Charity number: 297553
THE RIALTO
UNAUDITED
TRUSTEES' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
THE RIALTO
CONTENTS
| Page | |
|---|---|
| Reference and Administrative Details of the Charity, its Trustees and Advisers | 1 |
| Trustees' Report | 2 - 5 |
| Independent Examiner's Report | 6 |
| Statement of Financial Activities | 7 |
| Balance Sheet | 8 |
| Notes to the Financial Statements | 9 - 18 |
THE RIALTO
REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2023
| Trustees | Mr M Mackmin, Trustee |
|---|---|
| Mr N Stone, Trustee | |
| Mr M Howard, Trustee | |
| Mr C Hughes, Trustee (appointed 1 June 2023) | |
| Charity registered number 297553 Principal office 74 Britannia Road Norwich Norfolk NR1 4HS Principal operating office 74 Britannia Road Norwich Norfolk NR1 4HS Secretary Michael Mackmin Chief executive officer Michael Mackmin |
Page 1
THE RIALTO
TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023
The Trustees present their annual report together with the financial statements of the Charity for the 1 April 2022 to 31 March 2023.
Objectives and activities
a. Policies and objectives
The Charity's objectives are to create an opportunity for the reading of poetry, literature and criticism and to promote and encourage the appreciation, knowledge and understanding of these arts for the benefit and well being of the community. It also encourages the teaching and instruction of people in the craft of writing and publishes in magazines and books new verse by new and established poets.
The Charity also edits and publishes, three times a year, a magazine of poetry.
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
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THE RIALTO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Achievements and performance
a. Main achievements of the Charity
Our main work continues to be reading the continued large number of poems submitted both online and by post for The Rialto Poetry Magazine and editing, designing, preparing for print and distributing the magazine (three issues p.a.).
We continued to implement our current Arts Council of England funded project (‘The Republic of Poetry’). This involves graduates of our Editor Training Programme taking responsibility for selecting and editing alternate issues of the magazine, culminating in a celebratory one hundredth issue of the magazine in spring 2023.
The long term editor of The Rialto also worked on a selection of poetry from the one hundred issues of the magazine, to be published in 2023 and launched at an event as part of the Norfolk and Norwich Festival. This project is also supported by Arts Council funding.
We ran an Open Poetry Competition with an Environmental theme (The Rialto Nature and Place Poetry Competition). This competition is run as a partnership project with Cambridge Conservation Initiative, an organisation based in the University of Cambridge that includes Birdlife International, RSPB and other conservation groups. The Competition attracted a world wide entry, was judged by the former Welsh Laureate Gillian Clarke and culminated in a well attended online poetry reading with the judge and prize winning poets.
The Rialto’s Advisory Board continued to meet at three monthly intervals, and the Trustees also met formally and had continual informal contact.
We are pleased to announce that The Rialto won the 2022 East Anglian Book Awards Exceptional Contribution Award.
b. Key performance indicators
The Charity made a surplus of £6,040 (2022 surplus of £1,224).
c. Review of activities
The results for the year and the Charity's financial position at the year end are shown in the attached financial statements.
Page 3
THE RIALTO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Financial review
a. Going concern
After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The total funds of the Charity were £81,109 at 31 March 2023 (2022: £75,069). Free reserves, being unrestricted funds not represented by fixed assets were £80,984 at 31 March 2023 (2022: £74,902).
The Trustees aim to hold a minimum of £25,000 of working capital in the bank account. At the year end date the balance was £84,154 (2022: £80,163). The charity holds a six month revolving reserve. The Rialto has a commitment to subscibers to deliver a minimum of two issues of Rialto magazine per annum, £25,000 will allow the trustees to meet this commitment, and reimburse subscribers where appropriate.
Structure, governance and management
a. Constitution
The Rialto is a registered charity, number 297553, and is constituted under a Trust deed.
b. Methods of appointment or election of Trustees
The management of the Charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Trust deed.
c. Organisational structure and decision-making policies
The Trustees communicate on a regular basis in order to monitor the progress of the Charity, to make key decisions and to ensure the legal requirements such as those of the Charity Commission and other regulatory bodies are adhered to.
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THE RIALTO
TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023
Statement of Trustees' responsibilities
The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England & Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgments and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Charity's transactions and disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the Trust deed. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees and signed on their behalf by:
Mr M Howard Trustee Date: 31 January 2024
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THE RIALTO
INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 MARCH 2023
Independent Examiner's Report to the Trustees of The Rialto ('the Charity')
I report to the charity Trustees on my examination of the accounts of the Charity for the year ended 31 March 2023.
Responsibilities and Basis of Report
As the Trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ('the 2011 Act').
I report in respect of my examination of the Charity's accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent Examiner's Statement
Your attention is drawn to the fact that the Charity has prepared the accounts in accordance with 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) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has been withdrawn.
I understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the 2011 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
This report is made solely to the Charity's Trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the Charity's Trustees those matters I am required to state to them in an Independent Examiner's Report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the Charity and the Charity's Trustees as a body, for my work or for this report.
Signed: Dated: 31 January 2024 Alice Lynch BSc ACA DChA
MA Partners Audit LLP Chartered Accountants 7 The Close Norwich Norfolk NR1 4DJ
Page 6
THE RIALTO
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2023
| Note Income from: Donations and legacies 3 Charitable activities 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2023 £ 209 23,974 24,183 18,143 18,143 6,040 75,069 6,040 81,109 |
Restricted funds 2023 £ 22,703 - 22,703 22,703 22,703 - - - - |
Total funds 2023 £ 22,912 23,974 46,886 40,846 40,846 6,040 75,069 6,040 81,109 |
Total funds 2022 £ 865 38,723 |
|---|---|---|---|---|
| 39,588 | ||||
| 38,364 | ||||
| 38,364 | ||||
| 1,224 | ||||
| 73,845 1,224 |
||||
| 75,069 |
The Statement of Financial Activities includes all gains and losses recognised in the year.
The notes on pages 9 to 18 form part of these financial statements.
Page 7
THE RIALTO
BALANCE SHEET AS AT 31 MARCH 2023
| Note Fixed assets Tangible assets 10 Current assets Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total assets less current liabilities Total net assets Charity funds Restricted funds 13 Unrestricted funds 13 Total funds |
84,154 84,154 (3,170) |
2023 £ 125 125 80,984 81,109 81,109 - 81,109 81,109 |
80,163 80,163 (5,261) |
2022 £ 167 |
|---|---|---|---|---|
| 167 74,902 |
||||
| 75,069 | ||||
| 75,069 | ||||
| - 75,069 |
||||
| 75,069 |
The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:
Mr M Howard Trustee Date: 31 January 2024
The notes on pages 9 to 18 form part of these financial statements.
Page 8
THE RIALTO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
1. General information
The Rialto is registered in England and Wales and its registered address is 74 Britannia Road, Norwich, NR1 4HS.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.
The Rialto meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
2.2 Income
All income is recognised once the Charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
2.3 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 on charitable activities is incurred on directly undertaking the activities which further the Charity's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Page 9
THE RIALTO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
2. Accounting policies (continued)
2.4 Tangible fixed assets and depreciation
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
Office equipment - 25% reducing balance
2.5 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
2.6 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the Charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
2.7 Financial instruments
The Charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method.
2.8 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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THE RIALTO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
3. Income from donations and legacies
| Unrestricted funds 2023 £ Donations 209 Grants - 209 Total 2022 865 |
Restricted funds 2023 £ 87 22,616 22,703 - |
Total funds 2023 £ 296 22,616 22,912 865 |
Total funds 2022 £ 865 - |
|---|---|---|---|
| 865 | |||
4. Income from charitable activities
| Unrestricted funds 2023 £ Subscriptions and book sales 10,140 Competition income 13,834 23,974 Total 2022 38,723 |
Total funds 2023 £ 10,140 13,834 23,974 38,723 |
Total funds 2022 £ 12,483 26,240 |
|---|---|---|
| 38,723 | ||
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THE RIALTO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
5. Analysis of expenditure on charitable activities
Summary by fund type
| Unrestricted funds 2023 £ Subscriptions and book sales expenditure 12,847 Competition expenditure 5,296 18,143 Total 2022 38,364 |
Restricted funds 2023 £ 22,703 - 22,703 - |
Total 2023 £ 35,550 5,296 40,846 38,364 |
Total 2022 £ 33,271 5,093 |
|---|---|---|---|
| 38,364 | |||
6. Analysis of expenditure by activities
| Subscriptions and book sales expenditure Competition expenditure Total 2022 |
Activities undertaken directly 2023 £ 25,375 5,296 30,671 27,326 |
Support costs 2023 £ 10,175 - 10,175 11,038 |
Total funds 2023 £ 35,550 5,296 40,846 38,364 |
Total funds 2022 £ 33,271 5,093 |
|---|---|---|---|---|
| 38,364 | ||||
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THE RIALTO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
6. Analysis of expenditure by activities (continued)
Analysis of direct costs
| Depreciation Magazine production costs Competition costs Poets' fees Postage and carriage Stationery |
Total funds 2023 £ 42 15,484 5,296 3,445 6,214 190 30,671 |
Total funds 2022 £ 56 10,465 5,093 678 10,849 185 |
|---|---|---|
| 27,326 |
Analysis of support costs
| Administration support costs Website, social media and membership Accountancy, legal & professional fees Bank & paypal charges Governance costs |
Total funds 2023 £ 1,387 2,412 86 190 6,100 10,175 |
Total funds 2022 £ 931 1,099 1,903 305 6,800 |
|---|---|---|
| 11,038 |
7. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £750 ( 2022 - £750 ).
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THE RIALTO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
8. Staff costs
| Wages and salaries | 2023 £ 6,100 6,100 |
2022 £ 6,800 |
|---|---|---|
| 6,800 |
The average number of persons employed by the Charity during the year was as follows:
| 2023 | 2022 | |
|---|---|---|
| No. | No. | |
| Trustee | 1 | 1 |
No employee received remuneration amounting to more than £60,000 in either year.
9. Trustees' remuneration and expenses
During the year, one or more Trustees has been paid remuneration or has received other benefits from an employment with the Charity. The remuneration was paid as an Editors honorarium as in previous years. The value of Trustees' remuneration and other benefits was as follows:
| 2023 | 2022 | ||
|---|---|---|---|
| £ | £ | ||
| Mr M Mackmin | Remuneration | 6,100 | 6,800 |
During the year ended 31 March 2023, no Trustee expenses have been incurred (2022 - £NIL) .
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THE RIALTO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
10. Tangible fixed assets
| Cost or valuation At 1 April 2022 At 31 March 2023 Depreciation At 1 April 2022 Charge for the year At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 |
Office equipment £ 2,138 |
|---|---|
| 2,138 | |
| 1,971 42 |
|
| 2,013 | |
| 125 | |
| 167 |
11. Creditors: Amounts falling due within one year
| Trade creditors Accruals and deferred income Financial instruments Financial assets Financial assets measured at fair value through income and expenditure |
2023 £ 1,670 1,500 3,170 2023 £ 84,154 |
2022 £ 3,847 1,414 5,261 2022 £ 80,163 |
|---|---|---|
12. Financial instruments
Financial assets measured at fair value through income and expenditure comprise of cash and cash equivalents.
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THE RIALTO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
13. Statement of funds
Statement of funds - current year
| Unrestricted funds General Funds Restricted funds The Republic of Poetry Total of funds |
Balance at 1 April 2022 £ 75,069 - 75,069 |
Income £ 24,183 22,703 46,886 |
Expenditure £ (18,143) (22,703) (40,846) |
Balance at 31 March 2023 £ 81,109 |
|---|---|---|---|---|
| - | ||||
| 81,109 |
The Republic of Poetry - funding received from the Arts Council of England specifically to fund graduates of our Editor Training Programme taking responsibility for selecting and editing alternate issues of the magazine, culminating in a celebratory one hundredth issue of the magazine in spring 2023.
Statement of funds - prior year
| Balance at | ||||
|---|---|---|---|---|
| Balance at | 31 March | |||
| 1 April 2021 | Income | Expenditure | 2022 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Funds | 73,845 | 39,588 | (38,364) | 75,069 |
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THE RIALTO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
14. Summary of funds
Summary of funds - current year
| General funds Restricted funds Summary of funds - prior year General funds |
Balance at 1 April 2022 £ 75,069 - 75,069 Balance at 1 April 2021 £ 73,845 |
Income £ 24,183 22,703 46,886 Income £ 39,588 |
Expenditure £ (18,143) (22,703) (40,846) Expenditure £ (38,364) |
Balance at 31 March 2023 £ 81,109 - |
|---|---|---|---|---|
| 81,109 | ||||
| Balance at 31 March 2022 £ 75,069 |
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THE RIALTO
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023
15. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted funds 2023 £ Tangible fixed assets 125 Current assets 84,154 Creditors due within one year (3,170) Total 81,109 |
Total funds 2023 £ 125 84,154 (3,170) 81,109 |
|---|---|
Analysis of net assets between funds - prior year
| Tangible fixed assets Current assets Creditors due within one year Total |
Unrestricted funds 2022 £ 167 80,163 (5,261) 75,069 |
Total funds 2022 £ 167 80,163 (5,261) 75,069 |
|---|---|---|
16. Related party transactions
The Charity has not entered into any related party transaction during the year, nor are there any outstanding balances owing between related parties and the Charity at 31 March 2023.
Page 18