IRIS Accounts Production v23.1.0.753 Other Company accounts True false Pounds 1.1.22 31.12.22 31.12.22 FY Mrs H Nagl A Wiszniewski Mrs R Beaton P Thomson Ms R Beaton Ms E T J George Ms K J H Henderson Ms S Thomas P Holmes Mrs E H O Dudley FRS 102 Independent examiner Large and medium-sized companies regime for accounts Full Charities SORP true true true true false true false false iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureSC0009122021-12-31SC0009122022-12-31SC0009122022-01-012022-12-31SC0009122020-12-31SC0009122021-01-012021-12-31SC0009122021-12-31SC000912ns22:CharitableCompanyLimitedByGuarantee2022-01-012022-12-31SC000912ns15:PoundSterling2022-01-012022-12-31SC000912ns22:Trustee22022-01-012022-12-31SC000912ns22:Trustee32022-01-012022-12-31SC000912ns22:Trustee42022-01-012022-12-31SC000912ns22:Trustee52022-01-012022-12-31SC000912ns22:Trustee62022-01-012022-12-31SC000912ns22:Trustee72022-01-012022-12-31SC000912ns22:Trustee82022-01-012022-12-31SC000912ns22:Trustee12022-01-012022-12-31SC000912ns22:Trustee92022-01-012022-12-31SC000912ns22:Trustee102022-01-012022-12-31SC000912ns11:FRS1022022-01-012022-12-31SC000912ns11:IndependentExaminationCharity2022-01-012022-12-31SC000912ns11:LargeMedium-sizedCompaniesRegimeForAccounts2022-01-012022-12-31SC000912ns11:FullAccounts2022-01-012022-12-31SC000912ns11:CharitiesSORP2022-01-012022-12-31SC000912ns16:EnglandWales2022-01-012022-12-31SC000912ns11:RegisteredOffice2022-01-012022-12-31SC000912ns22:TotalUnrestrictedFunds2022-01-012022-12-31SC000912ns22:TotalRestrictedIncomeFunds2022-01-012022-12-31SC000912ns22:TotalEndowmentFunds2022-01-012022-12-31SC000912ns22:Activity92022-01-012022-12-31SC000912ns22:Activity9ns22:TotalUnrestrictedFunds2022-01-012022-12-31SC000912ns22:Activity9ns22:TotalRestrictedIncomeFunds2022-01-012022-12-31SC000912ns22:TotalEndowmentFundsns22:Activity92022-01-012022-12-31SC000912ns22:Activity92021-01-012021-12-31SC000912ns22:TotalUnrestrictedFunds2021-12-31SC000912ns22:TotalRestrictedIncomeFunds2021-12-31SC000912ns22:TotalEndowmentFunds2021-12-31SC000912ns22:TotalUnrestrictedFunds2022-12-31SC000912ns22:TotalRestrictedIncomeFunds2022-12-31SC000912ns22:TotalEndowmentFunds2022-12-31SC000912ns22:TotalUnrestrictedFundsns6:WithinOneYear2022-12-31SC000912ns22:TotalRestrictedIncomeFundsns6:WithinOneYear2022-12-31SC000912ns22:TotalEndowmentFundsns6:WithinOneYear2022-12-31SC000912ns6:WithinOneYear2022-12-31SC000912ns6:WithinOneYear2021-12-31SC00091212022-01-012022-12-31SC00091222022-01-012022-12-31SC00091232022-01-012022-12-31SC00091212022-01-012022-12-31SC00091212021-01-012021-12-31SC000912ns6:OwnedAssets2022-01-012022-12-31SC000912ns6:OwnedAssets2021-01-012021-12-31SC000912ns22:TotalUnrestrictedFunds2021-01-012021-12-31SC000912ns22:TotalRestrictedIncomeFunds2021-01-012021-12-31SC000912ns22:TotalEndowmentFunds2021-01-012021-12-31SC000912ns22:Activity9ns22:TotalUnrestrictedFunds2021-01-012021-12-31SC000912ns22:Activity9ns22:TotalRestrictedIncomeFunds2021-01-012021-12-31SC000912ns22:TotalEndowmentFundsns22:Activity92021-01-012021-12-31SC000912ns6:OwnedOrFreeholdAssetsns6:LandBuildings2021-12-31SC000912ns6:FurnitureFittings2021-12-31SC000912ns6:MotorVehicles2021-12-31SC000912ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-01-012022-12-31SC000912ns6:FurnitureFittings2022-01-012022-12-31SC000912ns6:MotorVehicles2022-01-012022-12-31SC000912ns6:OwnedOrFreeholdAssetsns6:LandBuildings2022-12-31SC000912ns6:FurnitureFittings2022-12-31SC000912ns6:MotorVehicles2022-12-31SC000912ns6:OwnedOrFreeholdAssetsns6:LandBuildings2021-12-31SC000912ns6:FurnitureFittings2021-12-31SC000912ns6:MotorVehicles2021-12-31SC000912ns6:CostValuationns6:ListedExchangeTraded2021-12-31SC000912ns6:AdditionsToInvestmentsns6:ListedExchangeTraded2022-12-31SC000912ns6:DisposalsRepaymentsInvestmentsns6:ListedExchangeTraded2022-12-31SC000912ns6:RevaluationsIncreaseDecreaseInInvestmentsns6:ListedExchangeTraded2022-12-31SC000912ns6:CostValuationns6:ListedExchangeTraded2022-12-31
REGISTERED COMPANY NUMBER: SC000912 (Scotland)
REGISTERED CHARITY NUMBER: SC014650














Report of the Trustees and

Financial Statements For The Year Ended 31 December 2022

for

Royal Glasgow Institute Of the
Fine Arts.

Royal Glasgow Institute Of the
Fine Arts.






Contents of the Financial Statements
For The Year Ended 31 December 2022




Page

Report of the Trustees 1 to 4

Independent Examiner's Report 5

Statement of Financial Activities 6

Balance Sheet 7 to 8

Notes to the Financial Statements 9 to 19

Royal Glasgow Institute Of the
Fine Arts. (Registered number: SC000912)

Report of the Trustees
For The Year Ended 31 December 2022


The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2022. 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 1 January 2019).

OBJECTIVES AND ACTIVITIES
Objectives and aims
The objects of the Institute shall be to promote, encourage and develop the Arts. The charity arranges exhibitions and lectures, as decided by Council, in order to achieve its objectives. The objectives of the Institute remain unchanged. The Council consider the objectives to have been achieved in the year.

Significant activities
The Institute held regular Art Exhibitions in the first half of the financial year at the Kelly Gallery, 118 Douglas Street, Glasgow. In an effort to reduce costs, Council decided to close the Gallery in July 2022.

Grantmaking
Under the terms of the Constitution, the Council have powers to grant relief to other associations or individuals with objects altogether or in part similar to those of the Institute.

ACHIEVEMENT AND PERFORMANCE
Charitable activities
The total income of the Institute from all sources was £13,547 (2021 - £25,844) and the total expenditure for the year was £45,838 (2021 - £67,185), as shown in the Statement of Financial Activities incorporating Income and Expenditure Account on page 6.

The loss for the year prior to gains/ losses on the investment portfolio amounted to £32,291 (2021 - loss £41,341). The overall loss for the year was increased (2021 reduced) by the decrease (2021 increase) in value of the investment portfolio over the year totalling a loss of £18,716 (2021 - gain £21,310). The total funds of the Institute as at 31 December 2022 amounted to £367,563 (2021 - £418,570).

Investment performance
As is shown in Note 13, the total cost of the general fund quoted investments as at 31 December 2022 amounted to £188,341 (2021 - £203,020). The market value of the investments at 31 December 2022 totalled £187,392 (2021 - £237,353).

FINANCIAL REVIEW
Investment policy and objectives
The Council have the power to invest in such securities as authorised by the Charities' and Trustees Investment (Scotland) Act 2005 and as set out in the Constitution. The Council regularly take advice from the Institute’s advisers and are aware of the fluctuating performance of the investments.

Reserves policy
The Council has examined the charity's requirements for reserves in light of the main risks to the organisation. The unrestricted funds are mainly invested to generate investment income to finance the on-going activities of the charity. Whilst the charity could readily realise cash if required from the investment portfolio, a cash reserve is held to cover between 3 and 6 months of normal expenditure.

FUTURE PLANS
In April 2023, an election was held and approximately 20 new RGI's were elected. Council continues to work on plans to further the objects of the Institute.


Royal Glasgow Institute Of the
Fine Arts. (Registered number: SC000912)

Report of the Trustees
For The Year Ended 31 December 2022

STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a memorandum and articles of association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.

The Royal Glasgow Institute of the Fine Arts, formerly The Glasgow Institute of the Fine Arts first met on 29 May 1861. The Institute received the Royal Charter in June 1896 and thereafter it was known as The Royal Glasgow Institute of the Fine Arts and is regulated by a Constitution approved by the Members on 21 August 1879 and as amended thereafter.

Recruitment and appointment of new trustees
The Office Bearers, the Ordinary Members of Council and the Hanging Committee shall be elected at the Annual General Meeting. The President, Honorary Treasurer and Convenor shall hold office for one year and shall be eligible for re-election. There are no restrictions on the number of consecutive years these offices' can be held. The Members of Council, both Artist and Lay, hold office for three years and shall be eligible for re-election. After holding the office for six years the member must retire for one year, before being eligible for re-election. Only Members of the Institute, who are considered to have adequate experience and training to fulfil roles, are eligible to serve on Council.

Organisational structure
The business of the Institute shall be managed by a Council consisting of a President, an Honorary Treasurer, an Honorary Secretary, an Honorary Convenor and thirteen Members.

Induction and training of new trustees
Most trustees are already familiar with the practical work of the charity and informal induction takes place to familiarise themselves with the charity and the context within which it operates. The inductions are led by members of Council and cover the following areas:

- The obligations of Council members.
- The main documents which set out the operational framework for the charity including the Constitution.
- Resourcing and the current financial position as set out in the latest published accounts.
- Future plans and objectives.

Risk management
The Council have assessed the risks to which the Institute is exposed. The main risk to the Institute is the value and income generated by the equity investments on the London Stock Exchange, which is monitored by the Charity's advisors, Rathbones, and the Council. Since the year end the Council have handed over investment management powers to Rathbones. The Council is satisfied with the risk management procedures.

REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
SC000912 (Scotland)

Registered Charity number
SC014650

Registered office
Regent Court
70 West Regent Street
Glasgow
G2 2QZ


Royal Glasgow Institute Of the
Fine Arts. (Registered number: SC000912)

Report of the Trustees
For The Year Ended 31 December 2022

Trustees
President Sharon Thomas (appointed 23 November 2022)
Adrian Wiszniewski (resigned 3 March 2022)

Honorary President Vacant

Honorary Vice-President Vacant

Honorary Treasurer Paul A Holmes (appointed 2 March 2023)
Jean M H Moyes (appointed 9 September 2022, resigned 21 November 2022)

Honorary Secretary Elizabeth H O Dudley (appointed 4 May 2023)
Janice Drummond (appointed 5 October 2022, resigned 21 November 2022)

Honorary Convenor Hazel Nagl RSW RGI PAI (appointed 14 August 2023)

Members of Council
The President
The Honorary Treasurer
The Honorary Secretary
The Honorary Convenor
E Thyme George (resigned 23 May 2022)
Rosemary Beaton (resigned 7 March 2022)
Katharine JH Henderson (resigned 23 March 2022)
Murray Young (appointed 3 March 2022)
Abbas Shaharyar (appointed 5 October 2022, resigned 23 January 2023)
Angeline Mwafulirwa (appointed 14 August 2023)

Representatives from Glasgow City Council
Christy Mearns (appointed 5 October 2022)

Company Secretaries
Robb Ferguson Chartered Accountants
70 West Regent Street
Glasgow G2 2QZ

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 Advisers
Rathbone Investment Management
50 George Square
Glasgow
G2 1EH


Royal Glasgow Institute Of the
Fine Arts. (Registered number: SC000912)

Report of the Trustees
For The Year Ended 31 December 2022

STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Royal Glasgow Institute of the Fine Arts. for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company 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 Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company 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 charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

- there is no relevant audit information of which the charitable company's auditors are unaware; and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.

Approved by order of the board of trustees on 5 October 2023 and signed on its behalf by:





Ms S Thomas - Trustee

Independent Examiner's Report to the Trustees of
Royal Glasgow Institute Of the
Fine Arts.

I report on the accounts for the year ended 31 December 2022 set out on pages six to nineteen.

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

- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- 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.








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

12 October 2023

Royal Glasgow Institute Of the
Fine Arts.

Statement of Financial Activities
(Incorporating an Income and Expenditure Account)
For The Year Ended 31 December 2022

2022 2021
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
Notes £    £    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 2 6,425 - - 6,425 10,638

Charitable activities 4
Income from Kelly Gallery 933 - - 933 7,783

Investment income 3 5,043 - 1,146 6,189 7,423
Total 12,401 - 1,146 13,547 25,844

EXPENDITURE ON
Raising funds 5 36,538 - - 36,538 57,135


Other 9,300 - - 9,300 10,050
Total 45,838 - - 45,838 67,185

Net gains/(losses) on
investments

(12,599

)

-

(6,117

)

(18,716

)

21,310

NET
INCOME/(EXPENDITURE)

(46,036

)

-

(4,971

)

(51,007

)

(20,031

)
Transfers between funds 15 13,772 - (13,772 ) - -
Net movement in funds (32,264 ) - (18,743 ) (51,007 ) (20,031 )

RECONCILIATION OF FUNDS
Total funds brought forward 376,035 - 42,535 418,570 438,601

TOTAL FUNDS CARRIED
FORWARD

343,771

-

23,792

367,563

418,570

Royal Glasgow Institute Of the
Fine Arts. (Registered number: SC000912)

Balance Sheet
31 December 2022

2022 2021
Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
Notes £    £    £    £    £   
FIXED ASSETS
Tangible assets 11 182,228 - - 182,228 185,928
Investments 12 163,600 - 23,792 187,392 237,353
345,828 - 23,792 369,620 423,281

CURRENT ASSETS
Debtors 13 2,063 - - 2,063 1,907
Cash at bank 16,027 - - 16,027 17,556
18,090 - - 18,090 19,463

CREDITORS
Amounts falling due within one
year

14

(20,147

)

-

-

(20,147

)

(24,174

)

NET CURRENT ASSETS (2,057 ) - - (2,057 ) (4,711 )

TOTAL ASSETS LESS
CURRENT LIABILITIES

343,771

-

23,792

367,563

418,570

NET ASSETS 343,771 - 23,792 367,563 418,570
FUNDS 15
Unrestricted funds 343,771 376,035
Endowment funds 23,792 42,535
TOTAL FUNDS 367,563 418,570

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.


The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.


The trustees acknowledge their responsibilities for
(a)ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.


Royal Glasgow Institute Of the
Fine Arts. (Registered number: SC000912)

Balance Sheet - continued
31 December 2022

These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.


The financial statements were approved by the Board of Trustees and authorised for issue on 5 October 2023 and were signed on its behalf by:





S Thomas - Trustee

Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements
For The Year Ended 31 December 2022

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements of the charitable company, 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), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. 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 Trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

Judgements and key sources of estimation uncertainty
In the application of the company's accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised, if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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 costs 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.

Tangible fixed assets
The Kelly Gallery was revalued during the year to 31 December 2020 (note 12) and its estimated useful life was reassessed as being 50 years. Depreciation will be provided at a rate of 2% per annum on a straight line basis in subsequent years.

Depreciation is provided on computer equipment and fixtures and fittings on a 3 year straight line basis.

No depreciation is provided for the Chain of Office as the Council consider the carrying value to be an accurate assessment of its current value.

Taxation
The company is a charity within the meaning of paragraph 1(2) of Schedule 6 of the Finance Act 2010. Accordingly the company is potentially exempt from taxation in respect of income or capital gains received within categories covered by Section 479 of the Corporation Tax Act 2010 or Section 256 of Taxation of Chargeable Gains Act 1992 to the extent that such income or gains are applied to exclusively charitable purposes.

Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.

Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.


Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

1. ACCOUNTING POLICIES - continued

Fund accounting
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 the appreciation of Art and to arrange Exhibitions or lectures as shall be decided by the Council

Endowment Funds;-

Torrance Memorial Fund
This Award was initiated to provide an Award of £250, to a young Artist for the most promising work selected by a duly appointed Awards Committee.

Schotz Bequest
This award of £250 is for best work submitted by a young sculptor which is selected by a duly appointed Awards Committee.

Caram Trust
On the 18 December 1990, a bequest was made to the institute on behalf of Mr William Cuthbert. An award of £500 is to be made for a work of distinction for a young artist, which is selected by a duly appointed Awards Committee.

Armour Fund
This award of £1,000 is for a landscape or still life work of distinction by a young painter, which is selected by a duly appointed Awards Committee.

Mackinlay Fund
This bequest was made on behalf of Mabel Mackinlay on 4 July 1989. An award was to be set up in Mabel's name, with no restrictions on entries. The selection is to be made by a nominated representative.

Cash at bank and in hand
Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

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 the UK Stock Exchanges.

Employees and Council Remuneration
No Council Member receives any remuneration or expenses, except as disclosed in note 8.

Direct Costs
Direct costs comprise the costs incurred in respect of the annual exhibition and in respect of the other sales made at the Kelly Gallery.

Support costs
Support costs comprise the costs incurred in the day-to-day running of the late Institute, including the costs of operating the Kelly Gallery which is the principal administration centre for the Institute.


Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

2. DONATIONS AND LEGACIES
2022 2021
£    £   
Annual subscriptions 6,425 9,638
Donations - 1,000
6,425 10,638

3. INVESTMENT INCOME
2022 2021
£    £   
Interest receivable - trading 21 -
Investment income 6,168 7,423
6,189 7,423

4. INCOME FROM CHARITABLE ACTIVITIES
2022 2021
Income
from
Kelly Total
Gallery activities
£    £   
Kelly Gallery income 933 7,783

5. RAISING FUNDS

Other trading activities
2022 2021
£    £   
Staff costs 17,609 30,548
Premises expenses 4,539 6,859
Printing, post & stationery 2,291 3,086
Advertising 1,255 1,110
Sundry 2,971 3,566
Payments to Artists 673 4,199
RGI Grad Awards 1,000 -
Exhibition costs - 1,150
Depreciation 3,700 4,117
34,038 54,635


Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

5. RAISING FUNDS - continued

Investment management costs
2022 2021
£    £   
Support costs 2,500 2,500

Aggregate amounts 36,538 57,135

6. SUPPORT COSTS
Governance
costs
£   
Investment management costs 2,500
Other resources expended 9,300
11,800

Support costs, included in the above, are as follows:

Governance costs
2022 2021
Investment Other
management resources Total Total
costs expended activities activities
£    £    £    £   
Secretary & accountancy fee - 7,800 7,800 7,800
Investment management costs 2,500 - 2,500 2,500
Independent examiner' fee - 1,500 1,500 1,600
Legal and professional fees - - - 650
2,500 9,300 11,800 12,550

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

2022 2021
£    £   
Depreciation - owned assets 3,700 4,116
Realised (gain)/loss on investment (18,716 ) (21,310 )


Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

8. TRUSTEES' REMUNERATION AND BENEFITS

No trustees received remuneration in the year ending 31 December 2022 (2021: Nil).

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 December 2022 nor for the year ended 31 December 2021.


9. STAFF COSTS

The average monthly number of employees during the year was as follows:

2022 2021
Gallery assistant 2 2

20222021
££

Wages and salaries17,29929,938
Pension costs310610
17,60930,548

During the period, no employee received emoluments above £60,000.

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted Restricted Endowment Total
funds funds funds funds
£    £    £    £   
INCOME AND ENDOWMENTS FROM
Donations and legacies 10,638 - - 10,638

Charitable activities
Income from Kelly Gallery 7,783 - - 7,783

Investment income 6,428 - 995 7,423
Total 24,849 - 995 25,844

EXPENDITURE ON
Raising funds 57,135 - - 57,135


Other 10,050 - - 10,050
Total 67,185 - - 67,185

Net gains on investments 20,430 - 880 21,310

NET INCOME/(EXPENDITURE) (21,906 ) - 1,875 (20,031 )
Transfers between funds 11,771 - (11,771 ) -

Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

10. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued
Unrestricted Restricted Endowment Total
funds funds funds funds
£    £    £    £   
Net movement in funds (10,135 ) - (9,896 ) (20,031 )

RECONCILIATION OF FUNDS
Total funds brought forward 386,170 - 52,431 438,601

TOTAL FUNDS CARRIED FORWARD 376,035 - 42,535 418,570

11. TANGIBLE FIXED ASSETS
Fixtures
Kelly and Chain of
Gallery fittings Office Totals
£    £    £    £   
COST
At 1 January 2022 and 31 December 2022 185,000 4,461 4,628 194,089
DEPRECIATION
At 1 January 2022 3,700 4,461 - 8,161
Charge for year 3,700 - - 3,700
At 31 December 2022 7,400 4,461 - 11,861
NET BOOK VALUE
At 31 December 2022 177,600 - 4,628 182,228
At 31 December 2021 181,300 - 4,628 185,928

The Institute's premises at the Kelly Gallery, 110 Douglas Street, Glasgow, G2 4ET were valued, on an existing use basis, at a valuation of £185,000 in September 2021. The valuation was carried out by David Allison & Company, Chartered Surveyors and the revaluation has been incorporated into the financial statements.

On the historical cost basis, the Kelly Gallery would have been included as follows:

20222021
£   £   
Cost112,150112,150

Cumulative depreciation based on cost55,56851,868

The Society's Chain of Office which was donated in 1962 has an insurance value of £5,000.


Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

12. FIXED ASSET INVESTMENTS
Listed
investments
£   
MARKET VALUE
At 1 January 2022 237,353
Additions 64,837
Disposals (96,082 )
Revaluations (18,716 )
At 31 December 2022 187,392
NET BOOK VALUE
At 31 December 2022 187,392
At 31 December 2021 237,353

The market value of fixed asset investments includes £92,333 (2021: £82,714) of foreign investments assets.

Cost or valuation at 31 December 2022 is represented by:

Listed
investments
£   
Valuation in 2022 187,392

Cost at 31 December 2022 - £188,341 (31 December 2021 - £203,020).

Investments are held primarily to generate a return for the Society.

The following quoted investments comprise more than 5% of the total market value:

Cost MarketValue
Aberdeen Standard Fund Gbl Index Bond S Instl Inc £11,439 £10,274

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
VAT 1,002 668
Prepayments and accrued income 1,061 1,239
2,063 1,907


Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2022 2021
£    £   
Trade creditors 558 1,606
Social security and other taxes - 510
Other creditors 17,289 18,618
Deferred income 2,300 3,440
20,147 24,174

15. MOVEMENT IN FUNDS
Net Transfers
movement between At
At 1.1.22 in funds funds 31.12.22
£    £    £    £   
Unrestricted funds
General Fund 376,035 (46,036 ) 13,772 343,771

Endowment funds
Torrance Memorial 580 (45 ) (535 ) -
Schotz Bequest 870 (68 ) (802 ) -
Caram Trust 12,962 (2,256 ) (432 ) 10,274
Armour Award 22,450 (2,467 ) (8,982 ) 11,001
Mackinlay Award 5,673 (135 ) (3,021 ) 2,517
42,535 (4,971 ) (13,772 ) 23,792
TOTAL FUNDS 418,570 (51,007 ) - 367,563

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 12,401 (45,838 ) (12,599 ) (46,036 )

Endowment funds
Torrance Memorial 1 - (46 ) (45 )
Schotz Bequest 1 - (69 ) (68 )
Caram Trust 432 - (2,688 ) (2,256 )
Armour Award 655 - (3,122 ) (2,467 )
Mackinlay Award 57 - (192 ) (135 )
1,146 - (6,117 ) (4,971 )
TOTAL FUNDS 13,547 (45,838 ) (18,716 ) (51,007 )


Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

15. MOVEMENT IN FUNDS - continued

Comparatives for movement in funds

Net Transfers
movement between At
At 1.1.21 in funds funds 31.12.21
£    £    £    £   
Unrestricted funds
General Fund 386,170 (21,906 ) 11,771 376,035

Endowment funds
Torrance Memorial 3,742 91 (3,253 ) 580
Schotz Bequest 836 34 - 870
Caram Trust 14,476 589 (2,103 ) 12,962
Armour Award 28,359 (201 ) (5,709 ) 22,449
Mackinlay Award 5,018 1,362 (706 ) 5,674
52,431 1,875 (11,771 ) 42,535
TOTAL FUNDS 438,601 (20,031 ) - 418,570

Comparative 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 24,849 (67,185 ) 20,430 (21,906 )

Endowment funds
Torrance Memorial 2 - 89 91
Schotz Bequest - - 34 34
Caram Trust 152 - 437 589
Armour Award 744 - (945 ) (201 )
Mackinlay Award 97 - 1,265 1,362
995 - 880 1,875
TOTAL FUNDS 25,844 (67,185 ) 21,310 (20,031 )

Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

15. MOVEMENT IN FUNDS - continued

A current year 12 months and prior year 12 months combined position is as follows:

Net Transfers
movement between At
At 1.1.21 in funds funds 31.12.22
£    £    £    £   
Unrestricted funds
General Fund 386,170 (67,942 ) 25,543 343,771

Endowment funds
Torrance Memorial 3,742 46 (3,788 ) -
Schotz Bequest 836 (34 ) (802 ) -
Caram Trust 14,476 (1,667 ) (2,535 ) 10,274
Armour Award 28,359 (2,668 ) (14,691 ) 11,000
Mackinlay Award 5,018 1,227 (3,727 ) 2,518
52,431 (3,096 ) (25,543 ) 23,792
TOTAL FUNDS 438,601 (71,038 ) - 367,563

A current year 12 months and prior year 12 months combined 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 37,250 (113,023 ) 7,831 (67,942 )

Endowment funds
Torrance Memorial 3 - 43 46
Schotz Bequest 1 - (35 ) (34 )
Caram Trust 584 - (2,251 ) (1,667 )
Armour Award 1,399 - (4,067 ) (2,668 )
Mackinlay Award 154 - 1,073 1,227
2,141 - (5,237 ) (3,096 )
TOTAL FUNDS 39,391 (113,023 ) 2,594 (71,038 )

Fund details are included within note 1 to the accounts on page 10.

Transfers between funds

The transfers between funds in the prior year are in respect of the restatement of investments held in the endowment funds.


Royal Glasgow Institute Of the
Fine Arts.

Notes to the Financial Statements - continued
For The Year Ended 31 December 2022

16. RELATED PARTY DISCLOSURES

Other than as disclosed in note 8, there were no related party transactions for the year ended 31 December 2022.

17. NET ASSETS OVER FUNDS

Unrestricted Restricted Endowment Total
Funds Funds Funds 2022
31 December 2022 £ £ £ £

Tangible assets 182,228 - - ,182,228
Investments 163,600 - 23,792 187,392
Debtors 2,062 - - 2,062
Bank 16,027 - - 16,027
Creditors (20,141 ) - - (20,141 )
343,776 - 23,792 367,568

18. LIMITED COMPANY

The Royal Glasgow Institute for the Fine Arts is a private limited company, limited by guarantee. The liability of the members in the event of the company being wound up is restricted to £1.