Charity Registration No. 1123986 Compahy Reg￿tratIOn No. 4625212 (England and Walesl RIFCO ARTS TRUSTEES, REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2021 *AA)HN5+VJ• 16f12Q021 COMPANIES H(KJSE A13 #163 RIFCOARTS LEGAL AND ADMINISTRATIVE INFORMAMON Trustees R 8eeston V Menon L Hollidaylresigned Aug 201 G Gatti A Kamboz N Shea G Kana8athurai Secretary P Kumar Charity number 1123986 Company number 4625212 Principal addre55 Watford Palace Theatre 20 Clarendon Road Watford Hertfordshire WD17 UZ Registered office Watlord Palace Theatr 20 Clafendon Road Watford Hertford5hire WD17 U2 Independeni examiner Goldwins Lirnited 75 May8rove Road West Hampstead London NW6 2EG RIFCO ARTS CONTENTS PAGE Trustees, report lthdependent examM*¢s report Statement of financbal acU¥fties io B•lance sheet Statement of cash flow 12 Notes to the ateothhts 13-22 RIFCO AftTS Trustees. Report For the are*￿ed 31° March IOZI The Trustees pre5efit their report and arwunts for the year ended 31 March 2021. The financial statements have been prepa￿￿ in accordance *nth Acwuniin8 and Reporting by Chaflties.. Staternent of Recommended Practice applicable io chantie5 preparing their atcounts in accordance with the Financial Reportifig Standard applicable in the UK and Republic of Ireland IFRS J02 . effe(tNe l January 20151- (Charities SORP FRS 1021 Jnd the Companies Art 2¢J)6. Structure Inance and mana ment Rifco Arts is 3 compan¥ limited by 8uaraThtee146252121 and a re8lStereé charity111239861 and the Trustees, who are also the directors for the purpose of company law. who 5eryed during the year, were." R 8eeston V Menon G Gatti A Kamboz (Deputy Chairl N Shea G Kanagathurai (Chairl Trustee5 are recruited through word of mouth. throu8h usinE professional retworks and some appropriate advert15ing and thÈ key re¢ruitrnent rlriver is rnaintaini￿ a good skills base. In January 2020. a new Chair was appointed by the Board. an internal applicanl, Ganan KanaE31hurai. who brings extenswE leadership. bu5ine55 and organisational devdopment experience. The Chair, Executive Director and Arti%tic Direciur interview all potential Ooard Members Trustees are rnembers of the company and guarantee to rontribute £1 In the event of vAndirbB UP the cornparby The Board rneets quanerlv, take part ￿￿ Board Away Days and attend perforrnances. events and other meetinES a550ciated with the company's 3Ctivities. Their role Is io guide the stratÈ8lt dirertion of the company. pro￿de Èxpert advice and zuidance to the Executive and moniior financial health. The Executive-theArtistic ￿rettor and Exeujtive DI￿rIor- lead rlay to dav mènagernent and operation of the cornpanv. With the tsn5ei of Covid 19 and the 5ub5eoueDi lockdown. Ihe Board and ExecutNe decided not io recruit anv permanent Staff when vacancie5 arose. Therefore, Ihe General MaTha8er Ileft Apnl 20201 and the Marketing & Administrative Coordinator (left September 20201 were not ieplaced. Instead the Executive Dsrector took tsp additional operational tasks and a part-tirne. fixed terrn Marketing & Digltal Coordinator w35 recruited In November 2020. Using Arts Council England's additK¢nal investment of £30.COJ12018-221. an Associate Direclor continued to support the delivery of the artistic programme alongside the Artistic Directof. FreelaTrce speii31i5t5 in£luding marketing and comrnunication5 and fvndrai5ing were also ernpknyed a5 well as the creatNe teams for each project. Arts Council En8land. Rrfco's key funding partner. announced in April 2020 their intention to extend their partnership frorn four years to five years as a dirert consequence of ihe Covid-19 crisis. Therelore, the partnership Is extended to the year ending March 2023 with the appI￿atiOn timeiable to the new NPO fundin8 round being announced later in 2021. Page 4 RIFCO ART5 Tru5tees' Report For the year ended Jill Marth 2021 The Chair has leé a re-vi5*?nin¢ proce55 forthe 8oard and Exec￿l¥e Team from November 2020 to April 2021 to re- examine Rifco's core mi5sioTh. The result of rhi5 process will guide the way in which Rilco sets oul its artistit journey for the ne￿ fNe years and will be a vital part off its bu5Trnes5 planning from 2021122 onwards. Recruitrnent 15 ongoing for additional ski115 Specifical￿ artistic. fundraisin8 and theatre marketing. In relation to representation, the 50% diverse membership target is Current￿ meL however. thi% membership balance will ¢¢ntinue tts be unrler review. ra nd audieTr￿s The key impart for Rifco of the global pandemic has been on the work that Rifco has been able to deliver. In norrnal times, Rifco delivers work in three areas-. touring theatre at the middle scale. a t3￿rtt development programme and commissioning newwork. Our ability to produce and tour livework ceased immediate￿WIth the natianal k)ckdown. however, the company responded ouitkly in April 2020. After con5ultstion with the Board. Rifco adapted to a more flexible way ol coTrceNing and commissionin8 Its programme for distribution online. ThE Rifco A550ciate5 programrne WOTked extremely well online as clid our playwright commissioning strand. Despite continuing to employ artists and freel￿r￿er5 arKI to (reate new work it 15 acknowledged that Covid-19 has hèd a significant impact on our abilityto fully enEage with ouravdiences whilstwe are unableto iour li¥e work. The power of live performaThce cannot be vnderestimated. Despite the enormou5 challen8e of naw8atin8 a COVID-19 world we're incredibly proud of what we have a¢hieved ove¥ the last year. We've delivered a free digital procrarnme which induded Mushy." Lyricolly Speokrng. rhe Desi Lockdown, aThd our Brunch wifh ) PlaywTighl Series. We held a virtual Q and A wilh Arbstic Oirector, Pravesh Kumar called The Story of Rifco Theatre Cornpany. where he spoke about his journey frorn Art￿1 io Artistic Director and the genesis of Rifco and in January 2021 we launthed a new online comedy sketch 5eries- leuve the Plostic On. Mushy: Lyrically Speaking- This production was £o-produced with è WPT and lells the story ol Musharaf A5Ehar, 'MushV. the star of Channel 4's realftylvseries, EdL*COtift9 Yorkshire. In SÈptembÈr2019the produttion was filmÈd to a distribution qualliy to allow further exploitation of this very successful piece of work. From May to the etbd of August 2020 Rifco rnade the film available for free online which delNered hLqh numbers and positlV6 review.. 'A funny. life-affirmin& rap-musical 510ry of one teena8erfs personal journey. 'Feel-gc*Jd' is an oft-overused adjertive, but with thi5 sh¢￿ by Rrfco. iv5 exactty the right term., Britssh Theatre **** The Desi Lockdown- After a national Call￿￿ five arusts were commiSs￿ned to share their experiences of Desis in lockdown. TITey were asked to wrr£e. Shoot and edit a Short filrn. no longer than two minuies. usin8 their own equipment (for example. mobile phone) and working with arby artlorrn. The result was fwe very different films from Radhika Jafii. Jassa Ahluwalo. Jaswinder Billan. Nicky Rose Roshini and Marry Syed. Artisllc Diredor Pravesh Kurnar says.-IA the current Situat￿Tr it feels important that we continue to support artists to create new work and have ) yoi¢e. We want to Temain connected with ouraudiences so they can be challenged, ouestK)ned and enlertained fvom hom2. In creatingthi5 new work. we want EO celebrate creaiivityeven in ihe most difficult of limes. Pa8e S BIFCO ARTS Tru5tees' Report For the arended 3111 March 2021 Brunch with a Pla￿VrIght- Five celebrated pl￿righ1S were invited to tEII ihEir storyto Associate Director. Ameet Chana in relaxed online Q&A sessions between June and September 2020. Inierviewees were Tanika Gupta, Gurpreet Kaur Bhatti. Hèrvey Virdi, Vinay Patel and also induded Rifco's ovm Artistic Director telling the story of how and why he founded Rilco Theatre Company in 2C((I. Lea¥ethe Pla*tit On- A new satiri￿1 cornedyseries by Prave5h Kufnai andYè5meen Khan. directed by Affleetchana re-CDnteived and developed fordigital distributicTh. Th2 PTojert had been dueto openthe 2020 BTlt15h Asian Festival but instead was filmed during autumn 2020 in the lo(kdown break and launched in January 2021 Ènd the next Set of sketches is due in autumn 2021. The two characters, MC Maètho, who Is desperate to represent his tulture through music, and Prema Patel, in denial ol her heritage whilst on the ctssp of a burgeoning political career, are trying to hide frorn their cultural norms_ Fiankie Goe$ tg Bolywryjd - Book wri*f Piavesh Kumar is leading the developmerbt of a fiew Britlsh musical. Fronkie Goes to Bollywwd. with tyri¢isL Tasha Ta￿01 Johnson and comwser. Niraj Cha8. This new musical is inspired by true storie5 of 8rit15h and other European wompn irnported to the biEKest film industry in ihe world. Bolfvood. an ¢ndustry Whe￿ women still 5tru8gle for ba5K equality. In March 2021 Rilio ran a three-day workshop with artors, creatives and Cflti£al friends In ordÈr to set the directioTh for ihe Thext stage tsf developrnent. Artistic Director. Pravesh Kumar. is buildin8 a library of new plays for deveknpmeni and prO￿L￿tIon. He current has. under commission. Shelley Silas. Nid Ahad. Sarinder Chohan and Associ3te'graduate'. Yasmin Wilde on new work that will sv5tain the prograrnme for the next five years. Overall during the past year, Rifco has Continued its commitment to investing in British South Asian talent and Is proud to have employed 61 artists and freelancers to create and develop new work. Aifto Assoclates is a talent development progrèrnmÈ ts led by A550ciate Oirecrof. Ameet Chana and 15 funded by E5mee Fairbairn Foundation until 2022. 3 strong indtstor of its imwjrtance and impart in the 5eclor. In the past year. six Year One Associates were recruited.. Yasmin Wilde. Yaqi Na2eer, Shabina Aslam, Sid Sagar, Ferhana Jameel ènd Maanuv Thiara and were supported by iThdu5try rnentors alongside rnastercla5ses and re%idencies all taking place online. A little laier ihan normal. In Marth 2021. this Year One cohort were ableto showcase a scnpt segment with professional aclors at an onliDe sh￿aSe eveTht for an invited audience of friend5. famity and industry professionals. Each A550ciaie's work is now available on Rifco's website as a continuinKopportunity for showcasing new work. Three A550ciates were successful in securinB a place for a second year.. Kaiirn Khan, ChTlStine Lalla and Romo Sikdar-Rahman, with Kèrim Khan bein8 offered a hjll £ommissH)n foT his piece Sweer Meets. Associates. 2020 said.. "Ameet was been a great teacher and guide in getti￿ the out of me- "Both Pra¥esh and AmeEt are very approachable. they uThlerstand the jOUTfiey of new playwnghts. and ère at hand to discuss any concerns and issues that I have- Page 6 RIFCO ART5 Trustees. Report For the year ended 31" Marth 2011 Arts Council Englands addttional in¥esimentl£30K each ye¥rl i$fr￿SSed equallyon ourAssociate Director role and on audience development. The latter we have directed at engaging aud￿nceS throuBh new diEital content. as part of Rifco Digital and in 2020121 this strand came tn to its own due to CoYid-19. Rifco has a byal and comrnitteé avdience and part of this success is due to the compan￿$ approach to developsng new work that refle£t5 and re50nate5 With its core audience. British South Asian communities. The focus in the past year has been on increasing the reach of online audiences Iratherthe INeaudiEncesl and creating Strong and lasting Telationships with audiences and supporters. A5 TrOtEd in the Programrne section Rifco ha5 distributed a Varied selection of projects and evenis online. some of which were created uniquety foronline distribution and sorr* werestreamed post pr¢)duction and tourin8. The total number of onlbne vws fof13st year for just three of Rifco's prolects was over 360.(￿ arKI can be broken down as follows. Mushy.. Lyri¢alty Speaking lfilml 29.256 The Desi Lockdown 10,423 Leave the Plastic On 324.362 Future lans 2021 sees the start of a 12-month celebraithjn as ihe company feaches 11$ 21st anniversary. a year in which we will celebrate, 5UPPOrt. and showcase the work of Briiish South Asian artists from across England. The anniversary progr3mme is c3lled 21 Art15t5for 21 Year5 which will see the commi$510ning of an artist for each year of Rifco's journey induding working alongside eight of our venue touring partners. Plans also include the second ser￿S0f the very popU￿r (see abovel Leo¥e the PlostK On. the comedysketch serses. week long development workshopfor Fronkie Goes roBollywood. The next big British musical and è digital proj called GenerA5ions, a project exploring mr6ration 5lories. Financial review Despite the Covid-19 pandemic. the Éxecuiive were able io delwer a lourth consec￿1¥￿ succÈssful yea¥, however. there are specific underlying reasons for this posilNe financial fesutt. A major thanBe to the operating model L3st vear was not producin8 and tourirvd live productions. a Sl8Thifi£ant invesiment every ye3r. We have a150 Teduced our r￿ed c05t by not re-recruiting stsff members IGenefal Manager and Marketing & Oigital Coordinator) on a permanent ba515_ Work ha5 been eitherab50rbed wtthin eX￿linEc0re staff or recruitment has been on a temporary. part-time basis. Thi5 apPr￿ch leave5 Rilco able ro reSpOr￿ flexib￿ to a changing landscape and to whar will be a different way of working in the short tD middle terrn. Olherfixed costcentres were a150 reduced, e8. no staff travel. hosp¢talilY, expenses antd other live programme rda*d costs. In 2020121 there wa5 an opeiational surplus of £154.487 on uThrestrirted fvnds. and tOBether with unrest¥icted resetves of £220.678 Carried lorward at l April 2020. toi•l unresirided reservescarried forward at l April 2021 are £376.370. Page 7 RIFCO ARTS Trustees. Report For the year ended 31" Marth 2021 Trustees have assessed the major risks to wh￿h the Rrfco is exposed, includin8 those presented by the Cov¢d-19 crisis. The Ris* Registerhas been updated (March 20211 andthereÈTe systems In placeio ensure business tontinuity within the small team. The Board afe satisfied ihat the systems in pla￿ mrtigate any exposure to major nsks. Fuhdtalsing and incomegeneration The Board and the ExeiutNe set an initial fundraisinKtar8et of £80K bèsed on the 2019120 outcome. however, this was reduced to E65K as part of an overall bud8ei revision in May 2020. In the period to March 2021 £45,rm was raised from Trusts and Foundations. induding an additional grant from EsmeÈ Fairbairn FoundaiM)n. £3,000 fTom individual donations and Gift Aid. a total ol just over £50.(th for the year. ContribJted income ihat usually ontribute5 to the mix ¥ia the INe prograrnme was r￿t earned. e& fee5. box offKe and co-producing inve5trnent. Theatre Tax Rellef contributed E15.921 IDishth)rn1 20181 and was re￿nISed in ihe year and the expettation for 2021122 is circa £6.$￿ resulting Irom Mushy.. Lyit#llySpeoking120191. The fundraising iargetfor 2021n2 has been set at £103K and at 31 May 2021. commr(ments siood at circa E86,C 184%) which is a strong position at the second month of the finanoal year. The strategy for the balance of £17.lJ)) will be via individual 8ivin8 as part of a substantial 21st-anniversary campaign which wll be led by Consultant Fundraiser. Kate Knight_ There isone pendinE applKatrontoa Foundation. which if successful would increaseawards by £30.000. Given where current commitments stand, no lurther applications will bÈ m3dÈ for 202V22. Reserves Poli¢v It is the Boards policy ihat unrestrirted funds. whith have ntst been designateil fora specific use. are maintained at a minimum level that is equwalent to three month's core expenditure ie £55,C•)O. Monies held over and above that surn are Designated to a Produrtion and Capital Fund. This dewgnated fund w35 sei up in 2016 for four reasons. Firstly. to ensuie that c3Pltal items such as office IT 5VStems and touriNd equipment could be replaced in a planned cycle. Secondly, to plan for the delwery of three/four-yearty 13r8e-st3le mu5iro15. Thirdly. an apwopriète rE5erve le¥el when producing at Stèle is crucial as Signif￿nt upfront costs need positNe c35hflow in advance of reteiving touring income. Fourthly. it provides the athstic team additional hjnds tsn whith to draw for projects thtyt are considered over and above core spend. At l April 2021, unrestrirted reserves intreased to £376.370 whith is tirca £321.370 above minirnum level, therefore. this balance will be transferred to the Designated Production and Capital Reswve. 06 11. 2J Approved by the trustees on............._. And si Ir behalf bv G Kanagathurak Trustee Page 8 Independent examinerfs report to ihe trustees ol Rifco Arts. Char•table Company I'the Companv'l Iieportto thecharity irL15teestsn myexarninaibonof theaccounisof thecompany fortheyeèrended 31 March 2021. Re5ponsibilitie5 and basis of report A5 the tharity's rrvsiees ol the Company land also Its direciors for the purpose5 ¢f company lawl you are responsible for the preparation of the accounis in accordance with the requirements of the Companies Act 20061.the 2006 Aci'l. Havin8 Sèl15fied myself that ihe accounts ol ihe Cornparby are not required to be audited under Pari 16 of the 2006 Act and are eligible for independenr exarnination. I report in ￿Spert of rny e¥aminatioTh of your charity'5 account5 as carried out vnder settion 145 of the ChÈritle5 Art 2011 1.the 2011 Act'l. In carrying ovt rnv examinaiion I have followed ihe Oirections gwen by the Charity Commission under Section 145151 Ibl ol the 2011 Act. lrtdependent emaminerfs statement Since the Company's Bross income exceeded E250,(W. I confimi that l am q￿alIfi*d to undertake ihe examination because l am a mernber of the ICAEW. which is one of ihe ltsted bodies. I have corn￿eted rny exarnination. I confLim that no fflatrers have corr* to my attention in connection with the examination w¥in8 me cause io believe". accountirg records were noi kept in respeci of the Company as fequired by section 386 of the 2C(16 Act.. or the accounrs do not acttyd ￿th those records.. or the accounts not comply with rhe accounting reqviiernents of section 396 of the 2￿6 Act other than any requiremeni that the èccouftts a'true and fair view which is not è matter ronsidered 5 part of an independent examinarion." or the accounts have not beerb prepared in accordance wilh the methods and princtples of the Statement of Recommended Prartice lor accounting and reporting by charit*s applicable to rharities prepar&n£ iheir accounts in accordance with the Fjnancial Reporting stsndard appli¢able in the UK and Republic of Ireland IFRS 1021. I ha¥È no con£efns an¢ hbve come across t)0 othei maite¥s in tonnettion with Èxamination to which attention Shou￿ be drawTh in ihis report in cwder to ￿di￿e a rNt>per underStand￿B of the 3ttount5 to be reached. 14 December 2021 Anthony Epton BA FCA CTA FCIE Goldwins Chartered accountant5 75 Maygrove Road West Hampstead London NW6 2EG Pag• 9 RIFCO ARTS Statement of finan¢ial artNitsts lincorporatiThg an income and expenditure account) For the year ended 31 Marth 2021 2021 2020 un￿Str1[led Restr￿ted Total Total Note Income from.. Income from donation5 Charitable activitie5 14.926 347.240 1.205 14,926 J94,290 1.205 19,797 488,978 1,088 47.050 Investments Totsl Income 363.371 47.050 410A21 509.863 Expenditure on: Charitable activities 207.679 47.050 47.OSO 254,729 254,729 450.964 4SO,964 Total expendlture 207.679 N*t Income/ lexpÈndfiyfel for1￿¥¢*r 155.692 IS5￿92 58.899 Transfers between funds Nèi mo¥emÈnt in furtds 155,692 155.692 58.899 Reeonciliation of funds.. Total fvnd5 brought forward Total lund5 carri¢d for*ard 220.678 220,678 376370 161,779 220.678 376.370 All of the above results are derived from continuing activ￿¢le$. There were no other ietognised gains or losses other than those stated above. Movements in fufids are distlosed in Note IS to the financial staternent5 Pa8e 10 RIFCO ARTS Balance sheet As •¢ 31 M¥r¢h 2021 2021 2021 2020 2020 Fijted a$sets= Tangible assets li 4.941 Curreni assets: Oebtors Cash at bank aThY in har 1.415 459.595 461 7,362 247.018 254.380 Llablllties.. Creditors.. amounts fallin8 due within one year 87,750 38.643 Net current assets 373.290 21S.737 Total assets less current Ilabllldes 376.370 220,678 Total net assets 376,370 220,678 Funds Restricted funds Unrestrirted lunds.. Desigftated funds Gerieral funds Totsl unrestricted funds JZI,37D 165.678 55.OC#J 376.370 220.678 Total lunds 376.370 220,678 The Charity's financial Statements have been prepared in aCCOTdance with the provisions applicableto cornpani25 subject to the small cornpanies re6bme. The trustee5 consider that the Charity t5 entitled to exernption from the requirement to have an audit under the provi510n of Section 477 of the Companies Act 2006 1"the Act l arbd rnernbers have not required the Charity to obtain an audit for the year in question in accordarKe with Section 476 of the act. The Trustees acknowled8e their responsibilities lor comptyin8 wilh the requirement of the Companie5 Act 2006 with respect to accounting records and the preparatu)n of financial statements. Ckn.IL.L4 ApprO￿d by the trustees oTr.....--..-......_.......-.......... nd signed on their behalf by.. G Kanagathur¥i Trustee Company re￿￿￿*110￿ no. 4615211 The attached notes fomi part of the financial siatements. Page 11 RIFCO ARTS Ststement of cash flow For the year ended 31 Mar¢h 2021 20U 2021 2020 2020 Cash flows from operati artr¥itles= Net cash provided by I lused inl operatln8 activilies 16 212.577 68,767 Cash flows from investing arti¥itie5: S3le/ Ipurchasel of fixed assets 19161 Cash pro¥Kled byl (used inl in¥estlry artivities 19161 Charrfe In cash and cash equlvalents In the year 212,577 67*51 Cash and cash equivalent5 atthe beeinning of the yea 247.018 179,167 Cash and cash equwalents at the ofthe ye•r 17 459.595 247,018 P￿e 12 RIFCO ARTS Note5 lo the financial staternents For thE year ended JI M•rth 2021 Atcountlng policles Basls of preparation The financial statements havt been prepared in a(CWdar￿e wbth A¢touhting and Reporting bv Charities. Ststement of Recommended Practice applicable to charitie5 preparingtheir accounts in accordance with the Financial Reportin8 Siandard applicable in the UK and Republic of Ireland IFRS 102- effective l January 20151- (Charities SORP FRS 1021 and the Companie5 Art 20(￿. The cha[itab￿ tornpany meetsthe definition tsf 4 public benefit entbty under Ff(S 102. As5Èts and liabilities 3re initially recognsed al historical cost or transaciton value unle$5 Othe￿1$e stated in the relevant accountin8 poliry or note. Going corKern The trustees consHler that there are no material ￿r￿ertaint1eS about the charitable company's ability to continue as a goingconcern. The trustees do not consider that there are any sources of estimètioTh tsncertainty at the reporting date that have a significant risk of causing è material adjustment to the tarrying amounts of assets and liabilities %wthin the nexi reporting period. Infome Incorne 15 reco8Dised when the charity has entiverrent to the funds. arbv perforrnance cOr￿lI10n$ attached to the income have been met. it Is probable that the income will be received and that the arnount can be measured reli8bly- Income frorn government and other grant5. whether 'capitaf graThts or 'revenue' grant5. 15 recognised when the charity ha5 entitlement to the funds, any performance conditions attached to the Brants have been met. it Is probable thai ihe income will be receNed and the amount can be rneasured reliably and s noi deferred. Incorne received in advance for ihe provision ol specified Service is deferred unttl the criteria for tncome recognr(ion are met. Fof legacies, entitlemeni is iakeTr as the earl*r of the date on whKh either.. the charity is aware that probaie has been granted. the estste has been finalised ond notif￿31￿￿ has been made by the exetutorlsl to the charity that a distribution will be mode. tsr when a distribution is reteive frorn the e5tale_ Receipt of b legacy. irb whole or in part. is onty consideied probable when Ihe amount can be measured reliably and the charity has been notified ol the execuiorfs intention to rnèke a distribution Where le￿cleS have been Thoiified io the charity. or the charity is aware of the granting of probate. and the Cflteria for incorne recogDitiDn ha￿ not been met, then the legacy is a treated as a contiriBent a55et and disch)sed rf Mater￿1. dl Donatlons of gift5. ser¥ice5 and faclltdes Donated professional services and donathd fatilities are retognised as incorne when the charity has control over the item or received th¢ serv￿. any conditK)n5 associated with the donation have been met. the receiptof economic benefitfromthe use bythe charityof the item is probèblE and that Èconomic benelit can be measureé ￿liab￿. In attordance wrth the Charities SORP IFRS 1021. volunteertime is not iecognisedso referto thet￿￿tees. annual report for more inlormation about their £oniribution. On receipt. donated 8ift5. professional 5ervKes and donated facilitie5 ale reco8nised on the basis of the value of the gift to the charity which ns the amount the charity would have been willing to pay to obtain services Of faciliiies of equivalent economic benefit on the open marke1." a corresponding amouni is then recogni5eLI in expenditure in ihe perK)d of receipt. Page 13 RIFCO ARTS Notes to the financial statements For the year er￿ed JI Mafth 2021 Accounting poltcies IcoTrtinuedl Interest feceivable Interest on funds held on deFK)5it 15 incIL￿ed when receivable and the amount can be measured reliably by ihe charity- this 15 normally upon notification of the intefest paid or payable by rhe bank. Unrestrirted fund5 are available to Spend on aCtNIt￿ that further any of the purposes of charity. DeSlEnated funds are unrestritted funds of the tharity which the trustees have decided at their discretion to set aside io use for a specific p￿r￿se. Restnrted fvnd5 are donatKin5 which the donor has specified are to be solely used lor particular areas of the chair￿$ work orfor specific projects being undertaken bv the charity. Eypendlture and Irrecoverable VAT Expenditure is rEcogni5ed once there is a legal or c0Th5truclive obli8atioTh to make a payment to a third party, it is probable that settlement will be required and the arnount ol the obligation can be measured reliably. Empendirure is classified under the following artivity headings: Costs of raising funds comprise of tradin8 costs and the costs incurred bythe charitable company in inducing third partie5 to make voluntsry contributKsns to IL as well as thÈ cost of any artivities with fundraising purpose. Expenditure on charitable artwities includes the costs of delivering 5ervice5 and other activities undertè*en to further the purp05e5 of the charity and their associated support costs. Other expenditure represent5 those Iterns not falling into any other headin8. Irrecoverable VAT is tharged a5 a cost against the artivity for whKh the expenditure was incurred. Allocation of 5UPPOrt costs Support cost5 are those functions ihat assist the work of the charity but do not directly undertake charitable activities. Support costs include back office ¢osts, finance, personnel. payroll 3nd 8overnaThce COSES which support the attivitiÈs. These ¢osts have been allocated belween c05t of raisinE funds and expendiiure on charitatsle activities. The ba5e5 on which supportcost5 have been alkncaied are set out in note 4. h) Ta￿lble fixed assets Items of equipment are capitalised whÈrÈ thÈ purthasÈ prire exceed5 £S￿_ Depreciat+on 15 provided at rates calculated to write down the tost of each asset to rt5 estimated residual value over its expected uselul life. The depretiation iètes in use are a5 follow5". Fixtures and frttinzs 25% Straight Line Computer equipment 25% Straight Line D•btors Trade and othef debtors are recognised ai the settlement amount due after any trade dis¢ount offered. PrEpayments are valved at the 3rn0unt prepaid net of any trade dsscounts due. kl Cash at bam* and In hand Cash at bank and cash in hand includes cash and short ierm highty I￿VId ihVeSiment5 Wltha short rnaturity of three rnonths or less from ihe dale of acquisition or opening of the deposit or similar account. Creditor5 and prgvislons Creditor5 and provisions are recognised where the charity has a present oblvdation 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 tan be tneasured or estimated reliabty. Creditors and provisions are normally recognised ar their settlement amouhtafterallowing foraTry trade discounts due. Pa8e 14 RIFCO AATS Notes to the ffin•nci•l ststtments For the year ended 31 March 20ZI 2 Detailed ur£es for the year This is stated after charging I crediting". 2021 2020 Depreciation Independent examinerf5 fees IA61 1,320 Anatysis ofstaff costs. trustee remuneratlon aThl expenses, and the tost of kty maha8ement pevsonnel Staff costs were as follows.. 2021 2020 5alariÈs and wages Social Security cosis Ernployer pension contribution Freelance staff costs Staff travelling Other staff costs 111.18S 8.175 3.335 52,570 174,348 13.288 4,924 71,332 10,060 175.26S 288.423 The total employee beneffts including pension and national Insuran￿ ¢ontributws of the key management personnel were E67.86312020.. £68,166). No ernployees earned more than £60.IXiI per annum. The charity trustees were not paid or received any other benefits from empbyrnent with the charity in the year12020.. £nill. No charity trustee received payment for profe$5ional or other service5 supplied to the tharity12020.. £Trill. No trustee5 received any payment or reimbur5emeTht of travel and subsisience costs. Staff numbers The avera8e number of employees duriTh8 the year was as follows-. 2021 2020 No. Charitable activity Support Governènce Related party tran￿rt￿n$ There are no related party transactions to disclose for 202112020." nonel. The charity 15 3 rnember of the"Real Resource5" a charity ieElStered in En8laDd & Wale5. The charity received a 8raTht of Nil There are no donations from related parties which are outsKJe the rw)rmal course of business and no restricted donations from related parties. io Taxation The charitable company 15 exernpt from corporation tax a5 all irs income is chariiable and is applied for charitable purposes. Pa8e 18 RIFCO ARTS Notes to the fthandal statements For the year ended 31 March 2021 li Tan8ible fixed assets Fixtures. Filting & equipment Plant and Machinery Toial Cost At the start of the year Adéitions in year Disposals In year At the end of the year 15.281 io.c Z5.181 15.281 io,cKN) 15,181 Oepreciation At ihe start of the year Charge lor the year Eliminated on disposal At the end of the year Net book value At the end of the yeaf 10.340 1.861 io.c 10.340 1,861 12.201 iO.C(K) 22.201 3.080 3,080 At the start of the year 4.941 4,941 A2 Debtors 2021 2020 Trade debiors Other debtors 5,874 1,488 7.362 1.445 IA45 13 Creditors.. amounts lallng due wlthln ¢￿e year 2021 2020 Trade Creditors Other creditois Tax3tlDll and SDcial security Pension liab41ity Accruals Deferred incorne. 17.t+94 1.233 2.955 565 1.603 63.700 87.750 8,379 228 4,208 878 5.7C 19.250 38,643 Oef*rr¢d incom* 2021 2020 Balance at the be8innFng ol the year AmDunt releèsed to intome in the year Amovnt deferred ITh the year Balance at the end of the year 19.250 119,2SOI 63.700 63.700 11,678 111.6781 19,250 19.250 Pa¢e 19 RIFCO ARTS Nfjt￿ to the financial statements Fpr the Vear ended 31 Maich 2021 14 Artalysis of net assets between fvnds General unresirided Total funds Dtsi8n¥t*d Rertricltd Tangible fixed assets Net current a55ets Nei assets at the end of the year 3.080 373.190 51.920 321.370 55,( 321.370 376,370 15 Mwements in fvnds At the start ol Ihe year Incomin8 resources & gair Outgoing resources & At the end of the year Transfers Restrlrted fuhds.. N¢)el Coward Foundation D'oyly Carte Chèritable Trusi Esmee Fairbairn Foundation Leche Trust Garrick Charitable Tru# The Fentort Arts Trust Hertfordshire CC Total restricted funds 13.CWI 13,CWI 130.(th1 I1.5￿) 14.51x1) 1.SC 2,050 47.050 12.0501 147.0501 DesIgr￿d funds Production and Capital Replacement 165,678 155.692 321.370 General funds UnrestrKted Funds 363.371 1207.6791 IISS.6921 ss,000 T￿al Unre￿riC1ed funds 220.678 363.371 376,370 Toial funds Includlng penslon fund Purpose ol the desiznated fvnds The designated funds are to use for woduction and (apitsl replacement. 220.678 410.421 1254.7291 376,370 16 Retoncllwkn of net In¢È)me / lexpendiiurel to net Ilow from operatw* artibrytses 20Zi 2020 Net income / leJ(penditurel for the reporting period las per the statement ol ffinancial attivftlesl Depreciation lInc￿aSe)/ dee￿o$e in debtor5 Increase/ Iderre•sel in creditors Net cash pro¥bded byl lused inl *)peraiini arti¥illes 155,692 58.899 1,861 1.866 5.917 12,0611 49.107 Z12.577 10,018 68.767 Page 20 RIFCO ARTS Notes to the fFnanclal statew*nts For the ear ended 31 March 20ZI Anatysis of cash and cash eqUIva￿Trts At31 Marrh Othei changes At l April 2020 Cash flows 2021 Cash at ban* and In hand 247.018 212.577 459,595 Total cash and ￿$h equ6valents 247A118 212,577 459.595 18 Operatin¢ le•se ¢ommiimenis At ihe balaThce sheel date. the charity had finaficial tommftrnEnl urMIEr non-cantellable operatiw kases. Ag Legal status of the charfty The charity is a company limited by guarantee and has no share capital. Thelobiltty of each member (n the event of winding up Is limited to £1. Page 21 RIFCO ARTS Ngt¢5 to the financial slatrrnents For the year ended 31 Mar¢h 2021 20 lal Analysls of nèt aisets between luhds- prior¥earlZ0201 Gtnernl unrertrirled Total fund5 Oe5iEnattd Ae5trirted Tangible fixed assets Net curiEfit assets filet assets at the ènd 01 the year 4.941 4,941 50.059 106.779 215.737 55.000 165.678 220.678 Ibl Mo¥ernents in lundsl20201 At the start of the year Incomin8 resources & Eains Out8OIA8 resources & 105ses At th¢ end of the year Transfer5 Restricted fund5". Andrew Lloyd Webber Foundation Foyle Foundation Esmee Fairbairn Foundation Catalyst.. Evolve Total restrirted fvh io.¢JJ) Is.(￿1 iio.cw lis.0￿? 20,C¢(I 11.678 56.678 120.Otttl 111.6781 156.6781 Oesigned funds Produrtion and Capital Replacement General lunds 106.779 58.899 165,678 Unrestricted Fund5 55,rm 453.185 394.2861 58.8991 55.000 Total unrestwirted funds 161,779 453,185 1394,2861 220,678 Tatèl funds int￿din pension fund 161.779 509.863 450.9641 220.678 Purp05e olthe desiffnated fvnds The designated funds are to use for Production and Capiial Replacerneni Page 22