Charity number: 1078545
RIVERS FOUNDATION
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
RIVERS FOUNDATION
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 6 |
| Independent Examiner's Report | 7 - 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 |
| Notes to the Financial Statements | 11 - 17 |
RIVERS FOUNDATION
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024
Trustees A J Rivers, Chairman K Constable C J Bolton C Farrar S Rivers E D M McMillan Charity registered number 1078545 Principal office 16 Lambton Place London W11 2SH Accountants Sopher + Co LLP Chartered Accountants 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD
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RIVERS FOUNDATION
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2024
The Trustees present their annual report together with the financial statements of the Rivers Foundation for the period 1 April 2023 to 31 March 2024.
Objectives and activities
a. Policies and objectives
The principal object of the Charity is to establish a trust fund for general charitable purposes.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
b. Grant-making policies
It is the policy of the Charity to make grants, duly approved by a simple majority in the Trustees meeting, to suitable charitable institutions and occasionally individuals. Such grants are recognised when the conditions attaching are fulfilled. Further details regarding the recognition of grants payable can be found in the accounting policies.
c. How our activities deliver public benefit
The Charity carries out a wide range of activities in pursuance of its charitable aims. The trustees consider that these activities provide educational and community benefits both in the UK and overseas.
Achievements and performance
a. Review of activities
Our support of charities in Kenya continues with funding for the Mathari Children’s Fund to assist with the education of children in the slums outside of Nairobi and also to provide support for a Social Centre. Alan Rivers has met with Cathal Conaty a long standing Trustee of the Fund who has updated him with all the latest developments.
We continue to provide support to MASK Create which is also based in Nairobi and aims to encourage young people to create art with a view to strengthening their creativity and help them become resourceful, inventive and imaginative problem solvers. The work of MASK Create has expanded so that the current participants come from 52 countries: 11 from Africa, 26 from Asia, 8 from Europe, 4 from Latin America, 3 from North America and Australia.
MASK Create recently received Acquisition International (AI) Magazine’s Non-Profit Organisation Award as ‘Most Visionary Learning Organisation. Innovation in Education Excellence Award 2024’.
Trustee Susan Rivers presented the 2024 MASK Awards online in January 2024.
We also supported the young Kenyan pianist, Teddy Otieno, who is the first pianist from Kenya to receive a Music Scholarship in Europe via the Royal Birmingham Conservatoire. This is a four year (23/24 being our second year of support) commitment and we are regularly updated by RBC as to Teddy’s progress, which so far has been exemplary.
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RIVERS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
Rivers Foundation has invited Teddy to give a short recital in London in November 2024 in order to assist him in raising the additional sums needed to complete his degree in 2026.
The Foundation continues to give support to the Hua Hin Charity [Vincent Kerremans Charity] which provides medical and basic food supplies for the elderly and people with disabilities in and around the district of Hua Hin in the Southern Thai province of Prachuap Khiri Khan. Alan Rivers regularly visits Hua Hin and can report that Vincent Kerremans continues to do excellent and essential work. Once Mr Kerremans retires it has been agreed that Rivers Foundation will discontinue its funding as the Charity is solely reliant on his valiant efforts.
In the UK our support of charities involved in education saw the Foundation once again give a grant to Music Masters who partner with primary schools nationwide to collaboratively create musical possibility for children who may otherwise not get to experience the power of music in their lives. With ever-tightening budgets, integrating music into a school’s ethos and core identity can seem impossible. However, Music Masters challenges the preconception that music is an add-on by supporting schools every step of the way and making the journey an exciting and truly rewarding experience. Rivers Foundation Trustees recently met with Music Masters’ CEO and Head of Development and were given an update on their most recent activities.
Financial assistance was provided to The Longford Trust which aims to provide second chances for those who have been in prison via the Longford Scholarship programme which supports them through university, hopefully enabling them to move forward after graduation to have worthwhile careers.
All Rivers Foundation Trustees very much enjoy attending, and are stimulated by, the Longford Trust Lecture which is held annually in London. Having acted as a Longford Trust Mentor in previous years (the LT Scholar has now graduated), Susan Rivers, is hoping to be allocated a new Scholar to assist in 2025. There is regular contact with the Trust’s Director Peter Standford and Rivers Foundation Trustees.
The Foundation continues to support he London Philharmonic Orchestra’s BrightSparks programme which enables school children to attend concerts at the Royal Festival Hall which are especially designed for each age group. Attending these concerts, particularly with the younger children, is one of the Trustees highlights of the year. The children’s excitement at seeing a live orchestra and taking part in the concert with singing and movement is a delight to witness.
Assistance was offered to Grenfell Athletic Football Club an amateur football association in West London set up to help the community heal after the fire that took 72 lives. Trustee Alex Rivers has been invited to be Chairman of the Club.
Support was given to Navy Wings (formerly known as Fly Navy Heritage) an organisation committed to preserving and flying the nation’s historic naval aircraft by bringing together the planes, people and stories associated with flying from warships at sea, with an aim to inspire future generations and create a focus for remembrance.
Once again Rivers Foundation was delighted to assist the Weiner Library, together with a co-funder, to update of The Holocaust Explained education website hosted by the Library, by enabling maps to immediately link into other parts of the website.
Finally, a small donation was made to BCHA, a Bournemouth charitable housing association supporting homeless and trafficked individuals and families across the South West and South of England - also matched by Trustee Cass Farrar and her husband Jamie - to fund the designing and printing of the Liberty Cookbook. The Cookbook is to be officially launched in October 2024 with Cass and Jamie Farrar and Susan Rivers attending.
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RIVERS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Achievements and performance (continued)
b. Investment policy and performance
The Foundation continues to keep its funds on deposit with Hargreaves Lansdown Asset Management Limited and Natwest Bank. In addition, the Trust continues to invest some funds in the stock market.
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The Charity has a reserves policy whereby adequate reserves are maintained, taking into account its analysis of future needs and opportunities, and having regard to expectations of future level of income and expenditure. The level of reserves and the reserves policy are reviewed annually by the trustees. At the year end, the charity has reserves of £679,745 (2023: £625,309)
Structure, governance and management
a. Constitution
The Rivers Foundation, registered charity no. 1078545, is constituted under a trust deed dated 4 November 1999, as amended on 11 December 2012.
b. Methods of appointment or election of Trustees
When required, the Trustees look for suitable candidates to join the Board who can bring experience and expertise relevant to the Charity’s objectives.
c. Organisational structure and decision-making policies
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed. The Trustees manage the day to day running of the Trust.
d. Policies adopted for the induction and training of Trustees
New Trustees are made aware of the purposes and aims of the Charity, as well as their general and specific duties, as determined by the Chairman. They are also provided with a copy of ‘The Good Trustee Guide’ and the guidance "It's your decision: charity trustees and decision making". New Trustees are expected to familiarise themselves with all the activities of the Charity.
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RIVERS FOUNDATION
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
Structure, governance and management (continued)
e. Related party relationships
At the balance sheet date the Trust owned 113,333 (2023 - 113,333) ordinary shares of £1 each in Bodyworks West Limited, representing 5.13% (2023 - 5.13%) of the total allotted share capital of that company. A J Rivers is a director of the company and has a controlling interest in Bodyworks West Limited.
f. Financial risk management
The Trustees have assessed the major risks to which the Charity is exposed, in particular those related to the operations and finances of the Charity, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks.
Plans for future periods
a. Future developments:
The Trust will continue to support educational and medical projects, here and abroad, in terms of building projects, educational materials and paying for children's education. It continues to seek welfare projects to support via small charities with well-targeted schemes.
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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RIVERS FOUNDATION TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 ed by order of the members of the board of Trustees on 8 October 2024 and signed on their behalf by.. Page 6
RIVERS FOUNDATION
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2024
Independent Examiner's Report to the Trustees of Rivers Foundation ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2024.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
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 that in any material respect:
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accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
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RIVERS FOUNDATION
INDEPENDENT EXAMINER'S REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed:
Dated: 8 October 2024
Stephen Iseman FCA
Sopher + Co LLP Chartered Accountants 5 Elstree Gate Elstree Way Borehamwood Hertfordshire WD6 1JD
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RIVERS FOUNDATION
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024
| Note Income from: Donations and legacies 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds before other recognised gains/(losses) Other recognised gains/(losses): Gains on revaluation of investments Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 86,250 19,379 105,629 83,886 83,886 21,743 32,693 54,436 625,309 54,436 679,745 |
Total funds 2024 £ 86,250 19,379 105,629 83,886 83,886 21,743 32,693 54,436 625,309 54,436 679,745 |
Total funds 2023 £ 3,750 18,116 21,866 49,661 49,661 (27,795) (17,336) (45,131) 670,440 (45,131) 625,309 |
|---|---|---|---|
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 11 to 17 form part of these financial statements.
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RIVERS FOUNDATION BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Investments Current assets 585,010 552,317 Debtors Cash at bank and in hand 23,031 71,704 23,086 49,906 N8t Current assets 94,735 72,992 Total net assets 679,745 625,309 Charfty fund8 Unrestricted funds 679,745 625,309 Total funds 679,745 625,309 Th financial slatements were approved and authorised for issue by the Trustees on 08 Oclober 2024 and ed on their behalf by: Rl Trustee The notes on pages 11 to 17 form part of these financial statements. Page 10
RIVERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
1. General information
Rivers Foundation is an unincorporated charity. The principal office address is 190 Campden Hill Road, London, W8 7TH. The members of the charity are the trustees named on page 1.
The Charity is registered with the Charity Commission and the registered number is 1078545.
The functional and presentational currency of the Charity is £ Sterling.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statement 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
Rivers Foundation 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.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
All expenditure is inclusive of irrecoverable VAT.
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RIVERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
2. Accounting policies (continued)
2.4 Interest receivable
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 institution with whom the funds are deposited.
2.5 Investments
Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(losses) on investments’ in the Statement of Financial Activities.
2.6 Debtors
Trade and other debtors are recognised at the settlement amount.
2.7 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.
2.8 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.
2.9 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
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RIVERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
3. Income from donations and legacies
| Unrestricted funds 2024 £ Donations 86,250 Unrestricted funds 2023 £ Donations 3,750 |
Total funds 2024 £ 86,250 |
|---|---|
| Total funds 2023 £ 3,750 |
4. Investment income
| Unrestricted funds 2024 £ Dividend income 18,133 Interest receivable 1,246 19,379 Unrestricted funds 2023 £ Dividend income 16,236 Profit on disposal of investments 920 Interest receivable 960 18,116 |
Total funds 2024 £ 18,133 1,246 19,379 |
|---|---|
| Total funds 2023 £ 16,236 920 960 18,116 |
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RIVERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2024 £ Support costs 7,736 Charitable donations 76,150 83,886 Unrestricted funds 2023 £ Support costs 161 Charitable donations 49,500 49,661 |
Total 2024 £ 7,736 76,150 83,886 |
|---|---|
| Total 2023 £ 161 49,500 49,661 |
6. Trustees' remuneration and expenses
During the year, no Trustees received any remuneration or other benefits (2023 - £NIL).
During the year ended 31 March 2024, no Trustee expenses have been incurred (2023 - £NIL).
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RIVERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
7. Fixed asset investments
| Cost or valuation At 1 April 2023 Revaluations At 31 March 2024 Net book value At 31 March 2024 At 31 March 2023 8. Debtors Due within one year Other debtors |
Listed investments £ 438,984 32,693 471,677 471,677 438,984 |
Unlisted investments £ 113,333 - 113,333 113,333 113,333 2024 £ 23,031 |
Total £ 552,317 32,693 585,010 |
|---|---|---|---|
| 585,010 552,317 |
|||
| 2023 £ 23,086 |
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RIVERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
9. Statement of funds
Statement of funds - current year
| Balance at | |||||
|---|---|---|---|---|---|
| Balance at | Gains/ | 31 March | |||
| 1 April 2023 | Income | Expenditure | (Losses) | 2024 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 625,309 | 105,629 | (83,886) | 32,693 | 679,745 |
| Statement of funds - prior year | |||||
| Balance at | |||||
| Balance at | Gains/ | 31 March | |||
| 1 April 2022 | Income | Expenditure | (Losses) | 2023 | |
| £ | £ | £ | £ | £ | |
| Unrestricted funds | |||||
| General Funds - all funds | 670,440 | 21,866 | (49,661) | (17,336) | 625,309 |
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RIVERS FOUNDATION
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
10. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Unrestricted funds 2024 £ Fixed asset investments 585,010 Current assets 94,735 Total 679,745 |
Total funds 2024 £ 585,010 94,735 679,745 |
|---|---|
Analysis of net assets between funds - prior period
| Fixed asset investments Current assets Total |
Unrestricted funds 2023 £ 552,317 72,992 625,309 |
Total funds 2023 £ 552,317 72,992 625,309 |
|---|---|---|
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