Report of the Trustees for the year ending 31[st] December 2022
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 2022.
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
I am pleased that the RP plans to appoint a coordinator at least on a part time basis. Initially I expect there will be a period of familiarisation and then the coordinator will contribute to the day to day running of the society, particularly to our social media and communications with members.
The RP Critical Writing Prize
This will be launched in February 2023, primarily to encourage discussion on portraiture and generate copy for our own promotional purposes. The Jackdaw has agreed to publish the winning essays and Burlington Magazine, the NPG and the RA are interested in promoting it. Collateral benefits include dialogue with the NPG, RA and parts of the Art Press and the hope is this will raise our profile.
Annual Exhibition
AC thanked members for first rate selection and hanging. Thanks to Gyles Brandreth who opened the show which was very well received. Visitor numbers were in the region of 3000.
Collaborations
Our collaboration with Girton College, Cambridge thrives and plans are afoot to feature a curated showing of paintings in the 2023 exhibition.
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 2022 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. 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 also like to thank our sponsors, Mr. William Lock, Sir Christopher Ondaatje, The De Lazlo Foundation, Smallwood Architects and Raw Umber Studios.
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 £40,000 in prize money in 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. The council and its officers are elected by the membership.
The RP is a founder member of the FBA and works closely with that organisation especially with regards to commissions and the organisation of its annul exhibition.
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 represent a range of 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.
Anthony Connolly 10[th] October 2022
Registered number: 02071592 Charity number: 327460
The Royal Society of Portrait Painters
(A company limited by guarantee)
Unaudited
Management Committee's report and financial statements for the
year ended 31 December 2022
The Royal Society of Portrait Painters
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the charity, its Management committee and advisers | 1 |
| Management committee's report | 2 - 4 |
| Independent examiner's report | 5 |
| Statement of financial activities | 6 |
| Balance sheet | 7 |
| Notes to the financial statements | 8 - 15 |
The Royal Society of Portrait Painters
(A company limited by guarantee)
Reference and administrative details of the charity, its Management committee and advisers for the year ended 31 December 2022
Management committee
Anthony Connolly, President Alastair Adams, Treasurer (appointed 22 May 2022) Antony Williams Andrew James (resigned 15 May 2022) Alexandra Pardoe (resigned 15 May 2022) Sam Dalby (appointed 22 May 2022) Sam Davis (appointed 22 May 2022) Toby Wiggins (appointed 22 May 2022) Tim Benson (resigned 15 May 2022) Richard Foster (resigned 15 May 2022) Jane Bond Miriam Escofet Martin Brooks Neale Worley
Company registered number
02071592
Charity registered number
327460
Registered office
17 Carlton House Terrace London SW1Y 5BD
Accountants
Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA
Page 1
The Royal Society of Portrait Painters
(A company limited by guarantee)
Management committee's report for the year ended 31 December 2022
The Management Committee (who are also directors of the company for the purposes of the Companies Act) present their annual report together with the financial statements of the The Royal Society of Portrait Painters for the year ended 31 December 2022. The Management committee confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the charity qualifies as small under section 383 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not required.
Objectives and activities
a. Policies and objectives
The objective of the Society is to promote, maintain, improve and advance education in the fine arts and in particular in the art of portraiture. There is an annual exhibition which is open to the public and is held in the Mall Galleries.
b. Activities for achieving objectives
The Society receives income to acheive its objectives from subscription fees payable by members, commission fees on member's work sourced through the FBA, prizes funded by third parties and donations.
c. Main activities undertaken to further the charity's purposes for the public benefit
In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.
The Society considers that the public benefit requirement is complied with through the public exhibition and the long term establishment of the People's Portrait exhibition maintained at Girton College, Cambridge. The Society, a charity dedicated to excellence in portraiture, prides itself on the standard of members work and provides a commission service making it easier to select the right artist.
Achievements and performance
a. Review of Activities
The Society's sources of income are subscription fees from members, commissions on members works sourced through the FBA, third party funded prizes and donations including those from patrons. The Society's main expenditure during the year was the payment of the prizes, £20,000 of which being the William Lock portrait prize.
Page 2
The Royal Society of Portrait Painters
(A company limited by guarantee)
Management committee's report (continued) for the year ended 31 December 2022
Financial review
a. Going concern
After making appropriate enquiries, the Management committee have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.
b. Reserves policy
The deficit for the year as shown on page 6 amounted to £45,764 (2021: Surplus £44,558). The Society has two reserves, one being a restricted fund where the details are shown in note 12, page 14, the other being an unrestricted reserve. The Council of Management considers it most appropriate to retain unrestricted reserves of between one and two years unrestricted fund expenditure. Cash held within the restricted fund is invested with the Charities Aid Foundation which the Council considers appropriate given its charitable status.
c. Principal risks and uncertainties
Other than the security of the Society's bank balances, which are held in accounts with reputable institutions, the only significant risk to undertaking it's activities is the ability to continue to use the Mall Galleries which are currently leased by the Federation of British Artists, a related charity to the Society. The Mall Galleries are used for the annual exhibition of the Society. The Society has limited ongoing expenditure and does not incur any other expense without having sufficient funds to meet it's liabilities in advance.
Structure, governance and management
a. Constitution
The Royal Society of Portrait Painters is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association, on 6 November 1986.
The principal object of the charity is to promote, maintain, improve and advance education in the fine arts and in particular in the art of portraiture.
b. Methods of appointment or election of Trustees
The management of the charity is the responsibility of the Trustees who are elected and co-opted under the terms of the Memorandum of Association.
c. Organisational structure and decision-making policies
The Council of Management is the decision making body for the Society and meets regularly during the year. It assesses any risks that may face the Society together with systems established to mitigate those risks. Major risks have been previously identified and action was taken to mitigate them. The Council continues to maintain these systems.
d. Principal Activities
The object and activities of the Society is to promote, maintain, improve and advance education in the fine arts and in particular in the art of portraiture which includes the main public event, the annual public exhibition held at the Mall Galleries.
Page 3
The Royal Society of Portrait Painters
(A company limited by guarantee)
Management committee's report (continued) for the year ended 31 December 2022
Statement of Trustees' responsibilities
The Trustees (who are also the directors of the charity for the purposes of company law) are responsible for preparing the Trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the Trustees to prepare financial statements for each financial period. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles of the Charities SORP (FRS 102);
-
make judgments and accounting estimates that are reasonable and prudent;
-
state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the members of the board of Trustees on 10 May 2023 and signed on their behalf by:
Anthony Connolly President
Alastair Adams Treasurer
Page 4
The Royal Society of Portrait Painters
(A company limited by guarantee)
Independent examiner's report for the year ended 31 December 2022
I report to the charity Trustees on my examination of the accounts of the charity for the year ended 31 December 2022.
Responsibilities and basis of report
As the Trustees of the charity (and its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the charity are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of the charity's accounts carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the charity as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities [applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)].
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Signed: Dated: 11 May 2023
Lucy Hammond BSc FCA
Kreston Reeves LLP Chartered Accountants 2nd Floor 168 Shoreditch High Street London E1 6RA
Page 5
The Royal Society of Portrait Painters
(A company limited by guarantee)
Statement of financial activities (incorporating income and expenditure account) for the year ended 31 December 2022
| Note Income from: Donations and legacies 2 Charitable activities 4 Investments 3 Total income Expenditure on: Raising funds 5 Charitable activities 6 Total expenditure Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2022 £ 4,740 18,618 7 23,365 30,000 29,189 59,189 (35,824) 123,574 (35,824) 87,750 |
Restricted funds 2022 £ 20,000 - 60 20,060 - 30,000 30,000 (9,940) 18,014 (9,940) 8,074 |
Total funds 2022 £ 24,740 18,618 67 43,425 30,000 59,189 89,189 (45,764) 141,588 (45,764) 95,824 |
Total funds 2021 £ 19,990 71,315 10 |
|---|---|---|---|---|
| 91,315 | ||||
| - 46,757 |
||||
| 46,757 | ||||
| 44,558 | ||||
| 97,030 44,558 |
||||
| 141,588 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 15 form part of these financial statements.
Page 6
The Royal Society of Portrait Painters
(A company limited by guarantee) Registered number: 02071592
Balance sheet
as at 31 December 2022
| Current assets Note Cash at bank and in hand Creditors: amounts falling due within one year 11 Net current assets Total net assets Charity funds Restricted funds 12 Unrestricted funds 12 Total funds |
98,264 98,264 (2,440) |
2022 £ 95,824 95,824 8,074 87,750 95,824 |
143,788 143,788 (2,200) |
2021 £ 141,588 |
|---|---|---|---|---|
| 141,588 | ||||
| 18,014 123,574 |
||||
| 141,588 |
The charity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on 10 May 2023 and signed on their behalf by:
Anthony Connolly President
Alastair Adams Treasurer
The notes on pages 8 to 15 form part of these financial statements.
Page 7
The Royal Society of Portrait Painters (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
1. Accounting policies
1.1 Basis of preparation of financial statements
The financial statements have been prepared in accordance with the Charities SORP (FRS 102) - 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) (effective 1 January 2019), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
The Royal Society of Portrait Painter meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
1.2 Company Status
The charity is a company limited by guarantee. The members of the company are the Management committee named on page 1. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.
1.3 Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
1.4 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.
For Legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the Trust that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliability and the charity has been notified of the executor's intentions to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is treated as a contingent asset and disclosed if material.
Grants are included in the Statement of financial activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.
Page 8
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
1. Accounting policies (continued)
1.5 Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges allocated on the portion of the asset’s use.
Expenditure on raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities events and non-charitable trading.
Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management carried out at Headquarters. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.
Charitable activities and Governance costs are costs incurred on the charity's educational operations, including support costs and costs relating to the governance of the charity apportioned to charitable activities.
Grants payable are charged in the year when the offer is made except in those cases where the offer is conditional, such grants being recognised as expenditure when the conditions attaching are fulfilled. Grants offered subject to conditions which have not been met at the year end are noted as a commitment, but not accrued as expenditure.
1.6 Going concern
The Trustees assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Charity to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date of authorisation for issue of the financial statements and have concluded that the Charity has adequate resources to continue in operational existence for the foreseeable future and there are no material uncertainties about the Charity's ability to continue as a going concern, thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
1.7 Interest receivable
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.
1.8 Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Page 9
The Royal Society of Portrait Painters (A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
1. Accounting policies (continued)
1.9 Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charity anticipates it will pay to settle the debt or the amount it has received as advanced payments for the goods or services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised within interest payable and similar charges.
1.10 Cash flow
The financial statements do not include a cash flow statement because the company, as a small reporting entity, is exempt from the requirement to prepare such a statement under Financial Reporting Standard Number 102, and the Charities SORP (FRS 102) (effective 1 January 2019).
2. Income from donations and legacies
| Grants Subscriptions Total 2021 |
Unrestricted funds 2022 £ - 4,740 4,740 - |
Restricted funds 2022 £ 20,000 - 20,000 19,990 |
Total funds 2022 £ 20,000 4,740 24,740 19,990 |
Total funds 2021 £ 19,990 - |
|---|---|---|---|---|
| 19,990 | ||||
3. Investment income
| Bank interest Total 2021 |
Unrestricted funds 2022 £ 7 - |
Restricted funds 2022 £ 60 10 |
Total funds 2022 £ 67 10 |
Total funds 2021 £ 10 |
|---|---|---|---|---|
Page 10
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
4. Income from charitable activities
| Commissions Total 2021 Expenditure on raising funds Costs of raising voluntary income Commissions payable |
Unrestricted funds 2022 £ 18,618 71,315 Unrestricted funds 2022 £ 30,000 |
Total funds 2022 £ 18,618 71,315 Total funds 2022 £ 30,000 |
Total funds 2021 £ 71,315 Total funds 2021 £ - |
|---|---|---|---|
5. Expenditure on raising funds Costs of raising voluntary income
6. Analysis of expenditure on charitable activities
Summary by fund type
| Prizes Exhibition Staff costs Total 2021 |
Unrestricted funds 2022 £ 7,213 20,493 1,483 29,189 16,767 |
Restricted funds 2022 £ 30,000 - - 30,000 29,990 |
Total 2022 £ 37,213 20,493 1,483 59,189 46,757 |
Total 2021 £ 37,290 9,467 - |
|---|---|---|---|---|
| 46,757 | ||||
Page 11
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
7. Analysis of expenditure by expenditure type
| Prizes Exhibition Staff costs Total 2021 |
Activities undertaken directly 2022 £ - 5,944 - 5,944 - |
Grant funding of activities 2022 £ 34,600 - - 34,600 35,130 |
Support costs 2022 £ 2,613 14,549 1,483 18,645 11,627 |
Total funds 2022 £ 37,213 20,493 1,483 59,189 46,757 |
Total funds 2021 £ 37,290 9,467 - |
|---|---|---|---|---|---|
| 46,757 | |||||
Analysis of direct costs
| Total | Total | ||
|---|---|---|---|
| Exhibition | funds | funds | |
| 2022 | 2022 | 2021 | |
| £ | £ | £ | |
| Exhibition expenses | 5,944 | 5,944 | - |
Analysis of support costs
| Staff costs Consultancy Advertising and public relations Website costs Sundries Postage and courier Travel costs Governance costs Total 2021 |
Prizes 2022 £ - - - - - - - 2,613 2,613 2,160 |
Exhibition 2022 £ - - 13,191 1,123 235 - - - 14,549 9,467 |
Staff costs 2022 £ 300 - - - - - 1,183 - 1,483 - |
Total funds 2022 £ 300 - 13,191 1,123 235 - 1,183 2,613 18,645 11,627 |
Total funds 2021 £ - 860 7,814 781 5 7 - 2,160 |
|---|---|---|---|---|---|
| 11,627 | |||||
Page 12
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
8. Heritage assets
The Heritage assets owned by the Society comprise an exhibition of approximately 50 paintings collated in 2000, entitled People's Portraits with paintings that have been lent or donated by members of the Society. The exhibition has been maintained at Girton College, Cambridge since 2002 and it is intended that this will continue into the foreseeable future. The exhibition is open to the public daily. The Council of Management has not commissioned a formal valuation but believes the exhibition to have a value of up to £300,000.
9. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £2,440 ( 2021 - £2,160 ) , and other accounting services of £153 (2021 - £ -).
10. Staff costs
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 300 | - |
The average number of persons employed by the charity during the year was as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Management committee | 10 | 10 |
No employee received remuneration amounting to more than £60,000 in either year.
11. Creditors: Amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Accruals and deferred income | 2,440 | 2,200 |
Page 13
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
12. Statement of funds
Statement of funds - current year
| Balance at | ||||
|---|---|---|---|---|
| Balance at | 31 | |||
| 1 | ||||
| January | December | |||
| 2022 | Income | Expenditure | 2022 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Fund | 123,574 | 23,365 | (59,189) | 87,750 |
| Restricted funds | ||||
| The Sir Christopher Ondaatje Fund for prizes | 18,014 | 60 | (10,000) | 8,074 |
| William Lock | - | 20,000 | (20,000) | - |
| 18,014 | 20,060 | (30,000) | 8,074 | |
| Total of funds | 141,588 | 43,425 | (89,189) | 95,824 |
| Statement of funds - prior year | ||||
| Balance at | ||||
| Balance at | 31 | |||
| 1 January | December | |||
| 2021 | Income | Expenditure | 2021 | |
| £ | £ | £ | £ | |
| Unrestricted funds | ||||
| General Fund | 69,026 | 71,315 | (16,767) | 123,574 |
| Restricted funds | ||||
| The Sir Christopher Ondaatje Fund for prizes | 28,004 | 10 | (10,000) | 18,014 |
| William Lock | - | 19,990 | (19,990) | - |
| 28,004 | 20,000 | (29,990) | 18,014 | |
| Total of funds | 97,030 | 91,315 | (46,757) | 141,588 |
The restricted funds relate to two prize funds: The Sir Christopher Ondaatje Fund whereby a prize is awarded to a winning artist by the fund to the value of £10,000 each year, and the William Lock fund where a prize of around £20,000 is made each year to an artist.
Page 14
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements for the year ended 31 December 2022
13. Analysis of net assets between funds
Analysis of net assets between funds - current year
| Unrestricted | Restricted | Total | |
|---|---|---|---|
| funds | funds | funds | |
| 2022 | 2022 | 2022 | |
| £ | £ | £ | |
| Current assets | 90,190 | 8,074 | 98,264 |
| Creditors due within one year | (2,440) | - | (2,440) |
| Total | 87,750 | 8,074 | 95,824 |
| Analysis of net assets between funds - prior year | |||
| Unrestricted | Restricted | Total | |
| funds | funds | funds | |
| 2021 | 2021 | 2021 | |
| £ | £ | £ | |
| Current assets | 125,774 | 18,014 | 143,788 |
| Creditors due within one year | (2,200) | - | (2,200) |
| Total | 123,574 | 18,014 | 141,588 |
14. Related party transactions
There were £1,183 of travel expenses reimbursed to Trustees within the year (2021: £Nil). There were no amounts outstanding to Trustees at the year end.
Page 15