REGISTERED CHAIUTY NUMBER: 212667 ARTISTS GENERAL BENEVOLENT INSTITUTION FIDanelal Statemettls for the Year Ended S April 2024 Xeinadin Auditing Chartered A¢couT]tants and Sta10ry Auditors Bk¢t House 36 Old Jewry London EC2R 8DD
ARTisfs GENERAL BENEVOLENT INSTITUTIOIY Contents of the Financial Statements for the year ended 5 April 2024 Pag¢ Report ofthe Truste I to 9 Report of the Independent Auditors 10 to 12 Statement of Financial Activities 13 Balance Sheet 14 Cash Flow Statement 15 Not to the Cash Flow Statement 16 Notes to the FiDgneial Ststements 17 to 26 Detailed S¢#tewent of Financial Aetivities 27 to 28
ARTISTS GENERAL BENEVOLENT IliSTITUTION Report of the Trnsteeg for tb¢ year ended 5 April 21ll4 Th¢ Trustees present this report with the financial slatements of the charity for the year en(kd 5th April 2024. The TtUStees have adopted the provisions of Accounting Reporttng by Chartties: Ststement of Rccornm¢nded Pralce applicable to charities prepartn8 their aoUnts in accordance with the Financial Reporting Standard appliLable in the UK and Republic of Ireland (FRS 102) (effective 1st JaDuary 2019). 0ECTIVEs AND AcfivTfiFS Objectives and aims The ()bjective of the Artists. General Benevolent InstithtiOD (the "AGBI") is to provide a grant-giving proaM assists professional visual artists, whose work has been known to the public for some Lime. wbo are unable to work and earn due ¢0 injury or illness. and their widowQwidowers and depen(knnts who are in neaL The overall charitable aim of the AGBI is the relief of financial hardship and the related alleviation of strexs in the professional visua] artists who meet its riterikL and to seek additional fundtng to further its aims. ststement of Publfe Benefit The Trustees confirni thal the AGBI h&s complied with the dtrty under sein 17 of the Charities Act 2011 to have due regard to the Public Benefit Guidance published by the Charity C(Jmmission in detemiining Ihe activities undertaken by the charily. The Trustces considcr the activitie5 of the AGBI have pTDvided public benefit by means of the relief of poverty provided by Ihe charily's grants PTogramme. and by tbc supwrL infrjrniation and guidance that it provides to the applicants whom it supw)rts. The Achievement and Perforn]ance section of this repjrt illurateS th¢ activitie5 which the charity carries out for the public benefit. The activities of the AGBI aTe exclusively charitable for the benefit of its 8ppli¢ants. GraDÉmaklng Polley Th¢ AGBI ac¢epts applicatiOJLS for grants trom Professional visual artists, their bereaved partners and dependant ¢hi]then living in England. Wates or Northern Irdand (with Scotland having its own fund), who are unable to work or earn due to injury or illness. Applications are initially made by telephon£ tx)51 or email, with a full currtculum vilae listing all training, exhibitions in pn)fessioal ga]lerieslspaces. and teaching experience (if any) ai A-Level or alxive. All new applicants are assessed by the Secretary to establish the vexacity 8nd auraCY of their application and to obtain examples of their work and related inf0Mtion, together with letterslemaiIs from two professional art world sUPPOrters alld a letter from their GP or consultant evidencing their medid sitsation (if 8pplicable) tor examination by the AGBI'S Medical Advisor, and are then asse&8ed by tbe Artists Council at its nexl meeting when their application will be considered. Grants are awarded by the AGBI for a period of one year. At the end of this period if appropriate, the applicant is invited to submit a furtber application an Af justifie4 allother grnnt is provided for a fiwther vear at the sole discretion of the Artists Council. Grants will only Ix continucd if the need for assistsn¢¢ persists and ihe applicant continues to meet the charity's criteria. Grants will inllnediately stop thould an applicant die and no stLrYiving parther or dq)endant children rernain. Grants are never awarded to fund exhibitions, any legal difficulties or. in the of career difficultie& loss of earnings due to wor sales or expenses &$social with exhibitions. 'rbe AGBI manages a restricted fund Specifically ts> a&sist the orphan5 of eligible professional lsual artists. This fund is called the AGBI Children's Fund. The revised byevlaws (2022) of this fi]nd defme an orphan &8 a child of no more than the age of 25 who remains in edu¢ati(Trn and who has lost the support of one or i¥>th parents through dea abscnce or disability. Page I
ARTISTS GEF4ERAL BE14EVOLENT INSTTfuTION Report of the Trtte$ for the year ended S Apnl 2•24 ACHIEVEMENT AND PERFORMANCE Cbaritable Objectiv¢3 Number of ApplieaDts and Grants As Stated aLK)ve, the Charitable objective of the AGBI is to provide a grdnt-giving program that assists professional visual artists who cannot wot* due lo injury or illness or their dependants. In the financia] year 2023124. the AGBI provided financial supw>rt to a totsl of 81 professional visual artists in need an(Vor their dependants. The AGBI assasscd all 81 applicants on a case-by-case basi5 and committed to pmvide total funding of £302.379. Three applications were declin becau the applic¥nts' circumstances improved to the level where our help was no longer decmed to be lleede Two children whom the AGBI Children's Fund had supported for many years succe&sfully graduated and no longer n¢eded our supwrt. The AGBI Teceived rn0 appIltIonS in 2023124 than in 202W23. Of the 81 artists helped (79 u)mpared to the previous year). 15 were new application& compared with 17 in th¢ previous yw, and 66 artists received continuing help, conipared with 62 in the previous year. A total of 18 children were support¢d by the AGBI Children's Fund: this w&8 the same numiv as in the previous year. Five distinguished artists received the AGBI Jubilee Award in recA)gnition of their contribution to tbe art worl(L compared to seven in the previous year. The Trustees and members of the Artists Council are sorry io rert four artists who had received our support died irA the rJnatLcial year. Property Update As noted in our previous report, the AGBI MOV into new premiscs at 15 Churton StreeL London, SWIV 2L Y in August 2022. This freehold building was acquired by the charity in 2019 and fully refurbishe4J in 202112022. The building consists of the charity's offices on the ground and lower-gmund tIiM)ys and a self-contained flat on the s¢cond and third floors. The fiat was successfully let ill December 2022. the rulting rental income wists in diveTsifying the sources of the charity's revenues. The building PtDvides a flexible workin& meeting and events sw where the AGBI can offer more services to its applic[8 and increase publi¢ awaren of the AGBI with a prograTtune of eveuts, exhibitions and artist tslks. The charity's 200-Year[d archive and collection of art works are now houseAI securely in the butlding. having been in storage for Seeral years. The buildin£ enables additional applicant services, incILing face-to-face 5UPm)rt in a consLdtstion room where the AGBI'S medical advisor can meet applicants: and artist-led groups called 'Artist Sessions, where applicants meet and talk about how their tllnesse8 bave affected their lives and their professional practice. The AGBI held three ¢xhibitions and four artisvs t&]ks in the financial year to increase public awareness of the charity and its Charitable objectives. Thc events were well attended and broughi new people into the building who had not previously been aware ofthe charity or its aims. Two AGBI Steward Events were held in the financial year. The Stewards rdise the charity's awarene&s within their artist networks and raise funds for the AGBI in the fi)rm of an atmual appeal letter to their peers and wider contacts. Page 2
ARTISTS GENERAL BENEVOLENT INSTITUTION Report of the Trnstees for th¢ year ended 5 April 2024 ACHIEVEMENT AND PERFORMANCE Fundraising Aetiviti&s The AGBI'S Stewards raised £26,967 of don8tions in 2023124, compared to £22.030 in the previous vear. The commitment And fundraising efforts of the Stewards. who not onl) raise thnds but also identify potentiat applicants from within their networks. enable th¢ AGBI to continue helping professiona] artists in need. The AGBI wishe5 10 express its appreciation and thanks to all its Steward The AGBI received £328.787 in legacies received or bequeathed. Donations in memory of fellow artists. relatives and friends provide a 1¢ commemoration aDd the AGBI is grateful for these (k)nations. FINANCIAL REVIEW Principal Funding Sources I"he AGBI relie5 on four principal sources of income: voluntary in¢ome ivhich tncludes annual subscriptions, one- off donations and amounts raised by its steward& legacies: investrnent incorne generated from its investment porttolios which were rnanaged during the year by M¢ridiem Investment Management (fornierly Veritas Investment Partners) and Waverton Investment Management. and rental income trom the self-(x)ntsined flat 8Lx)ve the charity's OffiS. The AGBI'S broad fi]wictal objective continues to be kn maximise the total level of its voluntary and investment inwme each year Tn order io enable the AGBI to meet Ihe needs of cliEible applicant5, while seeking to maintain its abi]ity to support its grant-rnakin8 in future. During the financial year to 5th April 2024. the AGBI'S incoming resources (not including legacies) totalled £368,602, c4)mpared to £280.837 in th¢ PTevTOUS year. Voluntary income in this period iotalled £78,718. compaTed ¢0 £73.629 in the previous fmancial year. Legacies in this period totalled £328,787. (x>mpared to £53.645 in the previous financial yeaT. Investmènt income in this period (net of investMt management fees) amounted to £84.404: compared to £69,796 in the previous f]ll8ELcial year. Results for Period and Funds Carried Forward The level of grants paid and associated costs increilsed from £511.670 to £56&416. This resulted in a surplus of £22,679 prior to unrealised net Bains on investments which totalled £1,819,302. The funds carried forward for the financial year 2023124 amounted to £17,lJ9.565. which is an increase on the previgU5 year when they were £15.297.584. Page 3
ARTISTS GENE114L BENEVOLENT LNSTITUTION R¢port of the Trustres for the year ended 5 April 2024 FINANCIAL REVIEW Investwent Polky and Perforniante Investment Poliey The AGBI'S investment objective is to secure a total reÉurn on the charity's investtnents that enables current demands from applicants to be appropriately satisfied and that Su]4$ its ability to meet future dcmands thTough long temi growth of the clwity's assets. The AGBI is a long-telln investor and has dderniined that the knt policy for the AGBI is to conlinue holding a mixed portfolio of equities, bonds: cash and other investmenls with the aim of PTOVtding suificient returns, whether frorn income oi. from the realisation of invesLmenls. to support its investmenl objective. Investment Comfftnittee The AGBI has del¢gated respoDslx >ility for managing its investrnent portfolio to an Investment Committee which Tepojts on perforniance to the Trustees. The Investment Committec received quarteAy invesiTnent report5 from Meridiem Investsnent Management and Waverton Investment Management on their perforniance as investrnent managers of its rtfOlio. The Investment Committee met twice during the fjnancial ear to review the perfomance of th¢ Investment Tllanagers and to ensure that sulTicienl income fiDm the portfolios is available to maintain the AGBI'S grant pro8rattune and to Suptxirt th¢ operational cA)sts of the charity after taking account of the charity's Other urCeS of income. Investment Perforniance In the fjnancial year 2023124, tbe incom¢ yield on the invth¢nts managed by the investment managers. after fees. was £84.404 or 0.61°/0 (basd on markel values at the year*nd). Reserves Policy As at 5th April 2024, the AGBTS total funds amounted to £17.l39,565. which included restrictcd fL]nds lotalling £2,151,5l6. which are Iktalled further in note l 8. These funds allow the charily to continue its current activities and to SUPPOrt a sound financial b&8is for the future. Pa8e 4
ARTISTS GENEIL4L BENEVOLENT INSTITUTION Report ofthe Trn$¢ees for the yr ended 5 April 2024 tRUCTURt GOVERNANCE AND MAIYAGEMI ENT Governillg Doeurnent The Artists, General Benevolent Institution (the "AGBI") is a registered eharity. number 212667. It was founded in 1814 by members of The Royal A¢ad¢rny of Arts and Incoryrated by Iloya] Charter in 1842. The Gtwity's governing document comprises the byc-law5 whtch ivcre revised in 2021122 and adopted at the Annual General Meeting on 7th January 2022. The Royal Charter w&s oot amcnded. GovernADce alld Management As ai 5lh April 2024, tbe AGBI Tha5 govemed by its by"e-laws (2022) Thtiich recommended that the AGBI should have between a minimum of three TteeS and a maximum of nine TnteeS (to the extent FK)ssible). At each Annual G¢ncrdl Meeting, all the Trnstees retire and are then eligible for re-elwtion. The Trnstees are supw)rted by the Artists Council. the Investment Committee and a small otTice team. The Artists Council rneets ten times a year to Consider new eases and review existing case& The Invesfment Committee nnItOrS quarterly retorts on ihe perforniance of the AGBI'S investments and meets bTJnnu3]ly to discuss investh)ent perfonnance and related risk managemenL The day-to-day administration of the 8rdnts and the PTOC(3sing irf the applitiOnS prior to consideration by the Artists Council is delegated the Secretary. Newly-apw)inted Trustce5 receive an induction pack containing d&ai13 of the structure of the ¢harity, a copy of the bye-laws (2022, the Charity CoMmi10n publication Yhe E&sential TrLlStee. what you need to know. what you need lo do (CC3)' and tkne charity'3 'Confli¢t of Inkr4st Policy, whic1] was adopted in 2016. they are supported by the other Trn5tees and the Secretary. Neu,ly apwbinted members of the Artists Council receive a more concise induction pack cDntsininE the main infomiation needed to perfomi their role. The AtiBl is regiskred with th¢ Tllfonnation Commission¢rfs Office UCO) in order to mplY with General Dat& Protection Regulation (2018). The AGBI'S ICO reference is ZA353188. The AGBI is a member of the A&sociation of Charitable Organisations (ACOA which is the nation ifK umbrclla body for harities that give grants and welfare SUprt to individuals in neeiL Founded in 1946. the ACO 15 a powertul aud gTowing network of over 100 membry alljoincd by the common goal of offering support to help people in need. The AGBI is also a rnember of the Nationat Council for VoluDt2ry Orgallisations (NCVO}. The NCVO is the umbrella body for the voluntary and community sector in England and h&$ a membership of more tban 17.000 voluntary org8nisations. Page S
ARTISTS GENERAL BENEVOLENT INSTITUTION Report of the Trust for the year ended S April 2024 REFEREIYCE AND ADMINISTRATIVE DETAllS Registered Charity number 212667 Principal Address 15 Churton Street London SWIV 2LY Telephone 020 7734 1193 Honorary Appointments. Trustee. Committee Member5 gnd orrice Staff Royal Patroll HM King Charles III President Nicola HiGk5 MBE Honorary Pr¢sidcDt Rebccca Salt¥r, President of thc Royal Academy of Arts Honorary Treasurer PatrALk Crnwford CB Trustees Stephen Bartlett (retired 25th October 2023) Patrick c.rawford CB Richard Gault Nicola Flicks MBE (Chair) Veronica Ricks (elected 25th October 2023) The Artlsts Counell Francis Bowver PPRWS NEAC The Viscountess Bridgeman CBE FRSA Patrick Crawford CB Jo Dennis Richard Gault Nici)la Hicks MBE (Chair) Jonathan IIoTwich Sam McKechnie Professor Brendan Neiland William Packer Hon FRCA NEAC Veronica Ricks Jamie Routley Susie Thomson (stood down 25th October 2023) Dr Michael Gorjnley Inv¢stJneDt Committe¢ Patrick Crawford CB (Chair) Rupert Caldecott Dahlia Dana Nicola Hicks MBE Charles White Page 6
ARTISTS GENERAL BENEVOLENT INSTITUTION Report of tb¢ TrTrst¢es for the year e•ded 5 April 2024 MedÉtal Advisor Dr Michael Gonnley Honorary Retired Members Stephen Bartlett (joined 25th October 2023) Gus Cummins IL4 David Gentleman RDI Charlotte14alliday RWS NEAC William Pye Susie Thomson ljoined 25th October 2023) Jacqueline Rizvi RBA RWS NEAC Chief Executive Officer and Setretsry to the Trwtees Brad Feltham Financial Controller Jacki Haggard Head of Community, Ethibition5 and Collectiolls Abbie Griffjths AGBI AssAs¢ant Edie Flowers Audltors Xeinadin Auditing Chartered Ac(x)untants and Statutory AuditOTS BeckLt House 36 Old Jewry London EC2R 8DD Bankers Coutts & Co Comrnercial Banking 440 The Strand London WC2R OQS Page 7
ARTISTS CEIYERAL BENEVOLENT INSTITUTION Report of¢he Trnstees for the year ended S April 2024 REFERENCE AND ADMINISTRATIVE DETAtLS Solleitors Winckworth Sherwood LLP Arbor 255 Blackfriars Road London SEI 9AX Investment Mallagers Meridiem Investment Managanent Limited Riverside House 2a Southwark Bridge Road London SEI 9HA Waverton Investment Managernt Limited 16 Babmaes Street London SWIY 6AH IDsur¢rs Hiscox InsEErance Comtyaoy Limited l Great St. Helens London EC3A 6HX Page 8
ARTISTS GENF.RAL BENEVOLENT INSTITUTEON Report of the Trustees for the year ended 5 April 2024 STA TEMENT OF TRUSTEES, RESPOYSIBILITtES The Irustees are responsible for preparkng the Report of the Trustees and the financial statements in accordance with appli¢able law and United Kingdom Accounting StarLdaTds (United Kingdom Generally Accepted Accounting Practice). The law applicable to cbaritie5 in England and Wales the Chariti&s Act 201 I. C]wity (Accounts and Reprts) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare fancial slatetnents for each fmallcial year which give a tNe and fair view of tbe state of affairs of th¢ chariry and of the incorllitkg resources and application of resourcu. irlcluding the inc(rne and expenditure. of the charity for tILat period. In preparing those financial statements, the tnteeS are required to: select suitable accounting policies and then apply them ¢onsistelltly" observe tILe tnethods and principles itl the Charity SORP. Jnake judgements and estimates that are reasonable and prudenl state whether applicable accounting StanddS have been followe subject to any material departures disclosed and explained in the finaneial statemen prepare the financial stat¢ents on the going concern basis unless it is inappropriate to presume that the charity will continue in bustness. Tbe tru5tces are responsible for keeping proper accounting records whicb disclose with reasonable accuracy at any lime the fancIal position of the charity and to enable them to ensure that the fmancial 5tat¢meTrts comply with the Chariries Act 2011, the Charity (Accounts and Reports) Regulaiions 2008 and the provisions of the trust deLal. They 1c also responsible for safegu2rdinE the wets ofthe charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the board of trnseees on .. N Hick5 MBE- Trustee Page 9
Report of the Independent Auditors to the Trustee5 of Artists Ceneral Benevolent Institution OpinSon We have audited the fllwTrciaI statements of Artists General Bencvolent Institution (the 'charity') for the year ended 5 April 2024 which comprise the Statement of Financial ACtiltieS tbe Balance ShttL the Ca8h Flow Statement and notes to the fmancial statements. including a suEtullary of 5ignifiiant accounting poticies. The financial reporting fram¢work that has been applied in their preparation is appli(xble law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion th¢ financial Slaternts.. give a true and fair view of the state of the charity's affairs as at 5 April 2024 and of its incoming resources and application of resources, for the year then ended., have been properly prepared in accordance with United Kingdom GenLYally Accepted A¢UntIng Practice,. and have been prepared aw)rdance with the requirwnents of th¢ Charities Act 2011. Basis for opinion We conducted our audit in accordance with Internation31 Standards on Auditing {UK} (ISAS (UK)) and applicable law. Our reswnsibilities under those standards are further de5¢ribed io the Audiiors, r¢sponsibilÉties for the audit of the fanCIal ststements section of our rep)rt. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the fJn8ncial statements in the UK, including the FRC'S Eihical Standard, and we have fulfilled our other ethical resFK)nsibilities in accordance with these requiremeDts. We believe tbat the audit evidence we have obtained 15 sufficient and approprÈate to provide a b&sis for our opinion. CoDclusioD5 relating to going eoneern In auditing the financial statejnents. we have LY>ncluded that the tnjstees, use of tbe going eoncun basis of accounting in the preparation of the fuwicial slatements is appropriate. Based on the work we have perfonn&l, we have not fftdentified any material uncertainties relating to events or conditions thal individually or lleCtIVe]y. may cast significant doubt on the charity's ability to cot)tinue as a going concern for a period of at least twelve months from when the fmancial ststements are authorised for T&SUe. Our r¢sponsibiliti¢s and the reswnsibililies of the trustees with respect to going concern ar¢ de5¢ribed in the relev8nt sections of this report. Other infonnation The trustees are r&sponsible lor the other informalion. The other infoation wtnprises the infomiation included in the Annual ReporL other than the finaDcÉal statements and our Rcport of the Jlldedent Auditors thereon. Our opinion on the financial statements do&s not cVer the other inforniali4)n except to the extent othenvise explicitly stated in OUT reIrL we do not expr&%8 any forni of assuranee Ixjnclusion thereA)n. In eonnection with our audFt of the fiti#nciAI statements, our Tesponsibilitv is to read the other infom]ation and, in dotng so, consider whether the other information is rnateriaIly inci)nsistent with the financial siatements or our knowledge obtained in the audit or otherwise appears to be matertally misststed. If we identify such materi21 inc4)nsistencies or apparent matertal misstatements. we are required to de*rniine whether this gives rise to a m&ertal rni3statement in the financial slalemenls thernselves. If. based on the work we have perfOrnI we conclude that there is a material mi5sÉatement of thi5 other inforniation, we are required to report that fact. We have nothing to reporE in this re8aT(L Mxtten wbieb we art required to report by exeeplion We have nothing to report in respect of the following matters where the ChaTiti&s {Aceounts and Rqx)rts) Regulations 2008 rwuire5 US to rq)ort to you if. in our opinion: tlje infornjation given in the Re4Kbrt of the Tn]stees is inconsistent in an). material respect with the financial statement or sufficient accounting records have not been kep¢ or the financial statements are not in agreement with the aoUnting records and returns- or we have not received atl the information alld explanatioDs we require for our audit. Page 10
Report ofthe Independent Auditors to the Trnst¢es of Artists Gener B¢n¢voleDI IDstAtutioo Responsibilities of Inet5 As explained rnore fully in th¢ Statement of T, Responsibilitie& the trnstees are responsible for the preparation of the fmancial stdternents which give a true and fair view. and for such internal control as the truste£s detern]ine is necessary to enable the prewaration of financial ststemfflts that are free from ma*rial misstatem¢nL whether due to fraud or error. In preparing the fIn¢la1 thtements. the tnL8tees are resnsIble for a&$1ng the charity's ability to colltillue a5 a going concero disclosing. as appli¢ablÉ matters relat io going concern aDd SIng the going concern basis of accounting unless the trnstees either intend to liquidate the thlty or cease opernttons or have no realistic alternative but to do so. Our responslbllltles for the audit of the financial statentents We have been appointed as auditors under Section 144 of the Char&ties Act 2011 al rert in aCCOTdance with the Act and relevan¢ r¢gulations madc or having cffect thereder. Our objectives are 10 obtain reasonable assurance aiK)ut whether the financial slatements as a whole are free from material miternent, whether due to fraud or error. and to Issue a Report of the Independent Auditors that includes our opinion. Reasonable assuranee is a high level of assurance, but is not a guardnteG th& an audit conducted in accordance with ISAS (UK) will always detect a material mi&statement when it exists. Misstatements can arise from fraud or em)r and are considered material if: individually or in the aggregate. thev wuld Twonably be expected to influence the e¢onomi¢ decisions of users taken on the basis of the financia] statements. The extent to which our proCedUS are capable of deting irregularities, includiD8 fraud is detailed below: - Jdentify and a35ess the risk of material mi&8tatement of the financial statements. wh¢ther due to fraud or error. design and perform audit procedures responsive to those risk4 and obtain audit evidence that is su1¢1¢nI and appropriate lo provide a basis for our opinion. The risk of not detecting a material misstatement ultIng from fraud is higher than for one resulting from error, as fraud may Involve collusion. forgery, intentional omissions, misTV)Tesentations or the override of Trnternal control. - Obtain an understanding of intemal control relevant to the audit in order to design audit procedures that are appropriate in the circurnstsnces. but not for the purposes of expressing an opinion on the effectiveness ofthe charity's internal control. - Evaluate the appmpriatettess of accounting p)licies used and the Te&sonablents of accounting estirnates and the related disclosu3 madc by the dircctors. - Conclude on the appropriateness of the director5. use of the goiug n¢eTD basis of accountÈn8 and. based on the audit evidence obtained. whether a material uncertainty exists related to event or cijnditions may cast significant doubt on the ch'ity'S ability to continue as a going concern. If we conclude that a tDaterial utlcerlainty exists. we are required to draw attention in OUT auditors report to the Telated disclosure in the financi21 ststements or. if such disclosures are inadequate to rnodify our opinion. Our conclusions are based on the audit evidence obtained up to the date of OUT auditor's report. Hoer. future events or conditions cause the charity to cease to continue as a going concem. - Evaluat¢ the overall presentation. structure and content of the financial statements, including the disclosures. and whether the tinancial 5tatcments Tepreseni the underlving tran&tionS and events in a n}ner that a¢hieve5 fair presentation. A further description of our responsibilities for the audit of the financial statements is l(Trcated on the Financial Rewrting Council's website at www.frc.or8.uk1auditorcStx}nSLb1lIt1CS. This description fornis part of our Report ot'the Independent Auditors. Pagell
Report of Ihe Independent Auditors to the Trustees of Artlsts er#I Bellevolellt Institutiojj Use ofour report This report is made soldy to the chaTity'S trusttt4 &$ a Ix)dy, in accordance with Part 4 of the Charities (Ac¢ounts and Rew)rts) Regulations 2008. (hr audit work has been wjdertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors. report and for no other purse. To the fullest extent permitted by law, we do not accept or a55ume responsibility to anyone other than the Charity and the lty'S trustees a body. for our audit wo. for this repoit or for the opinions we have fomicd. Xeinadin Audiling Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD Page 12
ARTISTS GENERAL BEF4EVOLEWf INSTrrtrrioN Statement of Financisl Activit3 for the year emded 5 Aprll 2024 2024 TotsI funds 2023 Total nds Unrestricted fijnd Rtricted funds Notes INCOME AND ELYDOW.MENTS FROM Donations and legaci& 403.505 4,000 407.505 127.274 Other tradin8 activities Investment income 60,618 60.618 229 266 28,849 178.359 Total 654.566 697.389 334.482 EXPENDITURE ON Raising funds 93.639 12.655 106,294 97,017 Charitabl¢ activiti¢s Grants paid and assoctated costs 482.324 86.092 568.416 511.670 Total 674 710 608 687 Net gainsl(loss¢s) on investments 1.535.018 284284 819 302 348.794) NET INCOKEI(EXPENDITURE) 1.613.621 228J60 1,841.981 (622.999) Transfers behveen funds 18 Net rnovcmeDt in fuDds 1,615,119 226,862 1.841,981 (622,999) RECONCILIATION OF FUNDS Total funds brou8ht forw7rd 13 J72:930 1,924.654 15.297,584 15.920.583 TOTAL FUNDS CARIUED FORWARD 14 988 049 2 151516 17.139 565 15.297 584 The notes forni part of these financial statements Page 13
ARTISTS CENERAL BENEVOLENT INsfITUTION Balance Sheet 5 April 2024 2024 Total funds 2023 Total funds Unrestricted fid Restricted funds Notes FIXED ASSETS Tangible assets Investments 13 14 2.3?8,077 11.754 334 2.328,077 13 83J 305 2,327,995 12 112964 2.078 971 14,082.411 2.078.971 16,161.382 14.440.959 CURRENT ASSETS Stocks Debtor8 Cash at bank and in hand 15 16 676 566.544 377 801 676 571,128 676 365.507 556 766 4,584 945.021 72545 1,017.566 922.949 CREDITORS Amounts falling du¢ within one year 17 (39,383) (39,383) (66.324) NET CURRENT ASSETS 905.638 978 183 856.625 TOTAL ASSETS LESS CURRENT LIABILITIES 14.988,049 2.151,516 17.139.565 15.297.584 NET ASSETS 14.988.049 2.15 1,5 16 17 139.565 15 ?97 584 FUNDS Unrestrided funds Rctstricted tunds 18 14,988,049 2 151,516 1),372,930 1.924.654 TOTAL FUNDS 17.lJ9.565 15.297,584 The financial st&tem¢nts were appyoved by the Bi)ard of Trustees and authorise41 for issue on ..?.Jat....lal ...2a and were signed on its behalf by: P Crdwford CB - Trustee The notss fonn part of tlK8e fmanci81 statements P88e 14
ARTISTS GENERAL BENEVOLENT JNSTITUTION Cash Flow StatemMI for the year ended 5 April 2024 2024 2023 Notes Cash tlows from operatlng aetivitles Cash generated from operations paid (135275) 971 (163580) 1,148) Net Gasb used in owating activiti&s (134J04 {164.728) Cash flows from Investing activities Purchase of tsngible fixeAI assets Sale of tangible fixed assets Sale of fixed asset investments Interest re¢eived (2.198) 100 ?,613 (152.121) 9,255 8,655 Net cash provided byl(used in) investing activities 134 211) Change In cash and cash eqlllvaltllts im the reporting period Cash and eash eqllivalents at th¢ beginning of the reporting period (111.004) (298939) 556.766 855,705 Cgsh and cash equivalents at the end of the reporting period 445 762 556.766 The notes forni part of these financial statements Pag¢ 15
ARTIgfs CENERAL BEIYEVOLENf INSTITUTION Not&s to the Cash Flow StAtemellt ror the year ended 5 April 2024 RECONCILtATION OF NET INCOME/(EXPEfiDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES 2024 2023 Net incDmel(expenditiwe) for the repoTting period (a5 per the Statement of Fin2neial ActivitiL8) Adjusttnents for. Depreciation charg (Gain}Ilosses on investments Loss on disposal of fixed assets Interest rec¢ived Charges paid from investments Increase in debtor5 (Decreaseyincrease in creditOTS 1.841,981 {622.999) 1,741 (1.819J05) 275 (22.785) 96,351 (206592) 2,036 348.794 {8.655) 93.257 (470) Net Cash llsed io opern¢ions 135275) {163,580) ANALYSIS OF CHANGES IN NET FUNDS At 6.4.23 Cash flow At 5.4.24 Net cash Cayh at bank and in hand 556 766 111.004 445.762 556.766 111004) 445 762 Totsl 556,766 445.762 The notes fomi part of these financial staternents Pa8e 16
ARTFSTS GENERAL BENEVOLENT INsfiTUTION otes to the FinantAal Statemeats for tbe year e]ed S April 2024 STATUTORY FORmA TION The Artists, General Benevolent Institution is an unincorporated charity a550ciation. The charity is r¢gisred in England and Wale4 Registered Charity number 212667. ACCOUNTING POLlCtES BASIS OF PREPARtNG THE FINANCTAL sfATEMENrs The fmancial statements of the charity. which is a public benefit entity under FRS 102. h&ve been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and RetK)rting by Charities: Ststement of Recornmended Practice applicable to clwities preparing their accounts tn accordance with the Financiai Reporting Standard applicabLe in the UK and Republic of Jreland (FRS 102) (effective l January 2019),. Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Irtland, and the Charities Act 2011. The financial Statements have been prepared under the historical cost ¢onvention, with the exception of investments whicb are included at market valu4 18 modified by the revaluation of c¢rtsin assets. INCOME All inwme is recogni5ed ttl the Ststement of Fitwicial Activitie5 once the charitv has entidement to the funds, it is probable that ihe inc4)me will be received and the amount can be me&sured reliably. EXPENDrruRE Liabilities are recognised as expenditure &s soon as Iherc is a legal or constructive obligation committing the chartty to that expenditur4 it is probabl¢ that a transfer of tnoMiC benefits will be required iT] s&tlem¢nt and the amount of tbe obligation can be measured reliably. Expenditure is a0utell for on an acCnlS basi5 and has been classified undeT hdIngS that a88re8ate all costs related to the category. Where costs cannot be direc¢ly attrIbUd to particular headings they have been allocated to activities on a basis consistent with the 8e of resources. Grants offered subjcct to wnditions which have not beeD Met at the year end dale are noted as a comrnitment but not accrued as exp¢nditLtre. TANGIBLE WtXED ASSETS Depreciation is provided at the following annual rates in order to write off e&ch assel over its tImated useful life. Fixtures and fittings 200/• on rnjucing balance Computer equipment 25Yo on cost STOCKS Stocks represent the lower of cost and net realisable value of the Bi-centenary prints Un]d at 5th April 2024. TAXATION Thc charity is exempt from tax on its charitable activities. FUND ACCOUNTING Unr¢striGt¢d funds can be used in ¥cordance with the charitable objectives at the discretion of the trustees.. Restricted funds can be used only for the particular r&strsctrd purposes within the object of the charity. A further explanation of the nature of the reAri¢ted funds is Tn¢luded in the n(rtes kn the fanCial statrments. TRADE AND OTHER DEwfoRS Trade and other debtOTS that are receivable within one year and do not constilute a financing transaction are recorded at the undiscounted amount expeLed lo be received. net of any impaimient. Page 17 continued...
ARTISTS GENERAL BENEVOLENT INSTrrtrrIoN Notes to the Finanti*l Statements- rontinued for the yur eoded 5 April 2024 AccouiYfiNG POLJCtES- conliuued TRADE AND OTRER DEBTORS Those that are receivable after more than one year or Lymstitute a financing tranwtion are rewrded initially at fair value le5S transaction costs and SU5¢qUentIY at amortid costs, net ofimpainnent. Cash aDd cwsh ¢quivalcnts Cash and cash equivalents Imprise cash at bank and in han demand dqjosits with batlks and other short-te highly liquid inv¢5¢ments with original maturities of three months or less and bank overdrafts. In the balance sheet. bank overdrafts are shown within born)wings or current liabiltties. Trade and other creditors Trade and other creditors are initially recogniscd at the transaction pri¢¢ and are thereafter stated at amortised Cost using the effective inter&st n]ethod unless the efft of discounting would be immaterial. in which case they are stated cost. FIXED ASSET INvESTMErs Investments are included at closing mid-market value at the balatlce sheet date. Any gain or loss on revaluation is taken to the Stat¢rn¢nt of Financial Activities. All gains and losses are taken tv the Ststement of Financial Activities as they arise. Realised gains and losses on investments are calculated &8 the difference betweeD Sal Proceeds and opening rnarket value (purchase datc if later). Unrealised gains and lossGs are calculated &$ the difference between the market vue at the year end and openin8 market value (or purthase date if later). RealiseAI and unrealised gains are not sq>arated in the Statement of Financial Activities. IRRECOVERABLE VAT Irrewverable VAT is charged against the category of r&wur(zs expended for which it was incutrcd. IK)NATIONS AND IGAcIEs 2024 Total fimds 2023 Totsl fimds fimds funds Annual subscription3, donations and amounts Collect by stewards LegaLies received 74.718 328.787 4,(X)O 78,718 328,787 73,629 53,645 403 505 407 505 127,274 Page 18 continued...
ARTISTS CENERAL BENEVOLENT INSTITUTION Notes to the FlllaDtial StatemeDts- eoDllnued for the yur ended 5 April 2024 OTHER TRADINC ACTivrriES 2D24 Total fijnds 2023 Totsl funds fvnds funds Christmas card sales Rental incom¢ 12,018 48.600 12,018 12.649 28,849 INVESTMEiYf INCOME 2024 Total funds 2023 Total fLmd5 Unrestricted Restricted funds fimds Income fTK>m investments Royalty income DeFX)Sit acLX)unt interest 148.2 21.612 20.541 36.579 184.869 21.612 21785 162,639 7.065 8.655 178359 RSING FUNDS RAISING DONATIONS AND LEGACIES 2024 Total funds 2023 Total funds Unrestricted funds Restri¢ted fLuids 173 173 137 OTHER TRADING AcrivrriES 2024 Total fimds 2023 Total nds funds funds Purchases Fundraising expense5 2,976 2.680 2,976 2.680 3,941 96 Page 19 eA)ntTnued...
ARTIs GENERAL BENEVOLENT INSTITUTJON Notes to the Flllallelal Statements- eontthutd for the yur ended 5 April 2024 RAISINC FUNDS- ¢Olllinued INVESTMENT MANACEMENT COSTS 2024 Total funds 2023 Total fijnds Unrestricted Rll¢t¢d fjJn4ts SUprt costs A£gregate amounts 12.655 106.294 CHARITABLE ACTIVITIES COSTS funding of activities (see note Support sts (see note 9) 8) Totsls Grants Faid and &ssociated costs 302.379 266.037 568,416 GRANTS PAYABLE 2024 2023 Grants paid and associated costs 302 379 271669 All grants were paid to individuals for trf)th the year8 ended 5 April 2024 and 2023. SUPPORT COSTS Other costs Totals Investment management (x)sts Grant5 paid and associated costs 100.465 l(K),465 266.037 30.025 199.067 137410 366 502 P48e 20 continue4L..
ARTISTS GENERAL BENEVOLEwf INSTITUTION Notes to the Financia] Statemeots- CODtinued for the year ended 5 April 2024 io. TRUSTEES, REMUNERATION AIYD BENEFITS There were no tnlee5, remuneration or other benefits for the year ended 5 April 2024 nor for the yeai. ended 5 April 2023. TRUSTEES, EXPENSES During the year et)(led 5th April 2024 no tTre¢s were paid ts3vel expenses (2023.. Nil). ii. STAFF COSTS During the year thue was one employee who e1Ved emoluments between £70,000 and £80.000 (2023: one). 2024 2023 Gross Wages Social Security Pensions 186209 14,709 7,260 158.683 13,465 7.171 TotxI 208,178 179,319 The average monthly number of employees during the year was as follows: 2024 2023 Average nurnber of employees ID the year Page21 c4)ntinued...
ARTISTS GENERAL BENEVOLENT INSTITUTION Not¢s to the FiDanei41 SlxtementS - COlltinue41 for the year ended 5 April 2024 12. COMPARATIVES FOR THE STATEMENT OF FLYANCIAL AcfIviTIES Unreslricted fimd Restricted funds Total funds INCOME ALYD ENDOWMENTS FROM Donations and legacies 127274 127274 Other trading activities Investment inoome 28,849 146.057 302 28,849 178.359 Tot1 302 180 302 334 482 EXPF,NDITURE OY4 Raising funds 85,770 11,247 97,017 Charitable activilies Grants paid and &8sociated )sts 434 759 511670 Total 520.529 88.158 608.687 Net gains/(losses) on investments (293286) (55.508) (348,794) NET INCOMEI(EXPENDITURE) (511.635) (IllJ64) (622,999) RECONCILIA TION OF FUNDS Total funds brought forward 13.884.564 2.036.019 15.920,583 TOTAL FUNDS CARRIED FORWARD 13,372,929 1924 655 15 297 584 13. TANGJBLE FIXED ASSETS Fixtures Freehold property Computer equipment rings Totals COST At 6 April 2023 Addition5 DistN)sals 2.321.837 7,664 5,915 2.198 2,335,416 2.198 At 5 April 2024 2 336.334 DEPRECIATIO At 6 April 2023 Charge foryear Eliminthd on disposal 4,754 582 2,667 1.159 905) 7.421 1.741 905 At 5 April 2024 5.336 NET BOOK VALUE At 5 April 2024 2321.837 2.328 3,912 2 328 077 At 5 April 2023 2 321837 2 327 995 Page 22 continued...
ARTISTS GENERAL BENEVOLENT INSTITtITION to the Flnsntlal Stat¢m¢nts- ¢ontitiutd for the year ended S Aprll 2024 14. FIXED ASSET INVESTMENTS C&sh and settlements Donated paintings Listed investhieDts MARKET VALUE At 6 April 2023 Additions Disposals Revaluations Adjustment M2nageDient Fees 11.950.684 2.171.275 (2,532.883) 1,819J04 {1.646) 138.790 2.532.883 (2.171275) 23,490 12,112,964 4,704.158 (4.704,158) 1,819,304 (2,612) 96.351 (966) 96.351 At S April 2024 13 406 734 403 081 13 833 305 The charity's investments 8r¢ Managed by ind¢Faenl finns of investment rnanagers with no known r¢strirtion5 over realisation (other than market standard notice requirements) and are held in caslL UK and overseas sEock, such as tmit tnjsts and common invastment fund% Gilts and Bonds. All investments are held primarily for an investment There were no tnvestrnents in UK securities or cotnmon investment funds with market va]ues exceeding 5% of the portfolto value in 2023 or in 2024. The valuation of donated paintings is based on guidan¢¢ of the estimated sales values from BonhamB' Auction House. 15. STOCKS 2024 2023 Stocks 676 676 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Income tax recoverable Prepayments and a¢¢rned income 2.787 568,341 3,758 361,749 571.128 365 507 Page 23 continued...
ARTISTS GENERAL BENEVOLENT INSTITUTION Notes to the Fknaneial Statements- eotttlnyed th¢ yc4r ¢ndcd 5 April 2024 17. CREDrroRS: AMOUNI T3 FALLING DUE WITHIN ONE YEAR 2024 2023 Other creditors 66.324 18. MOVEMENT IN FUNDS Net movemetlt in funds Transfer5 between funds At 5.4.24 At 6.423 Unrestricted funds General fund 13.371930 1.613.621 1.498 14.988.049 Restrleted fvDILs AGBI - Children's fund Francis Reckitt Trust fund McInroy & W(K)d spwial fund l.Y24.654 226.113 247 2.000 2.150.767 247 502 1.924.654 228.360 1.498 2 151.516 TOTAL FUNDS 15 1841981 17 139 565 Net movement in fijnds, tncluded in the above a as follows: Incoming Gains and losses Mov¢ment in fiinds expended Unrestricted funds General fund 654.566 (575963) ,535.018 .613.621 Restrieted fullds AGBI - Children's fund Francis Reckitt Trust fund Mclnroy & Wood special fund 38.8?3 2.000 2.OIKi {96.994) (1,753) 284284 226.113 ?47 2,000 42.823 98.747 228.360 TOTAL FUNDS 674 710) 18J9.302 1841981 Page 24 continued...
ARTISTS GENERAL BENEVOLENT tNSTITUTION Notes to the FIntil Statemettts - efjntinued for the yegr ended S April 2024 18. MOVEMENT IN FUNDS- coJtknued Comparatives for movement ID fvDd5 Net Movement in funds At 5_4.23 At 6.4.22 Unresrlcted fvnds General fvnd 13.884,564 {511,634) 13,372.930 Restricted funds AGBI- Children's fund 2.036,019 (IllJ65) 1.924.654 TOTAL FUNDS 15.920.583 {622.999) 15.297.584 Comparative net nx)vemenl in funds. included tn the above are &$ follows: Inc4)ming Rek)urces expended Gains and losses Movement in funds Unrestricted funds (ieneral fund 3(Y2.180 (520.528) (293286) (511,634) Restricted ndS AGBI - Childr¢n's fund 31302 (88.159) (55,508) (IllJ65) TOTAL FUNDS 334 482 608.687 348 794) 622 999) The AGBI - Children's Fund is accounted for separately with its own inveslrnent px)rtfolio and bank account, alld is rin8fenced for donations to support children who have lost the supw)rt of one or FA>th parents. We suptKirt them while they are in full lime education up to the age of 25 YrS old. Francis Reckitt Trust- Funds donated to AGBI to provide respite breaks for artisw and is restricted to paying for board and lodgings. McltLroy and Wo(Kl - Funds doEEated to AGBI for the purchase of a PTOjCCtor, laptop and assoctated fumiture for a meeting space at Churton StreeL Page 25 ntinued...
ARTISTS GENERAL BENEVOLEKf INSTITUTIOY Notes to tbe FlnaDclal St*tements- tODtIAued for the year emded 5 April 2024 19. EMPLOYEE BENEFIT OBLIGATIONS The charity operates a defined contribution ]SIon scheme. Total contsibjtions for the year are disclosed in note I l. There were no outstanding or prepaid wntrtbutions at the IWIan sheet date. 211. REIATED PARTY DISCIA)SURES During the year. annual Jubilee Awards totsjling £4,OIKI (2022 - £4.000) were awarded fornier trustees. Two remain as Honorary Retircd Members of the Artisv General Benevolent Institution. Durin8 the year E Flow¢r4 daughter of tntstee N Hick4 was employed by tbe ArtIs, General Benevolent Institution and received muneratIOn at ftnarket rale. 21. FRC KTHICAL STANDARD- PROVISIONS AVAILABLE FOR SMALL EiYfITIES In cotnmon with many othu charities of our SI and natu. we us¢ our auditQT5 to prepare and submit returns to Ihetax authorities and assist with the w¢paTatif)ll of the financial statements. Page 26
ARTISTS GEIYERAL BENEVOLENT II¥STITUTION Detalled Ststement of Finaneial AetTVities for the year ended 5 Apri12024 2024 2023 INCOME AND ENDOWMENTS Donations and leg4cies Annual subscriptions, donations and amoun Collected by st¢wards Legacies received 78,718 328.787 73,629 53.645 407.505 127274 Other dIng a1VItieS C.hri5tmas card sales Rentsl income 12,018 12,649 16 60.618 28,849 Investment income Income from inv&stmelltS Royalty income Dewsit account tnterest 184.869 21.612 22.785 162,639 7,065 229 266 178.359 Totsl incoming Te50urees 697,389 334,482 EXPETr4DITURE Raising donatlons and legacies Stewards, expenses 173 137 Other trnding aetivitieg Cost of Christmas cards Fundraising expenses 2,976 2.680 3,941 96 5,656 4,037 Charitable aetivitios Grants to individuals 302,379 271,669 Support costs Human resourees Wages Social security Pensions 176.899 13,723 150,951 12,542 6.812 Carried forward 197.319 170,305 This page does not forn) pat of the statutory financial st*ements Page 27
ARTIs GENER4L BENEVOLENT tNsfiTUTION Detsikd StstemeDt of FIDaDei*l Aettvitits for the year ended 5 April 2024 2024 2023 Human OUrCeS Brought forward Visiting expenses 197,519 170,305 199,067 171,526 Other Churton Street Expenses Postage Telephone Office stationery Advertising Computer expeDS&S Legal fees Repairs and Ten41S Cleaning Bank char8&S Sundry expenses Other gifts Gainnoss on foreign eXchge Insurance and service charges Subscriptions Investmellt rnanagement fees Fixtures and fittings Computer equipment 6,673 1,282 1.648 1,038 195 2,221 2,190 260 2,837 1.815 341 176 (767) 13.085 2,210 100.465 582 1,159 11,612 1,023 316 1,535 420 2,497 390 1,380 2.113 1.456 2,768 114 5,180 10.520 1,314 92.843 727 137,410 137,517 Governante costs Wage5 Social security Pensions Auditors, rernuneration Annual retKTrrt and AGM Trnstee meeting expenses Loss on sale of tangible fixed assets 9JlO 985 363 11,800 4.183 3,109 275 7.732 923 359 8,580 5,080 1,127 Total r¢sources expended 674.710 608.687 Net lneomel(eendIthre) before gains and losses 22.679 (274205) R¢alis¢d retogntsed gaills and 105Sts Realised gains/(losses) on fixeA a&set inv>ments 168 382) Nct incomd(cxp¢ndi¢ur¢) 442.587) This page th)es not forn) wt of the statutory financiaI statements Page 28