REGisfERED COMPANY PIUMBER: 0012Z616 (England and Wal•$l REGISTERED CHARITY NVMBER: 528894 REPORT OFTHE TRUSTEES AND AUDrrED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OECEMBER Z023 FOR THE ROYAL BIRMINGHAM SOCIEfi OF ARnsrs J W Hlnks LLP chartered Accountants and Statutory Audhors 19 Hlghfleld Road Edgbaston Birmln8ham BIS 38H
THE ROYAL BIRMINGHAM SOCIM OF ARnSTS CONTEN OF THE FINANCIAL STATEMEp¥rs FOR THE YEAR ENDED 31 DECEMBER 202> P¥ Report ofth• Trustees I to 8 Roport o1th4 Ind*p•nd•nt Audltori 9 to 12 •tsm•nt of Flnanclal Artlyltb•s iy lince Sh••t 14 to IS Not•s to th• Fln•n¢l•l St•t•m•nts 16 10 34
THE ROYAL BIRMINGHAM %)CIEfY OF ARTISTS REPORT OF THETRUSTEES FOR THE YEAR ENDED 31 OECEMBER 2023 The trustees, who are 3150 director5 of the charlty lor the purposes of the Campanies Act 2006, present their report wlth the financlal statements of the charlty for the year ended 31 Decernber 2023. The trustees have adopted the provision5 of AtcountiTrg and ReportinK by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts In accordance wlrh the Flnanclal Reportln8 Standard appllcable In the UK and Republle of Ireland IFRS 1021 (effective l January 20191. 08JECTIVES AND ACTIVITrES Oblectlves and alm5 Pur The Society's oblectlve5 Include the educatlon of the publlc In the practlce of the vlsual arts and the malntenance of a Gallery as a venue for the of8anlsatlon of exhibitions. Our alm as an aitlst-led charlty Is to lacllltate the creation and sharln8 of excellence In the vlsual arts. We achleve thls bv supportlng art15t5 In the development of thelr practice. by encoura8lng partlclpatlon In creative arts actlvltSes to develop future generatSons of artlsts. by promotln8 our artlstlc pro8ramme In our own Gallery 50 It can be enjoyed by the wldest audlences, and by providin8 interpretation and events to help our audlences develop thelr knowled8e. understandSnB and enjoyment of the vlsual arts. Sllnlflunt actlvltlEJ We dellyer an Inclu51ve artlstlc PfOEfamrne at the RBSA Gallery whl¢h Includes major t%hlbition5 Of artwork by Members and A550ciaies as well as Graduates. OpeTrlPrliè Entry exhlbltlon5 Iboth open to non.member51, 8a11ery hlre by R8SA art15ts or Broups external to the RBSA, solo shows lor members and curaled dlsplays from the RBSA Collectlon. All exhibitlon5 arè supported by free events such as talks, 8ulded tours, occa51onal art dernon5trations and a comprehenslve programme of workshop5 for adults. Our Craft Shop (also onllnel showcases UK b85ed designer-makers, many ol whom Ire based In th• Jewellery quarteror the wlder West Midlands. The So¢Sety can trace Sts ori8lns back to 1814 and cherishes its heritage. We care for and promote our histtrrft Archlve and Colloctlon of artworks predomlnantly by RBSA members whSch reflects that herltage. We have been an Accredlted Museurn slnce 2006 and that Accredltation wa5 renewed for 5 year5 in November 2022. The Collertlon and Archlve now Comprlses over 1,000 Items and 15 managed by a dedlcated Volunte•r Archlve Team offerlnB Intergenerailonal learnlng and work experltnce OPPOTtunltle5 Including lor students. Page I
THE ROYAL BIRMINGHAM soaETY OF ARTISTS RepoRT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJÉcfivES AND AcfiviTIES Publlc benefflt Ensurin our work dellveis our aim We regularly revlew our aiffl5. objectives and activities at the R8SA Council meetings. In November 2022. we reviewed the Stren8ths, Weakne55e5, Opportunities and Threats to the Soclety- As a result of this we Identified some priorltles which we have worked orn In 2023. We are partlcularly concerned about ralslng the vlsib115iy of the Soclety In the Clty and maklrtg effective partnerships wlth some other leadln8 arts organlsatlons Includlng the Blrmin¥harn Royal Ballet and the Royal Irmin8harn Conservatoire. Both venue5 have hosted drawin8 sessions for our members In 2023. We are currently In Contact wlth BirrniThgham Contemporary Muslc Group and the Clty of Blrmln8ham Symphony Orchestra exploring ways we can cooperate together. We hope that these contacts wlll lead to an Exhlbltlon In the RBSA Gallery and hopefijlly elsewhere capturlng the vlbranry ol other art forms In the Clty. Our soclal rnedla prDllle has Increased our profile over the year which, with other measures, has intrea5ed our exposure to 8roup5 who rnay not have accessed the Gallery prevlously Isee below). There is a growing rnomentum which the Trustee5 wlsh to malntain tg attract a more dlverst and younger audlence to the Gallery. In 2023 a5 Part ol thls drlve, the Coun¢51 appr¢)ved the appolntm•nt of 15 recent gYaduate5 to be Graduate members of the Soclety wlth a tenure of 3 years. Thls enables thern to enjoy three years free membershlp. They are free to develop thelr practlce and show thelr work alon8slde the membership. Thanks to a local charlty we are able to offer the Graduates sorne re6ular stspport. We also discount the entiy fee5 and other chaf8es ol all those under 35 years of a8e by 50% to encourage 5ubmlsslons from younger ?rtlsts as pèrt of our publlc benefit pro8ramme, The Tru5tEes have approved adoptlng the Own Art scheme whereby purchasers rneet a credlt lest may purthase work over 10 months at nll Inrerest. A Tap Machine for donatlons has also been InstalleLI In the Gallery to supplement ways of donatln8 In the118ht of increased use ol credlt card5 rather than cash. The Council are still locussed on developiThg current and new Incomè stream5 In the future. Volunte•rs We are pleased to report that durin8 2023, some 86 volunteers as51Sted the Soclety in one fomi or another intluding In the Archlve, recelvlng and hanglng ExhlbltlDns as well os 44 member5 and trlends CQVErlng 109 5tewardlng sesslons at the weekend. We are m05t 8raieful to all of our volunteers without whom the Gallery could not open on Saturdays and whose presence enriche5 the vlsiior e¥perience and publlc beneflts. We plan to extend the openlng hour5 of the Gallery to Include Sundays which can only be done wlth further vdunteer effort. Page 2
THE ROYAL BIRMINGHAM soaETY OF ARTISTS REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER Z023 ACHIEVEMENT AND PERFORMANCE Charflable attivltles How our activities de15ver ubllc benefft All of our chafiiable activitie5 focus on our abiltty to malntain a Gallery a5 a venue for the or8anisation of exhibitSons and the educatlon of the publlc In the practlce of the vlsual arts. The Gallery 1$ a unique venue the City as artlsts are able to submh thelr work for selecrlon and be shown at a publlc 8allery. We have referred to the guldance contained Sn the Charity Commis5ion'5 general guldance on public benellt. In partlcular, the Twstees consSder how planned actlvftles will contribute to ihe aims and oblectlves they have set. Achlevernent5 Notable athlevemenrs durlog the year ended 31 December 2023 Induded the followlng. WÈ staged 9 RBSA 5pon50red exhlbltlons Includln8 our 8i-Annual PhotO8raphlc Prlze Exhlbltlon. Wè also arranged 6 prlvate hlres ol the gallery durln8 the year including Wlllow weaver Sue Klrk and Textlle artlst Ros Stoddart who both use materlals 8rown and harvested from thelr own land to create or8anlc artworks. Blrmlngham Art Clrcle malntalned th•lr support ol the Gallery lor their annual show and Greenwood Presents hlrèd the Rallery for the flrst tlme lsee belowl. Our thank5 to all our hlrers for th*lr support. The Gallery 501d 120 3rtwork5 ov•r the year amountln8 tolust over £30,th), Our Workshop Programme ran 31 sesslon5 wlth 165 partlclpants. There were a number of high profile talks includln8 bv Ruth Milllngton, the art commentator and blogger and Brendan Ftynn, RBSA Prolessor of Art H5story, as part of Black Hlstory Month. We are trylng to establlsh an 3rt15t talklng every Saturday at 2pm so that v151tors know that they can meet an artist at that tlrne every wèek. In addltion, 21 RBSA artlsts had free 5910 exhlbltlons In the Grournd Floor spaces. These exhlbltions ga¥e all artlst5 a hlgh- proflle opportunlty to show the developrnont of thelr practlce and an occasion to talk about their work. In 2023, thè Frlends pro8rarnme ha5 Included four Orawlng Days - St Chad's Cathedral, Sareholè Mill, Aston klall and Wlnterboume 8otanlc Garden two Artlst-led Appra15als led by RBSA Members Kelth Tudey. Hannah Northam and Assoclate Member Ollvla Swln5coe and the annual Friends Exhlbition with an accompanying Artlsts Talking Event. A programme of attfvltle5 15 deslgned to help the Frlends to further thelr practlce, connect wlth other artlsts In the 5oclety, and progress to A5$0clatè Membershlp (should they w15h to do 501 and 1$ largely succeedlng In meetlng these ObjecVe5. We currently h3ve about 370 Frlends wlth whorn we are In touch on a regular ba515. The Gallery attracted 12.864 vlsltors in 2023, a considerable Incfease OTh the 2022 figuie of 7887 (although the Gallèry was closed for 3 month5 for refurb15hment in that yearl. We were able to start school vlslts with 200 chlldren from slx schoo15 and we established fresh relatlonship5 wlth Margaret Street College of Art in Birrnln8ham City Unlversity and 77 of thelr 5tudent5 Vlslted the Gallery. We have also established a student Prlze in all 2024 Prlze Sxhlbltlons. The Soclety has also re- established the curatorial student placement wlth the University of Bimin8ham. We contlnued to focus on incrEa5ing our soclal rnedlè presence through followers on Facebook and can report that the nurnber of followers increased Dver the year by around 1,000 to over 4,0(M). Instagram followers went up Irorn 3,553 tc 8668. Thi5 Is by far our m05t valuable marketlng tool and has helped Increase engaEement wlth a younger and more dlverse audience. Thi5 has resulted in increased entries lor our Open Exhibitions and has changed markettly the diver5itv of the artists with whom we engage. X (formerly Twitterl added about new followers to about 7300. We also use an Art Blog. The online shop enables us to Eenerate additional sales income. Chan8es were made to our we651te with ihe Soclety's preseTrce belng emphasi5ed rather than lust the Gallery and 52.000 new users were logged as a result of search engine enqulrles. Pa8e 3
ThE ROYAL BIRMINGHAM SOCI OF ARnfS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 1023 A much welcome InStSatlve was the introductlon of a fully illustrated Catalo8ue for the Mernbers and Associatès Annual EKhlbition. Thls was glvEn free of charge to all exhibiting members and was for Sale to the general publlc. As well as recordlng every work in the show, there is an In Memorlam sect5on to record members who dled during the year and a completè record of the Members, A55Dciate and Graduates ol the Society a5 well as the Honorary members thus providln8 an Important record for the furure. We ntend to produce a simllar but smaller publicatlon for most future RBSA promoted exhlbStlons on the basls thatthe Productlon costs Should be covered by the sale costs. REFURBISHMENT OF THE BUILDING- Some earty succes5 dlverjlfylngour audltntes and art15ts The Society own the freehold of the Gallery In Brook Street. Birmlngham. It was refvrbished and remodelled In 2022. Th15 prolect has been an outstandlng sutte55 a5 the Gallery Is now a contemporary Space wlth clean Ilnes. The new entrance and re-purposed Ground Floor layout makes an irnmedlate irnpresslon on v151tor5. For artists. the conslstent feedback 15 that th55 55 a venue that they would Ilke to see thelr work displayed. So, we thank the Trusts Inoted laler in this report) who helped to fund those works together wlth the Kate Fryer Le8acy. The Council is of the view that the 8uildin8 Project tO8ether with the Increased use of Soclal Medla as descrlbed above has enabled the Society to attlact both wlder and more dlverse visitors and art15ts. fhe5e changes have tseen evldent the dlverslty ol entries to exhibltion5, Selected artlsts and attendees at Prlvate Vlews and In v151tors. We are partlcularly gratèful to Greenwood Presents who hired the Gallery in August 2023 lor a show entltled 'Here We Are,. The Idea for GewoOd Presents came from conversatlons In the wake of the Georse Floyd murder and they are the flr5t Black Group to hlre the Gallery. That opened the gallery up io a further new audience and many ol those vlsltofs and artlsts have contlnued their en8a8ement wlth the Soclety. Greenwood Prtsents wlll be returnlng for another Exhlbltlor* sn Novernber 2024. FINANCIAL REVIEW Nninclal posltlo The Statement ol FiThancial Activltles on pa8e 13 of the Nnancial statements 5hDWS that for the year ended 31 Decernber 2023 the charlty Incurred a deficlt, after reco8nlslng net Investment 8alns and 105ses. tot311Ing £44,44812022 surplus, after reco8nlslng Investment galns and Ioss•5 tctallln8 £2,099). As a result, the total net assets of the charlty have decreased frorn £706,015 as at 31 Dècèrnb¢r 2022 to £661,567, a5 at 31 December 2023. Investrnent polScy•nd obJectlve5 The charlty has 3 5rnall Investment portf¢llo and the ¢harlty's Trustees have J pollcy of expSorln8 and conslderln8 approprlate way5 of investlng reserves so a5 to Increase Income wlthout exposinB the charlty to undue risks. The total Investment Income reteived by the charlty from the charity's Investment portfolio increased during the year ended 31 December 2023 compared to the year ended 31 December 2022 and the market valuatlon of the charity's Investment portfollo decreased by £236 as at December 2023 compared to a £2,640 Increase last year See notes S and 14 to the flnanclal statements Iof more detall. Page 4
THE ROYAL BIRMINGHAM soaEfYoF ARfsTS REPORT OF THE TRUStEES FOR THE YEAR ENDEO 310EceMBER 2023 FINANaAL REVIEW Reserves poll¢y Otsr flsk a55e5sment ha5 hlghllghted that we need to monltor our cash posltlon careful. Thi5 has been dlfficult thls year and the Council recelved regular short-terrn forecast5. On the current basls, our pollty has been to flx the fisure of £60,000 a$ a level at whlth the Council would have to con51der serlou5 actSon to reduce the operatlon of the SocietV'5 Ga51ery. The Tiustee5 conslder thls figure to be a reasonable estimate ol the cost of mDthballin8 the Gallery and windln8 down the staff requirement. As last year, we consider that sum lor a more accur3tè esiimate should It be calculated known as The De51gnated Reserve Fund I should be ijeducted from the free reserves flgure to Show a moTe reallstlt plciure of our finantlal sltuation. Th15 reserves pollcy wa5 adoptèd In 2018. A 'Deslgnated Repairs Fund" was created in 2018 to ensure that the fabr1¢ of the Buildln8 is properly malntalned In the future and thls currently st3nd5 at E23,395. see Note 19 to the Accounts. Golnl conc•m The pandemlc and the lockdowns challenged the or8anlsation at the tlmè. That Is thankfully now In the pa5l and our activitles have now resumed but with an Improved online presence. In 2023 we had the Dpporiunlty to re-de518n the former Gallery Directors role and the Council appolnted an RBSA Director Isee belowl who has the rnIt to lotus on the Soclety'5 vlabllity. The Tnjstees have, therelore, consldered that It Is approprlate for the ffinandal statements to be prtpared on the goln8 concern basls. FUTURE PLANS For 2024 wè will be hostin8 another year of hl8h quallty exhlbltlons startlng with a Friends Exhlbltlon In January over two Gallerles to take account of the Increased level of actlvlty am¢n8St the Frlend5. Following that we wlll show our Blennlal Prlnt Prlze Exhlbltlon. Later In the year, after the Candldate5 Exhlbltlon we wlll bp h05tln8 the Soclety of Enamellers for the flrst time as well a5 Qur very su¢¢esslul Portrilt PrlLe wlth photO8raphy Included a5 & medlum for the Ilrst tlme. The RB5A Summer ExhSbltlon wlll follow and we wlll hold a second Collectlon Exhlbltlon featurlng Portralts from the RBSA Collectlon. Following a rèview ol our Exhlbition Programme we are to hold a John Salt Retr05pectlve in conjunction wlth hls lamlly. john was an Honorary Member and had èn international reputation for Photo-Reallsm. We wlll then hold the RBSA Prlze Exhlbltlon and the year wlll close with the Annual Members and Associates Exhibltlon. We wlll also be hosilng solo shows Dn the Ground Floor and grLlUP and solo gallery hire5 during the year. There wlll be three separate sets of Workshops in the 5prinB. Summer and Autumn covering a very wide range of tOPlC5 and lead mostly by our members. We alm to animate the Gallery further wlth talk5 and activities partlcularly on Saturdays to add a further element to Our education programme. RuvRE, GOVERNANCE AND MANAGEMENT GOv•rnI document The charlty 15 a company Ilmited by guarantee an(J was Incorporated on 15 June 1912. The charlty Is governed by a Memorandurn and Articles ol Association. The Artlcles have recently been reviewed as we reported in the 2022 Annual Report. 14one ol the Trustees ha5 a beneflclal Interest In the charltable company. All of the Trustees are members of the charitable company and guarantee to contribute £1 in the È¥ent of a winding up. Page 5
TrIE ROYAL BIRMINGHAM SOCI OF ARTISTS REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMEP Recrultment and appointmènt of new trustees The Officers and votlng member5 of the Councll, belng ihe Trustee5, are electeé from the Soclety'5 180 or 50 Members and Associates and are responslble for the governance and mana8ement of the Society. At the AGM on 30 Aprll 2023, Vlv Astllng was rÈ4lected Presldent for a second year. Hannah Northam and Vivlenne Cawson were re-elected Vice Presldents, Andrew Matheson was re-elected to the p05t ol Hon TreaSur and Rob Leckey was re-eleciéd to the office of Honorary Secretary. Ed Isaacs was re-elected Honorary Curator. Chrls Tracz was elected t the Councll. Oryanhatlonal strutture and the Dlrertor The Council met on 6 ottasions durln8 the yearended 310ecember 2023. Permanent staff at the end of the year comprlse the RBSA Dlrtttor Isee belowl, Matl(etln8 Manager, Exhlbltlons Coordlnator, with two FrDnt of House & Sales Assistants to cover weekdays aThd Saturdays and a freelance Accountant. The Learnlng p05t has been left vacant on the Brounds that there Is no fundin8 available. Durln6 the year, the forrner Gallery DSrettor gavè nollce that she would be leavin8 in July io pursue her freelance career. The Council took the opportunlty to revl•w the remlt of the post and declded that the focus of the PDSI should be ensurlng the viabilky of the Soclety and therefore re-titled the post RBSA Dlrector. This revised p05t included some increased responsibilities Includln8 for the bulldln8. After advertlslng and IntervSewlng a short-IIsi of candldate5. the Councll unanlmously approved the appolntment ol Rachel Dowlln8-Jones who had an exten55ve record of employmeTht in the commertlal retall and publlshln8 Sector. She took up post In October 2023. Thé average number of employees for the year Is1Ssted as per note 12 to the fiTranclal statements. Thélr rernuneratlon 15 revlewed annuallyi and any Increase Is based on the state of the charlty's ffinances, the Importance of rètalnlng key staff, the requlrement to meet Statutory wage condltlons and Increase5 In the Crnt cost of livlng. The trustees wlsh to record their sincere thanks to our staff for their valuable contrlbutlon to the Soclety. They are the first point of contact wlth our visitors and our artist5 In the Gallery and play an essentlal part In the life of the Sotletv. Indurtlon And tralnlnl ot new truste•s New Trustees are brlèfed on thelr legal obll8atlons under charity law, the contents of ihe Soclety'5 MernoraTrdum and Artlcles of Assoclatlon, the Comrnlttee and decislon-makin8 processes and the cent financSal perf0rrnan of the Soclety. They are directed to the Charity Comrnlsslon's note CC3a on the tole ol the Tru5Tre to gulde them In thelr work on the Council. Key mantyement In the trustee5' oplnlon. the key mana8ewnent personnel of The Royal Blrmlngham Society of Artlsts responslble for the directSon, control, runnlng and operatlon of The Society on a day-to-day basi5 arE the Officers of the 8oard of frustees and the charlty's senlor member of staff, the RBSA Dlrector. ernent ersonnel tru All trustee$ sive of their time freely and no trustee recelved remuneration during theyear. None ol the Trustees clalmed any expenses a5 15 mnfirnied in note 12 to the linanclal 5tstements. Pa8e 6
THE ROYAL BIRMINGHAM SOCIETY OF ARTISTS REPORT OFTHE TRUSfEE5 FOR THE YEAR ENDED 31 DECEMBER 2023 STrUCTURE, GOVERNANCE AND MANAGÉMENT Rlsk m)Da£ement The trustees have a duty to Identfy and revSew the rlsks to whlth the charity is exposed and io ensure approprlate Controls are In place to provide reasonable assurance against fraud and error. The Trusteés have examlned thè major strateslc, buslness and operatlonal rlsks that the Society fates and confirm that SV5tEm5 have been estab115hed to enable re8ular report5 to be produced so that necessary step5 can bE taken to le55en these rlsks. Rlsk Asses5rnents have also been cornpiled by the former Gallery Dlrettor highlighting the risks to the Socletv of operailng the Gallery at the tlme of a pandemic and the ways such risks tan be mltigated. REFERENCE AND ADMINISTRATIVE OETAILS lst•red C47mpany numb•r l122616 (England ar)d Walesl Reglst•r•d Ch•rlty number 528894 Re8lstered offic• R8SA Gallery Dakota House 4 Brook Street Blrrnln8ham B3 ISA Councll Members Vfv A5tllng V Cawson H Northam R Leckev A Mètheson E Isaacs CGrtffln R Grlfflths J Scott Martin M White R Nell 5 Evans Presldent Vlce Presldent Vlce President Honorary Secretary Honorary Treasurer Hon¢rary Curator e-elected 30 Aprll 2023 Relecled 30 April 2023 Relerted 30 April 2023 Re-elected 30 Aprtl 2023 Re-elected 30 Aprll 2023 Re-electèd 30 Aprfl 2023 elected l August 2021 - rtrelerted l August 2021 ex-officio ex-offlcio - ex-officlo - ex-offldo Assocl•te Rtpis*ntatfv•s R Eve50n O Swln5coe Èlteted l August 2021 - co-opted 17 August 2021 Pa8e 7
THE ROYAL 8IRM114GHAM SOCIM OF ARTISTS REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2021 STATEMENT OF TRUSTEE5' RE5PONSI8ILITIES The trustees Iwho are also the dSrectors of The Royal 8irmlngham Soclety of Artlsts for the purt)05es of company lawl are responsible for preparin8 the Report of the Trustee5 and the financlal statements In accordance wlth applicable law an¢J United Kingdorn Accounting Standards Ivnlted Kinsdom Generally Accepted Accountln8 Practice) including Financial Reportln8 Standard 102 The Flnanclal Reportln8 Standard appllcable In the UK and Republlc of Ireland.. Company law requires the tru5tee5 to prepare flnanclal 5taternents for each ffinanclal year whlch 8lve a true and lalr vlew of the state of affairs of the tharitable company and of the Incornln8 resources and applicatlon of resources, Includlng the income and expendliure. of the charltable company for that perlod. In preparln8 those flnanclal statements, the trustee5 are requlred to select suitable a£countln8 policies and then apply them consistèntlvt cbserve the methods and princSples In the Charity SORP., make lud8ements and estimate5 that are reasonable and prudent,. prepare the ftnanclal staternent5 on the 8olni corncern basis unle55 It 15 Inapproprlate to pre5urne thal the charltable company wlll contlnue In buslness. The trustees are responslble for keeplng proper accountlng records whlch dlsclose wlth reasonable acc14racy at any tlme the financlal posltlon ol the charltsble company and to enable them to ensure that the financial staternents comply wlth the Companles Act 2006. They are also iesponslble for safeguèrdln8 the assets of the charitable company and hence for taklng reasonable Steps for the preventlon and detectlon of fraud and other Irregularltles. In so far as the trustees are aware.. thère Is no relevant audlt Informatlon of whkh the charltable cornp8ny's audltors arè unaware.. and the trustee5 have taken all steps that they ought to have taken to make them5elve5 aware of any relevant audlt Information and to e5tabllsh that the audltors are aware Of that Informatlon. AUDITORS The auditors. J W Hlnks LLP. will be proposed lor re-appointmertt at the forthcomln8 Annual General Meetlng. Approved by order of the board of trustet5 on 2 ApTII 2024 and $18ned on its behalf bv.. V Astlln8 OBE~Chair of the Trustees A Mathe50n RBSA- Hon Treasurer Page 8
REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBERS OF THE ROYAL BIRMINGHAM SOCIEfY OFARTISTS Oplnlon We have audited the financlal statements of The Royal Blrmlngham Society ol Artlsts Ithe 'charltable company'l for the year ended 31 December 2023 whkh comprise the Staternent of Flnanclal ActlvltTres, the Balance Sheet and noies to the fin3nclal Statements, Including 3 Summary of slgnlflcant accountlng policies. The flnancial reportln8 framework that has been applied In iheir preparatlon Is applicable law and United Kingdom Accountlng Standards (United KiThgdom Generallv Accepted Accounting Practicel, Including Financial Reportlng Standard 102 'The Financial Reporting Standard applicable the UK and Republic of Ire1and'. In our oplnion the flnanclal statements.. give a true and fair vlew of thè state of the charltable company's affairs as at 31 December 2023 and of its Incomlng resources and appllcatlon of resources, Includln8 Its Income and expenditure, for the yearthen ended.. have been properly preparèd In accordance wlth Unlted Kingdom Generally Accepted Accountlng Practlce, Includlng Flnanclal Reportln8 Standard 102'The Flnanclal Reporting Standard applicable In the UK and Republic of Ireland,. and have been prepared In accordance wlth the requirements of the CompaNies Act 2006. 8asls for oplnbon We conducled our audlt In accordance wilh International Standavd5 on Auditing IUKI IISAS IUKII and appllcable law. Our rtsponslbllltSes under those standards are further de5crlbed in ihe Auditors, re5ponslbllltles for the audSt of the flnanclal statements secllon of our report. We are independent ol the charltable company In accordance with the ethlcal requlrement5 that are relevant to our audit of the finonclal statement5 In the UK, Includlng the FRC'S Ethlcal Standard. and we have fulfilled our other ethical responsibilities In accordancè with these requlrernents. We belleve that the audlt evldencè we have obtalned Is sufficlent and approprlate to provlde a bas15 for our oplnlon. Con¢luslons relatln8 to iolni concern In auditing the financial slateménts, we have contluded that the tru5tees' use of the 8oln8 concern basis of accountin8 In the preparation of the financial statement5 15 appropriate. Based on the work we have perforrned, we have not Identilled any materlal uncertainties relatlng to events or condltlons that, SndSvSdually or collectlvely, may cast signlflcant doubt on the ch?rltable company's ability to contlnue as 3 8oln8 toncern for a perfgd ol at least twelve months from when the financial Statements are authorised for issue. Our responslbillties and the respon5ibilltles ol the trustees with respect to 60in8 concem are described In the relevant sectloTrs of thls report. Other Inforni•tlon The trustees are responslble for the other information. The othtr informatSon comprises the Inlorrnatlon Included In the A Thnual Report, other than the financial statements and our Report of the Independent Audltors thereon. Our oplnlon on the financlal staternents does not cover the other Inforrnatlon and, except to the extent otherwlse expllcltly slated in our report, we do not express any forrn of assurance concluslon thereon. In connection wlth our audlt of the flnancial Statements. our responslblllty Is to read thé other Informatlon and, sn doing so, con51der whether the other information Is rnaterlally Incon515tent wlth the financlal statements or our knowledge obtained in the audit or otherwlse appears to be materlally mlsstated. If we Identify such material inconsistencies or app£rent material misstatements, we are required to determine wheiher th15 gives rise to a material Tnisstatement in the financial 5tatement5 themselves. If. based on the work we have performed, we conclude that there is a materlal misstalement of this other information. we are required to report that fact. We have nothing to report in this regard. Page 9
REPORT OF THE INDEPENDENT AUDITOAS TO THE MEMBER5 OF THE ROYAL BIRMINGHAM SOCIETY OF ARTISTS Oplnlons on other matters prescrlbed by ihe Companles Art 26 In our oplnion, based on the work undertaken In the course otthe audlt.. the informatlon 8lven In the Report of the Trustees for the financlal year for whlch the financlal •teMentS are prepared Is conslstent wlth the flnanclal statements,. and the Report of the Trustees has been prepared In accordance wlth appllcable legal requlrements. M•tter5 on whlch we are requlred to r•port by emceptlon In the light of the knowledge and understanding of the charltable company and 5t5 envlronment obtalned In the course of the audlt, we have not Identified materfal misstatements In the Report of the TN5tee5. We have nothln8 to report in respect of the followln8 matter5 where the Companles Act 2006 requlres us to report to you If, In our opinion.. adequate attountlng record5 have not been kept or returns adequate for our audlt have not been rEcelved frorn branches not visited by us.. or the financial staternents are not in agreement wlth the a¢tDuntin8 records and returns,. or certain d15c105ures ol trustees, rernuneration speclfled by law are not made,. or we have not received all the Informatlon and explanailons we require for our audll., or the trustees were not entitled to take advantage of the small companlès èxèmption from the requlrement to prepare a Strateglc Report or In preparing the Report of the Trustees. R•5ponslbllltle$ of trust••i A5 explalned more fully In the Statement of Trustees, RespeThslbllitie5, the trustees (who arè also the dlrector5 of the charliable company lor the purposes of company lawl are responslble for the preparatlon of the financial statements and for belng satlsfled that thev Blve a true and farr vl*w, and for such Internal control as the trustee5 determlne Is necessary tts enable the preparatlon of flThanclal statements that aré free Irom rnaterlal rnlsstattmènt, whether due to fraud or error. In preparlng the flnanclal statements, the trustees are responslble for a55essing the charltablè company's Iblllty te continue as a goiTrg concern. dlsclosln& a5 appllcable, matters related to 805ng concern and uslng the going concern basls ol accounting unle55 the trustees elther intend to Ilquldate the charltatjle cornpany or to cease operatlons, or have no realistlc alternative but to do $0. Page 10
REPORT OFTHE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ROYAL BIRMINGHAM SOCIETY OF ARTISTS Our responsitrjllliles for the audlt t)f the Ilnan¢l?15taternents Our objectives are to obtain reasonable assurdnce about whether the financlal staternents as a whole are free from material misstatement, whether due ro fraud or error, and to Issue a Report ol the Independent Auditors that Includes our opinion. Reasonable as5UTancE Is a high level of a55urance, but15 not a 8uarantee that an audit conducted In accordance wlth ISA5 IUKI wlll always detett a material m5sstatement when It ex15ts. Misstatements can arise from Iraud or error and are considered materlal If, Indlvidually or in the a8sre8ate, they could reasonably be expectecl tts influence the economlc declslons of u5er5 iaken on the basi5 of these financlal statement5. The extent tD whlch our procedures are capable of detecting Irre8ularitSes. Includlng fraud 15 detalled below.. We Identlfied areas ol laws and re8ul¥tlons that could reasonably be expected to have a materlzl effect on the flnanclal 5tstements and dlscu5sed the pollcles and procedurè5 regarding compllance. Speclflc areas tonsldered were as follows.. Enquirln8 wlth management and others to gain an understanding ol the organlsatlon Itself Includln8 operatlons. flnaThcial reportin8 and knovrfn fraud or error. Evaluating and understandlng the Internal control 5V5tem. Perforrnlng analytical procedure5 as expected Dr unexpected varlance5 In account balance5 or Classes of tran5actlons appear, Testing documentatlon 5UPPOrtlng account bjlances or classes of tr•n5èCtSons. Owing to the Inherent Ilmitatlons of an audit, there Is an unayoldable risk that we may not have dètècted all Irregularltlès Includln6 those leadlng to materlal m15Statements In the flnzncSal statements or non-compllance wlth regulatlon, evèn though we have properly planned and performed our audit In ac£ordance wlth audlting standards. Th15 r15k Increases the more that compliance wlth a law or regulatlDn 15 removed from the events and transactlons reflected In the nnanclal stattments, as we will be less likely to become aware of Snstances of non-compllance. The rlsk Is also 8reater re8ardlng Irre8ularities occurrln8 due to fraud wather than error. as fraud Involve5 Sntentlonal concealrntnt, for8ery, colluslon, omlssion or mlsrepresentatlon, A lurther des¢rlptlon of our respon51bllkles for the audit of the ftnanclal statements Is located on the Flnancl41 ReportSn8 Council's webslte at www,frc.orB.uklauditorsresp¢nsSbilities. This descrSptloD forms part of OUT Report of the Independent Auditors. Page 11
REPORT OF THE INDEPENDENT AUDITOR5 TO THE MEMBERS OF TrIE ROYAL BIRMINGHAM SOCIETY OFARTIST5 Use of our report Thls report Ss mzde solely to the chafltable company's members, as a body. in accordance with Chapter 3 of Part IG of the Companle5 Act 2006. Our audlt work ha5 been undertaken $0 thai we might state to the eharitable company's members those matters we are requlred to state to them In an audltors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responslbllky to anyone other than the charltable ccmpany and the charitable company's bers a5 a body, for our audrt work, forthis repor( orfor the optnions we have forrned. Peter Smith ACA (Senior Statuiory Audltorl for and on behalf 91 I W Hlnks LLP Chartered Accountants and Statutory Auditors 19 HiBhfield Road Edgbaston Irmin8harn B15 3BH Date: 2 Aprfl 2024 Page 12
THE ROYAL BIRMINGHAM SOCIM OF ARTISTS srAfEMENT OF FINANCIAL AcfiviTIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Totsl fund$ 2022 Totsl funds Unrestricted funds Restricted hjnds Notes INCOME AND ENDOWMENTS FROM Donatlons 19397 6,590 Z5,987 32,313 tharkabl• •¢tlvltles Operatlon of gallery 79.121 2mO 81,121 154.487 other tradlng actlvltles Investment Income so61 2.6% 50,061 1696 48,348 151275 8,590 159,865 236,196 EXPENOITURE ON Ralslng funds lJ192 092 4,858 Charltibl¢ actlvltl•s Operatlon of 8è11•ry 196,275 6.710 202,985 231,880 Tot41 197,367 6.no 204,077 236,738 Net galnsll105se51 on investments 11361 12361 2,641 t4ET INCOMEIIEXPENDITUREI 146,3281 1.880 1440481 2,099 RECONCILIATION OF FUND5 Total fund5 brought forward 706,015 706.015 703,916 TOTAL FUNDS CARRIED FORWARD 659,687 1.880 661.567 706,015 CONTINUING OPERATIONS All Income and exk7endlture has arisen from continuing actlvltles. The notesform pan of these nnanclal staternents Page 13
THE ROYAL BIRMINGHAM SOCIETY OF ARTISTS IREG15TERED NUMBER: (lI22616> BALANCE sHeET 31 DECEMBER 2023 2023 Total fvnds 2022 Total fund5 Unrestrkted fund5 Resttted funds Notes FIXED ASS Tan8ible 3Sset3 Investments 13 14 503,280 17,851 503,280 17,851 517,589 18,087 521.131 521,131 535,676 CURRENT ASSEts Stocks Debtors Cash at bank 15 16 2,179 9N38 170,777 2.179 9.438 172,657 5.898 218.24S IA80 182,394 1,880 184274 224,143 CREDITOAS Arnount5 fallin8 due wlthin one year 17 143,8381 143.8381 153,8041 NETCLIRRENT ASSETS 138,556 1,880 140A36 170.339 TOTAL ASSETS LESS CURRENT UA81LmES 659,687 1.880 661,567 706,015 NET ASSETS 659,687 1,880 661.567 706,015 FUNDS UnreJtrfrtedfvnds'. Unrestrlcted fund- General lund Deslgnotedfvnds.. De51gnated fund - Brook Strèet 8uilding Flxed A55et fund Desl8nated fvnd- Repalrs fund De51¥nated fund- Reserve fund DeslBnated fund- Donated for events Desl8nated fund- Property Improvements FLxed Asset fund 19 77,911 96.437 313,777 315,216 23,395 40,000 60.OfKI 802 193.560 183.801 659.687 706,015 Restrlct•d funds.. raduate Artisrs Programme TOTAL FUNDS 661.567 706.015 The notes forrn part of these finantlal statement5 Page 14
THE ROYAI BIRMINGHAM SOCIETY OF ARTisfs (REGISTERED NUMBER: I)0122616} OALANCE SHEEf. contlnued ai DECEMBER 2023 These financlal 5tatement5 have been prepared In accordance wlth the provSslon5 appllcable to charitsble companles sublect to the small companies reglrne. The financial Statements were approved by the 8oard of Trustee5 and authorlsed for 155ue on 2 April 2024 and were $18ned on it5 behaw bv.. A Mathe50n RBSA- Hon Treasurer The notes form part ofthese flnanclal 5tstements p3gÈ 15
THE ROYAL BIRMINGHAM 50CIEfY OF ARTisrs NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED ai DecEM8ER 20Z3 ACCOUNTING POLICIES BASIS OF PREPARING THE FINANaAL STATEME5 G•neral Informatlon The Royèl Birmlngham Soclety of Art15t5 15 an Incorporated charfty registered wlih the Charity Commission I En8land and W31es. The address of the Royal Birmlngham Soclety of Art15ts' registered offlce Is Oakota House, 4 Brook Street, 8lrrnin8ham, 83 ISA. Accoyntln8 ¢onventlon The financlal statements of the Royal Blrmln8ham Soclety of Artist5, whlch Ss a publ[¢ beneflt entity under FRS 102, have beefi prepared sn accordancè wlth thé Charltie5 SORP IFRS 1021 "Accountlng and Report5n8 by Charlties.. Statement of Retommended Practice applicable to charities preparing thelr attount5 In accordance with the Financial RepDrting Standard applicable In the United Kln8dom and Ropublic of Ireland IFRS 1021 leffe1Ve I Januèry 20191 Flnanclal Reportln8 Standard 102 "The Flnanclal Reportlng Standard appllcable sn the UK and Republlc of Ireland. the CompaThles Act 2006 and the Charltle5 Act 2011. The flnanclal statements he been prepared usln8 tht hlstorlc cost conventlon as modlfled to Inelude certaln flnanc5al Instruments at falr value and a piesented In 5terlin8 whSch Is ihe lunctlonal currency of the Royal Birmingham Soclety of Artists. rounded to the nearest £1. The sl8nlflcant accounting pollcles applled In the preparatlon of these financlal sthternenis are set out below. These pollcles havè been ¢onslstently applSed to all year5 presented unle55 Otherwise Stated. GOING CONCERN The flnanclal Statements have been prepared on a golng concern bas15 as the trustees belleve that no materlal uncertalntles exlst. The trustee5 have consldered the level of fvnds held and the expe£ted level of Income and expendlture for 12 month5 from authori51ng these ftnanclal statements. The expected lèvel ol Income and expendlture Is suFncient wlth the levél ol reserve5 for the Soclety to be able to continue as a golng concern. FINANCIAL REPORTING STANDARD 102. REDUCED DISCLOSURE EXEMPTIONS The chadtable company ha5 taken advantage ol the followlng dlsc105ure exernpt5ons In preparlng these flnan¢lal staternents, as permltted by FRS 102 The Flnancial Reperting Standard appllcable In the UK and Republlc of Ireland,: the requirèments of Sectlon 7 Statement of Cash Flows. INCOME All lThcome Is recognlsed In the Ststement of Flnancial Actlvltles once the charity has entltlement to the funds, It Is probable that the income will be recelved and the amount can be measured reliably. Grant5 and donatSon5 receivable whlch are intended for use in a 5peclfled period are accrued over the course of that period by the charlty. Sums recèived In advance are carfed forward as deferred Income. Investment Incorne Is earned through holdln8 assets such a5 Cash on deposlt. It includes interest recelvable. Interest income 15 recognlsed uslng thè èffective interest rate method and is recognised a5 the charity's right to recelve payrnent15 established. Page 16 continued...
ThE ROYAL BIRMINGHAM soaETY OF ARTISTS NOTES TO THE FINANCIAL STATEMENTS- contTnued FOR THE YEAR ENDEO 31 DECEMBER 2023 ACCOUNnNG POLICIES- contbnue INCOME Investment Income relatSng to quoted flxed asset inve5tment5 is accounted lor on a receiwdble basis. All other Incomlng resources are Included In the Ststement of FlnarKlal Activltles when the charbty Is leRally entltled to the Income and th@ amount can be quantlfled with reasonable accuracy. For legacies. entlement Is the earllor ol the charity beln8 notlfled of an Impendin8 distribution or the legacy being received. GSfts In klnd donated lor dlstrlbutlon are Included at valu8tlon and recogThi5ed as Incorne when they are dlstrlbuted to projects. Glfts donated lor resale are Included as Ircome when they are sold. Donated fac51ities a Included at the value to the charlty where thls can be quantified and a third party is bearin8 the cost. No amounts are Included In the flnancial statements for Services donated by volunteers. expEIIOITURE Uabilltles are reco8ni5ed as expendlture Js soon ès there Is a legal or con5truttfve obllgatlon comm5ttlng the ¢hèrity to that èxpenditure, It is probable that a transfer of èconomlc benefits wlll be required In setilernent and the amount of the obll8atlon can be mèasured rellably. All expenditure Is accounted for on an accrua15 basls and has been (lassllled under heailln8S that aggregate all ost5 related to the cate8ory, Such costs arè allocated between cosis of actlvltles In furtherance of the charfty's objects, CDSts of Keneratlng funds and governance cost5. Staff £osts are allocated to the cost of staff worklng dlrectly In the rèlevant departmeni. other costs have been esther sPrICallY Identified or apportSoned on an appropriate basls to each cate80ry. Fundralsln8 Costs are those Incurred In seeklng voluntary contributlons and do not Indude the costs of dlssemlnatln8 Informatlon In support ol the tharlty's charltable actlvltles. Support Costs are those that asslst wlth the work of the charlty but do not dlrectly represent charltable actlvltle5. Governance costs are those 5ncurred in connectlon with compllance wlth constltullornal and statutory requlrements. TANGIBLE FIXEO ASSETS Tangible fixed assets other than freehold land are stated at cost less depreclatlon. Depreciation Is provided at rates calculated to wrlte off the cost less estlmated resldual value of each asset over Its expected useful life a5 follows. Freehold land Freehold buildin8S Property Improvements Fixture5. littinBS and equipment not depreclated - 1% 5tralght line method 5% stralght Ilne method 20% to 33% strnight line method The gain or1055 aring on the disposal tsf an asset Is determined as the difference between the sale proceeds and the carryin8 value of the a55et and Is recognlsed In net Income/lexpendlturel for the year. Page 17 continued...
THE ROYAL BIRMINGHAM Soa OF ART15f5 NOTES TO THE FINANaALSTATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POUCIE5- contlnu4d FIXED ASSET114VESTMENTS Investments are recogni5ed Initlally at falf value which Is normally the transaction price excluding transartion costs. Subsequentlyi they are measured at falr vzlue wkh changes recognlsed In "net galns/l105se51 on investments In the Statemènt of Flnanclal Actlvltlès 51 the Investments are public traded or thelr lèlr value tan otherwlse be measured rellably. DEBTORS Debtors are amounts owed to the char5ty. They are measured on the basls of thelr retoverable arnount. CASH AND CASH EQUIVALENT5 Cash and tash equivalents include cash In hand and deposlts held at call w4th banks. Bank overdraft5 are shown wlthln borrowln85 In current113bllltles. CI¢EDITOR5 Crèditor5 are amounts owed by the chirlty. They are measured at the amount that the charlty expects to pay to settle the debt. Amounts whlth ate owed In more than a year are Shown as lon8 term credltors. STOCKS Steck 15 valued at the lower of cost and net reallsable value. Iterns donated tor resale gr d15trlbutlon are not Included In the financlal statements untll they are 501d or dlstrlbuted. TAXATION The charity Is exempt from corporatlon tax on Its charitable actlvltles. IRRECOVERABLE VAT The charity Is re8lStered for Value Added Tax but Is partially exempt as It makes both taxable and exempt supplies. The partlal exempt status can re5Lblt In the charlty not recover5ng all ol the Value Added Tax It has Incurred on expendlture. Resources expended Include the proportlon of Value Added Tax on expenditure whlch cannot be recovèred. FUND ACCOUNnNG Uftrestrlcted funds tan be used in accordance with the charltable oblettlves at the dlscretlon of thè trustèes. Restrlrted funds can only be used for Partlculai re5trlcttd purposes whhin the gblects of the charlty. Restrlctions arisè when specllled by the donor or wheTr funds are raised for particular restricted purpose5. Further explanatlon of the nature and purpose of each lund 15 included In the notes to the fTnancial statements. HIRE PURCHASE AND LEASING COMMITMENTS Rentals payable under operatlng leases are charged agaln5t Income on a straight Ilne ba515 over the period of the lease. Page 18 conlinued...
THE ROYAL BIRMINGHAM SOCIETY OF ARTISTS NOTES TO THE FINANCIALSTATEMENTS- contlnued FOR TME YEAR ENDED 31 DEceM8ER 20ZJ ACCOUNTING POLICIES. contbnued GQVERNMENT GRAKfs Government srants are recognised at the lair value of the asset received or receivable when there 13 reasonable assurance ihat the grant (ondltlons wlll be met and the grants will be recelved. A grant that 5peclfies performance condltion5 15 reco8nised sn income when the performance conditlons are rnet. Where a grant does not specify performance tonditions it Is recognised in 5ncome when the proceeds are receivèd or receivable. A 8rant recelved before the reco8nitlon ulteria are satisfied is rerognlsed a5 a Ilablllty. EMPLOYEE BENEFITS When ernployees have rendered servké to the charity. short-tem employee benefit5 to which the ernployèes are entltled are recognlsed at th* undiscounted amount expected to be pald in exchan8e lor that servlce. The c05t ol any unused holiday entltlerrent 5s reco8nlsed lrn the peTlod In whlch the employee's servlces are recelved. TerrnlnatSon benefSts are reco8n15ed Immed13tely as an expense when the charlty Is demonstrably comrnitted to termlnate the employment of an employee or to provlde termlnatSon benefits. PENSION COSTS AND OTHER POST-RETIREMENT BEIIEFfTS Contrlbution5 to ihe personal penslon 5cheffles of cert31n employees are chafged to the Statement of Flnancial Actlvlties in the perlod in whlch they relate. The asset5 of these personal penslon schemes are held separatelv from those ol the charlty in Independently admlnlsttred funds. FINANCIAL INSTRUMENTS The chaTIty only has flnancial a55ets and flnanclal Ilabllltle5 ¢f a kind that quallfy a5 baslt flnanclal Instruments. Baslc flnancSal instruments are Inltlally recognised at transaction value and are Subsequèntly measured at mortlsed cost. CRITICAL ACCOUNTING JUDGEMENTS ANO KEY SOURCES OF E5nMATION UNCEATAINTY In the appllcatlon of the charSty'5 accountln8 pollcies. the trustees are requlred to make ludgernen15, estlmates and assumptlon5 about the carryln8 amount of assets and liabllitie5 that are not adI1¥ apparent from other source5. The e5tirnates and underlying assumptions are revlewed on an Dn8olng basls. Rev151ons to accountln8 e5tlmates are reco8nised in the perlod in whlch the estlrn8te is revlsed where the revlslon afferts only that perlod or in the pèriod of the revlslon and luture periods where the revlsion affects both currènt and future perlods. The folltiwlngls a key Source of e5timatlon uncertalnty. Expendlture allocation5'. expendlturels apportionéd where It relates to more than one cost category. Pase 19 continued...
THE ROYAL BIRMINGHAM SOCIETY OF ARTisrs NOTES TO ThE FINANCIAL 5TATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 t>ONATIONS 2023 Tot•1 funds 2022 Total fvnds Donations, 81ft5 and sponsorshlp 25.987 32,313 Donatlons. glfts and sponsorshlp, Included In the above, are as follows.. 2023 2022 Donatlons Sponsorshlp Gift ljd 13.105 4,000 8.882 22.597 9,716 Z5,987 32,313 DDnation5 In excess of £l,thX were recelved from the followln8 or8anlsatlons'. 20Z3 2022 Anonymous C Alton A Coates P Naylor GMC Trust Donatlons below £l,CQ) 000 2,5C4) LZ32 1,5 3,250 L500 15.105 22,597 OThER TRADING ACTIVMES 2023 Tot¥1 tund5 2022 Total funds Subs¢rlptions- Members and Associate5 Subscrlptlon5- Frlends of the RBSA 35.738 36.247 14,323 12,101 $0,061 48.348 Pa8e 20 continued..
THE ROYAL BIRMINGHAM SOCIEfY OFARTISTS NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 INVESfMENT INCOME 2023 Total funds 2022 Total funds Income from Ilsted Investments Interest recelvable 715 1,981 571 477 1.048 INCOME FROM CHARITABLE ACTIVITIES 2023 2022 Actlvlty Operatlon of gallery Operatlon of gallery Grants Gallery Incornt 10,800 70,3ZI 99,241 55.246 8L121 154,487 Gr•nt5 recelved, Included In the above, èrè as follow5. Unfestrl¢t•d lundi Restrfrt•d lunds 2023 2022 Behrens Foundatl¢n Blrmlngham Clty Councll Edward Cadbury Charltable Trust G J W Turner Trust Loppylu8S SUEZ 35,000 4,000 10.000 8.800 42,241 8,Th)0 2,000 10.8(M) 99,241 Page 21 continued...
THE ROYAL BIRMINGHAM SOCIETY OF ARTisrs NOTES TO THE FINANCIALSTATEMENTS-wntlnued FOR THE YEAR ENDED 31 DECEMBER 2023 CHARITABLE AcrivmES COSTS Dlrett Costs Isee nole 81 Support Costs (see note 91 Ttyta15 Operatlon of gallery 105.889 97.096 Z02.985 DIAecT COSTS OF CHARITABLE ACTIVITIES 2023 2022 Staft costs prtzes Workshop tutors Funded projects professlonal lees 93,048 4,590 5,224 3.027 93,529 4,400 4,496 4,595 105,889 107,020 Page 22 continued...
THE ROYAL BIRMINGHAM SOCI OF ARTISTS NOTES TO THE FINANaAL STATEMENTS- ¢ontlnupd FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT C05T5 Support costs are those coststhat have been Incurred In order to further the continued development of the charlty's charitable actlviiles. support C05t5. Intluded In the above, are 35 fdlows. 2023 Operatlon 2022 Total gallery Bank charges Ciedlt card charges Repalrs and maintenance PrSnting and 5tatlonery Llght and heat Telephone and postage Publiclty 512 2,069 28,205 1.138 3.962 1,203 3,520 2,926 20.567 458 5,677 2218 4,924 L11 Sundry expenses Other operatlng leases Photocopler Caterln8 Irrecoverèble VAT CIEènln8 TrainlTh8 Cemputer expenses Rates and Insurance DeprEclatlon of tanglble fixed assets Auditors. remuneration Auditors, remuneratlon for non-audlt work 4.729 1.389 330 774 4iQ6 4,296 100 7.993 4.099 14.309 600 L300 14,263 Z75 1.379 37083 3,215 1.320 13.63S 4.456 3,585 2.520 I,Z60 97,096 124,860 Page 23 continued...
THE ROYAL BIRMINGHAM SOCIEfYoF ARMSTS 140TES TO THE FINANUAL STATEMENTS- contlnued FOR THE YEAR ENDED 310ECEMBER 2023 io. NET INCOMEIIEXPENDITUREI Net Incomellexpenditurel Is stated after char8lngllcreditlngl: 202J 2022 Auditor5. remuneration Auditors, remuneration for non-audit work Depreclatlon- owned assets Orher operaiing leases 2,&)0 2,520 1,260 3,585 J,044 14,309 ii. TRUSTEES, REMUNERATION AND BENEFITS There were no trustee5' remuneratlon or other benefks for the year ended 31 December 2023 nor for tht year ended 31 December 2022. TRL15TEES' EXPENSES There were no trustees, txpen5es pald for the year ended 31 Decembef 2023 nor for the year ended 31 Decernber 2022. 12. STAFF COSTS 2023 2022 Wa8es and salarfes Soclal seCurY costs Other pension costs 89,566 1.776 1.706 89,707 2.098 1,724 93.048 93.529 The average monthly number of employees durlng the year was as follows- 2023 2022 Management and admlnlstratlon Char5table actlvltle5 No employees recelved emoluments ln exce55 of £60,0. Page 24 contlnuEd..
THE ROYAL BIRMINGHAM soaETY OF ARTISTS
NOTES TO THE FINANaAL STATEMENTS- ¢ontlnued
FOA THE YEAR ENDED 31 DECEMBER Z023
TANGIBLE FIXED ASSETS
Fixture5.
ftttin8S
and
equlpment
Freehold
land and
buildlngs
Improvements
to
propertv
Totals
COST
At I january 2023 and 31 Decèmber 2023
34335
195.186
9,J33
$48J52
DEPRECIATION
At l January 2023
Charge for year
2817
1,439
Ih26
9,759
$20
3,111
30,763
14,309
At 31 De
THE ROYAL BIRMINGHAM soaETYOFARTisrs NOTES TO THE FINANCIAL5TATEMENTS- continued FOR THE YEAR ENDED 31 DECEMBER 2023 FIXED Ass INVESTMENTS Unrestrlcted Fund 2023 2022 Market value at I january 2023 Addltlon5 at C05t Sale proceeds on disposal Galnlllossl In the year.. reallsed unrea15sed 18,087 18.087 15,447 2361 Total market value of Investments at 31 December 2023 17 Hlstgrl¢ cost at 31 December 2022 12.130 The followlng UK Ilsted Investments represent rnore than 5% of the portlollo valuatlon. Z023 2022 Unllever Royal Dutch Sh•ll 9.120 7,817 10,037 7,025 16,937 17.061 15. STOCKS 2023 2022 Stocks 179 Page 26 continued.
THE ROYAL BIRMINGHAM 50aETY OF ARTISTS NOTES TO THE FINANaAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMBER 1023 16. DE&TORS.' AMOUNTS FALUNG DUE WITHIII ONE YEAR 2023 2022 Trade debtors Prepayments 5.389 4.049 3,822 2,076 9,438 5.898 17. CRÉDITORS: AMOUNTS FAWNG DUE WITHIN ONE YEAR 2023 2022 Trade credltor5 SocSal security and other taxes Other Creditors Accruals and deferred Income 2.088 1.887 9,374 5,063 356 39,011 39,494 43W8 53,804 Included wlthin accruals and deferred Income as at 31 Decernber 2023 Is the followln8'. Delerred gallery Income totalllng E4,29212022- £3,713) Deferred membershlp Income and entry fee5 totallln8 £14,92212022- £11.6651 Oelerred donations and grants tot3111ng £9.35012022. £9,1931 Deferred 5ub5CriPtlons £nil12022 £1,IJOOI LEASING AGREEMENTS Mlnlmum leasè payments under non-caneellable operalln8 leases fall due as follows.. 2023 2022 Wlthln one year Between one and flve years 944 944 1,888 Operatin8 lease paymenls represent rentals payable by the charlty for tertaln item5 of equipment. No restrictions are placed on the use of these a5set5 and the average lease term Is 3 years. All lease5 are on a fixed repayments ba515 and no arrangernents have been entered Into for contyngent renial payments. Page 27 contlnued...
THE ROYAL BIRMINGHAM SOCIEfY OF ARTISTS NOTES TO THE FINANaAL STATEMENTS- contlnued FOR THE YEAR ENDED 310ECEMBER 2023 19. MOVEMENTIN FUND5 Net movement In fvnds At 31.12.23 At 1.1.23 Unre5trtctqd funds Unrestricted fund- General fund Desi8nated fund- Brook Street Bulldln8 Fixed Asset fund Deslgnated lund- Repèlr5 fvnd Oesignated fund- Reserve furd Designated fund- DoTrated for events Desi8nated fund- Property lrnproyements Flxed Asset fund 96,437 118,5251 77.912 315.216 40.000 60,1 802 114391 116,6051 313.777 23395 60.000 802 19,7591 le301 lo615 146.J281 659,687 Rè5trlrted lunds Graduate Artlsts ProBrarnme 1080 1080 TOTAL FUNDS 706.015 144,4481 66167 Net movement In funds, Included In the above art a5 follow5: Incomlng resources Resources expended Galns ond losse5 Movement In funds Unre5trlct¢d lundi Unrestrlcted fund- General fund Designated fund- Brook Street Building Flxed Asset fund De51snated fund Repalrs fvnd De518nated fund - Property Improvements Flxed Asset fund 15L275 1169,5641 12361 118.5251 11,4391 116,6051 11,439 116,6051 9.7591 9.7591 151,275 1197.3671 12361 146,3281 Re>trlited funds Prlze fund Graduate Art15t5 Programme Tap machlne Catalogues 4.590 14.5901 11201 11,0001 ILOOOI 1,880 8.590 16.7101 1.880 TOTAL FUNDS 204.0771 12361 Page 28 ¢ontSnued...
THE ROYAL BIRMINGHAM soaETY OF ARTisfs NOTE5 TQ ThE FINANCIALSTATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEMbER 2023 19. MOVEMENT IN FUNDS- tyintlnu•d Compar*15 for movem•nt In fund5 Net movement In funds Transfers between funds At 31.12.22 At 1.1.22 unf¢TIrtId funds Unrestrlcted fund- General fund De518nated fund- Brook Street Bulldln8 Fixed Asset fund Deslgnated fund- Renovat5on fund Deslgnated fund- Repalrs fund Des5gnated fund Reserve fund Deslgnated fund- Donated lor evtnts Desl8nated fund- Property Improvernents Flxed Asset fvnd 88,548 128.9101 36,799 96,437 316,655 180,281 18,150 60.CO) 11,4391 315,216 1180,2811 27,071 15.2211 60,000 802 1,6261 195 186 193,560 664,436 137,1961 78,775 706,015 R¢)trlcted lunds Governance Revlew Ren¢)vatlon fund 4,200 35,280 14,2151 43,510 Is 178,7901 39,480 39,295 178,7751 TOTAL FUNDS 703,916 706.015 Page 29 ontinued..
THE ROYAL BIRMINGHAM SOOETY OF ARTISTS NOTES TO THE FINAACIAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 OECEMBER 2023 19. MOVEMENT IN FUNDS. contlnued Comparatlve net movement In fund5. Included in the above are as follow5.. Incomlng resources Resources expended Gains and losses Movemernt in lunds Unr•strl¢t•d funds Unrestrlrted fund- General fund Desl8nated fund- 8rook Street Bulldln8 FIMed As5Et fvnd Deslgnated fund- Repairs fund Desi8riated fund- Property Improvements Flxed Asset fund 129.659 1161,210 2,641 128,9101 11,4391 15,2211 11.4391 IS.2211 1,627 1,6261 129,660 1169,4971 2,641 137,1961 Restrltt•d funds Prlze fund Goveinance Review Renovation fund Women Artist Catalo8ue 4,400 14,4001 14,2151 157,1261 11,5001 14,2151 43,510 Ic¥J,636 1,500 106,536 67,2411 39,295 TOTAL FUNDS 236,196 123S,7381 2,641 2,099 Page 30 continued...
THE ROYAL BIRMINGHAM soaETY OF ARTISTS NOTES TO THE FINANCIAL STATEMENTS-contlnued FOR THE YEAR ENDED 31 DECEMBER 2023 19. MOVEMENT IN FUNDS. cortlnued A current year 12 month5 and prlor year 12 months comblned pusltlon is as follows: Net movement in funds Tran51ers between fvnds At 31.12.23 At 1.1.22 Uw•strlcted fvnds Unre5trlcted fund. General hjnd De518nated fvnd- Brook Street Bullding Flxed Asset fund Deslgnaled funil- Renovation tund Deslgnated fund- Repalrs fund Desl8nated fund- Reserve fund Designated fvnd- Donatéd for events Deslgnated fund- Property Improvement5 Flxed Asset fund 88,548 147,4351 36,799 77,912 316,6SS 180,281 18,150 60,0 802 12,8781 313,777 1180.2811 27,071 121,8261 23,395 60,000 802 1138SI 195 186 183,801 664,436 183,5241 78,775 659,687 Restrlttéd fundi Governan Review Renovation fund Graduate Art15ts Programme 4,200 35,280 14,2151 43,510 1,880 Is I78,7} 1,880 39,480 41,175 178,7751 1,8 TOTAL FUNDS 703,916 42,3491 661,567 Page 31 continued...
THE ROYAL BIRMINGHAM soaETY OF ARnsr5 NOTES TO THE FINANCIAL STATEMENTS- t4ntlnued FOR ThE YEAR ENDEO 31 DECEMBER 2023 19. MOVEMENT IN FUNDS- contlnutd A current year 12 months and prlor year 12 month5 cornbined net movement In lund5, Included In the above are as follows.. Incomln8 resources Resource5 expended Galns and losses Mt)vement In funds Vnr•strlcted funds UnrestrScted fund- General fund Dèslgnated fund- Brook Street Buildlng Flxed Asset fund Desi8nateé thnd- RepaSrs fund Desl8nated fund- Property lrnprovements Flxed Asset fund 280,934 1330.7741 2,405 147,4351 12.8781 121,8261 12,8781 121,8261 111,3861 11,3851 280,935 1366.8641 2,405 183,5241 Restr[ld funds Prize lund Governance Revlew Renovatlon fund Womtn Artlst Calalo8ue Graduate Artlsts Programme Top machine Catslo8ues 8,990 18,9901 14,2151 157,1261 11.5001 11201 14,2151 43,510 100,636 I,500 2,000 1,000 1,000 1,880 I,oool 115,126 73,951 41,175 TOTAL FUNDS 396,061 440,8151 2,405 42,3491 PurpDs• ol unrestrlrted lund$ d fund- General Thls fund represents the free funds of the chaiity that art not de51gnated for partlcular purposes. De51 nated fund 8rook Strpet Buildin Fixed A55et fund Thi5 fund con5i5ts of unrestricted funds that have been seE aside bythe trustees and represents funds spènt by the chality on the acquSsltlon and refurbishment of the charlty's freehold buildlng whlch are shown geparately from the charity's General fund. Desi nated fund Renovation5 fund Thrs fund conslsts of vnre5trirted funds that have been set aside by the trustees for essential renovatlon works to charlty's freehold bulldSng located at Brook Street In Birmingham. All renovation wovk was completed ITh 52ptember 2022. Page 32 continued..
THE ROYAL BIRMINGHAM soaETY OF ARTISTS NOTES TO THE FINANCIALSTATEMENTS- ¢onilnued FOR THE YEAR ENDED 31 DECEMBER 2023 19. MOVEMENT IN FUNDS. contlnued De51 nated fund R aits fund This fund consSsts of unrestricted funds that have been set aside by the trustees for the on-going maintenance of the charlty's freehold building located at Brook Street In BlrminEhèm. De51 nated fund Reserve fu This desi8nated fvnd represents the approxirnate costs that would be incurred If the charfty, for whatever reason, is unable to continue operatlng 85 a golng concern. Oe51 nat event5 The 8irmln8h3rn Midland Pastel Society have very generously donated £802 to 5UPPOrt future Frlend5 talks & events. nat rov ments FIX fund Thls fund conslsts of unrestrlrted funds that have been set aslde by the trustees and represents funds spent by thè chèrlty on the property Improvements ol the charity's freehold bulldin8 whlch are shown separately from the charlty's General fund. Purpox olro51rlrted funds Prlze fund Thls fund holds monles donated for cJ5h prizes awarded at Royal Birmln£ham Soclety of Artlsts prlze exhlbltlons. rnan Revlew- fund West Midlan men The funded activity Is sUPPOrtlnB a board revlew of governance and dlverslty and the rewrltln8 of the Artlcles ol As50clation with le8al support. Thls lund was fully expended In March 2022. no To 5UPPOrt the renovatSon and refvrbi5hment of the RB5A Gallery. After over 20 years In thls location, we needed to relurblsh the exlstlng wlndows and front door Iwhlch were In a bad state of repaSrl. and redevelop the ground floor of the buildln8 to Increase vlsltor figures and Improve our retail offer to lTrcrease sales, cruclal In the post COVID cllmate. Th15 fund was fully expended In September 2022. 20. EMPLOYEE BENEFIT OBLIGATIONS Dellned contrlbutlon schern•s The charlty contrlbutes to the indlvldual penslon 5chÈmes of certa5n ernployee5. The assets Df these schemes are held separately Irorn those of the charity in independently administered fund The total contributlons for the year amounted to £1,70612022 £1.7231 and outstandln¥ contrlbutSon5 as at 31 Dember 2023 amounted to £36912022- £3561. Page 33 contlnued...
THE ROYAL BIRM114GHAM soaEfY OF ARTisrs NOTES TO THE FIP4ANCIALSTATEMENTS- contlnued FOR THE YEAR ENDED 31 DECEM8ER 2023 21. RELATED PARTY 015CLOSURES As pan of the ordlnary actlvltles of the charfty, rllernbers Ilncludlns trustees) may pald lor work5 of art sold by the gallery and may also be paid for workshop tutor fees. Any such transactlons are made on Similar terrns to those pald to unconnected thlrd partles. ULTIMATE CONTROLUNG PARTY The charlty Is controlled by the trustees a5115ted In the Report of the Trustees. Thls paÉe does not form part of thè statutory flnanclal statements Page 34