Company registered number: 10388335 Charlty registered number: 1169925 THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company Ilmited by guarantee) UNAUDITED TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company Ilmlted by guarant••) CONTENTS Page Reference and admlnlstratlve details of the Charltabla Company* its Trustees and advisers Trust••s' report Independent examlnerfs report Statem•nt of flnanclal actlvitl•s Balance sheet Statom•nt of cash flows 10 Notes to the flnanclal statements
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION IA company 1Smlted by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITABLE COMPANY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 JULY 2024 Trustees Lora De Felice, Ctropted Trustee, Chair Mark Miller, Co-opted Trustee Adrian Capps, Co-opted Trustee, Vice Chair John Parmiter. Nominee of the University of the Arts London Alexi Marmot, Nominee of the Working Men's College Darius Farrokh Pocha, Cowopted Trustee Rachel Catherine Brain, Nominee of the Mary Ward Settlement Hannah Nashman, Co-opted Trustee lain Pelling, Cowopted Trustee, Treasurer Company registered number 10388335 Charity registered number 1169925 Registered office 85 Great Portland Street First Floor London W1W 7LT Company secretary Catherine Armstrong Independent Examiner John Howard FCA Azets Audit seices Limited 2nd Floor. Regis House 45 King William Slreet London. EC4R 9AN Bankers CAF Bank Ltd PO Box 289 West Malling Kent ME19 4TA Solicitors Stone King LLP Boundary House 91 Charterhouse Street London EC1M 6HR Investment Managers CCLA Investment Management Ltd Senator House 85 Queen Victoria Street London EC4V 4ET Page 1
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company limited by guarantee) THE ROYAL FEMALE SCHOOL OF ART FOUNDATION IA company limited by guarantee) TRUSTEES, REPORT FOR THE YEAR ENDED 31 JULY 2024 The Trustees present their annual report together with the audited financial statements of the charitable company, The Royal Female School of Art Foundation, for the year 1 August 2023 to 31 July 2024. The Trustees confimi that the Annual Report and financial statements of the company compty with the current statutory requirements, the requirements of the company's governing document and the provisions of the Statement of Recommended Practice (SORP), applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 20151 as amended by Update Bulletin 1 (effective 1 January 2015) and Update Bulletin 2 {effective 5 October 2018). Since the charitable company qualifies as small under section 383, the strategic report required of medium and large companies under The CompanEs Acl 2006 (Strategic Report and Director's Report) Regulations 2013 is not required. Structure, governance and management The charity is a company limited by guarantee, incorporated on 21 September 2016 and registered as a charity on 27 October 2016 with the Charity Commission. The incorporated charity is governed by its Memorandum and Articles of Association. The charty was considered dormant until 31 January 2018, upon which date the assets and liabilities (excluding an investment property asset) were transferred from the original unincorporated charity (registered charity number 1006880), also called the Royal Female School of Art Foundation. to this new incorporated charity (registered charity number 11699251. Trustees of the charity The directors of the charitable company are its trustees for the purposes of charity law. The trustees who have seNed during the year and since the year end are listed on Page 1. The Board of Trustees is constituted as follows, up to a maximum number of eight Trustees.. {1) one Foundation Trustee appointed by the Working Men's College (or its successor{s))', {2) one Foundation Trustee appointed by the University of the Arts London (or its successor(s)); {3) one Foundation Trustee appointed by the Mary Ward Centre (or its suc¢essor{s)},' and {4) a minimum of four Cfyopted Trustees, appointed unanimously by the Trustees. Historicalty. the three named organisations have nominated Trustees. Since their nominating bodies are also eligible to be recipients of the Foundation's grants, a greater number of co-opted Trustees are also recruiied in order to guarantee the objectivity of the Board's decisions and to manage potential conflicts of interest. Trustees may hold office for a period of four years and may be re-appointed by their appointing organisation, in the case of a Foundation Trustee, Of the Trustees, in the case of a Co-opted Trustee, upon expiry of their initial term for one further period of four years. No Foundation Trustee or Cowopted Trustee may be an officer, director or employee of any appointing organisation. Nomlnated Trustees The Mary Ward Centre nominated Alison Lowton to serve as a Trustee from 3 December 2019 until 2 December 2023. The Mary Ward Centre then nominated Rachel Brain to serve as a Trustee from 29 January 2024 until 28 January 2028. The Universty of the Arts, London nominated John Parmiter to seNe as a Trustee from 2 July 2018 until 1 July 2022. John Parmiter was re*lected for a final 4 year temi, to 1 July 2026. The Working Men's College nominated Alexi Marmot to serve as a Trustee on 3 September 2020 until 2 September 2024.
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Co-opted Trustees The RFSA Trustees co-opted trustees each bring specialist expertise to the Board of Trustees. Trustees utilise bolh online advertisement and, if required, the services of a trustee recruitment specialist to recruit additional co- opted Trustees as required. New Trustees are provided with a paper-based induction and induction meetingls). in the latter case the number dependent on their expertise and personal requirements. In order to maintain Board numbers and continuation of knowledge. the Trustees shall retire through a staggered arrangement. Commencing from the first meeting ofthe Trustees in the thirdcalendar yearfollowing incorporation of the charity, and each year thereafter, one Foundation Trustee or one Co-opted Trustee must retire from office. However, if Trustee resignations have occurred during the year, prior to term end dates, further staggered retirements as above can be delayed to ensure continuation of knowledge within the Board. The Trustees usually meet four times per year but meet more frequently should the business of the Foundation require it. General practice is thal the Chair is appointed during the first meeling of the calendar year for a period of three years, and a Vice Chair for a period of two years, rotating between the Trustees. Management Trustees appointed a Foundation Secretary & Grants Manager from December 2017 to provide administrative seNi¢es. Azets ha5 been appointed as accountant and auditor through a tender process in 2021 and this is reviewed annually. The Trustees have appointed CCLA Investment Management Limrted (COIF Trustees) to manage investments. The Trustees obtain legal, insurance and valuers, advice as necessary. Key Management Personnel The Trustees consider the Board ofTrustees and the Foundation Secretary & Grants Manager as Comprising the key management personnel of the charrty in charge of directing and controlling the charity and running and operating the charity on a day to day basis. All trustees give of their time freely and no trustee remuneration was paid in the year. Details of trustee expenses and related party transactions are disclosed in the accounts. Trustees are required to disclose all relevant interests and register them with the Foundation Secretary & Grants Manager and in accordance with the Charity's policy withdraw from decisions where a Conflict of interest arises. The salary of the Charty's Foundation Secretary & Grants Manager is reviewed annually. The remuneration is bench-marked with grant-making charities of a similar size and activity to ensure that the remuneration sel is fair and not out of line with that generally paid for similar roles. Objectives and activities The charity's objects are specifically restricted to advancing the education {including social and physical training) of students.. who reside in the Greater London area or study in the Greater London area but reside elsewhere- and 2. primarily but not exclusively who may suffer disadvantage by reason of pregnancy, childbirth, caring or parenthood, with a preference for education in the subjects of art and design.
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company Ilmited by guarante•) TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Objectives and activities Icontinued) The Trustees have powers to: award scholarships, bursaries, maintenance allowances or grants tenable for the benefit of students at any educational establishment approved by the Trustees., 2. provide financial assistance, t¢)ols, instruments or books to assist students to pursue their education. to undertake travel, or to prepare for or enter a profession or occupation on graduation., make grants to educational institLrtions which provide facilities for promoting the education of students.. make grants to educational institutions to support students (including prospective students) who by reason of pregnancy, childbirth, caring or parenthood suffer disadvantage. To direct the majority of its income to its purpose, the Trustees invite applications once each year from selected educational organisations for projects which seek to enhance and facilitate education in the arts provided to those residing or studying within the Greater London area. Monitoring reports on all bids are required to be submitted part way through, and one year following the award. This allows Trustees to assess the impact and benefrt of the grants allocated. Strategic Planning The Foundation's strategy and policies are reviewed at Board meetings and through setting key objectives for governance, administration, investment and grant making. Strategy Away Days are held at least every five years and provide a forum to reflect on the impact and future direction for the charity. The second Strategy Away Day was held in February 2024, Culminating in the creation and later adoption of a new Strategic Plan covering strategic priorities over the 5 years to 2029. Fokwng a revEw of the prevDLE 5 years, woyk, the SLw&Jiro Strategic Plan is based around 2 key priorities and ambitions.. Partnerships and Research. These have shown themselves to be the overriding areas of work that must be focused on over the next 5 years. Two other strategic areas of work will support Partnerships and Research, being.. The ambition to achieve Sustainability in perpeturty for the Foundation, will be achieved through the appointment of a Treasurer and implementation of a permanent Investment Committee. The development and delivery of a Communications strategy will also support the work and ambitions of the Partnerships and Research Working Groups. The new Strategic Plan and its actions are reviewed at each Board meeting, with subgroups, actions and timescales assigned to each priority. The Trustees have paid regard to the Charrty Commission's guidance on public benefit when deciding on the Charity's activities for the year. delails of which are set out below. Consideration was also given to meeting the public benefit during review of the charity's own objectives through the Strategic Plan. Impact of Global Financial Uncertainty The Trustee policy to award grants up to the value ofexpected income, to ensurethe sustainability ofthe investment asset and future grant-making capacity of the charrty, was closely upheld. This was particularly in light of the ongoing global issues and impact on the world economy and investments. When making decisions in terms of how to fund grants, the trustees attempt to balance the increasing needs of students with the requirement to ensure financial sustainabilty in the long term.
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company Ilmlted by guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 JULY 2024 Financial review Dividends from the holdings in the COIF ethical investment units and interest on Ihe income in the COIF deposit fund continue to be received quarterly (approximately £75.000 per annum). The Foundation's investment assets in property and common investment funds are held for the purpose of generating income which can be distributed as grants towards the Foundation's charitable purposes. The grants are made al the discrètion of the Trustees and are not intended to bind the Trustees lo awards in any subsequent years. Other expenditure relales to administrative and professional fees as required, where such costs are kept to a minimum. The overall income for the 2023-24 year was £199,470 and the overall expenditure was £208.932. Risk Management The Trustees have in place a risk policy: they manage risk actively thrwghout the year and undertake a full risk review on an annual basis, to discuss system5 of risk mitigation and best practice in respect of these risks. The principal risks faced by the Charity lie in the performance of investments and operational risks from ineffective grant making and the capacity of the Charty to make effective grants. The Trustees consider variability of investment returns to constitute the charity's major financial risk. This is mitigated by retaining expert investmenl managers and having a diverstfied investment portfolio. Future Activities Following the ongoing global financial uncertainty, the Charity will ¢ontinu8 its grant giving in 2024125 al the leve of estimated nel income. whilst the Truslees undertake the work programmes within the currenl strategic plan and commence a full review of the reserves and investment policy.. The Trustee also anticipate certain legal and other Gosts related lo the change in tenancy and new lease for the propety asset al Queen Square. These costs have been professionally estimated and prepared for within the cash flow budget. The Trustees will continue to work towards the achievement of the strategic priorities, as set out in the new Strategic Plan. Review of Ihe charity's reseryes and investments policies will in part be dictated by Ihe future use outcome of the charity's primary investment asset. the freehdd property at Queen Square. A new conditional lease has been negob'ated with tenants tsking possession on 1 August 2023. The occupancy takes place under a License to Occupy, while further negotiations tske place. The timings and outcome of this development will determine the type and level of future investment assets and income. which can be utilised by the charity to best achieve its strategic aims and public benefit requirements. The future income of the charity is likely to increase significantly after changes are made to the use of the property in Queen Square. In anticipation. the truslees plan to give serious attention to the implications of increased income within ongoing Stralegic Plan reviews, the ReseThes and Investments Policy review, and on the scale and direction of the Foundation's future activities. In anticipation of an increase in income the Trustees expanded Ihe Boards skillset. with the appointment of a Treasurer and fomation of a permanenl Investments Committee. The Charity will also strengthen its partnerships. induding with ts grant recipient organisations. commencing wrth hosting its first networking conference in February 2024. This report has been prepared tsking advantage of the sm811 companies, exemption of the Companies Act2006. Approved by order of the m8mb8rs of th8 board of Trustees and signed on their behalf by: Lora De Felice Date: Page 6
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company Ilmlted by guarantee} INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 JULY 2024 Independent examiner's report to the Trustees of The Royal Female School of Art Foundation ('the Charitable Company,) I report to the charity Trustees on my examination of the accounts of the Charitable Company for the year ended 31 July 2024. Responsibilities and basis of report As the Trustees of the Charitable Company (and rts directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 {'the 2006 Act,). Having satisfied myself that the accounts of the Charitable Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the Charitable Company's accounts carried out under section 145 of the Charities Act 2011 (Yhe 2011 Act,). In carying out my examination I have followed the Directions given by the Charity Commission under section 14515)(b) of the 2011 Act. Independent examinerfs statement I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me Cause to believe that in any material respect.. accounting records were not kept in respect of the Charitable Company as required by section 386 of the 2006 Act., or the accounts do not accord with those records.. or the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a 'true and fair, view which is not a matter considered as part of an independent examination; or the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charrties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding ofthe accounts to be reached. J Howard FCA Azets Audit Services 2nd Floor, Regis House 45 King William Street London EC4R 9AN Date.. Page 7
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 JULY 2024 Unrestricted funds 2024 Total funds 2024 Total funds 2023 Note Income from: Donations.. Queens prize Government Grants Investments 600 600 600 198,870 198,870 171,589 Total income Expenditure on: Charitable activities 199,470 199,470 172,189 208,932 208,932 153,789 Total expenditure Net lexpenditure) before net gains on investments 208.932 208,932 153,789 19,462) 19,462) 18,400 Net gainl (loss) on investments 10 224,584 224,584 (70,806) Net movement in funds before other recognised gains 215.122 215.122 (52,406) Other recognised gains: Gains on revaluation of fixed assets 215.122 215,122 (52,406) Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds 12,461,097 12,461,097 12,513,503 215,122 215,122 152,4061 12,676,219 12,676,219 12.461,097 Total funds carrled forward The Statement of financial activities includes all gains and losses recognised in the year. In 2023124 all income and expenditure was allocated to I from the Unrestricted fund. All income and expendrture derive from continuing activities. The notes on pages 11 to 21 form part of these financial statements. Page 8
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company limited by guarantee) BALANCE SHEET AS AT 31 JULY 2024 2024 2023 Noto Fixed assets Investments Investmeni property 10 2.728,264 10,000.000 2.503.680 10,000.000 12.728.264 12,503,680 Current assets Deblors Cash at bank and in hand 19,436 171,169 18,648 85,992 190.605 104.640 Creditors.. amounts falling due wilhin one year 12 {242,650) 1147.223) Net current liabilities {52,045) 142.5831 Total net assets 12.676.219 12,461,097 Charity funds Unrestricted funds 12.676,219 12,461,097 Total funds 12,676,219 12,461,097 The Charitable Company was entitled to exemption from audit under seclion 477 of the Companies Acl 2006. The members have not required the company to obtain an audit for the year in question in accordance with seclion 476 of Companies Act 2006. The Trustees acknowledge their responsibililies for complying with the requirements of the Act with respect to accounting records and preparation of financial ststement5. The financial stalements have been prepared in accordance with the provisions applicable to entities subjecl to Ihe small companies regime. The financial statements were approved and authorised for issue by Ihe Truslees and signed on their behalf Lora De Felice Date.. The notes on pages 11 to 21 form part of these financial slalements. Page 9
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Genoral information The Royal Female School of Art Foundation is an incorporated Charity and is registered with the Charity Commission (Charity Registered Number 1169925) and Registrar of Companies (Company Registration Number 10388335) in England and Wales. In the event of the Charitable Company being wound up. the liabilty in respect of the guarantee is limited to £1 per member of the Charrtable Company. The address of the registered office is given in the Charitable Company information on page 1 of these financial statements. The nature of the Charitable Company's operations and principal activities are providing financial assistance in the form of grants, bursaries, and maintenance allowances to assist students with their education in the fields of art and design. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102} Accounting and Reporting by Charities.. Ststement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Royal Female School of Art Foundation meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy. The financial statements are presented in sterling which is the functional currency of the Charrtable Company and rounded to the nearest pound. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otheThvise stated. 2.2 Going concern The financial statements have been prepared on a going concern basis as the Trustees believe thatno material uncertainties exist. The Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these fi'nancial statements. The budgeted income and expenditure is SLrfficient with the level of reserves for the Charity to be able to continue as a going concern for the foreseeable future. Page11
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies {continued} 2.3 Income All income is recognised once the Charitable Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliabty. Investment income is earnt through holding assets for investment purposes such as shares and property. It includes dividends, interest and rent. Where it is not practicable to identify investment management costs incurred within a scheme with reasonable accuracy, the investment income is reported net of these costs. Costs are re¢ognised on a gross basis when the amount can be measured reliably. Interest income is recognised using the effective interest method and dividend income is recognised as the Charitable Company's right to receive payment is established. Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable. 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activrty. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges alkjcated on the portion of the asset's use. Expenditure on charitable activities is incurred on directly undertaking the activrties which further the Charitable Company's objectives, as well as any associated support costs. Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subjecl to conditions which have not been met at the year end are noted asa commitment, but not accrued as expendilure. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Charitable Company., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.6 Investments Fixed asset investments are a form of financial instrument and are initialty recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl{Lossesl on investments, in the Statement of financial activities. Page 12
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company Ilmited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies Icontinued) 2.7 Investment property The investment propety is measured at fair value at each reporting date. Fair value is attributed on the basis of a yield on the rental income which is based on a surveyors, estimate. No value is attributed to the underlying land. The Trustees review this valuation annually with any changes inthe fair value being recognised under the heading 'Gainsl{losses} on investments, in the Statement of Financial Activrties. 2.8 Operating leases Rents received under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments wrth a short maturity of three months or less from the date of acquisition or opening ofthe deposit or similar account. 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event. it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilrties are recognised at the amount that the Charitable Company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide. 2.12 Financial instruments The Charity holds basic financial instruments. The financial assets and financial liabilities of the Charity are as follows.. Financial assets accrued income is classified as a basic financial instrument and debt instrument measured at amortised cost as shown in Note 11. Prepayments are not financial instruments. Cash at bank - is classified as a basic financial instrument and is measured at face value. Investments - all investments are classrfied as basic financial instruments and held at their fairvalue. Financial liabilities accruals and grants payable are classified as basic financial instruments. and are measured at amortised cost as shown in Note 12. Page 13
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Accounting policies (continued) 2.13 Pensions When employees have rendered service to the charitable company, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that seniice. The charitable company offers a stakeholder pension scheme which is open to all employees. Employer contributions are charged to the Statement of Financial Activities in the period in which they are incurred. 2.14 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Charitable Company and which have not been designated for other purposes. Investment income, gains and losses are allocated to the appropriate fund. Investment income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Property rental income Listed investments - dividend income Bank interest Total 2024 120.000 76.728 2,142 198,870 120,000 76,728 2,142 198,870 95,000 75,170 1,419 171,589 Total 2023 171,589 171,589 Page 14
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Analysis of expenditure on charitable activities- by type Grant funding of activities 2024 Support costs 2024 Total 2024 Charitable activities 95,859 113.073 208,932 Grant fvnding of activities 2023 Support costs 2023 Total 2023 Charitable activities 69,447 84,342 153,789 Analysis of support costs Activities Total Total 2024 2024 2023 Stsff costs Sundry expendtture Governance costs Professional fees 26,076 26,076 26,390 21,240 65,757 21,240 65,757 9,257 48,695 113,073 113,073 84,342 Governance costs Governance costs include expenses related to insurance services, administrative costs. accounting and examination costs. Page 15
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Governance costs (continued 2024 2023 The Independent Examiner's remuneration for the year was.. Examination of the financial statements Financial statèments preparalion 2,350 2,850 2.150 2,700 5.200 4.850 Grants payable 2024 2023 Grants to institutions Working Men's College Mary Ward Centre Morley College BiTkbeck College City Literary Institute Ctty & Guilds of London Art School University of the Arts London AAD School London Metropolitan Universty Richmond & Hillcroft Adult Community College Grants authorised in previous years but not taken up Grants written off in the period to 3110712024 5,000 9,000 9,000 10.000 17,000 9.000 19,000 7,000 15,000 5.000 9,000 10,000 7.000 8.000 7,000 17,000 7,000 (4,141) 95,859 1553} 69,447 Grants to individuals Queen's Scholarship William Alkinson Scholarship 2,200 1,000 3,200 1,000 1,000 99,059 70,447 During the year two grants {2023 one grant) were made from the Queen's Scholarship fund and one grant {2023 - no grants) from the William Atkinson Fund. Grant awards are made by the Charity for in-house projects and also for allocation to individual audents. The awards are summarised above by reference to each institutionlcollege. The University of the Arts London includes.. Central Saint Martins. London College of Fashion, London College ofcommunication, Camberwell College ofArts, Chelsea College ofArts and Wimbledon College of Arts. Page 16
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION IA company limlted by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Staff costs 2024 2023 Wages and salaries Social security costs Contribution to defined contribution pension schemes 23,090 2,229 757 23.644 2,058 688 26,076 26,390 The Charitable Company contributes to its staff member's pension scheme. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The pension costs charge represents contributions payable by the charitable company to the fund and amounted to £757 {2023.' £688). The average number of persons employed by the Charitable Company during the year was as follows.. 2024 No. 2023 Employees No employee received remuneration amounting to more than £60,000 in either year. The Trustees consider the Board of Trustees and the Foundation Secretary & Grants Manager to be the Key Management Personnel of the Charrtable Company. Total remuneration received by Key Management Personnel was £ 26,076 {2023- £26,390). Trustees, remuneration and expenses During the year, no Trustees received any remuneration or other benefrts (2023 - £NIL). During the year ended 31 July 2024, no Trustee expenses have been incurred (2023- £NIL). Page 17
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION IA company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 Investment property Freehold investment property Valuation At 1 August 2023 Surplus on revaluation 10,000.000 At 31 July 2024 10,000,000 The Trustees have reassessed the valuation of the property based on discussions wrth property experts and examination of the local market. Based on these discussions, the Trustees Consider a reasonable estimate of the fair value of the property as at 31st July 2024 to be £10million. 10. Fixed asset investments Listed investments Cost or valuation At 1 August 2023 Disposals Revaluations 2,503,680 224,584 At 31 July 2024 2,728,264 Net book value At 31 July 2024 2,728,264 Al 31 July 2023 2,503,680 The CCLA investment management costs cannot easily be identified as investments are held in a "pooled fund" and hence are nol disclosed as costs of raising funds, however the 'ongoing Charges figure, for the Ethical Fund for the year ended 31 July 2024 was 0.60/0 of capital value. Page 18
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 11. Debtors 2024 2023 Due within one year Prepayments and accrued income 19,436 18,648 19.436 18,648 12. Creditors: Amounts falling due within one year 2024 2023 Other taxation and social securty other creditors Accruals Grant commitments 515 65,425 5.200 171,510 570 353 4, 850 141,510 242,650 147,223 13. ROn¢ll1at10n of net movement in funds to net cash flow from operating activities 2024 2023 Net income for the year las per Statement of Financial ActivitEs) 215,122 (52,406) Adjustments for: Net lossl (gains) on investments Investment income (Increase) in debtors (Decrease) in Creditors (224.584) (198,870) (788) 95,427 70,806 {171.589) 188 1,683 Net cash used in operatlng actlvltles (113,693) {151,318) Page 19
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 14. Analysls of cash and cash equivalents 2024 2023 Cash in hand 171,169 85.992 Total cash and cash equivalents 171,169 85,992 15. Analysis of changes in net debt At 1 August Cash flows 2023 At 31 July 2024 Cash at bank and in hand 85,992 85,177 171,169 85,992 85,1TI 171,169 16. Related party transactions During the year the RFSA gave grants to a number of organisations that have nominated Trustees to the charitable company. 2024 2023 Rachel Brain - nominated by the Mary Ward Settlement Alexi Marmot - nominated by the Working Men's College John Parmrter- nominated by the University of Arts London 9,000 5,000 19,000 9,000 5.000 17,000 33,000 31,000 In addition, the Mary Ward Settlement leased the Charity's property until 31 July 2023, when Mary Ward Settlement vacated. Page 20
THE ROYAL FEMALE SCHOOL OF ART FOUNDATION (A company Ilmfted by guarant••) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2024 16. Related party transactlons {contlnu•d) Rachel Brain is a Trustee nominated by the Mary Ward Settlement (MWS), the Mary Ward Settlement leased the Charity's property until Juty 2023. The MWS Nominated Trustee is not privy to any information or discussion related to the property asset. Trustees are required to complete a Declaration of Inte$1 form prior to appointment. Should any potential conflict of interest arise, Board members follow the Board policy and will seek professional advice rf necessary and vote on whether and to what degree to exclude that Trustee from information, discussion and voting on that issue or item. The Trustees have taken proper action for transactions relating to the payment of grants to be carried out on an at 'arm's length basis, through the use of a conflict-of-interest policy. Page 21