RIVERSIDE ARTS CENTRE SUNBURY ONTHAMES www.riversidearts.co.uk RIVERSIDE ARTS CENTRE (THE), 57-59 THAMES STREET, SUNBURY ON THAMES, MIDDLESEX, TW16 5QF ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDING ST 31 MARCH 2023 Pages Report of Directors and Trustees Statement of Financial Activities Balance sheet Notes to the Financial Statements Report of Independent Examiner 10-11 12 RIVERSIDE ARTS CENTRE (THE)- A COMPANY LIMITED BY GUARANTEE REGISTERED IN ENGLAND NO. 1296007 REGISTERED CHARITY.. 272929
RIVERSIDE ARTS CENTRE ITHE) ILIMITED BY GUARANTEE) REPORT OF THE DIRECTORS AND TRUSTEES YEAR ENDED 3111 MARCH 2023 The Trustees and Directors are pleased lo present their report with the financial statements of the charitable Company for the year ended 3151 March 2023. REFERENCE AND ADMINISTRATIVE DETAILS COMPANY NUMBER: 1296007 CHARITY NUMBER.. 272929 REGISTERED OFFICE.. 5g Thames Street Sunbury on Thames Middlesex TW16 5QF INDEPENDENT EXAMINER: Jeremy C. Edward8, Chartered Accountanl BANKERS Our Current Bank Account is hold with Santander Bank, Boolle. Our Deposit Accounts are in the COIF Charities Oeposit fund with CCLA Inv881menl Management Ltd. Senator House, 85 Queen Victoria Street, London, EC4V 4ET SOLICITORS Julian Philip Consultant Solicitor Meadows Ryan Solicitors Ltd. of Weybridge has acted for the Company when a solicitor's services have been required. DIRECTORS & TRUSTEES The directors of the charitable company Ilhe Charity) are Ils trustees for the purpose of charity law and throughout this report are collecllvely referred to as the trustees. The Iruslees serving during Ihe year and slnce the year-end were as follows.. James K. Ford-Bannisler Marian Richards Carole Dow Pal Pelch Eric J. Champion Hon. Chalrman Hon. Treasurer Hon. Secretary Hon. Art5 Director Hon. Technical Director COMPANY SECRETARY.. Mrs. Carole Dow OFFICERS In addilion lo the Iruslees, there are three officers who are co-opted on lo the Management Committee. The officers serving during the year and since the year-end were as follows.. Nesli Ziler Christine Norgale David Young Hon. Booking Secretary Hon. Newsletter E(Jilor Hon. Communications Officer
GOVERNING DOCUMENT Riverside Arts Centre (The) ('RAC"l is a Company limited by guarantee. wverned by ils Memorandum of Association dated 27th November 1976. 11 is registered as a Charity with Ihe Charity Commission. Membership is open lo anyone over the age of 18, either as a member of an affiliated organisalion or as an associate member. There are currently 475 members, 285 of whom have registered as full members Iguaranlor81 and have aged lo conlribLJle £10 in the event of the Company winding up and there being deficit. APPOINTMENT OF TRUSTEES As sel out in the Memorandum of Association. trustees are elected al the Annual General Meeting. Each year. one third of the elected members of the Committee shall r8lire and may offer themselves for re-election. Those retiring shall be the longest in office Since their last election. The trustees have the power to co-opt further members lo fill 5peGlalisl role5. Only full members are eligible for appointment lo Ihe Committee. All members are Circulated with invitations lo nominate Iruslees prior lo the AGM advislng them of retiring Iru51ees and requesting nominations for the AGM. The Arts Director and Iruslee is nominated by the Sunbury nd Shepperlon Arts Association and 18 normally the chairman of that bo(Jy. In accordance with the Memorandum of Association Mr. James Ford-Bann181er (Hon. Chairman) and Mr. Eric Champion (Hon. Technical Director) retlre. Both are willing lo re-sland. ORGANISATION A Management Committee, as defined in the Memorandum of Association, runs the affairs of the Company. The Management Committee is made up as follows.. Direclors and Trustees Officers Chairman of the Riverside Arts Centre Club Member from each of the Affiliated Bodies. The Management Commillee admini3ler8 the Company and manages the day-lo-day operation of the buildingg. The Management Committee meets approximately every ¢wo months. Decisions are made by simple majority of the Management Committee. Affiliated Bodies are the societies or clubs who are the principal users of the RAC, They pay an annua1 affiliation fee and play an important role in fvrlhering the charity's aims and objectives. Ther8 are 7 Affiliated Bodie9 as follow$: KH Dance Academy linc. Ladies Keep Fill Riverside Players of Sunbury Riverside Youth Theatre Sunbury ond Shepperton Arts Association Sunbury Book Circle Sunbury Flower Club ZodiaG Musical Society RELATED PARTIES The Charty has a close relationship with the Sunbury and Shepperton Arts Association, which sponsored the formation of the Charity and the Company In 1976. Spellhorne Borough Council provides essenlial sponsorship and support by providing our main premises on a 21-year lease, for which we express our gralilude. The Riverside Arts Centre Club was established, with common membership, lo operate the bar al the Riverside Arts Centre. The Committee of th8 RAC Club ha5 undertaken lo donate ils profits lo the charity. The Trustees confirm that the major risks. lo which the Charity may be exposed, have been reviewed and systems have been established to milEate these risks. The Company carries a Commercial Combined Insurance Policy with Zurich Insurance PLC covering 8uildings, Conlenls, Stock and Public and Employee Liability. The Company also carries an Amateur Theatrical Insurance Policy covering the liabilities of the
Company when spons1ng an event which includes material damage. employers. liability, publiclproducl liability, cancellation, and personal accident. The Company ensLtres that 311 appropriate lesling and inspection of facilities and equipment are carried out and logged on a regular basis in accordan with current regulations. SERIOUS INCIDENTS Thew have been no serious incidents which could cause significant loss of funds or risk lo the charity's property. work, beneficiaries. or reputation during the year. The Trustees are aware that serious incidents should be ported to The Charities Commission and where appropriale. lo other Authorities when they occur. OBJECTS AND ACTIVITIES Tha objects of the charlty are lo.. Foslar and promote the maintenance, improvement, and dev81opmenl of artistic lasle & knovAedge, understanding, and apprecialion of the arts among the inhabilanls of Spelthorne. As ancillary lo Ihe foregoing objects bul not olhefWiSe'. al lo act as a co-coordinaling body for the individuals and organi$allon$, both amateur an professional, in the furtherance of activities which promote the objects of the RAC in the area of benefil and lo provide the means of liaison between such individLJ8Is and organisalions and the appropriate committee or commillees of the local authority or aulhorilies. bl lo eslabllsh or further the work of charitable insts'lulions lo be formed or already exisling for Ihe promotion of the said objects. I lo psent or assist in presenting public concer15, dramatic performan¢es, re¢llal$. arts exhibitions, leclureg. artg fe81iva18, and olher arts 8venl8. dl lo provide a means for bringing the b8nefil8 of the work of creative artisls, In all fields of the arts, lo the attention of the Inhabilanls of the area, el lo do all such thlngs as are necessary to the allainment of the foregoing object8. The main obleclive of the charity Is to continue lo successfully operate and manage Ihe Riverside Art5 Centre al 59 & 57 Thames Street, Sunbury. The Company acquired the lease of the premlses al number 59 in 1978 from the Freeholders, the Borough of Spellhorne. The current le886 is for a term of 21 years from 1 sl April 2020. The RAC has now been operallng successfully lor over 40 years and has earned a good deal of respect as a Centre for the Arts in Ihe Borough of Spellhorne. The RAC 15 run entirely by volunteers and provide8 extensive facilities lor a wide range of arts a¢livS1ies for Ihe local community including Art, Performing Arts, Mu8ic, Dancing, Llleralure, Poetry, Pollery, Meetings, and Cultural events. The major centre for activities is the "Main Hall" which features a large stage, fully equipped with stage lighting and sound equipment, and is fully licensed for publ1¢ performance for an audience of 160. The hall is designed lo provide for multi-purpose use, with a large area of flat floor for meellngs, rehearsals, arl exhibitions and cultural events. Allernalively, il can be used lo accommodate a ¢lose- sealed audience with raked sealing. A small bar IoLJnge, also run by volunteers, provides a social c8nlre during events. and also provldes some income towards the cost of running the facility. On the first floor, which is easily ac¢es$ible by staircase and a lift for the disabled, two rooms are available, both of which can be used by small groups for 8 variety of activities. In the Craft Cenlre, a small Art Studio is used by several groups. Agaln. 1118 deslgned to be multi-purpose and additionally prOVeS for Pilales, Yoga, and a small rehearsal facility. The Craft Centre also accommodates Iwo 'resident' artl81 studios and a small pottery.
To sa115fy the increasing demand, the Charity purchased the Freehold of the adjoining premises al 57 Thames Street (formerly Barclays Bankl on 31st October 2003 with the help of a grant of £100,000 from the Borough of Spellhorne, the balance being raised from donations and fundraising aclivilies. After further fundraising lo cover the cost of cor¢version of the building for OLJr use, volunteers and, where appropriate. professional contractors, completed the necessary work in September 2007. The new premises provide a second smaller hall Ilhe "Studio'} and associated support facilits"ès, Including a plafform lrft for the disabled lo first floor level. The new hall is fully licensed for public enlerlainmenl, with a maximum audience of 80, and is already playing a major role in the Arts Centre business. The main source of finance for the centre comes from the user-groups who pay a "hire charge" for the accommodation and facilities used. This, together with income from the Bar and other donations, provides funds for ulililies, services. maintenance, and further development. The RAC continues lo provide a vibrant centre for the Arts, hosting a wide variety of Arts events inclijding theatre perform8nce¥, art exhibitions, concerts, social events, flower arranging, éemonslralions, èxhibitions, and meelings. In addition, the RAC is used by the Associated Board of thé Royal Schools of Music as a centre for music exams. Thi5 activity covers three periods of approximately slx-weeks each during the year. In addillon lo the Affiliated Groups, the RAC provides f8¢illlies lor an increasing number of local organisalions. including a number of youlh porforming arts groups, music schools, local residents, groups, and other local organisalions raising money for charilles. ACHIEVEMENTS AND PERFORMANCE This has been the first full year resembling pre-COVIO aclivily. Audience levels still appear lo be lower than before, particularly amongst older age brackets, bul this appears to be recovering slowly. Due lo access being removed lo the Theatre al Magna Carta School. slots al RAC have been particularly sort after by groups who did nol regularly perfomi al RAC in previous years. 11 is esllmaled that over 8000 local residents are normally involved in or directly benefit from the organisalion. FINANCIAL REVIEW The linancial affairs of Ihe charity are divided into two funds. The first is an unffjslricled fund, which is used for the general purposes of the Charlly's objectives in runnlng the Riverside Ar15 Centre premises. The second is a re81ricled lund sel up for specific fundraising purposes. Durlng the year und8r review, no specific fund- raising projects were undertaken. The principal income sources for the unrestricted gen8ral fund are the fees for the use of the premises and equipmenl. members, subscriptions, donations from the Bar Club and deposit account interest. The lolal income this year was £63.762 compared lo £57,747 last year. £50.8k of this was in room hire and £8.3k in granls & donatlons. Expenditure from the general fund has been analysed in two categories,. resources expended on our charitable objectives and on governance ladminislrative costs). In the first category are the costs of runnlng and maintaining the premlses. Including insurance, ulilllles, cleaning. maintenance and depreclalion of equipment. Governance costs include slalionery and postage, publication of the newsleller and professional fees. The expenditure on the premises was £43,663 excluding depreciation on reslricled funés12021122.. £37.7181. Our biggest ¢osls were those of heal and light al £14.45412020121.. £9,479) and insurance al £11.93712021122.' £11.5401. We spent £6,339 on building maintenance and refurbishments this year. (2021122 £2,760}. Our adminislralive costs amounted lo £6,05512021122 £3,465) when excluding remillance to the SSAA. The surplus in 2022123 was £12.580 {2021122: £15,373), with the unreslricled accumulated fund ryjrrenlly al £112,667. This is happlly w811 in ex$$ of the minimum reserves reqUred of £70,000 {see Notes lo the Accounts, no. 101. PLANS FOR FUTURE PERIODS With finances stabilislng pos1-COVID our primary expendrture will be on maintenance and replacement of ageing equipment for more modern and energy efficient equivalents. Our most pressing concern is the
discontinuation of most of the tungsten lamps used in our Iheatn'&?I lighting rlg. Previous foresight ha8 meant that our lighting rig is about 50tskn LED already, mear)ing that we have good provisions should we no longer be able lo maintain existing stock. Over the next year, it is our ambition to replace the cyclorama lighting with LED equivalents al the cost of around £7,000. Whilst a large outlay. this should provide us with good coverage and a spare unil in case of issues.11 should also reduce the energy usage of the lighting rig as the Cyclorama fillings currently used are some of the most energy demanding fillings al 2 Kw per circuil14 circuits) meaning that colour mixing r8gularly uses 4-8Kw. The LED units we are investigating would use less than 700 W in similar conditions a reduction of more the 80Vo with th8 added benefit of not having to purchase replaGemenl lamps for approximately 50,000 hours of usage. We will also be investlgatlng the future replacement of the Hall's PA system and Sound Mixing Console, as well as our performance sealing solution. Riverside Arts Centre have also commilled to updating the condition of the coffee bar with new carpeting and the inslallalion of Some fixed upholstered sealing within the alcoves lo make beller user of space.11 1$ eslimaled Ihal thi5 will cost in the region of £5,000. With the costf-11vIng crisis having an unreslricled impact on business, in terms of energy costs, we wlll continue lo work with Ulilily (energy broker) lo maintain the best possible deal for Riverside al our renewal dales. They specialise in providlng services for charities and not for profil businesses. James Ford-Bannisler Chairman Dale.. 04.07.2023
RIVERSIDE ARTS CENTRE (THE) (LIMITED BY GUARANTEE) Registered Charity No. 272929 ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2023 STATEMENT OF FINANCIAL ACTIVITIES The Directors and Trustees submlt their report and the independently examined financial slalements of the Company for the year ended 31 st March 2023. STATEMENT OF DIRECTORS. AND TRUSTEES. RESPONSIBILITIES The Directors and Trustees are requiretl, under company law, lo prepare financial slal&m8nls for each financial year that give a true and fair view of the slate of affairs of the company and of the results for that perlod. In preparing those finan¢lal $latements, the Directors and Trusl6es are required lo.. al select suiiable a¢counling policies and then apply them Consistently., bl make Judgments and eslimales that are reasonable and prudent., cl prepare the financial 51alemenls on the going concern basis unles5 It is inappropriate lo presume that the Company will continue in business. The Directors and Trustees are responsible for keeping proper accounting r8¢ords which disc105e with reasonable accuracy al any liffle the financial position of Ihe Company and lo enable them lo ensure that the rinancial slalements comply with the Companies Act 2006. They are a150 responsible for safeguardlng the assets of the Company and hence for taking reasonable steps for Ihe prevention and detection of fraud and other irregul8rilie8. The Directors and Trustee5 confirm that they have Complied with these reouiremenls. and, having reasonable expectation that the Company has aéequale resources lo continue In operational existence for the foreseeable future, continue lo adopt the going concern basis in preparlng the accounts. AUDJTORSIINDEPENDENT EXAMINER This report has been prepar8d in accordance wSlh the special provisions of Parl 15 of the Companles A¢1 2006 relatin9 to small companies. The directors and managernenl commillee considered the implications of Ihls Act and they resolved th81 the Company is exempl from an audit and that the requ1mentS of thi5 Act could be mel by the appointment of Jeremy Edwards F.C.A. as Independent Examiner. A resolution proposing h18 re-appoinlmenl will be submilled lo the Annual General Meeting. By Order of the Board Carole Dow Hon. Secr&lary Date..
RIVERSIDE ARTS CENTRE (THE) (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDING 31ST MARCH 2023 Li•il1lllOFLYth P•wID1 Fwdi t2 E272 t9&317 E1211 Ei,9 OTHglllNCQME £TJ riiw2 1.1¥ t24 U7, ¢PIMTIN¢¢OV• tl.17• X7 t14,114 t11,•3F t4,FJ t11,•37 ¢11,440 t2.TlO El.aos ti,$0 E744 t1, £l.Cd• ¢Pwn rJJ2 ES,17 fll,014 t4J,fj t49J71 t37.710 Cijsg tl.C•)2 El801 f1.ie4 Ci.192 TMWC¢#• T• ,1 t1.110 LY tf2 ¢T,0I• E4,OD7 e4.1fj7 toi,1 t•T,+ThU IilriuApwJvDVKII t15.3T3 r4A$5 Éiwj •72 14
RIVERSIDE ARTS CENTRE (THE) (LIMITED BY GUARANTEE)
BALANCE SHEET FOR YEAR ENDING 31[ST] MARCH 2023
For the year ending 31st March 2023, the Company was entitled to exemption from audit under Section 477 of the Companies Act 2006.
The members have not required the Company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibility for complying with the requirement of the Act, with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to small companies’ regime.
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The accounts were approved by the Management Comm ee on.. 21.06.2023 James Ford-Bannister Hon. Chaimian Marian Rlchards Hon. Treasurer io
RIVERSIDE ARTS CENTRE (THE) (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDING 31ST MARCH 2023 ACCOUNTING POLICIES These accounts have been prepared under the historical oosl convention on the accruals basis and in accordance with the Financial Reporting Standard$ for Smaller Entities. Dopreclation Furniture and equipment shown al cost. £25,881 {2021122 - £46,639) covers only those items purchased in the la51 S years by the Company. wilh no new purchases within the year. Older items have been eliminated from the accounts a$ ftjlly depreciale¢J. No value has been placed on donated items which are considered lo be fully depreciated. Provision has been made for depreclalion al 200h per annum on cost of equlpmenl and furnitur8 and al 2¥0 per annum on the freehold properly. (£5,908 per annuml Unrostrlcted Fund8 These are funds which can be used for any general purposes. Restrlcted FundB These are funds which can only be applleé for paflicular purposes in 8ccordance with th8 wlshes of the donor. DONATIONS AND FUNDRAISING 2023 Unrestrlctod Fund 2023 Restrlct•d Fund 2022 Unrestrlctod Fund 2022 Re8trlcted Fund Riverside Arts Centre Club £6,000 £0 £.7000 £0 Fundraising Events £0 £0 £1,122 £0 Other Donations £1,388 £0 £7,680 £0 £7,388 £0 £15,802 £0 Grant$ These are funds whi¢h Can be used for any general purposes. RESTRICTED FUND Al the slarl of the year, there were no funds in the Company's bank balances which were allocated lo the reslricled fund. Currently the reslricled fund only reflects the donation by Surrey County Council toward a new protruding slgn on the front of building and the cost of the Studio extension, subject lo annu81 depreciation charges. VOLUNTARY EFFORT The Rlverside Arts Centre benefits, in rnany ways, from work done by volunteer5 conlribuling their efforts for no payment. This work has been e51imaled lo be worth the following amount.. Maintenance Projects.. 1140 hours at £20ph £22,800 Commilleo members, hours were considerable but have not been recorded. li
COST OF INDEPENDENT EXAMINATION
Jeremy Edwards makes no charge for his examination.
In recognition of his voluntary services, the Trustees have authorised the expenditure of up to £75 on a gift to the Examiner.
FREEHOLD AND LEASEHOLD PROPERTY
Leasehold Property
In respect of the Riverside Arts Centre (at 59 Thames Street) and the Craft Centre (to the rear of 53 Thames Street), Spelthorne Borough Council has granted a lease for a term of 21 years from 1st April 2020 at a rent of £44,000 p.a initially. This rent is subject to review every five years. Spelthorne Borough Council have undertaken to provide funding equivalent to the rent for a period of five years and will give not less than five years notice of any intention to withdraw funding. Under these conditions the Company has rights to surrender the lease at one month’s notice. The current lease expires on 31st March 2041
Freehold Property
| reehold Property | ||
|---|---|---|
| 2022 | 2023 | |
| 57 Thames Street (at cost) | £295,390 | £295,390 |
| Improvements capitalised during year | £0 | £0 |
No account has been taken of volunteer labour, estimated to have saved £22800. (2022: £22,800) Provision has been made for depreciation at 2% per annum on cost. (2022/23: £5,908; 2021/22: £5,908) The Company, as a charity also benefits from rate relief on the Arts Centre premises. The mandatory 80% relief plus the discretionary relief of the remaining 20% is worth c. £20,000 to the Company each year.
EMPLOYEE EMOLUMENTS
The Company has no paid employees and the Trustee Directors receive no remuneration, fees or expenses, and no pension contributions have been made for any Trustee. No Indemnity Insurance has been purchased for any Trustee/Director.
CAPITAL COMMITMENTS
As of 31st March 2023, the Company had no capital commitments.
RESERVES POLICY
Apart from the “Studio” complex, which is accommodated in No. 57 Thames Street, (Freehold property fully owned by the Company) the premises are held on a 21-year full repairing lease from Spelthorne Borough Council (see Note 7).
The Company currently has cash reserves equivalent to about one typical year's gross expenditure. In view of the above, the Directors have determined that it is prudent to maintain reserves, of a minimum of £70,000, to enable the Company to meet its obligations in maintaining the premises leased from the Spelthorne Borough Council in tenantable condition and repair, and properly decorated. In addition, the company needs to have sufficient funding available to address any unforeseen problems which may occur within the Freehold property at No. 57 Thames Street.
INVESTMENT POWERS
The Company may, as laid down by its Memorandum of Association (clause 3E), invest the moneys of the Company, not immediately required for its purposes, in or upon such investments, securities or property as may be thought fit, subject to such conditions and consents as may be imposed by law.
TAXATION
The Company is a non-profit making charitable organisation and is not liable to pay any income or corporation taxes.
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RIVERSIDE ARTS CENTRE (THE) (LIMITED BY GUARANTEE) Registered Charity No. 272929 ACCOUNTS FOR THE YEAR ENDING 31ST MARCH 2023 EXAMINER'S REPORT TO THE TRUSTEES AND MEMBERS OF RIVERSIDE ARTS CENTRE (LIMITED BY GUARANTEE) Rgspective Re8pon81bllltlo$ of DlrgCtor8 and Trustees and Examiner As the charity's Trustees and Directors of the Company, you are responsible for the preparation of accounts as sel out on pages 8 10 11. You consider that the Company is exempl from audit in accordance with Section 477 of the Companies Act 2006 and that the audit requirement of Section 144121 of the Charities Act 2011 (the Act) does nol apply. 11 is my responsibility lo slate, on the basis of procedures specified in the general direcllons given by the Charity Commissioners under Section 144171 Ibl of the Acl, whether particular mallers have come lo my allenlion. Basls of Indopend•nt Examlnorfs Report My examination was carried out In accordance with the general directions given by the Charity Commissioner5. An examination includes a review of the accounting ordS kept by the charity and a comparison of the accounts presented with those recorés. 11 also includes consideration of any unusual items or disclosures in the accounts. and seekin)-expL4nalions from you as Iruslees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not expre88 an audit opinlon on the view glven by the accounts. Independent Examlnerfs St•tornènt In my opinion, the accounts are in agreement with the accountlng records kept by the Company under Secllons 388 and 387 of the Companie8 Act 2006. In connection with my examination. no matter has Come lo my allenlion.. which gives me reasonable cause lo believe that in any material respect the requirements.. a. lo keep accounting ffjcords in accordance with section 130 of the Charities Act 2011 b. lo prepare accounts which accord with the acGounling records and lo comply with the accounung requirements of the Charities Act 2011 have not been met; or 2. to which. in my opinion, allenlion should be (irawn in order lo enable a proper understa accounts lo be r8ached. ing of the Jeremy Edwards Charte d Accountant Flat 50 - Manor Place 8 Bridge Street Wallon-on-Thames Surrey, KT12 1A8 Oale.. 13