>Amount released to incoming resources<br>Balance at 31 March 2022<br>Deferred income relates to fees received in advance.|**£**<br>6,000<br>)<br>(6,000|
|---|---|
||-|
|||



## **13. Limited by guarantee** 

The company is limited by guarantee, registered in EW - Engalnd and Wales, and does not have a share capital. Each member gives a guarantee to contribute a sum, not exceeding £1, to the company should it be wound up. At 31 March 2022 there were 9 members. 

|**14.**|**Unrestricted funds**|**Brought**|**Incoming**|**Outgoing**|**Transfers**|**Carried**|
|---|---|---|---|---|---|---|
|||**forward**|**resources**|**resources**||**forward**|
|||**£**|**£**|**£**|**£**|**£**|
||General fund|32,621|333,361|)<br>(273,727|)<br>(53,646|38,609|
||Designated funds:||||||
||Capital Programme|16,123|-|-|)<br>(2,492|13,631|
||Theatre Tax Relief|22,180|-|-|-|22,180|
||Loss of core funding|64,000|-|-|7,000|71,000|
||Marketing|5,000|-|-|-|5,000|
||Sea to Sea prototype|15,300|-|-|)<br>(15,300|-|
||IOU archive|4,363|-|-|-|4,363|
||Workshop roof repairs|1,413|-|-|-|1,413|
||Flood insurance monies|-|-|-|80,340|80,340|
|||161,000|333,361|)<br>(273,727|15,902|236,536|



## **Capital Programme** 

This fund represents an amount transferred from general funds to cover additional short leasehold costs. The funds are transferred to the general fund over the expected useful life of the asset. 

## **Theatre Tax Relief** 

This fund represents an amount transferred from the general fund from theatre tax relief receipts to cover the ongoing general costs of new projects, wage increases, bus maintenance and new website. 

36 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Loss of core funding** 

This fund represents a reserve in the event of the loss of core funding. 

## **Marketing** 

This fund represents an amount transferred from general funds to cover the development of promotional materials including website. 

## **Sea to Sea prototype** 

This fund represents the matched underspend for filming the complete route, due to cancellations and the pandemic. It will be held in this fund until a time when the project can be delivered with further funding or transfers to the General Fund. 

## **IOU archive** 

This fund represents the amount received in Film Tax Credit, to be spent on the IOU archive. 

## **Workshop roof repairs** 

This fund represents an allocation from the General Fund for roof repais required to the workshop. 

## **Flood insurance monies** 

This fund respresents the funds secured after a significant flood event in January 2020 which will be used to support future porjects. 

|**15.**|**Restricted funds**|**Brought**||**Incoming**|**Outgoing**|**Transfers**|**Carried**|
|---|---|---|---|---|---|---|---|
|||**forward**||**resources**|**resources**||**forward**|
|||**£**||**£**|**£**|**£**|**£**|
||Capital funding|143,123||-|-|)<br>(15,902|127,221|
||Studio space||-|77,290|)<br>(77,290|-|-|
||Arts Council - Culture|Recovery Fund<br>-||56,000|)<br>(56,000|-|-|
||Volunteers||-|5,000|)<br>(5,000|-|-|
||Hostel accessability||-|10,000|)<br>(10,000|-|-|
||LCEP||-|37,000|)<br>(37,000|-|-|
||Bus Prop||-|2,400|)<br>(2,400|-|-|
||STTA||-|6,000|)<br>(6,000|-|-|
||Interns||-|6,000|)<br>(6,000|-|-|
||Cultural Destinations||-|10,000|)<br>(10,000|-|-|
|||143,123||209,690|)<br>(209,690|)<br>(15,902|127,221|



## **Capital funding** 

This fund represents grants received for capital expenditure. The funds are transferred to unrestricted general funds over the expected useful life of the assets. 

The balance at 31 March 2022 is attributable to: 

**£** 

Short leasehold property 

127,221 

37 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **Studio space** 

This fund represents sponsorship and a donation in kind towards the running costs of IOU's studio space from Dean Clough Industrial Park Limited, who are the company's landlords. 

## **Arts Council - Culture Recovery Fund** 

This fund represents amounts received from the Arts Council Cultural Recovery Fund to assist the company with the loss of income from COVID. 

## **Volunteers** 

The fund represents the value of supporters in kind benefits. 

## **Hostel accessability** 

This fund represents amounts received to make the Hebden Bridge hostel accessable to all. 

## **LCEP** 

This fund represents the value of funds raised with the Calderdale Consortium group to support the Local Cultural and Education Partnership. 

## **Bus Prop** 

This fund represents donations in kind received in relation to the Bus prop used in Rear View. 

## **STTA** 

This fund represents the in-kind value of STTA projects supported by IOU. 

## **Interns** 

This fund represents the value of staff support from University of Sheffield for two interns working full time for three weeks. 

## **Cultural Destinations** 

This fund represents the value of a marketing consortium group that IOU is a partner in. 

## **16. Analysis of net assets between funds** 

|**General**<br>**Designated**<br>**Restricted**<br>**funds**<br>**funds**<br>**funds**<br>**£**<br>**£**<br>**£**<br>Fund balances at 31 March 2022<br>are represented by:<br>Tangible fixed assets<br>3,033<br>13,631<br>127,221<br>Net current assets<br>6,975<br>212,897<br>-<br>10,008<br>226,528<br>127,221|**Total**<br>**£**<br>143,885<br>219,872|
|---|---|
||363,757|



38 



## **I.O.U. Limited** 

## **(Limited by Guarantee)** 

## **17. Financial commitments** 

At 31 March 2022 the company had total future commitments under non-cancellable operating leases as follows: 

|as follows:|||
|---|---|---|
|**Due:**<br>Within one year<br>Between one and five years|**2022**<br>**£**<br>5,000<br>-<br>5,000|**2021**<br>**£**<br>-<br>10,000|
|||10,000|



The company has a commitment of £5,000 per annum to Dean Clough which runs for the length of the lease. There is a break clause every time Arts Council England NPO funding agreements end, the current agreement was to run to 2022 but due to COVID has been extended to 2023. 

## **18. Related party transactions** 

During the year the following trustee received payments as detailed below. No payments were made in respect of their services as a trustee and all transactions were subject to normal trading terms. 

## **David Wheeler** 

£39,941 received as salary and pension contributions for services as artistic director. 

## **19. Reconciliation of net income/(expenditure) to net cashflow from operating activities** 

|Net income/(expenditure) for the<br>reporting period (as per the<br>statement of financial activities)<br>Depreciation<br>Dividends, interest and rents from investments<br>(Increase) in debtors<br>(Decrease) in creditors<br>**Net cash outflow from operating activities**|**2022**<br>**£**<br>59,634<br>18,675<br>)<br>(26<br>)<br>(699<br>)<br>(113,335<br>)<br>(35,751|**2021**<br>**£**<br>)<br>(17,465<br>19,485<br>)<br>(41<br>14,999<br>119,892<br>136,870|
|---|---|---|



39 

