2023-03-31-accounts

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RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

Registered Charity No. 1089163 Company No. 04293133

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Report of the Trustees	Page 2
Independent Auditor’s Report	Page 19
Statement of Financial Activities	Page 22
Balance Sheet	Page 23
Statement of Cash Flows	Page 24
Notes to the Financial Statements	Page 25

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

The Trustees present their report and accounts for the year ended 31 March 2023. The report has been prepared in accordance with the Charities Act 2011 and is also the report of the directors for the purposes of the Companies Act 2006.

The financial statements have been prepared in accordance with the accounting policies set out in pages 25 to 28 and comply with the charitable company’s Memorandum and Articles of Association, applicable laws and 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 United Kingdom and Republic of Ireland (FRS102).

Reference and administrative details

Rich Mix Cultural Foundation, commonly known as Rich Mix, is a company limited by guarantee and a registered charity.

Company number 4293133 Charity number 1089163 Registered address 35-47 Bethnal Green Road, Shoreditch, London, E1 6LA. This is also the principal operating address.

Directors and Trustees

The directors of the charitable company (the charity) are its Trustees for the purposes of charity law and throughout this report are collectively referred to as the Trustees. The Trustees serving during the year and since the year end are as follows:

Cllr Amina Ali (London Borough of Tower Hamlets nominee)

Shamim Azad Chila Kumari Singh Burman (resigned 11 December 2023) Sangna Chauhan Evelyn Curtin (resigned 12 December 2022) Bhavisha Goolab (appointed 12 October 2023) Kevin Gruenenfelder (appointed 12 October 2023) Dylan Haskins Laura Houghton (appointed 12 October 2023) Vineet Jasooja Denise Jones Michael Keith (Chair) Judith Kilvington Jackie O’Sullivan Ansuya Vezendy Sara Wallace

Chief Executive and Company Secretary Judith Kilvington Auditor Buzzacott LLP 130 Wood Street London EC2V 6DL

Bankers

National Westminster Bank PLC 216 Bishopsgate London EC2M 4JH

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Reference and administrative details (continued)

Governing document

The charity is a company limited by guarantee and is governed by its Memorandum and Articles of Association, dated 25 September 2001, as amended by special resolution 20 May 2002, 25 October 2010, 27 September 2021 and 21 March 2022.

There are currently 14 members, each of whom agrees to contribute £1 in the event of the charity being wound up.

Trading subsidiary

The charity has a wholly owned trading subsidiary, Rich Mix Cultural Enterprises Limited. The financial statements consolidate the results of the charity and its subsidiary. The directors of the subsidiary are a sub-group of Trustees of the charity.

Appointment of Trustees

The recruitment and appointment of new Trustees is handled by a working group, comprising the Chair, the Chief Executive and at least one other Trustee, which reports to the full Board. The working group considers and makes recommendations to the Board in accordance with guidelines agreed by the Board aimed at ensuring that an appropriate mix of skills, experience, background and diversity relevant to the full scope of the charity’s activities is in place on the Board and its committees.

In accordance with the Articles of Association, one quarter of the Trustees who have been longest in office retire at each Annual General Meeting.

Trustee induction and training

New Trustees are provided with an information pack to brief them on their legal obligations under charity and company law, the content of the Memorandum and Articles of Association, the business plan and the recent financial performance of the charity.

Trustees are also encouraged to visit the Rich Mix building to meet employees and to attend performances and in-house events. All Trustees are given a specific focus of responsibility (e.g. finance, marketing, fundraising, capital projects).

Organisation

The Board of Trustees meets at least four times a year to consider and review all strategic and key planning decisions. At least two Trustees, or 30% of the Board, whichever is the greater, must be present for the meeting to be quorate.

There are three sub committees:

The Finance and Business Sub Committee (FABS) of the Board meets at least four times a year. It has responsibility for the oversight of financial management and for monitoring overall performance in key business and trading areas. Any issues or concerns around the charity’s financial strategy are considered by the Sub Committee and formal recommendations are then made to the full Board who consider and ratify decisions at the Board meetings. The members of the Sub Committee are the directors of Rich Mix Cultural Enterprises.
The Fundraising Sub Committee provides support and guidance for capital and revenue fundraising activities. It meets at least quarterly.
The Capital Sub Committee oversees the development of the capital project including the delivery of the phased plans and milestones and monitors the budget. It meets as and when required. The Committee includes a co-opted external member, Gareth Roberts, who brings relevant commercial property development skills. The board acknowledges his considerable expertise and thanks him for his time.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management (continued)

With the exception of the Chief Executive who has been paid remuneration for employment within the charity, in accordance with the Memorandum and Articles of Association, the Trustees, who act as directors for the purposes of the Companies Act, are not remunerated for their services. The charity provides Directors and Officers Liability Insurance.

The Board delegates operational decisions to the Executive Team, led by the Chief Executive, who are responsible for implementing the Board’s decisions, and for the day-to-day management of the charity and the trading subsidiary.

Key management personnel

During the year the key management personnel have been:

the Board of Trustees and
the Executive Team comprising the Chief Executive, Deputy CEO/Head of Marketing and Communications, and the Heads of Finance, Cinema and Operations and Events and Sales.

When setting remuneration for its staff the Trustees take into account market rates and other relevant data relating to arts charities of a similar scale and operation.

Public benefit

The primary objects of the charity, as set out in the Articles of Association, are to:

advance education of the public in art and culture of all types: to work towards the elimination of racial discrimination
promote equality of opportunity and good relations between people of different racial groups, particularly by promoting events and activities to foster intercultural diversity of migrant communities and their contribution to economic and cultural life particularly by establishing Rich Mix Centre as a home for exhibitions and by collecting, preserving and exhibiting items of educational value.

The Board has given due consideration to the Charity Commission’s published guidance on the Public Benefit requirement under section 17 of the Charities Act 2011 when reviewing the charity’s aims and objectives and in planning future activities. The Board considers that all of the charity’s objectives deliver benefit to the public, as explained below.

Our objectives as set out below remain unchanged.

Objectives and activities

Rich Mix is a vibrant arts venue and creative hub in Shoreditch, East London. We deliver Culture for a Changing City, connecting some of the most adventurous and diverse audiences to a vital and exciting programme of contemporary culture.

Our vision is to be East London’s home for culture and creativity. We welcome the communities of the world in East London to create, enjoy and share culture. Our work is underpinned by a set of values shared across the organisation:

Open. We are open, generous, accessible and welcoming.
Inclusive. We champion equality and diversity and strive to represent, reflect and respect different voices and perspectives.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Collaborative. We work in partnership with artists, companies and communities both locally and internationally.
Ambitious. We support ambitious artists and ideas in the belief that art and culture have the power to bring people together.
Creative . We nurture all forms of creativity and we are also a creative force.

We do this by using all the resources of the building, the skills of our staff, and those of our artistic partners to create an integrated organisation which:

offers an ambitious, international arts programme including music, film, dance, spoken word, theatre and visual arts, and is representative of our local Tower Hamlets communities
has a creative engagement programme which reaches out to children, schools, young people and families, from Tower Hamlets and beyond, to give them opportunities to participate in a wide range of creative activities
provides a commercial cinema programme, catering and spaces for hires and events and concessions and bars
provides affordable workspace to a variety of commercial and not-for-profit cultural and creative organisations
builds partnerships with diverse artists and organisations in order to achieve our artistic aims and support local talent development, particularly in underrepresented communities.

Live Programme

Our live programme spans live music, spoken word, performance, theatre, dance, film, talks and visual art, whilst hosting many multi-disciplinary events and festivals. We work with a multitude of partners including charities, local collectives and independent artists in order to present as diverse a programme as possible.

Creative Engagement

Our Creative Engagement programme aims to transform lives in Tower Hamlets and East London through creativity, working with:

Families and the Community: offering a range of learning and cultural activities
Children and Schools: participation in activities to promote confidence and learning
Young People: training and work experience in the cultural sector
Emerging Artists: supporting creative practitioners from diverse backgrounds.

Cinema

Through our cinema we connect with many local audiences, including a large proportion of low-arts engagers and low-income groups. We programme festivals as well as blockbusters and independent films from around the world. We work with regular partners such as We Are Parable, London Short Film Festival, the UK Asian Film Festival, Film Africa and National Theatre Live on one-off screenings with live elements.

Private Hires

Our Private Hires activity supports our broader artistic and creative engagement programmes, as well as the overall running of the building. Utilising our core asset, the five-storey Shoreditch landmark, we cater for events in our many flexible and fully equipped spaces, including conferences, screenings, product launches, weddings and exhibitions.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Resident organisations

We offer affordable workspace, with our building providing a home for a variety of socially progressive charities and innovative creative businesses. Currently 28 organisations employing approximately 200 people have their headquarters in the Rich Mix building. Workspace for charities is rented at between 30% to 40% below market rates as part of Rich Mix’s support for the wider cultural community.

– Capital Project plans Reimagining Rich Mix

Our longer term aims include plans for a substantial refurbishment of our building, opening up Rich Mix to new audiences, improving accessibility and reducing our environmental impact.

Work on the Capital Project, Reimagining Rich Mix, which began in October 2021, continues to address the needs of the local community while expanding Rich Mix’s offer as a pioneering arts centre at the heart of multicultural London. The first phase of the works delivered a new Cinema Bar, artists’ green room and a dedicated Creative Engagement space to support skills development. The next phases of the capital project will:

create a social, porous ground floor, linking Bethnal Green Rd to Redchurch St – a public space and cultural crossroads in which to meet, eat, drink and encounter art;
enhance existing performance spaces and cinema to improve capacity, accessibility, experience and realise artistic vision;
improve facilities and services for all users.

The project will benefit audiences from Tower Hamlets and London-wide, our local community, the diverse partners and artists we work with and the creative business residents and their employees.

Fundraising

Raising voluntary funds from trusts, foundations and individuals is a vital source of income that helps us to fulfil our charitable objectives. We utilise internal staff for fundraising alongside external professional fundraisers and continue to develop in-house skills.

We do not employ commercial participators to carry out fundraising activity or engage in face-to-face or telephone fundraising.

In developing our approach to fundraising we take account of the Code of Fundraising Practice issued by the Fundraising Regulator. Rich Mix has received no complaints about its fundraising activities either during the financial year or subsequently.

Equality, diversity and audiences

We operate at the intersection of many communities, cultures, businesses and artistic traditions and place great emphasis on ensuring that diversity is at the heart of what we do. Rooted in East London but open to the world, we have a demonstrable track record of reaching diverse communities and of our commitment to anti-racist policies and practice, diversity and inclusion.

Rich Mix is one of the nine founding members of the Future Arts Centres (FAC) a network of over 100 venues championing the unique importance of arts centres at a local, regional and national level.

Safeguarding

We continue to review our work around safeguarding in relation to our audiences, participants in the Creative Engagement programme, and our staff, in line with regulatory frameworks and guidance.

Sustainable development

Achieving increased environmental sustainability is a priority for Rich Mix. Our Environmental Sustainability Group consists of a cross section of staff members with the main aims being to raise awareness, save energy and reduce waste.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Data protection

We have continued to comply with GDPR, with reviews and action taken to maintain compliance on an on-going basis. Specifically, we continue our data sharing with partner organisations to supply audience data in a secure, compliant way, and support their audience development efforts.

Achievements and performance

Overview

In our first full year of being open and trading since the pandemic, we welcomed even more audiences across our key programme strands, with a particular upsurge in Live Programme audiences. We had 67,792 ticketed admissions to a global programme of cinema, music and live events (compared with 40,650 in 2021-22).16,474 people attended our private hires events from conferences, to product launches, and premieres to brand activations.

Our Creative Engagement programme engaged 1,730 school pupils and young people in an educational setting and 11,289 children, families and community groups in informal learning from some of the most deprived and diverse areas, expanding audiences and participation in the arts. This compared well with the 3,306 participants who accessed subsidised activities in 2021-22.

We were also able to continue to broaden our reach to audiences through our online and live streaming activities (a new strand developed during the pandemic) with 1,086 people accessing our online programmes, over 4,000 views of our online blogs over the year and over 4,056 views of our YouTube and Vimeo video content.

Live Programme

Throughout 2022-23 our Live Programme has grown as audiences have returned to indoor performance spaces. 34,213 people attended our live events programme with music, spoken word and multi-art form festivals generating highest footfall and ancillary bar spend.

Re-Rooted , was our first full season since returning from the pandemic and was a six-month celebration of underground and grassroots artists, responding to our mission to profile artists from across the African, Caribbean, South and East Asian diaspora.

Highlights from the Spring Season saw the return of the FLAWA Festival (Festival of Latin American Women in the Arts), a long-standing, valued partner, and a run of high footfall music gigs including Gabriel O Pensador, Brazilian rapper and lyricist, Fransisco El Hombre, Mexican Brazilian Band and Caravan Social Night, which presented a night of live music, dance, art, and club culture under one roof. The founder of I AM NEXT , Seshie, curated Underground , an explosive night of UK rap and hiphop. This was a particular highlight as Seshie is an artist Rich Mix has supported since he was 16 and who originally performed at the Youth Takeover Festival in 2015.

Our Autumn Season, running from September to December 2022, was entitled The Time Is Now and encouraged our audiences to imagine utopia, shape the future and question the status quo. The season featured a curated programme of five micro-commissions, Rehearsing Utopia , where artists and creatives played out their visions of utopia. The events varied from a piece of new children’s theatre called Once Upon a Rhyme where children were invited to contribute to an improvised show about utopia to The Living Room which focused on intergenerational conversations about reimagining the world we currently live in by considering the past, present, and future of the Black community.

A further highlight from Rehearsing Utopia was Sounds Queer: An All Night Queertopia , a new partnership with an emerging promoter who champions queer artists and voices. This representation is very much needed in the industry and the gig attracted 175 audience members and high bar spend.

Our Spring Season, Collide , ran from January to June 2023 and showcased a mixing and blending of genres to encourage a cross pollination of our audiences with highlights such as The Hen-nah Party ,

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

a queer alternative to traditional henna nights, Nazar, a club night for SWANA and South Asian queer community, Salaam and Funk , an Asian Underground club nigh, Arab Women Artists Now Festival with long-standing partner Arts Canteen, Tongue Fu , spoken word and music night, and La Linea , London’s hottest Latin music festival.

Key events included:

Fringe! Queer Film and Arts Festival – Rich Mix was the hub venue hosting one exhibition, seven events, nine screenings and two workshops with 1,578 people attending over five days.
Going South: A Global South Asian Music, Art and Culture Gathering – a new festival and whole building takeover organised by Continental Drifts and spearheaded by Bobby Friction, a pioneer of the original Asian Underground scene, with 531 attendees over the two days.

Public art

A new mural, Choose Courage , was created in collaboration with Numbi Arts and depicts an inspiring image of British-Somali boxer Ramla Ali, who grew up Tower Hamlets. Choose Courage was cocreated with local young women, two of whom also produced short films documenting the process. These were presented alongside a Q&A at the mural launch in June in front of an audience of Tower Hamlets Councillors, local community organisations and VIPs from across the borough.

“Taking part in the mural project opened the world of art for me. It gave me the opportunity to visit the local archive, enjoy walks around the area and reflect on what makes my local area unique.” Participant

“From this experience, I have been able to share my ideas, collaborate with others and create a mural that I can be proud of.” Participant

Rich Mix Resonates

This new programme strand brought local people together with artists to co-create culture for our main programme. Projects included Lost Dreams , which addressed the physical and psychological impacts of the pandemic. A group of young people aged 18-35 who were emerging photographers came together to document what youth culture in Tower Hamlets meant to them with local and renowned photographer Simon Wheatley. Mwalimu Meet Ups was delivered with long-standing partner Mwalimu Express, providing a bridge for older more isolated residents of Tower Hamlets to attend welcoming and inclusive intergenerational events at Rich Mix. Mehfil Resonates , explored identity and heritage through spoken word and zine making workshops led by Daytimers, a creative collective celebrating South Asian artistry.

Artist Working Group

The Artistic Working Group oversees Rich Mix’s artistic vision and guides and monitors its development and implementation. The group comprises co-opted members, all artists/creatives or arts leaders, who provide a range of perspectives and expertise from the industry and are: Amad Illyas, Neelam Keshwala, Hassan Mahamdallie, Sonia Mehta, John Pandit and Amani Saeed. The first meeting took place in February 2023 and it will meet regularly acting as a sounding board as we develop our artistic vision further.

Creative Engagement

During the year we focused on our three flagship projects, Pic ‘n’ Mix , New Creatives and our Families programme. We continued to expand our role as a learning and cultural centre for the community, offering a wide range of education and wellbeing events responding to local needs.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

Families and the Community: offering a range of learning and cultural activities Our core programme of free Family Sundays and weekly activities has expanded throughout the year as we look to provide outcomes for families from across the borough which focus on health and wellbeing through various development and transition stages.

Over 2,076 participants attended our regular offering of family creativity workshops. StoryPlay , Bookswap and the Big Draw, and intergenerational cross-arts events including the summer Caribbean Carnival, hosted by long-time partners Mwalimu Express, have been supplemented with a highly popular and oversubscribed programme of Family Yoga and Azucar! Music and Movement workshops. Feedback has highlighted the importance of opportunities for parents, carers and children to come together combatting issues of isolation in the challenging climate of the year.

Our weekly Active Stay and Play for under 5s also benefited this year from a partnership with Young V&A, as they tested ideas and projects with local partners ahead of the reopening of the Museum of Childhood in Bethnal Green.

Creative ESOL and a new Heritage Lottery funded project, ‘Our Journeys’ Storytent , have also provided opportunities for many local families who may have challenging home circumstances to come together and build relationships across cultures, whilst also fostering a sense of belonging at Rich Mix. From Autumn 2022 to Spring 2023 ‘Our Journeys’ StoryTent brought together parents from seven local primary schools, parental engagement teachers, children and the Tower Hamlets Local History Library and Archives to explore and share the experience of migrants’ journeys to Tower Hamlets. A “storytent” in which children, teachers and families can play, tell and listen to stories was created through stitching, painting and embroidering narratives of identity and heritage and this resource is now touring across schools in Tower Hamlets.

“We had parents that we felt would benefit from meeting other local people and stepping out of their comfort zone to develop their confidence, and in some cases their English. Some have experienced trauma in their lives and even after coming out of the pandemic many had been very isolated and lonely leading in some cases to mental health worries. Many of our families live in temporary and overcrowded situations and are looking for spaces to spend some time in, outside of the home.” Headteacher

Children and Schools: participation in creative activities to promote confidence and learning Pic ‘n’ Mix is our comprehensive programme of Film Education and Literacy learning for schools from Tower Hamlets which explores cross curricular links focusing on improving learning, wellbeing and aspirations and in line with Rich Mix’s ‘Culture for a Changing City’ vision. The programme contributes to raising standards in creative education, and platforms and celebrates the voices of the children of Tower Hamlets. It also contributes to the development of skills and knowledge, artistic practice, social and personal growth and inclusion for all participating pupils and teachers.

The theme of the 2022-23 edition was ‘Flip the Script: Finding Ourselves in the Stories that Make Our World’ which enabled six primary schools to examine how their own personal narratives linked to those of different places and times, and how our collective histories impacted the world we live in today. Each class learned to write, direct, film, act and edit their own film.

Building teacher skills, knowledge and confidence is paramount and 13 teachers took part in the programme including three CPD sessions, networking and mentoring. The programme expanded this year to include an afterschool club for pupils to gain a deeper understanding of the film-making process, Film Education screenings and two Rich Mix Takeover Days – one digital and one as part of Kids in Museums Day – where Pic ‘n’ Mix pupils participated in running the venue for a day.

In 2022-23 we worked intensively with 240 children across six schools and 1,200 children overall including those attending the Film Education screenings.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Achievements and performance (continued)

“We have had an incredible time working on the Pic ‘n’ Mix Programme with Rich Mix and are so grateful for the opportunity! This has been my personal favourite programme that we have been a part of and it is down to your wonderful planning, organisation and partnerships that the children (and adults) are able to have such an exciting opportunity to make a film. Thank you!” Teacher on Pic ‘n’ Mix

Young People: training and work experience in the creative and cultural industries Our New Creatives programme worked with 15 young people from across East London. We delivered and trialled our two shorter courses (14 weeks), refining our approach with each cohort. This first cohort worked on making a documentary exploring the influences of 1990s culture. This project culminated in a two-day festival open to the public, which showcased the documentary and included a time capsule exhibition of a 1990s bedroom with some of the young people performing original works of poetry. This public event reached over 100 people. For the second cohort we reverted to the module approach, in response to the different artform interests of the group. Each of the young people performed an original piece alongside programming and producing the rest of the Takeover Festival. This public event reached over 200 people.

I’ve learned that doing the work behind the scenes is just as creative as performing and I wasn’t aware of that until joining New Creatives.’ Participant on New Creatives.

Emerging Artists: supporting creative practitioners from diverse backgrounds. We continue to work with our Associate Artists who support the delivery of our Creative Engagement Programme and provide mentoring support for emerging artists as workshop leaders so that we can engage with a larger pool of practitioners from ethnically diverse communities.

Cinema

There have been significant challenges throughout the year for our cinema programme which have been reflected in the overall performance of the cinema industry across the UK. These have included a lack of blockbuster releases due to the delays in production during the pandemic as well as the decision by some of the key distribution companies to move exclusively to streaming and for some to stream concurrently with the release to theatres.

April 2022 was one of the worst-performing months in the UK cinema industry since 2013 with the release of blockbusters such as The Batman and Fantastic Beasts: The Secret of Dumbledore failing to entice cinemagoers back to the big screen experience.

Over the year our best performing films were from the independent sector including Everything, Everywhere, All At Once which ran from the end of May to mid-August, followed by Fire of Love, Aftersun and Triangle of Sadness. With the latter, Rich Mix proved to be one of the top 21 best performing sites in the UK.

November proved to be our busiest month with an inspiring blend of blockbusters ( Black Panther: Wakanda Forever ), independents ( Banshees of Inisherin) and a festival programme curated by Film Africa which comprised nine films over a week-long period.

As the mainstream cinema industry looks to re-establish its place in the post pandemic arts and entertainment environment, our Festival Programmes and partnerships have been ever more important in securing our business model and attracting a wide and diverse audience. We hosted five one-off independent screenings and 12 festivals, five of which were returning partners. Alongside regular partners, UK Asian Film Festival, London Indian Film Festival and London Short Film Festival, were new partners including Queer East Film Festival, BUFF (the British Urban Film Festival) and The New Black Collective. BUFF chose Rich Mix as their hub for the launch screening of their programme hosting a range of media partners, audiences and filmmakers and went on present 28 different screenings, a closing ceremony and four talks over a week in November, a major factor in the success of the cinema programme that month.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

The New Black Collective hosted TNB – XPO, a building-wide takeover, which included screenings, talks, seminars and networking events and they will return in March 2024.

“On behalf of UK Asian Film Festival, a huge thank you to all at Rich Mix for wonderfully hosting the 24[th] edition of UKAFF. Rich Mix helped to put on another successful festival this year and continue to be one of our most trusted partners. The work you do to help promote culture in East London cannot be overstated, and we look forward to collaborating again.” UK Asian Film Festival

Resident organisations

Following the changing workplace environment and the increase in hybrid-working, we have averaged 92% occupancy over the year with 26 residents (including co-working residents or sublets) housed across our 37 workspaces. Over the year there has been a 50-50 charity to commercial split in terms of square footage.

Regular meetings have been held to develop opportunities for marketing the spaces and update our sales and marketing strategy with a new Residents’ Pack and regular blogs, Google advertising and social media posts highlighting the unique selling points of Rich Mix.

We have worked closely with our residents, ensuring Rich Mix remains a home to a burgeoning creative community. Residents have collaborated on environmental sustainability initiatives, explored opportunities for joint fundraising proposals, and regularly present events as part of our Live Programme.

Private Hires

During the year we had significant changes within the Private Hires team with two long-standing members of the team leaving over the summer and being replaced in the late autumn with a new Head of Events and Sales and Events and Sales Executive. This led to the implementation of a new sales strategy to maximise and grow income and to identify new business sectors through pro-active work. This began to have an impact in the last quarter of the year with March generating the highest monthly income for 2022-23 overall.

With the return of events and the settling down of the industry post-Covid there has been a noticeable shift in event booking trends with last minute events and bookings, amongst other factors, becoming more of the norm. This has had an impact on forecasting both in year and for the year ahead and shows the need for a more flexible model, whilst we navigate the new environment.

Key clients from the year have included TV production companies, Higher Education providers, local councils, human rights organisations, livery companies and smaller charities, and events have ranged from private screenings to product launches, final year showcases and conferences.

“Rich Mix was the perfect partner to host our Dragons’ Den viewing party. The team’s exceptional service and the venue’s remarkable flexibility made our Dragons’ Den viewing party an unforgettable experience! Everyone loved the party and the venue.” Private Hires Client

Equality, Diversity and Inclusion

Rich Mix’s explicit focus on diversity makes it a pioneer in the UK cultural landscape. We are a diverse team and board:

34% of the staff team and 58% of the Board are ethnically diverse; 59% of the staff team and 75% of the Board are female or non-binary; 31% of the staff team are from LGBTQIA+ groups; 13% of the staff team identify as D/deaf or disabled.
We have a track record in providing culture for marginalised groups with c.60% of audiences and artists being from global majority communities and c.20% of audiences coming from low income and low arts engaging segment Kaleidoscope Creatives (London arts organisations average of 12% and UK-wide at 5%).

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

We are one of only 5% of Arts Council England’s National Portfolio Organisations with an ‘Outstanding’ rating for the Creative Case for Diversity.

This year we have held company-wide conversations around terminology with reference to people of colour and built in regular reviews of our EDI Action Plan. We have re-written our Theory of Change and evaluative frameworks to ensure that we are adapting our programmes in response to the evidence and impact we are making in our work.

Sustainability

The key actions from our 2022-23 plan focused on our continued monitoring of waste, reduction in our energy usage and our commitment to recycling across the building. As in previous years we looked to the framework set out by Julie’s Bicycle to share information and provide peer support across the theatre and arts sector. We focused on actions to improve our current bronze award status with the Green Tourism Award with new signage across the building to save energy by reducing usage of water, lights and lifts, and to increase recycling of waste, and began conversations with Silas Yard, a local organisation committed to recycling food waste.

Julie’s Bicycle have currently removed the certification process, but data from our 2022-2023 submission showed that our energy, waste and audience travel carbon emissions have all decreased.

Having introduced environmental responsibility as a key component across all job descriptions, we have widened participation in our Environmental Group to engage employees from across departments.

Our commitment to programming events with an environmental focus was celebrated with two events over the year. Marking a year from the launch of our Rich Mix Goes Green campaign, our “Rich Mix Goes Green Fair” was filled with talks, family friendly story-telling and a DJ set exploring conversations environmental responsibility, led by local organisations. In May regular partners from our families’ programme presented “Grow”, an interactive story-telling show and workshop for 0-5 year olds and their caregivers.

We have attended a number of webinars, hosted by Julie’s Bicycle, NCVO and Tower Hamlets, to gain more insight into trends across the borough and the arts.

– Capital project plans Reimagining Rich Mix

The next phase of our capital plans focuses on our plans to open up the ground floor and provide an open, welcoming and accessible café bar and foyer with Changing Places WC and al fresco dining. Plans have advanced to RIBA Stage 3.

In preparation for the submission of our planning application we led extensive consultation with our community comprising 17 in-person sessions including focus groups with families and community-led organisations, primary school pupils, Deaf and disabled audiences and partners, as well as online surveys.

During the year we have also secured funding from City Bridge Trust and the Clothworkers’ Foundation alongside ACE Capital Investment Fund towards the redevelopment project.

Plans for future periods

Overview

Rich Mix’s plans for 2023-24 have focused on re-modelling the business to respond to the impact of the energy crisis, inflation and cost of living, alongside the widespread changes in the UK cinema industry.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods (continued)

Support from two sets of consultants has been sought: one to address the opportunities for maximising income from our private hires and the other to look at a refocused vision and sustainable business model, which builds on Rich Mix’s legacy, and addresses the changing economic, social and cultural context in which we are now operating.

Initially we have focused on a meanwhile project to stabilise the organisation through increasing income, nurturing and developing our strengths, and analysing and reducing any activity which does not contribute significantly to either income or mission objectives. Actions and recommendations from the report on maximising income from private hires have been at the centre of this work alongside the development of new music programming strategy with external promoters.

Live Programme

Collide , our Spring Season, draws to an end in July and has featured an eclectic mix of programming focussing on the mixing and blending of genres and cultures with highlights including The Midnight Train , a celebration of 90s/00s R&B, club, hip-hop, amapiano, afrobeats, house and dancehall and LightSounds Festival, an international festival dedicated to audiovisual art.

Our programme from September to December, Autumn @ Rich Mix, focuses on music, festivals, spoken word and film. The season will feature both our long-standing partners and crucially, the building of relationships with music promoters via our work to establish Rich Mix as a London-wide destination for live music.

Creative Engagement

Our Creative Engagement programme will continue to embed community consultation to address local need and spark creativity. The programme will focus on the delivery of our core funded projects, whilst we expand our work around young people.

Our coaching, personal development and work experience programme, New Creatives , will run from April for nine months providing young people in Tower Hamlets and East London with the opportunity to gain experience and employment in the cultural sector. We will look to expand by introducing sessions on creative practice, focusing on music and film.

Flip the Script is our new film education programme for primary school children which builds on Pic ‘n’ Mix and includes schools in Hackney as well as Tower Hamlets. This programme incorporates themes of decolonisation and the curriculum by exploring representation on-screen. We will also expand our successful Afterschool Club with local primary schools, deepening relationships with children and families as part of our wider cultural offer at Rich Mix.

Our Families and Communities programme will bring communities together, helping families build relationships and networks and improving health and wellbeing outcomes. It will include Music and Movement , Creative ESOL , Active Stay and Play , Bookswap and health and wellbeing workshops.

We will continue to fundraise for Rich Mix Resonates to bring local people together with artists to cocreate culture for our main programme.

Cinema

As we build a wider strategy around film and establishing Rich Mix as a home for independent cinema, we will continue to programme our regular mix of blockbusters and independent films alongside our growing festival offer.

2023 begins with a number of hotly anticipated blockbusters including Spiderman , Mission Impossible Barbie and Oppenheimer . The industry hopes these will deliver a return to pre-Covid big screen experiences, particularly where the two films Barbie and Oppenheimer go head-to-head in the cinema event of the year. Our newly refurbished Cinema Bar will provide a more competitive concessions and bar offer.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Plans for future periods (continued)

Film festivals we expect for 2023-24 include: Sci-Fi London Film Festival, Windrush Caribbean Film Festival, Film Africa, UK Asian Film Festival, British Urban Film Festival and Queer East Film Festival. We will continue exploring new partnerships and one-off screenings with partners such as Doc ‘n’ Roll, Bounce Cinema and We Are Parable to provide a platform for emerging filmmakers and to identify niche and diverse audiences.

With the Creative Engagement team, we will look to develop Film School further, a series of talks with industry professionals exploring film from the different production perspectives including script-writing, acting, direction and costume. We will also establish a film club, a regular monthly family film offer and accompanying workshops, to bring in audiences during the school holidays.

Resident organisations

We will continue to work closely with our residents to ensure that Rich Mix remains a home to the 28 cultural organisations who share our building. Maintaining our base of resident organisations is a key priority for our future as hybrid-working becomes more common. We are working hard to adapt our spaces to allow for maximum flexibility, including the repurposing of our co-working space, previously used on an ad-hoc basis by smaller organisations, into two spaces that now house two larger organisations.

We are undertaking a satisfaction survey to cover all elements of the building including our wide cultural programme to develop residents’ engagement and loyalty.

Private Hires

The consultancy report commissioned by Rich Mix in March 2023 to analyse the opportunities for maximising hire income states that there is a clear opportunity to sell Rich Mix as an authentic cultural hub in East London. Projections indicate that with investment in marketing, the infrastructure of the building and customer services, alongside a clear strategy for maximising the use of space at peak times, there is a clear and viable pathway to growing private hires income substantially over the next 12 months. Recommendations from the report are the focus of the private hires strategy this year.

The Private Hires team are working towards a more collaborative model, identifying new business opportunities, creating and adapting to new processes with more effective analysis of our CRM system, and developing an understanding of the changing client needs. They are responding to the diverse historic client base, as well as identifying new sectors for opportunity, such as banking, investment and the influencer market.

The departure of long-standing tenant, Indi-Go restaurant, has left a blank canvas location perfect for commercial hire, including for pop up shops, immersive experiences and brand activations. This new Streetside Space has already housed an exhibition of Chila Kumari Singh Burman’s neon artworks, as well as pop up stalls from independent fashion brands including an African clothing company, an Indian jewellery company and larger retail brands.

This new high-street space is attractive to brand agencies and film distributors, providing an opportunity to create a 360-degree approach to events from the street art wall at the back of the building to cinema screenings, private event spaces and experiential opportunities within Streetside.

Capital project plans: Reimagining Rich Mix

Despite LBTH Officer recommendation our planning application was refused at the Committee Meeting in October 2023. An appeal was submitted in November 2023 and a decision is expected in May 2024. The refusal of the application has a significant impact on the timeline for the project; however Rich Mix remains committed to the delivery of the plans for the ground floors over the coming years. We are currently in discussion with our key stakeholders and funders, ACE, City Bridge Trust and Clothworkers Foundation regarding the impact of this delay.

Equality, Diversity and Inclusion

Our Equality, Diversity and Inclusion Group will continue to meet monthly, embedding training and learnings on anti-racism, as well as safe spaces strategies for LGBTQIA+ groups and access and inclusion training.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods (continued)

A key area of focus for Equality, Diversity and Inclusion across the year is to consult regularly with a diverse range of user groups in devising our capital project plans to ensure access and inclusion are considered at every stage of the design.

We will also be drawing up a new Inclusive Recruitment policy that pioneers best practice and improves data capture and monitoring systems alongside the Future Arts Centres Action Group.

Environmental sustainability

The action plan for the next year will build on the recommendations from the Independent Eco Audit which was carried out in April 2023. These will include:

interrogation of our bank, savings and pensions’ company choices with regards to their investment in fossil fuels
better monitoring and reporting of building energy and utility usage
development of audience travel reporting alongside annual collection of staff commuting data to look at trends and whether this can inform our communication internally and externally on how to reach Rich Mix while reducing emission impact
continuation of reducing our environmental impact in our capital plans.

Strategy for the future

The review of our model has established that there is a clear opportunity for Rich Mix to revitalise our role as one of East London’s most dynamic cultural organisations by refocusing our vision around three key areas of activity – film, music and associate companies.

Our purpose to eliminate discrimination and promote intercultural understanding remains at the heart of our organisation. We are able to deliver this mission more impactfully with our refocused vision, thereby offering a more attractive proposition to funders, partners, audiences, and artists, making a greater contribution to our local context and the wider cultural landscape and growing a sustainable business model.

Discussion to date with the board and executive has concentrated on providing a solid evidence base to test the refocused vision, by exploring new partnerships, gathering insight and data about external opportunities and competitors, reviewing internal performance, audience behaviours, use of space, and team capacity.

Our strategic plans to ensure a sustainable future for Rich Mix include the following:

delivering a refocused vision as a home for independent cinema and music dedicated to intercultural understanding, with clear regular programme highlights and regular partners to broaden audiences and deepen engagement throughout the year
delivering a successful phased capital project, maximising the social, cultural and commercial potential of our building
maximising opportunities and deepening relationships with residents to develop a network of associate companies, linked directly with our film and music ambitions
maximising income from private hires
delivering quality creative engagement programmes which reach marginalised communities in East London, funded mainly through grant income
building and sustaining an ethical ecosystem within our workforce and organisation prioritising financial sustainability, equality and diversity and environmental sustainability.

Financial Plan

Our financial projections up to December 2024 indicate that Rich Mix will have sufficient financial resources to continue to meet its liabilities as they fall due.

Our forecast for the year ending 31 March 2024 is based on maximising income from trading activities and reducing activity in our subsidised Live Programme whilst we remodel the business. Careful monitoring of expenditure will continue, although the impact of the increase in utilities charges continues to have a significant impact on the business.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods (continued)

We anticipate that the new business model will be in place for April 2024 and therefore we are still projecting a deficit for the year. The forecast deficit for the year will be covered by general funds.

The Trustees are confident that Rich Mix will remain financially resilient and there will be sufficient general funds to cover the forecast deficit and any further reductions in activity levels.

Financial review

Income

Total income for the year amounted to £2,289,389 (2022: £2,769,025) of which £660,903 (2022: £1,437,276) related to grants and donations.

The principal funder during the year was Arts Council England which provided core funding of £307,290 (2022: £307,290) under the final year of NPO agreement from 2019-23.

Project grants amounting to £266,390 (2022: £199,229) were received to support our Creative Engagement and Live Programmes.

A grant from the ACE Capital Investment Fund of £650,000 was awarded in April 2022 of which £69,536 (2022: £0) was received during the year to support the next phase of our redevelopment plans.

The Board wishes to express its thanks to all our funders, donors and sponsors for their generous support.

Income from commercial trading operations of £881,000 (2022: £608,874) represented the continued positive recovery of our activities post-pandemic, although remained below the pre-pandemic level of £1,510,567 achieved in the year ended 31 March 2020. Rich Mix Cultural Enterprises Limited, the wholly owned trading subsidiary of the charity, made a profit for the year of £202,762 before management charges (2022: £181,475). The management charge for the year of £126,527 reflects the level of trading activity (2022: £148,071). The profit for the year after management charges in the trading subsidiary amounted to £76,236 (2022: £33,420).

Total income from charitable activities, including ticket sales and fees of £104,395 (2022: £50,803), rental income and service charges of £637,389 (2022: £609,063), and other income of £1,653 (2022: £336) was £743,437 (2022: £660,202).

Expenses

Total expenses for the year ended 31 March 2023 were £2,893,916 (2022: £2,733,830). Expenses include staff costs of £1,348,400 (2022: £1,161,026).

Reserves policy

Movements in funds

At 31 March 2023 total reserves amount to £13,552,343 (2022: £14,156,870) comprising restricted funds of £946,835 (2022: £963,838), designated funds of £12,195,530 (2022: £12,476,944) and unrestricted general funds of £409,978 (2022: £716,088).

During the year depreciation amounting to £344,645 (2022: £436,073) was charged against the Building Fund. Section 106 funds of £936 have been utilised during the year to cover some of the costs of the Capital Project (2022: £42,656). The remaining balance of the fund of £46,566 will be utilised during the year ending 31 March 2024.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Reserves policy (continued)

Fixed Asset Fund

The Fixed Asset fund represents the net book value of equipment, fixtures and fittings funded by third parties. Annual depreciation on these assets is charged against this fund.

Section 106 Fund

Expenditure under the Section 106 fund is determined by an agreement between the London Borough of Tower Hamlets and Rich Mix which sets out the purposes for which this fund may be used. The balance of £46,566 remaining in the fund at 31 March 2023 will be used to support the Capital Project plans.

General Funds

It is the policy of the charity that the aim should be for unrestricted funds which have not been designated for a specific use to be maintained at a level equivalent to three to six months’ operating costs.

The average monthly operating cost during the year, excluding the direct costs of trading operations, was £133,774. On this basis six months’ operating costs would amount to £802,641.

The balance on general funds at 31 March 2023 is £409,978 (2022: £716,088).

Free reserves are calculated as general unrestricted funds not represented by fixed assets and show a balance of £320,487 (2022: £699,328).

We are continuing to develop our strategy to reach the organisation’s desired reserves policy and we will keep this policy under review in line with the operational guidance No.43 (Charity Income Reserves) issued by the Charity Commission.

Risk management

The Board regularly reviews the major risks to which the charity is exposed and has established systems to mitigate those risks, as far as is reasonably possible.

Our risk register identifies those risks and assigns specific actions and responsibilities for mitigating them. The risk management process is ongoing and is regularly updated by the Executive Team and reviewed by the Finance and Business Sub Committee.

Principal risks and uncertainties

The Board is particularly concerned with risks that have the potential to cause the charity to cease operations and has developed policies to mitigate those risks. The key risks are:

Loss of income

Our forecast for the current year shows a positive return to our private hires trading activities, a more commercial approach to our live music programme but also reflects the impact of the downturn in cinema audience numbers and loss of income from ticket sales and concession income. Loss of income from our cinema programme is addressed through the business remodelling.

Building infrastructure and health and safety issues

The Building Risk Register identifies the key risks to Rich Mix and is regularly updated and monitored at least on a quarterly basis. The development of a planned preventative maintenance programme and new contract arrangements with a single maintenance contractor will be established as well as further investment in our infrastructure as part of the next phase of the Capital Project.

UK economy and inflation

The cost of living crisis has had a direct impact on the disposable income available to our audiences, partners, participants and clients at Rich Mix and we continue to look to provide affordable and accessible offers where possible. The impact of the energy crisis, inflation on overheads and direct costs and salaries remain a substantial risk.

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Statement of Trustees’ responsibilities

The Trustees (who are also directors of Rich Mix for the purposes of company law) are responsible for preparing the Trustees’ report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and the group and of the income and expenditure of the charitable company and the group for that period.

In preparing these financial statements, the Trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in 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);
make judgements and estimates that are reasonable and prudent
state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.

The Trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that:

so far as the Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and
the Trustee has taken all the steps that he/she ought to have taken as a Trustee in order to make himself/herself aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Approved by the Board on 11 December 2023 and signed on its behalf by

Michael Keith Chair

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RICH MIX CULTURAL FOUNDATION

Opinion

We have audited the financial statements of Rich Mix Cultural Foundation (the ‘charitable parent company’) and its subsidiary (the ‘group’) for the year ended 31 March 2023 which the comprise the group statement of financial activities, the group and charitable parent company balance sheets and the group statement of cash flows, the principal accounting policies and the notes to the financial statements. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the group’s and of the charitable parent company’s affairs as at 31 March 2023 and of the group’s income and expenditure for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group and charitable parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The Trustees are responsible for the other information. The other information comprises the information included in the annual report and financial statements, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RICH MIX CULTURAL FOUNDATION

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

the information given in the Trustees’ report, which is also the directors’ report for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Trustees’ report, which is also the directors’ report for the purposes of company law , has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept by the charitable parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the charitable parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of Trustees’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit; or
the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the Trustees’ report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the Trustees’ responsibilities statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the group’s and the charitable parent company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

To address the risk of fraud through management bias and override of controls, we:

Performed analytical procedures to identify any unusual or unexpected relationships;
• Tested and reviewed journal entries to identify unusual transactions;
Tested authorisation of expenditure;

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF RICH MIX CULTURAL FOUNDATION

Auditor’s responsibilities for the audit of the financial statements (continued)

Assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
Investigated rationale behind significant or unusual transactions.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included but were not limited to:

Ensuring that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations;
Identifying the laws and regulations applicable to the charitable company through discussions with management, and from our commercial knowledge and experience of the sector;
Ensuring that the identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit;
Focussing on specific laws and regulations which we considered may have a direct material effect on the accounts or the activities of the charity. These included but were not limited to relevant financial reporting standards, the Charities Act 2011 and the Companies Act 2006;
Agreeing financial statements disclosures to underlying supporting documentation;
Reading the minutes of trustee meetings; and
Enquiring of as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify noncompliance with laws and regulations to enquiry of the Trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Catherine Biscoe (Senior Statutory Auditor) For and on behalf of Buzzacott LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 18 December 2023

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Consolidated Statement of Financial Activities (including the income and expenditure account) For the year ended 31 March 2023

Notes	General funds 2023 £	Designated funds 2023 £	Restricted funds 2023 £	Total funds 2023 £	Total funds 2022 £
Income from: Grants and donations 2 Commercial trading operations 3 Investments 4 Charitable activities 5 Other income 6 Total Expenditure Raising funds 7 Commercial trading operations 3 Charitable activities 8 Total Net (expenditure)/income Transfers between funds 21 Net movement in funds Reconciliation of funds: Total funds brought forward Total funds carried forward	399,338 881,000 4,049 743,437 —	— — — — —	261,565 — — — —	660,903 881,000 4,049 743,437 —	1,437,276 608,874 127 660,202 62,546
	2,027,824	—	261,565	2,289,389	2,769,025
	65,842 806,821 1,397,104	6,893 — 338,688	1,333 — 277,235	74,068 806,821 2,013,027	68,827 636,787 2,028,216
	2,269,767	345,581	278,568	2,893,916	2,733,830

	(241,943)	(345,581)	(17,003)	(604,527)	35,195
	(64,167)	64,167	—	—	—
	(306,110)	(281,414)	(17,003)	(604,527)	35,195
	716,088	12,476,944	963,838	14,156,870	14,121,675
	409,978	12,195,530	946,835	13,552,343	14,156,870

The Statement of Financial Activities includes all gains and losses recognised in the above two financial years.

All movement derives from continuing activities during the above financial years.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Consolidated and Company Balance Sheets As at 31 March 2023

Notes	Group 2023 £	Group 2022 £	Charity 2023 £	Charity 2022 £
Fixed assets Tangible assets 14 Intangible assets 15 Investments Current assets Stocks 16 Debtors 17 Cash at bank and in hand Creditors: amounts falling due within one year 18 Net current assets Net assets Funds Restricted funds 20 Unrestricted funds: Designated funds 21 General funds 22	13,053,220 7,160 —	13,319,990 8,055 —	13,053,220 7,160 1	13,319,990 8,055 1
	13,060,380	13,328,045	13,060,381	13,328,046
	8,675 156,150 875,670	11,269 171,852 1,231,236	— 124,852 776,546	— 422,845 910,644
	1,040,495	1,414,357	901,398	1,333,489
	(548,532)	(585,532)	(410,585)	(432,704)
	491,963	828,825	490,813	900,785
	13,552,343	14,156,870	13,551,194	14,228,831
	946,835 12,195,530 409,978	963,838 12,476,944 716,088	946,835 12,195,530 408,829	963,838 12,476,944 788,049
	13,552,343	14,156,870	13,551,194	14,228,831

Approved by the Board on 11 December 2023 and signed on its behalf by

Michael Keith Chair

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Consolidated Statement of Cash Flows

For the year ended 31 March 2023

			2023 £	2022 £
Cash generated from operating activities Net cash (used in)/provided by operating activities Cash flows from investing activities Interest received Purchase of tangible and intangible fixed assets Net cash used in investing activities Cash flows from financing activities CBILS loan Net cash used in financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year Cash and cash equivalents at the end of theyear			(203,089)
			4,049 (156,526)
			(152,477)
			—
			—
			(355,566) 1,231,236
			875,670
			2023 £
				2022 £
Net (expenditure)/income (as per the Statement of the Financial Activities) Adjustments for: Depreciation, amortisation and write off of fixed assets Investment income Decrease/(increase) in stocks Decrease in debtors (Decrease)/increase in trade and other creditors Net cashprovided by operating activities			(604,527) 424,191 (4,049) 2,594 15,702 (37,000)
			(203,089)
	At 1 April 2022 £	Cash flows £ (355,566)
			Non-cash changes £	At 31 March 2023 £
Analysis of changes in net debt Cash and cash equivalents Cash at bank and in hand	1,231,236		—	875,670

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

ACCOUNTING POLICIES

Basis of preparation

These financial statements have been prepared for the year ended 31 March 2023 under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities in preparing their financial statements in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and rounded to the nearest pound.

Consolidation

These financial statements consolidate the results of the charity and its wholly owned subsidiary, Rich Mix Cultural Enterprises Limited, on a line by line basis. A separate Statement of Financial Activities is not presented for the charity in accordance with the exemptions afforded by Section 408 of Part 15 of the Companies Act 2006.

Details of Rich Mix Cultural Enterprises Limited are given in Note 3 to the financial statements.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the Trustees and management to make significant judgements and estimates. The items in the financial statements where these judgements and estimates have been made include:

estimating the allocation of support costs between activities; and
estimating the useful economic life of tangible and intangible fixed assets.

Going concern

The Trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company and the group to continue as a going concern. In particular the Trustees have considered the charitable company's detailed financial projections and modelling prepared by the executive team for the next 12 months and those of its trading subsidiary. Recognising and responding to the rapidly changing cultural industries’ environment and together with a projected growth in existing and new income streams through the refocused vision and new business model, supported by a robust fundraising strategy, the focus is on ensuring that the projected deficit for the year is minimised. Any anticipated deficit for the year will be covered by general funds.

After carefully considering the matters referred to above, the Trustees have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the charitable company to continue as a going concern. The Trustees are of the opinion that there is a reasonable expectation that the charitable company and the group has adequate resources to meet its liabilities as they fall due and to continue in operational existence up to 31 December 2024. The charitable company and the group therefore continue to adopt the going concern basis in preparing the financial statements.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

1. ACCOUNTING POLICIES (continued)

Income

Donations and grants which are not conditional on delivering certain levels of activity are recognised when they are receivable unless the donor has specified that the donation or grant relates to a future period or that certain pre-conditions must be fulfilled before use. In these cases amounts received are recognised in the relevant period or when the pre-conditions have been met and until then are treated as deferred income. Donations and grants for particular purposes are identified as restricted funds.

Income from box office and venue fees is included in income in the period in which the relevant event takes place.

Income relating to rentals in a subsequent period is treated as deferred income.

Income from government grants is recognised in the period to which it relates.

Other income is recognised in the period in which the charity has entitlement to the income, the amount can be measured reliably and it is probable that the income will be received.

Expenditure

Expenditure is accounted for on an accruals basis.

Expenditure on raising funds comprises those costs incurred in attracting donations, grants and trading income, together with a proportion of the underlying support costs of the charity.

Expenditure on charitable activities comprises the costs that can be allocated directly to those activities together with a proportion of the underlying support costs of the charity.

Core staff, premises and administration costs are allocated to the costs of fundraising and charitable

activities based on an estimate of time spent by staff supporting these activities.

Governance costs, which comprise costs directly attributable to the management of the charity’s assets, organisational procedures and the necessary legal procedures for compliance with statutory requirements, are included within management and administration expenses.

Tangible fixed assets

Tangible fixed assets are stated at cost less accumulated depreciation. Assets costing less than £500 are not capitalised.

Depreciation is provided on a straight-line basis to write off the assets over their estimated useful lives, as follows:

Long leasehold and freehold property 50 years Equipment, fixtures and fittings 5 years and 15 years

The Rich Mix building provides arts facilities and a cultural offering in line with its charitable objectives. Parts of the building space are let to external tenants who are either arts charities or commercial organisations operating in the arts and creative industries sector. These tenants contribute to the artistic life of the building and provide a contribution to running costs. The building is therefore treated as held primarily for the purpose of providing social benefit and, in accordance with FRS 102 Section 16.3A, is accounted for as a depreciating functional asset.

Intangible fixed assets

Intangible fixed assets are stated at cost less amortisation.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

1. ACCOUNTING POLICIES (continued)

Amortisation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The amortisation rates used are as follows:

Software

5 years

Stock

Stocks of bar and cinema consumables are included at the lower of cost and net realisable value.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability.

Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

Cash at bank and in hand

Cash at bank and in hand represents such amounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement and the amount of the settlement can be estimated reliably. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

General funds represent those monies which are freely available for application towards achieving any charitable purpose that falls within the charity’s objects.

Designated funds comprise monies set aside out of unrestricted general funds for specific future purposes or projects.

Restricted funds comprise:

monies raised for, or where their use is restricted to, a specific purpose or contributions subject to donor-imposed conditions; and
the net book value of tangible assets where those assets are funded through restricted grants or donations which require the charity to hold those assets on an ongoing basis for a specific purpose.

Operating lease commitments

Rentals payable under operating leases are charged against expenditure as incurred over the lease term.

Pension commitments

The charity contributes to two defined contribution pension schemes on behalf of its employees. The assets of the schemes are held separately from those of the charity in independently administered funds. The pensions cost charge represents contributions paid and payable by the charity during the year.

Financial instruments

The charity holds only basic financial instruments as defined in FRS 102. The financial assets and liabilities of the charity and their measurement basis are as follows:

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

1. ACCOUNTING POLICIES (continued)

Financial assets

Other debtors are basic financial instruments and are debt instruments measured at amortised cost.

Prepayments are not financial instruments.

Cash at bank

Cash at bank is classified as a basic financial instrument and is measured at face value.

Financial liabilities

Accruals and other creditors are financial instruments and are measured at cost.

2. INCOME FROM GRANTS AND DONATIONS

	Unrestricted £	Restricted £	2023 Total £	Unrestricted £	Restricted £	2022 Total £
Arts Council England ACE Emergency Response/Culture Recovery Fund ACE Capital Project Fund Other grants received Donations Voluntary income	307,290 — — 74,361 17,687	— — 69,536 192,029 —	307,290 — 69,536 266,390 17,687	307,290 228,935 — — 12,315	— — — 888,736 —	307,290 228,935 — 888,736 12,315
	399,338	261,565	660,903	548,540	888,736	1,437,276

Details of other grants received are shown in Note 20.

3. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN SUSIDIARY

The wholly owned trading subsidiary, Rich Mix Cultural Enterprises Limited, company number 05719450, which is incorporated in the UK, pays all its taxable profits to the charity by Gift Aid. Rich Mix Cultural Enterprises Limited operates Rich Mix’s cinema programme, commercial event hires and bars. The charity owns the entire issued share capital of one share of £1.

Summary profit and loss account

	2023 £	2022 £
Turnover Cost of sales and administrative expenses Other operating income Management charges Net profit/(loss) Amount gifted to charity Corporation tax Interest receivable and similar income Retained in the subsidiary	881,000 (680,294) — (126,527)	608,874 (488,716) 61,317 (148,071)
	74,179 (3,125) — 2,056	33,404 — — 16
	73,110	33,420

Other operating income relates to amounts received under the government’s Coronavirus Job Retention Scheme.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

3. COMMERCIAL TRADING OPERATIONS AND INVESTMENT IN SUSIDIARY (continued)

Summary balance sheet

	2023 £	2022 £
Current assets Current liabilities Capital and reserves	171,081 (169,932)	349,650 (421,611)
	1,149	(71,961)
INVESTMENT INCOME	2023 £
		2022 £
Unrestricted Bank interest receivable	4,049	127
INCOME FROM CHARITABLE ACTIVITIES	2023 £	2022 £
Unrestricted Ticket sales and fees Rental income and service charges Other income Total income from charitable activities	104,395 637,389 1,653	50,803 609,063 336
	743,437	660,202

4. INVESTMENT INCOME

5. INCOME FROM CHARITABLE ACTIVITIES

6. OTHER INCOME

Other income in the year ended 31 March 2022 related to amounts received by the charity of £1,229 and its trading subsidiary of £61,317 under the government’s Coronavirus Job Retention Scheme.

7. EXPENDITURE ON RAISING FUNDS

Direct costs (Note 9) Support costs (Note 10) Total expenditure	General funds £	Designated funds £	Restricted funds £	2023 Total £
	5,357 60,485	— 6,893	— 1,333	5,357 68,711
	65,842	6,893	1,333	74,068
Direct costs (Note 9) Support costs (Note 10) Total expenditure	General funds £	Designated funds £	Restricted funds £	2022 Total £
	8,329 52,607	— 7,332	— 559	8,329 60,498
	60,936	7,332	559	68,827

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

8. EXPENDITURE ON CHARITABLE ACTIVITIES

EXPENDITURE ON CHARITABLE ACTIVITIES
	General funds £	Designated funds £	Restricted funds £	2023 Total £
Direct costs (Note 9) Support costs (Note 10) Total expenditure	798,236 598,868	— 338,688	211,934 65,301	1,010,170 1,002,857
	1,397,104	338,688	277,235	2,013,027
	General funds £	Designated funds £	Restricted funds £	2022 Total £
Direct costs (Note 9) Support costs (Note 10) Total expenditure	644,761 524,025	— 485,886	346,174 27,370	990,935 1,037,281
	1,168,786	485,886	373,544	2,028,216

9. ANALYSIS OF DIRECT COSTS

	Raising funds £	Charitable activities £	2023 Total £
Allocation for the year ended 31 March 2023 Live programme Creative engagement Staff costs Property costs Marketing Capital project Total 2023	— — 5,357 — — —	16,557 52,636 837,330 66,740 36,162 745	16,557 52,636 842,687 66,740 36,162 745
	5,357	1,010,170	1,015,527

	Raising funds £	Charitable activities £	2022 Total £
Allocation for the year ended 31 March 2022 Live programme Creative engagement Staff costs Property costs Marketing Capital project Total 2022	— — 8,329 — — —	61,094 48,202 782,294 45,690 25,951 27,704	61,094 48,202 790,623 45,690 25,951 27,704
	8,329	990,935	999,264

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

10. ANALYSIS OF SUPPORT COSTS

	Raising funds £	Charitable activities £	2023 Total £
Allocation for the year ended 31 March 2023 Staff costs Management and administration Property costs Depreciation, amortisation and disposals of fixed assets Total 2023	51,415 3,253 5,559 8,484	155,384 159,384 272,383 415,706	206,799 162,637 277,942 424,190
	68,711	1,002,857	1,071,568

	Raising funds £	Charitable activities £	2022 Total £
Allocation for the year ended 31 March 2022 Staff costs Management and administration Property costs Depreciation and write off of fixed assets Total 2022	44,209 2,596 5,638 8,055	138,104 127,207 276,253 495,717	182,313 129,803 281,891 503,772
	60,498	1,037,281	1,097,779

Management and administration costs include governance costs of £35,027 (2022: £30,853).

11. NET EXPENDITURE BEFORE TRANSFERS

This is stated after charging:

Depreciation Amortisation Auditor’s remuneration – charity Auditor’s remuneration – tradingsubsidiary	2023 £ 422,907 895 13,000 3,500	2022 £
		401,864 895 10,725 2,650

12. STAFF COSTS AND TRUSTEE REMUNERATION

	Group 2023 £	Group 2022 £	Charity 2023 £	Charity 2022 £
Wages and salaries Social security costs Pension contributions	1,220,618 97,517 30,265	1,057,799 79,153 24,074	864,586 78,045 22,204	812,179 65,549 15,271
	1,348,400	1,161,026	964,835	892,999

RICH MIX CULTURAL FOUNDATION (A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

12. STAFF COSTS AND TRUSTEE REMUNERATION (continued)

The average number of full-time equivalent employees on the payroll during the year was as follows:

	2023 £	2022 £
Charity Rich Mix Cultural Enterprises Limited	25 23	25 19
	48	44

The average number of employees throughout the year was 79 (2022: 64).

One Trustee has been paid remuneration for employment within the charity, in accordance with the Memorandum and Articles of Association of the charity, dated 25 September 2001, and amended by special resolutions on 20 May 2002, 25 October 2010 and 21 March 2022, which appointed the role of CEO to the Board of Trustees. In her role as CEO, Judith Kilvington received gross pay of £63,014 (2022: £62,242) and employer pension contributions of £7,833 (2022: £7,368). There were no other benefits within the remuneration.

Except as noted above, no employee earned more than £60,000 (excluding employer pension contributions) in the year ended 31 March 2023 (2022: none).

The charity contributes to two defined contribution pension schemes. At 31 March 2023 there were 57 employees (2022: 50) with retirement benefits accruing under these schemes.

The key management personnel of the charity and its trading subsidiary are the Chief Executive Officer, Deputy CEO/Head of Marketing and Communications, Head of Finance, Head of Cinema and Operations and Head of Events and Sales. The total employee benefits, including pension costs, of the key management personnel were £250,648 (2022: £268,551).

Other than as noted above, the Trustees were not paid and were not reimbursed expenses during the year or the prior year by the charity or its trading subsidiary. None of the Trustees received payment for professional or other services supplied to the charity during the year (2022: £nil).

13. TAXATION

Rich Mix Cultural Foundation is a registered charity and has no liability for Corporation Tax. Its wholly owned trading subsidiary, Rich Mix Cultural Enterprises Limited, passes profits on which tax would be payable to the charity under Gift Aid.

RICH MIX CULTURAL FOUNDATION (A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

14. TANGIBLE ASSETS – GROUP AND CHARITY

	Freehold and long leasehold property £	Work in progress £	Equipment, fixtures and fittings £	Total £
` Cost At 1 April 2022 Additions Disposals At 31 March 2023 Depreciation At 1 April 2022 Charge for the year Disposals At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022	17,773,427 — —	— 71,076 —	819,431 85,450 (729)	18,592,858 156,526 (729)
	17,773,427	71,076	904,152	18,748,655
	4,802,808 355,469 —	— — —	470,060 67,438 (340)	5,272,868 422,907 (340)
	5,158,277	—	537,158	5,695,435
	12,615,150	71,076	366,994	13,053,220
	12,970,619	—	349,371	13,319,990

15. INTANGIBLE ASSETS – GROUP AND CHARITY

	Software £
Cost At 1 April 2022 and 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022	8,950
	895 895
	1,790
	7,160
	8,055

16. STOCKS

	Group 2023 £	Group 2022 £	Charity 2023 £	Charity 2022 £
Cinema and bar stocks	8,675	11,269	—	—

RICH MIX CULTURAL FOUNDATION (A Company Limited by Guarantee)

Notes to the Financial Statements

For the year ended 31 March 2023

17. DEBTORS

	Group 2023 £	Group 2022 £	Charity 2023 £	Charity 2022 £
Trade debtors Prepayments and accrued income Other debtors Amount owed by subsidiary	57,558 74,183 24,409 —	74,071 53,185 44,596 —	36,477 70,499 17,876 —	63,913 49,923 73,437 235,572
	156,150	171,852	124,852	422,845

18. CREDITORS

	Group 2023 £	Group 2022 £	Charity 2023 £	Charity 2022 £
Trade creditors Taxes and social security costs Accruals and deferred income Amount owed to subsidiary Other creditors	140,094 94,087 162,414 — 151,937	190,120 30,193 195,504 — 169,715	114,363 42,535 118,678 31,985 103,024	144,689 17,681 144,979 — 125,355
	548,532	585,532	410,585	432,704

19. OPERATING LEASES – GROUP AND CHARITY

At 31 March 2023 the charity had the following future minimum commitments under non-cancellable operating leases.

	2023 £	2022 £
Office equipment: Within one year In two to five years	600 —	2,400 1,700
	600	4,100

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

20. RESTRICTED FUNDS – GROUP AND CHARITY

	At 1 April 2022 £	Income £	Expenditure £	Transfers £	At 31 March 2023 £
Project grants Allan Trust Assured Guaranty UK Limited Backstage Trust British Land Credit Agricole Bank Derwent London Community Fund Esmée Fairbairn Foundation Harbour Foundation LBTH Mayor’s Loneliness Fund LBTH Welcome Back High Streets Margaret Killbery Foundation Merchant Taylor National Lottery Awards for All National Lottery Heritage Fund Queen Mary's University of London Spotlight The Portal Trust THAMES Arts Education Fund Travers Smith Young Londoners Fund Fixed assets ACE Capital Investment Fund ACE Culture Recovery Fund 1 Assured Guaranty UK Limited Fixed Asset Fund GLA Good Growth Fund Theatres Trust/Wolfson Foundation Section 106 Fund Other grants ACE Capital Investment Fund Assured Guaranty UK Limited Department for Work and Pensions	750 — — 2,061 — 5,000 — — 9,311 2,896 — — — — — — — 5,000 1,000 40,976 — 191,319 — 664,445 11,659 14,421 — 15,000 —	— 5,000 15,000 9,000 1,000 7,000 8,000 3,000 10,000 — 25,000 5,000 9,630 9,963 200 14,980 30,000 5,000 — 29,915 — — — — — — 69,536 — 4,341	(750) (1,944) (2,220) (2,061) (1,000) (5,000) (8,000) (3,000) (19,311) (2,896) (25,000) (5,000) (5,139) (4,369) (200) (14,980) (29,832) (5,000) (1,000) (70,891) — (41,176) — (20,689) (4,000) (769) — — (4,341)	— — — — — — — — — — — — — — — — — — — — 69,536 — 1,540 — — — (69,536) (1,540) —	— 3,056 12,780 9,000 — 7,000 — — — — — — 4,491 5,594 — — 168 5,000 — — 69,536 150,143 1,540 643,756 7,659 13,652 — 13,460 —
	963,838	261,565	(278,568)	—	946,835

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

20. RESTRICTED FUNDS – GROUP AND CHARITY (continued)

	At 1 April 2021 £	Income £	Expenditure £	Transfers £	At 31 March 2022 £
Project grants ACE Here and Now Allan Trust Backstage Trust British Land Canary Wharf Credit Agricole Bank Dentons Derwent London Community Fund Garfield Weston Foundation LBTH Mayor’s Loneliness Fund LBTH Welcome Back High Streets Margaret Killbery Foundation National Lottery Awards for All The Portal Trust THAMES Arts Education Fund Travers Smith Young Londoners Fund Fixed assets ACE Culture Recovery Fund 1 GLA Good Growth Fund Theatres Trust/Wolfson Foundation Section 106 Fund Other grants ACE Culture Recovery Fund 1 - property and sustainability Assured Guaranty UK Limited Department for Work and Pensions GLA Good Growth Fund	1,000 1,000 11,131 3,782 2,500 5,000 — 4,000 — — — — 9,894 10,413 — — 42,437 33,862 — 15,659 — 294,106 — — —	— 750 — 7,000 — — 1,000 5,000 50,000 15,000 50,615 10,000 — — 11,000 1,000 47,864 — 664,445 — — — 15,000 9,736 326	(1,000) (1,000) (11,131) (8,721) (2,500) (5,000) (1,000) (4,000) (50,000) (5,689) (47,719) (10,000) (9,894) (10,413) (6,000) — (49,325) (23,928) — (4,000) — (112,721) — (9,736) (326)	— — — — — — — — — — — — — — — — — 181,385 — — 14,421 (181,385) — — —	— 750 — 2,061 — — — 5,000 — 9,311 2,896 — — — 5,000 1,000 40,976 191,319 664,445 11,659 14,421 — 15,000 — —
	434,784	888,736	(374,103)	14,421	963,838

The purposes of the restricted funds are as follows:

Project grants ACE Here and Now

Allan Trust Backstage Trust British Land Canary Wharf Credit Agricole Bank Dentons Derwent London Community Fund Esmée Fairbairn Foundation Harbour Foundation Garfield Weston Foundation LBTH Mayor’s Loneliness Fund LBTH Welcome Back High Streets Margaret Killbery Foundation National Lottery Awards for All

To support a national programme of commissions celebrating the National Lottery’s 25[th] Anniversary

To support the New Creatives Programme To support the New Creatives Programme

To support the Families and Communities Programme To support the Pic ‘n’ Mix Education Project To support the Live Programme

To support the Families and Communities Programme To support the Pic ‘n’ Mix Education Project

To support business remodelling through Funding Plus To support the Families and Communities Programme To support the Creative Engagement Programme To support Rich Mix Resonates Programme To support the Community Murals Project To support the New Creatives Programme To support the Families and Communities Programme

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

20. RESTRICTED FUNDS – GROUP AND CHARITY (continued)

National Lottery Heritage Fund To support the Families and Communities Programme Queen Mary's University of London To support the Families and Communities Programme Spotlight To support the Families and Communities Programme The Portal Trust To support the Pic ‘n’ Mix Education Project THAMES Arts Education Fund To support the Pic ‘n’ Mix Education Project Travers Smith To support the Pic ‘n’ Mix Education Project Young Londoners Fund To support the New Creatives Programme

Fixed assets

The fixed asset funds represent the net book value of equipment funded by the ACE Culture Recovery Fund 1, the Theatres Trust/Wolfson Foundation and the Section 106 Fund, and the Capital Project funded by the GLA Good Growth Fund. During the year, depreciation was charged against these funds as follows:

ACE Culture Recovery Fund 1 - £41,176 (2022: £23,928)
GLA Good Growth Fund - £20,689 (2022: £nil)
Theatre Trust/Wolfson Foundation - £4,000 (2022: £4,000)
Section 106 Fund - £769 (2022: £nil)

ACE Capital Investment Fund

The company is planning to redevelop the ground floor of the building. Following the refusal of planning permission in October 2023 and the subsequent submission of an appeal, the capital project is currently delayed for c. eight months. A new timeline for the project will be determined once planning permission is secured and in discussion with current funders.. Costs incurred during the year which are directly attributable to the redevelopment of the building have been capitalised. No depreciation will be provided until the redevelopment has been completed.

Other grants ACE Capital Investment Fund To support the refurbishment of Rich Mix ACE Culture Recovery Fund 1 To support the costs of property and training in sustainability and diversity Assured Guaranty UK Limited To support the refurbishment of Rich Mix Department for Work and Pensions Kickstart Scheme - jobs for young people at risk of long-term unemployment GLA Good Growth Fund To support miscellaneous costs relating to the refurbishment of Rich Mix

Transfers

During the year an amount of £69,536 was transferred from the ACE Capital Investment Fund and an amount of £1,540 was transferred from the Assured Guaranty UK Limited Fund, to support investment in the Rich Mix building

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

21. DESIGNATED FUNDS – GROUP AND CHARITY

	At 1 April 2022 £	Income £	Expenditure £	Transfers £	At 31 March 2023 £
Building Fund Esmee Fairbairn Fund Section 106 Fund Total designated funds	12,429,442 — 47,502	— — —	(344,645) — (936)	— 64,167 —	12,084,797 64,167 46,566
	12,476,944	—	(345,581)	64,167	12,195,530
	At 1 April 2021 £	Income £	Expenditure £	Transfers £	At 31 March 2022 £
Building Fund Fixed Asset Fund Section 106 Fund Total designated funds	12,865,515 28,910 90,158	— — —	(436,073) (28,910) (28,235)	— — (14,421)	12,429,442 — 47,502
	12,984,583	—	(493,218)	(14,421)	12,476,944

Building Fund

The building fund represents the net book value of freehold and leasehold land and buildings. Annual depreciation is charged against this fund.

Esmee Fairbairn Fund

Funds have been designated during 2023-24 to cover the charitable objects as the Trustees see fit and to support the planning of Rich Mix’s mid-career artists’ development programme, In House.

Fixed Asset Fund

The fixed asset fund represents the net book value of equipment, fixtures and fittings funded by third parties. Annual depreciation is charged against this fund.

Section 106 Fund

Under an Agreement dated 25 September 2015 between the London Borough of Tower Hamlets and Rich Mix it was agreed that the balance of funds received under the cultural aspects of a Section 106 payment arising from a nearby residential development could be used for the following purposes:

to increase free at the point of entry cultural outputs which should specifically target local residents or local schools;
capacity building within Rich Mix in relation to its own fundraising capability; and/or
to mitigate any capital liabilities specific to the Rich Mix building.

Funds of £42,656 including transfers to restricted funds of £936 have been utilised during the year to cover some of the costs of the capital project (2022: £14,421).

22. GENERAL FUNDS – GROUP

	At 1 April 2022 £	Income £	Expenditure £	Transfers £	At 31 March 2023 £
Group	716,088	2,027,824	(2,269,767)	(64,167)	409,978
	At 1 April 2021 £	Income £	Expenditure £	Transfers £	At 31 March 2022 £
Group	702,308	1,880,289	(1,866,509)	—	716,088

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

Notes to the Financial Statements For the year ended 31 March 2023

23. ANALYSIS OF NET ASSETS BETWEEN FUNDS

At 31 March 2023	Restricted £	Unrestricted designated £	Unrestricted general £	Total £
Group Fixed assets Current assets Current liabilities	886,286 60,549 —	12,084,797 110,733 —	89,297 869,213 (548,532)	13,060,380 1,040,495 (548,532)
	946,835	12,195,530	409,978	13,552,343
	Restricted £	Unrestricted designated £	Unrestricted general £	Total £
Charity Fixed assets Current assets Current liabilities	886,286 60,549 —	12,084,797 110,733 —	89,298 730,116 (410,585)	13,060,381 901,398 (410,585)
	946,835	12,195,530	408,829	13,551,194
At 31 March 2022	Restricted £	Unrestricted designated £	Unrestricted general £	Total £
Group Fixed assets Current assets Current liabilities	881,843 81,994 —	12,429,442 47,502 —	16,760 1,284,861 (585,532)	13,328,045 1,414,357 (585,532)
	963,837	12,476,944	716,089	14,156,870
	Restricted £	Unrestricted designated £	Unrestricted general £	Total £
Charity Fixed assets Current assets Current liabilities	881,843 81,995 —	12,429,442 47,502 —	16,761 1,203,992 (432,704)	13,328,046 1,333,489 (432,704)
	963,838	12,476,944	788,049	14,228,831

24. RELATED PARTY TRANSACTIONS

During the year £11,400 (2022: £nil) was paid to Nirmesh Chauhan, spouse of Sangna Chauhan, for artistic advisory services.

RICH MIX CULTURAL FOUNDATION

(A Company Limited by Guarantee)

CONTENTS

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Reference and administrative details

Directors and Trustees

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Reference and administrative details (continued)

Governing document

Trading subsidiary

Appointment of Trustees

Trustee induction and training

Organisation

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Structure, governance and management (continued)

Public benefit

Objectives and activities

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Live Programme

Creative Engagement

Cinema

Private Hires

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Resident organisations

– Capital Project plans Reimagining Rich Mix

Fundraising

Equality, diversity and audiences

Safeguarding

Sustainable development

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Objectives and activities (continued)

Data protection

Achievements and performance

Overview

Live Programme

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

Public art

Rich Mix Resonates

Artist Working Group

Creative Engagement

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Achievements and performance (continued)

Cinema

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

Resident organisations

Private Hires

Equality, Diversity and Inclusion

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Achievements and performance (continued)

Sustainability

– Capital project plans Reimagining Rich Mix

Plans for future periods

Overview

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods (continued)

Live Programme

Creative Engagement

Cinema

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023 Plans for future periods (continued)

Resident organisations

Private Hires

Capital project plans: Reimagining Rich Mix

Equality, Diversity and Inclusion

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods (continued)

Environmental sustainability

Strategy for the future

Financial Plan

REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2023

Plans for future periods (continued)

Financial review

Income

Expenses

Reserves policy