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 Objec￿Ve5.
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 G￿e￿woOd 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.
Ru￿vRE, 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 TreaSu￿r 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 C￿r￿nt 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
l￿122616 (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
Re*lecled 30 April 2023
Re*lerted 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 Rtpi*s*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 2￿6
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
so￿61
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
Rest￿tted
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 STATEME￿5
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 leffe￿1Ve 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 h￿e 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. ent￿lement 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 sP￿rICallY 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 ar￿ing 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 seCur￿Y 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
343￿35
195.186
9,J33
$48J52
DEPRECIATION
At l January 2023
Charge for year
28￿17
1,439
Ih26
9,759
$20
3,111
30,763
14,309
At 31 De<ember 2023
30.056
NEf BOOK VALUE
Al 31 Decernber 2023
313,777
183,801
5.701
503.280
At 31 December 2022
315,216
193,560
8,813
517,589
Included In cost or valuatlon of land and bulldin8s Is fieehold land of £200,¢)>J12022 £200,000) whlch is not
depreclated.
Plctures In the permanent collertlon, not Included In the balance sheet as at 31 Oecernber 2023, amounted to
£29,894120Z2- E29,8941 on a hlstorS¢Jl cost ba515.
Page 25
continued...

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 fur*d
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
le3￿01
lo6￿15
146.J281
659,687
Rè5trlrted lunds
Graduate Artlsts ProBrarnme
1080
1080
TOTAL FUNDS
706.015
144,4481
661￿67
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*1￿5 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
De￿mber 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