2024-12-31-accounts

Federation of British Artists Limited (The)

Report of the Board and Consolidated Financial Statements

31 December 2024

Company Limited by Guarantee Registration Number 683275 (England and Wales) Charity Registration Number 200048

Contents

Reports
Legal and administrative information	3
Chairman’s foreword	4
Report of the Board	6
Independent auditor’s report
to the Members	25
Financial Statements
Consolidated statement of financial
activities	30
Balance sheets	31
Consolidated statement of cash flows	32
Principal accounting policies	33
Notes to the financial statements	38

The Federation of British Artists Limited 2

Legal and administrative information

The following trustees and officers were in office during the year and since the year-end: Alastair Adams RP Dana Arnold (appointed 2 October 2024) Max Angus SWLA Jon Coppin (appointed 2 October 2024) Mick Davies RBA Eela Devani Jane Ellison – Chair David Glazebrook Robin Hazlewood RI Monica He Hyon Won (appointed 2 October 2024) Martin Howarth HH Luis Morris ROI Richard Rees PS Carolyn Simpson RSMA Benjamin Ward NEAC Executive Team Clare O’Brien (CEO) Eamonn Bambury (Director of Finance and Operations) Arngunnur Aegisdottir (Director of Sales) Auditor Buzzacott Audit LLP 130 Wood Street London EC2V 6DL Solicitor Stone King LLP 16 St John’s Lane London EC1M 4BS Banker Barclays Bank plc Level 27 1 Churchill Place London E14 5HP

Directors and Trustees

The Federation of British Artists Limited 3

Chairman’s foreword

2024 marked my first full year as Chair of the Federation of British Artists (FBA). It has been a busy and rewarding year, with a vibrant programme of exhibitions, events, prizes and awards. I am pleased to report that we have continued to see growing engagement from visitors, both in the galleries and through our expanding online content, as well as an increase in artists submitting work and exhibiting with our member societies.

It has also been a year of reflection and future planning. I would like to thank the FBA Board, Presidents, and staff for their support and expertise as we developed a three-year strategy for 2025–2028. This process included a survey of our audiences, member artists and stakeholders, which reaffirmed our purpose to deepen public appreciation for new art and foster meaningful connections with both existing and new audiences.

The FBA also welcomed three new independent trustees in October: Professor Dana Arnold, Jon Coppin, and Monica He Hyon Won. In addition, Rosie Martyr has been co-opted until October 2025.

Throughout the year, the Board reviewed and updated key policies, including those on health and safety, major incidents, equality and diversity, safeguarding, and the code of conduct. Trustee Martin Howarth was appointed to oversee safeguarding. We also began work on updating our Articles and Memorandum of Association, to ensure legal compliance, modernise the language and simplify terms where appropriate.

In 2024 visitor numbers returned to near pre-pandemic levels of nearly 60,000, and over 300,000 people engaged with our online content. Member Society open exhibitions attracted around 20,000 submissions, with more than 600 works of art sold. They offered 120 events and workshops with many highlights. The Pastel Society celebrated its 125th Anniversary including The Pixel Project , a digital showcase of visitor-created artworks. The RBA featured a Chinese Ink Painting workshop with Huaicun Zhang, blending tradition with contemporary practice. Opened by Jon Snow, formerly of Channel 4 News, the RI’s exhibition held a Celebration of Watercolour through the lenses of art, science, and history. The RP hosted The Political Portrait , a panel discussion examining the intersection of art and politics. The NEAC’s Annual Lecture on Gwen John, delivered by Dr Alicia Foster, offered new insights into the pioneering artist’s work. The RSMA explored historical maritime painting through Painting Ships from History , while the SWLA’s An Eye on Ringed Plover highlighted the link between conservation and artistic storytelling. The ROI’s Paint Live Challenge embraced plein air painting, with food featured as a theme in the exhibition opened by Jenny Éclair.

FBA initiatives continued to support emerging talent through the Crinan Residency, Hesketh Hubbard Bursaries, NEAC Scholarships, and the Jonathan Vickers Award.

We are grateful to our regular gallery hirers—the Society of Women Artists, the Society of Graphic Fine Artists, and the Discerning Eye—and were pleased to welcome back the Food Photographer of the Year Awards . We also welcomed new exhibitors, including the Women in Art Fair and the University of the Arts London’s emerging talent exhibition, both of which brought fresh perspectives to our programme. And A Continued Legacy by artist Oliver Enwonwu featured his own work alongside that of his late father, the renowned Nigerian painter and RBA member Ben Enwonwu.

The Federation of British Artists Limited 4

Chairman’s foreword

In total, we staged 24 exhibitions in 2024, an impressive logistical achievement. My thanks go to the entire FBA team for successfully delivering such a complex and ambitious schedule at Mall Galleries.

Once again, we hosted an online fundraising auction, raising nearly £30,000. I would like to thank the artists and bidders for their generous support. Despite growth in audience numbers and stable revenues, rising inflation-related costs, a downturn in portrait commissions, and a late gallery hire cancellation resulted in a small deficit for the year.

As we move into the first year of our new strategic plan, we have identified six pillars to guide our work, support our primary beneficiaries, and enhance our place in the wider creative economy.

1. Delivering strong and high-quality content from gallery exhibitions to online platforms.

2. Widening our reach to engage younger audiences.

3. Serving our artists in new ways.

4. Becoming a stronger voice in the cultural sector.

5. Mall Galleries Lease – begin discussions with The Crown Estate regarding a new lease for 2030.

6. Building a financially sustainable and resilient organisation through diversified income streams.

Finally, it is with great sadness that we will be saying goodbye to our Chief Executive Officer of nearly seven years, Clare O’Brien, who will step down at the end of July 2025. I would like to thank Clare for her outstanding leadership and dedication to the FBA. She will be greatly missed.

Jane Ellison Chair

The Federation of British Artists Limited 5

Report of the Board 31 December 2024

The Board of Trustees (the “Board”) is pleased to present the annual report and review of the Federation of British Artists (the “Federation”), together with the consolidated financial statements of the Federation and its subsidiary company Mall Galleries Trading Limited for the financial year ended 31 December 2024. This report has been prepared in accordance with Part 8 of the Charities Act 2011.

The financial statements have been prepared in accordance with the accounting policies set out on pages 33 to 37 and comply with the Federation’s charitable Articles of Association, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Structure, Governance and Management

Structure

The Federation of British Artists Limited was established as a company limited by guarantee and is governed by a Memorandum and Articles of Association dated 13 February 1961. In October 2009 the Federation’s Articles were updated to comply with the requirements of the Companies Act 2006. These revised Articles have been filed at Companies House and with the Charity Commission.

The Federation, which does not have share capital, is registered as a charity with the Charity Commission and manages a large, modern gallery space - Mall Galleries - in the heart of central London.

There are nine member art societies, each of which brings a long and distinguished heritage to the Federation. Eight of these members are also registered charities: Royal Institute of Painters in Water Colours, Royal Society of British Artists, Royal Society of Marine Artists, Royal Society of Portrait Painters, Royal Institute of Oil Painters, New English Art Club, The Pastel Society and Society of Wildlife Artists. The ninth member is the Hesketh Hubbard Art Society, London’s largest life-drawing group.

The Board of Trustees is responsible for governance and control of the FBA and meets at least four times a year. The delivery of the charity’s objectives and the Board’s policy-making decisions are delegated to the staff of the Federation under the direction of the chief executive officer.

Appointment of Trustees

Members of the Board constitute directors of the charitable company for the purposes of the Companies Act 2006 and trustees of the charitable company for the purposes of charity legislation.

The Board comprises a maximum of nine elected trustees, each of whom is recruited from and by the representatives of the nine member art societies of the Federation at a general meeting of the company. Additionally, up to six co-opted trustees, including an independent chair, may also be appointed. These trustees are recruited by personal contact for the expertise they bring in areas such as marketing, legal affairs and finance. Existing trustees carry out an assessment of each new Co-opted trustee’s skills in order to evaluate their potential contribution or open advertising to the charity’s development before they are appointed. The members of the Board elect the chair. The Federation of British Artists Limited 6

Report of the Board 31 December 2024

Structure, Governance and Management (continued)

Appointment of Trustees (continued)

On election or co-option to the Board, trustees are sent a pack of relevant documents to enable them to understand their legal responsibilities as directors and to fulfil their responsibilities as trustees of the charity. This pack comprises the FBA’s Articles of Association, advice on disclosure of interests, financial statements and minutes of the board meetings for the previous year. All members of the Board receive regular information from the CEO and Secretary on matters relating to the Federation and its future plans, as well as to more general matters relating to charity governance. Elected trustees already have a good understanding of the Federation and how it is organised through their membership of one of the constituent art societies.

All trustees retire by rotation every three years and are eligible for re-election to serve up to a maximum of six years continuously. After six continuous years of service, they are not eligible for re-election for at least one year.

During 2024 three independent trustees were appointed from open recruitment: Professor Dana Arnold, Jon Coppin and Monica He Hyon Won. Rosie Martyr was co-opted for a year.

Organisation

The CEO is responsible for the day-to-day management of the Federation and for implementing all policy decisions determined by the Board. An Executive team, comprising a Director of Finance and Operations and Director of Sales support the CEO.

While still retaining final responsibility, the Board delegates oversight of certain important areas of governance to committees, each of which reports to and is accountable to the Board. These committees include the Finance and Budget Committee, which considers all matters relating to finance, the charity’s annual budget, investments, remuneration and risk management. A new ad hoc committee has been established, the Strategy Review Committee whose purpose is to assist the executive with strategic planning. Two other committees with delegated oversight are dormant at present, The Exhibitions Committee and the Education Committee. Since Covid-19 the work of these committees has been managed by the Executive team. The new strategic plan will identify which areas of governance will benefit from additional oversight and input from the FBA Board.

The key management personnel of the Federation in charge of directing, controlling, running and operating the charity comprise the Trustees, the CEO and the Executive team. Remuneration of the CEO and the Executive team is overseen by the charity’s Finance and Budget Committee, with reference to industry benchmarking. The same Committee advises and assists with personnel and recruitment.

The Federation is an equal opportunities employer. Recruitment criteria and procedures ensure that individuals are selected, promoted and treated on the basis of their relevant merits and abilities. Where appropriate and possible, special training is provided to enable employees to progress.

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Report of the Board 31 December 2024

Structure, Governance and Management (continued)

The trading activities of the Federation are conducted by Mall Galleries Trading Limited, the charity’s wholly owned trading subsidiary, incorporated in England and Wales in July 2007 (registered number 06315430). The company has a licence from the charity to operate all sponsorship and retailing activities on behalf of the charity. It donates all its profits in the year to the Federation by way of Gift Aid.’

Risk Management

The Executive team and Board have a strategy for the management of risks faced by the charity. Risk processes are kept under constant review and comprise the following key controls:

• ♦ A formal quarterly assessment of all risks by the Finance and Budget Committee, in conjunction with senior charity staff, which leads to the updating, monitoring and circulation of a Register of Headline Risks to mitigate these risks throughout the year.

• ♦ A formal annual review of the charity’s risk management process by the Finance and Budget Committee.

• ♦ A review of the charity’s Register of Headline Risks at each meeting of the Board.

• ♦ Regular executive meetings take place, weekly, fortnightly and monthly with the senior management team; project managers and all the staff to ensure effective planning and delivery takes place.

Through the implementation of these risk management controls, the Board has evaluated the main financial and non-financial risks to the organisation and is satisfied that the risks identified are adequately monitored and managed.

The key risks for the charity, as identified by the trustees, are described below, together with the principal ways in which they are mitigated:

Disruption caused by Covid-19 and the impact of the cost of living crisis

The combined impacts of Covid-19 and in 2023 and 2024, the high inflation rate has had a significant impact on the business, however the healthy reserves, cash balance, the government job retention scheme and other government grants along with other expenditure savings have enabled the organisation to plan for a resilient future, whilst safeguarding the safety of the FBA’s staff and its visitors. Longer term budget planning, modelling cost-effective approaches to achieving the organisation’s objectives and reducing expenditure all contribute towards ensuring the FBA is a going concern.

The following is the impact on the federations activities in 2024 and our actions to mitigate the risk:

• ♦ Galleries were open throughout 2024.

• ♦ Exhibitions were scheduled in each quarter and works of art placed online for sale.

• ♦ Visitor numbers are still reduced from pre-pandemic levels however they are growing as new audiences are targeted.

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Report of the Board 31 December 2024

Structure, Governance and Management (continued)

Risk management (continued)

Disruption caused by Covid-19 and the impact of the cost of living crisis (continued)

Mitigation:

• ♦ A new digital platform has been launched which includes an e-commerce site to ease art sales and improve digital marketing activity, to attract a wider market of buyers.

• ♦ Staging physical exhibitions with a strong online offering.

• ♦ Gallery and Evening / Day Events hirers – the hire package was reviewed and relaunched in 2022/3, coupled with a marketing campaign to attract new clients.

• ♦ New business to business activity (Art Advisory) was launched.

• ♦ Expenditure savings:

• staffing;

• business rate reduction;

• reduced activity has led to savings in the running cost of the premises; and

• Strategic decisions taken on cost to support the business.

Premises

The Federation operates from Grade 1-listed premises built in 1863. The age of the building requires us to undertake continuous monitoring for repairs and maintenance. Issues identified in the Fire Risk Assessment each year are assessed and prioritised for attention.

Water ingress and other faults arising within the building require frequent vigilance.

In cooperation with the charity’s landlord, security issues and fire alarm resources are monitored continuously.

Gallery Operations

Regular servicing of the Galleries’ principal air conditioning and heating unit is required to maintain the operational efficiency of the system, installed in 2016.

A major incident response protocol has been developed to manage incidents comprising of actual or suspected threat from inside or outside the premises.

The volume of visitors at all our exhibitions and events is monitored to ensure the federation complies with Westminster City Council licensing requirements.

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Report of the Board 31 December 2024

Structure, Governance and Management (continued)

Risk management (continued)

Organisation & Governance

All pay reviews are evaluated for impact on operational and financial performance.

Staffing issues, including new appointments and where appropriate, disciplinary matters, are escalated by the executive team to the Finance and Budget Committee and a trustee with safeguarding oversight of employees and visitors has been appointed in 2024.

Reputational risks are evaluated at each quarterly Finance and Budget Committee and FBA Board meetings.

Data security issues and controls are monitored and enhancements made to protect data from systems failures.

Finance

Cash flow is kept under continual review. Achieving and maintaining the charity’s agreed level of free reserves is a priority monitored by the Board. This is even more in focus given the impact that recent events had on the Charity’s reserves and the need to build back to agreed levels. Over 2023 (a surplus) and 2024 (a deficit) the charity reported an overall surplus, which has helped to partially build back its cash and reserves.

The combination of quarterly statements together with a rigorous forecasting process alerts the Finance and Budget Committee and trustees to any variances requiring attention.

The charity’s financial priorities, as set out and agreed by the trustees or identified during the annual audit, are kept under constant review.

Objectives of the Charity

Vision:

Leader in contemporary figurative art, led by artists, for all.

Mission:

Mall Galleries empowers artists through a busy programme of exhibitions and events, prizes and awards, with a focus on figurative art.

Managed by the Federation of British Artists, a visual arts charity founded in 1961, Mall Galleries offers learning and engagement opportunities for everyone.

Our Mission Statement

The Federation aims to provide a national focal point for contemporary figurative and representational art in a variety of different mediums and genres by living artists.

The charity encourages and promotes the practice and appreciation of the visual arts. We champion young and emerging talent, together with well-established artists.

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Report of the Board 31 December 2024

Objectives of the Charity (continued)

Our Mission Statement (continued)

Education and accessibility lie at the heart of the Federation. The charity is committed to offering an active programme of education to diverse audiences. The charity also aims to make its exhibitions and activities accessible to the widest number of visitors and age groups.

The Federation sets out to achieve these objectives by:

• ♦ Providing administration, technical services and facilities for the Federation’s member societies and for their annual exhibitions held at Mall Galleries.

• ♦ Providing exhibition facilities for other artists, group shows and organisations whose objectives are consistent with furthering the charitable objectives of the Federation.

• ♦ Providing concessionary access to large numbers of our visitors and free access to everyone under the age of 25.

• ♦ Facilitating prizes and bursaries to artists with the aim of encouraging participation and fostering excellence.

• ♦ Mounting new exhibitions that further the role of the Federation as a forum for contemporary figurative painting and sculpture.

• ♦ Supporting member art societies and external exhibitors in staging debates, tours, workshops and artist-led demonstrations, most of which are free to visitors some of which we organise ourselves.

• ♦ Providing facilities for the weekly life-drawing sessions of the Hesketh Hubbard Art Society.

After consideration of the Charity Commission’s guidance on public benefit, the Board regards these initiatives, together with our commitment to accessibility, as important means of delivering public benefit.

In order to finance these activities, the Federation is reliant for the majority of its income on artist submissions to exhibitions, commissions on art sales, gallery rental, Friends’ subscriptions, donations and sponsorship, and artist membership fees. We receive no regular government funding.

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Report of the Board 31 December 2024

Review of Achievements and Performance

Exhibitions – a summary

A total of 25 exhibitions were hosted in 2024 between January and December welcoming nearly 60,000 visitors:

x25 physically staged at Mall Galleries

These included:

x8 Federation of British Artists Society Annual Exhibitions

x1 FBA Initiative

Exhibition Hire: x17

x3 Art Fair and Auction Showcases

x3 Art Prizes

x4 Solo Exhibitions

x5 Group Exhibitions

x1 International Group Exhibition

x1 Product launch and filming

Full list of Exhibitions staged in 2024:

FBA Society Annual Exhibitions

Pastel Society | Annual Exhibition 2024

24 January to 10 February

Royal Society of British Artists | Annual Exhibition 2024

28 February to 9 March

Royal Institute of Painters in Water Colours | Annual Exhibition 2024

27 March to 13 April

Royal Society of Portrait Painters | Annual Exhibition 2024

8 to 18 May

New English Art Club | Annual Exhibition 2024

12 to 22 June

Royal Society of Marine Artists | Annual Exhibition 2024

18 to 28 September

Society of Wildlife Artists 60th Annual Exhibition | The Natural Eye 2024

16 to 27 October

Royal Institute of Oil Painters | Annual Exhibition 2024

27 November to 14 December

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Report of the Board 31 December 2024

FBA Initiative

Online fundraising Auction

Exhibition Hire x17

Art Fairs and Auction Showcases

• Lyon and Turnbull - Spring and Autumn

• Women in Art Fair

Solo Exhibitions

• Sino European Photography Exhibition

• Oliver Enwonwu: A Continued Legacy

• The Owen Rowley Prize-winners Retrospective (1988-2019)

• Born Free by Gary Hodges

Art Prizes

• ING Discerning Eye

• David Sheppard Wildlife Foundation / Wildlife Artists of the Year 2024

• Pink Lady Food Photographer of the Year 2024

International Groups

• Minerva 2024

Group Exhibitions

• Society of Graphic Fine Artists

• Society of Women Artists

• Art for Youth in support of UK Youth

• UAL Origins Creative

• -Light and Land on the Mall

Product Launch and filming

• Asda / George Christmas Launch

Artworks

Federation of British Artists (FBA) exhibition highlights:

• In total for the year, over 8,600 works of art were exhibited, 3,146 being in FBA exhibitions.

• +20,000 works of art were submitted for selection to an exhibition +12% on 2023.

• Over £100,000 was awarded in prizes.

• 51 portraits were commissioned.

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Report of the Board 31 December 2024

Three examples of Exhibition Hire:

UAL Origins Creatives celebrated the next generation of young creatives at UAL Awarding Body’s Origins Creatives exhibition, a good opportunity for everyone to come together to celebrate student creativity and hard work. Part of the University of the Arts London (UAL), UAL Awarding Body designs and awards creative qualifications that empower and inspire educators to help students reach their potential. It was a success, with 2,552 visitors across 4 days open to the public. It achieved a record 819 in one day on 20 July.

Oliver Enwonwu's A Continued Legacy featured new artwork by Oliver, as well as works by his late father, the acclaimed African modernist artist and RBA member, Ben Enwonwu. Oliver had 1,759 visitors throughout the hire and a private view evening opened by Dame Ann Limb. He also hosted demonstrations and talks, including a thought-provoking discussion with BritishNigerian curator, writer, and lecturer Péjú Oshin, on the enduring legacy of African modernism. It was an engaging discussion that was shared live on our Instagram channel

ING Discerning Eye Exhibition is an annual show of small-scale works well known for championing emerging artists. A panel of six prominent art world figures - two artists, two collectors and two critics - select works of art for the exhibition. They had 3,388 visitors through the door, bringing a new audience to the galleries. Discerning Eye have exhibited at Mall Galleries for 30 years.

Women in Art Fair (WIAF) returned to Mall Galleries in 2024 to provide a prominent platform for women artists, gallerists and curators during Frieze, London’s biggest annual arts week. WIAF had over 2000 submissions via an Open Call for inclusion in this year’s Fair, all responding to either the theme of ‘Time for Unity’ or reflecting on the creative process: the challenges and setbacks experienced during the journey to produce a final work of art. A high-profile talks programme ran throughout the fair, with speakers from around the world including living sculpture Daniel Lismore; Chair of Sotheby’s Switzerland Caroline Lang; and India’s leading contemporary art dealer, Aparajita Jain.

Fundraising Initiative

On the occasion of Frieze week, the FBA hosted its second fundraising auction online. Art for All

Members of the Federation of British Artists and exhibiting artists donated 202 small sculptures and works on paper or board to auction, which raised a total of £29,000. We extend our gratitude to every contributing artist, bidder and winner. Proceeds from the auction will support the Federation’s mission to empower artists through not-for-profit exhibitions and events, prizes and awards, with a focus on figurative art.

Visitors to the galleries and online digital engagement

• ♦ Instagram 64.31 to 72 = 12% increase.

• ♦ X (Twitter) 15.9 to 15.5 = 2.5% decrease.

• ♦ Facebook 30.56 to 33.6 = 10% increase.

• ♦ Gallery Visitors: over 60,000 +22%

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Report of the Board 31 December 2024

Review of Achievements and Performance (continued)

Visitors to the Galleries and online digital engagement (continued)

• ♦ Users 303,441 in 2024.

• ♦ Page Views 1,032,264 in 2024.

Our Website was upgraded in 2024 and we have seen positive results come through.

Learning and Engagement

The FBA member exhibitions offered a number of learning and engagement opportunities for all, including 14 workshops, 41 artist demonstrations, 12 tours, 8 talks, 4 portfolio reviews, and 3 art event evenings.

Highlights included:

Pastel Society 125th Anniversary Exhibition

The Studio: The Pastel Society championed dry media as a vibrant and thriving art form through their studio set up in the East Gallery led by Vice President Simon Hodges. In this space, visitors were encouraged to try out materials, draw and paint, as well as ask questions and look through the sketchbooks of member artists.

The Pixel Project: Alongside the gallery exhibition, the Pastel Society ran a digital exhibition called the Pixel Project through which they invited visitors to create their own small works in the gallery to be displayed online.

Royal Society of British Artists

The RBA Annual Exhibition offered several special events, such as:

Chinese Ink Painting: Honorary member Huaicun Zhang ran a workshop on Chinese Ink Painting, highlighting the ways that this deep cultural tradition can be adapted for today. Huaicun offered visitors of all ages the chance to try out materials and tools.

Making Mosaics: Guy Portelli demonstrated the art of mosaic making and offered a rare insight into his acclaimed Pop Icons series.

Royal Institute of Painters in Water Colours

A Celebration of Watercolour, sponsored by Winsor & Newton. This special event offered a multi-dimensional exploration of watercolour that blended art, science and history. Visitors were able to try out new Winsor & Newton art materials, contribute to collaborative artworks, witness live demonstrations on the chemistry of paint and explore pigment history through Winsor & Newton’s archive. Overall, the event provided an immersive experience that deepened public appreciation and understanding of watercolour.

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Report of the Board 31 December 2024

Learning and Engagement (continued)

Royal Society of Portrait Painters

Panel Talk: The Political Portrait. President, Anthony Connolly, led a dynamic panel discussion on The Policial Portrait, drawing together influential voices from the worlds of art and media. Featuring Laura Freeman and Patrick Kidd of the Times, artist Saied Dai RP, and critical writing award winner Daniel Newsham, the event offered critical insight into the intersection of politics and portraiture and reinforced the contribution of the RP to provocative contemporary debate.

New English Art Club

NEAC Annual Lecture: Gwen John by Alicia Foster. The NEAC Annual Lecture 2024 was delivered by art historian and author Dr Alicia Foster. Alicia shed new light on the life and work of Gwen John and the artist’s connection with the NEAC. Exploring John’s distinctive style, influences and artistic journey between London and Paris, the lecture deepened appreciation for the pioneering Welsh artist. The event aligned with the NEAC’s core missions to champion authentic, observational art and foster deeper public understanding through insightful discourse.

Royal Society of Marine Artists

Artist Talk: Painting Ships from History, This engaging talk (delivered live, and now online to view) brought together four celebrated members of the RSMA to share their distinct approaches to the subject. Illustrated with a rich selection of their works, the discussion explored their various creative processes. There was an extended Q&A session at the end of the talk and its reach to a wider audience online continues to grow.

Society of Wildlife Artists

Drawing Birds Workshop with Nik Pollard. This workshop offered participants an enriching day of artistic development in the heart of St James’s Park. Open to beginners and experienced artists, the workshop provided guidance on drawing birds from life. Through a mix of personalised tuition, group exercises and a guided tour of the SWLA annual exhibition, the event helped participants gain new skills and confidence. The workshop demonstrated the commitment of the SWLA to nurture artistic practice and the engage with the natural world.

An Eye on Ringed Plover - A Journey in Art and Conservation. Artist and RSPB conservationist, Wynona Legg shared her deep connection to the Ringed Plover families at Snettisham, North Norfolk. Her talk, supported by sketches showcased how field observation informs artistic storytelling.

Royal Institute of Oil Painters

ROI Paint Live Challenge. Artists of all levels took part in an exciting, day-long competition to create a painting within a half mile of the gallery. Celebrating the vitality of plein air painting, the event fostered creativity and community, while reinforcing its dedication of the ROI to the medium of oil painting.

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Report of the Board 31 December 2024

Learning and Engagement (continued)

FBA Initiatives

The FBA continued to offer a series of bursaries, residencies and scholarships for artists throughout 2024.

Highlights included:

Crinan Residency

The inaugural Crinan Residency, a new week-long residency in Crinan, west Scotland for a newly graduated artist. The winner, Lucy Springall (City & Guilds of London Art School, BA Fine Art) spent a rewarding seven days on the west coast of Scotland, based at the Crinan Hotel. ‘It’s a great opportunity for recent graduates,’ says Lucy, ’and also to share practice between a remote region and London.’

Hesketh Hubbard Bursaries

London’s largest life drawing group, the Hesketh Hubbard Art Society offered three free yearlong membership bursaries to young artists aged between 18 and 30. ‘The bursary winners for 2024 were Amelia Cross, Zeynep Swanson and Olly Williamson. I am incredibly grateful to have had access to such a diverse range of models and poses,’ says Amelia, ‘this has brought my figurative drawing to a whole new level ahead of my upcoming Master’s degree at Royal College of Art.’

NEAC Artist Scholarships

The NEAC Artist Scholarships continued to benefit individuals who have not historically benefited from many opportunities to engage with the NEAC and who face barriers in pursuing the arts in a professional capacity. The 2024/25 NEAC scholars were Charlotte Houlihan, Rizza Zahid, and Theo Dunford. ‘As a self-taught, working-class artist, breaking into the art world has been a significant challenge,’ says Rizza, ‘Thus, the opportunities provided by the federation have been transformative, offering me a platform to share my work with wider audiences and gain meaningful recognition.’

Jonathan Vickers Fine Art Award

The collaboration between the Federation of British Artists and Foundation Derbyshire on the Jonathan Vickers Fine Art Award continued through 2024. The ninth winner of one of the country’s largest art prizes for an emerging artist, Max Gimson created a body of work in response to the landscape, heritage and people of Derbyshire. The work was exhibited at his solo show, The Missing Act, at Derby Museum & Art Gallery. Much of the show will tour to the federation in early 2025.

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Report of the Board 31 December 2024

Learning and Engagement (continued)

Other Exhibitions

In 2024, the wider exhibition programme at Mall Galleries continued to diversify and support artistic representation, providing a platform for both emerging and established artists, charities, students and more. Highlights included:

• ♦ UAL Origins Creatives’ mentoring scheme, which connected teachers and students through an interactive Q&A session.

• ♦ Women in Art Fair brought together industry leaders and underrepresented voices, such as living sculpture Daniel Lismore and Chair of Sotheby’s in Switzerland Caroline Lang, for panel discussions exploring their own lived experiences as well as global perspectives on art.

• ♦ Discerning Eye hosted an educational talk by Parker Harris, while Oliver Enwonwu led a conversation on the enduring legacy of African modernism with renowned curator Péju Oshin

Supporters

We are very grateful to Mall Galleries Friends for their invaluable support and we would like to welcome the 145 new Friends who joined during 2024.

Developing our Resources

Improvements to the infrastructure continue to be paramount.

The launch of a new website and headless e-commerce platform has increased user engagement, ease of sales and reach through engaging and more accessible content and an improved user experience.

Future Plans Strategic Plan 2025-28

• ♦ During 2024 a stakeholder survey to 8 groups was conducted. The overall response rate was high at 17%. The recommendations from our stakeholders, along with strategy planning sessions internally and with the FBA Board and Presidents and the FBA strategy group has led to a 3 year plan to serve our beneficiaries of artists, audiences & Friends and the creative economy.

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Report of the Board 31 December 2024

Future Plans Strategic Plan 2025-28 (continued)

• ♦ To remain a leading space for figurative art over the next 3 years, the following strategic pillars have been identified:

• ♦ Content - To provide strong and high-quality content.

• ♦ Audiences - To increase our physical and digital presence by reaching out to a wider demographic as well as nurturing our core audience.

• ♦ Artists - Serve our member and exhibiting artists.

• ♦ Cultural influence - Become a voice in the cultural sector.

• ♦ Mall Galleries Lease – Begin discussions with The Crown Estate regarding a new lease for 2030.

• ♦ Building a financially sustainable and resilient organisation through diversified income streams.

Financial review and policies

Results for the Year

The Federation made an operating deficit in 2024 of £42,842, compared to a profit in 2023 of £95,488. This was driven by slightly higher income and higher expenditure.

Total income of £1,643,694, was £26,007 higher than in 2023 (£1,617,687). The galleries were open through-out the year. Income from gallery and evening /day event hire was higher by £22,569, driven by 4 quarters of activity and a return of the corporate hospitality sector in London. We had 10 evening events versus 9 in 2023. On commissions, society art sales in the galleries and on-line were higher by 4%, driven in the main from new buyers to the Federation,

The Federation of British Artists Limited 19

Report of the Board 31 December 2024

Financial review and policies

Results for the Year (continued)

however we were still impacted by the cost-of-living crisis and the fact that disposable income was channelled away from buying art. Portrait commission income was impacted by the negative economic outlook particularly in private schools, universities and individuals, lower by £34,330. In Exhibitions, our submission income increased by £20,392, due to the high volume of artists who wish to exhibit in our art society shows. Investments were higher by £15,787 due to higher returns from our recently opened money market account. In donations and legacies, we ran a very successful auction of members works again, to raise funds for the Federation.

Our income from charitable activities was higher by £11,531 mainly driven by an increase in Evening / Day Events, higher submission income partially offset by lower portrait commissions.

Overall expenditure was higher by £164,337 versus £1,522,199 in 2023. The largest impact was in staff costs, where we gave a budgeted cost of living increase in January 24, recruited a new staff member to support on the Gallery hire side and had overall more activity for the Front of House and the Technicians to work on. We also had higher running costs for the premises and in overheads, as the 10%+ inflation rate impacts our operations. Higher marketing investment behind gallery and evening event hire and call for entries for submissions added to the increase. The new website allows us to offer shipping, the take up of this has been strong. These higher shipping costs are matched with higher shipping income. Charitable activities, which make up the majority of the expenditure followed the above explanations.

Salaries formed 55% of our total costs and were higher than in 2023 which was 54%. We appreciate the staff are the most valued asset of the organisation without which we cannot operate.

Our overall cash position of £623,679 at the end of December 2024, shows a slight decline due in the main to the reported deficit.

The FBA is still in a good cash position, which will give the Federation resilience in the face of ongoing impacts in 2025, post pandemic and the cost-of-living crisis.

The Federation of British Artists Limited 20

Report of the Board 31 December 2024

Financial review and policies (continued)

Sources of Income and Expenditure

The Federation of British Artists Limited 21

Report of the Board 31 December 2024

Financial review and policies (continued)

Our Policies

The Federation has written policies and guidelines in place to cover the wide-ranging areas of our business, encompassing everything from the management of our premises and energy efficiency to promoting best practice in the wider arts sector.

These policies include: code of conduct; disciplinary and grievance; Health and safety and fire evacuation; ICT; major incident; equality and diversity; and safeguarding.

All Federation employees are required to understand and comply with these policies, which we review annually, along with the Trustees to ensure they are suitable for the organisation’s structure and objectives. We strive to update our policies through on-going consultations with FBA Trustees, staff, artists and partners, as well as from public feedback.

Pricing Policy

Accessibility is a key element of our public benefit offering. We are committed to enabling as many people as possible to view our exhibitions and to participate in activities, regardless of their income and ability to pay. We charge a modest fee to enter some of our exhibitions at Mall Galleries. However, we offer concessions for local groups and networks, as well as for all students and visitors aged 65 or over. Friends and Patrons of Mall Galleries and all visitors under 25 years of age obtain free admission to all exhibitions.

Investment Policy

No investments were held by the Federation as at 31 December 2024. All future investments will be impacted by the need to use cash reserves to support the organisation during the recovery from the Covid-19 pandemic. The Federation did open a money market account with the Aviva sterling liquidity fund and will hold any excess cash there, so we gain from the higher interest rate versus the commercial bank rate. Interest on funds held in bank deposit and the Aviva money market accounts was £20,779 (2023 - £4,992). Interest rates on cash deposits continue to be very low at the commercial banks.

Reserves Policy and Going concern

The balance sheet shows total reserves of £594,422, (2023, £637,264) consisting of restricted funds of £10,409 (2023, £10,409) designated funds of £420,828 (2023, £422,000) and free reserves of £163,185 (2023, £204,855).

In the restricted education fund, income included £500 of donations from Patrons. Resources expended on educational programmes during the year amounted to £500. The unused balance carried forward of £10,409 will go towards a suitable project.

Designated funds consist of the premises maintenance fund for external painting and the tangible fixed assets and intangible asset funds. The last planned maintenance work happened in 2022, where we used the brought forward fund of £80,000. We started to create a new

The Federation of British Artists Limited 22

Report of the Board 31 December 2024

Reserves Policy and Going concern (continued)

fund in 2023, £20,000, another £20,000 in 2024 and we plan to have at least £100,000 by 2027, when the next repairs are planned to happen

New designations of £42,855 were made to the fixed assets designated fund to provide new IT and office equipment, upgrade the service lift, provide new racking in the receiving room, upgrade the gallery kitchen and new branding for the gallery. The opening balance of £338,194 at 1 January 2024, the new designations of £42,855, less the released amount of £65,643 depreciation leaves a balance carried forward as at 31 December 2024 of £315,406. The tangible fixed assets fund recognises that the tangible fixed assets are required for the day-today operation of the charity and are not available for other purposes or general reserves. New designations of £12,520 were made to the intangible designated fund to provide for the new website less the release amount of £10,904 depreciation leaves a balance carried forward as at the 31 December 2024 of £65,422.

Free reserves in the general fund amount to £163,185 (2023, £204,855).

The trustees have set a target level of free reserves consistent with our ability to protect our future activities from unexpected financial risk as a minimum of three months of expenditure. This equates to approximately £421,000 at 2024 expenditure levels.

Due to the Covid-19 situation and the cost-of-living crisis our free reserves have taken a substantial hit over the last 4 years. However, we are seeing more positive trends and our gallery hire and evening event business have come above 2019 levels. We will remain vigilant to the external environment and have created a plan to build our free reserves back up over a 5-year period, to a level that the trustees believe will secure the future of the Federation. Having reviewed the available evidence, the trustees have concluded that it is appropriate for the FBA to continue to prepare accounts on the going concern basis.

The Charity’s Assets

Acquisitions and disposals of fixed assets during the period are recorded in the notes to the financial statements.

The Board’s Statement of Responsibilities

The Trustees (who are also directors of the Federation of British Artists for the purposes of company law and trustees for the purposes of charity legislation) are responsible for preparing the Report of the Board and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and the group and of the income and expenditure of the group for that period. 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, the group and of the income and expenditure of the group for that period.

The Federation of British Artists Limited 23

Report of the Board 31 December 2024

The Board’s Statement of Responsibilities (continued)

In preparing these financial statements, the Trustees are required to:

• ♦ select suitable accounting policies and then apply them consistently;

• ♦ observe the methods and principles in Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounting in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102);

• ♦ make judgements and estimates that are reasonable and prudent;

• ♦ state whether applicable United Kingdom Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

• ♦ prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Each of the Trustees confirms that:

• ♦ so far as the Trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and

• ♦ the Trustee has taken all the steps that they/them ought to have taken as a Trustee in order to be aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information.

This confirmation is given and should be interpreted in accordance with the provisions of s418 of the Companies Act 2006.

The Trustees are responsible for the maintenance and integrity of financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Signed on behalf of the board:

Trustee

Jane Ellison

Approved by the board on: 26 June 2025

Chair

The Federation of British Artists Limited 24

Independent auditor’s report to the Members Year to 31 December 2024

Independent auditor’s report to the members of The Federation of British Artists

Opinion

We have audited the financial statements of The Federation of British Artists (the ‘charitable parent company’) and its subsidiary (the ‘group’) for the year ended 31 December 2024 which comprise the group statement of financial activities, the group and charitable parent company balance sheets, the group statement of cash flows, the principal accounting policies and the notes to the financial statements. 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 Standard applicable 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 group’s and of the charitable parent company’s affairs as at 31 December 2024 and of the group’s 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.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) 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 group 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 accounting 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 group and charitable parent company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

The Federation of British Artists Limited 25

Independent auditor’s report to the Members Year to 31 December 2024

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express 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 information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions 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’ report, which is also a directors’ report for the purpose of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and

• ♦ the trustees’ report, which is also the directors’ report for the purposes of company law, has 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 group and the charitable parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ 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 parent company, or returns adequate for our audit have not been received from branches not visited by us; or

• ♦ the charitable parent 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; or

• ♦ the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies’ exemptions in preparing the trustees’ report and from the requirement to prepare a strategic report.

The Federation of British Artists Limited 26

Independent auditor’s report to the Members Year to 31 December 2024

Responsibilities of trustees

As explained more fully in the Board’s Statement of Responsibilities, 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.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the charitable parent 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 group or the charitable parent company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

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.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

• ♦ the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; and

• ♦ we obtained an understanding of the legal and regulatory frameworks that are applicable to the charity and determined that the most significant frameworks which are directly relevant to specific assertions in the financial statements are those that relate to the reporting framework (Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011) and those that relate to data protection (General Data Protection Regulation).

The Federation of British Artists Limited 27

Independent auditor’s report to the Members Year to 31 December 2024

Auditor’s responsibilities for the audit of the financial statements (continued)

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• ♦ making enquiries of management as to their knowledge of actual, suspected and alleged fraud; and

• ♦ considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations.

To address the risk of fraud through management bias and override of controls, we:

• ♦ performed analytical procedures to identify any unusual or unexpected relationships;

• ♦ tested journal entries to identify unusual transactions; and

• ♦ assessed whether judgements and assumptions made in determining the accounting estimates were indicative of potential bias.

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

• ♦ reading the minutes of meetings of those charged with governance; and

• ♦ enquiring of management as to actual and potential litigation and claims.

There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

The Federation of British Artists Limited 28

Independent auditor’s report to the Members Year to 31 December 2024

Use of this 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.

Edward Finch (Senior Statutory Auditor) For and on behalf of Buzzacott Audit LLP, Statutory Auditor 130 Wood Street London EC2V 6DL

Date: 24 July 2025

The Federation of British Artists Limited 29

Consolidated statement of financial activities Year to 31 December 2024

Notes	Unrestricted funds £	Restricted funds £	2024 Total funds £	Unrestricted funds £	Restricted funds £	2023 Total funds £
Income and expenditure Income from: Donations and legacies 1 Sponsorship income 2 Investments 3 Charitable activities . Subscriptions 4 . Exhibitions . Commissions . Gallery & Event Hire Other income 5 Total income Expenditure on: Raising funds 6 Charitable activities 7 Total expenditure Net (expenditure)/income before gains (losses) before impairment 9 Net (expenditure)/income and net movement in funds for the year Reconciliation of funds: Balances brought forward at 1 January 2024 Balances carried forward at 31 December 2024	31,578 4,000 20,779 168,334 392,821 359,894 611,478 54,310	500 — — — — — — —	32,078 4,000 20,779 168,334 392,821 359,894 611,478 54,310	31,893 5,000 4,992 169,861 364,237 406,105 598,102 36,997	500 — — — — — — —	32,393 5,000 4,992 169,861 364,237 406,105 598,102 36,997
	1,643,194 4,644 1,681,392	500 — 500	1,643,694 4,644 1,681,892	1,617,187 4,540 1,502,159	500 — 15,500	1,617,687 4,540 1,517,659
	1,686,036 (42,842)	500 —	1,686,536 (42,842)	1,506,699 110,488	15,500 (15,000)	1,522,199 95,488
	(42,842) 626,854	— 10,409	(42,842) 637,264	110,488 516,366	(15,000) 25,409	95,488 541,775
	584,012	10,409	594,422	626,854	10,409	637,264

All recognised gains and losses are included in the above consolidated statement of financial activities.

All of the charity’s activities derived from continuing operations during the above two financial periods.

The Federation of British Artists Limited 30

Balance sheets 31 December 2024

Notes	Consolidated	Consolidated	Federation	Federation
	2024 £	2023 £	2024 £	2023 £
Fixed assets Intangible assets 13 Tangible assets 14 Investments 15 Current assets Debtors 16 Stock Cash at bank and in hand Liabilities: Creditors: amounts falling due within one year 17 Net current assets Total assets less current liabilities Creditors:amounts due after more than one year 18 Total net assets The funds of the group/charity: Restricted funds 19 Unrestricted funds . Designated funds 20 . General fund	65,422 315,406 —	63,806 338,194 —	65,422 315,406 2	63,806 338,194 2
	380,828 338,373 4,168 623,679	402,000 176,117 5,281 628,731	380,830 448,763 — 471,629	402,002 252,123 — 538,911
	966,220 (752,626)	810,129 (567,154)	920,392 (706,802)	791,034 (548,062)
	213,594	242,975	213,590	242,972
	594,422 — 594,422	644,976 (7,712) 637,264	594,420 — 594,420	644,974 (7,712) 637,262
	10,409 420,828 163,185	10,409 422,000 204,855	10,409 420,830 163,181	10,409 422,000 204,853
	594,422	637,264	594,420	637,262

A separate Statement of Financial Activities for the charitable company itself is not presented because the charitable company has taken advantage of the exemptions afforded by section 408 of the Companies Act 2006. During the period, the parent charitable company made a loss of £52,024 (2023: surplus of £34,016).

Approved by the Board and signed on its behalf by:

Trustee

Approved on: 26 June 2025

Jane Ellison Chair

Company Registration Number 683275 (England and Wales)

The Federation of British Artists Limited 31

Consolidated statement of cash flows 31 December 2024

Notes	2024 £	2023 £
Cash flow from operating activities: Net cash provided by operating activities A Cash outflow from investing activities: Dividends and interest from investments Purchase of tangible and intangible fixed assets Proceeds from the disposal of fixed assets Net cash used in investing activities Change in cash and cash equivalents in the year Cash and cash equivalents at 1 January 2024 B Cash and cash equivalents at 31 December 2024 B	29,453	321,210
	20,779 (55,375) —	4,992 (94,071) —
	**(34,596) **	(89,079)
	(5,052) 628,731	232,132 396,599
	623,679	628,731

Notes to the statement of cash flows for the year to 31 December 2024.

A Reconciliation of net movement in funds to net cash provided by operating activities

	2024 £	2023 £
Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge Dividends and interest from investments Decrease (increase) in stocks (Increase) decrease in debtors Increase in creditors Net cashprovided by operating activities	(42,842) 76,547 (20,779) 1,113 (162,256) 177,760	95,488 68,249 (4,992) (818) 52,169 111,114
	29,543	321,210

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
	2024 £	2023 £
Cash at bank and in hand Total cash and cash equivalents	623,679	628,731
	623,679	628,731

The Federation of British Artists Limited 32

Principal accounting policies 31 December 2024

The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are laid out below.

Basis of preparation

These financial statements have been prepared for the year to 31 December 2024.

The financial statements have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant accounting policies below or the notes to these financial statements.

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) (Charities FRS 102 SORP 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The financial statements are presented in sterling and are rounded to the nearest pound.

Critical accounting estimates and areas of judgement

Preparation of the financial statements requires the trustees and management to make significant judgements and estimates.

The items in the financial statements where these judgements and estimates have been made include:

• ♦ estimating the useful economic life of tangible and Intangible fixed assets;

• ♦ allocation of expenditure and support costs; and

• ♦ estimating future income and expenditure flows for the purpose of assessing going concern (see below).

Assessment of going concern

The trustees have assessed whether the use of the going concern assumption is appropriate in preparing these financial statements. The trustees have made this assessment for the period of one year from the date of approval of these financial statements.

The Federation of British Artists Limited 33

Principal accounting policies 31 December 2024

Assessment of going concern (continued)

Covid-19 has had a noticeable impact on the charity’s finances in the years to 31 December 2020, 2021, and this impact along with the subsequent cost of living crisis has also impacted 2023 and 2024. The general reserves have taken a substantial hit and will need to be reinstated in the following years. In terms of income, the impact has been felt most keenly through the cancellation and deferment of gallery hires for exhibitions or one-off events. Expenditure has also been impacted by Covid-19, as activity has been lower, running and exhibition costs have also been lower. During the pandemic years the Government job retention scheme assisted in offsetting costs in relation to furloughed staff and we benefitted from Government grants to support local galleries. Rent and rates holidays and other premises costs savings had a positive impact on running costs. Gallery hire and evening event income made a comeback in 2022 and we have made further progress in 2023 and 2024, reflecting the better actual results. Our latest estimate for 2025 is for this trend to continue.

Free reserves at the 31 December 2024 stood at £163,185 (2023 - £204,855). This level of reserves is below the three month requirement stipulated by the trustees of £421,000 based on 2024 accounts. As the free reserves have fallen below this level as a result of the pandemic and cost of living crisis, the charity plans to build back to a level that the trustees believe will secure the future of the Federation in its 5-year plan. A latest estimate and cash flow has been drawn up from 2025 to 2029 based on a more normal year in 2025, with continued strong sales on-line to support our sales in the galleries. The trustees also note that the FBA developed a new website which will allow it to offer a better all-round service, to support art sales and gallery and evening event hires for 2024 and beyond.

The trustees have reviewed and approved this and concluded, in the light of our current bank balance, that the charity will be able to continue to operate in the exceptional circumstances created post the pandemic. We are seeing more positive trends and our gallery hire and evening event business have come back above 2019 levels. We will remain vigilant to the external environment and have created a plan to build back our reserves. Having reviewed the available evidence, the trustees have concluded that it is appropriate for the group and charity to continue to prepare its accounts on the going concern basis.

Basis of consolidation

The consolidated statement of financial activities and group balance sheet consolidate the financial statements of the Federation and its subsidiary Mall Galleries Trading Limited made up at the balance sheet date.

No separate statement of financial activities has been presented for the Federation alone as permitted by section 408 of the Companies Act 2006. During the period, the parent charitable company made a surplus of £52,024 (2023: surplus of £34,016).

The Federation of British Artists Limited 34

Principal accounting policies 31 December 2024

Income recognition

Income is recognised in the period in which the charity has entitlement to the income, the amount of income can be measured reliably and it is probable that the income will be received.

Income comprises donations, sponsorship, income from charitable activities and investment income.

Income recognition (continued)

Income from charitable activities, including subscriptions, exhibitions and commissions, is recognised on a receivable basis. In the event that income is received in advance of the services being provided the income is deferred.

Sponsorship income is recognised on a receivable basis. In the event that income is received in advance of the service being provided the income is deferred.

Donations are recognised when the charity has confirmation of both the amount and settlement date. In the event of donations pledged but not received, the amount is accrued for where the receipt is considered probable. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.

Legacies are included in the statement of financial activities when the charity is entitled to the legacy, the executors have established that there are sufficient surplus assets in the estate to pay the legacy, and any conditions attached to the legacy are within the control of the charity.

Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank.

Expenditure recognition

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to make a payment 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.

The Federation of British Artists Limited 35

Principal accounting policies 31 December 2024

Expenditure recognition (continued)

All expenditure is accounted for on an accruals basis. Expenditure comprises direct costs and support costs. All expenses, including support costs, are allocated or apportioned to the applicable expenditure headings. The classification between activities is as follows:

• ♦ Expenditure on raising funds includes all expenditure associated with raising funds for the charity.

• ♦ Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the charity through the provision of its charitable activities. Such costs include direct and support costs in respect to membership, exhibitions, commissions and education, including governance costs.

All expenditure is stated inclusive of irrecoverable VAT.

Allocation of support and governance costs

Support costs represent indirect charitable expenditure. In order to carry out the primary purposes of the charity, it is necessary to provide support in the form of personnel development, financial procedures, provision of office services and equipment and a suitable working environment.

Governance costs comprise the costs involving the public accountability of the charity (including audit costs) and costs in respect to its compliance with regulation and good practice.

Support costs, including staff related costs, and governance costs are apportioned based on estimated usage.

Tangible and Intangible fixed assets

Assets costing more than £250 and with an expected useful life exceeding one year are capitalised.

• ♦ Leasehold Improvements Over the life of the lease ♦ Furniture fixtures and fittings 20% to 33.33% on a straight line basis ♦ Office equipment 20% to 33.33% on a straight line basis

Intangible fixed assets (website) Over the life of the lease

Stock

Stock is valued at the lower of cost and net realisable value.

Debtors

Debtors are recognised at their settlement amount, less any provision for non-recoverability. Prepayments are valued at the amount prepaid. They have been discounted to the present value of the future cash receipt where such discounting is material.

The Federation of British Artists Limited 36

Principal accounting policies 31 December 2024

Cash at bank and in hand

Cash at bank and in hand represents such accounts and instruments that are available on demand or have a maturity of less than three months from the date of acquisition.

Creditors and provisions

Creditors and provisions 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. Creditors and provisions are recognised at the amount the charity anticipates it will pay to settle the debt. They have been discounted to the present value of the future cash payment where such discounting is material.

Fund accounting

Restricted funds comprise monies raised for, or their use restricted to, a specific purpose, or contributions subject to donor imposed conditions.

Designated funds comprise funds set aside out of unrestricted funds and designated for specific purposes by the Board.

Unrestricted general funds comprise those monies which may be used towards meeting the charitable objectives of the Federation at the discretion of the Board.

Leased assets

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged on a straight-line basis over the lease term.

Pension contributions

The charity operates a defined contribution pension scheme to which all employees are eligible. The pension charge represents payments to the scheme which are charged to the statement of financial activities in the period to which they relate. The charity has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

The Federation of British Artists Limited 37

Notes to the financial statements Year to 31 December 2024

1 Income from donations and legacies

	Unrestricted funds £	Restricted funds £	2024 Total funds **£ **	Unrestricted funds £	Restricted funds £	2023 Total funds £
Legacies Patrons Trusts/ foundations/Auctions Total funds	1,000 — 30,578	— 500 —	1,000 500 30,578	— — 31,893	— 500 —	— 500 31,893
	31,578	500	32,078	31,893	500	32,393

2 Income from sponsorship

	Unrestricted funds £	Restricted funds £	2024 Total funds £	Unrestricted funds £	Restricted funds £	2023 Total funds £
Sponsorship income Total funds	4,000	—	4,000	5,000	—	5,000
	4,000	—	4,000	5,000	—	5,000

• 3 Income from investments

	Unrestricted funds £ 20,779 20,779	Restricted funds £ — **— **	2024 Total funds £ 20,779 20,779	Unrestricted funds £ 4,992 4,992	Restricted funds £ — —	2023 Total funds £ 4,992 4,992
Interest receivable Total funds

4 Income from charitable activities

	Unrestricted funds £	Restricted funds £	2024 Total funds £	Unrestricted funds £	Restricted funds £	2023 Total funds £
Subscriptions . Members . Friends and Patrons Exhibitions Commissions Gallery & Event Hire Total funds	125,617 42,717	— —	125,617 42,717	125,677 44,184	— —	125,677 44,184
	168,334	—	168,334	169,861	—	169,861
	392,821 359,894 611,478	— — —	392,821 359,894 611,478	364,237 406,105 598,102	— — —	364,237 406,105 598,102
	1,532,527	—	1,532,527	1,538,305	—	1,538,305

The Federation of British Artists Limited 38

Notes to the financial statements Year to 31 December 2024

5 Other income

Other income
	Unrestricted funds £	Restricted Funds £	2024 Total funds £	Unrestricted funds £ 14,205 22,792 36,997	Restricted Funds £	2023 Total funds £
Sale of books and materials Miscellaneous income Total funds	19,241 35,069	— —	19,241 35,069		— —	14,205 22,792
	54,310	—	54,310		—	36,997

6	Expenditure on raising funds Unrestricted funds £ Cost of raising funds 4,644 Total funds 4,644	Expenditure on raising funds Unrestricted funds £ Cost of raising funds 4,644 Total funds 4,644	Restricted Funds **£ **	2024 Total funds **£ **	Unrestricted funds £	Restricted Funds £	2023 Total funds £
	Cost of raising funds Total funds	4,644	**— **	4,644	4,540	—	4,540
		4,644	**— **	4,644	4,540	—	4,540

7 Expenditure on charitable activities

	Unrestricted funds £	Restricted Funds £	2024 Total funds £	Unrestricted funds £	Restricted Funds £	2023 Total funds £
Membership costs Exhibitions by Member Societies Commissioned work Gallery & Event Hire Education Total funds	26,070 468,420 501,710 668,475 16,717	— — — — 500	26,070 468,420 501,710 668,475 17,217	28,241 416,318 479,170 576,920 1,510	— — — — 15,500	28,241 416,318 479,170 576,920 17,010
	1,681,392	500	1,681,892	1,502,159	15,500	1,517,659

8 Support costs

Included within expenditure on charitable activities are support costs as detailed below:

	Membership costs £	Exhibitions by member societies £	Commissioned work £	Gallery & Event Hire £	Education £	2024 Total funds £ 330,040 76,547 72,339 37,744 516,670
Premises Depreciation IT/Software & IT enhancements Governance costs (see below)	— 765 723 1,421	95,043 21,278 19,609 9,449	87,049 20,190 19,080 9,955	147,948 34,314 32,427 16,919	— — 500 —
	2,909	145,379	136,274	231,608	500

The Federation of British Artists Limited 39

Notes to the financial statements Year to 31 December 2024

8 Support costs (continued)

	Membership costs £	Exhibitions by member societies £	Commissioned work £	Non Society exhibitions £	Education £	2023 Total funds £
Premises Depreciation IT/Software & IT enhancements Governance costs (see below)	— 683 535 1,451	82,966 17,484 13,211 10,165	92,504 20,254 15,885 12,952	136,236 29,830 23,394 19,075	— — 500 —	311,706 68,251 53,525 43,643
	2,669	123,826	141,593	208,535	500	477,124

Support costs have been allocated on the basis of estimated usage by each activity.

Included within support costs are governance costs as detailed below:

	2024 Total funds £	2023 Total funds £
Auditor’s remuneration Legal and professional Other governance costs	24,110 8,143 5,490	23,303 15,000 5,340
	37,743	43,643

9 Net expenditure for the year

This is stated after charging:

	2024 Total funds £	2023 Total funds £
Staff costs (note 10) Auditor’s remuneration (consolidated) - Audit fees: current year - Other services: current year Depreciation of tangible & Intangible fixed assets Operatinglease rentals – buildings	928,706 22,000 2,110 76,547 119,541	825,490 19,943 3,360 68,251 123,387

We made a provision for a rent holiday from The Crown Estate in 2023, as we are still in discussion on this, we have not released it yet. We have made a provision for this as a creditor in the Balance Sheet. (2023 - £123,387).

The Federation of British Artists Limited 40

Notes to the financial statements Year to 31 December 2024

10 Staff costs, remuneration of key management personnel and Trustees’ remuneration

	2024 £	2023 £
Staff costs during the year were as follows: Wages and salaries Social security costs Pension costs Staff costs per function were as follows: Subscriptions Exhibitions Commissions Gallery & Event hire Education	835,014 75,249 18,443	742,600 66,821 16,069
	928,706	825,490
	22,289 254,465 301,830 328,762 21,360	24,764 234,852 272,412 272,412 21,050
	928,706	825,490

Staff costs are ordinarily allocated based on staff time spent on different activities and fundraising.

The average number of employees, analysed by function, was:

	Averageheadcount	Averageheadcount	Fulltime equivalent	Fulltime equivalent
	2024	2023	2024	2023
Subscriptions Exhibitions Commissions Gallery & Evening Event hire Education	1 11 13 14 1	1 11 12 12 1	0.58 6.57 7.80 8.50 0.55	0.66 6.26 7.26 7.26 0.56
	40.00	37.00	24.00	22.00

The headcount has increase, as we have hired more part time staff to support the increase in activity in the Gallery, which supports higher income.

The number of employees who earned £60,000 per annum (including taxable benefits) or more during the year was as follows:

more during the year was as follows:
	2024	2023
£60,000 - £70,000 £70,000 - £80,000 £80,000 - £90,000 £90,000 - £100,000	2 — — 1	1 — 1 —

£5,949 (2023 - £5,646) pension contributions were made on behalf of these member of staff in 2024.

The key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day-to-day basis comprise the Trustees and the executive team. The total remuneration (including taxable benefits, employer's pension contributions and employer’s national insurance contributions) of the key management personnel for the year was £249,485 (2023 - £236,622).

The Federation of British Artists Limited 41

Notes to the financial statements Year to 31 December 2024

10 Staff costs, remuneration of key management personnel and Trustees’ remuneration (continued)

No Trustee received any remuneration for services as a member of the Board during the period (2023 - £nil). Travel and printing expenses amounting to £79 were reimbursed to Trustees (2023 - £154).

11 Net income from Mall Galleries Trading Limited

Mall Galleries Trading Limited is a wholly-owned subsidiary of the Federation which is incorporated in England and Wales. Mall Galleries Trading Limited receives commercial sponsorship on behalf of the Federation. A summary of Mall Galleries Trading Limited’s results for the year to 31 December 2024 are shown below:

Profit and loss account	31 December 2024 £	31 December 2023 £
Turnover Cost of sales Gross profit Administrative expenses Net profit Amount to be distributed to the Federation under Gift Aid Retained in subsidiary	170,463 (32,750)	167,548 (28,927)
	137,713 (42,758)	138,622 (35,074)
	94,955 (94,955)	103,548 (103,548)
	—	—

11 Net income from Mall Galleries Trading Limited (continued)

The £2 issued share capital equalled the net assets of the company as at 31 December 2024.

12 Taxation

The Federation of British Artists Limited is a registered charity and therefore is not liable to income tax or corporation tax on income derived from its charitable activities, as it falls within the various exemptions available to registered charities.

13 Intangible fixed assets

	Website £
Cost At 1 January 2024 Additions At 31 December 2024 Amortisation At 1 January 2024 Charge for year At 31 December 2024 Net book values At 31 December 2024 At 31 December 2023	72,922 12,520 85,442
	9,116 10,904
	20,020
	65,422
	63,806

The Federation of British Artists Limited 42

Notes to the financial statements Year to 31 December 2024

14 Tangible fixed assets

Tangible fixed assets	Tangible fixed assets
Federation and Group Leasehold improvements £ Cost At 1 January 2024 1,123,380 Additions 7,823 At 31 December 2024 1,131,203 Depreciation At 1 January 2024 812,502 Charge for the year 46,936 At 31 December 2024 859,438 Net book values At 31 December 2024 271,765 At 31 December 2023 310,878		Furniture fixtures and fittings £	Office equipment £	Total £
Cost At 1 January 2024 Additions At 31 December 2024 Depreciation At 1 January 2024 Charge for the year At 31 December 2024 Net book values At 31 December 2024 At 31 December 2023	1,123,380 7,823	96,948 26,708	94,328 8,325	1,314,656 42,855
	1,131,203	123,656	102,653	1,357,511
	812,502 46,936	86,191 11,492	77,769 7,215	976,462 65,643
	859,438	97,683	84,984	1,042,105
	271,765	25,973	17,668	315,406
	310,878	10,757	16,559	338,194

15 Investments

The investments of the charity consist solely of the charity’s interest in the share capital of Mall Galleries Trading Limited.

16 Debtors

Debtors
	Consolidated		Federation
	2024 £	2023 £	2024 £	2023 £
Trade debtors Amounts due from subsidiary undertaking Prepayments and accrued income	256,716 — 81,657	93,563 — 82,554	229,979 137,046 81,738	90,421 79,233 82,469
	338,373	176,117	448,763	252,123

17 Creditors: amounts falling due within one year

	Consolidated	Consolidated	Federation	Federation
	2024 £	2023 £	2024 £	2023 £ 163,945 30,623 123,387 50,785 139,438 39,881 548,059
Trade creditors Quinquennial cost to Crown Estate Accrual rental to the Crown Estate Social security and other taxes Deposits and fees received in advance Other creditors and accruals	145,923 8,387 123,387 98,916 329,808 46,205	168,108 30,623 123,387 53,262 146,983 44,791	143,484 8,387 123,387 91,960 298,375 41,209
	752,626	567,154	706,802

The Federation of British Artists Limited 43

Notes to the financial statements Year to 31 December 2024

17 Creditors: amounts falling due within one year (continued)

Included above are deposit fees received in advance as set out below:

Deferred income brought forward Additional income deferred during the year Brought forward funds released in the year Deferred income carried forward at 31 December 2024	2024 £	2023 £
	146,983 329,808 (146,983)	200,030 146,983 (200,030)
	329,808	146,983

Deferred income is generated mainly from future gallery, evening and day hires, as 2025 is looking much better than prior year, the value has increased.

18 Creditors: amounts falling due after more than one year

	Consolidated	Consolidated	Federation	Federation
	2024 £	2023 £	2024 £	2023 £
Quinquennial cost to Crown Estate	—	7,712	—	7,712
	—	7,712	—	7,712

19 Restricted fund

Federation and Group	At 1 January 2024 £	Income £	Expenditure £	Transfers £	At 31 December 2024 £
Education fund	10,409	500	500	—	10,409
	10,409	500	500	—	10,409
Federation and Group	At 1 January 2023 £	Income £	Expenditure £	Transfers £	At 31 December 2023 £
Education fund	25,409	500	(15,500)	—	10,409
	25,409	500	(15,500)	—	10,409

The Education fund comprises donations received for learning and educational projects with the Federation of British Artists.

The Federation of British Artists Limited 44

Notes to the financial statements Year to 31 December 2024

20 Designated funds

Designated funds
Federationand Group	At 1 January 2024 £	New Designations £	Utilised/ Released £	At 31 December 2024 £
Premises maintenance fund Tangible & Intangible fixed assets fund	20,000 402,000	20,000 55,375	— (76,547)	40,000 380,828
	422,000	75,375	(76,547)	420,828
Federation and Group	At 1 January 2023 £	New Designations £	Utilised/ Released £	At 31 December 2023 £
Premises maintenance fund Tangible fixed assets fund	— 376,179	20,000 94,071	— (68,250)	20,000 402,000
	376,179	114,071	(68,250)	422,000

The premises maintenance fund is designated to provide monies for the external painting of the galleries as required at regular intervals by the terms of the lease. We used up this fund in 2023 to pay for the works done that year, We have started to create a new fund in 2024.

The tangible fixed assets fund represents the net book value of the charity’s tangible fixed assets. The fund recognises the fact that the tangible fixed assets are required for the dayto-day operation of the charity and are not available for other purposes or general reserves.

21 Analysis of net assets between funds

Group	General Fund £	Designated Funds £	Restricted Funds £ — 10,409 — 10,409	Total 2024 £
Fund balances at 31 December 2024 are represented by: Fixed assets Current assets Creditors: amounts falling due within one year Total net assets	— 915,811 (752,626)	380,828 40,000 —		380,828 966,220 (752,626)
	163,185	420,828		594,422
Group	General Fund £	Designated Funds £	Restricted Funds £ — 10,409 — — 10,409	Total 2023 £
Fund balances at 31 December 2023 are represented by: Fixed assets Current assets Creditors: amounts falling due within one year Total net assets	— 779,720 (567,154) (7,712)	402,000 20,000 — —		402,000 810,129 (567,154) (7,712)
	204,855	422,000		637,264

The Federation of British Artists Limited 45

Notes to the financial statements Year to 31 December 2024

21 Analysis of net assets between funds (continued)

Federation	General Fund £	Designated Funds £	Restricted Funds **£ **	Total 2024 £
Fund balances at 31 December 2024 are represented by: Fixed assets Current assets Creditors: amounts falling due within one year Total net assets	— 869,983 (706,802)	380,830 40,000 —	— 10,409 —	380,830 920,392 (706,802)
	163,181	420,830	10,409	594,420
_Federation _	General Fund £	Designated Funds £	Restricted Funds £	Total 2023 £
Fund balances at 31 December 2023 are represented by: Fixed assets Current assets Creditors: amounts falling due within one year Total net assets	— 603,939 (425,938) (37,814)	376,179 — — —	— 25,409 — —	376,179 629,348 (425,938) (37,814)
	140,187	376,179	25,409	541,775

22 Leasing commitments

At 31 December 2024 the Federation had future minimum commitments under operating leases on land and buildings as follows:

Paymentswhich falldue:	2024 £	2023 £
Within one year Within two to five years After five years	123,387 493,548 123,387	123,387 493,548 226,210
	740,322	843,145

23 Capital commitments

At 31 December 2024, the charity had capital commitments of £nil (2023 - £nil).

24 Liability of members

The Federation is constituted as a company limited by guarantee. In the event of the Federation being wound up, members are required to contribute an amount not exceeding £1.

The Federation of British Artists Limited 46

Notes to the financial statements Year to 31 December 2024

25 Related party transactions

The charity received commission and hire fees totalling £9,606 (2023 - £16,347) from members of the Board of Trustees in respect of the sale of paintings through exhibitions by societies of which they are members, or commissioned paintings or gallery hire. At 31 December 2024, an amount of £nil (2023 - £nil) was due from members of the Board of Trustees in respect of these activities. Commissions and gallery hire fees received by the charity were at the standard rates payable by all artists.

No donations were received from Trustees in 2024 or 2023.

Other than the transactions above, the Federation had a few purchases of art works by Trustees, however they were not material and were purchased at arm’s length.

Connected Charities

The Federation acts on behalf of nine Member Societies, of which eight are registered as charities. The details of these are given below.

	Charity
Charity	**Reg No. **	Charitable objectives
Royal Institute of Painters in Water Colours	291405	The promotion of Fine Arts and in
		particular the art of painting in water
		colours.
Royal Society of British Artists	294590	To promote, maintain, improve and
		advance public education by the
		encouragement of the Arts.
Royal Society of Marine Artists	289944	To promote, maintain, improve and
		advance the education of the public by
		the encouragement of the study and
		practice of the Fine and Applied Arts
		with particular but not exclusive
		reference to the sea and maritime
		subjects.
Royal Society of Portrait Painters	327460	To promote, maintain, improve and
		advance education in the Fine Arts and
		in particular to encourage the
		appreciation, study and practice of the
		art of portraiture.
Royal Institute of Oil Painters	327615	The encouragement and development
		of oil painting by holding open
		exhibitions of work.
New English Art Club	295780	To advance the education of the public
		in the art of painting and the Fine Arts.
Pastel Society	296479	The promotion of Fine Arts and in
		particular the art of the pastel and
		pencil.
Society of Wildlife Artists	328717	To foster and encourage all forms of
		visual art based on or representing
		wildlife.

The principal contact address for all connected charities is 17 Carlton House Terrace, London SW1Y 5BD.

The Federation of British Artists Limited 47