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 2023
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 2023
| 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 | 17 |
Royal Society Of British Artists Limited (a company limited by guarantee)
Report of the Trustees for the Year Ended 31 March 2023
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 2023. 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.
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Royal Society Of British Artists Limited (a company limited by guarantee)
Report of the Trustees
for the Year Ended 31 March 2023
ACHIEVEMENT AND PERFORMANCE
Charitable activities
The Royal Society of British Artists Limited (RBA) promotes the work of and encourages young artists and students. Also, we provide learning opportunities for the general public, through our workshops and demonstrations, which take place during the RBA Annual Exhibition at Mall Galleries.
We invited Huaicun Zhang, a prestigious Chinese/British watercolour and ink artist, to become an Honorary Member of the RBA. As a result, she presented an exhibition of her work at the Mall Galleries the profits from the sale of her works, approx. £98,000, were donated to the Royal Marsden Cancer Hospital. She also undertook a workshop for the public during our 2023 Exhibition and encouraged members of the public, young children as well as adults, to participate. This was very successful in all respects. We also held workshops for the public on using sketchbooks, printmaking and portraiture. All workshops are free to the public and are well attended.
The 2023 RBA Annual Exhibition celebrated our bicentennial year. Many prizes and awards were presented and it should be noted that the donors are encouraged to choose the prize-winners themselves. This helps to ensure that the awards are fairly given to members and non-members alike and the non-member artists were well represented. Many of the prizes on offer were awarded to young artists and we are proud to say that many of those were either past or present 'RBA RISING STARS'.
Our RBA RISING STARS Exhibition was started in 2015 and has been a very successful part of our annual programme. It involves artists aged 18 - 35 years, 40 of whom have been selected as semi-finalists of our Rome Scholarship 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. The 2022 winner, sculptor Clark Broadwood-Smith, stayed at Sala Uno in Rome in September and he and two other finalists received financial rewards and were invited to show their work in our Bicentenary Exhibition in March 2023.
Twenty younger artists, 'A' level students, were selected from about 400 applicants from around the UK. They became our RBA Star Students 2023, and were also invited to show their work alongside members in our 2023 Exhibition.
Our application for funding which for which we applied to Turing UK, a scheme run by the British Council, had been successful. The RBA set up a consortium of three FE colleges, one in Manchester, one in Hereford and another in Haringey London, with the purpose of sending students from disadvantaged backgrounds, for three weeks art related work experience to Malta, France, Italy or Spain. Although our plans were hindered as a result of Covid among the students and staffing levels at the colleges, this eventually took place. We involved 62 young people in this project and it was very successfully completed.
We have created a substantial online presence and we highlight our members and also many young artists, who are also included in our seasonal newsletter. In this way we are maintaining contact with these young people and encouraging them as much as we are able. This has meant that we now have three past RISING STARS as elected members of our Society and two of them have served on our Council.
FINANCIAL REVIEW
Financial position
Income for the period increased to £262,593 in 2023 from £19,955 in 2022, largely as a result of the Turing UK work described above.
Expenditure increased to £252,858 in 2023 from £25,089 in 2022, leaving an overall surplus of £9,735 (2022 deficit £5,134).
There was a net loss of £27,384 on investments during the year (2022 net gain of £5,614) reflecting general stock market volatility.
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Royal Society Of British Artists Limited (a company limited by guarantee)
Report of the Trustees for the Year Ended 31 March 2023
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 2023, the total funds of the charity were £381,331 (2022: £398,980). Of these, £177,988 (2022: £190,485) 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 Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 110 Corve Street Ludlow SHROPSHIRE SY8 1DJ
Approved by order of the board of trustees on 13 December 2023 and signed on its behalf by:
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Royal Society Of BrIti5h Artists Limlted (a company limited by RuaraDtee) Report of the Trustee5 for the Year Fdnded 31 March 21>23 M F Davies- Tn]stee Page 4
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 2023.
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
Since your charity's gross income exceeded £250,000 your examiner must be a member of a listed body. I can confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.
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:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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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
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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
Dyke Ruscoe & Hayes Ltd Chartered Certified Accountants 110 Corve Street Ludlow SHROPSHIRE SY8 1DJ
13 December 2023
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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 2023
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 2 240,377 Other trading activities 3 6,302 Investment income 4 5,342 Other income 5 2,680 Total 254,701 EXPENDITURE ON Raising funds 6 1,324 Charitable activities 7 Exhibitions 18,056 Grants 222,400 Other 10 4,655 Total 246,435 Net gains/(losses) on investments (13,418) NET INCOME/(EXPENDITURE) (5,152) RECONCILIATION OF FUNDS Total funds brought forward 208,495 TOTAL FUNDS CARRIED FORWARD 203,343 |
Restricted Endowment funds fund £ £ 300 2,483 - - - 5,109 - - 300 7,592 - 1,378 - 4,145 900 - - - 900 5,523 - (13,966) (600) (11,897) 3,403 187,082 2,803 175,185 |
2023 Total funds £ 243,160 6,302 10,451 2,680 262,593 2,702 22,201 223,300 4,655 252,858 (27,384) (17,649) 398,980 381,331 |
2022 Total funds £ 8,954 1,377 7,674 1,950 |
|---|---|---|---|
| 19,955 | |||
| 2,829 15,880 3,655 2,725 |
|||
| 25,089 | |||
| 5,614 | |||
| 480 398,500 |
|||
| 398,980 |
The notes form part of these financial statements
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Royal Society Of British Artists Limited (a company limited by guarantee)
Balance Sheet 31 March 2023
| Notes FIXED ASSETS Investments 13 CURRENT ASSETS Debtors 14 Cash at bank NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES ACCRUALS AND DEFERRED INCOME 15 NET ASSETS FUNDS 16 Unrestricted funds Restricted funds Endowment funds TOTAL FUNDS |
Unrestricted fund £ 157,486 13,081 47,485 60,566 60,566 218,052 (14,709) 203,343 |
Restricted funds £ - - 2,803 2,803 2,803 2,803 - 2,803 |
Endowment fund £ 163,914 - 11,271 11,271 11,271 175,185 - 175,185 |
2023 Total funds £ 321,400 13,081 61,559 74,640 74,640 396,040 (14,709) 381,331 203,343 2,803 175,185 381,331 |
2022 Total funds £ 352,540 331 304,351 304,682 304,682 657,222 (258,242) 398,980 208,495 3,403 187,082 398,980 |
|---|---|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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Royal Society Uf Brltlsh Artists Limited (# eomp%ny limited by gu4rant¢c) Balance 8he¢t- coTrtinued 31 Marth 2023 These financi21 ststcments have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies Jygime. The fiTVdncial 8tatements were approY¢d by the Board of Tru¥ttts and authorised for issue on 13 December 2023 and were signed un its b¢half by.. M F D8vies- Trnstee The notcs fom part of these financial slaiements Pa¥e 8
Royal Society Of British Artists Limited (a company limited by guarantee)
Notes to the Financial Statements for the Year Ended 31 March 2023
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.
Realised gains and losses
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.
continued...
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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 2023
1. ACCOUNTING POLICIES - continued
Fixed assets investments
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 Turing project income Prizes 3. OTHER TRADING ACTIVITIES Social lotteries Royalties Catalogue income 4. INVESTMENT INCOME Investment income Deposit account interest 5. OTHER INCOME Candlelit supper |
2023 £ 22,093 - 219,767 1,300 243,160 2023 £ - 554 5,748 6,302 2023 £ 9,998 453 10,451 2023 £ 2,680 |
2022 £ 8,404 110 - 440 |
|
|---|---|---|---|
| 8,954 | |||
| 2022 £ 150 1,227 - 1,377 2022 £ 7,670 4 |
|||
| 7,674 | |||
| 2022 £ 1,950 |
continued...
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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 2023
6. RAISING FUNDS
Investment management costs
| Investment management costs | ||
|---|---|---|
| 2023 | 2022 | |
| £ | £ | |
| Portfolio management | 2,702 | 2,829 |
7. CHARITABLE ACTIVITIES COSTS
| Exhibitions Grants GRANTS PAYABLE Grants |
Direct Costs £ 13,880 - 13,880 |
Grant funding of activities (see note 8) £ - 222,167 222,167 |
Support costs (see note 9) £ 8,321 1,133 9,454 2023 £ 222,167 |
Totals £ 22,201 223,300 |
|---|---|---|---|---|
| 245,501 | ||||
| 2022 £ 3,100 |
8. GRANTS PAYABLE
Grants to individuals are for education in the arts of painting and sculpture.
9. SUPPORT COSTS
| SUPPORT COSTS | |||
|---|---|---|---|
| Governance | |||
| Management | costs | Totals | |
| £ | £ | £ | |
| Exhibitions | 6,216 | 2,105 | 8,321 |
| Grants | - | 1,133 | 1,133 |
| 6,216 | 3,238 | 9,454 |
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 no legal fees this year (2022 £1,735) and accountancy fees of £3,238 (2022 £2,775). The accountancy fees are split between accounts fees £1,700 and independent examination fees £1,538 (2022: accounts fees £1,425; independent examination fees £1,350).
continued...
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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 2023
9. SUPPORT COSTS - continued
Support costs, included in the above, are as follows:
Management
| Management | |||||
|---|---|---|---|---|---|
| 2023 | 2022 | ||||
| Total | |||||
| Exhibitions | activities | ||||
| £ | £ | ||||
| Postage and stationery | 3,042 | 4,891 | |||
| Advertising | 540 | - | |||
| Sundries | 1,271 | 844 | |||
| Website | 1,363 | 2,015 | |||
| 6,216 | 7,750 | ||||
| Governance costs | |||||
| 2023 | 2022 | ||||
| Total | Total | ||||
| Exhibitions | Grants | activities | activities | ||
| £ | £ | £ | £ | ||
| Accountancy fees | 2,105 | 1,133 | 3,238 | 2,775 | |
| Legal fees | - | - | - | 1,735 | |
| 2,105 | 1,133 | 3,238 | 4,510 | ||
| 10. | OTHER | ||||
| 2023 | 2022 | ||||
| £ | £ | ||||
| Candlelit supper | 4,655 | 2,725 |
11. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 31 March 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| Unrestricted fund £ INCOME AND ENDOWMENTS FROM Donations and legacies 8,404 Other trading activities 1,377 Investment income 3,760 Other income 1,950 Total 15,491 EXPENDITURE ON Raising funds 1,386 |
Restricted Endowment funds fund £ £ 550 - - - - 3,914 - - 550 3,914 - 1,443 |
Total funds £ 8,954 1,377 7,674 1,950 |
|---|---|---|
| 19,955 | ||
| 2,829 |
continued...
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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 2023
| 12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment Total fund funds fund funds £ £ £ £ Charitable activities Exhibitions 11,895 - 3,985 15,880 Grants 1,855 1,800 - 3,655 Other 2,725 - - 2,725 Total 17,861 1,800 5,428 25,089 Net gains on investments 2,751 - 2,863 5,614 NET INCOME/(EXPENDITURE) 381 (1,250) 1,349 480 RECONCILIATION OF FUNDS Total funds brought forward 208,114 4,653 185,733 398,500 TOTAL FUNDS CARRIED FORWARD 208,495 3,403 187,082 398,980 13. FIXED ASSET INVESTMENTS Unrestricted Endowment Total 2023 Total 2022 Listed investments funds fund £ £ £ £ Market value as at 31 March 2022 172,744 179,796 352,540 347,774 Additions 63,737 66,339 130,076 29,294 Disposals (65,578) (68,254) (133,832) (30,142) Net gains/(losses) (13,418) (13,965) (27,383) 5,614 Market value as at 31 March 2023 157,485 163,914 321,401 352,540 Historical cost as at 31 March 2023 166,137 172,919 339,056 331,204 |
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment Total fund funds fund funds £ £ £ £ Charitable activities Exhibitions 11,895 - 3,985 15,880 Grants 1,855 1,800 - 3,655 Other 2,725 - - 2,725 Total 17,861 1,800 5,428 25,089 Net gains on investments 2,751 - 2,863 5,614 NET INCOME/(EXPENDITURE) 381 (1,250) 1,349 480 RECONCILIATION OF FUNDS Total funds brought forward 208,114 4,653 185,733 398,500 TOTAL FUNDS CARRIED FORWARD 208,495 3,403 187,082 398,980 13. FIXED ASSET INVESTMENTS Unrestricted Endowment Total 2023 Total 2022 Listed investments funds fund £ £ £ £ Market value as at 31 March 2022 172,744 179,796 352,540 347,774 Additions 63,737 66,339 130,076 29,294 Disposals (65,578) (68,254) (133,832) (30,142) Net gains/(losses) (13,418) (13,965) (27,383) 5,614 Market value as at 31 March 2023 157,485 163,914 321,401 352,540 Historical cost as at 31 March 2023 166,137 172,919 339,056 331,204 |
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment Total fund funds fund funds £ £ £ £ Charitable activities Exhibitions 11,895 - 3,985 15,880 Grants 1,855 1,800 - 3,655 Other 2,725 - - 2,725 Total 17,861 1,800 5,428 25,089 Net gains on investments 2,751 - 2,863 5,614 NET INCOME/(EXPENDITURE) 381 (1,250) 1,349 480 RECONCILIATION OF FUNDS Total funds brought forward 208,114 4,653 185,733 398,500 TOTAL FUNDS CARRIED FORWARD 208,495 3,403 187,082 398,980 13. FIXED ASSET INVESTMENTS Unrestricted Endowment Total 2023 Total 2022 Listed investments funds fund £ £ £ £ Market value as at 31 March 2022 172,744 179,796 352,540 347,774 Additions 63,737 66,339 130,076 29,294 Disposals (65,578) (68,254) (133,832) (30,142) Net gains/(losses) (13,418) (13,965) (27,383) 5,614 Market value as at 31 March 2023 157,485 163,914 321,401 352,540 Historical cost as at 31 March 2023 166,137 172,919 339,056 331,204 |
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment Total fund funds fund funds £ £ £ £ Charitable activities Exhibitions 11,895 - 3,985 15,880 Grants 1,855 1,800 - 3,655 Other 2,725 - - 2,725 Total 17,861 1,800 5,428 25,089 Net gains on investments 2,751 - 2,863 5,614 NET INCOME/(EXPENDITURE) 381 (1,250) 1,349 480 RECONCILIATION OF FUNDS Total funds brought forward 208,114 4,653 185,733 398,500 TOTAL FUNDS CARRIED FORWARD 208,495 3,403 187,082 398,980 13. FIXED ASSET INVESTMENTS Unrestricted Endowment Total 2023 Total 2022 Listed investments funds fund £ £ £ £ Market value as at 31 March 2022 172,744 179,796 352,540 347,774 Additions 63,737 66,339 130,076 29,294 Disposals (65,578) (68,254) (133,832) (30,142) Net gains/(losses) (13,418) (13,965) (27,383) 5,614 Market value as at 31 March 2023 157,485 163,914 321,401 352,540 Historical cost as at 31 March 2023 166,137 172,919 339,056 331,204 |
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment Total fund funds fund funds £ £ £ £ Charitable activities Exhibitions 11,895 - 3,985 15,880 Grants 1,855 1,800 - 3,655 Other 2,725 - - 2,725 Total 17,861 1,800 5,428 25,089 Net gains on investments 2,751 - 2,863 5,614 NET INCOME/(EXPENDITURE) 381 (1,250) 1,349 480 RECONCILIATION OF FUNDS Total funds brought forward 208,114 4,653 185,733 398,500 TOTAL FUNDS CARRIED FORWARD 208,495 3,403 187,082 398,980 13. FIXED ASSET INVESTMENTS Unrestricted Endowment Total 2023 Total 2022 Listed investments funds fund £ £ £ £ Market value as at 31 March 2022 172,744 179,796 352,540 347,774 Additions 63,737 66,339 130,076 29,294 Disposals (65,578) (68,254) (133,832) (30,142) Net gains/(losses) (13,418) (13,965) (27,383) 5,614 Market value as at 31 March 2023 157,485 163,914 321,401 352,540 Historical cost as at 31 March 2023 166,137 172,919 339,056 331,204 |
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment Total fund funds fund funds £ £ £ £ Charitable activities Exhibitions 11,895 - 3,985 15,880 Grants 1,855 1,800 - 3,655 Other 2,725 - - 2,725 Total 17,861 1,800 5,428 25,089 Net gains on investments 2,751 - 2,863 5,614 NET INCOME/(EXPENDITURE) 381 (1,250) 1,349 480 RECONCILIATION OF FUNDS Total funds brought forward 208,114 4,653 185,733 398,500 TOTAL FUNDS CARRIED FORWARD 208,495 3,403 187,082 398,980 13. FIXED ASSET INVESTMENTS Unrestricted Endowment Total 2023 Total 2022 Listed investments funds fund £ £ £ £ Market value as at 31 March 2022 172,744 179,796 352,540 347,774 Additions 63,737 66,339 130,076 29,294 Disposals (65,578) (68,254) (133,832) (30,142) Net gains/(losses) (13,418) (13,965) (27,383) 5,614 Market value as at 31 March 2023 157,485 163,914 321,401 352,540 Historical cost as at 31 March 2023 166,137 172,919 339,056 331,204 |
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment Total fund funds fund funds £ £ £ £ Charitable activities Exhibitions 11,895 - 3,985 15,880 Grants 1,855 1,800 - 3,655 Other 2,725 - - 2,725 Total 17,861 1,800 5,428 25,089 Net gains on investments 2,751 - 2,863 5,614 NET INCOME/(EXPENDITURE) 381 (1,250) 1,349 480 RECONCILIATION OF FUNDS Total funds brought forward 208,114 4,653 185,733 398,500 TOTAL FUNDS CARRIED FORWARD 208,495 3,403 187,082 398,980 13. FIXED ASSET INVESTMENTS Unrestricted Endowment Total 2023 Total 2022 Listed investments funds fund £ £ £ £ Market value as at 31 March 2022 172,744 179,796 352,540 347,774 Additions 63,737 66,339 130,076 29,294 Disposals (65,578) (68,254) (133,832) (30,142) Net gains/(losses) (13,418) (13,965) (27,383) 5,614 Market value as at 31 March 2023 157,485 163,914 321,401 352,540 Historical cost as at 31 March 2023 166,137 172,919 339,056 331,204 |
12. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued Unrestricted Restricted Endowment Total fund funds fund funds £ £ £ £ Charitable activities Exhibitions 11,895 - 3,985 15,880 Grants 1,855 1,800 - 3,655 Other 2,725 - - 2,725 Total 17,861 1,800 5,428 25,089 Net gains on investments 2,751 - 2,863 5,614 NET INCOME/(EXPENDITURE) 381 (1,250) 1,349 480 RECONCILIATION OF FUNDS Total funds brought forward 208,114 4,653 185,733 398,500 TOTAL FUNDS CARRIED FORWARD 208,495 3,403 187,082 398,980 13. FIXED ASSET INVESTMENTS Unrestricted Endowment Total 2023 Total 2022 Listed investments funds fund £ £ £ £ Market value as at 31 March 2022 172,744 179,796 352,540 347,774 Additions 63,737 66,339 130,076 29,294 Disposals (65,578) (68,254) (133,832) (30,142) Net gains/(losses) (13,418) (13,965) (27,383) 5,614 Market value as at 31 March 2023 157,485 163,914 321,401 352,540 Historical cost as at 31 March 2023 166,137 172,919 339,056 331,204 |
Total funds £ 15,880 3,655 2,725 |
|---|---|---|---|---|---|---|---|---|
| 25,089 | ||||||||
| 5,614 | ||||||||
| 480 398,500 |
||||||||
| 398,980 | ||||||||
| Unrestricted | Endowment | Total 2023 | Total 2022 | |||||
| funds | fund | |||||||
| £ | £ | £ | £ | |||||
| 172,744 | 179,796 | 352,540 | 347,774 | |||||
| 63,737 | 66,339 | 130,076 | 29,294 | |||||
| (65,578) | (68,254) | (133,832) | (30,142) | |||||
| (13,418) | (13,965) | (27,383) | 5,614 | |||||
| 157,485 | 163,914 | 321,401 | 352,540 | |||||
| 166,137 | 172,919 | 339,056 | 331,204 | |||||
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 2023
14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Trade debtors 15. ACCRUALS AND DEFERRED INCOME Accruals and deferred income |
2023 2022 £ £ 13,081 331 2023 2022 £ £ 14,709 258,242 |
2022 £ 331 |
|---|---|---|
Donations of £9,094.03 (2022: £254,992) 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 Net movement in funds, included in the above are as Unrestricted funds General fund Restricted funds Gordon Viva Memorial fund Ronald Morgan Peter Kelly Stuart Southall Endowment funds Mrs Von-Werther Award Fund TOTAL FUNDS |
follows: Incoming resources £ 254,701 50 250 - - 300 7,592 262,593 |
At 1.4.22 £ 208,495 12 50 973 2,118 250 3,403 187,082 398,980 Resources expended £ (246,435) (100) (250) (300) (250) (900) (5,523) (252,858) |
Net movement At in funds 31.3.23 £ £ (5,152) 203,343 - 12 (50) - - 973 (300) 1,818 (250) - (600) 2,803 (11,897) 175,185 (17,649) 381,331 Gains and Movement losses in funds £ £ (13,418) (5,152) - (50) - - - (300) - (250) - (600) (13,966) (11,897) (27,384) (17,649) |
At 31.3.23 £ 203,343 12 - 973 1,818 - |
|---|---|---|---|---|
| 2,803 175,185 |
||||
| 381,331 | ||||
| (600) (11,897) |
||||
| (17,649) |
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 2023
16. MOVEMENT IN FUNDS - continued
Comparatives for movement in funds
| At 1.4.21 £ Unrestricted funds General fund 208,114 Restricted funds F C Davison Award fund 12 Gordon Viva Memorial fund 250 Ronald Morgan 1,473 Peter Kelly 2,718 Stuart Southall 200 4,653 Endowment funds Mrs Von-Werther Award Fund 185,733 TOTAL FUNDS 398,500 Comparative net movement in funds, included in the above are as follows: Incoming Resources resources expended £ £ Unrestricted funds General fund 15,491 (17,861) Restricted funds Gordon Viva Memorial fund - (200) Ronald Morgan - (500) Peter Kelly - (600) Stuart Southall 550 (500) 550 (1,800) Endowment funds Mrs Von-Werther Award Fund 3,914 (5,428) TOTAL FUNDS 19,955 (25,089) |
Net movement At in funds 31.3.22 £ £ 381 208,495 - 12 (200) 50 (500) 973 (600) 2,118 50 250 (1,250) 3,403 1,349 187,082 480 398,980 Gains and Movement losses in funds £ £ 2,751 381 - (200) - (500) - (600) - 50 - (1,250) 2,863 1,349 5,614 480 |
|---|---|
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 2023
16. MOVEMENT IN FUNDS - continued
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 1.4.21 £ 208,114 12 250 1,473 2,718 200 4,653 185,733 398,500 |
Net movement in funds £ (4,771) - (250) (500) (900) (200) (1,850) (10,548) (17,169) |
At 31.3.23 £ 203,343 12 - 973 1,818 - |
|---|---|---|---|
| 2,803 175,185 |
|||
| 381,331 |
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Gordon Viva Memorial fund Ronald Morgan Peter Kelly Stuart Southall Endowment funds Mrs Von-Werther Award Fund TOTAL FUNDS |
Incoming resources £ 270,192 50 250 - 550 850 11,506 282,548 |
Resources expended £ (264,296) (300) (750) (900) (750) (2,700) (10,951) (277,947) |
Gains and Movement losses in funds £ £ (10,667) (4,771) - (250) - (500) - (900) - (200) - (1,850) (11,103) (10,548) (21,770) (17,169) |
Gains and Movement losses in funds £ £ (10,667) (4,771) - (250) - (500) - (900) - (200) - (1,850) (11,103) (10,548) (21,770) (17,169) |
|---|---|---|---|---|
| (1,850) (10,548) |
||||
| (17,169) |
Unrestricted funds are available to be spent for any purposes of the charity.
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.
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 2023
16. MOVEMENT IN FUNDS - continued
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 an additional £440 was donated with a £110 gift aid claim in 2022. These sums are invested in a deposit account and two prizes have been awarded in 2022 for £250 each leaving £250 to be awarded in 2023.
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 2023.
Page 17