Charrty Registration No. 1123986 Company Registration No. 4625212 (Eneland and Wales) RIFCO ARTS TRUSTEES. REPORT ANO UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2023 *ACG3KVSI* 1111112023 COMPANIES PIC4JSE #7 RIFCO ARTS LEGAL AND ADMINISTRATIVE INFORMATION Trustees R Beeston . V Menon G Gatti A Karnboz N Shea G Kanagathurnt Secretary P Kumar Charsty nurnbEr 1123986 Company number 462521Z Printipal address Watford PalaceTheatre 20 cfarendon Road Watford Hertfordshire W017 UZ Registered office Watford Pala￿Th¢￿Te 20 Clarendon Road Watford Hertford5hire WD17 UZ Independent examlr Goldwlns Llmited 75 Maygrove Road West Hamp5tead London NW6 2EG RIFCO ARTS CONTENTS PA Truste*s' Mport Independent wmknerfs repwl ststement of finandal actl¥ltles Balance sheet Statement of ash flow Not•s to the a(￿Unts 1fy19 RIFCO ARTS Trustees, Report For the year ended 31° Marth 2013 The Trustees present their report and accounts forthe year ended 31 March 2023. The account5 have been prepared in accordance ￿th the accounting policies set out in note I to the accounts and comply with Rifro's Eovernlng d¢xument. the Companies Act 21x16 znd the Statement of Retomrnended Practlce, 'Accountln8 and Reportin8 by Chaiiiies". issued in Marth 2CQS. Structure overnance a Rifco Arts is a company limited by 8uaranlee146252121 and a registered charity111239861 and the Tru5tee5. who are also the dirertors for the purpose of company law, wtho Served during the year. were.. R Bee5ton V Menon G Gatti A Karnboz (Deputy Chairl N Shea G Kanagathurai Ichairl Trustee5 are recruiied through word of mouth. through u￿& professional netrwowks and 50mE appropriate zdvertisin8 and the key recrufcment driver ts rnaintaining a good skills base. Thechairhas been in pgst sincejanuary 2020, Ganan Kanaeathurai, %tho brines extensive leadership, business and oreanisational development experience. Initial contact for Pfospective Board members isvmth the ExecutNe Producer and ￿￿StIC Director/CEO followed by a meetin8 with the Chair and Deputy Chair. Candidates then submit a formal letter of applKation after which interviews are with the ExecutNe, Chair and Deputy Chair. Recruitment 15 ongoing for additional skills specifically artlStic. fundraisin8 and theatre marketing. In relation to representation, the 50% divwse membership target is currently met. However. this membership balance will ujntinue to be under miew. Trustees are mefflbers ofthe company andguarantee to contribute £1 In the eveDt ofwndingup thecompany. The Board meets quarterty, takes part in Board Away Days and attends performances. events and other meetin8s associated with the comparf5 acti￿rIeS. Their role is to set the strategic direction of the company. provide expert advice and guidante to the ExecutNe and monitor and evaluate progress against Business Plan targets. The £xecutive- the Artistic Director/CEO and Executive Producer- lead the day-to-day mana8ement and operation of the cornpany. The Executive has continued to recruit additional staff throu8lK)Ut this financial year. •Aay 2022 saw the departure of our E¥ecutNe DirertorJenn¥ Roberts and the implementation of a newtompanystructureof Executive PrOdU￿r and Artistic OirertorlCEO. There continues to be a significant lack of staff throughout the theatre industry. and it ha5 been challenging to fill roles. In place as of May 2023, we have the Artistic Director/CEO, Executive Producer. Associate Director, General Manager, and Markebne Assistant. Rrfco continued to work with freelance specialists ind￿d￿8 marketing and communications and fvndraishi8 as well asthe creatfjve teams for each project. Funding from Art5 Council Enwand, Rifco's keyfundirw partner, was confim*d in Ortober 2022. ts the pe￿0d 2023 2026 and included a s18nifitant uplift to support the in￿eased aims of the organisation. Thi5 has increased the yearly grant from Art5 CoyrKiI England frorn £331,391 per year to £473,391 per year. This wll enable Rifco the pursue our aM￿tIouS plans to invest In music theat￿ and irKrease staff ￿PacIty rjver the three-year period. Lookin8 forward, there will be si8nrficant thallenees to the organisation over the next few years, with increased production tosts (especial￿1 physical prodvttionl limiting the scale of show that Rifco can alford to produce. There has also been an exodu5 from the industy during the pandemic. rneaninz there is fierce comwitbon for both onsta8e and backstage talent. RIFCO ARTS Trustees. Report For the year ended 31 Marth 2023 Pr ramme This period Saw Rrfto retum to the production live work the end of the COVKI pandemtc. The organisation now hasthe challenge of restarting oyr livetouring programmt. while simuhaneousEymaintainin8the di8ital output that we built during lockdown. A5 with the previou5 year12021-221, the key impact of the global pandemic has been on the work that Rrfco has been able to deliver. In nomial times, Rrfco delNers workin three areas: touring theatre at the middle Scale. a talent development programrne and commissioning and develow.ng new Tfvffjrk. Our ability to produce and tour Irve work was a8ain curtailed this year, our abilityto reath ouraudience has been severely effected. Our autumntourin8 show Giitterbollsawseverely retluced audiences in comparison to pre-covid times, * it rernain5 to be seen whetherthis 15 a temporary or perrnanent reduction. In response to this f(ifto has expanded our digital and online proBramme to ensure that we continue to reach our udiences, includtn8 a second series of our online serie5 Leabt thePlastrc On. This has attrarted a different. younger demographictoourwort who we¥rill continueen8a8in8 With. Inthewmingyear. we intend to incre35eour output in this space. During the past year. Rifco has contlnued its commitment to in¥estin8 in British South Asi•n tslent and is proud to have employed 72 artists and freelance15 to create and develop newwork. Our maln areas of pro8ramffe in 2022- 23 have been: 21 Artists for 21 Years commi55ioning programme. with a final presentstion in September 2022 Deliverin8 a di8ital programme of e¥istin8 Work Rifco Assodates programme Commissioning playwrights for live and drlital work Pr¢xluctions in development Mld Scale touring produuion of our show Gllttethll. our first51K>W written by a Rrfco Associate 21 Artists f<>r 21 Years This prograrnrne w35 designed to celebrate Rrfco's 21st annprttsary but also Just as iryyortant to support our freelance community who have been so badty hit by the global pandemic. 21 Arti5t5 for21 Year5 commissioned one artist for every year of Rifto's journey and induded artists from all over the UK from many different art15tic discipline5 and a wide variety of inspivational Starti￿ points. Hafsah Aneela Bashirfs photography exhit+itlon celebrated Eidfromthe perspeclive of different generations. Yasmin Wilée's play Glitterball was Rifco's first live tour for three years. and Raxstsrfs spoken word and music piece refflected on Rifco's and the British South Asian commuimtys ioumry over the last 21 years. The 21 Artists for 21 Years programme culminated in a VIP evening at Riverside Studios in 5epternber. The event was a wonderful elebration of dr¥er5etalent. from writers tofllmmaker5. Visual artists and a Magnifi￿nI costume exhibltion curated by Andy Kumar. Dl81ts1 pr¢)gr4rnme rin8 the year Rifco delivered thÈ second season of our popular online sketth show Leove the Plastic On, which 5aWthe audience more than double frorn the first season. We also created and released a serie5 of shortfilms under the title Gener05i¢7ns, which examined wews on the Ugandan expulsion across different generations of British South Aslan families RIFCO ARTS Trustee< Report For thé year ended 31" March 2023 Rlfco Assodates The Associates pro8ramme is led by Rifco's Assooate Dirertor. Ameet Chana, who himself came through the prograrnme. Ameet has worked extensive￿ with us as a trainee direttor. curating the British Asian FestNal in 2016 and as a Dirertor and Assistant Dirertor. He also lead5 the d411￿1 arm gf the companV5 work. Our new cohort of Associates for 2022 all submitted pit¢hes thai had the potential to be developed into Scripts for short forrn digital content. Theywere Gurjot Dhaliwal. Ben Grant. Jaisal Marmion. Kurban Kassam, 5aher Shah and Zishan Atsar. Thev were supported by industry mentors alongside masterdasse5 and re5idenoes taking place up to eady 20223 and face io face from the new year, culminatin8 in a showcase reading in Juty 2023. Two oyt of the six Assotiates will have their work produced into a fih in 2023. with a sharing event planned, plus e¥tenslve online distribution Via Rifto channe15 and a PR campaign to èmplifythis strand of supporting tabent. Commi55ionww playwri8hts for li¥e and digitsl w Durln8 the year two new pla￿4106hts were commfjssioned in full or to delNer a Treatment Idea. Shelley Silas. heartwarming family comedy North of Worford. South of Bengol East oAJerusoltm follDWS two 500n.ttrbe fathers who's comtortable life is disrupted when both of th*r mothers arrive to as515t- in addition to commissioning a full script Rrfco developed the ple￿ at the National Theatre Studio in October 2022.Anjum Malick delNered atreatrnent for Molick Gift Shop. which tells the story of two generatfjons of British s￿th Asian women stsrting their own bU￿ness. Produrtlon5 We continued development of Fronkie Gces to 8011￿ad by Prave5h Kumar Ibook). Niraj Chag Icompostrl and TashaTaYI￿)OhTh$on Ityrfcsl. Frnftk￿ Goes to 8011￿1$a new musical inspi￿d by true storiesof 8ritish and other European women imported to the ￿"8￿eSt film industry in theworld. Ourfirst live tourin8 product￿￿ post-pandemic was Glitterboll. a debut play written by and Starring Rifco A550ciate graduate Yasmin Wilde. The show played Watford Palace Theatre, Riverside Studw and Oldham Coliseum from 15 September- 15 Ottobtr 2022. This was an opportunity to 8Ne a plarform to an e¥cirin8 new Brity"sh South Asian tslent. aThd Yasmin wrote an exceptional. distlnctive piecethat h￿hlIBhted theu)ntradidions of mixed herita8eand the challenges of bein8 heard as a woman over 50. Future Rifto has intreased our output post-pandtmit threefold. in addition toourmidscale trjuringand artist development Strands we have added an actNt digital programme and Sbjdio offering. A prionty over the next year will be recruiting additional staff to ensure the organi5ation can rneet the addrlional work. Much gf the next year ￿11 be dedicated to preparing produrtion for Fronkie Goes to Bo11￿00d. the first major musical Rifco ha5 premiered in 7 years. This is a massive undertaking in collaboration with our regular partner Watford Palace Theatre newvenue HOME Manchester. in addrtion to a UK tour of 8 additicffial ¥enues. We alsg plan to commtssion a new serles of sketthes for our powJlar online show Leove the Plostic On. RIFCO ARTS Trurtee< Report For the year ended 31 March 2023 Flnanclal revl The organisation stzrted 2022123 an extremety healthy cash reserve. having operated with a reduced staff throughout the pandemic period. Over the course of the year Rifco spent down some ol these reserves In order to restart our live touring pro8ramme and increase our 5taffin8 to pre-pandemic leve15. We also made the decislon to Spend 50meofthese reserves onthe21 Artists progrnmme as a wayto supportexisting and developing British South Asian talent. There was an operational deficit of £126,344 ￿ unrestricted fund5, and together with total unrestricted reserves carrled forward ai i Aprll 2023 of £3SO,907. Trustees have assessed the major risks to t*thKti the Rifco is exp05ed, induding those presented by the Covld-19 Cri￿5. The Risk Register has been updzted Imarch 20221 and there are systems in place toensure business continuity within the small team. The 8oard are satlsfied that the systerns in plats m5ti.eate any exposure to major Tisk5. Fundr•islr¥ and inmffle iener*•o The Board and the EXe￿t￿e set an initial fundraising tawget of £62.5(Xl based on the 202V22 outcome. In the period to March 2023 £29.7CKJ was raised frorn Trusts and Foundations. £8.￿6 from indNidual donations and Gift Aid. and £18.500 from Rifco's first G31a Fundraiser for a totsl of just over £57,(IxI for the year. This wa5 somewhat down on expectation, partly because the Gala Fundfaiser was moved ffom Marth 2023 to April 2023. but 315Q because the Trusts and FoundatKJns irKorne wa5 significantty down on previDU5 years. This is representative of a nurnber of thing5'. rnany Trusts and Foundations h8ve been workin8 to a ievised stratey and criteria plan. based on the amends they made to support organisat10115 in the aftermath of the Covid pandemic. Consequently, there are a significant numberofthem who may pr￿lOUs￿ have supported arts Projects but repurposed theirfunds to support the 5UStainability of charities who were in the greatest need. Secondty, our ￿serveS position. p05t-Covid. was extremely healthy as funds desvdnated for tourin8 rernalned largety unspent. so our immediate need appeared less urgent than many other charrties. This placed us in an unfavourable position when competing with those other charities for funding from the same grant gr¥in8 bodies. A number Trust and Foundatii)n5 a150 reported that their own ability to award grants was reduced. as so fflany of thern rely donations and rewm on investments. Both sources of income were down on previous years. There wa5 additionalty £82,250 of Trncome Benerated from toproduditin. br*x oTre. and guaraniees from touring venues. RIFCO ART5 Trustee< Report FOT the year ended 31 Marth 2013 ResoThes Polky In determinin8 the Compan(s Reserve5 Policy. the Board have considered the Chariry Commission's guidance publication-charities. ReseNes- The Board regularty reviews the current finances and future financlal trends of the Company and, as part of this process, reV￿w$ Its level ot reser¥es antl its Reseryes Policy. The Covid-19 pandemic zave greater emphasis on the need to inflate reser4fes ni orderto ensure the Company remains viable in the event of another total shutdown of activity. The Reserves Polity now aims to hold the equivalent of 3 months, core expenditureloperating costs Icurrentty eqUatir￿ to £91.0￿. plus the fiThancial ¢omrnitment should one production be forcibly tancelled with no finon¢ial return (currently equatine to E130,0001. This Reserves Pdicy was reviewed and detrned netessary by the Board in 2021. afttrthe unforeseen dlfficultles created by the Covid-19 pandemic. for the following rea%>n5.' l. An appropriate reserve level wthen producin8 at scale is crucial. as si8nificant upfront costs need positNe cashflow in advance of receiving tourlng Income. 2. To ensure that essential capital iterns Such as ITsyStern5 and tourirvx equipfflenl could be safely stored or replaced in a planned cycle. 3. To ensure that our financial tomrnitmènts art horNwred should a production be forcibty cancelted before it 15 able to tour and receive planned income. These commitments may include, but are not limited to,: fees and reimbursements to venues, suppliers, freelance artis￿ and tyeatives. The Board have conchjded that the figure of £221,￿ reser￿ remains apFffopriate forthe scale, ambition. and commitment levels ofthe ￿MPanY, particularty in this Pen.￿ of economic uncertainty. Desi8nated reserves are also held for spend on the maiN production planned for 2024. This production is in line with Rifto'5 busine55 model- to Stage a larger scale tour once ewy four years- as ouuined in ourArts Council England activity plan. These designated reser¥es currentty equate to £1￿,(￿). At l April 2023, unrestrirted reseThes decreased from the previous yearto E160.907 which is urca £60.903 below the poliry figure. This figure is due to pre4pendin8 on our 2023D4 show Hoppy BfftrthdoySunito financial year, resulting in higher expenditure. This fi8yre will be oryied overto 22n3 financial year, when the￿ will be addttional income from box office and guarantees on that show. 0811112023 Approved by the trustees w................ And signed on their behalf by G Kana8athurai 7ru5tee Independent examlnerfs report to the trUS￿e5 of Rifco Arts, Charltable Company Companv) I report tothe tharity trusteeson myexamlnation of theacc￿nts of the Ci¥npanyfortheyearended 31 March 2023. Responslblltles •nd basls of report A5 the chariW5 trustees of the Company land also its difettors for the purposes of company lawl you are responsible for the preparatiDn of the accounts in accordance with the requinnents of the Companies Act 20061.the 21XJ6 ACVI. Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Art and are eligible lor independent examinati￿1. l report in respect of my examination of your charl￿$ accounts as carried out under Section 145 01 the Charities Act 2011 1.the 2011 ACVI. In carrying out my examination I have followed the Oirettions given by the Charity Commission under section 145151 Ibl of the 2011 Art. Independent examinerfs stslement Since the Companvs gros5 incorne exceeded £250.IKQ. I confirm that l am quall￿d to undertake the examination because l am a rnember of the ICAEW. whith is one of the listed bodles. I have completed my examination. I tonfirn) that no matters have come to my attent￿Tr in connertion with the examinatyon 8ivin8 me cause to believe: accountingrecords were not kept in respertofthe Company as required by section 386 ofthe 2006 the accounts do not accord with ihose records- or 3. the accounts do not compty with the accounting requirements of section 396 of the 2CQ6 Act Other than any fequirement that ihe accounts give a 'true and fair view which 15 not a matter considered as part of an independent examination- or 4. the zccounts have not been prepared in attordante wrth the methods and prniclples of the Statement of Recommended Prartite for accounting and reportin8 by tharities applicable to charities preparing their accounts in attordante with the Financial Reporti￿ Standard applicable in the UK and Republit of Ireland IFRS 1021. I hzve no concern5 and have come au055 no other matte15 in connection the examination to which attention Should be drawn in this report in order to enable a proper understanding of the accounts to be r?ached. 0911112023 Anthony Epton BA FCA cfA FCIE Goldwins Chartered attountsnts 75 Maygrove Road West Hampstead London P4W6 2EG RIFCO ARTS Statement of financial Klivl¢ies lincorporatin8 an income and expenditure account) Forthe yearended 31 Marth 2023 2023 2022 Unrestricted Restricted Total Totsl Note Incorne frorn: Income from donations and memberships Charitsble activities 20517 415285 20.517 429.985 19,495 413,502 337 14.700 Investments Total hKome 435.890 14,700 433,334 E¥pendltyre on: Charitable artivities 562.234 14.700 14.700 576.934 576.934 332,453 332.453 Total expenditure 562.234 Net Incomel lexpendllwe)lorthe year {126,3441 1126,3441 100,881 Transfers between funds Net movement Sn fund5 1126.3441 1126.3441 100.881 Recon¢illatlon of funds: Total funds brought forward Total funds urrled forwafd 477.251 477251 376.370 350,907 350,907 477,251 All of tht above rewlts are derived from Continui￿ artr¥it￿S. Therewere no other recognised gains or losses other than those stated above. Movernents in fund5 are disclosed in Note 15 to the fmancial 5taternents. RIFCO ARTS Balance sheet As al 31 Marth 2023 X•23 2022 2022 Hxed assets: Tan8lble assets li 6AII 1,277 Current a55ets: Debtors Cash at bank and in hand 57.852 357.721 415573 108.386 413.980 522,366 UabIll￿e$. Creditors.. amovnis fallir* due wothin one 70.667 46.392 Ilet furrenl a55ets 475,974 T¢)tal 4$5ets less current Ilabl1￿¢S 350.907 477,251 Total net a$5ets 350.907 477,251 Funds Restr4Cted funds Unfe5trirted funds.. Designated funds General funds Total unrestricted funds 190,LYQ 287.251 160.907 3SO.YM17 477,251 Total funds 350.907 477,251 The Charity's finanaal statements have been prepared in atcordance wrih the provisions applicable to companies subject to the small companies rwme. The Trustees consider that the Charity 15 entitled to exemption from the requirement to have an audil under the provision of section 477 of the Companies Art 2006 1.the Act'l and members have not required the Charity to obtain an audit for the year in guesrion *) accordance with section 476 of the art. The Trustees acknowledge their re5pon5ibilities for complying with the reqvirement ol the Companies Act 2006 wtth respett to accountin8 records and the preparation of financial statements. 0811112023 Approved by the trustees on.................................-. and on their behalf by: G Kanapthurai Trustee Cofflpanyrellstratlon no. 4625212 The attached notes form partolthe financial statements. RIFCO ARTS Statement ofta5hftow Forthe af endtd 31 Marth 202J 2022 2022 Cash Ilo¥A from opernfj artlty4tles: cash prn￿ded byl lused inl operating artivrlie5 156.2591 145.6151 Cash Ilows from Investl￿ a(￿¥￿10$. 5alel Ipurchasel of fixed assets c￿ pro¥lded byl (used In) In¥estlnKactlbths Chany In ash and ash egutrAlems In ihe ye 156,2591 145.6151 Cash and cash equNalents at the beeinnh)B of the year 413,980 4S9.595 Cash and st Rent 5,244 20,468 5244 91554 72.￿6 14.5 325 Telephone and Intemet Depreciation Board Expense5 325 1,803 120 IWJ3 Bank interest and charges Examlner fees 164.9)0 167.553 1167.5531 332,453 Support Costs 167.553 Total wendlwre 2022 331453 332A53 Ofthe total expenditure. £312.453 was unrestritted and £20.0￿WaS restrkted. 14 RIFCO ARTS Note5 to the fmndal ststsments Forthe year ended 31 March 202J Thls is stated aftercharg1￿/ creditin8'. 2025 2022 Depreciation Independent examiner's 3.018 1,803 1,977 1.500 An•tysls Of$￿￿ coms. tntsitt ￿mUn￿l￿ and e￿)en￿ •nd the cost ol key manayrnent personnel Staff costs were a5 I￿40W$. 2023 2022 Salaries and wa8es SocFal security costs Ernployer pension contributton Freelance staff costs Staff travelling Other staff costs 174,564 9A68 5.825 103268 124,322 9,292 3.730 77.048 1.431 311,169 215,823 Thetotal employet tjeneffts indudingpension and national insurance contributionsofthe keymanagement personnel were £72.59912022: £67.f4J41. One employee earned more than £fy),(NXI per annurn. The chantytrustees were not paid orre￿1Ved any other benefrts frorn emplgyrnentwith the charity In theyear12022: £nill. No charity tnjstee received payment for professional or other services supplied tgthe charity12022.. £nill. No trustees received any payTrent or reimbursement of travel and sUbsiste￿e costs. SLiff nurnber5 The avera8e number of employees the year wa5 as follow5: 2023 No. 2022 No. CharitaNe activfjty Support Governance Rd•t*d p•rtylr•ns•rfioThs 7here are no related party transartion5 to disc105e for 202312022: nor)el. The charity is a mernber ofthe'Real Resource5" a charity registered in England & Wales. The tharlty recelved z grant of Nil12022-. Nill. Thefe are no donations from related parties *thith are outside the nwmal course of business and no ￿trirted donatlons from related parties. 10 Taxatlon The charitable company 15 exempt from corsmtion tax as all its wKome is tharitable and is appl*d for charitable purposes. 15 RIFCO AftTS Notes to the financial statements •r•nded 31 M•rth 2023 Fixtures. Fitting & equipmen 11 Tanglble ftxed assets Plant and Machlnery Total At the start of the year Additions in year Di5posa15 in year At the end ofthe year IS.281 7.742 io,th)o 25,281 7.742 23,023 10,000 33.023 Depre¢latlo At the start of the year Charge for the vear Eliminated on disposal At the end of the year 14.1x14 10.000 24004 3.018 3XII8 17.022 10.000 I?￿21 Net Ix)ok TAIu* At the end ofthe ye 6,(K)I 6,001 At the start ofthe year 1,277 1.277 12 Debtors 2023 2022 Other debtors 57.852 108,386 S7￿51 108.386 13 Creditor5: amountstallini due within one year 2023 2022 Trade creditor5 Other creditors Taxation and w¢ial security Accruals Deferred incorne 44.465 3,934 4.870 2.398 1S,OC(I 70.667 31.018 87 4,184 1.403 9,700 46,392 Deferred hKome 2023 2022 8alan¢e at the be8innin8 of ihe year Amount released to incorne in the year Amount deferreil in the vear Balante at the end of the year 9,7C 19,71XII 63.700 154,CWI 15,OLKI Is,000 9.7 16 RIFCO ARTS Notes to the finan¢hl statements Forthe ar ended 31 Marth 202J 14 Analys15 ol net ¥￿ets between fund5 Generdl Totsl funds Rtttrlrt•d Tangible fixed assets 6.LKII 6.001 Net current assets Net assrfs at the end ol t￿year 154.906 190.0 344,906 1g).ocM) 350.9C17 Mt)¥ements In funds Atthe start of the year Incorning resources & ins Outgoing restsurtes &10$5es Atthe end of the year Transfers Restrlcted funds: Heritage Lottery Fund Concord Theatricals To¢al restrkt•d funds I9.￿1) Is,1x￿} 114,700) 14.71x1 Deslaned fund$ Produrtion and Capital Replacement 190.( 190.OC*) General fvnds Unrestricted Funds 287.251 435.890 1562,234 160.907 Total unre#fkt¢d l￿d$ 4T1251 450590 (s7￿9#4} 350,907 Totsl lunds thdudlni Pen￿on fwd 477251 1576.9341 350.907 Pur&iose olihe desiEnated lund5 The designated funds are to use for production and capital replacement. 16 Recondllathin of net Income I Itmpendlturnl to net¢ash Ilw fmm operatI￿a¢ll¥111eS 2023 2022 Not income I (eXp•￿IlUre1 for the reportiry wiod Depreciation Ilncreasell deuease in debtors Incre35el Idecreasel in credr(ors Purchase of equipment N•t cash provided by/ (used in) oporami •Cli¥itses 1126.3441 3.018 I￿.881 1.803 50.534 IiC69411 24.275 17,7421 156.Z591 141,3581 145,6151 17 RIFCO Affrs Notes tolhe financhl statemffits For the year ended 31 Marth 2023 17 Analysis of cash and cash equivalents AtJl March 2023 Other thange5 At l Awil 2022 Cash flows Cash at bank and in hand 413.980 156.2591 3S7.721 Total ￿$b and ¢•sh egul¥alents 413 1562591 357,721 Operating lea5* commlth)ents At the balance sheet date. the tharity had no financwl crffirnitment under non-cancellzble operating lease5. 19 Letal smus ol the tharlty The charity is a company limfted byguawzntee and has no share capital. The liabiltty of each member in the event of winding up is limited to £1. 18 RIFCO ARTS 14otes tt¥ Ihe finan¢lal statements Forthè ywended 31 Marth 2023 Analy*s ol Mt assets f￿d￿ wi(vyear120221 GeDeral fvnds Tangible fued assets Net current assets N¢t assw at the end ol the year 1,277 1,277 285.974 190.1 475.974 287251 477.251 Mo¥enw*ts In f￿d$ Atthe start ot the Ibl 120221 Incoming resources & gains Outgoing resources & 1055e5 At ihe end of the year vear Transfers Restrkted fvnds: E5rnee Fzifbairn Foundation 20.(O) I20.C￿l I20.￿1) Deslgned fvnds Produttion and Capital Replacement 321,370 1131,3701 190,C General funds Unrestricted Funds Total unrestrkted funds 55,fJXI 413,334 312,4531 131,370 287,251 376J70 413J34 1312AS3) 477,251 Total fvnds Indudln8 pension fund 376370 433.334 332A53 477,251 The de5ignat*d funds are to use for Prnduclion and Capital Replacement. 19