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← Artists' General Benevolent Institution

2025-04-05-accounts

Charity registration number 212667 (England and Wales)

ARTISTS GENERAL BENEVOLENT INSTITUTION ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

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ARTISTS GENERAL BENEVOLENT INSTITUTION

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees

P Crawford CB R Gault N Hicks MBE V Ricks

Charity number (England and Wales)

212667

Auditor

Xeinadin Audit Limited 46-48 East Street Epsom Surrey United Kingdom KT17 1HQ

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ARTISTS GENERAL BENEVOLENT INSTITUTION

CONTENTS

Page
Trustees report 1-7
Independent auditor's report 8-10
Statement of financial activities 11
Balance sheet 12
Statementofcashflows 13
Notestothefinancialstatements 14-24

ARTISTS GENERAL BENEVOLENT INSTITUTION TRUSTEES REPORT FOR THE YEAR ENDED 5 APRIL 2025

The Trustees present this report with the financial statements of the charity for the year ended 5 April 2025.

The Trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019).

Objectives and activities

Objectives and aims

The objective of the Artists’ General Benevolent Institution (the “AGBI”) is to provide a grant-giving program that assists professional visual artists, whose work has been known to the public for some time, who are unable to work and earn due to injury or illness, and their widows/widowers and dependants who are in need. The overail charitable aim of the AGBI is the relief of financial hardship and the related alleviation of stress in the artists who meet its criteria, and to seek additional funding to further its aims.

Statement of Public Benefit

The Trustees confirm that the AGBI has complied with the duty under section 17 of the Charities Act 2011 to have due regard to the Public Benefit Guidance published by the Charity Commission in determining the activities undertaken by the charity.

The Trustees consider the activities of the AGBI have provided public benefit by means of the relief of poverty provided by the charity's grants programme, and by the support, information and guidance that it provides to the applicants whom it supports.

The Achievement and Performance section of this report illustrates the activities which the charity carries out for the public benefit. The activities of the AGBI are exclusively charitable for the benefit of its applicants.

Grantmaking Policy The AGBI accepts applications for grants from professional visual artists, their bereaved partners and dependent children living in England, Wales or Northern treland (with Scotland having its own fund), who are unable to work or earn due to injury or illness.

Applications are initially made by telephone, post or email, with a full curriculum vitae listing all training, exhibitions in professional galleries/spaces, and teaching experience (if any) at A-Level or above.

All new applicants are assessed by the Secretary to establish the veracity and accuracy of their application and to obtain examples of their work and related information, together with letters/emails from two professional art world supporters and a letter from their GP or consultant evidencing their medical situation (if applicable) for examination by the AGBI’s Medical Advisor, and are then assessed by the Artists Council at its next 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 further application and, if justified, another grant is provided for a further year at the sole discretion of the Artists Council.

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Grants will only be continued if the need for assistance persists and the applicant continues to meet the charity's criteria. Grants will immediately stop should an applicant die and no surviving partner or dependent children remain.

Grants are never awarded to fund exhibitions, any legal difficulties or, in the case of career difficulties, loss of earnings due to poor sales or expenses associated with exhibitions.

The AGBI manages a restricted fund specificaily to assist the orphans of eligible professional visual artists. This fund is called the AGBI Children's Fund. The revised bye-laws (2022) of this fund define an orphan as a child of no more than the age of 25 who remains in education and who has lost the support of one or both parents through death, absence or disability.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Achievements and performance

Charitable Objectives Number of Applicants and Grants

As stated above, the charitable objective of the AGBI is to provide a grant-giving programme that assists professional visual artists who cannot work due to injury or illness and their dependants.

In the financial year 2024/25, the AGBi provided financial support to a total of 86 eligible artists in need and/or their dependants. The AGBI assessed all 86 applicants on a case-by-case basis and committed to provide total funding of £312,941.

The AGBI received more applications in 2024/25 than in 2023/24. Of the 86 artists helped (81 compared to the previous year), 25 were new applications, compared with 15 in the previous year; and 61 artists received continuing help, compared with 66 in the previous year.

A total of 20 children were supported by the AGB} Children's Fund; compared with 18 children in the previous year.

Five distinguished artists received the AGBI Jubilee Award in recognition of their contribution to the art worid, the same number as in the previous year.

During the financial year, three applications were declined by the Artists Council because the applicants’ circumstances improved to the level where our help was no longer deemed to be needed.

Two applicants moved into residential care settings and our help was no longer needed.

Three children whom the AGBI Children’s Fund had supported for many years graduated successfully and no longer needed our support.

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The Trustees and members of the Artists Council are sorry to report six artists died in the financial year 2024/25 who had received our support.

Property Update

As noted in our previous report, the AGBI moved into new premises at 15 Churton Street, London, SW1V 2LY in August 2022.

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This freehold building was acquired by the charity in 2019 and fully refurbished in 2021/2022. The building consists of the charity's offices on the ground and lower-ground floors, and a self-contained flat on the second and third floors. The flat was successfully let in December 2022; the resulting rental income assists in diversifying the sources of the charity's revenues.

The building provides a flexible working, meeting and events space where the AGBI can offer more services to its applicants and increase public awareness of the AGBI with a programme of events, exhibitions and artist talks. The charity's 200-year-old archive and collection of art works are now housed securely in the building, having been in storage for several years.

The building facilitates additional applicant services, including face-to-face support in a consultation 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 illnesses have affected their lives and their professional practice.

The AGBI held five exhibitions and seven talks by artists in the financial year to increase public awareness of the charity and its charitable objectives. The events were well attended and brought new people into the building who had not previously been aware of the charity or its aims.

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One AGBI Stewards’ Event was held in the financial year. The Stewards raise the charity's awareness within their artist networks and raise funds for the AGBI in the form of an annual appeal letter to their peers and wider contacts and other fundraising events.

Fundraising Activities

The AGBI's Stewards raised more funds in this financial year, £33,960 of donations in 2024/25 being raised, compared to £26,967 in the previous year. The commitment and fundraising efforts of the Stewards, who not only raise funds but also identify potential applicants from within their networks, enable the AGBI to continue helping eligible artists in need. The AGBI wishes to express its appreciation and thanks to all its Stewards.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

The AGBI received £164,154 in legacies received or bequeathed. Donations in memory of fellow artists, relatives and friends provide a poignant commemoration; and the AGBI is grateful for these donations.

Financial review

Principal Funding Sources

The AGBI relies on four principal sources of income: voluntary income which includes annual subscriptions, one-off donations and amounts raised by its stewards; legacies; investment income generated from its investment portfolios which were managed during the year by Navera Investment Management Limited (formerly Veritas Investment Partners) and W1M Wealth Management Limited (formerly Waverton Investment Management); and rental income from the self-contained flat above the charity's offices.

The AGBI's broad financial objective continues to be to maximise the total level of its voluntary and investment income each year in order to enable the AGBI to meet the needs of eligible applicants, while seeking to maintain its ability to support its grant-making in future.

During the financial year to 5th April 2025, the AGBI's incoming resources (not including legacies) totaled £394,812 compared to £368,602 in the previous year.

Voluntary income in this period increased to £134,494, compared to £78,718 in the previous financial year.

Legacies in this period totaled £164,154 compared to £328,787 in the previous financial year.

Investment income in this period (net of investment management fees) amounted to £63,488, compared to £84,404 in the previous financial year.

Results for Period and Funds Carried Forward

The level of grants paid and associated costs increased from £568,416 to £594,785,

This resulted in a deficit of £157,731 prior to net losses on investments which totaled £350,723

The funds carried forward for the financial year 2024/25 amounted to £16,631,111, which is a decrease on the previous year when they were £17,139.565.

Financial Review

Investment Policy and Performance

Investment Policy

The AGBI’s investment objective is to secure a total return on the charity's investments that enables current demands from applicants to be appropriately satisfied and that supports its ability to meet future demands through long term growth of the charity's assets.

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The AGBI is a tong-term investor and has determined that the best policy for the AGBI is to continue holding a mixed portfolio of equities, bonds, cash and other investments with the aim of providing sufficient returns, whether from income or from the realisation of investments, to support its investment objective.

investment Committee

The AGBI has delegated responsibility for managing its investment portfolio to an Investment Committee which reports on performance to the Trustees.

The Investment Committee received quarterly investment reports from Navera Investment Management and W1M Investment Management on their performance as investment managers of its portfolio.

The Investment Committee met twice during the financial year to review the performance of the investment managers and to ensure that sufficient income from the portfolios is available to maintain the AGBI’s grant programme and to support the operational costs of the charity after taking account of the charity's other sources of income.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL. 2025

Investment Performance

In the financial year 2024/25, the income yield on the investments managed by the investment managers, after fees, was £63,488 or 0.47% (based on market values at the year-end).

Reserves Policy

As at 5th Apri! 2025, the AGBI’s total funds amounted to £16,631,111, ail of which were unrestricted apart from the restricted funds which totalled £2,003,213. These funds allow the charity to continue its current activities and to support a sound financial basis for the future.

Structure, governance and management

Governing Document

The Artists' General Benevotent Institution (the “AGBI") is a registered charity, number 212667. It was founded in 1814 by members of The Royal Academy of Arts and incorporated by Royal Charter in 1842.

The charity's governing document comprises the bye-laws which were revised in 2021/22 and adopted at the Annual General Meeting on 7th January 2022. The Royal Charter was not amended.

Governance and Management

As at 5th April 2025, the AGBI was governed by its bye-laws (2022) which recommended that the AGBI should have between a minimum of three Trustees and a maximum of nine Trustees (to the extent possible). At each Annual General Meeting, ail the Trustees retire and are then eligible for re-election. The Trustees are supported by the Artists Council, the investment Committee and a small office team.

The Artists Council meets ten times a year to consider new cases and review existing cases. The Investment Committee monitors quarterly reports on the performance of the AGBI’s investments and meets bi-annually to discuss investment performance and related risk management.

The day-to-day administration of the grants and the processing of the applications prior to consideration by the Artists Council is delegated to the Secretary.

Newly-appointed Trustees receive an induction pack containing details of the structure of the charity, a copy of the bye-laws (2022, the Charity Commission publication ‘The Essential Trustee, what you need to know, what you need to do (CC3)' and the charity's ‘Conflict of Interest Policy’ which was adopted in 2016; they are supported by the other Trustees and the Secretary.

Newly-appointed members of the Artists Council receive a more concise induction pack containing the main information needed to perform their role.

The AGBI is registered with the Information Commissioner's Office (ICO) in order to comply with General Data Protection Regulation (2018). The AGBI's ICO reference ZA353188.

The AGBI is a member of the Association of Charitable Organisations (ACO), which is the national UK umbreila body for charities that give grants and welfare support to individuals in need. Founded in 1946, the ACO is a powerful and growing network of over 100 members, all joined by the common goal of offering support to help people in need.

The AGBI is also a member of the National Council for Voluntary Organisations (NCVO). The NCVO is the umbrella body for the voluntary and community sector in England and has a membership of more than 17,000 voluntary organisations.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number 212667

Principal Address 15 Churton Street London SW1V 2LY

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ARTISTS GENERAL BENEVOLENT INSTITUTION

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Telephone Number 020 3161 9138 Honorary Appointments, Trustees, Committee Members and Office Staff Royal Patron HM King Charles III President Nicola Hicks MBE

Honorary President Rebecca Salter CBE, President of the Royal Academy of Arts Honorary Treasurer Patrick Crawford CB

Trustees Patrick Crawford CB Richard Gauit Nicola Hicks MBE (Chair) Veronica Ricks The Artists Council Francis Bowyer PPRWS NEAC The Viscountess Bridgeman CBE FRSA Patrick Crawford CB Jo Dennis Richard Gault Nicola Hicks MBE (Chair) Jonathan Horwich Sam McKechnie Cathy de Monchaux (elected 27th November 2024) Professor Brendan Neiland William Packer Hon FRCA NEAC Veronica Ricks Jamie Routley

investment Committee Pairick Crawford CB (Chair) Rupert Caldecott Dahlia Dana Nicola Hicks MBE Charles White

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Medical Advisor Dr Michael Gormley

Honorary Retired Members Stephen Bartlett Gus Cummins RA David Gentleman RDI Charlotte Halliday RWS NEAC William Pye Susie Thomson Jacqueline Rizvi RBA RWS NEAC

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ARTISTS GENERAL BENEVOLENT INSTITUTION

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Chief Executive Officer and Secretary to the Trustees Brad Feltham

Financial Controiler Jacki Haggard

Head of Community, Exhibitions and Collections Abbie Griffiths

Events and Archive Assistant Maria Green

Team Assistant

Melissa Newbery Welcome

Auditors

Xeinadin Audit Limited Chartered Accountants and Statutory Auditors 46-48 East Street Epsom Surrey United Kingdom KT17 1HQ Bankers Coutts and Co Commercial Banking 440 The Strand London WIJ OBB

Solicitors Winckworth Sherwood LLP Arbor 255 Blackfriars Road London

Investment Managers Navera Investment Management Limited Riverside House 2a Southwark Bridge Road London SE1 SHA

W1M Investment Management Limited 16 Babmaes Street London SW1Y 6AH

Insurers Hiscox Insurance Company Limited 1 Great St. Helens London EC3A 6HX

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ARTISTS GENERAL BENEVOLENT INSTITUTION

TRUSTEES REPORT (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

Statement of responsibilities

The trustees are responsible for preparing the Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The report was approved by the Board of Trustees.

N Hicks MBE - Trustee

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ARTISTS GENERAL BENEVOLENT INSTITUTION

INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ARTISTS GENERAL BENEVOLENT INSTITUTION

Opinion

We have audited the financial statements of Artists General Benevolent Institution (the ‘charity’) for the year ended 5 April 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with Intemational Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the Ui, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materiaily inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

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We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

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ARTISTS GENERAL BENEVOLENT INSTITUTION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ARTISTS GENERAL BENEVOLENT INSTITUTION

Responsibilities of trustees

As explained more fully in the statement of responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concer and using the going concern basis of accounting unfess the trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

~ Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the trustees.

A further description of our responsibilities is available on the Financial Reporting Council's website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ARTISTS GENERAL BENEVOLENT INSTITUTION

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of ireland (FRS 102)” (as amended) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matterspre Hre required to state to them in an auditor’s report and for no other purpose. To the fullest extent permiffed hy tay ewe do not accept or assume responsibility to anyone other than the charity and the charity's ms é( as B Y) Ouraudit work, forthis report, or for the opinions we have formed. Donatd.Nelson-FCA-{Senior( <9 Statutory Auditor)

For and on behalf of Xeinadin Audit Limited, Statutory Auditor

Chartered Accountants

46-48 East Street

Epsom Surrey KT17 1HQ United Kingdom Date: AS.Sh: OLS |

Xeinadin Audit Limited is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 5 APRIL 2025

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Notes £ £ £ £ £ £
Income and endowments from:
Donations andlegacies 3 298,648 - 298,648 403,505 4,000 407,505
Charitable activities 4 56,365 - 56,365 60,618 - 60,618
Investments 5 460,181 36,673 196,854 168,831 38,823 207,654
Otherincome 6 7,099 - 7,099 21,612 - 21,612
Total income 522,293 36,673 558,966 654,566 42,823 697,389
Expenditure on:
Raising funds 7 408,411 13,501 121,912 93,639 12,655 106,294
Charitable activities 8 495,857 98,928 594,785 482,324 86,092 568,416
Total expenditure 604,268 112,429 716,697 §75,963 98,747 674,710
Net gains/(losses) on
investments		 14 (276,889) (73,834) (350,723) 1,535,018 284,284 1,819,302
Netincome/(expenditure) (358,864) (149,590) (508,454) 1,613,621 228,360 1,841,981
Transfers between
funds (1,287) 4,287 - 4,498 (1,498) -
Netmovement in
funds 11 (360,151) (148,303) (508,454) 4,615,119 226,862 1,841,981
Reconciliation offunds:
Fund balances at6April 2024 44,988,049 2,151,516 17,139,565 13,372,930 1,924,654 15,297,584
Fundbalancesat5April2025 14,627,898 2,003,213 16,631,111 14,988,049 2,151,516 17,139,565

The statement of financial activities includes ail gains and losses recognised in the year. All income and expenditure derive from continuing activities.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

BALANCE SHEET

AS AT 5 APRIL 2025

2025 2024
Notes £ £ £ £
Fixed assets
Tangible assets 16 2,330,107 2,328,077
Investments 17 13,368,939 13,833,305
15,699,046 16,161,382
Current assets
Stocks 18 676 676
Debtors 19 131,615 571,128
Cash at bankand in hand 849,235 445,762
981,526 1,017,566
Creditors: amounts falling due within 20
one year (49,461) (39,383)
Net currentassets 932,065 978,183
Total assets fess current liabilities 16,631,111 17,139,565
The funds of the charity
Restricted income funds 22 2,003,213 2,151,516
Unrestricted funds 23 14,627,898 14,988,049
16,631,111 17,139,565

The financial statements were approved by the Board of Trustees ON .........ccceeeeees

P. Crawford CB - Trustee

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ARTISTS GENERAL BENEVOLENT INSTITUTION

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5 APRIL 2025

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|||||||||| |---|---|---|---|---|---|---|---|---| |2025|2024| |Notes|£|£|£|£| |Cash|flows|from|operating|activities| |Cash|generated|from/({absorbed|by)|26| |operations|380,227|(134,304)| |Investing|activities| |Purchase of tangible|fixed|assets|(4,260)|(2,198)| |Proceeds|from|disposal|of tangible|fixed| |assets|-|100| |Proceeds|from|disposal|of|investments|4,632|2,613| |Interest|received|22,874|22,785| |Net cash|generated|from|investing|activities|23,246|23,300| |Net cash|generated|from|financing|activities|-|-| |Net|increase/(decrease)|in|cash|and|cash| |equivalents|403,473|(411,004)| |Cash|and|cash|equivalents|at|beginning|of year|445,762|556,766| |Cash|and|cash|equivalents|at end|of year|849,235|445,762|

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ARTISTS GENERAL BENEVOLENT INSTITUTION

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 5 APRIL 2025

Charity information

Artists General Benevolent Institution is an unincorporated charity association. The charity is registered in Engiand and Wales, Registered Charity number 212667.

1.1. Accounting convention The financial statements have been prepared in accordance with the charity's governing document, the Charities Act 2011, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)". The charity is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income Income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies (Continued)

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings Held at cost

Fixtures and fittings 20% on reducing balance Computer equipment 25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year, Transaction costs are expensed as incurred.

1.8 impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). 1.9 Stocks Stocks represent the lower of cost and net realisable value of the Bi-Centenary prints unsold as at 5th April 2025.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to ail of its financial instruments.

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Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

1 Accounting policies

(Continued)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.14 Irrecoverable VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

2 Critical accounting estimates and judgements

In the application of the charity's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

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3 Income from donations and legacies

Unrestricted
funds		 Restricted
funds		 Total Unrestricted
funds		 Restricted
funds		 Total
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Legacies received 164,154 - 164,154 328,787 - 328,787
Donations 134,494 - 134,494 74,718 4,000 78,718
298,648 - 298,648 ~=—-403,505 4,000 407,505

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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

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ARTISTS GENERAL BENEVOLENT INSTITUTION

FOR THE YEAR ENDED 5 APRIL 2025

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Othertrading activities
Charitabfe rental income 49,300 48,600
Christmas card sales 7,065 42,018
56,365 60,618
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Investment income 140,102 33,878 173,980 148,290 36,579 184,869
Interestreceivable 20,079 2,795 22,874 20,541 2,244 22,785
160,181 36,673 496,854 168,831 38,823 207654

6 Other income

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Royalties 7,099 21,612

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ARTISTS GENERAL BENEVOLENT INSTITUTION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

7 Expenditure on raising funds

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
£ £ £ £ £ £
Fundraising and publicity
Fundraising agents 75 - 75 473 - 173
Other fundraising costs 11,345 - 11,345 5,656 - 5,656
11,420 - 41,420 5,829 - 5,829
investment management 96,991 43,501 410,492 87,810 42,655 100,465
Totalcosts 108,411 13,501 121,942 93,639 12,655 106,294

8 Expenditure on charitable activities

Grants paid Grants paid
and and
associated associated
costs costs
2025 2024
£ £
Direct costs
Grant funding of activities (see note 9) 312,941 302,380
Share ofsupportand governance costs (see note 10)
Support 254,861 246,670
Governance 26,983 19,366
594,785 668,416
Analysis by fund
Unrestricted funds 495,857 482,324
Restricted funds 98,928 86,092
504,785 «568,416

9 Grants payable

Ail grants were paid to individuals for both the years ended 5 April 2025 and 2024.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

10 Support costs allocated to activities
2025 2024
£ £
Staffcosts 211,334 208,178
Depreciation 2,230 1,740
Visiting expenses 2,530 1,548
Office expenses 7,022 6,809
Advertising& Subscriptions 6,703 2,405
Gainfloss on foreign exchnage 10 (767)
Churton Streetexpenses 14,419 20,017
Computerexpenses 7,596 2,221
Bankcharges 1,665 1,814
Sundry expenses 1,352 515
Legal fees - 2,190
Governance costs 26,983 19,366
281,844 266,036
Analysed between:
Grants paidand associated costs 281,844 266,036
11. Net movement in funds 2025 2024
£ £
The netmovement in funds is stated aftercharging/(crediting):
Feespayable forthe auditofthe charity's financialstatements 11,780 41,800
Depreciation ofowned tangible fixed assets 2,230 1,740
Loss on disposal of tangible fixed assets - 275
12 Trustees
None ofthe trustees received any remuneration or benefitsfrom the charity during the year.
13. Employees
Theaveragemonthlynumberofemployeesduring theyearwas:
2025 2024
Number Number
5 4

12 Trustees

  1. Employees

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ARTISTS GENERAL BENEVOLENT INSTITUTION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

13. Empfoyees (Continued)
Employmentcosts 2025 2024
£ £
Wages and salaries 188,445 186,209
Social security costs 15,266 14,709
Otherpension costs 7,623 7,260
211,334 208,178
The numberofemployees whose annual remunerationwas was more than £60,000 was more than £60,000
is as follows:
2025 2024
Number Number
£70,001 to £80,000 1 4
Gains and losses on investments
Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2025 2025 2025 2024 2024 2024
Gains/(losses) arising on: £ £ £ £ £ £
Revaluation of
investments (359,404) (83,853) (443,257) 1,543,674 271,796 1,815,470
Saleofinvestments 82,515 10,019 92,534 (8,656) 12,488 3,832
(276,889) (73,834) (350,723) 1,535,018 284,284 1,819,302

14 Gains and losses on investments

45 Taxation

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The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

16 Tangible fixed assets

Tangible fixed assets
Freeholdiand
and buildings		 Fixturesand
fittings		 Computer
equipment		 Total
£ £ £ £
Cost
At6 April 2024 2,321,837 7,664 6,833 2,336,334
Additions - 3,731 529 4,260
At 5April 2025 2,321,837 11,395 7,362 2,340,594
Depreciation and impairment
At6April 2024 - 5,336 2,921 8,257
Depreciation charged in the year - 578 4,652 2,230
At 5April 2025 - 5,914 4,573 10,487
Carrying amount
At 5April 2025 2,321,837 5,481 2,789 2,330,107
At 5April 2024 2,321,837 2,328 3,912 2,328,077
Fixed asset investments
Listed
investments		 Donated
paintings		 Total
Cost or valuation
At 6 April 2024 13,809,815 23,490 13,833,305
Additions
Valuation changes		 3,312,358
(350,722)		 -
-		 3,312,358
(350,722)
Adjustments (4,633) - (4,633)
Management fees (109,011) - (109,011)
Disposals (3,312,358) - (3,312,358)
At 5April 2025 13,345,449 23,490 13,368,939
Carrying amount
At 05April2025 13,345,449 23,490 43,368,939
At05April2024 13,809,815 23,490 13,833,305

17 Fixed asset investments

The charity's investments are managed by independent firms of investment managers with no known restrictions over realisation (other than market standard notice requirements) are held in cash, UK and overseas stock, such as unit trusts and common investment funds, Gilts and Bonds. All investments are held primarily for an investment return.

There were no investments in UK securities or common investment funds with market values exceeding 5% of the portfolio value in 2024 or in 2025.

The valuation of donated painting is based on guidance of the estimated sales values from Bonhams’ Auction House.

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ARTISTS GENERAL BENEVOLENT INSTITUTION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

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||||||||| |---|---|---|---|---|---|---|---| |18|Stocks| |2025|2024| |£|£| |Finished|goods|and|goods|for|resale|676|676| |19|Debtors| |2025|2024| |Amounts|falling|due within|one|year:|£|£| |Other|debtors|131,615|571,128| |20|Creditors:|amounts|falling|due|within|one year| |2025|2024| |£|£| |Other|creditors|662|339| |Accruals|and|deferred|income|48,799|39,044| |49,461|39,383| |21.|~=—~Retirement|benefit schemes| |2025|2024| |Defined|contribution|schemes|£|£| |Charge to profit or loss|in respect of defined contribution schemes|7,623|7,260|

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The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

22 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

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||||||||| |---|---|---|---|---|---|---|---| |At 6 April|incoming|Resources|Transfers|Gains and|At|5 April| |2024|resources|expended|losses|2025| |£|£|£|£|£|£| |AGBI|-| |Children’s|fund|2,150,767|36,673|(410,500)|-|(73,834)|2,003,106| |Francis|Reckitt| |Trust fund|247|-|(1,427)|1,287|-|107| |Mcinroy|& Wood| |special|fund|502|-|(502)|-|~|-| |2,151,516|36,673|(112,429)|1,287|(73,834)|2,003,213|

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ARTISTS GENERAL BENEVOLENT INSTITUTION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

22 ~=—wRestricted funds

(Continued)

Previous year: At6 6 April Incoming Resources Transfers Gainsand At 5April
2023 resources expended losses 2024
£ £ £ £ £ £
AGBI -
Children's fund 1,924,654 38,823 (96,994) - 284,284 2,150,767
Francis Reckitt
Trust fund - 2,000 (1,753) - - 247
Mcinroy &
Wood special
fund - 2,000 - (1,498) - 502
1,924,654 42,823 (98,747) (1,498) 284,284 2,151,516

23 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 6April Incoming Resources Transfers Gainsand At5April
2024 resources expended losses 2025
£ £ £ £ £ £
General funds 14,988,049 522,293 (604,268) (1,287) (276,889) 14,627,898
Previous year: At6April incoming Resources Transfers Gains and At5April
2023 resources expended losses 2024
£ £ £ £ £ £
General fund 13,372,930 654,566 (575,963) 1,498 4,535,018 14,988,049
~=Analysis ofnet assets net assets between funds
Unrestricted Restricted Total
funds funds
2025 2025 2025
£ £ £
At5April 2025:
Tangible assets 2,330,107 - 2,330,107
Investments 11,377,250 1,991,689 13,368,939
Current assets/(liabilities) 920,541 11,524 932,065
14,627,898 2,003,213 16,631,111

24 ~=Analysis of net assets between funds

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ARTISTS GENERAL BENEVOLENT INSTITUTION

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 5 APRIL 2025

24 Analysis of net assets between funds (Continued)

Unrestricted Restricted Total
funds funds
2024 2024 2024
£ £ £
At 5April 2024:
Tangible assets 2,328,077 - 2,328,077
Investments 11,754,334 2,078,971 13,833,305
Current assets/(liabilities) 905,638 72,545 978,183
14,988,049 2,151,516 17,139,565

25 ~=—Related party transactions

During the year, annual Jubilee Awards totalling £4,000 (2024 - £4,000) were awarded to former trustees. Two remain as Honorary Retired Members of the Artists General Benevolent Institution.

During the year E. Flowers, daughter of trustee N. Hicks, was employed by the Artists General Benevolent Institution and received remuneration at a market rate.

26

Cash generated from/(absorbed by) operations 2025 2024
£ £
(Deficit)/surplus fortheyear (508,454) 1,841,981
Adjustments for:
interest received (22,874) (22,785)
(Gain)foss on disposal oftangible fixedassets - 275
Charges paid from investments 109,011 96,351
Fairvalue gains and losses on investments 350,723 (1,819,305)
Depreciation and impairment oftangible fixed assets 2,230 1,740
Movements in working capital:
Decrease/(increase) in debtors 439,513 (206,592)
Increase/(decrease) in creditors 10,078 (25,969)
Cashgeneratedfrom/(absorbedby)operations 380,227 (134,304)

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15Pimlico Churton Street London SW1V 2LY

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Tel, 020 3161 9183

Registered Charity Number 212667

agbi.org.uk