THE ROYAL SOCIETY OF PORTRAIT PAINTERS
Promoting practice and furthering excellence in painted portraiture
Financial health, per its FY2024 accounts
The accounts state that the charity reported a net expenditure deficit of £25,551 for the year ended 31 December 2024, resulting in total funds decreasing from £87,754 to £62,203. The trustees acknowledge a shortfall in unrestricted reserves and have stated an intention to address this by either reducing expenditure or defining aims for an increase. Despite the deficit, the management committee confirmed the charity has adequate resources to continue as a going concern for the foreseeable future.
What the accounts disclose
“The main sources of income were commissions income on member and non-member portrait comissions of £24,437 (2023: £28,286) and donated prize income of £27,590 (2023: £37,500).”
“The Council of Management considers it most appropriate to retain unrestricted reserves of between one and two years unrestricted fund expenditure, the council are aware of the shortfall and will address this as an area for action by the council, either reducing it or defining aims for an increase.”
“Other than the security of the Society's bank balances, which are held in accounts with reputable institutions, the only significant risk to undertaking it's activities is the ability to continue to use the Mall Galleries which are currently leased by the Federation of British Artists, a related charity to the Society. The Mall Galleries are used for the annual exhibition of the Society. The Society has limited ongoing expenditure and does not incur any other expense without having sufficient funds to meet it's liabilities in advance.” — page 5
“There were £4,007 of travel expenses were reimbursed to Trustees within the year (2023: £2,581). There were no amounts outstanding to Trustees at the year end.” — page 18
“Other than the security of the Society's bank balances, which are held in accounts with reputable institutions, the only significant risk to undertaking it's activities is the ability to continue to use the Mall Galleries which are currently leased by the Federation of British Artists, a related charity to the Society. The Mall Galleries are used for the annual exhibition of the Society. The Society has limited ongoing expenditure and does not incur any other expense without having sufficient funds to meet it's liabilities in advance.” — page 5
“There were £4,007 of travel expenses were reimbursed to Trustees within the year (2023: £2,581). There were no amounts outstanding to Trustees at the year end.” — page 18
Trustees
- Anthony Connollychair
- ANTONY WILLIAMS
- Alastair Adams
- Charlotte Sorapure
- James Hague
- MARK ROSCOE
- Miriam Escofet
- Neale Worley
- Saied Dai
- paul Brason
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2024 | £57k | £82k |
| 31/12/2023 | £66k | £74k |
| 31/12/2022 | £43k | £89k |
| 31/12/2021 | £91k | £17k |
| 31/12/2020 | £9k | £18k |
Common questions
Is THE ROYAL SOCIETY OF PORTRAIT PAINTERS financially healthy?
Per its FY2024 accounts: The accounts state that the charity reported a net expenditure deficit of £25,551 for the year ended 31 December 2024, resulting in total funds decreasing from £87,754 to £62,203. The trustees acknowledge a shortfall in unrestricted reserves and have stated an intention to address this by either reducing expenditure or defining aims for an increase. Despite the deficit, the management committee confirmed the charity has adequate resources to continue as a going concern for the foreseeable future. Its FY2024 accounts were independently examined.
Government & lottery funding
| Funder | Date | Amount | Purpose |
|---|---|---|---|
| Northern Rock Foundation | 20/12/2005 | £10k | Grant awarded to Royal Society of Portrait Painters (North East) |