CrIty numb•r. 291403 ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS UNAUDrrED FINANCIAL STATEMENTS YEAR ENDED 31 DECEMBER 2024 RPG CroLth Chapman LLP Chart•rod A¢ntants & StatutoryAlIk 40 (JrattUrth Str8•t London EC3V 08T
ROYAL IN3TtTUTE OF PAINTERS IN WATER COLOURS CONTENTS Page R•f•Mn¢• •nd •dmini•trntiv• d•tslts ol th• charfty. Its Tru$t998 and •dvls•rn Tru8t•M' rnport Ind•p•nd•nt •xamln•ff• r•port stst•m•nt of flnanclml actlvltl 8•lanc• •h••t Not•• to th• fln•n¢l•l •t•twn•nt8 8-18
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENOED 31 DECEM8ER 2024 Tru#t••8 Robin Hazlew0j Ireslgned 18 April 20241 Marl French lappDinted 18 April 20241 Rosa Seppl& D8vid Parfrtt Chartty ro918tsr•d numb•r 291405 Prlnclp•l offlc• 13 Coal 88rton Ce4eford Radslock &43 SPF AcBount•nt• RPG Crouch Chapman LLP Ch8rt•fod Accountants and Slatulw Audltor8 40 Gra¢Khurch Slr••t Lon¢Jon EC3V 08T Bank•rn HSBC PIC 33 Th• Borough Farnhom Surrey GU9 7NJ IAd•p•nd•nt EMmln•f J•r•my Tyrrell BA IHonsl FCA RPG Crouch Chapman LLP 40 GrAc&chufch Stre•l London EC3V 08T Peoe 1
ROYAL INSTITUTE OF PAINTERS INWATER COLOUR5 TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Thè Trustees submit their annual report and tl)e financial 5tal?menl6 uf th& Royal Institute ol Painters in Water Colours Ithe Rl) lor the year ended 31 Dècember 2024. Th• Trustees confirm Ihat the annual report and financ1 ststemen15 of the charity eomply with currefil $t8tulory requirements. the requirements C¢f thè charity5 90vern1ng document and the provisions ol the &2ternent of R6cofflmended ProcIKe ISORP 20151 Jppli¢able lo Cnafltles preparing their accounts In xcordance with FRS 102. METHOD OF APPOINTMENT OR ELECTION OF TRUSTEES The management ol lh¢ charity the re3ponsibllity ol the Trustees who are elected and c¢.opted under the terrns ol the Tfilst deed Urtd•r th86e terrns the Trtsstees ar• eie¢led by ballot at the AGM. CONSTITUTION POLICIES ANO OBJECTIVES The chanty is govern•d by the trust deed, known as the rules The charity was founded in 1831 8nd in 1883 by ¢ommand tsf au¥&n Victoria was at)le to use the prefix 'Royal" In 1985 rt wa5 granted charilablè siatus and the obiectNe8 in ils goveming rukry8 wer• 8mend8d as follows The objectives ol Ihej Rl are lor iho aavanc•rnent ol the aeslhelic education ol lae public by the promotion ol Ihe fine arts 8nd in particular the art of palniing In water colours. REVIEW OF ACTIVITIES AND FUTURE DEVELOPMENTS The$e obiactives are mainly realised Ihrou9tt an annual èxhibition ol which this year'5. the 212th. w88 held al the Moll Ga15eries from 28th March to 13th April 2024. This èxmibilion con61$1ed 01465 waièrcolour or water-based p•intings. approximat•ty S1% by the members and 49% by nori.membors. The non-m8mber6' entrieg were $electect by a panèl ot Rl mernbers lo &n8ure the high standard of thè exhibition In addition, In 2D24, The Rl sponsored 3 awards., Ttte Coronation Awar¢ Ifor slu¢Jenis undor ago 181, Th• Rl Young Artist Award (under 301 and the Presid¢nis Choice Award. 11 13 through the annu81 •xhibilioD Bl the Mall Galleries and othol exhibitions that the Rl has in galleri•s and rnuseums #round th8 country Ihot the Rl has continued io promote tha highest standard ol waterrolour This 18 In conjuriction talks, eveni8 demonstrations. and workshops given by membern lo the public during the run of Itt• exhibition and at other times during the y•ar. In 2019 tha Rl published a book. 'Rl, Th8n and Nw,, a history ol the Rl that ¥lso showcased m*mbors and their work PU8LIC BENEFIT The Trusttr confirm thal th•y hav• r•lerred lo the 9uid8nc8 contained in the Charity Commi•$lon'J general guidance on publi¢ b•neffit when r•vlewing th8 Ch•nty's aims & obie¢tive$ and plAnning fuiure a¢tiviti•s. CONNECTED CHARITIES The charity is one of nine member societies of the Federation of Britistt Artl8ts Ireglslereo ¢harity number 200048 and company nurnber 6832751. A representative from th¢ chofity sits ¢11 thè board of trust•es ol the Faderation. The FederatMJn carries activities In line with the caarity's object$ and collect5 income on behalf of the charity The Charity currently provides a ntrtIon lo ihe costs ol the annual exhibition boin by the Federation ol Britigh Arti$ts IF8AI P&3e 2
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS TRUSTEES, REPORT ICONTINUEDI FOR THE YEAR ENOED 31 DECEMBER 2024 RISK hAANAGEMENT As th8 obiaclives ol the Rl are for th• advancement of the 8e$ihetie educal¢on of the public by the promotson of the Fine Arts and In particular the Art of Painting in Water Colours. and this Is don• mainly thiougtt the annual exhibition. whictt 15 funded through the 5a1 ol work anrl the submission lees. the risk would be the Inability lo hold this exhibition either through a downturn ol the market or the unavailability ol an èxhibition space. Our reserves poli¢y r¢tr)nises these risks Were n¢ exhibition space of an appiopriaié size to be available rnember5 would ¢onlinu& 10 8xMibit. and hold damonstralion event$. Singly or In $mall groups In light ol this, the Tru5tee8 consKJei th81 they have a$s8ssed Ihe rnaior risks to whi¢h the charily is exposed. In particular those related lo ttta Operatn9 and fin#n¢es ol the charity. and arè satisfied that systems are In place Its mitigate the exposure io the major risks. RESERVES POLICY The Society's resrv•8 poliey is lo hold Buffici¢ni funds lo be able lo ¢ontinue an •nnual •xhibition in Lgndon for at least 2 year5 11 Is •stirnaied that the cost of a London exhibition would be in th• r•gion ol £SOk for 1 week or £86k for 2 weeks As such th& Irustee8 consider that there 8re sufficient funds lo hold an annual exhibition ftsr 81 least 2 years depending on wheihtsr the soCtY wishod lo hold a l or 2 we•k 8xhibilion. Charity currently has trèe reserv¢s Idefined as nel current assets) of £148.80112023' £144,245) FINANCIAL PERFORMANCE Ouring the ye8r. the cttarity had total In¢ome of £100,388 12023. E95.7891, of which £99.388 12023. £93.7891 represents unresiricted income and t1.000 12023.. £2,750) represents restricted Income Total éxpénditure m¢unled lo £95,832 12023. £89 9411. $plit btheen unréstricted expenditure tsf £95.057 12023 £86.9411 and restricted expenditure 91 £775 12023. £3,000I. Aft•r a lund6 transfer ol £2512023. EN11, this resulied In 8 net surplus of £4.55612023. £S.8481. made up ol an unresliicted SUfplu$ of £4,306 12023 £6,096) and a re51ricled 8urplus of £2501202.. deficit ol £2501 Totsl lund8 81 the yoar en(J amounted to £188.801 12023" £184,245). mad& up of unre8tricted funds ol £187.30112023'. £182.9941 and r•6trict•d lund8 01 £1.50012023 £1,2501. STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENOED 31 DECEM8ER 2024 Th• Truste•• ar• r•¥pon•ibl¢ for pr•rIng th• Tru•t••8' r•port and th• financial $ttem•nt6 In accordance wilh applicabl? l¥w And Unit•d K'ngdom Arcountin9 Sl•nd8rda IUnit•d Kingdorn G&n•ralty Accepted Awounting Practice) The law appli¢aOle lo charities in England & Wales requir•s th• Trustees lo prepar8 financial statement$ lor ?actt finanei81 which gwe a true and fair vi•w ol the stale of affairs ol the charity #nd ol Ils incoming resourc88 and aPp1¢allon ol resources, including Jts Income and expenditur&, lor Ihal p•rioa. In preparing these financial gtalemen15, the Tru8iee$ are rgquired to. 8l•ct suitable ac¢ounting policies and then apply them consi$t8ntly. observe Ihe meihods and principles of tha Charities SORP IFRS 1021. make judgments and accounting estimates that are reasonable and prud8nt.' slate whether appli¢able UK Accounting Sianaaros IFRS 1021 havg been followed. subject to any materki departures discbsed and explainad In the financial statements., prepare the financial siatemenls on the going concein basis unless It is inappropriate to or•sume that the charity will continue In bugin•ss. Pagè 3
ROYAL INSTITUTE OF PAINTERS IN WATER COLOLIRS TRUSTEES. REPORT ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBeR 2024 The Trustees are r8sponslble for keeping adequaie a¢counting records that are sufficient to shrvj and explain the charity's Irans8clions and dlsclc4e with reasonable aceur8cy at any time the financial position ol the charfty and enable them to ensure that th• financial statemenis comply with the Charilies Act 2011, the Charity IAcc¢unts and Rorts) Re9ulations 2008 and the provisions of thg Trust deed. They are also rÈw)n8ible for legugr(Iing the assets of the charity and h•nc• for tsk'ng rea80nab slep8 for th¢ preV"0n and detection of fraud and other irreoularilie& ol the memb6r8 oflhe boArd of Trul18 and 8vJTrad on th•ir h*ll by.. 01 l>arlltt TMasur&r D4te. 8 AIIAKST 1015 Page 4
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS INDEPENDENT EXAMINER'S REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 Independ•nt &x•min•r's report to the Tw$to•5 of Royal Instit• of Paint•rs In Wat•r Colours Ilhe charlty'l I report to the chanty Trustees on my 8xaminalion of the accounts of th? charity for the year ended 31 December 2024 R•6ponsibblltlM and basis ot r•port AS the Tfuslees ol the charity you are responsible for the preparation of the accounts in accordancè with the quirtnwnts ol the Charitie5 2011 I'the 2011 Aa'l. I report In respect of my examination of the charlty's auounts carried out under stction 145 of 2011 Aci and In carrying out my examination I have followed the applicable Dir•ctions given by th Charity Commission under sauion 14515llbl of the 2011 Aci. Ind•p•nd•nt •xafflln•rf• 8t•t•m•nt Your alt•niion Is drawn to the lacl that the charity ha8 prap4rd tha 3¢c¢unls in aectsrd4n¢e with A¢c¢unling and Reporting by ChBrille$' Statem8ni ol Recornrnendad Practic8 appli¢8bl• lo charities preparing Iheii a¢eounls In accordan¢e with the Financial R8POrting stsndard applicable In the UK and Republic DI Ireland IFRS 1021 In preler•n¢e to the Accounting and Reporting by Charities. Statement ol Recornmendec PrACti¢e issued on l Api15 2005 which 1$ referred to Jn th• 8Xtant regulalions tsul has been withdrawn. l undeisland thgt this has been don$ In ortJ•r for the accounts to provid& a true and fair vièw in accordan¢• with the Gerwrally Accepted Accounling Prxtice Èffaeiive for reportin9 periods beginning on or after 1 January 2015 I have completed rry examination. I confirm th•t no matters have coma to my alntiOn in connection with the examination giving me Cau to belhryve that In any maierial respect. axouniing r8cord5 wer• not kapi in respect of tne ¢horily as requirea by section 130 of thè 2011 Act., or the accounts do not accord with thos• r8¢ords', or th• account3 do not comply with applicable r•quir•m•rnl8 cgn¢¢rnin9 Ihe lorm and conlonl of •cccunlg 5e¢ Out in IM6 Charit6 IAceounls and Report$1 Regulation$ 2008 olh8r than any requirement that the accounts give a 'true ana f8ir' view which 13 not a matter c¢)n$id•red as part trf an independenl examination I have no ¢onc•ms and have come acros5 no Olhgr matters In connection wilm the exarnination lo whtch attention should be drawn in this report in order to enatsle a proper undergtanding of Ihe accounts to be reached. This report 18 made $oK¥y lo the charity'$ Truste6$, as a body, in accordance with Part 4 01 the Charitses (Accounts and Reports) Regulations 2008 My work has been un(Jertaken so thai I might state lo the charilws Trustees those matters l am required lo state to tham in an Independent exarniner's report and for no Other purposa To the fullest exleni permitted bylaw. I dts nol accept or agsume SponsIbl11fy to anyon8 othef than the chority and the ch8riW$ Trustees as a body. for my work or for ttiis r8POrt. Signed" Qaied. .&Lr Jefemy Tyrrell BA Hon$> FCA RPG Crouch Chapman LLP 40 Gracechurch Street London EC3V 08T Page 5
ROYAL INSTITUTE OF PA5NTERS IN WATER COLOURS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 oecEMBER 2024 UnM8tr1ct•d fundg 2024 R•8trlct funds 2024 Total funds 2024 Tolal lunds 2023 Not• Incomè Irom.. Donations and leg¥¢i•s Charitable activities Inve5tmeni$ 1,000 2. 762 88.681 4.346 94,298 5,090 0.090 Total Incom• 99,388 1,000 100.388 95, 789 exp•ndltur• on.. Charitable activitieB 95,057 775 95.832 89.941 Tot1 •xp•ndltur• 95,057 770 95,832 89.941 N•t In¢om• Tron¥frs b&Tr4een funds 4,331 1251 22S 26 4.1556 5,848 14 N•t mov•m•nt In fund$ 4,306 2SO 4,556 5.848 R•eoncllltlon of lund•'. Total funds brought forword N81 movement In funds 182.990 4,306 1,250 250 184,145 178,397 5,848 TOMI lund• errl•d fornfird 187,301 188.801 184.245 Th• Sl•l•m•nt of financial a¢tlvtti•• includ•4 all 9qins and l¢•••$ r•cogniMd In lh• Y1. The notes on pag•s 8 10 18 form part ol these financial stslem•nts. Page 8
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 Not• Flx•d 8$98ty Tangible assets 10 40,000 4Q,000 40,000 40, Currènt 4so•ts Stocks Debtors Cash al bank and In hand 675 35 150,595 675 281 145.679 12 1S1,308 146.635 Cr•dilors.' amounts lalling duo wthin ong yèar 13 12,5041 (2.3901 N•t curr•nt a•••l• 148,801 144.245 Tot•1 n•t aM•t• 188,801 184,245 Ch•rlty fund• RtrICtd lunds Unrestri¢td fvnds 14 1,000 1.2 Designoled fund$ Gen•ral funds 14 14 4,100 183,201 6.150 176,845 Total unrestrKted funds 14 187.301 182,995 Total fund• 188.801 184,245 Inancial tem&nts w•re approved and aulhorised for IBSUe by the Tmstee8 and $ign•d on their beh411 by. D•vld P•rfltt Tre9$Ur D•tg. 6 LOI5 The notes on pages 8 to 18 forn p8rt ol these financKqI 8tatem•nis. Page 7
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Gener1 infonn•tlon The entity Is an unincoworated trust registered with the Charity Commission in England and Wales. charity number 291405. Its principal office is 16 Baverley Path, 8arnes, London. SW13 OAL. whi¢tt Is also rts principal place ol ¢¥eralion. The actsvity ol the trust remained that ol Ihe #dvancement of thè aeslhelic education of the by the promollon of the fine arts and in particul8r the art ol painhng in water colouTr. These finanoal statements hav• b•on preparad in GBP and all 0nt8 hav8 been rounded to thè nearesi £ Accountlng pollel 2.1 Ba¥1• ol pr•parntlon of fin•ncl•l •t•t•mant• The financial ststem•nts have been prepared in accordance with the Charities SORP IFRS 1021 Accounting and Reportlng by Charities. Sent ol RKofflmended Practice applicable lo charitles preparing their ac¢¢unts in accordance with the F1nancial Reporting Standard applKable in the UK nd Republic of Ir$land IFRS 1021 l¢ffectwe 1 January 20191. thè Financial Reporting Stsndard applubl? In th• UK and R•public of Ireland IFRS 1021 and th• Chaiilies Act 2011 The finan¢i81 $¢atemenls have t¢n prepafed tts 9ivè a 'lrue and lair view and hav• departed from the Chanti•$ IAcoounlJ and Report81 Regulal¥Jns 2008 only to Ihe exi•nt r•quired lo provide a 'lrue and f8if view This dwortura hag invtrlved following the Charities SORP IFRS 1021 published on 16 July 2014 ralher than th¢ Accounting and ReportirrfJ by Charibes,, Slalement ol Recommendfjd Practicè effoctiv• Irorn 1 April 2005 which has $in¢• been withdrawn Roy81 Initilute of Painters in VVat•r Colours mèets the dèfinition of a public b&nefil enlily under FRS 102. Assets and liabilities ara Initially recognised at higtorical cost or transactson value unl•ss otheise stated in Ihe relevant occounting policy The trust? ¢onfirn their unr•s•rved and •xpllcll eompli4ne• with the •b¢¥8 r•gulation8. 2.2 T•ngSbl• flx•d Tangible fixed assets compnse th• chairman's chain of offic8 which 14 carrh8d al valu¥lion and ig nol d•pi•cialed as a u$•lul Ilf• cannot bè established wilh reasonable Cortainty 2.3 In¢om• All incomè is rnco3ni6ed once Ihe charity ha8 entitlament to th• InKJme. It Is proba>le Ih•l th• inc¢Jne will bg rwAlved and the Amounl of Income raceivable ¢an b• measured r•llably Gifts in kind donated f fundrai51rig purposes ar• includ¥d at valu¥lion and recogni8fjd a8 income when thoy are 801d, Poge 8
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THÉ FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 0ECEM8ER 2024 Accountlng poli¢i•8 Iconlinu•dl 2.4 Exp•nditur• Expendituie Is re¢ogniJed ¢n¢e Ihere is 8 leg¥1 or c¢nslructivg obligatn to Iransler tconomic benefit to a Ihird party, il is probablè that a transfer of écor¢omic benefit$ will be wuired in g•ttl•menl and thé amount ol the obligation can be measured rellably Expenditure on charitsblÈ activitS is Incvrrtsd on directly undertaking the activities which further the ch8riVs objectiv86. 85 well a8 gny assocAaled support costs All xpenditure 19 inclu$iv& ¢1 Irr¢ov•rable VA T. 2.5 Intera•¢ r1¥ts1• Interest on funds held on deposit is includad when receivable and th• amount b8 measured reliably by the chanty., thi> is normally upon notification ol Iht Iniarest paid or payable by the 8ank with wttom the fund8 are d•posited. 2.6 Stock• Stock$ are valued at the Ii)Wef ol cost and nel realisable v8luo after making due allowance for oOs¢lèt8 and slow-movinq sl(ks. Cost Include$ all direct ¢osi$ and 8n appropriat& proportion ¢1 fix•d and vanable ov8ihead$. 2.7 Ci•h Flow Ex¢lu•lon Th• financial stalernints do not include ¥ cash flow Siai•m•nt because chArity. •• a •mall reportiw entity, Is exempl from th• roqulrement$ prepare such a >tatem&nt. 2.8 D•btor• Trade and Oihar dèbtors are reGogni$e4 ai the settitmènt amount after any trade di•counl offr•d. Pr8payments ar• valued al the amount prepaid net ol any trade discounts au8. 2.9 Ca•h •t bank and In hand Cash at bank and in hand includes caoh and short-torrn highly liquid investm8nis wrth a short maturity of three months or less frorn the dai& ol wuisllion or QF4ryning ol Ihe d•posil or Similar a¢counl 2.10 Ll•blllti•• •nd pro¥b•lon• Liabilit1è6 ar• recognIs when Ihr6 is an oblig8litsn at th• Balance sheel date as a r•sutt ol a past •¥ent, it is probable that a transfer of economic benefit will be required in settlgrnent, and the amount ol th• settlement can be eglimated reliably. Li8bilitlO8 arè regnised at the amount that the charity onlicipates il will pay lo s&ttle the d•bl Or the •mounl il has received as a(Jvanced payments for the goods or service5 It must provide Provisions are measured al th• b6st estirnate tsl th• amounls required to settle the obligation. Wh•re the effect of the time value ol money is material, the provision is based on Ihe Pfesent value ol those amounts. discounted al the pre-tsx discount 18le that reflects th8 risks specific to the liability The unwinding of th• discount Is recognss•d within interasi payable and similar chargès. Page 9
ROYAL INSTITIJTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEM8ER 2024 Accounting policl•s l¢onllnu•dl 2.11 Flnanelal Instrumonts The charity only has financial assets arnd financlal Iiabililies of 8 kbnd Ihal qualify as basic financi81 Instruments. BasK fin?ngial Instruments are Initially r$¢ognised al Iransaciion value and subsequently measured at thoir settl•menl value wrth the exception of bank 108ns which are $ubsequenlly measured at 8mortised $1 u¥ing the effective Intgr&st method. 2.12 Fund a¢¢ountlng Gèneral lunds are unrestri¢led funds which are available for use Jt thè discretion of th• Trustees ID lurttterance of the general objectiV88 of the charity and whlch have not been desiynated for othèr purp06es. Designat•d lunds Comprise unrestri¢t•d funds that been set as1(Je by the Tfustees for p8rtlcular purposes The aim and u3e ol exh designated fund is sel out In the notes tv financial stalemtnt$, Re$iricted funds ar• funds whkh are to be used in 8c¢ordance with sp•cific reslri¢t1¢rt1 irnpased by donors or which have been rai$eO by the charity for particular purposes. Th8 costs tsf raising and 8dminiglering such funds are charged again81 the spocifi¢ lund The airn and use ol each re8lficl•d lund is set out in the ne3 lo the financial slaterntsnts cl1¢1 •c¢ountlng Milm•t•• and •r•ai ollud9m•nt Esllmates and judgments are continually •valuated 4nd are based on hi$lorical experiencè and other f¥¢tors. including expectaiw*$ ol lulure avenls thai ale balievod to be rea8onobl• under Ihe circumstances. CrilKal ac¢ounD"ng •Stimates and •$surnptK)ns.' The charlty's only flx8d 8$set is the chairnan'$ thain of office whi¢h 13 shown Al a valu8tlon obtalned in 2010. The trust¢es ara ol thè opinion that thè value has not cmangad g1gnific•ntly since th•n. Informaiion regarding co$1 wh•n cr•ated In th• 1890'• Is not readily avail801•. Pag¢ 10
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Incomè lrt+m donation• •nd l•o•e1&8 Unr•vtrlct•d R•41rf¢t•d fund? fund8 2024 2024 Tot•1 fundi 2024 Tot81 funds 2023 Donatlcns GRnis 12 1,000 2,7 2, 762 Tolal 2023 12 2,7 2, 762 Inoom• Irom charlt•bl• Ktlvttb•• Unr••trict•d fund• 2024 Tot•1 fund• 2024 Total funds 2023 8.043 88,255 7.211 81.470 Fad81otion of 8riti8h Artlits 88,266 T¢t•l 2024 94,298 94,298 88,681 Tol812023 88,681 88,681 P4ge 11
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Inv••tmwt Incom• LlnT•Strletgd lunds 2024 Total fund$ 2024 Total lunds 2023 Investment income 5,090 $,090 4,346 2023 4,346 4.346 An4ly•l• of •xp•ndltur• on eharltablo actlvitlo• Summ•ry by fund typ• Unr••trlct•d fttet•d fund• fund• 2024 2024 Total 2024 Tol&1 2023 Direct co$t8 - Rl Dlrecl cosl$- Federal)n of Bcib'8h Artists 8,802 86.255 77S 9,577 88,256 8.471 81,470 95.057 775 gS,832 89,941 Total 2023 86.941 3.000 89,941 An•ly•i• of •xp•ndltur• by acuvlll A¢¢lvltlos undertak8n dir9¢tly 2024 Support Tot•1 lundo 2024 Tol81 funds 2025 2024 Direct cosi$ Rl Direet costs - Feder81ion of British ArD'St8 7.267 86.255 2.310 9,577 86,255 8.471 81.470 93.522 2,310 95,832 89.941 Total 2023 87. 746 2195 89,941 Page 12
ROYAL 1148TITUTe OF PAINTERS IN WATER CQLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER Z024 Analy•l¥ of •xp•ndlturo by a¢tivltle8 Icontlnu•dl An•ly•l8 of dlroct C08ts F•derOrt of Brltlsh Artlsts 2024 Totsl lund8 2024 Total funds 2023 A¢tivltl 2024 Oth•r Expen8aS Awards 88,255 86,255 1,728 2,825 81.470 938 1,728 2,825 Bank ¢h4rg•$ Work6hop8 63 2,215 2,650 7,287 88.255 93,522 87. T46 Tol812023 6,276 81.470 87, 746 An•ly•l• ot •upport Tot•1 fund¥ 2024 Tot&1 fLJnds 2023 Ind•p•nd•nt Examln•rfi remuneratlon 2.310 2.195 Tru•t•u' r•mun•r•tlon *nd •xp•n• During the ye¥r, no TfUSt••8 re1VId any f•mun•ralion or other ben•fil8 (2023. £NIL). Durlng th• year ded 31 DvKomber 2024, no Trust&& expenses hav• been inrJJrred (2023. £NIU Page 13
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBeR 2024 10. T•ngibl• fixad asg•t• Chaln of Offle• ¢t or v•luatlon At 1 Jonuary 2024 40.000 At 31 December 2024 40.000 N•t IK4ok valu• Al 31 Decemb•r 2024 40.000 Al 3108rn&•r 2023 40,OCIJ The chain 1$ shown at 8 y•lualion obtaima In 2010 and valuatN)ns ore oblalnod •t rogul•r inl•rv•lo. InlormalK)n r•g•rdirg th• cost when creaiad in the 186¥)s is not raadlty avallablo. 11. Stock 2024 2023 FInl1 owds 4nd utr)¢J8 lor r•8al• 676 675 12. D•btorn 2024 2023 Trade debtors 38 281 3S 281 13. Cr•dltorn: Amouith lalllng du• wlthln on• y•ar 2024 2023 Acorua16 d•ferr•d incom 2,504 2,390 Pago 14
ROYAL INSTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR eNOEO 31 DECEMBER 2024 14. Stat•m•nt of funds Stt•m•nt of funds- curr•nt y•or 8alanc• at 31 D•c•mb•r 2024 Balanc• I January 2024 Tran$fws Inlout Incom• Exp•ndliur• Unrtstrbct•d fund• DMIAn•t•d fund• The Cwonatlon Aword Th• Pr8sKl8nt's Choice Aw•rd Th• Rl Ycyjng Ath"8ts' Aword 900 2,250 600 1.5(lQ 2,000 17SOI {1.0001 8,180 {2,000} 4,100 G•n•ral fiJnd• G•n•ral fund 176.848 99,388 193,0071 128) 183,201 Totsl UnN•trlct•d fund• I.057) 1201 187.301 R••trlct•d fund• Th¥ Bao Hong Wattsr¢olour Artigls Aw•rd Th• CtHoson w•rcolour Award The Leath&rseller8' Awgr The James Fbtcher-W•tson Rl Award Pdr$ Choice Award 1.250 11761 20 1,000 10001 1260 I.03 17761 1,500 rot•l of fund• 184348 100,386 195,832) 188,801 Paqe 15
ROYAL INSTITUTe OF PAlhlTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 14. Statement of tund• Icontinuedl RtriCt•d fund# r•pr•sgnt grants giv•n lor $p•¢lllc prts•$. In th• y•ar 10 31 Dec•rnb•r 2023, th•y oro mad• up tsf four $paclflc Prf1 or awardg.. Th¥ L•4th•rsollern' Award Th• Lealheise51ers' Award rapre8en15 funds originally given lo the Rl by the Leathersellers in 2014 for what w8s Ini11811y a 5 year period Further lop-ups for prizes were recieved in subsequent y•ars but the award na$ new •nded, with the last payment made in 2023. Tho Jam•s Fl•tch•r-Watson Rl Award The Jame8 Flelcher-Wats¢n Rl Award Is based on g donation by the r•lativ&s of thelole James Fletcher- Walson Rl The Rl acts a8 a conduit for the award, whKh Is funded on an &nntsal ba¥18 by the Fletchef- Watson tsmily. Th• Bao Hong Wat•rcolour Artl•t• Aw•rd and Thé Chaosan W•t•rcoloui Award Funds of £3,750 were rg¢eived on 9 June 2018 In iespecl of The Bao Hong Watèfcolour Artlgts Awafd Iftsr 2 x £250 awards 8ach yearl anij The Chaosan Watercoloui Award (for £2SO each yearl. Both awards were for the 5-year-penod from 2019 10 2023 The Chao5an Waiercolour Award Is ctsnlinuing for further S ye¥r8 Th• Bao Hong Award now lormally ended Thg PMld•nV• Chol¢•Award On 8 May 2019 £3.000 was CeIVed Imm an Rl member who donated h9 2019 Winsor & N•wton Award to the Rl This Is to fund an annugl award 01 £750 for a p•riod of 4 year$ Ilrom 2020 10 20231. D•ilgnat•d lund• r•pr•••nt lund• whl¢h the truot••• hav• ••t a•ld• for fuiur• award. Efl•¢tlv• Irom 2024 th• Rl Councll hao dKld•d to •pon•o¥r 3 •nnual avArd•, Inltlally for 3 y•arn: Th• Coronn Award £300 per year for g Young AFbtGI und•r 18 Th• Pr••id•nt's Cholc• Aw•rd The TruS•S have decided to ¢onilnue this award by rnaan8 ol s¢lf.lunding 11. Th• Rl Young Artl•t8 Aw•rd £1,000 per annum to replace lh Leatherseller¥' Award Page 18
ROYAL IIISTITUTE OF PAINTERS IN WATER COLOURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER 2024 14. Stst•m•nt ol fund& leontinu•dl Stat•mont of lund•- prior y•ar Bal8& al 8018nce at l January 2023 Trnnslers Llecember inloul 2023 In¢omtr Expenditurg Unmtrl¢t•d lund# D•slgnat•d fund• Th* Coron•tron Award The presnt'S Ghoice Award Th8 Rl Yc4Jng Art18tg' Award 9L 2.250 2.250 8. 150 6, IJO G•n•rnl fund• GenerAI Funds- ¥ll funds 176,897 93,039 (86,941) 16. 159J 176,845 Tot•1 Unr••trlct•d fund• 176,897 93.039 (86,9411 182.995 Ra$tricl•d fun Tho Bao Hon9 Wat•rcolour Artists Award The CA•0 Wawr¢Jour Award Th? Lealhowllers, Award The J8mo8 FktGh•r.Wat8on Rl Aw8rd ProsKl•nfs c'C•AWard 500 (500) 250 1,2 f250) (i.oooJ 1,2XI (w) (75Q) T50 2. 759 13,000) 1,250 Total of fund• IT8.397 95, 789 189,941) 184,245 P&Je 17
ROYAL INSTITUTE OF PAINTERS IN WATER COLQURS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 15. Analysis ol n•t •88ots botw•an funds Analysro of n•t ats b•tw••n fundB- curr•nt period Unr••tri¢t•d R•strictod lund$ funds 2024 2024 Totsl fund 2024 Tan9ible fixed a6s&1s Curi¥nl assets Creditor¥ due wilhin on• year 40.000 149.805 12,5041 40,000 151,305 12,5041 1,500 Total 187.301 1.SOO 188,801 An•ly•l• of n•t b•tw••n lund•- prlor p•rlod Unr•slrfcta funds 2023 Restrided lunds 2Q23 Tol funés 2023 Tang1• fix•d aslI Cuffent Creditorn due within one y•Ar 40.000 14&385 f2,390J 40,OQO 146,695 f2,390) 1.250 Tot•1 182.995 1,250 184,245 R•lld p•rty trnn•actloM David P•rftt Ilr•a8urnrl received a pdz• 01 £500 in 2023. No pryze monies were aw8rded to tru8tees In 2024 Page 18