Charity Registration No. 1123986 Company Registration No. 4625212 (England and Wales) RIFCO ARTS TRUSTEES, REPORT AND UNAUDITED ACCOUNTS FOR THE PERIOD ENDED 31 MARCH 2025
RIFCO ARTS LEGAL AND ADMINISTRATIVE INFORMATION Trustees R Beeston V. Menon (resigned Sep 25) G Kanagathurai N Shea K Soni (appointed Feb 251 B Watling (appointed Jan 251 Secretary P Kumar Charity number 1123986 Company number 4625212 Principal address Building 3 Suite 13, Second Floor, Croxley Green Business Park. Hatter5 Lane, Watford, Hertfordshire. England. WD18 8A5 Registered office Building 3 Suite 13, Second Floor, Croxley Green Business Park. Hatters Lane, Watford, Hertfordshire. England. WD18 8AS Independent examiner Goldwins Limited 75 Maygrove Road West Hampstead London NW6 2EG
RIFCO ARTS CONTENTS PAGE Trustees, report 14 Independent examinerfs report Consolidated Statement of financial activities Balance sheet Statement of cash flow Notes to the accounts 9-18
RIFCO ARTS Trustees, Report For the year ended 31" March 2025 The Trustees present their report and accounts for the year ended 31 March 2025. The accounts have been prepared following the accounting policies set out in note I to the accounts and comply with Rifco's governing document, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities" issued in March 2005. Structure overnance and mana ement Rifco Arts is a company limited by guarantee (4625212) and a registered charity {11239861. The Trustees, who are also the directors for company law, who served during the year, were: R Beeston V Menon N Shea B Watling K Soni G Kanagathurai (Chairl Trustees are recruited through word of mouth, professional networks, and targeted advertising, with the key driver being the maintenance of a strong skills base. The Chair has been in post since January 2020, Ganan Kanagathurai, who brings extensive leadership, business and organisational development experience. Initial contact for prospective Board members is with the Executive Producer and Artistic Director/CEO, followed by a meeting with the Chair and Deputy Chair. Candidates then submit a formal letier of application, after which interviews are conducted with the Chair and Deputy Chair or an additional Board Member. Recruitment is ongoing for additional skills, specifically finance and digital. In relation to representation, the 50Yo diverse membership target is currently met. However, this membership balance will continue to be under review. Trustees are members of the company and guarantee to contribute £1 in the event of winding up the company. The Board meets quarterly. takes part in Board Away Days and attends performances, events and other meetings associated with the companvs activities. Their role is to set the strategic direction of the company, provide expert advice and guidance to the Executive and monitor and evaluate progress against Business Plan targets. The Artistic Director/CEO and Executive Producer lead the day-to-day management and operation of the company. The Executive has continued to recruit additional staff throughout this financial year, adding a Producing Associate role in October 2024. Recruitment challenges have lessened in comparison to the previousyear, and a new Marketing and Communications Manager joined in March 2025. In early 2025 our key funding partner. Arts Council England, announced an additional extension of the current funding period from 2023 - 2026 to 2028. This gives the organisation the added security of an extra two years of guaranteed funding with which to plan.
RIFCO ARTS Trustees, Report For the year ended 31" March 2025 Pro ramme 2024-25 was an exceptionally busy and rewarding year for Rifco Arts. The organisation saw record attendance, launched its most ambitious production to date, returned to the Edinburgh Fringe for the first time in fifteen years, and further deepened its commitment to developing and platforming new British South Asian talent across multiple disciplines. Frankie Goe5 to Bollywood Rifco premiered its largest ever production, Frankie Goes to Bollywood, written by Pravesh Kumar {bookl, composed by Niraj Chag, with lyrics by Tasha Taylor Johnson. The show opened at our long-standing partner venue, Watford Palace Theatre, and toured nationally across England and Wales during May- June 2024. Inspired by true stories of British and other European women brought into the world's largest film industry, Frankie Goes to Bollywood drew over 35,(M)O paying audience members and was an outstanding success from an audience engagement perspective. Pali and JaJ/5 Ultimate Asian Wedding DJ Roadshow In partnership with Soho Theatre, Rifco returned to the Edinburgh Festival Fringe with Pali & Jay's Ultimate Asian Wedding DJ Roadshow, a new piece exploring male friendship, music, and cultural identity. The show was warmly received in its London previews and sustained positive word of mouth across a full August run in Edinburgh. followed by a short regional tour. This marked a significant moment in Rifco's renewed commitment to Studio-scale work and festival presence. Artist Development: Associates Programmes Rifco launched Rifco Ragas, a new development programme supporting the creation of diverse British musicals. The scheme draws on multidisciplinary talent already active in the arts and selected three groups in this initial cohort, who will receive long-term support over a two-year development cycle. In parallel. we piloted a Young Associates programme for school-age participants, laying the groundwork for early engagement with creative careers. Digital Shorts Rifco completed post-production on two Digital Shorts commissioned through our 2023 Associates scheme: Brown Skinhead and Pink or Blue. Both projects represent bold, contemporary voices and will be released digitally in the coming year, strengthening Rifco's growing portfolio of screen-based work. V&A Museum Acquisition The V&A Museum invited Rifco to contribute to its permanent collection. Costume designer Andy Kumar donated an original hand-drawn costume design, marking the company's inclusion in one of the world's leading institutions for the arts and design. This recognition reflects Rifco's cultural impact and contribution to British theatre and visual storytelling.
RIFCO ARTS Trustees, Report For the year ended 31" March 2025 Future lans Much of the following year will be focused on producing Surinderella. a new British South Asian twist on the Cinderella story, which is set to premiere in September 2025. Planning has also begun for a second national tour of Frankie Goes to Bollywood in 2026, supported by an additional £260,000 in project funding. Historic Royal Palaces has also commissioned Rifco to create a series of short original plays about Indian soldiers, to be performed at Hampton Court Palace in November 2025. Alongside this programme of work, Rifco will continue to support its Rifco Rogas and Associate artist development schemes, release two new digital shorts, and deliver its second fundraising gala. Financial review Fundraising and Income Generation The Board and Executive set revised fundraising targets for the year ending 31 March 2025, based on programme expansion and the outcomes of previous fundraising efforts. Overall income generation was strong, particularly through earned income. Box office and co-production income from Frankie Goes to Bollywood significantly exceeded projections, and when combined with Pali & Jay's Ultimate Asian Wedding DJ Roodshow, total earned income reached £682,000. This represents a substantial return on investment and a positive shift in audience engagement. However, fundraising from trusts. foundations. and individuals remained below target. Non-box office income totalled £180,000, with trust and foundation income continuing at the lower levels seen since the Covid-19 pandemic. The same structural factors remain in place- many funders have adjusted their priorities toward crisis recovery and essential services, and Rifco's healthy reserves, following the pandemic, continue to present a challenge when demonstrating relative need. Additionally, several key trusts reported ongoing reductions in grant-making capacity due to lower returns on investment and decreased donations. The Board continues to monitor the external fundraising environment closely and is exploring new fundraising strategies to diversify and grow contributed income in the coming year. Reserves Policy In determining the company's Reserves Policy. the Board has considered the Charity Commission's guidance publication Charities ond Reserves. The Board reviews current finances, financial forecasts, and risk exposure regularly, and assesses the reserves position accordingly. An appropriate reserve level is crucial when producing at scale, as significant upfront costs must be covered in advance of receiving income from touring and partnerships. Reserves also ensure: That essential capital items, such as office IT systems and touring equipment, can be stored or replaced in a planned cycle That the companvs financial commitments can be honoured if a production is cancelled and planned income cannot be realised, including obligations to venues, suppliers, freelance artists, and creative teams
RIFCO ARTS Trustees, Report For the year ended 31" March 2025 As the organisation does not currently have a large-scale production planned for the immediate future, the Board has set the reserves target at £130,0(M), equivalent to four months of core operating costs. 211212025 Approved by the trustees on................ And signed on their behalf by G Kanagathurai Trustee
Independent examinerfs report to the trustees of Rifco Arts, Charitable Company ('the Companv) I report to the charity trustees on my examination of the consolidated accounts of the Company for the year ended 31 March 2025. Responsibilities and basis of report As the charity's 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 Act,). Having satisfied myself that the consolidated accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charit¢s accounts as carried out under section 145 of the Charities Act 2011 {'the 2011 Act,). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145{51 (b) of the 2011 Act. Independent examinerfs statement Since the Companvs gross income exceeded £250,000, I confirm that l am qualified to undertake the examination because l am a member of the ICAEW, which is one of the listed bodies. I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe: accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act: or 2. the accounts do not accord with those records- or 3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair view which is not a matter considered as part of an independent examination; or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached. Anthony Epton BA FCA cfA FCIE Goldwins Chartered accountants 75 Maygrove Road West Hampstead London NW6 2E 2010112026
RIFCO ARTS Consolidated statement of financial activities (incorporating an income and expenditure account) For the period ended 31 March 2025 Period ending March 2025 Period ending July 2024 Unrestricted Restricted Total Total Note Income from: Donations and memberships Other trading activities -Gross Income from Subsidiary Charitable activities 13.630 13,630 4,771 12 496,394 371.879 496,394 371,879 1,372.328 86 Investments Total income 881.904 881,904 1,377.185 Expenditure on: Raising funds -subsidiary costs Charitable activities 12 527.505 496.095 527505 496,095 1,508,430 Total expenditure 1.023.600 1,023,600 1,508,430 Net income / lexpenditurel for the year {141,696) 1141,6961 1131,2451 Transfers between funds Net movement in funds 1141,696) 1141,6961 1131,2451 Reconciliation of funds: Total funds brought fonNard Total funds carried forward 242.180 242,180 373,425 100,484 100,484 242,180 All of the above results are derived from continuing activities. There were no other recognised gains or losses other than those stated above. Movements in funds are disclosed in Note 16 to the financial statements.
RIFCO ARTS Balance sheet As at 31 March 2025 Company registration no. 4625212 The Grou Period ending March 2025 The Chari Period ending July 2024 Period ending March 2025 Note Period endingjuly 2024 Fixed assets: Tangible assets Investment in Subsidiary li 1.957 5.369 1,957 io 5,369 io 1957 5,369 1967 5,379 Current assets: Stock 13.754 254,567 28,302 296,623 Debtors 13 788.901 58,647 847,548 230,429 23,523 253,952 788,901 58,647 847,548 Cash at bank and in hand Liabilities: Creditors: amounts falling due within one year 14 (198,096) {610,7371 1124,3251 1610.7471 Net current assets 98.527 236,811 129,627 236,801 Total assets less current liabilities 100,484 242,180 131,594 242,180 Creditors: amounts falling due after one year Total net assets 100,484 242.180 131,594 242,180 Funds Unrestricted funds- Designated funds General funds 16 190,000 52.180 190,000 52,180 100,484 131,594 Total unrestricted funds 100. 242.180 131,594 242,180 Total funds 100, 242.180 131,594 242,180 The Charity's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The Trustees consider that the Charity is entitled to exemption from the requirement to have an audit under the provision of section 477 of the Companies Act 20061"the Act") and members have not required the Charity to obtain an audit for the year in question in accordance with section 476 of the act. The Trustees acknowledge their responsibilities for complying with the requirement of the Companies Act 2006 with respect to accounting records and the preparation of financial statements. 211212025 Approved by the trustees on .................................... and signed on their behalf by.. G Kanagathurai Trustee The attached notes form part of the financial statements.
RIFCO ARTS Statement of cash flow For the year ended 31 Marth 2025 Period endin8 March 2025 Period ending March 2025 Period endinEJuly 2024 Period endingJuly 2024 Note Cash flows from operating artivities: Net cash provided by / (used inl operating activities 16 (31,8041 1198,9791 Cash flows from investing activities: Sale/ Ipurchasel of fixed assets IN59 16331 Cash provided by/ (used in) investing activities 1,459 16331 Change in cash and cash equivalents in the year (30.3451 1199,6121 Cash and cash equivalents at the beginning of the year 58,647 258,259 Cash and cash equivalents at the end of the year 17 28,302 58,647
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 Accounting policies Basis of preparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102- effective l January 20151- (Charities SORP FRS 102) and the Companies Act 2006. The charitable company meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transattion value unless otherwise stated in the relevant accounting policy or note. b) Going concern The trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern. The trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period. c} Income Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met. it is probable that the income will be received and that the amount can be measured reliably. Income from government and other grants. whether 'capital' grants or 'revenue' grants, is recognised when the charity has entitlement to the funds. any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred. Income received in advance for the provision of specified service is deferred until the criteria for income recognition are met. For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executorlsl to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of the executor's intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material. Donations of gifts. services and facilities Donated professional services and donated facilities are recognised as income when the charity has control over the item or received the service. any conditions associated with the donation have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP IFRS 1021, volunteer time is not recognised so refer to the trustees. annual report for more information about their contribution. On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market- a corresponding amount is then recogni5ed in expenditure in the period of receipt.
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 Accounting policies (continued) Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Fund accounting Unrestricted funds are available to spend on activities that further any of the purposes of charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion 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 charitws work or for specific projects being undertaken by the charity. gl Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings: Costs of raising funds comprise of trading costs and the costs incurred by the charitable company in inducing third parties to make voluntary contributions to it, as well as the cost of any activities with a fundraising purpose. Expenditure on charitable activities includes the costs of delivering services and other activities undertaken to further the purposes of the charity and their associated support costs. Other expenditure represents those items not falling into any other heading. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. h) Allocation of support Costs Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support COSts include back ofrice costs, finance, personnel, payroll and governance costs which support the activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in note 5. Tangible fixed assets Items of equipment are capitalised where the purchase price exceed5 £500. Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The depreciation rates in use are as follows- Fixtures and fittings 25% Straight Line Computer equipment 25% Straight Line Debtors Trade and other debtor5 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. Cash at bank and in hand Cash at bank and cash in hand includes cash and short term highly liquid 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 provisions 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 fund5 to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 Detailed comparatives for the statement of financial artivities for the year ending 31 July, 2024 Unrestricted Restrirted Total 2024 Income from: Income from donations 4,771 1,372.328 86 4,771 1,372,328 86 Charitable activities Investments Total income 1,377,185 1,377,185 Expenditure on: Charitable activities 1,508,430 1,508,430 737,449 1,508,430 Total expenditure Net income / expenditure before gains / (1055es) on investments Net gains / Ilossesl on investments Net income / expenditure Transfers between funds {131,2451 1131,2451 1131,2451 1131,2451 Net income / {expenditurel before other recognised gains and losses Other gains / Ilossesl Net movement in funds {131,2451 1131,2451 (131.245) 373,425 242.180 (131,245) 373,425 242,180 Total funds brought forward Total funds carried forward 3 Donations and memberships Period endin8 March 2025 Total Period endingjuly 2024 Total Unrestricted Restricted Donations and memberships Gifts in kind (office space from Wafford Palace Theatre) Total Donations and memberships 5.630 8,000 13,630 5.630 8,000 13,630 771 4,000 4,771 4 Income from charitable artivities Period ending March 2025 Total Period endingjuly 2024 Unrestricted Restricted Total Income eamedlrom charitable activities Arts Council 204.789 48,692 16.644 101,754 371.879 204,789 48,692 16,644 101,754 371,879 268,602 Other grants Live Performance 681,641 422,086 1,372,328 Other income Total income from charitable activities io
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 S{a) Analysis of expenditure for the period Period ending March 2025 Total Period endingjuly 2024 Total Charitable activities Support costs Staff costs 249.485 72,814 322,299 383,734 Production cost Support fees Other production costs Labour costs 19.260 28.689 3,023 475 19,735 121,198 3,023 258,675 728,559 84,371 92.509 Support C05t Rent 22,909 316 22,909 316 49,114 55 Internet and website costs Depreciation Board Expenses Governance cost 1,953 195 1,953 195 863 Bank interest and charges Examiner fees 218 218 190 4.250 4,250 2.870 Total 304.925 191.170 {191,170} 496,095 1,508.430 Support costs 191.170 Total expenditure for period ending March 2025 496,095 496,095 Total expenditure for the period ending July 2024 1,508,430 1,508,430 Of the total charitable expenditure. £496.095 was unrestricted12024- £1.508,430} and nil was restricted {2024.' Nill. li
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 5{b) Comparative analysis of expenditure-prior period ending July12024) Period ending Julv 2024 Total Charitable activities Support costs Staff costs Production cost Support fees Other production costs Labour costs Support cost Rent Telephone and internet Depreciation Board Expenses Governonce cost Bank interest and charges Examiner fees 355.063 28,670 383,734 175,383 507.648 84,371 83,292 220,911 258,675 728,559 84,371 49,114 55 863 49,114 55 863 190 2.870 1,125,526 382.905 190 2,870 1,508,430 382,905 1382.9051 Support costs Total expenditure Julv 2024 1,508,430 1,508,430 Of the total expenditure, £1,508,430 was unrestricted and Nil wa5 restricted. 12
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 Net incoming resources for the year This is stated after charging / crediting- March 2025 July 2024 Depreciation Independent examiner's fee5 1.953 863 4,250 2.870 Analysis of staff costs, trustee remuneration and expenses. and the cost of key management personnel Staff costs were as follows- March 2025 July 2024 Salaries and wages Social security costs Employer pension contribution Freelance staff costs Staff travelling 261,765 16,138 7,576 25,189 11,632 301,828 5,817 10,298 47,607 18,184 322,299 383,734 The total employee benefits including pension and national insurance contributions of the key management personnel were £59,121 (July 2024.. £27,225). The charity trustees were not paid or received any other benefits from employment with the charity in the period (July 2024: £nill. No charity trustee received payment for professional or other services supplied to the charity (July 2024: £nill. No trustees received any payment or reimbursement of travel and subsistence costs. Staff numbers The average number of employees during the yearwas as follows- March 2025 No. July 2024 No. 24 Charitable activity Support Governance 13
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 Related party transactions Rifco Productions Itd is wholly owned subsidiary. The intercompany balance owed by Rifco Productions Itd at the period end was £94,607. (July 2024- £73,903} The charity is a member of the 'Real Resources" a charity registered in England & Wales. The charity received a grant of Nil (July 2024.. Nill. There are no donations from related parties which are outside the normal course of busines5 and no restricted donations from related parties. Pravesh Royalties: Prave5h Kumar, Artistic Director and Chief Executive Officer, received £7,219 in royalties for his work as a writer on Frankie Goes to Bollywood. This writing work was undertaken outside the scope of his employment duties. The payment represents one third of an 8 percent royalty on box office receipt5 and wa5 made at standard UK Theatre and Writers, Guild rates. Investment: In July 2024 Rifco Arts raised external investment to support the run of Frankie Goes to 8ollywood at the Southbank Centre. London. Ravleen Beston {Board Member}. Pravesh Kumar (Artistic Director and Chief Executive Officer), and George Warren IExecutive Producer) each made a risk-bearing investment on exactly the same commercial terms as all other external investors. Their capital was returned strictly in accordance with those terms and at the same time as all other investors. No related party received any preferential terms or financial benefit. 10 Taxation The charitable company is exempt from corporation tax as all its income is charitable and is applied for charitable purpose5. 11 Tangible fixed assets- Group & Charity Fixtures, Fitting & equipment Plant and Machinery Total Cost At the start of the year Additions in year Disposals in year At the end of the year 25,469 10,000 35,469 1,459 24.010 1,459 34,010 10,000 Depreciation At the start of the year Charge for the year Eliminated on disposal At the end of the year 20.100 10,000 30,100 1.953 1,953 22.053 10,000 32,053 Net book value At the end of the year 1,957 1,957 At the start of the year 5,369 5,369 14
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 12 Investments The charitable company holds IOOYO of the ICM) issued ordinary £1 Share capital of Rifco Production Ltd (Company Number 156444181, a company incorporated in England and Wales. Rifco Production Ltd develops and produces new plays and musica15, touring nationally to some of the UK'S most prestigious regional theatres. Relevant financial information regarding Rifco Production Ltd is as follows: 2025 2024 Box Office income 393,202 103,192 496,394 1520,566) 124,172) 16.9391 Theatre tax relief Total Income Direct costs Gross Ios5 Administrative expenses Net Ios5 131,1111 Net Assets/liabilities (31.111) The results of Rifco Production Ltd have been consolidated on a line by line basis and included under activities for raising funds both under Income and Expenditure. 13 Debtors The Group Period ending March 2025 Total The Charity Period ending March 2025 Total Period endingjuly 2024 Total Period endingJuly 2024 Total Trade debtors 75.279 696 7.283 352,863 404,731 24,024 68,278 95,303 41.331 900 7,283 352,863 404,731 24,024 Other debtors Accrual for tax relief 153.075 Prepayments Deferred Income accrual 24,617 24,617 254,567 788,901 230,429 788,901 15
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 14 Creditors: amounts falling due within one year The Group Period ending March 2025 Totsl The Charity Period ending March 2025 Total Period endingjuly 2024 Total Period endin8July 2024 Total Trade creditors Other creditors 81,462 76715 136,923 313,614 21,891 76.715 136,923 313,624 Loan < one year Accruals 14,200 25719 2.750 157,450 25719 2,750 157,450 Deferred income. 198.096 610,737 124,325 610,747 Deferred income The Charity Period ending March 2025 Total Period endin8July 2024 Total Balance at the beginning of the year Amount released to income in the year Amount deferred in the year Balance at the end of the year 157,450 (157,450) 137,691 {137,6911 157,450 157,450 15 Analysis of net assets between funds General unrestrict Designated Restricted Total funds Tangible fixed assets 1,957 1,957 Net current assets 98.527 98,527 Net assets at the end of the year IOON84 100,484 16
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 16 Movements in funds At the Start of the Period Incoming resources &gains Outgoing resources & losses At the end of the Period Tran5fer5 Restricted funds: Total restricted funds Designed funds Production and Capital Replacement 190,000 1190,0001 General funds Unrestricted Funds Total unrestricted fund5 52,180 242,180 881.904 881.904 {1,023,600} 11,023,6001 190,000 100,484 100,484 Total funds including pension fund 242,180 881,904 11,023,600} 100,484 Purpose of the designated funds The designated funds are to use for production and capital replacement. 17 Reconciliation of net income l (expenditure) to net cash flow from operating artivities Period ending March 2025 Period ending July 2024 Net income / (expenditure) for the reporting period Depreciation Ilncreasel/ decrease in stock Ilncreasel/ decrease in debtors Increase/ Idecreasel in creditors {141,696) 1.953 {131,2451 864 113,754) 534,334 {441,1401 1412,641) 372,542 Net cash provided by l (used in) operating activities 131,804) {198,9791 18 Analysis of cash and cash equivalents Atl August 2024 Other changes At 31 March 2025 Cash flows Cash at bank and in hand 58.647 130.3451 28,302 Total cash and cash equivalents 58.647 (30.345) 28,302 17
RIFCO ARTS Notes to the financial statements For the period ended 31 March 2025 19 Operating lease commitments At the balance sheet date, the charity had no financial commitment under non-cancellable operating leases. 20 Legal status of the charity The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1. 21 Analysis of net assets between funds- prior period ending July (20241 General unrestricted Total funds Designated Restrirted Tangible fixed assets 5,369 5,369 Net current assets 46,811 190,000 236,811 Net assets at the end of the year 52,180 190,000 242,180 At the start of the year Ib) Movements in funds (20241 Incoming resources & gains Outgoing resources & 105ses At the end of the year Transfers Restricted funds: Total restricted funds Designed funds Production and Capital Replacement 190.000 190,000 General funds Unrestricted Funds Total unrestricted funds 183.425 373,425 1.377,185 1,377,185 11,508,430) {1,508,430) 52,180 242,180 Total funds including pension fund 373.425 1.377.185 {1.508,430) 242.180 Purpose of the desi8nated funds The designated funds are to use for Production and Capital Replacement. 18