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2021-03-31-accounts

REGISTERED COMPANY NUMBER: 02023615 (England and Wales) REGISTERED CHARITY NUMBER: 294590

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2021

for

Royal Society Of British Artists Limited (a company limited by guarantee)

Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 110 Corve Street Ludlow SHROPSHIRE SY8 1DJ

Royal Society Of British Artists Limited (a company limited by guarantee)

Contents of the Financial Statements for the Year Ended 31 March 2021

Page
Report of the Trustees 1 to 4
Independent Examiner's Report 5
Statement of Financial Activities 6
Balance Sheet 7 to 8
Notes to the Financial Statements 9 to 18

Royal Society Of British Artists Limited (a company limited by guarantee) (Registered number: 02023615)

Report of the Trustees for the Year Ended 31 March 2021

The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2021. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The results for the year and the financial position of the company is shown in the attached financial statements. The company is limited by guarantee (Company Number: 02023615) and is a registered charity (Registration Number: 294590).

Principal activities and objectives of the charity

In line with the charity's purpose in its governing documents, the charity's principal activities during the year under review are that of the promotion and advancement of public education in the arts of painting, sculpture, drawing and printmaking.

Public benefit

The directors / trustees have referred to and given due consideration to the guidance in the Charity Commission's general guidance on public benefit when reviewing the above aims and objectives and in planning future activities. In particular, directors / trustees consider how planned activities will contribute to the aims and objectives they have set.

Grantmaking

Grants are made by the Council of the RBA. They are awarded by committees whose composition changes annually and are judged on artistic grounds. The President of the RBA chairs the committees and has the casting vote. Grants and donations are carefully considered and are only made when it is certain that the donations contribute towards the charity achieving its objectives.

Page 1

Royal Society Of British Artists Limited (a company limited by guarantee) (Registered number: 02023615)

Report of the Trustees

for the Year Ended 31 March 2021

ACHIEVEMENT AND PERFORMANCE

Charitable activities

The Royal Society of British Artists Limited (RBA) promotes the work of and encourages young artists and students, as well as usually providing learning opportunities for the general public through its workshops and demonstrations, which normally take place during the RBA Annual Exhibition at the Mall Galleries.

It should be noted, however, that our work from March 2020 - March 2021 was severely challenged by the restrictions in place due to the Coronavirus. This meant that the outside exhibitions which were planned for the year were cancelled and our Annual Exhibition [normally held in March] was moved forward to April 2021, which is just outside of the accounting date but will be included in this report. Unfortunately we were unable to have any workshops during this exhibition, again due to the Covid-19 restrictions, but we were able to have an additional online exhibition for the RBA. We had a record-breaking number of works submitted by non-members, and 200 of them were shown in our exhibition alongside the RBA members.

Many prizes and awards were presented at the RBA Annual Exhibition and the donors often chose the prize-winners themselves. This helped to ensure that the awards are fairly given to members and non-members alike and the non-member artists were well represented and nine of the twenty prizes on offer were awarded to young artists.

We have made a concerted effort over the past few years to reach out to young artists and, as a result, this year we saw 328 submissions from them [again a record number] and we included 40 artists aged under 35 years in the exhibition - all selected on merit.

Additionally, we selected a further 60 young artists for special online exhibitions. Forty of these were semi-finalists for our Rome Scholarship award and were our 'RBA RISING STARS 2021'. The RBA Education Committee selected these from an open competition. The RBA is able to offer this Rome Scholarship as a result of a generous bequest from the late Mr G.H. Benn, in memory of his late wife Marianne Von Werther, a former member of the RBA. The prize is presented with a view to offer an enriching learning experience for a young emerging artist as well as augmenting their professional profile.

Three finalists for the Scholarship were selected to have their work shown at the RBA Annual Exhibition alongside our member artists in April 2021 - a winner will be selected following interviews with the Education Committee later in the year. The winner will be awarded a month-long scholarship providing accommodation, meals, flights and studio space at a prestigious gallery in the centre of Rome for the month of April 2022. The award will include, a cash prize of £1000. The 2 runners-up will also receive awards of £250 each.

A further 20 young artists were selected from about 400 applicants from around the UK. These were students finishing their 'A' level courses and were our 'RBA Star Students 2021'.

Both the above groups had their work shown in online exhibitions on the website of the Royal Over-Seas League and on the RBA website and media platforms. For the first time, both groups had their work illustrated in the RBA catalogue that accompanied the Annual Exhibition.

We were able to create short videos to put online in our website and social media platforms to illustrate how some of our artists produced their works and to explain their creative processes. These short videos, available to be viewed by the general public, continue to be produced by our members.

FINANCIAL REVIEW

Financial position

Income for the period fell to £16,455 from £37,191 in 2020 as a result of the impact of the Coronavirus on activities as described above.

Expenditure fell to £11,269 from £23,412 so that there was an overall surplus of £5,186 (2020 surplus £13,779).

There was a net gain of £36,884 on investments during the year ( 2020 £12,333 loss) reflecting stock market volatility following the Covid 19 outbreak.

Page 2

Royal Society Of British Artists Limited (a company limited by guarantee) (Registered number: 02023615)

Report of the Trustees for the Year Ended 31 March 2021

FINANCIAL REVIEW

Reserves policy

The directors / trustees are satisfied that the level of reserves held by the charity is appropriate for the charity to achieve its objectives. At 31 March 2021, the total funds of the charity were £398,500 (2020: £356,430). Of these, £190,386 (2020: £170,078) were restricted.

The unrestricted funds are represented mainly by investments, the income of which contributes to the charity's expenditure. These are monitored carefully to ensure that the income matches the charitable activities. The directors/trustees consider that the unrestricted funds should be maintained at a level above £100,000 in order that they can meet the charitable objectives.

The directors / trustees monitor the level of reserves on a timely basis

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The entity is governed by its Memorandum and Articles of Association dated 18 February 1986, as modified by a special resolution dated 8 January 2019.

The charity is a company limited by guarantee. The members of the company are the directors/trustees named below. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Recruitment and appointment of new trustees/directors

New directors / trustees are proposed by the existing directors / trustees. Any proposals are ratified by the Council of the Royal British Artists (RBA) which is separate from the Royal Society of British Artists Limited. The Council of the RBA is made up of experienced and distinguished members of the RBA, who include directors/trustees of the Royal Society of British Artists Limited, and their appointment is subject to the RBA's own rules. There is no time limit to the term of directors/trustees' appointment. The number of directors shall not be less than three and unless otherwise determined by a General meeting shall not be more than ten.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number

02023615 (England and Wales)

Registered Charity number

294590

Registered office

17 Carlton House Terrace London SW1Y 5BD

Trustees

M F Davies Ms M Dutton N R Tidnam

Independent Examiner

P K Reynolds FCA FCCA LLB Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 110 Corve Street Ludlow SHROPSHIRE SY8 1DJ

Page 3

Royal Soclety Of British Artlsts Umited {a company Ilmited by gDaraTh¢tt) (Regtstered number. l)21bl16tS) Report of tbe Trn5ttts for the Ytar Ended 31 Mareh 21121 Approved by order of the bobTd of tn]s*es on 17 D￿eMber 20214nd sigD>J on its behalf by.. MFDavies-T

Independent Examiner's Report to the Trustees of Royal Society Of British Artists Limited (a company limited by guarantee)

Independent examiner's report to the trustees of Royal Society Of British Artists Limited (a company limited by guarantee) ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2021.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

P K Reynolds FCA FCCA LLB Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 110 Corve Street Ludlow SHROPSHIRE SY8 1DJ

17 December 2021

Page 5

Royal Society Of British Artists Limited (a company limited by guarantee)

Statement of Financial Activities

(Incorporating an Income and Expenditure Account) for the Year Ended 31 March 2021

Unrestricted
fund
Notes
£
INCOME AND
ENDOWMENTS FROM
Donations and legacies
2
9,075
Other trading activities
3
995
Investment income
4
3,116
Other income
5
-
Total
13,186
EXPENDITURE ON
Raising funds
6
1,351
Charitable activities
7
Exhibitions
7,582
Grants
564
Other
10
-
Total
9,497
Net gains/(losses) on investments
18,073
NET INCOME
21,762
RECONCILIATION OF
FUNDS
Total funds brought forward
186,352
TOTAL FUNDS CARRIED
FORWARD
208,114		 Restricted
Endowment
funds
fund
£
£
-
-
-
-
-
3,269
-
-
-
3,269
-
1,407
-
-
-
365
-
-
-
1,772
-
18,811
-
20,308
4,653
165,425
4,653
185,733		 2021
Total
funds
£
9,075
995
6,385
-
16,455
2,758
7,582
929
-
11,269
36,884
42,070
356,430
398,500		 2020
Total
funds
£
24,207
1,325
7,108
4,551
37,191
2,772
8,163
6,281
6,196
23,412
(12,333)
1,446
354,984
356,430

The notes form part of these financial statements

Page 6

Royal Society Of British Artists Limited (a company limited by guarantee) (Registered number: 02023615)

Balance Sheet 31 March 2021

Unrestricted
fund
Notes
£
FIXED ASSETS
Investments
13
170,409
CURRENT ASSETS
Debtors
14
112
Cash at bank
47,320
47,432
NET CURRENT ASSETS
47,432
TOTAL ASSETS LESS
CURRENT LIABILITIES
217,841
ACCRUALS AND
DEFERRED INCOME
15
(9,727)
NET ASSETS
208,114
FUNDS
16
Unrestricted funds
Restricted funds
Endowment funds
TOTAL FUNDS		 Restricted
Endowment
funds
fund
£
£
-
177,365
-
-
4,653
8,368
4,653
8,368
4,653
8,368
4,653
185,733
-
-
4,653
185,733		 2021
Total
funds
£
347,774
112
60,341
60,453
60,453
408,227
(9,727)
398,500
208,114
4,653
185,733
398,500		 2020
Total
funds
£
302,089
1,578
62,162
63,740
63,740
365,829
(9,399)
356,430
186,352
4,653
165,425
356,430

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2021 in accordance with Section 476 of the Companies Act 2006.

The trustees acknowledge their responsibilities for

The notes form part of these financial statements

continued...

Page 7

Royal So¢kty Of Brilish Artlsts Llmited {& comp*lly limited by gu4raDtee) (Re8tsttr￿ lu￿ber. (12(123615} Balanee Sheet- cO￿tinUed 31 Mar¢h 2021 These fijwicial statemellts have been prepred iti ￿)rd￿ wrth the ptovisiottq applicable to chwritsbl¢ cornpanies subject to the gm411 ¢ollJpanies regime. The financial statements were approved by the Bowd of Trustees and authoriwl for issue on 17 December 2021 and were signed on its behalf by.. MFDavi¢s-T Th¢ notts forni part of thes¢ finan¢ial stat¢mertts Page 8

Royal Society Of British Artists Limited (a company limited by guarantee)

Notes to the Financial Statements for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.

Income

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

Income from trading activities is not subject to discounts,VAT or any other sales taxes.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from corporation tax on its charitable activities.

Fund accounting

Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Fixed assets investments

Investments are a form of basic financial instrument. Fixed asset investments are initially recognised at their transaction value and are subsequently measured at their fair value (market value) as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Quoted stocks and shares are included in the Balance Sheet at the current market value quoted by the investment analyst, excluding dividend.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Since 31 March 2020, the outbreak of COVID-19 and related global responses have caused material disruptions to businesses around the world, leading to an economic showdown. Global equity markets have experienced significant volatility and weakness.

While governments and central banks have reacted with monetary interventions designed to stabilise economic conditions, the duration and extent of the impact of the COVID-19 outbreak, as well as the effectiveness of government and central bank responses, remains unclear at this time.

Realised gains and losses

continued...

Page 9

Royal Society Of British Artists Limited (a company limited by guarantee)

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

1. ACCOUNTING POLICIES - continued

Fixed assets investments

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening carrying value (or purchase date if later).

Debtors

Debtors are amounts owed to the charity. They are measured on the basis of their recoverable amount.

Bank and cash in hand

Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due. Cash equivalents are short term, highly liquid investments, usually in instant access interest bearing savings accounts.

Creditors

Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.

2. DONATIONS AND LEGACIES

Donations
Gift aid
Legacies
3.
OTHER TRADING ACTIVITIES
Social lotteries
Royalties
4.
INVESTMENT INCOME
Investment income
Deposit account interest
Interest receivable - trading		 2021
£
9,075
-
-
9,075
2021
£
-
995
995
2021
£
6,353
6
26
6,385		 2020
£
19,819
1,388
3,000		 2020
£
19,819
1,388
3,000
24,207
2020
£
638
687
1,325
2020
£
6,999
38
71
7,108
7,108

continued...

Page 10

Royal Society Of British Artists Limited (a company limited by guarantee)

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

5. OTHER INCOME
2021 2020
£ £
Candlelit supper - 4,131
Christmas lunch - 420
- 4,551
6. RAISING FUNDS
Investment management costs
2021 2020
£ £
Portfolio management 2,758 2,772
7. CHARITABLE ACTIVITIES COSTS
Support
Direct costs (see
Costs note 9) Totals
£ £ £
Exhibitions 44 7,538 7,582
Grants 365 564 929
409 8,102 8,511
8. GRANTS PAYABLE
2021 2020
£ £
Grants - 3,400
Grants to individuals are for education in the arts of painting and sculpture.
9. SUPPORT COSTS
SUPPORT COSTS
Governance
Management costs Totals
£ £ £
Exhibitions 2,057 5,481 7,538
Grants - 564 564
2,057 6,045 8,102

continued...

Page 11

Royal Society Of British Artists Limited (a company limited by guarantee)

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

9. SUPPORT COSTS - continued

The total support costs attributable to charitable activities is apportioned according to the activity to which the trustees/directors consider it relates. The trustees/directors have decided to meet all governance costs from unrestricted funds and so no allocation or charge is made to restricted funds for any governance related costs.

Governance costs include legal fees of £3,225 (2020 Nil) and accountancy fees of £2,820 (2020: £2,670). The accountancy fees are split between accounts fees £1,438 and independent examination fees £1,382 (2020: accounts fees £1,362; independent examination fees £1,308).

Support costs, included in the above, are as follows:

Management

Management
2021 2020
Total
Exhibitions activities
£ £
Telephone - 30
Postage and stationery 743 361
Advertising - 16
Sundries 199 1,963
Website 1,115 -
2,057 2,370
Governance costs
2021 2020
Total Total
Exhibitions Grants activities activities
£ £ £ £
Accountancy fees 2,256 564 2,820 2,670
Legal fees 3,225 - 3,225 -
5,481 564 6,045 2,670
OTHER
2021 2020
£ £
Candlelit supper - 5,383
Christmas lunch - 493
Diplomas - 320
- 6,196

10. OTHER

continued...

Page 12

Royal Society Of British Artists Limited (a company limited by guarantee)

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

11. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2021 nor for the year ended 31 March 2020.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2021 nor for the year ended 31 March 2020.

12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
fund
£
INCOME AND ENDOWMENTS FROM
Donations and legacies
18,566
Other trading activities
1,325
Investment income
3,502
Other income
4,551
Total
27,944
EXPENDITURE ON
Raising funds
1,359
Charitable activities
Exhibitions
8,163
Grants
2,029
Other
6,196
Total
17,747
Net gains/(losses) on investments
(6,043)
NET INCOME/(EXPENDITURE)
4,154
RECONCILIATION OF FUNDS
Total funds brought forward
182,198
TOTAL FUNDS CARRIED FORWARD
186,352		 Restricted
Endowment
funds
fund
£
£
5,641
-
-
-
-
3,606
-
-
5,641
3,606
-
1,413
-
-
1,650
2,602
-
-
1,650
4,015
-
(6,290)
3,991
(6,699)
662
172,124
4,653
165,425		 Total
funds
£
24,207
1,325
7,108
4,551
37,191
2,772
8,163
6,281
6,196
23,412
(12,333)
1,446
354,984
356,430

continued...

Page 13

Royal Society Of British Artists Limited

(a company limited by guarantee)

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

13. FIXED ASSET INVESTMENTS

Unrestricted
Endowment
Listed investments
funds
fund
£
£
Market value as at 31 March 2020
148,024
154,065
Additions
32,326
33,646
Disposals
(24,711)
(25,719)
Net gains/(losses)
14,770
15,373
Market value as at 31 March 2021
170,409
177,365
Historical cost as at 31 March 2021
163,470
170,143
Included in equities are overseas invested funds
14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
15.
ACCRUALS AND DEFERRED INCOME
Accruals and deferred income		 Unrestricted Endowment Total 2021 Total 2021 Total 2020 Total 2020
funds fund
£ £ £ £
148,024 154,065 302,089 299,578
32,326 33,646 65,972 371,318
(24,711) (25,719) (50,430) (356,474)
14,770 15,373 30,143 (12,333)
170,409 177,365 347,774 302,089
163,470 170,143 333,613 322,782
2021 2020
£ £
96,824 90,539
2021
£
112
2021
£
9,727		 2020
£
1,578
2020
£
9,399

Donations of £4,904 (2020: £4,574) have been deferred as these have been paid in advance for next year.

16. MOVEMENT IN FUNDS

Unrestricted funds
General fund
Restricted funds
F C Davison Award fund
Gordon Viva Memorial fund
Ronald Morgan
Peter Kelly
Stuart Southall
Endowment funds
Mrs Von-Werther Award Fund
TOTAL FUNDS		 At 1.4.20
£
186,352
12
250
1,473
2,718
200
4,653
165,425
356,430		 Net
movement
in funds
£
21,762
-
-
-
-
-
-
20,308
42,070		 At
31.3.21
£
208,114
12
250
1,473
2,718
200
4,653
185,733
398,500

continued...

Page 14

Royal Society Of British Artists Limited (a company limited by guarantee)

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

16. MOVEMENT IN FUNDS - continued

Net movement in funds, included in the above are as follows:

Incoming Resources Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 13,186 (9,497) 18,073 21,762
Endowment funds
Mrs Von-Werther Award Fund 3,269 (1,772) 18,811 20,308
TOTAL FUNDS 16,455 (11,269) 36,884 42,070

Comparatives for movement in funds

Unrestricted funds
General fund
Restricted funds
F C Davison Award fund
Gordon Viva Memorial fund
Ronald Morgan
Peter Kelly
Stuart Southall
Endowment funds
Mrs Von-Werther Award Fund
TOTAL FUNDS		 At 1.4.19
£
182,198
212
450
-
-
-
662
172,124
354,984		 Net
movement
in funds
£
4,154
(200)
(200)
1,473
2,718
200
3,991
(6,699)
1,446		 At
31.3.20
£
186,352
12
250
1,473
2,718
200
4,653
165,425
356,430

Page 15

continued...

Royal Society Of British Artists Limited (a company limited by guarantee)

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

16. MOVEMENT IN FUNDS - continued

Comparative net movement in funds, included in the above are as follows:

Incoming Resources Gains and Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 27,944 (17,747) (6,043) 4,154
Restricted funds
F C Davison Award fund - (200) - (200)
Gordon Viva Memorial fund - (200) - (200)
Ronald Morgan 1,723 (250) - 1,473
Peter Kelly 3,218 (500) - 2,718
Stuart Southall 700 (500) - 200
5,641 (1,650) - 3,991
Endowment funds
Mrs Von-Werther Award Fund 3,606 (4,015) (6,290) (6,699)
TOTAL FUNDS 37,191 (23,412) (12,333) 1,446

A current year 12 months and prior year 12 months combined position is as follows:

Unrestricted funds
General fund
Restricted funds
F C Davison Award fund
Gordon Viva Memorial fund
Ronald Morgan
Peter Kelly
Stuart Southall
Endowment funds
Mrs Von-Werther Award Fund
TOTAL FUNDS		 At 1.4.19
£
182,198
212
450
-
-
-
662
172,124
354,984		 Net
movement
in funds
£
25,916
(200)
(200)
1,473
2,718
200
3,991
13,609
43,516		 At
31.3.21
£
208,114
12
250
1,473
2,718
200
4,653
185,733
398,500

Page 16

continued...

Royal Society Of British Artists Limited (a company limited by guarantee)

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

16. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:

Incoming Resources Gains and Gains and Movement
resources expended losses in funds
£ £ £ £
Unrestricted funds
General fund 41,130 (27,244) 12,030 25,916
Restricted funds
F C Davison Award fund - (200) - (200)
Gordon Viva Memorial fund - (200) - (200)
Ronald Morgan 1,723 (250) - 1,473
Peter Kelly 3,218 (500) - 2,718
Stuart Southall 700 (500) - 200
5,641 (1,650) - 3,991
Endowment funds
Mrs Von-Werther Award Fund 6,875 (5,787) 12,521 13,609
TOTAL FUNDS 53,646 (34,681) 24,551 43,516

Unrestricted funds are available to be spent for any purposes of the charity.

The F C Davison Award fund was set up in 1991 following a legacy receipt and £5,000 was invested in a bank deposit account. Small awards are made to art students at the annual exhibition, at the trustees'/directors' discretion.

The Gordon Viva Memorial fund was set up in 2005 following a legacy bequeathed to the society in the sum of £2,000. This sum is invested in a deposit account and used to award prizes of between £100 and £150 each year to selected artists at the annual exhibition.

The Ronald Morgan fund was set up in 2020 following £500 which was won for a Whistler medal being given back to the charity by Mr Morgan, donations in his memory being received of £1085 and a gift aid claim of £138. These sums are invested in a deposit account and used to award prizes of £250 each year to a selected artist at the annual exhibition.

The Peter Kelly fund was set up in 2020 following a legacy bequeathed to the society in the sum of £3,000, together with donations in his memory of £218. These sums are invested in a deposit account and used to award a prize of £500 in the first year and £300 in subsequent years to a selected artist at the annual exhibition.

The Stuart Southall fund was set up in 2020 following a donation from him in the sum of £700. This sum was invested in a deposit account and two prizes have been awarded in 2020 for £250 each leaving £200 to be awarded in 2022.

Due to COVID19 restrictions the annual exhibition did not take place until April 2021 and as a result there has been no movements during 2021 on the F C Davison Award Fund, Gordon Viva Memorial Fund, Ronald Morgan Fund, Peter Kelly Fund and Stuart Southall Fund but all funds are available for use during the year to 31 March 2022.

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Royal Society Of British Artists Limited (a company limited by guarantee)

Notes to the Financial Statements - continued for the Year Ended 31 March 2021

16. MOVEMENT IN FUNDS - continued

The Mrs Von-Werther Award fund was established in 1995 and until the year ended 31 March 2005, a regular donation had been received from the late Mrs Von-Werther's husband in her memory. This has now ceased and a one-off legacy of £100,000 was received in February 2005. This fund will continue to pay for a young artist to be sent to The British School at Rome, Italy. The majority of the fund has been invested with a view to generating sufficient income to cover the costs of the annual grant.

17. RELATED PARTY DISCLOSURES

There were no related party transactions for the year ended 31 March 2021.

18. GOING CONCERN

In the opinion of the trustees the charity is expected to remain a going concern for at least 12 months from the date of signing of these financial statements.

In arriving at this opinion, the trustees have assumed that the current pandemic will continue indefinitelyand have based their forecasts on the financial resources available to the charity, its liabilitiesand when they fall due and on the levels of government support announced to date.

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