REGISTERED CHARITY NUMBER: SC052945
Trustees' Report and
Financial Statements For The Year Ended 30 June 2025
for
RSW SCIO
RSW SCIO
Contents of the Financial Statements For The Year Ended 30 June 2025
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|---|---|---|---|---|---|---|---|
|Page|
|Trustees’|Report|1|to|4|
|Independent|Examiner's|Report|5|
|Statement|of Financial|Activities|6|
|Statement|of Financial|Position|7|
|Notes|to|the|Financial|Statements|8|to|13|
|Detailed|Statement|of Financial|Activities|14|to|15|
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RSW SCIO
Trustees’ Report For The Year Ended 30 June 2025
The trustees present their report with the financial statements of the charity for the year ended 30 June 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective | January 2019).
OBJECTIVES AND ACTIVITIES
The objectives of the Society shall be to encourage and develop the art of painting in Watercolour and the appreciation of this art. The main funding sources to help achieve this voluntary income in terms of annual subscriptions and donations, investment income and income generated from the annual exhibition which include submission fees, hanging fees and catalogue sales. The charity arranges exhibitions and lectures, as decided by Council, in order to achieve its objectives. The objectives of the Society remain unchanged. The Council consider the objectives to have been achieved in the year.
Future plans
The 145th Annual Exhibition will be held in the Royal Scottish Academy, The Mound, Edinburgh, opening January 2026.
The exhibition is held with the help of Society members who appoint a convenor and a hanging team to select the works and other members who select the awards. Those members are appointed at the Annual General Assembly.
ACHIEVEMENTS AND PERFORMANCE
The 144th Annual Exhibition of the Society was held in the RSA January 2025; 301 works by artists were exhibited. Of these works, 100 were sold at a total value of £125,030. The Society generated commissions totalling £47,510 from the sale of the works.
The 144th Annual Exhibition generated a profit of £33,502 after the deduction of all relevant costs.
The 144th Annual Exhibition was the only exhibition held by the Society during the year.
FINANCIAL REVIEW
Financial position
The total income of the Society from all sources for the year was £110,336 (2024 - £93,962) and the total expenditure for the year was £75,987 (2024 - £74,219) as shown in the statement of financial activities on page 6.
The surplus for the year of £34,494 (2024 - £19,763 surplus) including the net gain on disposal of investments of £145 (2024 - £20 gain) has been carried forward and added to the capital account. The unrealised loss on investments in respect of the year total £8,733 (2024 - £16,292 gain) has also been deducted to the capital account. The capital account as at 30 June 2025 now stands at £452,924 (2024 - £427,163).
As is shown in Note 14, the total cost of the general fund quoted investments was £269,468 (2024 - £270,174). The market value of these investments at 30 June 2025 was £316,301 (2024 - £325,741).
Investment policy and objectives
The trustees have the power to invest in such securities by the Charities' and Trustee Investment (Scotland) Act 2005 and as set out in the Constitution. The trustees regularly take advice from the Society's advisers and are aware of the fluctuating performance of the investments. McInroy & Wood Ltd manage the portfolio on the basis that the investment objective is to achieve a balance between income and capital growth subject to a medium to high degree of risk.
Reserves policy
The capital account represents accumulated funds arising from past operating results, and the trustees are satisfied that the level held sufficient to meet all anticipated liabilities.
Page |
RSW SCIO
Trustees’ Report For The Year Ended 30 June 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
On 2nd April 2024, Royal Society of Painters in Watercolours (SC007247) became registered as a Scottish Charitable Incorporated Organisation, with the Office of the Scottish Charity Regulator (OSCR) and HM Revenue & Customs, governed by its SCIO constitution. The organisation was formerly an Unincorporated Society with Charitable Status.
The charity is controlled by its Constitution approved by the Members of 18 March 1878 and as amended thereafter.
Method of Appointing Council Members
The Office Bearers, the Ordinary Members of Council and the Hanging Committee shall be elected at the Annual General Assembly. The President shall hold office for one year and shall be eligible for re-election, the two Vice-Presidents shall hold office for three years and shall not be eligible for re-election for one year thereafter, the Honorary Treasurer shall hold office for one year and shall be eligible for re-election. The Ordinary Members of Council shall! also hold office for three years and four of them shall retire annually and_ shall not be eligible for re-election for one year thereafter. Only Members of the Society, who are considered to have adequate experience and training to fulfil roles are eligible to serve on Council.
Organisational structure
The Royal Scottish Society of Painters in Watercolour, formerly The Scottish Society of Watercolour Painters first met on 21 December 1877. The Society received the Royal Charter on | June 1891 and thereafter it was known as The Royal Scottish Society of Painters in Watercolour.
The business of the Society shall be managed by a Council consisting of a President, two Vice-Presidents, (one from the East and one from the West of Scotland), an Honorary Treasurer and up to twelve Ordinary Members.
The whole property of the Society both heritable and moveable shall be vested in the President, Vice Presidents (two) and Honorary Treasurer of the Society for the time being and their successors in Office as Trustees for the Society. The said Council shall have the powers of investment and all the privileges and immunities conferred on Gratuitous Trustees by Act of Parliament or otherwise.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Charity number SC052945
Principal address Regent Court 70 West Regent Street Glasgow G2 2QZ
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RSW SCIO
Trustees’ Report
For The Year Ended 30 June 2025
Trustees President Anthea Gage RSW Vice-President - West Jackie Stevenson RSW Vice-President - East Jenny Martin RSW Honorary Treasurer David E Johnston RSW
Members of Council Anne Skinner RSW Jenny Matthews RSW Catriona Mann PPRSW Clare Arbuthnott RSW Pascale Rentsch RSW Ann Cowan RSW
Hon Members Sir Peter Blake CBE RA Adrian Wiszniewski BA (Hons) RSA Hon Frias Roger C C Frame CA Gordon McAllister CA Lesley Nicholl Employees Administrator Mark Daniels
Independent Examiner McLay, McAlister & McGibbon LLP Registered Auditors and Chartered Accountants 145 St Vincent Street Glasgow G2 5JF
Bankers Bank of Scotland plc 54-62 Sauchiehall Street Glasgow G2 3AH
Investment Advisors Mclnroy & Wood Ltd Easter Alderston Haddington East Lothian EH41! 3SF
TRUSTEES' RESPONSIBILITY STATEMENT
The trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Page 3
RSW SCIO
Trustees' Report For The Year Ended 30 June 2025
TRUSTEES' RESPONSIBILITY STATEMENT - continued
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
-
select suitable accounting policies and then apply them consistently;
-
observe the methods and principles in the Charities SORP;
-
make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005 and The Charities Accounts (Scotland) Regulations 2006 (as amended). They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on Friday 27th March2026... and signed on its behalf by:
Anthea Gage RSW I rustee
Page 4
Independent Examiner's Report to the Trustees of RSW SCIO
I report on the accounts for the year ended 30 June 2025 set out on pages six to thirteen.
Respective responsibilities of trustees and examiner
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
Basis of the independent examiner's report
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
Independent examiner's statement
In connection with my examination, no matter has come to my attention :
-
(1) which gives me reasonable cause to believe that, in any material respect, the requirements
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to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
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to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Kara Rasrall
Fiona Russell The Institute of Chartered Accountants of Scotland
McLay, McAlister & McGibbon LLP Registered Auditors and Chartered Accountants
145 St Vincent Street Glasgow G2 5JF Date: BA(326..
Page 5
RSW SCIO
Statement of Financial Activities For The Year Ended 30 June 2025
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|---|---|---|---|---|---|---|
|2025|2024|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|INCOME|AND|ENDOWMENTS|FROM|
|Donations|and|legacies|3|21,029|26,469|
|Charitable|activities|5|
|Charitable|activities|79,229|58,687|
|Investment|income|4|10,078|8,806|
|Total|110,336|93,962|
|EXPENDITURE|ON|
|Raising|funds|
|Investment management|costs|6|780|768|
|780|768|
|Charitable|activities|7|
|Charitable|activities|75,207|73,451|
|Total|75,987|74,219|
|Net|gains|on|investments|145|20|
|NET INCOME|34,494|19,763|
|Other|recognised|gains/(losses)|
|Gains/(losses)|on|revaluation|of fixed|assets|(8,733)|16,292|
|Net|movement|in|funds|25,761|36,055|
|RECONCILIATION|OF|FUNDS|
|Total|funds|brought|forward|427,163|391,108|
|TOTAL FUNDS|CARRIED|FORWARD|452,924|427,163|
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The notes form part of these financial statements
Page 6
.
RSW SCIO
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|---|---|---|---|---|---|---|---|---|
|Statement|of Financial|Position|
|30|June|2025|
|2025|2024|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|FIXED|ASSETS|
|Tangible|assets|13|775|775|
|Investments|14|316,301|325,741|
|317,076|326,516|
|CURRENT ASSETS|
|Stocks|15|634|634|
|Cash|at|bank|and|in|hand|137,233|103,157|
|137,867|103,791|
|CREDITORS|
|Amounts|falling|due|within|one|year|16|(2,019)|(3,144)|
|NET CURRENT|ASSETS|135,848|100,647|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|452,924|427,163|
|NET ASSETS|452,924|427,163|
|FUNDS|17|
|Unrestricted|funds|452,924|427,163|
|TOTAL FUNDS|452,924|427,163|
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The financial statements were approved by the Board of Trustees and authorised for issue on . Friday, 27th March 2026 _............. and were signed on its behalf by:
of den Gog rustee
The notes form part of these financial statements
Page 7
RSW SCIO
- SCOTTISH CHARITABLE INCORPORATED ORGANISATION (SCIO)
Notes to the Financial Statements
For The Year Ended 30 June 2025
The Royal Scottish Society of Painters in Watercolours is a registered SCIO (Scottish Charitable Incorporated Organisation).
The charity's registered number is SC052945.
- ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)’, Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities and Trustee Investment (Scotland) Act 2005. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The charity has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’:
¢ the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Support costs
Support costs are allocated 100% to the charitable activities of the Society. Secretary's fees and wages are split 70% and 30% within support costs to other costs and governance costs respectively.
Tangible fixed assets
The Council have chosen not to charge depreciation on the paintings due to an expectation of appreciation in value. The Society has an asset, namely "Chain of Office" which is not included on the Statement of Financial Position. This is disclosed in the Tangible fixed asset note.
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
Taxation
The charity is exempt from tax on its charitable activities.
Investments
Investments are shown at market value. Realised gains and losses are taken to the Statement of Financial Activities. The investments of the Society are recognised on UK, European and Asian stock exchanges.
Page 8
continued...
RSW SCIO
Notes to the Financial Statements - continued For The Year Ended 30 June 2025
ACCOUNTING POLICIES - continued
Purpose of funds
The purpose of the funds of the Society shall after payment of all expenses in management and defending the rights of the Society be held exclusively for the purpose of encouraging and developing the Art of Painting in Watercolour and the appreciation of this Art, and to arrange Exhibitions or lectures as shall be decided by the Council.
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|---|---|---|---|---|---|---|
|3.|DONATIONS|AND|LEGACIES|
|2025|2024|
|£|£|
|Annual|subscriptions|17,319|16,634|
|Donations|3,600|9,805|
|Friends|of RSW|110|30|
|21,029|26,469|
|4.|INVESTMENT|INCOME|
|2025|2024|
|£|£|
|Investment|asset|income|10,078|8,806|
|5.|INCOME|FROM|CHARITABLE|ACTIVITIES|
|2025|2024|
|Charitable|Total|
|activities|activities|
|£|£|
|Income|from|Annual|Winter|Exhibition|47,510|38,558|
|Catalogue|sales|20,450|7,348|
|Submission|fees|7,404|9,531|
|Hanging|fees|3,865|3,250|
|79,229|58,687|
|6.|INVESTMENT MANAGEMENT COSTS|
|2025|2024|
|£|£|
|Investment management|costs|780|768|
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continued...
RSW SCIO
Notes to the Financial Statements - continued For The Year Ended 30 June 2025
| 7. | CHARITABLE ACTIVITIES COSTS | |||
|---|---|---|---|---|
| Direct | Support | |||
| Costs (see | costs (see | |||
| note 8) | note 9) | Totals | ||
| £ | £ | £ | ||
| Charitable activities | 45,727 | 29,480 | 75,207 | |
| 8. | DIRECT COSTS OF CHARITABLE ACTIVITIES | |||
| 2025 | 2024 | |||
| £ | £ | |||
| Exhibition costs | 25,759 | 24,140 | ||
| Public relations - Annual Exhibition | 5,521 | 6,947 | ||
| ESSA rent - Annual Exhibition | 14,447 | 9,938 | ||
| 45,727 | 41,025 | |||
| 9. | SUPPORTCOSTS | |||
| Governance | ||||
| Other | costs | Totals | ||
| £ | £ | £ | ||
| Charitable activities | 22,245 | 7,235 | 29,480 | |
| Support costs, included in the above, are as follows: | ||||
| Other | ||||
| 2025 | 2024 | |||
| Charitable | Total | |||
| activities | activities | |||
| £ | £ | |||
| Printing, postage& stationery | 336 | 1,025 | ||
| Sundries | 7,078 | 4,824 | ||
| Secretarial fees | 3,578 | 3,578 | ||
| Wages | 10,457 | 10,420 | ||
| Insurance | 796 | $24 | ||
| 22,245 | 20,671 | |||
| Governance costs | ||||
| 2025 | 2024 | |||
| Charitable | Total | |||
| activities | activities | |||
| £ | £ | |||
| Legal fees | - | 4,620 | ||
| Secretarial fees | 1,534 | 1,534 | ||
| Independent examination fee | 1,220 | 1,135 | ||
| Wages | 4,481 | 4,466 | ||
| 7,235 | 11,755 |
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continued...
RSW SCIO
Notes to the Financial Statements - continued For The Year Ended 30 June 2025
10. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 30 June 2025 nor for the year ended 30 June 2024.
Trustees’ expenses
No trustees received expenses for the year ended 30 June 2025 (2024: nil).
- STAFF COSTS
The average monthly number of employees during the year was as follows:
| 2025 | 2024 | ||
|---|---|---|---|
| Secretary | 1 | 1 | |
| No employees received emoluments in excess of£60,000. | |||
| 12. | RESULTS FORTHE YEAR | ||
| The surplus/deficit for the year include: | 2025 | 2024 | |
| £ | £ | ||
| Annual Exhibition surplus | 33,502 | 17,662 | |
| 33,502 | 17,662 | ||
| 13. | TANGIBLE FIXED ASSETS | ||
| Paintings | |||
| £ | |||
| COST | |||
| At 1 July 2024 and 30 June 2025 | 7715 | ||
| NET BOOK VALUE | |||
| At 30 June 2025 | 7715 | ||
| At 30 June 2024 | 775 | ||
| The Society's Chain ofOffice was donated in 1962 and has an insurance value of£3,482. | |||
| 14. | FIXED ASSET INVESTMENTS | ||
| Listed | |||
| investments | |||
| £ | |||
| MARKETVALUE | |||
| At | July 2024 | ||
| Disposals | (707) | ||
| Revaluations | (8,733) | ||
| At 30 June 2025 | 316,301 | ||
| NET BOOK VALUE | |||
| At 30 June 2025 | 316,301 | ||
| At30June2024 | 325,741 |
continued...
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RSW SCIO
Notes to the Financial Statements - continued For The Year Ended 30 June 2025
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|---|---|---|---|---|---|---|---|---|---|---|
|14.|FIXED|ASSET|INVESTMENTS-|continued|
|Investments|included|above|have|a|cost of £269,468|(2024|- £270,174)|at 30|June|2025.|
|Investments|are|held|primarily|to|generate|a|return|for|the|society.|
|Cost|or|valuation|at|30|June|2025|is|represented|by:|
|Listed|
|investments|
|£|
|Valuation|in|2025|316,301|
|15.|STOCKS|
|2025|2024|
|£|£|
|Stocks|634|634|
|16.|CREDITORS:|AMOUNTS|FALLING|DUE|WITHIN|ONE YEAR|
|2025|2024|
|£|£|
|Social|security|and|other|taxes|-|129|
|Accruals|and|deferred|income|2,019|3,015|
|2,019|3,144|
|17.|MOVEMENT|IN|FUNDS|
|Net|
|movement|At|
|At|1.7.24|in|funds|30.6.25|
|£|£|£|
|Unrestricted|funds|
|General|fund|427,163|25,761|452,924|
|TOTAL FUNDS|427,163|25,761|452,924|
|Net|movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|110,336|(75,987)|(8,588)|25,761|
|TOTAL FUNDS|110,336|(75,987)|(8,588)|25,761|
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continued...
RSW SCIO
Notes to the Financial Statements - continued For The Year Ended 30 June 2025
17. MOVEMENT IN FUNDS- continued
Comparatives for movement in funds
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||||||
|---|---|---|---|---|
|Net|
|movement|At|
|At|1.7.23|in|funds|30.6.24|
|£|£|£|
|Unrestricted|funds|
|General|fund|391,108|36,055|427,163|
|TOTAL FUNDS|391,108|36,055|427,163|
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Comparative net movement in funds, included in the above are as follows:
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|||||||
|---|---|---|---|---|---|
|Incoming|Resources|Gains|and|Movement|
|resources|expended|losses|in|funds|
|£|£|£|£|
|Unrestricted|funds|
|General|fund|93,962|(74,219)|16,312|36,055|
|TOTAL FUNDS|93,962|(74,219)|16,312|36,055|
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18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2025.
Page 13
RSW SCIO
Detailed Statement of Financial Activities For The Year Ended 30 June 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Annual subscriptions | 17,319 | 16,634 |
| Donations | 3,600 | 9,805 |
| Friends ofRSW | 110 | 30 |
| 21,029 | 26,469 | |
| Investment income | ||
| Investment asset income | 10,078 | 8,806 |
| Charitable activities | ||
| Income from Annual Winter Exhibition | 47,510 | 38,558 |
| Catalogue sales | 20,450 | 7,348 |
| Submission fees | 7,404 | 9,531 |
| Hanging fees | 3,865 | 3,250 |
| 79,229 | 58,687 | |
| Total incoming resources | 110,336 | 93,962 |
| EXPENDITURE | ||
| Investmentmanagement costs | ||
| Investment management costs | 780 | 768 |
| Charitable activities | ||
| Exhibition costs | 25,759 | 24,140 |
| Public relations - Annual Exhibition | 5,521 | 6,947 |
| ESSA rent -Annual Exhibition | 14,447 | 9,938 |
| 45,727 | 41,025 | |
| Support costs | ||
| Other | ||
| Printing, postage & stationery | 336 | 1,025 |
| Sundries | 7,078 | 4,824 |
| Secretarial fees | 3,578 | 3,578 |
| Wages | 10,457 | 10,420 |
| Insurance | 796 | 824 |
| 22,245 | 20,671 | |
| Governance costs | ||
| Legal fees | - | 4,620 |
| Secretarial fees | 1,534 | 1,534 |
| Carriedforward | 1,534 | 6,154 |
This page does not form part of the statutory financial statements
Page 14
RSW SCIO
Detailed Statement of Financial Activities For The Year Ended 30 June 2025
| 2025 | 2024 | |
|---|---|---|
| £ | £ | |
| Governance costs | ||
| Brought forward | 1,534 | 6,154 |
| Independent examination fee | 1,220 | 1,135 |
| Wages | 4,481 | 4,466 |
| 7,235 | 11,755 | |
| Total resources expended | 75,987 | 74,219 |
| Net income before gains and losses | 34,349 | 19,743 |
| Realised recognised gains and losses | ||
| Gain/(loss) on investment assets | 145 | 20 |
| Netincome | 34,494 | 19,763 |
This page does not form part of the statutory financial statements
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