REGISTERED NUMBER: 110083239 {EDglxnd y4Dd W*ks) REGISTERED CHARrrY NUMBER: 212513 Croup Str&tegie Re￿) Report ofthe Dirtetors and A￿dite Consfjlid*ted FiDanci*l Stst¢meHts for the Yur Faded 31 December 21124 for Royal &xiety of Seulp¢• Garside 8T￿ Co. Limiied Cbartered AeLx>untant & Stst4rt0ry Audi Suite 631, Linm Hall 162-168 R¢gent Strert London WIB5TG Roygl Soeioty of Srnlptors Contents of the Consolidated Financial ststrth¢llts for the Year Ended 31 D¢¢ember 2(124 P*gt Rel¢rtnce Adllhini8trxtive Det*ils Group Strategic Report Report of the Truste Report (fvf the IDdepeDd¢ttt AuditOTS li Coll501idated Statsmellt of FIDattexal Adtvilies 14 Collsolidated Bai*nte She 15 Comp•ny B*]%Dee Sbett 16 Consoitdated C￿h Flow Ststement 17 Not￿ to the Collsolidsttd Casb Flow St8teiiiuit 18 Notes to the CoTrwlldated FiDaDtial Stxtements 19 Royal Society ofs¢ulpton Comp*ny Inforth•tio for the YeAr Ended 31 Deeember 2024 DIRE￿oRs. E V MBE W N Price A Tebbetthff VPRSS (Vic¢ President) G B Watson M L Burch (Treasurer) S Ilitrhen5 FRSS {rcsigDed 21 May 2024) M Richards FRSS {resi8oed 21 May 2024} B Beyer MRSS R A Newnham FRSS L Ford PRSS IPresident) A A Stonyer FRSS A Geilc FRSS J E R¢eve5 L Mackn MRSS {app)inted 21 May 2024) N Hornby FRSS (apkKpillted 21 May 2024) SECRETARY: C Worthingwn REGisfERED OFFICE: 108 Old Brompton Rd iDndoD SW7 3RA REGISTERED COMPANY NUMBER OW83239 (F￿sland and W41¢s) RECISTERED CHARITV NUMBER 212513 SE]YIOR STATUTORY AUDrroR: Gareth OWM Hughes Bsc ACA INDEPENDENT AUDrroRS: Garside and Co. Limited Chartered Accolhntant & Stattrtory AudÉtor Suile 631, Linrn Hau 162-168 Regent Street London WIB5TG Pa8e I Royal Society of Sculptots Group Strntegk RefvM)rt for the Ye3r Ended JI December 21124 The Trustees who arc also d1r¢Gto￿ of thc charity for thc PUTPOSts of th¢ Compani¢s 2006tr prcscnt thcir ￿pOrt with th¢ fJn&nrial $￿t￿ents of th¢ ¢￿?rIty for th¢ ended 31 D￿t￿ber 2024. The Trustees hay¢ &dopt¢d th¢ provisions of AceoutLtIDg and Rep)ning by Charities.. St￿eMent of Recommended Praciice applicable ￿ ¢hra House who brou8bt syTnknlic birds explored tsrot and Nwn Naked life drawing with amod¢l that took Frida Kablo as their inspiration. tn totat. there were 10.434 visitors tr> Dora How between Febn4ry 8nd Dffemt¢r. A buge acbievement given that the ga]leri¢5 were closed for January and May. Aim 2 BusÉu¢s8 Jnd M8￿CtI￿g developmeDt o Illcr￿e art w rld and blic uttderstattdtn anda ofthe We once again panicipated in International Sculptttre Day on Sattuday 27 April with thDP ID family w0￿shOps, a new mernbcr mixer aDd an in conveE5ation between Serena Korda and Williarn Cobb, Chair￿ by our President, Laura ForiL We took part in the Gttat EKhibitrTrn Ri)ad Fe#¢va] (GERF) QVCT the weekend of Saturday 15 and Sunday 16 June. We worked in partnership with Engineers Without BoTders (students b&sed at Imperial College) who chatted to those popping into our marquee alKTrut elimate cbange before participants desI￿ed and made a plant pot from eco-friendly materials. Th¢ Iwo days were y) busy th* the ￿￿￿ter ¢lick¢r broke, at a rough ¢owit I,(K)O children C￿ne dong. Ourthanks to Lucy Graing¢ for delivering the weekell We wue pleased to parti¢ipat¢ ¥din in KensiiigtOD & Chelsea Art Week and to be nome ¢he¢ked in tropt of a host of vtP guests at the launch party. We held two. fre< family worksbops over the weekends which fopped 8nd tsiled the week in late June welCo￿ltig 45 parti¢ipants over the two Satyrdays. Our thanks w Lucy Oatrs and Pei-chi Lee for devising and delivering the s￿10￿ Royal &Kiety of Sculptors Group S*rAtegie RepDrt for the Year Eaded JI December 2024 OWEcfivES AND AcnvrriFS Aims and ObjetÉtvtS- CODtillued W¢ ¢el¢brated London Sculpture Week in septem￿ * the Queert Elizabeth Olympic Park where we unveiled Polly Morgan's'open! Thannel! Flowl" whi¢h won First Plinth: Public Art Award 2021. As part of thc eYcniD8 50trtt. Polly in ¢onvers8tion wth art ￿lti¢ and writer. Hettie Juddah. And in & wonderfid surprise. w¢ were notiGed by the Big Draw that our 2023 ptt)grgrnme had won the Big Draw's Clubs and Societies award. e fmaDciai 5ustsinabil' The Suppliers. Circle 15 a selection of relevant industy specialists which support the Society and engage with our members. This grew during 2024 with new mcmi￿$ including MOMART. Coles C85ting, Plowdcn & Smith and Artistatr. The Director hosts on line m¢¢iin8s with each n¢w memb¢r of the ¢I￿le so that they can dixu5s their servi¢e$ with members. Our v¢nuc hire clients in 2024 irtcludfAJ members of IkeJb)Ix) Ikcbatta Society UK London Chapw who showw¢d th¢ir work at t*)ra Hous¢ in May and Emily Youn8 FRSS who hostsd th¢ launch of her rnono8r&ph by Dr J¢)n Wood here on Tucsty 16 July. The Third Thursday programme fe4¢yr•l evening wothp5 wh¢r¢ parti¢ipgnts enjoyed LYAfis suth 9s pyro8raphy. miniature c¢rami¢s, m*kin8 terrarium& embroidery. Ahn 3 Building dev¢lopmeDt In March. the Board agreed to mov¢ forward with Creatin8 a Horne for ScUlp￿r$- a project to transfonn the damp and unu¥able b￿rnent at tknra House into a self-conlained one-bedrwrn and studio space for visiting anists. The restored bas¢ment will a]so beGQtne thc i)n•Site home of the Society's a￿hly¢ On￿ again. Costing £lm the prOj￿t is due for completion in 2026. in time to c¢l¢brat¢ the So¢i¢ty'$ Soth anniversary #t fk>r& House. Fundr&isin8 be￿ in earnest with 8r8nts received throu8hout the yev from the Garfield W￿tOn Foundation. the Foyle Foundation, Backstage Trus( POrthrn￿r TnL51 the 29 May 1961 Charithble Trus( Finnis Scott Founda¢iow th¢ PennY¢r￿ Trusl ond Nationa] ManU￿riptS ConserV￿10n Tn￿( ￿ well as individual donations. In May, the grchivc which b¢¢n stored in chronie LY)nditiO￿ in the baqement was movgj to off Sit¢ specialist care in Oxford and the b&qement emptied. Following lis*d building wnsenL enabling works were undertgken in Augu51. The building wmm&tt¢¢, chair¢d by Trustee Gordoth Watson. are to b¢ 8pplaud¢d for their hard work. Th¢ Committee m¢ets tnonthly- often more- to kctp the project ¢)n tr&ck and on IMbdg#. They are supwrted by tt wider team in FOCUS Consultants who are EKoYidinR pmject management and QS scrviees and the archi¢¢¢ts. Purcell. In December the stsir nodes were repaired outside Lkbra FkJus¢ by PAYE with the eA)sts being covered by The City Brid8e Trust as port of their 8Tant to improve accessibility. We have continued to work with our lo¢al friends and neighFthws in the cultural aDd educational O￿aniSatiOnS acTOSS South Kensington to aecelera* work towards bein8 zero carbon and naiure tATrsitive nci8hbourhood by 2030. Th¢ anbitiOUS project ¢all¢d South Ken Zert+ is fund¢d by The Royal Commi55ion for the Exhibition of 1851. Our Director parti¢ipates in tsvo work str¢ams around prDcur¢mellt and neighi￿[￿)d visio Tnjstee, Bill Pric4 (Dtrector * WSP StruL*Jrd engineers) is ow B(xrd Ch￿￿pH)n leading on swtsinability. Pag¢4 Royal Society of Sculptors Gr•up Stfdt¢gic Report ffjr the Ye*r Endvj 31 Dec¢Mber21Tr24 Aim$ Jud ObjeetivÈ8- coutillued Aim 4 Organisatitinal development o Achieve altd emb vern of clwi In January, we ofyered the opportuniry to EllembeTS iDknted in t￿MI￿g a Trustee to observe a Board meetÈng. This wa5 followed by an T]]fortDal on line drDP Q&A with Trustee5 Simon Hitche￿ FRSS and Mark Richanls FRSS about their experience of workitlg on tIK Board. 60 tneJDber5 attended the AGM on Tuesday 21 May. This year il held vi8 zoom lo ￿able as many m¢mbets as tA)ssibl¢ to participate. Our guesr S￿er was Polly B]el￿ka of Pangolin London Sculptw¢ Gallery who gav¢ a ta]k atr*)ut her rxperience of ¢iiratMJg and selling $￿IptU On Wedn¢sday 5 Yun¢, the Chair of thc Charity Comrnission- Orlathth) Frdser KC- visited Dorn House. The PresideThL Tr&￿vrer. Trustee Edwina S&8soon and Direc￿ spok¢ to hirn about the Soci¢ty's Missio￿ governan¢¢ alld finallce5. Stab -sh or all1￿10￿81 cut can belon Trustee Jan¢ Re¢ves is our Board ¢hampion leadillg tyuality. diversity and iD¢lusion. here differen ued and uDderst(M)d and wher¢ diffuent sof 1£ feel Wc hav¢ created a public events acre5sibility checkli# SUPPDrtiD8 our rdDge of ¢v￿ts in perso￿ hybrid and onlitie. The che¢k]ist Stis alongside our EDI policy aThl provime w&$ £229.746 (2023: £118564 Page 6 Roy*l Socicty of Sculptors Group StrAtegi¢ Report for the Year Ended 31 De¢ember2024 FlnAncial Revlew- contiuued Totsl resources expended ￿ 2024 w¢r¢ £447374 {2023.. £407.663) of whith Un￿$tri¢l¢d spcndrn8 was £290,670 {2023.. £280.085). The annual accounts show a surplus in fimdilg of £89.618 (£2.424). The ￿)lding was professionally valued in 199) at £950.OCK) and since that date the Society ha8 invested significant The Soci¢ty is on¢¢ 08aiu indebted to ￿l¢k Rock¢tt forhis pm Erf>no WO￿ in prepwing the &cwuDts. Mark Burcb, Treasurer Going colleern The twsiees consider there are no material uDcertaiDtie5 abxat the charitys ability to o)ntinue &8 a ¥QiDg wncem. The rcview of the f]nancial position, reserv¢ l¢v¢ls and future platL% giv&8 Trustees u)nfidence the clwity remains a goittg concern for the foreseeable fubjre. Governing doeument The Society w&8 founded in 1905 &s a ¢ompany limited by guarnitee. not haviug a share eapitat. and its governing (lo¢ument is its M¢morandurn and Articles of AsS￿latiOn. The governtng Ibetween the Annu￿ General Meetings) is the Board which consists of the Pre5idellL ViGe PrestdeDt and up to twelve othcs Trust¢¢s. Th¢y are also di￿torS of the company under the tertns of the Companies AL# 2￿. Membership of the charity is open to all prof￿s1On sculptots is scle￿1Ve based on the quality of the work. Reerultment 8rtd ￿p￿)Intment of ttew trustees The PT¢sidenL Vice President and the majority of the Tnthes must be Members or Fellows of the ch￿lty. but the Treasur¢r and up kn four Tnstees are not required ts> be sculptots. All TnL8tees are elected at the Annual GeneraT Meeting {AGNO. They are ¢I￿ted for a tenn of three years a[￿ new Trusteu tske office at tke end of the meeting. Th¢ President and Vice President ajso hold office for three years and maybe eleded for a second temi. Following exptry of the second terni neither the Prtsident Vice Preshdent are eligible for re*l￿tIOn for one year. Trustee iDdurtioD & appr￿91 New BoaFd membeis ar¢ ttf¢rr¢d to the Cbarity Commission alld C£*mpanies Ebus¢ advice aknut their resp)nsibilitLes alld all infornial inductioll leé by the President and Director tskes pl&¢ abead of thcir first forma] meeting. New Tnjstees are a]so proiryded with a guide which sets out their duties and resw>n5ibilities and the contribution they are expected to make during iheir tenn of office. The perfo￿￿nCe of exh Trustee is reviewed annually and tknse standing dovm ar¢ nviled tr> an exit review. Deci5iOO m4killg The Board meets four times 8 year and is r¢sp)nsible for d¢fining the strategic visio]4 plicy, P￿￿￿ureS and progrdtnme. reviewing its effe¢tivene&s and delivery. Tn￿te¢S 8tt kept yto4ate through bi-monthly reports fiY)m th¢ Director. The Board works to eDsure CO￿pIlanCe with its legal d￿1¢$ to: - A¢t in the iDtere5ts of the charity - Protect and safeguard the assets of the ¢harity - Act with reasonable rare and skill - Ensure the chartty is accountable The Board delegat¢s implernentation to a sinall of staff (employees fr¢¢lan¢eYs and volwit¢ers) under the dir¢ction of Camline Wortbington who 15 also Company Serr¢tary. Th¢ s¢ulptor members of the Board fonn the Selection panel for tieNw members. Pa8e 7 Royal Soelety of Sculptors Group Str%legle Rtport for tbe Y&4r Ended 3] De£ember 21)24 Riqk man*gttlle*t Thc Trust¢e6 have a dity to identify aThl t¢vi¢w th¢ ti5k5 to whith the charity ts eX￿s￿l and ￿ ensure appropriat¢ controls 4r¢ in place to provide reasonabl¢ assurnrK¢ against fraud attd enor. The Board has reviewed the major risks and is satisfied that atl possible precautions have been tsken to minimise them. Internaj systems and procedures are in place to control all fmancial trdnsa¢¢ioDS and ¢n$th￿ that ail ￿tiVItieS c4)mply with r¢gulations covering the bealth and safety of sthff. volunteers aThd visitors to the &*i¢ty. BE LF THE BOARD: Dir￿10 Date.. Page 8 Ro￿1 &ciety of Sculptors Report of tlJ¢ TnLs¢e&4 for the Year Ended 31 Deeember 2024 Th6 T￿￿te£s, who art a]so directors of the Gmup ('the Sttidy.) aThJ the cbaTitable Compally {'the PareTht') present their r¢port with the Consolidated financia] Statem￿ of the Group and the tharitable Company for the year ended 31 December 2024. TRUSTELS The Tn]stees shown below have held office durimg the whole of the period from l January 2024 to the dats of this report. L Ford PRSS (President) A Tebbenhoff VPRSS (Vice Pr¢sid¢nt) M Bur¢h (Treasur¢r)' ele¢tsd for a seioDd tem) May 2024 B B¢yer Mliss A Geile FRSS S Hitchens FRSS" completed terni of office May 2W24 Nick Hornby FRSS Eugene Macki MRSS R Newnham FRSS W N. Pric¢ J E R¢EY¢5 M Richards FRSS" compl¢teAJ term of office May 2024 E V thg)on MBE A Stonyer FRSS G B Watson LEGAL STATUS The Parent cbaritable Cornpany, RfjY￿ So¢iety of Sculptots. is a wmpany Itmited by guarantee. The M￿berS of th6 company are the Trustees named ot) page l. Under the terw of the Memorandum of Asy>ciation should the compamy be wound up and in the event of a deficiency of &sset% ¢very member undertakes to contzibuk Th)t more thaD £2 for th¢ paymentof the company's tiabilities. STAFF We would Itke to thaok Sarab Turner for her to swortthe SU￿￿er exhibilion. PUBLIC BENEFrr The Society's aim4 objectives and a¢tiNIti¢5 as 5¢t out ITr the Gn)up strategiG RBp)rt are undertaken for the public benefit. INTren reviewing the aims and aaivili¢s of the Society. th¢ Board has du¢ r¢wd to the Clwity Commissio guidallce on publi¢ ￿nefit. OUR PATRON The Royal Society of Sculptors first awarded roy￿ patronage Tn 1911 whcn it was recogni5￿ for its s¢rvices to the art of s¢ulpbJre. The Socffiety w&s thriikd to re¢¢ive the llews that His M4esty The King had a¢¢epted our offer of coDttnued Patronage. GOING CONCEKN The Tnjstees consid¢r there are material ullG¢rtatllties about the Group's and the ¢haritable Compat)y's ability to continue as a going eojvrn. The review of the finanria] position, reserve leYe]s and future pjaos giv¢s Trustres onfidence the Group temains a going concem for the foreseeable future. EVENTS SINCE THE END OF TIIE YEAR There were no siguifjeanl events Since the end of the year. FINANCIAL IUSK MANAGEMEiYr Please r¢fer to the Group Strategic ttN)rt foT a description of the Group's fu￿￿1¥1 risk m8nag¢m¢Dt PT(Kess. Royal s￿￿ty Ors¢￿ptOrs R4bOrt •f the Trwlees ror the Year Ettded JI D&wDber 2024 Solicitors Frttth$ tLP 80 Mount Stre Nouingham NGI 6HH Bankers Royal Bank of Scotland 49 Charing Cro London SWIA2DX CAF Bank Limited 25 Kirtgs Hill Avenue Kings Hill West Malling. Kent ME194JQ STATEMENT OF TRUSTEES. RESPONSIBILITIES Th¢ 'ftu$tees {who are also lh¢ di￿10T$ of Royai S￿l¢lY of S¢ulptors for the purwJs¢s of ￿MpanY law) are r&sFX)nsible for prryaring the Report of the Tnjstres aThJ the financial st&tements in accordance with applicable law atld Unitr4J Kingdom Act￿nting Stwthrdl (urtitr￿ Kingdom &n¢rally Accepied AL¢ounting Practice). coMp￿Y law requires the Tnjstets to prepare fift￿¢181 statements for eath fingllcial Y￿ which 8ive a c￿¢ ard fair view of th¢ st3t¢ of affairs of the cbaritable Compgny and of the incomin8 resources and appiicaiion of r¢50urc¢s. including the income and expenditurt. of the charitable Company f￿ that Ftriod. In prepAring th(He financial siaiernenis, the Tru51tt5 are required io= sclcet suitable accounting p)licies and then otvly them crfflsia¢ntly: observe thc methfMJ5 and principlcs in the Charity SORP: mak¢ judgefflenls and estimate8 thai reason&bk 8nd pwdeni; Sta￿ whether applicable *countinB standards have been followol wbieci ￿ any ma*rial departiires di¥closed and explained in lh¢ financial ststrments. pwpar¢ the financiaj State￿￿ntS OA the 80ing eoncem ba41$ unless il is inappN)pria* to prtsume that the ch￿t￿b]e company will continue in busine The Trustees 8Je re5wn5ible for keeping proper 8CCthJttting reL￿rdS which dixlose with Nsonable wxuracy ar arty time the finuncial position of the ¢harirable Cornpany d￿j to enable them to ensure that the riD￿claI statrm¢nts comply with the Companies Ac( 2LK)6. They are also ￿￿)nSIble for safegllarthog the asseL8 of the charitable Company and heoLf for tsking re&sotwble steps for the prevention and deiecuon of fraud other S￿eBu￿1tieS. In so far a8 the TrU￿te¥ are awa￿. ther¢ 18 no televant audit lufonn￿l0ll of which the chwithbk Company's auditors ate unaware; and the Trus(¢￿ have taken all step5 that they ought to have taken to make themselvss awsre of any r¢￿v￿1 audit inforniation and to C5tablish that the auditor5 awate of inforn1au(￿. AiIDITORS The audiiors, Garside aDd Co. will be for r¢-aP￿Intrt*nt at the forthcomin8 Allnual Ge￿eral Meeting. Report of the Trusiees, inwratsng a strategic rew)¢ ¥proved by onlef of the IM)aTd of T￿￿te&s. &% the ¢ompany . on....Lo .*3Jr.x.....ZOè.¥.......... on the BoBtd's behalfby.. L Ford PRSS (President)- Trustee Page 10 Report of the Indepeudent A￿dIto1% tfj the Membevs of Royal Society of Sculptor5 Opioio We have audiied the financia] Ststern￿ of Royal So¢iety of Sculptors (the ))amt cothpan￿ and its 5ubstdtaries {th 'group') for the year ellded 31 December 2024 which comprise the Consolidated Income Stat¢m¢nL Consolidated Other Cotnprehensivt Inwme. Consolidated Balattce ShttL Company Bslance SheeL Consolidated Statelnent of Changes in Equity, Cornpany St*¢m¢nt of Changes in Equiry. Consolidated Cash Flow Staternent alld Notes to the Consolidated Cash Flow ststem￿L Notes to the Financiat StstemeAty itjcluding a sunllllary of signifKant accollnting w)lici¢s. The financial reporting fraInewo￿ that h&8 applied in their preparation is applicable law and United Ki[￿d0M Accounting Stsndards, including Finan¢ial Rcporting Standard 102 The Fit)an¢ial Rew)rting Stalldard applicabl¢ in the UK and Republic of Ireland, (Uni*41 Kangdom G¢neratty Acttptrd A(tounting Prathicc). It) our opinion the finallciat $taÈ¢m¢nts: give a true 2nd fair view of the state of the gmup's and of the patrt)l Company affairs as #t 31 Dttember 2024 and of the group's profit for the year then ended. have been properly prePa￿d in acwrdance with United KiDgdom Genu211y Accepted Accouniing P￿tice. and have been prepared in accordance with the requiremeDts of the CoJnpanÉe5 Act 2006. si$ for opinion W¢ ¢onducied our audi¢ in a¢cordanc¢ with thtetnational Staudar(ts on Audittng (UK) USAS (UK)) and applic&ble law. Our r¢sponsibiliti¢s under standards are fijrthcr descriFKd Èn the A￿litOrS, restK)n5ibilitie5 for the audit of the fllLan¢ia] stataTL¢llts s¢ction of our TtwrL We are indepeDdettt of th¢ group ill a¢¢ordanc¢ with the ethical requirettlcllts that arc rcievant to our audit of the financial statan¢nts iD the UK including the FRC'S Ethical Sranda and w¢ haye fidfilled our oth¢r ethi￿ responsibilities in a¢¢knrdance with these rtqUtreM￿ts. We believe that th¢ audit evidenee we have obtained is sufficient and appropriate to proi'ide a basis forour opinion. CoDclusions rel#tiJg lo going wJ¢ern In audititig the finart¢ial statements. we have WDcluded that the direetots, use of the going concern b&sts of accounting in the prwaration of the fuwKial statetncllts 15 appropriate. Based on the work w¢ have perfi)rni&L w¢ hav¢ not id¢ntifia any mat¢rid w1¢¢￿]nti¢5 r¢lating w ¢v¢nts or ￿nditIonS that, individuaily or Collectively, signifi13nt (loubt on the group's and the parent company's abilrty to continue as agotng g)ncern for a peri(Ml of at1¢8st twelve months from when the fmancial st*ments are authorised for iss1 Our r¢sFK)nsibiliti¢s attd the resp)n$kbiliti¢s of the dir￿¢0￿ with r¢sp¢¢t to going conm are described ia the rclevattt sections of this report. Other lttform*tion Tbe director5 are responsiTrle for the other infomatiott. The other information comprises tbe information in the GroL4) Strategi¢ Report and the R¢trf)rt of th¢ DiTe¢tors, but d0¢5 Dot includ¢ th¢ financial swemtllts aDd our Rew)rt ofthe Auditors theTh)n. Our optnion on the firt￿¢1￿ statem¢nts Ikns Dot covw the Oth￿ inforni￿lOn and. ex¢¢pt tt) th¢ CXt￿ otherwis¢ ¢xplicitly stated iTh our ￿port we do not expffss any fonn of assurdn¢¢ cottclusi¢)n thereon. Ill GonD#tion with our audit of the fllwicial statcrnents. our respmsibility is to read the other iT)fortnatioD and, In doing so, consider whether the other infortnatioD is tnateTia]ly irtonsiste4Jt wKth the finan¢ia] staiements or our knowledge obtained in the audit or oth¢Twise appeats to be materially misstate& If w¢ identify such material incotjsistencies or appar¢nl mat¢ria] MISState￿e￿￿ we are required to detern)ioe whether this gives rtse to a m*eriai misstatejnent in the fJnan¢iai ststem¢nts themselves. If. based on the wotk we have pthrmed. we wn¢lude that there is a material isstaiemellt of this other inforD￿l￿n. w¢ are n4uired to rcwrt that kn We bave nothing to re￿rt in this r¢gaTd. Opinlolls Oll Otber n)a¢¢ers pr￿crib￿ by th¢ compani￿ Aet 21K16 In our opinion, b&8ed on the work widertsJ(en in the ¢ours¢ of the audi the inforniation given in the Group Strategic Report and the Report of the Directors for the ftnaAcia] year for which the financial statements are prepared is ￿nSiS*llt with the financial statements; and the Group Strategic Report ar￿ the Report of the Directors have be¢TJ pr¢pared in accordancc with applicable lesat Page 11 Report of th¢ lttdependent Alldltors to the me￿berS 01 ROYAI Society of Sculptor& Matten oll wbich we required to report by exceptio Ill the light of the knowledge and understandiog of the gtoup aDd the parwE¢ a[￿ its envin)rJment obtsined in th¢ cour5c of thc audiL ￿ h8vc idcntified material mt5s￿¢￿rnts iD the Group Strategic Report or the R¢port of th¢ DireL%ors. We have nothing to rew)rt ID resFe¢t of the following m8tter5 where the Compwjtes A¢¢ 2006 requires us to report you if. in our opinion= adequate ac(x)unttng records hav¢ not b¢en kept by the tArent company. or returns ad4uat¢ ftir our audit have not been received from branche5 not Vi51ted by ￿. or th¢ parent wmpany finan¢ial ststem¢nts are not in agre¢￿entWlth the accouthg records and returns" or certaits disclosures of direc￿1$, remunerdtion specifid by law ar¢ no¢ m&4e" or we have not received au the iDforniaiion and explan*iolls we require forour audiL Responsibilities ofdirec¢vn As explained more fully in the s￿eMent of Directors, Resp)nsibilities set out on pa8e fourte¢D, th¢ directors are resp)*sible for the prepardtion of the fjnanciai ststements and for being satssfJ¢d that they gRve a tru¢ atsd fair view, atid for such iMt¢mai ¢onth)l &s th¢ directors detern)in¢ necessary to enable the pyeparation of financial statements th* are fr¢¢ fiDtn materitil mi&si&emenL whether thie to fra￿j OT errnr. In prepgtitig the financial stotem¢nts. th¢ dir#to¥s aT¢ responsible for assessing the groups and the parent eompany's ability to continue &8 a going ¢oncem. disclositig. as applicabl< matters related to going ¢onC￿n and using the going concern basis of accounting uJJks5 the direGtor5 ¢ith¢r iTLt¢nd to liquidate the group or the patettt cottjpany or to ce&8e op¢ratiot4 or have no realistic alternative but to do s). AuditDrs' responslbilhies for tbe audit the fiDau¢i*l sl•tements Our objecttve5 are to obtaill re&8onable assurdD¢e a1X)￿ wbether the financial sWem¢nts & a whole are free from material Misstater￿en¢ whetbcr duc to fraud or ¢tTDr, and ￿ issue a Report of the Auditors that include5 our opinion. R£&wnable &ssurdll¢e is a bigb level of a$sWan￿ but is not a guarante¢ that an audit conducted in ae¢ordat)c¢ with ISA5 WK) will always detect a material M￿tatern¢nt when Ét exis￿ MKsstatem¢nts ¢an arise from fraud or CTror and are considergj materia] if. itjdi￿th￿IY or in the aggregat4 they could reasonably be expected to influence the economic de¢ision$ of wers tsken on the b&sis of these fmancial ststements. The eX￿t lo which our prtwjures aTe capable of deteikng irregukntie4 in¢lwiin8 fraud is detaÈled FKIOW: Idejji in ndin to risk5 of matcria] rnissiat¢ment du¢ to fixlld As requir¢d by auditin8 StBtxiar(ts. 3￿j takillg into a¢￿￿￿t p)ssible pr¢ssures to meet profrt targets and our ov¢rall knowledge of the wntrol envirorjment. we ￿f0m)ed pr(ttdures w address the risks of manage￿ellt ov¢rrid¢ of ntrols the risk of fraudulent revenue recogtjition. the Tisk that in charge with D￿agernent may be sn a tK)sition lo make inapprowiate aceounting entries aDd the risk of bias in ac4)iJnting e*tmates and jud8etnents such as the valuation of fixed assets and finat)¢ial instruments and dq>rttiatioD poiicics. To identify risks of D￿t￿la1 misstatement due to fraud ('fraud risks.) we &s$e￿o events or Conditions that eould iDdicate ath incentive or pressure to cornrnit fraud or provide an op[￿)rtUntty to cornrnit fraud. We ¢ommunicatgd identified fraud risks throughout the audit te8w aDd atertto any Andi¢ati¢)ns of fraud throughout the audiL Our risk assessrnent p￿CedUreS included.. - Enquirin8 of those Gbarged with manag¢m¢n¢ ond Inspecti￿ of key paptts as to th¢ poli¢i£s and procedures to prevent and d¢tect fraud. includipg the process for engaging managanent to id¢ntify fraud risks speLific to the entity's sector, as well as whdher they have knowledge of any 8Ctllal. S￿r￿¢ted. or alleged fraud. - Reviewing minutes of Tn￿le¢s. m¢¢tings" - Reviewing internal risk a&%essment ￿1X)rts. - Considering n)aDagement'5 itt¢¢ntives and opportijnities for frauduknt manipulation of the fmanciai statements. - Assessing 51gtlLfi¢ant aCCOUDting estimates for bias. and - Auditing the risk of management override of Controls. including thTougE7 t£sting journal entries a￿d Oth￿ adjuthents for appropriatenc&s. and evaluating the busin455 ratioDaEe of significant transa¢tioD5 outside the llormal course of busin￿$. Page 12 Report of tbe IDdepelldent Auditors to the Members of Royal Society of Sculp¢ors Identi in aTJd ndit) to risks of materiai misstatemeot due lo non-Wm ance with laws lations We cx)nsidered the exteJ]t to which non-compli2nce might knT¢ a matetiat effect on the finan¢ial statements. We ￿30 ¢onsid¢rtd those laws and regulations have a dire￿ impart on the fiDaTrcial stateM￿ts suth as the Companies Act 2006 and the Charities Ststement of Recotntnended Pr8Ctice (SORPS) FRS 102. Th¢ group and the charitable Cornpally are sllbject to laws and ￿gUlatIonS that directly affect the financial statemeDt5 including finallciai re[￿tIng legislation. taxation legislation Ipa￿11 tsxes). and pension legi51atioD attd we wss¢d the extent of compliance wtth these laws and regulations as part of Iw procsjures on the related finaneiai statements i*ms. As the wup and the charitable Company are regulated, our assessment of risks involved gaining understanding of the control environmenl including the group's and the ¢baritabl¢ G)mpaDyS p￿￿ed￿re% for complying with regulatory requ￿¢Men￿ We Communicated identified law5 8Dd Te8ulations thrOug1￿t0￿r tearn and r¢mailled alert to any Indic￿101￿ of non-complianct throughout the audiL Our procedures included: - Discussion with those in ¢harge with man%emenL arld froEll iDspecttoD of the erttity's re8ulatt>ry l¢gal corre5p0ajd￿ce. Discussion with those Charg￿ with managetnellt the p)licies and procedures regarding complianeL laws and regulations,. - Reviewing fin8JL¢ial 5tsternent disclosures knd t&%ting to supwjrting docutncntation to &5sess ¢omplianc¢ with applicabl¢ laws and regU￿lOn$. and - Enquiry of managemen¢ those cbarged wtth governance &tual wt¢ntial liiigation and claims. There are inhercnt limi¢atiODS in the audit pmcedur&5 aErf)v& We likely tt> become aware of instances of Don-compli&Tr￿ with laws and T¢gulatW)DS ar¢ not Closely relatrd to events and trausacuons reflLXted in the financial stat¢ments. Also. th¢ risk of not detecting a ¥nat¢Tial misstatement due to fraLkl is higb¢r tha￿ the risk of not detecting one resulting from error. as fraud may involve delibernte conceaitDent by, for example, forgoy or intentional misrepresentstion4 or through eollusion. We are not resp)nsible for preventing Tr)n￿$Mpllanc¢ or fraud and cannot be ¢xpe¢ted to detect nonix)mpliance with aIl laws and regulatioD& A further descripti￿ of our respoosibilities for the audit of the f￿￿1¢12[ #at￿ents is lo¢atrd oll the Financial Rwtng Council's website atwWw.frc.or8.ukla￿itoysr￿wlbI1I¢le5. Thi8 descriptson fornjs part of our Report of the Auditors. A futh¢r d£scription of our Ktsponsibilities for the audit of the financial stattmet)ts is located on the FÉnancial Rq)orting Councils websitc at www.fv.or&uklauditorsrewsibilities. This description fonTr5 Plrt of our Rew)rt of the Auditors. Use of our report This report is tnadr solcly kn the compaDy'S member& as a t￿y, in a¢o)rthGe with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been ulld¢rtako) so that wc might 5tste to the company's members thos¢ matters we are required to stats to them in a Report of the Auditors and for no other purtx)se. To the fvllest extent permitted by law, we do not a¢¢¢pt or assume responsibility to anyone other than th¢ company and the company's members &8 a body, for our audit worL for this for the optDioDs we have form GaTetb O Bsc ACA (Senior Stattrtory Auditor) for and on behalf of Garside and Co. Limited Chartered A¢¢ountant & ststtrtory Auditor Suite 631. Linen Hall 162-168 Regent Street Londot] WIB 5TG Date.. Th¢ not6$ forni part of tlk%¢ finan¢itil stat¢tn¢nts Page 13 Royal Society ofseulptor8 C•n$olidgted Ststement orrfftaneial Adivit for the Year Ended 31 December 2024 31.12.24 Tota] funds 31.12.23 Tot funds UJtregtrine¢m for the forese¢abl¢ fjJtur¢. Basts of CO￿$￿11d￿l￿oll The consolidated financi￿ s￿ements preseni the results of Royal Society of Sculptor$ 4nd its own subsidiaries {"Ihe Group.) as if they fonn a SiDgl¢ ¢Diity. All intra.8roup trwwctions, ba]ances, income and expense5 are eliminated on eonsolidation. inveslments Én subsidiaries are stated ￿ ¢oM less provisions for impiirmertt where 4ppropriate. Crltlul •¢touoting utlmitrj Alld *re*s ofJud¥ement Estimates and judgements 8re continually evaluated and ar¢ b&$￿ on hi510T1￿1 experience and other factors, includin8 expectations of future events that are b¢li¢ved to be r¢osL￿abIe undet the cir¢um5tance5. critic￿ accounting estimates and &ssumptiotts: Thc C)TOUP gnd the charitsble Company make estimates And ￿UmptIonS concerniom th¢ futur¢. The resul¢in8 cwuntin8 estimates aryi &ssumptions will. by definition. seldom equal the related actua] results. The ￿tiMat¢S and assumptions that have a si8nifican¢ risk of ¢ausittg a material adjustmoit to the win8 amounts of &ssets and liabilities within th¢ next financial year 4re dis¢ussed in the accountitt8 policies above. Inwm¢ b &wied and deferrd bas¢d upors c5¢imatss of firture inL¥)me entitlement and the timing of when activities will take pla¢¢. Fix¢d assets ar¢ depr¢ciated over th¢ir liv¢s. Incorning reaour Subscriptions, donations legacie& lettings, gifts and gr8nts are rtutrgnised in the Consolidated Statement of Financia] Activiiies once the Group #Dd the ctwitable Compally have entitlement to the fuDd5. any performance ¢ollditioTJS attached to an award have been meL it is probable that the income will be received and the amouTh¢ Can b¢ m¢&8llred relÈably. lTrcom¢ is defeTThl if Te¢eiv¢d ID Advan¢e of entitiernent. Entiti¢ment to in¢ome is deemed to be the date the service is provided or an event tskes place. Donated services and goods ITC reco8nised income when the ￿nOMiC beDEfit C￿ be rne￿ reliably. General voh]nteer time is not rxognised &8 itKome. Pa8e 19 contiTtucd... ROYAI Society of St￿]ptOrs Notes to the Co#solld*ted Fill#Dci#l Ststements- t￿ntInued for tbe Y¢•r Ellded 31 D¢c¢mb¢r 21)24 AccOU￿1NG POLICILS- Continued Dongtions for c*pitsl expeDdI¢￿r¢ Donations received for ¢apithi expenditure are ¢￿Il￿d to illwme when rtteiv&J. The difference beNeen the total donated aTMI the cumuiattvc depreciation L*ar8e relatin8 to the relevant &ssets is carried forward und¢r r¢strict¢d funds. IDt¢res¢ r¢c¢iw8blt Interest oth funds held on de￿$It i5 included when r¢¢¢ivable the arnount can be rne&sured reliably by th¢ charity; this is llollllally DOtifi¢ation ofthe interest paid or payable by the BaDk EXPe￿dit￿re Liabiliiies are ￿OgnISed *% expenditure &% *)on ts there is 8 legal or tY>nStructive obligation eommitting the ehtirity ￿ that exp¢ndilur¢. 1¢ is probabl¢ that a tr8nsf¢r of ￿TrOMiC benefits will be required in settlemeni 2nd the amount of the obligation can be me4surrA reltabty. All expendi￿re is accounia for on an accrnats basis arrtl has be¢0 ¢]wified under headings that ag8re8alc all cost related to the category. Where costs Cann￿ be dirccdy attributed to particular h¢*lings. they havo be¢n Alloc￿ed to activiti¢5 on 8 basis o)nsistent with the use of rcwurces. AJlocatiOD aud #pportltsnmtht oft4)sts Expendi(ur¢ on raisin8 fund5 include5 all Costs iticurrtd in r¢spe¢t of ¥tiviU¢s ¢0 raise voluntary income. Exp¢ndi¢ur¢ orh Charithble a￿1¥1￿¢$ includes all Costs in¢urrvJ to ¢n*ble the ¢harity to meet its thaTitabl¢ objectives. Other costs ry¢sertt those costs ineurrnd relatin8 to strategy, ￿)mplianc< ¢ongUtutional and regUla￿ry matters. Salary costs include 4)T￿l0￿ment ￿ the cosi of gener*ing funds. ¢h•ritable ¥¢ivitic$ and 8overnanc¢ costs ckleulated in relation to ¢im¢ spen¢ by th¢ individua]s eoncemed. T•nglbl¢ fixed 8swts A review for impHirm¢nt of a fix¢d 4S8rt is ¢affied out if events or changes in ¢ir¢um$taDces indicate that the aryui8 value of any fixed assd May Dot be r¢wver8ble. Shorrfajls between the ¢orryin8 value of fixed assets and th¢ir recov¢rable amounts arc Trt0￿1$¢d as impaimients. Impairment losses are rL%0￿]Sed in the Consolidated StAtement of Finan¢i81 Adiviti¢S itiC4XP)rntin8 income and ¢xpenditure aCt*￿￿L Tangible fJx¢d wets are Ca￿led at COK rtet of depreciation and provision for impAirnienL Deprecialion is provided io write off the wsl or valuation, Itss estimated residual valu4 of ￿1 [￿ed assets Over their ¢xpe¢ted ful lives. It is cdCul￿4Xfj al the followin8 rales.- Pl￿t and machinery Fixturu. Fittings and EqU1wn￿¢ - 20% Strai8hi line - IO% Strai8ht line Freehold property is held at d￿rned WSL Th¢ Group t(M)k advanla8c of the FRS 102 tran51tional provisions which pemJitt¢d PT¢ViOU5 revaluation5 of tn item of PrO￿rtY. plsnt 8nd equipment ￿ be deemed co$t on transition date. Inv￿1￿¢￿1¥ $llbsldlArles Investsnents tn subsidiary unthrtakiw tre ffecognis￿ at wsL Current Assets Amounts owed to th¢ Group and the charitable Company at the Year-u￿ in resw of fees, gift old recoverdble or oih¢r income are shown &8 debt0￿ le&s provision for Smounts that may prov¢ unwll#tible. Stocks StoGks ar¢ valued at the knwer of ctht ONI sellin8 price less selling IxTrrt% after tttaking due aihiw4no¢ for obsolete and slow moving items. Page 20 Roy41 Soeiety of Sculptors Notes to the C.0￿$017d9trJ Fin*nei41 Sta¢ements- coDtiDued for tbe Yesr Ellded 31 DeCe￿ber 21124 ACCOUNfING POLICIFS- CoTrI1￿￿e￿ Debtor5 Trade and other debtors ate rewiscd at the scttlcTncnt anK>uDt after any tr* dis(y)unt offered. Prq¥aym￿tS are valU￿j at the amowit net of ￿Y trade di8¢ounts due. Cash at Bank a￿d in balld Cash ￿ bank and io hand iticlvdes cash and short trmi hI￿lY liquid investhjents with a short matiwity of three rnoRths or I￿$ froEn tht date of acquisition or Op￿illg of the dq)05lt or sitnilar accounL IAabi]ttie8 *Rd PTovtsions LiabilitivJ are recognised when there is an obligation at the Consolidated Btlancc Sheet date &8 a rtsult of a past eYenL it is probable that a tr8nsfer of economi¢ benefit will be trquired in s¢ttlem¢nl and the amount of th¢ settlement Catt be estimatrd teliably. Liabilities are reCog￿d * th¢ amount that the Charity anticipates it will pay to settle the debt or the aEnount it Iw TEceived a5 advan¢a paymeuts for the g(Kds or s¢rvices it must provide. Provtsi0￿ are measured at the best estimate of the arDouuts required to settle the obligation. Wh¢re the effect of the lime value of money ￿ material. the provisiots is b&8ed on the present value of those amounts. discounted at the wtrt&x discount rate that rellects the risks specifi¢ to the liability. The unwindin8 of the diswunt is recogoised within interest payable and sirnÉlar charges. Financial Iw¢rument$ The Group artd the ¢haritsbl¢ Company onty have fuwi¢iai &sscts and financial liabilities of a kind that qualify as basic fjnanciai instruTnents. knic f￿ancial ttK8trLU￿ents ar¢ initially reco8lli5ed at tr8nsa¢tion value and subsequently Me￿￿[ed at their sett]etnent value with the exceplioll of bank loan5 which are subsequently measured at #mortised cost using the eff¢¢tive intK¢st m¢th(Ml. F￿nd atcolltttlDg Unrestridd fvnds can beusd in accor￿ with the charitabl¢ ObJ￿tIveS at the discretiott ofthe trustee& R¢stri¢ted funiLs can only be used for parti¢ular rwtriu¢d purtx)ses withill the objrtts of the charity. Restri¢tsons arise wh¢n specified by the thnor (t when funds at¢ Taiwl for particular ￿$triCted pUry￿se$. Further explaDation of the nature and puw of each fiu¥J is included in the to the financi￿ statements. Investment tneome. gains and ioss¢s ar¢ all¢xatrd kl the opprnwiate fun T#xatloll Th¢ charitable Co]npally is exemp¢ from eowration its charttsble activitie5. The Subsidiary ￿MpanY is liable to on all theRr 1)th￿ income attd pmfits. Foreigu eurren¢ies Assets hnd liabiliti¢s in for¢ign are translated into st¢rlin8 gt the rate5 of exchange rnling ai the Consolidated Balance Sheet date. TraDsa¢ti￿s in foreiglt ¢utr6n¢iGs art translated iDtO sterling at th¢ rat¢ of exthan8e ruliDg at the dat¢ of transaction. Exchange diff¢r¢nc¢s are taken into aL%oiint in arriving * th¢ operating result. Penslon ¢osts aDd othtr post-rttlrement beD¢fits Th¢ Group al￿ the ¢haritable Company 0[￿te a defthed (x)ntribution schcEne ftsr the [￿llerIt of its employees. Contributions payable are Charged to the CoTrsoiidated Stst¢m¢nt of Financial Activities in the year they are payabk. Page 21 contiouul... Roygl ￿ciety of Scvlptors Notoq to the Consolidated Fina￿¢]*1 Statements- continued for the YtA T Ended 31 Decembtr 2024 DONATIONS AND LEGACIES 3 1.1224 31.12.23 Donations Gift aid Memberships fe&s 164.981 23,807 161 173 117.173 21.187 150417 349.961 OTHER TRADING ACTIVITIES 31.12.24 31.12.23 Reni lettin&5 and other tsltng activitie5 105 731 tNVEmiENf INCOME 31.12.24 31.12.23 Inter¢5t received 6.895 4,452 INCOME FROM CHARrrABLE ACTtVfTIES 31.12.24 31.12.23 Edu¢a¢ion and awards (YTHER INCOME 31.12.24 31.12.23 Projects Sundry (including 10 gram s¢ulpttw¢ sales) 10.815 62 1,117 6.288 continued... Roy*l Society of S¢ulp¢ors Notu to tbe Con$olidAted FiDaDcial Stat¢th¢uts-¢ontiuued for the YeAr Euded 31 December 21124 CHAIUTABLE ACmqTILS COSTS Dire¢t Costs Supp)rt Costs (see note 8) Totals Charitable activities 424 SUPPORT COSTS Goveman¢¢ Fittllnce Totsls Clwritable a¢ttvilies 18,670 23,001 sup￿ costs, included in the above, are as folk)ws: FiD8Jite 31.12.24 Charitable a(livities 31.12.23 Charitable activities Bank charges GoYeTnance co&ts 31.12.24 Charitable activiti 31.12.23 Charitable activities 6,741 6,￿0 3,806 6J60 6 J40 2,487 Auditors, remuneratio Legal and other Profession￿ fE¢S Ttavel and meetin8 expeIise 18,670 17.657 Page 23 Royal Soelety ofseulptors Notes to the Consdldaied f￿a￿ClaI Ststrrn¢nts- coutiDued for the Year Ended 31 Detember 2024 NET INCOME I IEXPENDITL'RE) 31.12.24 31.12.23 Auilitors, r¢mwi¢rdtion De￿l&tiOn-0wned &*8ets 6.O¢M> 6.340 io. TRusfEES' REMuf4eRATION AND BENEFll3 There were tK> Truste&s' remuDeratioM for the ycar ended 31 Dec¢Tnb¢r 2024 nor for the y¢ar endcd 31 D￿eMbe[ 2023. Trnstee'$ expenses During the Jear six Trustees were reimbursed £gYJ.06 (2023: £691.02) for travel expens¢s lo Board meetings and other TTUStees' events held by the Society. STAFF COSTS 31.12.24 31.12.23 Sal8ries and freelanee ￿lS￿Lee Socia] security costs P¢Dsion wsts 174,484 11.047 3.548 167.527 10.372 189079 181.566 The average numberof employees durin8 the year was as follows: Averdge rnonthly numbtt of employ¢es On¢ employee rc¢¢ive4J an01￿Ments in ¢X¢￿ of £60.OIKI in 2024 (2023: Key m*D4g¢ment per50Dnel The totsl amowLt of employee benefits, includi￿8 onployer pension contrLIKrtion4 received by key management personnel for their $ervic&s to the charitable Compaky during th¢ year endd 31 December 2024 w&% £61,995 {2023.. £58.561). These paymctts wer¢ made ￿defan approved ¢A)tttract of employn¢nL Pag¢ 24 ¢ontiolled... Royal Socw of Sculptor5 Notts to the Coll80li¢l*ted Fill*ntiil S¢atsmettts- continued for tke Ye8r Ended 31 December 21124 12. co.￿ARATIVEs FOR THE sfATEMENT OF FINAt%ClAL AcfivITIES- FINANCIAL YEAR ENDED 31 DECEMBER 2023 Unr¢stricted R¢stricted fund$ fimds Total fund5 INCOME AND ENDOWMENTS FROM Don4uoThs and tnrmbership f¢¢6 173.417 115,360 288.777 Charitalyle Activities Charitable acsivities 2.416 2,423 4.839 Other trnding artivities tnyesimellt income (hher income 105,731 4.452 105,731 4,452 781 Tot#1 291523 410087 EXPENDITURE ON Cbaritnble aetivilies alaritable Bctiviti 127 578 NET INCOMFJ{EXPENDITURE) 11.438 (9,014) 2.424 Net moveme￿t futsdi 11,438 (9.014) 1424 RECONCILIATION OF FUNDS Total futKl$ brought forward 1896 803 ￿72 TOTAL FUNI>S CAILRIED FORWARD 227.SY17 1.887,789 2.115.696 Page 25 eontinued... Royal Soti¢ty of S¢ulptors Notes to tbe Con501]dit￿ Tin*ncial St*tements- eontinwed for Ihe Year Ended 31 Decefftber 21124 3. TAI¥GIBLE FIXED ASSETS GTOIIP FixDJres Fre¢lKTrld propety Comput¢r equipmellt rtttings Totals COST At l January 2024 Additions Disw]s 1,810,936 111.932 26,473 13.053 500 1,850,462 112,432 At 311)ecember 2024 1961.069 DEPRECIATION At l J*Juary 2024 Charge foryear Disp05als I re¢l￿81r]CatIOn 24.873 1.284 36 11939 250 37.812 1,534 I.8￿) At 31 Decembw 2024 26 193 ￿28 NET B(IOK VALUE At 31 D￿eMber 2024 280 400 1923 548 At 31 Deceffibtr 2023 810,936 1.812 650 A p)rtion of th¢ freehold propety is COTDrner¢ially let to a third party. The Boatd hav¢ wess&l the requirement for this to be separnted from the tangible fixed ass¢t ￿￿4)nent and rn￿Ur¢d at fair va]lle at cach reporting dats. The Board ar¢ of the opinion that li would be iMP￿ticable to sepaxate the inveslment prOp￿ty portion, therefoT¢ this is not r¢ValU￿ anDually. acrordatt¢e with FRS 102 provision& Cornpany Fixtures and fittings Computer equipM￿t Totals COST At l January 2024 Additioll5 Disp)sals 26,4T3 13,053 500 39,526 500 At 31 D&emb¢r 2024 11.728 38201 DEPRECIATION At l January 2024 arge for year DIspos￿S I re£i&ssific#tÈon 24.873 1284 36 12.939 250 37,8l2 1534 At 31 De¢¢mber 2024 NET BOOK VALUE At 31 December2024 280 400 680 At 31 Deeember 2011 114 1,714 Page 26 Continued... Royal Sodety ofs¢ulplo Note5 to the Consolldated Finandal St*temellts- colltlnued for the Year Ended 31 December 21124 14. Slwes in group undettakin At l January 2024 and 31 D￿￿tr*r 2024 r4ET BOOK VALUE At 31 December 2024 Ai 31 DecernEKr 2(Y23 The group or the company's investments ai the Ba]arKe SIM date in the share capital of companie$ include the rollowing.. Subsidiary Dord HoTtse Linllted Con)paTty number.. 13477821 RegiSte￿d offi¢e: clo Royal &Kiety of Sculpttllw How 108 Old Bn)mpton Road. I￿ndon. SW7 3RA Unitrd Kingdom Nature of business: Oth¢r letting and opuating of own or leas&1 real &stat Cl&8s of5hatES'. Otdinary holdiDg i(x). 15. STOCKS Group Company 2024 2023 2024 2(r23 Finished g(XMIs 29 16. DEBTORS Compatty 2ff23 23 AmouTLts falling due within OT* year. Other d¢bto VAT Prepaynynts and a¢¢￿ed in¢om¢ 1,927 1,927 11.794 21.¢148 19.920 9.050 14,299 knounts falling due after (me ye4r. Amounts owed by group UDdert2kings 1.929,964 Aggregate a]￿Ints 19.920 9.050 1,957.614 Page 27 ¢ontinuol... Royal SoeKety of se￿IPtors Note$ to ¢be Consolid#t¢d Fioattct#l Statements- cwiti¥ued for the Year EDded 31 December 2924 17. CREDITORS: AMOUM3 FALLING DUE WITWP4' ONE YEAR Grvup Company 31.12.24 31.12.23 31.12.24 31.12.23 Trade creditors SIKial 5eGurity ar￿ other t&x&s 18.415 4224 5.522 SJ20 4,306 2.785 44.602 17215 4224 5,522 5,320 VAT Other creditors Accruals a[￿ deferred incom¢ 2,500 45.172 285 70 51,405 40,139 18. MOVEMENT Th FUNDS Trall5fe At 31.12.24 Ai 1.1.24 in thnds funds GeTherai fund Designated Fund 151431 16.576 (4256) 164.751 227,￿7 16.576 244.483 Restricted funds RestrJ"cted Fund Cap¥ki Fund 148.065 1739 724 {22.780) 125.285 1835 546 1887.789 73,042 1960.831 TOTAL FUNDS 2 115,696 89.618 05.314 The Capitsl Fund reprasents the gift of108 Old BTompton Road to the s￿Iety tn the 1970& tsgdber with funds raised for the refi]rbishrnent of the PToperty in 2021 and the refi]￿ishment of the bastttlellt which is due to take plaee in 2025. As at 31 De¢ernber 2024 £42204 ofthe fimd was held in cath with the remainder of the fuDds Tw¢d expended oll rrfiwbi5hm¢thL Net tllov¢m¢nt in fund& included in the a￿ve ar¢ as follows: IDcoDJin8 resourees Resources N(ovem¢nt expended in tUTK Unrestricted General fund 307.246 (290.670) 16.576 Restrfirted thDds Restricted Fund Capital Fund 127,015 102731 (149,795) {22,7801 156.704 TOTAL FUNDS 536.992 Page 28 continued... Roy21 Soeiety of Sculptors Nots5 to the Conaolidated FiDallti*l StsteW￿ts- eontinued ror the Year Ended 31 December 2024 I& MOVEMENf FUNDS. cvntiBu¢d Compar¥tiv¢s ftsr move4neBt iry fuods Net rnovemcot nds Trdnsfers At 31.12.23 At 1.123 fi￿d5 Unrestricted lunds GtheTaI fiu DGsignat£d Fund 145.643 11.438 {4.6501 152.431 75.476 216.469 11.438 227,￿7 Restricted fun Restricted Fund Capital FuDd 182J96 1714 207 (34,531) 25,517 148,IhSS 739 724 9.014 1887 789 TOTAL FUNDS 1113272 2.424 2.115.696 Comparative net movement Én full￿ included ID the abov¢ as follows: Incoming Resoutres expended Moveme in funds Unrestri¢t¢d funds G¢Derai fund 291 J23 {280.085) 11,438 Restrirted fullds Restricted Fund Capitsl FuDd 86.005 32 (120536) (34.531) 127 578 TOTAL FUNDS 410087 407 663) Page 29 COTrtinued... Roy81 Society of SculptorJ Notes to the Co1￿11￿d1ted Fittan¢i*l Statem¢Dts- continutd for tbe Y¢*r EDded 31 DeceENber 2024 i& MOVEMENT IN WUNDS- contin￿ed A Gurrcntyear 12 months &ThJ prior yt4r 12 months Combi[￿ position is ¥ follows: Net rnovemetst in Transfers betsveen funds At 31.12.24 At 1.1.23 Unrestricted fullth Gen¢￿ fvnd De5igtLated FuDd 145,6A3 70.826 28.014 (8.906) 164.751 216,469 28,014 244,483 Rf8tricted fullds Restrict¢d Fund Capitsl Fund E82.596 1714207 {57,311) 121339 125.285 183S 546 1896 803 64.028 1960831 TOTAL FUNDS 2.113.272 2205314 A ¢u￿ent year 12 moDths and prK)r year 12 montbs wmbined nei movcmcnt in included Èn the aiN)ve are a5 follows: Incoming T&8ources Resources expend&J Change Unrestrfcted funds Grncrai fi]nd 598.769 (570.755) 28.014 Re5trieted Restricted Fwid Capitsl Fund 213.020 135 (270J31) (57,311) 121339 348JlO 284282 TOTAL FUNDS 855 0371 19. IKDIVIDUAL STATEMENT OF FINANCIAL AcrivrriFS As pennitted by Se¢tion 408 of th¢ Companits A¢t 2006. the Ststrment of FinanGial Activities tsf the patent compaTLy is not presented as part 01th￿¢ f￿ancial staternents. 20. CAPITAL COMMTfMEiYrs At 31 December 2024 the refitrbis1llne￿ of the prop¢rty, port 0 th¢ %aving Dora House- proje¢k b&$ been completed with a remaining coDlingen¢y payment due of£8,325. RELATED PARTY DISCiKISURES Parent In November 2021 Royal Society of Sculptot5 transfrrred its beneficial Inte￿St in the propty to its substdiary. At 31 Decetth 2024 Dorn Hous¢ Ltmited owed the chartty £1.929.964 (2023: £1,846278). Trustees Total donations mad¢ to the charitsble CIxllp8ny by the trus*¢s duriDg th¢ year ended 31 D¢cembeT 2024 aDlOUttted to £6.80512023: £500). 21 Pag¢ 30