2025-12-31-accounts

Federation of British Artists Limited (The)

Report of the Board and Consolidated Financial Statements

31 December 2025

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

Directors and Trustees	The following trustees and officers were in office
	during the year and since the year-end:
	Alastair Adams RP (resigned 1 October 2025)
	Max Angus SWLA
	Professor Dana Arnold
	Anthony Connolly RP (appointed 1 October 2025)
	Jon Coppin
	Mick Davies RBA (resigned 1 October 2025)
	Eela Devani (resigned 1 October 2025)
	Jane Ellison – Chair
	David Glazebrook
	Michael Harrison RBA (appointed 1 October 2025)
	Robin Hazlewood RI (resigned 1 October 2025)
	Monica He Hyon Won (resigned 1 October 2025)
	Nicki Heenan RI (appointed 1 October 2025)
	Martin Howarth HH
	Rosie Martyr (appointed 1 October 2025)
	Luis Morris ROI
	Richard Rees PS
	Carolyn Simpson RSMA
	Benjamin Ward NEAC
Executive Team	Tom King - CEO (appointed 1 September 2025)
	Clare O’Brien - CEO (resigned 31 July 2025)
	Eamonn Bambury - Director of Finance and
	Operations
	Arngunnur Aegisdottir - Creative Director
Auditor	Buzzacott Audit LLP
	130 Wood Street
	London EC2V 6DL
Solicitor	Stone King LLP
	Boundary House
	91 Charterhouse Street
	London EC1M 6HR
Banker	Barclays Bank plc
	Level 27
	1 Churchill Place
	London E14 5HP

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Chairman’s foreword

In 2025, the Federation of British Artists (FBA) welcomed more visitors to its home at the Mall Galleries, delivered an ambitious programme of exhibitions and events, and concluded a strategic review that will help shape its future direction.

2025 also brought an important transition in leadership. We said farewell to our Chief Executive Clare O’Brien, who led the organisation through the challenges of the Covid-19 pandemic, helping to rebuild the exhibition programme while increasing digital engagement and broadening commercial activity at the Mall Galleries. On behalf of the Board, I would like to express our sincere gratitude for her leadership, resilience and dedication over seven years.

Following a rigorous recruitment process, the Board was delighted to appoint Tom King as Chief Executive from September 2025. Tom joins the Federation with extensive experience across the arts, heritage, and cultural sectors, including senior roles at English Heritage, Royal Albert Hall, and Roundhouse. His appointment marks the beginning of an important new chapter as we work collectively to develop and embed the refreshed strategy that will guide the organisation’s future priorities. I would also like to thank our Trustees, staff and Member Societies for their support during this period.

Despite continuing economic pressures, the FBA delivered a positive financial outcome, generating a surplus of more than £30,000. We hosted a record 34 exhibitions during the year and welcomed more than 65,000 visitors, an increase in footfall of 8% compared with 2024.

This reflects the commitment of our Member Societies and demonstrates the vital contribution they make to championing living artists and engaging audiences with artistic practice. It also reflects the continued support of returning exhibitors, many of whom are charities that likewise play an important role in promoting contemporary visual arts in the UK.

Across the Federation, Societies continued to support artists, through prizes, bursaries, and awards, reinforcing the whole Federation’s commitment to recognising artistic development especially for emerging and young artists. The New English Art Club introduced a Climate Emergency Prize while the Royal Institute of Oil Painters launched the Lady of the Chateau Award and the Fred Beckett Memorial Artist Award. We awarded over £90k of prizes in 2025.

Public engagement remained central to the Federation’s work. Member Societies’ exhibitions included 82 in person demonstrations, workshops, talks and tours led by affiliated artists on a voluntary basis. These activities continue to broaden public access to creative processes and encourage a richer understanding of how artists work. The programme also addressed a range of contemporary themes and conversations. The Royal Society of British Artists hosted a lecture by war artist Arabella Dorman reflecting on her work in conflict zones around the world. The Royal Society of Portrait Painters convened a panel discussion exploring how the brain perceives art and the implications of emerging research into artificial intelligence. The Royal Institute of Oil Painters attracted significant media and public attention with its dedicated theme HOME , while the Pastel Society focused on the idea of Benchmark to highlight the quality and diversity of dry media practice. Natural Eye 2025 showcased the Society of Wildlife Artists’ yearlong Massingham Heath Project, documenting the rewilding of farmland in West Norfolk.

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Chairman’s foreword

The FBA ran its own initiative for the first time in 3 years. Curated by art critic Tabish Khan Beyond the Prize celebrated recent FBA Society award winners. An experimental public programme onsite and online included collaborations with the Professional Artist Association and a recording of the podcast The Good, The Bad. and The Arty featuring Kelvin Okafor.

We were delighted to welcome 25 charities, arts organisations and exhibitors to the Mall Galleries, including Art for Youth in support of UK Youth and the Society of Botanical Artists. Returning events included the David Shepherd Wildlife Artist of the Year , the World Food Photography Awards , and the ING Discerning Eye exhibition, which continued to champion small-scale works and emerging artistic talent. During London Fashion Week, the Mall Galleries was transformed into a runway venue for the London College of Fashion Postgraduate Class of 2025.

During 2025, we completed our strategic review that affirmed the need for the Federation to raise its profile within the creative sector and secure greater recognition for the unique contribution it makes. It highlighted the importance of Societies working collectively whilst supporting other exhibitors to enrich the artistic landscape, with a renewed emphasis on education, sustainability, growth and commercial opportunities for artists.

As we look ahead, the Board remains committed to ensuring that the FBA continues to evolve while remaining true to its founding purpose: supporting artists, fostering excellence in the visual arts, and broadening public access to artistic practice and debate. The achievements of 2025 reflect the dedication of our staff, Trustees, Member Societies, artists, partners, volunteers, and supporters, to whom I extend my sincere thanks.

Jane Ellison

Chair

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Report of the Board 31 December 2025

The Board of Trustees (the “Board”) is pleased to present the annual report and review of the Federation of British Artists (the “FBA”), together with the consolidated financial statements of the FBA and its subsidiary company Mall Galleries Trading Limited for the financial year ended 31 December 2025. 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 FBA’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. The Federation’s Articles of Association were comprehensively reviewed and updated during 2025 with legal support from Stone King LLP. The revised Articles modernise governance language and strengthen policies relating to conflicts of interest, Board structure, and organisational accountability. The updated Articles were submitted to the Charity Commission for approval in November 2025. In March 2026 the FBA’s Articles were approved by special resolution. These revised Articles have been filed at Companies House and with the Charity Commission.

The FBA, 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 FBA. 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 FBA 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 FBA 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 appointment or by open recruitment for the expertise they bring in areas such as marketing, legal affairs and finance. Existing trustees carry out an

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Report of the Board 31 December 2025

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.

On election or co-option to the Board, trustees are inducted in person by the Chair, CEO and executive team. They are asked to complete online training with Stone King our solicitors and are also 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 FBA and its future plans, as well as to more general matters relating to charity governance. Elected trustees already have a good understanding of the FBA 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 2025 one independent trustee (Rosie Martyr) was formally appointed, she was co-opted in 2024 following open recruitment.

Governance and Organisation

The Chief Executive Officer (CEO) is responsible for the day-to-day management of the FBA and for implementing all policy decisions determined by the Board. An Executive team, comprising a Director of Finance and Operations and Creative Director support the CEO. A new CEO, Tom King was appointed in September 2025.

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.

An ad hoc committee was established in 2024, the Strategy Review Committee whose purpose was to assist the executive with strategic planning; at the end of its remit this was disbanded in December 2025.

A new ad hoc Crown Estate Committee was set up in 2025. The aim of the Crown Estate Committee is to advise, oversee and report back to the Board on negotiations with the Crown Estate for our 2025 – 2030 rent agreement and for securing premises at the Mall Galleries beyond 2030.

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 Board undertook a review of the Articles in 2025, it was the most important piece of governance work this year to update our governance documents. A consultation with member societies was conducted in the autumn and the Board approved the new Articles draft which

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Report of the Board 31 December 2025

was prepared with Stone King and submitted to the Charity Commission. The Charity Commission approved the draft, and they were formally approved by special resolution in March 2026.

The key management personnel of the FBA 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 FBA 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.

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 was appointed in 2024.

The new CEO was recruited in the summer of 2025, with Peridot as recruiter. It was a key operational activity by the board, and an appointment was made in July, with a start date of 1 September 2025. Addi Aegisdottir was promoted to Creative Director, with continued responsibility for Arts Consultancy, Marketing, and Friends programmes, alongside a greater focus on the charitable and artistic vision of the FBA.

The trading activities of the FBA 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 FBA by way of Gift Aid. Jon Coppin was made a Director of the Trading company in August 2025.

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;

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

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Report of the Board 31 December 2025

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

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 the global conflicts and the impact of the cost-of-living crisis

The combined impacts of the global conflicts, which has driven higher inflation, has had a significant impact on the business, however the healthier reserves, cash balance, focus on increasing income and controlling expenditure 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 FBA’s activities in 2025 and our actions to mitigate the risk:

• Galleries were open throughout 2025;

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

• Visitor numbers are now above pre-pandemic levels and are growing as new audiences are targeted.

Mitigation:

• Our digital platform was launched, which includes an e-commerce site to drive art sales and improve digital marketing activity, to attract a wider market of buyers;

• Staging physical exhibitions with a strong online offering and social media support;

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

• New business to business activity (Art Advisory) on going; and

• Expenditure savings:

• staffing;

• savings on supplier contracts;

• Strategic decisions taken on cost to support the business.

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Report of the Board 31 December 2025

Premises

The FBA 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.

Investigations carried out this year by the Landlord established that the ingress of water which made the Learning Centre unusable came from external sources, causing structural damage that was the responsibility of the Landlord under the Lease. Remedial works were carried out by the Landlord, but it is not expected that the Learning Centre area of the building will be usable again during the remainder of the Lease. The costs incurred by the Federation in fitting out the Learning Centre were written off in 2020.

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 FBA complies with Westminster City Council licensing requirements.

Finance

Cash flow is kept under continuous review. Achieving and maintaining the FBA’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 have on the FBA’s reserves and the need to build back to agreed levels. Over 2025, 2023 (a surplus) and 2024 (a deficit) the FBA 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 FBA’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:

As a charity, our mission is to deepen public appreciation for contemporary art and foster meaningful connections between artists and their audiences. By working as a Federation and supporting other exhibitors, we enrich the art landscape with an emphasis on education, sustainability, growth and commercial opportunities for artists.

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Report of the Board 31 December 2025

The FBA aims to be a thriving community where member societies lead in creating excellent and accessible exhibitions, while supporting aspiring and emerging artists through mentorship, collaboration, and exposure.

The FBA sets out to achieve these objectives by:

•  Providing administration, technical services and facilities for the FBA’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 FBA;

•  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;

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

•  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 FBA 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.

Review of Achievements and Performance

Summary Statement of social impact

In 2025, we’ve seen a continued rise in our support for and celebration of living artists, through our not-for-profit programme of exhibitions, events, prizes, and awards, with a particular focus on figurative art. More people than ever are engaging with our exhibitions, both in the galleries and via our online platform, www.mallgalleries.org.uk, updated in early 2024.

We are also proud to contribute to the creative economy by providing opportunities, training, and support for the cultural leaders of tomorrow.

Exhibitions – a summary

A total of 34 exhibitions were hosted in 2025 between January and December welcoming 65,000 visitors. 8 FBA member society shows, 25 external exhibitions (11 charities, 9 artists and 5 commercial hires), and 1 FBA initiative. We welcomed 34,000 visitors to the 8-member society shows, Hesketh Hubbard life drawing class and the FBA initiative and 31,000 visitors to the 25 external shows. 10,000 pieces of art were shown, featuring over 3,000 artists.

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Report of the Board 31 December 2025

These included:

x8 Federation of British Artists Society Annual Exhibitions

x1 FBA Initiative

x25 Exhibition hire: split out as follows,

x3 Art Fair and Auction Showcases

x3 Art Prizes

x4 Solo Exhibitions

x10 Group Exhibitions

x2 International Group Exhibitions

x2 Product launch and filming

x1 Fashion shows

Full list of Exhibitions staged in 2025:

FBA Society Annual Exhibitions

Pastel Society | Annual Exhibition 2025

22 January to 8 February

Royal Society of British Artists | Annual Exhibition 2025

26 February to 8 March

Royal Institute of Painters in Water Colours 2025 / 213[th] Exhibition

26 March to 5 April

Royal Society of Portrait Painters | Annual Exhibition 2025

8 to 17 May

New English Art Club | Annual Exhibition 2025

11 to 22 June

Royal Society of Marine Artists | Annual Exhibition 2025

17 to 28 September

Society of Wildlife Artists 2025 | The Natural Eye 2025

15 to 26 October

Royal Institute of Oil Painters | Annual Exhibition 2025

26 November to 14 December

FBA Initiative

Beyond the Prize, 2-week exhibition

Exhibition Hire x25

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Art Fairs and Auction Showcases

• Lyon and Turnbull – January, Spring and Autumn

Solo Exhibitions

• Hannah Shergold Tusk

• Fusion, Bushra and Malec

• Shafina

• Christian Youlden Portraits

Art Prizes

• ING Discerning Eye 2025

• David Shepherd Wildlife Foundation, Wildlife Artist of the Year 2025

• Food Photographer of the Year 2025

International Groups

• Minerva 2025

• Pichval

Group Exhibitions

• Society of Graphic Fine Artists

• Society of Botanical Artists

• Society of Women Artists

• Art for Youth in support of UK Youth

• UAL Origins Creative

• Britta Jaschinski

• Charley Waller Trust

• Italy through the lens

• Swanfall

• Resolve wildlife

Product Launch and filming

• Habitat and Asda Product Launch

Fashion Show

• London College of Fashion

Artworks

Federation of British Artists (FBA) 8 exhibition highlights:

• In total for the year, 3,600 works of art were exhibited, + 13% over prior year, a total of 1,350 artists’ work.

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

• Over £90,000 was awarded in prizes.

• Over 100 events took place, including talks and tours, demonstrations, workshops, and more

• 51 portraits were commissioned.

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Four examples of the 25 Exhibition Hire:

London College of Fashion for London Fashion Week

As part of London Fashion Week, Mall Galleries was thrilled to host the innovative designs of the London College of Fashion’s Postgraduate Class of 2025.

Mall Galleries was transformed - the West Gallery became a runway, while the East Gallery turned into a showroom, with every back of house space utilised in order to prep and dress the models.

The World Food Photography Awards

World Food Photography Awards sponsored by Tenderstem®Bimi®Broccolini, now in its 14th year and renamed this year to reflect their reach, gravitas and prestige, are open to professional and amateur photographers alike. They shine a light on food stories from around the globe through the world’s very best food photography.

The Awards ceremony was attended by global finalists as well as stars of the food and photography world, judges and journalists. This year, the Master of Ceremonies was the renowned chef, restaurateur and food writer Yotam Ottolenghi, who presented the Awards with warmth and joy that contributed to the excited buzz of the room.

David Shepherd Wildlife Foundation 2025

The David Shepherd Wildlife Foundation Art Prize 2025 brought together artists united by a passion for wildlife and conservation. Featuring works that celebrated the beauty, fragility of the natural world, the exhibition raised awareness of pressing environmental issues. The prize continues to support the Foundation’s vital conservation work, while offering artists a platform at Mall Galleries.

ING Discerning Eye 2025

The ING Discerning Eye returned as a highlight of the exhibition calendar, continuing its longstanding reputation for championing small-scale works and young emerging talent. Selected by a panel of artists, collectors and critics, the exhibition brought together a diverse and vibrant mix of contemporary practice. The show attracted a broad audience of collectors and first-time visitors, and we look forward to welcoming Hugh Bonneville as a selector in 2026.

Visitors to the galleries and online digital engagement

Gross art sales across the eight FBA society exhibitions increased by 13%, marking the first double-digit sales growth since 2021.

E-commerce revenue rose by 64% compared with 2024 and now accounts for 40% of all sales, up 10% year on year. This continued shift in audience purchasing behaviour demonstrates the growing importance of our digital platforms in expanding reach, accessibility and conversion.

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Report of the Board 31 December 2025

Gallery attendance reached 65,000 visitors, up 8% on 2024, reinforcing the strength of the exhibition programme and continued appeal of the Mall Galleries as a destination for contemporary art.

The data below highlights the increasing role digital engagement plays in driving visitor numbers, broadening audiences and strengthening sales outcomes across the FBA.

• Instagram 72 to 85 = 18% increase.

• X (Twitter) 15.5 to 15.1 = 2.5% decrease.

• Facebook 33.6 to 35.9 = 7% increase.

• Overall social media audience 147k in 2025

• 8 million impressions across social media, a 377% increase

• 1500% increase on video views.

• 300% increase on post shares.

• 10% increase on overall engagement.

• Website users 303,441 to 228,229 = 25% decrease. (total views are higher, time spent on the website is up by 60%, targeting an engaged audience.)

• Page Views 1,032,264 to 1,144,937 = 11% increase

Learning and Engagement

The FBA member exhibitions offered a number of learning and engagement opportunities for all, including 19 workshops, 48 artist demonstrations, 11 tours, 20 talks, 2 portfolio reviews, and 4 art event evenings.

Highlights included:

Pastel Society | Annual Exhibition 2025

22 January to 8 February

The Pastel Society staged its 126th Annual Exhibition, themed ‘BENCHMARK’. The Society chose the theme to convey its commitment to ‘setting higher and higher Benchmarks, to emphasise the quality and beauty of work that can be created with pastel and dry media.’ To encourage visitors to experiment with pastel and dry media, the Society offered various events in their ‘Studio’ in the East Gallery.

Royal Society of British Artists | Annual Exhibition 2025

26 February to 8 March

The RBA Annual Exhibition was, as ever, a diverse and vibrant display of artistic expression. Of an impressive 3,843 open submissions, 275 works were selected for exhibition alongside 275 works by members: an equal share. As part of the Society’s commitment to nurturing young talent, also represented was the winner and runners up of the RBA Rome Scholarship, and an invited artist from art school Art Academy London. To celebrate International Women’s Day, on 8 March, exhibitors Elisha Enfield, Rizza Zahid, and Rachel Arif held artist demonstrations in the gallery. The TL Shoosmith RBA Memorial Lecture saw award-winning artist Arabella Dorman explore the realities of modern conflict: ‘its immediate impacts and long-term consequences, and the light that can be born out of the darkness of war.’

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Report of the Board 31 December 2025

Royal Institute of Painters in Water Colours | 213th Exhibition

26 March to 5 April

The RI 213th Exhibition, featuring nearly 500 works in water-based media, offered awards and prizes with a total value of over £7,000. Sponsor Winsor & Newton once again held their popular event, A Celebration of Watercolour, as well as providing the prizes for the popular, now annual, evening event Paint with RI Members.

Royal Society of Portrait Painters | Annual Exhibition 2025

8 to 17 May

The RP Annual Exhibition was, in the words of the Society, ‘a sound and comprehensive indicator of where portrait painting is in 2025.’ Among many highlights was the awarding of £30,000 worth of prizes to artists, including The William Lock Portrait Prize (£20,000) to Rogier Willems, plus a varied programme of events, including a panel talk exploring portraiture, representation and identity to celebrate International Face Equality Week. A special event on 15 May saw Dutch neuroscientist Martijn den Otter relate his original research on the AI revolution to the RP Annual Exhibition, making for a unique and timely collaboration.

New English Art Club | Annual Exhibition 2025

11 to 21 June

The NEAC Annual Exhibition showcased a wide range of art based on what the NEAC has always espoused as its bedrock: observing and interrogating the visual world. The exhibition inaugurated the awarding of two prizes for works that address the climate emergency. The NEAC Climate Emergency Prize, an award of £2,000 for an artwork that addresses the climate crisis and a prize of £500 for a runner up, were awarded to Nessie Ramm and Andrew Hardwick, respectively.

Royal Society of Marine Artists | Annual Exhibition 2025

17 to 28 September

The Royal Society of Marine Artists celebrated its 80th annual exhibition of marine art, featuring nearly 400 works inspired by the sea, with prizes and awards worth over £5,000, plus an events programme led by new and recently elected members of the Society. The celebration was not contained to the galleries, as a special “paint out” on 26 September saw artists come together for a day's painting aboard historic HMS Wellington on the Thames Embankment.

Society of Wildlife Artists | The Natural Eye 2025

15 to 26 October

The SWLA 62nd Annual Exhibition: The Natural Eye 2025 saw the special display of the SWLA Massingham Heath Project, a year-long project following the rewilding journey of a farm in west Norfolk. Alongside this, the Society exhibited the work of its recent bursary winners, plus over 350 paintings, sculptures, drawings, and prints inspired by the natural world.

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Royal Institute of Oil Painters | Annual Exhibition 2025

27 November to 13 December

The ROI Annual Exhibition 2025 showcased oil paintings from elected members alongside talented non-members. The mini-theme of the exhibition was ‘HOME’, which attracted the attention of artists, the public, and press. The ROI awarded several new prizes, including the Lady of the Chateau Award and the Fred Beckett Memorial Artist Award. The Winsor & Newton Young Artist Awards for artists aged 30 or under were awarded to Johnty Robinson (First Prize), Alexis Guenier (Second Prize), and Romer Kitching (Third Prize).

FBA Initiatives

Beyond the Prize | Celebrating Contemporary Figurative Art

16 to 26 April

Curated by art critic Tabish Khan to celebrate World Art Day, Beyond the Prize brought together recent award-winning artists at Mall Galleries to showcase figurative art as a thriving, contemporary art form. The exhibition was well received as, ‘a delightful show that demonstrates figurative art still has much potential for creativity and innovation’. A public programme of on-site and online events ran alongside the show, including collaborations with the Professional Artist Association and podcast The Good, The Bad and The Arty.

FBA Fundraisers - FBA Limited Edition Prints

We were excited to present a new fundraising initiative that aims to engage top artists from our member societies and selected artists in donating a unique image for a limited-edition print. This initiative aims to generate essential funds to support our mission of empowering artists through a not-for-profit programme of exhibitions, events, prizes, and awards, with a focus on figurative art.

Additionally, this initiative supported our audience development strategy by offering limited edition prints at an affordable price, appealing to a younger demographic eager to start their art collection. As highlighted by the Avant Arte Collectors 2024 report, the leading online platform for editions catering to young collectors, 3 in 4 new-generation collectors are looking for prints.

With the support of all FBA presidents, we reached out to top-selling artists from each society to donate an image for a limited-edition print run of 25. Prizes range from £250 to £350. To engage a new audience, we have collaborated with each FBA president to select a nonmember artist to contribute an image to this fundraising initiative.

Richard Dalby, CEO of John Good Printers, is sponsoring this fundraiser by printing all the editions at no cost.

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Report of the Board 31 December 2025

The FBA continued to offer a series of bursaries, residencies and scholarships for artists throughout 2025.

Highlights included:

Crinan Residency

In partnership with the Crinan Hotel, the Federation of British Artists offered a week-long residency in Crinan, an artist’s haven on the west coast of Scotland, to a newly graduated artist. The winner of the Crinan Residency 2025 was BA graduate of Leeds Arts University, Tafsia Muzib Dana.

Hesketh Hubbard Bursaries

The Federation of British Artists and London's largest life drawing group, the Hesketh Hubbard Art Society, offer three free year-long membership bursaries to young artists aged between 18 and 30. The 2025 recipients were Paul Majek, Chloe Barnes, and Zoë Wilkinson. One of the recipients, Chloe Barnes, was crowned the winner of Sky Arts Portrait Artist of the Year 2025. ‘It has been such a privilege to have free weekly access to life drawing sessions. The structure of attending every week has been amazing for improving my technique, and it’s also become a lovely, mindful practice that’s helped me stay grounded in both my work and my life.’ – Paul Majek, Bursary Recipient 2025 ‘My time with the Hesketh Hubbard Society made working with sitters integral to my process, while the Federation of British Artists has been a source of inspiration where tradition and innovation thrive — helping me prepare for my participation in Sky Portrait Artist of the Year 2025.’ – Chloe Barnes, Bursary Recipient 2025 Combined, the Federation’s exhibitions and initiatives show its mission in action: to empower artists through a not-for-profit programme of exhibitions and events, prizes and awards, with a focus on figurative art.

NEAC Artist Scholarships

The FBA collaborated with the New English Art Club to present the NEAC Artist Scholarships 2025-26. Three annual scholarships worth £6,000 were awarded to winners Ethan Fox, Claire Venables, and Shawn Lee at the official opening of the NEAC Annual Exhibition. The scholarships are aimed at early-career artists working in figurative painting, drawing or original printmaking, who have not historically had many opportunities to engage with the NEAC. ‘Being awarded the NEAC scholarship has been nothing short of transformational, and an absolute privilege. Though it’s coming to an end, it feels like just the beginning!’ – Ethan Fox, 2025-26 Scholar

Jonathan Vickers Fine Art Award

In collaboration with Foundation Derbyshire and Derby Museum & Art Gallery, Mall Galleries presented The Missing Act: An Exhibition by Max Gimson (10 to 15 March). The solo show was the culmination of Gimson winning the Jonathan Vickers Fine Art Award, one of the country’s largest art prizes for an emerging artist. The award brings a rising artist to Derbyshire for a ninemonth residency to create and exhibit a body of work in response to the county’s landscape, heritage and people on the theme ‘A Sense of Place’.

Supporters

We are very grateful to Mall Galleries Friends for their invaluable support, and we would like to welcome the 212 new Friends, who joined during 2025.

The Federation of British Artists Limited 18

Report of the Board 31 December 2025

Future Plans, Strategic Plan 2025-28

Due to the arrival of the new CEO, Tom King, in September 2025, there was the opportunity to review the strategic direction of the charity that was outlined in the previous Annual Report. A presentation of a revised 3-Year Plan was given at the Board Away Day in January 2026 and endorsed by the Trustees. This was then presented to the Presidents’ Forum in March 2026 and was also supported by those key stakeholders .

The three-year plan agreed is not a significant change of direction from the draft strategy previously proposed by the former CEO. An activity plan that spreads the key delivery areas across three years has been endorsed and the Executive Team feels this is both realistic and achievable. If there are significant factors that develop within the external environment, that are out of our control, we may need to adjust our ambitions and/or delivery timeframes.

Our strategy encapsulates the following overarching themes and is set against the context of the charity remaining at its current premises at 17 Carlton House Terrace.

• Raise the FBA profile and influence across the charitable sector;

• Build our reserves and be more financially sustainable;

• Do more inter-societal projects and initiatives;

• Deliver an effective, targeted learning programme;

• Provide more to our members, be more of a club;

• Set the FBA up it is ready to unlock its funding potential;

• Diversify our audiences – all of them including visitors, members and artists;

• Work with more young and emerging artists;

• Invest in the Mall Galleries facilities;

• Build more of a digital presence; and

• Retain and develop our staff.

A summary of the key activities planned for 2026 is shown below.

Year 1 (2026) - Activity Plan

Engagement

• Consultation with Societies to agree common principles and cultural values as a collective. Establish a Culture and Values Group consisting of MG staff and society representatives;

• Deliver 3 FBA events;

• Host a Members’ Party; and

• Provide Members with personal membership cards.

Securing our financial future

• Resolve historical financial issues with The Crown Estate;

• Deliver a break-even budget (this includes significant growth in our events/venue hire business and also new income across corporate sponsorship);

• Consult with FBA Societies on a new future business model or models and start the review of our Rules of Membership;

The Federation of British Artists Limited 19

Report of the Board 31 December 2025

• Conduct a review of how we use the gallery calendar and how we could use it more effectively to drive income as well as accommodate our core FBA exhibitions;

• Publish a 2-year Commercial Strategy (Quarter 3); and

• Begin the development of a short to mid-term Fundraising Strategy with external, expert consultation.

Financial review and policies

Results for the Year

The FBA made an operating surplus in 2025 of £33,821 compared to a deficit in 2024 of £42,842. This was driven by much higher income partially offset by higher expenditure.

Total income of £1,863,796, was £220,102 higher than in 2024 (£1,643,694). The galleries were open throughout the year. Income from gallery and evening / day event hire was higher by £199,658, driven by 4 quarters of activity and a return of the corporate hospitality sector in London. We had 34 Exhibitions and product launches, versus 25 in 2024. On commissions, society art sales in the galleries and on-line were higher by 13%, driven in the main from new buyers (60% of all buyers in 2025) to the FBA and higher on-line sales, accounting for 40% of all art sales. Commissions in the annual accounts consist of society art sales, art consultancy and FBA initiatives.

Financial review and policies

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 although impacted by the negative economic outlook, grew by 7% and we plan more growth in 2026. In Exhibitions, our submission income decreased by £15,462, this decline is a trend across the market, although as a result of mid-year interventions, we managed to reverse this in the later submissions. Visitor numbers were up and we increased the admission price, generating an extra £15,546 over 2024. Giftshop income was up by 17%, due to higher footfall and better product range. Interest received accounted for £18,826, coming mainly from our money market account.

Our income from charitable activities was higher by £252,181, mainly driven by an increase in gallery and evening / day events, higher commissions and visitor numbers partially offset by lower submission income.

Overall expenditure was higher by £143,439 versus £1,686,536 in 2024. The largest impact was in staff costs, where we gave a budgeted cost of living increase in January 2025, we were impacted by the national insurance increase introduced 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 high inflation rate impacts our operations. We also had a balance sheet impact from the quinquennial works from 2022, worth £25,000. 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.

The Federation of British Artists Limited 20

Report of the Board 31 December 2025

Salaries formed approximately 55% of our total costs in line with 2024. We appreciate the staff are the most valued asset of the organisation without which we cannot operate.

Our overall cash position of £616,746 at the end of December 2025, shows a slight decline due in the main to creditor payments.

The FBA is still in a good cash position, which will give us resilience in the face of ongoing impacts in 2026, of global conflicts and the cost-of-living crisis.

Sources of Income and Expenditure

The Federation of British Artists Limited 21

Report of the Board 31 December 2025

Our Policies

The FBA 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 FBA employees are required to understand and comply with these policies, which we review biannually, 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 FBA as at 31 December 2025. 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 FBA 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 £18,826 (2024 - £20,779). 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 £628,243 (2024, £594,422) consisting of restricted funds of £10,409 (2024, £10,409) designated funds of £406,500 (2024, £420,828) and free reserves of £211,334 (2024, £163,185).

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 fund in 2023, £20,000, 2024, £20,000, another £20,000 in 2025 and we plan to have at least £100,000 by 2028, when the next repairs are planned to happen.

New designations of £40,811 were made to the fixed assets designated fund to provide new IT and office equipment, upgrade the CCTV system, replace the West Gallery light through Basis lighting, with new LED ones, a number of upgrades for the gallery in electrics, plumbing and art

The Federation of British Artists Limited 22

Report of the Board 31 December 2025

racking. The opening balance of £315,406 at 1 January 2025, the new designations of £40,811, less the released amount of £70,736 depreciation leaves a balance carried forward as at 31 December 2025 of £285,481. The tangible fixed assets fund recognises that the tangible fixed assets are required for the day-to-day operation of the charity and are not available for other purposes or general reserves. New designations of £7,800 were made to the intangible designated fund to provide for the new website less the release amount of £12,203 depreciation leaves a balance carried forward as at the 31 December 2025 of £61,019.

Free reserves in the general fund amount to £211,334 (2024, £163,185).

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 £457,000 at 2025 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 5 years. However, we are seeing more positive trends and our gallery hire and evening / day 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 FBA. 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.

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;

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Report of the Board 31 December 2025

•  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: 29 June 2026 Chair

The Federation of British Artists Limited 24

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 2025 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 2025 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

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

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

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 2025

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

30 June 2026

The Federation of British Artists Limited 29

Notes	Unrestricted funds £	Restricted funds £	2025 Total funds £	Unrestricted funds £	Restricted funds £	2024 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 income/(expenditure) 9 Net income/(expenditure) and net movement in funds for the year Reconciliation of funds: Balances brought forward at 1 January 2025 Balances carried forward at 31 December 2025	13,732 5,000 18,826 173,709 391,429 408,444 811,136 41,020	500 — — — — — — —	14,232 5,000 18,826 173,709 391,429 408,444 811,136 41,020	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
	1,863,296 5,041 1,824,434	500 — 500	1,863,796 5,041 1,824,934	1,643,194 4,644 1,681,392	500 — 500	1,643,694 4,644 1,681,892
	1,829,475 33,821	500 —	1,829,975 33,821	1,686,036 (42,842)	500 —	1,686,536 (42,842)
	33,821 584,013	— 10,409	33,821 594,422	(42,842) 626,854	— 10,409	(42,842) 637,264
	617,834	10,409	628,243	584,013	10,409	594,422

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.

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Notes	Consolidated	Consolidated	Federation	Federation
	2025 £	2024 £	2025 £	2024 £
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 net assets The funds of the group/charity: Restricted funds 18 Unrestricted funds . Designated funds 19 . General fund	61,019 285,481 —	65,422 315,406 —	61,019 285,481 2	65,422 315,406 2
	346,500 285,628 3,403 616,746	380,828 338,373 4,168 623,679	346,502 419,713 — 440,638	380,830 448,763 — 471,629
	905,777 **(624,034) **	966,220 (752,626)	860,351 (578,612)	920,392 (706,802)
	281,743	213,594	281,739	213,590
	628,243	594,422	628,241	594,420
	10,409 406,500 211,334	10,409 420,828 163,185	10,409 406,502 211,330	10,409 420,830 163,181
	628,243	594,422	628,241	594,420

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 £75,777 (2024: loss of £52,024).

Approved by the Board and signed on its behalf by:

Trustee

Approved on: 29 June 2026

Jane Ellison Chair

Company Registration Number 683275 (England and Wales)

The Federation of British Artists Limited 31

Notes	2025 £	2024 £
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 2025 B Cash and cash equivalents at 31 December 2025 B	22,852	29,453
	18,826 (48,611) —	20,779 (55,375) —
	**(29,785) **	(34,596)
	(6,933) 623,679	(5,052) 628,731
	616,746	623,679

Notes to the statement of cash flows for the year to 31 December 2025.

A	Reconciliation of net movement in funds to net cash provided by operating activities 2025 £ 2024 £ Net movement in funds (as per the statement of financial activities) 33,822 (42,842) Adjustments for: Depreciation charge 82,939 76,547 Dividends and interest from investments (18,826) (20,779) Decrease (increase) in stocks 764 1,113 Decrease (increase) in debtors 52,745 (162,256) (Decrease) increase in creditors (128,592) 177,760 Net cashprovided by operating activities 22,852 29,543	Reconciliation of net movement in funds to net cash provided by operating activities 2025 £ 2024 £ Net movement in funds (as per the statement of financial activities) 33,822 (42,842) Adjustments for: Depreciation charge 82,939 76,547 Dividends and interest from investments (18,826) (20,779) Decrease (increase) in stocks 764 1,113 Decrease (increase) in debtors 52,745 (162,256) (Decrease) increase in creditors (128,592) 177,760 Net cashprovided by operating activities 22,852 29,543	Reconciliation of net movement in funds to net cash provided by operating activities 2025 £ 2024 £ Net movement in funds (as per the statement of financial activities) 33,822 (42,842) Adjustments for: Depreciation charge 82,939 76,547 Dividends and interest from investments (18,826) (20,779) Decrease (increase) in stocks 764 1,113 Decrease (increase) in debtors 52,745 (162,256) (Decrease) increase in creditors (128,592) 177,760 Net cashprovided by operating activities 22,852 29,543
	Net movement in funds (as per the statement of financial activities) Adjustments for: Depreciation charge Dividends and interest from investments Decrease (increase) in stocks Decrease (increase) in debtors (Decrease) increase in creditors Net cashprovided by operating activities	33,822 82,939 (18,826) 764 52,745 (128,592)	(42,842) 76,547 (20,779) 1,113 (162,256) 177,760
		22,852	29,543

B Analysis of cash and cash equivalents

Analysis of cash and cash equivalents
	2025 £	2024 £
Cash at bank and in hand Total cash and cash equivalents	616,746	623,679
	616,746	623,679

The Federation of British Artists Limited 32

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 2025.

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 FBA 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.

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Covid-19 has had a noticeable impact on the FBA’s finances in the years to 31 December 2020, 2021, and this impact along with the subsequent cost of living crisis coming from global conflicts has also impacted 2023, 2024 and 2025. 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 necessary cost of living increases for the staff to combat high inflation as a result of global conflicts. Rent and rates holidays and other premises costs savings had a positive impact on running costs. Gallery hires and evening / day event income made a comeback in 2022, and we have made further progress in 2023, 2024 and 2025, reflecting the better actual results. Our latest estimate for 2026 for gallery hire is for this trend to continue.

Free reserves at the 31 December 2025 stood at £211,334, (2024 - £163,185). This level of reserves is below the three-month requirement stipulated by the trustees of £457,000 based on 2025 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 have been drawn up from 2025 to 2030 based on a more normal year in 2026, 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 has allowed it to offer a better all-round service, to support art sales and gallery and evening / day event hires for 2026 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 by global conflicts. We are seeing more positive trends and our gallery hire and evening / day 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 FBA 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 FBA alone as permitted by section 408 of the Companies Act 2006. During the period, the parent charitable company made a loss of £75,777 (2024: loss of £52,024).

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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 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 FBA 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 FBA 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 FBA 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 FBA 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.

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 FBA; and

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•  Expenditure on charitable activities includes all costs associated with furthering the charitable purposes of the FBA 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 FBA, 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 FBA (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.

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.

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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 FBA 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 FBA 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 FBA has no liability beyond making its contributions and paying across the deductions for the employees’ contributions.

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1 Income from donations and legacies

	Unrestricted funds £	Restricted funds £	2025 Total funds £	Unrestricted funds £	Restricted funds £	2024 Total funds £
Legacies Patrons Trusts/ foundations/Auctions Total funds	— — 13,732	— 500 —	— 500 13,732	1,000 — 30,578	— 500 —	1,000 500 30,578
	13,732	500	14,232	31,578	500	32,078

2 Income from sponsorship

	Unrestricted funds £	Restricted funds £	2025 Total funds £	Unrestricted funds £	Restricted funds £	2024 Total funds £
Sponsorship income Total funds	5,000	—	5,000	4,000	—	4,000
	5,000	—	5,000	4,000	—	4,000

3 Income from investments

	Unrestricted funds £ 18,826 18,826	Restricted funds £ — —	2025 Total funds £ 18,826 18,826	Unrestricted funds £ 20,779 20,779	Restricted funds £ — —	2024 Total funds £ 20,779 20,779
Interest receivable Total funds

4 Income from charitable activities

	Unrestricted funds £	Restricted funds £	2025 Total funds £	Unrestricted funds £	Restricted funds £	2024 Total funds £
Subscriptions . Members . Friends and Patrons Exhibitions Commissions Gallery & Event Hire Total funds	127,931 45,778	— —	127,931 45,778	125,617 42,717	— —	125,617 42,717
	173,709	—	173,709	168,334	—	168,334
	391,429 408,444 811,136	— — —	391,429 408,444 811,136	392,821 359,894 611,478	— — —	392,821 359,894 611,478
	1,784,718	—	1,784,718	1,532,527	—	1,532,527

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5	Other income	Unrestricted funds £	Restricted Funds £	2025 Total funds £	Unrestricted funds £	Restricted Funds £	2024 Total funds £
	Sale of books and materials Miscellaneous income Total funds	22,495 18,525	— —	22,495 18,525	19,241 35,069	— —	19,241 35,069
		41,020	—	41,020	54,310	—	54,310

6 Expenditure on raising funds

	Unrestricted funds £	Restricted Funds £	2025 Total funds £	Unrestricted funds £	Restricted Funds £	2024 Total funds £
Cost of raising funds Total funds	5,041	—	5,041	4,644	—	4,644
	5,041	—	5,041	4,644	—	4,644

7 Expenditure on charitable activities

	Unrestricted funds £	Restricted Funds £	2025 Total funds £	Unrestricted funds £	Restricted Funds £	2024 Total funds £
Membership costs Exhibitions by Member Societies Commissioned work Gallery & Event Hire Education Total funds	27,730 405,624 483,891 890,058 17,131	— — — — 500	27,730 405,624 483,891 890,058 17,631	26,070 468,420 501,710 668,475 16,717	— — — — 500	26,070 468,420 501,710 668,475 17,217
	1,824,434	500	1,824,934	1,681,392	500	1,681,892

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 £	2025 Total funds £ 388,307 82,938 68,282 56,707 596,234
Premises Depreciation IT/Software & IT enhancements Governance costs (see below)	— 829 683 2,138	94,348 19,322 15,408 11,640	98,448 21,028 17,312 14,377	195,511 41,759 34,379 28,552	— — 500 —
	3,650	140,718	151,165	300,201	500

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	Membership costs £	Exhibitions by member societies £	Commissioned work £	Non Society exhibitions £	Education £	2024 Total funds £
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 —	330,040 76,547 72,339 37,744
	2,909	145,379	136,274	231,608	500	516,670

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

Included within support costs are governance costs as detailed below:

	2025 Total funds £	2024 Total funds £
Auditor’s remuneration Legal and professional Other governance costs	25,855 22,585 8,268	24,110 8,143 5,490
	56,708	37,743

9 Net expenditure for the year

This is stated after charging:

	2025 Total funds £	2024 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	1,007,733 22,900 2,955 82,939 127,234	928,706 22,000 2,110 76,547 119,541

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). We have made a small provision for service charge in 2025.

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

	2025 £	2024 £
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	897,582 91,859 18,292	835,014 75,249 18,443
	1,007,733	928,706
	23,178 210,895 275,426 476,064 22,170	22,289 254,465 301,830 328,762 21,360
	1,007,733	928,706

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

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

	Average headcount	Average headcount	Full time equivalent	Full time equivalent
	2025	2024	2025	2024
Subscriptions Exhibitions Commissions Gallery & Evening Event hire Education	1 9 11 19 1	1 11 13 14 1	0.57 5.23 6.83 11.82 0.55	0.58 6.57 7.80 8.50 0.55
	41	40.00	25.00	24.00

The headcount has increased, 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:
	2025	2024
£60,000 - £70,000 £70,000 - £80,000 £80,000 - £90,000 £90,000 - £100,000	2 1 — —	2 — — 1

£4,101 (2024 - £5,949) pension contributions were made on behalf of these members of staff in 2025.

The key management personnel of the FBA 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 £250,632 (2024 - £249,485).

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No Trustee received any remuneration for services as a member of the Board during the period (2024 - £nil). Travel and printing expenses amounting to £83 were reimbursed to Trustees (2024 - £79).

11 Net income from Mall Galleries Trading Limited

Mall Galleries Trading Limited is a wholly-owned subsidiary of the FBA 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 2025 are shown below:

Profit and loss account	31 December 2025 £	31 December 2024 £
Turnover Cost of sales Gross profit Administrative expenses Net profit Amount to be distributed to the Federation under Gift Aid Retained in subsidiary	199,082 (43,402)	170,463 (32,750)
	155,680 (46,081)	137,713 (42,758)
	109,599 (109,599)	94,955 (94,955)
	—	—

The £2 issued share capital equalled the net assets of the company as at 31 December 2025.

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 2025 Additions At 31 December 2025 Amortisation At 1 January 2025 Charge for year At 31 December 2025 Net book values At 31 December 2025 At 31 December 2024	85,442 7,800 93,242
	20,020 12,203
	32,223
	61,019
	65,422

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14 Tangible fixed assets

Tangible fixed assets
Federation and Group i	Leasehold mprovements £	Furniture fixtures and fittings £	Office equipment £	Total £
Cost At 1 January 2025 Additions At 31 December 2025 Depreciation At 1 January 2025 Charge for the year At 31 December 2025 Net book values At 31 December 2025 At 31 December 2024	1,131,203 6,687	123,656 28,512	102,652 5,612	1,357,511 40,811
	1,137,890	152,168	108,264	1,398,322
	859,438 48,094	97,683 15,229	84,984 7,413	1,042,105 70,736
	907,532	112,912	92,397	1,112,841
	230,358	39,256	15,867	285,481
	271,765	25,973	17,668	315,406

15 Investments

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

16 Debtors

Debtors
	Consolidated		Federation
	2025 £	2024 £	2025 £	2024 £
Trade debtors Amounts due from subsidiary undertaking Prepayments and accrued income	256,723 — 28,905	256,716 — 81,657	221,113 169,779 28,821	229,979 137,046 81,738
	285,628	338,373	419,713	448,763

17 Creditors: amounts falling due within one year

	Consolidated	Consolidated	Federation	Federation
	2025 £	2024 £	2025 £	2024 £ 143,484 8,387 123,387 91,960 298,375 41,209 706,802
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	68,082 — 127,355 103,131 278,773 46,693	145,923 8,387 123,387 98,916 329,808 46,205	59,843 — 127,355 95,427 255,390 40,597
	624,034	752,626	578,612

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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 2025	2025 £	2024 £
	329,808 278,773 (329,808)	146,983 329,808 (146,983)
	278,773	329,808

Deferred income is generated mainly from future gallery, evening and day hires.

18 Restricted fund

Restricted fund
Federation and Group	At 1 January 2025 £	Income £	Expenditure £	Transfers £	At 31 December 2025 £
Education fund	10,409	500	500	—	10,409
	10,409	500	500	—	10,409
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

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

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19 Designated funds

Designated funds
Federationand Group	At 1 January 2025 £	New Designations £ 20,000 48,611 68,611	Utilised/ Released £	At 31 December 2025 £
Premises maintenance fund Tangible & Intangible fixed assets fund	40,000 380,828		— (82,939)	60,000 346,500
	420,828		(82,939)	406,500
Federation and Group	At 1 January 2024 £	New Designations £ 20,000 55,375 75,375	Utilised/ Released £	At 31 December 2024 £
Premises maintenance fund Tangible fixed assets fund	20,000 402,000		— (76,547)	40,000 380,828
	422,000		(76,547)	420,828

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 2022 to pay for the works done that year; we have started to create a new fund in 2023.

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 FBA and are not available for other purposes or general reserves.

20 Analysis of net assets between funds

Group	General Fund £	Designated Funds £	Restricted Funds £ — 10,409 — 10,409	Total 2025 £
Fund balances at 31 December 2025 are represented by: Fixed assets Current assets Creditors: amounts falling due within one year Total net assets	— 835,368 (624,034)	346,500 60,000 —		346,500 905,777 (624,034)
	211,334	406,500		628,243
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

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Federation	General Fund £	Designated Funds £	Restricted Funds £	Total 2025 £
Fund balances at 31 December 2025 are represented by: Fixed assets Current assets Creditors: amounts falling due within one year Total net assets	— 789,942 (578,612)	346,502 60,000 —	— 10,409 —	346,502 860,351 (578,612)
	211,330	406,502	10,409	628,241
_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

21 Leasing commitments

At 31 December 2025 the FBA had future minimum commitments under operating leases on land and buildings as follows:

Paymentswhich falldue:	2025 £ 170,351 681,406 — 616,935	2024 £
Within one year Within two to five years After five years		123,387 493,548 123,387
		740,322

22 Capital commitments

At 31 December 2025, the FBA had capital commitments of £nil (2024 - £nil).

23 Liability of members

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

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24 Related party transactions

The FBA received commission and hire fees totalling £15,294 (2024 - £9,606) 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 2025, an amount of £nil (2024 - £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 2025 or 2024.

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

Connected Charities

The FBA 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.

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