2024-03-31-accounts

Registered number: 03879872 Charity number: 1079639 THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 THE BOWES MUSEUM

THE BOWES MUSEUM IA Company Limited by Guarantee) CONTENTS Page Reference and Admlnistrntive Details of the Charlty, Its Trustees and Advisers Statement from the Chalr and Director Trustees. Report Independent Auditors. Report on the Flnanclal Statements Consolidated Statement of Flnanclal Actlvlties 5-26 27-30 Consolidated Balance Sheet Charlty Balance Sheet Consolldated Statement of Cash Flows 35-36 37 Notes to the Financial Statements 38-65

THE BOWES MUSEUM (A Company Limited by Guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Trustees Mr Peter Mothersill, Chair Dr Keith Bartlett (resoned 10 July 2023) Mr Mark Blackett-ord {resoned 15 March 2024) Ms Rebecca BlaCk￿￿0d Ms Robyn Brown (reS￿ned 15 March 2024) Ms Jennie Collingwocrtl Ms Deborah cOrt￿tt Professor Stefano Cracolici (reS￿ned 15 March 2024) Mr Christopher Davy (deceased 12 July 2024) Dr Stephen Howell Mr Chnstopher Oughtred (resKJned 15 March 2024) Dr Kenneth Partington Mr Jonathan Beauchamp Peaccrk (resKJned 10 July 2023) Mrs Caroline Peacock (resigned 10 Juty 20231 Mr Mich￿1 Robinson Councillor Elizabeth Elton Scott Mr Eliot Smith Mr George Stastny (reS￿ned 13 November 2023) Ms Alison Thain OBE Company registered number 03879872 Charity registered number 1079639 Registered office The Bcthtes Museum Newgate Barnard Castle County Durham DL12 8NP Principal operating office The B(rI￿S Museum Newgate Barnard Castle County Durham DL12 8NP Company secretary Mr Simon Lee Independent auditors Clive Cmten LLP Chartered Accountants and Statutory Auditors 140 Conisclrffe Road Darlington County Durham DL3 7RT Page 1

THE BOWES MUSEUM (A Company Limited by Guarantee REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Bankers Na￿est PIC 29 Newgate Street Bishop Auckland County Durham DL14 7ET Solicitors Womble Bond Dickinson LLP Helix The Spark Draymans Way Newcastle Upon Tyne NE4 5DE Investment Managers CCLA Investment Management Limited One Angel Lane London EC4R 3AB Page 2

THE BOWES MUSEUM (A Company Limited by Guarantee) STATEMENT FROM THE CHAIR AND DIRECTOR FOR THE YEAR ENDED 31 MARCH 2024 The chairnan presents his statement for the year. 2023-24 at a glance.. 77,746 visitors.. 90 regular volunteers (an increase of 83.670A from 2022-23) contributing 2,808 volunteer hours., 12,072 children and young people engaged In learning programmes. contributing to 1.113 hours of creative and conservational activity," 2,150 people worked with Artists, Designers and Makers; 1.508 participants engaged in Spotlight Tours about the museum, exhibitions and collection", Five exhibitions featuring Artists including intemational and nationally recognised names like Larry Achiampong, Ryan Gander, Rebecca Moss, Yinka Shonibare, David Shfigley and Hanna Tuulikki and regionally significant artists including Henna Asikainen, Bethan Maddocks and Sally Madge., In partnership wth the Northern School ofArt, 33 emerging artists exhibited as part of 2023's Modern Makers., Three commissions, including artists Louise Bradley, Victoria Franka and Helen Palling, Four gallery spaces were refitted, and three accessible stores created., 4°k increase in objects on display; Ar￿rkS loaned to Hyogo Museum, Japan., Basel's Kunstmuseum, Gennany,. Leuven MLtseum in Belgium.. The Wallace Collection and The Royal Collection in London,. and, more locally, The Auckland Project, Durham {amongsl others)., £666,586 funding secured for strategic projects and programmes. The Museum has made significant progress this year, both from a practical perspective and strategically We've resolved several longstanding issues and furthered the development of our'Bowes 2092, plan to understand how and what needs to be done to ensure the MLtseum's sustainability long into the future. The successes of the year, whether in developing our offering to make the Museum more attractive and accessible to visrtors of all ages, concenlrating our focus on the local and regional community, or general fund-raising, have all been achieved despite working in an environment which continues to be adversely affected by the impact of the Covid pandemic, subsequent inflationary pressure, reduced funding, and severe national and global economic and polrtical instability. No￿rthstandIng these difficulties beyond our control, the Museum is now in a much-improved position regarding slrategic direction, organisational capabilities, and visitor experience - building off the solid platform created last year. This speaks volumes about the expertise. commitment and passion of our Senior Leadership Team and all our workfor￿. This steady improvement results from many different initiatives, notably the completion of our staff reorganisation to deliver our new strategic model, togelher with a new governance structure wilhin the Truslee body, significant success in fundraising for the development of new galleries, the conservation of the Silver Swan. long overdue repairs and improvements to the building and parkland and the development of our volunteering programme. Our volunteer programme is growing, resulting in a significant increase in volunleers of all ages and backgrounds. This increase has greatly strengthened our connection to the local community, whether rt be through learning programmes, guided tours of the Museum and parkland, or playing a part in the curation and care of the collection. This connection has also been greatly enhanced by the Museum's retail and cafe offers. which have developed a fully justified reputation for the quali(y of their offering and service, including winning a national award in the Museum and Heritage Cafe of the Year category. Page 3

THE BOWES MUSEUM (A Company Limited by Guarantee) STATEMENT FROM THE CHAIR AND DIRECTOR (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 While our primary focus unashamedly rests on our local regDn, we have also achEved a marked increase in our presence nationwide with audien￿$ and Ihe wider sector. This has resutted from increased largeted marketing and many new partnerships and inrtiatives, ensuring that The Bowes Museum is finnly reestablishing rtself as a purpostrled organisation that is making a difference. This, in tum. gives us confidence that in the future, we can further our role as a leajer, exemplrfied by the BoHes 2092 plan, wh￿h proposes an investment strategy to address the Museum's long-temi sustainabilty. which coukl apply to many museums and galleries across the ountry. We are deepty grateful to our funders and stakeholders, Durham County Council and Arts Council England, for their continued investment in the Museum. We also extend our heartfelt thanks to the Friends of the Bowes Museum for their unwavering support, be tt financial. supporting our programmes, or promoting the museum. We face the future with enthusiasm and confidence and look foThvard to continuing to provide many wonderful experiences for the people we serve, includi￿￿ artists. deS￿ne[S. makers, kcal communilies, and wsrtors from near and far. Peter Mothersill Chair of Trustees Date. Is Page 4

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report together with Ihe audited financial statements of the The Bowes Museum for the 1 April 2023 to 31 March 2024. The Annual Report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing d¢xument and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance wrth the Financial Reporting Standard applicable in the UK and Republ￿ of Ireland IFRS102) (effective 1 January 2019). Objectives and activities Objectlves and aims The Bowes Museum's charitable objectives are the provision of: (a} a public Museum (b) a public park In these objectives: 'Public Museum, has the same meaning as it has in the Public Parks, Schools. and Museums Act 1871 construed in the context of the Will and Codicil of Josephine Bowes-, and 'Public Park. has the same meaning as it has in the Public Parks. Schools. and Museums Act 1871 construed in the context of the Will and Codicil of Josephine Bowes. The Museum's objectives and aims have been achieved through an attractive programme of pemianent and temporary displays and exhibitions, educational events, family activities and outreach work, as detailed in the report from the Museum's Director and Chaiman. Public benefit The charws aims and achievements are set out wrthin this report. The activities set out in this report have been undertaken to further the charitys charrtable purposes for the public benefit. The Trustees have complied wrth the duty under Section 4 of the Charities Act 2006 to have due regard to public benefit guidance published by the Charity Commission and the Trustees have paid due regard to this guidance in deciding what activities the charity should undertake. Volunteers In 2023 the museum created a ne4V roFe wtthin our structure, Co Production Volunteer Manager. This role is commitment to our ambition to develop and diversify volunteering opportunities across the museum going forward Volunteers contribute hugely. supporting our teams and engaging wtth our visitors. The museLsm has approximately ninety volunteers, over 50 % more Ihan the previous year. and conveys rts gratitude for their continued support. Page 5

THE BOWES MUSEUM {A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report Achievements and perfomiance 1. 2023-24 Perforniance Visitor Numbers Average daily visitors .'Total Museum income ITickeVmembershipsl otal Entegrises income (Events) (Café) {Shop) Totsl Expenditure {Museum staff costs) (Enterprises staff costs) {Activity costs) (Premises costs) {Insurance costs) {Marketing costs} 77.746 215 95.30/0 95.30/. 77,127 213 3.367,069 434,091 945,146 120,184 547.436 277,526 3,305.035 1.271,194 412,186 95,075 584,423 94,507 37,000 118.0% 932% 107.3% 1,426.834 349,188 788,059. 126.295 435,153 226,611 2.498.950,, 1,004,776 385,118 111,174 344,984 83,019 62,884 113.2° 118.00 90.0% 985% 120.10 84.20 213.60 96.60 52.8. Page 6

THE BOWES MUSEUM IA Company Limfted by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achlevements and perforniance (continued) 2. Review of activities 2.1. Transformation Project 2.1.1. Wision & Mission We began the nthv financial year in 2023 with a new Senior Leajership Team, a redefined organisational purpose, vision, mission, aims and objectives (see Appendices 1 & 2). and a new Arts Council England NPO 3- year prc#Jramme. Therefore, we have refreshed our reportirg approach to monitor and measure the organisational perfoffnance against KPIS across all business areas. including our Action Plan and ACE Investment Principles, to ensure we monrtor and CoMmun￿le our data and evidence efficiently and accurately to our stakeholders and partners. The quartety report we prc¥Juce for Durham County Council ncvi includes the folt(ywing: Quarterty Strategic Activity Overwew. Performance Dashboards that are used intemally by the senior leadership team (SLT) to monitor perfomiance and trends against crrtical KPIS. Action Plan progress against our aims and objectives. Strategic Project updates. Partnership and Presence updates. Updates by operational areas - Commercial and Operations, Programmes and Collections, Development and Communications. Risk Register. (App 3) 2.1.2. Staffing Structure & Improved Leadership Simon Lee (Director of Commercial and Operations). Kelty Smith (Director of Development and Communications} and Vicky Slurrs (Direclor of Prcgrammes and Collections) took up their posts as Senior Leadership Team (SLT) in January 2023. Kelly Smrth left her SLT role at the end of February 2024 to take up new role at Newcastle Theatre Royal. Jane Whitehead subsequentty joined us as Acting Director for Marketinglcommunications. Tber 3 completed rts restructure and included a new Development Manager and C Production Volunteer Manager. The Tier 4 restructuring was launched the week beginning 20 November 2023. It fcKused on establishing the right roles and capacrties wrthin our workforce to accomplish our ambtbons, enabling a more relevant 21 st- century museum that is forward-thinking and financialty sustainable. refccusing skills and talent. and addressing historic contract anomalies resutting fr(xn inconsistent employment practi￿$. Guided by princip￿$ of ensuring the prO￿$S was open. equitable and kind. we undertook several group and individual meetings wtth those impacted by the proposed changes. During our sessions, we discussed the rationale for the proposal and potential consultation timelines. We also shared proposed job Pfofiles, salary, YKJrking hours and annual leave information where relevant for those at risk and those with changes to terms and conditions Throughout the process, staff were given opportunrties to make proposals. make suggestions. and ask questions. Voluntary redundancy options were offered for all staff to consider. By the end of January 2024, we completed the voluntary redundancy prO￿sS and redeployed to new and vacant roles, eliminating the risk of compulsory redundancies. The week commencing 11 March 2024 saw the implementation of Tier 4 changes. including the commencement of redeployed roles and the introduction of new temis and conditions A 4-6-week transrtion period with fv40 'Firebreak' training and reset sessions is planned for all staff towards the end of April 2024. Additionalty, as part of the Tier 4 restructure. addressing long-standing pay differentials and several pension contribution commitments was essential to ensure equity across all staff. These were implemented at the end of the financial year, effective April 2024. Page 7

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Strategic report Icontinued) Achievements and perfomiance Icontinued) 2.1.3. Strategic Business Plan and Bowes 2092 A new 2023-28 Strategic Business Plan was completed and approved by the Board of Trustees. The Executive Director, working with the Senior Leadership team, concluded that significant work remains to create a stable future for The Bowes Museum. Core funding from Arts Council England and Durham County Council has remained static for years and represenls real-term cuis once inflation is consKlered. The realty of caring for the buildings and parkland. including ensuring regulatory compliance, means significant investment is required, evidenced by the costs to repair boilers, conduct essential tree works, and remove asbestos in this year alone. Increased costs include wages as the minimum wage increased and energy and insurance. which have almost doubled. Our peers across the sector echo this posrtion, and ￿￿thOut radical action. this constitutes a continuing decline in financial resilience and risks the future of The Buwes Museum. To this end, a Task and Finish Group c(Knprised of trustee representatives and the senior leadership team undertook mapping work to explore and map our understanding of the challenges and opportunities, including the current and wtential impact of national and global trends. This work infomied the 'The Bowes 2092 Plan,, reflecting the need for longer-term planning to ensure the Bowes Museum's future is secured (2092 is The Bowes Museum's 200th anniversary). This plan fomis the basis for the ne￿ phase of transfom)ation. It outlines the challenges, which are summarised in these conclusions.. As 8 priority a￿8 for Arts Council England and potentialty the new NLHF Investment strategy, we are in 8 piime position to secure significant capital investment. fo ensu￿ this investment, we must develop a compelling concept that fulty ￿al￿eS the site, building, and CL4lectK)ns' potential as an afftbitious heritage asset that supports our organisatK)n's and region s ambrtK)ns andpays the site fO￿ard sustainably. The last 20 Yea￿ have seen a rapid decline in funding for arts and culture, and this d￿S not l¢X)k set to change. We must take our future into our own hands and rethink the mcxlel. As an asset-rich but CaSh-￿r chantable trust. we need to Ic￿¢ dIffe￿ntlY at unkrking our assets to maximise our financial potential and create a sustainable Organisat￿n that pays its workforce fairty. The climate eMe￿encY is affecting us and our communities now. There is no ts.me to waste in addressing our sustainability and supporting our coMmun￿eS to do so too. The cost of living has InC￿aSed pressure on the poorest people in our communities By making the museum free to enter and by creating environments and programmes that support people, we can make a d￿e￿nce to people's lrfe experiences. By paying our staff above the median average we can support them and their families. We must invest in digrtal technolcuies and skills to keep up with a changing worfd. Page 8

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achievements and performance (continuedl As a result, Ihe Bowes 2092 Plan outlines 5 key aims.. 1. Develop a new financial mod81 that enables the organisation lo be suslainable and navigate uncertain e¢onomi¢ times. Through this, we will reduce our heavy reliance on external income and ensure that additional funding and the work of our teams can be fully invested in delivering our vision. 2. Create a fully roalised capital programme Ihat ensures the buildings, parkland, and ¢olle¢tions are well-mainlained and accessible and supports the organisalion's purpose and aims. 3. Embed sustainable technologies and practices into caprtal assets and organisational procedures to enable The Bowes Museum to start a joumey to a NET Zero ambition and support our communities to make individual and collective changes relevant to their circumStan￿s. 4. Invest in our workforce through fair pay, comprehensive training opportunities and access to technologies that improve sector-specific and transferable skills and digital confidencelcompetence. By investing in people through compensation. development, and training, we will contribute to a happier workforce, invest in our region, and improve conditions for families of our staff for generations to come. 5. Invest in digital infrastructure and skills to ensure we are utilising these to maximise the organisation's operations. cxeate exciting and relevant eXperien￿S, engage wth our communities, reduce our environmental footprint, and remain relevant in a changing world. The Bowes 2092 Plan was approved by the Board of TrUSt￿S and presented to the AGM in December. and work will begin in 2024. Resources to start this work have begun to be secured wilh funding from National Highways to support Aim 2, 'Create a fully realised capital programme,, which will enable a Feasibility Study and Options Appraisal for the site and buildings. We aim to apply to Heritage Fund for funding support that will build the capacity needed to build on this work and begin the Bowes 2092 Plan in earnest. 2.1.4. Pricing and Memberships Following the launch of our new membership scheme in June 2022, offering a more slraighffotward pricing structure in which local memberships provide the best value for money, we have reached a membership database of 13,000. On the first anniversary of the launch, we started tracking the retention of memberships (the percentage of members who accept the auto-renewal of their membership for a further yearl This has maintained al around 70 %, and we keep in touch with members via newsletters and in-person events. In March, Y￿ invited members to join us for the preview of Mumiuration, and we were overwhelmed by the posrtive uptake of tickets for this event. 2.2. Progrdmmes and Activities Throughout the year, we have delivered programmes supporting our communities, collaborated wrth our volunteers, engaged children and young people, explored our collections, crealed new displays and exhibitions, w￿rked with artists, designers, and makers, and developed exciting new projects and partnerships. Page 9

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achievements and perfomiance {continued) 2.2.1. Communities Significant work has taken place to redesign our approach to communty work based on the transfom)ation project's aim of becoming a more community-centred organisation. Co-production, while a key tenet of the Senior Leadership Team's experience. was very new for the Bowes Museum team. To ensure that TBM'S co-production is authentic to the organisation and our communities, we used the Curiosty Project as the basis for development and leaming. Communty indNFduals and groups VE￿ targeted through invitations as stakeholders and non-visrtors and drop- in, open-access workshops. 15 staff colleagues CO•led these sessions. developing and facilitating activities to shape discussion and collaborative Kleas generation. Together. responses were gathered from 111 people through C￿prOdUCtion y￿rkshops. Participants included families wrth children under 12, young people. older adults, regular and non-visrtors, and those who J(Jned through communitEs of interest or geography. Response data was collected using a 'feel, do. think, methTrJology to respond to the fLrture development of gallery and store spaces at The Bowes Museum, focusing on col*b'on objects and themes as well as activities and experiences. Findings OVe￿￿W People told us they most vtsnt 'interactive' experiences that offer the opportunty to feel 'calm', 'relaxed', 'happ and 'well'. When thinking about how they want to feel in our spaces, responses were categorised into five groupings.. Action-based. Experiential Reflective Learning-led Being well People most want to be involved in moments and experiences that link to the collection, 'bring it to lrfe.. 'tell stories. and offer the opportunity to 'imagine'. They want to participate in experiences that encouraJe 'being an artist, and are keen to discuss and question. Participants often referenced the Importan￿ of 'releVan￿.. Topical concems like the climate crisis, povety, wealth, social class and mental heatth V￿re discussed. Across the groups, constrtuents all believe that The Bowes Museum has a role in responding to societal ideas as both an antidote and a call to action. Through this work. significant progress has been made on interpreting and applying our C¢>production session findings. We have used part of this information to develop Collection Themes and a new Interpretation Framework that outlines the cross<Lrtting strands. themes, and stores that we'll open within our new Curiosity Galleries. including four new galleries: Curiosty Gallery, Create GaI￿ry, Conversation Gallery, and The Hive. The Curiosty Gallery displays a cross-section of the museum's collectw)n. curated around themes of home and landscape. It includes a soundscape by Durham-based artist Dawd de la Haye, made of sounds from Teesdale. These themes link the gallery to the outside landscape, which can now be enjoyed throughout the new galleries thanks to specialist UV filters aPpl￿d to the reopened wind¢y¥VS to avoid damage to the artefacts The displays V￿11 change regularty to keep the space relevant and fresh and introduce artists, designers, and makers, as well as ideas about neighbourliness and hospitalty and the T￿sdale landscape, all through items from the collection. The Create Gallery is a space wsrtors can investigate the making proCeS￿S of collection objects,. experimenting with malerials through prompts and ideas set by the Museum's Artist team. An immersive and active space, this is where much of our leaming programme will be focused, wrth ¥CeSsib￿ facilrtTres and collection inspiration. Page 10

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achievements and perfomiance (continued} The Conversation Gallery is where people can sit and relax. chat and debate, exploring athorks that link to broader ideas and challenges facing the world. Through exploration of cur￿nt topics, the Museum can explore local solutions to global problems with visitors and school groups propped on cdourful beanbags inspired by our collections, designed by Louise Bradley and made by Kate Pounder. On the first floor of the Museum, The Hive reminds visitors that everyone can collect and that everyone curates. Visitors can see objects, artefacts, documents, and collections curated by slaff, volunteers. and communty members, inspired by the Museum's founders. thoughlful collecting in the nineleenth century. Addilionally, thr￿ newly accessible collection vaults house furniture, textiles, and ceramic objects. From April 2024, visitors can see these during specialist guided tours. The objects are displayed in new ways lo be more easily viewed and cared for. Applying these co-produced stories and sub-themes has resutted in the selection of 228 objects spanning the vast array of the Museum's collection genres. 88 % of the objects selected are from stores, and 80% have not been seen for at least ten years. Of the 12 % of objects currently on show elsewhere in the gallery, neady all are explicitly referenced by constituents as pieces they find personal and collective resonance wrth. 'Great to be part of this and to influence what's happening next at the Museum. I'm excited that the objects my children selected are on showl". Curiosty Project Cfrproducer "I've lived in Upper Teesdalg my whde lrfe. When we tLX)k part in the wort(shop, we talked about the landscape thal we see everyday. Now those scenes, Ihey're on the wall. That's really quite speci811" 2.2.2. Volunteers As part of the co-production work, a new C(>produ¢tion Volunteer Manager started in the summer, wrth a remit to expand and develop our volunteer communty and experience. This has had a signrficant impact, growing our volunteer community by over 50°/0 lo around 90 volunteers who regularly engage and support our activrties in the Museum. Over the last 12 months, they have donated 2.808 hours of voluntary help, 200/0 more than the previous year. This was developed through the following activities.. Page11

THE BOWES MUSEUM (A Company Limited by Guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achievements and perfonnance (continued) Baseline Survey-we conducted a baseline survey that ￿Ent out to all volunteers to do a temperature check. The results of the survey V￿re shared through three workshops with Volunteers. As a result of the findings from the survey, our new Co-production Volunteer Manager has set up a quarterty Lead Volunteer meeting and a pre-season briefing for all volunteers and is introducing more talks. walkthroughs, and training OPFrf)rtunities for all Volunteers. sV￿n Explainers- Recruited ten volunteers to be our Swan Explainers from SepDec 2023. Six were brand new to the Museum. They supported visitors by engaging them in conversab'ons, capturing their stories about the Swan, providing updates about the Conservation of the Silver Swan, and helping us reach our fundraising campaign target. Celebration Event- Christmas Volunteers get together. Hosted a celebration in December for all Volunteers to attend. Special thanks Y￿re given to the volunteers. including a long service to a volunteer Guide vtho had been with the Museum for 33 years. HIVE Co-production Volunteers - we engaged these six new Swan volunteers after the Swan project ended by inviting them to become Co-producers of the HIVE space as part of the wider Curiosity Project. These volunteers have been meeting weekty since January, learning about the collections, selecting objects for the HIVE, and leaming how to Write labels, prepare objects and Ccpcurate a space. They have had behind-the-scenes a¢￿sS to the stores and have been supported by the wder teams. induding Collections, Exhibrtions, and our Archivist, Judith Phillips. AIM-Partnership Project with Teesdale schoo￿1n January. we launched a partnership project v￿h Teesdale School. which is a pilot for us in cweating a new Young Volunteers Programme. On 14th and 15th February, we deltvered two taster days for24 students aged 12 - 17. The young people had a vnnderful time, and the next stsge of the process looks at onboarding these young people to become Volunteers at the Museum ￿￿th an individual bespoke volunteer programme for each young person centred on their interests. Curiosty Activator Volunteer Role-This is a live opwrtunity. Their role will be to welcome visitors into the new spaces. engage them in conversats'on, spark their curiosty, and acb'vate the spaces. Behind the scenes: We have purchased Better Impact software, a datsbase management system to transition volunteers onto. This will help us report more accurately on volunteer hours and opportunities and manage volunteers_ In development - We are developing a volunteer handbook and a suite of volunteer licies. "Being invofved in the Hive Project at The Bowes Museum was such a fantast￿ opKx)rtunity. I was able to leam new skills and woth alongside Museum professionals to c￿prc%IUGe an exhibition. I was able to select a theme I was ￿allY Inte￿sted in and then encouraged and guided by museum colleagues to select artefacts and build narrative to share with the public. We wrote labels, prepa￿ and cleaned iteffls for display and helped install the eXhibit￿n - seeing the final display and the aCcumulat￿n of all our woth was ￿allY special and something l am very proud of. The project was fasl paced and inV¢￿ved a lot of work but was so rewarding and such a valuable experience." Amy, cr￿prodUCts0n Volunteer "I've gained a t￿mendOuS amount from the initial meeting Whe￿ we leamed al)(xJt the Project to the k￿Ing out of the space with the objects or archwal material. Working closely as a team with my fellow volunteers has tjeen pethaps the most pleasing and of c(xJr8e the knowledge gained from the expertise from the Museum staff has been exciting. I have never c￿ProdUced anything befo￿ and the skills KYentrfEd and knowledge gained have been invaluable...l am thoroughly enjoying my role as a Curiosty Activator Volunteer within the HIVE. Finally, I would like lo personally thank Jess for the industry and commitment that she has demonslrated thn)ughout to all the volunteers. She has been inspirntional and supportive throughout." Peter, tsproJuction Volunteer Page 12

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (contlnued) Achievements and performance (continuedl 2.2.3. Learning; Education. Families and Young People As part of our Transformation Project, we identified an urgent need for improved learning and engagement spaces, facilities, and accessible storage We were delighted in 2023 to secure £250K from DCMSMolfson and £40K from the Friends of the Bowes Museum towards the 'Curiosity Project,, which has redeveloped four gallery spaces (bringing two currently inaccessible spaces back into use) and three collections stores. These spaces offer new opportunities for leaming at The Bowes Museum and opened on 2 April 2024. 12,072 people in 2023-24 engaged with the learning programme, both on and offsite. Across the year, this represents an uplift of 790/0 against a baseline of 6.733 from 23124. This is due to a regular programme of accessible conversation and creatiwty-led activities, free past the point of entry and initiated this year. This year, our family programme engaged 5,079 people through drop-in activities, Artist workshops and tours. 620 people engaged in Family Days in June and Oclober 2023, working y￿h Artists, exploring behind the scenes, participating in performances and playing in the parkland. 62 people worked with Foundation Press, led by artists Adam Phillips and Deborah Bower, to develop the Pocket Parkland Playbook, a handy memorandum of suggestions for imaginative outdoor adventures. alternative ways to be outdoors, tricks to give yourself licence to relax and have fun, and tools for seeing things differently. The Playbook has been available since Summer 2023 and is free to take home and pass along. Following restructuring, members of the Education Team took voluntary redundancy. Our Education Manager has also left the organisation. We have recrurted a new Leaming Manager who started on 2 April 2024 and created ￿ new Learning Producer roles focusing on families, education communities. young people, and adult audiences. Page 13

THE BOWES MUSEUM IA Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achievements and perfomwnce (continued) 2.3. Exhibitions and Display Throughout the year. we produced a variety of exhibitions and drsplays exptoring a wide range of themes and provocations, which included.. Our Conversation Wall continued to change monthly. Differing themes have focused on World Children's Day, snow-filled winter stories, Intemational Workerfs Day. Wodd Book Day. and World Environment Day. This space continued to be a popular point of discussion with our audiences. connecting to wder societal thematics and shovKasing lesser-knovm works from the collection. As the first thing our visrtors see vthen they enter the Museum, we have showcased over 40 works from storage over the year In our drive to display more rarely seen objects from our stores. have redisplayed over 50 ceramic items from our twentieth-century collections and repurposed previously-stored fumrture as display cases for glassvrare. The mag￿ of the Sifver Swan opened on 7 July 2023 and ended in earty January. It was well re￿ived. featuring significant loans from national institutions, including the Bntish Museum. Science Museum and the Bodleian Library. V￿th features in The Guardian. The Times. The Spectator. Art Quarterly. and regional TV. Mumiurntion opened in February 2024. A group exhibition, this show presents a wide selection of artists and makers from various generations, backgrounds and Contexts whose work ranges across drawing. sculpture, film and installation. It explores birds in art and traces their signrfi¢ance across time and cultures, softly prompb'ng provocab.ve discussion and environmental action through the work of Artists and Makers. Additionally, the show presents the complexity and nuance of displaying historic taxidermy and egg collections, from its role as a teaching resource to its ties to scientific racism and colonial exploitation. Wrth over 80 works in the show, 66.kn are from our Durham-based collection. Exhibiting artists include Larry Achiampong and David Blandy, Henna Asikainen, Bentley Beetham, Josephine Bowes, Michel-Pierre Hubert Descours. John Doyle. Ryan Gander. Sally Madge, Bethan Maddocks. Edouard-Aime Pils, David Shrigley. C.F. Tunnicliffe and Hanna Tuulikki amongst others. Loans have been received from The British Council, Copperfield Gallery London. The Stephen Friedman Gallery and Tyne and Wear Archives and Museums The show has been featured in The Times and recommended by The Guardian, and it has gamered other regional coverage. Throughout the year, a snapshot display of the late Vivienne Westwood's career through the eyes of collector Peter Smithson has been exlended. Peter has collected Weshvood clothing and accessories for more than 25 years, focusing on Mini-crini (19861 to Storm in a Teacup (199617). Westwnod was inspired by art, fashion, culture. and social history. This capsule display features items from the Museum's collecb'on that echo and contextualise the historical references in Wesfvrfood's vmrk. all0v￿ng visitors to examine materials and techniques Flagpole commissions see a dtfferent artist delivering three pieces of woth over six months. Currently. Louise Bradley's banners are displayed using plant and fl¢)wer motrts found in collecb.on objects or the parkland. Covering a more comprehensive environmental agenda. Inspired by Mary Eleanor BOv￿S, botanical connections and small Co1￿ctIOnS of textiles and embroidery, the banner flags are bright and welcoming. Gateshead-based Artist Michael James Mcconnack is the next artsst to exhibit. Page 14

THE BOWES MUSEUM (A Company Llmited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report Icontinued) Achievements and perfomiance (continued The V•inter period saw the Museum successfiJlly accepted into a UK-wide programme established by the Art Fund and Creative Scouand. As part of the Going Places initiative. it will be a key player within a ne￿Ork of small to mid-sized museums producing two touring exhibitions over five years (202&2030). The organisation has allied wrth The Russell-cotes Art Gallery and Museum, Boumemouth and The Watts Gallery, Guildford. Focusing on their founding couples. (Josephine and John B¢)wes, Merton and Annie Russell-cotes and George and Mary Watts) passion for art, culture and collecting the nefv￿rk aims to explore how we make these three collections founded by creative and philanthropic couples, and rooted in their period. relevant to our communities today. In the spirit ofthese three dynamic couples, the ne￿rk aims to explore the dynamics of collaboration, connection. and fn"endship with our local communrties to reinterpret our collections. surface unheard stories and new narrab'ves. and make the global 'local'. 2.4. Collections and Conservation: 2.4.1. Collections The Bowes Museum is currentty renewing its accredrted status per cyclical requirements and, as such, refreshing policies, procedures, collection rationales. storage, and disposal pro￿sses. Part of this process is being a key part of the Regional Collections Network with sector colwues. incI￿1ng Beamish, Tyne and Wear Archives, and Northumberland Museums. A new fv4r>year Curator role (C￿r(￿luCtIonj has been created due to funding from the John Ellemian Trust. It wll help to deepen our ctrproduction practice wtih communtlies through projects and activities. The creation of four galleries and three collections stores has radTrcalty improved several areas in the building. It has enabled us to display more ol'ects (90°A of whth have rarely or never been displayed) and care for collections in better and more ac￿SIble conditions. Over the year, the Museum has loaned 25 objeds (seventeen paintings, ikn) deswJner outfrts and six rtems of hisloric lace and embroidery) to exhibit￿n$ in London, Bamsley, The Auckland Proie¢t, Japan via the National GaI￿rieS of ScotlarKI. Hamburg, Basel. Leuven. and Cologne. 2.4.2. Conservation The Swan restoration project was completed, and the Swan started performing in the new year. The crowd funcler campaign with Art Fund Happens Sufpassed rts target of £18k by 6 December and reached £20.375, and following successful funding from NHLF. the Cumbria Clc£k C￿npanY (CCC) was engaged to undertake specialist conservation and repair work on TBM'S Silver Swan. Happening on-site where possible and in the VK)rkshops of CCC where not, the work consisted of. Removing the necklhead assembty for restorationlconservation. Twelve neck rings require attention. Drive units fully dismantled1seN￿ed. Neck assemblyl music boxlglass dive rc¥Js serviced. Design for the fish retaining pipel the necessary work required. Capture full details of the opeiating track. cams, and an arbour that develop movemenuoperation of the neck, head and beak, deepening understanding Dismantlingl C￿anIng of operating mechanisms, minor repairs, re-assembly, lubricats'on. A dedicated programme of Volunleer recruitment has culminated in 10 new colleagues acting as Swan Explainers. Talking to visrtors daily, explaining the conservation project, and collecting audience memones of this unique object, the team actively contributes to the Museum. The project has also afforded the involvement of four interns from national horoltsJul colleges. who can leam and hone their skills. Page 15

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achlevements and perfomiance (contlnued Public talks by CCC are supplemented by a new artist-in-resKlence. Victoria Franka Marcelino, who was recruiled through an open advert to a Ihree-month residency at the Museum. Commissioned to explore the conservation project, do their work, and deliver public engagement workshops, Victoria had access to a srnall studio space at the Museum and staff support. A benchmarked artist fee. cc¥nmission production budget, workshop fee. and travel bursary support ttrE artist's eth&21 employment. 2.5. Facilities 2.5.1. Journey to Accesslbllity (MEND-Funded) The MEND {Museum Estate and Development Fund) project started after the successful approval of planning. DCMSIArts Council England has supported this project wrth £974k. This will repair and improve road and car park infrastructure. improve accessibility from the car parks to the museum. and install EV chargers to support our environmental sustainability ambrtions. The delivery pro3ramme shows the project work will be completed by mid-July 2024. The Curiosty Project is transforming four gallery spaces and creating three new collection stores, culminating with a family-friendly launch on 2nd April 2024. The new spaces were made possible Ihanks to grants from The Foyle FoundatK)n. DCMS Wolfson and The Friends of The Buwes Museum. Creative Core, West Yorkshire, appointed designers lo collaborate wrth the Museum team and communities to develop, design and delrver (ultimately co-projuce) The Curiosty Project. This colkiboration explored understanding team dynamics. setting the projecl's ambitions, identifying our communities and understanding the spectrum of co-prc#Juction, including defining what that means at The Buwes Museum. Essential work has been necessary due to compliance needs and maintenance issues. and it has been a costly faclor in our budgets. This work has included.. Tree V•t)rks - annual conditon surveys to ensure our parkland trees are safe to enable public access. Subslantive ￿MedIa1 works undertaken from any survey findings as required and kept upto-date. Boiler repairs -The museum boilers are old and need regular maintenance. The third-floor boilers providing heating io slaff areas and collections stores broke and required replacement, for which additj'onal funding VRS sought. The third-floor b￿lerS were svatched from gas to electricity for installation practicalty and environmental gains. Asbestos removal Our annual survey detected a deterioration in some asbestos in the boiler house, necessitating isolation until the safe removal could be expedited. This work has been completed. Rador￿OUr Radon survey identified radon in Iwo spaces on the lower level. These areas Y4ere dosed for access unts"I remedial v￿rkS were undertaken, vthich is now complete. . 2.6. Fundraislng and Donations An increase in charitable messaging ￿rosS promotional material has seen donations from on-site wsrtors rise from only £393 donated on-srte in April to £679 donated on-srte in November 2023. Increased donation boxes and the development of the fundraising websrte pages support this. Grft aid conversion continues to improve following the training earlier this year. The Silver Swan crcfyv(ffunding campaign was successful, generating £20,375 from 178 individual supporters. A four-year Development Strategy has been written to cover income generation strategies for 'business as usual, fundraising starting in April 2024. Page 16

THE BOWES MUSEUM IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED FOR THE YEAR ENDED 31 MARCH 2024 Strategic report {continued) Achievements and performance (continued Our grant applications this year have covered four project and programme areas.. Developmenl of new galleries and displays through co-production. The conservation of the Silver Swan. Development of Volunteering. Building and site repairs and improvements. The grant funding successes this financial year are.. Development of new galleries and displays through co-production. John Ellerman Foundation. £89,646 (inc. 24 months, salary, Co-Production Curator). The Foyle Foundation, £65,000, The Curiosity Project. The Friends of the Bowes Museum, £40,000, The Curiosty Project. Art Fund £500, Going Pla¢es Partnership. The consetvation of the Silver Swan. National Lottery Heritage Fund, £146.342. Leche Trust. £5,000. Circles of Art, £1,500. Aurelius Trust, £4,000. Development of Volunteering. AIM Connected Communities £54,053 Young Volunteers Project. Esmee Fairbaim Collections Fund, £95,545. Building and site repairs and improvements. Garfeld Weston Foundation, £40.000 toward the Journey to Accessibility project. Area Budget, £5.000, contribution towards boiler repairs. Local Action Partnership, £20,000 contribution towards boiler repairs. Highways England £100,000 (Feasibility Study). Total grant income secured 23124 - £666,586. The high conversation rate and high number of successes this quarter are due to very targeted bids being submitted and a real appetite from funders to support transformation at TBM. However, increasingly more bids are being submitted to test the water with potential new funders le.g. around the Silver Swan Fundraising campaign), which will lower the conversion rate (actual). Page 17

THE BOWES MUSEUM IA Company Limited by Guarantee) TRUSTEES, REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achievements and performance (continued) 3. Strategic Objectives 3.1. Business Plan While we are in a much-improved position as an organisation, the ongoing impact of the COVID-19 pandemic, the cost-of-living crisis and the significant increase in costs use of inflation, energy, wages and costs of buildings and sites thal have lacked essential investment in maintenance and repairs for a decade mean we still have significant financial challenges to deal with. Therefore. we have revised our 3 -5 Year Business Plan with an Emergent Business Strategy fomiat to reflect the unpredictable environment and increasing scarcity of resources and funding. This includes updating our VisionlMissionlAimslObjectivesNalues to set out and underpin the direction of travel and proposing an investment strategy called 'The Bowes 2092 Plan, which aims to address the organisation's long-temi sustainability. Both were approved by the board in December 2023 and discussed in our AGM the same day. The Business Plan's Strategic Aims and Objectives are as follows.. Take care of what's important (peoplei place, unique assets). Objective l - We will support ourpeople. Objective 2 - We will run our organisation ethically and well. Objective 3- We will be responsible custodians- Environment, facilities, assets, resources. Invest in the future. Objective 1- We will affordably develop our spaces, informing and supporting our long- temi plan. Objective 2 - We will create a Bowes 2092 Roadmap. Objective 3 - We will create a culture of &ntrepTrneu￿hip & fundraising that maximises income and funding, and maintains ￿seNe$ largets through 2026. Make a difference in our communities. Objective l - We will embed a culture of inclusivity and co-production. Objective 2 - We will connect pro8Gtively to the cutture seGtor landscape. Objective 3 - We will keep in touch with our audiences and their needs. existing and new. Objective 4 - We will support artists, designers, and makers of today and tomoffow. Objective 5 - We will support and uplift our Children and Young People, and local communities. Create outstanding experiences. Objective 1 We will celebrate and inspire creativity. ObjeGtive 2 - We will make sure there is always something great to do. Objective 3 - We will be accessible to everyone. Support our Trgion's ambitions. Objective I We will change the sectoffs lending landscape and bring outstanding art to the region. Objective 2 - We will develop strong regional and global partne￿hIpS based on mutually benefKial relationships. Objective 3 - We will Gommunicate ourpury)ose and impact. Under the Aims and Objectives, sit Activity and Action PSans, with KPIS. The ACE NPO programme, including Investment Principles, is mapped against these strategic objectives and has SLT and EMT leads. From this point on, the formal of board and funder reports will map progress directly against these Aims and Objectives. In April 2023, a dashboard started tracking monthly and annual performance against KPIS, giving a clear oveNiew and more accessible monitoring for SLT and Board. Page 18

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achievements and perfomance (continued} The Bowes 2092 plan (also see Section 3.2.1 Transformation Project) is led by our Story of Change. and is a radical rethink of key areas of our organisation that seeks to pay forward the Bowes Museum towards 2092 {our 200th birthday) as sustainably as possible. It has five aims.. Aim 1 Develop a new financial model. Aim 2- Create a fijlly realised Capital programme. Aim 3- Embed sustainable technologies and practices. Aim 4- Invest in our workforce. Aim 5 ~ Invest in digital infrastructure and skills. As part of this plan, we have secured support from National Highways for a Feasibility Study and Options Appraisal that will explore the potenlial across the site and create a RIBA stage 1 proposal with costings. The tendef process for the design team leading this work was undertaken and awarded in March 2024. We are discussing a potential application to their Resilience Fund with the NLHF. The Bowes Museum received funding from them pre-COVID, but we're hopeful that they will support us in developing and scoping the Bowes 2092 plan over the coming two years, to roll out the plan from 2026127 onwards. Durham County Council's funding has been critically important. and we are grateful for the local authoritys ongoing support. We will continue to seek funding from other sources for projects and programmes from Trusts and Foundations, maximise our Grft Aid, and increase onstte donations and contributions from individuals. 4. Governance Governance revieN the previous years saw Trustees become more engaged with operational issues through necessty due to the absence of a senior team. With a new senior team in place, we engaged an external consultancy to review our Governance and present recommendations for a refreshed struclure. This was supported by funding from the Association of Independent Museums. Through consultalion and workshops Y￿h trustees, the proposal reduced the ideal number of trustees from twenty to 12-14. Addrtionally. we have reduced the number of committees from five to three Finance, Resource and Risk. Governance, and Enterprises. A task-and-finish group of truslees and senior team members has overseen the Governance Review, which is nearing completion. A recruilment drive for 2-3 new Trustees will be undertaken in 2024 to include specialisms in the Herrtagelmuseum sector and Accounlancy. The Governance Review Task and Finish Group are developing a Scheme of Delegation for the Board to approve. Page 19

THE BOWES MUSEUM (A Company Limited by Guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report {continued) Achievements and performance Icontinued 5. Partnerships AIM Connecting Communities: Successful funding from AIM Connected Communilies has enabled a new partnership between Teesdale School, Barnard Caslle and The Bowes Museum. This year-long programme is developing a youth volunteering scheme, co-developed with young people, designed to increase confidence, improve mental health through community commitment and civic volunteering and provide work-ready professional experiences to raise aspirations. The programme will also pay for training to upskill the Museum's visitor experience staff to welcome young people equttably and confidently. Planning and relationship building for this project started in December 2023. National Gallery: The Museum's partnership with the National Gallery as a Collaborative Doctoral Partner has been re-affimied following its successful inclusion in the national scheme. The partners welcome PhD candidates and research exploring shared collection thematics. Following six successful studentships, one researcher is mid-way through their research. Two further studies are being prepared, exploring co-production using the Museum as a case study and an in-depth focus on the collection's Blackborne Lace. UK CreatNe Community Fellows: A partnership with Derby Museums and Us-based NAS. the UK Creative Community Fellows is a nationwide programme supporting people using arts and culture to create positive change in their communities. The Bowes Museum has joined this established programme, funded by Arts Council England, due to the Executive Director's role in co-leading rt with US partners since its inception. The Bowes Museum is 4vell placed to support as the NE has been identrfied as a cold spot for engagement in such programmes. Russell£otes Art Gallery and Museum (Bournemouth) and The Watts Gallery (Guildford): As part of a UK-wide programme established by the Art Fund and Creative Scotland called Going Places, we will be a key player within a network of small to mid-svzed museums producing touring exhibitions over five years {2025-20301. Focusing on our founding couples, (Josephine and John Bowes, Merton and Annie Russell-cotes and George and Mary Watts) passion for art. culture and collecling ihe network aims to explore how we make these three collections founded by creative and philanthropic couples. and rooted in their period, relevant to our communities today. In the spirit of these three dynamic couples, the ne￿Ork aims to explore the dynamics of collaboration, connection, and friendship wrth our local communrties to reinterpret our collections, surface unheard stories and new narralives, and make the global 'local'. Durham County's ACE Place Partnership: We were delighted to hear of the success of Durham County Council's application to Arts Council England's Place Partnership Fund. We have been contributing to this application throughout 2023 The Bowes Museum will lead on one slrand entitled 'Durham Creative Community Fellows, in partnership with National Arts Strategies (NASI, based in the USA, and Derby Museums. This Programme will link lo the UK and USA pr¢)3rammes and focus on supporting the growth and developmenl of cullural leaders in Durham. Culture Durham Partnership: We are working with cultural partners on the new fomiation of the Culture Durham Partnership as part of an Advisory Board co<haired by Cllr Elizabeth Scott and Jill Coles (Northern Heartlands). Advisory Board Locomotion: The Executive Director sits on the Advisory Board for the new developments at Locomotion by the Science Museum Group. Durham County Culture. Leisure and Sport Leaders: The Executive Director is supporting recenl Leaders Dinner discussions with Cllr Amanda Hopgooj, John Hewitt, Amy Harhhoff, Alison Clark, representatives from the County Council, and key Cutture, Leisure, and Sport leaders in the county about the future of culture-led regeneration in the region. Page 20

THE BOWES MUSEUM (A Company Limited by Guarantee TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Achievements and perfomiance (continued) NMDC (National Museum Director's Council): We are part of the Heritage Buildings Advisory Group with national museum partners. In winter 2023, we attended Ihe Museum COP in London with National Museum Directors Council partners, including Tate, Bimiingham Museums, Liverpool Museums. and the National Portrait Gallery. We agreed to a combined commitment by museums to collective action on the climate emergency. Conferences: We attended the AIM conference in June 2023 and the Museums Association Conference in November 2023. both of which were held in Gateshead. On of the evenings, we supported the MA conference as NE co-hosts and Hannah Fox spoke on a panel with Newcastle University, Keith Merrin (TWAM), and Ron Inglis (Nottingham Museums) about the challenges and opportunrties in leading museums today. 6. 2023-24 Key Achievements Developing 13,000 memberships as part of our new pricing strategy. Development of a refreshed Vision and Mission drawn from our founding principles. Completion of a staff restructure, ensuring a fit-for-purpose and equitable workforce. Development of four new galleries and three accessible collections stores. 50°/0+ increase in volunteer community. 20Yo increase in volunteer hours. 111 people engaged in CO•production workshops infomiing new galleries and interpretation strategies. 12,072 people engaged with learning programmes onsite and in our neighbourhoods. 10 Conversation Wall, exhibitions featuring 40+ objects. Exhibrtions Magic of the Silver Swan and Murmuration featuring significant loans from nats'onal inslilutions including the British Museum. Science Museum. the Bodleian Library, Copperfield Gallery, The Stephen Friedman Gallery, and Tyne and Wear Archives and featuring work from artists including Larry Achiampong and David Blandy. Henna Asikainen, Bentley Beetham, Josephine Bowes, Michel-Pierre Hubert Descours. John Doyle, Ryan Gander, Sally Madge, Bethan Maddocks, Edouard- Aime Pils, David Shrigley, C F Tunnicliffe and Hanna Tuulikki. 3 Artists commissions £600,000+ secured for new galleries. conservation, volunteering, and building improvements. New Govemance structure in place. 25 objects (seventeen paintings, designer ouffits and six items of histori¢ lace and embroidery} were loaned to exhibitions in London, Barnsley. The Auckland Project, and Japan via the National Galleries of Scotland, Hamburg, Basel, Leuven, and Cologne The Silver Swan was fully restored to working order. Page 21

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES. REPORT ICONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued Achievements and perfonnance (continued) 7. Thanks to our supporters We are grateful to all financial supporters of the Museum. which in the ￿e1ve months include. in alphabetiC21 order.. Art Council England - MEND Art Fund- Swan Arts Council England Association of Independent Museums Circles of Art Daphne Joy Stroud Durham County Council Esmee Fairbum Foyle Foundation Friends of the Bowes Museum Garfield Weston John Ellerman Leche Trust National Lottery Heritage Fund The Woltson Foundabon Warm thanks to our 198 donors to our 'Bring back the magic of the Silver Swan. Art Fund crowdfund campaign in December 2023. Page 22

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Strategic report (continued) Financial review Going concem After making appropriate enquiries, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, they continue to adopt the going concern basis in preparing the financial statements Further details regarding the adoption of the going Concern basis can be found in the accounting policies. Investment powers and restrictions The Trustees may invest funds as they see fit, subjecl to any laws in place at the time. Reserves policy The Trustees have set a reserves policy which requires that.. Reserves v¥ill be maintained at a level which ensures that the Bowes Museum's core activity could continue during a period of unforeseen difficulty and the Museum is able to take advantage of strategic development opportunities, A proportion of reserves be maintsined in a readily realisable form. In setting the overall minimum level of reserves to be held of £770,000. the Trustees have established three levels of reserves to reflecl the different risks it must respond to.. The Museum wtll keep months worth of total expenditure to cover any short tem) setbacks in funding or cash flow difficulties. This equales to £240,000.. The Museum will set aside £100,000 to enable the charity to take advantsge of strategic opportunities". The Museum will keep 500/0 of the annual income it assesses to be of high risk and 10 % of the annLJal income it assesses to be of medium risk to cover the risk of significant Changes in the environment in which it operates. This equates to £450,000. The current level of free reserves is £573,479 12023: £593.9381. The Trustees intend that the Museum generates a surplus income each year of £100,000 so that the level of reserves set in its reseTves policy builds further over time. The reseNes policy will be reviewed by Trustees annual￿ when annual budgets are set to ensure the level of reserves in the policy are reasonable and that any budget surplus or deficit is set wrth regard to actual reserves and the reserves policy. The Bowes Museum has a specific endowment fund, the John and Josephine Bowes Fund, of £1,689,470 {2023'. £1.523,5741. The trust has a requirement lo retain the capital sum in Ihe specific endowment fund and only spend the income to assist in covering the current expenditure (£45,220 income in the year to 31 March 2024 (2023". £45,047)). In the long temi the trust intends to add to Ihe specrfic endowment fund. The Governance commrttee is considering how best to achieve this alongside other fundraising priorities. The Bowes Museum also has a Catalyst Endowment Fund of £1,973,824 {2023. £2,129,522) Donations to the Museum were matched funded by a grant from the Heritage Lottery Fund with the intention to provide future income for the Museum. The endowment funds made a combined unrealised gain of £32,876 during the year (2023.. loss £453,372). Page 23

THE BOWES MUSEUM (A Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Governing document The Charity is regulated by (1) a scheme made by the Charty Commission on 12 September 2014 and (2) company limited by guarantee. The Bowes Museum knmited (Company Registration 03879872) established for charitable purposes only. The Bowes Museum Limited is a charitable company limited by guarantee incorporated 18 November 1999. The Charity is governed by the memorandum and articles of ass¢xiatJon, last amended October 2014. Recruitment and appointment of new Trustees Each year, at the Annual General Meeting, one third of the Trustees retire and may s￿k re-election. New Trustees are appointed when vacancies become available. A Trustee's skills matrix is maintsined and the appointment process takes account of skills gaps. Induction and training of new Trustees New Trustees receive an induction to the Museum which consists of a file of goveming documents. recent reports and minutes of meetings. and a familiarisation with the work of the Museum. Extemal training for new Trustees in matters of govemance is available. Pay policy for senior staff The Trustees consKler the Senior Managernent Team to fomi the key management personnel of the Museum, in charge of directing and controlling, running and operating the Museum on a day to day basis. The pay of the senior staff is reviewed annually. In wew of the nature of the Museum. the Trustees benchmark against pay levels in other simiLir Charities Organisational structure The Trustees meet quarterly Decisions at Trustees meetings are made by majority vote with the Chaimian having the casting vote on split decisions The Board is supported by four sub-ccfflmFtt￿s, Finance & Estates, Strategy & Development, Cutture and Audience Developmenl. The chairs of these together with the Chairman. constitute the Governance Committee. vthich meets regularty with the Director. Each sub-committee has rts own Terns of Reference and their reports are a standing rtem for the full Board rn￿tings. The Board also receives a report from the Director of the Museum. The Trustees have delegated day to day management of the charty to the Director of the Museum vlho reports on performance against the Museum's strategic arKI Ope￿lOnal plans. Financial reports are receNed quarterly by the Board. Stsff are involved in major decision making and policy formulation vtherever possible. Staff briefings led by Directorate take place monthly, along with various intemal working groups, staff team meetings and diary meetings. Page 24

THE BOWES MUSEUM IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Structure, governance and management Icontinued) Related party relationships Durham County Council provides core funding for the Museum. The Friends of The 8¢)wes Museum exists to assist The Bowes Museum in meeting its objectives. The Friends were the largest overall contribulor to the success of the Catalyst Endowment Fund reaching its target, and they have contribuled annually to the Museum over a number of years. During the year both the Barnard Castle Tennis Club and the Barnard Castle Bowling Club have continued to enjoy use of the facilities within the grounds of The Bowes Museum. Both clubs are well supported, and the use of the green and courts by members, visiting players, and the general public is extensive. The trading subsidiary, Bowes Museum (Enterprises) Limited, operates the café. shop and function facilities of The Bowes Museum. The charitable company has taken advantage of exemption. under the lemis of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,, not to disclose related paty transactions with wholly owned subsidiaries wrthin the group. Rlsk management Trustees regularly analyse risks to the charty. Risks are mitigated by a well-advanced development planning programme, by close scrutiny of key perfomiance indicators, and by early negotiation of funding with core funders. Governance nsks are offset by the fact that Trustees are recruited with the appropriate skill-sets New Truslees receive induction which includes all relevant documentation, meelings wilh key staff, understanding of the collections and knowledge of the Museum's programme of exhibitions, events and activities. In addition, the full Board meet quarterly and there is a system of rotation. Audit. remuneration and nominations sub-committees are in place to ensure organisational risks are managed appropriately. Unitlng dlrection A uniting direction has been made under s96(5) of the Charities Act 1993 with respect to The Bowes Museum (charity no. 1079639-1}. The financial stalements for The Bowes Museum (charity no. 10796391 therefore also inclLsde the assets held by this charty A uniting direclion has also been made with respect to the Heritage Lottery Fund & Department for Culture, Media and Sport Bowes Museum Catalyst Endowmenl Fund Icharty no. 1079639-2) and the financial statements for The Bowes Museum {charity no, 10796391 include the assels held by this fund. Page 25

THE BOWES MUSEUM IA Company Limited by Guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Statement of TNst8es' responslbllitles The Trustees (who are also the directors of the Charity for the purposes of company law) are responsible for preparing the Trustees, Report including the Strategic Report and the financial statements in accordance with applicable law and United Kingdom Accountiro Stsndards {United Kingdom Generally Accepted Accounting practi￿). Company law Nui￿$ the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Charty and of their ir￿ming resources and application of resources. including their inccmne and expendrture, for that period. In preparing these financial statements, the Trustees a required to.. select suttable accounting poI￿leS and then apply them consistentty.. observe the methods and principles of the Charrties SORP IFRS 102): make judgements and accounting estimates that are reasonable and pwdent; state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any malerial departures disclosed and explained in the financk31 statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Group will continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Group and the Charity's transacknons and disclose wrth reasonable accuracy at any time the financial position of the Group and the Charty and enable them to ensure that the financol slatements comply with the Companies Act 20C6. They are also responsible for safeguarding the assets of the Group and the Charity and hence for taking reasonable steps for the prevention and detectK)n of fraud and other irregularities. Disclosure of Informatlon to auditors Each of the persons who are Trustees at the time when this Trustees, Report is approved has confimied that: so far as that Trustee is aware. there is no rdevant audit infomiation of vthich the charitable group's auditors are unaware. and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charrtable group's auditors are aware of that information. Auditors The auditors, Clive Owen LLP, have indicated their willingness to continue in Off￿e. The designated Trustees will propose a motion reappointing the audrtors at a meeting of the Trustees. Approved by order of the members of the board of Twstees on .................... ........ . on their behalf by". and signed DFst0p￿etl £ KKI Trustee Page 26

THE BOWES MUSEUM (A Company Limited by Guarantee INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BOWES MUSEUM Oplnlon We have audited the financBI statements of The Bowes Museum (the 'parent charitable companv) and its subsidiaries (the 'group') for the year ended 31 March 2024 which comprise the Consolidated Statement of Financial Activrties, the Consolidated Balance Sheet, the Charty Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of signrficant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, (United Kingdom Generalty Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the Group's and of the parent charitable company's affairs as at 31 March 2024 and of the Group's incoming resources and application of resources, including its income and expendrture for the year then ended; have been property prepared in accordance with Unrted Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for oplnlon We conducted our audit in accordance wth International Standards on Auditing {UK) (ISAS (UK)) and applicable law Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance wrth the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom. including the Financial Reporting Council's Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with these requirements We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern In auditing the financk21 statements, we have concluded that the Trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identsfied any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charrtable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilrties of the Trustees wrth respect to going concern are described in the relevant sections of this report. Page 27

THE BOWES MUSEUM (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BOWES MUSEUM (CONTINYED) Other inforniation The other information comprises the infomation included in the Annual Report other than the financial ststemenls and our Auditors. Report thereon. The Trustees are responsible for the other infomiation contained within Ihe Annual Report. Our opinion on the financial statements does not cover the other infomation and. except to the extenl otheThiise explicrtly ststed in our report. we do not express any fomi of assurance conclusion thereon. Our responsibility is to read the other infomiation and. in doing so, consider whether the other infomiation is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be Material￿ misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo detemine whether this gives rise to a material misstatemenl in the financial statements themselves. If, based on the work we have performed. we conclude that there is a material misstatement of this other information. we are required to report that fact. We have nothing to report in this regard. Oplnlon on other matters prescrfbed by the Companles Act 2006 In our opinion. based on the work undertaken in the course of the audrt.. the information given in the Trustees. Report including the Strategic Report for the financial year for which the financial statements are prepared is consistent with the financial statements. the Trustees, Report and the Strategic Report have been prepared in accordance wilh applicable legal requirements. Matter8 on whlch we are requlred to report by exception In the light of our knowledge and understanding of the chantsble company and ts environment obtained in the course of the audit. we have nol identrfied material misstslements in the Trustees. Report including the Strategic Report. We have nothing to report in ￿spect of the following matters in rektion to vthich Companies Act 2006 requires us to report to you if, in our opinion.. the parent charitable company has not kept adequate and sufficient accounting records, or returns adequate for our audit have not been received from branches not visrted by us.. or the parent charitable company financial stalements a￿ not in agreement Y￿h the accounting records and retums., or certain disclosures of Trustees. remuneration specffied by law are not made; or we have not received all the Information and explanations we require for our audit. Responslbllities of trustees As explained more fulty in the Trustees. Responsibilities Statement, the Trustees {vtho are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Tfuslees detemiine is necessary to enable the preparation of financial statements that are free from material misstalement, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing the Group's and the parent charitsble companls abilty to continue as a going concern. disclosing, as applicab￿. matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the Group or the parent charrtable company or to cease operations, or have no realistjc alternatsve but to do so. Page 28

THE BOWES MUSEUM (A Company Limited by Guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE BOWES MUSEUM ICONTINUED) Auditor5. responsibilities for the audit of the financlal statements Our objectNes are to obtain reasonable assurance about whether the financial statements as a whole are free from matenal misstatement, whether due to fraud or error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always delect a matenal misstatemenl when rt exists. Misstatements can arise from fraud or error and are considered matenal rf, individually or in the aggregate, they could reasonably be expected to influence the econwiic decisions of users taken on the basis of these financial statements IrregularFties, including fraud, are instances of nonthcompliance wtth laws afKI regulations. We design prcredures in line with our responsibilities. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are Capab￿ of detecting irregulartties, including fraud is detailed below. We undertake the follow'ng Pr￿edureS to ￿entfy and respond to these risks of non-cwipliance: Understanding the key legal and regulatory frameworks that are applicable to the Group We communicated identtfied lav￿ and regulations throughout the audit team and remained alert to any indications on non-compliance throughout the audit. We determined the most signfficant of these to be around employment law, charity law, company law, health and safety law, food and hygiene and licencing regulabons, taxation law and GDPR. Enquiry of directors and management as to poliaes and procedures to ensure compliance and any known instances of non-compliance. Review of Board minutes and correspondence *ith regulators. Enquiry of directors and management as to areas of the financial ststements susceptible to fraud and how those risks are managed Challenging management on key estimates, assumptions and judgements made in the preparation of the financial statements. These key areas of uncertainty are disclosed in the accounting policies. Identifying and testing unusual joumal entries. V•ith a particular focus on manual joumal entries. Through these prcredures. we dKJ not become aware of actual or suspected nonrycompliance. We planned ar)d perfomied our audtt in accordance with auditing standards bLrt owing to the inherent limitations of procedures required in these areas. there is an unavoidable nsk that we may not have detected a material misstatement in the financial slatements. The further removed non-complian￿ with law and regulations is from the events and transactions reflected in the financial statement, the less likety we would become aware of rt The risk of not detecting a material misstatement due to fraud is higher than the nsk of not detecting one resulting from error, as fraud may Invo￿ concealment. collusion, forgery, mis￿p￿sentation. or override of inter controls. We are not responsible for preventing non-complian￿ and cannot be expected to detect non-compliance wrth all laws and regulations. A further description of our responsibilities for the audit of the financ￿1 statements is Iccated on the Financial Reporting Council's website at.. V4ww.frc.or .uklaudrtorsres nsibilities. This descnption fomis part of our Auditors, Report. Page 29

THE BOWES MUSEUM (A Company Limlted by Guarantee) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF THE BOWES MUSEUM (CONTINUED Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 20C6. Our audrt work has been undertaken so that we might state lo the charitable company's members those matters we are required to state to them in an Auditors, Report and for no other purpose. To the fullest extent pemrtted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members. as a body. for our audit work, for this report, or for the opinions we have fomied. Christopher Beaumont BA (Honsl BFP FCA DChA (Senior Statutory Auditor) for and on behalf of Clive Owen LLP Chartered Accountsnts and Statutory Auditors 140 Conisclrffe Road Darlington County Durham DL3 7RT Date". 3-afr Page 30

THE BOWES MUSEUM (A Company Limited by Guarantee CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES IINCORPORATING INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 Unrestricted funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Tolal funds 2023 Note Income and ondowments from: Donations and legacies Charitable activrties Other trading activities Investrnents 357,378 399,906 2,104,314 30,022 397,378 1,628,494 2,104,314 182,029 393,911 382, 736 1.275,975 162,271 1,228,588 152,007 Total Income and endowments 2,891.620 1,268.588 152.007 4,312,215 2.214,893 Expendfture on: Raising funds Charitable activities 1,144,350 1,926,005 1,144,350 2,161,703 979,345 1,519,605 235,687 11 Total expenditure 3,070,355 235,687 11 3,306.053 2,498, 950 Net lexpenditure)fincome before net gainsl(losses> on Investments Net gainslllosses) on investments {178,735} 1.032.901 151,996 1,006.162 (284, 057) 32,876 32,876 (453, 372) Net (expenditure)Ilncome Trar)sfers between funds 1178,7351 1,032,901 184,872 1,039.038 (737,429) 19 230.218 ($5,544 1174,6741 Net movement In funds before other recognlsed galnsl{losses) 51,483 977,357 10.198 1,039,038 (737,429) Other recognised gainsl{losses): Actuarial losses on defined benefrt pension schemes 26 (20,000) 120,1)00) Net movement In funds 31.483 977,357 10,198 1,019,038 (737,429) Reconciliation of funds: Total funds brought forward 7,081.126 31,483 2.398,597 977,357 3,653,096 10.198 13,132,819 1.019,038 13,870, 248 (737.429) Nel movement in funds Page 31

THE BOWES MUSEUM (A Company Limited by Guarantee) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Un￿StriCted funds 2024 Restricted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Note Total funds carried forward 7.112,609 3.375.954 3,663,294 14,151.857 13, 132,819 Page 32

THE BOWES MUSEUM IA Company Limited by Guarantee) REGISTERED NUMBER: 03879872 CONSOLIDATED BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed assets Tangible assets Heritage assets Investments 13 483,953 8,805,504 3,663,304 80,281 8, 805.504 3, 630,428 14 15 12,952,761 12,516,213 Current assets Stocks Debtors Cash at bank and in hand 16 66,191 904.603 628,146 48, 308 237, 639 635, 148 17 1,598,940 921,095 Creditors.. amounts falling due within one year 18 1399,844) (304, 489) Net current assets 1,199,096 616,606 Total assets less current liabilities 14,151,857 13, 132,819 Net assets excluding pension asset 14,151,857 13, 132,819 Total net assets 14,151,857 13, 132,819 Page 33

THE BOWES MUSEUM {A Company Limited by Guarantee) REGISTERED NUMBER: 03879872 CONSOLIDATED BALANCE SHEEf (CONTINUED) AS AT 31 MARCH 2024 2024 2023 Note Charity funds Endowment funds Restricted funds Unrestr￿ed funds 19 19 19 3,663.294 3,375,954 7.112,609 3,653,096 2,398.597 7.081, 126 Totsl funds 14,151,857 13, 132,819 The Trustees acknowledge their responsibilities for COmp￿.ng with the requirements of the Act wrth respect to accounting records and preparation of financk81 statements. The financial statements were approved and authorised for issue by the Trustees on ......... and signed on their behalf by.. f tj Trust The notes on pages 38 to 65 fomi part of these financial statements. Page 34

THE BOWES MUSEUM (A Company Limited by Guarantee) REGISTERED NUMBER: 03879872 CHARIry BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assots Tangible assets Heritage assets Investments 13 14 483,953 8,805,504 3,663.314 80,281 8.805,S 3,630.438 15 12,952,771 12,516,223 Current assets Debtors Cash at bank and in hand 17 1,301,116 249,047 512, 145 261,868 1,550.163 774,013 Credrtors.. amounts falling due within one year 18 (351,077) (157,417) Net current assets 1,199,086 616.596 Total assets less current liabilities 14,151,857 13, 132,819 Net assets excluding penslon asset 14,151,857 13, 132,819 Total net assets 14,151,857 13, 132,819 Charity funds Endowment funds Restricted funds Unrestricted funds Unrestricted funds excluding pension asset 19 19 3,663,294 3.375.9S4 3, 653,096 2,398, 597 19 7.112.609 7,081. 126 Total UnreStr￿ted funds 19 7.112,609 7,081, 126 Total funds 14,151,857 13. 132,819 The Charty's net movement in funds for the year was £1,019,038 (2023 - £(737,429)). Page 35

THE BOWES MUSEUM IA Company Limited by Guarantee) REGISTERED NUMBER: 03879872 CHARITY BALANCE SHEET (CONTINUED) AS AT 31 MARCH 2024 The Twstees a¢knO￿edge their responsibilrtEs for cOMp￿.n9 with the requirements of the Act wrth respect to accounting records and preparat￿n of financial statements The financial statements vRre approved and authorised for issue by the Trustees on .3. 5 0 Z¢z.y..... and signed on their behalf by: Trustee The notes on pages 38 to 65 fonn part of these fina[￿la1 statements. Page 36

THE BOWES MUSEUM (A Company Limited by Guarantee CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash flows from operating activities Net cash used in operating activities 264,315 (427,496) Cash flows from investlng activities Purchase of tangible fixed assets Purchase of heritage assets {423,313 (32,579) (2.275) Net cash used In investing activities (423,313) (34,854) Cash flows from financing activities Endowment income Endowment expenditure 152.007 (11) 152,271 (li) Net cash provided by financing activities 151,996 152,260 Change in cash and cash equivalents in the year Cash and cash equNalents at the beginning of the year 17,002) 635,148 1310,090) 945,238 Cash and cash equivalents at the end of the year 628,146 635, 148 The notes on pages 38 to 65 form part of these financial statements Page 37

THE BOWES MUSEUM IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accountlng policies 1.1 Basis of preparation of financial statements The financial statements have been prepared in ￿)rdance with the Charities SORP (FRS 102) Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102) (effective 1 January 20191, the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Bowes Museum meets the definition of a public benefrt entty under FRS 102. Assets and liabilrties are initially recognised at historical cosl or transaction value unless otherwise staled in the relevant accounting policy. The Consolidaled Statement of Financial Activities (SOFA) and Consolidated Balance Sheel consolidate the financial statements of the Charity and rts subsidiary undertaking The results of the subsidiary are consolidated on a line by line basis. The Charty has taken advantage of the exemption allowed under section 408 of the Companies Act 20C6 and has not presented its own Statement of Financial Activities in these financial statements. 1.2 Company status The charity is a company limited by guarantee. The members of the C¢)mpany are the Trustees named on page 1. In the event of the charty being wound up, the liabilty in respect of the guarantee is limrted to £1 pef member of the charty. 1.3 Going concern The Trustees assess whether the use of going concern is appropriate, i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the Museum to continue as a going concern. The Trustees make this assessment in respect of a period of at least one year from the date the financial statements are approved. On the basis of the above the Trustees believe it is appropriate to continue to adopt the going concern basis of accounting in preparing the financial statements, Whilst in the current environment there can never be any certainty over the level of profitability and continuing financial support. having made appropriate enquiries, the Trustees do not believe there to be any material uncertainty and they therefore believe it is appropriate to have prepared the financial statements on a going concern basis. No adjustments have been made to reflecl any writedown or wrileup of assets to net realisable value, to provide for any further liabilities which may arise or lo reclassify fixed assets and long term liabilrties as current assets and liabilities, as might be necessary were continuing financial support not be available or the sale of assets on a timely basis and the going concern basis found not to be valid. Page 38

THE BOWES MUSEUM IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued 1.4 Income All income is reccgnised once the Charity has entitlement to the income, it is probable that the income w￿11 be received and the amount of income receivable can be measured relk4bly. Legacy income is recoJnised when receipt is probable and entitlement is established. Where legacy is notified to the charrty prior to the year end, it is recognised as income rf Ft is received before the accounts are approved Income from donations is recognised when there is evidence of entrtlement to the gift, receipt is probable and its amount can be measured reliably. Grants are included in the consol￿ated Statement of Financial ActTrvities on a receivable basis. The balance of income received for Spectr￿ purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entrtlement of receipt, its recognition is deferred and included in creditors as deferred inc(xne. Where entrtlement occurs before income is received. the income is accrued. Donated Ser￿￿S and facilrties.. Income from donated gocds is measured at the fair Wdlue of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost lo the donor or the estimated resale value. Donated faciltties and serwces are recognised in the accounts when received rf the value can be reliably measured. No amounts are included for the Contribution of general volunteers. Income from contr&ts for the supply of services is recognised wrth the delivery of the contracted serwce. This is classrfied as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned rf unspent. in which case it may be regarded as restricted. 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefrt to a third paty, rt is probable that a transfer of economic benefrts will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classified by activty The costs of each actiwty are made up of the total of direct costs and shared costs. including support costs involved in undertaking each activity. Direct costs attributable to a single activty are allocated directly to that activity Shared costs which contribute to more than one activty and support costs which are not attributable to a single activty are apportboned be￿een those activities on a basis consistent with the use of resources. Central slaff costs are allocated on the basis of time spent. and depreciation charges allocated on the portjon of the asset's use. Expendrture on raising funds includes all expenditure incurred by the Group to raise funds for rts charitable purposes and includes costs of all fundraising actwities events and non-charitable trading. Expenditure on charttable activities is incurred on directly undertaking the activrties which further the Group's objectives. as well as any associated support costs. Redundancy costs are charged to the Consolidated Statement of Financial Activities in the year in which an irrevccable commrtment is made to incur the costs and the main features of the restructuring plan have been announced to affected efflployees. 1.6 Govemment grants Govemmeni grants are credrted to the Consolidated Statement of Financial Activities as the related expenditure is incurred. Page 39

THE BOWES MUSEUM (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontlnued) 1.7 Taxation The Charty is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the Charty is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitsble purposes. 1.8 Tangible fixed assets and depreciation Tangible fixed assets costing £1,000 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably. Tangible fixed assets are inrtially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses All costs incurred to bring a tangible fixed asset into its intended Y￿rkIng condf(ion should be included in the measurement of cost. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following bases.. Fixtures and fittings Office equipment Computer equipment Other fixed assets 5'A _250/0 on cost 25% on cost 250/0 on cost 25./0 on cost 1.9 Heritage assets Where heritage assets have been purchased, they are initially recognised at cost. After recognition, under Ihe cost model. heritage assets are measured at cost less any accumulaled impaimient losses. 1.10 Investments Fixed asset investments are a fomi of financial instrument and are initialty recognised at their transaction cost and subsequently measured at market value at the Balance Sheet date. Investment gains and losses, whether realised or unrealised, are combined and presented as 'GainsllLosses) on investments, in the Consolidated Statement of Financial Activities. Investments in subsidiaries are valued at cost less provision for Impai￿ent. 1.11 Stocks Stocks are valued at the lower of cost and estimated selling price less costs to sell after making due allowance for obsolete and slow-moving stocks. 1.12 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepatd net of any trade discounts due. Page 40

THE 8OWES MUSEUM (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies Icontinued) 1.13 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investrnents with a short maturty of three months or less from the date of ￿qUISit￿1n or opening of the deposit or similar account. 1.14 Liabilities and provisions Liabilities a￿ reccgnised when there is an obligation at the Balance Sheet date as a resum of a past event, rt is probable that a t￿nsfer of economic benefrt will be required in settlement, and the amount of the settlement can be esb'mated reliably. Liabilrties are reccMJnised at the amount that the Charity anticipates it wll pay to settle the debt or the amount rt has ￿ceiVed as advanced Pa￿entS for the gocJs or seNices it must prOV￿e. Provisions are measured at the best estimate of the amounts required to settle the obl￿atIOn. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks spectfic to the liability. The unwnding of the discount is reccyJnised in the Consolidated Statement of Financial Activrties as a finance cost. 1.15 Financial instruments The Group only has financkal assets and financial liabilities of a kind that qualfy as basic financial instruments. Basic financial instruments are inrtially reccgnised at transaction value and subsequently measured at their settlement value wrth the exception of bank loans which are subsequently measured at amortised cost using the effecttve interest method. 1.16 Pensions Retirement benefits to employees of the Group are provided by the L￿al Govemment Pension Scheme ("LGPS"). This is a defined benefit pension scheme and the pension charge is based on a full actuarial valuation dated 31 March 2022. The LGPS is a funded mullimployer scheme and the assets are hekl separately frcfft those of the Group in separate Trustee administered funds Pension scheme assets are measured at fair value and liabilrties are measufed on an actuarial basis using the projected unit credit methc*J and discounted at a rate equivalent to the Cufrent rate of return on a h￿h quality corporate bond of equivalent term and currency to the liabililies. The actuarkgl valuations are obtained at least triennialty and are updated at each Balance Sheet date. The amounts charged to operating surplus are the current service costs and the costs of scheme inlroductions. benefit changes, settlements and curtailments. They are included as part of stsff costs as incurred. Net interest on the net defined benefit liabiltylasset is also recognised in the Statement of Financial Activities and comprises the interest cost on the defined benefrt obligation and interest income on the scheme assets, calculated by Multipl￿ng the fair value of the scheme assets at the beginning of the period by the rate used to discount the benefrt obligations The dtfference between the inlerest income on the scheme assets and the actual retum on the scheme assets is recognised in other recognised gains and losses. Actuarial gains and losses are rec(yJnised immediately in other recognised gains and losses. Page 41

THE BOWES MUSEUM IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounting policies (continued) 1.17 Fund accounting General funds are un￿Stricted funds which are available for use at the dISc￿tion of the Trustees in furtherance of the general objectives of the Group and which have not been designaled for other purposes. DeswJnated funds comprise unrestricted funds that have been set a$￿e by the Trustees for particular purposes. The aim and use of each deS￿nated fund is set out in the notes to the financial statements. Restncted funds are funds wtlich are to be used in accordance %Mth specffj￿ reStr￿tionS imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the $pecffj￿ fund. The aim and use of each restricted fund is set out in the notes to the financ￿1 statements. End0%￿nent funds represent the pemanent funds of the charty. All inc￿le generated by the funds ar8 unrestricted and used for the pUr￿Se of the charty. Investment income, gains and losses are allocated to the appropriate fund. Crltlcal accountlng estimates and areas of Judgement In the application of the chartys and the group's accounling policEs the Trustees are required to make judgements, estimates and assumptions about the carrying amounts of certain assets and liabilities Estimates and judgements are continually evaluated and are based on historical experTrence and other factors, including expectati￿8 of future events that are believed to be reasonable under the circumstances. These include the valuation of donated herrtage assets which are based on advice from the Arts Council in the case of assets received via Ihe organisation for example if receNed by HM Treasury in lieu of tax or on the estimate of the Museum's own curatorial staff in the case of smaller donations. Estimates also include the depreciation rate applied to the various categories of the various langible fixed assets. The presenl value of the Local Government Pension Scheme defined benefrt liability depends on a number of factors that are detemiined on an actuarial basis using a variety of assumptions. The assumptions used in determining the net cost or income for pensions include the discount rate. Any changes in these assumptions, which are discbsed in note 26 will Impact the carrwng amount of the pension liabilty. Furthemiore a roll forward approach which projects results from the latest full actuarial valuation perfonned at 31 March 2022 has been used by the actuary in valuing the pensions liability at 31 March 2024. Any differences behveen the figures derived from the roll forward approach and a full actuarial valuation would impact on the carrying amount of the pensK)n liabilty. Page 42

THE BOWES MUSEUM IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Friends of the Bowes Museum Donations Core funding frwi DCC 372 31,516 325,490 40.000 40.372 31,516 325.490 30, 520 27,901 335. 490 357,378 40.000 397,378 393,911 Total 2023 390, 932 2,979 393,911 Income from charitable activities Unrestricted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Grants - see note 7 Crowdfunding Education income 375,812 24.767 (673) 1,228,588 1,604,400 24,767 (673) 380, 172 2, 564 Total 2024 399,9C6 1,228,588 1,628,494 382, 736 Total 2023 377, 379 5,357 382, 736 Page 43

THE BOWES MUSEUM {A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income from other trading activltles Income from fundraising events Unrestrlcted Restricted funds funds 2024 2024 Total funds 2024 Total funds 2023 Entrance Income Gift aid rebale Sundry income Exhibrtions tsx relief Trading company income 434,091 68.463 18.199 638,415 945.146 434,091 68,463 18,199 638.415 945,146 349. 188 31,997 49,835 56.896 788,059 Total 2024 2.104.314 2,104,314 1,275,975 Tolal 2023 1.271.071 1,275,975 Investment Income Unrestricted Endowment funds funds 2024 2024 Total funds 2024 Total funds 2023 Dividends receivab￿ on endcwnent funds Pension inccffie 152.007 152,029 30,000 152,271 10, CLkJ 30,022 152.007 182,029 162,271 Total 2023 10,C 152.271 162,271 Page 44

THE BOWES MUSEUM (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of grants 2024 2023 Arts Council England Other Restricted grants 374,572 1,240 1.228.588 374.575 5.357 1,604,400 379,932 2024 2023 Restricted grants: NHLF John Ellem￿n Foundation The Woffson Foundabon Foyle Foundation Connected Communities Arts Counal England - MEND Garfield Weston Esmee Fairburn Other < £10,000 146,342 27.051 254,900 65,000 43.242 584.804 40,000 46.836 20.413 5.357 1,228,588 5,357 Expenditure on raising funds Costs of raising voluntary income Unrestricted funds 2024 Total funds 2024 Total funds 2023 Admissions 324.148 324,148 274,689 Total 2024 324,148 324,148 274, 689 Total 2023 274,689 274, 689 Page 45

THE BOWES MUSEUM (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on raising funds (continued) Trading expenses Unrestricted funds 2024 Total funds 2024 Total funds 2023 Trading company 820.202 820,202 704, 656 Total 2023 704, 656 704, 656 Analysls of charitable actbvities Support costs 2024 Total funds 2024 Total funds 2023 Direct costs 2024 Exhibitions Education Collections 400,727 115.350 137,741 873,157 293,348 341,380 1,273,884 408,698 479,121 789, 782 397,474 332, 349 Total 2024 653,818 1.507.885 2.161,703 1,519,605 Tolal 2023 474, 503 1,045, 102 1,519,605 Support costs directly attributable to an activty have been allocated to that activty. Where support costs cannot be directly attributed to any activty they hav ebeen allocated in proportion to direct expendrture. Trading costs relate to total expendrture incurred attributed to admL8sions within the Museum. In 2024, of Ihe total expenditure, £3.070,355 (2023.. £2,473,874) was to unrestricted funds, £11 {2023'. £11) was to endowment funds and £235,687 (2023: £25.065) was to restricted funds. Page 46

THE BOWES MUSEUM (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of charitable activities (continued) Analysis of direct costs Total funds 2024 Total runds 2023 Staff costs Rates and water Postage and stationery Sundries Staff serw Public prcgramme COnservat￿n 320,103 14,483 13,102 3,471 43.763 252,731 6,165 312.416 27,455 18,593 2,375 38,370 61,366 13, 928 Total 2024 653,818 474,503 Analysis of support costs Total funds 2024 Total funds 2023 Staff Costs Depreciation Postage arKJ stationery Sundries Insuran 626.943 19,641 20,286 25.670 94,507 192,025 8,133 37,000 369,782 2,769 17,500 96,950 13,321) 417,671 30, 608 14,509 22, 745 83,019 79, 982 10, 726 62, 884 226,821 2, 104 16,X 77, 533 Light and heat Telephone Advertising Repairs and renewals Bank charges Auditors remuneration Legal and professional fees Bad debts written off Total 2024 1,507,885 1.045, 102 Governance costs included above amount to £114,450 (2023.. £94.033). Page 47

THE 8OWES MUSEUM IA Company Limited by Guarnntee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. Net incomelexpenditure 2024 2023 Depreck9tTron of tangible fixed assets.. - owned by the Chanty Audrtors, remuneration - audrt - Charty Audrtors, remuneration - audrt - Subshliary 19,641 17.500 30. 608 16, 9, 788 11. Staff costs Group 2024 Group 2023 Charlty 2024 Charity 2023 Wages and salaries Social secunty costs Pension costs Other pensi)n costs (note 26) 1,505,264 108,660 59,456 10.000 1,263.294 81, 773 34.827 10.C 1,120,360 90.530 50.304 10,000 904, 788 63,865 26, 123 10,CKIO 1.683.380 1.389,894 1.271,194 1,C(14. 776 Other pension costs relate to the current and past seNFce costs as detailed in note 26. The average number of persons employed by the Charty during the year was as follows.. Group 2024 Group 2023 Charty Subsidiary 52 49 28 81 77 The number of employees whose employee benefrts (excluding empFoyer pension costs) exceeded £60,000 was: Group 2024 Group 2023 In the band £70.001- £80,000 In the band £80,001 - £90.000 Remuneration of key management personnel (including employer national insurance and employer pension contributions) was £272.302 (2023.. £150,844). Included within stsff costs are redundancy payments totalling £30.582 (2023.. £Nill. Page 48

THE BOWES MUSEUM IA Company Llmited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 12. Trustees. remuneratlon and expenses During the year, no Trustees received any remuneration or other benefrts (2023 - £NIL). During the year ended 31 March 2024. travel and subsistence expenses totalling £1,000 were reimbursed or paid direclly to 1 Trustee (2023 - £NIL to T￿steeS). 13. Tangible fixed assets Group and Charlty Flxtures and flttings Office equlprnent Computer Other flxed equlpment assets Total Cost or valuatlon At 1 April 2023 Addrtions 1,321,555 410,868 19,159 131.371 194,031 12,445 1,666,116 423,313 At 31 March 2024 1,732,423 19,159 131,371 206,476 2,089,429 Depreclatlon Al 1 April 2023 Charge for the year 1,263,843 10,119 19,159 121,887 3.161 180,946 6,361 1.585,835 19,641 At 31 March 2024 1,273,962 19,159 125,048 187,307 1,605,476 Net book value At 31 March 2024 458,461 6,323 19,169 483,953 Al 31 March 2023 57,712 9,484 13,085 80,281 Page 49

THE BOWES MUSEUM IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. Herltage assets Group and Charty Assets re¢ognlsed at cost Heritage assets 2024 Carrying value at 1 April 2023 8,805,504 Carrying value at 31 March 2024 8,805,504 The char￿S heritage assets comprise the building and grounds tO3ether wrth the colsection. The Museum building is a Grade I listed building and is Iccated in a landsr2ped park listed as Grade11 on the Register of Parks and Gardens of special historic interest in England The grounds also contain a bowling green and tennis courts and entrance lodges. Nursery grounds and buildings are l(Kated lo the north side of the park. The collection is made up of a diverse range of pictures. textiles, ceramics. Mela￿ork, sculpture and items of historical interest based around the original collection of the founders John and Josephine Bowes. Under the current Statement of Recommended Practice (SORP} and FRS 102 items purchased for the collection are capitalised and included at cost in the balance sheet. Items acquired prior to the 2005 SORP are not included in the financial statemenls. The Museum maintains rts collection for ils historical and artistic value. Any valuation is completed wthin the confines of the requirements of the management and preservation of the collection and for no other purpose. In accordance wrth the provisions of both the SORP and the FRS, no value has been attributed to items ￿qUired prior to the implementation of the SORP 2005 due to the lack of reliable information regarding cost or valuation. Access to the collection is promoted through educalional workshops, tours as W￿11 as through general admissions to the Museum. More information about the Museum's activities and collection can be found at the Museum's websrte. Heritage assets reported in the balance sheet during the last five years were as follows.. Analysis of herltage asset transactions Group and Charity 2024 2023 2022 2021 2020 Purchases Heritage assets 2.275 18,000 18,596 8,375 Total additions 2,275 18,000 18,596 8,375 Page 50

THE BOWES MUSEUM IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16. Fixed asset investments Llsted investments Group Cost or valuation At 1 April 2023 Revaluations 3.630,428 32,876 At 31 March 2024 3,663,304 Net book value At 31 March 2024 3,663,304 At 31 Ma￿h 2023 3, 630,428 The listed investments relate to the followtng". 82,685 shares in the COIF Charities Investment Fund. These investments are held by the BovRs Museum (charity no 1071630). The historical cost of these investrnents at 31 March 2024 was £953.941 {2023'. £953,941). 1,906,902 shares in the COIF Chartties Property Fund. These investments afe held by the Catalyst Endowment Fund (charity no 1079639-2). The histor￿￿1 cost of tI￿se investrnents as 31 March 2024 was £2,312.183 (2023: £2,312,183). Investments in subsidiary Listed companies investments Total Charity Cost or valuation At 1 April 2023 Revaluations 10 3,630,428 32,876 3,630.438 32,876 At 31 March 2024 10 3.663.304 3,663.314 Net book value At 31 March 2024 10 3,663,304 3.663,314 At 31 March 2023 10 3, 630, 428 3, 630, 438 Page 51

THE BOWES MUSEUM IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Principal subsidiaries The following was a subsidiary undertaking of the Charity.. Name Company number Aggregate of share capital and reseryes Profiulloss) Holding The Bowes Museum (Enlerprises) Limrted 06864117 10 100° The financial resums of the subsidiary for the year were.. Name Income Expenditur Net assets The Bowes Museum (Enterprises) Limited 945,146 945,146 10 16. Stocks Group 2024 Group 2023 Goods for resale 66,191 48,308 17. Debtors Group 2024 Group 2023 Charity 2024 Charity 2023 Due within one year Trade debtors 29,727 27. 781 26,130 402.175 7,143 865.668 27,114 275, 173 65,672 144. 186 Amounts owed by group undertakings Other debtors Prepayments and accrued income 7,143 867,733 65,672 144, 186 904,603 237, 639 1,301,116 512, 145 Page 52

THE BOWES MUSEUM IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. Creditors: Amounts falling due within one year Group 2024 Gn)up 2023 Charity 2024 Charity 2023 Trade creditors Other taxation and S￿la1 security Other creditors Accruals and deferred incorne 94.527 51.908 4.788 248,621 64.393 140.612 9. 620 89,864 64,276 51,908 4,788 230,105 41,389 24, 320 9, 620 82, 088 399,844 304,489 351,077 157,417 Group 2024 Group 2023 Charity 2024 Charity 2023 Deferred Income Deferred income at 1 April 2023 Resources deferred during the year Amounts released from previous pericmls 5.346 40.545 (5,346) 5,346 40, 545 (5. 346) 27,434 {40,545) 20.739 140,$45) Deferred income at 31 March 2024 27,434 40.545 20,739 40,545 Page 53

THE BOWES MUSEUM (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds Statement of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers inlout Gainsl (Losses) Income Expenditure Unrestricted funds Designated funds Legacies 20,000 20,000 General funds General Pension reserve 7.061,126 2.861,620 (3.060,355) (10.000) 230,218 7,092,609 (20.1)00) 7.061,126 2,891,620 (3.070,355} 230,218 (20,000) 7,092,609 Total Unrestricted funds 7.081.126 2,891,620 {3,070,355) 230,218 {20,000} 7,112,609 Endowment funds John & Josephine Bowes Catalyst Endowment 1,523,574 45,220 (19,558) 140,234 1.689,470 2.129,522 106,787 {11) (155,1161 1107,358) 1.973,824 3.653,096 152.007 111) {174,674) 32,876 3.663,294 Restricted funds Acquisitions & Conservation 2,237,352 143.595 152.842 8,913 (152,842) 91.354 {8,913) (143.595) 2,328,706 Education Caprtal Improvement Skills for the FLrture 2,806 989,704 147,770) 956,280 14,844 117,129 126.162) (14,843) 90,968 2,398,597 1,268,588 (235,687) (55,544) 3,375.954 Page 54

THE BOWES MUSEUM (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds (continued) Total of funds 13,132,819 4,312,215 (3,306,053 12,876 14,151,857 Unrestricted funds represent resources available for the general work of the charty. The Acquisitions fund is a designated fund within unrestricted funds and represents a legacy received by the Museum to be used by the Trustees to fund fulure acquisilions. The Pernsion Fund is a designated fund wtthin unrestricted funds and represents the liability of the Museum under its defined benefit pension scheme, the details of which are set out in note 26. Restricted funds relate to grants and donations for specific purposes.. Capital Improvements Fund - funding to enable the redevelopment of the reception, cafe and shop areas on the ground floor, new textile galleries and sifver and metal galleries on the first floor and the installation of new service and passenger lifts. This funding compromises grants from the Heritage Lottery Fund itself together with additional funding from other sources towards the same project. Skills for the Future is funding from the Heritage Lottery Fund toward the Museum's paintings and textiles conservation skills project and will help to extend and formalise conseNation training delivered by the Museum. Acquisitions and Conservation fund funding towards objects purchased and major conservation work to be undertaken. Friends of The Bowes Museum is set up by its Articles of Association to support the Musuem. It is wrrtten into their constitution thal the donations may not support the building. maintenance or staff costs. Education Fund is funding received for vartous community and art education projects. The Calalyst Endowment Fund is an endowmenl fund whereby donations were matched by a grant from the Heritage Lottery Fund. The inlention of the fund is to provide future income for the Museum. The John and Josephine Bowes Endowment fund represents the original endowment left by the founders of the Museum. Transfers be￿een funds.. £152,007 has been transferred between Endowment Fund and general funds relating to unrestricted investment income (2023: £151,834). The Trustees reviewed the funds during 2023124 and made further transfers to ensure they reflect the ambitions of the Charity. Page 55

THE BOWES MUSEUM (A Company Llmlted by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds {continued) Statement of funds - prlor year Balance al 31 March 2023 Balance al l Apnl 2022 Transfers inlout Gains/ (Loss8s) Income Expenditure Unrestrlcted funds Deslgnated funds Legacies 20.000 20.1 General funds General Pension reserve 7,353, 784 2.019,382 (2.463,874) 10,000 (10,000) 151,834 7,061. 126 7,353, 784 2. 029,382 (2. 473, 874) 757,834 7.061, 126 Total Unrestrlcted funds 7,353, 784 2, 049,382 (2, 473, 874) 151,834 7,081, 126 Endowment funds John & Josephine Bowes Catalyst Endowment 1,584, 505 45,047 (45,047) (60, 931) 1,523.574 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 Education Capital Improvement Skills for the Future 2, 249, 756 143,016 3, 783 10,057 (15,587) (9,478) 2,237,352 143, 595 2,806 2. 806 14,844 14,844 2,470,422 13,240 (25,065) 2,398, 597 Page 56

THE BOWES MUSEUM IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 19. Statement of funds (continued Total of funds 13,870, 248 2, 214, 893 (2. 498, 950) (453,372) 13, 132,819 Page 57

THE BOWES MUSEUM (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 20. Summary of funds Summary of funds - current year Balance at 31 March 2024 Balance at 1 April 2023 Transfers Inlout Galnsl (Losses) Income Expenditure Designated funds General funds Endowment funds Reslricted funds 20,000 7,061,126 20,000 120,000) 7,092,609 2,891,620 (3,070,355) 230,218 3,653,096 2.398.597 152,007 1,268,588 (111 (174,674 1235,687) (55,544) 32,876 3,663,294 3,375,954 13,132,819 4,312,215 13,306,053) 12,876 14,151,857 Summary of funds - prlor year Balance 8t 31 March 2023 Balance at l Apnl 2022 Transfe in/out Gain (Losses) Income Expenditure Designated funds Genefal funds Endowment funds Restricted funds 20, 000 2,029, 382 (2,473,874) 7,353, 784 151,834 7.061, 126 4, 106, 042 2,410,422 152,271 13,240 (11) (151, 834) (453, 372) 3, 653,096 (25. 065) 2, 398,597 13,870,248 2, 214, 893 (2,498, 950) (453,372) 13, 132,819 Page 58

THE BOWES MUSEUM (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21. Analysis of net assets between funds Analysls of net assets between funds - current period Unrestricted Restricted Endowment funds funds funds 2024 2024 2024 Total funds 2024 Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year 26,766 457.187 483,953 3.663,304 8,805,504 1,598.940 (10) (399,8441 3,663,304 6,512,364 973,313 (399,834) 2,293,140 625,627 Total 7,112,609 3,375,954 3,663,294 14,151,857 Analysls of net assets between funds - prlor perlod Unrestricled funds 2023 ReStr￿ted Endowmenl funds funds 2023 2023 Total lunds 2023 Tangible fixed assets Fixed asset investments Heritage assets Current assets Creditors due within one year 80,281 80,281 3, 630, 428 8, 805, 504 921,095 (304,489) 3,630, 428 6, 495, 363 890, 252 (304, 489) 2,310, t41 8,175 22, 668 Total 7,081, 126 2, 398, 597 3,653,096 13, 132,819 Page 59

THE 8OWES MUSEUM IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Reconciliation of net movement in funds to net cash flow from operating activities Group 2024 Group 2023 Net incmielexpenditure for ttrE pencKI (as per Statement of Financial Activities) 1.039,038 (737, 429) Adjustments for. Depreciation charges (Gainslllosses on investments Endowment income 19.641 30. 608 (32,876) 453,372 (152,007) (152,271) (17,883) (14,691) (666,964 (2,083) 95,355 (5.013) (20,000 11 Increase in stocks Incfease in debtors Increasel{decrease) in credrtors Other finance income Costs 3rtnbutab￿ to EndoNment 11 Net cash provided byl(used in) operating activities 2fA,315 (427,496) 23. Analysis of cash and cash equivalents Group 2024 Group 2023 Cash in hand 628,146 635, 148 Total cash and cash equivalents 628,146 635, 148 24. Analysis of changes in net debt At 1 April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 635,148 (7.002) 628,146 635.148 (7,002) 628.146 Page 60

THE BOWES MUSEUM (A Company Limited by Guarantee NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 25. Capital commitments Group 2024 Group 2023 Charity 2024 Charity 2023 Contracted for but not provided in these financial statements Acquisition of tangible fixed assets 836,955 836,955 Page 61

THE BOWES MUSEUM (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Pension commitments The Group operates a defined benefit pension scheme. The latest actuarial valuation of the LGPS related to the period ended 31 March 2022. The actuary has undertaken a valuation of the LGPS as at 31 March 2024 which shows an asset of £680,000. In accordance with 28.22 of FRS102 as the charity will not benefit from either reduced contribution rates in the future nor a refund from the scheme the asset is not recognised within these financial statements. Principal actuarial assumptions at the Balance Sheet date {expressed as weighted averages): At 31 March At 31 March 2024 2023 Discount rate Future salary Inc￿aseS Future pension increases CPI inflation Pension accounts revaluation rate Sensltivity analysis At 31 March At 31 March 2024 2023 Discount rate +0.1Yo Discount rate -0.10 Mortality assumption - 1 year increase Mortality assumption - 1 year decrease CPI rate +0.10 CPI rate -0.10 (10,000 10.000 {10,000) 10,000 10,000 110,000) (10,000) 10,000 (10,000) 10,000 10,000 (10,000) Page 62

THE BOWES MUSEUM (A Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Pension commitments {continued) The Group's share of the assets in the scheme was.. At 31 March At 31 March 2024 2023 Equities Govemment bonds Corporate bonds Propety Cash Other Multi Asset Credrt 1,660,000 1,580,000 310,000 380, C 290,000 130,C 200,(KJO 230,0 50,000 70,000 460,000 130.CK)O 450,000 Total fair value of assets 3,040,000 2,9￿,000 The actual retum on scheme assets was £680,000 (2023- £520.1)XP). The amounts recognised in the Consolidated Statement of Financial Activities are as follows.. 2024 2023 Current service cost Interest income 10,000 (140,000) 110,000 10, (90.(￿) Interest cost Total amount recognised in the Consolidated Statement of Financial Activities (20,000) Movements in the present value of the defined benefft obligation were as follo￿. 2024 Opening defined benefrt obligatK)n Current service cost Interest cost Actuarial gains Benefits paid Asset ceiling restriction 2.430,000 10,000 110.000 (40,000) (150,000) 520.000 Closing defined benefit obligatbon 2,880,000 Page 63

THE BOWES MUSEUM IA Company Limited by Guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 26. Pension commitments (continued) Movements in the fair value of the Group's share of scheme assets were as follows.. 2024 Opening fair value of scheme assets Expected return on assets Actuarial losses Benefrts paid 2,950,000 140,000 (60,000) (150,000) Closing fair value of scheme assets 2,880,000 27. Operating lease commitments At 31 March 2024 the Group and the Charity had commrtments to make future minimum lease payments under non-cancellable operating leases as follows.. Group 2024 Group 2023 Charity 2024 Charity 2023 Nol later than 1 year Later than 1 year and not later than 5 years 1,200 2,100 1,200 2,100 3,300 3,300 The following lease payments have been recognised as an expense in the Statement of Financial Activities.. Group 2024 Group 2023 Charity 2024 Charity 2023 Operating lease rentsls 300 300 28. Members. liability Each member of the charttable company undertakes to contribute to the assets of the company in the event of it being wound up while helshe is a member. or within one year after helshe ceases to be a member, such amount as may be required. not exceeding £1 for the debts and liabilities contracted before helshe ceases to be a member. Page 64

THE BOWES MUSEUM IA Company Limited by Guaranteel NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Related party transactions The Friends of Bowes Museum is a connected chafty as it exists to assist The Bowes Museum in its objectives. During the year The Friends of Bowes Museum made donations to The Bowes Museum as shown in note 3. At the year end £394 (2023.. £553) was due to the Museum from The Friends of Bowes Museum and creditors of £Nil (2023.. £1,946) are included for amounts due to The Friends of Bowes Museum for subscriptions collected. Durham County Council provides core funding for the museum as shown in note 3. P D A Mothersill is a Trustee of Barnard Castle sch￿￿. During the year sales of £180 (2023". £72) were made for a Museum visit. At the year end £180 {2023.' £72) was due to the Museum from Barnard Castle School. E Smith is a Director of EIIDt Smith Company Limited. During the year sales of £Nil (2023.. £227) V￿re made for educational work. The charitable company has taken advantage of exemption. under the temis of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland,. not to disclose related party transactions with wholly owned subsidiaries within the group. Charges Heritage Memorial Fund. This charge is dated 24 March 2009 and is a condition of the National Lottery grant funding of the Museum's caprtal works programme. Page 65