Charity Registration No. 1123986 Company Registration No. 4625212 IEn8land and Wales) RIFCO ARTS TRUSTEES, REPORT AND UNAUDITED ACCOUNTS FOR THE YEAR ENDED 31 MARCH 2024 'AD903PIU• 0710812024 COMPANIES HOUSE A14
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RIFCO ARTS LEGAL AND AOMINISTRATIVE INFORMATION Trustees R Beeston V Menon G Gatti {resi8ned Au8 231 A Kamboz (resigned Sep 23) N Shea G Kana8athurai Secretary P Kumar Charlty number 1123986 Company number 4625212 Prlnclpal address Watford Palace Theatre 20 Clarendon Road Warford Hertfordshire W017 IJZ Registered office Watford Palace Theatre 20 Clarendon Road Watford Hertfordshlre WD17 IJZ Independent examSner GoldwSns Limited 75 May8rove Road West Hampstead London NW6 2EG
RIFCO ARTS CONTENT5 PAGE Trustee< report Independent examlnees report Stalernent of flnanclal acilvltl•s Balance Sheet Statement of cash flow Notes to the accounts 1fy19
RIFCO ARTS Trustees, Report For the year ended 31° March 2024 The Trustees present their report and accounts for the year ended 31 March 2024. The accounts have been prepared in accordance with the accountin8 pollcles set out In note I to the accounts and comply with Rifco's governlng document, the Companies Act 2006 and the Statement of Recommended Practice applicable to charltles preparlng their accounts in accordance with the Flnancial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102 - effective l January 20151 (Charities SQRP FRS 102). Structure overnance and mana ement Rlfco Arts is a company Ilmlted by 8uarantee146252121 and a reglstered charlty11123986) and the Trustees, who are alsothe dlrectors for the purpose of company law, who serrfed during the year, were.. R Beeston V Menon G Gattilreslgned Aug 231 A Kambozlresl8ned Sep 23) N Shea G Kana8athurai {Chalr) Trustees are recruited through word of mouth, throu8h usin8 professional networks and some appropriate advertlsln8 and the key recrultment drlver Is malntalnln8 a Bood skills base. The Chalr has been In post slnce January 2020, Ganan Kanagathurai, who brings extensive leadershlp, buslness and or8anlsatlonal development experlence. Inltlal contact for prospective Board members is with the Executive Producer and Artistic OirectorlCEO followed bv meetin8 wlth the Chalr and Deputy Chalr. Candldates then submlt a formal letter of appllcatlon after whlch interviews are wlth the Executlve, Chalr and Deputy Chalr. Recruitment Is ongoln8 for addltlonal skllls speclffically artistic, fundraislng and theatre marketing. In relation to representation, the 50% diverse membership target is currently rnet. However, this membershlp balance will contlnue to be under review. Trustees are members of the company and guarantee to contrlbute £1 In the event of wlnding up the company. The Board meets quarterly, takes part in 8oard Away Days and attends performances. events and other meetings assoclated wlth the companrfs activities. Their role is to set the strateglc directlon of the company, provlde expert advlce and Euldance to the Executlve and monltor and evaluate progress agalnst Bu51nes5 Plan targets. The Executlve- the Artistic Director/CEO and Executive Producer - lead the day-to4ay mana8ement and operatlon of the companv. The Executlve has contlnued to recrult addltlonal staff throu8hout thls financlal year. The new company structure implemented In the 2022123 financial year of Art15tic DirectorlCEO and Executive Producer remained in place, and in October 2023 we added a Producer to our core team to lead on our studlo pro8ramme. Recruitment continues to be a challenge. partlcularly in our marketin8 department, but Some pro8re55 ha5 been made with the appointment of a new Marketing Assistant in March 2024. We continue to work with freelancer 5peciali5ts for fundrai5in& a5 well as the creative teams on each project and productlon In February 2024 our key funding partner. Arts Council England, announced the extension of the current fundin8 period frorn 2023 - 2026 to 2027. Thi5 8ives the organisation the added security of an extra year of 8uaranteed lundlng wlth whlch to plan.
RIFCO ARTS Trustees, Report For the year ended 31° March 2024 Pro ramme Rlfco has met the increased challenges of midscale touring including increased production costs (especially physical produrtionl by diver5ifyin8 our output, includin8 Starting a studio programme using a le55 expensive model and Increasing our di8ltal output. Whereas before the pandemic the company focused excluslvely on mldscale work, there are now three main strands Imidscale, studlo, digitall, greatly Increasing our output. The period saw Rifco brtn8 audiences back to theatres across En8land, with our revival of 2014 show Happy Blrthdoy Sunittl bringing in strong audiences. This was a welcome development as we did not know If audiences would return post the Covid-19 pandemic, especially as our 2022123 productlon saw severely reduced audlences. and the success of this production gives us confldence for the future. We also went onsale with our 2024125 productlon, which saw record early 5ale5. Durln8 the past year, Rrfco has contlnued its commltment to investlng In British South Asian talent and 15 proud to have employed 53 artists and freelancers to create and develop new work. Our maln areas of pro8ramme in 2023- 24 have been., Presentatlon at the V&A Museum as part of their performance programme Rifco's first fundraisinE gala Shootin8 of two Digital Shorts selerted from our Associates pro8ramme Rlfco Assoclates pro8ramme Commlsslonin8 playwrlghts for Ilve and dlgltal work Productions in development Mldscale tourin8 production ol our show Happy Birthday Sunlto V&A Museum In April we accepted an invltatlon from the V&A Museum to take part In their performance pro8ramme, presentln8 work from Britain's Got Bhangra and Lollo.. the Muslcal. and the exclusive first public performance of two son8S from our upcomin8 produttion Frankie Goes to Bollywood. Gal• Fundralser Th15 wa5 followed by our first-ever fundralsing gala, where entertalnment was provlded by a star-studded Ilne-up Including Rishi Rlch and Tel Ilyas. Wlth a sumptuous dinner. wonderful entertainment, and plenty of auction prizes, Rifco's firsl gala fundraiser was a massive success, We are so grateful for all those who attended and supported us, and we look forward to the next event ln 2025. Rllco Assoclates The A550ciates programme is led by Rifco'5 A550ciate Director, Ameet Chana, who himself came through the programme. Ameet has worked extensively with us as a trainee director, curating the British Asian Festival in 2016 and as a Director and Assistant Dlrector. He also leads the digital arm of the cornpany's work. Our new cohort of Rifco Assoclate5 for 2023 all demonstrated an enthusiasm for dance and the desire to expand thelr practice into new styles- with one of the 8roup bein8 cast as a dancer in our upcoming production Frankie Goes to Bollywood. Commlssioning playwri8hts for Ilve and diwtal work Durlng the year we commlssloned Viral Juneja to deliver his first piece Pali & Joy's Uftirnate Asian Wedding OJ Rood5how. a comln8-of-age comedy about an uncle and nephew DJin8 duo that must Successfully navigate thelr latest gig to save the company, their future aspirations, and ultimately. thelr relatlonship. We have also taken a
RIFCO ARTS Trustees, Report For the year ended 31° March 2024 option to develop and produce Ayub Khan Din's play A Welcomlng Land, a bitin8 new satire from one of our leadin8 8ritish South Asian playwri8ht$. Produrtlons We contlnued the development of Frankle Goes to Bollywood by Pravesh Kumar Ibook), Nlraj Chag Icomposerl and Tasha Taylor Johnson Ilyricsl. Fmnkie Goe5 to Bollywood is a new musical Inspired by true stories of British and other European women imported to the biggest film industry in the world. Our live touring production this year was revlval of 2014 hit Hoppy 81rthdoy 5unita, which opened at Watford Palace Theatre before continuin8 on an 8-week tour. The show Saw a welcome return of ouraudlences. 5urpassin8 pre-pandemic numbers, and Itwas great to see theatres packed again. Future Much of the next year wlll be dedlcated to producin8 and tourln8 Frankle Goes to Bollywood, the first major muslcal Rifco has premiered in 7 years. This is a massive undertaklng In collaboration wlth our re8ular partner Watford Palace Theatre and new venue HOME Manchester. in addltlon to a UK tour of 8 additional venues. We will also be premlering our debut studlo show, Pali & Joy's Ultlmote Aslon Weddlnq DJ Roadshow, whlch will be produced In assoclatlon wlth the Soho Theatre, London. before a month at Edlnburgh Festlval and a re8lonal tour. an¢lal review The orianisatlon started 2023124 wlth an extremely healthy cash reseNe, some of whlch we used to expand our diBital programme and increase staff level to prepare for an increased programme in coming years, and on development for Fronkle Goes to 8ollywood. There was a surplus of £22,518 on unrestricted funds in the year and the total unrestrlcted reserves carrled forward at l Aprll 2024 were £373,425. Trustees have assessed the major risks to which Rifco is exposed. The Risk Register has been updated (March 20241 and there are systems In place to ensure buslness contlnulty wlthln the small team. The Board are satlsfled that the systems in place mltigate any exposure to major rlsks. FundraIsl ind Income iener•tlon The Board and the Executive set an initial fundraising target of £120,250 based on the 2022123 outcome. In the period to March 2024, £15,000 was raised from Trusts and Foundations, £27.110 from individual donatlons and Gift Ald, and £18.910 from Rlfco's first Gala Fundralser for a total of just over £61,000 for the year. This was down on expectations, and the decrease in support from Trusts and Foundations continues. This is representative of several thlngs.. many Trusts and Foundations have been workin8 to a revised strategy and criteria plan. based on the amends they made to support or8ènlsatlons In the aftermath of the Covld pandemic. Consequently, there are a signlflcant number of them who may prevlously have supported arts projerts but repurposed thelr funds to support the sustainability of charities that were In the greatest need. Secondly, our reserves position, p05t-Covid. was extremelv healthy as fund5 designated for tourlng remalned largely unspent. so our Immediate need appeared less urgent than many other charltles. This placed us in an unfavourable posltion when competing with those other charities for funding from the same grant-glving bodles. Several Trusts and Foundations also reported that their ability to award grants was reduced, as so many ofthem rely on donations and return on investments. Both sources of income were down on previous years. Thi5 decrease in fundraising was to some extent offset by increased income generated from coproduction. box office, and 8uarantees from tourin8 venues. This totalled £149,618 for the year.
RIFCO ARTS Trustees, Report For the year ended 31" March 2024 Reserve$ Pollcy In determining the Companws Reserve5 Policrf, the Board has considered the Charily Commission's guidance publication "Charities, Reserves" The Board regularly reviews the current finances and future financial trends of the Company and, as part of this process, reviews its level of re5erve5 and Its Reserve Pollcy. The Covid-19 pandemic gave greater emphasls on the need to inflate reserves to ensure the Company remalns viable in the event of another total Shutdown of actlvity. The Reserve5 Pollcy now aims to hold the equlvalent of 3 months. core expenditureloperating costs (currently equating to £91,000, plus the financial commitment should one production be forcibly cancelled with no financial return (currently equating to £130.0001. Thi5 Reserves Poliry was reviewed and deemed necessary by the Board in 2021, after the unforeseen difficultles created by the Covid- 19 pandemic, for the followln8 reasons: l. An appropriate reserve level when produclng at scale Is cruclal, as slgnlficant upfront costs need posltive cashflow in advance of receivin8 touring income. 2. To ensure that essentlal capital Items such as office IT systems and touring equipment could be safely stored or replaced In a planned cycle. 3. To ensure that our financial commitments are honoured should a productlon be forclbly cancelled before It Is able to tour and receive planned income. These commitments may Include, but are not limited to,: fees and reimbursements to venues, suppliers, freelance artists. and creatives. The Board have concluded that the figure of £221,000 reserves remains approprlate for the scale, ambition, and comm5tment levels of the company, particularly In thls period of economlc uncertalnty. 2210712024 Approved by the trustees on................ And signed on thelr behalf by G Kana8athurai Trustee
Independent examinerfs report to the trustees of Rifco Arts. Charitable Company I'the Companv) I report to the charitytrustees on my examination of the accounts ofthe Company for the year ended 31 March 2024. Responslbllltles and basls ol report As the charivs trustees of the Company {and also Its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 20061'the 2006 ACVI. Havln8 satlsfled myself that the accounts of the Company are not requlred to be audlted under Part 16 of the 2006 Act and are eli8ible for independent examination, I report in respecl of my examination of your charit$ accounts as carried out under section 145 of the Charities Aci 2011 I'the 2011 Act'l. In carrying out my examination I have followed the Oirectlons 8lven by the Charlty Commlsslon under section 145151 Ibl of the 2011 Act. Independent examlnerfs statement Slnce the Companrf5 gross Income exceeded £250,000, I confirm thal l am qualified to undertake the examination because l am a member ofthe ICAEW, which is one ofthe listed bodies. I have completed my examlnatlon. I conflrm that no matters have come to my attentlon In connertlon wlth the examination giving me cause to believe: accountln8 records were not kept In respect of the Company as requlred by section 386 of the 2006 Act; or 2. the accounts do not accord wlth those records; or 3. the accounts do not comply with the accountin8 requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and falr view which is not a matter considered as part of an Independent examinatlon; or 4. the accounts have not been prepared In accordance with the methods and principles of the Statement of Recomrnended Prartice for accountin8 and reporting by charities appllcable to charltles preparln8 thelr accounts in accordance wlth the Financlal Reportlng Standard appllcable In the UK and Republic of Ireland IFRS 1021. I have no concerns and have come across no other matters in connection with the examinatlon to whlch attention should be drawn In thls report In order to enable a proper understandln8 of the accounts to be reached. 0110812024 Anthony Epton BA FCA cfA FCIE Goldwlns Chartered accountants 75 Maygrove Road West Hampstead London NW6 2EG
RIFCO ARTS Statement of finandal actlvlties lincorporatin8 an income and expenditure account) For the year ended 31 March 2024 2024 2023 Unrestrlrted Restrlcted Total Total Note Income from: Income from donations and memberships Charitable activities 39,145 702,481 3,340 744,966 39.145 717.481 3,340 759,966 20,517 429,985 88 Is,000 Investments Total Income 15,(X)O 450.590 Expendlture on: Charitable activities 722,448 722,448 15,000 15,000 737A48 737,448 576,934 576.934 Total expendltur• Net Income / lexpendlture) for the year 22.518 22,518 1126,3441 Transfers between funds Net movement In funds 22,518 22,518 1126,3441 RencIlIall9n of funds: Total funds brought forward Total funds carrled forward 350,907 373,425 350,907 477,251 350,907 373,425 All of the above results are derived from contlnuln8 activities, There were no other reco8nised galns or1055es other than those stated above. Movements In funds are dlsclosed In Note 15 to the financlal statements.
RIFCO ARTS Balance sheet As at 31 March 2024 2024 2024 2023 2023 Not• Flxed assets: Tangible assets li S.609 6,001 Current assets: Debtofs and Prepayments Cash at bank and in hand 12 347,761 258,259 606.020 S7,852 357,721 415,573 Llabilities; Creditors.. amounts fallin8 due wlthin one year 13 238.204 70,667 Net current assets 367.816 344,906 Total •ssets less current Il*bllltle$ 373,425 350,907 Total net •ssets 373,425 350,907 Funds Restricted funds Unrestrlcted funds: Designated funds General funds Total unrestricted funds 15 190.000 183,42S 190,¢)00 160,907 373 425 350,907 Total fvnds 373,425 350,907 The CharitV'5 financial statements have been prepared in accordance with the provisions applicable to companles subject to the small companies regime. The Trustees consider that the Charity Is entitled to exemptlon from the requirement to have an audlt under the provlsion of sedion 477 of the Companles Act 2006 1"the Act") and members have not required the Charlty to obtain an audlt for the year In question in accordance wlth section 476 of the act. The Trustees acknowledge thelr responslbllltles for complying wlth the requlrement of the Companles Act 2006 wlth respect to accounting records and the preparation of financial Statements. 2210712024 Approved by the trustees on .................................... and 51 ned on their behalf by: G Kanagathur•l Trustee Company reg15tratlon no. 462521Z The attached notes form part of the financial statements.
RIFCO ARTS Statement of cash Ilow For the year ended 31 March 2024 Note 2024 2024 2023 2023 Cash flows from operating activities: Net cash provlded by I (used Inl operatin8 activities 197,6391 148.517) Cash flows from Investlng actlvltles: Sale/ {purchasel of fixed assets 11,823} {7.742) Cash provlded by / (used In) Investln8 actlvftles 11,8231 Change In cash and (ash equlvalents In the year 199,4621 156,2591 Cash and cash equlvalents at the be8lnnin8 of the year 357,721 413.980 Cash and cash equlvalents at the end of the year 17 258.259 357,721
RIFCO ARTS Notes to the flnanclal statements For the year ended 31 March 2024 Accounting pollcles Basls of preparatlon The financial statements have been prepared In accordance with Accountin8 and Reportln8 by Charities: Statement of Recommended Practice applicable to charlties preparing their accounts in accordance with the Financlal ReportSng Standard applicable in the UK and Republic of Ireland IFRS 102 - effectlve l January 20151- Icharltles SORP FRS 1021 and the Companies Act 2006. The charitable company meets the definition of a public benefit entlty under FRS 102. Assets and liabilities are initially reco8nised at historical cost or transaction value unless otherwise stated in the relevant accountin8 policy or note. b) Goln8 concern The trustees conslder that there are no materlal uncertalnties about the charltable company's ability to continue as a 8oln8 concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant Tisk of causing a material adjustment to the carryin8 amounts of assets and liabilitie5 Within the next reportin8 period. ci Income Income Is recogni5ed when the charity has entltlement to the funds, any performance condltlons attached to the income have been met. it is probable that the Income wlll be received and that the amount can be measured rellablv. Income from 8oveTnment and other grants, whether 'capital' grant5 or 'revenue' grants, is recognised when the charlty has entltlernent to the funds, any performance conditions attached to the 8rants have been met, It Is probable that the Income wlll be received and the amount can be measufed reliably and is not deferred. Income received in advance for the provlslon of speclfied service is deferred until the criterla for income recognition are met. For le8acles, entltlernent15 taken as the earller of the date on whlch elther: the charlty Is aware that probate has been granted. the estate has been finalised and notification ha5 been made by the executorlsl to the charity that a distribution will be made, or when a distribution is received from the estate. Recelpt of a le8acy, In whole or In part, Is only consldered probable when the amount can be measured reliably and the charity has been notified of the executorfs intention to make a dlstrlbutlon. Where legacies have been notified to the charlty. or the charity is aware of the granting of probate. and the crlterla for income recognition have not been met, then the legacv Is a treated as a contin8ent asset and disclosed If material. d) Donations of gifts. services and lacllltles Donated professional services and donated faclllties are reco8nlsed as Income when the charity has control over the Item or received the service, any conditions assoclated with the donation have been met. the receipt of economic benefit from the use by the charlty of the item 15 probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, volunteer tlme Is nol recognised so refer to the trustees, annual report for more information aboul thelr contributlon. On receipt. donated gifts. profe55ional serrfices and donated facllltles are recognised on the basis of the value of the gift to the charity whlch is the amount the charity would have been willing to pay to obtain seryices or facilitles of equivalent economic benefit on the open market; corre5pondin8 amount is then recognised in expenditure in the period of receipt.
RIFCO ARTS Note5 to the financial statements For the year ended 31 March 2024 AOUntIng pollcles (contlnued} Interest recelvable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is nomially upon notlfbcatlon of the Interest paid or payable by the bank. Fund accountlns Unrestricted funds are available to spend on artivities that further any of the purposes of charlty. Designated funds are unrestrirted funds of the charity which the trustee5 have decided at thelr d15cretlon to set aside to use for a specific purpose. Restricted funds are donations which the donor has specified are to be solely used for particular areas of the charitys work or for specific projects being undertaken by the charity. Empendlture and Irr¢Verable VAT Expenditure Is recognised once there Is a le8al or construct5ve obll8atlon to make a payment to a thlrd party. It is probable that settlement wlll be required and the amount of the obll8ation can be Measured Teliably. Expenditure is classified under the following activlty headings.. Costs of raising funds comprlse of trading costs and the costs incurred by the charitable company in Inducing third parties to make voluntary contrlbutions to it, as well as the cost of any actlvities wlth a fundraising purpose. Expendlture on charltable actlvltles Includes the costs of deliverlng 5ervlce5 and other actlvltles undertaken to further the purposes of the charlty and thelr assoclated support costs. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is char8ed as a cost against the actlvlty for which the expenditure was Incurred. h) Alloutlon of support costs Support costs are those funrtions that a5S1St the work of the charlty but do not directly undertake charltable activities. Support costs include back office costs. finance, personnel. payroll and governance costs which support the activities. These costs have been allocated between c05t of ralsln8 funds and expendlture on charltable actlvltles. The bases on which support Costs have been allocated are set out In note 5. Tanglble flxed assets Items of equlpment are capltallsed where the purchase price exceeds £500. DepreclatSon is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful Ille. The depreclation rates in use are as follows: Fixtures and fittlngs 25% Stralght Llne Computer equipment 25% Strai8ht Line J) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. k) Cash at bank and In hand Cash at bank and cash In hand includes cash and short term hlghly Ilquld Investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. Creditors and provision5 Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result In the transfer of fvnds to a third party and the amount due to settle the obli8atlon can be measured or estimated reliably. Creditors and provisions are normally recognised at thelr settlement amount after allowing for any trade discounts due. io
RIFCO ARTS Notes to the flnanclal statements For the year ended 31 March 2024 2 Detalled comparatlves for the statement of financial activities Unrestrlrted Restrf¢ted Total 2023 Income Irom: Income from donations Charltable activities 20,517 415,285 88 20.517 429,985 88 14,700 Investments Total Income 435,890 14,700 450.590 Expendlture on: Charitable activitles 562,234 562,234 14,700 14.700 S76,934 576,934 Total expendlture Nel Income l expendlture before 8alns I Ilosses) on Inv•5tments Net gains /1105ses) on investments Net inrne l expendlture Transfers behyeen fund5 1126,344) (126,3441 1126.344) (126,344) Net Income / {expendlture) before other rewgnlsed galns and losses Other 8alns /1105sesl Net rnovement In funds Total fund$ brouiht fonward Total funds carrled forward {126,3441 1126,3441 1126.3441 477,251 3SO.907 1126,3441 477,251 350.907 Donations And membershlpl 2024 2023 Total Unrestrlcttd Restrlrted Total Donations and memberships Glfts In klnd (office space Irom Warford Palace Theatre) Total Donations and membershlps 27,145 12,000 39,145 27,145 12,000 39,145 ,517 12.000 20.517 4 Income from charttable actlvltles 2024 Total 2023 Total Unremrlrted Restrfrted Incon earnedfrom ¢horitable artlvltles Arts Council 473,391 473,391 Is.000 149.618 79,472 717.481 331,391 14.700 53,684 30,210 429.985 Other grants Live Performance Other income Is,0 149,618 79,472 702,481 Total Income from charitsble artivities 15,(KlO li
RIFCO ARTS Notes to the Ilnantlal statements For the year ended 31 March 2024 51a) Analy$ls ol expendlture for the year Charltable activities Support costs 2024 Total 2023 Total Staff costs Produrtlon ¢ort 379,624 79,177 4581 311.169 Support fees Other productlon costs Labour costs Support Cost Rent Internet and website costs 16,051 98,785 20.120 6,100 114,816 22.151 213.601 20,120 26,563 161,719 23.443 18,117 18.117 29,589 412 2,215 78 412 18.815 3.018 83 Depreciation Board Expenses Governance cost 2,215 78 8ank Interest and char8es Examlner fees 253 253 SS8 1,700 1,7(Ki 1.9.77 516,533 220.915 220,915 1220,915) 737.448 576,934 Support costs Total expendltufe 2024 737,448 737,448 Total expendltur• 2023 S76.934 576,934 Of the total expendlture, £722,448 was unrestricted12023: £562.2341 and £15,000 was restricted 12023.. £14,700). 12
RIFCO ARTS Notes to the flnan¢lal statements For the year ended 31 March 2024 51bl Comparallve analysls of expendlture-prlor year12023) Charltabl• artlvltles Support ¢osts 2023 Total Staff costs Produrtlon cost Support fee5 Other production costs Labour costs Support cost Rent 252,8YI 58,315 311.169 22,013 77.016 23,443 4,550 84.703 26,563 161.719 23,443 29,589 18,815 3,018 83 29.589 18.815 3,018 83 Telephone and intemet Depreclatlon 8oard Expenses Governance cost 8ank interest and char8es Examiner fees 558 558 1.977 377,861 199,073 1.977 576,934 199,073 1199,073) Support costs Total expendlture 2023 576.934 576.934 Of the total expenditure, £562.234 was unrestricted and £14,700 was restrirted. 13
RIFCO ARTS Notes to the financial statements For the year ended 31 Mar¢h 2024 Net Incomlnl resources for the year This is stated after charging I crediting: 2024 2023 Depreclation Independent examiner's fees 2,215 3,018 1,700 1.977 Analyjls of staff costs, tru5te• remuneratlon and expenses. Ind the cost of key management personnel staff costs were as follows: 2024 2023 Salaries and wa8e5 Social securlty costs Employer pension contribution Freelance staff costs Staff travelllng 288.861 16,943 8,911 99,298 44,788 458,801 174,564 9,468 5,82S 103,268 18.044 311,169 The total employee beneflts Includin8 penslon and natlonal Insurance contrlbutions of the key management personnel were £77,001 {2023: £72.599}. One employee earned more than £60,000 per annum, The charity trustees were not pald or recelved any other benefits from employment wlth the charlty In the year12023: £nil}. No charlty trustee received payment for professional or other sep4ices supplied to the charlty12023.. Enlll. No trustees received any payment or reimbursement of travel and subslstence costs. Staff numbers The avera8e number of employee5 durlng the year was as follows.. 2024 2023 No. Charitable actlvity Support Governance Relaled party transa¢tlon$ There are no related party transactions to dlsclose for 202412023: none}. The charity is a member of the "Real Resources" a charity registered in England & Wales. The charity received a grant of Nil12023'. Nil}. There are no donations from related parties which are outside the nomial course of business and no restricted donatlons from related partles. 10 Tajtation The charitable company 15 exempt from corporation tax as all it5 income is charitable and Is applied for charitable purposes. 14
RIFCO ARTS Notes to the flnanclal statements For the year ended 31 March 2024 Fixtures, Flttlng & equipmen 11 Tan8lble flxed assets Plant and Machinery Total Cost At the start of the year Additions in year Dlsposals In year At the end ofthe year 23.023 1,823 10.000 33.023 I23 24,846 10,000 34,846 Depreclatlon At the start of the year Charge for the year Ellmlnated on dlsposal At the end of the year 17,022 10,000 27,022 2,215 2,215 19,237 lo,0 29,237 Net book value At the end of the year 5.609 At the start of the year 6,001 6,001 12 Debtors 2024 2023 Trade debtors Other debtor5 Prepayments 102,000 SS,937 189,824 41.597 16,255 347.761 57,852 IJ Credltors: amounts lallln8 due wlthln one year 2024 2023 Trade creditors Other credltors Taxation and social securfty Accruals Deferred Income. 50.217 22.158 26,388 1,750 137,691 238.204 44,465 3.934 4,870 2,398 15,0 70,667 Oefetted Income 2024 2023 Balance at the beginning of the year Amount released to income in the year Amount deferred in the 15.IX)O 115,000} 9,70Q 19,7001 year Balance at the end of the year 137.691 15,000 137,691 15,000 15
RIFCO ARTS Notes to the flnanclal statements For the year ended 31 March 20Z4 14 . Analysis of net assets between funds General unrestrlrted Des6gnate Total lunds Restricted Tan8lble fixed assets 5,009 5.009 Net current assets Net assets at the end ol the year 178.416 190.000 368A16 183.425 190,000 373,42S IS Movem•nts In lunds At the start of the year Incomin8 resources & gains Outgoin8 resources &1055e5 At ihe end of the year Transfers Restrlcted funds: Backstage Trust Total restrlcted funds 15,000 15.000 115,0001 15.000 Deslgned funds Productlon and Capltal Replacement 190,000 190.000 Genor•l funds Unrestricted Funds 160,907 744,966 722,448 183.425 Total unrestrlcted funds 350,907 744.966 17214481 373,425 Total funds Includln8 penslon fund 350,907 7S9,966 737,448 373,425 Purpose of the deslgnated funds The designated funds are to use for production and capital replacement. 16 Reconclllatlon of net Income / lexpendlturel to net tash flow from oper•tin8 actlvltles 2024 2023 Net Income I lexpendtture) for the reportlnl perlod Depreciation Ilncreasell decrease in debtors Increase/ (decrease) in rdItorS Net cash provlded by I (used In) operatlng artlvltles 22.518 2,215 1126,3441 3.018 1289,909) 50.534 167,537 197,6391 24.275 148.5171 16
RIFCO ARTS Notes to the flnanclal statements For the ear ended 31 March 2024 17 Analysls of cash and cash equivalents At31 Mar¢h 2024 Other than8es At l April 2023 Cash flows Cash at bank and in hand 357,721 199,462) 258,259 Total ¢ash and Cash equlvalents 357.721 99,462 258.259 18 Operatln8 le•se ¢ommltments At the balance sheet date. the charity had no financial commitment under non-cancellable operatin8 leases. 19 Legal status of the charlty The charlty Ss a company Ilmlted by 8uarantee and has no share capltal. The Ilabllity of each member In the event of windlng up Is Ilmlted to £1. 17
RIFCO ARTS Notes to the flnanclal statements Forthe year ended 31 March 2024 20 Analysis of net assets between funds- prfor year12023) General unrestrlrted Total funds Deslated Restrlcted Tangible flxed assets Net current assets 14et asset5 at the end ol the year 6,001 6,001 154.906 190,000 344,906 160,907 190.000 350,907 Movements In funds Ib) 120231 At the start of the year Incomlng resources & 8aln5 Out8oin8 resources & losses At the end of Ihe year Transfers Restrlcted funds: Heritage Lottery Fund Concord Theatrlcals 9,700 (9,7001 5.000 15,0001 Total restrlcted funds 14.700 114,700) Desl8ned funds Production and Capltal Replacement 190.000 190.000 General fund$ Unrestricted Funds Total unrestrfcted lund5 287,251 435,890 {562,2341 160.907 477.251 450.590 576,934 350.907 Total funds Includln8 penslon fund 477.251 450.590 576.934 350.907 Purpose of the deslinated lunds The desi8nated funds are to use for Productlon and Capital Replacement. 18