Charlty number. 291406 ROYAL INSTITUTE OF PAINTERS IN WATERICOLOURS, UNAUDITED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2023 RPGCC Chartered Accounlants & Statutory Awjltor 40 GrahUrch Street London EC3V OBT
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS CONTENTS Roforgnce and administrativ8 dotalls of the charlty. Its Trusto8s and advlsorn Trustets. report Independent examingtrs report Statement of financlal activitles Balance sheet Notes to the financial statgrnents 7-19
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Robin Hazlewood Rosa Sepple Dawd Parfitt Charity registered number 291405 Principal offi¢e 13 Coal Barton Coleford Radslock BA3 SPF Ac¢ountants RPG Crouch Chapman LLP Chartered Accountants arKI Statutory Auditors 40 Gracechurch Street London EC3V OBT Bankers HSBC PIC 33 The eorough Famham Surrey GU9 7NJ Independent Examiner Jeremy Tyirell BA (Honsl FCA RPG Crouch Chapman LLP 40 Gracechurch Slieet London EC3V OBT Page 1
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Trustees submit their annual repcrt and the financial statements of the Royal Institute of Painters in Water Colours Ilhe Rl) for the year ended 31 December 2023. The Trustees confirm that the annual report and financial slalemenls of the charity comply with current slalulory quireMents, the requirements of the charitys governing d¢xument and the provisions of the Slalemenl of Recommended Practice ISORP 20151 applicable to charities preparing Iheii accounts in accordance with FRS 102. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management of the charity is the responsibility of the Trustees who are elected and eo-opled under the terms of the Trust deed. UrKler these terms the Trustees are elected by ballot al the AGM. CONSTITUTION POLICIES AND OBJECTIVES The tharity is governed by the trust deed, known as the rutes. The charity was founded in 1831 and in 1863 by command of Queen Victoria was able lo use the wefix 'Royal' In 1985 il was granted charitable slalus and Ihe objectives in its governing rules were amended as follows.. The obje¢live$ of the Rl are for the advancement of the aeslhelic education of the public by the promotion of the fine arts and in partiwlar the art of painting in water o)lours. REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS hese objectwes are mainty realised through an annual exhiblllon of whlch this yearfs, the 211th, was held at the Mall Galleries from 30th March lo 8th 2023. There were 3,076 visitors to the exhibition which was also shown online through the FBA website from Mar¢h 2023. This exhibition consi51ed of 449 watercolour or water-based paintings, approximatety 53% by the members and 47% by non-members. The non-members. entries wefe selected by a panel of Rl members to ensure the high slandard of the exhibition. It is through the annual exhibition at the Mall Galleries and other exhibitions that the Rl has in galleries and museums around the country that the Rl has continued lo promote the highest standard of watercolour. This is in conjunction with talks, events. demonslralions, and workshops 9iven by members lo the public during the run of the exhibition and al other limes during the year. In 2019 the Rl published a book, 'Rl. Then and Now.. a history of the Rl Ih8t also showcased members and their work. PUBLIC BENEFIT The Trustees confimi that they have referred to the guidance contained in the Charity Commission's general guidan on public benefit when reviewing the Charity's aims & objectives and planning future activities. CONNECTED CHARITIES The charity is one of nine member societies of the Federation of British Artists (Tegistered charity number 200048 and company number 6832751. A representaiive from the charity sils on Ihe board of trustees of the Federation. The Federation carries out a¢livits"es in line with the charity's objects and collects income on behalf of the charity. The charity currently provides a tsjntribulion lo the costs of the annual exhibition bom by the Federation ol British Artists IFBA). RISK MANAGEMENT As the objectives of the Rl ale for the advancement of the aeslhelic education of the public by the Pfomots'on of the Fine Arts and in p8rticular the Art ol Painting in Water Coloufs, and this is done mainly through the annual exhibition. which is funded through the sale ol work and the submission fees, the risk would be the inability to hold this exhibilion either Ihrough a downturn of the market or the unavailability of an exhibition space. Page 2
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS TRUSTEES. REPORT (CONTINUED} FOR THE YEAR ENDED 31 DECEMBER 2023 Our reseNes policy recognises these risks. Weie no exhibition space of an appropriate size to be available members would continue to exhibit, and hold demonslralion events, singly or in small groups. In light of this, the Trustees consider that they have assessed the major risks lo which the charity is exposed. in particular those lated to the operations and finances of the charity. and afe satisfied that systems are in place to mitigate the exposure to the major risks. RESERVES POLICY The Society's reserves policy is to hold sufficient funds to be able to continue an annual exhibition in London for al least 2 years. 11 is estimated that the cost of a London exhibition would be in the region of £50k for 1 week or £86k for 2 weeks. As such the Iru$lees consider that there are sufficient fvnds lo hold an annual exhibition for al least 2 years depending on whether the Society wished to hold a 1 or 2 week exhibition. The Charity currently has free reseNes Inet current assets} of£144,245. FINANCIAL PERFORMANCE During the year, the charity had total income of £95,789 12022- £68,684), of whleh £93.039 12022-. £68,184) represen15 unreslricled income and £2.75L) 12022.. £5) represents restricted income. Total expenditure amounted to £89.941 12022.. £71,670), split between unieslricted expenditure of £86,941 12022.. £68,6701 and restricted expenditure of £3,00012022'. £3,000). After a funds transfer of £Nil12022'. £5001. this resulted in a net surpuls of £S,84812022". deficit of £2.9881. made up of an unreslricted surplus of £6,098 {2022-. deficit of £988) and a restricted deficit of £250 12022.. de[lt of £2,000>. Total funds at the year end amount to £184,245 12022.. £178,397). made up of unrestricted funds of £182,99512022'. £176,897) and restrtcled funds of £1,250 {2022.. £1.5001. STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 DECEMBER 2022 The Trustees are responsible for preparing the Trustees. report and the financial slalements in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting PraCtI)- The law applicable lo charities in EngLand & Wales requires the Trustees to prepafe financhql statements for each financial which give a true and lair view of the state of affairs of the charity and of ils incoming reSoUrS and applic8tion of resources. induding ils income and expenditure, tor that period. In preparing these financial stslements, the Trustees are required lo.. select suitable accounting policies and then apply them consistently., observe the methods and principles of the Charities SORP IFRS 1021". make judgments and accounting eslimales that are reasonable and prudent.. state whether applrcable UK Accounting Standards IFRS 1021 have been followed. subject to any material departures disclosed and explained in the financial slatemenls., prepare the financial statements on the going concern basis unless il is Inappropria lo presume that the charity will continue in business. The Trustees are responsible for keeping adequate aecountin9 records that are sufficient lo show and explan the cha(iS transactions and disclose with reasonable accuracy al any lime the financial position of the charity and enable them to ensure that the financial slalemenls comply with the* Charities Act 2011. the Charity (Accounts and Reports) Regulations 2006 and the provisions ol 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 fraLKI and other irregularities. ei of the member$ of the board of Trustees and signed on their behalf by.. David Parfitt Treasufer Date. ol KIULY 1014 Page 3
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 Independent examiner's report to the Truste&s of Royal Institute of Paintèrs in Wator Colours {'thè charity'l I report lo the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2023. Responsibilities and basis of report As the Trustees of the charity you are responsible for the preparation of the accounts in aeeordance with the requirements of the Charities Act 2011 {'Ihe 2011 ACV). I report in respect of my examination of the charity's accounts Carried out under section 145 of the 2011 AGI and in carrying out my examination I have followed the applicable Di¥eGlions given by the Charity Commission under section 145{5llbl of the 2011 Act. Independent examlngr's statement Your attention is drawn to the fact that the charity has prepad the accounts in accofdan¢e with Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK 8nd Republic of Ireland IFRS 1021 in prefeience lo the Accounting and Reporting by Charities.. Slalement of Rewmmended Practice issued on 1 April 2005 which is referred lo in the extant regulalDns bul has been withdrawn. l understand that this has been done in order for the accounts to provide a true and fair view in accordance with the Generally Accepted Accounting Practice effecirve for reporting periods beginning on or after 1 January 2015. I have mmpleled my examlnatlon. I confirm that no matters have come lo my attention in connection with the examination giving me cause lo believe that in any material respecl.. awounting records were not kept in respect of the charity as required by section 130 of the 2011 ACL or the accounts do not accord with those records.. or the accounts do not comply with the applicable requ1Ments concerning the fomi and conlenl of accounts sel out in the Charities IA¢counls and Reports) Regulations 2008 other than any requirement that the ?OUnts give a 'true and fai¢ view which is not a maller considered as part of an independent examination. I have no concerns and have come ?o$S no other mallers in connection with the examination to whith attention should be drawn in this report in order lo enable a proper undefsianding of the accounts lo be reached. This report is made solely to Ihe charity's Tiuslees, ès a body. in accordance wilh Part 4 of the Charities IAccounts and Reports) Regulations 2008. My work has been undertaken so that I might slate to the charity's Trustees those matters l am required to stale lo them in an Independer)t examine¢s report and for other puipose. To the fullest exlenl permilled by law. I do not accept or assume responsibility to anyone other than the charty and the charitls Trustees as a body. for my work or for this report. Signed:- Daied.. lg Jefemy Tyriell BA {Honsl FCA RPG Crouch Chapman LLP 40 Gracechurch Street London EC3V OBT Page 4
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Restrictèd fLtnds 2023 Total funds 2023 Total funds 2022 Notè Income from: Donations and legacies Charitable activities Investments 12 88.681 4.346 2,750 2.762 88.681 4,346 557 67,276 851 Total income 93,039 2.750 95.789 68,684 Expenditure on: Charitable activities 86.941 3.000 89.941 71.670 Total expanditurè 86.941 3.000 89.941 Tl.670 Net incomel{expènditurel before net losses on investments Net losses on investments 6.098 12501 5.848 (2.986) (2) Net movemènt In funds 6,098 2501 5.848 (2.988) Reconciliation of funds: Total funds brought foNiard Nel movement in fund5 176.897 6,098 1,500 12501 178.397 181,385 (2.988) Total funds ¢arrled forward 182.995 1,250 184,24S 178.397 The Statement of financial actwilies includes 811 gains and kJsse$ reco9ni$ed in the year. The notes on pages 7 10 19 fomi part of these financial slalements. Page 5
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS BALANCE SHEET AS AT 310ECEMBER 2023 2023 2022 Fixed assets Tangible assets 10 40,000 40.OQ) 40.000 40,OL Cuent assets St¢xks Debtors Cash at bank and In hand 675 281 145.679 6r5 186 139.617 12 146,635 140,478 cdItOrs= amounts falling due within one year 13 12,390) (2.081) Net current assets 144,245 138.397 Total net assets 184.245 178,397 Charity funds Restricted funds Unrestricted funds 14 1,250 1.500 Designated fund5 General funds 14 14 6,150 176,845 176.897 Total unreslricled funds 14 182.995 176,897 Total funds 184,245 178.397 ments were approved and aulhorised for issue by the Trustees arKI signed on their behalf by= David Parfitt Treasurer Dale.. 31WLy WI4 The notes on pages 7 to 19 form part of these financial slalemenis. Page 6
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General information The entity is an unincorporated trust registered with the Charity Commission in England and Wales, charity number 291405. Its principal office is 16 Beverley Path. 8arne$, London. SW13 OAL, which is also its principal place of operation. The activity of the trust remained that of the advancement of the aesthetiG education of the public by the promotion of the fine arts and in particular the art of painting in water colours. These financial statements have bèen prepared in G8P and all amounts have been rounded to the nearest £. Accountlng policies 2.1 Basis of preparatlon of financial statements The financi81 statements have been prepared in accordance with the Charities SORP IFRS 1021 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 IFRS 1021 leffeclive 1 January 20191. the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10218nd the Chaiities kl 2011. The financial stslements have been prepared lo gwe a 'true and faie view and have departed from the Charities (Accounts and Reportsl Regulations 2008 only to the extent required lo provide a Iwe and fairf view. This departure has involved following the Charities SORP IFRS 102) published on 16 July 2014 rather than the Accounting and Reporting by Charities.. Statement of Recommended Practi effective from 1 April 2005 which has since been withdrawn. Royal Institute of Painters in Water Colours meets ihe definition of a public benefit entity under FRS 102. Assets and liabililles are initially recognised al historical cost or transaction value unless otherwise stated in the relevant accounting pol. The trustees confim their unreserved and explicf( compliance with the above regulations. 2.2 Tangible fad assets Tangible fixed assets comprise the chaimian's chain of office which is carried al valuation and is not depreciated as a useful life cannot be established with reasonable eertainty. 2.3 Income All income is recognised once the charity has enlillemenl lo the income, it is probable that the income will be received and the amount of income receivable can be measured ieliably. Gifts in kind donated for fundraising purposes are included al valvation and ¢09ThSed as income when they are sold. Page 7
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting pollcles Icontlnued) 2.4 Expendlturè Expenditure is recognised once there is a legal or conslruclive obligation lo transfer economic benefit lo a third party, it is probable that a transfer of economtc benefits will be required in settlement and the amount of the obligatson can be measured reliably. Expenditure on charitable activities is incurred on directly undertaking the activities whi¢h further the chariws objectives, as well as any asswialed support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Interest receivable Interest on funds held on deposit Is included when receivable and the amount can be measured reliably by the charity., this is normally upon notification of the InteSt paid or payable by the Bank with whom the fvnds are deposited. 2.6 Stocks Slecks are valued at the lower of cost and nel realisable value after making due allowan for obsolete and slow-mov6ng stocks. Cost includes all dire¢l costs and an appropriate proportion of fixed and variable OVhead$. 2.7 Cash Flow Exclusion The financial statements do not include a cash flow slalemenl because the charity. as a srnall reporting entity, is exempt from the requirements lo prepare such a slalemenL 2.8 Debtors Trade and other debtors are recogntsed at the settlement amount after any Ifade discount offered. Prepayments are valued at the amount prepaid nel of any trade discounts due. 2.9 Cash at bank and in hand Cash al bank and in hand includes cash and short-temi highly liquid investments with a short maturity of three months or less from the dale of acquisition or opening of the deposil or similar account. 2.10 Liabilitles and provisions Liabililies are recognised when there is an obligation at the Balance sheet dale as a result of a past event, il Is Pfobable that a transfer of economic benefit will be required in settlement. and the amount of the setuement can be eslimaled reliably. Liabilities are fecognised al the amount that Ihe ¢harity anticipates il will pay lo settle the debt or th8 amount it has received as advanced payments foi the goods or serviees il musl provide. Provisions are measufed al the best estimate of the arnounls required lo seiiie the obligation. Where the effect of the lime value of money is material, Ihe provision is based on the present value of those amounis, discounted al the pre-tax discount rale that reflects the risks specific lo the liability. The unwinding of the discoltnl is recognised within interest payabl8 and similar chaiges. Page 8
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policios Icontlnuodl 2.11 Financial Instruments The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transactton value and subsequently measured al their settlement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.12 Fund accounting General funds are unreslricled funds which are available for use al the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes. Designated funds compri$e uniesiricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is sel out in the notes to the financial statements. Restricted funds are funds whi¢h ale lo be used in accordance wlth specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The Costs of iaising and administering such funds are charged against the specific fund. The aim and use of each reslricled fund 15 set out in the notes lo the financial statements. Critical accountlng estlmattss and ar&a8 of judgment Estimates and judgments are continually evalualed and are based on historical experience and other factors. inelLtding expectations of future events th* are believed to be reasonable under the circumstances. Critical aecounling eslimales and assumptions: The charitys only fixed asset is the thairman's chain of Offi which is shown al a valuation obtained ui 2010. The Iruslees are of the opinion that the value has not changed significantly since then. Infomiali regarding the cost when created in the 1890's is not readily available. Page 9
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Incomg from donatlons and legaciès Unrestricted Restricted funds funds 2023 2023 Total tunds 2023 Donations Grants 12 12 2.750 2.750 12 2.7SO 2,7S2 Urtreslricted funds 2022 Restiicted funds 2022 rolal funds 2022 Donations Grants 57 57 500 57 500 557 Income from charitable activities Unr¢stri¢ted funds 2023 Total funds 2023 7,211 81.470 7.211 81,470 Federation of British Arbsts Total 2023 88.681 88.681 Unrestricted lunds 2022 Total funds 2022 Rl 3,138 64, 138 3.138 64,138 Federation of British Artists Tol812022 67,276 67,2T6 Page 10
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Investmont incomg Unrestricted funds 2023 Total funds 2023 Investrnent income 4,346 Unfeslrictsd funds 2022 Total fvnds 2022 Investment income 851 851 Analysis ol expenditure on Charitable a¢tivitie$ Summary by fund type Unrestricted funds 2023 Restricted funds 2023 Total 2023 Direct costs- Rl Direct costs- Federation of British Artists 5,471 81.470 3.000 8,471 81,470 86,941 3,000 89,941 Unrestrict8cI funds 2022 Restri¢ted nds 2022 Total 2022 Di costs- Rl Direct costs - Federation o18rilish Artists 4,532 64.138 7.532 64. 138 68,670 T7,670 Page11
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of exp9ndlturè by activitiès Activities undertaken directly 2023 Support costs 2023 Total funds 2023 DiTect costs- Rl Direct costs- Federation of 8ritish Artists 6,276 81,470 2.195 8,471 81,470 87,746 2,195 89,941 Activities undertaken directly 2022 Support costs 2022 Total funds 2022 Direct costs- Rl Oirecl costs- Federation of British Artists 5.456 64.138 2.076 7.532 64.138 69.594 2.076 71.670 Page 12
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysls of expenditure by actlvities Icontinugd) Analysis of direct costs Federation of British Artists 2023 Total funds 2023 Activities 2023 Other Expenses Awards Bank charges Stock written off 81.470 81,470 938 938 3.000 63 2,275 3.000 63 2.275 6,276 81.470 87.746 Federaln off Activilies British Artists 2022 2022 Total funds 2022 Other Expenses Awards Bank charges Stock written off 288 1,399 3.700 69 64, 138 64.426 1.399 3.700 64, 138 69,594 Analysis of support costs Total funds 2023 Total funds 2022 Audit & Accountancy 2.195 2.076 Trustees, ramuneratlon and oxpensgs During the year. no Trustees recgived any remuneration or other benefits (2022- £NIL). During the year ended 310ecember 2023, no Trustee expenses have been incurred {2022- £NIU. Page 13
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 10. Tangible flxed assets Chain of Office Cost or valuation At 1 January 2023 40.000 At 31 December 2023 40.000 Net book value Al 31 December 2023 40.000 Al 31 December2022 40,000 The chain is shown al a valuation obtained in 2010 and valuations are obtained at regular Intervals. Infomialion regarding the cost when created in the 1890$ is not adIlY available. Stocks 2023 2022 Finished goods and goods for fesalè 675 675 Dèbtors 2023 2022 Trade debto 281 186 281 186 13. Creditor8: Amounts falling due wlthln one year 2023 2022 Accfuals and deferred income 2,390 2,081 Page 14
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Statement of funds Statemant of funds- Current year Balance at 31 December 2023 Balance at 1 January 2023 Transfers inlout Incom8 Expanditure Unrestricted fund$ Designated funds The Coronation Award Th& Presidenvs Choice AvRrd The Rl Young Artists. Award 900 2.250 3,000 900 2.2SO 3.000 6.150 6,150 General funds General Funds- all funds 178,897 93,039 (88,9411 (6,1501 176,845 Total Unrestricted funds 176,897 93,039 186.941) 182.995 Rostricted funds The Bao Horo Watercotour Artists Award The Chaoson Wateicolour Award The Lealhersellers, Award The James Fletcher-watson Rl Award President's Choice Award 500 {5001 250 1,250 1.000 {2501 11,000) 1.250 500 Isoo) 1750) 750 1.500 2.750 13,0001 1.250 Total of funds 178,397 95,789 189.941) 184.245 Page 15
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Ststement of funds Icontinuedl Restricted funds represent grants glven for speclflc prizes. In the year to 31 Oec8mbgr 2023, thgy are made up of four specific prizes or awards: The Leathersellers. Award The Lealhersellers. Award represents funds originally given lo the Rl by the Lealhersellers in 2014 for what was iniltally a 5 year perkjd. Further Iop-ups for pri2es were recieved in subsequent years but the award has now ended, with the last payment made in 2023. The James Fletcher-Wat$on Rl Award The James Flelcher-watson Rl Award is based on 8 don81 by the relative5 of the late James Fletcher- Watson Rl. The Rl acts as a conduit for the award, which is funded on an annu81 basis by the Fletcher- Watson family. The Bao Hong Watercolour Artists Award and Tho Cha05an INatercolour Award Funds of £3,750 were received on 9 June 2018 in respect of The Bao Hong Walercolour Artists Award (for 2 x £250 awards each yearl an¢J The Chaosan Watercolour Award (for £250 each yearl. Both awards were for the 5-year-period from 2019 10 2023. The Chaos8n Watercolour Award is continuing for fvrther 5 years. The Bao Hong Award has now formally ended. The President's Choice Award On 8 M8y 2019 £3.000 was received from an Rl member who donated his 2019 Winsor & Newton Award to the Rl. This is to fund an annual award of£750 for a period of 4 years (from 2020 to 20231. Designat•d funds represent funds which the trusta&s havè sèt asid¢ for future award. Effective from 2024 the Rl Council has decided to sponsor 3 annual awards. initially for 3 years: The Coronation Award £300 per year for a Young Artitsl under 18 The President's Choice Award The Trustees have decided to continue this award by means of self-funding it. The Rl Young Artlsts Award £1,000 per annLfm lo replace the Leathersellers. Award. Page 16
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Statement of funds Icontinuedl Statement of funds- prior year 88lance al 31 December 2022 Balance 81 1 January 2022 Tr8nsfers in/oul Gains/ (Losses) Income Expenditure Unrestricted funds Designated fund$ The Coronation Award The Presidenys Choice Award The Rl Young Artists, Award General funds General fund Revaluation reserve 169,385 68. 184 (68.670) (500) (2) 168.397 8.500 8,500 177.885 68.184 (68.670) (500) (2) 176.897 Total Unrestricted funds 177,885 68. 184 (68,670) (500) (2) 176.897 Page 17
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 14. Statement of funds Icontinugd Restricted funds The Bao Hong Walercolour Artists Award The Chaoson Walercolour Award The Leathersellers, Award The James Flelcher-watson Rl Award Pfesidenl's Choice Award t.000 (500) 500 500 1250) 250 500 (1.OOOJ 500 (500) (750) 750 3,500 500 (3,() 5( 1.500 Totsl of funds 181.385 68.684 (71,670) {2) 178,397 Page 18
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Analysls of ngt assets between funds Analysis of net assets bgtween funds - cuffent year Unrestrlcted funds 2023 Restricted funds 2023 Total lunds 2023 Tangible fixed assets Current assets Creditors due within one year 40.000 145,385 (2,3901 40,000 146,63S 12,3901 1,250 Total 182.995 1,250 184,245 Analysls of net assets betsveen funds- prior yaar Unrestricted funds 2022 ReslriGted funds 2022 Total funds 2022 Tangible fixed assets Current as5els Creditors due wilhln one year 40.000 138,978 (2,081) 40,000 140.478 ,081) Total 176,897 178.397 16. Related party transactions During the year. the charity received no donations from trustees {2022'. £57 from 1 Iruslee). David Parfitt Ilreasurer) received a prrze of £500 Ino pfize monies were awarded to trustees in Ihe previous yearl. Page 19