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 Aud￿or5
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 Com￿nIeS 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 dȥelop 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 jeWel￿ry 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 ArCh￿e and
CDllection of artworks predomlnantly by R8SA members which reflects that herltage. We have been an Act￿dited
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 p￿VIOUSly (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 f￿e 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 exhIb￿lOn 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 eXhib￿lOn5 gaye all artists a
hlgh-proflle opportunlty to show the develOp￿nt 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 Marga￿t 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 w￿h
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 D1￿ctOr 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 p￿SenCe. 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
r￿stLY 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 ￿m￿neratIOn 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 d￿tY 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 ￿1￿CtorS 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 p￿SuMe 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 fra￿d 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
state￿￿t5 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 a￿dIt 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 o￿nIOnS we have formeil.
Peter 5mlth FCA Isenlor Statutory Audltorl
for and on behalf of J W Hlnks LLP
Chartered Accountants
and Statutory Aud￿Or5
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'.
un￿strICted 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 com￿nIeS
sublect to the srnall compan￿5 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 regIste￿d w￿h 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 I￿land. 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 p￿sented 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
eXpend￿ure 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 InCUr￿d 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
F￿ures, 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 dIffe￿nCe 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
Othe￿Ilse 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
reCoVe￿d.
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 pe￿0d5.
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
GaI￿ry 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 Fncuf￿d 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
Ir￿Coverable 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$
343￿33
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
dep￿cIated.
PIctu￿5 In the permanent coll￿tIon, 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£ern￿r 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
7￿70
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
I￿80
1180
TOTAL FUNDS
661,567
5,492
S67￿59
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
COM￿rat￿￿110T 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 f￿nd- Donated for events
Desl8llated fund- Property ImproVer￿ntS
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 cur￿nt 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