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
#147

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
Re￿ncIlIall9n 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
A￿OUntIng 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 in￿rne 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
458￿1
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
I￿23
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
r￿dItorS
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
Desl￿ated
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