RIGB LIMITED

Company Registration Number:
04065626 (England and Wales)

Unaudited statutory accounts for the year ended 30 September 2023

Period of accounts

Start date: 1 October 2022

End date: 30 September 2023

RIGB LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2023

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

RIGB LIMITED

Directors' report period ended 30 September 2023

The directors present their report with the financial statements of the company for the period ended 30 September 2023

Principal activities of the company

The principal activities of the business continuesto be the management of venue hire, conferenceand hospitality activity and generatingsponsorship for events at The Royal Institutionof Great Britain (Ri).

Additional information

This was a strong year for venue hire income andbookings, seeing a return close to pre-covidlevels. Early in the year, we had some changesin personnel in the team as recruitmentremained difficult in the hospitality industry.With a strong, settled team then in place, budgetlevels were surpassed. Sponsorship income alsosaw growth in the year.Financial resultIncome for the year as a whole totalled £2,373k(2021/22: £1,423k).RIGB Ltd made a profit of £8k (2021/22: £137kloss) for the financial year. This profit is small incomparison to the income levels, principally dueto obligations to the Ri under the OperatingAgreement relating to support costs which hasgrown considerably over the last few years. For2022/23, the request for a trade licence fee waswaived by the Ri charity board of trustees andthe Operating Agreement will be reviewed for2023/24.Key risks and Going concernWe have seen strong income growth in the2022/23 financial year along with an increase inthe timeframe of bookings which gives morestability. 2023-24 is budgeted to see a furtherincrease in income and the current level ofconfirmed bookings support this.The risks to recovery are however increased ifthere is an external factor such as Covid-19which has a detrimental effect on bookings. Thefollowing sections describe the principal risksfacing RIGB Ltd, and how they will be mitigated.Clients: We have seen client habits change overthe years and are now starting to see moreadvanced bookings, having reverted to veryshort term in the period immediately followingCovid-19. The risk is that client habits continueto change and RiGB Ltd does not respond to this.We continually monitor these changes and beflexible to our clients’ needsStaff: We have seen challenges this year withrecruiting and retaining staff. Demand for goodhospitality staff is high and we have a strongfocus on retention through reward anddevelopment.Financial: RIGB Limited had been unable, due tolow activity levels caused by Covid-19, togenerate a profit since 2019/20 to 2021/22. Theprofit in the current year is small due to theobligations to the Ri under the OperatingAgreement. These charges under thisAgreement are now no longer commensuratewith the level of the RIGB Ltd income and theCharity has agreed to review the charging mechanisms for the 2023/24 financial year. Webelieve that the RIGB Ltd business is sound andwill return to a stronger profit from 2023-24.The Ri acknowledges that the reduced incomeover the past three years is directly related toCovid-19 and the trustees have provided a letterof support to the Directors of RIGB Ltd.The Directors conclude therefore that RIGB Ltdis a going concern and the financial statementsshould be prepared on that basis.



Directors

The directors shown below have held office during the whole of the period from
1 October 2022 to 30 September 2023

Ian Smith
Emma Kelly
Elizabeth Walker


The director shown below has held office during the period of
1 October 2022 to 12 July 2023

Gwynneth Flower


Secretary Ian Smith

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
27 February 2024

And signed on behalf of the board by:
Name: Ian Smith
Status: Secretary

RIGB LIMITED

Profit And Loss Account

for the Period Ended 30 September 2023

2023 2022


£

£
Turnover: 2,373,000 1,423,000
Cost of sales: ( 2,365,000 ) ( 1,560,000 )
Gross profit(or loss): 8,000 (137,000)
Distribution costs: 0 0
Administrative expenses: 0 0
Other operating income: 0 0
Operating profit(or loss): 8,000 (137,000)
Interest receivable and similar income: 0 0
Interest payable and similar charges: 0 0
Profit(or loss) before tax: 8,000 (137,000)
Tax: 0 0
Profit(or loss) for the financial year: 8,000 (137,000)

RIGB LIMITED

Balance sheet

As at 30 September 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets: 3 3,000 9,000
Tangible assets: 4 21,000 23,000
Investments:   0 0
Total fixed assets: 24,000 32,000
Current assets
Stocks:   0 0
Debtors: 5 298,000 285,000
Cash at bank and in hand: 188,000 55,000
Investments:   0 0
Total current assets: 486,000 340,000
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 1,152,000 ) ( 997,000 )
Net current assets (liabilities): (666,000) (657,000)
Total assets less current liabilities: (642,000) ( 625,000)
Creditors: amounts falling due after more than one year: 7 0 ( 25,000 )
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): (642,000) (650,000)
Capital and reserves
Called up share capital: 1,000 1,000
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: (643,000 ) (651,000 )
Total Shareholders' funds: ( 642,000 ) (650,000)

The notes form part of these financial statements

RIGB LIMITED

Balance sheet statements

For the year ending 30 September 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

This report was approved by the board of directors on 27 February 2024
and signed on behalf of the board by:

Name: Ian Smith
Status: Director

The notes form part of these financial statements

RIGB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    Income from venue hire, conference and hospitality activity is credited to the Statement of Incomeand Retained Earnings when the service is provided to clients. Income from cancellation of eventbookings is recognised at the date the cancellation is advised by the client.Sponsorship income received is credited to the Statement of Income and Retained Earnings at thedate at which, or over the period for which the activity being sponsored occurs.

    Tangible fixed assets depreciation policy

    Tangible fixed assets are stated at cost less depreciation.Assets with a purchase value of less than £1,000 are expensed when acquired.Depreciation is provided on tangible fixed assets at rates calculated to reduce them to residual valueover their estimated useful lives at rates calculated on a straight line basis. The principal rates usedare as follows (half a normal year’s depreciation charged of assets acquired and capitalised duringthe year):Fixtures and fittings 20%-33%, dependent on nature of the assetComputer equipment 20%Theatre Equipment 17%-33%, dependent on nature of the assetFixed asset impairment reviews on all tangible assets are conducted by the management team whenchanges in circumstances indicate that impairment may have occurred in accordance with FRS102section 27 “Impairment of Assets”.

    Intangible fixed assets amortisation policy

    Intangible fixed assets are stated at cost less amortisation. Amortisation is provided at ratescalculated in a straight line to write off the cost of fixed assets, less their estimated residual valueover their expected useful lives as follows (half a normal year’s amortisation is charged of assetsacquired and brought in to use during the year):Computer Software 17 - 33% dependent on nature of assetThis amortisation charge is included in administrative expenses in the Statement of Income andRetained Earnings. The useful life of 3 years has been applied to software as this reflects the time inwhich it may become obsolete.

    Valuation information and policy

    The Company only has financial assets and financial liabilities of a kind that qualify as basic financialinstruments. Basic financial instruments are initially recognised at transaction value andsubsequently measured at their settlement value.

    Other accounting policies

    RIGB Ltd does not account for a deferred tax asset as losses will be used against future profits andany profits will be donated as a gift aid payment to the parent charity.

RIGB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 0 0

    The company has no employees other than the directors, who did not receive any remuneration(2022 – £Nil).Ri employees are allocated to work on RIGB activities, the costs of which are charged through themanagement fee of £883k (2021/22: £592k). The Ri has allocated six (2021/22: 3 full time onepart time) full time employees to work on RIGB activities.

RIGB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

3. Intangible assets

Goodwill Other Total
Cost £ £ £
At 1 October 2022 0 99,000 99,000
Additions 0 0 0
Disposals 0 0 0
Revaluations 0 0 0
Transfers 0 0 0
At 30 September 2023 0 99,000 99,000
Amortisation
At 1 October 2022 0 90,000 90,000
Charge for year 0 6,000 6,000
On disposals 0 0 0
Other adjustments 0 0
At 30 September 2023 0 96,000 96,000
Net book value
At 30 September 2023 0 3,000 3,000
At 30 September 2022 0 9,000 9,000

RIGB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

4. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 October 2022 70,000 53,000 3,000 126,000
Additions 11,000 2,000 13,000
Disposals ( 22,000 ) ( 22,000 )
Revaluations
Transfers
At 30 September 2023 59,000 53,000 5,000 117,000
Depreciation
At 1 October 2022 66,000 35,000 2,000 103,000
Charge for year 5,000 9,000 1,000 15,000
On disposals ( 22,000 ) ( 22,000 )
Other adjustments
At 30 September 2023 49,000 44,000 3,000 96,000
Net book value
At 30 September 2023 10,000 9,000 2,000 21,000
At 30 September 2022 4,000 18,000 1,000 23,000

RIGB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

5. Debtors

2023 2022
£ £
Trade debtors 280,000 278,000
Prepayments and accrued income 18,000 7,000
Other debtors 0 0
Total 298,000 285,000
Debtors due after more than one year: 0 0

RIGB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 0 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 83,000 20,000
Taxation and social security 66,000 81,000
Accruals and deferred income 641,000 517,000
Other creditors 362,000 379,000
Total 1,152,000 997,000

RIGB LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Other creditors 0 25,000
Total 0 25,000