ROYALWEST OF ENGLANDACADEMY ANNUAL REPORT AND FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 Company Registration Number: 03567088 Charity Number: 1070163 Contents Reference and administrative details . Chair's Introduction.............................................................................................. Charitable Objectives . Vision, Mission and Aims. Review of charitable activities. achievements and performance The Year in Numbers. Aims and Objectives 24-25................................................................................ Exhibitions and Events. Academicians............. 14 Staff and Volunteers....................- 14 Equality, Diversity, Inclusivity and Belonging {EDIB)..- 15 Tenancies and Retail 15 Events and Venue Hire. 16 Fundraising..........- 16 Structure, governance and management.............................................................. 18 Public Benefit..................................................................................................... 19 Financial Overview............................................................................................. 19 Reserves PoLicy.................................................................................................. 20 Risk Management............................................................................................... 20 Plansfor2025-2026 and beyond........................................................................ 21 Statement of Trustees, responsibilities................................................................. 22 Going Concern................................................................................................... 23 Auditor............................................................................................................... 23 Signed Approval byTrustees................................................................................ 23 IndependentAuditor's Report.................................................................................. 24 Statement of Financial Activities . 29 Balance Sheet. 30 Cash Flow Statement.............................................................................................. 31 Notesto the FinanciaLSt8tements........................................................................... 32 Reference and administrative details Registered office and principal address Queen's Road Clifton Bristol BS81PX Company registration number 03567088 Registered charity number 1070163 Board The following individuaLs served as directors and trustees within the period and up to the signing date: Louise Brown (resigned 31 July 2025) Ray Brown (appointed 27 June 2024) DaLlas Collins RWA (resigned 23 May 2024) George Ferguson (appointed 1 May 2024) Miranda Jacobs (appointed 19 August 2024) Michael Perry FCA, HonoraryTreasurer Charlotte Price RWA (appointed 23 May2024) Fiona Robinson PRWA James Russell Junior Sheikh (resigned 27 October 2024) Mohammed Taha John Vasey Hamish Young Company Secretary Alison Bevan {resigned 30 June 2024) Dawn Lockhart (appointed 30 June 2024) Auditor Burton Sweet Limited Chartered Accountants & Registered Auditor 5 Farleigh Court, Old Weston Road, Flax Bourton, Bristol BS48 1 UR Bankers Barclays Bank, 55 Broadmead, BristoL BS13EA Investment advisors Evelyn Partners, Portwall Place, Bristol BS16NA Charles Stanley, 7-8 Park Pl, Cardiff CF10 3DP Chair's Introduction It IS 8 pleasure to introduce the Annual Reportfor the Royal West of England Academy forthe year 2024125- a year marked by both continuity and change, ambition and delivery. One of the most significant transitions this year was in leadership. I was delighted to join as Chair, having had a long relationship with the RWA, and we welcomed our new Director, Ren Renwick who has brought renewed energy and clarityto the organisation. We extend our deepest thanks to the outgoing Director Alison Bevan. Alison's contribution over more than a decade has laid strong foundations for the future, and we remain deeply grateful for her work. This year also saw us take a vital step towards long-term sustainabilitywith the generous donation of the Lark Trust Endowment fund which will support us in delivering our welLbeing and engagement work Long term. Our public programme has continued to thrive, with critically accLaimed exhibitions, an expanded learning offer, and a renewed focus on engaging diverse audiences across the region. This success has been underpinned by vital deveLopments behind the scenes: improvements to our operations, investment in systems, and a clearer strategic focus. Our work this year has been framed by the development of a new Business Plan and Strategy, designed to support the RWA'S continued evolution as a vibrant, inclusive, and sustainable organisation. These achievements would not be possible withoutthe dedication of our exception8L team. I wouLd Like to extend heartfelt thanks to our staff, whose professionaLism and creativity continue to drive the RWA forward, and to our volunteers, whose time and energy enrich every aspect of what we do. Special thanks must also go to the RWA Academicians. the Inclusion Advisory Group, and the RWA Council, particularly Fiona Robinson in her role as President, for their wisdom, support, and coLlaboration. The Trustees are both skilled and generous with theirtime, and I would liketo record mythanks fortheirwork. Our Friends, Patrons, and funders-incLudingtrusts, foundations. and individual donors-continue to play an indispensable role in supportingourwork, and we are immenselygratefulfortheir belief in our mission. As we look ahead, we do so with confidence and purpose. The year ahead holds great promise, and with the continued support of our community, we are well positioned to deliveron our ambitions. George Ferguson Chair of Trustees Royal West of England Academy The Trustees are pleased to present their report, together with the financial statements of the Royal West of England Academy ('the RWA. or'the charity.) for the year ended 31 March 2025. This report and the financial statements have been prepared in accordance with the Companies Act 2006, the charitable Company's Memorandum and Articles of Association and the Statement of Recommended Practice"Accounting and Reporting by Charities" Charitable Objectives The charity's objects are-"to advance the education of the public in the fine arts and, in particular, to promote the appreciation and practice of the fine arts and to encourage and develop talent in the fine arts.- The charity's objects determine its objectives. aims and activities. At the heart these are to use the RWA'S exceptional gallery spaces to display for the public a wide range of art by artists including Academicians and non-Academicians; works from the RWA'S permanent collection, and works on loan from public and private coLlections, supported by information and related educational events, such as lectures, exhibition tours and workshops. The RWA collaborates with arts and educational institutions across the region and hosts a School of Art (currently operated by South Gloucestershire and Stroud College, 'SGS'I within its building. It also operates the RWA Drawing School, offering informal learning opportunities for amateur and professional artists. Vision, Mission and Aims Our newly stated Vision, Mission, Aims and Objectives have been developed in conversation with key stakeholders through this financial year. Theyform the basis of the new business plan which will be an active road map for the coming years and have clear activity plans attached. Our Vision To be a vibrant place where people can connect. learn and nurture their life-long journeywith art. Our Mission We inspire and cultivate artistic excelLence, bringing heritage and tradition together with contemporary art and aspirations. We support artists, especially those at their mid career and those on a non-professional journey to further their practise through practice and skills within 8 community of support. Through outstanding exhibitions and a welcoming programme of events, we offer audiences ways in to fostering a lifelong love of art, which enriches their lives on their terms, be that for a profession, passion or wellbeing. We are committed to preserving and expanding the artistic legacy of Bristol and the South West through our work and art collection. With our nascent advocacy work, we will champion the fundamental vaLue of arts education, ensuring its ongoing growth and impact. Through our Aims, we Support, Present, Engage, Sustain and Thrive to offer excellent art forall. Aim 1: Support-we work with artists to develop and grow their careers and practice Aim 2: Present-we present an inspiring programme of exhibitions and events Aim 3: Engage- we welcome a broad range of peopLe into art with compelling, reLevant ways in Aim 4: Sustain- we champion and protect our heritage and colLection for future generations Aim 5: Thrive-we ensure the RWA is a sustainable, energised organisation ready for the future Our values We are: Proactively inclusive. We go the extra mile to sure everyone is welcome in the way we work and the spaces we work in. Committed to excellence. We strive for exceLlence in what we deliver and how we deliver it. Creative. We are curious and brave. We challenge ourselves, push boundaries and innovate. Collaborative. We work with others and build relationships to make us all stronger, more efficient, relevant and interesting. Entrepreneurial. We are proactive and can do. embracing newways of working and driving our success to preserve our independence. Review of charitable activities. achievements and performance The Year in Numbers 120,000+ visitors welcomed to our building 20.000+ tickets and art passes sold 10,420 items sold from the shop 34,000 social media followers 136 courses and workshops delivered at the Drawing School 260 artworks sold 13 diploma works acquired for the Collection 22 distinct learning and engagement projects and schemes 3,000+ hours of volunteer time supporting exhibitions Aims and Objectives 24-25 There were several specific aims and objectives stated at the start of the Financial Year. These have been met or underway: 1. Cultivate 8 cohesive and effective staff team, nurturing theirwellbeing and empowering them to reach theirfull potential. Established newteam and individualcommunication, management and peer support. 2. Embed equity and inclusivity into every aspect of the RWA. Revised the Equality, Diversity. Inclusion and Belonging {EDIB) policy and action plan, engagingthewhole staff team in delivery and discussion. o Established an inclusive recruitment policy and procedure. o Delivered against agreed actions within our EDIB action plan. 3. Continue to champion and improve the accessibility of art and creativlty for underserved individuals and communities, not only at the RWA, but through co- curated services across Bristol. Further matured partnerships in our engagement programme enriching benefits to the communities we seNe 4. Secure development funding to invest in delivering an ambitious marketing strategy, including increasing the effective use of a range of digital channels, from the RWA'S website to sociaL media outlets, to raise the profile of the RWA Locally, regionally and nationalLy. DeveLoped measures of success and impact within existing resource to increase impact DeveLoped our in house strategy to increase impact within existing resource Secured PR support to leverage reach of Spring exhibitions, successfully securing National coverage and increased footfall 5. Build and strengthen mutually beneficial partnerships with communities and organisations across Bristol and beyond. Continued partnership conversations with Higher education establishments for Exhibitions and learning events Partnered with Bristol arts venues for future program 6. Further increase revenue and diversify income streams to rebuild free reserves and ensure future financial resilience. Successfully completed a fundraising review, and published a strong Impact report. Initiated communications around endowments and bequests, to make these opportunities more visible. Successfully delivered a fundraising auction in partnership with Bonhams. We are grateful for the generosity of artists donating income from sales in this Auction. Increased the retail income from the Shop having developed its offer. Researched routes to broadening income generating activities from events hire, includingfilming and wedding opportunities. Exhibitions and Events Main Galleries 3 February- 12 May2024 These Mad Hybrids: John Hoyland Curated by Olivia Bax, the exhibition presented eleven little known 1994 ceramic sculptures by the British painterjohn Hoyland (1934-2011) alongside a cross- generational and international assembly of recent sculpture by: Caroline Achaintre, Eric Bainbridge, Phyllida Barlow, Olivia Bax, Hew Locke, Anna Reading, Jessi Reaves, Andrew Sabin, John Summers and Chiffon Thomas. The exhibition and catalogue were supported by research and impact funding from the University of Gloucestershire, and the HoyLand Estate. The works were insured through the Government Indemnity Scheme. 25 May- 11 August 2024 Triple Bill: Rasheed Areen: Conscious Forms Valda Jackson: Miss Polly Windrush: Portraits of a Pioneering Generation (on tour from the Royal Collections Trust) A triple bill of exhibitions honouring global majority artists. RasheedAraeen.' Conscious Forms was curated by University of Bristol art historians and Lecturers Dr Zehra Jumabhoy and Dr ELizabeth RobLes {Director of the Centre for Black Humanities. UOB). The RWA partnered with Bristol Harbour Festival to restage Araeen's performance artwork Chakras, leading to the creation of a new work'chakras.. Bristol, 2024,. Valda Jackson RWA's'Miss Polly, was the artist's largest solo retrospective exhibition. It complemented the touring exhibition of 'Windrush Portraits,. staged in a partnership with the Royal Collections Trust and featuring South-west based sitters and artists. The exhibitions were supported by a project grant from Arts Council England. RasheedAraeen." Conscious Forms received a smalL grant from The Elephant Trust. The University of Bristol Centre for Black Humanities and Grosvenor Gallery, who represent Araeen, also covered some related costs. The Windrush Portraits exhibition was offered bythe Royal Collections Trust on a cost- only basis, without an additional hire fee. The RWA secured free insurance cover via the Government Indemnity Scheme forthe Windrush Portraits only. 14September- 5January2024 171 Annual Open Exhibition Featuring invited artist Rana Begum, visitors enjoyed over 500 selected works. The selection panel incLuded Freeny Yianni. Dr Chris Stephens, Ann Christopher RA RWA Hon alongside five Academicians. Prize Winners included Nicola Turner (Academy Award}, Anna Gillespie RWA and PJ Crook RWA (Steele Art Prize) Nathaniel Stevenson {Sto EmergingArchitecture Prize) and Lucinda Burgess (Drawing Prize). The exhibition was sponsored by Hive Financial Planning. 25 January- 27 April 2025 Paule Vezelay: Living Lines Paper Works Biennial Open A double bill featuring the largest retrospective to date of the Clifton-born artist Paule Vézelay, curated by Simon Grant, and an RWA Biennial Open of works on, or made from paper. The Vézelay exhibition went on tourto Towner Eastbourne IMay-August 2025). It was accompanied by a catalogue published by Lund Humphries, the first major publication on Vezelay's career, which was supported by a small grant from the Paul Mellon Centre and a donation from a private collector, James Trotman. Exhibition loans were facilitated by the Estate of Paule VezeLay, Jane England of EngLand & Co. Gallery, Tate, and several private Lenders. Sam Talbot PR were commissioned to promote the exhibition and secured features in the Art Newspaper, the New European, and severalfeatures in the Guardian including a 4. review by Eliza Goodpasture: "The RWA is the perfect venue forthis renewed examination of Vezelay s rich life and work, in the very building where she began to pursue 8 careeras an artist.- Kenny Gallery During the main gallery programme listed above, the Kenny Gallery held 8 diff erent Academician-curated displays. two per main gallery exhibition: 1) Gentle Geometry (curated Sandra Porter): 21 Dreaming in Fire {curated Patricia Volks); 31 Allegory {curated Fiona Robinson); 41 Academy (curated Malcolm Ashman and Stephen Jacobson)" 51 Academician Candidates 2024. 6) Fauna (curated Leslie Glenn Damhus): 7) Flora (curated Malcolm Ashman and Stephen Jacobson). 8) Four Seasons (curated Gareth Edwards) All eight contained some works for sale although the majority of works in 4 and 7 were drawn from the RWA Collection. Artworks sold from displays 1, 3 and 7. 10 Link Space New Black Narrative (l May- 14July2024) Exploringthemes such as Black intimacy, Black vulnerability and Blackjoy, this exhibition brought together members of the Bristol Black Creatives {who meet monthly at The Trinity Centre). The exhibition showcased painting, photography and sculpture. The opening event in the Link Space and Youngwood Room was attended by 151 people. A Home forArt116July-29 September2024) Curated from the RWA Collection byTristan Pollard, this display celebrated the artists and Academicians represented in the collection who first came to the South-west as refugees. It launched to coincide with Refugee Week 2024. Drawingschool Showcase (1 Nov- 1 Dec 2024) A selling exhibition featuring selected works by artist-tutors employed by the RWA Drawing School and showcasingthe breadth of teaching taLent and courses offered. Into the Blue (3 Dec 2024- 2 Feb 2025) An exhibition curated from the RWA Collection by University of Bristol MA students on the annual curatorial module co-taught by DrAnn Matchette and Dr Kathryn Johnson, with input from RWA staff members. The students were responding to themes in Paule Vezelay.. Living Lines. More Than Memory.. Dementia, art and caring for loved ones (4 Feb- 23 March 2025) This exhibition included works from RWA collection that inspired individuals and groups to respond to. The loose theme connecting the paintings. drawings and sculpture was food and eating together. The exhibition featured cast pewter sweets, abstract plaster shapes, drawings of South Asian recipe ingredients. a paper collage Chinese banquet, painted clay miniature food, stiLI life pastel drawings and paintings- made by people who have dementia and the people who care forthem. ALongside this exhibition, Invisible Army captured carer's stories in photos and text. which were displayed in the corridor. Artist Network exhibition (26 March - 11 May2025) A selling show of selected works by members of the RWA Artist Network. The Network show was programmed to alternate with the RWA Friends exhibition, which will next take place in Spring 2026. Events The main L&E event in July 2024 was a collaboration with Kiki Bristol that ran in the main galleries {durinE the Araeenlwindrush exhibitions). This event, 'To Read: A night of Black Queer Literature, saw the return of Travis Alabanza to the gallery and was a supportive, empowering event which 138 people attended. Collection Academicians have gifted their diploma works to the Collection in the past year including Angela Lizon, Rebecca Buchanan, Lidjia Antanasijevic, Juliette Losq,18n Chamberlain, Karl Singaporewala, Debbie Lee. David Kind, Pennie ELphick, Tom Waugh, Ben Rowe, Jess Fairbrother and Barry Cawston. A loan of works by Vanessa Bell featured in the touring exhibition Vanessa Bell.. a world of form and colour at MK Gallery and Charleston. Two prints by Paule Vézelay from the RWA collection were featured in the exhibition Paule Vezelay." LivingLines and have toured to Towner Eastbourne. In-house, collection works have also been displayed in the Link and Kenny GaLleries. The student-curated Link gaLlery exhibition is now an annual fixture, as the culmination of a curatorial module co-taught with the RWA and subsidised by the University of Bristol. The Kenny Gallery display'Academy' celebrated 180 years since the founding of the Bristol Academyfor the Promotion of Fine Arts, later the RWA, in 1844. Learning & Engagement Core Engagement work included: Baby Tours / Early Years Days / Scribble & Sketch /Art Skills 7-11 s / Free Family Workshops / Happy Mondays l HappySEN+D Families ITuesdayTe8time Toursfor people living with dementia and their carers / Arts Award Work Experience project / SGS work placement I Scent boxes in the Family room l Described Tours for blind & partially sighted visitors / BSL tours and videos for each exhibition I School visits I Participant grou p visits Mental Health L&E collaboration We worked with Many Minds duringthe Hoyland exhibition. The charity supports people experiencing mental health challenges through theatre and performance. Many Minds attended and then assisted with several L&E core sessions (e.g- Baby Tour, Tuesday TeatimeTour) to learn more about and inspire our participatingaudiences. Following a period of research and exploring creative ideas inspired byworking with our groups, and many rehearsals at RWA, Many Minds members created a participatory performance. The performance took place in the main galleries and 56 people attended. 12 Schools Work Happy mondays (the programme for partner schools that supports young people with special educational needs and disabiLities) enabled the following to participate: Bristol Hospital Education Service (BHES), Claremont School, Knowle DGE SEN, Briarwood School, Pathways Learning Centre and Venturers Academy. This meant thatwe were able to support autistic young people, neurodivergent students with high anxiety and mental health challenges and children with profound and multiple learning disabilities, with our programme of carefully constructed bespoke artist-led workshops and access to RWA exhibitions. Schools Linking (April 2024) Three sessions took place with the final one in April'24. each session for 60 children. At each workshop, one class from a school was matched with a class from another school with very different backgrounds. Bridges for Communities supported them to communicate online before their first in-person meeting at a'neutral venue, took place. RWA was the venue for these meetings which ran as participatoryworkshops where all the children worked together. Touch Tour, Sensoryworkshops and launch of Sensory Trail (Sept 2024) The tactile glass markers were installed and workshops ran with schools and families to engage with the spaces around RWA in a sensory way. Feedback from Front of House team led to text interpretation being installed alongside the sensory markers. This work later led to our first BSL session for families and our first session with a school for Deaf children. Student and Work Experience Arts Award Work Experience programme lJune-JuLy 2024) Six young people attended, each from a different school or pupil referraL unit (all of whom had barriers to learning or SEN+D). They worked together as a team for a fulL working week on their own project. Staff members supported with leading tasks in their area of work. The young peopLe put together a corridor exhibition of paintings from RWA Collection on their own theme, wrote all the interpretation themselves, and had an opening event for parents and teachers. ALI six young people achieved Bronze Arts Award at the end of the project. SGS 40-hour L&E placement (Dec'24- Mar'25) Four Art & Design students joined the L&E team for a 40-hour placement over 4 months. The students worked to a live brief and joined facilitated sessions run by the Learning Team. The brief was to create'sensory Stories. for some artworks in the Handling Collection, which L&E team use offsite and with groups in the gallery. Three of the 13 students completed the programme and created exemplary sensory stories las stated by Sensory Trust who came to see them after the placement). Offsite engagement From November to January, offsite workshops took pLace with residents at Trymview Care Home, Evergreens Elders (Easton Community Centrel, Chinese Community Wellbeingsociety {Fishponds). Shires memory cafe (Shirehampton) and Sea Mills memory cafe (Sea Mills). Artist facilitators supported the people living with dementia and their carers to make drawings, paintings, collage and sculpture, then displayed in 'More Than Memory, exhibition in the Link Space. Workshops took place with Bristol After-stroke (for people who have experienced stroke). Five workshops in Bedminster and Speedwell supported the participants in creative expression and the charity CEO sought funding for these to continue in 2025-6. Drawing School The Drawing School offered 130 classes- i.e. a mixture of courses running over several weeks, and workshops spanning half a day- 4 consecutive days. Through these classes, we engaged 1,253 students. In total we offered 1.505 hours teaching overthe year. Classes took place on week days and weekends during term time. Courses ranged from EggTempera painting and Washi Paper Making, to Botanical Printing and Life Drawing. We were pleased to present an exhibition of work by tutors teaching on the Drawing School Course in the Link Space. Academicians As of March 2025 we had 131 Academicians, 27 Honor8ryAcademicians and 14 Emeritus Academicians. Academicians who were elected in 2023, and appointed duringthis financialyear are". Jemma Gunning, Tom Waugh. Pennie Elfick. Dave King. Ben Rowe, Debbie Lee, Jessa Fairbrother, Charmaine Watkiss and Peter Burke. Prof Anita Taylor and Ann Christopher RA were appointed as Honorary Academicians. We sadness we report that the following Academicians passed away; James Bruges RWA 1933- 2025, Robert Jennison RWA 1933- 2025, Glo Williams RWA 1940- 2025, Janet Watson 1953 -2025, Barbara Stewart 1923-2023, Peter Stoppard Hon. RWA (Former Hon. Treasurer) {1935- 20241 Staff and VoLunteers Staff changes At the start of April Dawn Lockhart joined us as Head of Operations. In July we welcomed Ren Renwick as our new Director. Scarlett Smyth was appointed as 14 Volunteer Coordinator. Stella Rotstein took up the role of Exhibitions Coordinator. Sarah Bentleyjoined us as Head of Marketing and Communications. Connie Ngan was appointed as Learning and Engagement Coordinator. Over the course of the year we said goodbye toAlison Bevan, Ellen Pye, Hemali Modha, Olive Haigh, Luanna Mccullum, Rosie Olver and we are grateful for theirtime and work at the RWA. We employ 26 people, 4 of these are full time, 16 are part time, and 6 are casual workers. Volunteering Our team of volunteers have been extraordinarily generous in their donation of time; the RWA benefited from more than 3000 hours of volunteering this year. The voLunteers of course give so much more than just time, we benefit hugely from their experience, expertise, their support of our marketing and communications campaigns, and of course their passion for our organisationalaims and objectives. We can't say a big enough thank you to the hundreds of people who have signed-up to volunteer for the RWA. EquaLity, Diversity, Inclusivity and Belonging (EDIB) The RWA has had equity at its heart since its foundation. We work hard to engage non- traditional audiences and broaden the diversity of every aspect of our organisation and work. This year we have revised our EDIB Policy and Action plan, engaging the whole staff team. We have delivered training sessions from external providers and established 8 whole-team working group to implement the action plan. We have clear deliverables for the coming financial year and will measure our success against our own agreed benchmarks. We are grateful for funding from Museum Development South West to support our ongoing training and development in this area. We are committed to continuingto worktowards ensuring that our organisation truly reflects the equality enshrined in its history and values and the diversity of the communities we serve. Through training, conversation and practise, we will continue learn, un learn and striveforcontinual improvement as individuals and as an organisation. Tenancies and Retail We continue to host two long term tenants, Spicer and Cole and South Gloucester and Stroud CoLlege ISGS). Spicer and Cole lease the cafe space and provide catering for some of our functions and events. The relationship has developed further this year with collaborations in venue hire and events. SGS run full and part time, FE and HE educational arts courses from their leased space at the RWA. This year we have worked with students who study textile design foundation degrees selling tea towels in the RWA shop that they designed and produced having taken inspiration from our exhibitions and artworks. We are continuingto work collaboratively with the college on optimisation of the spaces within the RWA building. The RWA shop has benefited from the appointment of Laura Hartfield of the Visitor Experience Team to oversee the retail coordination. The space has been developed and refreshed with new, quality Stock lines, reenergised displays and visual merchandising and the fostering of a sense of a Guild of makers. The sales have been remarkable, due both to the huge success of the exhibition programming bringing more people into the building, but also because of the considered improvements. We would like to thank Anne Elliott and other experts for their pro bono advice and support of the RWA shop. Events and Venue Hire The RWA is a spectacular space in which to hold meetings. events and celebrations and this is an area of development forthe organisation. In this period, we hosted 38 private hire bookings generatingjust under £30,000 of secondary income. We also signed up to a film and tv location agency and are lookingforward to some of our wonderful spaces featuring in future productions. We ran multiple events includingtalks. meet the artist events, gallery tours, late opening after hours events, networking events, private views. performances and demonstrations. Our events programme is an excellent wayto introduce new visitors to our space and ourwork. Fundraising We'd like to thank the many Trusts and Foundations that supported our work in 2024-25. Alongside this, we also received support through a Project Grant for the Summer 2024 Windrush Exhibitions and engagement activities. We are indebted to our Patrons and several individuals who pledged their support for activities and exhibitions which will serve to raise the profile of the RWA, many of whom wish to remain anonymous. We were delighted to partnerfor the first time with the Big Give Arts for Impact campaign in March 2025. This campaign raised £12,000 including Gift Aid and importantly raised awareness of the RWA'S Happy Mondays and Happy Families activities foryoung people with profound and multiple learning disabilities and families which include children with special needs though a video and impactful digital campaign. This year's Secret Postcard Auction raised £57.000 and ourthanks go to the artists who between them generously donated 354 works to be anonymously auctioned. The 16 monies raised in 2024-25 were down on previous years, successes, due in part to the lack of postcards from househoLd name artists. In particular we would like to thank the Lark Trust for its continued support of the RWA over many years. In recognition of the synergy between the two charities, the RWA was endowed with a sum of £1 m from the Lark Trust, the income from which is ringfenced to be spent each year in support of learning and engagement actlvity. This is a transformational sum, which we are huEeLygratefulfor and wilLenable us to continue the excellent work in this area. The RWA again benefitted from the loyal support of the Friends of the RWA. The monies raised bythe Friends comes from their membership subscriptions, submissions and salesfrom their exhibition and from theirtrips and visits. Sponsors who partnered with us included Bonhams who generously supported our fundraising auction, Sofas & Stuff, Hive Financial Planning and Nicholls Stevens. Funding was received from Museum Development South West to undertake a review of previous fundraising, drawing on this to advise on opportunities going forward. This review underpins the income strategyfor 2025-26, focusing on grants from Trusts and Foundations where there is a relationship or strong match with their criteria and to increase income from individual giving, through major donations, appeals and a new Commissioning Circle. Other income, including sponsorship and income from the Art in the Workplace scheme, will also be sought, with a strategy to reach new partners. Raising awareness of the RWA'S need for legacy income and In Memoriam income is a new emphasis for fundraising in 2025-2026. We would like to thank all the funders, sponsors and supporters who gave to us financially in 2024-2025" Arts Council England Beard Foundation Bonhams Bristol City Council Chantry Trust Denman Charitable Trust Elephant Trust Garfield Weston Foundation Henry Moore Foundation Hive Financial Planning John James BristoL Moorwood Art Museum Development South West 17 NichoLls Stevens Sofas and Stuff St James Place Foundation The Grateful Society The Lark Trust The NisbetTrust And allthose whowish to remain anonymous. Structure, Governance and Management The RWA is a company limited by guarantee and registered as a charity with the Charity Commission. It is governed by its Memorandum and Articles of Association and by its Bye-laws. The governing body of the charity is the Board. The directors of the RWA for purposes of company law are also the charity's trustees and are generally referred to as'the Trustees,. The Trustees are appointed as prescribed by the Memorandum and Articles of Association and by the Bye-laws. NewTrustees are recruited through a process of advertisement and interview that is handled by the Nominations Committee of the Board. The Board meets at least fourtimes a year with the Director in attendance. It is involved in major strategic decisions and has ultimate responsibility for the conduct and financial stability of the RWA. The Board is led bythe Chair of Trustees and financial matters are overseen bythe Honorary Treasurer. The Council of Artists, comprising unpaid representatives of RWA Academicians, provides advice to the Board on artistic matters. It is Chaired bythe Academicians, President, who also serves on the Board. Academicians also serve on an Exhibitions Committee, guiding the content of the artistic programme. There are six Board Committees which have been reviewed duringthis financial year, each with its own Terms of Reference. The Committees cover Finance, Audit and Risk, Nominations, Engagement, Exhibitions. Development and Property and Sustainability matters. The Board appoints the Director. determines their contract of employment and reviews their pay and performance, and the Treasurer oversees the level of remuneration for the senior management team which is benchmarked against comparator organisations is reviewed annually. During this year Alison Bevan was the operational Director to 30 June 2025, and Helen (Ren} Renwick was the Directorfrom 15 July 2025. This role is referred to as the Director. 18 During the year, day-to-day management was the responsibility of the Director, assisted bythe senior managementteam ISMT). This comprises the Head of Operations. Head of Development" Head of Programme, and Head of Learning and Engagement. Public Benefit The Trustees have complied with the Charities Act 2011 and confirm that they have paid due regard to the guidance issued bythe Charity Commission on Public Benefit. Financial Overview Total net income for the year amounted to £955.384 compared with £63,064 for the year ended 31 st March 2024, and on 31 March 2025 the charity's net assets totalled £10,268,776, including investments of £1,381,333 and cash 8t bank of £387,385. Income Total income for the year in 2025 was £2,223,457 (2024 year- £1,130,657). Restricted fund income was £127,803 (2024 year- £105,207). In the year there was an endowed donation relating to investments totalling £1,000.000 of which £20,000 represented cash (2024 year- £Nil). Unrestricted general fund income totalled £1,067,355 compared to £1,004,530 in 2024. Expenditure Total expenditure for the year in 2025 amounted to £1.247.497 (2024 year- £1,091,163), the increase being primarily due to the increase in operational expenditure. Tangible Fixed Assets The net value of tangible fixed assets decreased in the year from £8,499,853 as at 1 April 2024 to £8,427,662 at 31 March 2025. The value of tangible fixed assets was reduced by depreciation with no major tangible asset acquisitions in the year. Cash flow and cash balances Charitable activities resulted in a net cash inflow of £87,805 overall for the year12024 year- outflow £96,793) and cash at bank of £387.385 at 31 March 2025 {2024- £ 310,6091, including unrestricted cash of £270,790 (2024- £184,646). Investments Investment valuation losses for the yeartotalled £20,57612024 year- gains of £23,570) which reflected a change in the market conditions from 2024. The Trustees, investment objective is to achieve a balanced return between income and growth over the long term, subject to a medium level of risk, with the portfolio being 19 regularly reviewed at Trustee meetings. The investment policy takes into account social, environmental and ethical considerations. Cash is also held in The Mrs AA Talboys restricted fund to ensure adequate Liquidity should the Trustees wish to use it for permitted purposes. Other fund movements Income and expenditure by individuaLfund are set out in note 22 to the financial statements. Reserves Policy The Trustees have reviewed the level of free reserves that the charity should have, being those funds that are not restricted or represented byfixed assets. At 31 March 2025 unrestricted funds (excluding fixed assets) increased to £343,187 compared with £283,711 at 31 March 2024, but after taking into account funds held as designated reserves, free reserves were £328,020 (2024- £214,421). The Trustees considerthat the'going concern, basis remains appropriate for the preparation of the charity's financial statements. As discussed above, the additional underlying performance of the charity has been strong and the RWA is well placed to continue to grow and to benefit from the capital improvements. The Trustees considerthat an appropriate level of free reserves would be £250,000 to £300,000. in order to aLlowthe charity to be managed eff iciently. The charity has sufficient additional endowment reserves to cover maintenance and community engagement commitments, The charity will continue to pursue appropriate initiatives to attract further funding and to secure an increased return from its charitable activities. An unsecured overdraft facility of £60.000 is also available to provide a further cushion. Risk Management The Trustees are responsible for ensuring that the RWA has effective risk management procedures in place that identify areas of potential risk and evaluate their likelihood of occurrence and potential impact. A risk register is maintained and significant risks are considered by the Trustees on a regular basis to ensure that they are being managed appropriately. Key risks facing the charity are financial sustainability. an increased funding requirement" increased costs associated with staging exhibitions. increased employment costs, the potential impacts of the employment rights bill and in particular the use of casual (zero hours) contracts, the increase in energy prices and cost of living crisis in general, and insuff icient income being generated from charitable activities. Other external risk factors include instability in the global economy effecting rate of 20 return on investments and endowments and climate change impacting on the display and storage conditions for works of historical importance. Actions and initiatives are being taken to address these risks as referred to above and in the following section on Plans for 2025-26 and beyond. Creditor payment policy It is the RWA'S policy to pay creditors in accordance with the terms of payment agreed at the start of business with each supplier. Plans for 2025-2026 and Beyond The newly stated vision and aims provide the RWA executive team with a roadmap for the coming 5years. The Trustees are confident in this direction, and are working with the executive team, and Academician Council to ensure it remains active, relevant and impactful. In 2025 -2026 we will. Aim 1: Support 1.1 Support mid career artists to develop their practice 1.2 Support artists to sustain and developtheir careers 1.3 Offer regular provision of quality art and curatorial skills development 1.4 Create opportunities for underrepresented artists 1.5 Increase the visibility and transparency of the academician programme Aim 2: Present 2.1 Deliver High-Profile Curated Exhibitions 2.2 Strengthen our wider ContemporaryArt Programme 2.3 Increase the availability of art work for sale 2.4 Present work in un-activated spaces in our building 2.5 Introduce 8 smalL programme of experience-led programming Aim 3: Engage 3.1. Improve our visibility and presence in Bristol to increase footfall. 3.2 Grow and connect ourexisting community 3.3. Introduce infrastructure to en8bLe us to understand our audiences better 3.4 Seek funding to grow our Offsite offer to increase our reach 3.5 Increase our Digital Reach Aim 4: Sustain 21 4.1. Maintain and Develop the Heritage Building 4.2. Expand Accessibility and Engagement with the CoLlection 4.3. Strengthen and Advocate for Creative Education Aim 5: Thrive 5.1. Incre8se operational income 5.2. Invest in Administrative Infrastructure to Support Growth 5.3. Improve Diversity and Representation Across Staff, Board, and Volunteers 5.4. Ensure 100 % of Staff and Volunteers Feel Supported and Positive About Their Work 5.5. Take Measurable Action on the Climate Emergency Statement of Trustees, Responsibilities The Trustees (who are also directors of the Royal West of England Academy for the purposes of company law) are responsible for preparing the Trustees, Report {incorporating the strategic report and directors, report) and the financial statements in accordance with applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and RepubLic of Ireland (United Kingdom Accepted Accounting Practice). Company law requires the Trustees to prepare financiaL statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to: Select suitable accounting policies and then applythem consistently. observe the methods and principles in the Charities SORP. makejudgments and accountingestimatesthat are reasonable and prudent. state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements. and prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable companywill continue in business. The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure thatthe financial statements compLywith the Companies Act 2006. They are aLso responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other i rreguLarities. 22 In so faras the Trustees are aware: there is no relevant audit information of which the charitable company's auditors are unaware. and the Trustees have taken all steps that they ought to make themselves aware of that information. Going Concern The trustees have reviewed the RWA'S financial position and the budgets, and cash flow forecasts for the next 12 months. After considering the current economic environment and RWA'S funding sources, the trustees are confident that the RWA has sufficient resources to continue its operations and meet its obligations as they faLI due. RWA'S primary sources of income are exhibition income. donations and grants. Despite fluctuations in income and the potential impact of external factors (such as economic downturns or changes in donor behaviourl, the trustees beLieve RWA can continue its activities without significant disruption. In reaching this conclusion, the trustees have considered: Existing reserves and liquidity, including that supported by the endowed Lark Trust and Talboys funds Commitments and future expenditure . Ability to secure ongoing or new funding Financial performance and forecasts Based on this analysis, the trustees conclude that the RWA is a going concern and that there are no material uncertainties that would cast doubt on the ability to continue as such for the foreseeabLe future. Auditor Burton Sweet was re-appointed as the charity's auditor during the year and have expressed their willingness to continue in that capacity. Signed Approval by Trustees Approved by the Trustees on 1111112025 and signed on their behalf by: ort George Ferguson Chair 23 Independent auditor's report to the members of Royal West of England Academy Opinion We have audited the financial statements of Royal West of England Academy (the "Charity") for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accountingstandards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UKand Republic of Ireland (United Kingdom GeneraLly Accepted Accounting Practice). In our opinion, the financial statements: give a true and fair view of the state of the Charity's affairs as of 31 March 2025 and of its income and expenditure for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted out audit in accordance with international Standards in Auditing (UK) {ISAs IUKII and applicable Law. Our responsibilities underthose standards are further described in the Auditor's responsibilities forthe audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suff icient and appropriate to provide a basis for our opinion. Conclusions relating to going concern. In auditing the financial statements, we have concluded that the directors, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties reLatingto events or conditions that, individuaLly or collectively, may cast significant doubt on the charity's abiLityto continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. 24 Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the information included in the annual report otherthan the financial statements and our auditor's report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express anyform of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whetherthe other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a materiaL misstatement of the other information. If based, on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report the fact. We have nothing to report in this regard. Opinions on other matters prescribed bythe Companies Act 2006 In our opinion, based on thework undertaken in the course of the audit: the information given in the trustees, report {incorporatingthe directors, report) for the fin8nciaL yearfor which the financial statements are prepared is consistent with the financial statements; and the directors, report has been prepared in accordance with applicable law requirements. Matters on which we are required to report by exception. In the light of our knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors, report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to reporttoyou if, in ouropinion: adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us. the financial statements are not in agreement with the accounting records and returns. 25 certain disclosures of trustees, remuneration specified by law are not made. or we have not obtained all the information and explanations necessary for the purposes of ourthe trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and take advantage of the small companies. exemptions in preparingthe directors, report and from the requirement to prepare a strategic report. Responsibilities of trustees As explained more fully in the trustees, responsibilities statement, the trustees are responsibLe for the preparation of the financial statements and for being satisfied that they give a true and fair view. and for such internal control as they determine is necessaryto enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity's abilityto continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the Charity orto cease operations, or have no realistic aLternative but to do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that incLudes our opinion. Reasonable assurance is a high Level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, includingfraud and noncompliance with laws and regulations, was as follows: we identified the Laws and regulations applicabLe to the charity through discussions with those charged with governance and other management, and from our knowledge and experience of the sector. we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements of the operations of the company, including the Companies Act 2006. taxation legislation and data protection, anti-bribery, employment, pensions, environmental and health and safety legislation; and 26 we assessed the extent of compliance with the laws and regulations identified abovethrough making enquiries of management, inspecting legal correspondence and remaining alert during the audit forany indications of non-compliance. Our audit procedures in relation to fraud included but were not limited to: making enquiries of those charged with governance and other management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud. discussing amongst the engagement team the risks of fraud. gaining an understanding of the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. testingjournal entries to identify unusual transactions. assessing whetherjudgements and assumptions made in determining the accounting estimates set out in the accounting policies were indicative of potential bias- and investigating the rationale behind significant or unusualtransactions. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financialtransactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deLiberate concealment or collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uklauditorslaudit- assurance-ethicslauditors-responsibilities-for-the-audit. This description forms part of our auditor's report. Use of our report This report is made solely to the Charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Charity's members those matters we are required to state in them in an auditor's report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the Charity's members as a body, for our audit work, forthis report, or for the opinions we have formed. 27 ogku& IL gtoK Joshua Kingston ACA (Senior Statutory Auditor) For and on behalf of Burton Sweet Limited Statutory Auditor The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR Date: 1111112025 28 ROYAL WEST OF ENGLAND ACADEMY STATEMENT OF FINANCIAL ACTMTIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT} YEAR ENDED 31 MARCH 2025 Unrestricted Funds Restricted Funds Endowment Total Funds Total Funds Funds 2025 2024 Income from: Donations, grants and legaaes Charitable activities other trading activities Investments 144,039 830,126 120,095 1,394 99,476 1,000,000 1,243,515 830,126 120,095 29,721 255,847 756,496 105,186 13,128 28,327 Total income 1,095,654 127,803 1,000.000 2,223,457 1,130,857 Expenditure on: Raising funds Charitable activities 116,985 911,029 3,405 135,533 4,500 76,045 124,890 1,122,607 130,143 961,020 Total expenditure 1,028,014 138.938 80.545 1,247,497 1,091,163 Net incomellexpenditurel for the year 67.640 {11.1351 919.455 975.960 39,494 GainsllLossesl on investments 14 15.6371 {14,9391 120.5761 23,570 Transfers between funds 16.4851 6.485 Net movement in funds 61.155 {16,7721 911.001 955.384 63,064 Total funds at start of year 294.588 513.975 8,504.829 9,313,392 9.250,328 Total funds at end of year 355,743 497,203 9,415,830 10,268,776 9,313,392 The Charity has no recognised gains or losses other than the results for the year as sel out above. All of the activities of the charity are dassed as continuing. Net income excluding endovmient funds for the year tolalled £56,50512024.' £115,539). The notes on pages 32 to 44 fomi part of these financial ststements See nots 12 for fund-accounting comparative figures 29 ROYAL WEST OF ENGLAND ACADEMY BALANCE SHEET AS AT 31 MARCH 2025 Company number: 03567088 2025 2024 Fixed assets Tangible assets Investments 13 14 8,427,662 1,381,333 8,499,853 403,866 9,808,995 8,903,719 Current assets stock Debtors Cash at bank and in hand 16 17 28,930 192,185 387,385 18,932 166,697 310,609 608,500 496,238 Liabilities Creditors '. amounts falling due wthin one year Net current assets 18 (148,7191 186,5651 459,781 409,673 Total assets less current liabilities 10,268,776 9,313,392 Net assets 10,268.776 9,313,392 FUNDS Unrestricted fijnds General funds Designated funds Restricted funds Endowment funds Permanent Expendable 23 23 23 340,576 15,167 497,203 225,298 69,290 513,975 23 23 8,435,943 979,887 8,504,829 Total funds 10,268,776 9,313,392 1111112025 These financial ststemenls were approved by the Trustees on ....................... and are signed on their behalf by.. G Ferguson Chair Pery Trustee The notes on pages 32 to 44 fomi part of these financial ststements 30 ROYAL WEST OF ENGLAND ACADEMY CASH FLOW STATEMENT YEAR ENDED 31 MARCH 2025 2025 2024 Net cash inflowl{ouffiowl from operating activities 20 53,831 193,3001 Nonwoperational cash flov￿. Investing activities Payments for tangible fixed assets Payments for investments Proceeds from sales of investments Investment income 18,7331 1145,3441 138,330 29,721 113,0021 177,2391 73,620 13,128 13,974 {3,4931 Financing activities Incoming cash endoV￿nentS 20,000 20,000 Net cash inflowl{ouffiowl for the year 21 87,805 96,793 Cashflow Restrictions Charity law prohibits the use of net cash inflows on any endowed or other restricted fvnd lo offset net cash oufflows on any fund outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows for the year. The notes on pages 32 to 44 fom) part of these financial ststements 31 ROYAL WEST OF ENGLAND ACADEMY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 1 Accounting policies Accounting convention The financial statements have been p￿pared in accordan￿ with the Slalement of Recommended Practi￿." Accounting and Reporting by Charities preparing their accounts in accor(Jan¢e with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 issued in Oclober 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland IFRS 1021 and the Companies Act 2006 and UK Generally Accepted Pra￿1￿ as it applies from 1 January 2019. The charity is a public benefit entty as defined under FRS102. The Trustees consider that there are no material uncertainties affecting the ability of the charity to ￿ntinUe as a going ￿nc£m. Please see the going concem comments in the Financial Review, ReseNes section of the Trustees, report for more details of this justffication. Income Income from donations and grants are included in income when these are re￿Iv8b1e. ex￿pt as follows.. l. When donors spectfy that donations given lo the ¢hatity musl be used in future accounting periods, the income is deferred until those periods., 11. When donors impose conditions which have to be fulfilled before the Charity becomes entttled to use such income, the income is defer￿d until the pre-conditions have been met. Legacies are included on a receivable basis where the charrty is entrtled to the income, Tt can be measured reliably and receipt is probable. Where legacies have been nottfied to the charrty, or the charity is aware of the granting of probate, and the cri(eria for income recognition have not been meL then the kgacy is not induded in income bul is treated as a conlingenl asset and disclosed if material. Investment income is included on a receivable basis. Donations in kind comprise donated serviizs Whe￿ the costs are measurable and the services would otherwise have to be paid for to maintain operational effectiveness. Income from exhibitions and workshops are accounted for in the period in which the exhibrtion or worf(shop lakes place. Subscriptions are accounted for on a re￿1vable basis. Expenditure Expenditu￿ is recognised in the period in which it is incurred. on the accruals bas￿. and when there is a legal or wnstructive obliqation to pav. Raising funds Raising funds expendf(ure include those costs incurred in seeking voluntary contributions, costs of goods sold and other costs which include the costs of running and participating in fundraising events and collections and cost of goods purchased for resale. Charitable activities Charitable activities expenditure is directly attributable to specffic acb"vities. Where support costs relate to more than one activity they are apportioned on a basis consistent wth the estimated use of the resource. Govemance costs Govemance costs include those costs associated %wth meeting the constitutional and statutory requirements of the charty and include the audit fees and costs linked to the strategic management of the charity- Governan￿ costs are included within support costs. Allocation and apportionment costs Certain expenditure is directly attributable lo specific activities and this has tr￿en induded in those cost categorEs. Other costs. which are attributable lo more than one category. are apportioned across cost categOr￿S on the basis of an assessment of workload carried out from time to lime. Overhead support costs have been allocated between fundraising and publicTty costs, fundraising trading and charitable activities. The apportionment has been allo¢aled on the basis of usage and is anafysed in note 8. 32 ROYAL WEST OF ENGLAND ACADEMY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 1 Accounting policies (continued) Pension costs and other post-retirement benefits The charrty contributes lo defined contribution pension schemes. Conlributions payable lo the chartws pension schemes are charged to the Ststemenl of Financial Activities in the period to which they relate. Heritage Assets- Works of Art Works of Art consist of paintings and other examples of ffine art acquired by donation, bequest or acquisition. The Works of Art are held for historical, educational and artistic reasons rather than as financial assets. The Works of Art are accounted for as follows.. A significant proportion of the collection was donated or acquired many years ago. The trustees do not consider it appropriate to recognise these historic heritage assets on the balan￿ sheet due to the lack of reliable infomiation regarding their cost or value at the time of donation or bequest and the significant costs involve(l in the valuation of the collection. Additions to the collection in recent years have most typically been in the fomi of works of art produced by ne￿Y elected Academicians of the Academy. These donations are not recognised at a value within the accounts. If the RWA were to purchase works of art, then they woukl be recognised as heritage assets and recognised al cost. Expenditure required to preserve and maintain the collection or individual ilems wthin Ihe colleclion is recognised in the Statement of Financial Activib"es in the period f( is incurred. Tangible fixed assets Fixed assets a￿ held at cost less accumulated dep￿ciation. Assets costing less than £500 afe not capilalised. Depreciation is calculated so as to write off the cosl of an asset. ￿$$ its estimated ultimate ￿sIdual value, over the useful life of that asset as follows.. Plant and Machinery - 10- 25 years.. straight line Fumf(ure and Equipment 3- 4 years.. strauhl line No dep￿CiatIon is being charged on freehold property as in the opinion of the trustees any charge would not be material due to the very long useful lrfe of the asset. Fixed asset investments Listed investments are included at market value at 31 March. The SOFA includes the nel gains and losses arising on revaluations and disposals during the year and are allocated lo the appropriate fund accoiding lo the ownership of the underlying assets. Unlisted investments are held at cost less any impaimient. Stock Stocks are valued at the lower of cost and net realisable value. after making due allowance for obsolete and slow moving items. Donated items are not valued in stock and recognised in income only wthen sold. Cash and cash equivalents Cash and cash equivalents comprise cash on hand and call depostts, and other short tem) higly liquid investments that are readily convertible lo a known amount of cash and are Subje￿ to an insKJnifi¢ant risk of change in value. Fund accounting Unrestricted funds can be used in accordan￿ with the thartiable objects at the tliscretion of the truslees. Designated funds form part of unrestricted fvnds and have been ￿entified as being for particular purposes by the Trustees. They are not restricted and can be transferred to general funds at any time at the discretion of the Trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specrfied by the donor or when funds are raised for particular restricted purposes. Permanent endowment funds comprise of endowed property and individual trust funds set up by specffic donors, the capitsl of which may not be expended. Expen(Jable endowment funds comprise a donated investment portfolio from The Lark Trust. the ￿pital of which may be expended under the restrictions detailed in the notes to the accounts. Further explanation of the nature and purpose of each fund is induded in note 22 of the financial slatements. 33 ROYAL WEST OF ENGLAND ACADEMY NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2025 2 Income from: Donations, grants and legacies Unrestricted Funds Restricted Funds Endowment Total Funds Total Funds Funds 202S 2024 Donations Prize donations Patrons and Friends of the RWA Grants to support engagement work Bristol Cty Council Legacies Sponsorships 40,863 42,827 6,335 88,335 57,222 8,841 1,000,000 39,955 30,943 5,660 73,624 120,420 9,600 6.335 88,335 57,222 8,841 1,000,000 6,000 33,955 15,600 144,039 99,476 1,000,000 1,243,515 255,847 Govemment grants totalling £8,841 were re￿Ned in the year in relation to Bristol City Council's Cuhural Investment Programme 12024. £9,600) Prior year comparatives Unrestricted Restricted Fun