AEGISTERED C¢YAPANY NUMBER.. 00122616 (England and Wale51 REGISTERED CIIARITY NUMBER.. 528894 REPORTOF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 OECEMBEA 2024 FOR THE ROYAL BIAMINGHAM 500ETY OF ARTISTS I W Hlnk5 LLP Chartered Accountant5 and Statutory Audor5 19 Highfleld Road Ed8baston BlrmlnEham BIS 3BH
ThE ROYAL BIRMINGHAM SOCIETY OF ARTISTS CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAA ENDED 31 OECEMBER 2024 R•pon of the Trust• I to 8 R•port of Indep•nd•nt Audlt¢)fs 9 to 12 Stat•m•nt ol Fln•ncl•l A¢tlvttl95 13 B•lIn Sh••t 14 to 15 Notesto th• Fln•n¢l•l Ststemenis 16 to 34
ThE ROYAL BIRMINGHAM SOOETY OF ARTISTS REPORT OF THE TRUSTEES FOR TME YEAR ENDEO 31 DECEMBER ZOZ4 The trustees, some of whom are also directors of the charity for the purposes of the ComnIeS Act 20D6, presenl their report with the financlal statements of the charity for the year ended 31 December 2024. The trusiees have adoptèd the provislons of AccountlnB and Reportln8 by Charltle5-. Statement of Recornrnended Practice applicable to charltles preparing thelr accounts In accordance wlth the Financlal ReportlTh8 Standard applicable in the UK and Republlc of Ireland IFRS IQ21 (effective l January 20191. OBJECTNES ANO ACMVITIES Obltrtlves and Ilms 05es an The Soclety's objectlve5 focus on the educat5on of the publlc In the practlce ol the vlsual art5 and to advance th• Improvement ol the practlce of all aspeas of the vlsual arts. Our alrn as an artlst-led charltv 15 to facllltate the creatlon and shèrin8 of excellence. We achleve th[5 by 5UPPOrtln8 artSstS In the development of thelr practlce. by encouraglng partlclpatlon In creatlve arts attivltle5 to dÈ¥elop future generatlons of art15ts, by promotln8 our artlstic programme In our own Gallery 50 It can be enjoyed by the wldest audlences. and bv providln8 Interpretatlon and eveThts to help our audlences develop thelr knowled8e, understènd5n8 and enloyrnent of the V15ual arts. Si8nth¢ant •¢tSvltSes We dellver an Incluslve artlstlc programme at the RBSA Gallery which Includes major exhlb5tlons of artwork by Merribers and Associate5 a5 well as Grèduate members, plus malntainin8 a Frlends Organlsatlon, OpenlPrlze Entry exhlbltlon5 Iboth open to non-mÈmbersl, gallery hirE by RBSA 3rt15t5 or Broups external to the RB5A. 5010 shows for member5 and curated displays from the RBSA Collectlon. All exhlbltlons are supporred by free events such 35 gallery talks, guided tours, occa5i0nal art demonstratlons and a comprehenslve programrne ol workshops lor adults. Our Craft Shop, whlch can be vlewed onllne. showcases UK based de518fjer-makers. many of whom are based in the jeWelry Quarter or the wlder West Mldlands. The 5o¢lety can trace Its orl8lns back to 1814 and cherlshe5 Its heritage. We care for and promote our hlstorlc ArChe and CDllection of artworks predomlnantly by R8SA members which reflects that herltage. We have been an Actdited Museum slnce 2006, and that Accredltstion was renewed for five years In November 2022. The Collection and Archive now comprises over 1,000 items ènd Is manaied by a dedlcated Vclunieer Archlve Team offerlng Intergeneratlon•l le•rning and work experlence opportunltles includ5n8 for students. We recogn15e the valuable work undertaken by Nlgel Prlddey RBSA. as our Archfve Offlcer, who for several years has mana8?d the R8SA PermaneTht Collection. Sadly, he resigned In 2024, as he15 relocatlng to another part of the country ènd wlll be greatly missed. We are rn05t 8rateful for h15 contribution. We are a150 to lose the 5ervlces and encyclopaedic knowledge of R8S4 Professor of Art History. Brendan Flynn. He ha5 had a connectlon to the 5oclety for a number of decades and ha5 brought much enthusiasm and expertlse to the Soclety Sn his current role as one ol our Professors. Brendan played a key curatorial role at both Blrmingham and Wolverhampton Art Gallerie5 by enhancin8 their permanent £ollections. The Councll Is recommendin8 that Brendan Flynn be elected a& an Honorary Member. Page I
ThE ROYAL BIRMINGHAM SOCIETY OF ARTISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED JI DECEMBER 2024 OBJECTIVES AND ACTIVITIES Public nefit We regularly review our alms, objective5 and actlvltles at the RBSA Council meetin8s. n November 2022. we reviewed the Strengths, Weaknesses. Opportunities and Threat5 to the Soclety. As a result of this we identrfled some prioritie5 whlch we tontlnued to work on In 2024. We are particularly concerned about rz15ine the vlsibility of the Society In the Clty and makln8 effectlve partnershlps wlth some other leading arts organisations Including the 8irmlngharn Royal Ballet and the Royal Blrmin8ham Conservatoire. 80th venues have hosted drawlng sessions for OUT rnembers. We extended those partner5hlp5 to the 8lrrninBham Contemporary Muslc Group and the Clty of Blrrningham Symphony Orchestra durlng 2024. We hope that these contèrts will lead to an Exhlbitk)n In the RBSA Gallery and elsewhere capturin8 the vibrèncy of other art forms in the city. Our social medla activlty has Increased our profile over the year whlch with other measures ha$ Increased our exposure to group5 who may not have èecessed the Gallery pVIOUSly (see below). The Trustees feel we have made good progress In attractlng a more dlverse and youn8er audience to the Gallery but reco8nlses there Is rnuch more to be done. In 2023, as part of th55 drlve, the Councll approved the appointment of 15 recent ¥rèduates to be Gfaduate members of the Soclely with a tenure of 3 year$ free of charge. Thls enables them to enloy many ol the benefits of mernbershlp. They art fe to develop thelr pract5ce and Show thelr work alongslde the membershlp. Thanks to a local charlty we are able to offer the Graduate5 some regular 5UPPOrt. We also dlscount the entry fees and other charges of all those under 35 years of a8e by 50% to encourage subm15slons from younger artlsts a5 part ol our pub15c bÈneflt programrne. We have malntalned 8ood contact wlth all but one of the Graduates, and they are to have an exhlbltlon In the Autumn 2025. Durlnl 2024, the audSences at our Prlvate Vlews have notably Increased, wlth many younger artlst5 attending to vlew thelr work In exhlbltlons. and rnany of these artists represent a much more dlverse range ol artforrns and art15tlc back8rounds. We have a150 invlted hl8her profile 8uests io open our exhlbltlon5, Includlng the Pre51dent of the Royal Soclety of Orltlsh Artlsts, Mlchael Harrlson R8A ènd the leadlnE contemporary art15t. David Shrl8ley OBE. On the back of this, we have had two full page articles In the Blrrnlngham Posi. alon4slde publlclty from a range of Independent online and hard copy publicatlons. Includlng variety of artlcles In Artelatts Magazlne, throughout the year, We have attempted to Invlte a wlder range of judges to select work lor our Open/pr4ze Exhibit5ons. such as Prol. Jenn5fer Powell, Dlrector of The 8arber and DavSd Ferry, Presldent of the Painter-Prlntmaker Society at Bankslde, whlch In turn ha5 ttracted art15ts Irom more dlver5e backgrounds. Wlth the support of an RBSA Member, we have been able to offer a Studentlunder 35 Prlze lor RBSA exhibltions in 2024, whlch ha5 helped encourage youn&er entrant5 our Open Calls. The Gallery operate5 the 'Owrt Art, scheme whereby vlsltors can purchase artwork over 10 months at 0% Interest. This make5 purchaslng artwork5 easier for those on a tl8ht budget. We are Still seeSng healthy recelpts through our cash and donation tap machine by way of publlc donatlons. The Council are st111 focussed on developln8 current and new income streaFn5 In the future. Income from entry subrnlsslons from Open/Prize exhibltlon5 h85 been Increasing due to effectfve soclal medla actlvity, an Improved webslte, ènd positlve expeflenc*s from those who hove engaged with the Soclety. Volunteer5 We are pleased to report that durin8 2024, some 70 VDlunteers assisted the Soclety in one form or another includln8 In the Archive, receivin8 and hanglng ExhibitiDns as well a5 40 Members and friends coverin8 152 5tew3rdin8 sessions at weekend. We are most grateful to all of ourvolunteers wSthout whom the Gallery could not open on Saturdays and whose presence enriches the visitor experience and publlc benefits. We extended the opening houTS of the Gallery to inrluée Sunday5 during much of the Summer, to see if we would gain greater visitor number5 and increased sale5, but this wa5 of Ilmited value. The Jewellery Quarter continues to rervain qulet on Sunday5, ants we will not be repeating the exerclse In 2025. Thls may be revlsited In the future if the JQ offerin8 improves. Page 2
THE ROYAL BIRMINGHAM SOOETY OF ARTIST5 EPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DEtEM8ER 2024 ACHIEVEMENT AND PERFORMANCE Charltable artivltles w our activ All of our charitable activities focus on our ablllty to malntaln a Gallery a5 a venue for the or8an15ation of exhibltion5 and the education of the publlc In the practice of the vlsual arts. The Gèllery Is a unique VEnue In the Clty as artlsts are able to submSt their work lor selertlon and be shown at a publlc 8èllery. We have referred to the guidance contained In the Charity Commi55lon's general guldance on publlc benefit. In partlcular. the Trusiees conslder how planned activitie5 w111 contribute to the alms and objectives they have set. Achlevements Notable achlevement5 durln8the year ended 31 OBcember 2024 Included the followln8. We staged 10 R8SA 5PDll50red exhlbltlons Intludlng our Blennlal Print Prlze Exhlbltlon and our Portrait Exhlbitlon Includlng photO8raphy for the flrst tlme. The Permènent Collection was the source ol two ol these exhibitlons. The 2024 Frlends Exhlbltlon wa5 partlcularly very well 5UPPOrted, with the Introductlon of a catalogue to accompany the exhlbltlofi, featurlng every plece ol artwork In the show. For RBSA swn50red emhlbttlons, 1,576 artists entered wlth 3,188 artworks. Of these. 732 artlsts We successful, wlth 1,139 works selected, Artlsts under 35 years entered 319 works. We a150 arranged 6 prlvate hires of the gallery durlng the year, IncludlnB the Brillsh Soclety ol Enamellers and a very popular Photographlc exhIblOn featurlng the work of photO8rapher Phll Loach, which was opened by the Mayor of the West Midlands, Andy Street. Birmln8hèm Art Clrcle malntained their support ol the Gallery wlth rhelr annual show and Greenwood Presents hlred rhe gallery for the second time celebratlng artwork by dlver5e cornrnunitles In Blrmlnghèm. Our thanks to all our hlrers for thelr support. The Gallery sold 181 artworks over the year amountlng ro lust over E48k. In 2024 we Saw ihe Introductlon ol artist statement5 thar accompany the artwork In the Ballery. It Is an lrnporrant developmenl In our approach to exhibitlon5 and has been well recelved very favourably by vlsltors. Artlsts also rellsh the opportunity to explain thelr work, concepts, and methods, and thus make a conneciion wlth the vlewer. In addltlon, 22 RBSA art15t5 had a 5010 exhlbltlon In the Ground Floor spaces. These eXhiblOn5 gaye all artists a hlgh-proflle opportunlty to show the develOpnt ol thelr pfacti¢e and an occasion to talk about thelr work. We also Ilocated space on the Ground Floor io two Prlze wlnners from 8irmln8hèm City Unlver5Sty and the wlnner of the 2023 PhotO8r3phlc Prlze. Artwork salés in 2024 rose by over 20% upon rhe previous year. The gallery sold 214 artwork5 In 2024 year. amountlng to just over £55,0. This Is cornpared to 120 exhibition artworks, wlth an addltlonal 57 ground flcKJr sale5 501d In 2023, whlch arnounted to £45,0[1. Our Workshop Programme cons15ted of 34 5esslons In 2024,131 In 20231, wlth 185 participènt$116S in 20231. We are e5tsblishing a trend of Gallery Talb at 2pTh on Saturdays. whereby a range ol 3rt15ts talk about their work on show and take questions from visltors. In 2024, the Friends Membershlp pro8ramme Included Drawing Day5 and Artlst-Led Appralsa15, led by R85A Members and the annual Friends Exhibititsn was accompanying by Art15ts Talklng Events. Thls programme of activities Is desl&ned to help the Friends to lurther their prartice, connect with other artlst5 in the Soclety. and pro8ress to R8SA Associate Membershlp.15hould they wish to do 501, ond appears to be lareeW succeedlng meeting these objectives. We currently have about 340 RBSA Friend5 wf(h whom we are In touch wlth on a regular basls. The Gallery attracted 13.856 visitors In 2024,112,864 in 20231, a 12% increase. We were able to cor•tlnue school vlslts with 147 children from 9 schools and we malntalned good relatioThshlps with Margat Street College of Art and Birm1ngham Clty Unlversity, with their students Ylslting the Gallery durin8 the year. Page 3
THE ROYAL BIRMINGHAM soaETY OF ARTISTS REPORT QF THÉ TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 We CDntlnued to focus on increa5in8 our social media presence on Facebook and can report that the number of followers Increèsed over the year to 4,448, an 8% inereèse year-on yeai. In5tagram followers swelled from 8,668 to 14,212 In 2024. This 15 by far our most valuable marketlng tool has helped increase engagement with a younger and rnore dlverse audience. Thi5 has resulted in a rise in entries lor our Open Exhlblllons. slgnrficantly 5hiftlng the diver51ty of the artist5 wh whom we engage. We have both a 'Art Blog and an 'ln the Press, pa8e on our website, which allows those not on soclal media to gain an Insight into current and past RBSA actlvltles. The webslte online shop enables us to generate adLlftlonal sèles Income. Sl8nllicant changes were rnade tD the design of website In 2024, maklng it visually more engaging and lrnprovin8 its navSgatlon and functlonallty. The Society, rather than just the Gallery. has been 8lven greater Importance In the Ltpdated verslon. More than $4,000 new users were108ged as a SuIt of search engine enqulrles lup 2% on 20231. November 2023 saw the production of the flrst fully Illustrated catalogues for all the R8S4 sponsored Exhlbltlons. A copy of all the catalogues 15 entered in the RBSA Archlves. For the Annual Eyhlbltlon, leaturln8 the work cf Mefflbers and Assoclates, a catalogue was glven free of charge to all exhlbltln8 artlst5 and wa5 on sale to the general publlc. As well as recordlng every work In the show, there Is an In Memorlam 5ectlon to record members who dled durin8 the year and 3 complete record of the Members. Assoclate and Graduates of the Soelety as well a5 the HDnorary Members, thus provldln8 an Important record lor the future. These have proved to be very popular, and most ltIonS have sold ovt. We embarked on a collaboratlon wlth Full Fllm in the Summer of 2024, whereby all the Summer show catalo8ue5 were prlnted at Drupè In Germany and sh5pped back to the UK lor the openlng nlght and completely free of charge. We 8a5nEd extenslve soclal media co¥era8e from Fuji FS1rn and Intervlews with the D1ctOr were clrculated on their 50elal medla pages, as well as those of the RBSA. These cat3108ues sales saw a revenue Inccrne worth over £1,700. We wlll continue to prlnt catalogues to accornpany RBSA emhlbltlons In 2025 and it offers a potentlal opportunlty lor future catalogue 5ponsorshlp. REFURBISMMENTOF THE BUILDING The Soclety own the freehold DI the Gallery In 8rook Street, Birrnln8ham. It was refurblshed and remodelled In 2022, Thls project has been an out5tandin8 succes5 35 the Gallery Is now a contemporary space wbth cle6n Ilnes. The new entrance and re-purposed Gfound Floor layout contlnues to make an Immedlate Impre551on on vlsltors. For artists ihe con515tent feedback Is that thi5 is è venue that they like to see thelr work dlsplayed and what a unlque venue and or8anisation the RBSA is in the Midland5, FINANCIAL IIEVIEW FlnancSal positlon The Statement of Flnanclal Actlvltks on page 13 of the financlal statements show5 that for the year ended 31 Detember 2024 the charlty maile a surplu5, after recognising net investrnent 8alns and losses. totalling £5,49212023 Incurred a deFicit, after reco8ni5in8 investment gains and losses totsllln8 £44,4481. As a result. the total net assets of the chartty have Increased frorn £661.56? 3$ at 31 December 2023 to E667,059. as at 31 December 2024. Invtstment polky and objectl The charlty has a srnall investment portfolio and the charity's Trustees have a pollcy of explorlng and considerlng approprlète ways of Investln8 re5eTves so as to Increase income without exp05inglhe charlty to Und rlsk5. The total investment Income received by the charlty from the Increased durlng the year ended 31 Decernb2r 2024 compared to the year ended 31 Decernber 2023 to £8,035 and thls ncluded £7,31X) Interest receivable. The market value of the Investment portFollo also increased by £1,788- see note5 5 and 14 to the financial statement5 lor more detsil. Page 4
THE ROYAL BIRMINGHAM SOCIETY OF ARTISTS REPORT OF THE TRUSTEES FOR THE YEAR ENOED JI DECEMBER 2024 FINANCIAL REVIEW R•ser¥e$ poliev Our risk assessment has highllghted thèt we need to monltor our cash pos5tlDll carefully. Thi5 has been a year of recovery and the Councll recelved regular short-term forecasts and monltored carefully expendtture and income agaln5t our 2024 Budget. On the currEnt basis. our poliry has been to fix the figu of £60,000 a5 a level at whlch the Councll would have to consider seriDUS 3Ctlon to reduce the operatlon of the Society's Gallery. The Trustees conslder thls n8urÈ to be a reasonable estimate of the cost ol mothballlng the Gallery and wlndlng down the staff requlrement. As last year, we tonslder that sum lor a more accurate estlrnate should 11 be cakulated known as The Desi8n3ted Reserve Fund l should be deducted from the free reserves fi8ure to show a more realistic plcture of our financlal situation. Thls reserve5 pollty was adopted In 2018. A 'Desl8nated Repalrs Fund was created In 2018 to ensure that the fabric of the bulldin8 Is properly malntalned In the future, ond th15 Currently stands at ES0,000- see Note 19 to the Accounts. Golng concern The pandemic and the lockdowns challèn8ed the organlsatlon at the tlrne. That Is thankfully now In the past and our ctlvltie5 have now resumed but wlth an Improved onllne pSenCe. In 2023 we appolnted èn RBSA Dlrector who has the remtt to focu5 on the Soclety's vlablllty, This has proved a successful declslon, and the Trustees have, therefore, con51dered that It Is approprlate for the flnancial statements to be prepared on the golng concern ba51s. FUTURE PLANS For 2025, we will be hostlng another year of hl8h-quallty exhlbltlons 5tart5n8 w5¢h a Frlends Exhlbition In january over two Gallerles to take account of the Sncreased level of actlvlty amon8St the Frlends. Following that, we wlll showcase our Photographlc Prlie Exhlbltlon. Later In the year. after the Candldates Exhlblt5on, we wlll be hostln8 the Soclety ol Botanlcal Artlsts for the flrst tlme, a5 well as our very successful Drawlng Prlze, followed by the summer Exhlbltlon. The Watercolour Prlie will open In August, and we wlll host a solo exhib5tion by Curtls Holder, wlnner of the Sky Arts Portralt Artlst of the Year120221 and The John Ruskin Prlze in 2024. Towards the end of the year, we welcome for the flrst time the Royal Soclety ol Painter-PrintmakefS and will conclude our pro8ram of exhlbltlons wlth our RBSA Annual EMh5bltlon. We will also be hostln8 solo shows on the Ground Flcor and other group and solo gallery hires during the year. There wlll be three separate sets of Workshop5 In the Sprlng, Sumrnei and Autumn covering a very widè range of tQPlC5 and led rstLY by our members. We aim to anlmate the Gallery further wlth talks ènd activities part*ularly on Saturdays to consolidate our educatlon programme. The Councll 15 taklng all oppjrtunities to capltallse on fundraislng actlvltle5 includlng a studlo sale In eady 2025 and a postcard sale later In the year as well applying to trusts and foundatlons lor support of the R85A. STRucfuRE, GOVERNANCE AND MANAGEMENT Govemlng documènt The charity Is a company limlted by guarantee and was incorporated on IS June 1912. The charlty Is governed by a MenN)randum and Artlcles of Associatlon. The Article5 have recently been reviewed as we reported in the 20Z3 Annual Report. None of the Trustees ha5 a beneflclal Interest in the charltable company. All of the Trustees are members of the charltable company and guarantee to contrlbute £1 In the event of a wlndln& up. Page 5
THE ROYAL BIRMINGHAM SOCIETY OF ARTISTS REPORT OF THE ThUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 STRucfuRE, GOVERNANCÉ AND MANAGEMENT Recruitment and appolnlment of nèw tmstees The officers and votin8 membèrs of the Councll, belng the Trustees, are elected from the Soclety'5 180 or so Member5 and A5S0Ciates arsd are responsible forthe governance and management of rhe Soclety. ln December 2024. there were 130 Members, 48 A550c5ates. and IS Graduates In the Membershlp. At the AGM on 30 April 2024, Vlv Astllng was re£lected President for a thlrd year. Hannah Northam and Vlvienne Cawson were re-elected Vlce Presidents. Andrew Matheson was -elected to the kX)St of Hon Treasurer and Rob Leckey was re-elected to the office of Honorary Secretary. Simon Conolly was elected Wonorary Curator. Ed Isaac5, Char5es Weston and Ry)n Everson were elected Member Reps and Kate Sawbridge and Llnda Bartow were elected to the Councll as Associates Reps. Or8anisatlonal stru¢tur¢ and Gallery Dlr•rtor In the oplnlon ol the Trustees the key rnana8ement personnel responslble for the dSrectlon, control, runnln8 and operatlon of the Soclety arè the Offlcers and the Councll to whom the RBSA Dlrector reports re8ularly. The Councll met on 6 occaslons durlng the year ended 31 December 2024. Permanent stallat the end of the year comprlse the R85A Olrector, Marketlng Manager, Exhlbltlons Coordlnator, wlth two Front of House & Sales A5SlStants to cover weekdays and Saturdays and a freelance Accountant, The Learnln8 Post h•$ been left vacant on the erounds that there Is no fundlng avallable. Inductlon #nd tr•lnln8 olnew trustee5 New Trustees are briefed on their legal obll8atlans under charity law, the content5 of the Soclety's Memorandum and Artlcle5 of A550clatlon, the Commlttee ènd decislon-makln8 processes and the recentllnanclal performance of the Socletv. They are dlrec*ed to the Charlty Commlssion's note CC3a on the role of the Trustee to 8ulde them In thelr work on the Councll. We are plannlng trainlng to Improve our awareness of dlverslty. èquality and Incluslon Issues. Kéy m•n•&•ment remuMratk)n The average number of employees lor the year Is15sted as per note 12 to the flnanclal 5tstements. Thelr remuneratlon Is ievlewed annuallyp and any Increase Is bosed on the State of ihe charlty's finances and It5 ablllty to pay now and In the future, the Importance of retalnln8 key staff, the requlrernent to meet 5tatuttsry wage conditlon5 and Increases In the current cost ol livin8. man nn All trustee5 8ive of their tlme freely and no trustee recelved mneratIOn durlng theyear. None of the Trustees clalmed any expenses as Is conflrmed in note 12 to the financial statement5. Risk management The trustees have a dtY to identify and review the rfsks to which the charity Is exposed and to ensure approprlate controls a in place to provide re350nable assurance against fraud and error. The Trustees have examlned the rnajor strategic, bu51ness and operatlonal rlsks that the Soclety faces and confirm that systems have been established to enable re£ular reports to be produced so that neces$3ry step5 can be taken to lessen these risks. Risk A55essrnents havÈ also been compiled by the Gallery Dlrector hi8hli8hting the risks to the So¢iety ol operating the Gallery at the tlme of a pandemlc and the ways such r15k5 Can be rnitigated. Page 6
THE ROYAL BIRMINGHAM soaEfY OF ARTISTS REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 00122616 IEn8land and Wale51 Reglslered Chartty number 528894 Reg15t•r•d offlc• riBSA Gallery Dakota House 4 Brook Streei Blrmlngham 83 ISA Councll M•mbers V AsrllThB OBE V Caw50n H Northam R Leckev A Mathe50n S Conollv E Isaac5 R Everson C Weston C Tkacz Past Presldent$ under Artlcle 32 Presldent Vice Pre51deot Vlce Presldent Honorary Secretsry Honorary Treasurer Honorary Curator Re-elected 28 Aprll 2024 Re-electEd 28 Aprll 2024 Re-elected 28 Aprll 2024 fteolected 28 April 2024 Re-elected 28 Aprll 2024 elected 28 Aprll 2024 elected 28 Aprll 2024 elected 30 Aprll 2023 elected 28 Aprll 2024 elected 30 Aprll 2023 ex-officio As$oclat• R¢pr•sentatlv•s L Barlow K Sawbridge O Swlnscoe elerted 28 Aprll 2024 elected 28 Aprll 2024 co-opted 17 Au8USt 2021 STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees some of whom are dlrecotors (who are also the 1CtorS 01 The Royal Blrmlngham Soclety of Artlsts for the purposes of company lawl are responslble for preparing the Report of the Tru5tee5 and the flnanclal Statements In accordance wlth applicable law and Unlted KlnBdom Accountlng Standards Iunlted Kln8dom Generally Accepted Accountin8 Practlcel Includln8 FinancSal Reporting Standard 102 'The Flnanclal Reporting Standard appllcable Sn the UK and Republlc of Ireland" Company law requlre5 the trustees to prepare flnanclal statements for each flnanclal yeaf which Rive a true and view ol the state of affair5 of the charft3ble company and of the Incornin8 resources and application of resources, Includln8 the income and expenditure, of the charitable iompany for that perlod. In preparing those financial 5tatement5. the trusrees are required to select suitable accountln8 pollcies and then apply them con515tentlyi observe the method5 and principles in the Charlty SORP., rnake judgements and estimate5 that are reasonable and prudent: prepare the financial Statements on the going concern basls unless It Is Inappropriate to pSuMe that the charltable company wlll continue lo buslnes5. Page 7
THE ROYAL BIRMINGHAM SOCIETY OF AHnSTS RepoRT OF THE TRusfEES FOR ThEYEAR ENDEDYI OECfMXR 2024 5TATEMENTOF TrUSTEES' RE5PONSIAiunES-(ontlnu•d Th• tru5tee$ •rt responslble for keeplng proper acGountlng ordS whlch dlsc1ose wlth re350nabl• accuracy at any time the tlnanclBI pDsltion of the charttable company and to enable thÈm to ensure that th? fln&nclal stotemEnts comply bwth the Ccrnpanles Act 20[. They 8re also responsible for safe8uèrdini the assets of the chadtabk ¢orDpany •nd h•nce for taklnl reasonablè stepsforthe prevention aftd detectlon of fraud and other Irre8ularTrtles. In str for a$ the trustees are awavp.. thero ts no relevant audlt Informatlon of whlth the tharJtible cornpany's audltor5 are unaware., and the trustees hive tsken all stÈP5 that ttri•y ou8ht to have tiken to make therns•lvHs iware of any relevant audlt Inforrnath)n and to e5tablsh that the audltors are aware of that Informatlofi. AUDITORS The oudltors, I W Hlnk5 LLP, wlll k proposed for r•-oppolntment •t the forth¢omln8Annual Genernl Meetlng. Approved by order the bo•rd of trustees on 28 Mirch 2025 and 51ined on Its behatf by.. V Astlin8 OBE PRBSA- Chalr of ihe Trustee$ A Mjthejon R8SA- HonTrea5urer Pa81 8
REPORT OF THE INDEPENDENT AUDITORSTO THE MEMBER5 OF THE ROYAL BIRMINGHAM SOCIETY OF AR T15TS Oplnlon We have audlted ihe flnanclal staternents of The Royal 8iTrnin8ham Society of Artists (the 'charitable company'l for the vear ended 31 December 2024 which comprise the Statement of Financial Attlvlties, the Balance Sheet and notes to the financial statements. Includin8 a summèry of signlficant accountlng KX)Ilcles. The financlal reporting framework that ha5 been applied in their preparation Is applicable13w and Unlted Kingdom Accountlng Standard5 Iunlted Kln8dorn Generally Accepted Accountlng Practice), Includln8 Flnancial Reportlll8 Standard 102 'The Flnantlal Reportin¥ Standord applicable in the UK and Republic ol Ireland,. In our oplnlon the flnanclal statements.. glve a true and fa5f view of the state of the charitoble Company'5 affairs as at 31 December 2024 and of It5 Incomin8 resources and oppllcatlon of resourtts, includlng its Income and expenditure. forthe year then ended.. have been properly prepared In accordance wlth Unlted Kingdorn Generally Accepted Accounting Practlce, Includlng Financial Reporting Standard 102'The Flnanclal Reportln8 Standard appllca61e In the UK and Republlc ol Ireland,; and have been prepared In accordance wlth the requlrement5 of the Companles Act 21x6. Bw5b5 for oplnlon We conducted our audlt In a¢cordance wlth Internatlonal Standard5 on AudifinE IUKI IISAS IUKII and èppllcable law. Our respons5b511tles under those standard5 are further described in the Auditor5, re5pon5ibilities for the audlt of the flnanclal statements sectlon of our ptsrt. We are independent of the charttable company In accordance wlth the ethlcal requlrements that are relevant to our audlt of the linanclal Statements In the UK, Includlng rhe FRC'S Ethlcal 51andard. and we have fulfilled our Dther ethlc31 responslbilities In accordance wlth these requSTements. We be15eve that the audlt evldence we have obtaiThed15 5ufflcieni and approprlate to provlde a basls lor our oplnlon. Concluslons r#latlng to golTr4 concern In audltln8 the financlal statement5, we have concluded that the trustee5' Use of the 8tsln8 concern basls of accountln81 the preparatlon of the f5nancSal statements Is appropriate, Sed on the work we have performed. we hav? not Identifled any materlal uncertalntles relatlng to event5 or condltlon$ that, individually or collectlvely, may cast slgnsflcant doubt on the charitable company's 3bS11ty to contlnue as 1 80in8 concern lor a perioé of at least twelve months from when the flnanclal statements are authorised for Issue. Our responslbllltles and the responslbllltle5 of the trustee5 wlth respect tg golng concern are descrlbed in the relevant sectlons of thls report. Other Informatlon The trustees a sponSIble lor the other Inlormatlon. The other informat5on COrnPTlses the Informatlon Included In the Annual Report, other than the flnancial statements and our Report of the Independent Auditors thereon. Our opinion on the flnanclal statement5 does not cover the other Informatlon and, except to the extent otherwlse expllcitly stated In our report, we do riot express any form of assurance conclusion thereon. In connectlon wlth our audit of the fSnanclal staternents, our respon5i6ility 15 to read the other Inforrnatlon and, in doinR 50, conslder whether the oiher Information is materially incon515tent with the finanrial statements or our knowledge obtained In the audlt or otherw5se appears to be materially misstated. If we Identlfy such material Inconslstencies or apparent material misstatements, we are required to determine whether thls lives rlse to a materlal mi55taterrent In the finèniial statements thern5elve5. If, based on the work we have performed. we conclude that there Is a material rn155tatement of thls other information, we are requlred to report that fatt. We have nothlng to report in this regard. Page 9
REPORT OF THE INDEPENDEIIT AUOITORS TO THE MEMBÉRS OF THÉ ROYAL 81RMINGHAM SOOETY OF ARTISTS Oplnlon5 on other matters pr*$¢rmJed by the Companies Act 2006 In our oplnlon, based on the work undertakèn In the course of the audlt.. the information glven in the Report of the Trustees for the financial year for whlch the tlnanclal statèments are prepared is consistent wSth the financlal statements,. and th? Report of the Trustees has been prepared in accordance wlth appllcable le8al requlremeThts. Mitter$ on whkh wt are regulred to report by •xceptlon In the IIEht of the knowledge and underst3ndin8 of the charltable company and it5 environment obtained In the course of the audlt. we have not IdentlfTed materlal mlsstatements In the Report of the Trustees. We have nothlng to report In respect of the followlng matters where the Compan5es Act 2006 requlres us to report to you If. In our oplnlon.. adeguate aecountlng (OrdS have not been kept or returns adequète for our audlt h4¥e not been received from branches not vI51ted by us., or the financlal Statements are not In agreement wlth ihe accountSn8 records and returns.. or certaln dlsclosure5 of trustees, remunefatlon specilled by law are not madt,. or we have not recelved all the Intormatlon and explanations we requlre for our audlt,. of the trustees were not entltled to take advanta8e of the small companies exernptlon from thè requlfement to prepare Strate8lc Report or In preparlng the Report of the Trustees. Respon$lbllltles of trust• As explalned rnore fully In the Statement of Tru5tees' Respon51bllltles, the trustees Iwho a also the dlrectors of the charltable company for the purposes of company lawl are re5ponsSble for the preparatlon of the Ilnanclal statements and for being satlsfled that they 8lve a true and lalr view, and for such Internal control a5 the trustees determlne Is necessary to enable the preparatlon of financlal Statements that are free from materlal mi55tatement. whether due to fraud or error. In preparin8 the financlal statements. rhe trustee5 a responslble for asses5Ing the charltable company's ablllty to continue as a 8olng concern, disc1051n& as applicable, matters related to golng concem and usin8 the golng concern bas55 of èccountln8 unless the trustee5 elther Intend to Ilquléate the charbtable company or to cease operations, or have no realistlt alternatlve but io do so. Page 10
REPORT OF THE INOÉPENDENT AUDITORS TO THE MEMBER5 OF THE ROYAL 81RMINGHAM SOQETY OF ARTIST5 Qur respon51billtles for the audlt of th•llnanclal statements Our objectives are to obtain reasonable a55urance about whether the flnanclal statewnents as a whole are free from m£terlal misstatement, whether due to frad or error, and to issue a Report of the Independent Auditors that Include5 our oplnitsn. Reasonable assurance is a high level of assuran. but15 a guarantee that an audit conducted in accordance with ISA5 IUKI will alwèys detect a Thaterlal mi5Statement when It exlsts. Misstatements can arise from fraud or error and a tonsldered materlal if, Sndivldually or in the aEgregate, they could reasonably bE expe£ted to Influence the econom1£ decisions of users iaken on the basls of ihese flnan£ial statewnents. The extent to whlch our pr(Kedures are capable ol detetting irregularities, Includlngfraud15 detailed below-. We Identifled area5 01 laws and gUlatIonS that could reasonably be expected to have a material effect on the flnancSal statet5 and discussed the pollcle5 and procedures reÉardlng Compllance. Speclflc areas considered were as follows.. Enquir5n8 with management ènd others to galn an understandln8 ol the or8ani5atlon itself Includlng operatlons, flnanclal reportlng and known fraud or error. Evaluatln8 and understandln8 the Internal control s¥siem. Perforrnln8 analytical procedures as expected or unexpected varlance5 In account bal)nces or classes of transactlons appear. Te5tlng dotumentallon supportlng actount balance5 or classes of tran5actlons. Owing to the 5nherent Ilmltatlon5 01 an audlt, therels an unavo5dable rlsk that we may not have detected all IrregularltSes Includlng those leadln8 to rnaterlal mlsstatements In the flnancial statements or non-cornpllance wlth regulatlon. even though we have properly planned and performed our audlt In accordance wlth audltlng Standards. Thls rlsk Increases the more rhat cornpliance vllth a law or reKulatlon Is removed from the events and transactions reflected in ihe Ilnanclal statements, as we will be le55 likely to become aware ol Instance5 of non-compllance. The rl$k Is also greater re6ardlng Srregularltlès occurrlnB due to fraud father than error. as fraud Involves Intentional conce31rnEnt, Iof8ery* coIIuslon, om1551on or mlsrepresentatlon. A lurther descrlption of our responsiblllt5es for the audit of the linanciol Statements Is located on the Financlal ReportlnB Councll'5 wébslte ar www.frc.org.uVaudit¢rsresponsiblllt5e5. This descrlptlon forms part of our Report ol the Independent AudltOf5. Page 11
REPORT OF THE INDEPENDENT AUDITOR5 TOTME MEMBERS OF THE ROYAL BIRMINGHAM SOCIETY OF ARTISTS Use of our r•port Th15 report is made solew to the charStsble cornpèny's members, a5 a body, In accordance wlth Chapter 3 of Part 16 of the Companles Att 2006. Our adIt work has been undertaken 50 that we might state to the charitable company's members those matters we are Tequired io state to them in an auditors, report and for no othei purpose. To the fullest Èxtent permitted by law, we do not accept or 65sume respon51billty to anyone other than the char5table company and the charltable company'5 members as a btsdy* forouf audlt work. forthls reporL orfor the onIOnS we have formeil. Peter 5mlth FCA Isenlor Statutory Audltorl for and on behalf of J W Hlnks LLP Chartered Accountants and Statutory AudOr5 19 Hi8hfleld Road Edgba5ton B5rmingham BIS 3BH D•te'. 28 March 2025 Page 12
THE ROYAL BIRMINGHAM 500ETY OF ARTISTS STATEMENT OF FINANCIAL AcllviTIES IINCORPORATING AN INCOME AND EXPENDITURE ACCOUNTI FOA THE YEAR ENDED 31 OECEMBER 2024 2024 Total funds 2023 Total funds Unrestrlcted fvnds Re5trlcted funds Notes INCOME AND ÉNDOVIMENTS FROM Donat5ons 29,525 6,750 36,275 25,987 Ch•rh•bleartlvltles Operailon of gallery 1116.307 106,307 81,121 Other tradlng actlvltles Invè5tmont Incoffle 56,595 8,035 56,595 8.035 50.061 2,696 Totsl 200A62 6,7SO 107.112 159,865 EXPENDITURE ON RaisinK funds 1.860 1.860 1,092 Ch•rlt•ble acllvltlos Operation ol 8allery 194,898 6,750 201.648 202,985 Totil 196.758 6,750 203,508 204.077 Net galns/l1055esI on Investments 1,78B 12361 NET INCOMEIIEXPENDITUREI 5N92 5,492 144.4481 RECQNOUATION OF FUNOS Total funds brou8ht forward 659,687 1,880 661,567 706,015 TOTAL FUNDS CARRIED FORWARD 665,179 667,OS9 661,567 CONTINUING OPERATIONS All Income and e¥PendItu has arlsen from contlnulng activltles. The notes fomi part of these financlal statement5 Page 13
THE ROYAL BIRMINGHAM SOCIETY OF ARTISTS (REGISTERED NUMBER: IJOIZZ6161 8ALANCE SHEET 31 DECEMBER 2024 2024 Totsl funds 2023 Total funds VnrestrScted funds Re$tdrted fund$ Note$ FIXED ASSETS Tangible 3s5ets Investments 13 14 489,549 19,639 489,549 19,639 503,280 17,851 509.188 S09,188 521.131 CURRENT ASSETS Stocks Debtors Cash at bank 15 16 1.$50 12,916 194,136 1,$50 12,916 196,016 2,179 9,438 172,657 1,880 208,602 210A82 184,274 CREOITORS Amounts falllng due wRhln one year 17 152,6111 152.6111 143,8381 NET CURRENT ASSETS 155,991 1.880 157A71 140,436 TOTAL ASSETS LESS CURRENT LIABIUTIES 665,179 1,880 667059 661,567 NET ASSET5 665,179 667,059 661.S67 FUNOS Unr•strkted fund5'. unstrICted lund. General lund 19 67,997 77,912 Oeslgnated funds: Oesignated fund- Brook Street Bulldlng Flxed Asset fund Deslgnated fund- Repalr5 fund Deslgnated luDd- Reserve fund De518nated fund- Donated lor Events Deslgnated fund- Property IrnpTovements Flxed Asset fund 112338 313,777 23,395 60,000 802 183,801 60,000 174,042 665.179 659,687 ReStrIct lunds: Graduate Artists Progrèmme 1.880 1,880 TOTAL FUf4DS 667,059 661,567 The notes forrn part DI these financi85 stètements Page 14 continued...
THE ROYALBIRMINGHAM 50ClflY OF ARTISTSIREG15TEREDNUMBER.' IYJ12261fj1 BALANCE SHEET- ¢ontlNqd 31 DECEMBER 2024 These ftnanclal statcments have boen prèp8rÈd In accordbnte with the provlslons applicible to charltable comnIeS sublect to the srnall compan5 regime. The flnanclgl statsments ware approwjd by the Board of Trusiees 8nd authorised for1s5ue on 28 March 2025 and WETe sl8ned on behalf ty.. A M&theson RBSA- Hon Treasurer The note5 forni part of ihese flnarKlal staiements PaEq 15
THE ROYAL BIRMINGHAM SOCI OF ARTISTS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DÉCEMBER 2014 ACCOUNTING POLICIES BA515 OF PREPARING THE FINAfrlaAL STATEMENTS General Infomiatlon The Royal Birmln8ham Soclety of Artlst5 Is an Incorporated charity regIsted wh the Charlty Commls51on In En813nd and Wèles. The address of the Royal Birrningham Soclety of Artlsts, reglstered offlce Is Dakota House, 4 brook Street. 81rmlTh8ham, 83 ISA. Actountlng tonventlon The flnanclal staternents of the Royal BITmln8ham Soclety ol Art15t5, whlch Is a pub15c benefit entity under FRS 102, have been prepared In accordance with the Charltles SORP IFRS 1021 "Accountln8 and Reporting by Charlties.. Statement of Recornrnended Practlce appllcable to charlties preparing their accounts in accordance wlth the Flnanc141 Reportln8 srandard applicable In the Unlted Kingdom and Republlc of Ireland IFRS 1021 leffettive I January 20191" Flnancial Reportlng Standard 102 'The Financlal Reportlng Standard appllcable In the UK 8nd Republlc of Iland. the Companies Act 2006 and the Charltles kt 2011. The flnancial statement5 have been prepared u51n8 the hlsiorlc cost convtntlon as modified to Include certaln Iinanclal instruments at falr value and are psented In sterlin8 whlch 15 the lunctlonal currency of the Royal 85rmlngham Swlety of Artlsts, rounded to the nearest £1. The slgnillcant accountin8 po15¢les applled the preparatlon of these flnanclal statements are set out below. These poll¢ies have been consistently applled to èll years presented unless oiherwlse Stated. GOING CONCERN The Ilnanclal statements have been prepared on a ¥oln8 ctsncern basls a5 the trustees belleve that no materlal uncertalntles ex15t. The trustees have con51dered the level of funds held and the expected level of Income and empendlture lor 12 months from authorl$ing these flnancial statements. The expected level of Income and eXpendure Is sufflcient wlth the level of reserye5 for the Soclety to be able to contlnuè as a 8oln£ concern. FINANCIAL REPORTING STANOARD 102. REOVCED DISCLOSURE EXEMPTIONS The charitable company ha5 taken aojvantage of the lollowlng disclosure exemptlon In preparln8 these flnanclal statements, as permitted by FRS 102 The Financlal Reportin8 Standard applicable in the UK and Republlc of Ireland,: the requlrement5 01 Sectlon 7 Statement ol Cash Flows. INCOME All Income is recoEnlsed In the Statement of Financlal Actlvltles once the charlty has entltlement to the funds, It15 probable that the Income will be recelved and the amount can be measured rellablv. Grants and donatlon5 recelvable whlch are Intended for use In a specified period are accrued over the course ol that period by the charity. Sum5 recelved in advance are carried forward as deferred income. Investrnent income is eamed through holdin8 a55ets such as cash on deposit. It Include5 interest recelvable. Interest income is co£nIsed uslnB the effertive Interest rate method and is recDgni5ed as the charity'5 right to receive payment 15 established. Investment Income latIng to quoted fixed a95et investment5 15 accounted for on a recelvable basis. Page 16 continued...
THE ROYAL BIRMINGHAM soaETYOF ARTISTS NOTE5 TO THE FINANCIAL STATEME14TS- contlnued FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNnNG POUCIES- tontlnu•d INCOME All Dther incomlng resources are Sncluded In the Stètement of FlnancSal AttlVltie5 when the charity Is legally entitled to the Income and the arnount £an be quantlfled with reasonable èccuracy. For legacles. entltlement Is the earller of the chèflty bein8 notlfied of an Impendlng distribution or the legacy bern8 recelved. Gifts In klnd donated for dlstributlon are Included at valuation and reco8nlsed as income when they are dlstrlbuted ro project5. Gifts donated for resale are Included 4$ Income wheTh they are sold. Donated facllitie5 are included at the value to the charlty where thls can be ouantlfled and è thlrd party 15 bearlng the cost. No amounts are Included in the financial statement5 lor servlces donated by volunteer5. EXPÉNDITURE Liabllities are reco8nl$ed as expenditure as soon a5 therè Is a legal or constructlve obll8ètlon commbttln8 the charlty to that expendlture, it is probable that a transfer ol econornlc benefits will be requlred in settlement and the arnount of the obligatlon can be rneasuréd rellably. All expendlture 15 accounted for on an actruals ba515 and has been clèssifled under headinss that aggregate all Costs related to the cate80ry. Such costs are allocated between ¢osts of actlvltles In furtherance of the charity's objects. costs of Benerating funds anfl &(wern3nce costs. Staff c05t5 Jre allocated to the cost of staff workln8 dlrectly In the relevènt department. Other costs have been elther speclfically Identllled or apportioned on an approprlate basls to each category. Fundralsin8 Costs are those InCUrd In seekln8 voluntsry contributlon5 and do not include the c05t5 of dlssemlnatlng Informatlon In support of the charlty's charltable activltles. Support cost5 are those that asslst wlth the work ol the charlty but do not directly represent charltable actlvltles. Governance costs are those Incurred In connectk)n wlth compllan£e wlth constitutlonal and statutory requirernents. TANGIBLE FIXED ASSETS Tanglble flxed assets other than freehold land are stèted at cost less depreclatlon. Depreclatlon Is provlded at rate5 calculated to write tsff the cost less e5tlrnated resldual value of each asset over Its expected useful lffe as follows. Freehold land Freehold buildinES Property1mprovernent5 Fures, fIttIn and equipment not depreclated 1% stral8ht Ilne method 5% stralght Ilne rnethod - 20% to 33% straight line method The galn or1055 arislng on the disposal of an asset is determlned as the dIffenCe between the Sale Proceeds and the tarryingvalue ol the asset and 15 recognised In net Income/lexpendlturel for the year. Page 17 continued..-
THE ROYAL 8IRMINGHAM 50aEfY OF ARTISTS NOTES TO THE FINANCIAL5TATEMENTS- contlnugd FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNnNG POLiaES-tonilnu TANGIBLE FIXED ASSETS FIXED A55ET INVESTMENTS Investments are recognlsed Inltially at falr Val whlch Is normally the tran5a¢tlon price excluding transaction Costs. Subsequently. they are measured at falr value wlth changes recognised In 'net galnslllossesl on Investrnents In rhe Statement of Flnanclal Actlvltles 11 the Investments are publlcly traded or thelr falr value can OtheIlse be measured rellably. DEBTORS Debtors are amounts owèd to the charfty. They are measured on the basls of thelr recoverable amount. CASH AND CASH EQUIVALENTS Cash and cash equlvalents Includè cash In hand and deposits held at call wlth banks. 8ank overdrafts are shown wlthln borrowlngs In current Ilablllt4es. CREDITORS Creditors are amounts owed by the charity. They are nRasured at the amount that the ¢h¥rlty expect5 to pay to settle the debt. Amounts whlch are owed In more ihan a year are shown as Ions terrn credltors. STOCKS Stock 15 valued at the lower of cost and net reallsable value. Items donated for sale or dlstrlbutlon are not Included In the Anancial stètements untll they are 501d or d15tributtd. TAXATION The charlty is exempt frorn corporatlon tax on Its charltoble actlvltles. IRRECOVERABLE VAT The charlty15 re815tered for Value Added Tax bur is partlally exempt as It makes both iaxable and èxempt supplle5. The partlal exempt status Can result in the charlty not recovering all ol the Value Added Tax It has Incurred on expendlture. Resources expended Include the PTOPOrtion of Value Added Tax on expendlture whlch cannot bè reCoVed. FUND ACCOUNTING UThrestrlcted funds can be used In accordance wlth the charitable oblectlves at the d15cret5on of the trustees. Restrlcted funds can onty be used for particular restrfcteLI purposes wlthin the objects ol the chorlty. Re5trlctlons arlse when specified by the donor or when funds are ralsed for partlcular restricted purpM)ses. Further explanatlon of the nature and purpose of each fund is Included In the notes io the flnancl31 statements. HIRÉ PURCHASE AND LEASING COMMITMENT5 Rentals payab under operating leases are charged agalnst Incomé on a stral8ht Ilne basis over the perlod of the lease. Page 18 continued...
THE ROYAL BIRMINGHAM soaETY OF ARTIST5 NOTES TO THE FINANCIALSTATEMENTS. contlnued FOR THE YEAR ENDED 31 DECEM8ER 2014 ACCOUNTING POLICIES- tontlwed GOVERNMENTGRANTS Government grants are recognised at the fair value of the asset received or receivable when there Is reasLinable assurance that the grant condltlon5 will mer and thÈ grants will be received. A grant that specifles performance condltlons 15 Tecognlsed In Incoffle when the performance conditions are met. Where a grant does not specify perforrnance condTtIOll5 It Is reco8nlsed In Income when the proceeds are recelved or recelvable. A grant recelved before the recognltlon crlterla are satlsfied Is re¢o8nlsed as a liabllty. EMPLOYEE BENEFITS When employees have rendered servlce to the chartty, $hort-term employee beneffts to whlch the ernployees are entitled are recognlsed at the undlscounted amount expected to be pald in exchange for that 5ervlce. The cost of any unused holiday entltlement Is reco6nlsed In the perkjd In whkh the ernployee'$ 5erwlces are receSved. Termlnatlon beneflts are recognlsed Immedlaiely as an expense when the charlty Is demonstrably comrnltted to termlnate the employrnent of an empl¢)yee or to provlde termlnation beneflts. Pf NSION COSTS ANO OTHER POST-RETIREMENT BENEFITS Conrrlbutlon5 to the personal pen510r$ schemes of certaln employees are char8ed to the Statement of Financlal Actlvltles In the perlod in whkh they relate. The assets of these personal pension schemes are held separatelv from those ol the charlty In IndependeTrt adrninlstered funds. FINANUAL INSTRUMENTS The charlty only has flrsanclal assets and flnanclal liabllltle5 of a klnd thar quallfy as ba51c flnanclal lThstrurnents. 8a51c flnanclal Instrurnents are Inltlally reco8nlsed at transactlon value and are subsequently measured at amortlsed cost. CRITICAL ACCOUNTING JUDGEMENTS ANO KEY SOURCES OF ÉSTIMATION UNCERTAINri In the applicatlon of the tharity'5 accountlng policles, the trustees are TequSred to make lud8ements. estlmates and a5sumptlon5 about the carryin8 amount of assets and Ilabilities that are not readlly apparent from other other sources. The estlmates and underlying assumptions are reviewed on an on8olng bas55. Revlslon5 to accounting estimates are recognlsed In the period in which the estlrrjte 15 rev15ed where the revision affects only that period or in the perlod of the revlslon and future perlod5 where the revlslon affects both current and luture pe0d5. The following Is a key source of e5tlrnatlon uncertalnty. Expendlture allocations.. expendr(ure Is apportioned where it relates to more than one cost category. Paee 19 ontinued...
THE ROYAL BIRMINGHAM SOCIETY OF ARTISTS 140TE5 TO THE FINANCIAL STATEMENTS- contlnu•d FOR THÉ YÉAR ENDED 31 DECEMBER 20Z4 DONATIONS 2024 Totil fvnds 2023 Total fvnds Dofiatlons, 81fts and sponsorshlp 36275 25,987 Oonatlons, glfts aThd 5ponsorshlp. Included In the above, are as follows.. 2024 2023 Donatlons Sponsor5hlp Gift Ald 26,010 13.103 4,0 8,882 10,265 36.275 25.985 Donatlons In excess of £l.000 were recelved from the followln8 tsr8anisatlons'. 2024 2023 V Astllng OBE A Coates C Postln5 GMC Trust Donatlons below £1,000 2,000 1,232 10,000 1.500 8,371 13.010 26.010 OTHER TRADING ACTIVITIES ZOZ4 Total lunds 2023 Total fvnds Sub5Crtptlons- Member5 and Assoclates Sub5crfptions- Frlends of the RBSA 37A38 35.738 19.157 14.323 Page 20 contlnued...
THE ROYAI BIRMINGHAM 500ETY OF ARTISTS NOTE5 TO THE FINANCIALSTATEMENTS. tontlnued FOR ThE YEAR ENDÉD 31 DECEMBER Z024 INVESTMENT INCOME 2024 Totsl funds 2023 Total fund5 Income from Ilsted Investment5 Inte$t recelvable 735 7,300 715 1,981 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Actwlty Operatlon af gallery Operation of gallery Grants GaIry Income 10.325 95,982 10.8C 70,321 81.121 Grants recelved, Included In the above, are as follows. Vnrestrlrt fvnds R•strlrt•d lund 2024 2023 G J W Turner Trust toppylu85 10,325 10.325 8,800 10.325 10,800 Pa8e 21 continued...
THE ROYAL BIRMINGHAM 50aEfY OF ARTISTS 140TES TO THE FINANCIAL STATEMENTS- contlnuod FOR THE YEAR ÉNDED 31 DECEMBER 2024 CHARITABLE ACTIVITIES COSTS Olrect Costs Isee note 81 Support CDSts (see note 91 Totals Operation of 8allery 116,299 85,349 201,648 DIRECT COSTS OF CHARITABLE ACTIVITIES 1024 2023 Staff costs PTlze5 Workshop tutors Funded projeths prolesslonal fee5 103,385 6,750 5,192 972 93.048 4.590 5.224 116,299 105,889 Page 22 contlnued...
THE ROYAL BIRMINGHAM SIX1 OF ARTISTS NOTES TO ThE FINANCIALSTATEMENTS. ¢ontlMed FOR IHE YEAR ENDED 31 OECEMBER 2024 SUPPORT COSTS Support costs are those costs that have been Fncufd In order to further the contlnued development of the chartty's charltable activltles. Support costs, Included In the above, are as follows.. FINANCE SUPPORTCOSTS 2024 Operation 2023 Totsl actlvhles gallery ank thar8es Credlt card char8es Repairs and rnèintenan¢& Prlntlngand 5tatlonery L48ht anil heat Telephone and postage 497 J.SS5 Z,772 1,631 8.659 1,496 io,ioi 2Jl)O 2,926 20,567 458 5,677 23 4,924 4,7Z9 944 330 774 4,106 4,296 100 7,993 4,099 14,309 2.600 1,300 14,263 Sundry expenses Other operatlng leases Photocop*r CaterSng IrCoverable VAT Cleanlng Tralnln8 Computer expenses Rates and Insurance Depreclation of tanglble flxed assets Auditors, remuner#tlon Audittsrs, MUneratIon for non audlt work Prole551onal fees 761 2A130 282 9,410 3,774 14,402 1.300 13,531 85,353 97,096 Page 23 conllnued...
THE ROYAL BIRMINGHAM 50Clm OF ARTIST5 NOTESTO THE FINANCIALSTATEMENTS- contlnued FOR THE YEAR ENDÈD 31 DECEMBER ZOZ4 io. NET INCOMEIIEXPENDITUREI Net Incomellèxpendlturel15 stated after charg5ngllcredltln81: 2024 2023 Audltors, remuneratlon Audltors, remuneration for non audlt work Depreciatlon- owned assets Other operating lea5•5 2,600 1,300 14,309 944 13 14.401 ii. TRIISTEES, REMUNERATION AND BENEFITS There were no trustee5' reffjuneratlon or other benefits for the year ended 310ecember 2024 nor for the year ended 31 December 2023. TRUSTEES, EXPENSES There were no trustees, expenses paid for the year ended 31 December 2024 fior for the year ended 31 December 2023. 12. STAFF COSTS 2024 2023 Wa8es and salarle5 Soclal secur1ty ¢osts Other penslon costs 99fv73 89,566 1,776 1,706 103,385 93,048 The average monthly number of emplgyees durin8 the year was as followg: 2024 2023 Mana8ement ènd admiThlstratlon Charitable activitie5 No employees recelved emolumeDt5 in excess of £60,000. Page 24 continued...
ROYAL elRMINGHAM 500ETY OF ARTIST5 NOTES TO THE FINANaAI STATEMENfs- continu•d FOR THÉ YEAR ENDED 31 OECEMBER 2024 13. TANGI8LE FIXED ASSETS Flxtures, fittin85 and equSpment Freehold land and bulldin8S Improvements to property Totals COST At l January 2024 Addltlon$ 34333 195,186 9.333 670 $48352 670 At 31 December 2024 343,833 195,186 549,OZZ DEPRECIATION At l January 2024 Charge for year 30.056 1,439 11,386 9,759 3.630 3,203 4S,072 14,401 At 310ecember 2024 31N9S 21,14S 6I33 59N73 NET BOOK VALUE At 31 DecernbeT 2024 312,338 174.041 3,170 489.549 At 310ecember 2023 313.777 183.800 5,703 Included In cost or valuatlon of land and bulldlnB$ Is Ireehold land of £200,00012023 £100,000> whlch Is not depcIated. PIctu5 In the permanent colltIon, not Included In the balance sheet a5 at 31 December 2024, amounted to £29,89412023- £29.8941 on a hlstorfcal cost ba515. Page 25 Continued...
THE ROYAL BIRMINGHAM SOCIETYQF ARTISTS IKITES TO THE FINANCIAL5TATEMENTS. contlnued FOR THE YEAR ENDED 31 DECEMBER 20Z4 14. FIXED ASSET INVESTMENTS Unr•stricted Fund 2024 2023 Market value at l January 2024 Addltions at C05t Sale proceeds on disposal Ga5nll10551 in the year.. reallsed - unrea115èd 17,851 17,851 18.087 1,788 1,788 12361 Total market value of Investments at 31 De£ernr 2024 19,639 19,639 17,851 Hlstorlc cost at 31 December 2024 12,130 12,110 12,130 The lollowlnl UK Ilsted Investment5 represent more than 5% of the portfollo valuatlon. 2024 2023 Unllever Royal Dutch Shell 10,915 7,527 9,120 7.817 18.442 16.937 15. STOCKS 2024 2023 Stocks 50 Page 26 continued..
THE ROYAL BIRMINGHAM SOCIETYOF ARTISTS NOTES TO THE FINANCIAL STATEMÉNTS- cont5nu•d FOR THE YEAR ENDED JI DECEMBER 2024 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR Z024 2023 Trade deblor5 Prepayments 5.389 4,049 770 12.916 9,438 17. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Tradè Cfedltors 5oclal securlty and other tame5 Othèr creditors Accruals and deferred Income 3,170 4,696 166 44379 1,887 369 39,494 S2,611 43,838 Included wlthln accruals Ind deferred Income as at 31 December 20241$ the follow5ng'. Deferred gallery incorne totalllng É8,45012023- E4,2921 Deferred membershlp Incorne and entry fee5 totallln8 £11,95412013- £14,922) Deferred donètlons and 8rants totalllng £I4,6(l2023 £9,350) LEASIIIG AGREEMENTS Mlnlmum lease payments under non.c•ncellable operatlni lease5 fall due as follows.. 2014 2023 Wlthln one year 944 Operatln8 lease payment5 represent rentsls payable by the charlty for certaln Itern5 of equlpment. No strfrtkjns are placed on the use of these a55ets and the average lease term Is 3 years, All leases ère on a hxed repayment5 basis and no èrrangernents have been entered into for contingent rental payment5. page 27 contlnued...
THE AOYAL BIRMINGHAM 50aETYOF ARTISTS NOTES TO THE FINANOALSTATEMENTS. cofttlnued FOR THE YEAR ENDED 31 OECEMBER 2024 i*. MOVEMENT IN FUNDS Net movement In fund5 At 31.12.24 At 1.1.24 Unr•5tritt•d fvnds Unrestrlcted fund - General fund Desl8nated fund- 8rook Street 8uildln8 Flxed A&S fund Desl8rtated fund- Repalr51uThd Designated fund- Re5eFve fund Designated fund- Donated for events Deslgnated fund- Property Improvements Flxed Asset fund 77,912 110,3051 67.997 311,777 23,395 60,000 11,4391 26.995 311J38 so,000 60,000 183,801 9.7591 174WZ 659,687 5.492 665.179 Restrlcted fvnds Graduaie Artlsts Programme I80 1180 TOTAL FUNDS 661,567 5,492 S6759 Net movement In funds, Included In the above are is follows.. Incomlng re50urce5 Resources expended Galns and losse5 Movernent In lunds Unre5trkted funds Unrestdcted fund General lund Deslgnated fund- Brook Street BulldlnR Flxed Asset fund Desi8nèted fund- Property Improvemnts Flxed Asset fund 200A62 1ts5,5601 1.788 16,690 11.4391 11,4391 19,7591 19,7591 200.462 1196.7581 1.788 5h9Z R•strirt•d fvnds Prlie nd 6.750 16.750 TOTAL FUNDS 207.Z12 1203,S08) 1,788 5.492 Page 28 ontlnued...
THE ROYAL BIRMINGHAM 50CIETYOF ARTISTS NOTES TO THE FINANCIAL STATEMENTS. ¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 19. MOVEMENT IN FUNDS- continu¢d COMrat110T movement In funds Net movement In funds At 31.12.23 At 1.1.23 Unro$trlrted fvnds Unrestricted fund - fjeneral fijnd De5i8nated lund- Brook Street Bulldln8 Flxed Asset fund Deslgnated fund- Repalr5 fund Deslgnated fund - Reserve fund Deslgnated fund- Donated for events Desl8nated fund- Property Irnprovernent5 Flxed A$5et fund 96.437 118.5251 77.912 315.216 40,rMx> 60,r)tN) 802 11.4391 116,6051 313,777 23,395 60,000 802 193,560 9.7591 183,801 706.015 146,3281 659,687 R*strlrted fvnds Graduate Art15ts Pro8ramme 1,880 1,880 TOTAL FUNDS 706,OIS 144,4481 661.567 Page 29 contlnued...
THE ROYAL BIRMINGIIAM SOaEfY OF ARTIST5 NOTES TOTHE FINANCIAL STATEMENT5. ntInUed FOR THE YEAR ENOED 31 DEceMBÉR 2024 19. MOVEMÉNT IN FUND5. continued ComparatNe net nKJvement in funds, Included In the above are as follows.. Incomlng re50uree$ Resources expended Gains and losses Movernent in funds Unrestrlrtèd funds Unrestrl£ted fund- General fund Desl8nated fund- 8rook Street Bulldln8 Fixed Asset fund Desl8n3ted fund- Repalrs fund Designated fund- Property Improvernents Flxed Asset lund 151,27S 1169,S641 12361 118,5251 11.4391 116,6051 11.4391 116,6051 19.7591 19,7591 151.275 1197,3671 12361 146,3281 RKtrlrt¢d fund% Prlze fund Graduate Artlsts Programme Tap machine CJtalo8ue5 4.S90 2,000 1,000 1,000 14,S901 11201 li,0001 1,0001 1,880 8,590 1.880 TOTAL FUNDS 159,865 204,0771 12361 144,4481 Page 30 continued...
THE ROYAL BIRMINGHAM 500ETY OF ARTISTS NOTES TO THE FINANaAL STATEMENTS- ¢ontlnued FOR THE YEAR ENDED 31 DECEMBER 2024 MOVEMENT IN FUNDS- Mnllnued A current year 12 months and prior year 12 months comblned posltkjn Is as follows: Net movement In funds At 31.12.24 At 1.1.23 Unrertrlrted lund5 Unrestrlcted fund- Genera1 fund Deslgnated tund- Brook Street Bulldlng Flxed Asset fund De5i8nated fund- Repalr5 fund Desl8llated fund- Reserve fund De51gnèted fnd- Donated for events Desl8llated fund- Property ImproVerntS Flxed Asset fund 96.437 128,4401 67,997 315.216 40,0 12,8781 10,0 312,338 50.0Tr) 60,000 802 193,560 19 $181 174,042 706.019 140,8361 665,179 Restrkt•d lunds Graduate Artlst5 Programme 1,880 1,880 TOTAL FUNDS 706,015 38.9561 667,059 Page 31 continued...
THE ROYAL BIRMINGHAM soaETYOF ARTISTS NOTES TO THE FINANaAL5TATEMENTS- contlnuod FOR THE YEAR ENDED 31 DECEMBER 2024 19. MOVEMEfrTh IN FUNDS- contlnued A curnt year 12 monihs and prlor year 12 months comblned net movement in fund5, included in the above a as lollows.. Incomln8 resource$ Resotjrces expended Galn5 and losses Movement In funds Unr•slrlcted funds Unrestrlcted fund- General fund Deslgnèted fund- Brook Street 8uildlng Flxed Asset fvnd Designated fund- Repalrs fund Designated fund- Property Improvements Flxed Asset fund 351,737 1355.1241 1.552 11,8351 12,8781 116,6051 12,8781 116,6051 19,5181 19,5181 351,737 1394,1251 1,552 140,8361 R•strlcted funds Prize fund Graduate Artlsts Programme Tap machSne Catalo8UèS 11.340 111,3401 11201 ii.oooi 1.880 15,340 13,4601 1,880 TOTAL FUNDS 367,077 407.5851 1.552 138.9561 Purpose of unrestrltted funds ral fund Thls fund represents the free fund5 of the charlty thal are not deslgnated for partlcular purposes. ted luThd- 8rook S Th5s fund conslst5 of unrestricted funds that have been set aslde by the trustees and represents funds Spent by the charlty on the acquisition and relurbi5hment of the charity'5 freehold bulldln8 whlch ère shown separately from the charlty's General fufid. novatl Thls fund con515t5 of unrestrlcted funds that have been set aside by the trustees for essential renovatiDn works to charity's freehold bulldlng located at 8rook Street In 81rrn5nBham. All renovation work wa5 completed In September 2022. nated fund- R irs fund Thls fund consi5t5 of unrestrlcted funds that have teen set aside by the trustees lor the on-8oln8 maintenance of the Charity'slreehold buildin8 located at 8rook Street In Blrmlngharn. Page 32 continued.-.
THE ROYAL BIRMINGHAM SOCIÈTY OF ARTIST5 NOTES TO THE FINANQAL STATEMENT5. contlnued FOR THE YEAR ENDEO 31 DECEM8EA 2024 19. MOVEMENT IN FUNDS- continu•d Thls designated fund represenls the appro¥lmate Costs that would be Incurred If the charity, for whatever reason, 15 unable to contlnue operatln8 as è golng concern. Dèsi nat nated lor event5 The Birmln8ham Mldland Pastel Society have very generou$ly donated £802 to support future Frlends ialks & events. Thi5 fund conslsts of unrestricted funds that have been set aslde by the trustees and represents funds spent by the charity on the property Improvement5 of the charlty's freehold bulldlng whlch are shown separately Irorn the charlty'S General fund. Purpose ol re5trl¢t•d lundi Thls fund hold5 monles donated for cash prlie5 awardèd at Royal 8lmiln8ham 5oclety ol Art5sts priie exhlbltlons. mrn The RBSA Graduate Scheme 15 de518ned to beneflt and supporr early-czreer and emerglng artlst5 to develop thelr arristlc practlce and further thelr professional career. The R8SA support a group of fifteen artlsts that have 8raduaied wlthln the last ten YEars. They recelve three years of free mbershIP io the R8SA, whlch equated to over £7) eath and have the opportunlty to enter artwork to RBSA exhlbltlons wlthout fees, as well as have a ground Iloor solo exhlbltlon. The eroup enloy mentorln8 and appralsa15 ses51oTrs 3s part of thelr term as ambassador5 of the 5oclety. The tap mèchlne was purchased outrlght from GWD th¥fiks to the donation of a RBSA Member In the surnmer of 2023. The machlne Is sltuated on the stairwell and allow5 ¥151tors to use the a contattles5 payment method to make an anonymous donatlon. In November 2024. we started to produce printed catalogues for R8SA exhlbitlons. The R85A Annual Exhlbitlon, whlch opened on November 14th 2023, wa5 accompanled by a 120 page catalogue and was made vla thanks to è £IOOO donatlon by an RBSA Member, whlch contrlbuted towards the prlnt Costs. Governance Review- f nd West Midl nd M ev The funded actlvity 15 SUPPOrting a board review of governance and diversity and the rewrltlng of the Artlcles ol Association with legal support. Thls fund wa5 fully expended In March 2022. vati To support the renovation and refurblshrnent of the RBSA Gallery. After over 20 years n this location, we need to refurbish the exlstlng wlndows and front door Iwhlch are in a bad state of repairl, and redevelop the Bround floor of the building to In(aSe vlssior figure5 and improve our retail offer to Increase sale5, cruclal In the p05t COVID climate. This tund was fully expended in September 2022. Page 33 continued...
THE ROYAL BIRMINGHAM 500ETY OF ARTISTS NOTESTO THE FINANCIAL STATEMENTS. contlnued FOR THE YEAR ÉNDED 31 DECEMBER 2024 19. MOVEMÉNT IN FUNDS- contlnued Thls initlatlve was supported by the donatlon ol fund5 to the value of £15W by a non-member who wished to remaln anonyrnou5. The prSntln8 COSt5 were pald for uslng these funds and the brochure was on put on Sale sn the 8311ery for £3 each. 20. EMPLOYEE BENEHT OBLIGATIONS Defined cortrlbutlon scheme5 The charity contrlbutes to the Indlvldual pen51on scheme5 of eertaln ernployees. The assets of these schemes are held separately from those of the charSty In Independently 3dmln15ter*d funds. The total contributions for the year èrnounted to £1,91212023 £1,706) and outstandln8 contrlbutlon5 as at 31 December 2024 amounted to £36612023 £3691. 21. RELATED PARTY DISCLOSURES As part of the ordlnary actfvitles of the charSty, members lincludlng trusteesl may be pald for works of art sold by the gallery and may also be pald for workshop tutor lees. Any such tran5aCt5ons a made OTh 51mllar terrns to those pald to unconnected thlrd pzrties. 22. ULTIMATE CONTROLLING PAA The charlty Is controlled by thè trustees as Ilsted In the Report of theTrustee5. Thls page does not form part of the statutory fiThancial Statements Page 34