The artwork was part of a collaboration between Ikon gallery, the Jewellery Quarter Development Trust (JQDT), Birmingham City University, and Mr Kitson.
David Mahony from JQDT said it was important public spaces reflected the realities facing communities.
“By using the Banksy site as the setting for an annual winter intervention, we can draw on the Jewellery Quarter’s creativity to focus attention on those who need it most during the colder months and direct support to organisations like SIFA Fireside.”
All funds raised went directly to SIFA Fireside, supporting their work with people experiencing or at risk of homelessness.
Ikon’s artistic director Linzi Stauvers said the city had a wide collection of public art and this latest installation fit perfectly.
“Over time, these works can get overlooked and their social commentary dampened.
“Unfortunately, this is the case with Birmingham’s Banksy, which is barely visible behind layers of perspex and condensation.
“Dion Kitson’s sculptural response is not only a homage to another artist, but an acknowledgement of their call to action,” she said.