Charity Registration No. 1096756 RIVA RESIDENCIES IN VISUALARTS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 RIVA RESIDENCIES IN VISUAL ARTS CONTENTS Page Trustees, report Independent examiner's report Statement of financial activities Balance sheet Notes lo the financial statements 8-12 RIVA RESIDENCIES IN VISUAL ARTS TRUSTEES AND PROFESSIONALADVISERS Charlty number 1096756 Trustees Deborah Law Minna Stevens Ronald Henocq Roderick Smith Principal address 72B Soulhgale Road London N1 3JF Accountants Blick Rolhenberg Limited 16 Great Queen Street Covenl Garden London WC2B SAH Indgpandgnl oxaminor Russell Tenzer FCA Blick Rolhenberg Limited 16 Great Queen Street Covenl Garden London WC2B SAH Bankers CAF Charities Aid Foundation 10 Sl Bride Street London EC4A 4AD Solicitors Brecher LLP 4th Floor 64 North Row London W1K7DA RIVA RESIDENCIES IN VISUAL ARTS TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees present their report and financial slalemenls of the RIVA Residencies in Visual Arts for the year ended 31 December 2022. The financial slalemenls have been prepared in accordance with the accounting policies sel out in note 1 to the financial slalements and comply with the Charity's governing document, the Charities Act 2011 and "Ac¢ounling and Reporting by Charities." Statèment of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective 1 January 20191" Reference and administrative infomiation RIVA Residencies in Visual Arts is registered as a Charity with the Charity Commission, registration number 1096756. The Trustees in Offi￿ during the year and al the date of this report, together with the address of the Charity's principal and registered office, are as set out on page 1. Structure. governance and management The Charity is an unincorporated charitable Trust registered with the Charity Commission. Ils goveming document is ils Declaration of Trust dated 1 February 2003. The Charity does not have employees and is managed by the Trustees. Vvhen required, new Trustee appointments are made by the existing Trustees based on expertise. New Trustees are inducted by existing Trustees and provided access to information and guidance from the Charity Commission along with seminars available from sector accountsnls and legal advisors. The Trustees examine the major risks that the Charity fa￿S every financial year and have developed systems to monitor and control these risks lo mitigate any impact they may have on the Charity in the future. The Trustees have systems in place to identify any conflicts of interest that may occur. Vlhen a conflict of interest arises, the relevant Trustee or Trustees agree to withdraw from any discussion and decision. Obl¢ctlv•s and actlvltl¢s for the beneflt of the publlc The charitable objectives of the Charity are to'.- offer visual arts education for people of all ages, abilities and backgrounds.. and organise or fund artists, residencies and similar projects in various environments. In setting their Charity's objectives and planning it's activities, the Trustees have wmplied with their duly to have due regard lo the guidance on public benefit in exercising their powers as Trustees. RIVA RESIDENCIES IN VISUAL ARTS TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Financial review The nel movement in funds for the year amounted lo a surplus of £1,509.38 (period ended 31 December 2021.. deficit of £14,483.821- Al 31 De￿rnber 2022 the Charity's total cash funds were £1,272.11 131 December 2021.. £370.73). The Charity had no other assets al 31 De￿mber 2022 131 December 2021.. there were no other asselsl and lolal li8bililies of £3,300.00 131 December 2021". £3,908.00). The Charity therefore had nel liabilities al 31 December 2022 of £2,027.89131 De￿mber 2021.. nel liabilities £3,537.27). In the year ending 31 December 2023, the Charity received donations lolalling £15,000.00 to return the Charity to a position of having nel assets. The Charity's main activity is lo provide grants and can therefore exercise a significant degree of control over its expenditure. The Trustees will keep both income and expenditure under review going forward to ensure that the Charity has sufficient assets lo meet its liabilities. Given the donations received In the year ending 31 De￿mber 2D23 and after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources lo continue in operational existence for the foreseeable future. For this reason, they continue lo adopt the going con￿rn basis in preparing the financial statements. Further details regarding the adoption of the going con￿rn basis can be found in the Accounting Policies. The Charity's powers to invest ils funds are sel out in the Charity's goveming instrument. Any monies not immediately required for the furtherance of the Charity's objects may be invested at the discretion of the Trustees. There are no restrictions on the Trustees, power lo invest funds. Achievements and performance In the year ended 31 December 2022, the Charity continued lo operate from ils Hackney studio. Trustee, Deborah Law, and artist, Lily Hawkes, built on local connections with nearby schools working to develop residency projects and raise the profile of what we offer. The Charity continued lo fund art education and learning projects by donating £10,000 Iperiod ended 31 December 2021.. £15,000) to galleries with similar objectives and projects, and £5,000 to a charity whose purpose is lo enrich the UK'S museum and gallery collection and lo ensure that as many people as possible can access and enjoy them. Future developments The Trustees Intend lo continue their policy of making grants to charitable institutions which fall within the objects of the Charity. 15 Decdnber 2023 1**15 2023 RIVA RESIDENCIES IN VISUAL ARTS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIVA RESIDENCIES IN VISUAL ARTS I report to the Trustees on my examination of the financial statements of RIVA Residencies In Visual Arts (the Charilyl for the year ended 31 De￿mber 2022. which comprise the ststement of fi'nancial activities, the bal8nce sheet and the notes to the financial ststements, including a summary of significant accounting policies. This report is made solely to the Charity's Trustees, as a body, in accordance with section 145 of the Charities Act 2011. My wort( has been undertaken so that I might state to the Charity's Trustees those matters l am required to slate lo them in this report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work, for this report, or for the opinions I have formed. Responslbllltles and basls of report As the Trustees of the Charity YOU are responsible for the prep8r81ion of the financial ststements in accordance with the requirements of the Charities Act 2011 Ilhe 2011 Acll. I report in respect of my examination of the Charity's financial slalemenls carried out under section 145 of the 2011 A¢1. In carrying out my examination I have followed all the applicable Diredions given by the Charity Commission under section 14515llbl of the 2011 Act. An independent examination does not involve gathering all the evidence that would be required in an audit and consequently does not cover all the matters that an auditor considers in giving their opinion on the financial statements. The planning and conduct of an audit goes beyond the limited assurance that an independent examination can provide. Consequently l express no opinion as lo whether the financial statements present a 'lrue and fair, view and my report is limited lo those specific matters sel out in the independent examiner's ststemenl. Independent examinerf8 Statement I have completed my examination. I confimi that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect.. accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act., or the financial statements do not accord with those records., or the financial slalemenls do not comply with the applicable requirements concerning the form and content of accounts sel out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter wnsidered as part of an independent examination. I have no COn￿r￿S and have come across no other mallers in connection with the examination lo which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached. Ru88ell Tenzer FCA Blick Rothenberg Limited 16 Great Queen Street Covent Garden London WC2B SAH Dated.. 18.12.2023 RIVA RESIDENCIES IN VISUAL ARTS STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022 Unrestricted fund 2022 2021 Notes Income from: Donations Investment income 50,000.00 4.61 40,000.00 0.01 Total 50,004.61 40,000.01 Expenditure Charitablg activiti9$ 148,495.231 154,483.831 Total 148,495.231 154,483.831 Net Incom•ll¢xp¢ndlturel 1,509.38 114,483.821 Net movement in funds 1,509.38 114,483.821 Reconciliation of funds Fund balances brought forward 13,537.271 10,946.55 Fund balances carried forward 12.027.891 13,537.271 The notes on pages 8 10 12 form part of these financial statements. Statement of recognised gains and 108se8 The slalemenl of financial activities includes all gains and losses recognised in the period. All of the activities of the Charity are Classified as continuing 1511212023 RIVA RESIDENCIES IN VISUAL ARTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022 Accounting policies Charity information RIVA Residencies in Visual Arts is an unincorporated Trust. Ils principle pla￿ of business is 72B Soulhgate Road. London, N1 3JF. 1.1 Accountlng conventlon The financial slalemenls have been prepared in accordance with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191 and the Charities Act 2011. The financial slalements are prepared in sterling which is the functional currency of the Charity. The financial slalemenls have been prepared under the historical cost convenbon. The principal accounting policies are sel out below. 1.2 Going concgm At 31 December 2022 the Charity's lolal cash funds were £1.272.11 {31 December 2021.. £370.73). The charity had no other assets at 31 December 2022 131 December 2021." there were no other asselsl and lolal liabilities of £3,300.00 131 December 2021.. £3,908.00). The Charity therefore had nel liabilities at 31 De￿mber 2022 of £2,027.89 131 December 2021.. net liabilities £3.537.271. In the year ending 31 December 2023, the Charity received donations lolalling £15,000 to return the charity lo a position of having nel assets. Al the time of approving the financial slalemenls, the Trustees have a reasonable expectation that the Charity has adeqLJate resources to continue in operational existence for the foreseeable futLJre. Thus the Trustees continue lo adopt the going concern basis of accounting in preparing the financial stslemenls. 1.3 Charitable funds General funds are unrestricted funds which are available for use al the discretion of the Trustee in furtherance of the general objectives of the Charity and which have not been designated for other purposes. 1.4 Incomo Income is recognised when the Charity is legally entitled lo il after any perfomance conditions have been met, the amounts can be measured reliably, and il is probable that income will be re￿ived. Donations are recognised once the Charity has been notified of the donation, unless performan conditions require deferral of the amount. 1.5 Expgnditur Expenditure is recognised once there is a legal or conslruclive obligation lo make payment to a third party, il is probable that selllemenl will be required and the amount of the obligation can be measured reliably. All expenditure is accounted for on an accruals basis. All expenses including governance costs are allocated to applicable expenditure headings. Irrecoverable VAT is charged against the expenditure heading for which il was incurred. 1.6 Financial instruments Financial instruments are classified and a¢counled for, according to the substance of the conlraclual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the Charity after deducting all of its liabilities. RIVA RESIDENCIES IN VISUAL ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Accountlng pollcl&s {Contlnued) 1.7 Taxation RIVA Residencies in Visual Arts is a registered Charity and is not liable to income or capital gains taxes on its present activities. 1.8 Creditors Creditors are recognised where the Charity has a present obligation resulting from a past event that will probably result in the transfer of funds lo a third paty and the amount due to settle the obligation can be measured or eslimaled reliably. Creditors are normally recognised at their settlement amount. Donatlons Unre8tricted Unrestricted funds funds 2022 2021 Donations received 50,000.00 40,000.00 Investment Income Unre3tricted Unrestricted funds funds 2022 2021 Interest receivable 4.61 0.01 RIVA RESIDENCIES IN VISUAL ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charitable activities Analysis of charitable activities Total 2022 Total 2021 Grants Support costs 14.11 14.21 32,852.30 15,642.93 37,783.23 16,700.60 48,495.23 54,483.83 4.1 Grants payable Total 2022 Total 2021 Grants during the year comprise". Art Fund Bermondsey Artists Katie Surridge12021'. 2 Payments) Lauren Dyer12 payments) Lily Hawkes18 Paymenls12021 9 Paymentsll Miss A Law-Henocq 5,000.00 10,000.00 2,400.00 800.00 13,446.30 1,206.00 15,000.00 5,416.09 17,367.14 32.852.30 37.783.23 10- RIVA RESIDENCIES IN VISUAL ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Charltable actlvltles {Contlnued) 4.2 Support costs The breakdown of support costs and how these are allocated between Governance and Charitable Activities is shown in the table below. Governance costs Charitable activities Total Total Cost type 2022 2022 2022 2021 Accountsncy fees Accountsncy fees- 2020 Bank charges Studio rental costs Materials cost Travel costs Transport costs Insurance Independent Examination fees 2,640.00 2,640.00 2,400.00 1,800.00 96.00 11,000.00 81.00 81.00 11,000.00 244.01 18.30 496.00 503.62 660.00 11,000.00 244.01 18.30 496.00 503.62 324.00 480.60 600.00 660.00 3.381.00 12,261.93 15.642.93 16.700.60 Trustges and rglated party transactions Studio rent payable to Ronald Henocq by the Charity for the year ended 31 December 2022 was £11,000.00 (Period ended 31 December 2021". £11,000.00). During the year the Charity ￿ceiVed giants lotalling £50,000 (Period ended 31 December 2021.. £40,000) from The Henocq Law Trust, a Charity (Charity Registration Number 11673121, of which three of the Trustees, Deborah Law, Ronald Henocq and Roderick Smith, are also Trustees of The Henocq Law Trust. During the year, Anna Law-Henocq, the daughter of two of the Trustees, Deborah Law and Ronald Henocq, received a grant of £1,206.OD12021'. £nill. In accordance with the Charity's policy, Trustees withdraw from decisions when a conflict of interest arises. The other Trustees did not re￿1ve any remuneration or reimbursement of expenses in either this year or the previous period. Employees There were no employees during the year or the previous year. RIVA RESIDENCIES IN VISUAL ARTS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022 Creditors: amounts falling due within one year 2022 2021 Blick Rolhenberg Limited - accountancy fees Uncashed cheques Blick Rothenberg Limited - independent examination fees 2,640.00 2,400.00 908.OD 600.00 660.00 3,300.00 3,908.OD 8 Movement In funds Opening funds Incoming Resources N¢t gains I resources expended Ilossesl on invastmants Closing funds 2022 2022 2022 2022 2022 Unreslricled funds 13.537.271 50.004.61 148,495.231 12,027.891 2021 2021 2021 2021 2021 2021 10,946.55 40,000.01 154,483.831 13,537.271 Analysis of net assets between funds Unrestricted Unrestricted funds funds 2022 2021 Fund balances al 31 December 2022 are represented by.. Current assets Current liabilities 1,272.11 370.73 13.300.001 13.908.001 Fund balances at 31 Docember 2022 {2,027.891 13.537.271 12-