2021-12-31-accounts

Report of the Trustees for the year ending 31[st] December 2021

The trustees are pleased to present their annual report together with the consolidated financial statements of the charity for the year ending 31[st] December 2021.

The financial statements comply with the relevant Charities and Companies Acts, the Memorandum and Articles of Association, and the Statement of Recommended Practice – Accounting and Reporting by Charities (FRSSE SORP).

Chair’s Report

In taking over as chair (president) this year (May 2022) from Mr. Richard Foster, I am very aware of his significant contribution to the work of this society and following a difficult and somewhat turbulent period I am pleased to report that the society now has a renewed and constructive relationship with the Federation of British Artists (FBA). It is also thanks to Mr. Foster’s initiative that William Lock agreed to sponsor a £20,000 annual prize for five years (2020 – 2024). The procurement of this prize has almost doubled the society’s annual prize fund. Prizes are central to our support and encouragement of artists engaged in portraiture and this enhancement of our offering is very significant.

Objectives and Activities

The Royal Society of Portrait Painters (RP) aims to ‘promote, maintain, improve and advance education in the fine arts and in particular to encourage the appreciation, study and practice of the art or portraiture’.

The main annual activity of the RP is the organisation of the annual exhibition in association with the FBA at the Mall Galleries.

The society also provides a commissioning service which enables and encourages potential clients to engage with a wide range of contemporary practice in portraiture. It also provides valuable support to those artists, both members and non-members, who achieve commissions through the society.

Achievements and Performance

In 2021 the RP once again realised what is without doubt the major annual exhibition of portraiture in the United Kingdom. The exhibition showcases the work of its elected members and a selection of the very best contemporary portraiture from an open submission of more than 2500 works. Congratulations are due to all those non-members whose work was selected. Inclusion in the exhibition is especially prized because the selection is made solely by members of the society, that is to say, by practising portrait painters. Because the members are themselves elected to membership by their peers, this is probably the most

professional, discerning and knowledgeable selection panel of any open submission portrait exhibition.

I need also to thank all those members who give their time freely to the various necessary tasks involved in mounting a major exhibition and more generally in supporting the work of the society.

I would like to thank our sponsors, HRH The Prince of Wales, (His Majesty the King), Mr. William Lock, Sir Christopher Ondaatje, The De Lazlo Foundation, Smallwood Architects and The Burke’s Peerage Foundation.

Such sponsorship is crucial to the society’s ability to promote the art of portraiture. On behalf of the society I wish both to acknowledge our current benefactors and to nurture and encourage future potential support for our stated aims.

The society itself funds two annual prizes, The RP Prize for the Best Small Portrait (£2000) and The RP Award (£2000). The RP Award is a themed prize, the theme changing every year.

In total the RP awarded £42,000 in prize money in 2021.

In terms of performance it would be invidious not to acknowledge the many practical benefits of the society’s membership of the FBA. The FBA, under its CEO, Clare O’Brien, manages the Mall Galleries, the venue of our annual exhibition. The RP absolutely needs a central London venue of this quality if it is to maintain its profile, which in turn has a direct effect on performance.

Financial Review.

2020 and 2021 have been extraordinarily difficult years financially and on behalf of the RP I would like to acknowledge that the FBA deserves credit for steering a cautious and prudent course through troubling times.

In his report to the AGM in May (2022) our treasurer noted that income from commission on commissions, which is the RP’s principal source of income, has remained fairly constant, with little deviation for the previous 6 to 7 years. With the 3% commission rate we have consistently received a sum between £10-15,000 per annum. Annual outgoings have remained largely 20 - 30 % greater than our annual income.

Our new FBA agreement sees our income grow threefold. We shall now receive 10% on all RP commissions, rather than the previous rate of 3%. A conservative estimate would see us receive an annual income of at least £30-35,000.

“In my estimation, this is a significant shift in our fortunes and would

realistically enable us to undertake our society business in a much more dynamic fashion. Although this income can’t be spoken of as an abundance, it will certainly fund numerous activities and projects that in my experience have remained entirely unaffordable until now. These new activities will, I am absolutely certain, be a catalyst to lasting growth in the society’s capital, be it artistic, charitable or financial.” (Andrew James, Hon Treasurer May 2022)

Structure, Governance and Management

The RP is a company limited by guarantee governed by its Memorandum and Articles of Association. It is registered as a charity with the Charity Commission. Membership of the society is through election by the members themselves. There are currently 46 members. The council and its officers are elected by the membership.

The RP is a founder member of the FBA and hitherto the society has outsourced various aspects of its day-to-day management to staff at the FBA. In 2022, thanks to a new financial arrangement with the FBA, the society plans to engage a co-ordinator on a part time basis. It is hoped that this person will facilitate the work of the society by managing its profile on the website and social media and will help organise the day-today administration, ensuring transparency and sound governance.

Organisation

The RP Council which administers the society has ten members who are also the charity’s trustees. Four council members hold the following offices; president, vice-president, honorary secretary and honorary treasurer. The council meets approximately once every two months. The RP elects one member to be its representative trustee on the board of the FBA.

None of the trustees receive remuneration or other benefit from their work with the charity. All trustees are entitled to claim the refund of expenses incurred on the society’s business (typically travelling expenses to and from council meetings).

There is no formal induction programme for Trustees.

In conclusion I would like to emphasise that the society aims to provide a focal point for all those interested in the art of the painted portrait. It has been in existence since 1891 and is well placed to continue to provide an important platform for the study and practice of portraiture. Its members already represent many different stylistic and interpretative approaches. It is hoped that the society can continue to broaden its scope and participate ever more actively in the ongoing debate about the value of figurative painting in the United Kingdom and beyond. The RP’s place within the cultural life of the United Kingdom is well established and we hope from that base to continue to enliven the tradition of portraiture within the visual arts.

Anthony Connolly 16" October 2022

ReglstsTed number. 02071592 ChaTIty numb•r. 32T460 The Royal Society of Portrait Painters (A company limited by guarantee) Unaudlted Management Committee's report and financial statements for the year ended 31 Decemb•r 2021 1111111111111111 A16 'MCOvIFA" 0710912022 CCWPAfvIES HOLISE

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The Royal Soclety ol Portnlt Palnlers IA ￿MPanY limited by guarant••) Contents Page Referen¢9 and admlnlstratlve" details of th• charity. its MaMBwh)•nt wbmrnlttee and advisers Manag•m•nt eommltte¢'s report Indgp•nd¢nt examln•Vs report Stalemenl of fJnancl•l activllles Balance sheet Notes lo the finan¢lal $lat•m•nts 8-14

Thè Royal Soclety of Portralt PalThtsrs IA eompaThy.limited by guarant••>. Reference and admlnlstrallv¢ detall$ of the charlty. Its Managgmont committee and adylse for the year ended 31 Decembèr 2021 Managemenl commitlee Richard Foster. President Antony Williams Andrew James. Treasurer . Nexandra Pardoe Shddon Oakley Hulchinson {fesi9ne(127 May 2021) Tim Benson Anthony Connolly. se¢￿tary Simon Davis. Vice presmlenl (reslgned 27 May 2021) Jane Bond lappointed 27 May 20211 Mlriam Escofel (appoinled 27 May 2021) Martin Brooks (appointed 27 May 2021) Neale Wortey (appointed 26 May 2021) Company regIsl•r￿ numb•r 02071592 Charlty regl$ter•d nvmbèr 327460 R•gi$tsred office 17 Cadlon House Terrace London SWIY 5BD Accountants. Kreslon Reeves LLP Chartered Accountants 2nd Floor 168 Shoredllch High Street London EI 6RA Page 1

Th• Royal Soclety of Por!ral¢ Palnlers {A Company Ilmll•d by guarants• Manag¢ment ¢ommltt¢e'$ report for Ihe year ended 31 De¢ember 2021 The Management Commiitee (who are also dreclors of the company for Ihe purposes of the Cornp8nies Act) present their annual rewt together vAth the finan¢ial 5tstements of the The Royal Society of Portrait Painters for. the year ended 31 December 2021. The Management committee Confirm Ihat the Annual rgporl and financial slalements of Ihe ch8ftty ¢ompty wth the currenl ststulory requiremenls, the requirements of the charitable companys goveming document and the provssions of the Statement ol Recommended Practi￿ {SORP) applic8ble lo charrts p￿paring their accounis in accordance wth the Financial Reporting Stsndard applicable in Ihe UK and Republic of Ireland {FRS102) leffec¢ive 1 Janu•y 2018). . Since the chaTty qualifies as $mall under section 383 of the Compans Acl 2006. the Straiegic report required of medium and large companies under the Companies Act 2006 (strateg￿ Report and Directors. Report) Regulations 2013 is not required. Oblectfves and a¢tivllles .. Pollcles and obleetlves The objectfve ol the Society Is to t>romole. maintain. Improve and advancè education in ts fin8 arts and in particular In.th8 art of portraiture. There is an annual exhibrbon 55 open to the publlc and is held In the Mall Galleries. In setting obje¢tives and planning for a¢livrties..th8 Trustee$ have given due consideration to general 9uidance published by the Charity Commission relalirvJ to Publ￿ benefft. inclLMlin9 the gumlance 'Public benefit.. running 8 ch8rity IPB2}'. b. Act5vitle$ for achievlng objectives The Society receives ￿COrne to acheNe its objectives from subscription fees payable by members. commissi fees on member's wwk sourced through the FBA. prizes funded ty third parties and donations. c. Maln activitles undertaken to lurther the charitys purposes for the wlic benefit The Society considers that the publsc benefit requirement is coMpl￿d through the public exhibition and the. long lerm establishment of the People's PortraTrt exhibit￿> maintained at Girton College. Carnbf￿e. The Society, a chanty ded¢cated to eXcel￿nCe in portraiture. prides itsew on the stsndafd of members work and provides a commission service making il easier to sdect the right b"sl. A¢hl¢v¢ments and porlomian a. Review of Actlv511•s The Societys sources of Income are subscription fees from members. ctrrmtssi¢)ns on members works 50Lirced through the FBA. third paty funded PTres and donatiOD5 incjuding those Irom p8trons. The Societys maln expenditure during Ihe year was the.payment of the prizes. £10.OCQ beiry the annual Sir Chjstopher Ondaatje prize. Flnan¢ial r•viow ' a. Golng concern After making approprkgle enquiries. Ihe Management ts)mmitlee have a reasonable expectalion thal'the charity has adequate resources to continue in opeTational existence for the foreseeab￿ future. For this reason, they continue to adopt the going concem basi5 in preparing the fman¢ial statements. Further dgtails regarding the adoption of the going c¢rt¢ern basis can be found in Ihe a¢¢ounting policies. Page 2

Th• Royal Soclety of Portrait Paint¢fS (A company Ilmlted by 9uarantse) Manag•m•nt ¢ommltte•'s report (eontinu•d) . for the year ended 31 Dec¢m￿r 2021 b. ReseNes pollcy The surplus lor the year as shovm on page 6 amounled to £44.558 {2020: Deficit £18.867). This has been added to the accumulated teserves. The Sooety has Iwo ￿selves. one being a restrided fund where the details are shown in note 11, page 13 the other being an unrestricted reserye. The ￿nCIl of Management consKlers It most approprTrate to relain unreslricted reseNes of betmfftn one and t¥vo years unrestricted fund exp8ndlture. Cash held within the reslricled fvnd is invesle(J with the Charities Foundation which the Council considers oppropriale given its Charitab￿ ststus. ¢. Prfnclpal risks and un¢ertainti•s Other th￿ Ihe securty of Ihe Societys bank balances. vthich are held in accounts with reputable instilulions, the only Signifi￿nI risk lo undertaking it's actiwties is Ihe ability lo continue lo use the Mall Galleries which are currenty leased by the Federa￿n of British Artists. a relaied charity lo the Souety. The Mall Galleries are used for the onnual exhibition of the Society. The Socty has limited ongoThJ expenditure and does not incur other expense without having sufficient lunds to meet ifs li8ts'1rties in advance. StructhTe. governan￿ and manaymnt . Constltutlon The Royal Society of Po￿8[1 Pwnlers is registere(l as"a charitable company knited by guarantee and was sel up by a Memorandum ofAssoci81ron. M 0611111986. The prlncip81 otyect of the charity is to prrynote. maintain. improve and advance oducation in the fine arts and in particular in the art of portrallure. b. Mèthods of appolntment or •lection of Tntstoos The management of the charity is the responsJility of the Trustees who are ¢leGted and c¢wled under the terms of Ihe Memorandum of Association. ¢. Organisalional $In￿lUre and decisionrfnaklng poll¢l•s The Council ol Management is the decision rnaking body for the Society and mee15 fe9ular1y during the year. It assesses any risks that rnay face the SOc￿ty ttyelher wilh systems e5tsbli8hed to mitigate those risks. Major risks have been previously identified and attion was tsken to mitigate them. The Council continues lo maintain these systems. d. Prln¢ipal A¢tivitles Th8 object and aclmb.es of the SOc￿ty is to promole, maintain, improve and advance education in the fine arts and in particular in the art of portrailure whrch indudes the main public even( the annual public exhibition held al Ihe Mall Galleries. Page 3

Th¢ Royal Soclety 01 Portrait PaInt￿5 (A Company Ilmlted by guarantse) Management cofflmltteo's report fcontlnued> for the y•ar ènded 31 De¢embèr 2021 Stat•rn•nt of TN$tee$' re$ponslblllti•s The Twslees (who are also the direcl¢ys of the charity for the purr#)ses of company lawl are responsible for preparing the Trustees. report and the financial staiements in accordance wilh applicable law and Uniled . Kingdom Accounting Stsndards (United Kirydom Generally Accepted Accounting Practic*). Company law requires Ihe Trustees tts prepare financial statements for each financial year. Llnder company law, the Truslees musl noi approve the finan￿al stalemenls unless they are satisfied that they gtve a Irue and lair view of the 51ale of affairs of the charity and of ils incoming resources and applicat￿n of resources. including Ils income and experKlilure, for thal period. In prepaftng these financial statements, the Trustees are required to.. selecl suitable a￿OuntIng pol￿e$ a￿1 then apply them consislenty" observe the methods and principles of Ihe charib.es SORP IFRS 102); make judgments and accounting estimates that are reasonab￿ and WLthI: state wheiher applicable UK Accountir4J Standards (FRS 1021 have been fon0￿1. subiect to any malerial departures disclosed and explained in the finanrial slalements: prèpare the financial ststements on the gryng concem basis unless It 15 Inappr¢)priate to preS￿le that the charity will continue in business. The Trustees are responsible for keepiTrJ adequate accounting records that ore sufficient to shr)w and explain the charitys transactions arKI disclose writh reasonable 8ccura¢y at any lime the financial po$ition of the charity and enable them lo ensure that the financwl statements compty with the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe Charity and hence lor taking reasonable sleps for the PreVen￿n and detecti￿ of fraud and other irregularities. Approved by order of the members of the tM)ard of Twstees on 29 Awil 2022 and signed on their behall by: Page 4

. The Royal S￿lety of Portralt P•iftt•rs (A ¢ompany Ilmlt¢d by guarantee) Independent examinerfs report for the year •nd•d 31 DeGemb•r 2021 Independent examinerfs report to the Managefflent commlttee of The Royal SoGi•ty of Portrait Palnters I'the charity) I report to the charity Managemenl committee on my examinal#)n of the accounts of Ihe charity for the yeaf . ended 31 December 2021. Rospon$lbllMl•s and basis of rnport. As the Management commrttee of thé charity 18nd ils directors for the purpose$ of ￿MpanY lawl you are responsib￿ for the preparation ol the accounts in acwrdance wrth the requirements of tho Compani8s Art 2006 {'Ihe 2006 ACVI.. Havlng satisfled mysell that the of Ihe charty are not reqund lo be audited under Part 16 of the 2(M6 Acl and are eligible for independent èxaminalion. I report in rospect of my examination of the ¢hariVs accounts carried out under sedion 145 of the Charitses Act 2011 lihè 2011 Act.). In caTTring out my examlnation I have followed the Dirftclions given by the Charity Commission under secb.on 145(5Xb) of the 2011 Act. Independent examlnerfs slatement I havo completed my examination. I confirm that Tr) matters have (g￿e lo my attent￿rt in ¢onnectsn h￿th the examination giving me cause to believe.. accounting records were not kept in respect of ts thrity as required by section 386 of the 2006 Act: or thg accounts do not accord with those records.. or Ihe aceounls do not comply wlh the accounllng requlrem8nts of sgclion 396 of tho 2006 Act olher than any r8quir8ment that the accounts give a Irue and fairf vkw is not a matter considered as part of an independent frxaMinat￿: or the accounts have not been prepared in accordance wlth the rnoth.ods and principl8$ of the Statement of. Recommended Practice for act￿ntir￿￿ and report4ng by charitses lapplicable lo charitwds preparing their accounts in 8ceord8nce ¥bilh the Flnancial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211. I have no CCJnc8ms and have come across no other matters in Conn￿￿ V*iih the 8xamH)alion lo whKh attention should be drawn in thls repryl in order to ￿able a proper unde[sland￿g of the accounts to be reached. Signed.. Peter Fkthon Dated: 29 Poril 2022 BA FCA ltreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoiedttch HwJh Street London E16Fi4 Page 5

The Royal Soclety of Portrail Palnl•rs (A company limit•d by guarantee) Siatemenl of financial actlvltles (incorporating income and eXpendi￿re a¢¢4wnt) for the year ended 31 De¢ember 2021 Unrestricted funds 2021 R•stri¢ted funds 2021 Total fund$ 2021 Total funds 2020 Note Income from: Donations and legacles Charitsble acb"vities Investmenls 19.990 1>.990 T1.315 10 1,000 8.424 36 71.315 10 Total income 71.315 20.000 91.315 9,460 Expendlture on: Charitable activities 16.767 29.990 46,757 28,327 Tolal expenditur• 16.767 46,757 28.327 Net m*>vement in funds (9.9901 44,5S8 118.867) Re¢on¢lllatlon of lunds: Tokl funds br¢)ughl forward Nel Tnovemeni in lunds 69.026 28.¢)04 19,9901 97.030 41558 If5,897 11B,867 Total funds ¢arTied f¢)rnia 123.574 18.014 141,588 97.030 The Stslemenl of finoncial activities indudos au gains and losses reccgnised fft the year. The notes on pa9es 8 to 14 fc￿ part of these financial slalements. Page 6

The Royal Soclety of Portram Palnlers IA company limit•d by guarantse) Regl$t¢red number: 02071592 Balan¢e sheet as at 31 December 2021 2021 2020 Note Currnnt assets Cash al bank and in hand 143.788 99.230 143.7a8 99.230 Creditws.. amunts tslling due wilhin one yeai (2.20C) 12,200) Ne¢ current ass•ts 141.588 97.030 Tolal assets less ¢urrent liabllttl•s 141.588 97.030 Net assets excludlng pensl¢)n asset . 141.58 97.030 Total nel assets 141.588 97.030 ChaTIty lunds Restricted lunds Unrestricted funds 10 10 18.014 123.574 28,004 69.026 Total funds 141,588 97,030 The charity was enlitled to exemption from audit under section 477 of the Companies Act 2006. The members have not requi¥ed the company to obtain an 8￿Jit for the year in qU￿tion In accordance with secsion 476 of Companies Acl 2006. The Twstees ackTrO￿edge their responsibdibes for com￿"n9 ￿lti the requirements of the Act wlth respe¢l to. accountsng records and preparatK)n of financial stalenwnts. The financial statements have b8en prèpared in accordance with thè provisThs applicable lo entlties subject lo the smal corr4wies regi￿￿. The financial slatemerts were approved ar￿ authorised for iSSLFe ty the Trustees on 29 April 2022 and signèd on Iheir b$half by: The notes on payes 8 to 14 form part of these financial ststernents. AfvJJ)E&tsl JM Page 7

The Royal Socl•ty of Portrait Painters {A company limited by guarantee) Notes 1¢ the flnancial statemenls foT the year ended 31 December 2021 . A¢¢ounting poll¢lès 1.1 8asl$ of Pr￿aratIon of flnan¢lal stat•m?Thts The financial statements have been prepared in accordance with the Chariiies SORP {FRS 1021- Accounting and Reporting by Charities-. Statement of Recommended Practice applicable lo charities preparing their a￿O￿ntS in aCCordar￿e with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102} leffedive 1 Jaryjary 20181. the Financial Reptyling Stsndard applicable in the UK and Republic of Ireland {FRS 1021 and Ihe Compan￿$ A¢1 2006. The Royal S￿lety of Portrail Painler meets the defvmtion of a public benefrt entity undeT FRS 102. Assets and li8bililies are initially recognised at hisloii¢al cost or transa¢tKsn value unkss olherwise stated in the rdevant 8ccwntin9 p)ItW. 1.2 Company Ststus The charity is a company limited by gu8r8nlee. The membets of the company are the Management Committee narned on page 1. In the event of ihe Charity beiF¥J wound up, the liabilty in respect of the guarantee is limiled to £1 pw member of the ¢haTty. 1.3 Fund ac¢ounling General funds are unrestricted funds are aVal￿ble for use at the dI$¢￿tIon of the Trustees In furtherance of the general objectives of the Gharty and wts¢h have not t￿n designated for other purpose5. Reslricled lunds are funds are to be used rn a¢cordan¢e ￿ specrfic restrictions imposed by donors or which have been raised by ihe charity for particular purposes. The cos15 of raising and administering such funds are charged against Ihe specrfic fund. The aim anLI use of each reslricled fund ts set out in the not￿ to the financi Staterr￿ts. 1.4 In¢ome All income is recognised once th8 charity has entiuement to the irKome. il 15 probable that the income will be received and the arrrfX￿t of income receivable can be measured reliably. For Legacies, enlillement is iaken as the earfr of the date on which eiiher.. the ¢harity is aware that probale has been granted, the estate has been finalised and notification has been rn3de by the execulorls} to the Trust Ihat a distribut￿n will be made. or when a distribution is received from the estate. Re¢eipt of a legacy. in vthole or in part. is only ￿sidered probable when the amount can be measured reliability and Ihe charty has been noIrf￿1 ol the executorfs ir)tenlions lo m8ke a diStribut￿n. Where legacies have been rn)tified lo the chanty. or Ihe charty is aware of the granting of probate. and the criteria for income reco9nition have r￿1 been met. then the legacy is treated as a ' contingent asset and disck3sed rf mateiial. Grant5 are induded in the Ststemerit of finan¢ial actNitses on a recetvable basi5. The balance of income receNed for $pe¢ffic purposes bul not expended during the wriod is shown in the r91evant fund$ on the Balance sheet. Whero income is received in advance ol entitlement of receipt, its recognition is deferred and included in creditors as deforred income. Where entillement occurs before irKome is received. the income is accrued. Income tax recoverable In relation to donati￿ recehed under Gift Aid or deeds of covenant is recognised at the time of the donation. Incomè lax recoverable in relat#Jn lo nvestment i)come is recognised at the tlm"e the investment income 1$ r￿1vable. Page 8

Tho Royal Soclety of P¢)rtrail Painters {A company Ilmited by guarantee} Notes to Ihe financial stalem•nts for the yèar ended 310ecemb•r 2021 AcMunting polkies (¢onllnu 1.5 Expendilurt Expenditure is re￿nised once Ihere is a legal or construdive oblwJation to transfer economic benefit to a third party. il ts probats￿ Ihot a Iransfer of economic benefiis WIN be required in settlement and the amount of the oblNJation can be measured rehably. Expendrture is dassffied by activity. The costs of.each activity are made up of the totsl of direct tosts and shared costs. induding support costs involv¢d in undertakirrfJ each adivity. Direct costs attributable to a single activity are allocated diredly to that actmty. Shared costs which contribute lo rn0￿ than one a¢livity and support costs which are not attributable lo a single activ￿1 aTe aw)cxlioned beh¥een those activities on a basis consislènl wlh the use of resources. Central staff costs are allocated on Ihe basis ol time sp8nt. and depreciation ¢har9es alhxated on Ihe wtion ofthe asset's use. Support costs are Ihose costs in￿ffed direcdy in support of expenditure on the objects of the charity and include project management carried wl at Headquarters. Govemance cos15 are those incurred in connecli¢)n vlth administration of the Charity and Complian￿ wfth c4)nstitullonal and slatttlory req￿reMents. .Charitable activities and Governa￿e costs are ts)sts incurred on the thantys educatiorial operalions. including support Costs and costs rebating to the gov•man¢e of lh8 charity appO￿'0ned to charitable aclivilles. Grants pa￿￿tsIe aTr ¢hafged in the year Ihe offeF is made except in those cases where Ihe offer is ¢on¢Jitional, such grants being recognised as expendilure when the conditions attaching are fu￿tIled. Grants offered subject lo condilions which have not been Mel al the year end afe noted as a ".commitment. trwt not acwed as expenditure. 1.6 Goin9 COn¢•rn The Trustees assess whether the use of eoncem is appropriate i.e. wh&ther there are any matefial uncertainties related to events or condit￿S Ihat may cast s￿nrf￿nI doubl on the ability ol the Charty to continue as a goirwj con¢em. The Truslees make this assessment in respect of a period of at least one yEar Irom the date of aulhorisatKin for issue of the financial stalements and have concluded that the Charity has adequate resources to ￿ntinUe in oper8tsonal existence for the . forgseeable future and there are no material uncertainlies about the Chariws ability lo ¢onlinuo as a 90ing concem, IhLts they continue to adopt Ihe going concern bash8 of ac￿untirrf￿ in preparing thg rinandal slatèm8nt& 1.7 Inter•$t reeefvablt Inlerest on fvnds heid on deposil is induoed wtjen receivabje and the amount can be measured rtsliably by the charity. this is nom)ally ￿￿n notificalion of ihe intetest or payable by Ihe Bank. 1.8 Cash at bank and In hand Cash at bank ond in hand includ8$ cash and short-term hwJhty IKVii(l investments with a $lK)rt maturity ' of Ihree months or le55 from the date ol acquisitM)n or opening of deposit or similar a¢￿￿nt. Page 9

The Royal Soclety of Portrail PalTrters (A compony Ilmit•d by guar¥nl•e) Not¢$ to the financial slaternents for lh• yèar ended 31 December 2021 A¢counllng polkles lcontinued) 1.9 Liabilities and Pf¢)vlsions Liabikties are re¢ogni$ed Ythen theo is an obligatKfi at Ihe Balance sheet dale as a result of a past event. it is probable that a.transfer of e¢onomK benefft will ￿ required in settlement. and the amount of the seluement can be esbmated relkgtly. Liabilities are recognised at Ihe amount that th8 charity anticipates it wll pay to settle Ihe debl or the amount it has received as advanced payments for tha goods or services il must provide. Provlsions are measured at the best estimate of the amounts required to settle the obligation. Where the èffect of the time value of money is material. the provision is based on the present value of Ihose amounts, discounted.at the pre-￿￿ di8count rate that reflects the risks speufic lo the 118bilty. 'The unwinding of the discount is recognised ￿1th1Th N)tere5t payable and similar charges. 1.10 Cash flow The finan¢ial statements "do not a cash fiow statement because the company. as a small reportlng entity, is exempt from the requirement to prepare such a statement under Flnan¢ial Reporting Standard Number 102. In¢ome from donatlons and1¢9X1￿ . Unrostrtcted Restrt¢led funds nds 2021 2021 Total Total . funds 2020 2D21 Advertising Grants 1.000 19.990 19,990 19.990 19.990 1.000 Total 2020 1.000 1,(K)o Invoslment In¢ome Restricted nd5 2021 Total funds 2021 Total funds 2020 Bank interest 10 10 36 Totsl 2020 36 Page 10

The Royal Soclety of Portralt Palnters {A company limited by guarant•e) Notes to the financial statemenls for the year ended 31 Oe¢ember 2021 Income Irom charitable a¢tlvlties Unrestricted nd$ 2021 Total nds 2021 Total nds 2020 Commissi(ms 71,315 71.315 8.424 Total 2020 8.424 .8.424 Analysis ol •xp•nditure on charitable actlvitl•s Summary by fund ty Unrestricted R•slrl¢ted funds fi•nd$ 2021 2021 Totsl lunds 2021 Total funds 2020 Prizes Exhibition 29,990 37.290 9,467 16.160 12.167 9.467 16.767 29.990 46,757 28.327 Total 2020 18.327 10.000 28,327 Analysis of ¢xpenditure by 0x￿ndIti•f& type Grant fundlng ol activltl•s 2021 Support costs 2021 Totsi funds 2021 Total funds 2020 Prizes Exhibition 35,130 2,160 9.467 37.290 9,467 16.160 12.167 35,130 11,627 46.757 28.327 Total 2020 14.0¢)0 14.327 28.327 Page 11

Tho Royal So¢l•ty of Portralt Palntsrs IA Company Ilmlted by guarant•e Notes to the financial sLitements for th• year ènded 31 December 2021 Analysls of •xpenditur• by exp•nditure type (continued> Analys1$ ol support costs . Total funds 2021 Total funds 2020 Priz•s Exhibltlon 2021 2021 ConsuFtancy AdvertÈ$ing and public relations Website costs Sundries 860 7,814 781 514 7.669 613 131 600 2.640 2.160 7,814 781 Postage and courler Renl Governance eosts 2,160 2,160 2,160 9.467 11.627 14.327 Total 2020 2.160 12.167 14.327 Heiltage as$¢ts The Heritage assets owned by th¢ Society comprise an exhibTrtron of approximalely 50 paintings collated in 2000, entitled People's Portraits wlh paintings Ihal have been lent or donated by members of the Society. The exhibition has been maintained al Girton College. Cambridge since 2002 and it is intended that this will continue into the f¢xeseeable fLrture. The exhibition 15 open to the public daily. The cour￿11 of Management has not commiss￿ne￿ a formal valuation but bel*ves the eXhibit￿n lo have a value of up lo £300.000. Net incomel (expenditure) 2021 2020 Intlependenl examination fee 2,160 2.160 Credltors: AmouDts falllng within one year 2021 2020 A¢¢ruals ond delerred income 2,200 2.200 Page 12

The Royal Soclety of Portraft Palrters (A ¢4*npany Ilmlted by guarantee) Notes to Ihe financial statements for the year ended 31 December 2021 10. Slatsment of tunds stat•ment of lunds - Current ￿ar Balance ot 31 D•¢ember 2021 Bala￿• at 1 January 2021 In¢om• Expènditure Unrestrlcted fvnds General Fund 69.026 71.315 116.767} 123,574 R•strf¢t•d fund$ The Sir Chrostopher Ondaatje Fund lor ￿71. es WINiam 28.004 10 19.990 (10.000) {19.990) 18.014 28,004 20.00 (29.990) 18.014 Total of funds 97.030 91.315 146,7571 144.588 Statement of funds . prior year Balance at 31 Balance at 1 January 2020 Income Expenditure 2020 Unrestrlcted funds General Fund 77,929 9.424 {18,327) 69.026 Restricted fvnds The Sir Christopher Ondaatje Fund for wi2es 37.968 (10,OIXI) 28,004 Tgtal ol fund$ 115.897 9.460 {28.327) 97.030 Page 13

Th• Royal Society of Portrall Palnter5 (A company limited by guarantee Notes to the financial statements for the year ended 31 D•cember 2021 11. . Anaty$is of n¢t ass•ts b•lwMn funth . Anatysls of n¢t assets b8tween funds- current y•ar Unro$trict•d Restricted funds funds 2021 2021 Total fund$ 2021 Current assets CredEl0￿ due ￿thIn one year 125.774 2,2001 18.014 143,788 {2,200) 123.574 18.014 141,588 Analysis of n•1 3s$ets b•twe•n funds . prlor y•ar Unrestricted . Restricted funds 2020 Total funds 2020 2020 Current assets Creditors due wilhin one year -71.226 {2.200} 28.004. 99.230 12.200} Total 69.026 28,004 97,030 12. Relatèd party tran$a¢tions There were no related p8rty transactions during the year. Page 14

ReglstsTed number. 02071592 ChaTIty numb•r. 32T460 The Royal Society of Portrait Painters (A company limited by guarantee) Unaudlted Management Committee's report and financial statements for the year ended 31 Decemb•r 2021 1111111111111111 A16 'MCOvIFA" 0710912022 CCWPAfvIES HOLISE

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The Royal Soclety ol Portnlt Palnlers IA ￿MPanY limited by guarant••) Contents Page Referen¢9 and admlnlstratlve" details of th• charity. its MaMBwh)•nt wbmrnlttee and advisers Manag•m•nt eommltte¢'s report Indgp•nd¢nt examln•Vs report Stalemenl of fJnancl•l activllles Balance sheet Notes lo the finan¢lal $lat•m•nts 8-14

Thè Royal Soclety of Portralt PalThtsrs IA eompaThy.limited by guarant••>. Reference and admlnlstrallv¢ detall$ of the charlty. Its Managgmont committee and adylse for the year ended 31 Decembèr 2021 Managemenl commitlee Richard Foster. President Antony Williams Andrew James. Treasurer . Nexandra Pardoe Shddon Oakley Hulchinson {fesi9ne(127 May 2021) Tim Benson Anthony Connolly. se¢￿tary Simon Davis. Vice presmlenl (reslgned 27 May 2021) Jane Bond lappointed 27 May 20211 Mlriam Escofel (appoinled 27 May 2021) Martin Brooks (appointed 27 May 2021) Neale Wortey (appointed 26 May 2021) Company regIsl•r￿ numb•r 02071592 Charlty regl$ter•d nvmbèr 327460 R•gi$tsred office 17 Cadlon House Terrace London SWIY 5BD Accountants. Kreslon Reeves LLP Chartered Accountants 2nd Floor 168 Shoredllch High Street London EI 6RA Page 1

Th• Royal Soclety of Por!ral¢ Palnlers {A Company Ilmll•d by guarants• Manag¢ment ¢ommltt¢e'$ report for Ihe year ended 31 De¢ember 2021 The Management Commiitee (who are also dreclors of the company for Ihe purposes of the Cornp8nies Act) present their annual rewt together vAth the finan¢ial 5tstements of the The Royal Society of Portrait Painters for. the year ended 31 December 2021. The Management committee Confirm Ihat the Annual rgporl and financial slalements of Ihe ch8ftty ¢ompty wth the currenl ststulory requiremenls, the requirements of the charitable companys goveming document and the provssions of the Statement ol Recommended Practi￿ {SORP) applic8ble lo charrts p￿paring their accounis in accordance wth the Financial Reporting Stsndard applicable in Ihe UK and Republic of Ireland {FRS102) leffec¢ive 1 Janu•y 2018). . Since the chaTty qualifies as $mall under section 383 of the Compans Acl 2006. the Straiegic report required of medium and large companies under the Companies Act 2006 (strateg￿ Report and Directors. Report) Regulations 2013 is not required. Oblectfves and a¢tivllles .. Pollcles and obleetlves The objectfve ol the Society Is to t>romole. maintain. Improve and advancè education in ts fin8 arts and in particular In.th8 art of portraiture. There is an annual exhibrbon 55 open to the publlc and is held In the Mall Galleries. In setting obje¢tives and planning for a¢livrties..th8 Trustee$ have given due consideration to general 9uidance published by the Charity Commission relalirvJ to Publ￿ benefft. inclLMlin9 the gumlance 'Public benefit.. running 8 ch8rity IPB2}'. b. Act5vitle$ for achievlng objectives The Society receives ￿COrne to acheNe its objectives from subscription fees payable by members. commissi fees on member's wwk sourced through the FBA. prizes funded ty third parties and donations. c. Maln activitles undertaken to lurther the charitys purposes for the wlic benefit The Society considers that the publsc benefit requirement is coMpl￿d through the public exhibition and the. long lerm establishment of the People's PortraTrt exhibit￿> maintained at Girton College. Carnbf￿e. The Society, a chanty ded¢cated to eXcel￿nCe in portraiture. prides itsew on the stsndafd of members work and provides a commission service making il easier to sdect the right b"sl. A¢hl¢v¢ments and porlomian a. Review of Actlv511•s The Societys sources of Income are subscription fees from members. ctrrmtssi¢)ns on members works 50Lirced through the FBA. third paty funded PTres and donatiOD5 incjuding those Irom p8trons. The Societys maln expenditure during Ihe year was the.payment of the prizes. £10.OCQ beiry the annual Sir Chjstopher Ondaatje prize. Flnan¢ial r•viow ' a. Golng concern After making approprkgle enquiries. Ihe Management ts)mmitlee have a reasonable expectalion thal'the charity has adequate resources to continue in opeTational existence for the foreseeab￿ future. For this reason, they continue to adopt the going concem basi5 in preparing the fman¢ial statements. Further dgtails regarding the adoption of the going c¢rt¢ern basis can be found in Ihe a¢¢ounting policies. Page 2

Th• Royal Soclety of Portrait Paint¢fS (A company Ilmlted by 9uarantse) Manag•m•nt ¢ommltte•'s report (eontinu•d) . for the year ended 31 Dec¢m￿r 2021 b. ReseNes pollcy The surplus lor the year as shovm on page 6 amounled to £44.558 {2020: Deficit £18.867). This has been added to the accumulated teserves. The Sooety has Iwo ￿selves. one being a restrided fund where the details are shown in note 11, page 13 the other being an unrestricted reserye. The ￿nCIl of Management consKlers It most approprTrate to relain unreslricted reseNes of betmfftn one and t¥vo years unrestricted fund exp8ndlture. Cash held within the reslricled fvnd is invesle(J with the Charities Foundation which the Council considers oppropriale given its Charitab￿ ststus. ¢. Prfnclpal risks and un¢ertainti•s Other th￿ Ihe securty of Ihe Societys bank balances. vthich are held in accounts with reputable instilulions, the only Signifi￿nI risk lo undertaking it's actiwties is Ihe ability lo continue lo use the Mall Galleries which are currenty leased by the Federa￿n of British Artists. a relaied charity lo the Souety. The Mall Galleries are used for the onnual exhibition of the Society. The Socty has limited ongoThJ expenditure and does not incur other expense without having sufficient lunds to meet ifs li8ts'1rties in advance. StructhTe. governan￿ and manaymnt . Constltutlon The Royal Society of Po￿8[1 Pwnlers is registere(l as"a charitable company knited by guarantee and was sel up by a Memorandum ofAssoci81ron. M 0611111986. The prlncip81 otyect of the charity is to prrynote. maintain. improve and advance oducation in the fine arts and in particular in the art of portrallure. b. Mèthods of appolntment or •lection of Tntstoos The management of the charity is the responsJility of the Trustees who are ¢leGted and c¢wled under the terms of Ihe Memorandum of Association. ¢. Organisalional $In￿lUre and decisionrfnaklng poll¢l•s The Council ol Management is the decision rnaking body for the Society and mee15 fe9ular1y during the year. It assesses any risks that rnay face the SOc￿ty ttyelher wilh systems e5tsbli8hed to mitigate those risks. Major risks have been previously identified and attion was tsken to mitigate them. The Council continues lo maintain these systems. d. Prln¢ipal A¢tivitles Th8 object and aclmb.es of the SOc￿ty is to promole, maintain, improve and advance education in the fine arts and in particular in the art of portrailure whrch indudes the main public even( the annual public exhibition held al Ihe Mall Galleries. Page 3

Th¢ Royal Soclety 01 Portrait PaInt￿5 (A Company Ilmlted by guarantse) Management cofflmltteo's report fcontlnued> for the y•ar ènded 31 De¢embèr 2021 Stat•rn•nt of TN$tee$' re$ponslblllti•s The Twslees (who are also the direcl¢ys of the charity for the purr#)ses of company lawl are responsible for preparing the Trustees. report and the financial staiements in accordance wilh applicable law and Uniled . Kingdom Accounting Stsndards (United Kirydom Generally Accepted Accounting Practic*). Company law requires Ihe Trustees tts prepare financial statements for each financial year. Llnder company law, the Truslees musl noi approve the finan￿al stalemenls unless they are satisfied that they gtve a Irue and lair view of the 51ale of affairs of the charity and of ils incoming resources and applicat￿n of resources. including Ils income and experKlilure, for thal period. In prepaftng these financial statements, the Trustees are required to.. selecl suitable a￿OuntIng pol￿e$ a￿1 then apply them consislenty" observe the methods and principles of Ihe charib.es SORP IFRS 102); make judgments and accounting estimates that are reasonab￿ and WLthI: state wheiher applicable UK Accountir4J Standards (FRS 1021 have been fon0￿1. subiect to any malerial departures disclosed and explained in the finanrial slalements: prèpare the financial ststements on the gryng concem basis unless It 15 Inappr¢)priate to preS￿le that the charity will continue in business. The Trustees are responsible for keepiTrJ adequate accounting records that ore sufficient to shr)w and explain the charitys transactions arKI disclose writh reasonable 8ccura¢y at any lime the financial po$ition of the charity and enable them lo ensure that the financwl statements compty with the Companies Act 2006. They are also responsible for safeguarding the assets of Ihe Charity and hence lor taking reasonable sleps for the PreVen￿n and detecti￿ of fraud and other irregularities. Approved by order of the members of the tM)ard of Twstees on 29 Awil 2022 and signed on their behall by: Page 4

. The Royal S￿lety of Portralt P•iftt•rs (A ¢ompany Ilmlt¢d by guarantee) Independent examinerfs report for the year •nd•d 31 DeGemb•r 2021 Independent examinerfs report to the Managefflent commlttee of The Royal SoGi•ty of Portrait Palnters I'the charity) I report to the charity Managemenl committee on my examinal#)n of the accounts of Ihe charity for the yeaf . ended 31 December 2021. Rospon$lbllMl•s and basis of rnport. As the Management commrttee of thé charity 18nd ils directors for the purpose$ of ￿MpanY lawl you are responsib￿ for the preparation ol the accounts in acwrdance wrth the requirements of tho Compani8s Art 2006 {'Ihe 2006 ACVI.. Havlng satisfled mysell that the of Ihe charty are not reqund lo be audited under Part 16 of the 2(M6 Acl and are eligible for independent èxaminalion. I report in rospect of my examination of the ¢hariVs accounts carried out under sedion 145 of the Charitses Act 2011 lihè 2011 Act.). In caTTring out my examlnation I have followed the Dirftclions given by the Charity Commission under secb.on 145(5Xb) of the 2011 Act. Independent examlnerfs slatement I havo completed my examination. I confirm that Tr) matters have (g￿e lo my attent￿rt in ¢onnectsn h￿th the examination giving me cause to believe.. accounting records were not kept in respect of ts thrity as required by section 386 of the 2006 Act: or thg accounts do not accord with those records.. or Ihe aceounls do not comply wlh the accounllng requlrem8nts of sgclion 396 of tho 2006 Act olher than any r8quir8ment that the accounts give a Irue and fairf vkw is not a matter considered as part of an independent frxaMinat￿: or the accounts have not been prepared in accordance wlth the rnoth.ods and principl8$ of the Statement of. Recommended Practice for act￿ntir￿￿ and report4ng by charitses lapplicable lo charitwds preparing their accounts in 8ceord8nce ¥bilh the Flnancial Reporting Standard applicable in the UK and Republic of Ireland {FRS 10211. I have no CCJnc8ms and have come across no other matters in Conn￿￿ V*iih the 8xamH)alion lo whKh attention should be drawn in thls repryl in order to ￿able a proper unde[sland￿g of the accounts to be reached. Signed.. Peter Fkthon Dated: 29 Poril 2022 BA FCA ltreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoiedttch HwJh Street London E16Fi4 Page 5

The Royal Soclety of Portrail Palnl•rs (A company limit•d by guarantee) Siatemenl of financial actlvltles (incorporating income and eXpendi￿re a¢¢4wnt) for the year ended 31 De¢ember 2021 Unrestricted funds 2021 R•stri¢ted funds 2021 Total fund$ 2021 Total funds 2020 Note Income from: Donations and legacles Charitsble acb"vities Investmenls 19.990 1>.990 T1.315 10 1,000 8.424 36 71.315 10 Total income 71.315 20.000 91.315 9,460 Expendlture on: Charitable activities 16.767 29.990 46,757 28,327 Tolal expenditur• 16.767 46,757 28.327 Net m*>vement in funds (9.9901 44,5S8 118.867) Re¢on¢lllatlon of lunds: Tokl funds br¢)ughl forward Nel Tnovemeni in lunds 69.026 28.¢)04 19,9901 97.030 41558 If5,897 11B,867 Total funds ¢arTied f¢)rnia 123.574 18.014 141,588 97.030 The Stslemenl of finoncial activities indudos au gains and losses reccgnised fft the year. The notes on pa9es 8 to 14 fc￿ part of these financial slalements. Page 6

The Royal Soclety of Portram Palnlers IA company limit•d by guarantse) Regl$t¢red number: 02071592 Balan¢e sheet as at 31 December 2021 2021 2020 Note Currnnt assets Cash al bank and in hand 143.788 99.230 143.7a8 99.230 Creditws.. amunts tslling due wilhin one yeai (2.20C) 12,200) Ne¢ current ass•ts 141.588 97.030 Tolal assets less ¢urrent liabllttl•s 141.588 97.030 Net assets excludlng pensl¢)n asset . 141.58 97.030 Total nel assets 141.588 97.030 ChaTIty lunds Restricted lunds Unrestricted funds 10 10 18.014 123.574 28,004 69.026 Total funds 141,588 97,030 The charity was enlitled to exemption from audit under section 477 of the Companies Act 2006. The members have not requi¥ed the company to obtain an 8￿Jit for the year in qU￿tion In accordance with secsion 476 of Companies Acl 2006. The Twstees ackTrO￿edge their responsibdibes for com￿"n9 ￿lti the requirements of the Act wlth respe¢l to. accountsng records and preparatK)n of financial stalenwnts. The financial statements have b8en prèpared in accordance with thè provisThs applicable lo entlties subject lo the smal corr4wies regi￿￿. The financial slatemerts were approved ar￿ authorised for iSSLFe ty the Trustees on 29 April 2022 and signèd on Iheir b$half by: The notes on payes 8 to 14 form part of these financial ststernents. AfvJJ)E&tsl JM Page 7

The Royal Socl•ty of Portrait Painters {A company limited by guarantee) Notes 1¢ the flnancial statemenls foT the year ended 31 December 2021 . A¢¢ounting poll¢lès 1.1 8asl$ of Pr￿aratIon of flnan¢lal stat•m?Thts The financial statements have been prepared in accordance with the Chariiies SORP {FRS 1021- Accounting and Reporting by Charities-. Statement of Recommended Practice applicable lo charities preparing their a￿O￿ntS in aCCordar￿e with the Financial Reporting Slandard applicable in the UK and Republic of Ireland IFRS 102} leffedive 1 Jaryjary 20181. the Financial Reptyling Stsndard applicable in the UK and Republic of Ireland {FRS 1021 and Ihe Compan￿$ A¢1 2006. The Royal S￿lety of Portrail Painler meets the defvmtion of a public benefrt entity undeT FRS 102. Assets and li8bililies are initially recognised at hisloii¢al cost or transa¢tKsn value unkss olherwise stated in the rdevant 8ccwntin9 p)ItW. 1.2 Company Ststus The charity is a company limited by gu8r8nlee. The membets of the company are the Management Committee narned on page 1. In the event of ihe Charity beiF¥J wound up, the liabilty in respect of the guarantee is limiled to £1 pw member of the ¢haTty. 1.3 Fund ac¢ounling General funds are unrestricted funds are aVal￿ble for use at the dI$¢￿tIon of the Trustees In furtherance of the general objectives of the Gharty and wts¢h have not t￿n designated for other purpose5. Reslricled lunds are funds are to be used rn a¢cordan¢e ￿ specrfic restrictions imposed by donors or which have been raised by ihe charity for particular purposes. The cos15 of raising and administering such funds are charged against Ihe specrfic fund. The aim anLI use of each reslricled fund ts set out in the not￿ to the financi Staterr￿ts. 1.4 In¢ome All income is recognised once th8 charity has entiuement to the irKome. il 15 probable that the income will be received and the arrrfX￿t of income receivable can be measured reliably. For Legacies, enlillement is iaken as the earfr of the date on which eiiher.. the ¢harity is aware that probale has been granted, the estate has been finalised and notification has been rn3de by the execulorls} to the Trust Ihat a distribut￿n will be made. or when a distribution is received from the estate. Re¢eipt of a legacy. in vthole or in part. is only ￿sidered probable when the amount can be measured reliability and Ihe charty has been noIrf￿1 ol the executorfs ir)tenlions lo m8ke a diStribut￿n. Where legacies have been rn)tified lo the chanty. or Ihe charty is aware of the granting of probate. and the criteria for income reco9nition have r￿1 been met. then the legacy is treated as a ' contingent asset and disck3sed rf mateiial. Grant5 are induded in the Ststemerit of finan¢ial actNitses on a recetvable basi5. The balance of income receNed for $pe¢ffic purposes bul not expended during the wriod is shown in the r91evant fund$ on the Balance sheet. Whero income is received in advance ol entitlement of receipt, its recognition is deferred and included in creditors as deforred income. Where entillement occurs before irKome is received. the income is accrued. Income tax recoverable In relation to donati￿ recehed under Gift Aid or deeds of covenant is recognised at the time of the donation. Incomè lax recoverable in relat#Jn lo nvestment i)come is recognised at the tlm"e the investment income 1$ r￿1vable. Page 8

Tho Royal Soclety of P¢)rtrail Painters {A company Ilmited by guarantee} Notes to Ihe financial stalem•nts for the yèar ended 310ecemb•r 2021 AcMunting polkies (¢onllnu 1.5 Expendilurt Expenditure is re￿nised once Ihere is a legal or construdive oblwJation to transfer economic benefit to a third party. il ts probats￿ Ihot a Iransfer of economic benefiis WIN be required in settlement and the amount of the oblNJation can be measured rehably. Expendrture is dassffied by activity. The costs of.each activity are made up of the totsl of direct tosts and shared costs. induding support costs involv¢d in undertakirrfJ each adivity. Direct costs attributable to a single activity are allocated diredly to that actmty. Shared costs which contribute lo rn0￿ than one a¢livity and support costs which are not attributable lo a single activ￿1 aTe aw)cxlioned beh¥een those activities on a basis consislènl wlh the use of resources. Central staff costs are allocated on Ihe basis ol time sp8nt. and depreciation ¢har9es alhxated on Ihe wtion ofthe asset's use. Support costs are Ihose costs in￿ffed direcdy in support of expenditure on the objects of the charity and include project management carried wl at Headquarters. Govemance cos15 are those incurred in connecli¢)n vlth administration of the Charity and Complian￿ wfth c4)nstitullonal and slatttlory req￿reMents. .Charitable activities and Governa￿e costs are ts)sts incurred on the thantys educatiorial operalions. including support Costs and costs rebating to the gov•man¢e of lh8 charity appO￿'0ned to charitable aclivilles. Grants pa￿￿tsIe aTr ¢hafged in the year Ihe offeF is made except in those cases where Ihe offer is ¢on¢Jitional, such grants being recognised as expendilure when the conditions attaching are fu￿tIled. Grants offered subject lo condilions which have not been Mel al the year end afe noted as a ".commitment. trwt not acwed as expenditure. 1.6 Goin9 COn¢•rn The Trustees assess whether the use of eoncem is appropriate i.e. wh&ther there are any matefial uncertainties related to events or condit￿S Ihat may cast s￿nrf￿nI doubl on the ability ol the Charty to continue as a goirwj con¢em. The Truslees make this assessment in respect of a period of at least one yEar Irom the date of aulhorisatKin for issue of the financial stalements and have concluded that the Charity has adequate resources to ￿ntinUe in oper8tsonal existence for the . forgseeable future and there are no material uncertainlies about the Chariws ability lo ¢onlinuo as a 90ing concem, IhLts they continue to adopt Ihe going concern bash8 of ac￿untirrf￿ in preparing thg rinandal slatèm8nt& 1.7 Inter•$t reeefvablt Inlerest on fvnds heid on deposil is induoed wtjen receivabje and the amount can be measured rtsliably by the charity. this is nom)ally ￿￿n notificalion of ihe intetest or payable by Ihe Bank. 1.8 Cash at bank and In hand Cash at bank ond in hand includ8$ cash and short-term hwJhty IKVii(l investments with a $lK)rt maturity ' of Ihree months or le55 from the date ol acquisitM)n or opening of deposit or similar a¢￿￿nt. Page 9

The Royal Soclety of Portrail PalTrters (A compony Ilmit•d by guar¥nl•e) Not¢$ to the financial slaternents for lh• yèar ended 31 December 2021 A¢counllng polkles lcontinued) 1.9 Liabilities and Pf¢)vlsions Liabikties are re¢ogni$ed Ythen theo is an obligatKfi at Ihe Balance sheet dale as a result of a past event. it is probable that a.transfer of e¢onomK benefft will ￿ required in settlement. and the amount of the seluement can be esbmated relkgtly. Liabilities are recognised at Ihe amount that th8 charity anticipates it wll pay to settle Ihe debl or the amount it has received as advanced payments for tha goods or services il must provide. Provlsions are measured at the best estimate of the amounts required to settle the obligation. Where the èffect of the time value of money is material. the provision is based on the present value of Ihose amounts, discounted.at the pre-￿￿ di8count rate that reflects the risks speufic lo the 118bilty. 'The unwinding of the discount is recognised ￿1th1Th N)tere5t payable and similar charges. 1.10 Cash flow The finan¢ial statements "do not a cash fiow statement because the company. as a small reportlng entity, is exempt from the requirement to prepare such a statement under Flnan¢ial Reporting Standard Number 102. In¢ome from donatlons and1¢9X1￿ . Unrostrtcted Restrt¢led funds nds 2021 2021 Total Total . funds 2020 2D21 Advertising Grants 1.000 19.990 19,990 19.990 19.990 1.000 Total 2020 1.000 1,(K)o Invoslment In¢ome Restricted nd5 2021 Total funds 2021 Total funds 2020 Bank interest 10 10 36 Totsl 2020 36 Page 10

The Royal Soclety of Portralt Palnters {A company limited by guarant•e) Notes to the financial statemenls for the year ended 31 Oe¢ember 2021 Income Irom charitable a¢tlvlties Unrestricted nd$ 2021 Total nds 2021 Total nds 2020 Commissi(ms 71,315 71.315 8.424 Total 2020 8.424 .8.424 Analysis ol •xp•nditure on charitable actlvitl•s Summary by fund ty Unrestricted R•slrl¢ted funds fi•nd$ 2021 2021 Totsl lunds 2021 Total funds 2020 Prizes Exhibition 29,990 37.290 9,467 16.160 12.167 9.467 16.767 29.990 46,757 28.327 Total 2020 18.327 10.000 28,327 Analysis of ¢xpenditure by 0x￿ndIti•f& type Grant fundlng ol activltl•s 2021 Support costs 2021 Totsi funds 2021 Total funds 2020 Prizes Exhibition 35,130 2,160 9.467 37.290 9,467 16.160 12.167 35,130 11,627 46.757 28.327 Total 2020 14.0¢)0 14.327 28.327 Page 11

Tho Royal So¢l•ty of Portralt Palntsrs IA Company Ilmlted by guarant•e Notes to the financial sLitements for th• year ènded 31 December 2021 Analysls of •xpenditur• by exp•nditure type (continued> Analys1$ ol support costs . Total funds 2021 Total funds 2020 Priz•s Exhibltlon 2021 2021 ConsuFtancy AdvertÈ$ing and public relations Website costs Sundries 860 7,814 781 514 7.669 613 131 600 2.640 2.160 7,814 781 Postage and courler Renl Governance eosts 2,160 2,160 2,160 9.467 11.627 14.327 Total 2020 2.160 12.167 14.327 Heiltage as$¢ts The Heritage assets owned by th¢ Society comprise an exhibTrtron of approximalely 50 paintings collated in 2000, entitled People's Portraits wlh paintings Ihal have been lent or donated by members of the Society. The exhibition has been maintained al Girton College. Cambridge since 2002 and it is intended that this will continue into the f¢xeseeable fLrture. The exhibition 15 open to the public daily. The cour￿11 of Management has not commiss￿ne￿ a formal valuation but bel*ves the eXhibit￿n lo have a value of up lo £300.000. Net incomel (expenditure) 2021 2020 Intlependenl examination fee 2,160 2.160 Credltors: AmouDts falllng within one year 2021 2020 A¢¢ruals ond delerred income 2,200 2.200 Page 12

The Royal Soclety of Portraft Palrters (A ¢4*npany Ilmlted by guarantee) Notes to Ihe financial statements for the year ended 31 December 2021 10. Slatsment of tunds stat•ment of lunds - Current ￿ar Balance ot 31 D•¢ember 2021 Bala￿• at 1 January 2021 In¢om• Expènditure Unrestrlcted fvnds General Fund 69.026 71.315 116.767} 123,574 R•strf¢t•d fund$ The Sir Chrostopher Ondaatje Fund lor ￿71. es WINiam 28.004 10 19.990 (10.000) {19.990) 18.014 28,004 20.00 (29.990) 18.014 Total of funds 97.030 91.315 146,7571 144.588 Statement of funds . prior year Balance at 31 Balance at 1 January 2020 Income Expenditure 2020 Unrestrlcted funds General Fund 77,929 9.424 {18,327) 69.026 Restricted fvnds The Sir Christopher Ondaatje Fund for wi2es 37.968 (10,OIXI) 28,004 Tgtal ol fund$ 115.897 9.460 {28.327) 97.030 Page 13

Th• Royal Society of Portrall Palnter5 (A company limited by guarantee Notes to the financial statements for the year ended 31 D•cember 2021 11. . Anaty$is of n¢t ass•ts b•lwMn funth . Anatysls of n¢t assets b8tween funds- current y•ar Unro$trict•d Restricted funds funds 2021 2021 Total fund$ 2021 Current assets CredEl0￿ due ￿thIn one year 125.774 2,2001 18.014 143,788 {2,200) 123.574 18.014 141,588 Analysis of n•1 3s$ets b•twe•n funds . prlor y•ar Unrestricted . Restricted funds 2020 Total funds 2020 2020 Current assets Creditors due wilhin one year -71.226 {2.200} 28.004. 99.230 12.200} Total 69.026 28,004 97,030 12. Relatèd party tran$a¢tions There were no related p8rty transactions during the year. Page 14