Firefox about.'blan ROYAL WEST OF ENGLAND ACADEMY ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 Company Registration Number: 03567088 Charity Number: 1070163 l of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTOF ENGLAND ACAtEPKY ANNUAL REPORT AND FINANCIAL STATEhENTS YEAR ENDED 31 MARCH %)24 CONTENTS Referen￿ erKJ athninisttatNe thta5 R8POrt ofth8 T[￿88S Report of the IrAYepen¢*nt Akyrt 18 statetnenl of Fin￿al AIM*"e5 Balan[￿ Sh88t statement of Cash Fkms 24 Notes forming Of￿ FinarKial Stat￿}15 of38 2311212024, 10:33 Firefox about.'blan ROYAL IfyEST OF ENGLAND ACADEMY REFERENCE ANDA[￿lMI$ThA￿VE tETAILS YEAR ENDED 31 MARCH ￿24 Reglstered ollke and prfb)¢o￿ add Queen's Ro￿1 Bnst( BS81PX Cotnpany registr&pM rNwnL RogLthted charity nLTht 03567088 1070163 The follo￿ng i￿1￿K￿￿LS ser￿1 as and trust88s th8 arKI w) toth8 SWI￿ dat8" Yvonne Ashton ACA (resig￿j 23 Novemter 2￿23) Louse Biovm(8pwxn￿ 23 Nov8mb8r 20231 Ray Brown lappoint&J 27 June 2024} Kalhy Curfit¥J, Chpii I￿g￿￿1 8S8Ptetrthr2ffX31 Dallas Collins RWA 1￿$￿Jned 24 May 20241 R8b8cca D8Niro I￿g￿￿1 30 Nov8rntw2023) George Ferguson Iw[M)Int￿ 1 May 2024} Elenfi Mat(x> (lesign￿ Z3 ￿ernbe￿ 2(V31 MKWI Perry FCA, Hwrwy Tr￿urer Charfotte Price RWA 24 May 20241 Fiona Rotmnson PRWA Jatnes Ru55dl JunIC￿ Sheikh Ire&gn&l 27 (klcthr 2(Y24) MohatnrnedTeha (￿l￿ted 18￿Uary 2(r24) John Vasey Nerys Watts 1te5lgn￿j 3 August ￿1 Joanna Wd118S￿nOd 27 Noverrt>er xr23) Hfimish your￿ lfipWxtrt￿ 31 Awust 2023) Company S￿ret￿Y Ajson Bevan Iie51gned 30 Juno 21241 Da￿ L{￿hart {a4yMnled 30 JurE ￿24) 3 of38 2311212024, 10:33 Firefox about.'blan A￿11￿ Burt(￿ Sweet Lrnit&1 charter￿ AtxXxM￿ & Register￿1 A￿￿10[ 5 Fth"gh c￿rt. Old Weston Ro￿. Fkx BoUrt￿. Br￿t￿ BS48 1UR Banke Bardays Bank, 55 BrO￿lIT￿l. Bnst(A BS1 Invostmontadvi80r8 EVe￿n Parfners Portwall Placa, Br￿￿ BS16￿4 of38 2311212024, 10:33 Firefox about.'blan ROYALWEsTOFENGLA￿l ACADEMY TRUSTEES ANNUAL R￿oRT YEAR ENDED 31 MARCH ￿24 The Trust8gs ate pl88s￿l to pr858nt th811 t8WKt, ￿elh8rwth the finan(a81 st8tem8nts ofth8 Royal W8St of Engl￿d Acad8rny Ilh8 RWA. or.1￿ chanty'l for tre year en¢knY 31 March 2024. This rerth aThJ tr* finanual slalenwts hwe bew prepared in accordan wrth th8 Compan185 Act 2(￿, th8 (*8rrtatA8 m￿rK)I&￿IUrn atKJ Ar￿C￿ of A$S(￿￿On and th8 Stat8m8nt of Recommende 4 and fotm part of th￿ r8p(xL The RWA is a Cfmnpaty limrtgj by gUa￿tee and reg￿ter￿j as a CL¥Nni5sK*). It is govern￿1 by rts 8tnor8ndum and ￿ti[￿85 of ASs(MXab￿ arKI by its By&kn. The goveffting txxty of the charty Board. ol Ihe RWA lot pur[K￿eS ofcompany law are also the chanlys trustees KJ aregenetaty rele1r￿1 to as'the Trust￿,. txjring th￿ yeatA Bevan wa5 ￿ (watKThI Di￿t0[arKI r5 referr￿1 to asthe th"￿0[. The Board Meets at bmes a year ¥Mth the Director in attermIan￿ 11 s Inv￿￿] in major slratwJic ¢￿iSK)nS and has uMrnate tesw)nsbilty for Ihe awKJ stdM"My of Ihe RWA TI￿e a150 80￿d (xMnrnrttee5 (x)vering audit. WKxninfitions. ernont, Pr￿ramme, tx￿￿SS I￿81(V￿￿*, extem￿ re￿1￿M￿h￿S arKJ t￿0p￿ty rnatt￿5, resp￿INdy. Boatd is I￿1 ty Ih9 Chair ofTtU5tees arKI finan(Jd rllaltet5 are (Netseen try H(xKw T￿aSU[er. The Board 4)w)ints th8 thrth. detetmines thwr (￿ct of ry10yr￿t arKI revi8￿ th￿"[ pay and pw1(xrnat￿￿. ￿ th8 Ti8a5U18t oversees the levd of remuwat4￿ the senKrf ￿￿nage￿¢nI team. During the yeai. day4(HJay [nanaj￿￿￿ Wd5 the ie5WnSitM"lty Diiedor. a55￿t￿ try seni(KmanaJettwtteam ISW) Thi5 (xjtnprw the Head of OpetatK)ns," He￿] of t￿10￿&￿t,. H9￿1 of progra￿￿, atKJ of L8arnI￿ and Engagetnent. Remuneration ofall thekey p￿nn￿ is ￿n$t C￿￿[￿tator cKganisats"orts in the s*toi ofa similarscale". The Tnstees ate ap￿nt￿l as wes(xit￿l ty the me[￿r*￿I￿n and ol Ass(rialK￿ ￿￿1 by the Bwaws Now Trustees arg lurt￿ thr(xth a pi(Kess of thertisernent arKI intew¥Mvlha 15 hawKlbJ by Ihe N(MninatK￿S C￿lInittee of Ihe Board. 1tKJ￿ti￿ foi new Tnjstees was urKJert&ken the year I(xm￿lSati￿ of T(￿S iestMXNtMlrties an COn￿"nUe to eff￿18(1 in restK)nso to the (thman￿ Re*iew I￿or￿￿e[KIat￿. iwKauth"tw tevivw arKI Oftt￿ Boatd'5 C(Mllrnrttee5. The Countal of Atb5ts, (x)[nWNt￿ Unp￿ repre58ntatN8S of RWA Acad8rnKxans. wovths adv￿ to the B[￿ ￿ afb5tic rnatt8t5. It is Chaired by the A¢&￿￿ar6. Presirknl, wh(p a60 seNes Board A¢&Yemirj￿S a60 $￿e on an Exttt)ilior6 Committee, ding the ￿ntent of art15￿ pt(NJI&Twn8. The charity's obl￿ts a￿.. lo the edLthtiC￿ of ihe in Ihe fine arts aThJ. in W￿)j1￿. lo pff*￿te the appwalK*) acti(￿ ofthe fin8 arts arKI to 8￿￿rag8 a￿1 ￿8¥￿p tal￿tt In ￿ts.. Tho Ch￿l¥S Obl￿ts determine rts (tyL*ves, a¥TS arml thI￿&s, to w Ihe RWA'S exwond galw Sp￿ to display foi the publ￿ a w￿de lange ol art by artist5 itKJuth"t¥J A￿dernKi￿ end rKXFACader￿￿￿." wotks frorn the RWA'S ￿manent (x)Il￿tIon. KJ works on loan tr(xn publc arKI txwate (xA1thX￿, SUWMKted by Informati￿ ￿￿1 relat￿] ￿luca￿On￿ events. suth a5 ￿u[es. exhitmtion tout5 and wowkshop5. Th8 RWAcdld)(K8t8s thAIM)nd i￿titU￿ Ihe regK)n &KI 8 Sch(xA ofArt Ilxj￿8ntty OpWat￿ by Soulh G￿￿￿$t¥ShIre Stro￿1 C(AlgJe. 'SGS'I within rls tAJiklng. It e&0 orwates ￿ RWA Ora¥A￿ Schrmy. offeriro inlomial ￿arnIng (¥v)rtuntbes fot ￿eu1 wDfe5SK)nal atb5 5 of38 2311212024, 10:33 Firefox about.'blan key thI.￿Ne ha5 t￿en. rema￿. RWA to tE a su5tainaAe. ax￿51t￿e and ￿￿[nir￿j (Hrt[ef￿ eX￿l￿nce and ins￿[a￿on In th8 f￿tha Sixrth West rwi. Strat•gyfor achi•ving 014￿11￿8. strat8Jies to adI￿e am5 arKI (Al"￿tiveS are to" W(xk ￿th ouikndetnKaans ￿ extetnfil (xjratorsto Wes￿ a bro￿ ta￿ 0f￿t exhitMtK)n5 [￿the irwMiab"on. enjoytnent arKJ educatson of C(￿nm￿tieS arKJ the pubk"c of Ihe S¢xrth West 011￿ (pportUnit￿S I(￿ rÉcWe ￿￿￿rIed ages, t￿￿g[w￿lS a￿1 amibes to Invo￿￿1 m arts and to nurtuio an(J Pt(Mdefdilth"es fiKatw￿euI and wrrfes5i(Thl Jtst5to 5hae skilb ￿￿j to arNJ exhibrtth￿1 InV(￿e young peop￿ in ￿ti5￿￿tE5. toencoutage aKJ ￿K￿[stan￿[vj oftlE y￿U81 arts. at¥J to rNJrtuie creatsve taknt ￿8Ver It lies. C8thrat8 Ihe dNetW d (xJtiw8s In (xv S￿ by w8sentsb(xs by, arKJ *ith, 8rtsts fr(xn (tsffer8nt cuttur Gen￿ale income Itket sa￿. retail ￿"(*15 and fr(m twNale fuThJirKJ s(¥jr￿ to F￿0￿de sustainatA8 fu￿1[￿ lor oui thb8S. Supp(Ktth8 Off(￿[T￿l It8￿1￿ in the fin8 atts arKI a[￿rt￿r8 thr(MNJh %Mth t818vant ￿stil￿r￿s. Car8 lot, d8V8ky and W0￿d8 al￿SSIO our fin8 artukn. Ourstwfic aitns f(x ￿24 ￿rettr. Improvethe ofuw staff 8￿j empo￿tI￿rn to ￿e￿h ￿"1 fijl Invesl In mark￿"r￿j, ithJThJ Ihe ¢Yevelcw￿l ofa Markets"r￿ slrategy and overhaul ofthebsrte aThY Increa￿ use of digrtd ch8nn8Ls, to I￿58th8 01th8 RWA I￿onalty ￿ n￿￿(￿￿lty. Con5(AKJate (Mji engag￿[￿l pr(MJanrn8 arKI to ryrove lh8 not th8 RWI¥ but of art atMI creatmty for uTh*r5e￿1 ThJNMJua6 ¢fymM￿￿es. Ern￿ inch&￿ty into every as￿1 ol COnti￿t0¢x￿￿Utt￿lh ￿[￿and bu*J muiualy uxnmUnrt￿and0rganlsati￿S ￿OsS Bristd and tEyotKJ Further increase le￿ue aThJ dwsfy irKcme strewns lo retMJikJ reseryes and ensure fvIU￿ fin￿al ￿SlIM￿. Our key otyeth.ves 202>24 w￿e lo.. Continue honiru and defNeriry on our ftJrMJraI￿ng strategy to ensure Ihat ￿re{￿e ackn￿s- Incr￿ling ourexhibilM)n5. (xrtteach atKI I￿ning and Path￿￿On t￿￿[aIn[n￿- at8 sustan￿ atMI e￿h&[K￿ through i￿e8￿ c￿e fut￿1￿J, M(￿rtOr and ddNer a￿nst trAts￿sS￿e¥￿cKthent KPIS to er6ure that ￿ are m￿rnis￿ ￿rpOtents"81 income frrrn i5rtot spend. hire5. corw¥n￿cld arKI (xxwtate rnerthr51M"p5. in ortkrto tMM"kJ ourfree t￿[ve5. Devek)p and IK)ne ouirnetknth"w¥J 5tratew to eyJ)end use ofdvjtal to protn(Ae dKI to our tlanned ptoJamrng d Stim￿8￿￿, qu*ty exhIbrf￿￿, and out[￿* th￿s. 6of38 2311212024, 10:33 Firefox about.'blan contin￿ th￿st[Y at RWA by that tnjbf tEfWs in its teptesentalK)n by pe(¥Ao fr(xn Gk)tbal M4'(xrty ￿K1 ML¥￿1 Elhw (x)rI¥￿￿&S of drffen￿ aJ8, sexual iThnlatK)n, g￿KI￿r Kjentsty, disatx"Irty. S(Mi(￿X￿C b￿kg￿(mInd. (mjI￿ atwj at all le¥e15. in(knJirwJ Ihe Board. the staff team. voknteer5. A(xJorni(xats, Patr(ME arml F[￿Nts d the RW R•view oftharitabl• adivrb•s, achievemants aTrJ perfornim fortho yearto 31 March 21r24 Two y88r5 ￿ fr(xn our Nabonal LOtt8ry4Ww￿ ￿h1 & lrwmr8ti(￿ the RWA'S tr￿SfOrM￿l ￿ld1[￿ is buzzity wth I"fe, ewng an en￿rI￿)uS rarNJe OfpeOp￿ in w stuMirwJ Snce re0p￿Thj in 2022, we have welcmy over 300.000 srtors, many ofwhixn ar8 not just ￿Sthng th8 RWA fotthe fir5tbrn8 tmrt tthng thwifirst step5 into any art gd18ry. Thete hav8 been many suttesses over the p¥KKJ, and our chant&4e acti¥th"es have W Q￿uInelY liftrenhanung irnpacts on many peop faung signfvAnt Y￿1b￿.[￿j challwwJ8S. Hower, 2023124 was a YwJhtty w$em￿J yw the RWA exwbat•J by Ihe ilress ol ils ￿an, vknile several key rnetnber5 of staff have [T￿e w>5[￿estepS in Gyeerdevekytth by rrKMng to ottwt(kn. abse[￿e, Chafi￿ and in s￿h a small arKJ ￿￿ticalert t￿M is I￿lI￿AY d"srupb"ve", uxwuenlty. p￿resS t￿rdS the am relatiw to tr W811b8ing of staff ha5 not t￿en as great as h(wl. The opportunty aff(￿d￿J by staff (*wys has enab￿ a ￿the St[￿le. toles responsitNlits"8s ol Ihe staff tearn. atKI subwuent I￿[U￿[nent ha5 te5utt￿ ￿ a strot¥J c(IKxL a new t*"￿e￿￿{Hthn Re￿￿Ck) atKI Chairofthe Board {G￿rge FergLLsonl tM)th startiw in tmlst, ￿mI a new (Da￿ L￿*h￿tI ern￿￿￿1, are u)nfidert of a rnoie statAe and w5th.ve year al￿d. Exhibition8 In th8 pasty￿￿[, 857 atbsts 8XhiM￿l th811 art wof85SK)na& arKI ￿ateurs. est￿)ISh￿l ￿T￿gI￿, Irixn t8wrs to Cent￿￿lan5, all giwen the Chan￿ lo $￿- aThJ Oft￿ S41-th￿ sts I[￿uded Enc B￿nbll(ty, PhWI￿a Batl(Nrf DBE tw (kn B&x. Sir F￿k B(￿1[￿ OBE RA RWA, Darne s(￿1& Boy( DBE Sophie Calle. Hel￿ Canwn¢xk. Beth Carter RWA. Jesse D￿lI￿J. Jthn Hoyknd RA. Vakja Jacks￿ MBE RWA. H6w Lctke OBE W Cotn81ia Patket CBE W Susan FIJI San Ld(, Harnah Stark8y. Jem S(Mrtharn atKI YOU￿ In Hong. Exhi￿.￿onS present&Y during Ihe year iK*thY." Main 28January- 1 May rwo ￿￿". ind￿11￿ Myjrk by prof8￿0nd &KI ￿ateUr art￿ls. 20 Pkny- 13 Awt 2023 9 SerA 2023- 14 Jan 2024 IIOAnnval ¢*en 3 FebKuary- 12 May 2￿24 7of38 2311212024, 10:33 Firefox about.'blan en 20May- 13A￿￿t2 &reel Lrfe Makolm Ashman RWA lain &"gg5 RWA." Vwa Boe1￿Mer RW4 Peter CbJg &4 RWAIHonl: CAAb"r￿ VPRWA G8t8kl c￿n5 RWA" (kn CBE PPWBA RWA, Ros PVPRWA, Trevor Haddrdl RWA Mcira Hunuy PPS RI RVVA RSW" Stthn PVPRWA Juliette Losq RWA lan RWA &tn Quadrat PPRWA," Mike Rthds RW4 Karf SI￿pOre￿￿aARB RIBA RWA," Bamnglon Td)b RW& Lw ￿1￿5 RWA 9 Sept- 29 Oct 2￿23 31 oCt.10￿2023 bYRwAAc￿mx￿." LKtyaAJwt￿n￿JeWC RWA BtDnwen Br￿&haW RWA.. lan Chamberfain RE RWA. Melw"de RWA. Peter Ford RE RVWA. Ros Ford RE RWA Sarah &le5￿e RWA Tr8¥(￿ H￿1[￿1 RWA firn Harrisson RW&" St8V8 H05knns RE RWA, Instsw RWA, I￿£ Pwknn RWA Howard Phipps RWA, Sandra Porter RWA, Chatlotte RWA Peter Randdl.PwJ8 RA RW& m￿n8 Rett￿ RW& CartA Robertson RWA, En￿a SlJ"tthn RA RWA, Pwl fft.rkdl RE RWA, Eliz*elh TL¥rdl RWA", George Tute RWA 12 Dec 2023- 18 Jan 3Y24 3 Fd)- 24 March 2024 Gentte GeOn￿s. RWA t)enny Long RW4 Santha Porter RWA C￿1 R(th[l5￿ FMA 26 March- 12 May JY24 DwmiNJ InFi￿ J(th Bwk RWA FRSS,. tk*ca5 Casey RWA MRSS,. AmaThJa Chwnbers RWA MRSS." P8t8r P￿8 RA RWAFRSS", PatrKxa V(Ak RWA FRSS", H8fTM5h YoJTrJ RWA MRSS Lowar Iloortha 1 Mey- 22 N>ril UrnknexKwett p1K)l￿4th"cwrmk Lry (Xutnth 05iwKxke aTrJ Setvi￿ at Bti5t C(xnmurty 25 N￿l- 21 May 2U23 25 May- 22 JU￿ 2023 A Womans F¥aCe¢)Jral￿J by Unwwsty rf Brist(d W stLxJenls frc¥n RWA Collectic 24 June- 16 July 2023 WthJs ofthe MirMJ W￿5 fr￿ RWA coll￿11(￿ Curated by Work EXperier￿e students (Louisfi. mah￿$. Moly. Aba. Y￿1b. TtrKXTW5. El￿. Fih"w>. Estsi. Skye. Renata & T￿) 18 Juty- 10 Sept 2(r23 MakiThJ Ihe Cof Home *r¥nw's texts.￿ by RelLNJeeW(w ofBrstcl, S*oa. IMPACT Gttmjp, BIMI Mxn8n% w, Mana F8i(Nny. s￿ & Sh8n8n E￿"kh 12 Sept- 5 Nov 21r23 PartnersdKxI5 IrM￿￿1&1.. Bnarwxmj S(*KKA, Claiemont S(*MM)I, Venturer5 A(%Jerny, Pathwdy5 LeamiTrJ ￿tre & BwstLI EdUL3t￿ Service. 7 Nov 2023-7 Jan ZY24 AlsoArttsts. RWA Staff armj tutlXS 9 J8n- 18 Feb 3T24 20 Feb- 24 March 2W24 iknthIE¢*e. an extrMtxtK)n 0{h&th￿de pa￿ byArt Ease Kn(M* We5tArt on Refertd 20 Fd)tuary- 24 Match 2024 pla￿ G8￿88. abstr￿1 Scul￿[8 ￿K1 by s8tVKX US8[5 at Bnstd CAxntnunty Links IlQrsha. Amari. Anna. Jinyny, Jo. Chris, AThJw, Rxhie, M"chel￿, Matthw, ￿￿1, R4th. Phl. G[￿￿8 & wa￿￿) 29 March- 28 W"Il 3Y24 FrI￿ts ofif¢ RWA Etht 8 of38 2311212024, 10:33 Firefox about.'blan 1416 young (xne to exhiLXtKx￿ free a5 of a sdKxA v￿rt. 4048 St￿ts atKJ 215 aLs0 enjoy￿ free eniry to the RWA'S bd(eted exhitxb￿s, aKJ 63 for 9xhib1￿ gven to fr￿ UrM￿￿¥￿I (XxnmUn￿QS to 8nab Ihetn to experiewKE a yerf5 to at exlMlxtK￿5 atttE RW ActNib8s f(Kchiklr8n a￿1 young 11￿1￿1￿1Art0n the FIKe(￿ri wh8n 288 y(Kry tIMA( part In th8 Art FutKI's Wikl Escepe pro1￿1. maje ￿}sSib* by 5Wrt fr(Mn M5 CowJKiI E￿￿[￿1 lknrts. Th8 RWA Drmng 1038 gw8n in Ixxv585 such as Okl M85t8t TthIqu8S 8fKI Including'Artfor the Aftaid. aThJ'Beg1r￿ts Life t)￿￿"[￿J,. sUP￿rtirWJ f*nilies Usit¥J th8 day Ih8 RWA LS toth8 WI￿￿10 gV8 priv￿ and p8rb"ap&rts. w0f￿ndty thSab￿ ￿ ￿rtist young rE0p￿ WKY Ihwr f￿nilES ¢￿ts"nue to te we*(rnY inlo ￿ tu"kJ"ThJ Fkopy McThkn Harpy Families Sess￿5. In 2(r2314. 209 peoFle fittendd th￿e ￿￿vibeS. ￿ by ￿￿81St [￿1rtatO[S. in th8 gal￿1￿&s. YoungvrtMMI R(xxn la ¢wel spxe) aThY F￿ndY R￿ffi. Trs Invalu*￿ is swrftaj ty the N￿t Trusl. H8wy F8nNiAes beenarp thAlute fvourf8W. 1feels0￿m￿1o 8bk to brirymych1d￿￿ to IIEse se&sAons in arp insp￿￿ erMrOrn￿nt wlDwe Lxth ofmychthlren f&￿IS￿p￿¥ted8￿ alk)wedto be t￿MSelVes1 B. leols invalual)le to mg!" Sian Smrth. rllollwto W. {6) B. (2 IA. ha5 tkn SY[K￿￿￿e) Wo aLso (X)ntir￿ to run freg s￿t￿)le & Sket(* cr￿1￿9 wyXksh￿ m IXMTYnunty ￿ntr&S ￿ E￿1(￿, Southrywj and Hartchffe. the p￿. 799 young ￿¥￿e. p￿15 neigllMxJf5 maje art a(xwde exh these under5etved (xHnrnUn￿es, th8r8 ￿ litll8 Other t￿ls￿ fo[la￿￿'￿&s. suwm￿t￿l try ¢￿tiltMIt￿￿ Irixn ￿J(W Ha%￿nS IGrasst(x)tsl Fund, Quartet Cornmwrty F￿[￿latTh ￿K1 Ihe N1st￿lTrUSt. ourfftst t￿8 SaIbb￿ & Sk8tch. (k>nYIN8 t118t￿8[, w8 H8we Imrt W8 IR8dto com8to HartclnY8 10 J7NI soft*t1y.￿ forus lo (kn T￿[￿e as a fw. M)tref. grnndnKrt￿ aThJ yourvJ boy. W 2. OurWIKk Pl￿[n8nt pr(yJ￿￿ef[￿sS85 ￿ y￿r¥j ale d88h"w th thtsonal188miTrJ n8￿ suth a5 autsrn, ADHD or other ¢Je¥eWHtsI or behawcwral challerNJes. In 2023, 12 young w(thd us l(K a w*k, culminalirKJ in w exhib"tiM, Frorn Our Pet5pecbve. whith tlw txJ[at￿I fr(xn the RWA Q)knb"on. Al 12 &*lev￿1 a Bronz8Arts A￿E[d, %thich fors￿￿ rnNJht b8 their first aThJ onty quahfi(ath)n. M&Je rM)sgbie by funding frcm the Lart Tntst. Supporung older people Evary monlh, ￿ offet Tu• I￿￿ntsa a￿1 t￿l(￿TerS lutthl ty the Grateful &Kx8ty. Last year. 208 people ￿ltsYed an extimim t(￿￿. a creats"veadwrfy and a sh*tyJ lea. often ￿th cake by the RWA team. a¢￿$S needs that the g*krysho£rtl be A￿l￿or 7h& RWA its ctM)ts fordNetse communilNes, allthe staff I￿0￿1 make pe(W Imng dO￿￿1rtIa f881 We￿0￿￿. safe. an0val￿¥1, isS(w￿lhathasY￿t to be rWLat￿jafj￿Whe￿ else in I1￿ BtislLI C(*xthnat[￿ to .1 th0￿¢ l ¥%w1dft￿Sftye this rtJvm4aKs g*kryaThYrt w?s Re*ty aThJ great tha1you'￿ atleto do Ihis.. 1figtorcortYn8nt Every exhtb1t￿￿ E ￿C(￿r￿￿j by a ¥ttthst SbJft LaThjU￿ tWrI￿ tw ￿t￿e, aTr1 a tjescriw arMJ Touch Gellery Toui for blitKI and patbally ￿ght￿l gTring qufilty to eXhitxb"(X￿ to 1trK￿e forwhotn rt w(xJkl OtheTh￿se t ImtM)ssiNe. RWA staff have aÈo twi trai￿1 to ￿￿enbe art￿r￿kS **¥ch are reuKd￿l so that Msualy impair￿1 vNtIX5 can hear the desctlptl(￿￿ of woth5 seif*J wi5rts. to a dltheXpe￿￿. lrfe W0￿d￿ thll" Qu(rte ￿sUallY ltnpait￿j per￿)n (Juri￿ a tra[Mr￿ sass ecific aims for 202&24 W& met our key ￿eCtiVeS f(K 202>24 in fol￿￿ Vws." Honing and delivering on wrfundraising strategy to enswe that ow coro activrbos are sustsined and enhanced through increased regular giving linduding mernbw51¥psl. donation5. grants. bequests and sponsorship. Our scAe core subsKty fcK Ire year VKS Bristol Qty Cwnul's (Wress grant ofe7,520, which unfortlmaldy has nol been ien8W8d from 1 Apnl 2024. Ho￿￿¥8[. annual grant of£20.040 fortM) y88rs fr(xn th8 NLsb8t Trust lovfirds ouroLrtreach *MtEs. •JJiro to granl C￿￿,sAI a yew f(rf threeyears S￿r￿j in 2022r23 trim the FouTrJab"on. Applications forfurth8r tnulb-y88t grants at8 in pr￿jresS. Th8 cr8alKn of a Re￿t￿M￿h￿S CAwntnrttee. cha"[￿1 try &"an Ftym. ha5 end)￿1 u5 totake a rn￿8 5tratwJic and hoh"sb"c ￿8W of (xji different fornE olmembership, aTh11o undertake ev￿u8￿0￿ devekyl￿t ofe** type &[￿e its inaugwal meets.ng in A￿"1 2023. Ihe Cornmrtt8e has ovetse8n iTrth"atN8s that have re5utt￿l tKAh in a sustan￿1 increa58 in the nutnb8r ol FrietK15 rlletnb8r5, li9ng from 94g Indimduals in Apn"12023 10 1261 in ￿"1 ￿24, *MJ in the I[￿ rai￿ frcrn Mernt￿shipS A (pEsb"onndte sent to Pati(M￿ is I￿r￿j u￿1 to inform Ihe future ￿h￿tE5. ￿neffl5 fee leve15 fowtn of￿￿[nI￿v5h1p. &KJ the apwxntment Oft￿ thr￿10[ arKI Char￿1 ubk.sed to ￿)ntir￿ in [￿ent retenbon. support￿1 the exFM"bttK)n'John atMI C(Mrternp¥)tary Sojlrtute.. WKJ ofBti5kl. tDtvrtKMn have defver￿ the Curatonal Ur*t of Ih&Art HLStIMy MA (xxwse fot a nw(*)erof ￿. We have secuied gerEttyts supwrl 0[￿h￿n5 A￿￿O¥￿e[s. WtK) are a¥J tnarkeb.ng a fUrKtrasIr￿ I￿the RWA In August 2024 and ar8 waving all f8es foi ttM5 8V8nt As as th8 di1￿*f￿K￿ rawl thri)ugh th8 Sa￿ of artwtKks, It is howj Ihal the COM￿"nat￿ of 6￿ham5 ￿l￿ty. re&hiNJ their extersive •)temab"ond audi￿￿. and hph profile oflhe artsts 10 10 of38 2311212024, 10:33 Firefox about.'blan itwow ￿11 raise RWA'S natK￿￿ty arKI intewnali(xth. ￿mI IM"gNtyt iw)th irwpxt I￿￿1[￿>[k and for The atbsts in wal Ind￿1& AyT8S CBE RA RWA (Fkjnl" IM1￿Mina Bam&Gtaham RWA Darne Eloabelh ￿th&jer RA RSA RWA (Hth)). S* Pelei Bl*e RWA (Fkn))". Sandra B￿￿. Eiken Ccxw RA RWA {Fkn)l. PJ Ciook RWA," Sir Antony &)[m￿Y RN Jthn HoyLgnd FW" ￿t￿rt Imn R4 RWA (P￿),. Kurt Jknijn RWA Janett& Kerr PPRWA Sonia L&V5{￿ RA RWA (Hofil". christi￿ LeBtun PPW J(K* McF*en RA. BtuEe ￿Lean. Peter Ra¥Jall Page RA RWA. Tyn Sha RA RW4" N￿k Wak8r, W8sthke and Lw Wnght RW The most signtficant fundiw Ilwekynent ofth8 y8w Is an ￿J￿rn8￿t wth 8 wivate farnity ￿tK> hav8 g8n8rousty n￿98 Deed of Gift to Irarsfer£1M lo the RWA. the ass(Qat￿ irtome to te for WiiThJ. ￿rt￿1pal￿ aThJ outr￿h work foi th8 purtKIS8S-- To suprKKI the ￿[￿￿)le acbvibes ol ￿ ￿1p￿t lo erwJ&Je uThJerserygJ crmmunths iThJMduas the arts (to i￿lude other ct8atW8 8rt5 atKI not (xtyth8 art5}. (%ntrd to ￿ltse5 and whK* a sigwmficant conlribubon lo ￿Nh arxy *Elbg"r¥J. This vital Gilt wll enaNe ￿ to Contin￿ wr I1￿ha[￿ (xxnM￿er￿￿r￿I into the luttye. Maxfimlslng ow earned Income, InCI￿lI￿a vlsltor spend, Nres and cLynm￿al acllvlUe& F(Alowng the Arts In kne￿￿)er 2022 n(A to grant RWA NPO fu￿1￿, rt ne￿ssary to rethitl( the exhibth.on I￿rt￿lty plann￿1 forsutrmer 2023. plantHI a5 an ajjunct to exhibth"on5 feaurit¥J artwotks. our slKWtvJ I tha Arts c￿[￿11 CollecbM's'FourKJ Lost obtr￿￿. ex11b￿(￿. cur8￿ by L￿￿na H¥nKJ CBE W Wds expanded to fill all (x main gaknes. ￿1th dernents oJ[at￿j by RWA P￿s￿￿t FI(￿ Ro￿.1￿(￿. Ajthough Ihis wa5 a strong a￿1 int8r8sting eXhIbth(￿, rt dKJ strk8 a Ch￿ th payw th'8fMX arKJ OLfVi5rt(K Tru￿t￿S atKI secc#vJary srthd irKome werewtl tth¥ law. Restrth)s on h￿"n0 fctsj drn)k ￿1￿1"n ethtth)n s￿e atso impact&J on abilrty to 8am In(xxn8 Irom ￿u8 hire 8¥ents. A kwlive outc￿e, hov*ever. was tr* relationth"p rt enabled ￿ lo wlh wbsts ￿ Brtst￿ whom we heoj not ￿)rk&J 8wousty, I[￿u(￿ng Vath MBE. vrtm) has as an RWAknlemi(xan, and LS 8xhibiting her work'miss Polly. as a Core part of ow exhitAtior6 pr(wJramme in surrrrer 2024 This ermwment may aLso have ¢(￿lrit￿l&y lo the recor nunb8r ol sutxnissions forout 170 Annu81 (￿n ExMtM"IKJn- 4136 a ris8 of 1Cf% on th8 Pt]ory88r. whith its8￿ had b88n The Annud Opefi Exhibth)n a150 saw 5trIK¥J ert se￿. WEre in otlEt exhitxli(m￿. irKknh"rwJ'Abohti5ts'. slKhvrasing the w(xk of the RWA stalf team, and the Frien(ts' Exllt)rt￿. We were grateful Ihe ￿ne[oU5 SUWKt ofthe UnNet5ty OfGkMxEst￿*￿Te in enabling us to present 7hese Maj HYb￿d8. Johrp Howa￿1 ConlenFwrarySculpturp, which ran from February to May 2024, curat￿] by OINia Bax ¥Ath the support of the Hoyland Estate. tkym.te inve5b"r¥J ￿ PR5WWt [l￿1h￿s1￿YW. rming gkMI"wwJ fe￿Ib￿* fr(xn m051v￿￿o[5. rt dKJ not geAn ￿ netKml rn￿11a attention wg h*1 ho￿￿ for, an(J sales were kAVe[th￿ antrjpaw. Jthough exhibrfmm vi%tor Tr￿nber5 wete th54yxntry la trend Ihat hB5 seen at otlEt ojttural ven￿. so rTW be to nonNc a1cumslar￿Sl, target￿1 rnessagng has ￿ to in thg ofvsrtor5 anArt P￿s, leadirw to a hvJher avwaoe ￿TrY. We havealso nwwes for r*ithth"ThJ AMJ. regJttiTYJ in a) irtrease in Wup. The arKI CIA8￿18 has p8rl(xrn￿l t(M* th8 Swllterrtwto (￿ ￿kI[bon￿ty￿ MorM18ys, th8 of the building is dosed. whth tss [￿lher InL¥eaS￿ ts"r lumovw arK1 CC￿n￿ljIi)n to wr irKm. 11 11 of38 2311212024, 10:33 Firefox about.'blan Oui'After HO￿5, pt0gtarvwr￿ ofeNEnit¥J events has (xmtiwwj to beS￿xes5t￿. in ttE ajtutnn a chatKEto see Ihe S￿ret Pitstsxrds pri￿ to Ihe A￿, a t* Alt of the slaff eXhitAb.￿, ASO￿tiStS.. The Christ[r￿S FestiveAfler FknJt5event wa5 LwJ5yWth parIKi￿lS enj(rying a grft-¥*wMng rtW5tetda55 at¥J Caro￿ Ihe Filzhatdiry Con50tt L{￿ (xaft btV•*Ets, Wipet & Tru8 have s￿[￿1 a SW)nS(￿ 2024. 8[baAl￿ u5 to re￿h a n8w ence lot Ihese events. A lang8 of lactor5, I[bd￿lI￿ th8 (thalws of b￿a￿ng 8xlwtxb(￿ T8stiM*￿￿ vnth the n8￿lS of pots￿￿￿1 trM18ts, has I￿1 to a rryd. year rea5se55tnenl ￿VenLE hiie to en5uie that wEt irmrE otlEr cOr￿￿je[at10￿S. s￿h a5 ckl5U￿ of the galleries 01 t8mporary ienmwal of 8thbts, arKI that ￿ at8 tiotle(yardi￿Trg our (x￿8 furmaK￿ arKJ [qMrtati(￿ forsh￿-t8￿￿ gain. This has sulloj in a reduction in proj*ted gross inc(xne. t￿t a Strale￿ ol ￿Uring Ihat IheAnnLoI Oren Exhits"bon laY￿rt all￿ f￿seat￿j dinn8rs to take pla1￿ In the Shatp185 t(tyh￿ th cl￿tty atKMrt th8 fuiuie woJ&nrn8. WAII en8b$8 U5 to targ8tV8nu8 hiie markeliNJ compth.ble ev￿ D•¥elop and hon• oUrrnark￿11vj stsatswto exparKI u8• of thkital tectrY•to prornote and provide access to our D￿lt81 rn￿11a rernans a key area off(￿S lorthe RWA t￿. aThJ ¥e thety seeknng f￿11r0 to exp￿ content g￿ration and to refresh Ou[￿bs1te. Wefire (kknJh￿ to h￿e a waath5t in dvJrtal markeb"ng. MoTaha. as a TtUStee. Kl have also benefiteil from gerorcAts ryo bono supt*yt trryn a Twstee ￿ [￿o[e$s￿￿81 nHketirwJ ¢(￿6￿man1, crayt(￿. in devd(yrNJ oui overfill Matkeb"ryJ SttatgJy. In orderto raise ow r￿￿O￿al w0fi￿, wg have i￿&S￿ in in as ￿ RA MwJazno arKIArt QÈart8rly, ￿K1 in PR con5ultery to sU￿rt tn￿13 er¥JaJ￿￿rt￿ith ow Suth lrNe51rn￿I 15 in prI¥￿t ftJwKJitw applicab.or for all exhibthors. Social rn￿la data sh(y￿S Ihat our key engawj authen￿ 15 female. 5tArt overthe age r￿5 frotn 2510 54. wilh the 3&44 range being Margit￿ty IMghesL fi￿1(A¥8d by 2>34. a ￿￿jht but pwlws signifKXLt d8Cteas8 In average age in c(In￿Son with wol years. W8 hav8 incr8858d ￿)sts to InsW[￿n by 22%. ha5 in a 1Th ris8 in frAk￿[s. as wdl a5 swntknnt rt585 in the number oftimes an RWA post is seen. 'l*&J'. c(xrwled ￿ army with We also ub"Ised Inslagram stories much more this y88r. rnosty by shariw (￿tent Creat￿ by 0lh8r5 r8￿ to lh8 RW We conlintk to tse Sh)pfy as a pktfom) of a￿rrts, lthls and Drawng SchrKd *t)rkshcys and courses, and most sal8s are g8netat8d through email new5￿C8￿[w￿￿￿ to txji rTwn audi8￿8. Our8-n8vthttef I￿npAn5 tM)pul&i. >15.000 subscnbers, cons&enty a ￿50* rale {nats)nJ average 3(Y4hl. We hav8 ifKXea￿j we thrttse atKJ thplay ￿ lh8 dwrt81 scre8n5 (Mtside ￿"n ￿rbulk1irVj to WlMTK)te Continueto widen thvenity atthe RWA In 2023. RWA Wd5 (￿t0 the T¢￿tt￿. I￿Sus￿ plE¥JJ￿. a tnenloriTrg LyJh(xt (x)nven8d by Ih8 &)uth W85t D8vd(ytn8nt Partn8r51Mp wth sutvKt frorn Arts CAMJrMil EwlarKI aKI ts Nabonal Lottgry Heritage FurKI. facilitatry WFthpth tra"Th￿ axl S￿￿t￿l 51rots ￿VIeW ofequtr awKI GrowThJ out ol ￿Jr in tr#"s pfc¥Jrnmme. we have ￿evek￿d an Equty. Divergty. IrK*Jsic¥) BekJvJirKJ IEDIB) Actic*) t4an, and ar8 in the pr(￿￿ of revi8￿[￿ ￿ dss8rrxnab￿ th￿ ￿an al staff, ak)ng vthh Ants Ra￿st Piacts(￿ &iddl[￿s ￿K1 Ind￿l¥e LarKJuage star aThJ Vdun1￿ al all ￿e1$. We have also an Anti-R*isl Statemenl lo the RWA websrt8. 12 12 of38 2311212024, 10:33 Firefox about.'blan ecd0talevK￿t￿eSugge5ts Ihatourvi5itot5 aKJ parts"wartsare WK¥ea5it¥Jy refWNeofthedNew5rty0fthecrtyinwhth￿ (wale. txrt ￿ recognise that ￿ need to unwove r￿nrtOri￿ armj eVdUati￿ to (¥ture dala Ihat ensuie ￿ ttffitinue to wekxmne We have atso L6￿j posrtive messagiThJ i) our rrfrnibw)I lo en￿￿ iha a￿ a thverse cc*K•t of hwjh walrty candthtes foi 0￿h rol&, and ale de1￿ht￿l to have vAler￿1 Ixjrdwsty ty {Mrtstandi￿ I￿￿[￿a￿S to wsts at all ￿￿s, trotn T[￿￿eS J SenKY ManagernEnt. throwh and r[￿nbe[S ￿QuI swwtet LwisatKxs. to 51aff atwj volunleets. We are a150 proud to tE ¢ontinuiThJ lo iMJihJ core t￿[nun￿Y Ihrowh Qui wilh SEN*D fanilE5. migranl and refugee artiEts. n8ur(xlN8tS8 young p￿8 arKJ I1￿ ex￿ud￿j frIHn s(th)&." ￿)ple wlh their(xr8rs." wpl8 sight k)ss", th8 Deaf 4mmunrty,' disabled &Jults. aThJ those faorKJ exI￿rne Th￿tal fwltWalgJ wdlt*ng chaI￿￿- ell of hthom tK>W r8txxt that lhey't*kn￿, at th8 RW Volunt••r wogr•nm• Opp(K(unrt￿ for V[￿￿te8￿￿ ar8 0118￿ to dl. wekx)rThr¥J w>18 of al ag85. g￿￿18r id8nbb8s. b&*griMJfKIs th5axlth. and [￿0vid￿0 a vehide fcxenri¢hir￿ enw0yrn￿t exr￿￿ SrxNum sctthl purxb, gr*luates and jrtl see￿. as %4ell as ILf Volunteers are Invo￿￿1 in a varw of of RWA'S W I[￿1￿ ¥Ntor￿e StV•r￿diry, t(MJr gui(Jiro", ￿l￿ng audio des(Jipb"ons of 5talfing events" SUNMMlitu ￿ eXl¥tM1K￿ teatn wilh (knwvet5." ewwiw¥J ￿￿th our axnrnunrty groups." rKlertakJw a￿d￿n￿ surveys", rXowdi￿ adv￿, (Kganising ledures, trips aThJ fu￿1[a￿1r￿ ￿tiV￿"eS as part the Friend5 ofthe RWA We heve e part.b"rneVo1unte￿ c{F(￿(￿na￿x. in5We5 arKJ en5UtES Ihat induction5. traniw¥J atNJ support ale provided to al v￿￿nte8rs_ 105 regste￿d intwest invc1￿)Ieeri￿ *ith us. 47% *ere irnjuctsj We tKOVKJed 83 IyWrMbes f{￿ Wng In¥(￿1 at ￿ RWA 1rmkn.￿ an(J S(x￿￿ events akw5K$8 vdunleerit¥J We in1r0d￿￿j the Ide of [￿criFI￿)n w￿1￿ d￿￿j Hybrnts exhibitv)n. Y+ith 18 vclunteers all￿dir￿j We intr￿￿[￿ lh8 td8 of kntA)18 & Skdth IS&SI V￿n￿￿t0 sit d(KWJ5K181h8 rrKx8 dematK*TrJ L88ttNTrJ V(Aunt88r IFLV) role, albwng Vol￿teerS ¥th) nethj rn￿e fiex1￿"Sty lo partyete in sfyme of (w ccffjynunity C￿re&h We hav8 7 S&S VIAunteet5 arKI 23 FLVS FLV arKI S&S vthnteer5 [￿l￿"but￿ 381 IKxJf5 ￿ t(Aa ￿ 18 (WXtu￿. Happy N*wKJays. T Teabme Tours and Baby Group 31 EventSA￿Stantw￿untO￿s hewj (xrt at 22 events 118 VLsitotASs￿ntS ¥dunteered to steward th8 gdb8n85. 2984 hou￿ in total 7 ExlM"bth"oTr Toui GuKk5 re5ewC￿. wrote a totd of 14 gaWt(MJf5 Ajlvclunleers wwe inwted lo uThJertake Vthal Heatth Avrrn IranwJ aThJ 5 atterwknj Voknteers w￿e inmied to several s(Mial events. ind￿1￿j 2 cwirwJ soiaI5 free v￿kShop1ay by Arbst Ne￿Ork rnefflb8r. Jill Cart81. 13 13 of38 2311212024, 10:33 Firefox about.'blan Fundrrising mdkndraising strateg SitME rts incwtK)n. Ihe RWA has te&￿1 tuw¥knw¥J arwj vduntary Irmx¥r￿ strK* aith by the F￿heSt eth￿￿1 5tatKlard5. RWA c(XnpI￿ with tha C(th ol F￿XIr¥Isry Prth￿a5 RegulatiK&s asc0mp￿ng wrth The Chanb8S (Proledion arKI &Kiel Inveslment} Pd 2016. We th) use external thiril pa1￿5 ￿ IX)[nr￿t￿￿I patbcpat￿5 in ourfiJrKJtVi5irvJ ar& fulty (xynpliant ￿th ielevant professional (xx￿. ￿ IXNn￿8IntS over the a)nd￿ of our deVek)tX￿t CaMp￿gn5 act￿￿eS have tEen ra5ed. aTrJ ￿"[JJar c￿e ￿ tthen to IlKse p￿E awNJ cowNnurMlie5 w￿) fortn a key part ofour lafget A I￿t of trusts, fOund8tKW￿ and swrt8r5 at8 slMyATr in Note 2 to W8 VAMJkl lik8 to 8MPt￿ si[K￿? ￿atrtUd8 to everycx* has supported wr w(Mk. The Frients ofthe RWA (an iTh*peThJwl chanty, No. 11071491 a Frierhts nEmte￿hip Scr￿ cffj beh*fofthe RWA and support rt5 aCtiv[t￿5 rogulard￿8th0n5. &5 ￿11 85 OtgaTrNng kthres arKI a cumutal tour5 W(¥J￿￿r￿e. At th8 ofth8y8ai, Ih818 w8[8 more than 1.200 FrieThJs. Our Patrons conb.nue to rAay a W role in s￿r*b"r0 the RWA'S ￿ and we we ¢wIght￿ that ￿ have c(￿￿e￿ bolh to gain new rnetnb8ts and to s￿[8 Increasi￿ ￿S of swrL Th8 g￿rOuS suwth (￿1 Pdton5 15 in¥akJth18. itKaudirNJ th h¢￿ proJ8Ct ¢Yc*ptions and new ¢Ycw inlrcAYtKJirns, as v*1 as t)r￿1 rrvnWsh"p sut6cripb"w6. Publlc benellt The Tttjstees haVecOr￿A￿ with the (Xwibes Act2011 &KI ￿)n[￿that11￿ have paKI due tolhe guKlance 15su￿ by the Charity Cimnmiss￿ on PUN￿ The RWA has at its Imt rt5 f￿t¥jatK￿ atKI 15 fTthJ"w 5igrMfKxrt w￿resS in e[yJaJ1￿ nowFlrdSts"L￿l a￿l￿￿e5 ￿￿1 t￿o￿￿nIng th8 ￿'V￿sty of ￿ery of wrorganisati￿ &KJ AlthO￿h swJnffi(xnt p￿tesS ma(Je in ￿nt y8ats, we r￿niSeth￿￿OUro￿gan￿"On'sStakeh0kJets-it￿udi￿ stall. (￿M￿arNI v(Aunleet5-still do tM)t fvI￿ iefiect tha dwetse cunuies d our (xxnmuntty and thetefoie thety On(￿￿￿g a of pe(V8 to j(xn us at all ￿elS of oigani5ation. fi{￿ vdurteer5 to Board trErnLEt5. We are c(mmrtted to conliNing to th tow￿15 ensurirKJ thal tyJr o￿an1$all)n ￿ll￿ts the g)ua&ty ￿shrined in its history aThY values arKI th8 dN815ty of the (x)r￿n￿￿S ￿ se￿, ￿ are tr￿Thng, w>stbv8 r￿turt[nent, Ixxsultabon atKI di[￿t etvJagernent lo achwe t￿"$ am. Total net ir￿orn8 ￿th&Ye￿ &n[XJn￿ to £63.W f27O.3411(￿1hey￿end￿l 31" Marth 2023, atKI on 31 Mw 2￿24 the charity's net assets l(lalgJ £9,313,392. irthjng irNestrrwts of£403.8ffj aThJ tssh at bank of£310,61￿. Inc(¥ Total Income for the pericxy in 2024 ¥Yas £1,1￿.657 (JJ23 penfyJ-£l,CO3,E6n Restri￿e￿ tuThJ £105,20712023 perKMJ- £738.4731. Unrestricted gell￿￿￿ fund i￿￿￿ell￿a￿ £1.￿.530 (xxrYat￿ togAM.274 in 2(r23. ExpeThJiknre Total expendthie l(xthe P￿K￿l ￿ 2024 to £1,091,16313r23 £1,348,249), Ihe pnmarity due to Ihe d￿rease in (wational eX[￿￿rture. Tanoible Fixed As%ts The T￿t Val￿ of tangl￿ fwl assets (kn&wl in th8 yearltixn £8,571,634 as at 1 2023 to £8,499,853 at 31 Matth 2024. The value oltan0b￿ frAed assets was r9jl￿j by de￿￿jab"0n with m nWtarrt)￿ asset ￿ulsIti"(ffis in tr* ye&. 14 14 of38 2311212024, 10:33 Firefox about.'blan Investmentprofftfor the yeeit0td￿j f23.5fO (20Z3 WKMJ- k55 of£45.OTO. Cash llow￿d cash b￿ance Cha￿tab￿ aCt￿￿&S result￿1 In a (xrtfkyAf (*£184.646 (NeraIkn￿￿(2O23 y88t- outfkAv£991,0431 arml at bank £ 310.609 at 31 Match 21r23I2￿23- £41M).263). i￿￿￿11r￿j unre51lKt￿ ￿5h of£110.678 (2(Yi3- £119.7131. Income and expenditure by I￿1￿KIll￿ lurKI are s8toul 17 to fuwmxal stat￿n9nts. I￿O81M•ntS The TDJStees' irNestmenl obJ"#tNe is lo &thieve a bakn¢&J retum bet￿n iTKc¥ne aThJ the Icw tem). subj*t lo a rn8dium ￿¥81 of nsl wrth th8 Portfolio b8ing r￿uL￿rIY r8￿8￿￿1 at Tru5t88 rn88ting5. Th8 Inv8stsn8nt OILY takes Into ￿Unt s￿1￿. ironrrenlal and ethical corsid￿a1￿)nS Cash is also hehj in Tr Mts M TaltM)ys reslrKted fuThJ to ensure &Jequate liquidity shouh the Truste8S W5h to for ￿r[nrtt￿I puwpose5. £70,LW of cash wrthyraknm frcm Ihe 1Th￿tment F(rfttC1￿ to aK1 cash IIcw4 pr(dect is to te retu￿￿d, aTrJ so has shown as (x5h in Not8 18 to th8 al￿(MIntS. Ovoial, the gain yearof E23,570 re￿1￿] a thange inthe rn￿ke1 tr￿7 the 2023 year. The Tnjstees have reVIe￿d the level of free rese￿eS Ihat chaty shoukj have, ￿Ing those funds that are not restricted or iepie5ented by fred assets. At 31 Marth 21r24 Un￿Stri￿￿ funds irKxeaS￿ to £294.588 compar&J with £158.368 at 31 Matth 2023, but after lakiry into funds hekj as d￿gnated reser¥es, ftee reserves wete £225,29812023 £76,9281. The TtU5tee5 COll5iJer that Ihe gtMTrJ cotKern' ba5& rerviairs wi)wiale fLY thE preparati￿ or the d￿[7￿5 financ￿1 5tatetnents. As discuss￿ atTh8, th8 ￿k1[￿l U[K￿rI￿￿ ￿[0[￿a￿ of the t￿n strong arKI th8 RWA LS ￿￿11 to (x)nbnue to grcth and to benefrt If￿￿ car￿1 Improv￿)￿ntS The TtU5t88s cOr￿8r that an fwrq)nat8 18V81 of fr88 r858WVeS £50.(m to £1(KJ.QK>.. In l￿d8r to alltrw th8 iknttty to be rnaroged eff￿entlY The (*arity tss sulficwt en¢knwt reseNes to Mainten￿ aThJ crAnmuThty erNJagemenl (x)tnrnrtm8nts . Th8 wll conbnu8 to Pur￿ w(ywte I￿￿"￿ve5 to att￿1 further furKJiThJ and to s￿r8 an irxx8a5￿I r8tum from ils charl18b￿ &bvths. An Ur￿Uled of£￿,(￿yj is abo aval&le to provth a fwther Risk manaynxnt The Trustees are respor6ible for ensuring that RWA has effth rsk rn8nw￿t procedures in F*e that MYents"fy weas ol )tential nsk evaluate their Ikeliho(Ml of (KXUWTer￿ arKI wry8cL A risk r8Jistet B tnwntainth atKI 5vJnthcant risk5 are (x)nsMJere(J by the Twstees M a basstoenswethatthey are ¥JprOw￿lety. has twi regularly rev￿￿1 Kl ￿lUsted f(AI(Y￿￿g th8 {xxllW"￿ ofth8 CAPrtd and Ihe oflhe RWAto the pubk. other key nsks faung Ihe t￿ty are fin￿￿￿￿ S￿t￿Trat￿1ty. r￿￿arity as a resutt of kyAt fTee reserves, an weas￿] fundit tequiretnent." Inc￿Sed costs ass￿al￿ y￿th 5￿jIng exhibth"on5" the increase in energy ￿￿e5 ￿￿1 (x)5tof fviTrJ C￿5￿ in geneiel. arKI InsUff￿lent Incixne generated from charrtable ￿*m￿es. Actio[￿ a￿] ￿tha￿ves are tkn to ￿lI]reSs these as refeited lo above and in the lolk)wng 5￿tion on for 21r24-25 ￿￿1 twyj. 15 15 of38 2311212024, 10:33 Firefox about.'blan Creditor pll￿ent policy It ￿ the RWA'S to pay craIrt￿S in ￿(x)r￿ar￿@ with lenT￿ of pawt W at the st*t ￿ tmjsiness Q￿h SU￿￿. Plan8for2024-25 arbj b6y￿K1 KJ impact of our chantatAe th￿eS, Ihete rernans an INerrmJi￿ ￿[wat￿8 to fir￿￿1￿ sustain*Nlty thr￿h maximi%iwwJ iMAh our eam￿j iwKotwE finatKial sutvNt ft(Yn all s(wJ1￿S. Our srwfic aims for 2￿4-25 are Cuttivale acoheswe arxy eff￿aNeS1aff t￿, nwturiryJ ￿"r *ellbg"TrJ arKJ wwwenrvJ tkn to ￿a(th th&"r full Ern￿ ￿Urty arkl indwty into RWA conti￿18 to WKI irn￿{w8 Ih8 ￿tXIty ￿K1 (X￿￿1{￿ Und8￿￿1 irKthvKluaLs arKI c(xnrnuTrths, not ly at tr* RWI ctrojated seNces &yoss Bwstd. Secure devekwmt to Thesl in ¢*lNeriThJ an marke￿"n9 stral&Jy, Nknjng Iweaslr￿ eff&Xive use of a tange of digrtal ch8￿nds. fr(xn th8 RWA'S M*bsiie to s(xaal (MJ118ts. to ta￿8 th8 of th8 RWA I￿ally. ionally and nats"onaI￿. Bu*J ￿ slrewhen rnutu￿ty berew part￿lpS wthccrnwib.es aTh1 otwis*ffts ￿OsS Brist¢J ￿ fwmy. Our key (tycbv8s f(￿ 202*25 ar8 D8thv8t wJan5t (xrlurKJtai5w stratgJy by M8swI￿ aK)ui oui irTY￿* Into &v￿ of OUTrf to drw8 hancefj discre11￿Ory fundiThJ, m￿)b￿Sh￿S, p￿nal gNir¥J, Ijc￿a￿.￿￿. gwts. tequests M8xrni$8the w5t-8ffthn8S5 and ROI of (MJrexhitxb"on5 throwh arKI verKJ8 patht5hips. and thrtK touriThJ in1￿"￿e$. Refine, rn￿rtor and deliver a3￿n$t KPIS to W6ure that rnaximigng our sustainabk, Ccmpatible incotne from vari(xt5 sow1￿. i[￿￿11[￿ Visi￿5￿￿1. IN"tes. (x)[r￿E￿I &KJ (xxwate metnbew5hip5. in othi to txjkl our free reserves. Conbnue to IK>[￿ ow marketing stratvJy, i￿￿￿￿[￿ urKJertthng a revmv of websrte, arml ewore ways to exparKJ uso of (th"grtal techrKAogy to ptortKAe arKJ piovKk ￿ to (xw exhth"(xt5. events. kn¥"ng and outreath ￿t￿ties. conb.nue lo (fivet5rty. equrfy and itxJusK)n at the RWN en5uri1￿ Ihat w O￿an15&K)n truty tell￿ ￿lder %xiety in its rewesentabon by an(J rde¥ar￿ to rwAetrMI Gkthl MaJiMty and m[￿￿] Etmiaty c(xrynun￿eS and of dfffenng age, sexual ntatK)n. gen(krMlentity. ¢kn"fity. L￿r￿[¥J. (MJlkM)k a di irKI￿ji￿ the Boatd. the staff teatn, v(Aunteets, Patrons aKJ Fnents ofthg RW W& r￿ogn￿8that 0ursuc1￿s, WKJ our *xlty to [T￿t (MW (tsritablg purw, wll ￿9￿￿1 sutvmtfrorn a ￿ld9 of sourc8S, Ind￿￿"no past. curienl aTrJ [ulu￿ ￿ra￿0￿." Injsts l(xJNJats"¢Jts. vcdunleers. artists art-lovets. cc¥nmeraal nsots, and pubhc futKling as well as on th8 hard w(xk and d￿11(￿￿(￿ ofth8Staift88rn. W8 ar8 confid8nt that th8 [T￿sureS we are lalong to rrvrov￿nentS. logelherwith Ihe Und￿￿.￿g ￿l￿ent so itMJwNJua15. wll ensuie our ie5ilien through ga[neri￿ 1r￿[8851[bg suwxKt to rn88t oUr￿8C￿v8S. 16 16 of38 2311212024, 10:33 Firefox about.'blan staternent of Trustees, rEspowMibilities TtU5tees (who ere aso (ffi[￿ ofthe Royd of Ewuknd putW5e5 INI are te5￿)[si1￿e eparing tha Trustees, Rwt (ir￿(v￿￿ng tha Str￿g￿ rewxt arxj thr￿1(￿￿, rem) th8 finanual statetnents In aax)tdan( Ythh appIl￿b￿ law atKI 1knt￿ I￿[￿knn knMJnts"w¥J st￿NIards. WxI￿J1rWj F￿￿￿1￿ Rekxxb"wy Statyjard 102." The Final￿81 Rep(M&'ng StanatardappIX￿ UKa￿l oflr8land(UrYM knxttslA(Xx)Unb￿ Pr&*¢￿). Company law requr8S tho to twre finarKJal slatefflwts fot e￿h finanua year￿￿1th an(J ts'i v￿W of the stale of affair5 ofthe charIt￿e C(￿￿Y arvj ￿the aThJ e/W￿ltUre. oftr* ch&it&4e forthal In p￿pari th858 finanaal statetnents, th8 Trl￿1885 at8 I￿r￿1 to." (tservethe rneth(xJs arKJ Pnrmj￿ ch￿rt￿ SORP. stat8 wh8th81 UKA(x0Unts￿ StarKlatts hav8 b88n 1(AkyA￿l. tO8ny ma8rid d8PartLf8S d￿￿0￿1 arKI explaned in firw￿l slaleffwts., ie the fin￿￿1 statetnents th8 rt 15 in8pw(wat8 to W85Utne that the chwtta)18 company *ill conts.nue in bJgness TheTnslees are reSrM)r6Ib￿ keeping &Jequate accounlirMJ rwds Ihaldisdosewith reas(ffiab* ￿IraCYat anytimeife finanual >sibon of th8 Cha[rtab￿ c(Knt>8ny and enable th8rn to erwe that Ih8 finatKxal ststem8nts (x￿n￿Y the C(xnpanies Act 2(￿. They are *0 reSpmgb￿ for saf￿jU8[di￿ the assets ot ts charrtabk ¢(M￿nY and for W"ThJ reason8ble steps for the F￿ention 8rKI offrfiud and ottrEt In so fei a5 Twustee5 ate th￿e is no tdevarrt a￿JIt wth)rrnaiTh audrtot5 the Twste8s h￿8 tak8Tr al steps Ihat (xNJhtto [nak8th8￿￿￿ 8•vare ofthat inf(x[T￿. A￿lItOr Burt(￿ Sweet was [8-WXn￿ a5 th8 chatrt*s ￿KIrt0[ lh8 Y￿ arKI express￿1 th￿"[ wdli[￿n8Ss to conbnu8 in that Thanksare duetolhéstaff to￿ atthe RWA irM*MJI￿thQ V￿￿￿8ers.knIti￿[1lll￿.8pp[e1x8￿ l(ryaty. (xMr¥nrfm8nt I￿nbUtK that have been essents"d to a￿￿"n￿l {kYel(￿ and susta"ndM"lty RWA We are also gratetul to the FRWA for their (xJntiThue(J partnership, a￿1 to Fr￿￿ mwnr￿stNp for th￿r inwpJu*le We ate ftjrther irKlebtod to our Patnx vj i)ur Irt1￿ Sup￿ atKI a5 as gr￿1 tuTh*r5. Finally. we wouWJ liketothank knknM£aar￿. rtwy ofwh(Mn a￿1￿￿mrte grealty to 1￿￿knry. We Je graletul tothe A(xl8rni(xans' C(Mfficl ￿￿1 to PtesKJent FKTh Rijtxtson t￿[ hatd ￿ arKJ (kn1M￿. Appiovod by th8 Tntstees 11 Nov 2024 G8org8 F8rguson 17 17 of38 2311212024, 10:33 Firefox about.'blan Independent autht0￿3 reportto the members of Royal Westof Eng1W￿ Academy C*inion We have audrt￿l financid of Royal We51 0fEnglJ¥JknJ￿nY Ohe'(XwWftKtheyear e[￿￿1 31 Matth 21f241%th (xmntxse the Statern8nt of Finanaa Admbes, the Balance the C￿h FI￿￿ Statement arml n￿￿eS to Ihe finarKJal statetnents, it￿b￿ng a 5wrWn￿Y of5igrM￿n1￿xounts"ThJ PDli(ae5. TIE ftatwEMththa ha5 I￿n appkd in ￿"[ kryatati(￿ plicAble law arKI Unrt*l A(rountsrw Starmjatts. Finan(xa StarKJaid 102". The Financkgl RetKKb'r Sta￿r￿ a￿￿a￿le in UK aThJ Rewt4ic of IrekThJ (United Genefalty Accepted Prac*￿1. In our orrfnion. thefinarrial statuwls." give a true aThJ f?dr ofthe stste of¢￿ thrtys atsirs as C￿31 Mar(h 2024 and ol its inc(Mne and expeTh1rture y8arthen 8nd8d." have been pr￿￿[￿] m axx)r(kn wth Unrted ￿[￿1￿7 Ger￿alyA1X￿t￿j hAfAMjnts￿ F￿[￿￿￿. Basis for opinion We ￿dUded out aLwJit in &cc*dJKe intematKffia Si&¥Jatts in A￿￿tiNj IiAO OSA5 {UK)l and knv. Our lestM)n￿blIrt￿ utK18r thos8 StarKlatds 8r8 furthet d8￿tth In th8 knltorfs t8sw)n5*xkn85 kn Ihe &KIrt of lh8 fin8nckg1 stat8m8nts section crfour rep(Kt. We are inderwjenl of IfE Chanty in ethical lewrw￿tS that are ￿￿an1 lo our audrt of th8 ffina￿al stat8tnents in Ihe ￿ i￿￿￿11￿g FRC'S Ethi(￿ Standard, ￿￿1 we hav8 f￿fil￿ our othet 8th1(￿ iesponsibiltb'es In darte with these req￿r￿n&)tS We ttlieve th& the a￿j11 evIJ&)￿ have obt&￿j is suf[￿th aThJ 4)prwate to wovide a t￿SiS forour Conclu8ion8 relating to going concorrL In au(*b"ng the finanual Stthn￿. we have IhBt Ihe th[￿t0[5, Use of ￿ wng 1x)n(￿ b@5t5 of ￿)un￿"t￿ in Ihe ofthe fina[￿1 statwnts ts apprc()nate. Base(J on the w(xk ￿ havo pwI(Mm￿l, have not KIent￿ Mat￿ UrM￿taintieS ielating to events or condrtions Ih8t, 1ndmdua1￿ or coll￿tiVe￿. rtw (X5t signfftanl th)ubt ￿ the charrt￿5 alm.￿Y to 1x￿11￿￿e a5 a For a WKXI of at least Ive rn(￿th5 from when finanaal statements atg f(K Iss￿. Our reswx1￿tXI￿"8S arKJ tha r0swx￿tXIths off￿ ditwxors ￿1th to (xNMxffl at8 In th8 I8￿ant se(*K)ns ofthis Olher Infomwllon The trustees a￿ re¥KIns￿e forthe other infcmab"cffi. 01h￿ inf(￿1￿￿ cfympnses ts in[C￿ab.￿ incI￿JaY in the ￿n￿al rep(￿1 otherthan the financd Stater[￿ and our &Klito(s [g￿the￿. (Xji 0￿[￿￿ finarKad Stat￿nents doe5 not coverthe othei infomiatson aThJ, except lo Ihe ext￿1 0trwb￿ staled in w rwt. do r¥)t express any fom) ol assuran￿ condusion lh8￿￿. 18 18 of38 2311212024, 10:33 Firefox about.'blan In conn￿M)n Mth finarKial sts1￿[￿. ￿ ￿e5￿￿5￿.1￿Y is to [￿j inf(xTna1￿ ￿lJ. in ¢J(Mng 50. con5KJei whelher the other Informati(￿ s materialty w￿￿61stent wlh Ihe fir￿[M￿al statements kn{r4￿2 (A)t￿ned in Ihe a￿lIt or (rthetwise eppeat5 to be rThaterialty m￿stat￿. ithnbfy matetid it￿￿5￿1￿￿leS ￿ awatent rtwterid ￿￿51ate[nents. we are lequir￿1 to dalerrning W￿ther tlwo s a matenal msstatefflent in the fina￿￿ stat￿nents a matonal misstatement of the othar infotmalion. If based. on Ihe wvtk have ￿0[1[￿J. ￿ corK*JJe that there is a rnaterial rTMS5talemeni of tru"5 Othef infortion. aro r￿u1r8d to rep(Kt the f￿l W8 hav8 nothi￿ to r8WXt in ths tw. Opinions on othermatlers F￿08¢ribed tythe Comp￿18$ Act2( In our ba￿1 on th8 urK18rtak8n in th8 (xxJr58 01th8 the infotrnab.on grv8n iwt th8 truste8s' rewxt (l[￿(￿p1￿￿.ng the thrth. rep(Ktl forth8 [￿￿[￿1 y88tfotvthith th8 financi statements a￿ prepar&J s ¢￿6￿tent wlh Ihe fina￿181 Stat￿￿ents,. In the light 0f￿r kn{r*I￿ge atKJ utKlet5ta[￿Ing oflhe Ch￿ (xxrwrry d)tdlled in ￿1[Se ofthe &MJrt. Iwe not I(Jen1rf￿ matena ￿￿tements in ￿ dired(xs' re￿. W& hav& nothi￿ to lew￿t In res￿ Ofth8f(hI(p•ri￿ rnatter5 in relaK)n tow1￿* Ih8 C(xn[￿lesAd 21Th r8qUi18S ￿ to r8p￿ toy in our otmllion". Jequale ￿nts"r￿j recwts tsve rh)t teen Wt ￿ retums ayequale wr aLhJrt have Th)t been I￿￿ve￿ from bra￿$ not Msrt8d by u5. the ￿nal￿1 statemenls are not in agr￿nent with the r￿x￿￿S and rdwns. (%rtain disclosur￿ oltnJstee5' rernUnerab"(￿ by kware mt tnaje". W8 have not obtain￿] all Inf(xrnab(￿ a￿1 expl*th(xts [￿￿1(￿th@ putPOS85 of (Kjr ￿mI¢ the trustees *ere not enbtbJ to slatemenls in *ith the snWI ¢(mpan￿5. regirne and take anW8 of th8 small [xxn￿Th85' 8X8fT¥AKJrs in prq)ariw th8 di￿0[5, tew)rt atxl fttm th8 r￿1[8[n8nt to pl￿re a Strateg￿ rewrt. Responslbllltles of *￿tee$ As 8xpl￿n￿l rTK)re tulty in th8 tru5t88S' t8SWXFAbilths Stat￿r￿ th8 tru5t885 t8sw>n5*A8 for th8 w8￿&bon of th8 finanaal stalern￿ts arKY for bg"ThJ satsfieil IW gve a Ine arxy fair vmv. aTrY for s￿h intemJ ccffitrol as tsy detemine E nwsary lo enab￿ ￿finan(￿￿ state[[￿nts that free frotn material misstat￿ Wheth￿ to fraud e[[(￿. In ptepanr¥J lh8 [￿r￿1￿ st&tetn8nts. the 11￿le85 are fot 85se5sirwJ th8 atx.hty to [x￿tinue as fi wng Con(￿m. Sek￿￿. as rnatters related to Cor￿￿7 armj usry the gow Of￿￿Trting unless the trustees ￿ther iTrtend to liqumlfite Ihe Chawtty orto cease wth"(￿S. 01 hawe no teakn tmrt to do so. 19 19 of38 2311212024, 10:33 Firefox about.'blan Audito￿3 responsibilities forthe autht of the financial slatETr Our Obl￿tiveS are to (*thn re&onaAe assur8￿ ammrt Ihe finanaa Stat￿nents as a are free It(xn material rni%statement. vhthet th to trajd error. arKI to Is￿ ￿ aMJitorf5 tewxt Ihat our qMnK)n Rea%￿b￿ a5surarKE is high lovel of assura￿, not a guarante& Ihat an c(mKI￿￿] in ￿xXXda￿ wth ISAS (UK) det￿t a malenal rn￿State[ne￿t when rt exi5t5 mi55tat￿n￿ts Lzn ar￿e from fraud or e[[￿ J¥J ale consdeied It￿e￿al rf. iThJNKJualty 01 in the 3JiW, tw (x)uld reas(xW be exWed to Influe￿ tha of usets taken on ￿ tHsis of these ffina￿al Our 4)proach to id￿￿ty￿￿j aThJ assessnJ Ihe risks of material nw5stater￿t in ￿ of Irrg?￿th. 1Th￿￿j1￿J frwy ￿lIF (xy[n￿lance ￿1th la￿ and iegulabons, was & to1￿." we idenlthed the laws ark1 regulatK)ns appI￿ab￿ to Ihe chanty Ihrcrtjgh disCu￿￿)nSW1lh I￿)Se charg&1 ￿1th aTrY (thr tnanagetn8nL and frorn our krThlW a￿1 eX[￿￿n(￿ of th8 sth. we focuse(J on arKJ r￿u18tK￿s (X)ns￿r￿ have a matenal efiect the fina￿ state[r￿ts of the ￿>[￿￿Y. in(knlirwJ the c(Wn￿leS Act 21Th. taxalM)n l&JI51th"(￿ WKJ piotection. antkbnbery, employrnent, p￿￿k)ns, eNronmenta and heaNh 8n(J safety ￿ls18b0￿,. 8n(J we ass￿￿ extent of C(￿n￿[a[KE vAh the law5 aKJ i(kn1[fi￿ axwe throwh enquiries of marwgement, insp￿￿1￿ Wal eorresrth(￿ a￿] rem?Ar¥￿ alert the au(*tf(K any 1Thlicabons of norkcompliar Our a￿lIt tKIK%Jur8s in reL8t￿ tofraud rM)t I￿rt￿l to." m&J"ng WJLiiies of I1￿ ch*ged Thith ￿¥eman￿ n*nagm)t as lo they corsKYergJ there was S￿ti￿lty to framj, I￿1[ of ￿a, S￿￿1 armj IT￿. discusgng Ihe wJaJemenl team tr* r6ks offr•JJ gaining an utKkt5tatKling of Ihe internal (xxrtro& in to rTubg&e rt5k% ￿ t[￿d rKxHxryli￿r￿ b*Tth atMI reQ￿a￿￿$. testing pumel ell1[￿5 to Klenbfy ￿usUal t[￿￿t￿m￿. assessing arKI asS￿np￿(X￿ in dgtertryniw ￿Ou￿￿[￿ ests.ma￿ set (xrt in the ￿xX)Untsng i(X5 ￿[e I￿￿aiNe of tM"as." arKI inv8stsgabr￿ th8 [thna￿ sunth(xnt unusua Th8re ar8 Inh8r8nt 1lrnrt8ti(x￿ in (MfaKthI W{Mx￿r85 d8thHI a￿8. Th8 [￿rK￿￿1th￿tI&•￿ arKI wlab"on5 ar8 fr(xll tMsactiors. the *ss likdy rf i% Ihal ￿ w(thJ become athe of rthcom￿larKe. Au¢Jb"rNJ also limrt trE pr￿￿jure$ 18qUI￿ to id8ntrfy non-C(XllFAl￿(￿ ￿th laws ￿ regulabor￿ to 8n(pJiry ofth8 di[￿t0[5 arKI tthei rnat￿8[￿t and Ih8 Ins￿(￿ of ulalory an¢ legal cwesp)ThJw, rf any Matwal nNsslateffenls that wtse lo fra#J can be harder lo del￿1 than those that se fi(xn ettDI as they tnay inv(fve d￿lt￿rate (x)n(%dtnent orC(kI￿￿. A further descrirAion of wr Tesponsts"litJes for Ihe audit ol Ihe finanual slatem¥ts B hxated cffi the Financial Rwrtiro Counul's websrte at WWN fic or uk.'audrtor&audit-as5urance*lhic&audilois-res n51bilrties-for-the-audrt. Th￿ desctipb.on fotm5 part d oui O of38 2311212024, 10:33 Firefox about.'blan Use ol our rewt This rewjrt LS rn*Je to the Clwrws members. as a tmmty, in ￿xX￿da￿ Chapter 3 ￿ Part 16 oftho c￿￿)anIeS Act 2(Kl6. Our audrt work ha5 t￿7 urKJertthen so Ihat State tottE ChariV5 trErntEt5 IIK>Se [natt￿5 ￿ are wmied to state in th￿ in an audrtofs retx>rt and for tK) Ollw To gxtent ￿[￿rtt￿l by law, not or assumg restMNNtMltty to ryone otherthan the c1w￿S tnernbet5 a5 a bLNfy. for w audrt wrxk. foi thi5 tEWtL tIE h￿e for[￿￿. F(x and on beha1fofBUrt￿ Sw88t ogkkn LYtoK statutory Auditor The Ckx* T(Mer 5 Farleigh Cc*Jt Okl W8Ston Ro￿1 Flax Bwrton Bnstol BS48 1LR Dat8....1.1.Nov.2024 21 l of38 2311212024, 10:33 Firefox about.'blan ROYAL VESTCf ENGLPtrID ACALEMY STATEMENTOF FINANCIAL ACIMIIES Ilncluding Incom• & Expendrlw• Pu¢xmti YEAR ENCÉD 31 MARCH 2024 ur￿tr￿ un￿strICted Restrlcted Endty*ment Total fvnds Total funds nd¥ 2023 Incoming r8sourc08 Income From t>onalions aTh1 Legac 163,7fj8 92,079 255,847 832,86fj Charitable Acts"vitEs 756.496 708.232 othei Tr￿lIng Actiwtses 20.920 105.1 112.505 Investrnent inc(xn8 13.128 13.128 10. Totsl incoming resowces 1,(K)4.530 20,920 105,207 1,130,657 1,663,667 ExpendltAYe Charilatle ￿tr￿tr"e$ 33,070 7fj,045 1,020 1,213,T85 Raisi￿ FurKJs 130.143 130.143 134.464 Total re80urce8 expended 932.645 33,070 49,403 76,045 1,CD1,163 1,348,249 Net IncomlWlr*rtgolrwJl resoLY¢ Net income I IdEfi¢iti 71.885 {12.1￿) (16.045) 39.494 315.418 17 76.485 (T6.4851 Gains110681 on investment8 11 23,570 23,570 145,0771 Net movement In lunds 148,3TO {12.1￿} fj,0451 270,341 Totsl fvrwjs at 1 April 2023 17 76.928 81.440 S11.￿ 8.W.874 9.2S).$28 8.979.897 Totsl funds at 31 March 2024 17 225,298 69,2 513,975 8,504,82g 9,313,3g2 9,250,238 Piicrf year c(mp&atNes br Stat￿ ca) te fouThJ in We 21 AJI gains Ioss85 in th8 InchM￿ in the Stat8m8nt of Fin￿al PdMtse5 and 22 2 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTCF ENGL4ND ACADEMY CoThpany Number. 03567088 BALANCE SHEET AS AT31 MARCH 2￿24 2024 2￿23 Fixed assets Tangib￿ ass8ts Investments 10 ,499,863 8,571,634 383.816 11 ,903.719 8,955,450 Current assets stock 13 18,932 166.697 310,609 13,826 133.845 4(K>,263 Debtots 14 Cash at t￿nk ￿K1 In hand 496238 547,934 Cr•diiord: amowrta falling du• *rythin on• yaar 16 186,6661 1253,0561 Net cumintassets 409,673 294.878 Net a#￿ts 9.313.392 9.250.328 EndowTn8nt funds ,$04,829 8,580,874 513.975 511.086 294,688 158,368 Restricted funds 18 Unrestricted furKI8 Totsl furbJ8 ,313,392 9,250,328 Th85e finan￿81 statet1￿#S hav8 b88n prepar￿1 in Mth the WOMSKXt5 fot smal (xxnpani85 UtK18r P￿1 15 ofthe Ctxnpanie5 Act ?[￿. Those finan￿al staterywrts approv￿] by tha tr￿t￿S on 11 Nov 2024 and are sign￿1 on tkn￿r t￿h8￿ by". G Fetguson M Pewry 23 3 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTOF ENGLAJID ACAtEMY STATEMENTOF CASH FLOWS AS AT31 MARCH 2024 Net cash loutllowv infiowfrom oporatirvJ activrb•s 16 193,3(Kll 1291,7301 Non-op•rating cash Ilows IrNestment actiMti&s." Pl(￿e￿5 Irotn 58k ol inveslmewrts 73,620 37.048 Pioceeds from Sa￿ ol assets Payments foi invesltnent5 Investrnent Incorn8 (tl.2391 (35.1521 13,128 10, 113.1x121 1712.1221 Payments for taTrJibk assels Net Cash oulllow ffcth inNtstir#J &tMties 13A931 1699,3131 Net Cash oulllow ￿ tr* 16 196.7931 1991,1)431 24 4 of38 2311212024, 10:33 Firefox about.'blan ROYPL VESTI￿ ENGLPJID ACPLEMY NOIES TO IHE FINANCL4L STATEMENTS YEAR ENCED 31 MARCH 2024 1 Accounting poli￿eS al BasE of preparalicth) The financial statemenls ￿the RWA are in acuxdar￿Q knilh the Statement ol Reccffimermjed Pr￿tice Accountsru and Rew)rting by Chatibes prep￿ThJ th￿1 a(x￿nIS in a(xx￿rKE ￿ the F￿n￿al Re￿ts"￿ StarKth aptA￿at￿e to Ihe UK and Republ of Iioland IFRS1021 ssued In Iktot￿r2olg atKI FinarKxal sta￿ard aWKxblg In th8 unrt￿ knngd(xn and Rewblic of I￿laTh￿ IFRS1021 {cw Companies Acl 21￿) aTrJ UK lknrdly P￿￿e as il a￿1￿$ from 1 January 2019. A summary ofthe princi￿8 8ccountitKJ 15 $8t out bd(w. The charity meets the (J&finffjon of a public beneffl W un(Jet FRS102. The Ttustees c[x￿ldE¥ that tIEie ale rK) material urKErtaintE5 al￿ting arKJ that Ihi5 ba515 rernain5 apwowiate f(K pr8patabon of th8 Charrtls finan(xal stat8rn8nts. F48as8 S88 th8 wng con(xm uxn[T￿ts in Ih8 FinwKxal R8M¥, R8S8rv8s section of the Trustees. rerM)rt for more details olthisjustrfKalion. bl Fund8 accountirwJ G￿[al un18Str￿￿1 luK15 at8 exp8rMIth at Ih8 of th8 ￿￿t￿eS in fUrt￿ran(￿ of lh8 thinistiabon of th8 charty Des￿nated furK15 C(mnp￿ unr85tslct￿j funds that ha￿ I￿n s8t a5K18 by th8 I￿￿te85 kn P￿UL￿ putw)58S. Reslricled fuThYs are sUt4"￿t to speufic c(Th)"t￿6 by as to tw may te u￿. End(YA￿t funds c(xnprise irxjM(ts￿ Irust lund5 set by S[￿ d(XMM5, the catmia of may nrt be The various fuThYs in ￿steTh￿ duriro ts yw are set out descrtsd in ncts 17. cl Incoming reuource Voluntary income Voluntary Incorn8, IncI￿18S dona1M￿s. gr￿. P8trIN￿ 8rMI Fn8tK15 sthscrip1m￿S arKI 15 basis. Donations include gilts In %thich ate Ind￿led in incoming resour{￿S ￿then benefft to Ihe RWA and ￿ value be easity ascertaitth or eSts"rnat￿. ItK(xne fr(xn iwK*¥KknI r[￿rnt￿[sh￿ schetnes that ere digi￿ for gfft ad is in full o rel￿pl. fun(È transferred to Unrest￿￿1 I￿￿]S (x)ThIitK￿s Iwe met. Incom• from activiti08 for ￿nerating funds Such incotno LS rec(￿nISed on a re(waNe ba￿s. Incorning re50uwre5 frorn charitable adivitie5 Incotning resources frotn exhiknti(xs arKJ wYKkslKVS ￿e ￿￿xI eXhibitK￿ orworkshop takes dl Resources expeThled The costs 0[￿nera￿￿ wAuntary I[￿oMe Ihe 1X￿ts of FrieThJs. (knati￿s and gr￿ts, t1￿￿[ wlh the (xjst of pro*iding rnernbet5hp tEnefft5. Expenditu￿ is directly attribut*le to ¥wfic &fvities wh￿ surwi ￿6ts relate lo more Ihan one thty they a￿ app(rfts"ongJ on a basis consistent vMh th8 8S￿[nat￿l us8 of th8 r8s(MJrc8. (knernan[￿ (x>sts rq)re5ent the (x)st ol Ihe C￿￿panY s￿eta￿Al TO￿ arKI (x)5ts th8 wepa[atI(￿ atKI a￿1￿ trfthe statut(xy accwts. 5 of38 2311212024, 10:33 Firefox about.'blan ROYPL VEST￿ ENGLPtrID ACALEMY NOIES TO IHE FINANCLAL STAIEMENTS YEAR ENCED 31 MARCH 2024 1 Accounting poli￿eS IconL.) dl Resources experwjed Icort.I l oyn(Jrture is accountad for on an ￿ThIalS bas￿ arKI is rwnisthl thete is a *al orixM&ru(kng Obligat￿ to pay. Pension (x)sts. Ihe RWA ￿x￿t￿bLrt@S to pers(Thl ￿nSK)n of gtnpbyees. t￿n￿on plans ate d￿fin￿l cortributK)n 5cherne5 atvj the pen5N)n Cl%3[￿ rewe5￿5 the &nounl payailp by Charity lo those tlarts in re5ped of the year el HeritagE A55ets.wtYks ofart Worfsits. atKJ othet sh(xt4erm hwJhty IiquKI inv8stsnents Ih&t 8r8 ieadity conV8[bb￿ to 8 an￿￿t of at8 subj￿1 to of In v81u8. 2 Voluntary income ilnrestricted Restricted Totsl funds Total fuTrJ8 lunds 2023 Patrons and FrErKYs ofthe RWA 73,624 27.939 73,624 27.939 63,945 29.617 49,412 507,632 13,167 10,(KK> 55.(XK) 20,tKK> 8.152 Individual th)nati(￿S and Cathl F Art5 thncil E[￿larKI &KI Oth￿ g[￿ts National Lottwy Hffte FuThJ Other c(xwat8 di)nat Bo%%Emian Charila￿e Tiust Art Fund MedlodK ch￿tta￿e Trust Gtants Io SUFW(Xt ￿&jeMent Prize Donabons 59.201 61.219 120.420 other Donati(￿5 3,004 9.600 7,176 44.615 Bristol Cty C(xJncil Sponsot5hip 15.6(M) 15.61M) 16.750 163.768 2.079 255.847 832.866 Th8 comparative dfita this nrte (xn ￿ fou￿1 in note 22 3 Income from charrlable aclivities 2023 Exhit*tic￿s and events 419,451 405,921 Grft 51K)P 53.618 52.641 Diabmng SchThA arKJ leamry ￿tm￿"eS Rent81 in(x)tn8 157.249 124.670 126.178 125.(XK) 756,4 708,232 In(xJrne frimn charit*>￿ &tMb8s in tM)th Iha I￿￿￿t and p￿rY￿*Ve unresltKtsI. 4 Other tra¢4no actmtles 2023 servi￿ charge Hire of g4kn8s ￿ other acb 20.920 20.920 91.585 112,505 105,186 In(xJtne frIMn Othertr￿J￿g aCti￿t￿ In txth Ihg (xjrrent ￿K1 pr￿￿ yeat ￿￿8strict￿. 27 7 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTCf ENGLAND ACAtEMY NOIES TO IHE FINANCIAL STAIEMENTS YEAR ENDED 31 MARCH 2024 5 Inveslment incorne Unrestrictsd R8Strictsd Total funds Total fuTrJs nds 2024 2023 DMder*ts aThJ other thstrbutior 10,fA12 2.526 10.fJJ2 2,526 9,984 Bank intet8st 13.128 13.128 10.064 Th8 cornparative data kn this nrte (xn ftmjnd in note 23 6 Net income I lexpendithrel for the ye ThLS IS Stated after ch8tg 2024 2￿23 Audrtoffs ietnutEIth"on 9.512 84,783 Dapra(xabon 0ftangIb￿ fu￿1 72,400 No reM￿￿ration crf expenses we pa*1 to Trlstees ￿"ThJ Ihe 2024 w 21r23. D(naliMs frim Tnslees ￿ relat￿ parb.es during th8 year amount￿1 to £5.7￿ Pff23-£ 6.￿)). 7 Staff costs and n￿berS Th8 8ggr8gats staff costs ￿re. 2024 2023 W4es and salar￿S Sociel secutrty Costs PensM)n contnbubons 489,2ffi 501,644 38.432 12,274 12,578 539.912 550.710 No 8mpby88S 8Xtwd8d emdutn8nts trf£60.CKK) (202> emfv emduments I￿(w8&n £￿j.(￿￿) and ￿.4991. Th8 k8y m8nwJem8nt P8tsonnel (xxnpns8 th8 TtU5tees, th8 Di￿(￿, ol O￿atK￿5 arKJ the of D8vdoprn8nL LeatnirvJ and Erwrnent, Cornmunicabons Pr￿ramMe. trtal ￿n[￿Ye& t*nefits ￿the key manag￿ent per%￿ne1 were £186,g91 12023 ￿1(A#- £216,743) The average wEekly numtwofstaff duriThJ ye& as fdk¥hs 2024 2W23 Galery 17 18 Leatnir Suppcyl 25 28 A ofthe RWA staff ate part twne a5 at 3151 Mmch 2￿24 ttE of FtE staff 16 {2023-14} 28 8 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTCF ENGLAND ACAtEMY NOIES TO IHE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 8 AnatyJis of expendrtixe rect &wort costs Total Total 2024 2023 On ￿*￿￿ng funds Fundrasing costs indLwJnvJ investsm& rnanag8rnent fees Other T[￿ling Costs 74.856 $5,287 74.8 55,287 107.198 27,266 130,143 130,143 134,464 On Charitable aclivitreJ." Exhitxb(xts, MY)rkshi¥ss arKI relat￿ aclm Drawng Schfyj aThJ leamnJ &tMties 312,414 179.943 296,148 fAI8, 172,515 352.458 884,642 329,143 492.351 468,663 1.020 1.213,785 622.51K) 468,663 1.091.163 1.348,249 The compfirative this nrte (xn ￿ foutKJ in ￿>te 24 9 Analysis and allocation of supwt costs General Total Total 2024 2tr23 Support costs.. ExhitMb"(x .e￿1 199.487 116,207 ,148 1T2,515 542.050 119,544 Drawng scho)l and kamiro activibes 152.￿9 315,694 468,663 661.594 Suppcrt costs in res￿ of¢hantab￿ aclMl*s inchh* gO¥errOn￿ Costs tO￿lir￿ £ 5,(W I￿23.£7.389) Tho comparati¥e data [(￿ this (xn fouTh1 in 25 9 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTCF ENGLAND ACADEMY NOIES TO IHE FINANCL4L STATEMENTS YEAR ENDED 31 MARCH 2024 10 Tanolble flxed assets Fumitin Freel￿1￿ Plantand and At 1 Awl 2023 Addrtv)n5 7.3￿,?81 1,174,880 269,8IKJ 8,751,661 13.002 13.002 282,8￿2 8,764,663 At 31 March 2024 7,3￿,981 1,174,880 Dewedatlon At 1 Awl 2023 Chargo I(￿ Ihe ￿￿¢￿1 At 31 Mfirch 2024 49.182 59,018 108.200 130.845 25,765 156.610 180.027 84,783 264.810 Net book value At 31 March 2024 7,kn,981 1,[￿,680 126,1W2 8,499,853 At 1 Awl 2023 7.31K.981 1.125.698 138,955 8.571.634 The Ttustees Oft￿ ￿tK)nal HerrtwJe Memorial FurKJ hd(J a W (￿at￿ (to a m￿rnll[n of £1,723,6(K) plu5 costs) over the freehol(J property in respect of th￿[ fina￿01 lo the RWA LwJht aw¥J lnwrdtic￿ w(yeCtI£1.373.f￿7I dat￿j 2nd NovetntH 2020 and the RWA Ap￿￿{£350,(M}. 11 Inv88lm8nts 2024 2023 Unlist8d Inv8Stments Listed investments 399,220 4.645 372,031 11.784 Cash Inv8stsn8nts 403,P 383,816 Llsted Investments Market vdue at 1 ￿. 2023 372.031 77,239 (13.620} 23,570 399.220 419.(XH A(Jdtbons 35,152 137.0481 145,0771 372.031 D￿al5 Unrealised {lossesl gairLS Market vdu8 at 315t 2024 H￿1{￿￿ fAlSt 342.556 318.479 Unlisted investments Th8 charity has a subSid￿ry (xxnpany Cal￿ RWA T[￿ling {[xxn￿Y 76476951. wiSt8r￿1 in EnglvKI & Wa￿$ share c4)rtal of £1 The (xmnpany remains dormant. 30 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTCF ENGLAND ACADEMY NOIES TO IHE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 12 Heritage assets. Works of P4t m8nlK)n8d in n(rie 1 the ￿Ik oflhe A(￿S 8(4uiT￿l many y88t5 WJO arml has rb8v8r b88n Ind￿ in the RWA'S bal￿￿ sheel due lo lack of info￿allOn in relabm lo its mJinal o)sl or vdte al ts line of¢knat*)Tr I￿ te(NEst. In Ihe opinion ofthe trustees rt y￿Id be both drfhxfft atKI Ixbstly to attrt)ute an awKtyiate to the (x￿￿ti￿. The RWA'S ￿r[T￿E[rt 1x￿￿5t5 of (Net 131M) Mxk5 0[￿t it￿￿1"ng on pa￿[. ol. fi(xYli￿. thpture. arthrteclurd rn(KJels. It compnses fine examp￿ of [￿￿tratu[￿, larMIs￿peS, stil lrfe, atistrad ￿￿1 tyuratNe by W￿l0Mlnatety South West artists. A small but signffi(%nl group of 1g¥h c￿tury *rJrk rdates to the peri￿] of RWA% establLshment ￿Kne of *thich ￿re wuiied by the irt￿ of the SharyAes bequest in 1849. A ￿￿t requwetnerrt that all RWAArknKa￿￿ must donate a dI￿a work to the c￿1￿￿)n adds a contsnuing contempotary 818fTb8rrt to th8 (X￿￿(￿. Whilst no expormjiknre Vfds i1￿[[￿1 M aklrtKXhS to thg in either 2024 2¢Y23, a rxvntw of dipkxna vAJrks donated to the Worf(s of art of artiuJkr im The rnost sub5tanb.al group of ai(MWKI ￿ M)tks b(MNJht 5itKE 1941 i￿￿mIeS ￿gn[[￿￿t by major 20th Century artists irKJuding Vanessa Bdl, Dun(xn G[￿t, tkKI Pri￿r, Gilt￿ Spen￿, c￿e1 W￿￿t, Mary F￿]en, Julwh Trevdyan and An[￿ R￿path. This is an Itnportant tM)dy Of￿ by a range of artists cthe conrths *ith Bristd West of Er*rwJ tw)st-1941 at¥J indudes P81ntings, d[8￿ng5. prinls and sculpture. Presotwabon and m ment EnwrCY)m￿IaI coThJiti(¥)s vdthin the Fwmarwt Col￿tiOn sl(*e are ¢c¥￿InU￿lY n￿￿rt(￿j to ensu￿ Ihat the a￿ W at ternP8r8tut8 atKI hutnKJity leve& ba￿1 rnusewn An 8sses5rnent ofwowks have I￿n Klentff￿ a5 and a prINJ￿rne has t￿en d[￿ up and wll be u>vered by funding already approved by Ihe Lottery Fu￿. Th& RWA Ma￿t￿nS a r8gLSter of a(X￿s1￿S, rnovwT￿ ￿￿1 (￿K￿5 forthe UAlecti￿. 13 Stocks 2024 2tr23 Grft slK)P St(M* I￿uding txx)ks, (xtatyu8s and wnts 18,9>2 18.932 13,826 13.826 14 Debtors 2024 2tr23 Trad8 debtot5 21,223 18,228 127,246 1fh.697 17,526 4,835 111,484 133.845 oth8rdebt(￿S Prepayments arKJ 31 31 of38 2311212024, 10:33 Firefox about.'blan ROYAL VESTQF ENGLWID ACAtEMY NOIES TO IHE FINANCL4L STATEMENTS YEAR ENDED 31 MARCH 2024 15 Cr8(Iltors.' Arno￿￿8 lalllng due wlthln 1 yaar 2024 2023 Tr&Je creditors 28,857 34.897 othei creditors 14.864 Taxabon 8tKJ soc￿1 secutty Accruals 8fKI defer￿ in(x)me 14.IM)1 32.685 43,707 86,ffi5 170.610 253,056 16 Recon¢lllatlon of net movement In ft¥xts lo net cash Ilv*frtyn opwavng 2024 2023 actlvllfjes Net Movefflent fot tIE year 270.341 IGain5yLos58s on In￿8ntS D8pr8cMbon Investment income 123,5701 84,783 {13,1281 45,077 714(K) (10,WI Ilncreasey¢*crease in stwk (s,1￿) Ifj,81￿l Ilncreaseydecrease in debtors {32.8521 6.398 IDeciea5eYincrease in Cr￿ltOrS Not txsh louffiowyinfiow from thb8S (166.4911 1669.0761 {93,3Th)1 1291,7301 Anatysis d clwrwjes in cash thrirwJ thg y 2024 2023 Cash at bank aThJ in hand 189,654) 310,fJJ9 400,263 Cash in Ihe investment rthfdKJ (1,1391 I￿.793> 4.645 315.254 11.784 412.047 Analy818 d CIWWJ￿ in cash thrirwj th• priory Cash at t￿nk and in hand Chang8 1989,1711 11,872) 2023 2022 4(K>,263 11,784 1,389,434 13,656 Cash in Ihe Inv8Stment 1991.0431 412.(M7 1.403.090 32 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTOF ENGLAND ACACÉMY NOIES TO IHE FINANCIAL STAIEMENTS YEAR ENDED 31 MARCH 2024 17 Funds Imiestnxnt 1 Wil IrKoming tmgoing 2023 r•Sour￿8 gainsl Uos8081 Tran8f8r8 31 March 2024 The Theresa Know￿ sCh￿￿sh 20,355 8,560,519 20,355 8,484,474 End¢yAEd treehcld woperfy (T6,0451 8.580.8T4 (f6.0451 8.504.829 R•8tricted fimds The Mts AA Taltx)ys Beq￿t 497.7(Kl 13,128 23,570 (76,485} 457,913 8,678 The Theresa Kn(￿￿ sch￿￿sh￿ other funds relatirvJ to . wernises &KI equitXn8llt .18atning ￿K1 patb(xp81ion - trxsin&ss 8,678 4.502 2.079 (49.4031 42.676 2( 206 511,086 105,207 76,928 1,(Dl.59J (49,4031 23,570 (76,485} T6,485 513,975 225,296 ur￿estrICted general fur 1932,645) Ur￿￿tricted desiwated furKts SGS Se￿ce charge PostL&I 19.338 133.070) 7.188 62.102 9.250.328 62,102 9.313.392 Total funds 1,130.657 11.091 1631 23,570 Mrs AA Talboys B¢q￿$t The resliicted fvr￿ derives ttc¥n a teq￿1 by Tatw i) 1918. The be4￿1. as subsg)L*nlty establis￿ 84) 8nd0b￿nent fu￿ atKI pro￿ that the Incixn8 s￿￿k1 b8 u￿1 f(Kth8 wrchase of ￿K1, In cert￿n (xrcurnst8nc8s. foith8 upk8gp and rnainlenan￿ of the RWA aThJ ts p￿rn￿nI cc4leciw. During the yeai en(￿ June, 2014 Ihe trustees les1￿ that the lund be fre￿1 from the TestrirtK￿s ￿1th respect to eypendrture that appli￿ to rt. t￿l￿g sali5W that the putPWS set out in the tEl￿￿t ttU5ts to the futKJ 15 Subj￿ could be carried out mor8 eff8cbvety rf th8 of Ih8 fund coukl ￿ eyKJ8d as well as th8 in(xxne ac(xuing to L Th8 Chatty CommissK confirmed that il concurred *ilh If* trustees. rex4ul*Ji aThJ that as a Cor￿]Uen￿ the trustees can SFWKJ the captal of the fund as if rt weie inc(Mne. Since fund5 ofthe Mts AA TaltW5 Bw1￿1 we rK) k)nw tutKts tIw￿￿[e da5sthd a5 iestrict￿ futK15 in the balan(% sh￿t of RWA at 30 JunB 2014. The Theresa Kno¥Aes Scholarshlp This end¢)wmenl fund was eslablisW lo wwale Ir￿l¥ne an th.sl lo sbjty art in Ilaty. Interest arisirMJ c*) the is C￿jrt￿j lo the r8Stncted furKI in her nam8. Transfer from Restrfctsd to General FurKIs Th8 charity tutK15 forsw￿ th8 lutK15 ￿re tsar￿fe[[￿l on(% th8 costs h&1 t￿￿ red[Z￿ ft￿th85& P[0J￿ The end(hved pri¥Erty (XMnpt￿eS the RWA tmJi￿I[vJ. in 1858 a5 a public art gfilw arKI wt s(*KxA. thj w11r￿1 kn Ihat puw by th8 Ih8n Bnstd Acthny of Fine Ari IwKts I[￿I￿lIng Ih8 B18n Sh8rp18s bw. 33 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTCf ENGLAND ACAtEMY NOIES TO IHE FINANCW STATEMENTS YEAR ENDED 31 MARCH 2024 17 Funds (Cont.) othei ie5tricted furKls atMI gtants reptesent 5￿Cfft wtW5e5. The L & l ￿pital projKt tdate5 to incorna rai￿1 In les￿t ol wqoct axpetthre Ihat be (￿prt￿i￿j as lelats￿ to thbes, ewdluats.on arwj futKJiaisrwJ PostL&I A grant was received by the RWA to repair ar¥J Tr)yove lanterrs. trarsfomi a¢￿5 aThJ vigtc* w￿¢(￿))e areas aThJ lo preserve the qualrty of the gdkties by Itnprov￿I ligming. The p[￿[?1nrne was (xXntAet￿1 in 2(r22 IKhvevei there we sbll rernainiw G￿t funds that have retal￿￿ to be ublised to further enha[￿ ￿ ￿s. The comparative data f(￿ this (xn fouThl in r#)te 26 18 Allocalion of net asset8 Total Flxed 31 March Cash 2024 The Theresa Kn(￿￿ SchcAwsh 20.355 20.355 8.484,474 8,504,829 End(YAEd assets 8,484,474 8.484,474 20,355 Restrlcted ft￿d$ The Mrs AA Talboy5 6￿51 383,510 74,403 457,913 The Thete5a Kn(Tthes sch￿￿5￿ 8.678 8.678 other funds rdated to."- . ￿￿eMIS85 WKI ￿ul[￿ne￿I . d￿rrta￿e acb¥nties 4.5￿2 42,676 2( 41676 2( - ￿$ineSS 4,￿? 383,510 125, 513,975 Uryestricted general fvnd5 10,8TI 115.356 225.296 ur￿e￿Ir1cted desiwwted furKts 69.29J 69.290 10.871 184.646 99.(N 294.588 Total funds 8,499,853 403,8f 310,60g 99,W 9,313,392 Tho cash figure offgo,215 sh)wi Mrs AA Tar￿S Bwst £70 (XM) that must ￿ ret￿n￿l by the ch￿ty The compfirative this nrte (xn ￿ foutKJ in ￿>te 27 19 OF￿atIng leaxs commitments Thete ale no sNJn[fi￿I operfitiw the uxnmrfrtth5. 34 of38 2311212024, 10:33 Firefox about.'blan ROYAL IIESTOF ENGLAND ACAtEMY NOIES TO IHE FINANCIAL STATEMENTS YEAR ENtED 31 MARCH 2024 20 Cawtal commltments At the yeai eThJ the Charty h￿1 c4Mta c￿llM￿le￿S. 21 Prioryear cornparalives statement offinan(xal acti￿eS lh8 yw 8[KI￿1 31st 2￿3 iJnrestri¢ted Restrlcted Endowm￿ Total fuThJs lunds fund8 2tr23 Incom• From: tknnalK#)s leg8£ies Charrta￿8 actiwb8S 1Tr1,457 I(￿.232 112.505 728,409 832,8f 708.232 112,505 10. 1,663,667 Oth8r tra(Jing thbes Inve5trnents 10, 738,473 925,194 Expendithre on: Chairta￿e actl￿b"e5 849,478 127.161 31YJ,936 7.303 63,371 1,213,785 134.464 Raising funds 976.639 308.239 63.371 1.348.249 GainllLos51 on inveslmEnt 143.T53) 11.324} (45.0￿) Net Income being net movwnent in furK18 (51.4451 386.481 164.695} 270.341 Transfer between funds 46B {4.054.3581 4,053,8￿j Net movement in IS).97n {3.ekn7.8TTI 3,989.195 270.341 funds Total Funds at 1 Pwil 2022 Totsl Funds at 3 March 2023 209.345 4.118,￿ 4.591.679 8.979.987 158,368 511,086 8,580,874 9,250,328 35 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTOF ENGLAJID ACAtEMY NOTES TO THE FINANCIAL STATEMENTS YEAR ENCED 31 MARCH 2024 22 Prioryear comparatives DonalSons and leoades lInr￿trIct8d Restricted Endo*In￿ Total funds funds fund$ 23 Paln)ns and Fr￿[￿lS of the RWA 63,945 63,945 29.617 49,412 507.632 13,167 10.(KM) 55,ODD 20,(KM) 8.152 7,400 7.176 44,615 16.7 Individual donat￿5 lo tIE catxtal Art5 ￿nCIl Etylarxj Nati￿￿ Lottery H￿age Fuw¥J Oth8r c(xwat8 (xtxtal di)natKX Bob*man Charilaue Tiust 29.61T 42,426 507.632 13,167 10.( 55.OCK Art lund Medlock ch￿tr￿e Tntsl Grants to suw>(xt 8ngw8nt Pr￿e donalK)f 8.152 7,4 othei donthon5 7.176 Bnstol Cty C￿nCil Sponsot5hip 35,015 16.7 104.451 728.409 832.886 23 Prioryear cornparnlives Inveslments iJnwE5tricted Restricted Endo*In￿ Total furwjs lunds funds 2tr23 DMder*ts aTrJ other (Sstrtjutior Bank intet8st 10,(KM 10.064 24 Pdor year ¢omparatlves Analysis ￿ •xpeTrJi txrect Costs Support Total 20ZJ On ralslng furK16 Fundrasing cost5 ind￿ling irNestsllent rnanagernent fees othei trading costs (Note 251 107,198 27,266 134,464 107,198 27.2e6 134,464 On charltsble actl¥lVes Exhibrt1(x￿. event5 aKI re￿t￿ xtmtses Dra￿ng sdKM)l and L￿rn￿g 342.592 209,599 552.191 542.OS) 119,544 EA1.594 884.642 329,143 1.213.785 Total Expenditure 686,655 f£1.594 1.348.249 36 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTOF ENGLAND ACACÉMY NOIES TO IHE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2024 26 Prioryear comparative Analysls and allocatfion of support costs Support costs Total 20ZJ Charitsble activiti88 Exhibrti(￿s 113.T9T 58,029 428.253 61,515 542.050 119,544 Dra￿ng SchtKA arKI18amry 171.826 489,768 661,594 26 Prioryear comparaliv06 Funds At 1 Pwil galnslllosse 2023 EndoVA￿ntfundS The Theresa 21,079 11,3241 20,355 SchiAar5hip End(yhed freeh(*J rryerty 4,570.tKM) 4.591.679 163,371) 4,053,8￿) 163.3711 4.053.890 8,560,519 11.3241 8.580.874 Rostrictsd fLmd6 The Mrs AA TalLy)y5 B The Th8iesa Kn(y•A8S 545.325 9,033 8.919 1,145 112.791) (1,5(K)) (43.7531 497.7(K) 8,678 Sch¢Jarthp Otherfunds rdatiru to". - premises and equirffwl -learning business 134 20.072 120.OT2) {5251 (T.4(X>) (265,9511 14,054,0241 I￿.239) {4.054.3581 14681 731 - Exhibrti￿s L&1 ca￿tal p[q￿l 3,619,038 4.178. 7(Kl,937 738.473 {43.7531 511.086 Urmtricted general fvrKIs Uni8slnct8d d8signat8d I￿K15". - SGS seNce charge - Post L&1 70.565 M.274 1953.3791 55.468 f6.928 21.678 117.11Y2 123,260) 19,336 62.102 155.(MKII 8.979.987 1.663.eh7 11.348.249) 145,0771 9.250.328 37 37 of38 2311212024, 10:33 Firefox about.'blan ROYAL WESTOF ENGLAJID ACAtEMY NOTES TO THE FINANCIAL STATEMENTS YEAR ENCED 31 MARCH 2024 27 Prioryear comparatives AJI0￿tIOn of Net Assets Inveslm•nt8 Cash arKI Intra fund Ilabllltl loan 31 March 2tr23 The Theie5a Kn(Mth Schda5h 20.355 20.355 8,560,519 8.580.874 End(YA￿l freehdij woperty 8,560,519 8.560.519 20.355 Restrictsd funds The Mrs AA Talboys Beqtesl Th8 Thei8sa Kn(A418s sch￿￿5h 363.460 109.740 8,678 24.5tK) 497,7(K) 8,678 other funds rdaliro to."- - pr8rnises and equitKt business 2( 4.sr2 363.4ed) 118.624 24.SM) 511.086 Unr•8tricted gen•ral fvr Unrestrlcte(I deslw)aled ftmds Total funds 6,613 94.814 81,440 294.878 P4,￿} 76,928 81,440 9.250.328 8.571.634 383.816 28 Relaled party There weie no paty trarMbDns. 29 Controlling party B81ng a ciKnp8ny limited by g￿8& Ih8 (kntty is (xxrtr(A18d by ts ￿8M￿[s. Th8 m8m1￿5 8t8 th8 diiecti)r5 ofth8 cornpany atKI each li*xlty is limit￿ io £1. The B(wd not (￿￿S￿lert1￿l any mernt￿ has (x)ntr(A O￿the c￿￿panY 30 Post Balance Sheet events The charity in the course of il's fundraising securgj a d(xWN)n frun a trusl Tr nature ollhis donalicm is the trust has invesled £1,(KK).tM)O Into a furKI the pl(Le￿5 of Ihe fuwKJ *ill pvdd to the charty i)n a monlhty basis. The ￿lee[nent forthe (k)nation enter￿1 into on Ihe 28th 2024. The (k)natK￿ of Mn(Js must bg utikzed by thg charrty in rts ￿arni￿ 8rMJ p￿C￿atiOn pr(yar￿me. 38 of38 2311212024, 10:33