C￿rIty 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 & StatutoryA￿lIk
40 (Jra￿ttUrth 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 Hazlew0￿j 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
financ￿1 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 ￿ntr￿￿tIon 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 Operat￿n9 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 res*rv•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 soC￿tY 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. $plit btheen unréstricted expenditure tsf £95.057 12023 £86.9411 and
restricted expenditure 91 £775 12023. £3,000I. Aft•r a lund6 transfer ol £2512023. EN￿11, this resulied In 8 net
surplus of £4.55612023. £S.8481. made up ol an unresliicted SUfplu$ 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 $t*tem•nt6 In accordance wilh
applicabl? l¥w And Unit•d K'ngdom Arcountin9 Sl•nd8rda IUnit•d Kingdorn G&n•ralty Accepted Awounting
Practice)
The law appli¢aOle lo charities in England & Wales requir•s th• Trustees lo prepar8 financial statement$ 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 aPp￿1¢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 R￿orts) 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 Trul1￿8 and 8vJTrad on th•ir ￿h*ll by..
0￿1￿ 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$to•5 of Royal Insti￿t• of Paint•rs In Wat•r Colours
Ilhe charlty'l
I report to the chanty Trustees on my 8xaminalion of the accounts of th? charity for the year ended 31 December
2024
R•6ponsibblltlM and basis ot r•port
AS the Tfuslees ol the charity you are responsible for the preparation of the accounts in accordancè with the
quirtnwnts ol the Charitie5 2011 I'the 2011 Aa'l.
I report In respect of my examination of the charlty's auounts carried out under stction 145 of 2011 Aci and
In carrying out my examination I have followed the applicable Dir•ctions given by th* Charity Commission under
sauion 14515llbl of the 2011 Aci.
Ind•p•nd•nt •xafflln•rf• 8t•t•m•nt
Your alt•niion Is drawn to the lacl that the charity ha8 prap4r*d tha 3¢c¢unls in aectsrd4n¢e with A¢c¢unling and
Reporting by ChBrille$' 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 al￿ntiOn 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
•ccc*unlg 5e¢ Out in IM6 Charit￿6 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
Tot*1 •xp•ndltur•
95,057
770
95,832
89.941
N•t In¢om•
Tron¥f*rs 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•eonclll*tlon 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• e*rrl•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• Y￿1.
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$98ty
Tangible assets
10
40,000
4Q,000
40,000
40,
Currènt 4so•ts
Stocks
Debtors
Cash al bank and In hand
675
35
150,595
675
281
145.679
12
1S1,308
146.635
Cr•dilors.' amounts lalling duo wthin ong
yèar
13
12,5041
(2.3901
N•t curr•nt a•••l•
148,801
144.245
Tot•1 n•t aM•t•
188,801
184,245
Ch•rlty fund•
R￿trICt*d lunds
Unrestri¢t*d fvnds
14
1,000
1.2
Designoled fund$
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 $ign•d on their beh411 by.
D•vld P•rfltt
Tre9$U￿r
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
Gener*1 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 ￿0￿nt8 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. S￿￿￿ent 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 $in¢• been withdrawn
Roy81 Initilute of Painters in VVat•r Colours mèets the dèfinition of a public b&nefil enlily under FRS
102. Assets and liabilities ara Initially recognised at higtorical cost or transactson value unl•ss
othe￿ise stated in Ihe relevant occounting policy
The trust?￿ ¢onfirn their unr•s•rved and •xpllcll eompli4ne• with the •b¢¥8 r•gulation8.
2.2 T•ngSbl• flx•d
Tangible fixed assets compnse th• chairman's chain of offic8 which 14 carrh8d al valu¥lion and ig nol
d•pi•cialed as a u$•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 obligat￿n 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 activit￿S is Incvrrtsd on directly undertaking the activities which further the
ch8riVs objectiv86. 85 well a8 gny assocAaled support costs
All *xpenditure 19 inclu$iv& ¢1 Irr*¢ov•rable VA T.
2.5 Intera•¢ r￿1¥￿ts1•
Interest on funds held on deposit is includad when receivable and th• amount b8 measured
reliably by the chanty., thi> is normally upon notification ol Iht Iniarest paid or payable by the 8ank
with wttom the fund8 are d•posited.
2.6 Stock•
Stock$ 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 off*r•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 Ih*r6 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 re￿gnised 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 n￿e3 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
$,090
4,346
2023
4,346
4.346
An4ly•l• of •xp•ndltur• on eharltablo actlvitlo•
Summ•ry by fund typ•
Unr••trlct•d ft￿t￿et•d
fund•
fund•
2024
2024
Total
2024
Tol&1
2023
Direct co$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•der￿Ort
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 r￿e1VId 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 3108￿rn&•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
St*t•m•nt of funds- curr•nt y•or
8alanc• at
31
D•c•mb•r
2024
Balanc• ￿ I
January
2024
Tran$fws
Inlout
Incom• Exp•ndliur•
Unrtstrbct•d fund•
DMIAn•t•d fund•
The Cwonatlon Aword
Th• Pr8sKl8nt's Choice Aw•rd
Th• Rl Ycyjng Ath"8ts' Aword
900
2,250
600
1.5(lQ
2,000
17SOI
{1.0001
8,180
{2,000}
4,100
G•n•ral fiJnd•
G•n•ral fund
176.848
99,388
193,0071
128)
183,201
Totsl UnN•trlct•d fund•
I￿.057)
1201
187.301
R••trlct•d fund•
Th¥ Bao Hong Wattsr¢olour
Artigls Aw•rd
Th• CtHoson w*•rcolour
Award
The Leath&rseller8' Awgr
The James Fbtcher-W•tson Rl
Award
P￿d￿r$ Choice Award
1.250
11761
20
1,000
10001
1260
I.0￿3
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
R￿triCt•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 h￿9 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• Coron*￿￿n 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 pres￿￿nt'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 a￿￿ts 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
Tang*1• fix•d as￿lI
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•ll￿d 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