REGISTERED COMPANY NUMBER: 02023615 (England and Wales)

REGISTERED CHARITY NUMBER: 294590

Report of the Trustees and

Unaudited Financial Statements

for the Year Ended 31 March 2025

for

Royal Society Of British Artists Limited

(a company limited by guarantee)

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

18

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 March 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 1 January 2019).

OBJECTIVES AND ACTIVITIES

Objectives and aims

The results for the year and the financial position of the company is shown in the attached financial statements. The company is limited by guarantee (Company Number: 02023615) and is a registered charity (Registration Number: 294590).

Principal activities and objectives of the charity

In line with the charity's purpose in its governing documents, the charity's principal activities during the year under review are that of the promotion and advancement of public education in the arts of painting, sculpture, drawing and printmaking.

Public benefit

The directors / trustees have referred to and given due consideration to the guidance in the Charity Commission's general guidance on public benefit when reviewing the above aims and objectives and in planning future activities. In particular, directors / trustees consider how planned activities will contribute to the aims and objectives they have set.

Grantmaking

Grants are made by the Council of the RBA. They are awarded by committees whose composition changes annually and are judged on artistic grounds. The President of the RBA chairs the committees and has the casting vote. Grants and donations are carefully considered and are only made when it is certain that the donations contribute towards the charity achieving its objectives.

ACHIEVEMENTS AND PERFORMANCE

Charitable activities

The Royal Society of British Artists Limited (RBA) continues to champion and promote the work of young artists, students, and emerging talent - as well as more established practitioners. We also offer learning opportunities for the general public through our programme of workshops and demonstrations and public lectures, held during the RBA Annual Exhibition at Mall Galleries.

The 2024/25 season marked a year of change. Mick Davies, who had served as the Society's President for the past five years, stood down. Michael Harrison was duly elected by the membership and assumed the role. Brenda Davies relinquished her position as Honorary Secretary and was elected an Honorary Fellow in recognition of her unstinting service to the Society over the years. The Society expresses its gratitude to both.

We are also appreciative of the assistance provided by Cheryl Culver, who took on the role of Honorary Secretary for a short period - her support is warmly acknowledged.

The Society was also informed of the intention of our Honorary Treasurer, Francis Drasar, to step down at the AGM in March 2026. His contribution has been invaluable, and he will truly be a hard act to follow.

We are proud to continue offering the RBA Rome Scholarship, made possible by a generous bequest from the late Mr G.H. Benn, in memory of his wife, Marianne Von Werther, a former member of the RBA. The RBA RISING STARS initiative, established in 2015, has become a key part of our annual programme.

This year, 40 young artists aged 18-35 were selected by our Education Committee as semi-finalists for the Rome Scholarship. Their work was exhibited in the RBA RISING STARS exhibition, held in partnership with the Royal Over-Seas League (ROSL) in Mayfair. Their work was on show and available for purchase at ROSL for a period of three months. We are deeply indebted to Louis Chapple and his staff for enabling this event.

Our collaboration with Honorary Member Huaicun Zhang has deepened and flourished, enabling the Society to raise its public profile and expand the prize fund for the RBA RISING STARS and Rome Scholarship exhibition.

From the semi-finalists, three finalists were selected and invited to interviews at Mall Galleries to determine the scholarship winner. The award comprised a month's residency at Sala Uno in Rome, including flights, half-board accommodation, and access to studio space. The winner also received £5,000 in cash, with the two runners-up each receiving £1,000. The 2023 winner was Joshua Donkor, who spent September in Rome.

At the 2025 Annual Exhibition, we once again included over non-member artists, exhibiting alongside RBA members, a total of 554 artworks were displayed comprising 275 by Member artist and 279 by open entry artists. Thanks to a generous donation from Mrs Zhang and her daughter, Xian Chen, our Patron, we were able to offer substantial prizes to member and non-member exhibiting artists. Visitor attendance at the Exhibition Private View exceeded 600 - a record for any FBA event.

A wide range of prizes and awards were presented during the exhibition, with donors encouraged to select the recipients themselves. This approach ensures fairness and inclusivity across both members and non-members. We are proud that many of the awards went to young artists, including both current and past RISING STARS.

Our partnership with Qualiart, the Japanese Art Society, has continued to grow. Once again, RBA artists were featured in their beautifully produced catalogue and invited to take part in the MINERVA exhibition at the Mall Galleries. Speeches of appreciation were given by Michael Harrison and Mr Kushida, followed by the customary exchange of gifts between the President and Mr Kushida.

During the Annual Exhibition, we hosted a programme of public talks and demonstrations. We are particularly grateful to those members who led workshops. Our festive candlelit supper and Christmas buffet were well attended and also served as fundraising opportunities, with collections and raffles raising donations for St John's Hospital Jerusalem Eye Appeal and the AGBFI.

We have continued to develop our online media presence, with a particular focus on social media, despite a temporary setback with Instagram.

I and my vice director Henry Jabbour would like to thank Council for all their support during my inaugural year as President.

FINANCIAL REVIEW

Financial position

Income for the period decreased to £44,709 in 2025 from £49,060 in 2024.

Expenditure increased to £46,036 in 2025 from £37,858 in 2024, leaving an overall deficit of £1,327 (2024 surplus £11,202).

There was a net gain of £7,462 on investments during the year (2024 net gain of £8,090) reflecting general stock market volatility.

Reserves policy

The directors / trustees are satisfied that the level of reserves held by the charity is appropriate for the charity to achieve its objectives. At 31 March 2025, the total funds of the charity were £406,758 (2024: £400,623). Of these, £191,830 (2024: £191,716) were restricted.

The unrestricted funds are represented mainly by investments, the income of which contributes to the charity's expenditure. These are monitored carefully to ensure that the income matches the charitable activities. The directors/trustees consider that the unrestricted funds should be maintained at a level above £100,000 in order that they can meet the charitable objectives.

The directors / trustees monitor the level of reserves on a timely basis.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The entity is governed by its Memorandum and Articles of Association dated 3 December 2021, as modified by a special resolution dated 8 February 2024.

The charity is a company limited by guarantee. The members of the company are the directors/trustees named below. In the event of the charity being wound up, the liability in respect of the guarantee is limited to £1 per member of the charity.

Recruitment and appointment of new trustees/directors

New directors / trustees are proposed by the existing directors / trustees. Any proposals are ratified by the Council of the Royal British Artists (RBA) which is separate from the Royal Society of British Artists Limited. The Council of the RBA is made up of experienced and distinguished members of the RBA, who include directors/trustees of the Royal Society of British Artists Limited, and their appointment is subject to the RBA's own rules. There is no time limit to the term of directors/trustees' appointment. The number of directors shall not be less than three and unless otherwise determined by a General meeting shall not be more than ten.

REFERENCE AND ADMINISTRATIVE DETAILS

Registered Company number

02023615 (England and Wales)

Registered Charity number

294590

Registered office

17 Carlton House Terrace

London

SW1Y 5BD

Trustees

M F Davies

Ms M Dutton

T Watts

H N Jabbour (appointed 12.6.24)

M F Harrison (appointed 12.6.24)

Independent Examiner

B E Prime

Streets Dyke Ruscoe Ltd

110 Corve Street

Ludlow

SHROPSHIRE

SY8 1DJ

Approved by order of the board of trustees on 14 November 2025 and signed on its behalf by:

M F Harrison - Trustee

Independent examiner's report to the trustees of Royal Society Of British Artists Limited (a company limited by guarantee) ('the Company')

I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2025.

Responsibilities and basis of report

As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.

Independent examiner's statement

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

1.	accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or

2.	the accounts do not accord with those records; or

3.	the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or

4.

the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

B E Prime

Streets Dyke Ruscoe Ltd

110 Corve Street

Ludlow

SHROPSHIRE

SY8 1DJ

14 November 2025

2025

2024

Unrestricted

Restricted

Endowment

Total

Total

fund

funds

fund

funds

funds

Notes

£

£

£

£

£

INCOME AND

ENDOWMENTS FROM

Donations and legacies

2

9,228

13,101

1,454

23,783

31,877

Other trading activities

3

292

-

-

292

464

Investment income

4

8,088

-

6,636

14,724

13,233

Other income

5

5,910

-

-

5,910

3,486

Total

23,518

13,101

8,090

44,709

49,060

EXPENDITURE ON

Raising funds

6

1,295

-

1,346

2,641

2,130

Charitable activities

7

Exhibitions

8,558

-

2,637

11,195

13,040

Grants

5,151

20,900

-

26,051

16,530

Other

10

6,149

-

-

6,149

6,158

Total

21,153

20,900

3,983

46,036

37,858

Net gains on investments

3,656

-

3,806

7,462

8,090

NET INCOME/(EXPENDITURE)

6,021

(7,799

)

7,913

6,135

19,292

RECONCILIATION OF

FUNDS

Total funds brought forward

208,907

9,616

182,100

400,623

381,331

TOTAL FUNDS CARRIED FORWARD

214,928

1,817

190,013

406,758

400,623

2025

2024

Unrestricted

Restricted

Endowment

Total

Total

fund

funds

fund

funds

funds

Notes

£

£

£

£

£

FIXED ASSETS

Investments

13

163,724

-

170,406

334,130

328,922

CURRENT ASSETS

Debtors

14

60

-

-

60

208

Cash at bank

61,619

1,817

19,607

83,043

80,541

61,679

1,817

19,607

83,103

80,749

NET CURRENT ASSETS

61,679

1,817

19,607

83,103

80,749

TOTAL ASSETS LESS CURRENT LIABILITIES

225,403

1,817

190,013

417,233

409,671

ACCRUALS AND DEFERRED INCOME

15

(10,475

)

-

-

(10,475

)

(9,048

)

NET ASSETS

214,928

1,817

190,013

406,758

400,623

FUNDS

16

Unrestricted funds

214,928

208,907

Restricted funds

1,817

9,616

Endowment funds

190,013

182,100

TOTAL FUNDS

406,758

400,623

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2025 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.

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 14 November 2025 and were signed on its behalf by:

M F Harrison - Trustee

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) (effective 1 January 2019)', 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.

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.

Income from trading activities is not subject to discounts,VAT or any other sales taxes.

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.

Grants offered subject to conditions which have not been met at the year end date are noted as a commitment but not accrued as expenditure.

Taxation

The charity is exempt from corporation tax on its charitable activities.

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Fixed assets investments

Investments are a form of basic financial instrument. Fixed asset investments are initially recognised at their transaction value and are subsequently measured at their fair value (market value) as at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluation and disposals throughout the year. Quoted stocks and shares are included in the Balance Sheet at the current market value quoted by the investment analyst, excluding dividend.

The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.

Realised gains and losses

All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening carrying value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening carrying value (or purchase date if later).

Debtors

Debtors are amounts owed to the charity. They are measured on the basis of their recoverable amount.

Bank and cash in hand

Cash at bank and in hand is held to meet the day to day running costs of the charity as they fall due. Cash equivalents are short term, highly liquid investments, usually in instant access interest bearing savings accounts.

Creditors

Creditors are amounts owed by the charity. They are measured at the amount that the charity expects to have to pay to settle the debt.

2.	DONATIONS AND LEGACIES

2025

2024

£

£

Donations

22,932

27,798

Gift aid

1

125

Turing project income

-

3,354

Prizes

850

600

23,783

31,877

3.	OTHER TRADING ACTIVITIES

2025

2024

£

£

Royalties

292

389

Catalogue income

-

75

292

464

4.	INVESTMENT INCOME

2025

2024

£

£

Investment income

13,925

12,392

Deposit account interest

799

841

14,724

13,233

5.	OTHER INCOME

2025

2024

£

£

Candlelit supper

2,255

3,150

Christmas lunch

390

336

Lecture income

3,265

-

5,910

3,486

6.	RAISING FUNDS

Investment management costs

2025

2024

£

£

Portfolio management

2,641

2,130

7.	CHARITABLE ACTIVITIES COSTS

Grant

funding of

activities

Support

Direct

(see note

costs (see

Costs

8)

note 9)

Totals

£

£

£

£

Exhibitions

2,637

-

8,558

11,195

Grants

-

24,850

1,201

26,051

2,637

24,850

9,759

37,246

8.	GRANTS PAYABLE

2025

2024

£

£

Grants

24,850

15,400

Grants to individuals are for education in the arts of painting and sculpture.

9.	SUPPORT COSTS

Governance

Management

Finance

costs

Totals

£

£

£

£

Exhibitions

5,746

10

2,802

8,558

Grants

-

-

1,201

1,201

5,746

10

4,003

9,759

The total support costs attributable to charitable activities is apportioned according to the activity to which the trustees/directors consider it relates. The trustees/directors have decided to meet all governance costs from unrestricted funds and so no allocation or charge is made to restricted funds for any governance related costs.

Governance costs include no legal fees this year (2024 £0) and accountancy fees of £4,003 (2024 £3,766). The accountancy fees are split between accounts fees £2,080 and independent examination fees £1,923 (2024: accounts fees £1,950; independent examination fees £1,816).

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

Management

2025

2024

Total

Exhibitions

activities

£

£

Postage and stationery

1,954

2,487

Sundries

2,496

972

Website

1,296

3,507

5,746

6,966

Finance

2025

2024

Total

Exhibitions

activities

£

£

Bank charges

10

14

Governance costs

2025

2024

Total

Total

Exhibitions

Grants

activities

activities

£

£

£

£

Accountancy fees

2,802

1,201

4,003

3,766

10.

OTHER

2025

2024

£

£

Candlelit supper

3,482

5,353

Christmas lunch

-

805

Lecture costs

2,667

-

Support costs

9,759

10,746

15,908

16,904

11.	TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2025 nor for the year ended 31 March 2024.

Trustees' expenses

There were no trustees' expenses paid for the year ended 31 March 2025 nor for the year ended 31 March 2024.

A total of £1,000 was reimbursed to 1 trustee for costs incurred in relation to the website development. This expense included website costs.

12.	COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted

Restricted

Endowment

Total

fund

funds

fund

funds

£

£

£

£

INCOME AND ENDOWMENTS FROM

Donations and legacies

9,094

20,725

2,058

31,877

Other trading activities

464

-

-

464

Investment income

6,762

-

6,471

13,233

Other income

3,486

-

-

3,486

Total

19,806

20,725

8,529

49,060

EXPENDITURE ON

Raising funds

1,044

-

1,086

2,130

Charitable activities

Exhibitions

9,886

-

3,154

13,040

Grants

1,130

13,900

1,500

16,530

Other

6,158

-

-

6,158

Total

18,218

13,900

5,740

37,858

Net gains on investments

3,964

-

4,126

8,090

NET INCOME

5,552

6,825

6,915

19,292

Transfers between funds

12

(12

)

-

-

Net movement in funds

5,564

6,813

6,915

19,292

RECONCILIATION OF FUNDS

Total funds brought forward

203,343

2,803

175,185

381,331

TOTAL FUNDS CARRIED FORWARD

208,907

9,616

182,100

400,623

13.	FIXED ASSET INVESTMENTS

Unrestricted

Endowment

Total 2025

Total 2024

Listed investments

funds

fund

£

£

£

£

Market value as at 31 March 2024

161,172

167,752

328,924

321,401

Additions

45,152

46,994

58,333

58,333

Disposals

(46,257

)

(48,145

)

(94,402

)

(58,900

)

)et gains/(losses)

3,657

3,806

7,463

8,090

Market value as at 31 March 2025

163,724

170,407

334.131

328,924

Historical cost as at 31 March 2025

161,157

167,735

328,892

338,194

14.	DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2025

2024

£

£

Trade debtors

60

208

15.	ACCRUALS AND DEFERRED INCOME

2025

2024

£

£

Accruals and deferred income

10,475

9,048

Donations of £5,278 (2024 : £5,278) have been deferred as these have been paid in advance for next year.

16.	MOVEMENT IN FUNDS

Net

movement

At

At 1.4.24

in funds

31.3.25

£

£

£

Unrestricted funds

General fund

208,907

6,021

214,928

Restricted funds

Ronald Morgan

723

(250

)

473

Peter Kelly

1,518

(300

)

1,218

Stuart Southall

375

(249

)

126

Huaicun Zhang

7,000

(7,000

)

-

9,616

(7,799

)

1,817

Endowment funds

Mrs Von-Werther Award Fund

182,100

7,913

190,013

TOTAL FUNDS

400,623

6,135

406,758