2023-03-31-accounts

			Page
Reference and Administrative	Details ofthe Charity,	its Trustees and Advisers	1-2
Statement from the Chair and	Director
Trustees' Report			4-17
Independent Auditors' Report	on the Financial Statements		18-21
Consolidated Statement of Financial Activities			22-23
Consolidated Balance Sheet			24- 25
Charity Balance Sheet			26 —27
Consolidated Statement ofCash Flows			28
Notes to the Financial Statements			29- 53

Trustees			Mr Peter Mothersill,	Chair	Chair
			Dr Keith Bartlett (resigned				10July 2023)
			Mr Mark Blackett-Ord
			Ms Rebecca Blackwood
			Ms Robyn Brown
			Ms Jannie Collingwood
			Ms Deborah Corbett
			Professor Stefano Cracolici
			Mr Christopher Davy
			Ms Lesley Graham	(resigned				2 September		2022)
			Dr Stephen Howell
			Mr Christopher Oughtred
			Dr Kenneth Partington
			Mr Jonathan Beauchamp			Peacock (resigned					10July 2023)
			Mrs Caroline Peacock (resigned						10July 2023)
			Mr Michael Robinson
			Councillor Elizabeth	Elton		Scott
			Mr Eliot Smith
			Mr George Stastny	(resigned				13November			2023)
			Ms Alison Thain OBE
Company	registered
number			03879872
Charity registered
number			1079639
Registered		office	The Bowes Museum
			Newgate
			Barnard Castle
			County Durham
			DL12 8NP
Principal	operating		The Bowes Museum
office			Newgate
			Barnard Castle
			County Durham
			DL12 8NP
Company	secretary		Mr Simon Lee
Independent		auditors	Clive Owen LLP
			Chartered Accountants		and		Statutory Auditors
			140 Coniscliffe Road
			Darling ton
			County Durham
			DL3 7RT

Visitor Numbers		77,127	77.4%
Average daily visitors		213	77.4%
Total Museum incom'e		f1,426,834	80.2%
(Ticket/memberships)		F349,188	65.9%
Total Enterprises	income	6788,059	91.4%
(Events)		6126,295	60.1%
(Cafe)		f435,153	103.8%
(Shop)		f226,611	97.4%
Total Expenditure		62,498,950	95.3%
(Museum staff costs)		61,004,776	87.0%
(Enterprises staff	costs)	6385,118	115.7%
(Activity costs)		6111,174	95.8%
(Premises costs)		6344,984	134.0%
(Insurance costs)		683,019	118.7%
(Marketing costs)		662,884	62.4%

				Unrestricted	Restricted	Endowment	Total	Total
				funds	funds	funds	funds	funds
			Note	2023f	2023f	2023	2023	2022f
Income and
endowments	from:
Donations and legacies			3	390,932	2,979		393,911	383,559
Charitable activities			4	377,379	5,357		382,736	1,258,276
Other trading	activities		5	1,271,071	4,904		1,275,975	1,140,436
Investments			6	10,000		152,271	162,271	150,784
Other income								55,830
Total income	and
endowments				2,049,382	13,240	152,271	2,214,893	2,988,885
Expenditure	on:
Raising funds			9	979,345			979,345	835,824
Charitable activities				1,494,529	25,065	11	1,519,605	1,817,669
Total expenditure				2,473,874	25,065	11	2,498,950	2,653,493
Net
(expenditure)/income
before net
(losses)/gains	on
investments				(424,492)	(11,825)	152,260	(284,057)	335,392
Net (losses)/gains		on
investments						(453,372)	(453,372)	449,235
Net
(expenditure)/income				(424,492)	(11,825)	(301,112)	(737,429)	784,627
Transfers between
funds			20	151,834		(151,834)
Net movement	in
funds before	other
recognised
gains/(losses)				(272,658)	(11,825)	(452,946)	(737,429)	784,627
Other recognised
gains/(losses):
Actuarial losses on
defined benefit	pension
schemes			26					(20,000)
Net movement	in
funds				(272,658)	(11,825)	(452,946)	(737,429)	764,627
Reconciliation	of
funds:
Total funds brought
forward				7,353,784	2,410,422	4,106,042	13,870,248	13,105,621

			Unrestricted	Restricted	Endowment	Total	Total
			funds	funds	funds	funds	funds
		Note	2023 6	2023f	2023 6	2023	2022f
Net movement	in funds		(272,658)	(11,825)	(452,946)	(737,429)	764,627
Total funds carried
forward			7,081,126	2,398,597	3,653,096	13,132,819	13,870,246

			CONSOLIDATED	BALANCE SHEET
			AS AT 31	MARCH 2023
				2023		2022
			Note	6		8
Fixed assets
Tangible assets			14	80,281		78,310
Heritage assets			15	8,805,504		8,803,229
Investments			16	3,630,428		4,083,800
				12,516,213		12,965,339
Current assets
Stocks			17	48,308	33,617
Debtors			18	237,639	235,556
Cash at bank and	in hand			635,148	945,238
				921,095	1,214,411
Creditors: amounts	falling		due within one
year			19	(304,489)	(309,502)
Net current assets				616,606		904,909
Total assets less	current		liabilities	13,132,819		13,870,248
Net assets excluding		pension asset		13,'I 32,819		13,870,248
Total net assets				13,132,819		13,870,248

		CONSOLIDATED	BALANCE SHEET (CONTINUED)	BALANCE SHEET (CONTINUED)
		AS	AT 31 MARCH 2023
			Note	2023	2022f
Charity funds
Endowment	funds		20	3,653,096	4,106,042
Restricted	funds		20	2,398,597	2,410,422
Unrestricted	funds		20	7,081,126	7,353,764
Total funds				~~309.	13870248

					Note		2023 6		2022f
Fixed assets
Tangible assets					14		80,281		78,310
Heritage assets					15		8,805,504		8,803,229
Investments					16		3,630,438		4,083,810
							12,516,223		12,965,349
Current assets
Debtors					18	512,145		473,082
Cash at bank and	in	hand				261,868		668,686
						774,013		f,141,768
Creditors: amounts		falling due within one
year					19	(157,417)		(248,657)
Net current assets							616,596		893,111
Total assets less	current			liabilities			13,132,819		13,858,460
Net assets excluding			pension asset				13,132,819		13,858,460
Total net assets							13,132,819		13,858,460
Charity funds
Endowment funds					20		3,653,096		4,106,042
Restricted funds					20		2,416,299		2,410,422
Unrestricted funds
Unrestricted funds	excluding			pension asset	20	7,063,424		7,341,996
Total unrestricted	funds				20		7,063,424		7,341,996
Total funds							13,132,819		13,858,460

				2023	2022
				6	5
Cash flows from operating	activities
Net cash used in operating	activities			(427,496)	482,850
Cash flows from investing	activities
Purchase oftangible fixed assets				(32,579)
Purchase of heritage assets				(2,275)	(18,000)
Net cash used in investing	activities			(34,854)	(18,000)
Cash flows from financing	activities
Endowment income				152,271	152,299
Endowment expenditure				(11)	(15)
Net cash provided by financing activities				152,260	152,284
Change in cash and cash	equivalents	in	the year	(310,090)	617,134
Cash and cash equivalents	at the beginning		ofthe year	945,238	328,104
Cash and cash equivalents	at the end	of	the year	635,148	945,238

over their estimated useful lives, using the straight-line me	over their estimated useful lives, using the straight-line me
Depreciation is provided on the following bases:
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
		2023	2023	2023 6	2023 6	2022f
Friends of the	Bowes Museum	30,000	520		30,520	8,289
Donations		25,442	2,459		27,901	31,270
Core funding	from DCC	335,490			335,490	344,000
		390,932	2,979		393,911	383,559
Total 2022		370,536	11,508	1,515	383,559

			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
			2023f	2023 F	2023	2022f
Grants	—see note 8		374,815	5,357	380,172	1,257,458
Education		income	2,564		2,564	818
Total	2023		377,379	5,357	382,736	1,258,276
Total 2022			864,305	393,971	1,258,276

							Unrestricted	Restricted	Total	Total
							funds	funds	funds	funds
							2023 Z	2023 6	2023 6	2022f
	Entrance Income						349,188		349,188	379,706
	Gift aid rebate						31,793	204	31,997	60,987
	Sundry income						45,135	4,700	49,835	40,370
	Exhibitions	tax relief					56,896		56,896	31,744
	Trading company		income				788,059		788,059	627,629
	Total 2023						1,271,071	4,904	1,275,975	1,140,436
	Total 2022						1,139,868	568	1,140,436
6.	Investment	income
							Unrestricted	Endowment	Total	Total
							funds	funds	funds	funds
							2023 6	2023 6	2023 6	2022f
	Dividends	receivable		on	endowment	funds		152,271	152,271	150,784
	Pension income						10,000		10,000
							10,000	152,271	162,271	150,784
	Total 2022							150,784	150,784
7.	Other incoming		resources
								Unrestricted	Total	Total
								funds	funds	funds
								2023	2023	2022
	Coronavirus	job retention			scheme					55,830
	Total 2022							55,830	55,830

				2023	2022
					6
Arts Council England				374,575	374,575
Culture	Recovery Fund				704,161
Durham	County	Council —Resilience	Fund		62,213
Other				5,597	116,509
				380,172	1,257,458

		Unrestricted	Total	Total
		funds	funds	funds
		2023	2023	2022
				6
Admissions		274,689	274,689	272,735
Total 2022		272,735	272,735
Trading	expenses
		Unrestricted	Total	Total
		funds	funds	funds
		2023	2023	2022f
Trading	company	704,656	704,656	563,089
Total 2022		563,089	563,089

		Support	Total	Total
	Direct costs	costs	funds	funds
	2023 E	2023	2023	2022f
Exhibitions	265,244	524,538	789,782	955,780
Education	93,653	303,821	397,474	228,161
Collections	115,606	216,743	332,349	663,728
Tata I 2023	474,503	1,045,102	1,519,605	1,847,669
Total 2022	575,288	1,272,381	1,847,669

					Total	Total
					funds	funds
					2023 6	2022f
Staff costs					312,416	398,399
Rates and water					27,455	20,965
Postage and	stationery				18,593	14,892
Sundries					2,375	3,537
Staff services					38,370	77,076
Public programme					61,366	55,894
Conservation					13,928	3,525
Total 2023					474,503	575,288
Analysis of	support costs
					Total	Total
					funds	funds
					2023 E	2022f
Pension finance costs						30,000
Staff costs					417,671	348,448
Depreciation					30,608	20,086
Postage and	stationery				14,509	75,174
Sundries					22,745	15,409
Insurance					83,019	61,326
Light and heat					79,982	76,525
Telephone					10,726	10,068
Advertising					62,884	225,283
Repairs and	renewals				226,821	249,586
Bank charges					2,104	4,512
Auditors remuneration					16,500	15,000
Legal and professional			fees		77,533	136,864
Bad debts written		off				3,100
Total 2023					1,045,102	1,272,381
Governance	costs	included		above amount to E94,033(2022. E151,864).

Net inco	me/expe	nditure
					2023	2022
					E
Depreciation of		tangible	fixed	assets:
	—owned	by the	Charity		30,608	20,086
Auditors'	remuneration		- audit	—Charity	16,500	15,000
Auditors'	remuneration		—audit	- Subsidiary	9,788	6,770

Staff costs
	Group	Group	Charity	Charity
	2023f	2022 E	2023f	2022f
Wages and salaries	1,263,294	1,179,761	904,788	905,778
Social security costs	81,773	74,034	63,865	59,675
Pension costs	34,827	31,442	26,123	24,129
Other pension costs (note 26)	10,000	30,000	10,000	30,000
	1,389,894	1,315,237	1,004,776	1,019,582

	Group	Group
	2023	2022
	No.	No.
Charity	49	45
Subsidiary	28	23
	77	68

	Fixtures and	Office	Computer	Other fixed
	fittings	equipment	equipment	assets	Tota I
		F		6
Cost or valuation
At 1 April 2022	1,319,009	19,159	118,725	180,099	1,636,992
Additions	2,546		12,646	17,387	32,579
Disposals				(3,455)	(3,455)
At 31 March 2023	1,321,555	19,159	131,371	194,031	1,666,116
Depreciation
At 1 April 2022	1,240,868	19,159	118,725	179,930	1,558,682
Charge for the year	22,975		3,162	4,471	30,608
On disposals				(3,455)	(3,455)
At 31 March 2023	1,263,843	19,159	121,887	180,946	1,585,835
Net book value
At 31 March 2023	57,712		9,484	13,085	80,281
At 31March 2022	78,141			169	78,310

							Group	Group	Charity	Charity
							2023	2022	2023	2022
									6
Trade creditors							64,393	211,171	41,389	169,396
Other taxation and			social		security		140,6'I2	35,732	24,320	23,958
Other creditors							9,620	208	9,620	208
Accruals	and deferred			income			89,864	62,391	82,088	55,095
							304,489	309,502	157,417	248,657
							Group	Group	Charity	Citarity
							2023	2022	2023	2022
								8
Deferred	Income
Deferred	income at		1 April		2022		5,346	21,801	5,346	21,801
Resources deferred			during		the year		40,545	5,346	40,545	5,346
Amounts	released	from previous				periods	(5,346)	(21,801)	(5,346)	(21,801)
Deferred	income at 31 March 2023						40,545	5,346	40,545	5,346

							Balance at
		Balance at 1			Transfers	Gains/	31 March
		April 2022 6	Income 6	Expenditure	in/out 6	(Losses) 6	2023 f
Unrestricted
funds
Designated
funds
Legacies			20,000				20,000
General funds
General		7,353,784	2,019,382	(2,463,874)	151,834		7,061,126
Pension reserve			10,000	(10,000)
		7,353,784	2,029,382	(2,473,874)	151,834		7,061,126
Total
Unrestricted
funds		7,353,784	2,049,382	(2,473,874)	151,834		7,081,126
Endowment
funds
John &
Josephine
Bowes		1,584,505	45,047		(45,047)	(60,931)	1,523,574
Catalyst
Endowment		2,521,537	107,224	(11)	(106,787)	(392,441)	2,129,522
		4,106,042	152,271	(11)	(151,834)	(453,372)	3,653,096
Restricted
funds
Acquisitions	&
Conservation		2,249,756	3,183	(15,587)			2,237,352
Education		143,016	10,057	(9,478)			143,595
Capital
Improvement		2,806					2,806
Skills for the
Future		14,844					14,844
		2,410,422	13,240	(25,065)			2,398,597

Statement	offun	ds - prior year
							Balance at
		Balance at			Transfers	Gainer	31March
		1 April 2021f	Income 8	Expenditure f	infout	(Losses)f	2022f
Unrestricted
funds
General		6,813,621	2,430,539	(2,041,160)	150,784		7,353,784
Pension reserve		50,000		(30,000)		(20,000)
		6,863,621	2,430,539	(2,071,160)	150,784	(20,000)	7,353,784
Endowment
funds
John 8
Josephine
Bowes		1,456,583	44,162		(44,162)	127,922	1,584,505
Catalyst
Endowment		2,198,724	108,137	(15)	(106,622)	321,313	2,521,537
		3,655,307	152,299	(15)	(150,784)	449,235	4,106,042
Restricted
funds
Acquisitions	8
Conservation		2,354,913	46,952	(152,109)			2,249,756
Education		128,690	350,806	(336,480)			143,016
Capital
Improvement		83,330		(80,524)			2,806
Skills for the
Future		19,760		(4,916)			14,844
Friends of
Bowes
Museum			8,289	(8,289)
		2,586,693	406,047	(582,318)			2,410,422
Total offunds		13,105,621	2,988,885	(2,653,493)		429,235	13,870,248

							Group	Group
							2023	2022
								8
	Cash	in	hand				635,'I48	945,238
	Total	cash and cash			equivalents		635,148	945,238
25.	Analysis		ofchanges		in net debt
						At 1 April		At 31 March
						2022	Cash flows	2023
							6
	Cash	at	bank and	in hand		945,238	(310,090)	635,148
						945,238	(310,090)	635,148

Principal actuarial	assumption	s at the Balance Sheet da	te (expressed as weighted averages)	:
			At 31 March	At 31 March
			2023	2022
			0/
Discount rate			4.8	2.8
Future salary increases			3.7	4.1
Future pension increases			2.7	3.1
CPI inflation			2.7	3.1
Pension accounts	revaluation	rate	2.7	3.1

				At 31 March	At 31March
				2023	2022
				f	f
Discount	rate +0.1%			(10,000)	(30,000)
Discount	rate -0.1%			10,000	30,000
Mortality	assumption	—1 year increase		(10,000)	(30,000)
Mortality	assumption	- 1 year decrease		10,000	30,000
CPI rate	+0.1%			10,000	30,000
CPI rate -0.1%				(10,000)	(30,000)
The Group's share of		the assets	in the scheme was:
				At 31 March	At 31March
				2023 f	2022
Equities				1,580,000	1,830,000
Government bonds				380,000	500,000
Corporate	bonds			130,000	200,000
Property				230,000	220,000
Cash				50,000	80,000
Other				130,000	480,000
Multi Asset Credit				450,000
Total fair value ofassets				2,950,000	3,310,000

The amounts	recognised	in the Consolidated	Statement	Statement	of Financial	Activities are as follows
						2023f	2022f
Current service cost						10,000	30,000
Interest income						(90,000)	(70,000)
Interest cost						80,000	70,000
Total amount	recognised	in the Consolidated		Statement of Financial
Activities							30,000

Moveme	nts in t	he present value ofthe defined benefit obligation were as follows:
			2023f
Opening	defined	benefit obligation	3,070,000
Current	service	cost	10,000
Interest	cost		80,000
Actuarial	gains		(540,000)
Benefits	paid		(190,000)
Asset ceiling restriction			240,000
Closing	defined	benefit obligation	2,670,000
Movements in the fair value ofthe Group's share ofscheme assets were as follows:
			2023f
Opening	fair value ofscheme assets		3,310,000
Expected return		on assets	90,000
Actuarial	losses		(540,000)
Benefits	paid		(190,000)
Closing	fair value ofscheme assets		2,670,000

Charity	Charity
2023	2022f
	3,710