Charlty number. 291406
ROYAL INSTITUTE OF PAINTERS IN WATERICOLOURS,
UNAUDITED
FINANCIAL STATEMENTS
YEAR ENDED 31 DECEMBER 2023
RPGCC
Chartered Accounlants & Statutory Awjltor
40 Gra￿hUrch 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 reSoUr￿S
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(i￿S 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 prepa￿d 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 requ1￿Ments 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
Cu￿ent assets
St¢xks
Debtors
Cash at bank and In hand
675
281
145.679
6r5
186
139.617
12
146,635
140,478
c￿dItOrs= 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 f￿ad 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 ￿¢09Th￿Sed 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 Inte￿St 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 OV￿head$.
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
Federal￿n 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