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2024-12-31-accounts

CHARITY REGISTRATION NUMBER: 298201

The Royal Fine Art Commission Trust Unaudited Financial Statements

31 December 2024

The Royal Fine Art Commission Trust

Financial Statements

Year ended 31 December 2024

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 2024

The trustees present their report and the unaudited financial statements of the charity for the year ended 31 December 2024.

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
Patron His Royal Highness The Duke of Gloucester KG GCVO (from 1 May
2024)
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
Lady Nutting OBE
The Hon. Tristram Hunt
Stephen Barber
Theo Fennell
Professor Simon May (from 15 April 2025)
Sean Mulryan (until 21 April 2024)
Trevor Osborne
The trustees
Professor Stephen Bayley HonFRIBA - Chairman
Paul Finch OBE Hon FRIBA – Deputy Chairman
Professor Simon May (until 14 April 2025)
Michael Stiff RIBA (from 1 January 2025)
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 2024

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

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.

The charity was honoured in May 2024 to receive the Patronage of His Royal Highness The Duke of Gloucester KG, GCVO.

Sean Mulryan retired from the Advisory Board on 21 April 2024 on the expiry of his term of office.

Michael Stiff RIBA was appointed as a trustee on 1 January 2025.

Professor Simon May retired as a trustee on the expiry of his term on 14 April 2025 and was appointed to the Advisory Board.

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 (continued)

Year ended 31 December 2024

Review of activities and future plans

The third annual Royal Fine Art Commission Trust Building Beauty Awards were presented in November 2024 by His Royal Highness the Duke of Gloucester, Patron of the Royal Fine Art Commission Trust, at a dinner at Quo Vadis in London W1. The judging panel comprised the Trust’s Chairman and Deputy Chairman, the fashion accessories designer Dame Anya Hindmarch, the architect Michael Stiff and Gerry McGovern, Chief Creative Officer at Jaguar Land Rover. The overall prize and the trophy, specially commissioned from the jeweller Theo Fennell, were awarded to Níall McLaughlin Architects for the Faith Museum at Bishop Auckland, Co. Durham. The Engineering Award was won by Align JV with Ingérop and Jacobs (Engineers) and Grimshaw (Architects) for the HS2 Colne Valley Viaduct in South Buckinghamshire; the Public Space Award by DaeWha Kang Design for the Grand Courtyard and Pavilion at the Old War Office, London SW1; and the Little Gem Award by Lynch Architects for Westminster Coroner’s Court Extension, London SW1.

The 2024 Royal Fine Art Commission Trust International Building Beauty Prize was won by the Market Hall in Saint-Dizier, France, by Studiolada, with commendations awarded to White Arkitektur for the Våga Water Tower in Varburg, Sweden and to ARB Architects for Đạo Mẫu Museum in Hanoi, Vietnam.

The Battle for Better Design , an historical survey of the twentieth century Royal Fine Art Commission, was published in April 2024 to commemorate the centenary of the Commission’s foundation.

In fulfilment of its educational remit, the Trust collaborated on an eighth 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’s new premises in Bermondsey, London, 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 from other organisations, and contributed to public debate on matters affecting the built environment. Particular assistance was offered in 2024 on the design and procurement of the memorial to Her Late Majesty Queen Elizabeth II, proposed for a site in St James’s Park in London. The Trust also made representations to Government, including on arrangements for the provision of independent design advice for major development proposals

In 2025, a fourth edition of the UK Building Beauty Awards will be held. A special US version will be organised as part of the World Architecture Festival in Miami in November 2025, with American buildings entered at the Festival eligible for consideration. The International Building Beauty Prize will be awarded separately.

The Public Space category of the UK Awards will be expanded to encompass townscape improvements, especially where enhancements have resulted from the removal of clutter. Discussions will continue with the Nornan Foster Foundation and the Norman Foster Institute on an initiative to improve the visual quality of townscapes through decluttering.

Preparatory work will continue on a planned architectural photography exhibition and accompanying publication.

A ninth edition of the Architectural Drawing Summer School will be held in London.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2024

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 build environment provides a general public by enhancing the quality of buildings and spaces, both aesthetically and functionally.

Financial Position

The Trust reported a deficit (excess of expenses over income) of £28,594 (2023: £10,196 loss). Gains on investments were £9,211 (2023: £3,226 loss). Gains on revaluation of investments were £10,540 (2023: £4,784 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 £1,074,514 (2023: £1,092,568).

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

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Trustees' Annual Report (continued)

Year ended 31 December 2024

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 17 June 2025 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 2024

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 2024.

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

18 June 2025

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Statement of Financial Activities

Year ended 31 December 2024

2024 2024 2023
Unrestricted
funds Total funds Total funds
Note £ £ £
Income and endowments
Donations and legacies 4 – – 150,200
Charitable activities 5 – – 1,477
Investment income 6 58,019 58,019 55,499
──────── ──────── ─────────
Total income 58,019 58,019 207,176
════════ ════════ ═════════
Expenditure
Expenditure on charitable activities 7,8 (95,824) (95,824) (214,146)
──────── ──────── ─────────
Total expenditure (95,824) (95,824) (214,146)
════════ ════════ ═════════
Net gains/(losses) on investments 10 9,211 9,211 (3,226)
──────── ──────── ─────────
Net expenditure (28,594) (28,594) (10,196)
════════ ════════ ═════════
Other recognised gains and losses
Gains/(losses) on revaluation of investments 10,540 10,540 (4,784)
──────── ──────── ─────────
Net movement in funds (18,054) (18,054) (14,980)
Reconciliation of funds
Total funds brought forward 1,092,568 1,092,568 1,107,548
──────────── ──────────── ────────────
Total funds carried forward 1,074,514 1,074,514 1,092,568
════════════ ════════════ ════════════

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 2024

2024 2023
Note £ £ £
Fixed assets
Investments 15 1,059,655 1,049,329
Current assets
Debtors 16 1,873 215
Cash at bank and in hand 42,334 71,587
──────── ────────
44,207 71,802
Creditors: amounts falling due within one year 17 (29,348) (28,563)
──────── ────────
Net current assets 14,859 43,239
──────────── ────────────
Total assets less current liabilities 1,074,514 1,092,568
──────────── ────────────
Net assets 1,074,514 1,092,568
════════════ ════════════
Funds of the charity
Unrestricted funds 1,074,514 1,092,568
──────────── ────────────
Total charity funds 18 1,074,514
════════════		 1,092,568
════════════

These financial statements were approved by the board of trustees and authorised for issue on 17 June 2025, 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 2024

2024 2023
£ £
Cash flows from operating activities
Net expenditure (28,594) (10,196)
Adjustments for:
Net gains/(losses) on investments (9,211) 3,226
Other interest receivable and similar income (58,019) (55,499)
Accrued income (1,581) (74)
Changes in:
Trade and other creditors 708 26,540
──────── ────────
Cash generated from operations (96,697) (36,003)
Interest received 58,019 55,499
──────── ────────
Net cash (used in)/from operating activities (38,678) 19,496
════════ ════════
Cash flows from investing activities
Other investing cash flow adjustment 9,425 8,810
──────── ────────
Net cash from investing activities 9,425 8,810
════════ ════════
Net (decrease)/increase in cash and cash equivalents (29,253) 28,306
Cash and cash equivalents at beginning of year 71,587 43,281
──────── ────────
Cash and cash equivalents at end of year 42,334
════════		 71,587
════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements

Year ended 31 December 2024

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 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

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 2024

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 - Straight line basis over 4 years

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2024

3. Accounting policies (continued)

Investments

Fixed asset investments are stated as fair value using the quoted market price. Deposits held for investments purposes are included within investments.

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 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 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 2024

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 2024 Funds 2023
£ £ £ £
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 2024

5. Charitable activities

Unrestricted
Total Funds		 Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
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 2024 Funds 2023
£ £ £ £
Bank interest receivable 486 486 870 870
Dividend income and Unit Trust
Distributions 57,533 57,533 54,629 54,629
──────── ──────── ──────── ────────
58,019 58,019 55,499 55,499
════════ ════════ ════════ ════════
7. Expenditure on charitable activities by fund type
Unrestricted
Total Funds		 Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
To promote the education, knowledge
and understanding of all matters of
artistic, architectural, historic or
aesthetic interest. 83,966 83,966 202,822 202,822
Support costs 11,858 11,858 11,324 11,324
──────── ──────── ───────── ─────────
95,824 95,824 214,146 214,146
════════ ════════ ═════════ ═════════
8. Expenditure on charitable activities by activity type
Activities
undertaken Total funds Total fund
directly Support costs 2024 2023
£ £ £ £
To promote the education, knowledge
and understanding of all matters of
artistic, architectural, historic or
aesthetic interest. 83,966 8,852 92,818 211,658
Governance costs – 3,006 3,006 2,488
──────── ─────── ──────── ─────────
83,966 11,858 95,824 214,146
════════ ═══════ ════════ ═════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2024

9. Analysis of support costs

9.
Analysis of support costs
Promotion of
all matters Governance
relating to art costs Total 2024 Total 2023
£ £ £ £
Bank charges 488 – 488 528
Trustees Meeting costs – 888 888 387
Independent Examiners Fees – 2,118 2,118 2,100
Investment underlying charges 8,364 – 8,364 8,309
─────── ─────── ─────── ────────
8,852 3,006 11,858 11,324
═══════ ═══════ ═══════ ════════

10. Net gains/(losses) on investments

Unrestricted Total Funds Unrestricted Total Funds
Funds 2024 Funds 2023
£ £ £ £
Gains/(losses) on disposal of
investments 9,211 9,211 (3,226) (3,226)
═══════ ═══════ ═══════ ═══════
Independent examination fees
2024 2023
£ £
Fees payable to the independent examiner for:
Independent examination of the financial statements 2,118
═══════		 2,100
═══════

11. Independent examination fees

12. Staff costs

The average head count of employees during the year was Nil (2023: Nil).

No employee received employee benefits of more than £60,000 during the year (2023: 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 compensation paid to key management personnel for services provided to the charity was £50,000 (2023: £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 2024

14. Tangible fixed assets

Equipment Total
£ £
Cost
At 1 January 2024 and 31 December 2024 2,201 2,201
═══════ ═══════
Depreciation
At 1 January 2024 and 31 December 2024 2,201 2,201
═══════ ═══════
Carrying amount
At 31 December 2024 – –
═══════ ═══════
At 31 December 2023 – –
═══════ ═══════

15. Investments

Cash or cash Other
equivalents investments Total
£ £ £
Cost or valuation
At 1 January 2024 22,731 1,026,598 1,049,329
Additions (138,208) 138,208 –
Disposals 144,352 (135,141) 9,211
Fair value movements – 10,540 10,540
Other movements (9,425) – (9,425)
───────── ──────────── ────────────
At 31 December 2024 19,450 1,040,205 1,059,655
═════════ ════════════ ════════════
Impairment
At 1 January 2024 and 31 December 2024 – –
════════════ ════════════
Carrying amount
At 31 December 2024 19,450 1,040,205 1,059,655
═════════ ════════════ ════════════
At 31 December 2023 22,731 1,026,598 1,049,329
═════════ ════════════ ════════════

All investments shown above are held at market value.

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2024

15. Investments (continued)

Analysis of investments at 31 December 2023 between funds

2024 2023
£ £
Schroders (total of all fund balances) 392,914 390,987
Charity Equity Income Fund 144,612 102,660
Man GLG Income 138,632 55,308
Charity Property Fund 103,991 103,424
Fidelity Global Dividend Fund 72,464 65,542
Property Inc Trust for Charities 46,039 47,232
Vontobel Fund 29,715 29,268
Morgan Stanley GI ABS 26,488 26,431
HSBC Glb Government Bond 18,614 18,743
Fisher Investments US Small 18,115 –
Atlas GI Infrastructure 17,599 18,693
M&G Em Mkts Bond 16,042 16,660
4.25 UK Treasury Stock 14,979 16,508
M&G Equities Investment Fund – 115,373
Ninety III Glb – 19,768
UK Cash held as part of portfolio 19,452 22,732
──────────── ────────────
1,059,656 1,049,329
════════════ ════════════
The Schroder fund is made up of the following:
2024 2023
£ £
Listed Equity Income 272,000 268,850
Diversified Alternative 44,135 –
Asian Income Maximiser 43,794 41,184
GI Eq Inc-L 32,985 32,880
UK Ref I GBP – –
SSF Alt Asset – 48,073
───────── ─────────
392,914 390,987
═════════ ═════════
16. Debtors
2024 2023
£ £
Prepayments and accrued income 1,873 215
═══════ ════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2024

17. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 27,248 26,540
Accruals and deferred income 2,100 2,023
──────── ────────
29,348 28,563
════════ ════════

18. Analysis of charitable funds

Unrestricted funds

At
At Gains and
31		 December
1 January 2024 Income Expenditure losses 2024
£ £ £ £ £
General funds 1,092,568 58,019 (95,824) 19,751 1,074,514
════════════ ════════ ════════ ════════ ════════════
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
════════════

19. Analysis of net assets between funds

Unrestricted Total Funds
Funds 2024
£ £
Investments 1,059,655 1,059,655
Current assets 44,207 44,207
Creditors less than 1 year (29,348) (29,348)
──────────── ────────────
Net assets 1,074,514 1,074,514
════════════ ════════════
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
════════════ ════════════

20. Analysis of changes in net debt

At
At 1 Jan 2024 Cash flows 31 Dec 2024
£ £ £
Cash at bank and in hand 71,587
════════		 (29,253)
════════		 42,334
════════

Jackson Nicholas Assie Limited Chartered Certified Accountants

The Royal Fine Art Commission Trust

Notes to the Financial Statements (continued)

Year ended 31 December 2024

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 Bayley Ink was reimbursed £1,648 (2023: £1,381), of whom S Bayley is a trustee, for expenses (printing, meeting, travel, meeting room) incurred on behalf of the charity.

Jackson Nicholas Assie Limited Chartered Certified Accountants