OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2021-03-31-accounts

Page
Reference and Administrative Details of the Charity, its Trustees and Advisers 1 —2
Report ofThe Bowes Museum Chairman and General Museum Update 3 —8
Trustees'
Report		 9 —15
Independent
Auditors'
Report		 on the Financial Statements 16 —19
Consolidated
Statement
of Financial Activities		 20
Consolidated
Balance Sheet		 21 —22
Charity Balance Sheet 23-24
Consolidated
Statement ofCash Flows		 25
Notes to the Financial Statements 26 —50

Independent auditors Clive Owen LLP
Chartered
Accountants		 and Statutory Auditors
140 Coniscliffe Road
Darlington
County Durham
DL3 7RT
Bankers Natwest Pic
29 Newgate
Street
Bishop Auckland
County Durham
DL147ET
Solicitors Womble Bond Dickinson LLP
St Ann's Wharf
112Quayside
Newcastle
Upon Tyne
NE1 3DX
Investment Managers CCLA
Senator House
85 Queen Victoria Street
London
EC4V 4ET

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
Note 2021
f		 2021
F		 2021
6		 2021f 2020f
Income and endowments
from:
Donations
and legacies		 4 424,732 16,860 1,850 443,442 591,620
Charitable
activities		 5 474,773 304,900 779,673 502,418
Other trading
activities		 6 348,384 3,079 351,463 1,429,860
Investments 7 142,453 142,453 161,550
Other income 8 368,635 368,635 8,849
Total income and
endowments 1,616,524 324,839 144,303 2,085,666 2,794,297
Expenditure
on:
Raising funds 10 601,389 601,389 930,631
Charitable
activities		 1,019,277 290,415 15 1,309,707 1,551,929
Total expenditure 1,620,666 290,415 15 1,911,096 2,482560
Net gains/(losses) on
investments 206,164 206,164 (65,809)
Net (expenditure)/income (4,142) 34,424 350,452 380,734 245,928
Transfers
between		 funds 21 141,453 (141,453)
Net movement
in		 funds
before other recognised
gains/(losses)		 137,311 34,424 208,999 380,734 245,928
Other recognised
gains/(losses):
Actuarial gains/(losses) on
defined
benefit pension
schemes 27 340,000 340,000 (170,000)
Net movement
in		 funds 477,311 34,424 208,999 720,734 75,928
Reconciliation
of		 funds:
Total funds brought forward 6,386,310 2,552,269 3,446,308 12,384,887 12,308,959
Net movement
in funds		 477,311 34,424 208,999 720,734 75,928
Total funds carried
forward		 6,863,621 2,586,693 3,655,307 13,105,621 12,384,887

2021 2020
Note 6 6
Fixed assets
Tangible assets 15 98,396 127,288
Heritage assets 16 8,785,229 8,766,633
Investments 17 3,634,566 3,428,402
12,518,191 12,322,323
Current assets
Stocks 18 34,892 46,729
Debtors 19 460,317 481,082
Cash at bank and in hand 328,104 185,127
823,313 712,938
Creditors: amounts falling due within one
year 20 (285,883) (400,374)
Net current assets 537,430 312,564
Total assets less current liabilities 13,055,621 12,634,887
Net assets excluding pension asset I
liability 13,055,621 12,634,887
Defined benefit pension scheme asset I
liability 27 50,000 (250,000)
Total net assets 13,105,621 12,384,887

Note 2021
6		 2020f
Charity funds
Endowmentfunds 21 3,655,367 3,446,308
Restricted funds 21 2,586,693 2,552,269
Unrestricted
funds
Unrestricted
funds		 excluding pension liability
Iasset 21 6,813,621 6,536,310
Pension reserve 21 50,066 (250,000)
Total unrestricted funds 21 6,863,621 6,386,310
Total funds 13,105,621 12,384,887

2021 2020
Note 8 8
Fixed assets
Tangible assets 15 98,396 127,288
Heritage assets 16 8,785,229 8,766,633
Investments 17 3,634,576 3,428,412
12,518,201 12,322,333
Current assets
Debtors 19 566,357 566,740
Cash at bank and in hand 300,954 87,835
867,311 654,575
Creditors: amounts falling due within one
year 20 (275,051) (342,021)
Net current assets 592,260 312,554
Total assets less current liabilities 13,110,461 12,634,887
Net assets excluding pension asset I
liability 13,110,461 12,634,887
Defined benefit pension scheme asset /
liability 27 50,000 (250,000)
Total net assets 13,160,461 12,384,887

Note 2021
6		 2020f
Charity funds
Endowment
funds		 21 3,655,307 3,446,308
Restricted funds 21 2,586,603 2,552,260
Unrestricted
funds
Unrestricted
funds
liability		 excluding pension asset / 21 S,636,310
Pension reserve 21 50,000 (250,000)
Total unrestricted funds 21 6,018,461 6,38S,310
Total funds 13,160,461 12384,887

FOR TH E YEAR ENDED 31 MARCH 2021
2021f 2020f
Cash flows from operating activities
Net cash used
in operating		 activities (12,715) (138,563)
Cash flows from investing activities
Sales and purchases
of listed investments		 30,000 (110,005)
Purchase
oftangible
fixed assets		 (500)
Purchase
of heditage assets		 (18,596) (8,375)
Net cash provided
by/(used
in) investing		 activities 11,404 (118,880)
Cash flows from financing activities
Endowment
income		 144,303 162,857
Endowment
expenditure		 (15) (60)
Net cash provided
by financing
activities		 144,288 162,797
Change
in cash and cash		 equivalents in the year 142,977 (94,646)
Cash and cash equivalents at the beginning ofthe year 185,127 279,773
Cash and cash equivalents at the end of the year 328,104 185,127
The notes on pages 26to 50form part ofthese financial statements

Fixtures and fittings 5%-25%on cost
Office equipment 25% on cost
Computer
equipment		 25% on cost
Other fixed assets 25% on cost

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2021f 2021
f		 2021
E		 2021f 2020f
Friends ofthe Bowes Museum 10,000 10,000 50,000
Donations 10,605 6,860 1,850 19,315 21,612
Additional
support		 from DCC 170,000 170,000 200,000
Core funding from DCC 244,127 244,127 244,508
Viscount Eccles funding 75,500
424,732 16,860 1,850 443,442 591,620
Total 2020 530,771 59,549 1,300 591,620

Unrestricted Restricted Total Total
funds funds funds funds
2021f 2021f 2021f 2020f
Grants - note 9 474,575 304,900 779,475 587,994
Crowdfunding 2,473
Education
income		 198 198 11,951
Total 2021 474,773 304,900 779,673 602,418
Total 2020 381,948 220,470 602,418

Unrestricted Restricted Endowment Total Total
funds funds funds funds funds
2021
8		 2021
6		 2021 2021
6		 2020f
Entrance
income		 125,554 125,554 481,557
Gift aid rebate 24,710 3,079 27,789 69,721
Sundry income 11,789 11,789 69,017
Exhibitions tax relief 7,350
Trading company income 186,331 186,331 802,215
Total 2021 348,384 3,079 351,463 1,429,860
Total 2020 1,410,953 18,900 7 1,429,860
7. Investment income
Endowment Total Total
funds funds funds
2021f 2021f 2020f
Dividends receivable on endowment funds 142,453 142,453 161,550
Tolal 2020 161,550 161,550
Other incoming resources
Unrestricted Total Total
funds funds funds
2021 2021 2020f
Coronavirus job retention scheme 368,635 368,635 8,849
Total 2020 8,849 8,849

Analysis ofgrants
2021 2020
E
Arts Council England 374,575 367,807
Durham
County Council
NLHF Emergency
Fund		 203,827
103,300		 5,000
19,700
Heritage
Lottery Fund		 55,809 69,240
Skills for the Future 11,122
Together Middlesbrough &Cleveland 5,000
Christopher
Wilson-Tate		 5,000
Creative Age Challenge Partnership 4,752
EMS Sheppard
Trust		 4,000
Tavolozza
Foundation		 4,000 4,000
Global Radio 1,300
Stevenson
Family's
Charitable		 Trust 1,000
The Foyle Foundation 90,000
Darlington
Building Society		 16,000
Guido Reni Fund 5,750
Arms &Armour
Heritage		 Trust 4,000
Durham
University
Innovation		 Pilot 2,766
The Art Fund 2,360
Other 5,790 1,371
779,475 587,994

Unrestricted Total Total
funds funds funds
2021 2021 2020
6 6
Admissions 244,683 244,683 217,225
Total 2020 217,225 217,225

Unrestricted Total Total
funds funds funds
2021f 2021f 2020
Trading company 356,706 356,706 713,406
Total 2020 713,406 713,406

Support
Direct costs costs Total Total
2021f 2021 2021f 2020f
Exhibitions 177,913 311,616 489,529 741,241
Education 46,007 81,375 127,382 146,264
Collections 250,216 442,580 692,796 664,424
Total 2021 474,136 835,571 1,309,707 1,551,929
Total 2020 710,297 841,632 1,551,929

Total Total
2021
6		 2020f
Staff costs 336,942 377,299
Rates and water 5,044 21,690
Postage and stationery 440 10,691
Sundries 464 10,476
Staff services 28,541 36,489
Public programme 80,304 206,471
Conservation 22,401 47,161
Total 2021 474,136 710,297
Analysis ofsupport costs
Total Total
2021f 2020f
Pension finance costs 10,000 10,000
Staff costs 348,542 234,493
Depreciation 28,892 57,162
Postage and stationery 49,444 53,396
Sundries 11,803 14,757
Insurance 58,926 60,136
Light and heat 51,365 107,499
Telephone 11,532 10,666
Advertising 27,728 63,717
Repairs and renewals 117,247 124,381
Bank charges 7,704 13,063
Auditors
remuneration		 14,744 14,013
Legal and professional fees 95,265 58,347
Bad debts 2,379
Total 2021 835,571 841,632

12. Net inco me/expenditure
2021f 2020f
Depreciation
oftangible		 fixed assets:
- owned by the Charity 28,892 57,162
Auditors' remuneration - audit
- Charity 14,744 14,013
- Subsidiary 5,970 9,785
Auditors' remuneration - other services to the group 7,337 7,413
Auditors' remuneration - provision ofstaff to the group 14,337
13. Staff costs
Staff costs
Group Group Charity Charity
2021
6		 2020
f		 2021 2020
Wages and salaries 1,048,364 1,117,239 817,180 802,711
Social security costs 66,124 62,787 56,684 51,281
Pension costs 32,185 32,154 26,303 25,025
Other pension costs (note 26) 30,000 (50,000) 30,000 (50,000)
1,176,673 1,162,180 930,167 829,017
Group Group
2021 2020
No. No.
Charity 46 50
Subsidiary 23 36
69 85

Group Group
2021 2020
No. No.
1 1

Fixtures and Office Computer Other fixed
fittings equipment equipment assets Total
E E E E E
Cost or valuation
At 1 April 2020 1,319,009 19,159 118,725 180,099 1,636,992
At 31 March 2021 1,319,009 19,159 118,725 180,099 1,636,992
Depreciation
At 1 April 2020 1,196,743 19,159 115,021 178,781 1,509,704
Charge for the year 25,580 2,674 638 28,892
At 31 March 2021 1,222,323 19,159 117,695 179,419 1,538,596
Net book value
At 31 March 2021 96,686 1,030 680 98,396
At 31March 2020 122,266 3,704 1,318 127,288

17. Fixed asset investments
Listed
investments
Group 6
Cost or valuation
At 1 April 2020 3,428,402
Revaluations 206,164
At 31 March 2021 3,634,566
Net book value
At 31 March 2021 3,634,566
At 31March 2020 3,428,402

Investments
in
subsidiary Listed
Charity companies
f		 investments Total
E
Cost or valuation
At 1 April 2020 10 3,428,402 3,428,412
Revaluations 206,164 206,164
At 31 March 2021 10 3,634,566 3,634,576
Net book value
At 31 March 2021 10 3,634,566 3,634,576
At 31March 2020 10 3,428,402 3,428,412

Principal su bsidiarie s s
The following was a subsidiary
undertaking
ofthe		 Charity:
Name Company
number		 Income
f		 Expenditure
f		 Profit/(Loss)
for the year
f		 Net assets Holding
The Bowes Museum 06864117 186,331 (239,434) (53,103) 10 100%
(Enterprises) Limited

Group Gmup
2021f 2020f
Cafe stock 5,883
Shop goods for resale 34,892 40,846
34,892 46,729

Group Group Charity Charity
2021f 2020f 2021f 2020f
Due within one year
Trade debtors 9,600 15,872 9,448 13,523
Amounts
owed by group undertakings		 121,599 93,308
Other debtors 31,201 5,865 28,701 5,865
Prepayments
and accrued		 income 419,516 459,345 406,609 454,044
460,317 481,082 566,357 566,740
Creditors: Amounts falling due within one year
Group Group Charity Charity
2021f 2020f 2021f 2020f
Trade creditors 147,829 190,514 144,654 161,198
Other taxation and social security 32,175 11,707
Other creditors 3,125 1,071 3,125 1,071
Accruals
and deferred		 income 134,929 176,614 127,272 168,045
285,883 400,374 275,051 342,021
Group Group Charity Charity
2021f 2020f 2021
f.		 2020f
Deferred Income
Deferred
income at 1		 April 107,885 133,493 107,372 113,753
Resources deferred during the year 21,801 7,885 21,801 7,372
Amounts
released		 from previous periods (107,372) (33,493) (107,372) (13,753)
Deferred income at 31 March 22,314 107,885 21,801 107,372

Statement offunds Statement offunds Statement offunds
Statement offunds - current year
Balance at Balance at
1 April Transfers Gains/ 31 March
2020f Income Expenditure
6		 in/out
6		 (Losses)
6		 2021
f
Unrestricted
funds
General 6,636,310 1,616,524 (1,580,666) 141,453 6,813,621
Pension reserve (250,000) - (40,000) 340,000 50,000
6,386,310 1,616,524 (1,620,666) 141,453 340,000 6,863,621
Endowment
funds
John &Josephine Bowes 1,199,143 44,881 (42,231) 254,790 1,456,583
Catalyst
Endowment		 2,247,165 99,422 (15) (99,222) (48,626) 2,198,724
3,446,308 144,303 (15) (141,453) 206,164 3,655,307
Restricted funds
Acquisitions
&
Conservation 2,375,972 174,893 (195,952) 2,354,913
Education 20,772 128,824 (20,906) 128,690
Capital Improvement 138,207 (54,877) 83,330
Skills for the Future 17,318 11,122 (8,680) 19,760
Friends of Bowes
Museum 10,000 (10,000)
2,552,269 324,839 (290,415) 2,586,693
Total offunds I2,384,887 2,085,666 (1,911,096) 546,164 13,105,621

FOR THE Y FOR THE Y FOR THE Y EAR ENDED 31 MARCH 20 21
Statement offunds (continued)
Statement offunds - prior year
Balance at Balance at
1 April Transfers Gainer 31March
2019f Income
f		 Expenditure
f		 inloutf (Losses)
f		 2020
f
Unrestricted
funds
General 6,224,878 2,332,521 (2,179,876) 258,787 - 6,636,310
Acquisitions 97,239 (97,239)
Pension reserve (120,000) - 40,000 — (170,000) (250,000)
6,202,117 2,332,521 (2,139,876) 161,548 (170,000) 6,386,310
Endowment
funds
John &Josephine Bowes 1,229,987 41,603 (41,603) (30,844) 1,199,143
Catalyst
Endowment		 2,280,881 121,254 (60) (119,945) (34,965) 2,247,165
3,510,868 162,857 (60) (161,548) (65,809) 3,446,308
Restricted funds
Acquisitions
&
Conservation 2,368,989 158,306 (151,323) 2,375,972
Education 31,187 21,373 (31,788) 20,772
Capital Improvement 187,107 (48,900) 138,207
Skills for the Future 8,691 69,240 (60,613) 17,318
Friends of Bowes
Museum 50,000 (50,000)
2,595,974 298,919 (342,624) 2,552,269
Total offunds l2,308,959 2,794,297 (2,482,560) (235,809) l2,384,887

Summary offun ds - current yea r
Balance at
Balance at 1 Transfers Gains/ 31 March
APril 2020
6		 Income
6		 Expenditure
6		 in/outf (Losses)f 2021
6
General funds 6,386,310 1,616,524 (1,620,666) 141,453 340,000 6,863,621
Endowment
funds 3,446,308 144,303 (15) (141,453) 206,164 3,655,307
Restricted funds 2,552,269 324,839 (290,415) 2,586,693
12,384,887 2,085,666 (1,911,096) 546,164 13,105,621
Summary offunds - prior year
Balance al
Balance at Transfers Gainer 31March
1April 2019f Income
f		 Expenditure
f		 inloutf (Losses)f 2020f
General funds 6,202,117 2,332,521 (2,139,876) 161,548 (170,000) 6,386,310
Endowment
funds 3,510,868 162,857 (60) (161,548) (65,809) 3,446,308
Restricted funds 2,595,974 298,919 (342,624) 2,552,269
12,308,959 2,794,297 (2,482,580) (235,809) 12,384,887

Analysis ofnet assets between funds - c urrent year
Unrestricted Restricted Endowment Total
funds funds funds funds
2021 2021 2021 2021
6 6 6 6
Tangible fixed assets 2,189 96,207 98,396
Fixed asset investments 3,634,566 3,634,566
Heritage assets 6,475,088 2,310,141 8,785,229
Current assets 622,227 180,345 20,741 823,313
Creditors due within one year (285,883) (285,883)
Provisions
for liabilities		 and charges 50,000 50,000
Total 6,863,621 2,586,693 3,655,307 13,105,621
Analysis of net assets between funds - prior year
Unrestricted Restricted Endowment Total
funds funds funds funds
2020f 2020
5		 2020
E		 2020
5
Tangible fixed assets 7,237 120,051 127,288
Fixed asset investments 3,428,402 3,428,402
Heritage assets 6,456,492 2,310,141 8,766,633
Current assets 572,955 122,077 17,906 712,938
Creditors due within one year (400,374) (400,374)
Provisions
for liabilities		 and charges (250,000) (250,000)
Tl 6,386,310 2,552,269 3,446,308 12,384,887

Group Group
2021f 2020f
Net income for the year (as per Statement of Financial Activities) 380,734 245,928
Adjustments
for:
Depreciation
charges		 28,892 57,162
Gains/(losses)
on investments		 (206,164) 65,809
Endownment
income		 (144,303) (162,857)
Decrease
in stocks		 11,837 36,733
Decrease/(increase) in debtors 20,765 (216,075)
Decrease
in creditors		 (114,491) (125,323)
Other finance costs 10,000 10,000
Pension adjustment (50,000)
Costs attritable
to endownment		 15 60
Net cash used in operating activities (12,715) (138,563)
25. Analysis ofcash and cash equivalents
Group Group
2021f 2020f
Cash in hand 328,104 185,127
Total cash and cash equivalents 328,104 185,127
26. Analysis ofchanges in net debt
At 1 April At 31 March
2020
f		 Cash flows 2021f
Cash at bank and
in		 hand 185,127 142,977 328,104
185,127 142,977 328,104

Principal
actuarial		 assumptions at the Balance Sheet da te (expressed as weighted
averages)		 :
At 31 March At 31March
2021 2020
0/
Discount rate 2.1 2.30
Future salary increases 3.7 3.10
Future pension increases 2.7 2.10
CPI inflation 2.7 2.10
Pension accounts revaluation rate 2.7 2.10

Sensitivity
a		 nalysis
At 31 March At 31March
2021
f		 2020
f
Discount rate +0.1% (30,000) (40,000)
Discount rate -0.1% 30,000 (40,000)
Mortality assumption - 1 year increase (100,000) (100,000)
Mortality assumption - 1 year decrease 100,000 100,000
CPI rate +0.1% 30,000 40,000
CPI rate -0.1% (30,000) (40,000)
The Group's share of the assets in the scheme was;
At 31 March At 31March
2021
f		 2020
f
Equities 1,870,000 1,323,510
Government bonds 540,000 800,850
Corporate bonds 610,000 345,630
Property 210,000 227,610
Cash 160,000 112,400
Total fair value ofassets 3,390,000 2,810,000

2021 2020
6
Current service cost 30,000 30,000
Past service cost (80,000)
Interest income (60,000) (70,000)
Interest cost 70,000 80,000
Total amount recognised in the Consolidated Statement of Financial
Activities 40,000 (40,000)
Movements
in the present value ofthe defined		 benefit obligation were as follows:
2021
6
Opening
defined
benefit obligation		 3,060,000
Current service cost 30,000
Interest cost 70,000
Actuarial
losses/(gains)		 290,000
Benefits paid (110,000)
Closing defined
benefit obligation		 3,340,000
Movements
in the fair value ofthe Group's share ofscheme assets were as follows:
2021f
Opening
fair value ofscheme assets		 2,810,000
Expected return on assets 60,000
Actuarial
gains/(losses)		 630,000
Benefits paid (110,000)
Closing fair value ofscheme assets 3,390,000