REGisfERKD COMPANY NUMBER: 02023615 (England W&les)
REGISTERED tHA￿Ty Nuf+fBER: 294590
Rtport of th¢ Trnsteu And
1Snaudlted ￿nantIsI StAtemtnts
forth¢ Yar EDded 31 March 2025
for
Roygi Society ofBriti5b Artlsts Limited
(x complly i1￿￿ted by gu9rant¢¢)
110 Corve StEEd
Lud]ow
SHROPSHtRE
SY8 IDJ

Royal Sotiety Of British Arti4ts Limited
(A eoJDpaDy limitsd by gu2rAiitee)
Conltnts of tbe Statejnellts
foi" the Ytar Ended JI M8rcb 2(12S
P*ge
Report of tbe TnLStee
I to 4
Independent EXa￿l￿tr.$ Report
stxtement of FiNaNci41 A¢tiviti
Bakn￿ce Sheet
7 to 8
Notss to th• FinaDei81 Ststements
9 to 18

Royal Society Of ljrxtish Artists Lirnit
{a comp&Dy limited by guarantse)
Report of the Trnstees
for the Year Ended 31 March 2025
The I￿SteeS who are also d￿eCtOrS of the elmity for the put￿ of the Companies Act 2￿. presellt their rep)rt Mryth
the financial Statements of t￿ charity for th¢ year ¢nded 31 2025. The tnjsletr have the provisions of
Accoullting and Reporting by Chatifi¢s'. Stai¢m¥)t of Recomnh*￿ Practice applithle to chatities preparing their
EI¢CQimts in accordance with the Firtaticial R¢EM)niog Stsndard applicable in UK and Republic of EJY]aJMJ (FRS 102)
(effwive l January 2019).
Objectives and aims
The results for the yw aTKI the fJnanGial p(xsilioD of the c*mpany is slLOWll in attac1￿d fiNanciHI statements. The
cornpaiiy is limited by guarantee (Company Nulltr. 02023615) and is a regi5tthl d￿lty (Registratioii Number..
29459)).
Piylleip&l ActtvitiL* #lld objeetives of the charity
In ]ine the chatity's PUryX)se in its governing (&)cumeDts. the charitys Pr￿K1paI ¥tivities during the y￿r uJMler
review are that of the prom(￿10￿ and advatKYM￿ of public aucatton in the arts of painttil8, ￿lpture, drdwing alld
printmaking.
Public benefit
The directors Itrustets have referred to and given th consideration to th¢ guidance in th¢ Charity Commisgion's gthern]
guidance on publiG IKnefit when mi¢wing the aims obJ"edives and in planning fidure a¢tivities. In ￿l¢￿I￿r,
direct￿8 I trustees ¢￿$]￿r how plonned a¢ltviti&s will CODtiibure tothe ain]s and objwtives they bave seL
Gr*Ntmgking
Gratts made by the cow￿￿1 of RBA. They are awarded by ￿t￿Mitt￿5 Mthose composition ¢han8¢s annually alld
ar¢ judged on artistiG growd% The Preside￿1 of the RBA cl]airs the C￿￿mitteeS 2nd has the ￿sling vote. Grdnts and
(kn8tiovs are carefully ¢￿Id￿rd and are onty maik when it is certain that the th)nations contributr toivards the charity
achieving its obje¢tives.

Royal Society of￿1*15￿ Artists Limit
(A compAlly Ilmited by guarAnts¢)
Report ofthe Trnsttts
lor the Ye2rEnded 31 M*￿h 21)L4
ACHtEVE31 IETr4TS AND PERFORMANCE
Charitable xetivitl¢s
Thc Royal Socidy of British Artists Limited (RBA) cKmtinues to champion a￿1 promote the work of young artists,
students, and emergillg tal¢nt - as well as more establis1￿1 pr&Xitioners. We also offtt 1¢8rning opportunities for th
general pub]ic througb our progrdmme of worksw arKI deEn0nstrati￿S 8nd public I￿￿T¢s, hdd during Éhe RBA
Annual Exhibition dt Mall Galleri&8.
The 2024125 season marked a year of cJwg& Mtck h&i Served &$ So¢iety's President tor the past five
yew. st(Kd d¢)wn. Michael Ha]rison w&8 duly eltrted by ihe TlltmiKt5hip ar￿ tys￿ed the role. Brenda Davic5
relinquish¢d her position as Honorary Secrdary aThl w&s ¢l￿d an HoJK)rAry Fellow in reco8nition of her ullstintitsg
servic¢ to the s[￿Iety over tk years. The Socio ¢xpres8es its 8[￿t￿￿k ￿ both.
We ar¢ also apFYecialive of the ￿lStance provid￿ by Cheryl Culyex. on the rok of Honorary Stcrctory for a
shortper1￿J- her Sup￿)rt is Wa￿1Y acknowldged.
The Society ￿ also infomied of th¢ intention of Ho[￿[8ry Tre&sureF. Fraticis to step down at the AOM in
m￿Ch 2026. His eontributiot) h&qb%n inYaluablG and hewill trnly Ihard actto follow.
We are Pro￿ to Conlinue offering the RBA R(Mne SclK)latship. made [￿￿81ble by a genuous Fwu&gL from the lkn Mr
G.H. Benn, in tnemory of his wife, Marianne Von Wertber. a former metnber of the BBA. The RBA RlStNG STARS
initiativ< establish￿ in 2015. has becomc a key partof our aTJnual programrtje.
This yejw, 40 young artists aged 1&35 wete Se1￿¢d by our Edu￿tion Cth]rnittee ￿ semi-finalists for the Rom¢
S¢hol8tthip. Their Work exhibited in t1￿ RBA RiS"IN'G sfAIL% exhibition. held in partnuship with the Royal
Over-seas txague (ROSL) ill Mayfair. Th¢ir WO￿ on show th available for purGhase at ROSL for a period of
thrte months. W¢ are deeply indebtedto L￿19 Chawle and his stsff fore4]abltngthis event.
Our collaboration with Honordry memb￿ Fluaicun Zhaog Ilas aT￿ floUrith￿l, enabling the So¢iety to r&is¢ its
publi¢ profde and exp&na th¢ ptize fvThd for the RBA RISNG S"TARS attd Rome Scholarship exhibityon.
From the semt-finali%ts, three finalists wue and ijjviied to int&views at Mall Galleries to detern)ine the
8d]olarship winner. The award comprised a month'5 residency at Sala U￿0 in Rom4 includillg flighE half-board
acCOn]￿oda1lON and access to studio space. The winnEr also [￿￿lYCa in cash, the two runners-up each
Jrcelv￿ng £l,O(X>. The 2023 winotxwas Joshuatk)Dkor, who SPULt Septankr in Rome.
At the 2025 Annual Ex￿￿ltI(FO, we Once w in¢lud¢d OVE non-tnember artists, exhib[ti￿g Alongside RBA m¢mlm, a
totsl of 554 am¥orks were displayed CO￿priS1ng 275 by arti￿ and 279 by open artfSts. Th￿kS tCF a
generous donauon frorn Mrs Zhw and b¢r daughTrr, Xian ChK i)w Patron, we wer¢ able to offer substantial priz¢5 to
embe¥ and nOn-￿ember exbibiting artists VisiÉor al￿d￿¢¢ at the LKbibitioD Pri￿ View exceeded 60a - a recor(I
for al￿ FBA evellt
A range of priz&q and awards were pro%arted thwing thE exhibitiow with d￿0T$ fflcouraged to selert the recipients
themselves. This approach ensu￿ fairness and inclusivity across membe]s and non-memlKTS. W¢ are proud that
n￿lY of the awords wenito youn8 artists. indudiDg and 6Wt RISLNG sfARS.
Our partneiship with Qualiffj the Japawe .4rt Society, h&$ Continued to grow. 0￿< again, RBA artists were feetured
in their beaUti￿llY EWodUc￿ calalogu¢ and invited to tske part in th¢ MtNERVA exhibition at the M811 Gaileries.
sp￿hts of appreciation given by Michael H￿risOn and Mr KUshId￿ followed by the ¢ustomary excltsng¢ of 8ifi5
between the Presidcllt#nd MrKushida.
During the A￿Thu￿1 Exhibition, we hosted a prograrome of public ta]k5 and demormtions. Tre are particularly grnlefijl
to thos¢ mern1￿ who l¢d Worksho￿. Our festive Candlelit supper snd CbrithJ&s buff& were Mell attended aTKI also
served as fu[￿raising OPPMwiitie4 with colle¢tiotLS And raffles raisÉng donatiOAS for St Johtt's H05pithI J¢rJsalein Eye
Appeal andthe AGBFL
W¢ have continued to dev¢lop our otiline mdia pro¥e￿ with a fo¢ws on srtiai nTrediA d&8Pite a leM￿rary
5etb8d(with Sn5twaTEL
Pag¢ 2

Royal Society ofBiitSsh Artists Limit&1
(4 tompany limited by gii*ratttee
Report of the Trustees
for th¢ YeAr Ellded 311¥IAtth 2025
l and n]y vi(£ director Henry Jab￿￿ would like to thank Cwttcil for al] fvir support during Tlly inaugural year as
Presidtrit.
FINANCtAL REVIKW
Fin8nci4l position
IDcom¢ £or th£ period decNsed ¢0 £44,709 in 2025 from £49.¢￿50 ID 2024.
Fxpcnditllre increased to £46,036 in 2025 frotn £37.858 in 21r24, leavÉng an overall d¢ficit of £1,327 {2024 sutplus
£11202).
There was a net gain of £7.462 on investmthts during ￿ ytar (2024 net gain of refiecting gawal st￿k market
volatility.
Reserves policy
The directoi3 / trustees ar¢ satisfied that the level of reserves hdd by the cljarity 15 app￿￿at¢ for the charity to athieve
its objectives. At 31 March 2025. the total fund8 of the charity were £406.758 (2024: £400,623). Of the*. £191,830
(2024.. £191,716) wer¢ restricted.
The unrestri¢t¢d fill¥J5 are re￿￿ellted n)8inly by the iw)Tr¢ of which crntnbutes to the tharity's
expenditur& The￿ are monitorol carefijlly to ￿Su[C tlw the incollK th￿.itable activities.
dI￿10￿,trUstc¢S consider that the unK*rided fill¥J5 5h(wld b¢ Inainlatt￿d at a leyel atKTrv¢ £IOO,iN)O order tI￿t they
all meet the £baritabl¢ objectives.
Tht di￿￿or5 I tNstees monitordK level of Yes￿5 tIll￿Y basis.
STRUCTUR￿ COVERNKNCE AND ML)AGKMENT
Gov¢rning docllme￿t
Th¢ ¢ntity is goV￿ned by its Manornndum and Articl&s of As4Kiation dated 3 Dtt¢ml*r 2021. as by a
8￿cIal resolLrtion dat￿ 8 February ?024.
The charity is a compally ]imited by 8uarante& The membus of the company are the dirt4￿￿91¢eS named below. In
the event of ihe clwity being Woul￿ up. th¢ lthbility In of the 8iiardDttt is limitrd to £1 ￿ memkn of the
Recruitment and #ppointmeDt of tru8tttddirectOTS
New dire¢tors I tnsstecs are pmposed by thc ￿l$tIllg dire¢tors I tnLSte&s. Any pn)￿1$ aTe ratified by the Cowicil of the
Royal British ArtffisL8 (RBA) which is separate from Royal of British ArtisLs Limited. ThE Councsl of ihe
RBA is mode up of e%puien¢ed and distsnguithed mell]Ecrs of the RBA. M,ho itKlude dir￿tOr￿USttrs of the Royal
Society of Britith Artists Limited, and their appointsnent is thJe¢t to the RBA'S 0￿1 n]1￿. ThErc is no time limit to ihe
tem of dire¢torsltnLts' app)intmtnt. The nwnber of dire(aors shall not be le55 than thtte untess othawise
ddermin&l by a General meetillg shall no¢ be mor¢ thantrn.
REVEREf4CE AND ADMINI￿TIvE DKTAIt
Registered C(TrmpaDy ￿ll￿ber
02023615 (Engiandand Wales)
Registerthl Cb9rity nurnber
294590
R¢gi$*¢r¢d office
17 C2Tlton House TeTra
London
SWIY SBD

ROYAI Society Of British ATrlists IAmited
(* Company limited by guarantee)
Report of the Trustees
for the YeAr Kllded 31.Mgreh 202S
Tru5tee5
M F Davies
Ms MDutto
T Watts
H N JabtM)ur (appointed 12.6.24)
MF Harrison (apw>inted 116.24)
Independent Exllminer
B F. Pritne
Str¢¢ts Dyke Ruscoe Ltd
110 Corv¢ Street
Ludlow
SHLIOPSHLRE
SY8 IDJ
Approved by order of theTrth of tn￿ on 14Novffl)E*r 2025 aTMI sI￿￿d on ilsbehalf by:
son. TnL5
Page 4

Ind¢pendeDt Exxminer's Report to the Tn￿t¢e8 of
Royal s￿Iety Of British Artists Limited
(A cO￿paNY limited by g￿arantee)
Independent ex*miner's report to the trDst¢e8 of ROYAI Soaety Of BTitish Arlists LimitAI {a eompny limited by
guar#iit¢t) Cthe Cornpany,)
I report to the ch&rity twsie¢s on my &umTnation ofthe ac￿Unts ofthe COM￿ forthe year &Kied 31 Marth 2025.
Responsibilities 4nd b&si$ of report
As the charity's ¢rustees of the Comwdny (and also its for the puyw of oxnpany law) you 8re rtspollsible for
the preparatioll of the acwutjts in accold0￿¢wIth ibe requiremthts ofthe c¢￿panieS Art20(￿ ethe 2006 Acfl
Ha￿lIE salisficd myself that th¢ accwnts of the Company we not wuired to ￿ a￿lited under Part 16 of the 2006 Act
a[￿ are eligible for indqkndent examinatE0￿ I re￿)rt in rt4X¢t of my exami￿￿10￿ of your clwity's ac£ounts as carried
out ull(kr SeGtion 145 of the cl￿nti&￿ AGt 2011 Cdle 2011 Ac¢). In c&￿Ing out ¥ny emni]hatitsn L have follow￿ the
Dimiions givth by the Charity coll]n]i￿on Se¢*ion 145(5) (b) of the 2011 ACL
Independent e39miner's slaterllent
I have ¢ompleted t￿Y exaYDiDatson. I COllfi￿ that llo have come to my attention connection with the
inatioll ¥iTritw ca￿¢ to belicve..
accoutsting records were notkept in res]*d OftheComt￿ as requirsj by seiti1￿ 386 ofthE 2006 A<t or
the #Gcounts do not accordwith ththe twonls.
the accounts do not cowty with the accountill8 rWuire¥t￿ts of S(*tion 396 of th¢ 2(M)6 Act otber than any
requircmcnt that the ￿0￿nts gkV¢ a true a￿4 fair which is not a matter consÈdered as part of all Ind￿ndent
examination. or
Ihc accounts have not prepared in actordance with the meth(Kis gnd prillciples of th¢ St&km￿l of
Reconmiended Pra¢ti¢e for accoutrting and r4￿]ng by ¢harities (ar4)]icable to charitie5 preparing thtir accounts
accordance with the FsnallcÈal R¢ixKtiqg Standard app]icablE iThth6UK a￿j Rwbli¢ ofTreland IFRS 102)).
I havc no cAmcttrKg al￿ have com¢ a¢n￿% no other n]attas in (￿)nt￿Xi￿ with the exaTnination to which attention should
be drawn in thi8 report in order to wwble a propff Und¢￿n8 ofthe acC￿lts to ￿ Fe4ched.
B B Prime
Streets Dyke Ltd
110 CoThe Street
Ludlow
SHRoPSH￿￿
SY8 IDJ
l4 N0veME￿2025
Page 5

ROYAI Society OfBritish Artists Liudted
(a tQmP9ny limited by gll•r4ntee)
Statemtiit of FillADtial Aetivitiey
(Incorporating Incojne and Kxpendithre Attouttt)
for the YeAr Ejhded 31 March 2025
2025
TotsL
fi￿d$
2024
Total
fi￿d8
VCOMF. AND
ENDOWMEP4TS VROTrt
Donations and legacies
13,101
IA54
23,7LI
31.877
(Ihertrading activities
Investn]ent income
Other incom¢
292
8,088
5,910
292
14.724
5.910
6.636
13,233
3,486
Total
23,518
13.101
44.709
49.060
XPKNDTfuRE ON
RaKsing funds
1295
2,641
2.130
Charitabk #¢tfviti¢s
Exhibitions
Gttnts
8,558
5,151
1637
11,195
2A051
13,040
16,530
io
149
6,149
6.158
Total
21.153
20.
3,983
46.036
37,858
Nd gains on inv&sknents
3.656
7,462
8,090
NffT
INCOMEI(EXPENDTfuBE)
6.021
(7,799)
7.913
6,135
19292
REcof*CILIATION OF
Totsl fijnds bFought fojwrd
20&IX17
9,616
182,1
41x1.623
381,331
TufAI. FLNDS CARRIED
FORWARD
214.928
1,817
191.013
406,758
400,623

Ro)wl Sotiety Of Briti5b Artists Llmlted
(a comp4lly limited by g￿￿Tr￿lee)
BAIAllee Sheet- eontittued
31 March 2025
These finAncial statell￿nts have be£D prepared in aCcu￿an¢e with the provisions applicable to charitable coinwies
Subject to the SLnall companies regime.
The finaiicral st[rt¢￿eT￿ts We￿ aA>rovd by the &Mrd of Tr￿￿teL8 a￿j auth(￿1￿ for i55uc on 14 Nov¢mber 2025 and
Ere Signed its iEhalf by..

Royal Society Of British Artists Lirni￿1
(& eompaThy limited by gu4r8Mtee)
Baiatsee Sheet
31 March 2025
2025
Total
fund5
21ll4
Total
nds
fuvds
Nots
FIXED ASSETS
Tnvestments
13
163,724
170.406
334.130
328,922
CURR&IYT ASSETS
Debtors
Cash at bank
14
60
83,043
208
80,541
61,619
1.817
19,607
61.679
1.817
19.607
83,103
80.749
NfT CURRETrIT ASSETS
61.679
19,607
83.103
80,749
TOTAL ASSETS LKS'S
CURRENT LIABtLITIIS
25.403
1.817
I￿.013
417233
409,671
ACCRLALS AND
DEfiEI RRED JNCOME
15
(10.475)
(10,475)
(9.048)
NET ASSEIS
214,928
1.817
I￿,015
406.758
400,623
16
Unr&sttiitsl fi]nds
ReStriL%￿ fi￿d5
Endowment funds
214,928
1,817
I￿.013
208,9)7
9,616
182.1
4{￿.758
4(K>,623
The charitable compRt]y is entitled to exeniptiim from audit wider ￿lon 4T1 of the Companies A¢t 2006 for the year
ended 31 March 2025.
The rn￿bers have not required the rornpEny io ui*aifft an aLMlit of its filla￿la1 5t&twwts for the year ended
31 March2025 in accord&ncc with SeGti(fft 476 of the C(wits Act 2￿￿.
Thc trusts aGknowl¢dgr their t¢spN)nsibiliti&s for
ensuring tbat the La￿ltable Company keq>s aco)uthg that C4)mply with Seetiort% 386 and 387 of Ébe
Compallieg Act 2006 alld
prcparing fi1whe1￿ statements wbich gsve a aN4 fair view of slate of affai￿ of the djaritable company os
at the end of t￿h fmancial year and of its sutplw or deficit for ￿ financial year til a¢cordance with the
requiremettts of Sectims 394 aThl 395 aDd which otherwis¢ comply with the wuinxnents of the Companies A¢t
2006 reiating to fJnatJ¢ial thtement4 so firas appliL￿Ret0th¢ cljsritable wt]pw.
(b)
Then(rte5 f(*m p&rtof these film￿1&1 sthtemeths

Roy&l Sotiety ofBritF5h Artists Limited
la company limited by £￿a￿￿tte)
r4otes to the Kllanci41 Ststements
for the Year Ended JI March 2025
ACCOUNTING POLICIES
B&st8 of preparing the ststemeTrts
The finwiciai stateD]eDts of the Eharitable c(xnpany. wbidl is a public b￿)efit entity WKl¢r FRS 101 Iiave bEcn
prepared in aCCo￿a￿ce with the Charities SORP (FRS I￿) 'A¢e<xJnting Rew)Jting by Cbarities: Ststenient
of Recomtnended Practs¢¢ appIl￿ble to cliatities twing their accounts ID accordance with the Financial
RepoTting StaT)daTd applicable in the UK a]kl Rqwblic of Irelatmj (FRS 102) (effective l Janwy 2019),,
Fitwicial Reporting Standard 102 The Fin￿£181 Rwrting Ststh applicable in the Lll and Republic of
Irelan& and the C(xnpani&% Act 2¢J)6. The financial statcments have been PfLiwed under th¢ historical cost
conv¢ntion, with the ex•ion of it]veslD]ents wllidi Inclu￿ at martet val￿.
A]1 ts rwgnised in the St*tment of FiDanCI￿ Acttvities 0￿e the CI￿lty to th¢ fiJnd4 it
18 probable tbat the in¢om¢ wiu be recEived and the amount ine&8UTed reliably.
Income from xtiTriti6S is not subJ￿t to disryxutsVAT or any other 5al¢s laxes.
Expenditllre
Li&bilitits are Tecognised as eXr￿dItitre &8 soon a5 AS a lewdl or constrnthve obligation cO￿j￿itting the
ch￿lty to t1￿1 cXpet￿ltU￿. it t$ probable that 3 Iransftt of c4X￿L￿nic E*ncfits will be rcquircd in settlanent and
the afnount of the obligation be reliably. EX[￿dIture is a¢xounted for on an acauals basis and has
been Classifi￿ under h￿ingS that aggregate all cost ￿lated to the categry. Whete eosts (annot be direcsly
attributed to particular headtngs they hav¢ been all¢)cat&l to &Xiviti¢s on a Iksis consist¢nt with the use of
Grants offcred SUbj￿L lo Conditio￿4 s¥bith h&ve not btr4J rnrt at the ycar cnd date are noted as H comillitment b
not accrued &5 expendityre.
Taxation
The charity is ¢xempt froln ¢J)[￿lOn M on itsdwitable Kiivities.
Fund occounting
UnrE5tiiLa¢d funds can b¢ in accOrda￿withthe ¢lwitsble objttlives atthe discrdiou of the tru5tetS.
R£5tri¢ted funth can on]y be Us￿1 for pgrtiimdar restrict￿1 purp05¢S Wtthin t￿ ObJ￿ts of thB Cherity. Restriction$
arise when specified by the donor fi￿S ate rdiSed f£￿ particular restti¢tedp]nxw.
Furtherexplanation of the nature alld rwxyse of ￿ f￿d is inch¥knl in the not¢s to th¢ fmangial Stat￿ents.
Flxed 918ets invtttrnents
Invuments Ere & forn] of b&sic filla￿la1 itsstru￿. Fixed &&%et investll*nts sre Ènitiauy recognised at their
trwsactson value and are 5ubs¢querttly measurd at their fair value (￿￿ket volue) &8 at the bai#nce sheet date.
The Sthtement of FiFWLciai A¢tiviti4s I￿l￿d£S the net gaius and losses ￿]SI￿g on revaluatiott and distx)sais
thTougknuL the year. Quoted strKks arHI shares are induded in the BaiaT*e Sheet at the ¢Lwrent matket value
quottd by the inveStm￿t analysL exclthg dividend.
The ￿a]n for￿ of financial risk fac£d by the charity is tkn of volatiIity in equity markets and investmart rnarkets
due to wider ¢COD￿nIC conditio1￿, the attitude of ÉnYc#ors 10 inv&thalt risK 8nd {l￿nge9 in seNtiment
collcuning equiti¢5 alld within p&rticthar sectors or sub sectots.
Re#li5ed gain5 and losses
All gain5 lo￿ are taken to the Statement of Financi81 knivities &% tty arise. Rea]ised gains and loss&s on
invathents are Calcul￿ed the diffeM¢e ￿ween sales pr￿l￿d$ and O￿ling ¢anying value (purchase date if
later). Unreaiised gains and losses are ¢8J¢Ldated as the diff0￿¢¢ the market vdu¢ at th¢ year elld and
' opening Carrying￿alUe (or pur¢has¢ (tste if later).
Debton
Debtors are¥mounts OW￿ tothe charity. Tlry are rnea8urEd on the b&%15 of their recoverable amouDL
Page 9

Royal Society Of BtY¢isb Artists Limited
(a eompally limited by gusr9￿tse)
Notss to the StaterneNts- continued
tor the Ye2rEnded 31 March 2025
AccouYfLNG POLICIES. continuwl
Fixed ￿￿ets iAYestmeDts
Bank aud cash ID hltkd
Coth at bank 4nd in haT]d ts hdd to n￿et the day to dry nmning costs of the charity &8 they fAII due. Cash
equivatetrts arc Sh￿ tErm, highty liquid inv£%tsn&tt uS￿alty in I￿81￿nt ￿ inteTe5t bearing savings awounts.
Crnliti>
Crfylitorn are amounts owed by tILe ¢lthTRty. are mea4]rd at the arn￿J￿ that the ¢h8tity ext£d5 to have to
pay to s¢ttl¢ th¢ d¢bt.
DONATIONS AND LEGACI&S
2025
2ff24
IX)nations
Gift aid
Turing project ino)tne
Priz&
932
27,P)8
125
3354
600
850
23.783
31,877
oT￿R ThADING AcfIviTILS
2025
2024
RoyaltiC6
C&tslogue Inc￿lle
292
389
75
INVESTMENT INCOME
2025
2024
InTr-¢strn¢nt incomr
Deposit account intrxest
13.925
7W
12,39?
841
14.724
13.233
OTHKR INCOME
2024
C8ndle]it supper
Christtll&S lun¢h
2W5
390
3265
3,150
336
5910
3,486
Page io
rontll)ued...

Royal So¢lety Of BritÉsh Art&¥ts LI￿7t£d
(a compAiiy limited by gUar￿ntee)
Note5 to the FiManei#l Ststsmellts-
fDr the YeAI" Ended 31 MaTch 2025
RAtSING FUTrJDS
lllwestment mAnagement costs
21r25
2024
Porfolio mallagement
2,641
1130
f￿ndIng of
acrivities
{see Tjote
Support
cosL4' (sec
note 9)
Costs
8)
Totals
ExhibitioDs
Grants
1637
8.558
1,201
11,195
26,051
24.850
2,637
24,850
9.759
37,?46
GRANTS PAY&BLE
2025
2024
24.850
15,400
Grat￿10 indiviih]als are foreducgtion itithE artsof￿1llting and seulrrture.
SUPPORT COSIS
Gvvernance
BxhtbitiODS
Gyonts
5.746
io
2,802
1201
8,558
1201
5,746
io
4,003
9,759
Th¢ total support costs attrI￿tsble to charitable actiYBties is aNy)rti￿ed accoréing ts the activity to vthi¢h the
truste&dire¢tors consider it relat&& The tr￿￿te&d]re(￿ors bsir lI￿lded to meet A]1 govemmce costs from
Ul]Tesiri¢ted fiumls and so no allocati(xJ orcharge is ll￿de to restrictrd funds for any gov¢mance rel&ted Costs.
(knvemance costs include no legal fees thig )'ear (2024 £0) atKI aC￿lnIan0. fees of £4,003 (2024 £3,766). Th6
accouttsncy fe¢s are split between aCC￿nts fees £2080 and indqthnt e￿￿￿tt￿tiOn fees £1,923 {2024.,
accoutts fets £1,950. indepen(kntexaminalion fe4s£1,816).
Pa8eii
c￿tInUed...

Roy&l Soelety Of Britksh Arti515 Limited
(a Comp￿llY limited by guarants¢)
Not￿ to the Fln#Neial St*tem¢nts-
for the Year Ended 31 Marckn 21ns
SUPPORT COSTS- colltiDued
Supp(kt Co$￿ included in th¢ alx)v4 areas follows:
MAnageJnent
2025
2024
Total
activities
Exhibitions
Postagc a￿1 stationery
gundries
Website
1,954
1496
2,487
972
3,507
5.746
6P66
Fin#nce
2025
2024
Totsl
Exbibiiions
activities
Bank Charges
io
14
Govern%1￿ Costs
2025
Toral
acÉi7ritie5
2024
Exhibitio
tivities
A¢wuntan¢y fres
1.201
4,(M)3
3.766
io.
OTHER
2025
2024
Can(Ileltt supper
Christm&% lunch
3.482
5 J53
805
2,667
9,759
Supp(xL costs
10,746
15908
16,904
IL TRusfEES' RLMUP4ERATtON ATr4D BEf4KFtps
There wer¢ no trustecs. rellN￿Oll or oth¢r bmefits for the year 31 MarL* 2025 nor for the Y￿ ended
31 ￿tarch 2024.
Trustees, expenses
Therewcrc no tnL8tees' exp&w paid fi)rthc year end￿31 Marth 2W25 nor for the year elld￿ 31 March 2024.
A totsl of £l.000 w reirnburEed to l trustee for I[￿MEd in relation to th¢ website develOpM￿t. Thi8
c￿￿8¢ Includ￿ w¢lBit¢ costs.
Page 12
continued...

Royal Sotiety ofBrfttsh Ai*ists Limited
(A company Ilmit¢d by gu#rAlltee)
Notss to the FIDantlAI StAtemellts- toD11￿lled
foR' th¢ Year Ended 31 2025
11 COMPARATIVES FOR ITIK sfATEMEYf OF FINANCIAL AcrivrTIES
Unrewi(*¢d Restiid
To(FJ
fi]nds
fifnd
INCDME Af4D F.NDOWMEr(tS FROM
Donations Jnd l¢gaci¢s
20.725
1058
31.877
Other trading activities
Invothcnt inco]ne
Other It￿0￿]e
464
13,233
3,486
6.762
6,471
Tot*1
19.806
20.725
8J29
49,060
EXPENDllURE OLY
Ra￿1￿# fLnds
1,086
2.130
Chjritable activities
Ex}￿bitionS
Grants
9,886
1.130
3.154
1500
13,040
16,530
13.gml
6.158
6,158
Total
18218
13,9(X)
5,740
37,858
Net gains on invesknents
4,126
Nyf ￿COm
Trnnsf¢rs between fund$
5552
12
6.825
(12)
6,91S
19292
N¢t Jnovernellt
5564
6,813
6.915
19,2Y2
RfCOP4CILIATION OF FufiDS
Total fiinds brought forward
203J43
2,803
175.185
381,331
TOTAL Fuf4DS CARRIED FORWAB
9,616
181100
41M).623
P8ge 13
continued...

Roysl Society Of Britlsh Artists Limited
(a tompfiRy limited by gllAr&ntee)
r4otts to the Financial Staternents- ¢oDtinDed
for the Ye&rEnded 31 M*rch 21U5
13.
Unrestricted En(k￿¥￿t Totsl 2025 T￿81 2024
nds
OJt¥J
Listed inv&stsnents
Market value as at31 ma￿ 2W24
Additions
Disposals
)¢t gaÉnsllIo￿)
161.172
45,152
(46257)
3.657
167,752
46,994
(48,145)
328,924
58,333
(94,402)
7,463
321,401
58,333
Market value &8 at31 ma￿ 21r25
163.T24
170.407
334.131
328,924
istoric&l cost &$ al 31 March 21Y25
161.157
167.735
328,892
338,194
14.
DEBfoRS: AMOUNfs FALLtYG DUE wiffflN ONE
2025
2024
Ttth debt
60
208
15. ACCRUAtS AI¥D DEFERRED INCOME
2U25
2024
Accruals albj defentd in¢ome
10,475
9,048
Donations of £5278 (2W24.. £5278) have been d¢faT￿ a5 these I￿ve beenpaid in advan(z for nextyear.
I& LII0VE￿[￿Nr IN FUNDS
Net
move4n¢nt
in fi]nds
At
31.3.25
At 1.424
Unrtstricled funds
General fwMI
208.￿7
6.021
214,928
Restricted fllnds
Ronald Morgan
Peter Kelly
Stuart Southall
723
1,518
375
(250)
(S￿}
(249)
,￿0)
473
1218
126
9,616
(7.799)
1.817
Endowment funds
frs Von-werther AW￿ Fund
182.100
7,913
190,013
TOTAL FUNDS
400,623
6,135
406,758
Pag¢ 14
Continued...

Royal Socl¢ty Of British Artlsts Umite41
(A CO￿panY limited b). guArantee)
Note8 to the Finattcial Statemenls- continue41
for thts Y¢8r fndLMI 31 Trlarch 2025
MOVEIIKiYf IN FULYDS. confin￿ed
Net mckvement in fun(Ls. inClu￿t in the aknve arc &% follows:
Incoming
Gains and
Moveme
in fuiids
UDrpstricted fumds
General fimd
23518
(21.1531
3,656
6,021
iiestii¢ted funds
Gordoii Viva fi]T
Ronald Morgan
Peter Kelty
Sthart Southail
H￿a[CUn Zh9ng
IIK)
(i(N)}
(250)
(300)
{249}
(7,000)
(300)
(250)
{20.000}
13.IXKI
13.101
(20.￿}
(7,799)
Endowment fvnds
Mrs Von-werther Award Fund
(3,983)
7.913
TOTAL FUNDS
44,7(01
(46.036)
7,462
6.135
comparntiv￿ for rllovemellt [￿￿dS
Transfers
ovement
in fun(
At
31.3.24
At 1.4.23
fi]nd5
iFnre8trirted thnds
General fill
203 J43
SJ52
12
208,907
Reytrlettd fmnds
F C Davison Award fvnd
R￿aId Morgan
Peter Kelly
Sttwt Southall
Huaicun Zhang
12
(12)
(250)
(3(%>)
37)
723
1,518
375
l.S18
2.803
6.825
(12}
9,616
Endowm¢nt funds
Mrs Von.Wexther Award Fund
175.185
6.915
1811(K)
381 J31
19292
400,623
P88c 15

Royal Society Of British Artists Limltwl
(x ¢omp&tty limited by guara￿tee)
Notes to the Fln8n¢ial Statements- ￿￿till￿ed
for the Y¢#rEnd¢d 31 March 2025
J& MOVEMENT IN FtFYDS- contiDued
Cotnparative net movement in inc]th knve a￿ as follows:
]Mx)ming
105S&S
in fim(ts
Unrestricted funds
19.81
{18218)
5,552
RegtRYded funds
Gordon Vtwa Mer￿Or￿al filljd
lionald Morgan
Peter Kelly
Sbjart Sothhall
Huaicun Zhang
{iIM))
(250)
(3W)
(250)
(13,OW)
(250)
{300)
375
7,0(10
625
20,0(M)
20.725
(L354X))
6,825
ndowment funds
Mrs Von.W¢rtherAward Fund
8529
(5,740)
4,126
6,915
TOTAL FUNDS
49,060
(37,858)
19.292
A aJrr¢nt year 12 rnonthy andprioryear 12 months c4xnbined FKJSition is&s follows..
Nd
Transfers
movem￿
in funds
At
31.3.25
At 1.4.23
1s
Unrestrieted fllnds
203J43
11,573
12
214,928
Re5tiic*ed fuods
F C Davison Award fimd
Ronald Morgan
Peter Kelly
s￿art SoutlMII
12
(12)
(5(X))
{6W)
126
473
1218
126
1,818
2.803
(g141
(12)
1,817
Endowment funds
Mrs YO￿wert￿￿ Fund
175.185
14,828
190,013
38lJ31
25,427
406.758
Page 16
contirued,..

Royal &Kie¢v Of British Artists Lith1t￿l
(a eompany limited by guArnDtee}
Nolvs to the KD8nciAI StAtements- eoTrtinued
fDr tb¢ Y¢gr Ended 31 March 2025
16.
MOVEMENTIN FufyDS- CDDtinlled
A currellt year 12 ￿(WIth5 wior Y￿ 12 m(ths 0)Mbit￿ movemE]rt in futs(Ls, included in the O￿Ve are
follows=
Gains and
los
Movement
in fimds
UnYe8tri¢t¢d fvnds
Genmil f￿d
43,324
(39J71)
7,620
11,573
R¢stricted funds
Goithn Viva Memorial fimd
Ronald Morgan
Peter Kelly
Stuart Southall
H￿ie￿A Zhsng
(2(Kb)
(S￿)
((th)
(51X))
(33,1th)
(500)
(600)
126
626
33.IMX)
33,826
(34.8(M))
(974)
KndoTrFment funds
Mr8 Von.WertlJ¢r Award Fulld
16,619
(9.723)
7932
14,828
TOTAL Fuf4DS
93,769
(83,894)
15.552
25,427
Unrestrithed filnds are availablets) for any pllrtK￿ of theclwtty.
The G￿dOn Viva Me￿0[121 fund w&s set up 2￿5 fOllo￿￿g a lega¢y b4ueathed to the ￿GI￿Y in the sllm of
£2,tKK). This surn is inv¢st¢d in a de￿It account and u￿1 to prizes of IxLween £IIX) alld £150 each year
to selected artists at the atjnual cxhibiti(AL
The Rotmld mor￿ w&8 set w) in 2020 following £51K) which was won for a Vlhisd¢r i￿lti8 given
back to th¢ Ch￿Lty by Mr morga￿ dott*l(￿ ill his mtynory bung received of £1,085 S￿1 a gift aid Claim of
£138. These swns investe4J in a de￿￿1t aCr￿U￿t aThJ used w award priyts of £250 ¢ath year to a sele¢t¢d
artist at the annual exhibitiotL
The Petw Kelly fi]nd ￿ sc4 up in 2020 following a legxy to ts wiety in th surn of £3.IX)O,
together with donations in his memory of £218. sums are invested in a dey>sit ￿)Unt and use41 tr) award
a prize of £5(Xl in the first year and£300 subseqwrt years to a sele£frd arfist&ttheallnual exhibition.
The Stuart Southall fimd w&5 set up in 2￿ following & d(￿￿10n from btin in the sum of £700 additional
£440 was dOna￿d with a £110 gift aid ¢laim in 21)22. These SUtn% invested itl a deposit ￿oUnt atLd two
priz¢s have awarded in 2022 for £250 each leAving £250 to be awartsl in 2023.
The Mts Von-Th'erther Award filnd estabiislled ill 19)5 a￿1 wttil y￿r e￿Ied 31 Marcb 2005, a ttgular
donation had bttn received frorn t7K late Mrs Von-wertherfs husba￿1 in rllemory. This has now C￿Sed and &
ontrotT legacy of £l(K),O(Kl was received in Febnwy 2W5. This wiu continue to pay for ayoung artist to be
son( to The British School at Rome. Itsly. The m&jortty of the h&s itivested with a view to geneiatiiig
sutyicient income to coverthe Costs ofthe gYaDL
The Huaicun fund was Set up iD 2024 following ￿￿Orship in the sum of £20:IK)O from NIrs Huaic
Zhang, on Honorary Member of the RBA. The was ollocated to various &%¢¢ts of the society's activities
by the Prasident and COU￿11 with the weettth of MTS ZJw]g and her daughter Xian Chen (our Patron). This
year we gave a Grand Prize of £IO.IMK) for a work in th¢ Atmual Exhibition 5elethl by Mrs Zhans £3.0￿ to the
winner of tEk Society's wljjstl￿ Medal. Th¢ renWIni￿ £7,(W was givell kn thE 3 finalists in the RBA IUSING
STARS Exhibition atKI coLnpetition foryouDg 8rttst% shortly aftertheyeaT t￿d.
Page 17
continued...

Royal Society Of Bri¢¥h Arti4ts Limi¢¢d
(a compathy limited by g￿rn￿tee)
Notes to the FiM&nciAi Sknten￿ts- ¢ootiRued
for the Year Ended 31 Marcb 2025
J7,
RELAYED PARTY DISCLOSURES
Th6rewere no related transa￿10￿8 for the y￿r ended 31 MaY¢h 2025.
Pw18