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||||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|
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##
|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|||||||||
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|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%|
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|||||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|
##
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|||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|
##
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##
|||||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|
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|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|
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|||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||
##
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##
||||||||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||
##
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##
|||||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||
##
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##
||||||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).|||
##
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##
|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|
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##
||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|
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||||||||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|
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|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|
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||||||||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|
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##
|||||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|
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|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|
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