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2021-06-30-accounts

CONTENTS
Page
Reference and administrative details
Report ofthe Trustees
Report ofthe Independent
Auditor		 15
Statement of Financial Activities 18
Balance Sheet 19
Statement ofCash Flows 20
Notes forming
part ofthe Financial Statements		 21
Staff, Academicians'
Council		 and Supporters 35

Unrestricted Unrestricted Restricted Endowment Total Total
general designated funds funds funds funds
funds funds 2021 2020
Note E E E f
Income from:
Donations and 2 205,611 980,000 1,185,611 474,274
legacies
Charitable activities 3 299,865 299,865 597,530
Other trading 4 32,459 20,920 53,379 96,137
activities
Investments 13,289 13,289 19,688
Total income 537,935 20,920 993,289 1,552,144 1,187,629
Expenditure on:
Charitable activities 8 465,935 192,974 658,909 900,156
Raising funds 8 63,559 21,696 85,255 94,935
Total expenditure 529,494 214,670 744,164 995,091
Gain/(loss) on 83,698 3,456 87,154 (13,794)
investments
Net income being net
movement in funds 8,441 20,920 862,317 3,456 895,134 178,744
Transfer between
funds 17 9,398 (9,398)
17,839 11,522 862,317 3,456 895,134 178,744
Total funds at 1July 17 40,517 115,429 863,241 4,587,565 5,606,752 5,428,008
2020
Total funds at 30June 17 58,356 126,951 1,725,558 4,591,021 6,501,886 5,606,752
2021

2021 2020
Note
Fixed assets
Tangible
fixed assets		 10 4,934,741 4,598,221
Investments 11 793,862 712,990
5,728,603 5,311,211
Current assets
Stock 13 9,985 12,781
Debtors 14 69,769 60,495
Cash at bank and in hand 16 992,983 329,683
1,072,737 402,959
Creditors: amounts falling due within one year 15 (299,454) (107,418)
Net current assets 773,283 295,541
Net assets 6,501,886 5,606,752
Funds
Endowment funds 18 4,591,021 4,587,565
Restricted funds 18 1,725,558 863,241
Unrestricted general funds 18 58,356 40,517
Unrestricted designated funds 18 126,951 115,429
Total funds 6,501,886 5,606,752

Note 2021 2020
f f
Net cash inflow from operating activities 16 993,283 168,493
Non-operating
cash flows
Investing activities:
Proceeds from the sale of investments 333,378 181,562
Payments for investments (40,561) (172,696)
Investment income 13,289 19,688
Payments for tangible fixed assets (349,554) (27,086)
Net cash (outflow)/inflow from investing activities (43,448) 1,468
Net cash inflow for the year 16 949,835 169,961

2 Donations
and legacies		 Donations
and legacies		 Unrestricted Restricted Total funds Total funds
Funds funds 2021 2020
Donations and grants:
Patrons and Friends ofthe RWA 40,778 109,249 150,027 96,285
Other donations
and		 Gift Aid 11,596 35,044 46,640 21,303
Arts Council
England		 152,596 152,596 39,687
Garfield Weston Foundation 150,000 150,000
Foyle Foundation 100,000 100,000
National
Lottery Heritage		 Fund 121,233 121,233 181,792
Nisbet Trust 50,000 50,000
Linbury Trust 50,000 50,000
Other capital donations 71,878 71,878 34,313
Bristol Port Company 50,000 50,000
29'" May Trust 35,000 35,000
Society of Merchant Venturers 25,000 25,000
Swire Foundation 20,000 20,000
Pople Trust 10,000 10,000
Bristol City Council 9,600 9,600 11,400
Government
Covid-19 schemes		 132,583 132,583 78,702
Sponsorship 11,054 11,054 10,792
205,611 980,000 1,185,611 474,274
The comparative
data		 for this note can be found in note 20,
3 Income from charitable activities 2021 2020
f f
Exhibitions
and events		 103,660 351,326
Gift Shop 10,824 33,337
Drawing School and learning activities 75,227 112,414
Rental ofArt School premises 110,154 100,453
299,865 597,530
4 Other trading activities 2021
f		 2020
f
SGSservice charge 20,920 51,150
Hire of Galleries and other activities 32,459 44,987
53,379 96,137
5 Investments Unrestricted
Restricted		 Total funds Total funds
funds
funds		 2021 2020
f
f		 f f
Dividends
and other		 distributions 13,229 13,229 19,462
Bank Interest 60 60 226
13,289 13,289 19,688

2021 2020
f 6
6,808 6,560
13,034 19,470
Staff costs and numbers
Staff costs comprise: 2021 2020
6 f
Wages and salaries 393,250 387,040
Social security costs 27,588 26,700
Pension contributions 10,593 10,594
431,431 424,334
The average headcount
ofs		 taff during the year was as follows:
2021 2020
No. No.
Gallery 14 14
Learning 3 3
Support
Tota
I		 23 23

8 Analysis ofexpenditure
Direct costs Support Total Total
costs 2021 2020
On raising
funds		 f f f
Fundraising
costs including		 investment
management
fees		 73,870 73,870 69,384
Other trading costs 11,385 11,385 47,379
85,255 85,255 116,763
On c ha r it ab Ie
activities
Exhibitions,
events and related activities		 214,272 256,720 470,992 534,609
Drawing school and Learning activities 161,042 26,875 187,917 161,059
Development
phase —L gr		 I project 182,660
375,314 283,595 658,909 878,328
Total expenditure 460,569 283,595 744,164 995,091
The comparative
data for		 this note can be found in note 22.
9 Analysis and allocation ofsupport costs and allocation ofsupport costs
Support costs: General Total Total
Staff Office 2021 2020
Raising funds 3,160 3,160 3,102
Charitable
activities
Exhibitions 111,712 137,746 249,458 276,443
Drawing School and learning activities 12,412 14,007 26,419 29,670
124,124 154,913 279,037 309,215

Tangible fixed assets Furniture
Freehold and
property
f		 equipment
6		 Total
f
Cost
At 1July 2020 4,570,000 202,745 4,772,745
Additions
for year		 341,568 7,986 349,554
Disposals (75,696) (75,696)
At 30June 2021 4,911,568 135,035 5,046,603
Depreciation
At 1July 2020 174,524 174,524
Disposals (75,696) (75,696)
Charge for the year 13,034 13,034
At 30June 2021 111,862 111,862
Net book value
At 30June 2021 4,911,568 23,173 4,934,741
At 30June 2020 4,570,000 28,221 4,598,221
e freehold
property
in respect oftheir financial
contribution
ted 2' November
2020) and the RWA Appeal (f350,000).
 to the RWA Light and Inspiration
projec		 t (E1,373,60
Investments 2021 2020
f 6
Unlisted
investments		 1 1
Listed investments 503,505 709,168
Cash investments 290,356 3,821
793,862 712,990
Listed investments
Market value at 1July 2020 709,168 731,828
Additions
at cost		 40,561 172,696
Disposal proceeds (333,378) (181,562)
Investment
gains /(losses)		 87,154 (13,794)
Market value at 30June 2021 503,505 709,168
Historical cost 364,488 626,692

Reconciliation
ofnet movement		 Reconciliation
ofnet movement		 Reconciliation
ofnet movement		 in funds to net funds to net cash flow from operating cash flow from operating activities 2021 2020
f f
Net movement
in funds		 for the year 895,134 178,744
(Gains)/losses
on investments		 (87,154) 13,794
Depreciation 13,034 19,470
Investment
income		 (13,289) (19,688)
Decrease in stock 2,796 268
(Increase)/decrease in debtors (9,274) 16,415
Increase/(decrease)in creditors 192,036 (40,510)
Net cash inflow from operating activities 993,283 168,493
Analysis ofchanges In cash during the year Change 2021 2020
f
Cash at bank and in hand 663,300 992,983 329,683
Cash in the investment portfolio 286,535 290,356 3,821
949,835 1,283,339 333,504
Funds At At
1July Investment 30June
2020 Income Expenditure Transfer gains/(losses) 2021
f f f
Endowment
funds
The Theresa
Knowles		 17,565 3,456 21,021
Scholarship
Endowed
freehold
property		 4,570,000 4,570,000
4,587,565 3,456 4,591,021
Restricted funds
The Mrs AA Talboys Bequest 757,583 12,203 (17,626) 83,698 835,858
The Theresa
Knowles		 7,214 1,086 8,300
Scholarship
Other funds relating to:
—premises
and equipment		 4,368 4,368
—learning 468 5,840 (5,840) 468
—business 731 731
—exhibitions 9,200 (9,200)
Emergency
Funding		 177,133 (127,133) (50,000)
L Ik
I capital project		 92,877 787,827 (54,871) 50,000 875,833
863,241 993,289 (214,670) 83,698 1,725,558
Unrestricted
general		 funds 40,517 537,935 (529,494) 9,398 58,356
Unrestricted
designated		 funds:
— SGSservice charge 38,929 20,920 (50,000) 9,849
— L 8
I closure period		 76,500 40,602 117,102
Total funds 5,606,752 1,552,144 (744,164) 87,154 6,501,886

18
Allocation o		 fnet assets
Fixed Cash and Intra fund Total
Assets Investments other liabilities Loan 30June 2021
E f f E E
Endowment funds
The Theresa Knowles Scholarship 21,021 21,021
Endowed
freehold
property		 4,570,000 4,570,000
4,570,000 21,021 4,591,021
Restricted funds
The Mrs AA Talboys Bequest 772,840 35,018 28,000 835,858
The Theresa Knowles Scholarship 8,300 8,300
Other funds relating to:—
—premises
and equipment		 4,368 4,368
-learning 468 468
—business 731 731
—L gi
I capital		 project 356,491 519,342 875,833
356,491 772,840 568,227 28,000 1,725,558
Unrestricted general funds 8,250 78,105 (28,000) 58,356
Unrestricted designated
funds		 126,951 126,951
Total funds 4,934,741 793,862 773,283 6,501,886
As agreed with the Charity Commission an amount of642,000owing to The Mrs AA Talboys Bequest is being repaid
over 21years from June 2015 by annual instalments of62 000from the unrestricted fund, resulting in a balance of
628,000 outstanding at 30June 2021(2020-630,000).The comparative data for this note can be found in note 25.

Unrestricted Unrestricted Restricted Endowment Total funds
general funds designated funds funds 2020
funds
Note f f f 6
Income from:
Donations and 162,777 311,497 474,274
legacies
Charitable activities 597,530 597,530
Other trading 44,987 51,150 96,137
activities
Investments 19,683 19,688
Total income 805,299 51,150 331,180 1,187,629
Expenditure on:
Charitable activities 630,324 12,221 257,611 900,156
Raising funds 87,859 7,076 94,935
Total expenditure 718,183 12,221 264,687 995,091
(Loss) /gain on (9559) (4,235) (13,794)
investments
Net income being
net movement
funds		 In 87,116 38,929 56,934 (4,235) 178,744
Transfer
between
funds		 (76,500) 76,500
10,616 115,429 56,934 (4,235) 178,744
Total funds at 1July 17 29,901 806,307 4,591,800 5,428,008
2019
Total funds at 30 17 40,517 115,429 863,241 4,587,565 5,606,752
June 2020

Donations Donations and legacies and legacies Unrestricted Restricted Total funds
Funds funds 2020
f f
Donations and grants:
Patrons
and		 Friends ofthe RWA 52,530 43,755 96,285
Other donations
and		 Gift Aid 9,353 11,950 21,303
Arts Council England 39,687 39,687
Bristol City Council 11,400 11,400
National
Lottery Heritage		 Fund 181,792 181,792
Light and Inspiration capital donations 34,313 34,313
Government Covid-19 schemes 78,702 78,702
Sponsorsfrlp 10,792 10,792
162,777 311,497 474,274
21 Prior year comparatives
Investments
Investments Unrestricted Restricted Total funds
funds funds 2020
f f f
Dividends
and other distributions		 19,462 19,462
Bank interest 221 226
5 19,683 19,688

Direct costs Support Total
costs 2020
On raising funds f f
Fundraising
costs including		 investment
management
fees		 66,282 3,102 69,384
Other trading costs 47,379 47,379
113,661 3,102 116,763
On charitable
activities
Exhibitions,
events and related activities		 258,167 276,442 534,609
Drawing school and Learning activities 131,388 29,671 161,059
Development
phase —L 8		 I project 182,660 182,660
572,215 306,113 878,328
Total expenditure 685,876 309,215 995,091
23
Prior year comparatives
Analysis
and allocation		 ofsupport costs
Support costs: General Total
Staff Office 2020
Raising funds 3,102 3,102
Charitable
activities
Exhibitions 112,008 164,435 276,443
Drawing School and learning activities 12,445 17,225 29,670
124,453 184,762 309,215

1July Investment 30June
2019 Income Expenditure Transfer gains/(losses) 2020
f
Endowment funds
The Theresa Knowles 21,800 (4,235) 17,565
Scholarship
Endowed
freehold		 property 4,570,000 4,570,000
4,591,800 (4,235) 4,587,565
Restricted funds
The Mrs AA Talboys Bequest 786,855 18,552 (23,876) (14,389) (9,559) 757,583
The Theresa Knowles 7,578 1,136 (1,500) 7,214
Scholarship
Other funds relating to:
—premises
and equipment		 8,343 (3975) 4,368
—learning 640 17,544 (17,716) 468
—business 2,891 4,000 (6,160) 731
-exhibitions 6,037 (6,037)
Emergency Funding 21,390 (21,390)
L g. I capital project 94,310 (1,433) 92,877
L g. I development phase 168,211 (182,600) 14,389
806,307 331,180 (264,687) (9,559) 863,241
Unrestricted general funds 29,901 805,299 (718,183) (76,500) 40,517
Unrestricted designated funds:
- SGSservice charge 51,150 (12,221) 38,929
— L& I closure period 76,500 76,500
Totalfunds 5,428,008 1,187,629 (995,091) (13,794) 5,606,752

rior year co mparatives
Cash and Tota I
Fixed other Intra fund 30June
Assets Investments liabilities loan 2020
f f f f f
Endowment funds
The Theresa Knowles Scholarship 17,565 17,565
Endowed
freehold property		 4,570,000 4,570,000
4,570,000 17,565 4,587,565
Restricted funds
The Mrs AA Talboys Bequest 695,424 32,159 30,000 757,583
The Theresa Knowles Scholarship 7,214 7,214
Other funds relating to:—
—premises
and equipment		 4,368 4,368
—learning 468 468
—business 731 731
—LS. I capital project 14,815 78,062 92,877
14,815 695,424 123,002 30,000 863,241
Unrestricted general funds 13,406 1 57,110 (30,000) 40,517
Unrestricted designated funds 115,429 115,429
Total funds 4,598,221 712,990 295,541 5,606,752