REGISTERED CHAIUTY NUMBER: 212667
ARTISTS GENERAL BENEVOLENT INSTITUTION
FIDanelal Statemettls for the Year Ended S April 2024
Xeinadin Auditing
Chartered A¢couT]tants and Sta￿10ry Auditors
B￿k¢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 Pra￿lce
applicable to charities prepartn8 their a￿oUnts in accordance with the Financial Reporting Standard appliLable in the UK
and Republic of Ireland (FRS 102) (effective 1st JaDuary 2019).
0￿ECTIVEs AND AcfivTfiFS
Objectives and aims
The ()bjective of the Artists. General Benevolent InstithtiOD (the "AGBI") is to provide a grant-giving pro￿aM 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 se￿i￿n 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 illu￿rateS 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)fessio￿al 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 a￿uraCY of their application and to obtain
examples of their work and related inf0M￿tion, 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 &$socia￿l 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 Tr￿tte$
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￿ appIl￿tIonS 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 re￿rt 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 r￿ulting 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 Se￿eral
years.
The buildin£ enables additional applicant services, incIL￿ing 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 Offi￿S.
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 investM￿t 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 y￿r 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 Incory￿rated 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 T￿￿teeS and a maximum of nine Tn￿teeS (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
n￿nItOrS 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 appli￿tiOnS 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 CoMmi￿10n 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 SUp￿rt 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 Managern￿t 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 f￿ancial 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 tn￿teeS
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 Stand￿dS 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
f￿ancIal 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 1￿c 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 ACti￿ltieS 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 Slatern￿ts..
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 f￿anCIal
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 info￿ation wtnprises the infomiation included in the
Annual ReporL other than the finaDcÉal statements and our Rcport of the Jllde￿dent Auditors thereon.
Our opinion on the financial statements do&s not c￿Ver the other inforniali4)n except to the extent othenvise explicitly
stated in OUT re￿IrL 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 a￿oUnting 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 In￿et5
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 res￿nsIble 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 th￿lty 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￿ re￿rt in aCCOTdance with the Act and
relevan¢ r¢gulations madc or having cffect there￿der.
Our objectives are 10 obtain reasonable assurance aiK)ut whether the financial slatements as a whole are free from material
mi￿￿ternent, 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 th￿e financia] statements.
The extent to which our proCedU￿S are capable of de￿ting 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 su￿1¢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&sonablent￿s of accounting estirnates and the
related disclosu￿3 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. Ho￿￿er. 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.uk1audito￿rcStx}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 pur￿se. 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 Activit￿3
for the year emded 5 Aprll 2024
2024
TotsI
funds
2023
Total
nds
Unrestricted
fijnd
R￿tricted
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
fi￿d
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¢gis*red 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 t￿noMiC benefits will be required iT] s&tlem¢nt and the
amount of tbe obligation can be measured reliably. Expenditure is a0￿u￿tell for on an acCn￿lS basi5 and has been
classified undeT h￿dIngS that a88re8ate all costs related to the category. Where costs cannot be direc¢ly attrIbU￿d
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 f￿anCial 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 expeL*ed 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 SU￿5¢qUentIY at amorti￿d 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 eff￿t of discounting would be immaterial. in which case they are
stated ￿ cost.
FIXED ASSET INvESTME￿rs
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 v￿ue 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 I￿GAcIEs
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
R￿SING 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...

ARTI￿s 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 R￿ll¢t¢d
fjJn4ts
SUp￿rt 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 tn￿lee5, 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 tTr￿e¢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
Tot￿1
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
r￿ings
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 FI￿nti*l 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
Unres*rlcted 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 Y￿rS 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 ArtI￿s, 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 a￿1VItieS
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

ARTI￿s 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 Ten￿41S
Cleaning
Bank char8&S
Sundry expenses
Other gifts
Gainnoss on foreign eXch￿ge
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(e￿endIthre) before gains and
losses
22.679
(274205)
R¢alis¢d retogntsed gaills and 105Sts
Realised gains/(losses) on fixeA a&set inv&gtments
168 382)
Nct incomd(cxp¢ndi¢ur¢)
442.587)
This page th)es not forn) wt of the statutory financiaI statements
Page 28