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2024-03-31-accounts

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Company number 1303657 Charity number 273527

I.O.U. Limited

(Limited by Guarantee)

Report and Financial Statements

for the year ended 31 March 2024

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

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I.O.U. Limited

(Limited by Guarantee)

Contents

Page
Reference and Administrative Details 1 - 2
Chair's Report 3 - 6
Trustees' Report 7 - 16
Independent Examiner's report 17
Statement of Financial Activities (including Income and Expenditure Account) 18 - 21
Balance Sheet 22
Cash Flow Statement 23
Notes to the Financial Statements 24 - 32

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I.O.U. Limited

(Limited by Guarantee)

Reference and Administrative Details

Constitution

The company is a private company limited by guarantee registered in EW - England 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 :

Philip Boyes
Samuel Clayton appointed 30 January 2024
Sarah Coulson
Nancy Ellis
Tudor Gwynn resigned 30 January 2024
Stella Hall appointed 16 May 2023
Shazia Khadim
Helen Marriage appointed 30 January 2024
Shirley May
David Thompson appointed 30 January 2024
Catherine Waddington appointed 30 January 2024
Laurence Walker resigned 24 April 2023
David Wheeler resigned 31 October 2023
Catherine Wright resigned 30 April 2024

Secretary

Secretary
David Wheeler resigned 31 October 2023
Joanne Wain appointed 31 October 2023

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.

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I.O.U. Limited

(Limited by Guarantee)

Reference and Administrative Details

Solicitors

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

Operation address

IOU, Dean Clough Mills, Halifax HX3 5AX.

Registered office

49 South Molton Street, London W1K 5LH.

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Chair’s Report (March 2024)

2023/24 marked a significant period of transformation for IOU. With four-year Arts Council England (ACE) funding secured, we began our transition from an artist-led producing company to a Creation Centre for Art, Engineering, and Technology. This evolution also included plans for the departure of our founder and Artistic Director, David Wheeler, in November 2023, after a remarkable 47-year journey. Established in 1976 by a collective of artists, IOU thrived under David’s leadership, gaining renown for interdisciplinary, site-specific contemporary art, including theatre, sound installations, visual art exhibitions, and large-scale sculptures.

David's final production, The Wheel , premiered in September 2023 at the Festival of Thrift in the North East. This innovative show combines sculpture with a mobile, site-specific performance, inviting audiences to draw rather than photograph what they experience.

Expansion

In April 2022, IOU took on the management of the 14-bedroom IOU Hebden Bridge Hostel. This hostel has since become a space for emerging artists, creative retreats, and workshops, while also accommodating tourists and cultural visitors.

Throughout 2023/24, IOU refocused its mission to support other artists and arts organisations through our multi-site facilities in Calderdale. This shift paved the way for IOU’s transformation into a Creation Centre, blending art, engineering, and technology. In September 2023, we welcomed Richard Warburton as our new Creative Director, joining CEO Joanne Wain to lead this next chapter in IOU’s history.

Audience Engagement & Programming

2023/24 was a record year for audience engagement, with 57,276 individuals participating in our diverse programming. Key highlights included:

The hostel itself saw significant growth, hosting 3,300 guests (up from 2800 the previous year). The hostel’s creative retreats and family days engaged over 300 participants. Two artists-in-residence, Alicja Mrozowska and Beth Cockcroft, benefited from six-month residencies, during which they experimented with oil painting, projection mapping, and zine creation.

Financial Sustainability & Impact

The hostel’s financial success supported IOU’s resilience. With 3,300 guests and notable bookings, including 15 retreats from Arvon at Lumb Bank, valued at £57,000. By year’s end, the hostel repaid its remaining £9,000 loan to IOU and donated £20,000 to support core projects.

Our Space Time Tools Advice (STTA) programme provided vital support to 15 artists, offering mentoring, technical guidance, studio space, and assistance in developing their work. Four artists were commissioned to create work for CultureDale , Calderdale’s Year of Culture in 2024-2025.

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Our digital engagement also grew, reaching 7,800 individuals, with 1,400 engaging directly through digital workshops and initiatives.

Strategic Change and Board Development

2023/24 was also a year of governance transition. After eight years of service, Chair Tudor Gwynn stepped down, ensuring the company’s new direction was firmly in place. Helen Marriage, Director of Artichoke Trust, was appointed as the new Chair, following a rigorous recruitment process. The refreshed board, with a further three new trustees, worked to ensure the smooth transition following Artistic Director, David Wheeler’s departure.

In January 2024, the new board agreed upon a new vision and mission, aligning IOU’s activities with its evolving role as a Creation Centre. This included a rebranding to reflect IOU’s mission of working with multiple artistic directors and expanding its inclusivity.

Financial Summary

For 2023/24, IOU’s total income was £332,807. Core funding from Arts Council England amounted to £188,404.

Key financial highlights:

IOU’s efforts to diversify income streams, including commission fees, donations, sponsorship, and theatre tax relief, alongside hostel operations, continue to sustain its operations and future ambitions.

Engagement and Education Partnerships

In 2023/24, engagement and education partnerships were pivotal in expanding IOU’s reach and community connections. Through collaborative workshops with institutions such as Castle Hill Primary, Cornholme Primary, St Josephs Primary and St Augustines, we supported creativity and skills development among diverse groups. Notably, our schools' engagement programme, in partnership with the Two Rivers initiative, reached 250 young people, offering them hands-on creative experiences and inspiration.

Our commitment to nurturing creativity extended through Social Action retreats held at the IOU Hebden Bridge Hostel, funded by the Community Foundation for Calderdale (CFFC) . These retreats provided immersive experiences for young people from Cornholme, Castle Hill, and St. Joseph's Primary Schools, allowing students to explore their artistic potential.

IOU’s Space Time Tools Advice (STTA) programme continued to strengthen artistic development, offering enhanced co-producing support to emerging and established artists, including international theatre group Missing Theatre and Calderdale artists Sue Walpole, Beka Haigh, Rachel Hawthorn and Armelle. Skatulski. These collaborations helped artists to grow and refine their practices in a supportive and innovative environment.

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Our Hostel Artist-in-Residence programme further supported Beth Cockcroft from May 2023-November 2023, specialising in illustration, zine production, and mindful journaling, spent time at both the IOU Hostel and the studio in April 2023. Her residency provided her with the space and resources to develop her work, experiment with new ideas, and engage with the local creative community. Beth was followed by Georgia D'Silva in February 2024 who specialises in making dioramas out of cardboard.

IOU’s work with Ignite Creativity Calderdale’s LCEP (Local Cultural Education Partnership) has ensured support on strategic vision within the borough of Calderdale for arts and culture provision. IOU has access to the Youth Voice report that will shape activity for children and young people within the borough moving forward.

Research & Development (R&D)

R&D remains central to IOU’s creative work, constituting approximately 25% of our overall capacity. Over the past year, we established meaningful partnerships with the University of York, University of Manchester, University of Huddersfield, Ignite Creativity LCEP consortium, Calderdale Council, Dean Clough Cultural institutions, Jack Wallington, Jackson’s Welding. These collaborations have been instrumental in driving forward innovation and developing interdisciplinary work. IOU is also part of Yorkshire Touring Network consortium, developing research around the state of touring within the North and beyond. The paper being drafted aims to present the key factors and challenges facing cultural organisations touring in the North and will outline potential ways in which the Arts Council can acknowledge and support touring in their approach to funding and relevant guidance.

A number of Dean Clough based organisations including IOU are working on ways in which the ideas presented in an initial Cultural Development Fund can be developed as part of a potential future submission to the CDF.

We also expanded our network through partnerships with Calderdale Creates and forged a productive relationship with Calderdale College, strengthening our local impact.

Future Vision

Looking ahead, our goal is to retain IOU’s ethos as interdisciplinary producers, with a focus on innovation and invention. We aim to solidify our position as the North’s leading Creation Centre for Art, Engineering, and Technology, catering to artists, arts organisations, and local communities in Calderdale, across the North, and throughout the UK.

The company is committed to engaging local audiences, with a specific goal of increasing attendance at our studio and hostel. This will be achieved through expanded support for artists, as well as an increase in workshops and events that cater to a broader range of participants.

Our new business vision is fully aligned with the Arts Council’s Strategy and Investment Principles, which are now embedded across all facets of IOU’s work. The board plays an active role in driving this strategic alignment and ensuring that our objectives remain in focus.

IOU Hebden Bridge Hostel & Community Engagement

Managing the IOU Hebden Bridge Hostel has provided a unique platform to engage with new audiences and diversify IOU’s income streams. The hostel has helped raise IOU's profile and supported the expansion of the STTA residency programme, further advancing our Creation Centre vision.

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Inclusivity & Diversity

Inclusivity and diversity continue to be core priorities for the company’s development. We are pleased to have Shirley May from Young Identity leading these efforts, going beyond simple monitoring to address critical aspects of artistic development and audience engagement.

Leadership

I would like to extend my sincere gratitude to my fellow board members, funders, sponsors, the executive team, artists, volunteers, and audiences, whose invaluable contributions make our work possible. I look forward to my new role as Chair of IOU and to working closely with the board and executive team as we implement a new five-year business plan. Together, we will support IOU’s mission to create impactful work with artists, audiences, and all stakeholders.

Helen Marriage, IOU Creation Centre Chair

Dated: 29 October 2024

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Trustees' Report

The trustees are pleased to present their annual report, along with the financial statements of the charity for the year ending 31 March 2024. These documents are also prepared in accordance with the requirements of the Companies Act for the purposes of a directors’ report and accounts.

The legal and administrative information on pages 1 and 2 is an integral part of this report. The financial statements comply with all current statutory requirements, the Memorandum and Articles of Association, and the Statement of Recommended Practice (SORP) – Accounting and Reporting by Charities.

Objectives and Activities

IOU is established to promote, maintain, improve, and advance education, particularly through the production of educational plays and the promotion of the arts in various forms—drama, mime, dance, singing, music, and more. The company’s focus is to develop artistic curiosity and imagination through the development and experimentation with creative ideas, ensuring public accessibility to the arts. Our charitable objectives guide all our activities, which remain dedicated to artistic education and advancement.

Principal Activities

Throughout the year, the company continued to present new and existing art pieces, fulfilling its educational mission. With over 47 years of experience, IOU has been a leader in creating original, interdisciplinary works, including site-specific performances, contemporary and experimental music, touring theatre, sound, video, and sculptural installations, as well as digital and virtual projects. IOU also serves as a strategic educational organisation, advancing artistic practice and nurturing innovation across various art forms.

In shaping our objectives and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including ‘Public Benefit: Running a Charity’ (PB2).

Company Objectives

Our mission is to produce original and unpredictable artworks that engage and inspire. Our vision is to develop artists and audiences by creating art that challenges perspectives, provokes thought, and sparks curiosity. For the 2018-2024 period, we pursued the following strategic objectives:

  1. Creation Centre Development : To make excellent art for all, with the creation centre serving as the heart of our work, from which all activities grow.

  2. Audience Engagement : To connect with current audiences and expand our reach by creating multidisciplinary, touring works for indoor and outdoor sectors, as well as specially commissioned site-specific works in the public realm.

  3. Digital Engagement : To prioritise digital engagement through artworks, research, technology partnerships, and online experiences, including learning activities.

  4. Support for Artists : To develop IOU’s creative offer for artists and emerging practitioners by providing collaboration opportunities and creating work within the creative environment of our Dean Clough creation centre.

  5. Artistic Excellence & Fair Pay : To achieve the highest standards of artistic excellence through best practices and fair compensation for artists.

  6. Educational & Cultural Skills Development : To secure partnerships and investors to support our unique educational and cultural skills training programmes, and to expand the Creative Learning strand.

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  1. Diverse Income Streams : To develop a range of income streams to fund our activities, including a renewed membership and donations scheme.

  2. Audience Development : To implement an Audience Development Plan, focusing on growing audiences for our touring works, studio, galleries, and workshops.

  3. Enhanced Communication Strategies : To strengthen regional, national, and international communication strategies, elevating our profile across all sectors.

  4. Environmental Responsibility : To acknowledge and reduce our environmental impact, with a focus on minimising negative effects locally and globally. Our management system monitors and seeks continuous improvement in our environmental performance.

Key Activities in Pursuit of Objectives

To achieve these objectives, IOU’s main activities focus on three areas:

The IOU Hebden Bridge Hostel strengthens our ability to engage communities while providing valuable support to artists. It represents a significant step in expanding our income sources and developing community engagement.

In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance public benefit: running a charity (PB2) and the main activities for 2023/24 have included:

New Productions

The Wheel

The Wheel is an innovative, mobile, robotic sculpture blending art, engineering, and digital interactivity for outdoor performances. Created by IOU artists through academic collaboration, The Wheel represents a fusion of creativity and technology. Premiering at the Festival of Thrift in the North East, it attracted an engaged audience of 2,000, with 900 people actively participating. Additionally, 100 attendees took part in facilitated drawing activities, contributing their artwork to an online gallery.

Touring and Presenting

Two Rivers

Two Rivers , a multisensory sound installation, returned for a second run at 9a Gallery in Cornholme, Todmorden, attracting an audience of 350 people. The presentation included creative workshops, attended by over 80 children and young people, enriching their exposure to sound art. Two Rivers was subsequently presented at IOU's Walkway Gallery again, continuing its successful engagement with diverse audiences.

Sound Wave Collider

In collaboration with Jason Singh, Sound Wave Collider was presented at Yorkshire Sculpture Park, drawing an impressive audience of 47,000. This innovative sound installation engaged 60 participants in sound walks, and 30 underrepresented and disadvantaged individuals participated in workshops at St. Augustine’s, connecting with the creative aspects of sound art.

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Additionally, 200 people attended the Family Rave event, which formed part of the project’s inclusive outreach.

Research & Development (R&D) and Projects in Development

IOU continues to prioritise artistic innovation, dedicating a portion of its annual budget to the research and development of new ideas, platforms, and contexts for presenting work. Two projects are currently in development:

My Three Words Global

IOU has collaborated with The Arc Project and the Sound & Word Network to deliver My Three Words , a web-based installation inspired by the ‘what3words’ app. The project invites artists from around the world to contribute music, visual art, films, and more, creating a growing, interactive collection.

With seed funding of £7,000 secured from The University of Manchester’s Crea-tech Innovation Lab, the project is progressing steadily. The lab is providing academic backing and has committed to testing the pilot map with input from 10 student projects. Each student received a £200 commissioning fee as part of the university’s involvement.

The map, developed using the SonicMaps platform by developer Ignacio Pecino, will include custom features such as:

My Three Words Global is set to launch online in 2024.

This Landscape is Ours (TLIO)

This Landscape is Ours is being developed in collaboration with Breaking Barriers and promises to push the limits of creative expression. The project is envisioned as a live, site-specific immersive experience featuring binaural audio-visual projection mapping, alongside an interactive, crowdsourced storytelling map. This ambitious project seeks to blend the physical and digital realms, creating a dynamic and inclusive platform for storytelling.

IOU Creative Learning - Engagement, Workshops, and Education

IOU continues to support artists regionally and locally through an extensive Creative Learning and Artist Development programme. These initiatives include the Making It programme, the Space Time Tools Advice (STTA) professional development scheme, and a comprehensive programme of community, school, and university workshops. By focusing on mentoring, networking, and practical skills development, IOU remains committed to developing creative talent.

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Artist Development

In 2023/24, IOU engaged 15 individual artists and collectives in the creation of new works, touring productions, and participation in education and talent development initiatives. This artist development approach integrates hands-on learning with IOU’s wider mission to push the boundaries of art and creativity.

Space Time Tools Advice (STTA)

STTA is a professional development and artist-in-residence scheme, designed to facilitate collaboration among artists and artist groups exploring new ideas or developing creative projects. In 2023/24, STTA attracted 15 artists across eight groups, focusing on the creation of new indoor and outdoor theatre works and the establishment of new artistic companies.

Key demographic insights include: 66% of STTA artists were female, 33% identified as LGBTQ+, 68% were aged 25-34, and 33% identified as non-white British. The programme offers business development guidance and creative strategy support through activities such as:

CultureDale Commissions

IOU also commissioned artists as part of the CultureDale programme, including:

Artists in residence included:

Additionally, exhibitions were held at IOU’s Hostel and Studio, featuring artists such as Beth Cockcroft and Sumit Sarkar.

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Artist-in-Residence Programme

Following the opening of the IOU Hebden Bridge Hostel in April 2022, IOU launched an Artist-inResidence programme. This initiative offers artists from all disciplines the opportunity to live rent-free at the hostel while developing their creative practice. The residency aims to develop artistic exploration, allowing residents to create projects that reflect their experiences at the hostel.

IOU’s Artist-in-Residence programme is a key component of the organisation’s mission to work with marginalised groups. Data from residency applicants shows:

Workshops and Making It Programme

In 2023/24, IOU engaged over 200 participants in eight interdisciplinary workshops covering diverse topics such as Experimental Oils , Movement , Mindful Drawing , The Weird and the Wild , 3D Digital Sculpture , Festive Workshop , and Tecknowledgy Workshop . These workshops, led by artists from varied backgrounds, encouraged participants to explore new skills and creative practices in an inclusive and supportive environment.

Audiences

In 2023/24, audiences engaged with IOU through a wide variety of experiences, ranging from in-person productions and workshops to digital content, residencies, and creative retreats.

Productions

Two Rivers was presented at 9a Projects in Todmorden for four weekends in April 2023. The exhibition attracted 350 attendees to the launch event and artist talk. Additionally, 28 families participated in a family activity day, facilitated by artist Louise Oliver, where children of all ages engaged in creative exploration inspired by the artwork.

"I love being surprised by the variety of work shown at IOU – such a range of media and approaches – it always inspires me and makes me want to create my own work!"

During the exhibition, two school visits were organised for 53 children aged 9-10 from local schools. The children, including 15 on Pupil Premium and 4 with special needs, produced sonic responses to the sounds and stories of Two Rivers . The positive impact on the children was significant, as expressed by one of the teachers:

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"Thank you for a great experience for our Year 5s. It was fantastic for them to experience an art installation in a gallery setting, and they enjoyed exploring the piece and creating their own sonic responses. This will greatly inform their future creative work."

– Year 5 Teacher, Cornholme Junior, Infant and Nursery School

"It was a hidden gem to find something so close to our school where the class could experience the work of professional artists."

Additionally, Two Rivers was installed at Dean Clough’s Walkway Gallery for 11 months, where it was experienced by an estimated 4,375 visitors, including 50-100 children attending the adjacent gymnastics centre.

Online Audiences

Online activity was more limited this year. However, two notable projects were produced:

The Wheel encourages audiences to draw their response and thoughts about the Character and where they may be going on their endless journey. The drawings are scanned there and then and displayed on the mobile screen. Following the live presentation the drawings are uploaded to the Wheel Online Gallery on the IOU To date the Gallery has received 375 views

My Three Words Global Gallery was a research and development project created through a collaboration between IOU, Sound & Word Network, The Arc Project and NOVARS research centre at Manchester University. During the now completed R&D phase the test site received 426 views and online interactions.

Space, Time, Tools, Advice

In addition to studio-based workshops, IOU's Space Time Tools Advice (STTA) programme enabled artists to present their work to a much larger audience. Notable performances from STTA artists included:

Missing Theatre - Instructions on How to be Alone

This work - focused on the mental health struggles experienced by a person belonging to the postpandemic generation. It was premiered at the IOU Creation Centre in Feb 2024 as a work in progress performance to 118 audiences. Prior to this the company held a workshop to discuss the projects themes to which 55 people attended. 50% of both audiences and workshop participants were aged under 20 and in full time education.

Instructions on How To Be Alone is planned to tour with the 1st performances at Theatre Deli on the 15th-16th November 2024, as part of the Voila Theatre Festival.

IOU Hebden Bridge Hostel

In 2023/24, the IOU Hebden Bridge Hostel welcomed 332 attendees for events and residencies, offering artists and young people alike a space for creative expression and personal growth. The hostel also hosted several events specifically for children and young people, the most prominent being the Social

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Action Retreats .

In June 2023, the hostel hosted 32 children over two creative retreats, organised in collaboration with the Community Foundation for Calderdale’s Social Action programme.

The retreats provided children from lower-income families, aged 10-11, the chance to engage in creative and socially meaningful activities. They participated in environmental actions, such as canoeing to clean local rivers and gardening to improve their schools, all while learning how their actions can positively impact their communities.

The programme also featured a blend of outdoor activities, healthy eating education, and creative arts, including storytelling and crafting. These two-day retreats included an overnight stay at the hostel, which nurtured independence and self-confidence in the children.

Some direct feedback included:

‘My favourite activity was making things out of clay because it was calming and fun’

Achievements and Performance

This year marked a period of significant transition and achievement for IOU. The delivery of a dynamic arts and learning programme, coupled with the development of a new strategic vision, highlights our successful adaptation to change.

Key Achievements

Leadership Transition: One of our most significant accomplishments was managing the transition of leadership with the departure of founder and Artistic Director David Wheeler, after 47 years and Chair Tudor Gwynn, who served the organisation for eight years. We successfully implemented an exit strategy that was satisfactory for both the individuals involved and the charity. We then recruited a new Creative Director to work alongside the CEO in developing and delivering a new business plan, set to commence in April 2024.

Additionally, a new Chairperson and Trustees were appointed, bringing fresh perspectives and filling critical skill gaps left by the outgoing leaders. This transition has resulted in a robust and active board and executive team, setting the stage for IOU to diversify its income streams, expand its reach, and enhance its facilities for workshops, retreats, and artist support.

Strategic Vision: Our new strategy aims to establish IOU as the North’s leading Creation Centre for Art, Engineering, and Technology, envisioning the next 50 years of innovation and excellence.

Communications

Social Media Growth: We experienced a 25% increase in social media engagement across our core platforms this year, particularly on Instagram, which remains our strongest platform for connecting with partners, peers, and audiences.

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Our social media strategy focused on:

Newsletters: The IOU newsletter remains a vital communication tool with a subscriber base of 909. Our newsletters cover highlights of IOU activities and event promotions, driving engagement with a 40% open rate, nearly 5% higher than the sector average.

Diversity: Diversity continues to be at the core of IOU’s mission, guiding our approach to making, delivering, and engaging with our work. Our efforts to increase participation from diverse groups are yielding positive results. Over the past year, we have focused on the following protected characteristics:

We are also tracking age and gender balance across our workforce, board and audiences

IOU Permanent Workforce: Total 15

Gender: 73% Female

Age Range: 20% aged 19 or under, 40% aged 20-34, 3% aged 50-64 Identify as D/deaf or Disabled/ Neuro-divergent: 13% Ethnicity: 20% Ethnic Minority LGBTQ+ community : 40%

IOU Trustees: Total 11

Freelancers, Contractors, and Artists: Total 79

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Audience Diversity: Survey data indicates that our audience is representative of contemporary England:

Summary

In 2023/24, IOU:

IOU’s social impact enriches the local community through creativity, learning, and well-being. Our work develops innovation, supports talent development, and contributes to Calderdale’s cultural development, defining and animating it as a culturally significant town. Through our commitment to ambitious and inventive art, we continue to inspire and engage participants, making a meaningful difference in their lives and communities.

Financial Review

Turnover and Budget: IOU’s turnover for the year was £332,807. Core funding from Arts Council England (ACE) was stable at £188,404, while core income from other sources totalled £144,403, including £45,690 box office and donations in kind.

Dean Clough Mills contribution : £77,290 annually for the next seven years, supporting IOU’s operations and growth.

Fundraising and Partnerships: We continue to engage in fundraising efforts for specific projects and are building new relationships with a range of organisations, including Yorkshire Sculpture Park, Festival of Thrift, Pennine Heritage, The Birchcliffe Centre, Community Foundation for Calderdale, Calderdale Council, University of York, and University of Manchester.

Structure, Governance, and Management

Organisational Structure:

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Induction and Training of New Trustees: IOU has a policy for identifying, inducting, and training new trustees. Regular skills audits identify gaps on the Board, and prospective trustees are matched to these needs. Equal opportunities are a key consideration in this process, and advertising may also be used to attract candidates.

Decision-Making Process: The Board oversees the legal management of the company with due care and diligence. Day-to-day operations are managed by the Executive Director/CEO and Creative Director. The Board delegates decision-making to the executive staff, who report on activities and finances at quarterly meetings. Business planning and strategy are developed by the executive staff and require Board approval.

Reserves Policy: A designated fund for 'loss of core funding' was established in 2007/08, accumulating £50,000 by March 2019. An additional £7,000 was added in March 2023, bringing the total to £78,000. This fund was reduced to £65,000 due to the redundancy of the Artistic Director role. The CEO is committed to growing this fund by £7,000 annually. Contingencies of 3% of overall administrative and overhead costs, as well as 3% of all project budgets, are included in financial planning.

Risk Management: The trustees conduct quarterly risk reviews to identify and mitigate major risks. Risk management systems are in place to address identified risks.

Small Company Exemptions

This report is prepared in accordance with the provisions of the Companies Act 2006 relating to small companies.

This report was approved by the Board of Trustees on 29 October 2024 and signed on its behalf by:

Helen Marriage

Trustee

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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 2024, which are set out on pages 18 to 32.

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:

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:

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

  3. to prepare accounts which accord with the accounting records, comply with the accounting

  4. 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

  1. 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

29 October 2024

17

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

Statement of Financial Activities (including Income and Expenditure Account) for the year ended 31 March 2024

Unrestricted
Restricted
Notes
funds
funds
£
£
Income and endowments from:
2
Donations and legacies - page 19
208,404
-
Charitable activities
Theatre - page 19
17,690
105,290
Investments
1,423
-
Other
3
-
-
Total
227,517
105,290
Expenditure on:
Charitable activities:
Theatre - page 20
295,710
119,486
Total
295,710
119,486
Net income / (expenditure)
4
)
(68,193
)
(14,196
Transfers between funds
13, 14
15,902
)
(15,902
Net movement in funds:
)
(52,291
)
(30,098
Reconciliation of funds:
Total funds brought forward
197,195
140,001
Total funds carried forward
13, 14
144,904
109,903		 2024
Unrestricted
Restricted
Total
funds
funds
£
£
£
208,404
188,404
-
122,980
1,813
152,142
1,423
396
-
-
11,693
-
332,807
202,306
152,142
415,196
262,549
118,460
415,196
262,549
118,460
)
(82,389
)
(60,243
33,682
-
15,902
)
(15,902
)
(82,389
)
(44,341
17,780
337,196
236,536
127,221
254,807
197,195
140,001		 2023
Total
£
188,404
153,955
396
11,693
354,448
381,009
381,009
)
(26,561
-
)
(26,561
363,757
337,196

The notes on pages 24 to 32 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.

18

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

Year ended 31 March 2024

Income from donations and legacies
Grants
Arts Council England
Revenue / NPO
Donations
Hebden Bridge Hostel
Incoming resources from charitable activities
Theatre income
Box office/fees/sales
Other income/donations
Project specific funding
Grants
Community Foundation For Calderdale
Calderdale Council
The Bearder Charity
Sponsorship/donations
Dean Clough Ltd - rent
STTA
Calderdale Creates
Ignite Creativity/LCEP
University of Manchester Crea-Tech Innovation Lab
University of Sheffield - interns		 2024
£
188,404
20,000
208,404
11,340
6,350
17,690
-
-
-
77,290
-
10,000
11,000
7,000
-
105,290
122,980		 2023
£
188,404
-
188,404
1,038
775
1,813
21,616
500
736
77,290
14,000
5,000
30,000
-
3,000
152,142
153,955

19

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

Year ended 31 March 2024

Expenditure on charitable activities
Theatre
Production / R & D costs
Rent
Equipment/hire/maintenance
Salaries/fees/pension costs
Social security costs
Artists fees
Other fees
Health and safety costs
Sets/props/costumes
Travel/transport/accommodation
Publicity
Marketing/fundraising salaries/fees
Ignite Creativity/LCEP
University of Manchester Crea-Tech Innovation Lab
Interns
Calderdale Creates
Sundry
Support and governance costs - page 21		 2024
£
77,290
1,767
142,322
4,753
22,869
1,284
2,000
12,766
2,958
5,154
18,000
11,000
7,000
-
10,000
246
319,409
95,787
415,196		 2023
£
77,290
5,787
134,808
3,153
13,525
-
-
13,017
-
5,675
3,200
30,000
-
3,000
5,000
2,497
296,952
84,057
381,009

20

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

Year ended 31 March 2024

Support and governance costs
Office overheads
Rent/rates/utilities
Telephone/internet
Insurance
Repairs/renovations/renewals
Amortisation of short leasehold
Depreciation of fixtures/fittings/equipment
Administration costs
Salaries
Social security costs
Staff pension costs
Fees
Training/recruitment/health and safety
Travel/accommodation
Printing/postage/stationery
Subscriptions/journals
Sundry
Professional/financial
Bank charges
Governance costs
Legal/professional
Board expenses
Accountancy/consultancy
Secretarial		 2024
£
13,618
2,544
7,446
8,615
17,909
-
20,508
2,214
1,644
3,940
8,266
1,171
279
1,930
829
238
513
1,073
2,750
300		 £
50,132
40,781
238
91,151
4,636
95,787		 2023
£
12,421
2,440
7,063
3,848
17,909
607
19,736
2,204
1,886
4,561
4,079
231
110
1,929
354
266
688
300
3,125
300		 £
44,288
35,090
266
79,644
4,413
84,057

21

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

Balance Sheet 31 March 2024

2024 2023
Notes £ £ £ £
Fixed assets
Tangible assets 9 107,460 125,369
Current assets
Debtors 10 6,796 15,865
Cash at bank and in hand 155,020 209,130
161,816 224,995
Liabilities
Creditors: amounts falling
due within one year 11 )
(14,469		 )
(13,168
Net current assets 147,347 211,827
Total assets less current
over total assets 254,807 337,196
The funds of the charity
Unrestricted funds 13
- General fund 39,337 23,028
- Designated funds 105,567 174,167
144,904 197,195
Restricted funds 14 109,903 140,001
Total charity funds 254,807 337,196

For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

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

· 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 29 October 2024 and signed on its behalf by

Helen Marriage Trustee

The notes on pages 24 to 32 form an integral part of these financial statements.

22

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

Cash Flow Statement for the year ended 31 March 2024

2024 2023
Notes £ £
Cash flows from operating activities 16 )
(55,533		 (20,608 )
Cash flows from investing activities:
Dividends, interest and rents from investments 1,423 396
Net cash provided by investment activities 1,423 396
Change in cash at bank and in hand in the reporting
period )
(54,110		 (20,212 )
Cash at bank and in hand at the beginning of the
reporting period 209,130 229,342
Cash at bank and in hand at the end of the
reporting period 17 155,020 209,130

23

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

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 (issued October 2019) 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:

- Donations and legacies

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

- 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.

- 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.

24

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

1.3. Resources expended

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

- 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. Fund accounting

Funds held by the charity are either:

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

1.5. 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:

1.6. 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.

1.7. 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.

25

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

1.8. 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.

1.9. Pensions

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

1.10. 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).

1.11. 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.

3.
Other income
Museums and Galleries Exhibition Tax Relief (MGETR)
4.
Net income/(expenditure) for the year is
stated after charging:
Depreciation of tangible fixed assets
Independent examiners fees
- independent examination
- other services		 2024
£
-
2024
£
17,909
2,750
300		 2023
£
11,693
2023
£
18,516
3,125
800

26

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

5. Trustees' emoluments and reimbursed expenses

The trustees received no remuneration during the year (2023 - £nil).

The aggregated amount reimbursed to trustees during the year was £180 (2023 - £nil).

6.
Staff costs and numbers
Staff costs
Salaries and wages
Social security costs
Pension costs
Redundancy payments		 2024
£
125,437
6,967
12,467
20,000
164,871		 2023
£
115,122
5,357
15,548
-
136,027

No employee earned £60,000 or more during the year (2023 - £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 £89,228 (2023 - £81,517).

Staff numbers

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

up as follows:

Production
Support		 2024
Number

4
1
5		 2023
Number
3
1
4

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 £12,467 (2023 - £15,548).

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.

27

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

9.
Fixed assets - tangible assets
Short
Fixtures/
Motor
leasehold
fittings/
vehicles
property
equipment
£
£
£
Cost
1 April 2023 /
31 March 2024
297,616
89,349
800
Depreciation
1 April 2023
172,247
89,349
800
Charge for year
17,909
-
-
31 March 2024
190,156
89,349
800
Net book values
31 March 2024
107,460
-
-
31 March 2023
125,369
-
-
10.
Debtors
2024
£
Other debtors
1,244
Prepayments
5,552
6,796
11.
Creditors: amounts falling due
2024
within one year
£
Trade creditors
4,910
Other taxation/social security
4,483
Other creditors
91
Accruals
4,985
14,469		 Total
£
387,765
262,396
17,909
280,305
107,460
125,369
2023
£
6,149
9,716
15,865
2023
£
7,957
-
-
5,211
13,168

12. Limited by guarantee

The company is limited by guarantee, registered in EW - England 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 2024 there were 11 members.

28

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

13. Unrestricted funds Brought Incoming Outgoing Transfers Carried
forward resources resources forward
£ £ £ £ £
General fund 23,028 227,517 )
(295,710		 84,502 39,337
Designated funds:
Capital Programme 11,139 - - (2,007 ) 9,132
MGETR 22,180 - - (22,180 ) -
Loss of core funding 78,000 - - (13,000 ) 65,000
Marketing 5,000 - - (1,000 ) 4,000
Flood insurance monies 57,848 - - (30,413 ) 27,435
197,195 227,517 )
(295,710		 15,902 144,904

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.

MGETR

This fund represented Museums & Galleries Exhibition Tax Relief receipts to cover the ongoing general costs of new projects, IOU Archive, and wage increases and has been moved to the General Fund.

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.

Flood insurance monies

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

29

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

14. Restricted funds Brought Brought Incoming Outgoing Transfers Carried
forward resources resources forward
£ £ £ £ £
Capital funding 111,319 - - )
(15,902		 95,417
Studio space - 77,290 )
(77,290		 - -
Calderdale Creates - 10,000 )
(10,000		 - -
Thriving Communities/ 3,946 - )
(1,460		 - 2,486
Making It
Social Action Retreat 10,000 - )
(10,000		 - -
Wild and the Weird 736 - )
(736		 - -
Calderdale Council - STTA 12,000 - - - 12,000
My Three Words - 7,000 )
(7,000		 - -
Calderdale Council - 2,000 - )
(2,000		 - -
stone carving
Ignite Creativity/LCEP - 11,000 )
(11,000		 - -
140,001 105,290 )
(119,486		 (15,902 ) 109,903

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 2024 is attributable to:

Short leasehold property

£ 95,417

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.

Calderdale Creates

The fund represents support for training and marketing obtained from the partnership.

Thriving Communities/Making It

This fund represents a CFFC grant for thriving communities to be spent on the Making It programme.

Social Action Retreat

This fund represents a CFFC grant to be used for the Social Action Retreat at the hostel.

Wild and the Weird

This fund is a grant to be used to deliver a workshop at the hostel.

Calderdale Council - STTA

This fund represents a grant from Calderdale Council to fund the artist development programme Space Time Tools Advice (STTA).

My Three Words

This was for tech development and student commissions for this project paid by Manchester University.

30

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

Calderdale Council - Stone Carving

This fund represents a grant from Calderdale Council to fund the Stone Carving Workshop.

Ignite Creativity/LCEP

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

15. Analysis of net assets between funds

General
Designated
Restricted
funds
funds
funds
£
£
£
Fund balances at 31 March 2024
are represented by:
Tangible fixed assets
2,911
9,132
95,417
Net current assets
36,426
96,435
14,486
39,337
105,567
109,903
16.
Reconciliation of net income/(expenditure) to net cashflow from operating activities
2024
£
Net income for the reporting period
(as per the statement of financial
activities)
)
(82,389
Depreciation and amortisation
17,909
Dividends, interest and rents from investments
)
(1,423
Decrease/(increase) in debtors
9,069
Increase/(decrease) in creditors
1,301
Net cash outflow from operating activities
)
(55,533
17.
Analysis of changes in net cash funds
Opening
Cash
balance
flows
£
£
Cash at bank and in hand
209,130
)
(54,110
Net cash funds
209,130
)
(54,110		 Total
£
107,460
147,347
254,807

31

Docusign Envelope ID: B348F2BC-2270-46F6-8BC2-E05CFF058A50

I.O.U. Limited

(Limited by Guarantee)

18. Financial commitments

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 runs to 2026.

19. Related party transactions

During the year the following trustees received payments as detailed below. No payments were made in respect of their role as trustee and all payments were made subject to normal employment terms and conditions.

David Wheeler

£24,760 (2023 - £38,264) received as salary and pension contributions for services as artistic director.

David Wheeler additionally received a £20,000 redundancy payment in the year.

32