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2023-12-31-accounts

CHARITY REGISTRATION NUMBER: 298201

The Royal Fine Art Commission Trust Unaudited Financial Statements 31 December 2023

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 2023

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 2023

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2023.

Reference and administrative details

Registered charity name The Royal Fine Art Commission Trust
Charity registration number 298201
Principal office 63 Roseneath Road
London
SW11 6AG
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
Lady Nutting OBE
The Hon. Tristram Hunt
Stephen Barber
Theo Fennell
Trever Osborne
The trustees
Professor Stephen Bayley Hon FRIBA – Chairman
Paul Finch OBE Hon FRIBA – Deputy Chairman
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

Year ended 31 December 2023

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) Professor Simon May

Sir Terry Farrell CBE RIBA FCSD RDI and Sean Mulryan retired from the advisory board on 31 December 2023 and 21 April 2024 respectively, on the expiry of their three-year terms.

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:

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.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report

Year ended 31 December 2023

Review of activities and future plans

The second edition of the Royal Fine Art Commission Trust Building Beauty Awards, sponsored by Ballymore, was held at Sea Containers in London SE1 in November 2023. The poet and novelist Sir Ben Okri presented the awards. The judging panel comprised the Trust’s Chairman and Deputy Chairman, the architects Alex Lifschutz and Piers Gough CBE, the photographer Alison Jackson and the structural engineer Hanif Kara. The overall prize and the trophy, specially commissioned from the jeweller Theo Fennell, were awarded to Bayside in Worthing by Allies and Morrison Architects, who elected to spend their £12,000 prize money on beautifying the front at Worthing through the planting of street trees. The Engineering Award was won by Heatherwick Studio for their glasshouse at Woolbeding in Midhurst, Sussex; the Public Space Award by Gillespies for Elephant Park in South London; and the Little Gem Award by Sanderson Sculpture and Mark Wray Architects for Plas Glyn-y-Weddw Café near Pwllheli in Carnarvonshire. A further five projects were commended.

Through a partnership with the World Architecture Festival, the overall winner of the UK awards was shortlisted for the Royal Fine Art Commission Trust International Building Beauty Prize, presented at the World Architecture Festival in Singapore in December 2023. Architects from eight practices travelled to Singapore to present projects from the Maldives, Dubai, Italy, the UK, Oman, Thailand, Singapore and Spain to a jury comprising the architects Yael Reisner and Pichai Wongwaisayawan and the architectural historian Jeremy Melvin. The prize was awarded to the Angsila Oyster Scaffolding Pavilion near Bangkok, designed by Chat Architects.

In May 2023, to mark the Coronation of His Majesty King Charles III, the Trust published a celebratory collection of specially-commissioned short essays on improving the built environment. The fifty-four contributors included Lord Foster of Thames Bank, Sir Nicholas Coleridge, Craig Brown, Jonathan Meades and Carlo Ratti. The publication was distributed free with the May 2023 issue of The Architectural Review.

In fulfilment of its educational remit, the Trust collaborated on a seventh edition of its residential Architectural Drawing Summer School, for students in the middle year of their A-Levels. The school, held at the Drawing Matter Trust and Hauser & Wirth in Bruton, Somerset, offered fifty fully-funded places, courtesy of sponsorship from the Architecture Foundation, the University of East London and around twenty architectural practices, including Alison Brooks Architects and Feilden Clegg Bradley. University partners (Cardiff, Dundee, Queen’s Belfast and Kingston/UEL) were secured from each of the home nations.

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.

In 2024, an historical survey of the twentieth century Royal Fine Art Commission will be published to commemorate the centenary of its foundation.

Discussions will continue with Foster + Partners and the Nornan Foster Foundation in Madrid on an initiative to improve the visual quality of townscapes and streetscapes through the removal of clutter.

An eighth edition of the Architectural Drawing Summer School will be held.

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

Year ended 31 December 2023

Financial Position

The Trust reported a deficit (excess of expense over income) of £10,196 (2022: £131,911 loss). Losses on investments were £3,226 (2022: £1,093 gain). Losses on revaluation of investments were £4,784 (2022: £58,478 loss). 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 £1,092,568 (2022: £1,107,548) which were all unrestricted.

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.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2023

Trustees’ Responsibilities Statement

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 25 June 2024 and signed on behalf of the board of trustees by:

Stephen Bayley Trustee (Chair)

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 2023

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 2023.

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:

  1. accounting records were not kept in respect of the charity as required by section 130 of the Act; or

  2. the financial statements do not accord with those records; or

  3. 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

26 June 2024

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Statement of Financial Activities

Year ended 31 December 2023

2023 2022
Unrestricted
fundsTotal funds Total funds
Note £ £ £
Income and endowments
Donations and legacies 4 150,200 150,200 –
Charitable activities 5 1,477 1,477 –
Investment income 6 55,499 55,499 55,177
───────── ───────── ────────
Total income 207,176 207,176 55,177
═════════ ═════════ ════════
Expenditure
Expenditure on charitable activities 7,8 (214,146) (214,146) (188,181)
───────── ───────── ─────────
Total expenditure (214,146) (214,146) (188,181)
═════════ ═════════ ═════════
Net (losses)/gains on investments 10 (3,226) (3,226) 1,093
───────── ───────── ─────────
Net expenditure (10,196) (10,196) (131,911)
═════════ ═════════ ═════════
Other recognised gains and losses
Gains/(losses) on revaluation of investments (4,784) (4,784) (58,478)
───────── ───────── ─────────
Net movement in funds (14,980) (14,980) (190,389)
Reconciliation of funds
Total funds brought forward 1,107,548 1,107,548 1,297,937
──────────── ──────────── ────────────
Total funds carried forward 1,092,568 1,092,568 1,107,548
════════════ ════════════ ════════════

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 2023

2023 2022
Note £ £ £
Fixed assets
Investments 15 1,049,329 1,066,149
Current assets
Debtors 16 215 225
Cash at bank and in hand 71,587 43,281
──────── ────────
71,802 43,506
Creditors: amounts falling due within one year 17 (28,563) (2,107)
──────── ────────
Net current assets 43,239 41,399
──────────── ────────────
Total assets less current liabilities 1,092,568 1,107,548
──────────── ────────────
Net assets 1,092,568 1,107,548
════════════ ════════════
Funds of the charity
Unrestricted funds 1,092,568 1,107,548
──────────── ────────────
Total charity funds 18 1,092,568
════════════		 1,107,548
════════════

These financial statements were approved by the board of trustees and authorised for issue on 25 June 2024, and are signed on behalf of the board by:

Stephen Bayley Paul Finch Trustee 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 2023

2023 2022
£ £
Cash flows from operating activities
Net expenditure (10,196) (131,911)
Adjustments for:
Net (losses)/gains on investments 3,226 (1,093)
Other interest receivable and similar income (55,499) (55,177)
Accrued (income)/expenses (74) 79
Changes in:
Trade and other creditors 26,540 (39,043)
──────── ─────────
Cash generated from operations (36,003) (227,145)
Interest received 55,499 55,177
──────── ─────────
Net cash from/(used in) operating activities 19,496 (171,968)
════════ ═════════
Cash flows from investing activities
Other investing cash flow adjustment 8,810 13,275
──────── ─────────
Net cash from investing activities 8,810 13,275
════════ ═════════
Net increase/(decrease) in cash and cash equivalents 28,306 (158,693)
Cash and cash equivalents at beginning of year 43,281 201,974
──────── ─────────
Cash and cash equivalents at end of year 71,587 43,281
════════ ═════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements

Year ended 31 December 2023

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 63 Roseneath Road, London, SW11 6AG.

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.

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

Going concern

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

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2023

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:

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:

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.

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

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2023

3. Accounting policies (continued)

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.

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 cash-generating 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.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2023

3. Accounting policies (continued)

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.

4. Donations and legacies

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Donations
Robert Bargery 200 200 – –
Sponsorship
Ballymore Development Management
Ltd 150,000 150,000 – –
───────── ───────── ──── ────
150,200 150,200 – –
═════════ ═════════ ════ ════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2023

5. Charitable activities

Unrestricted
Total Funds		 Unrestricted Total Funds
Funds
2023		 Funds 2022
£ £ £ £
Sale of goods/services as part of direct
charitable activities 344
344		 – –
Royalties from book sales 1,133
1,133		 – –
───────
───────		 ──── ────
1,477
1,477		 – –
═══════
═══════		 ════ ════
6. Investment income
Unrestricted
Total Funds		 Unrestricted Total Funds
Funds
2023		 Funds 2022
£ £ £ £
Bank interest receivable 870
870		 173 173
Dividend income and Unit Trust
Distributions 54,629
54,629		 55,004 55,004
────────
────────		 ──────── ────────
55,499
55,499		 55,177 55,177
════════
════════		 ════════ ════════
7. Expenditure on charitable activities by fund type
Unrestricted
Total Funds		 Unrestricted Total Funds
Funds
2023		 Funds 2022
£ £ £ £
To promote the education, knowledge
and understanding of all matters of
artistic, architectural, historic or
aesthetic interest. 202,822
202,822		 176,402 176,402
Support costs 11,324
11,324		 11,779 11,779
─────────
─────────		 ───────── ─────────
214,146
214,146		 188,181 188,181
═════════
═════════		 ═════════ ═════════
8. Expenditure on charitable activities by activity type
Activities
undertaken Total funds Total fund
directly Support costs 2023 2022
£ £ £ £
To promote the education, knowledge
and understanding of all matters of
artistic, architectural, historic or
aesthetic interest. 202,822
8,836		 211,658 185,418
Governance costs –
2,488		 2,488 2,763
─────────
────────		 ───────── ─────────
202,822
11,324		 214,146 188,181
═════════
════════		 ═════════ ═════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2023

9. Analysis of support costs

Total 2023 Total 2022
£ £
Bank charges 527 384
Trustees Meeting costs 388 663
Independent Examiner Fees 2,100 2,100
Investment underlying charges 8,309 8,632
──────── ────────
11,324 11,779
════════ ════════

10. Net (losses)/gains on investments

Unrestricted Total Funds Unrestricted Total Funds
Funds 2023 Funds 2022
£ £ £ £
Gains/(losses) on disposal of
investments (3,226)
═══════
(3,226)
═══════		 1,093
═══════		 1,093
═══════

11. Independent examination fees

2023 2022
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 2,100
═══════		 2,100
═══════

12. Staff costs

There are no staff costs or employee benefits for the reporting period (2022: Nil).

The average head count of employees during the year was Nil (2022: Nil).

No employee received employee benefits of more than £60,000 during the year (2022: 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 (2022: £50,000).

13. Trustee remuneration and expenses

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2022

14. Tangible fixed assets

Equipment Total
£ £
Cost
At 1 January 2023 and 31 December 2023 2,201 2,201
═══════ ═══════
Depreciation
At 1 January 2023 and 31 December 2023 2,201 2,201
═══════ ═══════
Carrying amount
At 31 December 2023 – –
═══════ ═══════
At 31 December 2022 – –
═══════ ═══════

15. Investments

Cash or cash Other
equivalents investments Total
£ £ £
Cost or valuation
At 1 January 2023 5,851 1,060,298 1,066,149
Additions (168,033) 168,033 –
Disposals 193,723 (196,949) (3,226)
Fair value movements – (4,784) (4,784)
Other movements (8,810) – (8,810)
───────── ──────────── ────────────
At 31 December 2023 22,731 1,026,598 1,049,329
═════════ ════════════ ════════════
Impairment
At 1 January 2023 and 31 December 2023 – –
════════════ ════════════
Carrying amount
At 31 December 2023 22,731 1,026,598 1,049,329
═════════ ════════════ ════════════
At 31 December 2022 5,851 1,060,298 1,066,149
═════════ ════════════ ════════════

All investments shown above are held at valuation.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2023

15. Investments (continued)

Analysis of investments at 31 December 2020 between funds

2023 2022
£ £
Schroders (total of all fund balances) 390,987 416,818
M&G Equities Investment Fund 115,373 118,149
Charity Property Fund 103,424 110,017
Charity Equity Income Fund 102,660 118,830
Fidelity Global Dividends Fund 65,542 61,499
Man GLG Income 55,308 –
Prop Inc Trust for Charities 47,232 52,578
Vontobel Fund 29,268 23,789
Morgan Stanley GI ABS 26,431 25,695
Ninety III Glb 19,768 19,890
HSBC Glb Government Bond 18,743 –
Atlas GI Infrastructure 18,693 18,408
M&G Em Mkts Bond 16,660 –
4.25 UK Treasury Stock 16,508 –
Trojan Income Fund – 53,754
Charities Bond Fund – 26,402
1.25% UK Treasury – 14,469
UK Cash held as part of portfolio 22,732 5,851
──────────── ────────────
1,049,329 1,066,149
════════════ ════════════
The Schroder fund is made up of the following:
2023 2022
£ £
Asian Income Maximiser 41,184 41,603
SSF Alt Asset 48,073 52,520
Listed Equity Income 268,850 291,708
GI Eq Inc-L 32,880 –
Global Equity Income – 30,987
───────── ─────────
390,987 416,818
═════════ ═════════
16. Debtors
2023 2022
£ £
Prepayments and accrued income 215 225
════ ════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2023

17. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 26,540 –
Accruals and deferred income 2,023 2,107
──────── ───────
28,563 2,107
════════ ═══════

18. Analysis of charitable funds

Unrestricted funds

At
At Gains and 31 December
1 January 2023 Income Expenditure losses 2023
£ £ £ £ £
General funds 1,107,548 207,176 (214,146) (8,010)
1,092,568
════════════ ═════════ ═════════ ═══════ ════════════
At
At Gains and
31 December 2
1 January 2022 Income Expenditure losses 022
£ £ £ £ £
General funds 1,297,937 55,177 (188,181) (57,385)
1,107,548
════════════ ════════ ═════════ ════════ ════════════

19. Analysis of net assets between funds

Unrestricted Total Funds
Funds 2023
£ £
Investments 1,049,329 1,049,329
Current assets 71,802 71,802
Creditors less than 1 year (28,563)
(28,563)
──────────── ────────────
Net assets 1,092,568 1,092,568
════════════ ════════════
Unrestricted Total Funds
Funds 2022
£ £
Investments 1,066,149 1,066,149
Current assets 43,506 43,506
Creditors less than 1 year (2,107)
(2,107)
──────────── ────────────
Net assets 1,107,548 1,107,548
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20. Analysis of changes in net debt

At
At 1 Jan 2023 Cash flows 31 Dec 2023
£ £ £
Cash at bank and in hand 43,281 28,306 71,587
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Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2023

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

During the year £1,381 (2022: £1,241), has been reimbursed, for expenses incurred on behalf of the charity, to Bayley Ink Limited, of whom Stephen Bayley (a trustee), is a director.

Also, during the year, the charity paid EMAP Publishers, of which Paul Finch (a trustee) is an employee, £24,000 (2022: £27,000) for sponsorship services. Paul Finch merely facilitated an introduction, however, and did not partake in the vote to engage the supplier.

During the year, sponsorship income of £150,000 (2022 - none), was received from Ballymore Development Management Limited, of which Sean Mulryan (a former member of the Advisory Board), is the Chief Executive Officer.

Jackson Nicholas Assie Limited Chartered Certified Accountants