ANNUAL REPORT FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024
ILLUMINATED RIVER FOUNDATION CONTENTS Page Legal and Administrative Information Chairman's statement Report of the Trustees Independent Examinerfs Report to the Trustees Statement of Financial Activities Balance Sheet io Cashflow Statement li Notes to the Financial Statements 12
ILLUMINATED RIVER FOUNDATION LEGAL AND AOMINISTRATIVE INFORMATION FOR THE YEAR ENDED 29 FE8RUARY 2024 Trustees Lord Mendoz3, Chair of Trustees Fabia Bromovsky The Hon. Dame Hannah Rothschild Anthea Case Sarah Gaventa member of Finance sub-commitlee Address Illuminated River Foundation 15 St. James's Place London SWIA INP www.i11 u minatedriver.london Independent Examiner Cara Turtington FCA DChA S3ffery LLP 71 Queen Victoria Street London EC4V 4BE Solicitors Macfarlanes LLP 20 Cursitor Street London EC4A ILT Bankers National Westminster Bank PIC 216 Bishopsgate London EC2M 4QB
ILLUMINATED RIVER FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 Illuminated River featured, once again, prominently in the great events of our nation. In May 2023, with a splendid lighting display in red, white and blue, central London's bridges provided a perfect backdrop for celebration of the coronation of King Charles111. London Bridge litfor the Coron(Jtion, Lle5igned by Durhom Marenghifor the Mayorof London Illuminated River ha5 continued to inspire Londoners and visitors from elsewhere in the UK and from around the world. It has been gratifying to see the positive reaction to the project on social media and in our vibrant programme of public engagement event5, walks, talks and also boat tours run In partnership with Uber Boat by Thames Clippers. In September 2023, we were delighted to host a boat tour with the youth charity Renaissa nce Foundation,. this gave London-based young carers an opportu nity to experience Illumi nated River while meeting career professionals across a range of disciplines. I n October, in collaboration with The Poetry Society and coi nciding with National Poetry Day, we published a new work celebrating the artwork from emerging writer and performer Tife Kusoro. Illuminated River 3150 continues to be recognised by a number of prestigious awards. This project was i nspired, i nitiated and Supported by the Rothschild Foundation. The charity has had the support of three other world-leading foundations: Arcadia Fund, Blavatnik Family Foundation and Reuben Foundation. This philanthropic support has resulted in a great gift to London that will last a generation.
ILLUMINATED RIVER FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENOED 29 FEBRUARY 2024 Illuminated River is a long-term project- the Foundation has committed to supporting the completed artwork until July 2029 but the instal lation and systems are expected to have longevity well beyon d that date. We have in place a legacy group, bringing together Greater London Authority and bridge owners to provide continued oversight of the project, alongside a robust programme of bridge inspections and routine maintenance to ensure the installation operates reliably into the future. -glp*iil'" 81ackfriars Bridge, photo by Kelly Killan Our charity's commitment to best practice, high quality and long-term sustainability has informed every stage of this project's design, development and delivery. We assembled an experienced and talented team of project partners and the Foundation continues to operate with dedicated support arrangements in place. On behalf of the Foundation I wish to acknowledge the incredible skill and efforts of all of our project team members, alongside the wider constituency of partners, stakeholders, community and business groups upon whose support the success of Illuminated River has relied. Lord Mendoza Cha ir of Trustees September 2024
ILLUMINATED RIVER FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 Objectives and activities The Foundation has the charitable object of promoting the arts by the creation and implementation of a lighting scheme of artistic merit for London's bridges. The Illuminated River project transform5 the capital with a unif bed kinetic artwork across Central London's bridges. The Trustees confirm that they have regard to the Charity Commission'5 guidance on public benefit when reviewing the Foundation's aims and objectives and in planning future activities. Illuminated River aims to be a model of best practice and collaboration, working in partnership with other charities and organisation5 working on the Thames,. sharing experience and learning," and showing how different sectors and London boroughs can work together to make the city more attractive and accessible for everyone. During the financial year, the maintenance and legacy phase of the CQTnpleted nine bridge programme of 1 Iluminated River continued. This unique artwork is free, publicly accessible and will be in place until at least July 2029 when the installation and systems will be gifted back to the respective bridge owner5 . Based on a single lighting concept, the artwork on each bridge captures its unique history and identity, and responds to its distinct area of the Thames. 111 Westminster Bridge, photo by Paul Crawley Millennium 8ridge, photo by Philip Petrou
ILLUMINATED RIVER FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 Achievements and performance During the year, we continued with the maintenance and legacy phase of the project, ensuring ongoing operation of the lighting and related technologies that underpin the artwork, promoting the project to diverse aud iences and also highl ighting the ach ievements. Alongside the charity's Board of Trustees, we have a legacy group that brings together Greater London Authority and respective bridge owners to uphold the integrity of the artwork and wider long-term legacy of the project. Illuminated River has been recognised in the following awards.. Dezeen Award 2022.. Arch itectural Lighting Design of the Year Building 8eaLJty Award 2022.. Public Space Award London Design Award 2021.. Silver Maritime Society Award 2021.. Digital Media Waterfront Award 2021 Civic Trust Award 2021 Royal Town Planning Institute Award 2021.. Excellence in Planning for Heritage and Culture New London Architecture Award 2020.. Jury's Choice British Construction Industry Award 2020.. Small Project of the Year Planning Award 2020.. Best Use of Art5 Culture or Sport in the Place Making New London Architecture Award 2019.. Culture The Foundation has f rom inception adopted best practice and committed to close collaboration with riverside communities, bridge owners, business and other stakeholders. These relationsh ips conti nue to be important - in the past year we worked in partnership to deliver a range of public and community events and activities designed f urther to embed the project and raise public awarene55 of I Iluminated River over the longer-term. Future activities Illum inated River was from inception planned and designed for the long-term, with the Foundation committed to supporting the project until July 2029- 10 years from the date of illumination of our first phase. At that tMe, the charity expects to hand over to the respective bridge owner5, at no cost to them, systems and light fitti ngs installed on the nine bridges to enable the artwork- eq uipment with longevity well beyond 10 years. Financial Review Total income for the year was £10,44712023-. £81,2811. A breakdown of donations and legacies is set out in Note 3. Total expenditure for the year was £0.34 million12023.' £0.34 millionl. This comprises maintenance and legacy costs,. related professional fees, including communicatlolls,. and modest running costs of the Foundation. At the financial year-end, the Foundation'5 total fund5 were £3. 1 million12023'. £3.4 million). Reserves policy As at 29 February 2024, the Foundation held total reserves of £3,083,871 12023. £3,413,171), comprising unrestricted reserves of £3,067,84112023. £3,391,829), and restricted reserves of £16,03012023.. £21,342). The balance of unrestricted reserves also constitutes the balance of free reserves at year-end.
ILLUMINATED RIVER FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDED 29 FEBRUARY 2024 The adequacy of reserves is reviewed anriually, with reserves maintained at a level Suff icient to meet f inancial commitments as they are made in realising and supporting the project. Unrestricted income raSed in the year is used to support the cost of the charitable activities. The Trustees are satisfied with the reserves position at the year end and consider the level of reserve5 a5 adequate to complete the project and support maintenance of the artwork until July 2029, the planned date of handover of the installation to bridge owners. Structure, Governance and Management The Illuminated River Foundation is a registered charity Inumber 11683751. The Foundation is a Charitable I ncorporated Organisation ICIOI and was established on 21 July 2016. The CIO is an independent charity and not part of any 'umbrella" body. The members of the CIO are the Fou ndation's Trustees who undertake to act in good faith to further the PLJrpose of the Foundation. Trustees have the power to delegate any of their powers or functions to a committee or committees. New Trustees are appointed for a term of three years, renewable, by a resolution passed at a properly convened meeting of the Foundation'5 Trustees. There is an interview and induction process for new Trustee5 and on- going training is undertaken, including regular meetings, discussions with individuals and organisations, with relevant briefing papers in the work areas supported by the Foundation. The Board of Trustees meets six monthly to review the Foundation's strategy, performance towards agreed objectives, and f uture plans. In addition, the Finance sub-committee meets in between Board meetings to review the Foundation's finances, contract and procurement issues, key risk5. Risk management The Trustees are responsible for establishing and monitoring internal control systems within the Foundation. The major risks which may impact the activities of the Foundation have been reviewed during the year and the Trustees are satisfied that the system of internal controls currently in place is adequate, whilst recognising that they are designed to manage rather than eliminate risk. Internal contro15 are reviewed on an ongoing basis as part of the day-to-day risk management process within the Foundation. The key risk area5 for the Foundation arise from the complexity of managing a long-term, large scale, public art project involving the engagement and support of a number of public and private sector organi5ations. Currently, key risks include ensuring the quality and integrity of the completed installation in SLJpport of the effective and reliable operation of the artwork and its ongoing maintenance. The Foundation is successfully managing risks through appointment of expert advisers, and by timely and sustained engagement with stakeholders, includ ing bridge owners, local communities, public and private sector organisations. Fundraising The Trustees take their responsibilities under the Charities (Protection and Social Investment) Act 2016 seriously and have considered the implications on their f undraising activities. The Foundation has raised f und5 by direct applications to private Tru5t5 and Foundations and has not carried out any fundraising activity in order to raise f unds f rom the general public, or otherwise to engage professional f undraisers. The Trustees are not aware of any complaints made in respect of fundraising during the year.
ILLUMINATED RIVER FOUNDATION REPORT OF THE TRUSTEES FOR THE YEAR ENDEO 29 FEBRUARY 2024 Statement of Trustees, responsibilities The Trustees are responsible for preparing the Trustees. Report and financial statement5 in accordance with applicable law and U nited Kingdom Accounting Sta ndards IU nited Kingdom Generally Accepted Accounting Practicel. The Charities Act 2011 requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the Incoming resources and application of resource5, of tho Foundation for that year. In preparing these financial statements, the Trustees are required to.. select suitable accounting pol icies 8 nd then apply them consistently,. observe the methods and principles in the Charities SORP- make judgements and estimates that 3 re re3sonable 3nd prudent,. state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the f ina ncial statements,. and prepare the financial statements on the going concern basis unless it is Inappropriate to presume that the charity will continue in business. The Tru5tee5 are responsible for keeping proper accoLJnting records that disclose with reason3blo accuracy at any tirne the financial position of the charitable company and enable them to ensure that the financial statements comply with the Charities Act ?.01 l. They are also responsible for safeguarding the assets of the Foundation and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularities. The Report of the Trustees was approved by the Board on 9 Septefflber 2024 and Signed on their behalf by.. Lord Mendoza Chairman
ILLUMINATED RIVER FOUNDATION Independent Examiner's report to the Trustees FOR THE YEAR ENDED 29 FEBRUARY 2024 I report to the trustees on my examination of the accounts of Illuminated River Foundation (the 'Foundation'l for the year ended 29 February 2024. Respective Responsibilities of trustees and examiner As the charity trustees of the Foundation you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 20111'the Act'l. I report in respect of my examination of the Foundation's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charitv Commission under section 14515llbl of the Act. Basis of independent examinerfs report My examination w35 carried out in accordance with the general Direction5 given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and con5equÈntly no opinion is given as to whether the accounts present a 'true and fair view, and the report is limited to those matter5 set out in the statement below. Independent examiner's Statement I have completed my examination. I confirm that no material matter5 have come to my attention in COf4nection with the examination giving me cause to believe that in any material respect.. l. accounting records were not kept in respect of the Foundation as required by section 130 of the Act,. or 2. the accounts do not accord with those records- or 3. the accounts do not comply with the applicable requirements concerning the form and content of accounts Set out in the Charities IAccounts a nd Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair Vie which is not a matter considered as part of on independent examination. I have no concerns and have come across no other matter5 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. Signed= Name.. Cara Turtington FCA DChA Address.. Saffery LLP, 71 Queen Victoria Street, London, EC4V 48E Date.. 4 Odjy 20
ILLUMINATED RIVER FOUNDATION STATEMENT OF FINANCIAL A1VITIEs FOR THE YEAR ENDED 29 FEBRUARY 2024 Note Unrestricted Restricted Fund Fund Total Total 2024 2024 2024 2023 Income from: Donations and legacies 10,447 10,447 81,281 Total income 10.447 10,447 81,281 Expenditure on- Raising funds Foundation activities 334,435 5,312 339,747 335,370 Total expenditure 334.435 5,312 339,747 335.370 Net income/lexpenditurel 1323,9881 15,3121 {329.300} {254,0891 Reconciliation of Funds Balances brought forward at l March 2023 3,391,829 21,342 3,413,171 3.667,260 Balances carried forward at 29 February 2024 li 3,067,841 16,030 3,083,871 3,413,171 The note5 on pages 12 to 17 form part of thesè financial statements. The statement of financial activities includes all gai ns and losses recognised. All income and expenditure derive from continuing activities.
ILIUMINATED RIVER FOUNDATION BALANCE SHEET AS AT 29 FEBRUARY 2024 Note 2024 2023 Current assets Debtors Cash at bank and in hand 2,985,715 142,138 3,127,853 3,281,986 166,918 3,448,904 Current liabilities Creditors.. amounts falling due within one year 143,9821 {35,733) Net assets 3,083,871 3,413,171 Funds Unrestricted fund Restricted fund 3.067,841 16,030 3,391,829 21.342 Total funds io 3,083,871 3.413.171 The financial statements were approved by the Trustee of the Illuminated River Foundation on 9 September 2024 and signed on their behalf by.. Lord Mendoza, Chai The notes on page5 12 to 17 form part of these financial stateme Charity number 1168375 an io
ILLUMINATED RIVER FOUNDATION STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 29 FEBRUARY 2024 2024 2024 2023 2023 Cash flow from operating activities: Net income las per SOFA) Decrease in debtors 1329,3001 1254,0891 296,271 8,249 246,184 1245,3881 Increase in creditors Net cash generated from / (used inl operating activities 304,520 796 Change in cash and cash equivalents I n the reporting period Cash and cash equiwdlents at the end of the reporting period 124,7801 1253,2931 142,138 166.918 Analysis of cash and cash equivalents Net balance at l March 2023 Cash decrease in the period Net balance at 29 February 2024 Cash at bank and in hand 166,918 124,7801 142,138 Totsl cash and cash equivalents 166,918 124,7801 142,138 The notes on pages 12 to 17 form part of these financial statements. li
ILLUMINATED RIVER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 l. Foundation Information The Illuminated River Foundation is a registered charity Inumber 11683751. 2. Accounting policies al Basis of financial statements The financial 5tatemellts have been prepared in accordanco with the Statement of Recommended Practice.. Accounting and Reporting by Charities preparing their account5 in accordance with the Fi nancial Reporting Standa rd applicable in the UK and Republic of Ireland IFRS 1021 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011 and U K Generally Accepted Accounting Practice. The Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised 3t historical cost or transaction value unless otherwise stated in the relevant accounting policy notelsl. The financial statements are prepared in sterling, which Is the f unctional currency of the Foundation. The financial statements have been prepared under the historical cost convention. b} Income Income from donations and grants, including government grants, 15 included in income when there is entitlement, probability of receipt and the a mount can be tneasured with sufficient reliability, unless the donor has specified th2t the donation or grant relates to a future period or that certain pre-conditions must be fulfilled before use. In these cases atnounts received are recognised in the relevant period or when the pre.conditions have been met and until then treated as deferred income. Donations and gra nts for particular purposes are included In Incoming resources as restrictod funds. All other Income is recognised on an accruals basis once the charity 15 legally entitled to receipt. c) Expenditure Expendilure is included on an accruals basis. Expenditure on raising funds comprises those expenses directly attributable to fundraising. Expenditure on Foundation activities comprise administration and support Costs of the Foundation. dl Support and Governance expenditure Support cost and Governance costs are alloc3ted to the Foundation activities as incurred. Governance expenses comprise of all costs involvin8 the public accountability of the charity and expenses related to statutory requirements. These expenses Include fees for statutory audit and legal fees where relevant. 12
ILLUMINATED RIVER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 g} Taxation The Foundation is a registered charity and is not liable to United Kingdom income tax or corporation tax on charitable activities. h) Pensions Foundation staff are el igible to join a defi ned contribution pension scheme. Pension costs In relation to this scheme are included In the Statement of Financial Activities as they fall due. i} Going concern The management have undertaken an asse55ment of going concern and conclude that the going concern basis is appropriate because there are no material uncertainties related to event5 or condition5 that may cast significant doubt about the 3bil ity of the company to continue as a going concern. Restricted funds can only be used for particular purposes within the objectives if the Foundation. Restrictions arise when specif led by the donor or when funds are raised for a particular purpose. Unrestricted reserves are funds that can be used for any purpose within the Foundation's objectives. j) Critical accounting judgements and key sources of estimation uncertainty In the application of the accounting policies, the Trustees are reqLJired to ma ke judgements, e5timate5 and assumptions aboLJt the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The e5timate5 and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised and in future periods where necessary. The Trustees consider there to be no critical accounting estimates and judgements. kl Financial instruments The Foundation only has financial a55ets and financial liabilitie5 of a kind that qualify as basic financial instruments. Basic financial instru ments are initially recognised at transaction v21ue and subsequently measured at their settlement value. The Foundation has selected to apply the provisions of Section 11 'Basic Financia1 Instruments, and Section 12 '0ther Financial Instruments Issues, of FRS 102 to all of its financial instruments. 13
ILIUMINATED RIVER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 29 FEBRUARY 2024 Donations and legacies Year ended 29 February 2024.. Unrestricted fund Restricted fund Totsl Donation5 Grant of service 5,447 5,000 5,447 5,000 10,447 10,447 Year ended 28 February 2023.. Unrestricted fund Restricted fund Total Donations Grant of service 3,781 5,000 72.500 76,281 5,000 8,781 81,281 £5,00012023.. £71,500) of the above donations were received from trustees or entities to which they arè related. 72,5) Total Expenditure Staff costs Other costs 2024 Raising funds Total expenditure on raising f unds Development, maintenance and legacy expenses Management and admin expenses 322,638 17,109 322,638 17,109 Total expenditure on Foundation activities 339,747 339.747 Total Expenditure 339,747 339,747 Staff costs Other costs 2023 Raising funds Total expenditure on raising funds Development, mai ntenance and legacy expenses Management and admin expenses 314,419 20,951 314,419 20.951 Total expenditure on Foundation activities 335,370 335.370 Total Expenditure 335,370 335.370 14
ILLUMINATED RIVER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 Net income 2024 2023 Net income is stated after charging: Auditor5, remuneration.. Independent examination 3,720 3.600 Trustees Trustees received emoluments in the year totalling £ 16,18012023.. £6,000). Amounts reimbursed to trustees for travel and other expenditure totalled £180 in the year12023'. nill. During the year the charity made payments to Sarah Gaventa totalling £16,180 for Services Sarah provides to the charity. These payments were made in accordance with Article 6121 of the charity's constitution which permits trustees to be paid. In deciding to make these payments, the Trustees considered Sarah to be uniquely placed to offer the service5 required due to her historic knowledge of the charity. She played no part in the decision to use her services nor In the decision to fix the remuneration. Employees Following completion of the project, the staff team were made redundant and no staff were employed after June 2021. Debtors 2024 2023 Other debtors Prepayment5 and accrued income 3,511 2,982,204 3,281,986 Debtors re13ting to operating activities 2,985.715 3.281.986 Creditors - Amount5 falling due within one year 2024 2023 Trade creditors Other credtOrS Accrua15 29.139 203 5.598 172 14,640 29,963 Creditors relating to operating activities 43.982 35,733 io. Analysis of Net assets between funds Unrestricted Fund Restricted Fund 2024 2023 Net current a55et5 / Iliabilitiesl 3,067,841 16,030 3.083.871 3.413.171 Net Assets 3,067,841 16,030 3,083,871 3,413,171 15
ILLUMINATED RIVER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 ii. Movement in Funds Balance at I March 2023 Balance at 29 February 2024 Income Expenditure Unrestricted 3,391,829 10,447 334,435 3.067.841 Restricted 21.342 5,312 16,030 Total funds 3.413.171 10,447 339,747 3,083,871 12. Related Party Transactions During the year, the Rothschild Foundation made grants totalling £5,00012023'. £77,500) to I Iluminated River Foundation, Including a grant of services of £5,00012023'. £5,000). Hon. Dame H M Rothschild, a trustee of Illuminated River Foundation served as a Trustee of the Rothsch ild Foundation. 13. SOFA- prior year analysis of funds Unrestrirted Fund 2023 Restricted Fund 2023 Total 2023 Income from: Donations and legacie5 8,781 72,500 81,281 Totsl income Expenditure on: Raising funds Foundation activities 8,781 72,500 81,281 262,870 72,500 335,370 Total expenditure 262,870 72,5CK) 335,370 Net income Reconciliation of Funds Balances brought forward from l March 2022 1254,0891 1254,089) 3,645,918 21,342 3.667.260 Balances carried forward at 28 February 2023 3,391,829 21,342 3,413,171 16
ILLUMINATED RIVER FOUNDATION NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 29 FEBRUARY 2024 iumi,•o+eu Riverfrom the Llir - 'cIJG50n Hliivkes FUNDERS 44 / ROTHSCHILD SY FOUNDATION •) ARCADIA A CHARIT14BLE FJND OF LlSgFT FIAIJ8iNG & PFTER 8ALDWIP4 t3LAVATNIK ID REUBEN FOUNDATION SUPPORTEO 8Y MAYOR OF LONDON CITY LONDON 17