Company number 4971133 ROYAL DRAWING SCHOOL THE ROYAL DRAWING SCHOOL ANNUAL REPORT AND FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024 'ADZQE2JE* 0310412025 COMPANIES HOUSE A5 #304 Report of the Trustees, incorporating Strategic report 1-14 Report of the Independent Auditors 15-18 Statement of Financial Activities 19 Balance Sheet 20 Statement of Cash Flows 21 Notes to the Financial Statements 22-35 THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 ROYAL DRAWING SCHOOL THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The Trustees, who are also the directors of the charitable company for the purposes of the Companies Act 2006, present their report with the financial statements of the charitable company for the year ended 31 August 2024. The Trustees have adopted the provisions of the Statement of Recommended Practice for Charities (SORP 2015) {Second Edition, effective l January 2019). REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number: Registered Charity number: Registered Office: Founding Royal Patron.. 4971133 (Registered in England & Wales) 1101538 19-22 Charlotte Road, London EC2A 3SG HM Kin8 Charles111 Trustees who served during the year: Sir Charles Saumare2 Smith Chair Fope Adelowo Dame Glenda Bailey Mariam Faruqi Professor Eileen Hogan Timothy Knox The Hon David Macmillan Deputy Chair Matthew Rice Elizabeth Sorensen Nicholas Vetch Chair of the Finance and Audit Committee Dr. Mary Wellesley THE ROYAL DRAWING SCHOOL REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Executive Tearn Catherine Goodman Julia Balchin Founding Artistic Director Principal Auditors: Haysmac LLP, 10 Queen Street Place, London, EC4R IAG National Westminster Bank Plc, Cavell House, 2a Charing Cross Road, London WC2H OPD 8ankers: OBJECTIVES AND AcfiviTIES Purposes and alms Our charity's purposes as set out in the companvs memorandum of association are to benefit the public through the advancement of education in the art5 of drawin8, painting, sculpture, and print making. The aim of our charity is to raise the standard and profile of observational drawing and improve accessibility to high quality drawing tuition. This aim fully reflects the purposes the charity was established to deliver. Ensuring our work delivers our aims We review our aims, objectives, and activities every year. This review looks at what we achieved and the outcomes of our work in the previous year. We look at the success of each key activity and the benefits they have brought to those groups of people we are set up to help. Our review also helps us to ensure that our aims, objectives, and activities remain focused on our stated purposes. We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities. In particular, we consider how planned activities will contribute to the aims and objectives we have set. The focus of our work Our main objective for the year continued to be to raise the standard and profile of observational drawin8. Our programmes are taught by a teaching faculty of over 100 practising artists, with 5,315 course bookings by c.2,500 students across 25 countries. THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The main activities towards meeting thls objectlve were: The Drawing Year - up to 30 students are accepted each year onto a postgraduate level, fifteen-month course in drawing. They each receive a full scholarship to cover all their course fees, tutorials, lectures, and forums to ensure accessibility and remove financial barriers to high quality art education. Each student also receives a free studio space in which to undertake their own artistic practice. In addition to their scholarship place, some of the students also receive a new means tested maintenance grant to assist with living expenses. In establishing this "London Living Grant" we are aiming to extend access to The Drawing Year to talented students who may otherwise find the c05t of relocating to and living in London an obstacle to their ability to undertake the course. Public Courses - consisting of three terms of subsidised day and evening courses, open to artists, creatives and members of the public interested in drawing, taught at all levels. There are also holiday courses at Easter and Christmas, as well as a summer school. Courses are held at ourshoreditch studio, as well as in the principal museums and galleries, and outdoor spaces acr055 London. This is a fee-paying programme, however a comprehensive range of concessions, discounts and free places are offered to approximately 20% of the Public Programme to ensure that all courses offered are affordable and available to those interested in drawing from observation irrelevant of financial circumstance or background. Those eligible for concessions include people over 60, local residents in Hackney and Tower Hamlets, individuals on job Seekers allowance or on disability support, art students and art teachers. The Young Artists Programme- providing serious and sustained drawing teaching for talented and committed young people aged from 10 to 18. Full and partial scholarship support is offered to students on a means tested basis. Classes take place every week during term-time and are taught by alumni of our Drawing Year programme. The Young Artist programme also serves as Teacher Training programme for the graduates of The Drawin8 Year'who undergo a two-year teacher training programme to develop the next generation of artist who can teach drawing. Many of the artist teachers 80 on to teach in school and universities across the UK and at RDS public and postgraduate level programme, with half the RDS tuition now carried out by RDS alumni. In 2022 we launched a new strand of the Young Artist programme running full scholarship, after school clubs, in partnership with state and free schools in disadvantaged London 8oroughs. Online Drawing Programrne - the School has continued to offer live online teaching courses, extending our teaching to a national and international audience. The online programme supports our charitable mission by making our high-quality drawing courses accessible to those unable to attend our studios in person due to disability, illness, distance, or working or caring commitments. The programme enables u5 to reach isolated individuals and communities, and areas of the UK with limited access to arts education and venues, as well as developing an international audience, with students attending from 25 countries worldwide. THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Courses are fee paying with means tested concessions and bursaries available to ensure the programme is accessible to all. We are developing a new strand of digital resources, the Living Library which will launch next academic year, a digital archive capturing the teaching and practise of artists that have contributed to the School since its inception in 2000, Residencies The School offers a wide range of national and international drawing, painting, and teaching residencies, giving artists opportunities to progress their work in varied settings. In 2023-24 120 artists attended our residencies. We send ROS alumni and faculty on fully funded residencies in Scotland and Wales, France, Switzerland Italy, USA (LA and New York), India, Antigua and Jamaica, Each year we welcome students from the USA to our studios in London for three months. Additionally, we host Students from regional UK universities and partner US universities to our residency programme at Dumfries House in Scotland. STRATEGIC REPORT-ACHEIVEMENTS AND PERFORMANCE All our charitable activities focus on raising the standard and profile of observational drawing through teaching and practice and are undertaken to further our charitable purposes for the public benefit. The School has established itself as a valued teaching resource, within the landscape of UK art education. The School aims to make it possible for anyone with a talent and passion to access high quality drawing tuition irrelevant of financial circumstance or background, and is committed to removing financial and social barriers to accessing high quality art education The School is progressing a five-year plan and financial model which it first embarked upon in 2020121. The plan ensures the School's long-term sustainability and financial security. The success of the strategy is measured both against our educational and charitable objectives as well as short- and long-term financial goals. The outcomes at the end of the financial year 2023-2024 are ahead of the strategy for year four and the budget set for 2024-2025 follows the plan for the fourth year. A new five-year plan to 2030 is being developed. The Drawing Year 2022123 The Drawing Year 2022123 concluded in December 2023 and new class of 2023124 commenced in September 2023, culminating in the end of year awards and exhibitions at Christie's and at Shoreditch in November and December 2024. Each Drawing Year consist5 of a taught component from September to June followed by five months of studio practice. Students receive a minimum of 3.5 days tuition in the teachin8 terms and can access 5 days tuition weekly. When not in taught sessions, students continue THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 their practice in their personal studio space provided by the School at Space Studios in Hackney. In the final six months of the course students work towards their end of year exhibition and assessment and participate in the 'Professional Development, programme for outgoing students, with some students beginning RDS teacher training with the Young Artist programme. The External Assessment Board (members listed on page 13) assessed all the student's work and awarded the annual prizes on merit. Additionally, they carry out a review of checks and measures on RDS delivery, including academic and artistic content and student support. They commented on the high quality of student work in the year across the board and all students passed the year end assessment. Bursaries and Student Support We have introduced a London Living Grant of up to £3,000 per student to support students with the increasing cost of living, and to support students to relocate to London to take up their place. 15 students received the Grant. There are further means tested hardship and bursary fund5 available on application. Student recrultment The application deadlines for the Drawing Year falls in April. The recruitment process starts in November for admission in the following year. We are continuing to improve the recruitment process in line with our Equity, Diversity, and Inclusion objects to remove any barriers to entry throu8h financial support and portfolio mentoring as required. This year we saw an increase of 6% in applicants to $30, the highest to date, and an increase in the ethnic diversity of the 30 students both applying and being accepted onto the course. EQUITY, DIVERSITY, AND INCLUSION The School ha5 established an Equity, Diversity and Inclusion Committee with the aim to champion and promote an inclusive culture, a supportive and diverse community, and a safe, welcoming and open forum for matters around EDI to be addressed. The Committee holds the School accountable going through the school's EDI Action Plan looking at desired outcomes and ongoing activities ensuring EDI is embedded across all avenues namely: Governance and Strategy Training and Policy Curriculum and Content Recruitment- Staff & Faculty THE ROYAL DRAWING SCHOOL REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Student Experience and Accessibility Student Recruitment Marketing and Communications The meeting is also an opportunityto discuss emerging issues and for council members to give feedback or share observations. The School has made progress in accessibility to its building and its courses, with disabled access improvements and the provision of captioned online courses for ANNUAL REVIEW Public Courses: In-Person More than 180 part time 10- or 5-week (daytime and evening) courses were delivered in the academic year. Public courses ran at the School's own studios, as well as in the principal Museums and galleries, and out and about in, London. Occupation levels were good, and we took more in-person bookings than pre-covid years. with 3,285 bookings. Our -public courses are subsidised to ensure the widest possible access to tuition, within the School's overall funding envelope. The School was able to maintain fees at competitive rates throughout the year, and to offer an extensive matrix of significant fee concessions as summarlzed in the table below. Discount Full-time BA students Studying for a degree In Fine Art Full-time practicing fine artists under 40 years of age Primary and secondary school teachers who teach art Individuals on job seekers allowance Individua15 who receive disability support Tower Hamlets and Hackney residents Tower Hamlet and Hackney businesses NHS Staff Individuals over the age of 60 75% 75% 50% 50% 50Yo 25% 25% 20Yo io% The total value of concessions distributed in the year to in-person and online students was £84,473. THE ROYAL DRAWING SCHOOL REPORT OFTHE TRUSTEES FOR THE YEAR ENDEO 31 AUGUST 2024 Online Drawing Programme Alongside our in-person courses, we ran 156 online courses in 2023/2024. with 937 course bookings over the year. Ten and five-week drawing course5 ran (both daytime and evening), available to the public, alongside a full time 'Online Drawing Development Year, course. Courses were fee paying with concessions and scholarships available to ensure acce55ibility. The School conducted the first courses under our newly developed "Live Broadcast Hub". The online programme was taught by a cornbination of Senior Faculty and Alumni faculty, ensuring training of alumni teachers, fulfilling a further School objective. Students participated from a wide range of UK regions and 25 different countries. The Young Artlsts Programme (2023 - 2024) Taught by alumni of the School's Drawing Year postgraduate level programme, our Young Artists Programme of weekly classe5 is designed for young persons aged from 10 to 18, with a talent and passion for drawing. The programme enjoyed a successful year. 909 students attended the 60 courses held in the Autumn, Spring and Summer Terms, benefiting from the serious and sustained drawing tuition offered by our alumni faculty. Classes were held in our own premises and at a range of important cultural venues including the National Gallery. We also continued to run courses online and in Norwich, and New Cumnock in Scotland. We taught 184 students on our 10 holiday courses (Winter, Easter and Summer). The Young Artists Exhibition took place in July with over 100 submissions from Young Artists across our courses. We also launched a new strand of the Young Artist programme running full scholarship, after school clubs, in partnership with state and free schools in disadvantaged London Boroughs. 6 RDS alumni successfully completed their teacher training as part of the programme. Exhibitions Throughout 2023124, the School continued to run a successful programme of exhibitions. The Drawing Year 2022 were represented at an end of year exhibition at Christie's, followed by a larger exhibition at our gallery in the School and our Young Artists also held a summer exhibition in the School's gallery- all exhibitions had record attendance levels. This was the final year of the School's prestigious Sir Denis Mahon Award, and we are grateful for their support over the past decade each year, one outgoing Drawing Year graduate receives the £IOk award to support a yearlong residency culminating in a solo exhibition. The THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 prize winner is selected by the External Assessment Board. For 2023124 the School launched a new award, The Christie's Award, with a prize value of £15k - the recipient will exhibit their work at Christie's in London as part of the award in 2025. We received funding to develop an exhibitions programme to raise the profile of the School, creating a window into the School and our work. The exhibition programme provides opportunity for our alumni and helps raise income for the School and artists. Working with guest curators, the programme aims to show the very best in both emerging and established, national and international artists with drawing at the centre of their practice. Three curated special exhibitions will be delivered as part of the funding across 2024 and 2025. The first in the series opened in June 2024, 'Drawn Togetherf is a mixed show of RDS alumni and was the highest grossing exhibition to date. The School acts as disclosed agents for the artists, STRATEGIC REPORT- FINANCIAL REVIEW In 2020, Trustees committed to a new five-year strategy and financial model to secure our long terrn financial security and sustainability, migrating us to a position which 8rows reserves and protects the Endowment Fund. Total investment returns allocated to income from the Endowment were reduced to 3% for the year. The School has an Endowment Fund currently valued at £14.9 million whith has grown from donations and investments since its inception in 2014 with an initial £7.5 million. The School's balance sheet shows total net assets at 31st August 2024 of £ 19,065,264 (2023: £17,741,275). Income for the year is a key performance indicator and totalled £4,411,08212023: £3,647,520). Principal sources of other funding arose from donations, fees charged to students attending the School's public and online courses and artwork commission and returns on investments. Our income comprised of: 2024 2023 Donations Educational activities Investments Total £1,976,432 £2,222,736 £1,474,133 £1,355,835 £960,517 £68,949 £4,411,081 £3,647,520 Expenditure for the year totalled £ 3,786,13012023: £3,791,629), of which staff and teaching faculty costs comprised the main expenditure in the delivery of the School's programmes. THE ROYAL DRAWING SCHOOL REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Adjusted by significant investment gains, the resulting surplus was £1,324,349 12023: £11,009,359)). Fundraising approach and performance The School concentrates it5 fundraising efforts on secL•ring the support of individuals, charitable trusts and foundations whose interests in the arts and education are aligned with its mission to pro-mote drawing. Donations to the Royal Drawing School and offers to become a Patron are accepted on the basis that they contribute towards the general objectives of the School and are in line with our values and mission. We carry out due diligence appropriate in relation to the size and nature of a donation before accepting funds. We assess and manage any risks fundraising poses to the Royal Drawing School's activities, beneficiaries, property, work and reputation. We do this through our Ethical Fundraising Group and through two external due diligence bodies. The School has up to date GDPR and Privacy policies that are publicly available. The School is registered with the Fundraising Regulator and no complaints were received during the year. Policy on reserves The School has reserves of £19,065,624 at the year ended 31 August 2024 {2023: £17,741,275). This comprises restricted funds of £253,550 (2023: £253,866), endowment funds of £14,938,656{2023.' £13,779,726), designated funds of £2,401,221 {2023: £2,436,888) and unrestricted general funds of £1,472,197 {2023: £1,270,795). To mitlgate financial risk for the charity, the Trustees, aim is to establish a level of unrestricted general reserves covering at least six months of operating expenditure. On this basis, the School has identified restricted and general funds of approximately £1,725,000. Trustees approved a new financial model in 2020 and subsequently we have been able to generate a level of surplus each year. Investment policy and performance The School has adopted a new strategy and financial model to ringfence the Endowment Fund and build additional unrestricted reserves. Funds from the School's successful endowment campaign are invested by the Trustees, Investment Committee, with the primary purpose of supporting the activities of the School by providing a good income for operational costs, whilst retaining the real term capital value of funds invested. For the permanent endowment, received on 4 August 2014, the Schoo5 has adopted The Charities (Total Return) Regulations 2013 as explained in Note 8 to the accounts. The Trustees have set.the allocation of total returns at 3% of the gross capital Endowment Fund value for 2023-24. The Endowment Fund is managed by an outsourced corporate CIO on a discretionary basis with continuing oversight from the Investment Committee, on which two members of the THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 Board sit. The Investment Committee meets two times a year. The Investment Committee set absolute total return objectives. It is expected that the Endowment Fund will attract further support in the coming years and increase in size. For the year, which was another difficult year for investments globally, the investment managers generated a net investment gain of £ 688,397 {6.3%> {2023 Ioss £865,250(7.9%)). STRATEGIC REPORT- PLANS FOR FUTURE YEARS The School plans to continue the Drawing Year, Young Artist and Public Programme activities outlined on pages 2 and 3 in the forthcoming years, along with developing our programme of online courses subject to satisfactory funding arrangements. Ensuring the School's long-term and sustainable future as a valued and accessible teaching resource, of acknowledged national and international excellence in its own Specialist field, remains at the forefront of its planning. Trustees have adopted a five-year strategy to deliver a balanced budget by reductng operational costs and increasing income, A small surplus Is generated each year to build reserves and safeguard the Endowment Fund. Income will be increased through the Public Programme, investing in the newly built Gallery Studios in Shoreditch London {main campus), and through our income stream of online courses. The 2023-24 surplus will be applied to investrnents in our website and customer relationship management system and the continuation of London Living Grants. The strategy is measured against our educational and charitable remit and delivered in manner that develops greater financial security year on year and a long-term sustainable future. A new 5-year plan is currently in development, to launch in 2025126 and will underpin significant capital campaign. The year 2025 is the School's 25th anniversary and the 202512026 academic year will be used as a moment to mark this significant milestone with series of special events as the School celebrates its achievements and looks forward to the next 25 years. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing Document The Royal Drawing School was founded as part of The Prince's Foundation in 2000, commencing as a separate charitable company on l April 2004. The Royal Drawing School is a company limited by guarantee, 8overned by its Memorandum and Articles of Association 10 THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 dated 12 November 2003 (amended 13 June 20171, which established the objects and powers of the charitable company. Governance and Management The directors of the company are also charity trustees for the purposes of charity law. There must be at least three trustees, and they are recruited by resolution of the existing trustees on the basis of their knowledge of the art and art education worlds or their business experience. Trustees receive an induction pack, including Board papers from the last meeting and School literature, and meet with the Principal, Founding Artistic Director and members of the Senior Leadership team as way of introduction to the School's work. Additionally, they visit the School to meet students and observe classes. As part of ongoing training throughout their term, they are invited to attend all sub-committees and to meet with students, staff and faculty to keep fully informed with the work of the School. During their tenure trustees have the opportunity to have ongoing training, paid for by the School, to help them fulfil their duties. The board of trustees meets at least fourtimes each year, to set the overall strategic direction of the charity and to monitor the achievement of its objectives. A Finance & Audit Committee of key trustee5 and management personnel of the charity meet four times a year and are in charge of the School's financial management, controls and operational issues. The management of the day to day operations of the charity is delegated to the Principal (who is not a Companies Act Director}. All trustees give of their time freely and no director received remuneratiorb in the year. Details of directors, expenses and related party transactions are disclosed in note 15 to the. accounts. The employees included in the key management personnel are the Founding Artistic Director and Principal. The pay of the Founding Artistic Director and Principal, and all other staff, is reviewed annually, and normally increased in accordance with average earnings to reflect a cost-of-living adjustment. A 3.8% salary increase for all eligible staff wa5 made from 1st September 2024. Committees A committee of the trustees and key management personnel, the Finance & Audit Committee, undertakes detailed consideration of the School's key strategic and operational issues and advises the trustees in relation to their responsibilities for financial management, control and reporting, as well as in relation to the management of human resources. The members of the committee, which meets four times each year, are: Nicholas Vetch (Chair of the Finance and Audit Committee) Fope Adelowo (Trustee) 11 THE ROYAL ORAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 David Macmillan {Trustee} Matthew Rice (Trustee) Sir Charles Saumarez Smith (Trustee, Chair of the Board) Catherine Goodman {Founding Artistic Director) Julia Balchin {Principall Members of the Senior Management Team attend as delegates as required. The Academic Board advises the trustees on their responsibilities for setting the School's curriculum and for ensuring the highest academic standards and reputation. The members of the Academic Board are: Sir Charles Saumarez Smith (Chair of the Board of Trustees and the Academic Board) Julian Bell Mark Cazalet Professor Ewan Clayton Constanza Dessain Liza Dimbleby Richard Ikhide Catherine Goodman {FoundingArtistic Director Professor Eileen Hogan (Trustee) Kathryn Maple Harry Parker {Deputy Director, Director of Education) Lindsay Sekulowicz Martin Shortis Dr. Claudia Tobin An External Assessment 8oard provides independent, external monitoring and evaluation of the work of Drawing Year students and recommendations on the course of study. Its membership comprises of artists and art academic5 and is: Dr. Xavier Bray (Chair) Rachel Campbell Johnston Sydney Picasso Thomas Dane Bharti Kher Rosa Loy 12 THE ROYAL DRAWING SCHOOL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 The School's Investment Committee oversees the investment of the School's endowment funds. The Committee's members are all investment professionals of significant reputation and standing. They are: Howard Marks (Chair of the Investment Committee) Evy Hambro Fope Adelowo Francesco Goedhuis Stuart Roden Nicholas Vetch (Chair of the Finance and Audit Committee and Trustee) STRATEGIC REPORT- RISK MANAGEMENT The trustees review the major risks to which the charity is exposed, no less than annually, and have adopted a formal risk-management process to evaluate risk by likelihood and impact. The trustees are satisfied that the risk control document generated by this process enables them to identify and mitigate risk to an acceptable level. The most Sl8nificant risks and mitigations are detailed below: RISK MITIGATION The costs of running the building becomes prohibitive- the School does not have fit-for- purpose premises in which to deliver its programmes 8are Trust a8reement to protect interests at Charlotte Road,. actively seek to reduce running cost5 of building including improving energy rating; take a measured view of committing resource5 when the School does not have long- term security of tenure. Ensure school has a property and estate plan to deliver ils mission and mid term plan Healthy levels of unrestricted reserves for in-year contingency funding,. London Living grant5 to help Students with rlsing costs of living in London; ensure the regular review of student vlsa status and effective recruitment carnpai8n for international students who hold appropriate develop exchange and residencies programme Changes in Government Policy and Political instability A significant safeguarding problem arises with a child or adult attending one of the School's Firogrammes. Implement an effective Child Protection Policy and Safeguarding Adult Policy. Annual staff training on Safeguarding Adult5 and Children. conflict re501ution training and Mental Health First Aid training. 13 THE ROYAL DRAWING SCHOOL REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 AUGUST 2024 STATEMENTOF TRUSTEES. RESPONSIBILITIES The trustees are responsible for preparin8 the financial statements-in accordance with applicable law and United Kingdorn Generally Accepted Accountin8 Practice. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with the United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the surplus or deficit of the charitable company for that year. In preparing those financial statements, the trustees are required to: select Suitable accounting policies and then apply them consistently; observe the methods and principles in the Charities, SORP; make judgements and estimates that 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; prepare the financial statements on the goin8 concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transaction5 and disclose with rea-sonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for takin8 reasonable steps for the prevention and detection of fraud and other irregularities. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware, there is no relevant information of which the charitable company'5 auditors are unaware, and each trustee has taken all the steps that they ought to have taken as a trustee in order to make them aware of any audit information and to establish that the charitable company's auditors are aware of that information. AUDITORS During the year our auditors Haysmacintyre changed their name to Haysmac LLP in November 2024. Haysmac LLP, are deemed to be appointed under section 487{2) of the Companies Act 2006. This report, which incorporates the Strategic Report, was approved by the trustees and signed on their behalf by: Nicholas Vetch Nicholas Vetch Trustee 14 Date.. 1st April 2025 THE ROYAL DRAWING SCHOOL AUDIT REPORT FOR THE YEAR ENDED 31 AUGUST 2024 INDEPENDENT AUDITOR'S REPORTTOTHE MEMBERSOFTHE ROYAL DRAWING SCHOOL Opinion We have audited the financial statements of The Royal Drawing School for the year ended 31 August 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows 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 Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Stondord applicoble in the UK and 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 charitable company's affairs as at 31 August 2024 and of the charitable company's net movement in funds, including the income and expenditure, for the year then ended; have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice,. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditing {UKI (ISAS IUK}l and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the 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 sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accountin8 in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authori5ed for i55ue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. 15 THE ROYAL DRAWING SCHOOL AUDIT REPORT FOR THE YEAR ENDED 31 AUGUST 2024 Other information The trustees are responsible for the other information. The other information comprises the information included in the Trustees, Annual Report. 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 any form 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 whether the other inforrnation 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 inforrnation. If, based on the work we have performed, we conclude that there is a matertal misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Opinlons on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the information given in the Trustees, Annual Report (which includes the strategic report and the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the strategic report and the directors, report included within the Trustees, Annual Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environrnent obtained in the course of the audit, we have not identified material misstatements in the Trustees, Annual Report (which incorporates the strategic report and 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 report to you if, in our opinion: adequate accounting records have not been kept by the charitable company. or the charitable company financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specified by law are not made; or we have not received all the information and explanations we require for our audit Responsibllities of trustees for the flnancial statements As explained more fully in the trustee5' responsibilities statement set out on page 14, the trustees (who are also the directors of the charitable company for the purposes of company law) 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 the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. 16 THE ROYAL DRAWING SCHOOL AUOIT REPORT FOR THE YEAR ENDED 31 AUGUST 2024 In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to 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 charitable company or to cease operations, or have no realistic alternative but to do so. Auditorfs responsibilities for the audlt of the flnancial 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 alway5 detect a material misstatement when it exists, Mi55tatements 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Based on our understanding of the charitable company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to Companies Act 2006 and Charities Act 2011 and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements {including the risk of override of controls). Audit procedures performed by the engagement team included: Inspecting correspondence with regulators and tax authorities; Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud; Evaluating management's controls designed to prevent and detect irregularities; Reviewing minutes of meetings of trustees; Identifying and testing journals, in particular journal entries posted unusual descriptions,. and Challenging assumptions and judgements made by management in their accounting estimates 17 THE ROYAL DRAWING SCHOOL AUDIT REPORT FOR THE YEAR ENDED 31 ALIGUST 2024 Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. 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.or auditorsres onsibilities. This description forms part of our auditor's report. Use of our report This report is made solely to the charitable company'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 charitable company's members those matters we are required to State to 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 charitable company and the charitable company's members, as a body. for our audit work, for this report, or for the opinions we have formed. Richard Weaver (Senior Statutory Auditor} For and on behalf of Haysmac LLP, Statutory Auditor 10 Queen Street Place London EC4R IAG Date: l April 2025 18 Thè Royal Dr•wln8 khool Statement olllnanclal •¢tlwltles In¢ludlni Inr•me and exp•ndllur• •¢count Year ended 31 August 2024 UThre#rlcted Funds Rertilrted Funds Endowment Funds Totsl Funds Total lunds Noies Jl.Aui-24 Jl.Autr24 Jl.A4-24 JIth￿-14 S1-Au¢.2J Inttsme fr 24 Thè Royal Dw•wlnBSch¢)ol Note5tothefinanclal 5taternents Yearended 31 August 2024 Inwme fte5trkted Ethirnent Funds Furtds 31-Au8.Z4 31Au8.24 fjentral Funds 314uK.24 T(>t*l Total 31.AuB-23 Doll￿1￿5 and legades 1.473330 S03.102 1,976.432 2.222.736 Charltsble ac¢lvll￿i Course leès Materials Other income 1,361,404 13,426 99.303 iJ61A04 13,426 99303 1.206.377 16.809 132.649 1.474,133 IA74,133 1.35S.83S In¥¢stmenis Deposlt account knterest Oi¥¢dends, lnterestand reallsed ga1Th5 81,614 11.614 878.903 61.580 7,369 68,949 878.Sf13 81,614 878.903 960,517 Other Exchan8e galnsl1105ses1 J,OZ9,077 $03,102 87B.g03 4.411.082 3,647,520 Exgendttur• 31.Au8.23 R•151N Fundi StaMc05ts (Note Sl Investment mana8ement Publicity and fundralsln8 260,290 9,370 166,859 181.436 44,859 ZZ4,895 436,519 451,190 Ch•rlt•ble •rtlvlll•i Educatlonal aitlvlly.. Staflcosts (Noie 51 oiher direct costslNote41 Support co$rslNote41 1,254,909 1.834,9J6 2S9.796 1,019,474 1.875,978 444,987 3,349,611 3.340,439 Other dlrtrt COAts •nd support 3l-Au&.24 31.Aug.23 Olher dlf•rt¢ostsJ.000 133.5S2 26,4EQ 133,552 Trustees a￿ eliglble to be reimbursed for travel and incidental e¥pènse5 incurred in the performance ol their dutles.. Enil w45 claimed12023.' nill. One trustee recelved fees totalling £1,556 in connectlon wilh seThices as a self-ernployed drawing tulor12023: one). No tru51ees rEceived fÈE5 in relation to services provlded on an arm's len8th ba51512023', nonel. 26 Thè Royal Drawlng Sclwol Note5tothe financial staternents Yearended 31 August 2024 Tangible flxed a55ets Websll• & ooklnz System FbAIuMS, tlttiny and equiprnent FreelK>ld land Leasehold and buiklin8s Impwovefflents Total At31 Au8u5t 2023 Additions Oisposals Al 31 Au8ust 2024 1416,667 529.737 105.457 46,022 2,499 Jm7.883 1499 2.416,667 529,737 105.457 48,521 3.1(Kl.382 Depre¢latlon At 31 Au8ust 2023 Charge forthe year Di5P05als At 31 AuBusi 1024 334,781 30.666 226,922 93585 9S.406 6.458 39,243 2,843 696,JS2 133,552 365,447 320507 101,864 42,086 829.904 N•t book v•lue At 31 Au8USt 2024 2x151,220 209230 l.S93 6,43$ 1270,478 At 31 Au8USt 2023 2.081,886 302,815 10,051 6,779 2.401,531 All of the above assets are used for charltbble pu￿0$¢$. In¥•51rn•nts 31Ai¥.Z4 314ui.Z4 Cymnt Year p*m￿nent Empendable 7.119,803 13m7.297 1.130.170 12J16,135 13S(Kl.1121 112167,7721 67,756 65.615 777.530 IJ68,3B2 Total Market value at 31 Auiu5t 2023 Addillonsat Cost Dlsposals at cost M￿ernent In cash held for Invesiments Chan8e In rnarkei Value 5.977,494 9.685,965 19,367.6601 12.1411 ,8S2 Miwk•tV41ue wt JIAuqyst 2024 7.084,SiO 7J95.147 14,679.657 Jir*.U 314w-23 31*.13 Pl￿rY•¥1 P•im•n•nt EMp•nd•ble 6547,985 1,291,667 1878,9231 140,7561 199.830 Tol•l Market value at 31Au8USt 2022 Additions at co Disposals at C05t Movement In casb held lor Investments Change In market value 6.797.526 13J45.511 1391,667 IIA54,7701 1432,4571 347,346 1575,8471 1391,7011 147.516 M•￿*1¥41ueIt 31August 102J 5.977.494 7.119,803 13m7,297 27 The Roy•l ￿3w1n8$(hOol ￿￿est0¢he financlalstatements Year ended 31 Awust 2024 Investments Imnllnuedl Market Value 31-Aug-24 31-Aug44 31-A¥24 Cuff•nt Ythr P•rm•n•rf Eyndlb Toi•l Anatysls of investments Oaktree Capital ManaRemeni, L.P. Ifourfundsl isharès Core MSCI World UCITS ÉTF Partnerscapital Greyhawkcayman Feeder Fund, Ltd Partners Capital PhoenlxFund11 Ltd- Diversified Income Fund Portner5Capltal Secondaries Partners Capital CondorFund XV (Cayman) LP Partners Capital Condor Fund xvl (Caymanl L,P Panneis C8pltal Condor Fund XVII ICaym¥nl LP The Master Portlollo ICI Ltd- G8P 1Shares UkGILTS 140Sumrner Partnersoffshore Octa8on Panners CLOOpp Prlnclpal Global Investors Are55trotegic Income119%1 Lshares Core MSCI World GBP Hedged Ishares up to 10 Years UK GILTS 81ackRock ICSSierlln8 Axonlc Structured Opportynrtles Masters Ilold 6ack Other InveslmeThts C¥sh helll lof investrnenl 14.6)4 708.991 14.604 875.198 2h14,627 4.101.010 941.135 222.151 112.977 3.049 166.307 2,644.627 2.732.Sll 941.135 222.151 112,977 3.049 1,46&499 562.193 561.193 279.369 416.260 441,769 415,112 1.772,483 570,662 )20,702 SS6,$49 163.037 279,369 317,171 358,643 336.241 1.435,711 $70.662 320,702 556,549 163.037 79.089 84,126 78.871 336.772 S7￿25 108.645 165h70 Toial market Value 6,607.104 8,072,453 14.679.6S7 101 31-Au8-23 31-ALt8.23 31.Au8-23 pl￿ry¢l￿ Permjnent Expendabfe Totsl Analysisof Inveslrnent5 Oaktree Capital Mana8tment. L.P. Ifourfundsl TM (an￿oWne Qeveloped Matlets Lonionly SRI FufidG8P 1SharesCore MSCI World UCITS ETF Partner5 Capital Greyh•wk Cayman Feeder Fund, Ltd Partners Capltal Phoenix Fund11 Ltd- Diversified Income Fund- ClassAi January 2022 Series Partners Capital Phoenix Fund11 Ltd- Oiversifled Intomè Fund- Class Al Lead Series PartnersCaplialSecon4arles Partnerscapltal Condor Fund XVICayrnanl LP Partnerscapital Condor Fund XVI Icayrnanl LP The Masterportfolio ICI Ltd. Gep Other Inv0￿MeThI$ 17.677 17.671 891,467 2.243.604 191A67 2243,604 1.930.616 322.555 159.787 82.400 1,396,336 10.889 1,93D.616 322,555 IS9,787 01400 7,349.136 ioo.oss s.952,￿ 59.166 Total rnarket value 6X129.64J 7067,654 13.097.198 28 The Royal Drawlfi8Schog1 Notes tothe fIna￿l31 st•temtnts Yearended al Augusi 2024 Investments Icontirn￿dl In¢ome forthe y•ir -A￿.24 31*24 31A¥.Z4 Cutyent Year Penn•nent Expertdable Totsl knalysisof in¥estrneThts Oaktree Capital Mana8emeTht. L.P. Ifour fvndsl Oaktree EThhanced Income Fund11 Icaymanl. L.P, Oaktree Real Estate Oebt Funtl Icaymanl. LP. Oaktree Poweropportunities Fund IV Feedef ICaymaThl. LP. Oaktree European Senior Loan Fund Ruffer Total Return Fufid-c Inc Gap iShare5 Core MSCI World UCITS tTF Other Investrnents Cash hel¢J fof Investment 7.200 2,716 2.716 4.483 26.752 Zfj.752 Total income 7.199 26.752 33.951 31.Au8.23 31-Au8-23 31.Au8.23 Pr*r Year Pem)anent Expendoble Tatal Anatyslsof lTrvtstments Oaktiee Capital Mana8emeni. L.P. Ilour lundsl Other Investmenrs 2,126 5,143 2.126 Total Income 1.126 5.243 7,369 29 Tht ftoyal Drawln8School Notestothefinartialststements Year enéed 31 AuKu5t 2024 In￿$t￿•￿ts Imntlnu•dl Pe￿anent endo¥Ment fund5: Totsl RelumAc¢ountln8 The School has adopted The Chaiitles (Total Returnl Re8ulations 2013 issued by the Charity Cornmlssion and has implemented the total return investmènt powers in relation to its permanent endowmeni in¥esimeni. The regulatlon permits the trustees to invest the portfolio to ma¥lmise total reiurn and to apply an approprlate portion ol the unapplle(I total reiuin to income each year. Until the p)wer is exercised to transfer a portlon of the unapplied total reiuin to intorne. the unapplied total return remalns invested as part ol the permanent endowment. The irustees have exercisetl their powef to allocate Ltnapplied total return to income of É440.00012023.. £440,000) in the year. Total allocat¢on ol return to income represenis 4% annual of the average fund value held rfuring the year, subjed to sufficient unapplied total retum. The Investment fund ond application ol tot•1 return to perm4neTht endowment lund5'. 31-Aui.24 31.Aiig.23 Openln8 valueofpeimanent end¢)wrnent 6,462.313 6,797.529 Less.. Orl8lnèl of the g I4￿cO.(1)0) 14.Cl)O.C#)01 Unipplled lotsl r•lum broutht forwird 2,462.313 2.797.$29 Add IILe551 Investment return.. dividend5and Interest Investmènt Coms Investment return.. 8alnsand Ilosse51 7.20) 19.3701 783.651 2,126 144.8591 147.516 Unapplled lotsl rewm belore tr•nsler io Income 3,243.794 2.902.313 T¢xal return appl￿1 I410.C￿l 1140,CfK)I Unapplled retumasat 31Auiust iou 2,833.794 2.462,313 Ori8lnal value ol the81ft brought lorward New endowmenis in the year 4.CD).LK#) 4.￿0.000 Permanent ertdowrnent In¢ludln8 un•ppllod t￿41 r•tYrn 41 Ot 31 Aulust 2024 oni¢hthin¢ In¥esfment lund 6.833.794 6.462,313 The Roy•l Or•*ln8 School Notes to thefinan¢l•ls¢atemen¢s Yearended 31 A￿￿$1 1024 Oebthrs JIAu¥-24 31-Au8-23 Tradedebtors Donationsretsivab Prepayments Otherdebtors 31.S34 105.C 79,420 173,600 389,554 26.694 180,628 74,353 175.923 457.598 Creditorn: arnounts Ill￿￿ due wlthin onepar 31-Aug-24 31-Aug-23 Trade credltors Accruals Oefefred Income Other taxes and social gecurlty Sundry cieditors 166,874 86,353 SSO,826 33,801 S,2S4 143,108 258,649 77,789 647,923 67,253 12,8141 1,048,800 Openingdeferred Incorne Released Sn the year In¢gme delerred in ihe CUfreThtyear 647,923 1647,9231 SSO.8Z6 157.027 1157,0271 617,923 550,826 647,923 li PA￿Ment on funds Other recognised Transler 8ains I losses At 31 Au8USt 202a AI JI Au8USt Income Expendlture Currnnt Y••r UThresirl(ted funds General Fund Oesi8nated Property Fund Oiwtal London Llvln8 Fwd 1,270.79S 2,081,888 350,UY) 3,029,077 13,237,67S1 130.6671 410.0)J Ih72,197 2A151,221 350,000 Is.0001 13.173,31121 3,707,683 3.029,n77 410.000 I￿73.418 Ilestricted funds Artist On Filrn Wintlrush Dr•wlng Year Fund Youn8 Artlsts ProBramme Foundation Year Fund Denismahon Alumnl & DH Putsllc Programme Gefitfal S£hotsr5hlp and general re5rrlcted 8tsildln8 Works Fund Li¥ln8 Libiary 20,602 64,432 20,602 13491 1273,2491 1137,6231 175,69)) IiO,X791 14,0581 11,5401 273.249 137.623 75,690 Is,000 14.774 4.058 IV65 .1,540 150,C I50￿0 253.866 $03,102 IS03.4181 25J.550 End¢)wment funds Permanent en 3,550,139 2,737,S61 440,000 3,707,603 Rest¢Ic￿l funds Artist On Filffl Wlndiush Drawln8 Year Fund YoungArtlsts Pro8ramrne Foundaiion Year Fund DenSs Mahon Alumni & DH Publlc Prograrnme General ScholarshipaThd geneial restrlcted 6uildln8 Works f und Llvlnq Llbrary 20.802 20,602 64.432 19S,963 312.030 121,004 75.198 10,000 10.000 28,395 1131,5311 1312,0301 1121.Ch)41 I1￿,776) 15,7181 127.2991 128,3951 25,578 10,492 21,357 14.774 4AI58 Iso.000 150.000 78.029 9)2,59) 1726,7531 2S3 Endowmentfund5 Pèirnaneni endowrnents Expendableendowrnents 6.797,519 7.112.340 2,126 5,243 144,8591 1440.COJI 147,516 199,831 6,462,311 7.317A14 13.909,870 7,370 144,8591 13.791.619) 1440,0001 347,347 13,779,7Z6 Total funds 17,5MQJ6 l647.5ZI 347J47 17.741,275 32 The Royal Or•Wingsd￿OI Notèstothe financlolststements Year ended 31 Avysl 2024 li Movementon lur￿5 Icontinutdl Deslgnated Proptrty Furtd This is a deY8nated fund representin8 the net book ¥alue of thecharlty's one third share of 1>22Charlottè Road, London EC2A 3SG. O•s*n•i•d Dl8iial Fund The iiusteesdesl8nated E350k of lunds as at 31 August 2023 towards the development ol ihedlgltal 5trate8Y. Oe$i8n•ied London Llvln8 Gr•rtt Fund TheTrustees desi8nated £SOk of lundsas at 31 Augu￿ 2023 towards Ilwn88rant bursaries. Artlst On film Th15 lund is io support rhe delivery of the School's Artist on Fllm strles. Wlndrush Thls fund is to support the deli¥eryolthe S¢hool'swindrush serle5. Oiawin¢Y••r Fund Thls lund Is to svpport thedell¥ery of the School'5 MA-level Dro￿1n6 Ye•r. Youw Artlsts Pro8ramm• Th55 fund isto 5UPPQrt the School's YoungArt15t5 Prograrnmeol weekly drawin8classes Iof children and youn8 peoplea6eil 11-18. Artlsts Resldencles Thls lund isto 5UPPOrtsthe School's internatloTral artlst residency pro8rJmffle. Found•fknn Y••r Fund Thls lund 1$ 10 sUPPOrt the delivery ol the School's Foundatlon Year. Oenls P*l•hoA Thls fundls to SUPPQrt the artistic practlce ol an alumnus of the School's MA-le¥el Orawln8 Year. Alumnl & LXI Thls lund15 10 5UPPOrt the prolesslonal developrnent and artlstlc practlce of alumnl ol the School'sOrawln8 Year proyJmme. Alumnl & ()H rhlsfund bsto update thefabrlc ol ihe bullding at 1922 Charlotte Road. Publlc Pia8r•mme General Funds resiricted io supportln8xholafshlp and otheraCti￿lIeS of the School 8ulldln8 wo￿$ Fund Dufln8 the yeor the charlty compleied the work on the new teachln8 Studlos and exhlbltion space Jt Charlotte Road and •s a Te5ult ttansferred ihe restrlcttd fund 5UPPOrted by Marla Manetti Shrem io unrestricted funds 33 TheRoyal Drawingschool NDte5tothefinanth151atemen yearer￿ed 31 Awsi 2024 li Movementon fvnds Icontinuedl EndowmentFunds Permanent Endowments Expendable Endowmenis Toill Endowmenls Curréntyear Balance broLt8ht forwaid at I September 2023 6.462.312 7.317,414 13,779.n6 0Svldends ¥nd Interest received net of txpenses 640.441 229.092 69.53J 7,102,753 141,040 7.546,506 558.357 14.649.159 Chan8e In market valueof investment5 Transler f¥orn General Fund Inote 111 Total return applled 8alan¢ecarired forward at31 Au8USt 2024 699.397 1410.1X#)I 6,833,793 1410.0001 14.938,656 ￿,1￿,863 Represénted ty.. Flxed Asset Inve5tmeTht5 ts5h 6,607,204 226,589 8,072,453 32.410 14.679.6S7 2W999 6,833,793 8.1ts1.863 14.938.6S6 Permanent Endowments Expendable Totsl En(lowmenrs Endownts Prloryear Balance brought forwaid ai i Sepiernber 1022 Endowment capital recelved Howard & Nancy Marks Ol¥ldendsand interest received net of expense5 6.797.$29 7,111340 13,909.869 142,7331 6.7$4,796 5,243 137.4901 IJA72,379 7,117.S83 Change In market value ol Investment5 Transfer toGeneral FuThO Inote 111 Total returfi applled lanceiarrled forward •t 31 Au8USt 2023 Represented ty.. Flxed Asset Inves¢ment5 Cosh 147,516 199.831 147347 1440,0001 6.461.312 1440.•JOI 11,779.726 7.317A14 6,029,643 432.669 7,067,653 249.761 lJ,097396 68U30 6,029,643 7,317,414 13,779,726 Tl* Roy•l ihwlng 5¢hool Notes tothe tlnanclal ststemenls Year ended jIA￿Ust 2024 12 A￿a￿SIs0ffte1 assets betweenfunds Designated. Fund èn London Livin8 Grant Fund 2024 Genernl Fund 2024 Restrirted Funils 2024 Endowment Funds 1024 Total Funds 2014 Current y••r Fixedassets Netcurrent assets 219.257 1.252,940 2,051,221 350.COJ 14.679.657 258,999 16,950,135 2.115,489 253.550 1401121 253.550 14 938 656 19 General Fund 2023 Desiqn•ted Fund 2023 Restrlcte(J Funds 2023 Endowment Funds 2023 Totll Funds 2023 Prloryqar Tan8lblefi%ed assets Netcurrent amets 319.645 951,150 2,081.886 355,Q)2 13,097,297 682.429 15.498,828 2.242A47 253,866 13 779 716 17 741 175 13 Pensions rhe Royal Orawln8 School conirSbute5 to Indl¥lduJls' personal penslon schemes. whl¢h ire thu5 aCCOUAted lor as 4 defined conirlbutlon peThslon scheme. The cosi reco8rslsed wlthin ihe result fortheyear In the statementof flnanclal aCtI￿tieS Isee Note 51 Is eqval to the contributions payable durin8 the year. T•x•llon The charitable companyls exempt from corporation IBX as all Its Income Is charltable and Is applled lof chailtable purp05e5. 15 Retsted parties Trusteesdonèted £25,OCDln the yeJi12023.' E25.0001. 16 Fon•￿141 rommltmènts The chariV5 total future minwnvm lease payments under non.cancellable operatin8 leases Is as follows lof each ofthefollowing periods.. JI-￿.14 31.Au8.23 OfflceeqLfylprneTht Payable withln one year Payats￿ in two to flveyears 17,272 17.272 35