**REGISTERED COMPANY NUMBER: 01409066 (England and Wales) REGISTERED CHARITY NUMBER: 277415**
Report of the Trustees and
Financial Statements for the Year Ended 31 March 2025
for
Rio Centre (Dalston) Limited(The)
Ark Accountancy Limited Chartered Certified Accountant & Statutory Auditor 56-58 High Street Ewell Epsom Surrey KT17 1RW
Rio Centre (Dalston) Limited(The)
Contents of the Financial Statements for the Year Ended 31 March 2025
|||Page||
|---|---|---|---|
|Reference and Administrative Details||1||
|Report of the Trustees|2|to|5|
|Report of the Independent Auditors|6|to|9|
|Statement of Financial Activities||10||
|Balance Sheet||11||
|Cash Flow Statement||12||
|Notes to the Cash Flow Statement||13||
|Notes to the Financial Statements|14|to|21|
|Detailed Statement of Financial Activities|22|to|23|
Rio Centre (Dalston) Limited(The)
Reference and Administrative Details for the Year Ended 31 March 2025
**TRUSTEES** Ms S Chorley A Andrews (resigned 9.7.24) G R Binette Deputy chair Ms A L F Clark Treasurer Ms F M Johnston R Kirwan Ms S H M Robertson Ms A B Skrein (appointed 28.4.25) Ms C Antrobus (appointed 28.4.25) Ms V Lobon (appointed 28.4.25) O G Zeffman (appointed 28.4.25) **REGISTERED OFFICE** 107 Kingsland High Street London E8 2PB **REGISTERED COMPANY** 01409066 (England and Wales) **NUMBER REGISTERED CHARITY** 277415 **NUMBER**
## **SENIOR STATUTORY AUDITOR** Mary E Ryan
**AUDITORS** Ark Accountancy Limited Chartered Certified Accountant & Statutory Auditor 56-58 High Street Ewell Epsom Surrey KT17 1RW
Page 1
Rio Centre (Dalston) Limited(The)
Report of the Trustees for the Year Ended 31 March 2025
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2025. 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**
## **Introduction**
The Charity is a registered charity incorporated as a Company Limited by Guarantee. The organisation's day-to-day activities are carried out by a staff team led by Executive Director Rosie Greatorex, who has been in post since September 2024. Tim Stevens remained in post as Interim Director until January 2025, to facilitate handover. The Rio has a workforce of nearly 30 and does not make use of "zero hours" contracts. The Rio also has a board of ten local trustees who are unremunerated volunteers.
## **Objectives and aims**
The Charity's core activity is to run the Rio Cinema, an independent cinema with two screening rooms, a unique policy of community access and local involvement, and a remarkable archive. The cinema is open almost every day of the year, and its wide-ranging and varied programme typically presents approximately 1,300 screenings annually incorporating: main feature films, programmes for children and older people, special events, festivals and independent films. The Rio is a landmark cultural venue in Hackney, providing convenient and economical access to cinema for a wide range of Londoners, regularly offering discounted tickets both to the general public and targeted at specific groups.
## **Public benefit**
The Trustees have considered the Charity Commission guidance on public benefit and consider that the activities of the charity provide public benefit within the following charitable purposes:
## **The Advancement Of The Arts, Culture, Heritage Or Science**
The Rio promotes an appreciation of the best of world cinema for the local community in the London Borough of Hackney and neighbouring boroughs. Through participation in film festivals showcasing work from around the world, the Rio demonstrates its commitment to providing local residents with as diverse a programme of high-quality cinema as possible. Partnerships with other independent cinemas and arts festivals help to keep alive and advance a thriving independent arts sector in London.
## **The Advancement Of Citizenship Or Community Development**
Cinema itself is a communal experience, an accessible art form that attracts a diverse and wide range of people. The Rio provides a home to film festivals that reflect the diversity of its local population, featuring films that may otherwise go unseen in the UK. These screenings provide an opportunity to learn about one another's cultures and heritage, aiding and developing community relations. The Rio also provides facilities for grassroots charities and local groups to meet and run events, at subsidised rates and sometimes free of charge.
## **The Advancement Of Education**
The Rio's extensive programme of schools screenings provides an invaluable adjunct to the classwork in local schools and is viewed by teachers as a significant educational resource.
## **The Relief Of Those In Need, By Reason Of Youth, Age, Ill-Health, Disability, Financial Hardship Or Other Disadvantage**
The Rio is determined to make film as accessible as possible to the local community, and therefore seeks to provide low-cost access to the cinema for people on benefits and for children to facilitate the widest possible access to its services. The Rio's monthly Classic Matinee aims to reduce feelings of isolation for older people and enrich life of those in care, providing local older people with an opportunity to socialise, enjoy a film and also free tea and biscuits. A community discount is available to appropriate organisations and individuals looking to hire out the cinema for their projects.
Page 2
Rio Centre (Dalston) Limited(The)
for the Year Ended 31 March 2025
## Report of the Trustees
## **ACHIEVEMENTS AND PERFORMANCE Charitable activities**
## **New Leadership & Strengthened Governance**
One of the most important successes this year was securing new, inspiring leadership and strengthening our governing body. We completed a comprehensive recruitment process and welcomed Rosie Greatorex as our new Executive Director. Rosie joined in early September and has already made a profound impact bringing a convincing and inspiring vision for a thriving independent community cinema in East London.
The Board of Trustees also saw growth and revitalisation. Following three resignations due to other commitments, and following a targeted search programme, we invited four committed members of the local community-Corrina Antrobus, Vanessa Lobon, Anna Skrein and Oliver Zeffman - to join the Board's work as volunteers.
Following an investigation by the Charity Commission into a social media post about the decision to cancel a private hire arrangement to screen the 2024 Eurovision Song Contest, the Trustees updated a number of governance policies, including the Charity's Social Media Policy. This ensures the Charity continues to meet requirements for transparency and safe operations. The Charity Commission closed its investigation in February 2025 offering guidance and taking no further action.
## **Operational Transformation**
Interim Executive Director, Tim Stevens, spent the summer months of 2024 fundraising and then moved to supporting the incoming Executive Director. When Rosie Greatorex took over as Executive Director, she immediately launched a programme of operational transformation to bring costs down and increase revenue. This included: optimising opening hours to reduce front of house staff costs, increasing hire fees (but without change to charges for community groups and local charities), and streamlining in-house operations at all levels. From January through March 2025, the team undertook preparations for a change in box office system and migration to a new and improved website, including a rebranding project to refresh the Charity's visual identity. This was followed by a revamp and relaunch of the membership scheme, as membership had fallen below 1000 in recent years.
## **Deepening Community Roots**
The Charity re-energised its community mission over the year, engaging different parts of East London through programming and outreach. It maintained its core activity of screening films seven days a week as one of only two independent cinemas in Hackney - and as the largest and most affordable cinema in one of London's largest inner-city boroughs. It continued to offer a diverse and engaging mix of first-run and specialist repertory programming, and also hosted Doc N Roll, the London Short Film Festival, the Kurdish Film Festival, Pink Palace Queer Film Club and many other film clubs.
An affordable pricing structure was maintained, despite a difficult financial picture, and the Charity continued to deliver a full programme of community and access screenings, including Carers & Babies, Hard of Hearing and Classic Matinee seniors shows. Family screenings were also expanded and Relaxed Screenings for families with neurodivergent children were added to the Charity's Access offering.
## **Investing in our People and Infrastructure**
Despite ongoing financial pressures, the Charity is committed to looking after our dedicated staff and improving the physical environment of the cinema for everyone.
- **Staff and Pay** : The Charity successfully concluded BECTU pay negotiations in 2024, resulting in a pay increase for Front of House sta ff and raising the Duty Managers' rate to slightly over the London Living Wage.
- **Venue Improvements** : Essential infrastructure projects are moving forward including a planned toilet refurbishment, redecoration of the Circle Bar, improvements to Staff Room and offices, and the redecoration of The Ludski, our community space and DIY screening room.
Page 3
Rio Centre (Dalston) Limited(The)
for the Year Ended 31 March 2025
## Report of the Trustees
## **FINANCIAL REVIEW**
## **Financial position**
The Rio faced significant financial challenges throughout 2024, primarily stemming from reduced income and increased costs.
**Reduced attendance** : The broader economic climate and increased cost of living continued to depress ticket sales across the cinema sector. The industry is still recovering from the impact of the 2023 Hollywood strike on the release slate and it's becoming clear that a return to pre-pandemic audience levels is going to take much longer than expected. Audiences for one-off festivals or special events were as strong as ever but the Rio's main features audience was reduced.
**Increased costs** : The cinema experienced rising costs for various supplies, mirroring trends within the entertainment and hospitality sectors.
**Reduced consultancy services** : The Rio continued to offer programming on a consultancy basis to ActOne cinema until October 2024. Although the Charity replaced this with a programming consultancy for the Lexi Cinema in September 2024, that contract expired in 2025 and was not replaced.
**New revenue sources** : The Rio secured a 12-month rental of its external banner space, generating £24,000. Fundraising initiatives included a 'Name a Seat' campaign and a general membership push, resulting in improved membership sales from December 2024.
## **Reserves policy**
The Trustees deem it prudent to hold three months running costs in current assets. With the significant challenges faced in 2024/25, the Charity has not been in a position to maintain full reserves throughout the period.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The charity is controlled by its governing document - a deed of trust - and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees (who are also the directors of Rio Centre (Dalston) Limited(The) for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 4
Rio Centre (Dalston) Limited(The)
Report of the Trustees for the Year Ended 31 March 2025
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued**
In so far as the trustees are aware:
- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
## **AUDITORS**
The auditors, Ark Accountancy Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.
Approved by order of the board of trustees on 15 December 2025 and signed on its behalf by:
R Kirwan - Trustee
Page 5
Report of the Independent Auditors to the Members of Rio Centre (Dalston) Limited(The)
## **Opinion**
We have audited the financial statements of Rio Centre (Dalston) Limited(The) (the 'charitable company') for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Report of the Trustees has been prepared in accordance with applicable legal requirements.
Page 6
Report of the Independent Auditors to the Members of Rio Centre (Dalston) Limited(The)
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit; or
- the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
Page 7
Report of the Independent Auditors to the Members of Rio Centre (Dalston) Limited(The)
## **Our responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:
- the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - we identified the laws and regulations applicable to the company through discussions with directors and other management, and from our knowledge and experience of the sector;
- we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, taxation legislation and data protection, anti-bribery, employment and health and safety legislation; - we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and - identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company's financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:
- making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; and
- considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.
To address the risk of fraud through management bias and override of controls, we - performed analytical procedures to identify any unusual or unexpected relationships;
- tested journal entries to identify unusual transactions;
- assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
- investigated the rationale behind significant or unusual transactions.
In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:
- agreeing financial statement disclosures to underlying supporting documentation;
- reading the minutes of meetings of those charged with governance; and
- enquiring of management as to actual and potential litigation and claims.
We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from the financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 8
Report of the Independent Auditors to the Members of Rio Centre (Dalston) Limited(The)
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Mary E Ryan (Senior Statutory Auditor) for and on behalf of Ark Accountancy Limited Chartered Certified Accountant & Statutory Auditor 56-58 High Street Ewell Epsom Surrey KT17 1RW
18 December 2025
Page 9
Rio Centre (Dalston) Limited(The)
## Statement of Financial Activities for the Year Ended 31 March 2025
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
4
Cinema
Investment income
3
Other income
**Total**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
6
Cinema
**Total**
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
53,119
943,445
234
36,712
1,033,510
337,096
797,087
1,134,183
(100,673)
(67,417)
(168,090)|Restricted
funds
£
-
-
-
-
-
-
18,365
18,365
(18,365)
278,433
260,068|31.3.25
Total
funds
£
53,119
943,445
234
36,712
1,033,510
337,096
815,452
1,152,548
(119,038)
211,016
91,978|31.3.24
Total
funds
£
45,572
947,320
465
92,364
1,085,721
387,633
873,993
1,261,626
(175,905)
386,921
211,016|
|---|---|---|---|---|
The notes form part of these financial statements
Page 10
Rio Centre (Dalston) Limited(The)
## Balance Sheet
## 31 March 2025
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
13
68,318
**CURRENT ASSETS**
Stocks
14
5,140
Debtors
15
38,336
Cash at bank and in hand
3
43,479
**CREDITORS**
Amounts falling due within one year
16
(265,278)
**NET CURRENT ASSETS/(LIABILITIES)**
(221,799)
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
(153,481)
**CREDITORS**
Amounts falling due after more than one year
17
(14,609)
**NET ASSETS**
(168,090)
**FUNDS**
19
Unrestricted funds
Restricted funds
**TOTAL FUNDS**|Restricted
funds
£
233,031
-
-
10,340
10,340
16,697
27,037
260,068
-
260,068|31.3.25
Total
funds
£
301,349
5,140
38,336
10,343
53,819
(248,581)
(194,762)
106,587
(14,609)
91,978
(168,090)
260,068
91,978|31.3.24
Total
funds
£
348,648
2,687
42,358
23,930
68,975
(179,219)
(110,244)
238,404
(27,388)
211,016
(67,417)
278,433
211,016|
|---|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 15 December 2025 and were signed on its behalf by:
R Kirwan - Trustee
The notes form part of these financial statements
Page 11
Rio Centre (Dalston) Limited(The)
## Cash Flow Statement for the Year Ended 31 March 2025
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Interest paid
Tax paid
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Sale of tangible fixed assets
Interest received
Net cash provided by/(used in) investing activities
**Cash flows from financing activities**
Loan repayments in year
Net cash used in financing activities
**Change in cash and cash equivalents in**
**the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end of**
**the reporting period**|31.3.25
£
(3,167)
-
625
(2,542)
-
1,500
234
1,734
(12,779)
(12,779)
(13,587)
23,930
10,343|31.3.24
£
(49,353)
(28)
(625)
(50,006)
(10,209)
-
465
(9,744)
(7,355)
(7,355)
(67,105)
91,035
23,930|
|---|---|---|
The notes form part of these financial statements
Page 12
Rio Centre (Dalston) Limited(The)
Notes to the Cash Flow Statement for the Year Ended 31 March 2025
## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net expenditure for the reporting period (as per the Statement of**
**Financial Activities)**
**Adjustments for:**
Depreciation charges
Profit on disposal of fixed assets
Interest received
Interest paid
(Increase)/decrease in stocks
Decrease in debtors
Increase in creditors
**Net cash used in operations**|31.3.25
£
(119,038)
47,299
(1,500)
(234)
-
(2,453)
3,397
69,362
(3,167)|31.3.24
£
(175,905)
58,412
-
(465)
28
2,665
3,844
62,068
(49,353)|
|---|---|---|
## **2. ANALYSIS OF CHANGES IN NET DEBT**
|At 1.4.24
Cash flow
At
£
£
**Net cash**
Cash at bank and in hand
23,930
(13,587)
23,930
(13,587)
**Debt**
Debts falling due within 1 year
(12,649)
-
Debts falling due after 1 year
(27,388)
12,779
(40,037)
12,779
**Total**
(16,107)
(808)|31.3.25
£
10,343
10,343
(12,649)
(14,609)
(27,258)
(16,915)|
|---|---|
The notes form part of these financial statements
Page 13
Rio Centre (Dalston) Limited(The)
Notes to the Financial Statements for the Year Ended 31 March 2025
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, 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 Companies Act 2006. 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.
Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Short leasehold - at varying rates on cost Fixtures and fittings - 10% on cost
## **Stocks**
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
## **Taxation**
The charity is exempt from corporation 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.
## **Hire purchase and leasing commitments**
Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
Page 14
Rio Centre (Dalston) Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **2. DONATIONS AND LEGACIES**
|Donations
Gift aid tax refunds
**3.**
**INVESTMENT INCOME**
Deposit account interest
**4.**
**INCOME FROM CHARITABLE ACTIVITIES**
Activity
Film takings
Cinema
Bar & confectionary takings
Cinema
Display & screen advertising
Cinema
Hire, booking fees etc
Cinema
Other grants
Cinema
Grants received, included in the above, are as follows:
British Film Institute
Film London
**5.**
**RAISING FUNDS**
**Raising donations and legacies**
Film royalties
Confectionary costs
Bar costs
Mags & merchandise|31.3.25
£
53,119
-
53,119
31.3.25
£
234
31.3.25
£
546,278
253,001
30,193
110,553
3,420
943,445
31.3.25
£
-
3,420
3,420
31.3.25
£
240,722
18,723
74,449
3,202
337,096|31.3.24
£
41,197
4,375
45,572
31.3.24
£
465
31.3.24
£
613,790
237,783
38,510
54,737
2,500|
|---|---|---|
|||947,320|
|||31.3.24
£
2,500
-
2,500
31.3.24
£
287,539
18,140
79,649
2,305|
|||387,633|
Page 15
continued...
Rio Centre (Dalston) Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **6. CHARITABLE ACTIVITIES COSTS**
|Direct
Costs
£
Cinema
786,005
**7.**
**GRANTS PAYABLE**
Cinema
**8.**
**SUPPORT COSTS**
Cinema
**9.**
**NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
Auditors' remuneration
Depreciation - owned assets
Hire of plant and machinery
Other operating leases
Surplus on disposal of fixed assets|Grant
funding of
activities
Support
(see note
costs (see
7)
note 8)
£
£
1,778
27,669
31.3.25
£
1,778
Governance
Finance
costs
£
£
20,469
7,200
31.3.25
£
7,200
47,299
3,041
11,500
(1,500)|Totals
£
815,452|
|---|---|---|
|||31.3.24
£
457
Totals
£
27,669
31.3.24
£
4,800
58,412
2,294
11,496
-|
## **10. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.
## **Trustees' expenses**
One director was reimbursed expenses of £82 in the year.
Page 16
continued...
Rio Centre (Dalston) Limited(The)
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **11. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs
The average monthly number of employees during the year was as follows:
Film production staff (average) FTE 19
No employees received emoluments in excess of £60,000.
**12.**
**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
45,572
**Charitable activities**
Cinema
947,320
Investment income
465
Other income
92,364
**Total**
1,085,721
**EXPENDITURE ON**
Raising funds
387,633
**Charitable activities**
Cinema
855,628
**Total**
1,243,261
**NET INCOME/(EXPENDITURE)**
(157,540)
**RECONCILIATION OF FUNDS**
Total funds brought forward
90,123
**TOTAL FUNDS CARRIED FORWARD**
(67,417)||31.3.25
£
461,824
22,228
9,745
493,797
31.3.25
30
Restricted
funds
£
-
-
-
-
-
-
18,365
18,365
(18,365)
296,798
278,433||31.3.24
£
511,186
28,633
12,137
551,956
31.3.24
30
Total
funds
£
45,572
947,320
465
92,364
1,085,721
387,633
873,993
1,261,626
(175,905)
386,921
211,016|
|---|---|---|---|---|
||||||
||||||
||||||
||||||
||||||
continued...
Page 17
Rio Centre (Dalston) Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **13. TANGIBLE FIXED ASSETS**
|**COST**
At 1 April 2024
Disposals
At 31 March 2025
**DEPRECIATION**
At 1 April 2024
Charge for year
Eliminated on disposal
At 31 March 2025
**NET BOOK VALUE**
At 31 March 2025
At 31 March 2024
**14.**
**STOCKS**
Stocks
**15.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Accrued income
Tax
Prepayments|Short
leasehold
£
389,580
-
389,580
239,381
11,400
-
250,781
138,799
150,199|Fixtures
and
fittings
Totals
£
£
885,146
1,274,726
(1,500)
(1,500)
883,646
1,273,226
686,697
926,078
35,899
47,299
(1,500)
(1,500)
721,096
971,877
162,550
301,349
198,449
348,648
31.3.25
31.3.24
£
£
5,140
2,687
31.3.25
31.3.24
£
£
19,258
13,437
8,075
19,699
9,458
3,167
-
625
1,545
5,430
38,336
42,358|
|---|---|---|
continued...
Page 18
Rio Centre (Dalston) Limited(The)
## Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|31.3.25
£
Bank loans and overdrafts (see note 18)
10,649
Other loans (see note 18)
2,000
Trade creditors
145,120
Social security and other taxes
10,396
VAT
59,794
Other creditors
10,126
Accrued expenses
10,496
248,581
**17.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
31.3.25
£
Bank loans (see note 18)
7,276
Other loans (see note 18)
7,333
14,609
**18.**
**LOANS**
An analysis of the maturity of loans is given below:
31.3.25
£
Amounts falling due within one year on demand:
Bank loans
10,649
Other loans
2,000
12,649
Amounts falling between one and two years:
Bank loans - 1-2 years
7,276
Other loans - 1-2 years
2,000
9,276
Amounts falling due between two and five years:
Bank loans - 2-5 years
-
Other loans - 2-5 years
5,333
5,333
Amounts falling due in more than five years:
Repayable by instalments:
Other loans more 5yrs instal
-|31.3.24
£
10,649
2,000
84,416
9,963
38,479
12,071
21,641|31.3.24
£
10,649
2,000
84,416
9,963
38,479
12,071
21,641|
|---|---|---|
||179,219||
||31.3.24
£
18,055
9,333
27,388
31.3.24
£
10,649
2,000
12,649
10,648
2,000
12,648
7,407
6,000
13,407
1,333||
|||12,649|
|||10,648
2,000|
|||12,648|
|||7,407
6,000|
|||13,407|
|||1,333|
continued...
Page 19
Rio Centre (Dalston) Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **19. MOVEMENT IN FUNDS**
|**Unrestricted funds**
General fund
**Restricted funds**
Revaluation Reserve
RioGeneration Fund
**TOTAL FUNDS**
Net movement in funds, included in the above are as
**Unrestricted funds**
General fund
**Restricted funds**
Revaluation Reserve
RioGeneration Fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
RioGeneration Fund
**Restricted funds**
Revaluation Reserve
RioGeneration Fund
**TOTAL FUNDS**|follows:
At 1.4.23
£
90,123
-
90,123
181,197
115,601
296,798
386,921|At 1.4.24
£
(67,417)
169,797
108,636
278,433
211,016
Incoming
resources
£
1,033,510
-
-
-
1,033,510
Net
movement
in funds
£
(144,434)
(13,106)
(157,540)
(11,400)
(6,965)
(18,365)
(175,905)|Net
movement
in funds
£
(100,673)
(11,400)
(6,965)
(18,365)
(119,038)
Resources
expended
£
(1,134,183 )
(11,400)
(6,965)
(18,365)
(1,152,548 )
Transfers
between
funds
£
(13,106)
13,106
-
-
-
-
-|At
31.3.25
£
(168,090)
158,397
101,671
260,068
91,978
Movement
in funds
£
(100,673)
(11,400)
(6,965)
(18,365)
(119,038)
At
31.3.24
£
(67,417)
-
(67,417)
169,797
108,636
278,433
211,016|
|---|---|---|---|---|
||||||
||||||
||||||
continued...
Page 20
Rio Centre (Dalston) Limited(The)
Notes to the Financial Statements - continued for the Year Ended 31 March 2025
## **19. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
RioGeneration Fund
**Restricted funds**
Revaluation Reserve
RioGeneration Fund
**TOTAL FUNDS**|Incoming
resources
£
1,085,721
-
1,085,721
-
-
-
1,085,721|Resources
expended
£
(1,230,155 )
(13,106)
(1,243,261 )
(11,400)
(6,965)
(18,365)
(1,261,626 )|Movement
in funds
£
(144,434)
(13,106)
(157,540)
(11,400)
(6,965)
(18,365)
(175,905)|
|---|---|---|---|
## **20. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 March 2025.
Page 21
Rio Centre (Dalston) Limited(The)
## Detailed Statement of Financial Activities for the Year Ended 31 March 2025
|**INCOME AND ENDOWMENTS**
**Donations and legacies**
Donations
Gift aid tax refunds
**Investment income**
Deposit account interest
**Charitable activities**
Film takings
Bar & confectionary takings
Display & screen advertising
Hire, booking fees etc
Other grants
**Other income**
Gain on sale of tangible fixed assets
Other income
Consultancy income
**Total incoming resources**
**EXPENDITURE**
**Raising donations and legacies**
Film royalties
Confectionary costs
Bar costs
Mags & merchandise
**Charitable activities**
Wages
Social security
Pensions
Hire of plant and machinery
Other operating leases
Rates and water
Insurance
Light and heat
Telephone
Carried forward|31.3.25
£
53,119
-
53,119
234
546,278
253,001
30,193
110,553
3,420
943,445
1,500
25,683
9,529
36,712
1,033,510
240,722
18,723
74,449
3,202
337,096
461,824
22,228
9,745
3,041
11,500
3,720
16,406
25,161
10,147
563,772|31.3.24
£
41,197
4,375|
|---|---|---|
|||45,572
465
613,790
237,783
38,510
54,737
2,500|
|||947,320
-
37,214
55,150|
|||92,364|
|||1,085,721
287,539
18,140
79,649
2,305|
|||387,633
511,186
28,633
12,137
2,294
11,496
5,686
16,064
23,071
8,160
618,727|
This page does not form part of the statutory financial statements
Page 22
Rio Centre (Dalston) Limited(The)
## Detailed Statement of Financial Activities for the Year Ended 31 March 2025
|**Charitable activities**
Brought forward
Postage and stationery
Advertising
Sundries
Repairs & maintenance
Cleaning
IT software & consumables
Card fees
Consulting
Training
Subscriptions
Short leasehold depreciation
Fixtures & fittings depreciation
Bank interest
Grants to individuals
**Support costs**
**Finance**
Bank charges
**Governance costs**
Auditors' remuneration
Legal fees
Total resources expended
**Net expenditure**|31.3.25
£
563,772
3,563
3,000
77,150
46,117
11,752
2,840
330
21,647
573
7,962
11,400
35,899
-
1,778
787,783
20,469
7,200
-
7,200
1,152,548
(119,038)|31.3.24
£
618,727
2,250
4,336
69,064
46,557
12,278
2,083
(28)
5,495
936
5,973
11,400
47,012
28
457
826,568
41,925
4,800
700
5,500
1,261,626
(175,905)|
|---|---|---|
This page does not form part of the statutory financial statements
Page 23