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 2024
The Royal Society of Portrait Painters
(A company limited by guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the charity, its Management committee and | 1 |
| advisers | |
| 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 - 16 |
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 2024
| Management committee | Anthony Connolly, Chair |
|---|---|
| Alastair Adams, Treasurer | |
| Frances Bell | |
| David Caldwell | |
| Saied Dai (appointed 19 May 2024) | |
| Simon Davis (resigned 19 May 2024) | |
| Miriam Escofet (appointed 19 May 2024) | |
| Andrew James | |
| Jamie Routley | |
| Toby Wiggins (resigned 19 May 2024) | |
| Antony Williams | |
| Martin Yeoman | |
| Company registered number 02071592 Charity registered number 327460 Registered office 17 Carlton House Terrace London SW1Y 5BD Accountants Kreston Reeves LLP Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ |
Page 1
The Royal Society of Portrait Painters
(A company limited by guarantee)
Management committee's report For the year ended 31 December 2024
The Management committee present their annual report together with the financial statements of the charity for the 1 January 2024 to 31 December 2024. The Annual report serves the purposes of both a Management committee' report and a directors' report under company law. The Management committee confirm that the Annual report and financial statements of the charitable company 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 382 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 has been omitted.
Objectives and activities
a. Policies and objectives
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.
b. Activities undertaken to achieve objectives
The Society receives income to achieve its objectives from commission fees on member's and non 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.
Page 2
The Royal Society of Portrait Painters (A company limited by guarantee)
Management committee's report (continued) For the year ended 31 December 2024
Achievements and performance
a. Review of Activities
The Society's sources of income are third party funded prizes and donations including those from patrons. The Society's total income for the year was £56,665 (2023: £66,374). The main sources of income were commissions income on member and non-member portrait comissions of £24,437 (2023: £28,286) and donated prize income of £27,590 (2023: £37,500). Total expenditure for the year was £82,216 (2023: £74,444). The main items of expenditure were prizes awared including the allocation of support costs of £40,966 (2023: £43,450), running costs of the exhibtions of £19,122 (2023: £12,875) and staff costs of £22,128 (2023: £18,119).
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 £25,551 (2023: £8,070). The Society has two reserves, one being a restricted fund where the details are shown in note 13, 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, the council are aware of the shortfall and will address this as an area for action by the council, either reducing it or defining aims for an increase.
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 Management committee
The management of the charity is the responsibility of the Management committee who are elected and co-opted under the terms of the Memorandum of Association.
Page 3
Thè Royal Socloty of Portralt Palntsrs (A company Ilmlted by guarantso) Management commlttae's roport (contlnued) For the year ondod 310ecember 2024 Structure, govemanco and management (contlnuod) c. Oryanlsatlonal structure and declslonrymaklng pollclos Th8 Council of Management is the decision making boty for the Society and m88ts regulaty during year. It assesses any risks that may face the kniety together IMth systems established to mitigate those risks. Major risks have been prevlously identrrj and adion was tsken to mitigate Ihem. The Counal continues to maintain these systems. d. Prlnclpal Actlvltles The object and actiifjties of the Society is to promote. maintsin. improve and advance education in the flne arts and in particular in the art of portraiture which includes the main public evenL the annual public exhibition held at the Mall Galleries. Statement of Managemont ¢ommltto0's responslbllltles The Management committee (who are also th8 directors of the dHrity for the purposes of company law) are responsible for preparing the Management committee's reFK)rt and the financial statements in accordance with applicable law and United Kingdom Accounting Standards {United Kingdom G8n8rally Accepted Accounting Practice). Company law requires the Management commtttee to prepare financial statements for each financial . Under company law, the Management committee must not approve the financial ststements unless they are satlsfied that they give a true and fair Niew of the state of affairs of the Charity and of its incoming resources and application of resources, induding its income and expenditure. for that period. In préparing these financial statements. the Management committee are requir8d lo: select suitable accounting policies and then apply them consistently. observe the methods and principles of the Charities SORP (FRS 102): make judgments and aCUntIng estimates that are reasonable and prudent state whether applicable UK Acc(MJnting Slandards (FRS 102) have been followed, subjed to any material departures disdosed and explained in the finanaal statements: prepare the financial statements on the gng concern basis unless it is Inappropriate to presume that the charity will continue in business. The Management committe8 are responsible for keeping adequate accounting records that are sufficient to show and explain the charitys transactions and disdose with reasonable accuracy at any time the financial sition of the charity and enable them to ensure that the financial statements comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the charity and hence for tsking reasonable steps for the prevention and detection of fraud and other irregularities. Approved by order of the members of the board of Management committee and signed on their behalf by: Anthony Connolly Presidenl Date.. Ig La¥ 2rtf Page 4
The Royal Society of Portrait Painters
(A company limited by guarantee)
Independent examiner's report
For the year ended 31 December 2024
Independent examiner's report to the Management committee of The Royal Society of Portrait Painters ('the charity')
I report to the charity's Management committee on my examination of the accounts of the charity for the year ended 31 December 2024.
Responsibilities and basis of report
As the Management committee 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.
This report is made solely to the charity's Management committee, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. My work has been undertaken so that I might state to the charity's Management committee those matters I am required to state to them in an Independent examiner's report and for no other purpose. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than the charity and the charity's Management committee as a body, for my work or for this report.
Signed: Dated: 28 May 2025
Lucy Hammond BSc FCA
Kreston Reeves LLP Chartered Accountants 9 Donnington Park 85 Birdham Road Chichester West Sussex PO20 7AJ
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 2024
| Note Income from: Donations and legacies 2 Charitable activities 3 Investments 4 Total income Expenditure on: Charitable activities 5 Total expenditure Net expenditure Transfers between funds 13 Net movement in funds Reconciliation of funds: Total funds brought forward Net movement in funds Total funds carried forward |
Unrestricted funds 2024 £ 590 24,437 4,638 29,665 50,216 50,216 (20,551) (7,362) (27,913) 70,116 (27,913) 42,203 |
Restricted funds 2024 £ 27,000 - - 27,000 32,000 32,000 (5,000) 7,362 2,362 17,638 2,362 20,000 |
Total funds 2024 £ 27,590 24,437 4,638 56,665 82,216 82,216 (25,551) - (25,551) 87,754 (25,551) 62,203 |
Total funds 2023 £ 37,500 28,286 588 |
|---|---|---|---|---|
| 66,374 74,444 |
||||
| 74,444 (8,070) - |
||||
| (8,070) 95,824 (8,070) |
||||
| 87,754 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 8 to 16 form part of these financial statements.
Page 6
Tho Royal Socloty of Portrdit Palnters (A company Ilmlted by guarantse) Reglsterod numbèr: 02071592 Balance sheet As at 31 December 2024 2024 2023 Curront assots Debtors Cash at bank and in harKI 11 15,500 74,834 64,939 64.939 90.334 Creditors: amounts falling due within one year 12 (2,736) {2.580) Net current assets 62,203 87.754 Total not assets 62,203 87.754 Charfty funds Restricted funds UnrestriGted funds 13 13 20,000 42,203 17.638 70,116 Total funds 62,203 87.754 The charity was entitted lo exemption from audit under section 477 of the Companies Ad 2006. The member5 have not r8quir&J the cx)mpany to obtsin an audit for the year in question in accordance with section 476 of Companles Acl 2006. The Management committee acknowledge their responsibilities for comptylng wtth the requirements of the Act with respect to accountirvJ recxjrds and prèparation of financial stat8mants. The financial statements have been prepared in aordanCe with the provlslons applicable to entitles subject to the small companies regime. The financial stat8ments were approved and authorised for issue by the Management commlttee and slgned on their behalf by= President Date: ' gtsA [[ fy.2025 The notes on pages 8 to 16 fomi part of these financial ststements. Page 7
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
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 Painters 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 Management committee 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.
Investment income, gains and losses are allocated to the appropriate fund.
1.4 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).
Page 8
The Royal Society of Portrait Painters (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
1. Accounting policies (continued)
1.5 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.
The recognition of income from legacies is dependent on establishing entitlement, the probability of receipt and the ability to estimate with sufficient accuracy the amount receivable. Evidence of entitlement to a legacy exists when the charity has sufficient evidence that a gift has been left to them (through knowledge of the existence of a valid will and the death of the benefactor) and the executor is satisfied that the property in question will not be required to satisfy claims in the estate. Receipt of a legacy must be recognised when it is probable that it will be received and the fair value of the amount receivable, which will generally be the expected cash amount to be distributed to the charity, can be reliably measured.
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 investment income is recognised at the time the investment income is receivable.
1.6 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 charitable activities is incurred on directly undertaking the activities which further the charity's objectives, as well as any associated support costs.
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.
All expenditure is inclusive of irrecoverable VAT.
1.7 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.
Page 9
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
1. Accounting policies (continued)
1.8 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 institution with whom the funds are deposited.
1.9 Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
1.10 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.
1.11 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 in the Statement of financial activities as a finance cost.
Page 10
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
2. Income from donations and legacies
| Donations Subscriptions Grants Total 2023 |
Unrestricted funds 2024 £ 500 90 - 590 500 |
Restricted funds 2024 £ 5,000 - 22,000 27,000 37,000 |
Total funds 2024 £ 5,500 90 22,000 27,590 37,500 |
Total funds 2023 £ - - 37,500 |
|---|---|---|---|---|
| 37,500 | ||||
3. Income from charitable activities
| Income from charitable activities - Commissions Total 2023 |
Unrestricted funds 2024 £ 24,437 28,286 |
Total funds 2024 £ 24,437 28,286 |
Total funds 2023 £ 28,286 |
|---|---|---|---|
4. Investment income
| Bank interest Total 2023 |
Unrestricted funds 2024 £ 4,638 548 |
Restricted funds 2024 £ - 40 |
Total funds 2024 £ 4,638 588 |
Total funds 2023 £ 588 |
|---|---|---|---|---|
Page 11
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements
For the year ended 31 December 2024
5. Analysis of expenditure on charitable activities
Summary by fund type
| Exhibitions Prizes Staff costs Total 2023 |
Unrestricted funds 2024 £ 19,122 8,966 22,128 50,216 40,044 |
Restricted funds 2024 £ - 32,000 - 32,000 34,400 |
Total 2024 £ 19,122 40,966 22,128 82,216 74,444 |
Total 2023 £ 12,875 43,450 18,119 |
|---|---|---|---|---|
| 74,444 | ||||
In 2023 £34,400 of the expenditure on prizes was restricted, all other expenditure was unrestricted.
6. Analysis of expenditure by activities
| Exhibitions Prizes Staff costs Total 2023 |
Activities undertaken directly 2024 £ 3,028 - - 3,028 5,005 |
Grant funding of activities 2024 £ - 35,601 - 35,601 39,927 |
Support costs 2024 £ 16,094 5,365 22,128 43,587 29,512 |
Total funds 2024 £ 19,122 40,966 22,128 82,216 74,444 |
Total funds 2023 £ 12,875 43,450 18,119 |
|---|---|---|---|---|---|
| 74,444 | |||||
Analysis of direct costs
| Exhibition expenses Total 2023 |
Exhibitions 2024 £ 3,028 5,005 |
Total funds 2024 £ 3,028 5,005 |
Total funds 2023 £ 5,005 |
|---|---|---|---|
Page 12
The Royal Society of Portrait Painters
(A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
6. Analysis of expenditure by activities (continued)
Analysis of support costs
| Wages and subcontractor costs Subscriptions Advertising and PR Website Secretarial costs Gifts Travel expenses IT and Software costs Payroll costs Governance costs (note 8) Total 2023 |
Exhibitions 2024 £ - 540 11,072 1,540 700 - - 190 - 2,052 16,094 7,870 |
Prizes 2024 £ - 180 3,690 513 234 - - 64 - 684 5,365 3,523 |
Staff costs 2024 £ 16,873 - - - - - 4,007 - 1,248 - 22,128 18,119 |
Total funds 2024 £ 16,873 720 14,762 2,053 934 - 4,007 254 1,248 2,736 43,587 29,512 |
Total funds 2023 £ 15,538 456 6,372 785 1,033 31 2,581 - - 2,716 |
|---|---|---|---|---|---|
| 29,512 | |||||
7. Analysis of grants
| Grants, Prizes Total 2023 |
Grants to Individuals 2024 £ 35,601 39,927 |
Total funds 2024 £ 35,601 39,927 |
Total funds 2023 £ 39,927 |
|---|---|---|---|
8. Independent examiner's remuneration
The independent examiner's remuneration amounts to an independent examiner fee of £1,200 ( 2023 - £1,200 ) , and other accounting services of £1,536 (2023 - £1,516).
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The Royal Society of Portrait Painters (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
9. Staff costs
| Wages and subcontractor costs | 2024 £ 16,873 16,873 |
2023 £ 15,538 |
|---|---|---|
| 15,538 |
The average number of persons employed by the charity during the year was as follows:
| 2024 | 2023 | |
|---|---|---|
| No. | No. | |
| Management committee | 10 | 10 |
No employee received remuneration amounting to more than £60,000 in either year.
10. Heritage assets
The Heritage assets owned by the Society comprise an exhibition of approximately 60 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.
11. Debtors
| Due within one year Other debtors |
2024 £ - - |
2023 £ 15,500 |
|---|---|---|
| 15,500 |
12. Creditors: Amounts falling due within one year
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Accruals | 2,736 | 2,580 |
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The Royal Society of Portrait Painters (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
13. Statement of funds
Statement of funds - current year
| Balance at | |||||||
|---|---|---|---|---|---|---|---|
| Balance at | 1 | 31 | |||||
| January | Transfers | December | |||||
| 2024 | Income | Expenditure | in/out | 2024 | |||
| £ | £ | £ | £ | £ | |||
| Unrestricted funds | |||||||
| General Funds | 70,116 | 29,665 | (50,216) | (7,362) | 42,203 | ||
| Restricted funds | |||||||
| The Sir Christopher | Ondaatje | ||||||
| fund for prizes | 2,638 | - | (10,000) | 7,362 | - | ||
| William Lock | 15,000 | 25,000 | (20,000) | - | 20,000 | ||
| Raw Umber Prize | - | 2,000 | (2,000) | - | - | ||
| 17,638 | 27,000 | (32,000) | 7,362 | 20,000 | |||
| Total of funds | 87,754 | 56,665 | (82,216) | - | 62,203 | ||
| Statement of funds - prior year | |||||||
| Balance at | |||||||
| Balance at | 31 | ||||||
| 1 January | December | ||||||
| 2023 | Income | Expenditure | 2023 | ||||
| £ | £ | £ | £ | ||||
| Unrestricted funds | |||||||
| General Funds | 80,826 | 29,334 | (40,044) | 70,116 | |||
| Restricted funds | |||||||
| The Sir Christopher | Ondaatje fund for prizes | 14,998 | 40 | (12,400) | 2,638 | ||
| William Lock | - | 35,000 | (20,000) | 15,000 | |||
| Raw Umber Prize | - | 2,000 | (2,000) | - | |||
| 14,998 | 37,040 | (34,400) | 17,638 | ||||
| Total of funds | 95,824 | 66,374 | (74,444) | 87,754 | |||
Page 15
The Royal Society of Portrait Painters (A company limited by guarantee)
Notes to the financial statements For the year ended 31 December 2024
13. Statement of funds (continued)
The restricted funds relate to three 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, the William Lock fund where a prize of around £20,000 is made each year to an artist and the Raw Umber fund where a prize of around £2,000 is made each year to an artist.
14. Analysis of net assets between funds
Analysis of net assets between funds - current period
| Current assets Creditors due within one year Total |
Unrestricted funds 2024 £ 44,939 (2,736) 42,203 |
Restricted funds 2024 £ 20,000 - 20,000 |
Total funds 2024 £ 64,939 (2,736) |
|---|---|---|---|
| 62,203 |
Analysis of net assets between funds - prior period
| Current assets Creditors due within one year Total |
Restated Unrestricted funds 2023 £ 72,696 (2,580) 70,116 |
Restated Restricted funds 2023 £ 17,638 - 17,638 |
Total funds 2023 £ 90,334 (2,580) |
|---|---|---|---|
| 87,754 |
15. Related party transactions
There were £4,007 of travel expenses were reimbursed to Trustees within the year (2023: £2,581). There were no amounts outstanding to Trustees at the year end.
Page 16