2024-12-31-accounts

:

Charity No. 313797 (England and Wales)

Royal Society of Painter-Printmakers

Financial statements for the year ended 31 December 2024

Royal Society of Painter-Printmakers

Contents

	Page
General information	1-2
Report ofthe Council	3-7
Independent examiner’s report to the trustees	8
Statement of financial activities	9
Balance sheet	10
Notestothefinancialstatements	11-20

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) Timothy Emlyn Jones (Honorary Secretary) Louise Hayward (Honorary Treasurer) Edward Twohig (Honorary Curator) Theodora Ballantyne Way Leonie Bradley lan Brown Merlyn Chesterman Richenda Court Paul Croft Karen Daye Hutchison John Duffin Gordon Ellis Brown Marianne Ferm Weimin He Stephen Hoskins Stephen Lawlor Peter Lloyd Sonia Martin Flora McLachlan Sumi Perera Siobhan Piercy Lucy May Schofield Serena Smith Katya Timoshenko

Other trustees who served during 2024:

Ade Adesina Margaret Ashman Justin Diggle Mark Graver Sharon Lee

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
	EC4V4BE

Page 2

Royal Society of Painter-Printmakers

Report of the Council

For the year ended 31 December 2024

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 2024. 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.

Page 3

Royal Society of Painter-Printmakers

Report of the Council (continued) For the year ended 31 December 2024

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 ofskills 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 4

Royal Society of Painter-Printmakers

Report of the Council (continued)

For the year ended 31 December 2024

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 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 2024, 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.

• e Hold the fourth International Original Print Exhibition with guest selectors Gill Saunders, Johanna Love and Sam McKechnie; this aim was achieved.

• e Continue our friendship scheme the Print Collectors Club; this took place with the launch of a new range of six prints.

• ° Take part in at least one Society exhibition held at a venue other than Bankside Gallery; this aim was achieved with an exhibition at The Bevere Gallery, Worcester.

• ° Participate in the London Original Print Fair; this was achieved. e Give two major prizes to a minimum of two young printmakers; seven Gwen May Prizes were awarded.

• ° Hold the second Small But Mighty exhibition with guest selector James Arnold; this was achieved.

Page 5

Royal Society of Painter-Printmakers

Report of the Council (continued)

For the year ended 31 December 2024

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 £122,941 (2023: £112,900) including investment income and bank interest of £3,883 (2023: £3,344).

The cost of raising funds in the year was £5,698 (2023: £5,153), the cost of charitable activities was £136,668 (2023: £130,182), including support costs of £48,845 (2023: £43,148). In addition, the gains on investments amounted to £7,752 (2023: £2,750).

Before investment gains, the Society had a net loss on activities of £19,425 (2023: net loss of £22,436). After investment gains the Society's Total Funds showed a net deficit for the year of £11,673 (2023: net deficit of £19,686).

At the year end, the Society held total reserves of £93,713 (2023: £105,386), comprising Unrestricted Funds of £72,629 (2023: £26,417) and Restricted Funds of £21,084 (2023: £78,969).

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 9.0% (2023: 2.37%) Joseph Webb Commemorative Fund 8.4% (2023: 3.29%) Gwen May Fund 13.2% (2023: 0.7%)

Returns showed some recovery from the previous year. With the CPI (Inflation) Index showing an increase of 2.5% for the year, the funds gained value in real terms.

Plans for future periods

During 2025, 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.

• ° Hold the fifth International Original Print Exhibition with guest selectors to be confirmed.

• ° Continue our friendship scheme the Print Collectors Club.

• ° Take part in four Society exhibitions held at the Burton Gallery in Bideford and Mandell’s Gallery in Norwich, the Royal Birmingham Society of Artists Gallery, Birmingham, and the Guardian Arts Centre, Beijing, China.

• oe Participate in the London Original Print Fair. ° Give two major prizes to a minimum of two young printmakers. ° Hold the third Small But Mighty Exhibition with guest selector curator Tabish Khan.

Page 6

Royal Society of Painter-Printmakers

Report of the Council (continued)

For the year ended 31 December 2024

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;

• e state whether applicable accounting standards have been followed, subject to any material departures that must be disclosed and explained in the financial statements;

• e 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.

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By order of the Council
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David Ferry
President
2025
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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 2024

| report to the trustees on my examination of the accounts of the Royal Society of Painter-Printmakers for the year ended 31 December 2024.

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:

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.

| 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.

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Cara Turtington FCA DChA S Orkebe- 2025
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Saffery LLP 71 Queen Victoria Street London ECAV 4BE

Page 8

Royal Society of Painter-Printmakers

Statement of financial activities

For the year ended 31 December 2024

ee

				Unrestricted	Restricted	Total	Total
				funds	funds	funds	funds
						2024	2023
			Notes	£	£	£	£
Income from:
Donations
Legacies				13,219	-	13,219	-
Membership income				39,048	-	39,048	39,035
Election fees				2,100	-	2,100	3,400
Grants and donations				46,948	-	46,948	47,350
				101,315	-	101,315	89,785
Investment income				941	2,652	3,593	3,086
Bank interest				2890	-	290	258
Charitable activities
Income from events				15,112	-	15,112	16,665
Miscellaneous income				2,631	-	2,631	3,106
Total income				120,289	2,652	122,941	112,900
Expenditure on:
Raisingfunds
Marketing costs				5,698	-	5,698	5,153
Charitable activities
Exhibitions				59,363	-	59,363	62,185
Awards				-	4,610	4,610	1,000
Donation to Bankside	Gallery			23,850	-	23,850	23,850
Administrative costs				23,213	-	23,213	20,957
Professional costs				24,481	-	24,481	20,855
Finance costs				798	354	1,151	1,335
Total expenditure			2	137,403	4,964	142,366	135,336
Net expenditure before				(17,113)	(2,312)	(19,425)	(22,436)
investment revaluations
Gains/(loss) on	revaluation	of		3,491	4,261	7,752	2,750
investments
Net(expenditure) /income fortheyear		year		(13,622)	1,949	(11,673)	(19,636)
Transfers between funds			7	59,834	(59,834)	-	-
Net movement infunds				46,212	(57,885)	(11,673)	(19,686)
Total funds broughtforward				26,417	78,969	105,386	125,072
Totalfundscarriedforward				72,629	21,084	93,713	105,386

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.

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Page 9

Royal Society of Painter-Printmakers

Balance sheet

As at 31 December 2024

SO
			2024			2023
	Note	£		£	£		£
Fixed assets
Investments	4			86,755			99,483
Current assets
Debtors	5	3,116			2,212
Cash at bank		22,474			11,671
		25,590			13,883
Creditors: amounts falling
due within oneyear	6	(18,632)			(7,981)
Net current assets				6,958			5,903
Total assets less current
liabilities				93,713			105,386
Net assets				93,713			105,386
Funds
Restricted funds	7			21,084			78,969
Unrestricted funds	8			72,629			26,417
Totalfunds				93,713			105,386

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

These financial statements were approved and signed by a member of the Council and authorised for issue on 2025 and are signed on their behalf by

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¢
David Ferry
President
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Page 10

Royal Society of Painter-Printmakers

Notes to the financial statements

For the year ended 31 December 2024

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.

Page 11

Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2024

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 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 12

Royal Society of Painter-Printmakers

For the year ended 31 December 2024

Notes to the financial statements (continued)

72

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
			2024	2023
	£	£	£	£
Raising funds
Marketing	5,698	-	5,698	5,153
Charitable activities
Exhibitions	59,363	-	59,363	62,185
Awards	4,610		4,610	1,000
Donations to Bankside Gallery	23,850	-	23,850	23,850
Administration	-	23,213	23,213	20,958
Professional fees	-	24,481	24,481	20,855
Finance	-	1,151	1,151	1,335
	93,521	48,845	142,366	135,336
Support costs
Administration			23,213	20,958
Finance			1,151	1,335
Governance			24,481	20,855
			48,845	43,148
Governance costs
Independent examination fee			3,050	2,770
Other professional fees			21,431	18,085
			24,481	20,855

No memberofthe Council received any emolument or payment for professional or other services during the year, and no members (2023: 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 (2023: £0).

SS

Page 13

Royal Society of Painter-Printmakers

Notes to the financial statements (continued)

For the year ended 31 December 2024

ee

Expenditure from 2023 is analysed as follows:
	Direct	Support	Total
	costs	costs	funds
			2023
	£	£	£
Raising funds
Marketing	5,153	-	5,153
Charitable activities
Exhibitions	62,185	-	62,185
Awards	1,000		1,000
Donations to Bankside Gallery	23,850	.	23,850
Administration	-	20,958	20,958
Professional fees	-	20,855	20,855
Finance	-	1,335	1,335
	92,188	43,148	135,336

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

Investments
		Gwen MayJoseph	JosephWebb	Total	Total
	General	fund	fund	funds	funds
	fund	(designated)	(restricted)	2024	2023
	£	£	£	£	£
Market value
At 1January 2024	40,181	50,601	8,701	99,483	8,701
Funds withdrawn	(831)	(21,997)	(155)	(22,983)	(155)
Investment income	957	1,976	155	3,088	155
Charges Gains/(losses)	(268) 3,492	(265) 3,633	(53) 628	(586) 7,753	(53) 628
At 31 December2024	43,531	33,948	9,276	86,755	9,276
Cost
Historic cost at year
end	39,864	31,091	8,090	79,045	97,446

At 31 December 2024, 78% of investments were held in Cazenove UK Equity and Bond funds (2023: 77%), 16% in Hedge Funds and alternatives (2023: 17%) and the remaining 6% in cash (2023: 5%).

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Page 14

Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2024

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||||||||| |---|---|---|---|---|---|---|---| |Investments|(2023)| |Gwen|May|Joseph|Webb|Total| |General|fund|fund|funds| |fund|(restricted)|(restricted)|2023| |£|£|£|£| |Market|value| |At|1|January|2023|58,788|50,250|8,424|117,462| |Funds withdrawn|(20,755)|(2,209)|(129)|(23,093)| |Investment|income|755|2,209|129|3,093| |Charges|(338)|(340)|(51)|(729)| |Gains/(losses)|1,731|691|328|2,750| |At|31|December|2023|40,181|50,601|8,701|99,483| |Cost| |Historic|cost|at year end|38,551|50,805|8,090|97,446|

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5. Debtors

6.

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|||||||| |---|---|---|---|---|---|---| |2024|2023| |£|£| |Trade|debtors|38|-| |Other|debtors|and|prepayments|3,078|1,874| |Bankside|Gallery|-|338| |3,116|2,212| |Creditors:|amounts|falling|due|within|one|year| |2024|2023| |£|£| |Trade|creditors|4,616|1,711| |Other|creditors|and|accruals|8,426|6,270| |Bankside|Gallery|5,590|-| |18,632|7,981|

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SSss See

Page 15

Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2024

7. Restricted funds
	Balance at	Income	Expenditure	Gains and	Transfers	Balance at
	1 Jan 2024			losses		31 Dec 2024
	£	£	£	£	£	£
Special fund	8,367	-	(110)	-	-	8,257
Joseph Webb
Commemorative fund	10,557	155	(53)	628	-	11,287
Gwen May Fund	58,505	1,997	(4,301)	3,633	(59,834)	-
Diploma Collection
photography	1,540	-	-	-	-	1,540
Mike Brennan Prize Fund	-	500	(500)	-	“	=
	78,969	2,652	(4,964)	4,261	(59,834)	21,084
	Balance at	Income	Expenditure	Gains and	Transfers	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	“	7	-	-	1,540
Mike Brennan Prize Fund	500		(500)	-	-	é
	77,009	2,332	(1,391)	1,019	-	78,969

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. This was a restricted fund up until 2014 and during the year ended 31 December 2024, with agreement from the last surviving trustee of The Gwen May Commemorative Trust, the fund was transferred to a designated fund to continue to support its original purposes, but also to be used at the discretion of the Trustees.

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.

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Royal Society of Painter-Printmakers

Notes to the financial statements (continued)

For the year ended 31 December 2024

8. Unrestricted funds

	Balance at		Income		Expenditure		Gains and _ Transfers	Gains and _ Transfers	Balance
	1 Jan 2024						Losses		31 Dec 2024
	£		£		£		£	£	£
Designated funds
Gwen Mayfund		-		-		-	-	39,834	39,834
Unrestricted funds
General funds	26,417		120,289		(137,403)		3,491	20,000	32,795
	26,417		120,289		(137,403)		3,491	59,834	72,629
	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	:	26,417

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Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2024

9. Analysis of net assets between funds

Analysis of net assets between funds
	Investments	Net current	Total
		Assets	2024
	£	£	£
Restricted funds
Special fund	-	8,257	8,257
Joseph Webb Commemorative fund	9,276	2,011	11,287
Diploma Collection photography	-	1,540	1,540
Mike Brennan Prize Fund	-	-	-
	9,276	11,808	21,084
Designated funds
Gwen May fund	33,948	5,886	39,834
Unrestricted funds
General funds	43,531	(10,736)	32,795
	77,479	(4,850)	72,629
Total funds	86,755	6,958	93,713
Analysis of net assets between funds 2023
	Investments	Net current	Total
		Assets	2023
	£	£	£
Restricted 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 funds
General funds	40,181	(13,764)	26,417
	40,181	(13,764)	26,418
Totalfunds	99,483	5,903	105,386

Page 18

Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2024

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 2024 (nor in 2023) 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 owes £5,590 to the Bankside Gallery (2023: owed £338 by the Bankside Gallery), shown in notes 5 and 6.

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.

	2024	2023
	£	£
The donation during the year was as follows:
DonationtowardsrunningcostsofBanksideGallery	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 (2023: none).

Page 19

Royal Society of Painter-Printmakers

Notes to the financial statements (continued) For the year ended 31 December 2024

12. Statement of financial activities comparative information

	Unrestricted	Restricted	Total
	general	funds	funds
	funds		2023
	£	£	£
Income from:
Donations
Membership income	39,035	-	39,035
Election fees	3,400	-	3,400
Grants and donations	47,350	x	47,350
	89,785	-	89,785
Investment income	755	2,331	3,086
Bank interest	258	™	258
Incoming resources from
charitable activities
Income from events	16,665	-	16,665
Miscellaneous income	3,106	-	3,106
Total income	110,569	2,331	112,900
Expenditure on:
Raising funds
Marketing costs	5,152	-	5,153
Charitable activities
Exhibitions	62,185	7	62,185
Awards		1,000	1,000
Donation to Bankside Gallery	23,850		23,850
Administrative costs	20,957	i	20,957
Professional costs	20,855	-	20,855
Finance costs	945	391	1,335
Total expenditure	133,945	1,391	135,336
Net income/(expenditure)	(23,376)	944	(22,436)
before investment revaluations
Gain/(loss) on revaluation of	1,731	1,019	2,750
investments
Transfer between funds	-	-	.
Net income/(expenditure) and
net movement in funds	(21,646)	1,960	(19,686)
Total funds brought forward	48,063	77,009	125,072
Totalfundscarriedforward	26,417	78,969	105,386

Page 20