RIVERSIDE ARTS CENTRE SUNBURY ON THAMES www.river%idearts.co.uk RIVERSIDE ARTS CENTRE (THE), 57-59 THAMES STREET, SUNBURY ON THAMES, MIDDLESEX, TW16 5QF ANNUAL REPORT AND ACCOUNTS FOR YEAR ENDING 31ST MARCH 2024 Pages Report of Directors and Trustees Statement of Financial Activities Balance sheet Notes to the Financial Statements Report of Independent Examiner 10-11 12-13 14 RIVERSIDE ARTS CENTRE (THE) _ A COMPANY LIMITED BY GUARANTEE REGISTERED IN ENGLAND NO. 1296007 REGISTERED CHARITY.. 272929
RIVERSIDE ARTS CENTRE (THE) ILIMITED BY GUARANTEE) REPORT OF THE DIRECTORS AND TRUSTEES YEAR ENDED 31st MARCH 2024 The Trustses and Directors are pleased to pfes&nl their report wllh the financial $talemenls of the charitable Company for the year ended 31st March 2024. REFERENCE AND ADMINISTRATIVE DETAILS COMPANY NUMBER: 1296007 CHARITY NUMBER.. 272929 REGISTERED OFFICE.. 59 Thames Street Sunbury on Tharne8 Middlesex TW16 5QF INDEPENDENT EXAMINER.. Jeremy C. Edwards, Chartered Acwunlanl BANKERS Our Current Bank Account is held with Sanlander Bank, BoDtIe. Our Deposlt Accounts are in the COIF Charities DepDsII fund wtth CCLA Investmènt Management Ltd. Senalor House, 85 Queen Victoria Street. London, EC4V 4ET SOLICITORS Julian Philip- Consultant Solicitor Meadows Ryan Solicitors Ltd. of Weybridgè has a¢ted for the Company when a solicilorfs services have been required. DIRECTORS & TRUSTEES The directors of the charitable eompany (the Charilyl are ils trustees for the purpose of charity law and throughout this report are collectively reforred to as the trustees. The liuslees gerving during the year and since the y¢ar-end were as follows.. James K. Ford-8anni$ler Marian Richards Carole Dow Catherine Black Pat Pelch Eric J. charn0n Hon. Chairman Hon. Tre38urer Hon. Secretary (until 06103) Hon. Secretary {from 061031 Hon. Arts Director Hon. Technical Director COMPANY SECRETARY: Mrs. Carole Dow l Mrs. Catherine Black (Co-opted) OFFICERS In addition to the liustèes, there are three officeis who are co-opted on to the Management CommitteÈ. Thè offic&r8 serving during the year and since the year-end were as follows.. Nesli Ziler Christine Norgate David Young Hon. Booking Secretary Hon. Newsletter Editor Hon. Communications officer I Chairman of RAC Club
GOVERNING DOCUMENT Riverside Arts Centre (The) I RAC") is a Company limited by guarantee, governed by Its Memorandum of Association dated 27th November 1976. 11 is registered as a Charity with the Charity Commission. Membership is open lo anyone over the age of 18. either as a member of an affiliated organisalion or as an associ8te member. There are currently 475 members. 305 of whom have registered as full members Iguaranlorsl and have agreed lo contribute £10 in the event of the Company winding up and there being a deficit. APPOINTMENT OF TRUSTEES As sel out in the Memorandum of Association, Iruslees are elecled al the Annual General Meeting. Each year, one third of the elected members of the Committee shall retire and may offer themselves for re-election. Those retiring shall be the longest in office since their last election. The Iruslees have the power lo co-opt further members to fill specialist roles. Only full members are eligible for appointment lo the Committee. All members are circulated with invitations lo nominate Iruslees prior lo the AGM advising them of retiring Iruslee5 and requesting nominations for the AGM. The Arts Director and trustee is nominated by the Sunbury and Shepperton Arts Association and is normally the chairman of that body. In accordance with the Memorandum of Association Mrs. Msrian Richards (Hon. Treasurer) retires and Hon. Secretary is vacant. Both Marian and Catherine Black Icurrenlly co-opted as Secretary} are willing lo re-sland. ORGANISATION A Management Committee, as defined in the Memorandum of Association, runs the affairs of the Company. The Management Commille8 is made up as follows- Directors and Trustees Officers Chairman of the Riverside Arts Centre Club Member from each of the Affillaled Bodies. The Management Committee administers the Company and manages the day-lo-day operation of the buildings. The Management Committee meets approximately every two months. Decisions are made by 8 simple majority of the Management Committee. Affiliated Bodies are the societies or clubs who are the principal users of the RAC. They pay an annual affiliation fee and play an irnportanl lole in furthering the charity's aims and objeclives. There are 7 Affiliated Bodies as follows.. KH Dance Academy {inc. Ladies Keep F1} {closed August 20231 Mariya Kaloferova Dance (from September 20231 Prodigy Dance (from September 2023) Riverside Players of Sunbury Riverside Youth Theatre Sunbury and Shepperton Arts Association Sunbury Book Circle Sunbury Flower Club Zodiac Musical Society RELATED PARTIES The Charity has a close relationship with the SunbLtry and Shepperlon Arts A550ciation, which sponsored the formation of the Charity ancs the Company in 1976. Spellhorne Borough Council provides essential sponsorship and support by providing our main premises on a 21-year lease, for which we express our gralilude. The Riverside Arts Centre Club wa5 established, with common membership, lo operate the bar al the Riverside Arts Cenlre. The Committee of the RAC Club has undertaken lo donate its profits lo the Gharily. The Trustees confirm that the major risks, lo which the Charity may be exposed, have been reviewed and systems have been established lo miligale these risks. The Company carries a Commercial Combined Insurance Policy wilh Zurich Insurance PLC covering Buildings, Conlenls, Stock and Public and Employee
Liability. The Company also carries an Amateur Theatrical Insurance Policy covering the liabilities of the Company when sponsoring an event which includes material damage, employers, Iiabilily, publiclproducl liability. cancellation, and personal accident. The Company ensures that all appropriate lesling and inspection of facilities and equipment are carried out and logged on a regular basis in accordance with current regulations. SERIOUS INCIDENTS There have been no serious incidents which could cause signlficanl loss of funds or risk lo the charity's properly, work, beneficiaries, or reputation during the year. The Trustees are aware that serious incidents should be reported lo The Charities Commission and where appropriate, lo other Aulhorilies when they occur. OBJECTS AND ACTIVITIES The oblecls of the charity are lo.. Foster and promote the maintenance, improvement, and development of artistic laste & knowledge. understanding, arid appreciation of the arts among the inhabilanls of Spellhorne. As ancillary lo th8 foregoing objects bul not otherwise.. a} lo act as a co-coordinaling body for the individuals and organisalions, both amateur and professional, in the lurlherance of activities which promote the objecls of the RAC in the area of benefit and lo provide the means of liaison between such individuals and organisalions and the appropriate committee or commillees of the local aulhorily or aulhorilies. bl lo establish or further the work of charitable inslilulions lo be formed or already existing for the promolion of the said objects. cl lo present or assist in presenting public concerts, dramatic performances, recitals, arts exhibitions, lectures, arts feslivals. and other alls events. dl lo provide a means for bringing Ihe benefits of the work of creative artists. in all fields of the arls, lo the attention of the inhabiianls of the area. el lo do all such things as are necessary lo the allainmenl of the foregoing objects. The main oL¥jeclive of Ihe charity is lo continue lo successfully operate and manage the Riverside Arts Centre al 59 & 57 Thames Street. Sunbijry. The Company acquired the lease of the premises al number 59 in 1978 from the Freeholders, the Borough of Spellhorne. The current lease is lor a term of 21 years from 1st April 2020. The RAC has now been operating successfully for over 40 years and has earned a good deal of respect as a Centre for the Arts in the Borough of Spellhorne. The RAC is run entirely by volunteers and provides extensive facilities for a wide range of arts aclivilies for the local community including Arl, Performing Arts, Music, Dancing, Lileralure. Poetry, Pollery. Meellngs. and Culluial events. The major centre for aclivilies is the 'Main Hall" which features a large stage, fully equipped with stage lighting and sound equipment, and is fully licensed for public performance for an audience of 160. The hall is designed lo provide for mLJlli-purpose use, with a large area of flat floor for Ineelings. rehearsals. art exhibitions and cultural events. Allernalively, il can be used lo accommodate a close sealed audience with raked sealing. A small bar lounge, also run by volunteers, provides a social centre during events, and also provides some income towards the cost of running the facility. On the first floor, which is easily accessible by staircase and a lift for the disabled, two rooms are available, both of which can be used by small groups for a variety of aclivilies. In the Craft Cenlre, a small Arl Studio is used by several groups. Again, il is designed lo be multi-purpose and additionally provides for Pilales, Yoga. and a small rehearsal facility. The Craft Centre also accommodates
tsvo 'residenl' artist studios and a small pollery. To satisfy the incre8sing demand. the Charity purchased the Freehold of the adjoining premises at 57 Thames Street {formerly Barclays Bank) on 31 sl 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 fLJrlher fundralsing lo cover the cost of conversion of the building for our use, volunteers and, where appropriate, professional conlraclors, completed the necessary work in September 2007. The new premises provide a second smaller hall {Ihe 'Sludio"l and associated support facilities, including a platform lift for the disabled lo first floor level. The Studio is fully licensed for public enlertainmenl, with a maximum audience of 80. and plays a major role in the Arts Centre business, having quickly become the most popular bookable space. The main source of finance for the centre comes from the u5er-groups who pay a "hire charge" for the accommodation and facilities used. This, logelhor with income from the Bar and other donations, provides funds for utilities. services, maintenance, and further developmenl. The RAC continues lo provide a vibrant centre for the Arts, hosting a wide variely of Arts events including theatre performances, art exhibitions, concerts, social events. flower arranging, demonslralions, exhibitions, and meetings. In addition, the RAC is used by the Associated Board of the Royal Schools of Music as a centre for music exams. In addition lo the Affiliated Groups, Ihe RAC provide5 facilities for an increasing number of local organisalions, including a number of youth performing arts groups, music schools, local residents, groups, and other local organisalions raising money for charities. ACHIEVEMENTS AND PERFORMANCE Audience levels appear lo be returning lo normal, this was particularly noticeable at the Pantomime which had a potential record break box office al RAC. Some of the groups who temporarily migrated lo RAC due lo the Magna Carla School Theatre closure have found more permanent homes but we continue to have more demand than supply for desirable performance weeks and for regular slots in the Studio. Riverside Players of SurTrbury received an Accolade of Excellence from NODA for their prcKluclion pf The 39 Steps in their October performance slot. The planned refurbishment of The Coffee Bar and associated Toilet Facilities has been Completed within Budget. The project included new LED Lighting, replacing the fiuorescenl units in place in the Coffee Bar and adjoining Toilets, achieving a lolal saving of 65.% in our electricity consumption for illumination in this area. In addilion, we now have new highly efficient electric Hand Dryers in the Ladies and Gents Toilets, bespoke Upholstered Banquelle sealing in the main area and new carpel- giving users a refreshed place lo relax before, after, and during meelingslrehearsals. 11 is eslimaled that over 8000 local residents are normally Involved in or directly benefit from the organisalion. FINANCIAL REVIEW The financial affairs of the charity are divided into two funds. The first is an unreslricled fund. which is used for the general purposes of the Charity's objectives in running the Riverside Arts Centre premises. The second is reslricled fund sel up for specific fundraising purposes. During the year under review, no specific fund- raising projects were undertaken. The principal income sources for the unreslricled general fund are the fees for the use of the premises and equipment, members, subscriptions, donations from the Bar Club and deposit account interest. The lolal income this year w2s £83,365 compared lo £62,640 last year. £53,530 of this was in room and studio hire and £24,178 in grants & donations. Expenditure from the general fund has been analysed in two categories,. resources expended on our charitable objectives and on governance ladminislralive cos151. In the first category are the cosls of running and maintaining the premises, including instJranGe, ulililies, cleaning. maintenance and depreciation of equipment. Governance costs include slalionery and postage, publication of the newsleller and professional fees. The expenditure on the premises was £60,004 excluding depreciation on restricted funds {2023124.. £94,527). Our biggest costs were those of heal and light al £19,23612022123.. £14,4541 and insurance al £12,91312022123." £11,937). We spent £9,902 on building mainlenance and refurbishments this year. 12022123 £6,339). Our admiriislrative cos15 amounted lo £3.146 {2022123 £6,055).
The surplus in 2023124 was £26,112 {2022123.. £12,580), with the unTeslricted accumulated fund currently al £97,653. This is happily well in excess of the minimum reserves required of £70,000 (see Notes to the Accounts, no. 101. PLANS FOR FUTURE PERIODS Our primary expenditure will be on maintenance and replacement of ageing equipment for more modern and energy 8fficienl equivalents. The majority of the lighting rig has been converted lo LED and both performance spaces now have an appropriate lighting console for operations. Over the next year, il is our ambition lo replace the Sound System al cost of around £10,000 10 £20,000. Whilsl 8 large oullay, this should allow us lo Incorporate some lime saving devices for our users- including recorded safely announcements and backstage paging from the Stage Manag8menl area. 11 also would provide an update lo the aging 'Oalek' sound system for lernporary use,. replacing il with a plug and play microphone syslem and conneclivily lo phonesllaplops for convenience. We will also be invesligaling updallng the lighting offering In the Studio as well as our perfomiance sealing solution. Away from Ihe performance spaces, our programme of work lo replace all of our Fluorescent Lighting fixtures musl continue as replacement lubes are no longer available. We plan lo replace the fillings in the Main Hall uring the month of August. After that, we shall be turning our allenlion lo the Studio Complex and the Craft Cenlre. The Eslimaled cost for this work during the new financial year will be £3,000. With the cosl-of-living crisis havlng an unreslricled impacl on business, in terms of energy costs, we will continue lo work with 'Ulilily Aid. (energy broker) lo maintain Ihe best possible deal for Riverside al our renewal dales. They specialise in providing services for charities and not for profil businesses. James Ford-Bannisler Chairman Dale.. og. o F. 2
RIVERSIDE ARTS CENTRE (THE) {LIMITED BY GUARANTEE) Registered Charity No. 272929 ACCOUNTS FOR THE YEAR ENDED 31ST MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES The Directors and Trustees submit their report and the independently examined financial statements of the Company for the year ended 31st March 2024. STATEMENT OF DIRECTORS, AND TRUSTEES, RESPONSIBILITIES Tho Directors and Trustees are required, under company law, to prepare firnancial slalements for each rinancial year Ihal give a true ar¢d fair view of the slate of affairs of the company and of the results for that period. In preparing those financial slalemenls, the Directors and Trustees are required lo.. a) select suitable accounting policies and then appty thèm consislenlly., b) make judgments and eslimale8 that are rea$onable and prudent.. ¢1 prepare the financial slalemenls on the going concern basis unless rt is inappropriate to presume that the Company will conllnue in business. The Directors and Trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy al any lime the financial position of the Company and lo enable them lo ensure Ihal the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Directors and Trustees confirm that they have complied with these requirements, and, having a reasonable expectation that the Company has adequate resources lo continue in operational existence for the foreseeable future. continue lo adopt the going concern basis in preparing the accounts. AUDITORSIINDEPENDENT EXAMINER This report has been prepared in accordance with the special provisions of Parl 15 of the Companies Act 2006 relating lo small companies. The directors and management committee considered the iFnpliGalions of this Act and they resolved that the Company is exempl from an audit and that the requirements of this Act could be mel by the appointment of Jeremy Edwards F.C.A. as Independent Examiner. A resolution proposing his re-appoinlmenl will be submllled lo the Annual General Meeting. By Order of the 8oard Catherine Black Hon. Secretary Dale..
RIVERSIDE ARTS CENTRE {THE> (LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES FOR YEAR ENDING 31ST MARCH 2024 Year 202312024 Unrestricted Restricted Fund5 Funds Year 202212023 FULL YEAR Unrestricted Restricted Funds Funds Total Total INCOMING RESOURCES OPERATING INCOME Membership Fees £78.00 £78 £683 EO £683 Affiliation Fees £300.00 £300 £0 Studios Rent £4,480.00 £4,480 £0 Piano Rents E872.50 E873 £1,221 £1,221 Hire Income £49,050.00 E49,050 £50,884 EO 50,884 OTHER INCOME Grants £O.(M) £0 £1,000 £0 £1,000 Sales on behalf SSAA £0 £1,464 £0 El,464 Donations £24,177.95 £24,178 £7,388 £0 £7,388 Fund Raising £0.00 £0 £0 Bank interest £4,406.15 £4,406 £1,122 TOTAL INCOME £83,364.60 £83,365 £63,762 £0 £60,736 RESOURCES EXPENDED OPERATING COSTS Rubbish Collection £1,584.48 £1,584 £1,179 £0 £1,179 Water Rates £1,422.36 £1,422 £807 £0 £807 Light and Heat £19,235.68 £19,236 £14,454 £0 £14,454 Insurance. £12.913.19 £12,913 £11,937 £0 £11,937 Building Maintenance/Work Technical Maintenancelwork RefurbishmentslProjects £4,493.31 £4,493 £4,834 EO £4,834 £1,601.29 £1,601 £0 £3,807.60 £3,808 £1,505 £0 £1,505 Telephone E529.97 £530 £784 £0 £784
Cleaning and Domestic Expense5 £2,040.34 £2,040 £2,196 £0 £2,196 PRS £549.13 £549 £791 £791 Depreciatlon £5,919.00 £5,908 £11,827 £5,176 £5.908 £11,084 £54,096.35 £5,908 £60,004 £43,663 £5,908 £49,571 ADMINISTRATIVE EXPENSES Administrative Expenses £579.98 £580 £389 £389 Fundraising Expenses Centre Newsletter £0.00 £0 £0 £0 £557.99 £558 £1,002 £1.002 Remittances Paid to SSAA £0 £1,464 £1,464 Training Costs £0.00 £0 £0 £0 Publicity £1,973.00 £1,973 £3,479 E3.479 Professional Fees- ICO? £35.00 £35 £1,185 £1,185 £3,145.97 £3,146 £7,519 £0 £7,519 TOTAL EXPENDITURE £57,242.32 £5,908 £63,150 £51,182 £5,908 £57,090 NET SURPLUS or DEFICIT of INCOME OVER EXPENDITURE £26,122.28 -£5,908 £20,214 £12,580 -£5,908 £6,672 TRANSFER to CAPITAL RESERVE Carrled to Balance Sheet £26,122.28 -£5,908 £20,214 £12,580 -£5,908 £6,672
RIVERSIDE ARTS CENTRE (THE) (LIMITED BY GUARANTEE) BALANCE SHEET FOR YEAR ENDING 31ST MARCH 2024 Yr 202312024 Yr 202212023 Unrestricted Funds Restricted Funds FIXED TANGIBLE ASSETS E295,390 £295,390 Total Unrestricted Funds Restricted Funds Total Freehold Property £295,390 £295,390 Less Depreciation 2%pa Furniture and Equprnent- 20% pa. £94,527 £94,527 E88,619 £88,619 £55,009 £55,009 £46,639 £46,639 Less Depreciation £47,058 £47,058 £42,396 £42,396 £7.951 £200,863 £208,814 £4,243 £206,771 £211,014 CURRENT ASSETS Provision for Donation £0 £0 £0 £0 Debt £0 Rents outstanding £6,448 £9,224 £9,224 Other Debtors and prepayments Cash at Bank £8,788 £6,173 £6,173 £0 Current Account £32,940 £32,940 £112,667 £0 £112,667 CCLA £97,653 £97,653 £0 £145,830 £145.830 £128,064 £128,064 CURRENT LIABILITIES Creditors and Accrued Charges Loan from Riverside Players £3,643 £3,643 £5,292 £5,292 £3,lJOO £3,000 £3,643 £3,643 £8,292 £8,292 NET CURRENT ASSETS £142,186 £200,863 £343,049 £124,015 £206,771 £330,786 io
TOTAL £150,137 ACCUMULATED FUND Balance as at 31 March 2023 £124,015 -£88,619 £111,435 -£82,711 Surplus of Deficit or income over expenditure £26,122 -£5,908 £12,580 -£5,908 Redevelopment Fund/Capital reserve £295,390 £295,390 £150,137 £200,863 £124,015 £206,771 For the year ending 31 sl March 2024. the Company was entitled lo exemption from audit under Saclion 477 of the Companies Act 2006. The members have not reqLJired the Company lo obtain an audit in accordance with section 476 of the Companies Act 2006. The Directors acknowledge their responsibllily for complylng 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 lo companies subject lo small companies, regime. The accounts were a roved by the Management Committee on: James Ford-Bannisler Hon. Chairman Marian Richards Hon. Treasurer li
RIVERSIDE ARTS CENTRE (THE) (LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR YEAR ENDING 31ST MARCH 2024 ACCOUNTING POLICIES These accounts have been prepared under the historical cost convention on the accnJals basis and in accordance with the Financial Reporting Standards lor Smaller Entities. Depreciation Furniture and equipment shown al cost, £7,95112022123 - £25.8811 covers only those items purchased in the last 5 years by the Company, with 2 new purchases within the year. Older iterlls have been eliminated from the accounts as fully depreciated. No value has been placed on donated items which are considered lo be fully depreciated. Provision has been made for depreciation al 20¥0 per annum on cost of equiptllenl and lurnilure 2nd al 2 /0 per annum on the freehold properly.1£5,908 per annuml Unrestrfcted Funds These are funds which can be used for any general purposes. Restrlcted Funds These are funds which can only be applied for particular purposes in accordance with the wishes of the donor. DONATIONS AND FUNDRAISING 2024 Unrestricted Fund 2024 Restrictod Fund 2023 Unrestrictgd Fund 2023 Restricted Fund Riverside Arts Cenire Club £24,000 £0 £6.000 £0 Fundraising Events £0 £0 £0 £0 Other Donations £178 £0 £1,388 £0 £24,178 £0 £7,388 £0 Grants The88 are funds which can be used for any general purposes, RESTRICTED FUND Al the start of the year, there were no funds in the Company's bank balances which were allocated lo the reslricled fund. CLJrrenlly the reslricled fund only rellecls the donation by Surrey County Council toward a new protruding sign on the front of building and the cost of the Sludio extension, subject lo annual depreciation charges. VOLUNTARY EFFORT The Riverside Arts Centre benefits, in many ways, from work done by volunteers contributing their efforts for no payment. This work has been eslimaled lo be worth the following amount.. Maintenance Projects.. 1000 hours al £25ph £25.000 Committee members, hours were considerable bul have not been recorded. 12
COST OF INDEPENDENT EXAMINATION Jeremy Edwards makes no charge for his examination. In recognition of his voluntary service5, the Trustees have aulhorised 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 lal 59 Thames Slreel) and the Craft Centre {lo the rear of 53 Thames Sireell, Spellhorne Borough Council has granted a lease for a term of 21 years from 1st April 2020 al a rent of £44,000 p.a initially. This rent is subject lo review every five years. Spellhorne Borough Council have undertaken lo provide funding equivalent lo the rent for a period of five years and will give not less than five years notice of any inlenlion lo wilhdraw funding. Under these coridilions the Company has rights lo surrender the lease al one month's notice. The currenl18ase expires on 31st March 2041 Freghold Property No account has been taken of volunteer labour, eslimaled lo have saved £22800.12023.. £22,800) Provision has been mad8 for depreciation al 20/0 per annum on cost. (2023124., £5,908., 2022123.. £5,908) The Company, as a charity also benefits from rale relief on the Arts Centre premises. The mandatory 800 relief plus the discretionary relief of the remaining 20019 is worth c. £20,000 lo the Company each year. EMPLOYEE EMOLUMENTS The Company has no paid employees and the Trustee Directors receive no remurieralion, fee5 or expenses, and no pension contributions have been made for any Trustee. No Indemnity Insurance has been purchased for any TrusleelDireclor. CAPITAL COMMITMENTS As of 31st Maroh 2024, the Company had no capital Gommilmenls. RESERVES POLICY Apart from the"Sludio" complex. which is accornmodated in No. 57 Thames Street, (Freehold property fully owned by the Company) the premises are held on a 21-year full repairing lease from Spellhome Borough Council (see Note 71. The Company currently has cash reserves equivalent lo aboul one typical year's gross expenditure. In view of the above. the Directors have determined that il is prudent lo maintain reserves, of a minimum of £70,000, 10 enable the Company lo meet ils obligations in maintaining the premises leased from the Spellhorne Borough Council in lenanlable condition and repair, and properly decoialed. In addition. the company needs lo have sufficient funding available lo address any unforeseon problems which may occur within th8 Freehold pmperly al No. 57 Thames Street. INVESTMENT POWERS The Company may, as laid down by ils Memorandum of Association (clause 3EI. invest the moneys of the Company, not immediately required for ils purposes, in or upon such inveslmenls, securities or properly as may be thought fil, subject lo such conditions and consents as may be imposed by law. TAXATION The Company is a non-profit making charitable organisalion and is not liable lo pay any income or corporation laxe5. 13
RIVERSIDE ARTS CENTRE (THE) (LIMITED BY GUARANTEE) Registered Charity No. 272929 ACCOUNTS FOR THE YEAR ENDING 31ST MARCH 2024 EXAMINER'S REPORT TO THE TRUSTEES AND MEMBERS OF RIVERSIDE ARTS CENTRE (LIMITED BY GUARANTEEI Respectlve Responslbllltles of Dlrectors and Trustees and Examlner As the charity's Truslees and Directors of the Cornpany, you are responsible for the preparalion of accounts as sel out on pages 810 11. You consider Ihal 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 Ilhe A¢1) does not apply. 11 is my responsibility lo slate, on the basis of procedures specified in the general directions given by the Charity Commissioners under Section 144171 {bl of the Act, whether particular mallers have come lo my allenlion. Basis of Independent Examiner's Report My examination was carried out in accordance with the general directions given by the Charity Commissioners. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records.11 also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as Iruslees concerning any such mallers. The procedures undertaken do not provide all the evidence Ihal would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts. Indapendent Examiner's Statement In my opinion, the accounts are in agreement with the accounting records kept by the Company under Sections 386 and 387 of the Companies Act 2006. In connection with my examination, no maller has come lo my allenlion.. which gives me reasonable cause lo believe that in any material respect the requirements.. a. lo keep accounting records in accordance with section 130 of the Charities Act 2011 b. to Prepare accounts which accord with the accounting records and lo comply with the accounting requirements of the Charities Act 2011 have not been mel., or lo which, in my opinion, allenlion should be drawn in order lo enable a proper understanding of the accounts lo be reached. Jeremy C. E ards Chartered Accountant Flat 50 - Manor Place 8 Bridge Street Wallon-on-Thames Surrey. KT12 1AB Dale.. 14