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 se￿ices 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.
R￿On¢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