**Charity No. 313797 (England and Wales)**
## **Royal Society of Painter-Printmakers**
**Financial statements for the year ended 31 December 2020**
**Royal Society of Painter-Printmakers**
## **Contents**
||**Page**|
|---|---|
|General information|1 - 2|
|Report of the Council|3 - 8|
|Independent examiner’s report to the trustees|9|
|Statement of fnancial activities|10|
|Balance sheet|11|
|Notes to the fnancial statements|12 - 21|
**Royal Society of Painter-Printmakers**
## **General information**
**Registered charity number** 313797
**Council members At the date of signing:**
David Ferry (President) Michelle Griffiths (Vice President) John Duffin (Honorary Secretary) Louise Hayward (Honorary Treasurer) Melanie Bellis (Honorary Curator)
Margaret Ashman Justin Diggle Morgan Doyle Ros Ford Rachel Gracey Mark Graver Jemma Gunning Ben Hendy Sharon Lee Lisa Chang Lee Mike Middleton Stephen Mumberson Jackie Newell Siobhan Piercey Dr Sumi Perera Nick Richards Peter S Smith Jane Stobart Edward Twohig
## **Other trustees who served during 2020:**
Gail Brodholt Blaze Cyan Louise Davies Jason Hicklin Katherine Jones Fouzia Zafar
Page 1
**Royal Society of Painter-Printmakers**
## **General information (continued)**
**Administrative office** Bankside Gallery 48 Hopton Street Blackfriars London SE1 9JH **Bankers** The Royal Bank of Scotland Plc London Drummonds Branch 49 Charing Cross London SW1A 2DX **Investment advisers** Cazenove Fund Management Limited 3 Copthall Avenue London EC2R 7BH **Independent examiner** Cara Turtington FCA DChA Saffery Champness LLP 71 Queen Victoria Street London EC4V 4BE
Page 2
**Royal Society of Painter-Printmakers**
## **Report of the Council For the year ended 31 December 2020**
## **Introduction**
The Council is pleased to present the annual report and financial statements of the Royal Society of Painter-Printmakers for the year ended 31 December 2020. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with its own Bye-laws, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
## **Structure, governance and management**
## **Governing document and legal status**
The Royal Society of Painter-Printmakers was founded in 1880 and received its Royal Patronage in 1888. The Society has administered its affairs and exhibited as an independent body since its foundation. The Society is a Body Corporate and Politic with perpetual succession and a Common Seal by Royal Charter, governed by a set of bye-laws. The Society is also a registered charity, number 313797.
## **Related parties**
The Royal Society of Painter-Printmakers and The Royal Society of Painters in Watercolours are jointly and equally owners of Bankside Gallery, a company limited by guarantee and a registered charity. The Royal Society of Painter-Printmakers works regularly in partnership with The Royal Society of Painters in Watercolours and Bankside Gallery to pursue its charitable purposes and shares some common Council/Board members.
The Society is party to an indemnity in favour of Bankside Gallery which commits the Society to offering continuing support and assistance to the Gallery for periods of two years at a time. Further details can be found in the notes to these financial statements.
## **Organisational structure**
The governance and strategic planning of the Society is carried out by a Council of Members (acting as trustees of the charity) that meets quarterly. The Council comprises the ex officio officers of the Society plus fifteen Fellows and six Associate Members. The ex officio officers comprise the President, Vice-president, Secretary, and Treasurer.
The administration of the Society is managed on a day-to-day basis by one part-time member of staff employed by Bankside Gallery.
Council is responsible for considering Society exhibitions. The Director of Bankside Gallery is charged with finding suitable artists or organisations to hire the Gallery for exhibitions when it is not being used for shows by Members of the two Royal Societies. To ensure the requisite standard of work, all external proposals are vetted by the two Society Presidents.
## **Recruitment and appointment of Council Members**
The President is elected by a Special meeting of the Society, may serve initially for five years and thereafter, if not retiring, must be re-elected annually. All remaining
Page 3
**Royal Society of Painter-Printmakers**
## **Report of the Council For the year ended 31 December 2020**
Members of the Council are elected at the AGM and one third must retire by rotation at each AGM, but may be re-elected without time limit. The President appoints the Vice-President from among the Council Members.
Page 4
**Royal Society of Painter-Printmakers**
**Report of the Council (continued) For the year ended 31 December 2020**
## **Investment powers and management**
All funds requiring investment are, in the absence of any special direction by a General Meeting of the Society, applied or invested by the Council, who have authority to effect transactions of stocks and shares held by them for the Society. Funds are managed, on behalf of the Council, by Cazenove Capital Management Limited.
## **Risk assessment**
Council reviews regularly the major risks to which the charity is exposed, and takes action as appropriate to manage and mitigate those risks.
The principal risk faced by the Society is that, with no employed staff, Council members are limited in the time they have available to manage the Society’s affairs and maintaining an adequate balance of skills at all times is inevitably a challenge. Council mitigates these risks through working closely with Bankside Gallery staff in relevant areas, through ensuring appropriate succession planning and knowledge transfer, and also through the development of clear and transparent procedures.
The Society is also vulnerable to a lack of involvement in its affairs by the broader membership. Council mitigates this risk through recruitment of new members, while actively seeking to engage the existing membership in supporting its activities.
## **Reserves policy**
The Society retains sufficient reserves to pay its liabilities as they fall due, to maintain and develop its charitable activities and to continue its support for Bankside Gallery. With this in mind, it is deemed necessary for the Society to hold an unrestricted funds reserve of not less than one year's unrestricted fund expenditure, which currently averages approximately £120,000.
## **Accounting records**
The preparation of the Society’s accounting records is outsourced to a bookkeeper who is suitably qualified for the task. Internal controls, appropriate for a charity of this size, have been put in place to protect the Society’s funds and to ensure their proper application.
## **Objectives and activities**
## **Objectives**
The main objectives of the Society are the promotion of original printmaking in all its forms, the advancement of education in the practice and appreciation of printmaking, and the furtherance of the interests of professional printmaking artists.
## **Activities**
The Royal Society of Painter-Printmakers aims to achieve its objects through the following activities:
- recruitment and election of Members; provision of gallery facilities;
- holding public exhibitions at Bankside Gallery in London and in other cities and towns throughout the country, as well as overseas;
- giving public lectures;
Page 5
Royal Society of Painter-Printmakers
Report of the Council (continued)
For the year ended 31 December 2020
Page 6
**Royal Society of Painter-Printmakers**
## **Report of the Council (continued) For the year ended 31 December 2020**
- **Activities (continued)**
- conserving, for the enjoyment and study of present and future generations, the Society's collections of prints;
- building and retaining appropriate reserves to safeguard the charity's existence;
- managing the charity's funds and bequests responsibly to enable the Charity to achieve its objectives;
- such other ways as may from time to time be most appropriate.
## **Public benefit**
Council has paid due regard to the Charity Commission's guidance on public benefit in deciding what activities the charity should undertake. The Royal Society of PainterPrintmakers recognises and welcomes the need to carry out its charitable activities for the benefit of the general public, and retains this aim at the centre of its strategic planning. The Society continues to offer free admission to all of its exhibitions and is working to increase the amount and breadth of education work it carries out in the local community and beyond, seeking to involve people from the widest possible range of backgrounds and abilities.
## **Achievements and performance**
The Royal Society of Painter-Printmakers is one of the world’s premier printmaking organisations. All of the members of the Society are practising professional printmakers who have been elected after a rigorous selection by a panel of their peers. From its home in Bankside Gallery on the South Bank of the Thames next to Tate Modern it holds regular exhibitions showcasing the best in contemporary printmaking.
The Society takes its role as advocate for the art of printmaking very seriously. By annually staging one completely open-submission exhibition and a series of partially open-submission exhibitions, it endeavours to promote printmaking to an ever-wider audience and to encourage artists to create new work.
The Society also organises a number of prizes for young printmakers and recent graduates. It encourages direct interaction with its artists through ‘meet the artists’ sessions at all of its exhibitions.
## **Achievements against objectives**
During 2020, the Society planned to carry out the following activities:
- Stage a five-week annual exhibition in the Spring/Summer and participate in two mixed exhibitions with the Royal Watercolour Society in the Summer and Winter; due to lockdown, the annual exhibition only took place online; the mixed Summer exhibition went ahead in the Gallery but the Winter exhibition was cancelled.
- Promote the sixth National Original Print Exhibition, an open submission show held at Bankside Gallery in September; this was postponed due to the closure of Bankside Gallery and Covid-19 restrictions.
Page 7
## **Royal Society of Painter-Printmakers**
## **Report of the Council (continued) For the year ended 31 December 2020**
- Hold the sixth exhibition in ‘The Masters’ series, which are technique-specific open submission exhibitions; the exhibition will be dedicated to Etching; this was postponed due to the closure of Bankside Gallery.
- Give two major prizes to a minimum of two young printmakers; this was postponed due to the closure of Bankside Gallery and the impact of the closure of university campuses on students ability to create work to submit for these awards.
Page 8
**Royal Society of Painter-Printmakers**
## **Report of the Council (continued) For the year ended 31 December 2020**
## **Achievements against objectives**
## **(continued)**
- Continue our friendship scheme the Print Collectors Club; no events were planned due to the closure of Bankside Gallery.
- Take part in at least two Society exhibitions held at venues other than Bankside Gallery; this aim was not achieved due to the widespread cancellation of events and closure of venues during 2020.
- Participate in the London Original Print Fair; this aim was achieved but the Fair only took place online.
## **Impact of Coronavirus**
The Society’s programme of exhibitions and events was severely disrupted when Government lockdowns were imposed to deal with the Covid-19 pandemic. Although Bankside Gallery was open for periods of time during the year, uncertainty about how and when lockdowns might be needed made forward planning challenging. Limits on social distancing, travel and the mixing of people had an impact on the ability of members and non-members to deliver their work safely to the Gallery. For these reasons, both of the Society’s major exhibitions, the ‘National Open Exhibition’ (NOPE) and ‘The Masters: Etching’ were postponed. A special exhibition planned to celebrate the opening of Bankside Gallery, ‘Tim Marlow Selects’, was cancelled.
Some RE members participated in the London Original Print Fair (LOPF) in May which ran only as an online exhibition. ‘RE Original Prints’ was held as an online exhibition while ‘’New Work by the RE: Printmakers in Lockdown’ was installed in the Gallery but had to close due to the lockdown imposed in November so continued as an online exhibition.
The election of student members was postponed due both to the closure of Bankside Gallery and to the impact of university campuses being closed to students therefore limiting opportunities for work to be created for submission. Activities planned for the Print Collectors Club were cancelled as was the 2020 RE AGM.
As Bankside Gallery was closed during lockdowns, the RE Council adapted to holding meetings on Zoom and these have continued successfully into 2021. The 2021 annual Membership Election was conducted on Zoom with selection being made solely from digital submissions for the first time. The Election attracted a record number of submissions with a near-record number of 20 applicants being elected to Associate Membership, a welcome and positive achievement following a year of cancellations and disappointments.
## **Financial review**
## **Sources of funding and financial position**
The Royal Society of Painter-Printmakers funds its activities and administrative costs through membership subscriptions, grants, donations, bequests, income from exhibitions and education events, royalties from publications, and investment income and gains generated on its invested funds.
The financial position of the Charity is set out in the Statement of Financial Activities on page 10 and the Balance Sheet on page 11.
Page 9
**Royal Society of Painter-Printmakers**
## **Report of the Council (continued) For the year ended 31 December 2020**
During the year under review, total income amounted to £39,399 (2019: £103,815) including investment income and bank interest of £3,076 (2019: £3,326).
The cost of raising funds in the year was £4,489 (2019: £9,824), the cost of charitable activities was £49,603 (2019: £104,354), including support costs of £20,041 (2019:£ 19,279). In addition, the gain on investments amounted to £4,394 (2019: £11,991).
Before investment gains, the Society had a net deficit on activities of £15,054 (2019: £10,364). After investment gains the Society's Total Funds showed a net deficit for the year of £10,659 (2019: surplus of £1,627).
At the year end, the Society held total reserves of £129,448 (2019: £140,107), comprising the Unrestricted General Fund of £51,610 (2019: £63,055) and Restricted Funds of £77,838 (2019: £77,052).
## **Investment performance**
Investments are held in intermediate risk funds which provide opportunities for a good income return and also some growth of capital in real terms. The total returns for the year on investments, after fees, were as follows:
General Fund 5.0% (2019: 10.80%) Joseph Webb Commemorative Fund 5.0% (2019: 11.3%) Gwen May Fund 6.2% (2019: 11.8%)
The returns were not large during the year. With the CPI (Inflation) Index showing an increase of 0.6% for the year, all the funds gained in value in real terms.
## **Plans for future periods**
During 2021, the Society plans to carry out the following activities:
- stage a five-week annual exhibition in the Spring/Summer and participate in two mixed exhibitions with the Royal Watercolour Society in the Summer and Winter.
- hold the sixth exhibition in ‘The Masters’ series (to be relaunched under a new name and theme) with the curator to be announced.
- give two major prizes to a minimum of two young printmakers.
- continue our friendship scheme the Print Collectors Club.
- take part in at least one Society exhibition held at a venue other than Bankside Gallery.
- participate in the London Original Print Fair.
Page 10
**Royal Society of Painter-Printmakers**
## **Report of the Council (continued) For the year ended 31 December 2020**
## **Council’s responsibilities in relation to the financial statements**
The charity trustees are responsible for preparing a trustees’ annual report and 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 the 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 judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;
- 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 proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to 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 taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity’s website in accordance with legislation in the United Kingdom governing the preparation and dissemination of financial statements.
By order of the Council
David Ferry **President** 2021
Page 11
## **Royal Society of Painter-Printmakers**
## **Independent Examiner’s report to the trustees of the Royal Society of Painter-Printmakers For the year ended 31 December 2020**
I report to the trustees on my examination of the accounts of the Royal Society of Painter-Printmakers for the year ended 31 December 2020.
## **Respective Responsibilities of trustees and examiner**
As the charity trustees of the charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the charity’s accounts 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.
## **Basis of independent examiner’s report**
My examination was carried out in accordance with the general Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.
## **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 Trust as required by section 130 of the Act; or
2. the accounts do not accord with those records; or
3. the accounts 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.
## **Cara Turtington FCA DChA**
2020
Page 12
## **Royal Society of Painter-Printmakers**
**Independent Examiner’s report to the trustees of the Royal Society of Painter-Printmakers For the year ended 31 December 2020**
**Saffery Champness LLP Chartered Accountants**
71 Queen Victoria Street London EC4V 4BE
Page 13
## **Royal Society of Painter-Printmakers**
## **Statement of financial activities For the year ended 31 December 2020**
|**Unrestricted Restricted**
**general**
**funds**
**funds**
**Notes**
**£**
**£**
**Income from:**
**Donations**
Membership income
32,304
-
Election fees
1,560
-
Grants and donations
20
-
33,884
-
Investment income
798
2,268
Bank interest
10
-
**Charitable activities**
Income from events
2,032
-
Miscellaneous income
407
-
**Total income**
37,131
2,268
**Expenditure on:**
**Raising funds**
Marketing costs
4,849
-
**Charitable activities**
Exhibitions
2,646
-
Awards
365
2,700
Donation to Bankside Gallery
23,850
-
Administrative costs
11,770
-
Professional costs
7,064
-
Finance costs
716
491
**Total expenditure**
**2**
51,261
3,191
**Net income/(expenditure)**
**before**
(14,130
)
(923)
**investment revaluations**
Gain/(loss) on revaluation of
2,685
1,709
investments
Transfers between funds
-
-
**Net income/(expenditure)**
**and net**
**movement in funds**
(11,445
)
786
Total funds brought forward
63,055
77,052
**Total funds carried forward**
51,610
77,838|**Total**
**funds**
**2020**
**£**
32,304
1,560
20
33,884
3,066
10
2,032
407
39,399
4,849
2,646
3,065
23,850
11,770
7,064
1,208
54,452
(15,053
)
4,394
-
(10,659
)
140,10
7
129,44
8|**Total**
**funds**
**2019**
**£**
31,947
1,410
42,739|
|---|---|---|
|||76,096
3,289
37
18,314
6,079|
|||103,81
5|
|||9,824
55,355
5,870
23,850
10,967
6,938
1,375|
|||114,17
9|
|||(10,364
)
11,991
-|
|||1,627
138,48
0|
|||140,10
7|
The Statement of financial activities includes all gains and losses in the year.
All of the above amounts relate to continuing activities.
The notes on pages 12 to 21 form part of these financial statements.
Page 14
**Royal Society of Painter-Printmakers**
## **Balance sheet As at 31 December 2020**
|**Note**
**Fixed assets**
Investments
**4**
**Current assets**
Debtors
**5**
Cash at bank
**Creditors: amounts**
**falling**
**due within one year**
**6**
**Net current assets**
**Total assets less**
**current**
**liabilities**
**Net assets**
**Funds**
Restricted income funds
**7**
Unrestricted income funds
**8**
**Total funds**|**2020**
**£**
**£**
122,44
7
843
10,732
11,575
(4,574)
7,001
129,44
8
129,44
8
51,610
77,838
129,44
8|**2019**
**£**
**£**
130,93
4
6,167
7,429
13,596
(4,423)
9,173
140,10
7
140,10
7
77,052
63,055
140,10
7|**2019**
**£**
**£**
130,93
4
6,167
7,429
13,596
(4,423)
9,173
140,10
7
140,10
7
77,052
63,055
140,10
7|
|---|---|---|---|
||||140,10
7|
||||140,10
7|
||||77,052
63,055|
||||140,10
7|
The notes on pages 12 to 21 form part of these financial statements.
These financial statements were approved and signed by a members of the Council and authorised for issue on 2021 and are signed on their behalf by
David Ferry **President**
Page 15
**Royal Society of Painter-Printmakers**
## **Notes to the financial statements For the year ended 31 December 2020**
## **1. Accounting policies**
## **1.1 Basis of accounting**
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the notes to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2020 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The Society constitutes a public benefit entity as defined by FRS 102.
The Council is of the opinion that there are no material uncertainties about the Society’s ability to continue as a going concern.
## **1.2 Income**
All income is recognised once the charity has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.
Donations are recognised when the charity has been notified in writing of both the amount and settlement date. In the event that a donation is subject to conditions that require a level of performance before the charity is entitled to the funds, the income is deferred and not recognised until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that those conditions will be fulfilled in the reporting period.
Membership income is treated as a donation as the benefits of membership are not of significant monetary value and the fee paid is therefore treated as a donation to the charity’s general funds.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charity; this is normally upon notification of the interest paid or payable by the bank. Dividends are recognised once the dividend has been declared and notification has been received of the dividend due.
**Royal Society of Painter-Printmakers**
## **Notes to the financial statements (continued) For the year ended 31 December 2020**
## **1.3 Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.
Expenditure is recognised on an accruals basis. All expenses including support costs and governance costs are allocated or apportioned to the applicable expenditure headings. Costs in respect of future events or exhibitions are charged when the relevant events or exhibitions take place.
Support costs comprise overheads and governance costs. They have been allocated to charitable activities on the basis that the Society currently considers itself to have only one charitable activity. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. All support costs are allocated to charitable and fundraising activities on the basis of time spent.
## **1.4 Investments**
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
## **1.5 Historic assets**
The Society's Historic Assets, described below, are not capitalised as the Trustees consider that the cost of obtaining valuations would outweigh the benefit to users of the accounts.
- 1.5.1 Diploma Collection: The Diploma Collection comprises prints acquired from Members on their election to the Society. Ownership of these is inalienable as the Society's Laws do not permit their disposal.
1.5.2 Other Works of Art: Through bequests, the Society has acquired some other works of art which are retained for historical, educational and artistic reasons. In addition, there are a number of works which have been donated to benefit the Society and it is possible that some of these may be sold over time; any sale proceeds arising from these will be reflected in the Society's financial statements at the date of disposal.
## **1.6 Taxation**
No tax provision is included in the financial statements as it is a registered charity and entitled to exemption from tax under Section 505 of the Income and Corporation Taxes Act 1988.
## **1.7 Fund accounting**
The charity has restricted funds, where the donor has specified that they can only be used on specific projects in the future. All other funds are unrestricted.
Designated funds have been nominated by the Council to represent their intentions to fund future projects or to reflect a wish of donors that was not legally binding at the
Page 17
**Royal Society of Painter-Printmakers**
**Notes to the financial statements (continued) For the year ended 31 December 2020**
time a gift was made. These funds can be undesignated and applied to any of the charitable activities in the future at the Council’s absolute discretion.
Page 18
**Royal Society of Painter-Printmakers**
**Notes to the financial statements (continued) For the year ended 31 December 2020**
## **2. Expenditure**
Support costs have been allocated to Charitable Activities based on the type of expense incurred. These are analysed in the year as follows:
|**Raising funds**
Marketing
**Charitable activities**
Exhibitions
Awards
Donations to Bankside Gallery
Administration
Professional fees
Finance
**Support costs**
Administration
Finance
Governance
**Governance costs**
Independent examination fee
Other professional fees|**Direct**
**Support**
**costs**
**costs**
**£**
**£**
4,849
-
2,646
-
3,065
-
23,850
-
11,770
7,064
1,208
34,411
20,041|**Total**
**funds**
**2020**
**£**
4,849
2,646
3,065
23,850
11,770
7,064
1,208
54,452
11,770
1,208
7,064
20,041
2,172
4,892|**Total**
**funds**
**2019**
**£**
9,824
55,355
5,870
23,850
10,967
6,938
1,375|
|---|---|---|---|
||||114,17
9|
||||10,967
1,375
6,937|
||||19,279|
||||2,280
4,657|
|||7,064|6,937|
No member of the Council received any emolument or payment for professional or other services during the year, and no members (2019: no members) received any reimbursement for expenses incurred during the course of carrying out their duties as charity trustees. Total donations from the Trustees in the year totalled £0 (2019: £3,050).
Expenditure from 2019 is analysed as follows:
|**Direct**|**Support**|**Total**|
|---|---|---|
|**costs**|**costs**|**funds**|
|||**2019**|
Page 19
**Royal Society of Painter-Printmakers**
## **Notes to the financial statements (continued) For the year ended 31 December 2020**
|**Raising funds**
Marketing
**Charitable activities**
Exhibitions
Awards
Donations to Bankside Gallery
Administration
Professional fees
Finance|**£**
9,924
55,355
5,870
23,850
-
-
-
94,899|**£**
-
-
-
-
10,967
6,938
1,375
19,280|**£**
9,824
55,355
5,870
23,850
10,967
6,938
1,375|
|---|---|---|---|
||||114,17
9|
## **3. Staff costs and emoluments**
No staff are directly employed by the Society. The Society is managed by the Members of Council who appoint independent consultants to provide additional services such as accountancy. Therefore the only people falling within the definition of key management personnel are the Members of Council.
## **4. Investments**
|**Market value**
At 1 January 2020
Funds withdrawn
Investment
income
Charges
Gains/(losses)
**At 31 December**
**2020**
**Cost**
Historic cost at
year end|**Joseph WebbGwenn May**
**Total**
**General**
**fund**
**fund**
**funds**
**fund (restricted)(restricted)**
**2020**
**£**
**£**
**£**
**£**
69,787
8,299
52,848
130,934
(11,984
)
(93)
(1,665
)
(13,742)
798
92
2,176
3,066
(1,202)
(36)
(967)
(2,205)
2,685
341
1,368
4,394
60,084
8,603
53,760
122,447
53,047
7,468
51,624
112,139|**Total**
**funds**
**2019**
**£**
131,90
3
(15,289
)
3,289
(960)
11,991|
|---|---|---|
|||130,93
4|
|||124,54
4|
At 31 December 2020, 77% of investments were held in Cazenove UK Equity and Bond funds (2019: 69%), and the remaining 18 % in Hedge Funds and alternatives (2019: 24%) and 5% in cash (2019: 7%).
**Investments (2019)**
## **Joseph WebbGwenn May Total**
Page 20
**Royal Society of Painter-Printmakers**
## **Notes to the financial statements (continued) For the year ended 31 December 2020**
|**General**
**fund**
**fund**
**fund (restricted)(restricted)**
**£**
**£**
**£**
**Market value**
At 1 January 2019
75,017
7,557
49,329
Funds withdrawn
(12,985
)
(104)
(2,200
)
Investment income
985
104
2,200
Charges
(483)
(12)
(465)
Gains/(losses)
7,253
754
3,984
**At 31 December**
**2019**
69,787
8,299
52,848
**Cost**
Historic cost at year
end
**5.**
**Debtors**
Other debtors and prepayments
Bankside Gallery
**6.**
**Creditors: amounts falling due within one year**
Trade creditors
Other creditors|**funds**
**2019**
**£**
131,90
3
(15,289
)
3,289
(960)
11,991
130,93
4
124,54
4
**2020**
**£**
243
600
843
**2020**
**£**
130
4,444
4,574|**2019**
**£**
6,016
151|
|---|---|---|
|||6,167|
|||**2019**
**£**
833
3,590|
|||4,423|
Page 21
## **Royal Society of Painter-Printmakers**
## **Notes to the financial statements (continued) For the year ended 31 December 2020**
|**7.**
**Restricted income funds**
**Balance at**
**1 Jan 2020**
**£**
Special fund
8,667
Joseph Webb
Commemorative
fund
9,813
Gwen May Fund
55,532
Diploma Collection
1,540
photography
Mike Brennan Prize
Fund
1,500
77,052
**Balance at**
**1 Jan 2019**
**£**
Special fund
8,667
Joseph Webb
Commemorative
fund
8,967
Gwen May Fund
51,813
Diploma Collection
photography
1,540
Mike Brennan Prize
Fund
2,000
72,987|**IncomeExpenditureGains andBalance at**
**losses31 Dec 2020**
**£**
**£**
**£**
**£**
-
(200)
-
8,467
92
(36)
342
10,211
2,176
(2,455)
1,367
56,620
-
-
-
1,540
-
(500)
-
1,000
2,268
(3,191)
1,709
77,838
**IncomeExpenditureGains andBalance at**
**losses31 Dec 2019**
**£**
**£**
**£**
**£**
-
-
-
8,667
104
(12)
754
9,813
2,200
(2,465)
3,984
55,532
-
-
-
1,540
-
(500)
-
1,500
2,304
(2,977)
4,738
77,052|
|---|---|
The Special Fund was established to fund the subscription cost of those members whose personal financial position is one of hardship.
The Joseph Webb Commemorative Fund was established to provide financial awards to young printmakers.
The Gwen May Fund was established to provide annual awards for the promotion and teaching of the skill and art of etching and engraving by traditional means, and to develop such art forms.
The Diploma Collection Photography Fund was established to hold donations that were made specifically for the purpose of helping to fund the future photographing of the Collection.
The Mike Brennan Prize fund was established to provide an annual award to one member whose work is selected at the RE Original Prints exhibition.
Page 22
## **Royal Society of Painter-Printmakers**
## **Notes to the financial statements (continued) For the year ended 31 December 2020**
## **8. Unrestricted income funds**
|**Balance at**
**1 Jan 2020**
**2020**
**£**
General funds
63,055
63,055
**Balance at**
**1 Jan 2019**
**2019**
**£**
Presidents Appeal
fund
1,246
McLaren
Bequest
fund
35,400
Wickham Bequest
fund
10,000
Diploma Collection
fund
1,320
General funds
17,527
65,493|**Income**
**Expenditure Gains andTransfers**
**Balance**
**Losses**
**31 Dec**
**£**
**£**
**£**
**£**
**£**
37,131
(51,261
)
2,685
-
51,610
37,131
(51,261
)
2,685
-
51,610
**Income**
**Expenditure Gains andTransfers**
**Balance**
**Losses**
**31 Dec**
**£**
**£**
**£**
**£**
**£**
-
-
-
(1,246
)
-
-
-
-
(35,40
0)
-
-
-
-
(10,00
0)
-
-
-
-
(1,320
)
-
101,511
(111,20
2)
7,253
47,966
63,055
101,511
(111,20
2)
7,253
-
63,055|
|---|---|
The Presidents’ Appeal Fund is designated to be used at the discretion of the President.
The McLaren and Wickham Bequest Funds were established upon receipt of bequests to be used at the discretion of the Trustees.
The Diploma Collection Fund is designated to be used, at the discretion of the trustees, for conservation of the Society’s Diploma Collection, and was established with funds raised by a Member of the Society.
During 2019 a transfer was made from the designated funds to the general fund as the purpose of these funds was no longer applicable for the charity.
Page 23
**Royal Society of Painter-Printmakers**
## **Notes to the financial statements (continued) For the year ended 31 December 2020**
|**9.**|**Analysis of net assets between funds**|||||
|---|---|---|---|---|---|
||**Investments**||**Net current**|**Total**||
||||**Assets**||**2020**|
|||**£**|**£**|**£**||
||**Restricted income funds:**|||||
||Special fund|-|8,467|8,467||
||Joseph Webb Commemorative fund|8,603|1,608|10,211||
||Gwen May fund|53,760|2,860|56,620||
||Diploma Collection photography|-|1,540|1,540||
||Mike Brennan Prize Fund|-|1,000|1,000||
|||62,363|15,475|77,838||
||**Unrestricted income funds:**|||||
||General funds|60,084|(8,474)|51,610||
|||||||
||**Total funds**|122,447|7,001|129,448||
||**Analysis of net assets between funds**|**2019**||||
||**Investments**||**Net current**|**Total**||
||||||**Assets**|
|**2019**||||||
|||**£**|**£**|**£**||
||**Restricted income funds:**|||||
||Special fund|-|8,667|8,667||
||Joseph Webb Commemorative fund|8,299|1,514|9,813||
||Gwen May fund|52,847|2,685|55,532||
||Diploma Collection photography|-|1,540|1,540||
||Mike Brennan Prize Fund|-|1,500|1,500||
|||61,146|15,906|77,052||
||**Unrestricted income funds:**|||||
||Designated funds|-|-|-||
||General funds|69,787|(6,732)|63,055||
|||69,787|(6,732)|63,055||
||**Total funds**|130,934|9,173|140,107||
Page 24
**Royal Society of Painter-Printmakers Notes to the financial statements (continued) For the year ended 31 December 2020**
## **10. Contingencies**
The Society is party to an indemnity, jointly with the Royal Society of Painters in Watercolours, to provide Bankside Gallery Limited with such support and assistance as may be agreed with the company for periods of two years at a time.
No liability under the indemnity arose for the year ended 31 December 2020 (nor in 2019) and, based on the financial statements and budgets of Bankside Gallery Limited, Council is of the opinion that it is unlikely that any substantial liability will arise from the indemnity within two years.
## **11. Related party transactions**
As described in the Report of the Council earlier in these financial statements, the charity has a close working relationship with Bankside Gallery Limited and with the Royal Watercolour Society. Bankside Gallery Limited manages Bankside Gallery, 48 Hopton Street, London, on behalf of both the Royal Society of Painter-Printmakers and the Royal Watercolour Society.
At the year end the Royal Society of Painter-Printmakers is owed £600 by the the Bankside Gallery (2019: £151), shown in note 5.
The Royal Society of Painter-Printmakers makes an annual donation to Bankside Gallery to cover a proportion of the running costs of the gallery, in recognition of Bankside Gallery's role in helping the Society achieve its charitable aims.
||**2020**|**2019**|
|---|---|---|
||**£**|**£**|
|The donation during the year was as follows:|||
|Donation towards running costs of Bankside Gallery|23,850|23,850|
This expenditure is included in the Statement of Financial Activities as expenditure.
There were no other related party transactions in the year (2019: none).
Page 25
## **Royal Society of Painter-Printmakers**
## **Notes to the financial statements (continued) For the year ended 31 December 2020**
## **12. Statement of financial activities comparative information**
|**Unrestricted Unrestricted**
**general**
**designated**
**funds**
**funds**
**£**
**£**
**Income from:**
**Donations**
Membership income
31,947
-
Election fees
1,410
-
Grants and donations
42,739
-
76,096
-
Investment income
985
-
Bank interest
37
-
**Incoming**
**resources**
**from**
**charitable activities**
Income from events
18,314
-
Miscellaneous income
6,079
-
**Total income**
101,511
-
**Expenditure on:**
**Raising funds**
Marketing costs
9,824
-
**Charitable activities**
Exhibitions
55,355
-
Awards
3,370
-
Donation to Bankside
Gallery
23,850
-
Administrative costs
10,967
-
Professional costs
6,938
-
Finance costs
898
-
**Total expenditure**
111,202
-
**Net**
**income/**
**(expenditure)**
(9,691)
-
**before**
**investment**
**revaluations**
Gain/(loss) on revaluation
of
7,253
-
investments
Transfer between funds
47,966
(47,966)
**Net**
**income/**
**(expenditure) and**
(45,528)
(47,966)
**net movement in funds**|**Restricted**
**funds**
**£**
-
-
-
-
2,304
-
-
-
2,304
-
-
2,500
-
-
-
477
2,977
(673)
4,738
-
4,065|**Total**
**funds**
**2019**
**£**
31,947
1,410
42,739|
|---|---|---|
|||76,096
3,289
37
6,079|
|||103,815|
|||9,824
55,355
5,870
23,850
10,967
6,938
1,375|
|||114,179|
|||(10,364)
11,991
-
1,627|
Page 26
## **Royal Society of Painter-Printmakers**
## **Notes to the financial statements (continued) For the year ended 31 December 2020**
|**Total funds brought**|17,527|47,966|72,987|138,480|
|---|---|---|---|---|
|**forward**|||||
|**Total funds carried**|63,055|-|77,052|140,107|
Page 27