THE FRIENDS OF THE ROYAL ACADEMY
Financial health, per its FY2025 accounts
The accounts state that the charity generated unrestricted income of £11,387,149 against expenditure of £1,406,056, resulting in a net income of £9,956,164 which was fully donated to the Royal Academy. Free reserves stood at £115,734, a level the Board considers appropriate given its practice of not accumulating reserves. The charity reports no material uncertainties regarding its ability to continue as a going concern.
What the accounts disclose
“the current practice is to pass the entire annual net income to the Royal Academy and not to accumulate reserves.” — page 7
“During the year the Charity purchased £387,313 (2024: £386,993) of goods from R.A. Enterprises Limited, a subsidiary of the Royal Academy, related to costs for the quarterly RA Magazine.” — page 21
“In order to optimise cash management efficiency, the current accounts of the Charity and the Royal Academy and its subsidiary undertakings are pooled, such that overnight all cleared debit and credit balances on the current accounts of these entities are set off into a single Royal Academy account.” — page 21
“During the year the Charity purchased £387,313 (2024: £386,993) of goods from R.A. Enterprises Limited, a subsidiary of the Royal Academy, related to costs for the quarterly RA Magazine.” — page 21
“In order to optimise cash management efficiency, the current accounts of the Charity and the Royal Academy and its subsidiary undertakings are pooled, such that overnight all cleared debit and credit balances on the current accounts of these entities are set off into a single Royal Academy account.” — page 21
Structured financials (annual return, FY ending 31/08/2025)
Trustees
- Andrea Jane Voiels O'Keeffe
- Beatrice Helen Nadine El-Hage
- Elle Todd
- Fiona Mahon
- Katherine Fiona Jones RA
- Patrick Brill RA OBE
- Philip Reginald Long
- Simon Philip Zbigniew Wallis OBE
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/08/2025 | £11.4m | £11.4m |
| 31/08/2024 | £11.8m | £11.8m |
| 31/08/2023 | £12.0m | £12.0m |
| 31/08/2022 | £12.6m | £12.6m |
| 31/08/2021 | £12.7m | £12.7m |
Common questions
Is THE FRIENDS OF THE ROYAL ACADEMY financially healthy?
The accounts state that the charity generated unrestricted income of £11,387,149 against expenditure of £1,406,056, resulting in a net income of £9,956,164 which was fully donated to the Royal Academy. Free reserves stood at £115,734, a level the Board considers appropriate given its practice of not accumulating reserves. The charity reports no material uncertainties regarding its ability to continue as a going concern. Its FY2025 accounts were audited by Crowe UK LLP.