RIVA RESIDENCIES IN VISUAL ARTS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 Charity Registration No. 1096756 KNOX CROPPER tharlereo accountants
RIVA RESIDENCIES IN VISUAL ARTS CONTENTS Page TRUSFEES AND PROFESSIONAL ADVISERS TRUSTEES, REPORT INDEPENDE[ EXAMINER'S REPORT srATEMENT OF FINANCIAL AE5 BALANCE SHEEr NOTES TO THE FINANCIAL s[ATEME5 8-11
RIVA RESIDENCIES IN VISUAL ARTS TRUSTEES AND PROFESSIONAL ADVISERS Charity Number 1096756 Trustees DeLK)rah Law Minna Stevens Ronald Henocq Principal Address 72B Southgate Road London NI 3JF Accountants Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Independent Examiner Gg Stevenson FCA Knox Cropper LLP 65 Leadenhall Street London EC3A 2AD Bankers CAF Chartties Aid Foundation 10 St Bride Street London EC4A 4AD Solicitors Brecher LLP 4th Flc()r 64 North Row London WIK 7DA
RIVA RESIDENCIES IN VISUAL ARTS TRUSTEES, REPORT YEAR ENDED 31 DECEMBER 2024 The Trustees present their report and financial statements of the VIVA Residencies in Visual Arts for the year ended 31 December 2024. The financial statements have been prepared in accordan with the accounting policies set out in note I to the financial statements and comply with the Charity's governing document, the Charities Art 2011 and 'Accounting and Reporting by Charities: Ststement of Recommended practi applicable to charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),. Reference and administrative inforniation RIVA Residencies in Visual Arts is registered as a Charity with the Charity Commission, registration number 1096756. The Trustees in office during the year and at the date of this report, together with the add$S of the Charity's principal and registered office, are as set out on page l. Structurer governance and management The Charity is an unincorporated Charitable Trust registered with the Charity Commission. Its governing document is its Declaration of Trust dated l February 2003. The Charity does not have employees and is managed by the Trustees. When required, new Trustee appointments are made by the existing Trustees based on expertise. New Trustees are inducted by existing Trustee5 and provided access to infomiation and guidance from the Charity Commission along with seminars available from sector accountants and legal advisors. The Trustees examine the major risks that the Charity fa every financial year and have developed systems to monitor and control these risks to mitigate any impact they may have on the Charity in the future. The Trustees have systems in Pla to identify any conflicts of interest that may occur. When a conflict of interest arises, the relevant Trustee or Trustees agr& to withdraw from any discussion and decision. Objectives and activities for the benefit of the public 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 objecttves and planning its actNities, the Trustee5 have complied with their duty to have due regards to the guidan on public benefit in exercising their F()wers as Trust*s.
RIVA RESIDENCIES IN VISUAL ARTS TRUSTEES, REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Financial Review The net movement in funds for the year amounted to a surplus of £6,310 (period ended 31 December 2023: surplus of £928). At 31 December 2024 the Charity's total cash funds were £8,330 (31 December 2023: £5,444). The Charity had no other assets at 31 Dember 2024 (31 December 2023: there were no other asset5} and total liabilities of £3,235 (31 December 2023: £6,544). The Charity therefore had net assets at 31 December 2024 of £5,095 (31 December 2023: net liabilities £1,100). In the year ending 31 December 2025 the Charity continued to retrive donations from Henocq Law Trust. The Charity's main artivity is to provide grants and can therefore exercise a significant degree of control over its expenditure. The Trustee5 will keep both income and expenditure under review going forward to ensure that the Charity has sufficient assets to meet its liabilities. Given the donations received in the year ending 31 December 2025 and after making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate sourceS to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies. The Charity s powers to invest its funds are set out in the Charity's governing 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 restrittions on the Trustees, power to invest funds. Achlevements and performance In the year ended 31 December 2024, the Charity continued to operate from its Hackney Studio. Trustee, Deborah Law, built on local connections with nearby schools working to develop residency projects and raise the profile of what we offer. The Charity continued to fund art education and learning projects by donating to gallerie5 With similar objective5 and projects. Future developments The Trustees intend to continue their policy of making grants to individua15 and charitable institutions which fall within the objects of the Charity.
IUVA RESIDENCIES IN VISUAL ARTS TRusfEES' REPORT (CONTINUED) YEAR ENDED 31 DECEMBER 2024 Statement of Trustees, responsibilities The Trustees are responsible for pparIng the Trustees, report and the financial Statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial ststements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resOurS of the Charity for that year. In preparing these financial statements, the Trust a required to: select suitsble accounting policies and then apply thern consistently: obseNe the methods and principles in the Charities SORP. make judgements and estimates that are reasonable and prudent; state whether applicable accounting standards have LEen followed, subject to any material departures disclosed and explained in the financial slatements. and prepare the financial statements on the going conrn ba515 unless it is inappropriate to presume that the Charity 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 Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the a55ets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitie5. Independent examiner Greg Stevenson FCA of Knox Cropper LLP was appointed as Independent Examiner to the Charity and has expressed willingness to continue in that capacity. 2.5.10..7......2025 The Trustees, report was approved by the Board of Trust on ...... Trust Trustee Deborah Law Ronald Henocq
RIVA RESIDENCIES IN VISUAL ARTS INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIVA RESIDENCES IN VISUAL ARTS I report to the trustees on my examination of the accounts of RIVA Residencies in Visual Arts (the Charity) for the year ended 31 December 2024, which comprise the Statement of Financial Activities, the Balance Sheet and related notes. This report is made to the Trustees, as a LTh)ly, in accordance with the tems of my engagement. My work has been undertaken so that I might carry out an Independent Examination of the financial statements in accordance with the General Directions given by the Charity Commissioners. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trusts as a body for my work or for this rep)rt. Responsibilities and basis of report As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act,). I report in reSttt of my examination of the Chartvs accounts carried out under ction 145 of the 2011 Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under settion 145(5)(b) of the Act. Independent examiner's statement I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination gtving me cause to telieve that in any material respect: accounting records were not kept in resrEtt of the Charity as required by section 130 of the Art. or the accounts do not accord with those records; or the accounts do not comply with the applicable requirements Conrning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns and have come across no other matter5 in connection with the examination to which attention should be drawn in this rert in order to enable a proper understanding of the accounts to be reached. Greg Stevenson FCA Knox Cropper LLP Chartered Accountants 65 Leadenhall Street London EC3A 2AD 2025
RIVA RESIDENCIES IN VISUAL ARTS STATEMENT OF FINANCIAL ACTIvrrIES INCLUDING INCOME AND EXPENDITURE ACCOUNT YEAR ENDED 31 DECEMBER 2024 Unrestricted Funds 2024 2023 Notes Income from Donations Investment income 26,000 14 24,500 17 Total Income 26,014 24,517 Expenditure Charitable activities (19,819) (23,589) Total Expenditure (19,819) (23,589) Net Income/(Expendltu) 6,195 928 Net movement in funds 6,195 928 Reconciliation of funds Fund balances brought forward (1,100) (2,028) Fund balances carried forward £5,095 £(I,ioo) The notes on pages 8 to 11 fomi part of these finanaal ststements. Statement of recognised gains and losses The statement of financial activitie5 includes all gain5 and10sses recogni5ed in the period. All of the activitie5 of the Charity are classified as continuing.
RIVA RESIDENCES IN VISUAL ARTS BALANCE SHEEr AS AT 31 DECEMBER 2024 2024 2023 Not Current Assets Cash at bank and in hand 8,330 5,444 Creditors: Amounts falling due within one year (3,235) (6,544) Net Current Liabilities 5,095 (I,ioo) £5,095 £(I,100) Unrestricted Funds £5,095 £{I,100) Approved by the Tnjstees on 2sIT.bJ 2025 and signed on their behalf: Qeloor Trustee Trustee Deborah Law Ronald Henocq The notes on pages 8 to I I fomi part of the* financial statements.
RIVA RESIDENCES IN VISUAL ART NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES Charity Information RIVA Residencies in Visual Arts is an unincorwrated Trust. Its principle pla of busine55 15 72B Southgate Road, London, N 13JF. 1.1 Accounting convention The financial ststements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to Charities preparing their accounts in accordan with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) and the Charitie5 Art 2011. The Charity constitutes a public benefit entity as defined by FRS 102. The financial ststements a prepared in sterling which is the functional currency of the Charity. The financial statements have b*n prepared under the historical cost convention. The principal accounting policies are set out below. 1.2 Going concern At 31 December 2024 the Charty's totsl cash funds were £8,330 (31 December 2023: £5,444). The Charity had no other assets at 31 December 2024 (31 Dernber 2023: there were no other assets) and total liabilities of £3,235 (31 December 2023: £3,300). The Charity therefore had net assets at 31 Dember 2024 of £5,095 (31 December 2023: net liabilities £1,100). In the year ending 31 December 2025, the Charity continued to receive donations from Henocq Law Trust. At the time of approving the financial statements, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the Trust&s continue to adopt the going concern basis of accounting in preparing the financial statements. 1.3 Charitable funds General funds are unrestricted funds which are available for use at the discretion of the Trustee in furtheran of the general objectives of the Charity and which have not been designated for other purposes. 1.4 Income Income is recognised when the Charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be reived. Donations are recognised once the Charity has been notffied of the donation, unle55 performance conditions require deferral of the amount. 1.5 Expenditure Expenditure is recognised On there is a legal or constructive obligation to make payment to a third party, it is probable that settlement 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 it wa5 incurred. 1.6 Financial instruments Financial instruments are classified and accounted for, according to the substance of the contractual 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 RESIDENCES IN VISUAL ART NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES (CONTINUED) 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 fund5 to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are nomially recognised at their settlement amount. Donations Unrestricted funds 2024 Unrestricted funds 2023 Donations received £26,000 £24,500 Investment income Unrestrirted funds 2024 Unrestricted funds 2023 Interest receivable £14 £17
RIVA RESIDENCES IN VISUAL ART NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2024 Charitable activities Total 2024 Totsl 2023 Analysis of charitable activities Grants (4.1) Support costs (4.2) 4,485 8,784 £19 819 £23 589 4.1 Grants payable Total 2024 Total 2023 Grants during the year comprise: Katie Surridge I payment (2023: 2 payments) S M Jones 2 payments (2023 no payments) Kohandel Ghahnaviehei I payment (2023: 4 payments) 2,760 1,265 460 5,520 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. Cost type Governance costs 2024 Charitable activities 2024 Total Total 2024 2023 Bank charges Studio rental costs Material and Transport costs Travel costs Fire Protection Insurance Independent Examination f 60 60 11,000 335 150 138 531 60 11,000 501 11,000 335 150 138 531 514 £12 154 £15 334 £14 805 2023 £12 015 £14 805 10-
RIVA RESIDENCES IN VISUAL ART NOTES TO THE FINANCIAL sfATEMENTS YEAR ENDED 31 DECEMBER 2024 Trustees and related part transactions Studio rent payable to Ronald Henocq by the Charity for the year ended 31 Detrmber 2024 was £11,000 (Period ended 31 December 2023: £11,000). During the year the Charity received grants totalling £26,000 (Period ended 31 December 2023: £50,000) from The Henocq Law Trust, a Charity (Charity Registration Number 1167312), of which two of the Trustees, Deborah Law and Ronald Henocq were also Trustees of The Henocq Law Trust. In accordance with the Charity's policy, Trustees withdraw from decisions when a conflict of interest arises. The other Trustees did not receive any remuneration or reimbursement of expenses in either this year or the previous period. In the preceding year The Henocq Law Trust paid insurance on behalf of RIVA, which was reimbursed to Henocq Law Trust in the current year. Employees There were no employees during the year or the previous year. Creditors: amounts falling due within one year 2024 2023 Grants payable Accountancy and independent exarnination fees current year previous year Henocq Law Trust 115 3,235 2,730 3,300 514 Movement in funds Opening funds Incoming resources Resources expended Total 2024 2024 2024 2024 Unrestritted Funds £26 014 2023 2023 2023 2023 Unrestricted Funds £24 517 Analysis of net assets between funds Unrestricted funds 2024 Unrestritted funds 2023 Fund balan5 at 31 Dember 2024 are represented by: Current assets Current liabilities 8,330 (3,235) 5,444 (6,544) Fund balances at 31 December 2024