2023-12-31-accounts - Royal Society Of Painter-Printmakers

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

Charity No. 313797 (England and Wales)

| |

Royal Society of Painter-Printmakers

Financial statements for the year ended 31 December 2023

Royal Society of Painter-Printmakers

Contents eeee

	Page
General information	1-2
Report of the Council	3-8
Independent examiner’s report to the trustees	9
Statement offinancial activities	10
Balance sheet	11
Notestothefinancialstatements	12-21

See

Royal Society of Painter-Printmakers

General information

a	a	a
Registered charity number	313797
Council members	Atthe date of signing:
	David Ferry	(President)
	Michelle Griffiths	(Vice President)
	Timothy Emlyn Jones	(Honorary Secretary)
	LouiseHayward Edward Twohig	(HonoraryTreasurer) Cur to )
	Ade Adesina
	Margaret Ashman
	Theodora Ballantyne Way
	lan Brown
	Merlyn Chesterman
	Richenda Court
	Paul Croft
	Justin Diggle
	John Duffin
	Marianne Ferm
	Mark Graver
	Weimin He
	Stephen Hoskins
	Stephen Lawlor
	Sharon Lee
	Peter Lloyd
	Sonia Martin
	Flora McLachlan
	Sumi Perera
	Siobhan Piercy
	KatyaTimoshenko

Other trustees who served during 2023:

Lisa Chang Lee Caroline Macey Jemma Gunning Nick Richards

NeeeneeT ee eee eee

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 ofScotland Plc
	London Drummonds Branch
	49 Charing Cross
	London
	SW1A 2DX
Investment advisers	Cazenove Capital Management Limited
	1 London Wall Place
	London
	EC2Y 5AU
Independent examiner	Cara Turtington FCA DChA
	Saffery LLP
	71 Queen Victoria Street
	London
	ECAV4BE

See

Page 2

Royal Society of Painter-Printmakers

Report of the Council For the year ended 31 December 2023

aOooo

Introduction

The Council is pleased to present the annual report and financial statements of the Royal Society of PainterPrintmakers for the year ended 31 December 2023. 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 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.

nn

Page 3

Royal Society of Painter-Printmakers

Report of the Council (continued) For the year ended 31 December 2023

eee

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;
a holding public exhibitions at Bankside Gallery in London and in other cities and towns throughout the country, as well as overseas;
° giving public lectures;

Sn

——“

Page 4

Royal Society of Painter-Printmakers

Report of the Council (continued)

For the year ended 31 December 2023

a 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; e managing the charity's funds and bequests responsibly to enable the Charity to achieve its objectives;
e 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 Painter-Printmakers 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 2023, the Society carried 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; this was achieved.
° Hold the third International Original Print Exhibition with guest selectors Rob Ryan (artist), Dr Mark Golder (collector & academic) and Sharon Lloyd (co-founder of FACE); this was achieved.
° Continue our friendship scheme the Print Collectors Club; this took place with the launch of a new range of prints.
° Take part in at least one Society exhibition held at a venue other than Bankside Gallery; this aim has been carried forward.
° Participate in the London Original Print Fair; this was achieved. ° Give two major prizes to a minimumof two young printmakers; one Gwen May Prize was awarded. e Hold a new open-submission exhibition called Small But Mighty with guest selector artist Jonny Hannah; this was achieved.

a

Page 5

Royal Society of Painter-Printmakers

Report of the Council (continued) For the year ended 31 December 2023

EEEt

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 9 and the Balance Sheet on page 10.

During the year under review, total income amounted to £112,900 (2022: £100,657) including investment income and bank interest of £3,344 (2022: £2,798).

The cost of raising funds in the year was £5,153 (2022: £5,000), the cost of charitable activities was £130,182 (2022: £89,524), including support costs of £43,148 (2022: £29,023). In addition, the gains on investments amounted to £2,750 (2022: losses of £11,740).

Before investment gains, the Society had a net loss on activities of £22,436 (2022: net surplus on activities of £6,133). After investment gains the Society's Total Funds showed a net deficit for the year of £19,686 (2022: Deficit of £5,607).

At the year end, the Society held total reserves of £105,386 (2022: £125,072), comprising the Unrestricted General Fund of £26,417 (2022: £48,063) and Restricted Funds of £78,969 (2022: £77,009).

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 2.37% (2022: -9.8%) Joseph Webb Commemorative Fund 3.29% (2022: -9.8%) Gwen May Fund 0.7% (2022: -11.3%)

Returns showed some recovery from the previous year. However, with the CPI (Inflation) Index showing an increase of 5.1% for the year, the funds lost value in real terms.

Plans for future periods During 2024, 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 fourth International Original Print Exhibition with guest selectors to be confirmed. ° Continue our friendship scheme the Print Collectors Club. ° Take part in a Society exhibition held at The Bevere Gallery, Worcester. ° Participate in the London Original Print Fair. ° Give two major prizes to a minimum of two young printmakers. ° Hold the second Small But Mighty Exhibition with guest selector James Arnold, Programmes and Collections Manager at The Harris Museum and Art Gallery.

eee Page 6

Royal Society of Painter-Printmakers

Report of the Council (continued) For the year ended 31 December 2023

NN 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; e 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 Cguncil

----- Start of picture text -----
David Ferry
President
i2-/ 9 2024
----- End of picture text -----

NN

Page 7

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 2023

eee

| report to the trustees on my examination of the accounts of the Royal Society of Painter-Printmakers for the year ended 31 December 2023.

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’).

| 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 | 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

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

accounting records were not kept in respect of the Trust as required by section 130 of the Act; or
the accounts do not accord with those records; or
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.

| 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.

----- Start of picture text -----
}
CY t
Cara Turtington FCADChA
----- End of picture text -----

Saffery LLP Chartered Accountants

LB Se NO iy 7 2024 71 Queen Victoria Street London EC4V 4BE

i

Page 8

Royal Society of Painter-Printmakers

{

Statement of financial activities

For the year ended 31 December 2023

----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |080| |Unrestricted|Restricted|Total|Total| |general|funds|funds|funds| |funds|2023|2022| |Notes|£|£|£|£| |Income|from:| |Donations| |Legacies|-|-|13,768| |Membership income|39,035|-|39,035|39,025| |Election fees|3,400|-|3,400|1,200| |Grants and|donations|47,350|-|47,350|28,812| |89,785|-|89,785|82,805| |Investment income|755|2,331|3,086|2,757| |Bank interest|258|-|258|42| |Charitable|activities| |Income from|events|16,665|-|16,665|10,873| |Miscellaneous|income|3,106|-|3,106|4,180| |Total|income|110,569|2,331|112,900|100,657| |Expenditure|on:| |Raising funds| |Marketing costs|5,152|-|5,153|5,000| |Charitable|activities| |Exhibitions|62,185|.|62,185|35,025| |Awards|1,000|1,000|1,626| |Donation|to|Bankside|Gallery|23,850|-|23,850|23,850| |Administrative|costs|20,957|-|20,957|18,783| |Professional|costs|20,855|-|20,855|8,939| |Finance|costs|945|391|1,335|1,301| |Total|expenditure|2|133,945|1,391|135,336|94,524| |Net income/(expenditure)|before|(23,376)|941|(22,436)|6,133| |investment|revaluations| |Gains/{loss)|on|revaluation|of|1,731|1,019|2,750|(11,740)| |investments| |Transfers|between|funds|-|-|-|-| |Net|(expenditure)/|income|and|net| |movement|in funds|(21,646)|1,960|(19,686)|(5,607)| |Total funds|brought forward|48,063|77,009|125,072|130,679| |Total funds|carried forward|26,417|78,969|105,386|125,072|

----- End of picture text -----

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 11 to 20 form part of these financial statements.

ggeee

Page 9

Royal Society of Painter-Printmakers

Balance sheet

As at 31 December 2023

eee	eee	eee	eee	eee	eee
			2023		2022
	Note	£	£	£	£
Fixed assets
Investments	4		99,483		117,462
Current assets
Debtors Cash atbank	5	2,212 11,671		2,069 10,731
Creditors: amounts falling		13,883		12,860
duewithinoneyear	6	(7,981)		(5,190)
Netcurrentassets			5,903		7,610
Total assets less current
liabilities			105,386		125,072
Netassets			105,386		125,072
Funds
Restricted income funds Unrestricted incomefunds	7 8		78,969 26,417		77,009 48,063
Totalfunds			105,386		125,072

The notes on pages 11 to 20 form part of these financial statements.

These financial statements were approved and signed by a members of the Council and authorised for issue on 2024 and are signed on their behalf by

----- Start of picture text -----
. Ts, -
David Ferry
President |
lw A! 2
----- End of picture text -----*

—---————————————

eee" NL.

Page 10

Royal Society of Painter-Printmakers

Notes to the financial statements

For the year ended 31 December 2023

nnnaan 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 2021 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.

_——————————

Ennai

Page 13

Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2023

1.4 Investments

eee

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.

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 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.

eee

Page 12

Royal Society of Painter-Printmakers

Notes to the financial statements (continued)

For the year ended 31 December 2023

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:

	Direct	Support	Total	Total
	costs	costs	funds	funds
			2023	2022
	£	£	£	£
Raising funds
Marketing	5,153	-	5,153	5,000
Charitable activities
Exhibitions	62,185	-	62,185	35,025
Awards Donations to Bankside Gallery	1,000 23,850	-	1,000 23,850	1,626 23,850
Administration Professional fees	- -	20,958 20,855	20,958 20,855	18,783 8,939
Finance	-	1,335	1,335	1,301
	92,188	43,148	135,336	94,524
	_——————————
Support costs Administration Finance			20,958 1,335	18,783 1,301
Governance			20,855	8,939
			43,148	29,023
Governance costs
Independent examination fee Other professional fees			2,770 18,085	2,770 6,169
			20,855	8,939

No member of the Council received any emolument or payment for professional or other services during the year, and no members (2022: 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 (2022: £0).

ame

Page 13

Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2023

SEE

Expenditure from 2022 is analysed as follows:

Expenditure from 2022 is analysed as follows:
	Direct	Support	Total
	costs	costs	funds
			2022
	£	£	£
Raising funds
Marketing	5,000	=	5,000
Charitable activities
Exhibitions Awards	35,025 1,626	. -	35,025 1,626
Donations to Bankside Gallery Administration	23,850 -	- 18,783	23,850 18,783
Professional fees	.	8,939	8,939
Finance	.	1,301	1,301
	65,501	29,023	94,524

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.

Investments

Investments
		JosephWebb	Gwen May	Total	Total
	General	fund	fund	funds	funds
	fund	(restricted)	(restricted)	2023	2022
	£	£	£	£	£
Market value
At 1January2023	58,788	8,424	50,250	117,462	130,114
Fundswithdrawn Investment income	(20,755) 755	(129) 129	(2,209) 2,209	(23,092) 3,092	(2,756) 2,756
Charges Gains/(losses)	(338) 1,731	(51) 328	(340) 691	(728) 2,750	(912) (11,740)
At 31 December 2023	40,181	8,701	50,601	99,483	117,462
Cost
Historic cost at year
me	38,551	8,090	50,805	97,446	118,044

At 31 December 2023, 77% of investments were held in Cazenove UK Equity and Bond funds (2022: 73%), and the remaining 17% in Hedge Funds and alternatives (2022: 18%) and 5% in cash (2022: 9%).

Page 14

Royal Society of Painter-Printmakers

Notes to the financial statements (continued)

For the year ended 31 December 2023

a

	Investments (2022)
				JosephWebb	Gwenn May	Total
		General		fund	fund	funds
			fund	(restricted)	(restricted)	2022
			£	£	£	£
	Market value
	At 1January 2022		64,290	9,182	56,642	130,114
	Funds withdrawn		(490)	(67)	(2,199)	(2,756)
	Investment income		490	67	2,199	2,756
	Charges		(372)	(53)	(487)	(912)
	Gains/(losses)		(5,130)	(705)	(5,905)	(11,740)
	At 31 December 2022		58,788	8,424	50,250	117,462
	Cost
	Historic cost atyearend		58,827	8,090	51,127	118,044
5.	Debtors
						2023	2022
						£	£
	Other debtors and prepayments					1,874	2,068
	Bankside Gallery					338	-
						2,212	2,068
6.	Creditors: amounts falling	due	within one year
						2023	2022
						£	£
	Trade creditors					1,711	460
	Other creditors and accruals					6,270	4,730
						7,981	5,190

Page 15

Royal Society of Painter-Printmakers

For the year ended 31 December 2023

Notes to the financial statements (continued)

a"

7. Restricted income funds

Restricted income funds
	Balance at	Income	Expenditure	Gains and	Balance at
	1 Jan 2023			losses	31 Dec 2023
	£	£	£	£	£
Special fund	8,367	-	-	-	8,367
Joseph Webb
Commemorative fund	10,151	129	(51)	328	10,557
Gwen May Fund	56,451	2,203	(840)	691	58,505
Diploma Collection
photography	1,540	-	-	-	1,540
Mike Brennan Prize Fund	500		(500)	-	-
	77,009	2,332	(1,391)	1,019	78,969
	Balance at	Income	Expenditure	Gains and	Balance at
	1 Jan 2022			losses	31 Dec 2022
	£	£	£	£	£
Special fund	8,367	-	-	-	8,367
Joseph Webb
Commemorative fund	10,842	67	(53)	(705)	10,151
Gwen May Fund	60,643	2,200	(487)	(5,905)	56,451
Diploma Collection
photography	1,540	-	-	-	1,540
Mike Brennan Prize Fund	1,000	-	(500)	-	500
	82,392	2,267	(1,040)	(6,610)	77,009

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.

eeeee

Page 16

Royal Society of Painter-Printmakers

Notes to the financial statements (continued)

For the year ended 31 December 2023

8. Unrestricted income funds

		Balance at	Income	Expenditure	Gains and	Transfers		Balance
		1 Jan 2023			Losses			31 Dec 2023
		£	£	£	£	£		£
General	funds	48,063	110,569	(133,946)	1,731		)	26,417
		48,063	110,569	(133,946)	1,731		0	26,417
		Balance at	Income	Expenditure	Gains and	Transfers		Balance
		1 Jan 2022			Losses			31 Dec 2022
		£	£	£	£	£		£
General	funds	48,287	98,390	(93,484)	(5,130)		0	48,063
		48,287	98,390	(93,484)	(5,130)		0	48,063

| |

Page 17

Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2023

9. Analysis of net assets between funds

Analysis of net assets between funds
	Investments	Net current	Total
		Assets	2023
	£	£	£
Restricted income funds:
Special fund	-	8,367	8,367
Joseph Webb Commemorative fund	8,701	1,856	10,557
Gwen May fund	50,601	7,904	58,505
Diploma Collection photography	-	1,540	1,540
Mike Brennan Prize Fund	-	-	-
	59,302	19,667	78,969
Unrestricted income funds:
General funds	40,181	(13,764)	26,417
	40,181	(13,764)	26,418
Total funds	99,483	5,903	105,386
Analysis of net assets between funds 2022
	Investments	Net current	Total
		Assets	2022
	£	£	£
Restricted income funds:
Special fund	-	8,367	8,367
Joseph Webb Commemorative fund	8,423	1,728	10,151
Gwen Mayfund	50,251	6,200	56,451
Diploma Collection photography	-	1,540	1,540
Mike Brennan Prize Fund	-	500	500
	58,674	18,335	77,009
Unrestricted income funds:
General funds	58,788	(10,725)	48,063
	58,788	(10,725)	48,063
Totalfunds	117,462	7,610	125,072

Page 18

Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2023

a

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 2023 (nor in 2022) 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 PainterPrintmakers and the Royal Watercolour Society.

At the year end the Royal Society of Painter-Printmakers is owed nil by the the Bankside Gallery (2021: owed nil), 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.

----- Start of picture text -----
|||||||||| |---|---|---|---|---|---|---|---|---| |||2023|2022| ||| |The|donation|during|the|year|was|as|follows:| ||| |||Donation|towards|running|costs|of Bankside|Gallery|23,850|23,850|

----- End of picture text -----

This expenditure is included in the Statement of Financial Activities as expenditure.

There were no other related party transactions in the year (2022: none).

Page 19

Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2023

ee

12. Statement of financial activities comparative information

	Unrestricted	Restricted	Total
	general	funds	funds
	funds		2022
	£	£	£
Income from:
Donations
Membership income	13,768	-	13,768
Election fees	39,025	-	39,025
Grants and donations	1,200	-	1,200
	28,812	.	28,812
	82.805	;	82.805
Investment income
Bank interest	490	2,267	2,757
Incoming resources from
charitable activities
Income from events	10,873	:	10,873
Miscellaneous income	4,180	-	4,180
Total income	98,390	2,267	100,657
Expenditure on:
Raising funds	5,000	-	5,000
Marketing costs
Charitable activities
Exhibitions	35,025	-	35,025
Awards	1,126	500	1,626
Donation to Bankside Gallery	23,850	-	23,850
Administrative costs	18,783	-	18,783
Professional costs	8,939	-	8,939
Finance costs	71	540	1,301
Total expenditure	93,484	1,040	94,524
Net income/(expenditure)	4,906	1,227	6,133
before investment revaluations
Gain/(loss) on revaluation of	(5,130)	(6,610)	(11,740)
investments
Transfer between funds	-	-	-
Net income/(expenditure) and
netmovement infunds	(224)	(5,383)	(5,607)
Total funds brought forward	48,287	82,392	130,679
Totalfundscarriedforward	48,063	77,009	125,072

Page 20