2024-12-31-accounts - Riac UK

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REGISTERED CHARITY NUMBER: 1201090

`REPORT OF THE TRUSTEES AND`

`UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2024`

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 YEAR ENDED 31ST DECEMBER 2024`

	`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`	`10`

RIAC UK

REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31ST DECEMBER 2024

Thetrusteespresenttheirreportwiththefinancialstatementsofthecharityfortheyear ended
31stDecember2024.ThetrusteeshaveadoptedtheprovisionsofAccountingandReporting by
Charities:StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccounts in
accordancewiththeFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective 1 January 2019).

`OBJECTIVES AND ACTIVITIES`

`Objectives and aims`

RIACexiststopromotetheartsforthepublicbenefitbyprovidingandassistinginthesupport and
developmentforvoluntaryandpublicorganisationsthroughtheprovisionofopportunitiesfor voluntary
workintheartsandculturesectorincludingbutnotlimitedtoencouragingandassistingpeople with
professionalorcareerskillstogivetimeandusetheirskillsinconnectionwiththefurtheranceof that
purpose.

`Significant activities`

RIAC'smainactivitiesaretoconnectprofessionalswhoareinterestedinbecomingtrustees with
charitableorganisationsfromacrossthearts&culturesectorwhoarelookingfornewandmore diverse
talenttofillgovernanceposts.Onceappointed,eachnewtrusteeismentoredbyanexperienced arts
trustee to better enable them to support the charitable organisations on whose boards they serve.

`Public benefit`

ThedirectorshavehadregardtotheguidanceoftheCharityCommissionontheprovisionof public
benefitandconcludedthatthecharity'scoreactivitysatisfactorilyaddressestheprinciplesof identifiable
publicbenefitanddemonstratesthatthecharityhasfulfilledthepublicbenefitrequirementunder the
Charities Act 2017.

  - The activities of the charity are provided free to both potential candidates and arts organisations.

-Thecharityseekstoreachaswideademographicaspossibleandtoencouragecandidatesfrom a
diverse range of backgrounds to become trustees.

-TheorganisationswithwhomRIACmatchestrusteesareallcharitiesdrawnfromacrossthearts &
culture sector, themselves delivering significant public benefit through their activities.

`ACHIEVEMENTS AND PERFORMANCE`

In2024,RIAC'ssecondyearofoperation,thecharityadded69potentialtrusteestoitsnetwork,and 86
arts&cultureorganisations,aswellasadding14mentorsorpotentialmentors.Therewere 20
confirmed appointments of new trustees, arts organisations and mentors during the year.

Thecharityachieveditsaimoforganisingoneeventformemberspermonth,withabreakinAugust and
December.

Eventsincludedthree'Meetamentor'sessions(twoinperson,oneonline)forpotentialtrusteesto learn
fromoneofRIAC'smentorsandhearabouttheirmanyyearsofexperienceasartstrustees.The charity
alsohostedthreeonlinetrainingsessionsfornewtrusteesandpotentialtrusteesoncharitylaw and
accounting, as well an opportunity to hear from new trustees recently appointed via RIAC.

Inadditiontotheannualmembershipreception,hostedin2024atCentralSchoolofBalletand attended
by 82 RIAC members and contacts, the charity held a summer event at Tate Modern.

TrusteecandidatesregisteringwithRIACareaskedtoanonymouslyrecordtheirdemographicdata, and
theresultstotheendof2024showedaverydifferentdemographicgroupfrommostarts& culture
trusteesasrecordedinArtsCouncildata.44%ofrespondentsdescribedthemselvesasWhite British,
withalmost80%ofrespondentsbeingwomenornon-binaryindividuals.46%wereunder35,with a
further 41% under 50. 59% had attended a state or non fee-paying school

Sincetheyearend,RIAChasgoneontomakeafurther11confirmedmatchestosummer2025,as well
asorganisinganumberofsuccessfuleventsofferingamixtureoftraininganddevelopmentfor potential
and new trustees, alongside networking opportunities. The network has continued to expand in 2025.

Page 1

RIAC UK

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024`

`FINANCIAL REVIEW`

`Financial position`

Intheyearto31December2024,RIACUKreceivedgiftsanddonationstotalling£24,187tosupport its
charitableobjectsaswellas£676ininterestincomeand£300inticketsales.Thecharityalso carried
forward £32,808 from 2024.

Expenditureduringtheyearonadministrativecostsandeventstotalled£39,877,plus£780 on
governance.

Thecharitymadeadeficitof£15,494ontheyearandcarriesforward£17,314infreereserves into
2025.

`Principal funding sources`

Thecharity'sfundshavecomefromanumberofindividualdonors,eitherdonatingdirectly,via a
company giving scheme, or via a foundation.

RIACacknowledgessignificantsupportin2024fromIainDraytonviaGoldmanSachsGivesaswellas the
Coln Trust and Simon Freakley.

`Reserves policy`

Itisthepolicyofthedirectorstoensurethattheorganisationwillgenerateadequatefreereserves to
meetitscharitableobligationswhilemaintainingsufficientreservestoallowoperationstocontinue if
thereisashort-termdownturninincomeorincreaseinexpenditure.Thedirectorsthereforeaimto hold
reserves of at least 3 months' unrestricted expenditure.

As at the balance sheet date the charity held reserves of £17,314.

`STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document`

Thecharityiscontrolledbyitsgoverningdocument,aconstitutionandconstitutesa Charitable
Incorporated Organisation.

`Recruitment and appointment of new trustees`

AtpresentthefourRIACTrusteesarefoundertrusteesservingtheirfirstthreeyearterm.Asthe charity
continuestogrowanddevelop,newtrusteeswillberecruitedfromawidepoolofpeoplecommitted to
supporting the charity in its work.

`Organisational structure`

Thecharityhasnoemployees.Thedaytodayrunningofthecharityisdelegatedtoasmall freelance
team working on a self-employed basis.

`Risk management`

The charity has identified the principal risks as:

Financialsustainability-mitigatedbyputtingasignificantfocusonfundraisingefforts,with one
confirmed  corporate  sponsor since the year end and more live conversations ongoing.

Suitabilityofcandidates-regularreviewbyfreelancersandtrustees,regularcontactatevents, and
corporate partnerships all help mitigate this risk

Sufficientpipelineofcandidatestomeetartsorganisations'needs-mitigatedbycorporate partnerships
and other partnership development opportunities to ensure a strong pipeline.

`REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number`

`Principal address`

58 Stamford Brook Road
London
W6 0XL

Page 2

RIAC UK

`REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31ST DECEMBER 2024`

`Trustees`

Ms A F Rowe White
I N Drayton
R Khatri
C Camilleri

`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 28th October 2025 and signed on its behalf by:

Ms A F Rowe White - Trustee

Page 3

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF
RIAC UK

`Independent examiner's report to the trustees of Riac UK`

IreporttothecharitytrusteesonmyexaminationoftheaccountsofRiacUK(theTrust)forthe year
ended 31st December 2024.

`Responsibilities and basis of report`

AsthecharitytrusteesoftheTrustyouareresponsibleforthepreparationoftheaccountsin accordance
with the requirements of the Charities Act 2011 ('the Act').

IreportinrespectofmyexaminationoftheTrust'saccountscarriedoutunderSection145ofthe Act
andincarryingoutmyexaminationIhavefollowedallapplicableDirectionsgivenbythe Charity
Commission under Section 145(5)(b) of the Act.

`Independent examiner's statement`

Ihavecompletedmyexamination.Iconfirmthatnomaterialmattershavecometomyattention in
connection with the examination giving me cause to believe that in any material respect:

1. 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

3. 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.

Ihavenoconcernsandhavecomeacrossnoothermattersinconnectionwiththeexaminationto which
attentionshouldbedrawninthisreportinordertoenableaproperunderstandingoftheaccountsto be
reached.

David Ashby FCCA ACA

Gibbons Mannington & Phipps LLP
Chartered Accountants
Landgate Chambers
24 Landgate
Rye
East Sussex
TN31 7LJ

28th October 2025

Page 4

RIAC UK

`STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31ST DECEMBER 2024`

			`Period`
			`21/11/22`
		`Year Ended`	`to`
		`31/12/24`	`31/12/23`
		`Unrestricted`	`Total`
		`fund`	`funds`
	`Notes`	`£`	`£`
`INCOME AND ENDOWMENTS FROM`
`Donations and legacies`		`24,187`	`69,074`
`Other trading activities`	`3`	`300`	`-`
`Investment income`	`4`	`676`	`334`
`Total`		`25,163`	`69,408`
`EXPENDITURE ON`
`Charitable activities`
`Charitable activities`		`39,877`	`35,820`
`Other`		`780`	`780`
`Total`		`40,657`	`36,600`
`NET INCOME/(EXPENDITURE)`		`(15,494)`	`32,808`
`RECONCILIATION OF FUNDS`
`Total funds brought forward`		`32,808`	`-`
`TOTAL FUNDS CARRIED FORWARD`		`17,314`	`32,808`

The notes form part of these financial statements

Page 5

RIAC UK

`BALANCE SHEET 31ST DECEMBER 2024`

2024
Unrestricted
fund
Notes
£
CURRENT ASSETS
Debtors
8
-
Cash at bank
18,093
18,093
CREDITORS
Amounts falling due within one year
9
(779)
NET CURRENT ASSETS
17,314
TOTAL ASSETS LESS CURRENT
LIABILITIES
17,314
NET ASSETS
17,314
FUNDS
10
Unrestricted funds
17,314
TOTAL FUNDS
17,314 2023
Total
funds
£
125
33,462
33,587
(779)
32,808
32,808
32,808
32,808
32,808

ThefinancialstatementswereapprovedbytheBoardofTrusteesandauthorisedforissue on
28th October 2025 and were signed on its behalf by:

A F Rowe White - Trustee

The notes form part of these financial statements

Page 6

RIAC UK

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST DECEMBER 2024

`1. STATUTORY INFORMATION`

RIACUKisacharitableincorporatedorganisation,registeredinEnglandandWales.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`

Thefinancialstatementsofthecharity,whichisapublicbenefitentityunderFRS102,have been
preparedinaccordancewiththeCharitiesSORP(FRS102)'AccountingandReportingby Charities:
StatementofRecommendedPracticeapplicabletocharitiespreparingtheiraccountsin accordance
withtheFinancialReportingStandardapplicableintheUKandRepublicofIreland(FRS 102)
(effective1January2019)',FinancialReportingStandard102'TheFinancialReporting Standard
applicableintheUKandRepublicofIreland'andtheCharitiesAct2011.Thefinancial statements
have been prepared under the historical cost convention.

`Income`

AllincomeisrecognisedintheStatementofFinancialActivitiesoncethecharityhasentitlement to
thefunds,itisprobablethattheincomewillbereceivedandtheamountcanbe measured
reliably.

`Expenditure`

Liabilitiesarerecognisedasexpenditureassoonasthereisalegalorconstructive obligation
committingthecharitytothatexpenditure,itisprobablethatatransferofeconomicbenefits will
berequiredinsettlementandtheamountoftheobligationcanbemeasuredreliably. Expenditure
isaccountedforonanaccrualsbasisandhasbeenclassifiedunderheadingsthataggregate all
costrelatedtothecategory.Wherecostscannotbedirectlyattributedtoparticularheadings 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`

Unrestrictedfundscanbeusedinaccordancewiththecharitableobjectivesatthediscretionof the
trustees.

Restrictedfundscanonlybeusedforparticularrestrictedpurposeswithintheobjectsof the
charity.Restrictionsarisewhenspecifiedbythedonororwhenfundsareraisedfor particular
restricted purposes.

Furtherexplanationofthenatureandpurposeofeachfundisincludedinthenotestothe financial
statements.

`Going concern`

Therearenomaterialuncertaintiesinrelationtotheabilityofthecharitytocontinueasa going
concern. The financial statements have therefore been prepared on the going concern basis.

continued...

Page 7

RIAC UK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

`3. OTHER TRADING ACTIVITIES`

`Period` `21/11/22` `Year Ended` `to` `31/12/24` `31/12/23` `£` `£` `Event income` `300` `-` `4.` `INVESTMENT INCOME` `Period` `21/11/22` `Year Ended` `to` `31/12/24` `31/12/23` `£` `£` `Deposit account interest` `676` `334` `5.` `INDEPENDENT EXAMINERS' REMUNERATION` `31.12.24` `31.12.23` `£` `Fees payable to the charity's independent examiners for the independent` `examination of the charity's financial statements` `780` `780` `780` `780`	`Period` `21/11/22` `Year Ended` `to` `31/12/24` `31/12/23` `£` `£` `Event income` `300` `-` `4.` `INVESTMENT INCOME` `Period` `21/11/22` `Year Ended` `to` `31/12/24` `31/12/23` `£` `£` `Deposit account interest` `676` `334` `5.` `INDEPENDENT EXAMINERS' REMUNERATION` `31.12.24` `31.12.23` `£` `Fees payable to the charity's independent examiners for the independent` `examination of the charity's financial statements` `780` `780` `780` `780`	`Period` `21/11/22` `Year Ended` `to` `31/12/24` `31/12/23` `£` `£` `Event income` `300` `-` `4.` `INVESTMENT INCOME` `Period` `21/11/22` `Year Ended` `to` `31/12/24` `31/12/23` `£` `£` `Deposit account interest` `676` `334` `5.` `INDEPENDENT EXAMINERS' REMUNERATION` `31.12.24` `31.12.23` `£` `Fees payable to the charity's independent examiners for the independent` `examination of the charity's financial statements` `780` `780` `780` `780`

		`31.12.24` `31.12.23`
		`£`

		`780` `780`

		`780` `780`

`6. TRUSTEES' REMUNERATION AND BENEFITS`

Therewerenotrustees'remunerationorotherbenefitsfortheyearended31stDecember 2024
nor for the period ended 31st December 2023.

`Trustees' expenses`

Therewerenotrustees'expensespaidfortheyearended31stDecember2024norforthe period
ended 31st December 2023.

`7. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES`

	`Unrestricted`
	`fund`
	`£`
`INCOME AND ENDOWMENTS FROM`
`Donations and legacies`	`69,074`
`Investment income`	`334`
`Total`	`69,408`
`EXPENDITURE ON`
`Charitable activities`
`Charitable activities`	`35,820`
`Other`	`780`
`Total`	`36,600`
`NET INCOME`	`32,808`

continued...

Page 8

RIAC UK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

7.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
TOTAL FUNDS CARRIED FORWARD
8.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other debtors
9.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Other creditors
10.
MOVEMENT IN FUNDS
At 1/1/24
£
Unrestricted funds
General fund
32,808
TOTAL FUNDS
32,808
Net movement in funds, included in the above are as follows:
Incoming
resources
£
Unrestricted funds
General fund
25,163
TOTAL FUNDS
25,163
Comparatives for movement in funds
Unrestricted funds
General fund
TOTAL FUNDS continued
Unrestricted
fund
£
32,808
2024
2023
£
£
-
125
2024
2023
£
£
779
779
Net
movement
At
in funds
31/12/24
£
£
(15,494)
17,314
(15,494)
17,314
Resources
Movement
expended
in funds
£
£
(40,657)
(15,494)
(40,657)
(15,494)
Net
movement
At
in funds
31/12/23
£
£
32,808
32,808
32,808
32,808

continued...

Page 9

RIAC UK

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST DECEMBER 2024

`10. MOVEMENT IN FUNDS - continued`

Comparative net movement in funds, included in the above are as follows:

`Unrestricted funds` `General fund` `TOTAL FUNDS`	`Incoming` `Resources` `Movement` `resources` `expended` `in funds` `£` `£` `£` `69,408` `(36,600)` `32,808` `69,408` `(36,600)` `32,808`

`11. RELATED PARTY DISCLOSURES`

During the accounting period the charity received donations from two trustees totalling £750.

Thecharityreceiveddonationstotalling£15,000fromacompanyinwhichaTrusteeisa senior
employee.

Thecharityalsoreceiveddonationstotalling£2,000fromanothercharitywhichhasaTrustee in
common.

Page 10