REGISTERED COMPANY NUMBER: 00083239 (Engl&Dd and Wglu) REGISTERED CHARITY NUMBER: 212513 Grnup Strtegit Repo R¢port of the Trns¢¢¢s •nd Awd[tl Consolidted Fin*n¢ial Ststemetsts for the Y¢ar Endtd 31 DettnJb¢r 2023 for Royal Society of SculNoT5
Royil Society of Sculptors ConteThts of the ConsolidAted Financi#l Statements for the Year Eded 31 Decernber 2023 P•g¢ Reference and Administrative Detailg Group Strategie Report Report of the Trnstees Report of the Ind¢pendeRt Auditors io CoDsolidated Statement of FiDnfial Activities 13 Consolidated Other Comprehensiv¢ Income 14 Consolidated BAl&nee Sbttt 15 Comp8ny Balante Sbeet 16 Consolidated Staternent ofchthgts ill Equity 17 Company Ststement of Cbnges Equity 18 Collsolid#ted Csh Flow SÉtetNent 19 Notes to the Con501idtwJ Cash Flow Sts¢¢m¢nt 20 Notes to the Consolidted Financial S¢temethts 21
Roy•l Society of Stulptors Referellte Administr¥tive D¢tails for the Year EndL¥l 31 De4Thber 2023 TRUSTEES L Ford PRSS (President) A Tebbenhoff VPRSS (Vice President) M L Burch {Tre&surer) B B¢yer MRSS S Hit¢hens FRSS R A Newnham FRSS M J Richard5 FRSS W N Priee E V Sass(M) G B Watson A Geile FRSS (appoint•J 24.52023) J E Reeves (apwinted 24.5.2023) A A Stonyer FRSS {aptK>inted 24.5.2023) N Anthony MRSS (Tesign¢d 24.5.2023) A RE Stephen5 FRSS (resigned 24.5.2023) COMPANY SECRETARY C Worthing REGIsfERED OFFICE 108 Old Brompton Rd London SW7 3BA RLGISTERED COMPANY P4UMBER (M)083239 (England and Wales) REGISTERED CHARTrY NUMBER 212513 SENIOR sfATirroRY AUDITOR Gar¢th Owen Hughes Bsc ACA INDEPENDENT AUDITORS Garside and Co. LitDited CharteTed A¢countant & Slatytory Auditor Suitc 631. Lillen Ha]1 162-168 Regent Strttt LATrndon WIB 5TG Page I
Royal Society orseptOrj Group Strategic Report for the Year Ended 31 Deeernljer 2023 The Trustee5 who are also dire¢tors of the charity for the purpx)ses of the Q>mpanies Act 2006, pre5cnl their report with th¢ financi ststements of the Charity for th¢ year ended 31 Dccember 2023. The Trustees hav¢ adopted the provisions of A¢¢ounting and Reporting by Charilies.. S¢ament of Reeommended Practice applicable to chariti¢s preparing th¢ir accounts iEJ a¢¢ordonce with the Fitwicial RqK)rting Stsndard applithle in the UK and Republic of Ireland {FRS 102) {effectiv¢ l January 2019)- oECr1VEs AND AcrIvrriES PrincipAI Activity The Royal Society of llIptors is an atti Irf mernbership organisatioii. We SUprt and cont)ect sculptors thrOuot their careers and lead the conversation aEout sculpture thn)ugh exhil)itions and events. The Societyw&8 cre&ied more than 100 yearsago to championcontemporary sculptt¢ and theartistswho create it. Today we welcome everyone interested in exploring this art forni and its many polbIlities. Alms Ind Objectiyes The Board reviewed the curra]t strategic aims previously identified ID late 2017. and agreed these r¢main leVant. However. the underpinningobjectives have bcen review and uplai¢d to berter reflect the work achieved since 2017 and s¢t a clear direction for the future of the organisation which be presented PToactiv¢ly to our mernbeT5. W)tential members, public, stakeholders and funders. Aim I Service development o Review and the needs of scul tors to rernain rel We have continued to support and ¢onnect our members with araDge of oppommiiies to d¢velop arml Showc their practice. Srabani Ghosh won the Persimmon Homes Ltd Thames Valley comrnisston to crtate a new work animating an ar¢a of opetj space used by thc Iwal community. Ann Christopher RA FRSS was announced the winneT of the CommilOn for th¢ Women'5 Pri for Non-Fictton launching in Summer 2024. The s¢leaion panel was chaired by Founder Director of the prize, Kate Mosse, and iThclud¢d author Sebastian Fau]k%. The ThT¢ad resideney in Senega] w&s won by Georgina Sleap MRSS and Robin Tarbet MRSS was awarded the Eilean Shona residen¢y. We are delighted that the Hugo Burge Foundion residency (fonnerly Marchmont House) 1[ open again to members in 2024. A group of members were sele¢¢ed by th¢ curatorial tearn at Thirsk Hall to participate in a show a¢ross the sculpture garden there whieh opeDd in the sprin& And an eyhibition by international members will be held at the Royal Over-seas League in 2024. We worked in partnership Mith Plinth towards the end of the year on a selling show Call "Samples" which took place at nearby Cromwell Place in December 2023. Behitld the Studio DcA)rs hosted by Isabel de V&%concellos o)nttnued to shine a sp)tlight on members working internationally a5 we explored theirsd10S and praLlict. IDitially live streamed to m¢mbeTS ODly, the hour-long films are now available via our w¢bsit¢. Our regional and irtiemationa] 700m meetings continued thank5 to the cornrnilmeiit of the sculpiorm¢mbers of the Board, fostering a great sense of con]munity among the membership resulting in a show at Tremertheere Sculpture Gardens in Cornwall. o Create atmeet the need5 of DoTrmernber5 scul ethe rofile of the ci Dord House reaopened in FebnY 2023 with Polly MorgaTh'5 First Plinth.. Public Art Award winning piett "Open! ChaTClI Flowln on th¢ s¢ulpture terrdce. She shared the gailcry spaces snside with Los Angeles based artis¢ Leena Similu, with a show ¢a]led 'Fais¢ Flags". Nearly 100 people attended the prtvate view. alld the show was s¢lected by Jonathan Jones in The Guardian as his rxhibition of the week. Polly hosted a dinner for collectors and curators in March with guests includtng Alcx Farquharson. Diredor of Tate Britsin and designer, Roksanda Iltncic. Page 2
ROYAI Society of Sculptors Group Strn¢1£ Report for the Year Ended 31 December 2023 oKIEcrivES AND ACTIVITIES Aims #nd Obje¢tiv¢s- continued To coincide with Intrrniona] Sculptur¢ thy, on saldaY 29 April 2023, the judges met to select the winner of First Plknth.. Public Art Award 2023. The winner - Madi Acharya-Baskerville MRSS - was announced at th¢ ¢nd of a symposium aboul publi¢ seulptur¢ which w&5 held in the evening aDd chaired by Fatoi Ustek. The summer show was selected and ¢UTated by ar¢hit¢¢tura] historian, designer, envtronmental campai8Ther and natural paint guru, Edward Bulmer. Thc exhibition featUTed work by ovet 50 members- with 181 attending the private view- and w&8 SUPPOrted by a lively programme of in convcr5atiou events. A small selectioll of work was also shown at Edward's paint showroom in central London. In the autumtl we once again took part in Heritage Open Days offering tours of ]J)rn House and cr¢ative family workshop5 Using the building's window5 and fircplatts as inspiration. Our p)pular Big thaw programrne return1 in October 2023 and we aTe grateful to the Jobn Lyons, Charity (JLC) for funding the half tenn prtsgramme. The programme in¢lled two Budding Brdins dropin workslK)ps, a free wild life drawing session for young people in the JLC target borough& edible sculpture WOTkshops and a collalJ)iativ¢ game workshop among other things. W¢ were able to offer something creative for free daily between Saturday 21- Saturday 28 O¢tob¢r 2023. In totsi. there were 9.000 visitots to tbra House since its rty)pening in Febnwy 2023 (we had reached 12.(HXI in th¢ 1&st full year before the Covid-19 pandemic). Al 2 Business ind mrketitsg d¢velopty¢n¢ lic unde ndin and awareness of the We orhce agaÈn took part in the Great Exhibition Road Festival IGERF) over the weekend of Saturday 17 and SuDday 18 June 2023. 1200 ppIc partickpated irl Workshops ab)ul soil which weff devised and led by artist Jacques Nimki over the two, very hot. day5. Nimki'5 in5tallatiOD 'Florilegium SW7" was installed on the s¢ulpiure terrd to ¢oiDcide with GERF and g¢nerously supported by The Royal Cornmissffion for the Exhibition of 1851. With th¢ pand¢mi¢ in the distant P8sI we were finally able to deliver 'OpeniThg the tk)ors to tk>ra House. fund by the Naiionai Lottery H¢ritsge Fund. Working with a group of students from St Charles Catholic Sixth Fonn College, and in collabortion with the Centre for Intemationa] Ixarning and Leadership (CILL), the aim of this project w&s to create a 360 virtual tour of th)ra Hoe. The group of young pIe visited tbrn House to ¢xplott its heritsge and history in more detsil, creating sketebe5. capturing images and researching the stories of the arti5t5 and crtattves who have Call this place home. Archivist and researcher Sarah Haylett guided the group through the processof ChIVal research and the safe and ptoper handling of historic documents. The students then explored the &)ciety'5 archiv4 uncovtring fascinating information about Dora Hous¢ when it s¢rv¢d &s a studio for photogrdphers Elliott & Fry, and &s a creative workrwTn and family home for Ulpr Ce¢il Thomas. Sculptor Clare Burnett PPRSS a]50 led aD itlsightful professional development 5e55ion on pursuing a ¢areer in the at and the young peopl¢ honed their critical thinking ski115 and broader understanding of the cultural sector thTough workshops with CILL, visits to exhibitions and creativ¢ a¢tivities at tk)ra House. The tour w&8 launched at a ¢elebrthry event ith Sewmber and is available via ow website. o Establish a weleornin brdnd that is inclusive to 911 To coincide with the re-openin8 of Dora House, the Society's website overhauled. There Ks a fresh new look and f¢el and updatd brondcolour palett¢ ail of whieh w&$ reflected in the spring exhibitionQevents leafiet. We sent 3.(KM) Copies a¢ross iA)ndon to ¢ODtemporary atts venues through tA>ndon Calling la distribution agency). Page 3
Royal Soclety of SeulptOT5 Group S¢rategit Report for tbe Year Ended 31 Dtttrnber 21123 OBJECTIVES AND ACllVmES Aims 2nd Objectiv&s- continued o Achiev financial sustainabili We were dtlight¢d to welcome and IK>St Crnfis on Peel, (a Hon8 Kon8 gallery) who hired tA)ra House for the month of May 2023 to ¢oincide with knndon Craft Wttk. Their show, Hearts and Hands: Crafts of Hong Kon8, and vibrant events programme attraeted 572 visitors tt> tk>r& House ID two weeks. W¢ were award a grant from the ASSlatiOn of IndepenI Mus¢wns (Atm) to explore options for a shop at Dorn House. Th¢ review w&5 UDdert8ken by retsil ¢onsultanL Ali5x)n Guilfoyle. An undoubted highlight of the year w&s our higbly commended award in the Best Public Aiiractioll category at ' Kensington, Chelsea and Westminster Business awards. We rnnThets up to th¢ BBC Experience. Aim 3 Building developmellt widest and m05t ro rial¢ fo f access to the Socie '5 buildin At the end of theyear,werai5¢d £70,IK)O with granrs from The City Bridge Trustand Pennycress Trustto insta]I modern, acce5sibl¢ public toilets with baby changing facilities forvisitors to ourevents and exhibitions. They repla¢¢d fa¢iliti that were over 30 y¢aTS old. The grants also enabled us to ins1 new sigD8ge. an acclbIt dcx)rbell and upgrade the threshold wKth new, level matting. The project was once agait) overseen by r hard-working building o)mmittee chaired by Gordon Watson along with Laura Ford PRSS. Clare Bumett PPRSS, Amy Stephens FRSS. Edwina SassiK)n, Bill Price and Mark Burch. FIKUS ¢onsultants who worked with us throughout Savin8 tkTrrn House Provid project management and QS 5ervice5. hieve enviTonmenta] sustai We have ¢ontinued to work with our local fri¢Thts and ]ShIm)Urs in the cultur81 and educaiional or8ani5ations xross South Kensington to accelerate Work towards being a zero eartK)n and nature positive neighlx)urtJood by 2030. The ambitiou5 projea ca]led South Ken Zen+ is funded by The Roya] Commission for the Exhibition of1851. Our Director participates in two work streams around pro¢urement and neighlK>urhLK)d visiori. Aim 4 Orgni$ationAI devel•pmeDt o Achieve and eTn overnance of chari 47 members attend the AGM on Wednesday 24 May 2023. This year it was a hybrid event with members both in the room at DoTa House and joining online viazoom. Ourgu¢5t STakerwas Mark Waugh of Art360 Foundation wljo spoke about archive Itgacy planning for artists building on the itrtriNJuiaOry leafiet sent to m¢mb¢rs in November 2022. During the CA)urs¢ of the year, we recruited a new Trnstee with a legal back8round- Jane Rccves joined the Board in July. She also be¢am¢ th¢ Board champion for Equality. Diversity and Inclusion (EDI). We continued our work around diversity supported by Alex M*5hall of Spot the Gap and in April the Board worked with Alex to develop a Trustee pipeline action plan with actions such ulldertaking a]lyship training, researching th¢ idea of an apprentice Board and revisiting the Tru#ee role des¢ription. o Esthblis can belo We rall anumberof surveys during theyearto testwhetherthe work we hAve be doing around EDI h&8 had an impact. The results showed year on year theFe is a gr¢ater spread of age range with tnore people in younger age groups across th¢ organisation. There is a 51ight broadening o(ethnicity, &$ well as the typesof schools where people have been educated. Th¢r¢ is also a slight incre&se in the nUmrof pwple svho identify as neurodiverse. isation81 culture where differen is valued d and where different esof le feel Our meMb¢hiP Manager, Mari4 ran a separate surw of tnembers in the aunmin to t¢5t their satiSftIon levels and to help the teatn better understsnd and therefore suptK>rt their needs. Pa8e 4
Royal Society of s¢1p¢O$ Group Strategic Rert for the Year Ended 31 Deeember 2023 oBjEs AND ACTIVITIES Aims #nd Obj¢dives- continued Finalty, ourvolunteer5 a Short (two week) p)stwde suThey of our visilors in August 2023. It W&5 interesting to note how many were l(Kat to tk)rn House and the high percentage of pcople who hJ chosen to pop in as they passed by. oAIi oIicie5 wÉth best ractice and We were excited to work in partDership wtth Art et Al- an inclusive curatorial plarforni- on "Making Together" which showwed work by artists from supported studi05 working alongside their artistic peers from the Society. Th¢ proj¢ct was th¢ r¢sult of two pairing5 between Thompson Hall (an artist at Action Space) and Simone Kennedy MRSS and Leslie Thompson (of V¢niur¢ Atts) and Eleni Maragaki MRSS. The work thej made by the two pairs wa5 5hoMryL at Dord House in October and November. Cutor and WrIr, Jes Fernie, wrote a wonderfi]l essay about the artists their collabordtions. The exhibition was snred by Hallctt IndepdentL. and Sadie SheTtnan Gallery. We developed a sensory map to support visitors and be8aTh monthly eartyllate opening5 for those who may find it challenging tts Yisit at busier times. Addiiional {esou included larg¢ print exhibition guides, interpretation in braille and extrd seating in the galleries. We stayed open cach Saturday in (ktober 2023 so that as many pwpl¢ as p)ssibl¢ ¢ould see the show. Th¢ events progTamm¢ in¢lud¢d an "in nversatiOn. with the artists al a panel discussion on neurodiversity in art. The whole tealn undertook neur]iversIty awarenesstrainiiig in Septemberand each #aff m¢mbermakes a commitm¢nt to EDI in their workplan. o Va]u¢ and d vel iaff and Y Thank5 to an in]pres5ive TrUItent dTive by ownew Community Engagement Officer Abbie Ruse, ourvolunteerteam w&s back up to full strength at 20 during the course of the year tnuning that the front desk was largely fully m8nn¢d. As a thank you Abbie arranged a volunteerteam vistt to Frieze Sculpture in the Park. The stsff ÉeaTTh enjoyed visits to LeIghn House and Battersea Power ststion w¢ll as Ch¢ls¢a Flower Show, Q)Ilect atld Two Temple Place. Aim 5 External TelatioD5bip5 trate ic relationshi s and collaborations with k icn rk where 5cuI ture or nisations t4]ucationa] in5tttution in made curatrd written alK)Ut and di5CU5sed in th¢ UK We were thrilled to develop a new parthership with Th¢ An House in Wakefield - city of sculpture- who hosted the Gilbert Bayes Award (GBA) 2022 show in July 2023. The GBA 23 and 24 cohort $lwS will also travel to Wakefield. Our gu¢st jlldgeOcurators for 2024 are Clemency C(M)ke and Charlotte Latharn of Cooke Latham Gallery. With costs in¢reasing across th¢ ly)ard, but in particular with tskiTh8 the exhibition to Wakefield, we were very pled that Gilbert Bayes ChaTitable Trust modesdy increased our grant for th¢ award Page 5
Royil Society of Sculpto Group StrAtegie Report for the Yur Ended 31 December 2023 rRATEGIC REPORT A¢hievement aDd perfomallee ident's Re Much has happened at the RSS since the last AGM. w¢ have many.more people appfying to be memb¢rs and &s a result have had a larger than usual number of Sculptorsioining th¢ society, it is really 8[ to see such a breadth and diversity in the approa¢h to s¢ulp¢ure making. One of the re&sons for this itj¢rease in it)ierest is the on80ing Zoorn group5 which are njn by our Sculptor tNstee5 who keep our members collnected and who ini112 discussions around sculpture. 50tne of which lead io exhibitions together - so I want to say a huge thank you to them for their time and on801¥ committnent to the Zts)ms, which h¢lp veate a dynarnic Community and suptK>rt Dettvork It has been great to have Imra House funciioning again and seein8 Sculpture and Sculptors in real lif¢ and I want to thank the building co]nmittee for their work which hn't stopped at saving Dorn House, or at our fabulous new loos. Also. many ihanks to the fimdraising commkttte without whom ne of this work would happen. Huge thanks to Carolin< Mari4 tATrrraiDe and ADdrea for ¢Olltinuing to do a superbiob supw)rtins our mtmbtts and who are always on the l(x)kout for ways to promote the thiDking and the $lwIn8 of sculpture. Laura Ford, President FiD8nci&l ReTrieiv eserve The Society h&s decided to rnake a further a1lcrfat)n from its unrestricted surplus towards implementing its tolicy of building liquid reserves (to a level suificieDt to meet three months of typical Op]ng costs) and tht tota] amount held in re$eNes is £75,476 (Designattd Fund). Treasurerfs During the fitLan¢ial year¢nding 31 t)ecember 2023. the Society wntinued to d¢liv¢r supwjrt for its rnernbers and wider a¢¢ess to sculpture for the genetal publi¢. This is thanks to Erf)th tht profession staff and comrnitted support of many volunteers (in¢ludin8 external wJvisor5 lsung on a pro b&sis). The Society remains in a stsbl¢ financial p)sitiotL largely thauks to 8J) increas¢ in members. tiurin8 the cour5¢ of the year, 74 new llletnbers were ¢l¢cted, undoubtedly attracted by the sense of community and the team's focus on supportin8 members in their practice. Th¢ k¢y sources of "unrestricted. income were membethip feos £150.417 (2022.. £129.3331 and renL lettings and oth¢¥ trading activities £105,731 12022-. £96251). Total unr¢stricied income w&s £291,523 (2022= £251.577). SignifJ¢ant progress h&5 been made in maintaining rnembership income (and the propoEtion thereof which attracts gift aid support from HMRC). Total restrictsj income £118,564 (2022.. £350.606), o)mprising donations includin8 gift aid. the reduction reflecting a Y with reduced fundraising foT Savrng Lkn House in 2023. Total resources expet]ded in 2023 were £407,66312022= £289.072) ofwhich unrestricted speoding was £280,085 {2022: £249,797). The ana]ual a¢¢ounts show a surplus in funding of £2,424 (2022.. £313.1111 again refl¢cting the reduction in fundraising for Saving tk>rnHouse &s well as incTeased expthiture in relation to delayed Projects due to the pandemic and building closure such as OpeDiDg the tknrs aj First Plinth. The Society is on¢e again indebted to Nick Rockttt for his pro bono work in pr¢paring the accounts. Mark Burch, Treasurer Page 6
Royal Societv of Sculptors Group Strategic Report for the Y¢Ar Etlded 31 Dttetllber 2023 STRucfuRE, COVERNANCE AND MANAGEMENr Financial revie Going concern The trustees consider ther¢ are no material Lmcertainties aknut the chariws ability to continue a going con¢¢m The review of the financial position. reserve levels and plans gives TnJste¢5 ¢onfid¢nce the ch8rity remains a goin8 ¢onc¢rn for the foreseeable future. srRucfuRE, GOVERNANCE AND MANAGEMENT Governing do¢llmen¢ The Society w&% founded in 1905 as a company limited by guaran, not having a share capitsl, ond its governing document 15 its Memorandum and Article5 of Association. The governing iN)dy (between the Annual G¢neral Meetiogs} is the Board, which ¢onsi$ts of the President, Vice PKsidenL the Treasurer and up to nint other Trustees. Membership of the charity is opert to all professional s¢ulptOTS but is s¢leetive b&sed on the quality of the work. At its discretion. the Board of Trustets may MInate two fiJ]ther p¢rsoDS to ]n the Board of Trustres &$ Trustees who may but are not required to be members. The Trustees are also dire¢tOTS of the company under the t¢rnJs of the Companies Act 2(K)6. RecrnitJneDt appointtnent ol new truste The President, Vice President and the majority of the Trustees must be Membe]3 or Fellows of th¢ charity, but the Tre&%urer and up to nine Trustees are not required to be sculptors. All Trustres are elected at the Annual General Me¢tiDg (AGM). They are elected for a term of three years aDd Dew Trustecs tske office * the end of the tDeding. The President Jd Vice President also hold office for three years and may be elected for a second term. Following expiry of the sewnd tern) neither ihe President nor VÈce President are eligible for re-election for one year. Dttlsion mkiDg The Board meets fourtimes a year and 1$ resw)nsible for defiDgthe strate8LCViSLon. w>licy. procedures and programme, reviewing its effectiv¢ness and delivery. Trustees a kept upt(th through bi-monthly reporLs from the Dirtctor. The Board work5 to ensure compliance with its legal duties kn: - Act In the interests of the charity . Proteei and safeguard the assets of the charity - Act with re&wnable care and skill - Ensur¢ the charity is accountable The Board delegate5 implemcutation to a $ma]l tram of stsff (empktryee4 fr¢¢lan¢¢rs and volunteers) under the directio of Caroline Worthin8tOD WIK) is also Company Secrelary. The sculptor members of the Board forni the s¢lection panel for new m¢mb¢is. Trustee induction apprdis1 New Board mernbers are referrtd to the Charity Commission and Companies House advice ab)ut th¢ir respoThsibilities and att infornial induction led by the President and Director takes place ahewj of their flrst formal meeting. New Tnre¢S are also provided with a guide which sets out their duties and re5POTLsibilities and the contribution they are exp¢¢¢ed to make duritjg their tenn of offic¢. The perfornianc¢ of each Trthe 15 reviewed annually and those standing down are invited to an exit revlew. Risk m8nAgement The TrUsS hav¢ a duty to identify and review the risksto whichthecharity is exposed andto ensure aPpprIst¢ Gontrols are in plac¢ io provide aSonable assurance against fraud and em)r. The Board has reviewed the major risks and is Wisfied that ail possible PFe¢auiions hav¢ b¢en tsken to miThimise them. Intern Systems and procedures are in place to control all fLnatLciai transactions and ensure that all activities comply with r¢gulations wvering th¢ health and fety of staf£ volunteers and visitors to the Society. Staff Abbie Rus¢ joined th¢ team as our new Community Fgagement Officer ID late April. We would like to thank Saroh Turner for her work to support the summer exhibition. Volunteers The ¢ontributiotJ of ovr volunteers is imme&surdble - beyond the hours they give, their energy. enthusi&stn. dedicatio and goodwill are viial io th¢ So¢iety. From our gallery guides to our Tnjstres, our volunteers are a precious resource ond enable us io deliv¢r th¢ wvic¢s to our membh1P. We are trnly indebted to them. Page 7
Royal Society of Sculptor8 Report ofthe Trnsttts for the Year Ended 31 December 2023 The Tn]stee& who are also director5 of the Group {'the Society.) and the clwitable Company ('the Parent'} pr¢5ent their re]K)rt with the Consolidated fthan¢ial wtements of the Group and th¢ charitable Cotnpany for the year ¢nded 31 December 2023. PRIIYCIPAL Acrtvrry Pleas¢ refer to the Group Sirategic Rep)rt for a description of principal activity. TRUSTEES The Tntstees shown below held office during the whole of the period from l January 2023 to the date of this report. L Ford PRSS (President) A Tebbenhoff VPRSS IVi¢e President) M L Burch {Tre&surer) B BeyerMRSS S Hitchen5 FRSS R A Newnham FRSS M J Richard5 FRSS W N Price E V Sass(x)n G B Watson A Geile FRSS lapwkinted 24.52023) J E Reeves {appoinled 24.5.2023) A A Stonyer FRSS (appointed 24.5.2023) N Anthony MRSS (resigned 24.5.2023) A R E Stephens FRSS (resi8ned 24.5.2023) LEGAL STATUS The Parent charitable Company, Royal 1¢ty of Sojlptots, is a mpanY limited by 8uarante£. The members of the company are the Trustees named on pag¢ l. Underthe tern5 of the.MemoraJhdum of Association shou]d the company be wound up and in the event of a deficiency of &s5ets. every m¢be¥ undertakes to ¢ontribute not more than £2 for the payment of the company's liabilities. PUBLIC BENEFIT The So¢i¢ty's aims, objectives and activities as set out in the Group strategic Report are undettsken forthe public benefit. When reviewing the aims and activiti&% of the Society, the Board h&$ due regard to the Charity Commission guidan¢¢ on public benefit. OUR PATRON The Royal Society of sculpt$ was first awarded roya] patronage in 1911 when it was recognised for its services to the art of %ulpture. GOING CONCERL¥ The Trustees consider there are no Material uncertainties about the Gro.$ and the charitable comp9Y'S ability to continue a5 agoing (x)n¢ern. The review ofthe fLnatLciai p05itioll. reseTh¢ levels and tt)re plansgives Trustees confidence the Group remains a going ncern for the foreseeable futUTe. EVENfs SINCE THE END OF THE YEAR Ther¢ w¢re no sigThificant events since the end of the year. FINNclL RJSK MAf4AGEMENT Ple&qe refer to the Group Stratrgi¢ rep)rt for a description of the Group's financial risk management pn)c¢ss. Pag¢ 8
Royil So¢iety of S¢ulp¢ors Report of the TnJ$tees for the Year Ended 31 December 2023 REFERE.YCE AND ADMINISTK4TIVE DETAIts Solleitors Fr¢eths LLP 80 Mount Street Nottingham NGI 6HH Bankers Royal Bank of Scotland 49 Charing Cr055 London SWIA 2DX CAF Bank Limited 25 Kings Hill Avenue Kings Hill West Malling. Kent ME19 4JQ srATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who ar¢ also the directors of Royal Society of Sculptors for the purw)ses of company law) art r¢spon5ible for prqiaring the Rewrt of the Trvs(ees and the fina¢10] si&tements in awrd8nee with applicable law and UThited Kingdom ActIng Standard5 (United Kingdom Gcnerdlty ACcepj ACuntirtg Praaice). Company law requir¢s the Trustees to PT¢paT¢ financial ststsments foreach fiaancial yearwhich give atruc and fair view of the state of affair5 of the charitable Company and of the incoming rewur¢es and appli¢ation of reurCe4 including the ineome and expenditure. of the charitsble CornpaDy for period. In preparing those finat)¢ial siat¢ment4 th¢ Truste¢s ar¢ required to.. select suilable a¢counting w)licies and then apply them CA)nsistendy' observe the meihods and prin¢iples in the Charity SORP. make judgeTnents and e#ima*s that are r¢ag)fkable and pnen¢ state whether applicable aoUntIng standaTds have been followed subje¢t to any material departure5 disc105ed and explained in the financial 5tatemcnts- prepare the financiaj statements on the 80ing concern b&415 UD]e&% it is inappropriate to presume that the charitable company will ¢ontinue in busiTh¢s$. The Trustees are responsible for keeping propcr acCoting records which dis¢lose with reasot)able accuracy at any time the fiThancial FQSktion of the Gharitable Cownpany and to enable them to ensure that th¢ financial statements comply with th¢ CompaThies Act 2(KI6. They are also resw>nsible for Safeguarding the a&sets of the chaTitsble Company and h¢n¢e for taking r¢asonabl¢ steps for the prevention and detection of fraud and other iEregularitie5. In $0 far as the Truste¢s are aware: there is no relevant audit information of which the tljaritable Company's auditors are unaware. and the Tnte¢S hav¢ tak¢n all Step5 that they ought to have taken to make theTnselve5 aware of any relevant audit infonnation and to establish that the audirS are aware of that InforntI0n. AUDrroRS Th¢ auditors, Garside and Co. Limited, will be proTx>sed for re-apFrf)intsntnt atthe forthcoming Annual Generat Meeting. Report of the Trusiees, In¢0$aLing a stswegic reÈm approved by order of the I)rd of Tru5ttC5, the cotnpany directors, on ....16.. M.y....1tr..... . and Sign on the Board's behalf by: L Ford PRSS {Pre5ident)- TrSlee
Report of the Independtnt Auditor5 to the Member5 of Royal Society of Sculptors Opinion We have audit¢d th¢ financial statements of Royal Society of kulptors (the Trarent Company,) its subsidiary (the 'grtsup') for the year ended 31 December 2023 which comprise the Consolidated Statement of Financial A¢tivities, COn501idcd Other Comprehensive IncomE Consolidated Balance SheeL Company Balance She¢L Consolidated Stat¢mentof Changts in Equity, Company Statemeni of Chan8es in EquitiT. Colsolidated Cash Flow Statementand Notes to the Consolidated Cash Flow StatemenL Notes th¢ Financial StatemenE including a summary of signifi¢ant accounting polici¢s. The financial reporting fratwOrk that has been opplied in their preparation is applicable law alhd United Kingdom A¢¢ounting Standards. including Financial RertIng Srandard 102 The Financial Reporting Standard applicable in thE UK and Republic of Irela[. (unit Kingdorn Generally Accep A¢¢ounting Prdctice). In our opinion the financia] 5tatements= give a true and fair view of the State of the ¢baritsble group's and of the Wdrent coinpany'5 affairs as at 31 December 2023 and of its in¢oming reurCeS and application of Tesourw including its in¢ome and expenditure, for the year then ended. have becn propeTly prepared in a¢cordance with United KiDgdom GeneTaily Accepted Ac¢ounting Practice. athd have been prepared in accordance with the r¢quirements of the CompanÈe5 Act 2(#)6. Basis for opinion We conducted our audit in accordance with tThtern3tiona] St#dards on Auditing (UK) (ISAS (UX)) and applicable law. Our responsibilities under those stsndards are fi]rther described in the AudiiOTS' responsibilities for the audit of the f]nancial statements se¢tion of our teport. We are independent of the g]oup and the charitsble Company in accordance with th¢ ethical requirements that are relevant our audit of the finan¢ia] swements in the UK includin8 the FRC'S Ethical Standard, and we have lfIlled our other ethical re5w)Dsibilities in ac¢ordant¢ with these requirements. We believ¢ that the audit evidence we have obthined is sufficient aDd appropriate to provide a basis for our opinion. Conclusions relating to going toncern In auditing the financial ststements, we have concluded that the Trustees. use of the 80ing concern blS of accounlin8 in th¢ preparation of the fjnan¢ia] statements ts appropriate. Based on the WO we have perfornie4 we have not identified Y tiiaterial w)¢¢inueS relwin8 to events or condition5 thaL individually or collectively, may c&st 5j8ntficant dbt on the group's and the par¢ni ¢ompany's ability 10 Continue as a going ¢oncem for a period of * le&st twelve month5 from when th¢ fLnao¢ia] ststrmerts are authorised for issue. Our resw)nsibilitie5 and the $&KnsIbilities of the dirth with respect to going o)ncern are des¢riW in the r¢l¢vant se¢tions of thi5 report. Other informatio The Trustee5 are resp)nsible for the other inforntion. The other infornjation comprtses the inforn)ation in the Gtt)up Strategi¢ Reportand theReport oftheTrustees bui(h)¢s not includethefinanciai statemcntsand ourRep)rtofth¢ Auditors thereon. Our opinion on the finan¢ia] stsiements does not coyerthe other inforntation and. except tothe ¢xtentoth¢rwise expli¢itly stated in our reporL we do not express any forni of assurdnce coDclu5ion therwD. In ¢otmectioTh with our audit of the fUn¢tal statements. our resp)nsibility is to rewj the other infortnation and in doing so, consider whether the other inforn]atiOn LS materially irt¢onsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misststed. If w¢ identify such material inconsistencies or apparent materia] mismaiements, we are required to determine whether this give5 rise to a mateTiai misststement irt the financial statements themselves. If, based on the work we have perfornied, we conclude that there is a material misstatement of this other infomiation. we a¥¢ required to report that fact. We have nothing to report in this gd. Opinlon$ on other mglter5 prescribed by the CoThpaTries Art 2006 In our opiniott, based on the work undertaken In the cour5¢ of the audit: the information given in the Group Strategic Rew>rt and the Report of the Tru51ee5 forthe fitmncial year for which the fancia] statements are prepared is consistent with the fmaneial staternents. and the Gmup Strategic Rep)rt and the Reportof the TnLSt¢es have been prep8red in acajrdance wtth applicable legal requirements. Page 10
Rewbrt of the Independ¢Dt Auditors to tbe Members of Royal Society of Sculpto Matters on whieh we are required to report by exceptio In the light of the knowledge and understanding ofthe group and the parent Lx>mpany and its environment obtaind in the course of the audil we have not identified materi81 misstsiements in the Group Repot1 of the Tntstees. We have nothingto report 111 TrspeGt of the followin8 matters where the Companies Act 2006 require5 US to report to you if, in our opinion.. adequate acc4)unting records hav¢ noi been kept or rethms adequate hr our 8j11 havc not been received from branches not visiied by us- or the financia] statetnents are ttot in agreement wÉth the accounting records and renrns" or ¢ertait] disrlosures of TTUStees' retnunerdtion specified by law are not rne,. or we have not received ail the inforniation and explanations we requir¢ forour audiL Responsibilities of TTUStee5 As Cxplained more fully in the Statement of Trnstees. Responsibiliti¢s, th¢ Tn1¢¢$ (who are also the dIlor$ of the charitable Company for th¢ purpos¢s of ¢ompany law} are t¢sponsible for the preparation of the financial stateTtLents and for being satisfied that they gtv¢ a twe and fair view. and ftir such inteTna] control as the Twstees deterEnine is necessary to enable the preparation of fthan¢ia] statrments that are free frorn rnatuiai misstatemeni whether due to fraud or em)r. In preparin8 the financial ststements, the Tnte¢S are responsible forwessiThg the wup's and the charitable Company'5 abhljry to ntInu¢ &s a going ¢oncem, dis¢losirt& as applicable. atterS related to going concern and using the goiTh8 con¢¢rn basis of I¢untIng unless the Trustee5 either intend to liquidate the charitable Company or to ee&se op¢rations, or hav¢ no realistic ati¢mative butto (k) so. Auditor5, re5POn5ibilities for the audit of the f9ti#l statements Ourobjectives ar¢ to obtsin reasonable assurance ab)utwhether the finaTLciai statetnents &s a whole are free from material misstat¢menL whether due to fraud or ¢rr. and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurdnce. but is not a guardlltee that an audit conducted in ae¢ordanc¢ with ISAS {LW) will always decl Z4 tnaterial tlli5Statement when it exisLs. Misststements can arise from fraud or error and are consider¢d materia] if. individually or in the a88re8ate, they eould reasonably be expe¢d to influence the economi¢ d¢¢isions of users taken on the b&sis of these financial statements. Th¢ extent to which our woredures are capable of detecting irregularitie5. includin8 fraud i$ detailed klow.. nti ondin to ri5k5 of material misstaternent due to fraud As required by auditin8 Standards, and taking into accouni p)ssible pressures to meet profit targets and our overall knowledge of the control environmenL we perfornie41 proredure5 to address the risk5 of managemeTht override of contro15 and the risk of fraudulent reyenue recognition. the risk those in charge with matlagement may be in a position to make inappropriate accounting eDtri¢s and the risk of bi&s in accounting estimates and judgements such &5 the vo]uation of fixed assets and financia] instruments and depreciation ll(l¢s. To identify risks of material misstatement due to fraud {-fralld risks") we assessed evemts or ¢onditions that could indicate an incentive or pressure to commit fraud or provid¢ an opp)rnwtty o)mmii frdud. We cotnmuniGated identified fraud risks throllgho the dit team and remained alert any illdicatiODS of frnud througknt the audiL Our risk assessment procedures included.. Enouiring ofthose charged with management and inspection of key papers Ls to th¢ polici¢s and pro¢dllres to prevent and detect fraud. including the process for engaging management to identify fraud risks specific to the entity's sector, as well whether they have knowledge of any aetuai, Su$ted, or a]leged fraud. Reviewing minutes of Tnts*es' ffleetings. R¢vi¢wing interna] risk a5ses5ment reports" ConsideTillg maage[¢t'S incentives and opportunities for fraudulent manipulation of the financial statements. Assessing significant accounting estimates for bi&s- and Auditing the risk of management override ofeontrol4 in¢luding through testing journal ffltries and other adjustments for aPpropriaess, and evaluating the business rntiotbale of significant trin5actions outside the norrnal course of business. Identi atld re5 ondin to risks of aterial mi on4com liance with laws and re ulations We con5ider¢d the extent to which non-compli8nc¢ might have a material effect on the financial statements. We also cotisidered those laws and regulations have a diTe¢t impa¢¢ on the financial statements such &s the Companies Ac4 2006 and the Charici¢s SNement of Re¢0mrnend Prnctice {SORP5) FRS 102. Th¢ group and the ¢haritsblt Company subject to laws and re8ulations that dtrectiy affe¢t the finan¢ial stat¢m¢Dts in¢luding financial re)rtIng Itgi51ation. taxation legislation (payroll t$), and pension legislation and we assessed the extent of compliance with these laws atld regulations &s part of OUT procedures on the related financial statements items. As the group alld the clwitable Cornpany are re8ulat¢d, our ass¢ssmentof risks involved gaining all ulldersthnding ofthe Pagell
Report of the Independent Audito to the Members of RoyJ)I Sotiety of Sculptors control environment includin¥ the group'5 and the charitable Cornpany's procedur¢5 for complying wilh regulatory requiremenls. We communicated identified laws and regulatlOll5 throughout our team and remain alert lo any indications of rton-compliance throughout the audi¢. Our procedures inrluded.. Discussion with those tn ¢harge with manag¢Tnent, and from inspection of the entity's regulatory and legal coirespondence. Discussion with those charged with management the policies and procedures regarding compliance with laws and regulations; Reviewing financial statement disclosure5 and testing io sllpporting documentation to assess compliance with applicable laws and regulations: at]d Enquiry of rnanagern¢nL those charged with governance around actual and potential litigation and claims. There are inh¢reni limitations in the audit pro¢edures described above. We are less likely to become aware of instances of non-complian¢e with laws and regulations that are not closely related to events and transactions reflected in the rinancial statements. Also, the risk of noi detecting a rnaterial missiaiemeni diie to fraud is higheT than the risk of not deteciing one resulting fTom error, as fraud may involve delib¢Ta¢e ¢oncealment by, for exampl¢, foTgery or inieniion81 n115repTeseniations, or through collusion. We are not responsible for preventing non-compliance or fraud and Cannot be expected to deleci noncompliance with all laws and regulations. A further description of our Tesponsibiliiies for the audit of the financial Statements is located on the Financial Reporting Council's websiie ai wM¥.frc.OTg.uklauditorsresponsibililies. This description fomis part of our Report of the AuditOT5. Use of our report This rcport is made solely to the charitable Company's members. a5 a body. in a¢cordan¢e with Chapter 3 of Part 16 of Ihe Companies Act 2006. Ouraudit work has been undertaken so thai we might state to the chaTltable Company's members those matters we are required to siaie io them in a Report of the Auditors and for no other purpose. To the fullest exnI perrnilted by law, we do not accept or assume responsibility to anyone other than the charitable CoTnpany and the company's members as a body, for our audii work. for this report, or for the opinions we have fomied. Gareth Owen Hughes Bsc ACA (Senior Statutory Auditor) for and on behalf of Garside and Co. Limited Chartered Accountant & Siaiu¢ory Auditor Suite 631, Linen I lall 162-168 Regent Street London WIB 5TG Dale.. Page 12
Royal Society of Sculpto ConsolidAted Ststement of naILe181 Activitsts for the Year Ended 31 Detember 2023 31.12.23 Total funds 31.12.22 Totsl funds Unrestricted Restricted funds funds INCOME AYD ENDOWMENTS FRO.M Donations and membership fees 173,417 115,360 288.777 492.396 Charitsble g¢tAVities ChaTitable activitits 2.416 2.423 4.839 3,915 ljher trading activiti¢¥ Investment income Other income 105,73 1 4.452 105,73 1 4,452 96,251 928 693 781 Total 291523 118564 410087 602 183 EXPENDITURE ON Ch4rit•ble a¢tiwxti Charitable activities 280 085 127 578 289 072 NET INCOMEIIEXPENDITURE) 11.438 {9.014) 2.424 313.111 Net movemeD¢ in funds 11,438 (9,0141 2,424 RECONCILIATION OF FUNDS Total funds brought forward 216,469 1,896.803 2.113,272 ,800,161 TOTAL FUNDS CARRIED FORWARD 1887 789 2 115696 2 113272 The notes form part of these financial stat¢met)ts P8gc 13
Royal Sotiety of Sculptors Cortsolid*ted Other Comprehensive lthcowt for the Yt#r Eded 31 Dtternber 2023 31.12.23 31.12.22 PROFfT FOR THE YEAR 2.424 313,111 OTHER COMPREHENSIVE INCOMK TOTAL COMPREHENSIVE INCOME FOR THE YEAR 313 111 Total comprehensive income atiributable to.. Owners of the pareDt The notes forni part of these financial statetnents Pag¢ 14
Royal Sotiety of Seulptorn (Regtstered Mumber: IMJ083239) Con501idAted BAlance Sbttt 31 December 2023 31.12.23 31.12.22 Notes FIXED A&SETS Tatlgible assets 13 812650 798 935 1812650 1798 935 CURRENT A&SETS Stocks Debtors C&sh at bank and in hand 15 16 9.050 356 485 24,924 356 346 365,581 381275 CREDITORS Amounts fallin8 due wÈthin one year 17 NET CURRENT ASSETS 314 TOTAL ASSETS LESS CURREiYr LIABILTrE£s 2115696 2113272 NET A&SETS 2 115696 2 113272 FUNDS Unrestricted funds.. G¢n¢ral Fund Desited Fund 152,431 145.643 227.9)7 216,469 Restri¢t¢d fvnds.. Restricted Fund capi Fund 148,065 1739 724 182,596 I714207 1887 789 1.896.803 TOTAL FUNDS 2 115696 2 113272 The financial statements were approvtd by the Board of Tn and authorised for is5ueon.....lfy....Mh1...74)..w....... . d were gned on its behalf by.. L Ford PRSS Presi sur The notes part of these financial 5tatcments Page 15
Roy81 Society of Sculptors (Registered number: IJO(183239) Company BalY4thce Sheet 31 December 2023 31.12.23 31.12.22 Notcs FIXED ASSETS Tangible ets Investmetsts 13 14 1.714 4,493 CURRENT $SETs Stocks DebtOTS Cash at bank and in hand 16 1.860,577 293 497 1.848.061 301 185 2,154,120 2,149,251 CREDrroRS Amounts falling due within one year 17 NET CURRENT ASSETS 2 113 981 2 108 778 TOTAL ASSE73 LE&S CURRENT LIABILITIES 2 113272 RESKRVES Retsin¢d earniTh8S 18 2 115696 2113272 Company's profrt forthe financial year 313 111 The finan¢ial statements were apploved by the Board of Trustees and authorised for issue on Y....ll......... and were signed on it5 behalf by: Fo PRS (Pr urch (Tre&s . TDJ51ee The notes ftsmi part of these financial statements Pag¢ 16
Roy&l Society of Sculptor5 Con$olid&ted StAtemeDt of Changes in Equity for the Y¢ar Enderl 31 Dttemb¢r 21123 Total equity earnings B2lsDCt at l J*nuary 2022 .800,161 1,800,161 Changes in equity Total mprehensIve income 313 111- 313 111 Balance 4¢ 31 De¢ember2022 2113272 21132n Changes in equity Toial ¢omprehensiv¢ income Balanct At 31 December 21)23 2 115696 2115696 The notes form partof these flnancial statements Page 17
Roy41 Society of Sculrs Cornp#My Statement of Chnges Én Eqllity ror tbe Yer Ended 31 December 2023 R¢tained earnings equity B8lnee at l Jttll*ry 2022 1,8(K).161 1,800,161 Ch9llg¢s in equity Totsl ¢omprehensive income 313 111 313 111 BAlsn£e &t 31 Dttember 2022 2 113272 2113272 Change5 in tquity Totsl compT¢htnsive income 424 Balante at 31 December 21)23 115696 2 115696 The note5 forn] part of these finan¢iai Statements Page 18
Royal Society of Seulptord Consolidated Cxsb Flow St4tement for the Year Ended 31 Deeember 2023 31.12.23 31.12.22 C95h flows from operting aetivttie5 C&gh genera¢ed from operations 257 728 Net cash from operatin8 a¢tiviti¢s 257 728 C88h Ilows froJD investig aetivities PuTGhase of tangible fixed &85ets Intere reGeived (16.844) (774,293) 928 Net ¢ash from investing activities 773 365 (Decre4Se)rcresse ID 5b and tash equivlents Ca5b and sh equiwalents #t beginlg of year 139 {515.637} 356,346 871.983 C95h and cgsh ¢quiv4lent$ It end Of year 356 485 356 346 The not&% forni part of these financial statements Page 19
Royal Society orScp1tsrs Notes to tb¢ Consolidated Cash Flow Ststement for tbe Year Ended 31 December 2023 RECONCILIATION OF PROFrr BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS 31.12.23 31.12.22 Profit before t&xation Depreciation ¢harge$ IDtere5t received 2.424 3.129 313.111 3.326 928 i.ioi (41) 15.874 315,509 706 (19,507) (Increaseydecrease in stocks (In¢aSeYdeereasc ITJ tra(k and oth¢r debtOf5 ItLcreasel(decre} in trade and other creditors C$h gtneraied from operations 257 728 CASH AND CASH EQUIVALEKrs The 8Jnounts disclosed on the Cash Flow Stsiement in restd of aDd cash eqL¥a]ents are in respect of these Ba]aThce Sheet amounts: Ytlr ended 31 December 2023 31.12.23 1.1.23 Cash and equivalenls 356 346 Year ended 31 Detember 2022 31.12.22 1.1.22 C&8h and cash ¢quival¢nts 356 346 871983 NALYSIS OF CHATr4GES IN NET FUNDS At 1.1.23 C&sh l]ow At31.12.23 r4t¢ ffisb Cash at bank and in hand 139 356 485 139 356 485 Tot*l 356 139 356 485 Page 20
Roy81 SIety of Sculptors Notes to the Consoli•JAted F5nncil Ststements for the Ye8r Ended 31 December 2023 AccouprfiNG POLICIES Basls of preparatlott The r]nancial staterneDts of the Group and the charffitsblt Company I'the Parent Company'l, which is a public benefit entity under FRS 102, have been prepard in accordance with the Charities SORP (FRS 102)'Accounting and RerM)rtin8 by Charities.. Ststement of Recommended Practice applicable to charities preparing their accouThts in accordance with the Financial Reponing Standard applicable in the UK and Republic of Ireland (FRS 1021 leffe¢tive l January 20191,, Financial Reportang Standard 102 The Fittanciai Reporttng Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The consolidated financial statemtnts have been PTepared on a going concern b&si5 and under the historical cost convention. Th¢ pr¢s¢ntation curr¢n¢y of thes¢ fit)ancial ststem¢nts is Pound Sterling (£). The figures have betn rounded w the nearest £1. Legal status of tbe Parent Royal Society of S¢ulptors is a ¢ompany limite41 by guaTantee. The Membe of the o)mpany are the Tn1££$ named tsrt page l. Under the tenn5 of the Memorandum of Association sknuld the COTnpany be wound up and in the event of a deficiency of assets, every member undertakes to contribute Th)t more than £2 forthe payment of the company's liabilities. Going cone¢rn Th¢ Tnle¢S Consider there are no material uncertainties ai%)ut the Group's and the charttsble Company's ability to or]tinu¢ as a going concern. The review of the financial rAisition. reserve leve15 and future plan5 gives Trustees confidenc¢ the Group remains a going concern for the foreseeable futtwe. Basis of con$olidtlOD Tht consolidated financial slatements present the results of Royal Society of Sculptor5 and its own 5ub5idiary ("the Group") if they fotm a sith8ie entity. All iThtra-8roup trdnsaction4 baJaDces, income ond expenses are eliminated on consolidation. Investments in subsidiaries are stated at C05t Ic5s pfovisioTLS for impairmt where apprt>priate. Criti1 aCcou(lg e5timalu and area5 of judgemeDt Estimates and judgements are eontinuaily evaluated and are b&sed on historical experience and other factors, including expect&tions of fvture ¢vents th are believ1 be reasonable Und th¢ ¢ir¢umstsnc¢s. Critical accountiThg estimates and &ssumptions'. The Group and the charitable Company make e5ttmates and uMptIOnS c4)ncerning the future. Th¢ resulting accounting estiMe$ and &ssumptions will, by defjnition, seldom equa] the lad a¢tuai results. The es¢imates and UmptIOnS that have a significant risk of causing a mtriaE adjustment the ¢arryillg amounts of assets and liabilities wthin the next financial year axe dis¢ussed irt the acrounling wli¢ie5 atM)v& Income is accrued and d¢f¢rred bas¢d upon ¢slimat¢s of ¢e inwm¢ entitlement and th¢ timing of wh¢n a¢tiviii¢s will take place. Fixed a&%cts are depreciated over their expected liv&8. Incoming resourees Subs¢riptions, donatitsn& legacie& letting5. gift5 and grdnts are recolsed in the Consolidated Statement of Financi A¢tivi¢i¢s once the Group andthe charKthble Company have entitletnentto thefi]nd5. any perfonnanceconditions attached to an award have been TneL it is probable that the ineome will be received, and the amount Gqn be me&sured reliably. Income is deferred Èf received in advance of entitlement. Entitlement to income is deaned be the date when the seJvi¢e is provided, or aD event takes place. tk)Dat¢d seryices and goods 8r¢ recolS¢d as income wh¢n the economic benefit Can be measured r¢liably. General voluTrtttrti]ne is not recogni5ed a5 income. lttteresl receivable Interest on fund5 held on de[sIt is included when receivabl¢ and the amount Can be measured reliably by the charity,. this is nonnally upTrn notific•ion of the interest paid or payable by the Bank. Pag¢ 21
Royal Sotiety of Sculptors Notes to th¢ Consolidated Fina¢11 Sttew¢nts- Clbntinued for tbe Year Ended 31 December 2023 ACCOUTfflNG POLICIES- continued Dongtions for ePital expendltsre Donations received for capital expetsdinwe are credited to income when received. The difference bee¢n the total donated and th¢ ¢umulative depreciatitin charge relating to the relevant &S5ets is carried forward under restricted fimds. ExpeDditure Liabilities are reCgnISed as expendItie m)n there is a legal or ¢onstructive obligation committing the ¢hartty to thai expendiwr4 it 15 probable that a transfer of econornic benefits will be requir¢d in settlement and the amount of the oblTgation ¢an be mea8ured reliabty. All expenditure isa¢counted for OD an a¢£al5 b&%ts and has be¢Th C]lfIed underheadings that aggregate ail Strelated io the ¢atesory. Where costs cannoi be dIdY atiribLEted to particular heading& they have been allocated to activitLe5 on a ba%is cortsistent with the use of resources. AllocatioD attd pp)rtionmeTrt of costs Expenditure on sing fimds includes a]1 wsts in¢uTTeAI in reSpt of activitie5 to raise voluntary incom¢. Expenditure on Charitable activities in¢ludes all costs incurred to tnable the choriry to meet its charitable objectives. Other costs represent those costs incurred relating to strdtegy, compliancG constitirtional and regulatory matter5. s costs include app)niot)ment to the cost of gthernting fund& tharttsble activitie5 #nd governat)¢e costs ca]¢ulated in relation to tiffte spent by the individuaLs concerned. Tangible fixed &5sets A review for impairnient of a fixed asset is ¢arri¢d out if events or changes in cir¢umsthn¢es indicat¢ that the carying vaiueof any fjxed &ssetmay notbe rccoverable. Shortfalls between the carying valueof fixed assetsand th¢irrecoverable amounts are recognised as impainnents. Impair¢1 losses aff re£ognised in the Con1]dated Statement of Financial Activities inrpOrating income and expenditure acco1¢. Tangible fixed &ss¢ts are c4rried at COSL net of depIl0n and any provision for itnpairm¢nL Depre¢iation is provided to write off the rost or Vajuatio less estimated residua] t4alu4 of all fixed &85ets over their exptl useful lives. It is cal¢u]ed at the followiiig rat¢s: Plant and machinery Fixtures, Fittings and EquipTnent 20°h Straight line IO% Straighi line Freehold propErty is held at deemed cost. The Group ty)k advantsge of the FRS 102 trdnsitiona] provisions which pem)itted previo8 reva]uations of at) item of propety, plant equipment to b¢ d¢emed cost on transition date. Investments in subsidi*rie5 Investments in subsidiary undertakings arc rt¢01$cd cosL Current assets Amounts owed to the Group and the charitsble Cotnpany at the year-end in respect of fee& gift aid re¢tsverable or other income are shown as d¢btors, less provision for amounts that may prove uncolleetible. Stocks Stt>¢ks are valued at the lower of cost and selling pri 1¢5s selling costs. after rnaking due a]lowan¢e for obsolet¢ and slow llloving iiems. Debtor5 Trade and otherdebtors 8re recogllised at the settlement amount 8fter any trade discount tsffered. Prtpayments ar¢ valued at the amouni prepaid net of any trade discounts dur. Cash at Bank in hand C&sh at bank and in hand includes cash aDd Short terni highly liquid investhients with a short maturity of three months or less from the date of acquisition oropening of the derA)sit or si]nilar accouni. Poge 22
Royal Sotiety of Sculptors Notes lo the Consolldated Wman¢il St¢eThents for tbe Ye¥4r EDded 31 DeceJDber 2023 ACCOuPING POLICIES- cotinued Llabilities aDd proV10s Liabilities are recognised Wh the is an obligaiion at the Consolidated Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be requircd in settlernent, and the amount of the settlement can be estimated reliably. Liabilitits are recognised at the amount that the charity anticipat¢s it 711 pay to settle the debt or the amount it h&% received advanced payments forthe goods or seryic¢s li must pJDvide. Provisions ar¢ measured atthe best estimate ofthe amounts required to settle the obligation. Where the effectof the time value of money is material. the provision is b&sed onthe present valueof those amounts, dis¢ounted atthe pretax discount rate that reflects the risks specific to the liability- The unwinding of the diwuni is recogrtisejj within interest p&yable atld similar charges. Finan¢iAI instrnnhents Th¢ Group and iht charitsble Company on]y have financial &8sets aad financial liabiliti¢s of a kind that qualify as basi financial instruments. Basi¢ financial instsijments are initia]ly recogni5 attran5action value and Subsequently measured at their s¢Nl¢mertt value wtth the exception of bank which are 5ub5equentiy measured at 8monised cost using the ¢ffe¢¢ive iTt¢er¢5t tnethod. Government grnnts Government grants relating to costs are deferred and rgnised in th¢ inwm¢ swement over the period ne¢cs5ary to match them with th¢ ¢osts that they are intended to ¢ompens8. Government grants that are receivable as compensation for expenses or losses a]r¢ady in¢urra or for the purpose of giving immediate financial 5UPPOrt to the company with no tUre relad wst& are reco)1$ in the income statement in the period in whi¢h they b¢come receivable. Payments received by the wmpaDy are included f)ther income, in thecalculation of the entity's profits foreortx)ratÉon tax purposes in accordance with Don prin¢ipl¢s. Fund aetounting Unrestricted funds can b¢ used in ac¢oth¢e with the ¢lwithble objettives at the dÉscretion of the Trustees. Restricted funds can only be used for particular restricted purtM)ses within the objects of the ¢harity. R¢stri¢tions arise when specified by the donor or when fid$ are raised for particular restrict&J purposes. Inve5trnent income. 88ins and losses ar¢ all•¢d the appropri*e fun& as applicable. The charitsble Company is exernpt from corw>ratioD tax on tts charitsble adivities. The subsidiary ¢ompany is Itable tax on all their othcr income and profits. Foreign currencies Assets and liabiliti¢s in for¢ign ¢UTren¢ies are translated into Sterling at the rate5 of exchange ruling at the Consolidated Balance Sheet date. Trdnsartions in foreign Currencies are trdnslated into sterlingat the rdt¢ of ¢x¢h8ng¢ Tuling ai the date of transaction. Exchange differences ar¢ taken In account in attiying at the operating re5uh. Pension tosts and otber post-retiremtnt benefits The Group and the Charitable Company operdte a defined contribution scheme for the benefit of its employees. ContribuiioDS payable are chargcd to the Consolidated Statement of Finan¢iai Activities in the year they are payable. Page 23 continued...
Roy*l Society of Sculptors Notss to the Consolidated Fingn¢ial Stxtemtnts- contlnwd ftsr the YeAr Ended 31 DeCeber 2023 DONATIONS AND LEGACIES 31.12.23 31.12.22 th)nations Gift aid Mernbership Fees 117.173 21.187 150417 335,703 27,360 129 333 492 396 OTHER TIL4DING ACTIVITIES 31.12.23 31.12.22 Reni lettings and othcrtrading a¢tiviti¢s 105 731 INVESTMEprr INCOME 31.12.23 31.12.22 Int¢r¢st and dividends received 928 INCOME FROM CHARITABLE AcrivrriES 31.12.23 Chatitable activities 31.12.22 Totsl a¢tiviti¢s Edu10 and awards OTHER INCOME 31.12.23 31.12.22 Proje¢ts Sundry 1,117 4,233 Page 24 continued...
Royal Society of Sculptors Note5 to the Co8011ted Fin8ncil Sttements- ¢(ptIe0 for th¢ Year End¢d 31 D¢¢¢mb¢r 2023 CHARITABLE ACTIVITIES COSTS Direct SUprt cosis (see note 8) Clwitabl¢ activities 387 037 SUPPORT cosrs Governance costs Finance Totals Ch8ritabl¢ a¢tivtti¢s SuprA>rt C05t4 included in the alMTrve, are &5 follows: 31.12.23 CharÈtable activities 31.12.22 Charitabl¢ activities Bank charg¢s 2.691 Governance cost5 31.12.23 Charitabl¢ aGtivities 31.12.22 Charitable a¢tivitL¢S Salaries and freelance assistance Auditor5, r¢tnuneration Legal and other profe&sional fee5 Trdvel and meeting expense 6,360 6,340 2,487 6,000 6,350 4,578 Page 25 continued...
R•yal Society of Sculptors Notes to the ConsoIid¥4ted Fillanei¥l Sta¢¢Ments- Cotinued for the Year Ended 31 Detember 21123 NET INCOMEI(EXPKNDITURE) Net ineomeJ(&xpenditure) is stst¢d after chargingl((¥editittg}: 31.12.23 31.12.22 Auditors, remuneration Depreciation- owned wets 6.340 6,350 TRUSTEES. REMUNERATION AND BENEFITS There were no TNstees' remuneration for the year enda 31 De¢¢mber 2023 nor for the year ended 31 December 2022. Trustees. expenses During the year five Trustees were reimbursed £691.02 (2022.. £424.85) for travel expenses to Board meetings and other TTUStees' ¢v¢nts held by the Society. ii. srAFF COSTS 31.12.23 31.12.22 SaEaFie5 and freelan¢e assislanc¢ Social Security costs P¢nsion costs 167.527 10.373 126.114 8,007 181566 136 805 The average rnonthly number of employe¢5 during the ycarwas as follows.. 31.12.23 31.12.22 Averdge tnonthly nwnber of p10yee5 No employees receiyed emolwnents in exces5 of £60.IJ)O. ernent et%)nnel The total amount of employee benefits. includithg anployer pension contributions, receiva by key manag¢ment per50rhnel for th¢Èr services to the charitable Company during the year ended 31 December 2023 £58,561 {2022.. £57.821). These payments were made under approved ¢ontracts of employmenL Page 26 continued...
ROYAI Society of Sculptors Notes to the Consolsdated Fingncll St#tethents- CODtinued lor the Year Ertded 31 Deeember 2023 12. COMPARATIVES FOR THE STATEMENT OF FIliLYCIAL ACTIVITIES- FINANCIAL YEAR ENDED JI DECEMBER 2012 UJwestri¢ted funds R¢stricied funds Totai funds INCOME AND ENDOWMEpifs FROM Donations and meTnber5hip fees 147.384 345,012 492J96 Cknritsble aetiyitie Charitable activities 1.531 2J84 3,915 Other trading activities Investtnent income Other in¢om¢ 96.251 928 5 483 10 96.251 928 Totsl 251577 EXPENDITURE ON Cbaritsble activities Charitable activities 249 797 289 072 NET INCOMEI{EXPENDITUIiE) 1.780 311J31 313,111 Trnsfen betwee funds Net movement in fundq 16.354 296.757 313,111 RECONCILIATJON OF FUNDS Total funds brought forward 200.115 1,600,046 1.81M).161 TOTAL FUNDS CARRIED FORWARD 1896 803 2 113272 Page 27 contittued...
Roygl SDtiety of Sculptors r4otes to the CoDsolidAttd Finallcil StsteMents-tontiDued for the Yr Knded 31 December 2023 13. TANGIBLE FIXED ASSETS Croup Fixtures FrcdKTrld Computer equipment f1¥5 Totsls cosr At l January 2023 Additions Dispos$ 1.794.442 16.494 26,123 350 21,19) 1.84l.755 16,844 At 31 December 2023 1810 936 1850 462 DEPRECIATION At l January 2023 Charge for year Eliminated on disposal 23.588 1285 19.232 1,844 42.820 3,129 At 31 DcGernber 2023 NET BOOK VALUE At 31 December 2023 810936 114 1812650 At 31 DecembeT 2022 1798 935 A portion of the freehold property is wmm¢rcially let to a third party. The Board have ass¢ss¢d the requirement for this to be separdted from the tangible fixed &ss¢i ¢omponent and me&sured at fair vu¢ at reJx)rting date. The Board are of the opinion that it would be itnpra¢ti¢able to sepawe the investment property portion. therefore this is not revalued annua]ly, in a¢¢ordance with FRS 102 provisions. Compny Fixtures Computer equipment fittings Totals cosr At l January 2023 AdditLOtLS Disposals 26.123 350 21.19) 47.313 350 At 31 December 2023 26,473 13,053 39,526 DEPRECIATION At l January 2023 Charge for year Eliminot¢d on di5rA)sal 23.588 1.285 19232 1,844 42,820 3,129 A¢ 31 December 2023 NET BOOK VALUE At 3 1 December 2023 114 714 At 31 D¢¢e]nber 2022 Page 28 ntinued...
Royal Society of Sculptor5 Notes to the Consolidsted Fin8ncil Ststements- Continued for the Year Ended 31 D¢¢¢mber 2023 14. FIXED ET INTrTSTMENTS Shares in group undertakings MARKET VALUE At l January 2023 and 31 December 2023 NET BOOK VALUE At 31 December2023 At 31 Dember 2022 There were no investhient a&sets outside the UK. The ¢ompany's investments at th¢ balan¢¢ sh¢¢t d ID th¢ shar¢ wital of ¢ompani¢s Èn¢lud¢ the folkTrwing: Company name: Company nutnber.. Re8iStered office.. Dora House timited 13477821 Royal Society of Sculplot5 Dora House 108 Old Brompton Roal IAhndon SW7 3RA Nature of busin. Other letting and opu*ing of owt) or leased estate Class of 5hare= Ordinary holding loo STOCKS Group Company 31.12.23 31.12.22 31.12.23 31.12.22 Finithed g¢ 16. DEBTORS Group COMnY 31.12.23 31.12.22 31.12.23 31.12.22 Amounts falling due within ¢)n¢ y¢ar: Other debtors VAT Prepayments a]]d ac¢Tued In¢ 1.927 2,330 9,856 1,927 2.330 Arnounts falling due after rnore than one yeaT: Arnounts owed by 8roup undertakings 1 846 278 1825 643 Aggregate amounts 1 860 577 1848 061 Page 29 continued...
Royl Society of Seulwors Notes to the Con501idated Fin#ntil StsteMeDts-eontkned for the Year End 31 December 2023 17. CREDITORS: AMOUNTS FALLING DtiE WLTIUN ONE YEAR Group Company 31.12.23 31.12.22 31.12.23 31.12.22 . Trad¢ creditors S(Kia] security and other tsx£s VAT Other credttors Accn]d]5 and defenrd InMe 5322 5J20 4306 1785 21.670 5.227 5.522 5J20 13.276 5,227 3.150 285 650 62 i& MOVEMENT IN FUNDS Net rnovetnent in funds Transfers betweeD funds At 31.12.23 Ai 1.1.23 Unrestricted funds G¢nerai fund Designated Fwid 145.643 11,438 (4.6501 152.431 216,469 11.438 227,907 Rejtrieted funds Restrict Fund Capitaj Fund 182,596 714207 (34,531) 148,065 1 739 724 1896 803 1887 789 TOTAL Fuf4DS 2113272 2115696 The Capitsl Fund represents the gift of 108 Old Bmpton Road to the society in the 1970s. together with funds raised for the refurbishment of the property in 2022. As * 31 tkcember 202J. £15.895 of this fijnd was held in C&8h with the remainder of the funds rdised exraed on fEfurbislunenL N¢t movement in funds. included in the aixive are follows: In¢omin8 resources Resources expended Movement in fid5 UNrestri¢ted fuDd8 G¢neral ftd 291,523 (280,085) 11.438 Re5tritted fund$ Restrict Futhd Capits] Fund 86,005 (120,536} (34,531) 118564 127J78 TOTAL FUNDS 410087 407 663) Page 30 continued...
Royal Society of Sculptors Notes to the Consolid8ted FingDci81 Ststements-contiDued for the YeAr Ended 31 Detember 21123 I& . MOVEMENT IN FUNDS- eontinued Comparitbves for Mfjvemen¢ ID funds Net movement ID fund5 T1$fer$ between fid$ At 31.12.22 At 1.122 Unr£stricted funds General fill)d DeSiated Fund 129.289 1.780 14,574 145,643 200.115 1.780 14,574 216,469 Restricted funds RCstrict Fund Capital Fund 168,360 431686 28,810 282521 (14.574) 182.596 1714207 311 1600¢M6 31 1896 803 TOTAL FUNDS 1800 161 313 111 2113272 CompsAtive net movem( in fimd& included in th¢ atrf)v¢ ar¢ follow5.' lllcoming resource5 R¢sour¢¢s expended Movem¢nt in t)d$ Unrestrlrted fullds General fund 251.577 (249.797) 1.780 RestTiCted fuDds R¢stri¢ted Fund Capitsi Fund 56.123 294 483 (27.313) 11.962 28,810 282521 350 606 311 331 TOTAL FUNDS 602 183 289 072 Page31 eontinued...
Roy)Il Society of Sculpttsrs Notes to the Consolidated Fin#nei41 StstemeDts- CODtinved for tbe Year Ended 31 December 2023 18. MOTrIMENT IN FUNDS- cDntiDoed A current year 12 months and priorytsr 12 months combind EMTrsition is &$ follows: Transfers beN¢en funds movernent in ftds At 31.12.23 Atl.1.22 Unrestrirted fwi General fund Desigthated Fund 129289 13,218 9,924 152.431 200.115 13.218 14,574 227,907 Restrieted funds Restricted Fund Capital Fund 168J60 (5,721) 308 038 (14,574) 148,065 1739 724 302317 1887 789 TOTAL FUNDS 1800 161 315 535 2 115696 A ¢urrent ye4r 12 mollths and prior year 12 months combined net movement in funds. included in the alK)ve are as follows.. Resour¢es Mov¢m¢t)t expended in fitnds Unrestricted fund Genera] fund 543.11)0 (529,882) 13.218 Restricted funds Restricted Fund Capits] Fund 142,128 (147.849) (5,721} 308 038 166 853 302 317 TOTAL FUNDS 1012270 696 735) 315 535 19. INDIVIDUAL STATEMENT OF FINANCIAL ACmTfiES As perniitted by Section 408 of the Companie5 Act 2006. the Statemeni of Financial Activities of the parent ¢ompany is not presented part of these financial statements. 20. CAprrAL CoMMMErS Al 31 December 2023 the refurbÈshment of the prop¢rty. part of the 'Savill8 Dord House, projeci h&5 been complded with a remaining comingency payjnent due in Summ¢r 2024 of £8.325. 21 RELATED PARTY DISCLOSURES Parent In November 2021 Royat Society of Sculptors transferred its benefi¢ial tnterell in the property to its subsidiary. Ai 3 1 December 2023 Dora House Limited owed the charity £1.846.278 (2022: £1,825,643). Total donations made to the charitable Company by the tn]stees during the year ended 31 December 2023 omounta to £500 (2022: £3.168). Page 32