2020-12-31-accounts - The Royal Fine Art Commission Trust

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CHARITY REGISTRATION NUMBER: 298201

The Royal Fine Art Commission Trust Unaudited Financial Statements 31 December 2020

Jackson & Jackson A trading name of Jackson Nicholas Assie Limited Chartered Certified Accountants & Statutory Auditors Suite 7, Meridian House 62 Station Road, Chingford London E4 7BA

The Royal Fine Art Commission Trust

Financial Statements

Year ended 31 December 2020

	Page
Trustees' annual report	1
Independent examiner's report to the trustees	6
Statement of financial activities	7
Statement of financial position	8
Statement of cash flows	9
Notes to the financial statements	10

The Royal Fine Art Commission Trust

Trustees' Annual Report

Year ended 31 December 2020

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2020.

Reference and administrative details

Registered charity name	The Royal Fine Art Commission Trust
Charity registration number	298201
Principal office	53 Merganser Court
	Star Place, St Katharine Docks
	London
	E1W 1AQ
President	Lord Foster of Thames Bank OM FRIBA FCSD	RDI
Advisory Board	His Grace The Duke of Richmond and Gordon
	Lord Palumbo of Walbrook
	Lord Rees of Ludlow OM FRS HonFREng FMedSci
	Sir Terry Farrell CBE RIBA FCSD RDI
	Stephen Barber
	Sean Mulryan
	Trevor Osborne
The trustees	Professor Stephen Bayley HonFRIBA	Chairman
	Paul Finch OBE HonFRIBA	Deputy Chairman
	Lady Nutting OBE
	Dinah Casson CBE
	Professor Simon May
Executive Director	Robert Bargery
Investment Advisers	Cazenove Capital Management
	1 London Wall Place
	London
	EC2Y 5AU
Independent examiner	John Assie FCCA
	Suite 7, Meridian House
	62 Station Road
	Chingford
	London
	E4 7BA
Bankers	Coutts & Co
	440 Strand
	London
	WC2 0RS

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2020

Reference and Administrative details

Reference and administrative details are shown in the schedule of members of the board and professional advisers on page 1 of the financial statements.

The Trustees

The Trustees who served the charity during the period were as follows:

Professor Stephen Bayley HonFRIBA (Chairman) Paul Finch OBE HonFRIBA (Deputy Chairman) Lady Nutting OBE Dinah Casson CBE Professor Simon May Trevor Osborne (until 2 August 2020)

Trevor Osborne retired as a Trustee, and was appointed to the Advisory Board, on 2 August 2020. Dr Maria Balshaw CBE retired from the Advisory Board on the expiry of her term on 31 December 2020. The Duke of Richmond and Gordon was appointed to the Advisory Board on 20 January 2021. Sean Mulryan was appointed to the Advisory Board on 22 April 2021.

Structure, governance and management

The Trust is governed by a Trust Deed dated 24 November 1987 as amended by Deeds of Variation dated 24 August 1995 and 9 February 2016 and a Deed of Retirement and Appointment dated 3 August 2015. It is registered under the Charities Act 1960, charity registration number 298201. The Trust is administered on a day-to-day basis by the Executive Director under the direction of the Trustees.

The charity keeps membership of its trustee board under continuous review and identifies suitable candidates based on their ability to advance its charitable objectives and to make the commitment necessary to make a positive difference.

Public Benefit

The Trustees refer to the guidance contained in the Charity Commission’s General Guidance on Public Benefit when reviewing the Trust’s aims in establishing its activities and planning future activities. The Public Benefit is set out in the Objectives and Activities sections.

Objectives of the Trust

The Trust’s objects are to promote the education of the general public and, in particular, to increase their knowledge, understanding and appreciation of all matters of artistic, architectural, historic or aesthetic interest. The Trust Deed authorises the Trustees to aim to achieve these objectives by:

i. promoting visual education in schools
ii. organising an annual award and providing the prize to a new building or building scheme of outstanding architectural merit;
iii. organising lectures and seminars;
iv. publishing books and occasional papers;
v. instituting research and disseminating the results of it

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2020

Review of activities and future plans

The Trust’s programme for 2020 was limited by the global coronavirus pandemic.

In fulfilment of its educational remit, the Trust collaborated on a fourth edition of its residential Architectural Drawing Summer School, for students in the middle year of their A-Levels. Social distancing restrictions were imposed throughout to ensure Covid-compliance. The school, held at the Drawing Matter Trust near Bruton in Somerset, offered forty fully-funded places, some sponsored by architectural practices, among them Eric Parry Architects and Niall McLaughlin Architects. Selection was by open competition, with candidates nominated by their schools or colleges. Queen’s University Belfast and Kingston University continued as academic partners, with Andrew Clancy, Professor of Architecture at Kingston and a practising architect, serving as academic director.

In collaboration with Bath Spa University, the Trust conceived and organised an online design competition for children as a response to the national lockdown imposed to counter the coronavirus pandemic. Called ‘See What I See’, the competition was aimed at capturing children’s imaginative responses to the built environment at a time of enforced separation from the outside world; it thus served, secondarily, as an exercise in gauging and recording children’s experiences at a unique time. Three hundred children entered from across Britain, around two-thirds of them girls. Anonymised judging was undertaken by a panel comprising Stephen Bayley, Dinah Casson, Sir Terry Farrell and Kyriaki Anagostopoulou, Professor of Higher Education at Bath Spa University. The twenty-five winning and commended entrants (also two-thirds girls) received cash prizes (for the winners) and certificates, as well as having their work exhibited on the dedicated competition website. The overall winner was ten-year-old Jet Ward of Hillcrest Primary School in Bristol.

Throughout the year, the Trust contributed its expertise on a range of planning matters, often in response to requests for assistance from other organisations, and contributed to public debate on matters affecting the built environment. It also made representations to Government, including on arrangements for the provision of independent design advice for major development proposals. Particular advice was offered on the protection of strategic views in the City of Westminster, the preservation of statues in public places and the proposed temporary relocation of the House of Lords to York during the refurbishment of the Palace of Westminster.

In the autumn, the Trust assembled a multi-disciplinary team to bid for research and development funds for the UK Festival of Creativity and Innovation, planned for 2022. The team comprised a mix of architects, lighting designers, engineers, urban economists, creative thinkers and conceptual sculptors.

In 2021, the Trust will develop an architectural award, sponsored by Ballymore, to celebrate beauty in new buildings. A fifth edition of the Architectural Drawing Summer School will be held, as will a second edition of the ‘See What I See’ competition, modified to post-pandemic circumstances. Development work will continue on a sequel to the Trust’s 1998 publication Our Street , to take the form of a digital tool that collects and collates young people’s experiences of the built environment and their ideas on how it might be improved. Discussions will continue with the Corporation of London on an ideas competition to identify public realm improvements in and around Castle Baynard Street, an area left adrift by the widening of Thames Street in 1980 and ripe for creative thinking at a time when the primacy of motor vehicles in city centres is under renewed scrutiny. The Trust also intends to establish a grant fund to support small projects that beautify the built environment. Pursuant to its publishing remit, the Trust aims to produce an anthology of architectural criticism and to mount an exhibition of architectural photography.

The charity’s activities provide opportunities for beneficiaries, especially young people, to receive free expert tuition and to participate free of charge in events that advance their understanding and enjoyment of architecture and the built environment. The charity’s advocacy of improvements to the built environment provides a general public benefit by enhancing the quality of buildings and spaces, both aesthetically and functionally.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2020

Financial Position

The Trust reported a loss (excess of expenses over income) of £120,119 (2019: £7,595 loss). Losses on investments were £110,017 (2019: £4,731 gain). Losses on revaluation of investments were £51,296 (2019: £72,610 gain). The Trustees are satisfied that the Trust has sufficient funds for them to continue to meet the objectives of the Trust. At the year end the Trust’s reserves were £1,096,399 (2019: £1,267,814).

Investment and Reserves Policies

It is the intention of the Trustees to maintain such a level of reserves as to generate sufficient income to fund the activities of the Trust. The majority of the funds held by the trust are invested by Cazenove in stock market, with up to 4% held in cash to provide funds in years where the fluctuations in equity market values means it is inappropriate to sell shareholdings.

Risk Assessment

The Trust, as a small charity, is not required to undertake a risk analysis. However, in line with the best practice the Trustees are in the process of carrying out a formal assessment of the major risks to which the Trust is exposed.

Trustees' responsibilities statement

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, of the charity for that period.

In preparing these financial statements, the trustees are required to:

select suitable accounting policies and then apply them consistently;
observe the methods and principles in the applicable Charities SORP;
make judgments and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.

The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust Deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The trustees are also responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2020

Events after the end of the reporting period

Particulars of events after the reporting date are detailed in note 21 to the financial statements.

The trustees' annual report was approved on 20 July 2021 and signed on behalf of the board of trustees by:

Stephen Bayley Chairman

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Independent Examiner's Report to the Trustees of The Royal Fine Art Commission Trust

Year ended 31 December 2020

I report to the trustees on my examination of the financial statements of The Royal Fine Art Commission Trust ('the charity') for the year ended 31 December 2020.

Responsibilities and basis of report

As the trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (‘the Act’).

I report in respect of my examination of the charity's financial statements carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner's statement

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

accounting records were not kept in respect of the charity as required by section 130 of the Act; or
the financial statements do not accord with those records; or
the financial statements do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 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.

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.

John Assie FCCA Independent Examiner Jackson Nicholas Assie Limited Chartered Certified Accountants Suite 7, Meridian House 62 Station Road Chingford London E4 7BA

Date 22 July 2021

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Statement of Financial Activities

Year ended 31 December 2020

		2020		2019
		Unrestricted
		fundsTotal funds		Total funds
	Note	£	£	£
Income and endowments
Donations and legacies	4	77	77	250
Charitable activities	5	17	17	119
Investment income	6	54,649	54,649	61,251
		`────────`	`────────`	`────────`
Total income		54,743	54,743	61,620
		`════════`	`════════`	`════════`
Expenditure
Expenditure on charitable activities	7,8	(64,768)	(64,768)	(73,946)
		`────────`	`────────`	`────────`
Total expenditure		(64,768)	(64,768)	(73,946)
		`════════`	`════════`	`════════`
Net (losses)/gains on investments	10	(110,017)	(110,017)	4,731
		`─────────`	`─────────`	`────────`
Net expenditure		(120,042)	(120,042)	(7,595)
		`═════════`	`═════════`	`════════`
Other recognised gains and losses
Gains/(losses) on revaluation of investments		(51,296)	(51,296)	72,610
		`─────────`	`─────────`	`────────`
Net movement in funds		(171,338)	(171,338)	65,015
Reconciliation of funds
Total funds brought forward		1,267,814	1,267,814	1,202,799
		`────────────`	`────────────`	`────────────`
Total funds carried forward		1,096,476	1,096,476	1,267,814
		`════════════`	`════════════`	`════════════`

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The notes on pages 10 to 19 form part of these financial statements.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Statement of Financial Position

31 December 2020

		2020		2019
	Note	£	£	£
Fixed assets
Investments	15		1,044,727	1,214,414
Current assets
Debtors	16	5,434		12
Cash at bank and in hand		48,531		55,725
		`────────`		`────────`
		53,965		55,737
Creditors: amounts falling due within one year	17	(2,216)		(2,337)
		`────────`		`────────`
Net current assets			51,749	53,400
			`────────────`	`────────────`
Total assets less current liabilities			1,096,476	1,267,814
			`────────────`	`────────────`
Net assets			1,096,476	1,267,814
			`════════════`	`════════════`
Funds of the charity
Unrestricted funds			1,096,476	1,267,814
			`────────────`	`────────────`
Total charity funds	18		1,096,476	1,267,814
			`════════════`	`════════════`

These financial statements were approved by the board of trustees and authorised for issue on 20 July 2021, and are signed on behalf of the board by:

Stephen Bayley Trustee

Paul Finch Trustee

The notes on pages 10 to 19 form part of these financial statements.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Statement of Cash Flows

Year ended 31 December 2020

	2020	2019
	£	£
Cash flows from operating activities
Net expenditure	(120,042)	(7,595)
Adjustments for:
Net (losses)/gains on investments	110,017	(4,731)
Other interest receivable and similar income	(54,649)	(61,251)
Accrued (income)/expenses	(5,764)	6
Changes in:
Trade and other debtors	(9)	–
Trade and other creditors	230	–
	`─────────`	`────────`
Cash generated from operations	(70,217)	(73,571)
Interest received	54,649	61,251
	`────────`	`────────`
Net cash used in operating activities	(15,568)	(12,320)
	`────────`	`────────`
Cash flows from investing activities
Other investing cash flow adjustment	8,374	8,040
	`────────`	`────────`
Net decrease in cash and cash equivalents	(7,194)	(4,280)
Cash and cash equivalents at beginning of year	55,725	60,005
	`────────`	`────────`
Cash and cash equivalents at end of year	48,531	55,725
	`════════`	`════════`

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements

Year ended 31 December 2020

1. General information

The charity is a public benefit entity and a registered charity in England and Wales and is unincorporated. The address of the principal office is 53 Merganser Court, Star Place, St. Katharine Docks, London, E1W 1AQ.

2. Statement of compliance

These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Charities Act 2011.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The trustees have considered the impact of COVID-19 on the charity’s activities and have concluded there is no long-term impact on the Organisation.

It is therefore considered that the going concern status remains intact and there are no material uncertainties about the charity's ability to continue.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Significant judgements

There have not been any judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

Fund accounting

Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.

Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.

Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.

Jackson Nicholas Assie Limited Chartered Certified Accountants

10 -

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Incoming resources

All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:

income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
legacy income is recognised when receipt is probable and entitlement is established.
income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.

Resources expended

Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:

expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.

All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.

Tangible assets

Fixed assets (excluding investments) are stated at cost less accumulated depreciation. The costs of minor additions or those costing below £2,000 are not capitalised.

Jackson Nicholas Assie Limited Chartered Certified Accountants

11 -

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Computer equipment

Straight line basis over 4 years

Investments

Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.

Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.

Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.

Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Jackson Nicholas Assie Limited Chartered Certified Accountants

12 -

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2020

3. Accounting policies (continued)

Impairment of fixed assets (continued)

For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cashgenerating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.

For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the charity are assigned to those units.

Financial instruments

A financial asset or a financial liability is recognised only when the charity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.

Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.

Debt instruments are subsequently measured at amortised cost.

Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.

Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Jackson Nicholas Assie Limited Chartered Certified Accountants

13 -

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2020

4. Donations and legacies

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
		£	£	£	£
	Donations
	Robert Bargery	77	77	–	–
	Gift Aid	–	–	250	250
		`────`	`────`	`────`	`────`
		77	77	250	250
		`════`	`════`	`════`	`════`
5.	Charitable activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
		£	£	£	£
	Sale of goods/services as part of direct
	charitable activities	17	17	119	119
		`════`	`════`	`════`	`════`
6.	Investment income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
		£	£	£	£
	Bank interest receivable	42	42	131	131
	Dividend income and Unit Trust
	Distributions	54,607	54,607	61,120	61,120
		`────────`	`────────`	`────────`	`────────`
		54,649	54,649	61,251	61,251
		`════════`	`════════`	`════════`	`════════`
7.	Expenditure on charitable activities by	fund type
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
		£	£	£	£
	To promote the education, knowledge
	and understanding of all matters of
	artistic, architectural, historic or
	aesthetic interest.	53,516	53,516	60,277	60,277
	Support costs	11,252	11,252	13,669	13,669
		`────────`	`────────`	`────────`	`────────`
		64,768	64,768	73,946	73,946
		`════════`	`════════`	`════════`	`════════`
8.	Expenditure on charitable activities by	activity type
		Activities
		undertaken		Total funds	Total fund
		directly Support costs		2020	2019
		£	£	£	£
	To promote the education, knowledge
	and understanding of all matters of
	artistic, architectural, historic or
	aesthetic interest.	53,516	8,624	62,140	70,164
	Governance costs	–	2,628	2,628	3,782
		`────────`	`────────`	`────────`	`────────`
		53,516	11,252	64,768	73,946
		`════════`	`════════`	`════════`	`════════`

Jackson Nicholas Assie Limited Chartered Certified Accountants

14 -

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2020

9. Analysis of support costs

	Promotion of
	all matters	Governance
	relating to art	costs	Total 2020	Total 2019
	£	£	£	£
Bank charges	486	–	486	458
Trustees Meeting costs	–	528	528	1,682
Accounts Fees	–	2,100	2,100	2,070
Investment underlying charges	8,063	–	8,063	9,267
Investment company management
fees	75	–	75	84
Legal and professional	–	–	–	30
Subscriptions	–	–	–	78
	`───────`	`───────`	`────────`	`────────`
	8,624	2,628	11,252	13,669
	`═══════`	`═══════`	`════════`	`════════`

10. Net (losses)/gains on investments

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2020	Funds	2019
		£	£	£	£
	Gains/(losses) on disposal of
	investments	(110,017)	(110,017)	4,731	4,731
		`═════════`	`═════════`	`═══════`	`═══════`
11.	Independent examination fees
				2020	2019
				£	£
	Fees payable to the independent examiner for:
	Independent examination of the financial statements			2,100	2,070
				`═══════`	`═══════`

12. Staff costs

There are no total staff costs and employee benefits for the reporting period (2019: Nil)

The average head count of employees during the year was Nil (2019: Nil).

No employee received employee benefits of more than £60,000 during the year (2019: Nil).

Key Management Personnel

Key management personnel include all persons that have authority and responsibility for planning, directing and controlling the activities of the charity. The total paid to key management personnel for services provided to the charity was £50,000 (2019: £47,500).

13. Trustee remuneration and expenses

no remuneration or other benefits from employment with the charity or a related entity were
received by the trustees; or
no trustee or other person related to the charity had any personal interest in any contract or
transaction entered into by the charity during the year or the previous year.
15 -

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2020

14. Tangible fixed assets

angible fixed assets
		Equipment	Total
		£	£
Cost
At 1 January 2020 and 31 December 2020		2,201	2,201
		`═══════`	`═══════`
Depreciation
At 1 January 2020 and 31 December 2020		2,201	2,201
		`═══════`	`═══════`
Carrying amount
At 31 December 2020		–	–
		`═══════`	`═══════`
At 31 December 2019		–	–
		`═══════`	`═══════`
vestments
	Cash or cash	Other
	equivalents	investments	Total
	£	£	£
Cost or valuation
At 1 January 2020	6,560	1,207,854	1,214,414
Additions	(491,123)	491,123	–
Disposals	515,148	(625,165)	(110,017)
Fair value movements	–	(51,296)	(51,296)
Other movements	(8,374)	–	(8,374)
	`─────────`	`────────────`	`────────────`
At 31 December 2020	22,211	1,022,516	1,044,727
	`═════════`	`════════════`	`════════════`
Impairment
At 1 January 2020 and 31 December 2020		–	–
		`════════════`	`════════════`
Carrying amount
At 31 December 2020	22,211	1,022,516	1,044,727
	`═════════`	`════════════`	`════════════`
At 31 December 2019	6,560	1,207,854	1,214,414
	`═════════`	`════════════`	`════════════`

15. Investments

All investments shown above are held at valuation.

16 -

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2020

15. Investments (continued)

	Analysis of investments at 31 December 2020 between funds
		2020	2019
		£	£
	Schroders (total of all fund balances)	379,261	467,366
	Trojan Income Fund	55,763	63,631
	Charities Property Fund	139,078	144,273
	Vontobel Fund	36,094	36,101
	Fidelity Global Dividend Fund	64,660	63,080
	Picton Property Income Limited	–	24,240
	HICL Infrastructure Company	–	36,167
	Other Investments - see below	347,660	372,996
	UK Cash held as part of portfolio	22,211	6,560
		`────────────`	`────────────`
		1,044,727	1,214,414
		`════════════`	`════════════`
	Analysis of other investments
		2020	2019
		£	£
	Charity Equity Income Fund	105,686	247,595
	Charity Bond Fund	55,479	61,797
	M&G Equities Investment Fund	110,355	63,604
	Property Inc Trust for Charities	50,007	–
	iShares China CNY Bond UCITS	9,691	–
	Atlas GI Infrastructure	16,442	–
		`─────────`	`─────────`
		347,660	372,996
		`═════════`	`═════════`
	The Schroder fund is made up of the following:
		2020	2019
		£	£
	Income Maximiser	–	368,576
	Asian Income Maximiser	45,417	45,925
	UK Ref I GBP	–	52,865
	SSF Alt Asset	52,438	–
	Listed Equity Income	281,406	–
		`─────────`	`─────────`
		379,261	467,366
		`═════════`	`═════════`
16.	Debtors
		2020	2019
		£	£
	Trade debtors	21	12
	Prepayments and accrued income	5,413	–
		`───────`	`────`
		5,434	12
		`═══════`	`════`

Jackson Nicholas Assie Limited Chartered Certified Accountants

17 -

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2020

17. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	230	–
Accruals and deferred income	1,986	2,337
	`───────`	`───────`
	2,216	2,337
	`═══════`	`═══════`

18. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
						At
	At			Gains and	31 December
1	January 2020	Income	Expenditure	losses		2020
	£	£	£	£		£
General funds	1,267,814	54,743	(64,768)	(161,313)		1,096,476
	`════════════`	`════════`	`════════`	`═════════`		`════════════`
						At
	At			Gains and		31 December
1	January 2019	Income	Expenditure	losses		2019
	£	£	£	£		£
General funds	1,202,799	61,620	(73,946)	77,341		1,267,814
	`════════════`	`════════`	`════════`	`════════`		`════════════`
Analysis of net assets between funds
				Unrestricted		Total Funds
				Funds		2020
				£		£
Investments				1,044,727		1,044,727
Current assets				53,965		53,965
Creditors less than 1 year				(2,216)		(2,216)
				`────────────`		`────────────`
Net assets				1,096,476		1,096,476
				`════════════`		`════════════`
				Unrestricted		Total Funds
				Funds		2019
				£		£
Investments				1,214,414		1,214,414
Current assets				55,737		55,737
Creditors less than 1 year				(2,337)		(2,337)
				`────────────`		`────────────`
Net assets				1,267,814		1,267,814
				`════════════`		`════════════`

19. Analysis of net assets between funds

20. Analysis of changes in net debt

					At
	At	1	Jan 2020 Cash flows		31 Dec 2020
			£	£	£
Cash at bank and in hand			55,725	(7,194)	48,531
			`════════`	`═══════`	`════════`

Jackson Nicholas Assie Limited Chartered Certified Accountants

18 -

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2020

21. Post balance sheet events

The trustees have considered the likelihood of any significant post balance sheet events and have concluded that there are none which impact the financial statements.

22. Related parties

There have not been any related party transactions during the year (2019 - none).

Jackson Nicholas Assie Limited Chartered Certified Accountants

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