REGISTERED CHARITY NUMBER: 1201090
REPORT OF THE TRUSTEES AND
UNAUDITED FINANCIAL STATEMENTS FOR THE PERIOD 21 NOVEMBER 2022 TO 31 DECEMBER 2023
FOR
RIAC UK
Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 Landgate Rye East Sussex TN31 7LJ
RIAC UK
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE PERIOD 21 NOVEMBER 2022 TO 31 DECEMBER 2023
| Page | Page | Page | |
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | ||
| Notes to the Financial Statements | 7 | to | 9 |
RIAC UK
REPORT OF THE TRUSTEES FOR THE PERIOD 21 NOVEMBER 2022 TO 31 DECEMBER 2023
The trustees present their report with the financial statements of the charity for the period 21 November 2022 to 31 December 2023. The trustees have adopted the provisions of 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 (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
RIAC exists to promote the arts for the public benefit by providing and assisting in the support and development for voluntary and public organisations through the provision of opportunities for voluntary work in the arts and culture sector including but not limited to encouraging and assisting people with professional or career skills to give time and use their skills in connection with the furtherance of that purpose.
Significant activities
RIAC's main activities are to match professionals who are interested in becoming trustees with charitable organisations from across the arts & culture sector who are looking for new and more diverse talent to fill posts. Each new trustee is mentored by an experienced arts Trustee as they grow into their new role.
Public benefit
The directors have had regard to the guidance of the Charity Commission on the provision of public benefit and concluded that the charity's core activity satisfactorily addresses the principles of identifiable public benefit and demonstrates that the charity has fulfilled the public benefit requirement under the Charities Act 2017.
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The activities of the charity are provided free to both potential candidates and arts organisations.
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The charity seeks to reach as wide a demographic as possible and to encourage candidates from a diverse range of backgrounds to become trustees.
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The organisations with whom RIAC matches trustees are all charities drawn from across the arts & culture sector, themselves delivering significant public benefit through their activities.
ACHIEVEMENT AND PERFORMANCE
In 2023, RIAC's first full year of operation, the charity signed up 61 potential trustees, 50 arts organisations and 13 mentors. There were 5 confirmed matches between new trustees, arts organisations and mentors, with more in the pipeline for 2024.
The charity organised three meet a mentor sessions online for potential trustees to meet one of RIAC's mentors and hear about their many years of experience as arts trustees. Additionally the charity organised one in-person meet a mentor session with Sir Vernon Ellis, and an annual networking drinks party for all trustee candidates, mentors and arts organisations at The Crafts Council in November 2023.
Feedback after the annual networking drinks included:
"RIAC you're awesome! We had a fantastic evening last night at Crafts Council celebrating RIAC's first birthday. RIAC are a fantastic charity who match new trustees (like me!) with arts & cultural organisations like Applause (who they matched me with). I'm so grateful to have the opportunity to support Applause in their vision."
"I went to RIAC UK's annual networking drinks last week - I've rarely been to a networking event with quite so much 'buzz'. Somehow the RIAC trustees created an environment where industry heavy-hitters and young professionals from across the sector could seek advice and explore ideas on equal terms."
Since the year end, RIAC has gone on to make 22 confirmed matches, and to expand the network to include 117 trustee candidates, 93 arts & culture organisations and 15 mentors.
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RIAC UK
REPORT OF THE TRUSTEES FOR THE PERIOD 21 NOVEMBER 2022 TO 31 DECEMBER 2023
FINANCIAL REVIEW
Financial position
To 31 December 2023, RIAC UK had received gifts and donations totalling £68,949 to support its charitable objects.
Expenditure in this first year, on administrative costs including setting up the charity, and events, totalled £36,600.
The charity therefore carries forward £32,808 into 2024.
Principal funding sources
The charity's funds have come from a number of individual donors, either donating directly, via a company giving scheme, or via a foundation.
RIAC acknowledges significant support in the period 21 November 2022 to 31 December 2023 from The Vernon Ellis Foundation and from Goldman Sachs Gives, as well as support during its 2022 incubation period from The Genesis Foundation.
Reserves policy
It is the policy of the directors to ensure that the organisation will generate adequate free reserves to meet its charitable obligations while maintaining sufficient reserves to allow operations to continue if there is a short-term downturn in income or increase in expenditure. The directors therefore aim to hold reserves of at least 3 months' unrestricted expenditure.
As at the balance sheet date the charity held reserves of £32,808.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a constitution and constitutes a Charitable Incorporated Organisation.
Recruitment and appointment of new trustees
At present the four RIAC Trustees are founder trustees serving their first three year term. As the charity continues to grow and develop, new trustees will be recruited from a wide pool of people committed to supporting the charity in its work.
Organisational structure
The charity has no employees. The day to day running of the charity is delegated to a small freelance team working on a self-employed basis.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number
1201090
Principal address
58 Stamford Brook Road London W6 0XL
Trustees
Ms A F Rowe I N Drayton R Khatri C Camilleri
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RIAC UK
REPORT OF THE TRUSTEES FOR THE PERIOD 21 NOVEMBER 2022 TO 31 DECEMBER 2023
REFERENCE AND ADMINISTRATIVE DETAILS Independent Examiner
David Ashby FCCA ACA Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 Landgate Rye East Sussex TN31 7LJ
Approved by order of the board of trustees on 17 October 2024 and signed on its behalf by:
Ms A F Rowe - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIAC UK
Independent examiner's report to the trustees of Riac UK
I report to the charity trustees on my examination of the accounts of Riac UK (the Trust) for the period 21 November 2022 to 31 December 2023.
Responsibilities and basis of report
As the charity trustees of the Trust you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the Act').
I report in respect of my examination of the Trust's accounts carried out under Section 145 of the Act and in carrying out my examination I have followed all applicable Directions given by the Charity Commission under Section 145(5)(b) of the Act.
Independent examiner's statement
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
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accounting records were not kept in respect of the Trust as required by Section 130 of the Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.
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.
David Ashby FCCA ACA
Gibbons Mannington & Phipps LLP Chartered Accountants Landgate Chambers 24 Landgate Rye East Sussex TN31 7LJ
23 October 2024
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RIAC UK
STATEMENT OF FINANCIAL ACTIVITIES FOR THE PERIOD 21 NOVEMBER 2022 TO 31 DECEMBER 2023
| Unrestrict | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| INCOME AND ENDOWMENTS FROM | ||
| Donations and legacies | 69,074 | |
| Investment income | 3 | 334 |
| Total | 69,408 | |
| EXPENDITURE ON | ||
| Charitable activities | ||
| Charitable activities | 35,820 | |
| Other | 780 | |
| Total | 36,600 | |
| NET INCOME | 32,808 | |
| TOTAL FUNDS CARRIED FORWARD | 32,808 |
The notes form part of these financial statements
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RIAC UK
BALANCE SHEET 31 DECEMBER 2023
| Unrestrict | ||
|---|---|---|
| fund | ||
| Notes | £ | |
| CURRENT ASSETS | ||
| Debtors | 6 | 125 |
| Cash at bank | 33,462 | |
| 33,587 | ||
| CREDITORS | ||
| Amounts falling due within one year | 7 | (779) |
| NET CURRENT ASSETS | 32,808 | |
| TOTAL ASSETS LESS CURRENT | ||
| LIABILITIES | 32,808 | |
| NET ASSETS | 32,808 | |
| FUNDS | 8 | |
| Unrestricted funds | 32,808 | |
| TOTAL FUNDS | 32,808 |
The financial statements were approved by the Board of Trustees and authorised for issue on 17 October 2024 and were signed on its behalf by:
A F Rowe - Trustee
The notes form part of these financial statements
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RIAC UK NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 21 NOVEMBER 2022 TO 31 DECEMBER 2023
1. STATUTORY INFORMATION
RIAC UK is a charitable incorporated organisation, registered in England and Wales. The charity's registered number and principle address can be found in the Report of the Trustees.
2. ACCOUNTING POLICIES
BASIS OF PREPARING THE FINANCIAL STATEMENTS
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention.
INCOME
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
EXPENDITURE
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
TAXATION
The charity is exempt from tax on its charitable activities.
FUND ACCOUNTING
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
GOING CONCERN
There are no material uncertainties in relation to the ability of the charity to continue as a going concern. The financial statements have therefore been prepared on the going concern basis.
continued...
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RIAC UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 21 NOVEMBER 2022 TO 31 DECEMBER 2023
3. INVESTMENT INCOME
| Deposit account interest 4. INDEPENDENT EXAMINERS' REMUNERATION Fees payable to the charity's independent examiners for the independent examination of the charity's financial statements |
£ 334 |
|
|---|---|---|
| 31.12.23 | ||
| £ | ||
| 780 | ||
| 780 | ||
5. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the period ended 31 December 2023.
TRUSTEES' EXPENSES
There were no trustees' expenses paid for the period ended 31 December 2023.
6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | |
|---|---|
| Other debtors CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Other creditors |
£ 125 |
| £ 779 |
7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
8. MOVEMENT IN FUNDS
| MOVEMENT IN FUNDS | ||||
|---|---|---|---|---|
| Net | ||||
| movement | At | |||
| in funds | 31/12/23 | |||
| £ | £ | |||
| Unrestricted funds | ||||
| General fund | 32,808 | 32,808 | ||
| TOTAL FUNDS | 32,808 | 32,808 | ||
| Net movement in funds, included in the above are as follows: | ||||
| Incoming | Resources | Movement | ||
| resources | expended | in funds | ||
| £ | £ | £ | ||
| Unrestricted funds | ||||
| General fund | 69,408 | (36,600) | 32,808 | |
| TOTAL FUNDS | 69,408 | (36,600) | 32,808 |
continued...
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RIAC UK
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 21 NOVEMBER 2022 TO 31 DECEMBER 2023
9. RELATED PARTY DISCLOSURES
During the accounting period the charity received donations from two trustees totalling £2,000.
The charity also received donations totalling £55,830 from a company in which a Trustee is a senior employee.
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