2023-03-31-accounts

Reglstered number: 11774969 Charity numlxr: 1186986 Royal Pavlllon and Museums Trust (A company limited by guarantee Trustees. report and financial statements For the year ended 31 March 2023

Royal P•vlllon and Museums Tnmt IA company limited by guarnnts•l Contents Page R•f•r•nce and adminl$tratlv• det•ll• of thè Companyi Its Tru•tee• and Jdvlsers Trustèes. report Ind•p•ndent audltor#' vèport on the flnanclal statsmènts Consolidat•d stat•m•nt ol fln•nclal activitie# 2-21 22-2S Consolidated balance •h••t 27-28 Company balance sheet Consolidated ststemènt of cash flow8 29-30 31 Notes to the financlal statsments 32-53

Royal Pavlllon and Museums Trust (A company limited by gubr•ntee) Reference and administratlve detalls of the Company. Its Trustees and advlsers FOT the yèar ended 31 Mar¢h 2023 Michael Bedingfiekf DL, Chair Dr Angela Smith, Chair Finance & General Purpose Committee Aliya Gourtay Brad Councillor Alan Robins Councillor Phelim Maccaffety (r8sbaned 1 June 20221 Councillor Stephen 8dl CBE (resigned 17 May 20231 David James Charles Anderson OBE Davinder Dhillon OBE DL Jane Avard Weeks, V￿e Chair Lord John Steve Bassam Rebecca Crook, Chair of RPMT Enterpri￿ Ltd Shaun Romain Sue Wilkinson OBE, Chair Nominations & Remun•rion Committ¢& & ACE Oversight Committee Timothy John Mellor Aspinall Susan Elizabeth Shanks l¥poinled 28 Juty 2022) Amanda Grimshaw 8EM {appointed 29 June 2023) Company reglstered number 11774969 Charity register•d number 1186986 Reglstered office 4-5 Pavilion Buildings Brighton BN1 1EE Chlef executive ofllcer Hed Swwn Independent audltorts K￿$ton Reeves LLP Chartered Aceountants 9 Donninglon Park 85 Birdham Road Chtheslef Wesl Sussex P020 7AJ P8ge 1

Roy•l Pavllk)fi and Mu#eum• Trust IA company Ilmlted by guaTrnto9) Trustees. rgport For the year ended 31 March 2023 Thè Trustees present their annual report together with the audited financial slements of the Company lor the peri¢)d 1 April 2022 lo 31 Mareh 2023. The annual report serves the purposes of both a Trustees, report and 8 directors, report under company law. The Trustees confirm that the annual report and financial statements of the charrtable company compty with the current statutory requirement5, the requirements of the charitablè company'$ govefning d￿Urnent and the provishjns of the Ststernent of Recommended Practice ISORPI applieable to charities preparing their accounts accordance with the Financial Reporting Standard applicabk in the UK and Republic of Ireland IFRS1021 leffeclive 1 January 20191. Since the group and the Company qualfy a$ Small under section 383 of the Companw Act 20￿. the Group strategic report required of medium and large companies undor the Companies Act 2006 (Strategic Report and Dir¢clots' Report) Regulations 2013 has been omitted. The period 2022-23 represented the second full year of trading for the Royal Pawlion & IAuseums Trust IRPMT, also refer￿d lo as Brighton & Hove Museums IB&HMII. The Trust although incorporated in February 2020 did not lake on the running of the Royal Pavilion & Museums servte until 1 October 2020. The original Iransfei date of 1 April was delayed due lo the COVID pandemic. These financial slalemenls show a consolidated posrtion which includes the Trust and Royal Povilion & Museums Enterprises Ltd. the Trading subsidiary, and the Royal Pawlion & Museum Foundalion of the RPMT. The FoundatKin. the chartrty P￿vIous￿ linked lo the Royal Pavilion & Museums, has since 1 October 2020 had one corpore Twslee. the Royal Pavilion & Museums Trust, and is maintained lo an existing endowment fund. Objectlves and actlvities a. Pollcies and objectiv Th• Objects of the Charty Arn: The advancement of, including the advancement of publ￿ apprneiation in, the arts, cuhure, heritage, and science, in particular (without limitation) by.. managing, operating, maintaining and improving the Royal Pavilion & Museums and their permanent collections. including by acquiring suitable objeels for the collections. preserving and safeguarding the land and the buildings of the Royal Pavilion & Museums, and providing for. or supporting, the establishment, maintenance, relurbi8hmenl and enhan¢emenl of other exhibitions and displays of collections in the Brighton and Hove area.. and The advancement of education, particularly Ibul not exclusively), in relation lo herrtage, cutture and the arts." and The maintenance and provision of land and facilities for f￿reatIOn or othef leisure lime OCCLtp81ion for the general public in the interests of s¢xial welfare and with the object of improving their condition of life. Brighton & Hove Museums IBHMI shall mean the Royal Pavilion & Garden. Brighton Museum & Art Gallery. Preston Manor & Garden. Hove Museum of Creativity, and Bcolh Museum of Natural History. In settin9 objeclwes and planning for activities, the Trustèes have given due considerat￿n lo gener81 guidance published by the Charty Commission reklino lo public benefit. including the guidance 'Publie benefit.. running a charity IP82)'. Page 2

Royal Pavilion and Museums Trust IA company limlted by guardntee} Trustees. report Icontinuedl For the year ended 31 Ma￿h 2023 Obioctives and activities (continued) b. Strategles for achievlng objectives Follo￿n9 the successful transftr of The Rordl Pavilion Museums to the Trust in October 2020 the Truste8S set tsrgets and goals for our first fve years.. In five years. time we aim to be the best CNIC Museum ser¥￿e in the county. with, at ib heart, an Estste ol World Herrtage srte status and an attraction on the musl-see list for international visitors lo the UK. In addition, we want to be a museum service that is bringing true value to all the people of Brighttsn & Hove who feel a real sense of ownership and inVo￿ement in its woth. Achieving this is reliant on a radical root and branch ieview of the nw organisation to ensure rt not onty emerges from the unparalleled imp&t of COVID. and the challenges it has presented with a successful business mcxlel, but also that rt emerges from the long4erm uncertainty and working practicas of local authority service lo become a conf#Jenl irbdependenl and forward-facing business. Strntegi¢ FrnMe￿rk After transfer ￿ 1 October 2020 the Trust ideftt￿ three hea(Nine priori1￿$ as benchmarks for a successful service wth a series of sub-PTiorrties and three meta- or overarching priorities. These were endorsed by trustees and key stakeholders, shared with staff and formed the basis of the first tsvo years, operat￿nal plan. Our prts)rits We ¥￿11 Be a brllllant museum servlce for the people of 8rlghton & Hove: Be inclusNe and eq￿rtab￿ in all we do, and occasDnalty be Y￿onVentiOnal and disruptive. 1.2. Have galleries, exhibth'ons, programmes, on-line content, and events that are expert, exciting. innovative. and relevant lo all the people of Brighton & Hove and make their Iwes richer. 1.3. Reflect the values of 8ryhton & Hove and do all we to bg enwronmentalty sustainable; lo sourc¢ our servi￿$ locally, be eth￿1 and swialty responsible. 1.4. Manage our collections dYn￿l¢allY and look after our collecth)n$, buildings and green spaces to very hvJhest $tsndards. Offèring world class vlsitor venues: 2.1. Ensure as many peoyle as possible kntr4V about our venues arKI as mary pets￿ as possibla visit them. 2.2. Ensure that our venues and everything that goes on in them ¢)ffer great value for money, arg well rgceived and Commented on, that people want lo come back to them and recommend them to others. Be well rnn. dynamic, resilient and sustainable: Be enterprising, dynamic and flee14)f-fool in looking for opportunities to buikl our business model. 3.2. Professionalty manage our finances, maximtzing every cpportunty to rakse funds for the wellbeing of the seryFce. We will work within oui financial means. 3.3. Be receptive to all our slakeholdets, most importanly Brighton & Hove Cty Counul. 3.4. Have excel￿nt staff, look after them and make sure they are diverse and reflect the population of contemporary Brighton & Hove. We will lake personal and collective rèsponsibility for what w8 do. We will be ki￿1 to each other and those we (xxne into contact with. Meta prlorities: 4.1. Be excellent in eveiwhlng we do and will Innovate in museum practi￿, being part of global museum debates and supporting the museum seetor regionalty. 4.2. Have a world class repLrtion for excellence that erih8nces the position of Bryhlon nalronally and inlernalionally. 4.3. Be a listening and ￿rning organtsalion. We wll seek to listen to what others have to say. We wll 8frAays seek lo from each other and othgrs, so we become a better organisalion. Page 3

Roy•l Pavilion and Muièums Trust IA company Ilmlted by guar•ntee} Trusteès. report Icontlnuedl For th• year ènded 31 March 2023 Objectlves and actlvltles {contsnuedl A￿hoUgh many of the priorities above involve reviews and ¢hang•s in pfo¢•$s. we want all lo be focused on h)ng-lerm outcomes and impacts. For nrA¥. we will keep these simple bul try lo ensure eve￿hing we are doing is delivering to one or more of these outcomes.. Increased wealth generation for the Trust. Hyher Quality engagement lor B&H resKJents. Higher quality engagement lor all visitors. Higher effeclrveness of RPMT staff. These prioritses were adapted in the summer of 2022 when following a major rebranding exercise we adopted our new brand, mission and vision.. Mlssion & Vlslon We are a world-renowned home for thè eurious, crealwe and pregressive. Many influences meet here - royal and rebel, dandy and dreanxr. artist and acliw81- to form a collection of dynamic destinations that are greater than the sum of their parts. We achieve this because we are.. continually surprising people, including ourselves lovèd by kxa15 and treasufed by the worfd inspinng, and inspired by, the community around us sparking curiosity, starting ￿nverSatIonS and sharing stories championing progress, diversity and sustsinability In autumn 2022 we were awarded a further three years funding fr(￿ Arts Couneil England IACEI as part of their 202>26 National Portfolio. At that lime we aligned our original strategic objectives and new mission and vision, priorities and work plan wrth ACE'S len year slrate9y -Lels Crgale". Thi$ revision was also used in our plan submrtted lo Brighton & Hove City Council IBHCCI in January 2023 and forms the basis of our 2023-24 service vel agreement wrth BHCC. Page 4

Royal Pavllion and Museum$ Trust {A company limlted by guarantee) Trustees. report Icontinuedl For the year endèd 31 March 2023 Objectlv06 and actlvities Icontlnuedl c. Activltl•# und8rtaken to achieve objectives For the majority of our first tsvo years1202C￿21 and 2021-22) the COVID pandemic had a severe effect on our ability lo operate and demanded emergency actions. Thanks to Government interventions and ￿reful management 202CF21 was suceessfvlly navigated although for the majority of the period many stsff were on furlough and srtes were shut. This s((uation eonlinued into 2021-22 but with far less Govemmenl support and seriousty curtailed income, the charty made a financial loss. We have also suffered as a result of changing passport and visa regulations for EU citizens vtsrting the UK - Iradilionalty a very important source of visitors for the Royal Pavilion. particulafty from Engli%h L8ngua9e students. was hoped that some level of normalty would relum in 2022-23 and indeed as the year progressed visitor numbers grew. Howev8r, the first few months of the year still saw mueh lower than needed wsttor numbers and during the year other f&tors linfiation. energy price incTrases, polrts.cal uncertainty etc.) made this again a dffieult year financialty. We are grateful to BHCC for providing a generous loan facilty that has ensured we have been able to weher this very difficuli period and plan for the future with a degree of confidencE. The 2022-23 year was used to conts'nue structural. cultural and financial change to create an organisalion capable of operating Su￿e$S￿lIY as an independent charity into the future. These changes were beginning lo bear real fruit in the later part of the year. Major progress was made in establishin9 organisational independence from BHCC, in building a sl￿3$ful commerual wing and in improving incorr generating abilty. Desprte the ongoing challenges and ongoing organisalional change throughout the year we delivered a full and sU￿esSful programme of exhibitsons and events. school semces. community engagement. Cared for our buildings and gardens and continued to record exceptionally high sth"sfaction rating from visitors. d. s￿la1 inv•stment policles Our charitable 0￿eCt￿e$ and strategic priorities commit us lo deKvering social benefft lo the peopk of Brighton & H¢)ve and beyond through everything we do. e. Grant4naklng pollcles The Trust do&s not under nomial circumstances make grants lo third parties. However. we do &1 as the managing organisalion for the South East Eng18nd Museum Developmenl Sefyice, funded directy by Art$ Council England that is a granl-making organi5alKJn. We also provide some minor support for students and intemat#)nal museums through our grants from the James Henry Green Charitable Trust. Page 5

Royal Pavilion and Museums Trust IA comp•ny lirnlted by guarantèe) Trustees. report Icontinuodl For the year ended 31 March 2023 ObJ•ctives and actlvltiei leontlnuedl f. Volunt•ers The Tru81 is pleased to work extenswely with vofunteers. Volunteefs contribute lo the organisattin working across a variety of roles including Community Engagement. Learning, Gardening, Colledions Care. Research, Event Support and conServat￿n. During 2022-23 we worked with 76 volunteers conlribuling 5,301 hours. We fulty recagnise the value volunteering brings to us 8s an organisation 8nd the b&nefits il brings to those who volunteer. We welcomed the return of volunteers who had been absent dLFe lo COVID and faciltsted the TecruitrrMt of new volunteers, insli(uling improved practices following our move lo trust. We introduced a new policy, regislralion. induction and handbook for volunteers. Our Head Gardener was able to bring back his volunleenng teams to the Pavilion Gardens and Preston Manor and rttiuiled a new gardens apprentice. We delNered an NLHF funded digital prqed Telling Tales & Talking Trails. This included a volunteer cwreated audio guide al Preston Manor, and One Minute Wonders, a ¢Jigital webapp supporting a temporary exhibition in Brjghton Museum and Art G811ery. We signed up lo the pan SL¢ssex Good Space volunteer Project and submitted infomialion for their communty vdunteering Hub. We restarted our volunteer Garden GTeelers prc>aramme in the Pavilion Gardens for the first lime since the pandemic. g. Maln actlvltles undertaken to further the Company's purpo•e$ for the publlc ben•frt RPMT manages.. The Royal Pavilion IRPI (Grade 1 listed) The Royal Pèvilion Garden (Grade 2 Iisled on Historic England's r99istOf of parks) BrwJhlon Museum & Art GaI￿ry IBMAGI (Grade 2 listed) Hove Museum & Art Gallery IHMAGI Booth Museum of Natural History (Grade 2 listed) Preston Manor (Grade 2. listed) and garden The Trust also manages the William IV Gatehouse {Grade 1 listed). Indi8 Gate (Grade 1 listed). Northgale House (Grade 2 lisledl, all Icraled on the RP eslale, as well as 415 Pavilion 8uildings, an t)ff-sile collections store. the Okl Courthouse and Courtroom (Grade 2 listed) and Jaipur Gale (Grade 2 listed) at Hove Museum of Crealiwty. The Trust also operates in the virtual wom through our wgbsite, and soual media channels prowdin9 worhknjtr ess lo information about rt8 rieh and diverse collections, stories and Tesources. We care for c. ImillKJn objeLts as part of our wide-ranging collections. These are multi-period and mu1ts4ubjed. They include three Designated Collections Iwortd Art, Natural History and D8￿ra￿e Arts}. We also hokl import8nt collections of archaeology, Egyptology, fine art, social history. toys, musical inslrumenls, early cinemalcoraphy, and crafts. Our sitos are open lo the public (subject lo opening hours) and our collections available fof ieseareh and stLKJy. We operate a programme of public events and educational sessions Ibolh fomial and inforniall. We seek lo research our collections and seek lo make new knowledge available. We will loan objects lo other museurns. We will work with a series of partngrs and stakeholders lo bring valu8 lo as many people as possible in Brighton & Hove and beyond. Page 6

Royal Pavlllon and Museums Trust IA tompany Ilmited by gu•rantse} Trustees. ￿pOrt Icontlnuedl For the yeai ended 31 March 2023 Objectfves and activities {continugd) h. Cultural Exempllon The Tru$t ap￿leS admission charges to three of its fve venl￿. The Trust treats the sale of tickets for the admission to museum, gallery or exhibf(ions as exompt from VAT as it qualifi&s for cultural exemption. Its eligibilty is based on the fxt the Trust.. 1$ a non-profit making organisalion Apptys any profits made from admBsion fees under this Provision to the continuance or improvemgnt of the facilities OT in connection with the making of related cultural supplies Is managed and administered on a voluntsry b￿8 by Twslees who have no direct or indirect financial interests in the actmties of the organisation. . Educatlon The Trust supplies education in the form of Tours. Leaming and Schools pr¢)3rammes. The Trust does not distn.bute any profrt rt makes from edu¢*ional activlty. All profits m&de from supplies of education are used for the continuan¢e or improvement of such supplies. Achlevements and porfornian¢e Page 7

Royal Pavlllon and Museums Tru•t IA Company limlted by guarantee} Trustws. report Icontinuedl For th• year ended 31 March 2023 A¢hl•vem•nts •nd performanee Icontlnued) •. Maln achiÈv•ments of the Company Desprte the obvious obstxles (see above) the folkh¥ing key e£hYavements have been made in this period.. Delivery ol our ￿Ve1 agreement wrth Brighton & Hove City Counol and an ongoing positive and supportNe partnership with the council. Delivery of our National Porlfolio Organisalion INPO} funding agreement vthh Arts Council England including our agreernenl lo manage the museum development SèNiCa for SE England. During the year we SUC￿$fvIfy applied for a frjrther three of NPO funding starting on 1 April 2023. Plawng a full r¢41 in the Brighton & Hove mouming and memorial actmty on the death of Queen Elttabelh11 and the pr￿lam0t10n of King Charles111. Delivered an exhibition programme al our venues that have received popular and critical support Isee bel¢XVI. Delivered a full schools programme primarity serving Bnghlon & Hove primory and junior pupils. ainlained strong community links including a number of relat￿nShIpS with kty groups representing ¢))mmunrties wrth protected characteri81ic8. The laLtrnch of our important 'culture change. programme generously funded by the James Henry Gre8n Trust to ènsure the service 18 socially engaged, diverse and equrtable in all its activities. We continued lo negotiate with ACE and BHCC over the delivery of the ACE Museum Estates and Development Fund IMENDI grant for the repair of BrKJhlon Museum and Art Gallery roof. This V￿rk is planned to take place in summèr 2024. Development of our detailed plans for the renovation and remtalisation of the Royal Pawlion Garden funded by the Not￿nal Lottery Heritage Fund INLHFI. The for fvll work$ will be submitted in Summer 2023. Further project funding from NLHF and the Esmee Fairbum Foundation for projects at Booth and Brighton Museum. PublIcat￿fi of thè SCALA Publishing 'Directors ch￿Ce, bc)k on 37 signfficanl objects from the RPMT colions. Ongoing work on our planned Y8￿ University Press book on the Royal Pamlion. A collaborat￿n vthh Brighton 8 Hove Alb￿ Football Club Women's Football Team to deliver community value linked lo Ihg major summer 2022 eXhlbrt￿n Goal Power on the history of women's football at Brighton Museum linked to Br￿blon being a host city for the Wom6n's Euros. This also included an award from the NLHF for associated community engagement. A major collaboration with Sussex Universty lo contribute to a BA degree in Liberal Arts lo be hosted by Hove Museum. And On9￿n9 partnerships with Sussex and Brighton UnNersities. An ongoing major prtrJramme of review and slrategic planning in 811 aspecls of the business to mve from a relatively traditional local authority 58rvice to an independent trust and charitable business model ha6 been undertaken. Puiting in plxe a full fundraising team to support fir*an￿OI gr￿th. Page 8

Royal Pavllion and Museums Trust {A company limited by guarantee) Trustees, report {contlnued) For the year ended 31 March 2023 Achlèvemènts and porfom)ance Icontinu•d) A review of I￿keting and a move to cloudased lickeling. The long4erm ban of a major athrk-'Colliers Unloaing on Hove Beach" by John Constable. The Trusys tyjrfdings used for the major Brighton Festival theatre pwe"Unchained". Development of a website and brand architecture Launched in the summer of 2022. Major repairs to the East el8vation of the Royal pa￿l￿)n. Opening new café5 one al Hove Museum of Creatiwty and one al the Royal Pavilion. A successful bid to Fidelty Inlemational to suptKJrt commercial operations for the next three year5. Ongoing delivery ofthe Museum Development Service for South East England on behalf of ACE. b. Key perf0m￿nCe Indlcatorn For the period under revBw our key Perf￿rnanCe indicators were as folh)ws'. Key Porformance Indicators No. V￿rtOrS lo the Royal PavTlion and Museums Satisfaction levels of visitors to Royal Pavdion and Museums No. Children & Young People participating in formal laaming ￿tIvIty on site No. Websrf(e sessKJns for the Royal Pavilton and Museum$ Earned inwme No. ResKSents visiting Royal PavilN)n arKI Museums 22-23 Targ•t 295,788 22.23 Achiwed 302,774 95% 88% 13,0￿7 780,000 £7.3m 41,410 17.433 747,074 64,510 Page 9

Royal Pavilion and Musgum• Trust {A company Ilmitsd by guarant801 Trustees, report Icontlnuedl For th• year endod 31 March 2023 Achievemènts and perfomance Icontlnuedl c. Revlew of a¢tlvltle8 Over the period the curatorial team have continued to delivor on core collections work. In the main this includes administerin9 loans, acquisrtions and disposals. improwng d￿Umentat￿n and infornalion. including digtsl content about the colledion, angwering enquirie8, hosting researchers, supporting public programme5, and supporting guided tours for members and patrons. Projects and new work The curorial team have eonlributed lo various organisalKJnal wide projects and inlti8lNes, including.. Supporting 8n organi$alional wide space rèview lo free up space for cornmercial and other use. Devebping conlenl and reviewing practice as part of Culture Change prOgraMr￿ looking a decobnising the museum including blogs. talks and events. Supporting and supeNising contractors duiing the improvements made lo the off8ile store roof beNYeen. Supporting the conservation team with collections reslorage and display are8 environmentsl and pest checks and day lo day cleaning. At the Booth Museum, ongoing projects such as Discovering Dioramas. and improvements lo specimen d￿UMentation (focusing currenlty on Butterflies), and collaborating with the Conservation team colleagues lo effectively caro for these specimens. Contribution by Cuialor of Fashion & Texti￿8 to the research and develcpment for an exhibrtion al Brighton Museum focused on Lee Miller, coming up in Autumn 2023. Loans Ats of March 2023, there were a large number of active tocal, n8tK)nal, and Interna￿ftal loans, moslty for exhibrtions, some for research. A selection of recent activity includes.. 5 paintings to Gtyn Philpol.. Flesh and Spirf( al Pallanl House Gallery beNveen 14 May to 23 October 2022. The painting 'Veronicas Voil, to Museo Nacional Thyssen. Bomemisza for the exhibitv)n." Hypeireal.. The Art of Trompe I'oeil - 16 March to 22 May 2022. The painting". L'apr￿￿Idl by Davkl Paynter, fof exhib￿￿7.. The FI￿ Homosexuab at AlphwoLyJ Exhibitions LLC I Wrighlwood 659- 1 October 2022 10 1 February 2023. A Regency ami¢hair by George Smrth lent to the SainsburyE Cenlre foi the exhIbrt￿.. Vtsh)ns of Ancient Egypt- 3rd September 2022 10 1st January 2023. Mae West Lips sofa lo the Design Museum for the èxhibibon.. Objects of D￿re.. Surrealism and Design 14 October 2022 - 23 February 2023. We have loaned our painting ol Kylin. Farthfvl and Fearless by Arthur ￿hn El5￿Y lo the exhibrth)n'. Portraits of Dogs.. From Gainsborough lo Hockney at The Wallace Collection, 29 March lo 15 October 2023. K￿1n was the favourile pel of El￿n ThomaS￿lanford of Preston Manor, BrighlorL We also continued touring the painliThJ,' Al￿e in Wonderland by George Leslie Dunh¥ in conjunct?n with the V&A lo venue$ in China and Japan. from the dales Feb 2022 to S March 2023, and the Amber Cup went on108n lo the British Museum for the eXh￿rt￿Jfi", The Worhj of Stone Hènge until Juty 2022. Loans in 168 items, from various lenders for Goal Power exhibition. Painting by John Constab￿, on display in The Royal Pavilion. 33 rtems originally collacled from Myanmar and Wesl Africa, lent by a potential donor for revivw 8nd consideration. Plus further b)ans of obj'ects lo various exh￿rt￿8 detsikd below. Page 10

Royal Pavilion and Mus•ums Trust IA company limited by guarantee} Trustees, report {continued} For the yèar ended 31 March 2023 Achievements and performance Icontinued) Exhlbitions & Displays The team regularty contribute, support or lead on the development and production of various exthibitions and redisplay projects, many of which utilise the colledions (see list below). Research The team throughout the ytsr supports many researchers. arKI eath Curator undertakes reGearch into the collections to facilrtate future pioiecls," a few examples include: Royal Pamlion Garden research by Curator, Kate Richardson, and a small team of vdunteers. to support a fvnding bid to NHLF. Ro￿1 PavilK)n interior research by Curator of the Royal Pavilion, Alexandra Loske for a Yale UnNersty Press publication. Martin Pel, the Curator of Fashion & Textiles ¢ontinLd to research previous curator and synfftant co1￿￿Or Idonor Martin Battersby, as part of an extemalty funded research project. Local History & Archaeology Curator, Dan Roberston, hosted a PhD student investigating human remains found at earty neolrthi¢ causewayed endosures in Sussex. Acquisitions & Dlsposals A key curatorial team projed is the 'Dynamic Co119dions Rewew, and this has in the past year, moslty focused improvements and decluttering in storage, in line with other organisatKJnal projects, and the team have mainty focused on facilitating disposals. A selection of Disposal$ and Transfers undertaken in thi% year have included.. Painting by Alexander Stanhope Fort)es'Christmas Eve. on k)ng term loan with viffw to transfer to Penlee House Museum & Art Gallery. 6 x Cast iron heads from the Madeira Terrace retumed to Brighton & Hove City Council. Photographic prints rekling to Petsvorth, Storrington. Billingshurst to West Sussex Record Office. Egyptian Mummy and &￿erS to Brrtish Museum. 697 items of periodicals, publications and ephemera related to Natural Sciences. While we are refocusing on slorage relctions and how we can more effectivety and dynamically utilis8 our ¢ollectitsns, our Pr￿esSIng tsf aequisilions has slowed, bul wi(hin the18St year a few examples of the objects we trx)k in include.. Melal and paint street sign from Twneham Road in Whitehawk, Brighton. c1933. A Selection of Bumese textile$ c. 1970s. A $i￿er girt medal from the Royal Horticultural Society awarded to the County Borough of Brighton Pa￿5 and Gardens Department for an exhibrt of Caladiums dated 27 June 1961. Mulii<oloured print of the graffiti style athork ofAubrey Beardsley by The Postrnan, 2022. Scrapbook believed to have been Compiled by Anna Maria Moon. Dr William Moon's second wrfe. Several prints by prominent painters and printmakers e.g. Paula Rego and Gillian Ayers, transferred from ESCC Library and Information Se￿￿e. Conserrfat6on The collactions care team have continued their core tasks. including collections care prcie¢ts and housekeeping tasks {identfy"ng and pnorrtising the most vulnerable collections) and supporting colléagues in other departments such as functions, income generation and marketing. The team have also farylitaled loans and transfers by couriering items, for example. fv40 oak panels to Dorset Museum. the transfer of an oak ￿arn to the Marplins Museum and overseeing the transportal￿n of the Serge Roche Table previous￿ on long-lem) loan to Br¥Jhlon Museum & Art Gallery. Other projects i￿lUde a Spirit Collection ReviwN at the Booth Museum and several ongoing projects such as preparing our Music Room curtains for relum after extensive repairs and wam air treatment at Themidignum. Paja 11

Royal Pavlllon and Museurn• Tru*t IA company limit•d by guarantee) Trustees. report l¢ontinuedl For the year end￿ 31 March 2023 Achlwgrn8nts and performance Icontinuodl and the final stages of the restoration of P8god8s. This pr￿'ect Involved how earty-stage conseNator8 and interns Working in partnership on the research and the development of a melhodol¢>Jy that conS￿ered reversibilrty al it8 Core. Last year we hosted fvdo intems, one from Durham University and one from Wesl Dean College. The conservaloT5 have continued to facilitate Iccal, nathY￿1, and intemational loans. ETghl long4emi loans lo the Town Hall, including devising hanging arrawements and instslling the works. Preparation for a further ￿e1ve lo be transferred later this year. Work on thfee national loans, one international loan, and the same number of returning loans. The team has also returned Robert Jones Murals lo public display in the Royal Pavilion after they had been In store for foty years. In addition lo these projects, the team has also undertaken holding repairs to the ceiling in the Music Room Gallery and Banqueting Room Gallery in preparation for the exhibrtion 'A RvJht Royal Speciacle, in the Royal PawlK)n and commenced remedial work on the other Robert Jones murals in the Banqueting Roorn. The Technicians and one of the assistant conservators have buift, installed, lrt and deinSts1￿ five exhibit￿n$ al three of the Trust's siles this year. The technicians have also continued lo support the work programme of the Hislonc Buildings Manager, including seven visrts by Drainline lo investigate ongoing dfainage issues In Brighton Museum. Amongst the other projacts the team has been I&￿ing is in$lalliNJ a ne4V red at the offsitè Co1￿10n$ store arn installing LED Iwhting throughout. Hand-in-hand with thi5 project, the team has reworganised the ground floor of the offsile store - which has increased on-srte safety, made the collection more aC￿Ssible. created addib.onal storage space, reduced enorgy costs and made the Store more Secure. Gardgn• & 8ullding$ Ovor the last 12 months the primary aim of the gardening teom has been lo keep the three gardens wel maintained. The Garden Apprenticè continues lo be a Success and we are keen lo build on this by continuing our engagement with this scheme and looking lo expand on It. We also work closely with a deduled team ol garden volunteers. Much work during the year focused on preparing a major bid lo NLHF for the Royal PavilDn Garden. This bid will be $ubmittgJ in August 2023 and if successfvl work on the project will commence in early 2024. During the period we continued our programme of cap((al repairs and renewals supported by Bnghton & Hove Crty Council. Renovation works were undertaken to the east elevat￿￿ of the Royal Pamlion. Repairs were also undertaken lo the King William IV Gale. A growing concern is water ingress lo buiklings during periods of intense rain, this is particularly the ease with 8ri9hlon Museum and Art Gallery where drains run through the building in Victorian soak-aways bel¢)W rt. The increasing incidents of severe weather - both rain and he81 are hamng dotrimental effect on our building5 and gardens. The Facilities team has continued man8ging our annual mainlenarKe programmes e.g., PAT lesling, seNcing of systems, as well as oveiseeing our Health & Safety YKJrk. Additional priorrties for the team have beèn reviewing our fire and security procedures including undertaking Independent Fire Risk Assessments for dl our mwn budding5. Page 12

Royal Pavilion and Mug•ums Tntst IA company limited by guarantee) Tru$tees' report leontinuedl For the y••r endgd 31 Morch 2023 Achievements and perforniance (continued) Audiences & Eng•gem&nt Our Museums Venue The Royal Pawllon Brighton Museum & Art Gallery Hove Museum & Art Gallery Booth Museum of Natural History Preston Manor VL8it8 188.038 71,148 13,e64 23,21 6,711 Satisfadion 96° 950/0 nla 810 nla Exhlbitions and dlsplays A summary of our exhibitions and displays for this peri¢yJ." Brlghton Museum Queef the Pier until Feb 2024. Aubrey Beardsley.. A Brighton Boy 30 July- 22 Jan 2023 Exploring the lrfe and work of Bnghton bom Aubrey Beardsley, marking the 150th annwersary of his birth. Museum Mentors.. Response to Spencer Gore Oct 2021- Oct 2022. Museum Mentors.. Ink on Silk Ocl 2022- Od 2023. Costumes from the fith My Polic&nan 15-27 Nov 2022. Hove Museum of Creativlty Misshapes". The Making of Tatty Dewne 10 March- 4 Sept 2022 The story of pioneering jewellers Taty Devine who challenged ￿nventIOnS and working Creatwety wth laser cut acrylic built an international brand. A Crafts Council exhibition. A Place Called Home 23 Sepl 2022- TBC 2023 Matt Smith.. Who (kns Histo￿ 14 Oct 2022 - 16 April 2023 Royal Pavilion The Regew Wardrobe 19 March- 11 Sept 2022 lrfe-srLe costumes inspired by Regency history told stories of seafront walking, grand balls, and musical evenings. Each ￿n￿ue piece is created by artist Stephanie Smart, using onty paper and thread. Constable's Colliers Unloading on Hove Beach from 15 July 2022 Christmas at the Royal Pavilion 19 Nov 2022- 3 Jan 2023. A RvJhl Rordl Spedath 11 March 2023- Aug 2023. Booth Museum Our spectal visiting MI￿ for Christmas 3 Dec 2022- 4 Jan 2023. Sussex Wildlrfe Trust photographs 3 Dec- Sept 2023. Events and Education Event prc4Jramming across all sites irueased during 2022-23 with ovgr 2.500 participants engaging with actNty including popup curator talk$, art workshops, online talks, and ¢ommunity led events. We participated in Heritage Open Days and the Aging Well Festival. We wel¢omed the return of the LGBTQ+ History Club to Brighton Museum and we iebcN)ted communty curator led tslks and tours in the Queer the Pier exhibition and a monthty LGBTQ History Club. We hosted Elders creative sessions for older members of our community. We hosted a large outdoor Your Gardens eommunity event as part of our NLHF Royal Pavilion Garden consult*ion programme. We tegan a Wrrting Arwnd the KKls' partnetship prqect wth Writing SoLrth, a ¢re8lNe wrtting group for young mothers. Page 13

Royal Pavllion and Mus•um$ Tru (A company lirnlted by guarant•el Trustees. report lcontlnugdl For the year ended 31 March 2023 Achlevements and perfomanc• {contlnuedl As part of the Goal Power.. W¢)men's Football project we developed an eng&Jement proj'ect wrth Ic￿1 female footbal￿r$ aged 10-16. Led by a Programming curator, arts activist, podcast producer and engagement facilrtalor, the partieipanls developed skills in research. photography. inlervith¥ing and graffiti activism. Final outcomes included the podcast 'Womansplaining', inleNiews for exhibition eonlenl and an activist programme during the Women's Eyro lournarnenl. Hi9hlighls included a Wikilhon trainin9 day increasing the representation of the history of women's foolbg11 on Wikipedia., workshops with Brighton graffiti arti$l, l am Sprite, active participal￿n in the UEFA Fan Paty for the Wornen's Euros in Bnghlon, an(1 the launch of Secrets & Stories which offers reguL8r curator and community led pop-up lalks and object-handling opportunth'es. We have eomple18d a resel of our Key Stage 1 and 2 scho)Is programrfft after the parthmic 8nd aft8r a fvll reV￿W are running a set of flagship sessions that meet audience need. In 2022-23 we launched the new'A Very Special Visit. session at the Royal Pavilion. We have also workino wrth our Teacher Amb88sadors to shape new sessions and ensure sessions are SEND friendty. Wè piloted a Royal Pavilion Garden project wth local city centre 8chool8 Wth no green spaces lin aws of high depTNalion and very high lake up of free school dinners) as part of our develtspmenl Stagè Wrthin our NHLF bid. They were given a brief lo design and make bug hote15 for the garden lo increase wildlife. This lays the foundalKJns for the garden to become their green spxe lo tend to. observe. and pL4y in. This is part of our development of work with micro eommuni(ies eh)se to our sites. We welcomed 150 Key Stage 3+ students from Palcham High who came to help with our decc4oni%ing work. They were sel the bfief to explore Brighton Museum and the Royal Pavilion Indian Hospital audio guide and tèll u$ what was missing. What stories aren't being told? What objects don't have enough Information aboul t￿'r histo￿ What names and fxès a￿ mL8sing? We are building the students, impactlul responses into our future programming and approach lo our CuAure Change proiect. In Octotrer 2022 we Lgunched the Discovering Our DKJramas PToiecl al the Booth Museum of Natural History. This project will resu￿ in us finding out more aboLrt the current kèy familie5 and under 10$ audience, nthv inlerpretalion aThJ actmlies lo link Iheii current lives to the historic collections through the Seasons. re$haping our public programming offer and eulminating in the building of a new diorarna- the first in 90 years. We have expandsd our working relationship with the UnNersrty of Sussex and signed an Mou lo work in partnership in Support of their Liberal Arts BA and our siles are used as part of the course. We support a bursary lor an MA in Museum and Heritage al the Universty of Brighton and staff teach on the course. Communltle•. Partnernhipl ind Engaggrngnt Our Cukure Chango Ihree-yeaT project Ifunded by the James Henry Green Trust) began in October 2022 wrth the appointment of job share Heads of Culture Change and a curatorial role. They have built the project framework, looking al how to decolonise our work. We have reb¢)Oted our work with the Cuhural Herrtage Neh¥ork18IPOCI hosting i($ POSt￿ndemiC in person relaunch with a talk in February 2023 by Sl Martin on the untold histories of some Black people in Brighton. We have fom)ed an Internal AnI￿racIsM Working Group and drafted our first anli-racism slalement. We formed an internal Decolonising Working Group and agreed decolonising slalemenl. We have added a Cutture Change SeCt￿n to our website, wh￿h $hfMcases the slalemènls above and explains our ambitions about our Culture Change Idecolonisingl work and hosting a serie5 of blogs on decolonising across a range of museum specialisms, including natural history. We sel up an Internal Accessibility Working Group and held an external Access Advisory Group meeting In March 2023. We conlinualfy provKle adV￿e for colleagues around decolonising for projects and exhibitions as appropriate. Planning is underway for a $1gnrficanl public engagement project to launch in the summer of 2024. The Museum Collective (young people aged 1¢251 have met regulaty al our museums and have focussed on reviewing the group and making plans and suggestions foi f(s future development. For this yearfs LGB T history month, we welcomed young peopb ftom Allsorts Youth prgect lage 16-251 for a bespoke tour of our community CO Curated exhibrtion Queer the Pier, and the LGBTQIA+ display in the local history gallery. Page 14

Royal Pavilion and Museums Trust IA ¢ornpany lirnited by guaranteè) Trustees. report Icontinuedl For thè year ènded 31 March 2023 Achlevements and performance {continued} The Goal Pcwerl exhibition on this history of women's football was accompanied by a programme of actNities targeting local young female football players lage 1418). The Museum Mentors- a group for adults in need of support participated in creating a new display, Ink on Silk, inspired by the works and lrfe of Aubrey Beardsley and enjoyed and expressed a sense of freedom post COVID restrKtions. Members are supported lo f¢XUS on art, sharing creative ideas and creative peer development. Digital Following our febrandlng exercise in August 2022 the nthv Brighton & Hove 141usevms website was launched. rts deson has been infomed by fecus group work and nThv reflects the semces we offer rather than the assets we have. so il enables us lo give more prominence lo our income generating aclimties. Durtng the year April 2022 - March 2023 we recorded 747,074 website sessions. Social Media engagement dropped by approximatety third to 104.083 but we are now eng•aing on multiple channels including TikTok. The dyital team have also been delivering a £30k projecl fvnded 8$ part of the NLHF'S Digital Skills for Heritage initiatwe. The project invofves working with volunteers to produce more inclusive digital storytelling in onsite interprelal)n. The project has included intensive training for volunteers who have Pr0dL￿&￿ a new Preston Manor audio guide offer http".Ilprestonmanor.ukJ and 'One MinLrte Wonders,, a labekfree display which opened in Brighton Museum In January 23 entirely made up of volurbteers, stories presented through an experimentsl app and corresponding online content. Marketing & Medla A major Marketing Campaign ran across the summer in prtnt and advertising, this included station advertising 80km radius of Brighton. The organisalion has continued to enjoy high profile press and media coverage and the hire of our premise$ for tvision and filming offertng free marketing air4ime. We had particularty positive press- coverage linked lo Goal Power and the opening of the Roger Bamber exhibition. The Royal Pavilion featured in Brighlon-focused episctrje of the BBC serEs 'The Apprentice. and was used for the grand final of "The Great Brrtish Menu. orb BBC and appeared in the movie.my Policeman.. The team worked with local DesKJn Agency, Baxtef & Bailey, on a nthv brand hdenlity for Brighton & Hove Museums to reflect both its eclectic cuttural destinations and the organisation's new identity as an independent charty. The new brand Kjentity features an ampersand logo al the heart of it and wrth six component parts representing the five venues and presence of the Trust. To support the new brand guidelines the team also commissiongd Brighton based street photographer JJ Waller lo capture the spirit of the destinations and our visitors. Buslness Servic•s The Finance te8m have prtrjuced effectNe management accounts throughout the year that are reV￿we monthly by our executive board and quartedy by our Flnance and general Purposes Committee and main board. During the year we moved our pay-roll services from BHCC lo in-house using an external provider. This has provi¢Jed problematic but by the énd of the period was much irtwroved. I IT contracts originalty entered into on l April 2020, the original dale frji move lo Trust were due for renewal by March 2023. These conlr that indude, seNer hosting, printers and copiers, telephony, soffvRre licencing, support ￿ntraCts, Wi-Fi, Broadband were renegotiated or retendered lo achieve contract savings. Our People Staff Our greesl asset is our staff. During 2022-23 RPMT employed c. 134 FTE staff. The staff teams include visitor seTrice staff, curators, eonservators, technicians. historic building management, secunty, leaming and Page 15

Royal P•vlllon and Mua•ums Tnffjt {A company Ilmlted by gu•rJntso1 Trustees. rgport Icontlnuedl For the year •nd•d 31 March 2023 hlev•ments and performance Icontlnued) communty engagement. creative programming, marketing, retail, events and function management, development and fundraising, digital and ICT, finance and HR. As we emerged from the COVID pandemic we needed lo undertake organisational change$ and sorne Cuts. Our restructure was completed in the autumn of 2022 prowding a more simplified, streamlined organisalion. As we needed to address financial constraints in early 2023, we were required lo make some further staff savings. We are very grateful to staff for their stoicism and adaptabilty during this drfficutt penod. K•y Staff Chang• During the year welc(Nne(I Charlt McKènzie 8$ Head of Incomè Generation. Judith Owen-Phillips as Trusts and Foundations Manager, Stephen Roberts-Pratt as Individual GNing Manager and Simon8 LacQthn￿re and Liz Porter as Heads of Cutture Change, Key ￿8Vern Ind￿ Russel Phillips, IT Manager. Julka Basnett. Operations Managef and Alèx Hawkey 3D Designer. d. Factors r•levant to achleve objectlves All pians orwJinally made for 2022-23 continued lo be disrupted as a re$uh of lower-thanthnormal wsitor numbers and visitor spend foll￿￿1n9 the COVID pandemic wh￿h impacted visitor income during the first quarter of the year. We also continued lo be affected by changes brought about by the UK leawng the EU and the impact this has had on international student travel whKh previousty fomed a large prcportion of the Royal Pavilion's vlsitor base. 2022-23 was only the Trust's second full operational year wrth th? challenges facing any new business such as new systems, ne+V govemance structures, change management and restructui8s as well as those resulting from transfer from 8 Ioc81 authority 10 gn independent charty. Severe weather episodes, particularfy heavy rain eaused prob￿M& in mginlaining our historic buildings and gardens. requiring the reprioritisalion of planned maintenance and a numbor of reactive repairs. The Trust also felt the impxt of the War in Ukraine and the resutting scareily of raw materials, rise in energy prices and more general increase in inflation. This led lo higher eosts being incurred and lower than anticipaled spend per visitor LAler in the year. Budgets therefore had lo be reprofiled and a series of cost savings and new revenue generating inrtialwes were implemented in the latter part of 2022-23. •. Fundraliing actlvltles and Incorno goneratlon As noted elsewheré the y8ar saw BHCC ogrgeing ovr annual plan and the confirmation of ne•V funding from ACE. Wrth a new fundraising team in plxe we began lo see ieturns from trusts and foundations as well as additional patrons and members. Most notable was a major grant from Fidelty Inlemational to support our commercial team for the next Ihiee years. During the year we introduced new training for our front-of-house staff lo improve gift aid support and morè general retsil spend. All these inrtiatwes were beginning lo pay dwidends ty the end of the period. Financial revl•w Page 16

Royal Pavilion and Musèums Trust IA company limited by guarantwl Trustees. report Icontinuedl For the year ended 31 March 2023 . Going concern Fc￿￿1ftg a challenging year (see 'Factors relevant lo achieve objectives. above) nel Itabilrties at 31 March 2023 We￿ £288,682. Business plan8 have been drawn up for the period April 2023 to March 2028 to move the Trust back to a heamhy net asset position. A number of these plans such as further restructu￿, changes to opening hours. new pricing and ticketing Structures, securing of income from Trusts and grants have been successfully implemented in the first quarters of 2023-24. In addf(ion, the trust has benefrtted from much hKJhei4han- forecast vis((or numbers during the first 2 quarters of 202&24 resulb.ng in an overachievement against budget and a higher- than-expeded nel asset position at the end of quarter 2. As part of the 4reement to fom the R¢)yal Pamlion and Museums Trust on 1 October 2020 a facility was put in place and agreed whereby Rp￿ could betsveen 2020 and 2025 draw on up lo £4m of Joon from Brighton and Hove Cty Council IBHCC). £2,1)00,O¢JO of this loan remains available rf required. See note 17. As a result, the Trustees have a reasonable expoclatKJn that th& Compony has &Jequae resources to continue in operational e￿sten￿ for the fo￿Seeable future. For this reason, they continue to a>pl tho going rnncem basis in preparing the financial SIatw￿nts. Further detsiLs regarding the adoptk)n of the going concem basi8 can be found in the accounting policies. b. Reserve5 poIi¢y The aim of Trustees in the long temi lo build unrestri¢ted reserves to a level of 25% of planned expenditure over the folk)v￿ng 12 months, hOW￿er due to the orMJoing impa¢t of the pandemic this has not been achievable for 2022-23. For 2023-24 cost savings made in 2022-23 and the arrival of nthv income generating posts and strategies are aimed at delivering a mLKh improved finanual p￿ure. The level of free ￿serveS as al 31 Marth 2023 were £nil12022.' £329,745>. c. Defkit The net movement in funds for the year was a deficit of £1,302,192 {2022.' 1,362,942 surplus). Net assets * the ended 31 March 2023 were 4288.682 (2022.. £1,013,510). At the yearénd. unreStr￿ted funds totalled 8 deficit of 929,229 {2022' £329,745 surplus), of this £299.767 was designated 12022.. £380,749> and there were deficf( undesignated funds of £1,228,996 12022.. £51,004 deficit}. Restricted funds totslled £471.172 (2022.. £514,390} and the pemianent endowment fund lotalled £169,375 {2022.' £169.375). d. Prlnclpal rlsks and uncertalnties The Trust maintains a str*egic Risk Register whth ts revwed by the Executwe Board monlhty and Finan and General Purposes Committee quarterty. In the cpinw of the Executwe Board There were no identifiable risks that need to be r8POrted. Page 17

Royal Pavillon and Mu•eums Trusl IA company Ilmited by guarantee) Trust•es' report leontlnued) F￿ th• year end•d 31 March 2023 e. Flnanclal flsk management objectlvès and pollcle8 The Executive Bcord has tsken steps to ensure that financial risk is minimised by introducing robust intemal controls and ￿￿nd financial systems which are regulady wewed. RPMT is supported by a £4millKJn loan facility from Brighton & Hove City council as part of its Iran$ler agreement. The lacilty is available until 2025 and then fepayable over a five-year pericA. To date rt has drawn on £2million of this facilty as sel out in disclosure note 17. f. Prin¢lpal fundlng We are incredibly grateful to Ouf pnncipal regular funding from Brighton & Hove Crty Council and 8s a National Portfolio Organisation of Arts Council England. We would not be able lo deliver on our charitable aims wrthout their support. Other main funding comes from ticket saks, comfferci81 op¢rations. and fundraising. In 2022-23 we are also extrematy grateful for 8dditw)nal prc4ect ard pfoJrwnme funding from The James Henry Green Charitable Trust, the National Lollery Heritage Fund, The Esmee Fairbum Foundation. The Headley Trust, The Fidelity Inlernalion81, and the support of our Patrons. 8tructur•, gov•mance and man8gomont Constitution Royal Pavilion and Museum5 Twst 18 registered as a charitable company limited by guèranlee and was set up by a Memorandum of Association. b. M•thod8 of oppolntm•nt or oIKtlon of Trustee• The management of the Group and the Company ￿ the responsibilty of the Truslees wkj are elècted and co opted under the terms of the Memorandum of Association. The charity is managed by a 8oard of Trustee. Trustees are appointed for a term of th￿ years with terms renewabk leading to a maximum period of nine years. The exception are thrèe 8HCC nominatèd trustees who are re4ppoinled annually by BHCC. New trustees are recrurted when Cons￿￿red necessary, either lo replace a Iruslee who has retired or stood down. or lo bring in additional skills and expe{￿nce where a need has been identified. Recruilmenl of Trustees is the responsibilily of the Nominations and Remuneration Committee a permanent sub-committee of the Board. Skills audrts of the Board are ur+dertaken on a reguLar basis to Inform fLrture wruitmenl. Recruitment through an open competitive process. Potential Iru5tees moel wrth the ChaiT of the Board of Trustees. prior to being oppointed by r8solLrtion al a meeting of the Iru$tees. The Tru51ees are committed lo dNersrfKalion of the Board and in March 2021 appointed young 8had¢)W trustees from diverse backgrounds lo be mentored by Bo•rd members and gwe fresh inswhts lo the work of the Trust. Pag0 18

Royal Pavlllon and Pjluseums Tru8t {A company limited by guarantee) Trustees. rewrt Icontinuedl For the yèar ended 31 March 2023 Structurey govemance and management {continuedl c. Organisatlonal struclure and dec1sion￿Mak1ng policies The Trustee Board meets quarter￿, Usual￿ in January, April, July, October. The Finance and General purposes Committee and Nominations and Remunerations Committee also meet quarterty and rekyxt lo the main l)oard. The Finance & Goneral Purpose$ Committee has delegated ￿SpOnsIbl1rtY on behalf of Ihe Board of Trustees for ensuring Ihal the￿ is a framthvork for reviewing financial strategy, aceountabilty, and financial controls for The Royal Pavilion & Museums Trust. The F&GPC eonsists of no fewer than three Trustees appointed by the Board of Trustees and includes the CEO, other eolkngues with appropriate financkgl skills and expertise and Mike Wc(thtsrd an extern81 consuttant who advised us on the move from Council lo Trust. The Nominations ar￿ Remuneration Committee INRCI has been estsbli8hed as a pemianent sub<ommitt8e of the Board of Trusteès and rts remrt, on behalf of the Board. is to be responsible for.. Recruiting the Chair and Deputy of the Board Recruiting Iruslees for the Board and sub commrttees of the Board Recruiting the CEO Salary and. if this 1$ something the Trust decides to do. bonus sètting for the CEO and senior executive team. Revitrmng the perfomiance ofthe Chair and Deputy Chair During the year a Sub￿mMrttee, The ACE Oversight Board was created to monitor delivery of the Arts Council England strategic priorities and report lo the main board. It is chaired by a trustee wrth three other trustse members. one senKJr member of staff and one exlemal specialist. The trustees have delegated d•y4￿thy d&ision m&kiNJ with key operational matters to the CEO and the Executive Board. d. Pollcles adopted for th• induction and Iralning of Trustee• Trustees of the charity have been sewed to ensure the appropriate mrx of skins, kno￿edge and experience exists lo make sure the charity is well govemed and is run effectively and efficiendy. Trustees a￿ briefed on their legal obligattns under charty and eompany knv. the Charity Commission on publ￿ benefft. eontent of the Memorandum and Art￿1&$ of Association, the committee and decision-making process, their responsibilty to declare interests, the business plan and financial perfomiance. Trustees are made ￿re of the indemnty provision and ir￿ranCe in place for them as directors. Training for trustees is organised on a ne8ds b881S. e. Pty policy for key management personnol Senior st8ff are Covered by annual pay negot￿tIonS. CEO salary is set by Trustees. f. Related party reLionshi RPMT Enterprises Ltd is a private company limited by share caprtal. Th8 Company was inCor￿rnted on 10 February 2020 under th& Company Number 12451429. The Royal Pavilion & Museums Foundation. the fundraising chanty a$s￿l0ted with the BHM is govemed by trust deed established in 1972 as amended by the Charity Commissionerfs schemes on 22 July 1991, 26 November 1998 and 31 December 2010. The charrty forn￿lIy changed its name from Friends of the Royal Pavilion, Art Gallery and Museums, Brighton lo The Royal Pavilion and Museums Foundation. This change wa$ approved by the Charity Commission in Juty 2010. The Royal Pawlw & Museums Foundation was inmrpor*ed into the Royal PawlK)n & Museums Trust on 1 Odober 2020. P4e 19

Royal Pavilion and mu￿um Tru•1 (A company Ilmitsd by guarnnt••l Trustee$. report Iconlinuedl For the year endod 31 March 2023 Plans for future pgrTrod• We are working in 2023-24 to further estsblish our own long-lerm suslainabilily while making a major contribution to Brighton & Hove City Council's strategic objectives and delwerin9 to Arts Council England's new ten-year strategy "Lets Create.. After three difficuK and challenging years we are confident that the changes put in place al the end of 2022-23 Icost savings. new reven(be generating initiatNes. new lickeling. change in opening hours) will contribute lo a business plan that will See us achieve financial slabilty and be ab￿ to plan more confidently lor the future. 11 is reeognised that there 18 still much uncertainty and unpredictabilty across S(￿lety and the economy so it is recognised there is no r¢)om for compla¢oncy arKI careful ar￿ close management of al resources will be essential. Within this context trt is a huge rdief to have ￿￿red ACE funding for the next three years and already be seging P0511ive results from our other changes while knowing that we still have the abilty lo draw down fvrther k)an amounts from BHCC rf needed. St•tgm•nt of Tru•teeB' respon#lbilitkns The Trustees (who are also the directors of the Ccrfnpany for the purFoses of company L•) are responsible for preparing the Trustees, report and the financial slalemenls in accordance wth applicable law and United Kingd￿ Accounting Standards (Unrted ￿"ngdorn Generally Accepted A￿￿ntsng Prath"cel. Company law requires the Trustees lo prepare financial statements for eh financ￿1 . Under company law. the Trustees must not approve the financial stalemenls unless they are sali$fpd that they give a true and fair view of the slate of affairs of the Gr￿P and the Company and of their incoming ￿soUrceS and application of resoui¢es, including their inc)me and expendrture. for that period. In preparing these financial slalemenls, the Trustees are required to.. select sutsble xcounting pdicies arKI then appty them consistendy,. observe the melhds and principles of th8 Charities SORP IFRS 102)., make judgments and accounting eslimales that are reasonable and prudent., state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject lo any material departures discbsed and explained in the financial statemenls.. PTepare the financ¢al statements on the going concern basis unless il is inappropriate lo presume that the Group will continue in business. The Trustee5 are responsible for kèeping adequate accounting r￿OrdS Ihal are sUffiC￿nI lo show and explain the Grwp and the Compan1$ Iransxlions and disclose with ￿aSonable aecuraey al any lime the financial position of the Group and the Company and enable them lo ensufe that the financial slal8ments comply with the Companies Act 20¢%. They are also responsible for safeguarding the assets of the Group and the Company and hence for taking reasonable steps for the prevention and detedion of traud and other irregu￿r￿les. Dixlosure of Information to audltors Each of the per60ns who are Trustees at the time when this Tru5tees' report is approved has confimied Ihot.. so far as that Trustee is aware, there is no relwant audi( inf0mlal￿ of which the Charrtab￿ group'8 audrtors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be ware of any ￿levant audit infomiation and to establish that the charitabl• gmup's auditors ale ￿are of th* infom)ali)n. Pag& 20

Royal Pavlllon and Museums Trust IA tompany limited by 9uarnntee) Trustees. report Icontlnuedl For the yèar ended 31 March 2023 Audlto The audrtors. Kreston Reevgs LLP, have indieed their willingness lo ¢ontinue in offic8. The designated Trustees will prorÉ)se a motion reappointing the auditorn at a ffeting of the Trustees. Approved by ord•r of the rrembers of the board of Trustees and signed on their behalf by.. Angela Trnstse mlth (Chair of Trustees} Date.. 7 December 2023 Page 21

Royal Pavilion and Museums Trust

(A Company Limited by Guarantee)

Independent Auditor's Report to the Members of Royal Pavilion and Museums Trust (continued)

Opinion

We have audited the financial statements of Royal Pavilion and Museums Trust (the 'parent charitable company') and its subsidiaries (the 'group') for the period ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Charity Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant 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 Generally 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 2023 and of the Group's incoming resources and application of resources, including its income and expenditure for the period then ended;

• have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

• have been prepared in accordance with the requirements of the Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with 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.

Conclusions relating to going concern

In auditing the financial 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 identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent charitable 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 responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditor's Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider

Page 22

Royal Pavilion and Museums Trust

(A Company Limited by Guarantee)

Independent Auditor's Report to the Members of Royal Pavilion and Museums Trust (continued)

whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement 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.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

• the information given in the Trustees' Report is inconsistent in any material respect with the financial statements; or

• the parent charitable company has not kept sufficient accounting records; or

• the parent charitable company financial statements are not in agreement with the accounting records and returns; or

• we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who 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 Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Trustees are responsible for assessing the Group's and the parent charitable company's ability to continue as a going concern, disclosing, as applicable, 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 charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's 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 detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Page 23

Royal Pavilion and Museums Trust

(A Company Limited by Guarantee)

Independent Auditor's Report to the Members of Royal Pavilion and Museums Trust (continued)

Capability of the audit in detecting irregularities, including fraud

The objectives of our audit are to identify and assess the risks of material misstatement of the financial statements due to fraud or error; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud or error; and to respond appropriately to those risks.

Based on our understanding of the charity and the sector as a whole, and through discussion with the Trustees and other management (as required by auditing standards), we identified that the principal risks of non-compliance with laws and regulations related to health and safety, anti-bribery and employment law. We considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities SORP (FRS 102) Second Edition (released October 2019), the Companies Act 2006 and other relevant charity legislation. We communicated identified laws and regulations throughout our team and remained alert to any indications of non-compliance throughout the audit. We evaluated Trustees' and management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks related to posting inappropriate journal entries to increase income or reduce expenditure, management bias in accounting estimates and judgemental areas of the financial statements such as the allocation of funds. Audit procedures performed by the engagement team included:

• Discussions with management and assessment of known or suspected instances of noncompliance with laws and regulations (including health and safety) and fraud, and review of the reports made by management; and

• Assessment of identified fraud risk factors; and

• Identifying and assessing the design effectiveness of controls that management has in place to prevent and detect fraud; and

• Performing analytical procedures to identify any unusual or unexpected relationships, including related party transactions, that may indicate risks of material misstatement due to fraud; and

• Confirmation of related parties with management, and review of transactions throughout the period to identify any previously undisclosed transactions with related parties outside the normal course of business; and

• Reading minutes of meetings of those charged with governance; and

• Review of significant and unusual transactions and evaluation of the underlying financial rationale supporting the transactions; and

• Identifying and testing journal entries, in particular any manual entries made at the year end for financial statement preparation.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance.

As part of an audit in accordance with ISAs (UK), we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion of the

Page 24

Royal Pavilion and Museums Trust

(A Company Limited by Guarantee)

Independent Auditor's Report to the Members of Royal Pavilion and Museums Trust (continued)

effectiveness of the charitable company's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Trustees.

• Conclude on the appropriateness of the Trustees' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in my Auditor's Report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of my Auditor's Report. However, future events or conditions may cause the charitable company to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the Group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted 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 formed.

Kreston Reeves LLP

Chartered Accountants Statutory Auditor

Chichester

Date: 13 December 2023

Kreston Reeves LLP are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 25

Royal Pavillon and Museum Tntst {A company Ilmited by guarantee) Consolldated Stst8mnt of financial actlvhles Ilncorpornting Income •nd eX￿ndI￿rn account For thè year ènded 31 March 2023 Unr••trlct8d funds 2023 Rmtrlcted furtd• 2023 Endowment funds 2023 Total Tota funds 2022 2023 Not• Income and endowments frorn: Donations and ￿a¢l&S Charrtable aetivrties Other trading ath"vil$ Ot￿r income 2.724,738 2,938,635 944,282 59,421 811,76S 3.S36,S03 2,938,635 944,282 $9,421 3,971,769 1,848.893 823.104 24.711 Tot•1 income and endowmgnts 6,667,076 811.766 7.478,B41 6,668,477 Expenditurè on: Raising funds Charitsble adNit 622.138 7.403.912 522.138 8.2S8,895 325,555 7.70S,864 854.983 Total exp•nditur• 7.926.060 8S4,983 8.781.033 8,031,419 N•t mov•rnent In funds 11,258,974) 143,2181 11,302.1921 (1,362.942} Reconclllatlon of funds: Totsl funds brougm forward Net movement in funds 329,745 11,258,974) 614.390 (43.2181 169.375 1.013.510 2.376,452 11,302,192) {1,362,942) Total funth carrled forward 1929,2291 471,172 169.375 1288.6821 1,013,510 The Consolidated statement of financial activrties inc1￿￿eS 811 gains and losw re￿nISed in the year. The notes on pw3es 3210 53 form part of these financial slalements. Page 26

Royal Pavlllon and Museums Trust (A company limited by guaranteg) Reglstered number: 11774969 Consolldated balance sheet As at 31 March 2023 2023 2022 Note Fixad assets Curront ass*ts Str%ks Debtors Cash * bank and in hand 14 15 224,400 807,330 1.566.665 265,788 490,513 3,298,2C 2,598.396 4,054,501 Creditors.. amounts falling due vrithin one 16 1887.077} (1,040,991} Net current assets 1.711.318 3.013,510 Totsl assets18ss currgnt liabilttlos 1.711,318 3,013,510 Credrtors.. arr#)unts falling due after more than onè year 17 iiooo.0001 12,IXIo,C￿0) Net liabilities l assets (288.682) 1.013.510 Total nèt assets 1288.682) 1,013,510 Charlty funds Endowment funds Restricted funds Unrestricted funds 18 18 18 169.37S 471,172 {929,2291 169.375 514,3 329.745 Total funds 1288.6821 1.013,510 The C¢xnpany was entitled to exemption from audit under section 477 ofthe compan￿ Act 20C6. The members have not required th8 entty lo obtsin an audit for the year in queS￿n in accordance with seCt￿)n 476 of the Companies Act 20C6. Htr•vever. an audk is required in accordance with section 151 of the Ch8ritres Ad 2011. The T￿￿tteS th￿￿dge th￿r responsibiliiies for ccynptying with the requirements of the Act with respect to 8ccounting records and prepafation of financial statements. The financial ststements have been prepared in accordan￿ wrth the provisions aw)licable to entilies subject to the small companres regime. The financial ststements were approved and authorised for issue by the Truslees arKI STgned on their behalf ty. 27

Royal PavS1ion and Mu8•um• Tnmt {A company Ilmitgd by guarantee) Reglst•r•d nUm￿r. 11774969 Consolldated balance $he8t Icontlnuèd) As at 31 March 2023 Iiiji£•ilV;, Mle Ingf (Chair of Trus Dale.. 7 December 2023 Id Angela ITiust*l mith The notes on pages 32 to 53 fomi part of these financial statements. Page 28

Royal Pavilion and Museums Tru•t IA cornpany lirnrted by guarantee) Rogistsrod number: 11774969 Company balance sheet As at 31 March 2023 2023 2022 Flxed assets Investments 13 Current assets Sloeks Debtors Cash at bank and in hand 14 15 121.089 780,241 1.256,633 216,913 727,791 2,469,416 2,1S7.963 3.414.120 Creditors.. amounts falling due within one year 16 {885.5101 (9e6.088} Net current assets 1,272.453 2.448,032 Total assets less curnent liabllities 1.272.454 2,448,033 Creditcws". amunts falling dL after mo than one year 17 (2.000.000) 12,000,000) N8t liabiliti¢s l assets 1727,5461 448,033 Totsl net assets 1727.5461 448,033 Charlty funds Restricted fvnds Unrestricted fvnds 18 18 460,815 {1.188.3611 514.3 166,3571 Total fundB 1727,5461 448,033 The Companls net moveffnt in funds for the year was £11.1 S7,375)12022 - £(1,777.OS3}1. The Corry)anywas entitkd to exeMpl￿n from audit under sedion 477 ofthe Companw Act 20(￿. The members have not reqyired the entty to obtain an audit for the in questK?n ￿ 8£cordarte ￿ryth seLion 476 of the Companies Act 20C6. H¢y1•￿er, an audit18 wuired in &cordance 7Mth seLtJn 151 of the Charities Ad 2011. The Trustees acknowledge their responsibilrties for comptyr'ng wth the requiremènts of the Ad with respect to accounting records and preparation of financial statemènts. The finanual statements have been prepar&J in accordance with the pr0wwC￿ applicabl& to enbties subje(* to small cOrr￿nieS regime. Page 29

Royal Pavlllon and Museums Trust {A comp•ny Ilmitsd by guarantèel Reglsternd number: 11774969 Company balance #heet Icontlnuedl As at 31 March 2023 The financ￿1 statements were approved and authoris&J for issue ty the Trust••$ aThJ S￿ned on their behalf by: MIC {Chair of Trusleesl Dale.7 December 2023 Id Angela Smith (Trusleel The notes on pages 32 to 53 form part ofthw finanual statements. Page 30

Royal Pavillon and Musèums Tru$1 (A company limited by guarantee) Consolidated Statement of cash flows For the year ended 31 March 2023 2023 2022 Cash flows from operatlng activiti Net L￿ed in owating actmt 20 11,731,535) 1955,7461 Cash flows from investing activities Net cash provlded by investlng actlvltles Cash flows from financlng activltles Cash infflo￿ from new borrrylving 2,000,000 Net cash provlded by flnanclng aetivltles 2.000.000 Change in cash and cash equ5valonts In the year Cash and cash equivalents at the beginning of the year 11,731,535) 3.298.21)0 1,044,254 2.253,946 Cash and cash oquivalents at the end of the ye•r 21 1,566,665 3,298,200 The r￿e9 on pages 32 to 53 fo￿ part ofthese financial staterrnnts Pag8 31

Royal Pavlllon and Museum• Trust IA company Ilmited by guarnnteel Note$ to the financlal ststements For the year ended 31 March 2023 Gen•ral iTrlormation The Charity is a private eompany limited by guarantee incorporated in England and Wales. The members of the company are the Iruslees named on page 1. In the event of the charity beirKJ wound up, the liabil in respect of the guarantee is limrted to £1 per rnern￿r of the charity. The registered office and princ￿al place of business of the charity is.. 4-5 Pavilion Buildings Brighton BN1 1EE Accountlng pollcle• 2.1 Basis of preparatlon of flnanclal ststements The financial state￿ntS have been prepared in accordance wh the CharrtEs SORP {FRS 1021- Accounting and Reporting by Charities.. Slalemenl of Recommended Praclice applicable lo charilY&s preparing their accounts in accordance with the Financial Reporting Sland8rd applicable in the UK and RepublK of Ireland IFRS 1021 leffeclive 1 January 20191. the Financial Reporting St8ndard applicable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 20C6. Royal Pavilion and Museums Trust meets the definrtKJn of a public benefrt entity under FRS 102. Assets and liabililles are inrtialty recognised al historical cost or transaction value unless olherwse slated in the relgvanl accounting policy. The ConSd￿8Ied slalement of fina￿81 actmties ISOFA) and Consolpjated balance sheet consolidate the financial slalemenls of the Company and its subsidiary undertaking. The resutts of the subsidiary a￿ consolidated on a line by line basis. Th8 Subsidiaries induded in th• consolidation are Royal Pavilion and Museums FoundatKJn {RPMFI, subsidiary by virtue ol the Charity being the Corporate Trustee of RPMF.. and RPMT Enterprises Ltd a subsidiary by wrtue of share capital ¢74vned. The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Stement of financial activities in these financial statemenls. 2.2 Golng concern The financial statements have been prepared on a going concem basis as the Trustees believe that no material uncertainties exist. The Trustees have considered the level of funds held for 12 months from aulhorising these financkal slalernenls. Financial models have been produced to forecast the finènual posrtion of the Trust. After reviewing the financial models in pthe. thère is no chang required lo the assumption that the Trust can operate as a going corKem. Page 32

Royal Pavlllon and Museums Trust (A company limlted by guarantee) Notes to the financial statements For the year endèd 31 March 2023 Accounting poli¢le$ l¢ontlnuedl 2.3 Income l incorr is recognised once the Compary has entitlement to the income, it is probabSe thal th& inccne will be receNed and the amount of Inco￿ recewablè Can be measured reliably. Grants are Incl￿ in the C￿S011dated Statern￿t of finartial &ti¥ities M a re￿Nab[e basis. The baL8nce of income received for specifie purposes bul not expended during the period is shown in the rèlevant funds on the 8alance sheet. Where income is recoived in advance of entitlement of receipL recognrtion is deferred and indLKled in credrtors as deferred incorre. Where entitlement occurs before incorr is recewed, th& Incor￿ is accrued. Other income is recA)gnised in the perK)d in whith it is r￿1vable and to the extent gcrf)ds h been provided or on complethM of the seTVU. 2.4 Expenditure Expenditure is reeognised once there is a legal or constructive obligation to transfer economic benefit to a third paty. rt is probable that a transfrr of economic benefits wll be required in settlement and the amount of the obligation can be measured reliably. Expenditure is classrfied by activity. The costs of each activity are made up of the t¢)tal of direct costs and shared costs, including support costs invofved in undertaking each xtmty. Direct costs attributable to a single are all￿ted directly to that adNty. Shared costs which contribute lo more than one activty and support costs which ar8 not attributable to a single activty are apportioned betsveen those activities on a basis Consistent wrth the use of resources. Central stsff costs are allocated on the basis of time s￿nt, arld depreciation charges allctated on the portron of the assefs use. Expendrture on raising funds irKludes all expendrture incurred by the Group to raise funds for its charrtable purposes and includes costs of all fundraising activities events and non-charilabie trading. penditure on charitsble actwities is incurred on direth undertaking the activiti8s which further the Group's objectives, as well as any associated support costs. All expenditure is indusNe of Irrecover￿ VAT. 2.5 Govemment grants Govemment grants relating to tsngible fixed assets are treated as deférred income and released to the Consolidated statement of financial actNities over the expected usefrJl lives of the assets con￿rned. Other grants are credrted lo the Consolidated ststement of financial adNrties as the related exp8ndilui8 is incurred. 16 Investments Fixed asset Investments are a form of financial instrument and are inrtialty reccgnis&J at their transaction ￿st and subsequentty mea$ured at fair value at the Balance sheet dale, Un￿SS the value cannot be measured reliably in which case f( is measured at cost less impairment. Investment gains and losses, whether realised or unrealise(l. are combined and presented as 'GainfJlLossesl on investments, in the Consolidated stslement of finarbcial activities. Investmenls in subsidiaries are valued at cost less pwsion for irrpairment. Page 33

Royal Pavlllon and mU￿UM$ Trust IA cornpany Ilmlted by guarantse} Notes to th• financial statemènts For th• year ended 31 March 2023 Accounting pollcl88 {continuodl 2.7 Stock8 Stocks are valued at the of cost ard net realisable value after making due allowance foi obsolete and slow-moving stocks. Cost ineludes all direct costs and an appropriate proportion of fixed and vana￿e overt￿ad$. 2.8 Oebtors Trade and other debtors are rec&Jnised al the Sett￿ment amount after any trade discount offered. Prepayments are valued 81 the amount prepaid net of any trade discounts due. 2.9 Ca•h at bank and In hand Cash at b8nk and in hand include8 ea$h and short-lem highly liquid investments with a short malurrty of three months or less from the dale of acquisrtion or opening of the deposit or simibar account. 2.10 Llabllill•$ and provislons Liabili(ie8 are recognised when there is an obligation al the Balance sheet dale as a resuh of a past event, il Is probable that a transfer of eeonomic benefrt will be required in Settlement, and the amount of the settlement can be eslimaled reliably. Liabllities are wognised al the amount th81 the Company anlieipates il wll pay to settle the debt ¢y the amount il has receiv￿1 as alvanced payments for the gcods or services il musl provide. PrOvis￿n$ are mea$ured at the best estimale of the amounts required to settle the c•ligation. Where the effect of the lime value of money is material, the provision is based on the present value of those amounts, discounted al the pr&tax discount fate th reflects the risks specffic lo the lthilrty. The unwinding of the discount is rewgnised in the Consolidated ststemenl of financial aclivrties as a finance cost. 2.11 Flnanclal Instrumonts The Group onty has financial assets and financial liabilrties of a kind Ihat qualrfy a5 basic firianual instruments. Basic financial instruments are inrtially recognised at transaction value and subsequently measured 81 their settlement value with the exception of bank loans which are subsequenwy measured al amortised cost using the effective interest method. 2.12 P•nslons The group'$ employees are memb8rs of the local aulhortys defined benefit pension scheme. The schemè is a muf(i employer schema of which Royal Pavilion and Museums Trust is a 'pass through. member. As such. the burden of any futu￿ funding deficit is bome by the l¢xal aLrthorty, and is not therefore the responsibility of the group. Therefore, as ￿qUIred by FRS102, the group accounts for th￿ scheme as rf rt was a defined contribution scheff. The amount charged lo the Statement of financial activrties incorporating income and expendrture account represents contributions payable to the scheme in Tespect of thè a¢countirKJ period. Page 34

Royal Pavlllon and Muuums Trust IA company limited by guarantee) Not8$ to the financial ststements For the year ènded 31 March 2023 counting pollcie5 Icontlnugd) 2.13 Fund accounting Genwal funds are unrestricted fijnds whith are available for use at the discrelion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposès. DesKJnated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fvnd is set out in the notes lo the finanaal 5ts1ements. Restrict&J ffiJnds are funds which ao to be used in accordance wrth specrfic restrictions imposed by donors or which have been raised by the Group for particular purposes. The eosls of raising and 8dminislering such funds are charged against the specrfic fund. The aim and use of each reslrieted fund is set out in the notes to the financial statements. 2.14 Redundancy and tem)inatlon benoffts 11 is the charity's policy to recognise termination benefits when they become committed, by legislatKJn, by eonlraclual obligation based on business practice. custom C￿ a desire to act equitabty, lo make payTnents {01 provide olhw benefits) to empbyees when it teminales their empl¢)ym8nt. Temination payments do not prowde the charty wth future economic benefits therefore it is their policy to re￿gnISe them as an expense in the Slalement of Financial Aclimties immediate￿. Page 35

Royal Pavlllon and Museum• Trust (A company Ilmlted by guaran￿) Notes to the financial statemènts For the yearended 31 March 2023 Income from donatlon• and l•gacl•s Unr•6trf¢tod funds 2023 Re8trlcttd funds 2023 Totsl fund$ 2023 Total funds 2022 Grants and donalions Government grants 2,724,738 811.765 3.536,503 3,694.338 277,431 2,724,738 811,765 3,536.503 3,971,769 Totsl 2022 3,103,303 868.466 3,971.769 Incomg from ch•rlt•ble actlvitiel Unmtrlct•d funds 2023 Tot•1 funds 2023 Total funds 2022 Income from charitablg adivilies - Mgintenance & 2,938,635 2,938,635 1,848,893 Totsl 2022 1,848.893 1.848,893 P•3e 36

Royal Pavlllon and Muwirns Trust {A company Ilmited by guarnntsel Notss to the flnancial statements For the year onded 31 March 2023 Income from oth•r trading activitiOS Income from non charltable trnding actlvities Unr••triet•d lunds 2023 Totsl fund$ 2023 Total fur¢ds 2022 Sa￿s in the Ir&ding subsidiary other incorr 893,597 50,685 893.597 50,686 823.104 944,282 944.282 823,104 Totsl 2022 823.104 823,104 Oth•r in¢orning resources Unrestricted funds 2023 Totsl fund• 2023 Total funds 2022 CJRS grant Other activities 7.790 16,921 59,421 69.421 S9.421 59.421 24.711 Total 21)22 24,711 24,711 Page 37

Royal P4vlllon and Mu•eums Trust {A Company limtted by guaranteel Notes to the financlal Stat•M￿ts For th• year •Trded 31 March 2023 Expondlture on raislng funds Costs of ralslng voluntary Income UnrnBtrlct•d fund• 2023 Totsl funds 2023 Total fund$ 2022 Fundraising costs Cost5 of raising voluntary income- wages and salari88 Costs of raising voluntary income- Nl Costs of raising voluntsry income- pension eosts 15.599 89,885 9,254 1 5,855 15,599 89,885 9,254 15.855 29,026 59.231 5,443 10.543 130,593 130.593 104,243 Total 2022 104,243 104,243 Othar tradlng •xp•nses Unmtrl¢t•d funds 2023 Totsl fund$ 2023 Total funds 2022 Cost of sales Administration expen8e$ 320,381 71,164 320.381 71.164 205.422 15.89) 391,545 391,$45 221,312 Total 2072 221,312 221,312 Page 38

Royal Pavilion and Museums Trust (A company limlted by guarantse) Notes to the financial ststements For the year ended 31 Mareh 2023 Anatysls of oxpendlture charilable activities Summary by fund typ• UnreBtrict8d R•trlcttd funds tund$ 2023 2023 Total 2023 Total 2022 Mainterbanee & advancemont 7.403,912 854,983 8,258,895 7,705,864 Total 2022 7,166.170 S39.694 7.705,864 Analysis of èxpendiknre by activities Activlll•¥ undèrtak•n dirèetly 2023 Support costs 2023 Tot1 funds 2023 Totsl fvnds 2022 Maintenance & adVanc￿)ent 7,784,689 474.2( 8.258.895 7.705,864 Totsl 2022 7,208,944 496,920 7,705,864 Page 39

Royal P#vilion and Museum8 Tru•t (A comp•ny limhed by guarnnteel Notes to the financlal ststements For tho year anded 31 March 2023 An•ty•l• of •xp•ndlturn by actfvitS•* Icontlnu•d) Anatysl8 of dlr•ct costs Malnt•Mne• Totsl lund¥ 2023 Total funds 2022 advanc•m•nt 2023 Staff costs Matenals, coNecti￿5 and con$eNation Computer costs Payments to other bodles Rent, rates and utilities EstablishrrEnt costs Secunty costs c￿anIng Repairs and maintenance Advertising Postage and stationery Sundry expenses s,7￿.260 242,824 240,909 384,618 632,197 38,865 243,703 72,145 12.390 120,001 2,414 38,363 6.756.260 242,824 240.909 384.618 632,197 38.865 243.703 72,145 12.390 120,001 2,414 38.363 5,134,378 277,040 211.207 268,597 639.249 38.069 329,101 73,959 29,658 174,268 2,178 31.242 7,784,689 7,784,689 7,208,944 Total 2tr22 7,208,944 7,208,944 Page 40

Royal Pavilion and Museums Trust IA c¢)mpany limlted by guaranttr) Notes to the finanelal statements For the year endod 31 March 2023 Analy515 of •xpenditure by activltles (continued) Anatysb of support Costs IAalnt•nancè Total funds 2023 Total funds 2022 ad￿nc•mont 2023 Telephone costs Audrt and accountsncy fees Insurance Legal and prOfeSs￿nal costs conSuWan￿ costs Travel and subsisten Subscriptions Bank charges Postsge and $L￿N)ftery Sundry expenses Restructuring costs 85.159 22,376 58,890 1c￿,707 83,563 12,693 18.537 3,338 2,294 6,553 74,096 85.159 22.376 68.890 106.707 83,563 12.693 18,537 43.8 25,325 59.151 124,043 152,508 6,679 15.439 1,076 3,452 3,400 61,951 6,553 74,096 474,206 474,206 496,920 T¢)ts12022 4￿,920 496,920 10. Audltors. remuneratlon The auditors, remuneration amounts to an auditor lee of £18,81)o r2022 - £17.OOOJ. and preparation of finar￿la1 ststements of£3.576 {2022- £5.3251. 11. Staff costs Group 2023 Group Company 2022 2023 Company 2022 Wages and s818rie8 Social seeunty co$t8 Contributijn to defined contribution PenS￿n scherr8s 4,682,984 421,429 4,172,942 340,719 4,682.984 421.429 4,172.944 340.719 766.841 695,934 766.841 695.932 5,871.254 5,209,595 5,871.254 5,209,595 During the year exFenditure of £104,970 was recognised in relation to voluntary radundancies agrgod in the Per￿lI2022.. £73,446}. £52,996 of this is an accrued liabilty al the balance sheet date12022'. £73,446). Page 41

Royal Pavlllon and Museum$ Trust (A company limit•d by guarnntse) Not•s to the financlal ststements For th• year ended 31 March 2023 11. Stsff ¢osts l¢ontlnu•dl Thè average number of per80ns employed by the Company during the year was aj follows. Group 2023 No. Group 2022 Comyny 2023 No. Company 2022 No. Employees 234 252 212 248 The number of empbyees whose employee ￿nefitS lexduding em￿0yeT pension eostsl exceeded £60,CKJO was.. Group 2023 No. Group 2022 No. In the band £60,¢)01 - £70.C(KI In the band £90,001 - £100,000 In 2023. Rordl Paviliorb and Museums Trust consKler their key man•3eTrwnl Pers￿ne1 to be.. H Svrain. Ch￿f Executive., C Tapping, Head of C￿le¢th)n5 & ConseNation.' A Thomas. Director ol Enlefprise and Visitor Experience and C Evans, Head of Engagement. The four key management personnel received totsl aggregate remuneration of £349,656 12022.. £299,078), made up ol salaries of £268.258 12022." £254,319), employers national iniuranee £33,647 {2022. £17,950) and employers pension contributions ot £47.75012022. £26,809). 12. Trustee•, remuneratlon and expense• Ouring the year, r*0 Trustees recèNed any remuneration or other benefits121y22 - £NIL}. During tho year ended 31 March 2023. rb) Trustee expenses have been incur￿dI2022 - £NILI. Page 42

Royal Pavlllon and Museums Trust (A company Ilmlted by guarontsel Notès to the financial statements For the year ended 31 March 2023 13. Fixed Invostm•nt• Inv•stments In subsidlary companies Cost or valuatlon At 1 April 2022 At 31 March 2023 Net book value At 31 March 2023 At 31 March 2022 Page 43

Royal Pavilion and Musèumg Trutsl IA company limited by guarantwl Notes to the flnancial statements For the year ended 31 March 2023 13. Flxed assot investments Icontlnuedl PrlnclpAI subsldiaries The following were subsidiary undertakings of the Comparry.. Name¥ Company Charity Registered office or principal Prlnclpal actlvlty number reglstrntlon place of buslno number Class of sha Holdlng Includgd In consolidatlon RPMT Enterprise8 Ltd 12451429 4-5 Pawlion BLbihJirwJs Brighton BN1 1EE The principal activity Ordinary is that of operat￿n of the cafes and shops in the hisloiical buildings run by Royal Pavilion and Museums Trust. The principa actN is the advancement of arts. Culluie and heritage through acquisrtion of Suitab￿ objects and works of art. lo￿ Yes The Royal PaVil￿n and Museums FoLtndation 275242 4-5 Pavilion Buiklings Brighton BN1 1EE -% Yes The fInanCk￿ results of the subsidiaries for tr*e year ￿Te". Name• Income Expenditurn ProllUILos$l Not amets I Surplusl (Deficit) for th• year RPMT Enterprises Ltd The Royal PavilM)n and Museums FOundat￿n 943.58S 675.096 269,490 169,375 Page 44

Royal Pavilion and Museums Trust IA cornpany limitod by gu•r•nteel Notes to the financlal statements For the year &ndod 31 March 2023 1& Sto¢ks Group 2023 Group 2022 Company C(xnpany 2023 2022 Finished gotrjs and goods for resale 224.400 26S.788 121,089 216,913 15. Debtors Group 2023 Group 2022 Company 2023 Company 2022 Due within on• y•ar Trade debtors Amounts cAved by group undertakings Other debtors Prepayments and ac¢rued Incon 66.056 89,574 58.839 75,148 251,751 3.646 397,246 46.080 695,194 3,693 397,246 46.890 675,512 807,330 490,513 780.241 727,791 16. Creditors: Amounts tslllng due within on& year Group 2023 Group 2022 Company 2023 Cc￿panY 2022 Trade creditors Amounts chved to group undertakings Other taxation and social securty Other creditors Accruals and deferred income 418.261 427.872 404.283 66.313 223,799 3.430 187.685 412,237 255,858 4.029 208,939 319,467 10,473 283,179 3C6.505 10,393 236.953 887,077 1,040,991 885,510 .088 17. Creditors: Amounts falling du& after morn than one year Group 2023 Group 2022 Company 2023 Company 2022 Concessionary loan 2.0￿.000 2.OCQ,000 2.000.000 2,000,000 During the period the Charity did not draw down any further frorn the loan facility from Brighton and Hove Cty Council1£2,000,000 was drawn down in the prior year from a maximum £4.000.000 loan facility). The k)8n 18 interest free and repaydble by September 2030. Page 45

Royal PavSllon and Mu••um• Trusl {A company Ilmlt•d by guarnnteel Note• to the financial statemènts For the year ended 31 March 2023 Ststsment of funds Stat•rnent of fvnds- curr•nl year 8•lance at 31 March 2023 Balance at 1 Aprll 2022 Incomè Expendlture Unrn8trlcted lunds D￿Ignal￿d funds Learning appeal Museum Objects Acquisrtion reserve Royal Pavilion fund JHG Botswana JHG designated JUl￿n Crwnpton *aey 1.736 64,914 99.274 S4,748 11x1,337 59.741 11,7351 15,3301 (32,5911 12891 (103,4561 118,5001 59.584 66.683 135,418 13.119} 41,201 80.969 {401 380,749 80.919 {161.901} 299.767 Gèneral funds Geneial funds 161.1x141 6.586.157 17.764.149> (1.228.996) Totsl Unrestrlctod fund$ 329,745 6.667.076 17.928.050) 1929.2291 Endowment funds The Graham Loder Endowment 169.375 169,375 R•strlcted funds ACE South East Museum Development Robertson Bequest Garden Project Tomkinson Piano Resloralion Adelaide Chinese wallpaper Pagoda conservation Constable Launch Leaming appeal Esme Fairt)um MA Colledions Schools archaeology fund RP garden appeal Graham L¢)der legacy Jack Thompson Hove Museum Adelaide Chinese Wallpaper 2 15.399 14.263 640,095 1616.OS8) 39,436 14.253 8,084 9.007 6.848 40,472 {32.388} 9,007 6.846 16,762 4500 18.638 1143041 118,6381 128) 125,972) 12,079} {5.8661 071 808 1,727 26.780 51 3.755 5,866 180,S38 6,132 180,538 6.132 Page 46

Royal Pavlllon and Museums Trt￿t IA company Ilmlt•d by guarantee) Notes to the financlal statements For thè year endèd 31 March 2023 18. Statement of funds Icontinuedl ststèm•nt of funds- current year Icontinuedl Balance at 31 March 2023 Balance at 1 April 2022 Income Expondlture Arts Fund Felbwship NLHF- i>)al Pvmer JH Green Culture Change NLHF- Digital Fund CoPub AgTeerrent Other small restricted funds 10,6SO 2,150 22.650 {500) 129,395) 141,937) 124,390 {14.4211 {29.0071 12,300 200.0 158.063 24,390 10.000 039 20,000 6.708 15,579 12601 514,390 811,765 1854,983) 471,172 Totsl of funds 1,013.510 7.478.841 18.781,033) (288.6821 Page 47

Royal P•vlllon and Museum• Tnmt IA company Ilmited by guarnnt•• Not9$ to the financial statem•nts For the year ended 31 March 2023 18. Statemont of fund* leontlnuedl ststement of fund• . prlor year Balance at 31 March 2022 Balance al 1 April 2021 Income Expenditure Unrestrfcted funds Deslgnated funds Leaming appèal Museum Objects Acquisition reserve Royal Pavilion fund JHG Botswana JHG designated Julian Crampton legacy 2.000 64.914 123,194 $4,748 98,487 (265) 1,735 64,914 99,274 54,748 100,337 59,741 {23,920) 86.907 67,899 185.0571 18,1581 343,343 154,806 1117.40)) 380,749 General funds General funds 1,538,964 5.645,205 17,235,173) 151,0041 Total Unr•strkt•d funds 1,882,307 5,800,011 17,3S2,S73) 329.745 Endowrn•rf fvnd• The Graham Lojer End¢)wment 169,37S 169.375 Restrlct•d funds ACE South E851 Museum Development Robertson Beque$l Garden Project Tomkinson Piano Restoration Adelaide Chinese wallpaper Pagoda eonsèrvah.on Constable Launch Learning appeal Esme Fairbum MA Collect￿nS Sehools arehaeology fund RP garden appeal Gfaham Loder legacy Jack Thornpson Hove Museum Adelaide Chinese Wallpaper 2 36,795 15,450 11,560 8,792 10,0 12,667 10.216 5.070 3,OC 3,755 12.366 7,509 185,811 568,676 1590,072) 11,197) 111,5601 1785) 13,154 IS,924) 110,216) 11,236) 13.LKIo) 15.399 14.253 1,000 9,007 10,019 16.762 265 4,099 3,755 6.500 113,0001 7.509 180.538 6,132 {5,2731 116,619) 22,751 Page 48

Royal Pavilion and Museurn Trust (A Company limlted by guarante81 Notes to thè financial statemènts For the year ended 31 IAarch 2023 18. Statement of lunds l¢ontinuedl Ststernent of fundB- prlor year {continu￿1 Balance * 31 March 2022 Balance at 1 April 2021 Income Expenditure Arts Fund Felkjwshp NLHF- Goal Puwer JH Green Culture Change NLHF- Digrtal Fund CoPub Agreement other small restricted funds 22,750 10,CM)O 200.000 3.500 20,000 3.005 112,1C()I (3,1341 10,650 200,(X)O 3,500 20.000 3.208 1.779 {1,576) 324,770 868,466 1678,846} 514,390 Total of fund6 2.376,452 6,668.47T 18,031,419) 1,013.510 Page 49

Roy•l Pavillon and Musèum¥ Trnst (A company limited by guJrantÈ•) Notes to th• financial 8tstem•nts For thg year ènd•d 31 M•rch 2023 18. Ststomont of fund• Icontlnuodl De51gnated Funds Leaming Appeal- Funds for leaming related projects Museum Objects Aequisilion Reserve - funds transferred to the Museum ServKe at time of merger of Brighton & Hove councils in 1￿. The Direetor of SeNice deS￿nated the fund to support collections dtsplay, conServat￿n and care. Royal PavilK)n Fund - Ringfeneed ￿eNe$ for use for eapital works and ￿prOvements lo the fabric ar presentation ol the building. JHG Botswana - Sum sel aside for loan of objects lo The Khama111 Memorol Museum, Botswana as an outcome of the Making African Connections". Dèeobnial Futures for Colonial Collect￿nS project 2019-21. Obpct k>an deferred due lo COVID and travel restrKtions. JHG Designated - Underspends on Annual JHG budget aeeTued over a number of years due to succ88s in finding p8rtnership funding for projects from elsewhere. Th? funds should be expended in line with the with JHG Charitable TN$l'$ charitable purposes and trustees made aware of how it is being used. Julian Crampton Legacy - Bequest from the late Professor Julian Crampton, former Chaif of the Royal Pavilion & Museums Foundation whth RPMT has designated for staff training and development. Endowment fund The Graham Lodèr Endchvmenl - Bequest from fomier Member Graham Loder received in April 2010. The capitsl sum of £169.375 must be retained lo generate investment income. The ￿SuItIng inco￿￿ from th6 interest is re$triefed lo the purchase of contemporary art and cralt and is sh(￿￿ as a separate restr￿ed fuiKI. No purchases on behalf of the fund were made in 2020.21 or 2021-22. Restrlctgd fund• The Graham Loder Legacy 15 the ine¢)me from inlef8sI on thg endowment fund and is restricted lo the purchase of contemporary art & craft. The R¢)yal PaVil￿n Garden Appeal - Funds raised from public appeal lo support the restoration and maintènance of the Royal Pavilion Garden transferred from the found*ion al the point the Trust was fom8rfy established. Learning Appeal - Donation8 raiGad through a former fundraising campaign 2015-2016 lo help children visit museums. Constable Launch represents monies received towards 8 ￿arnIng resour¢e and BSL & audit descripted events lo accompany the Con5table Exhibition in 2017. The Pagoda Conservation Fund comprises donations to our Pagoda Restoration app8al. This funding is to be used for the restoration of porcelain pagodas al the Roy81 Pavilion. Tomkinson Piano Restoration DonatN)n6 raiged through an appeal towards the restoration of the Tomkison piano al the Royal Pavilion. Schools Archaeolr>Jy Fund - a generous donatw from a archaeokgical Charity towards materials and actmties re￿e￿ lo schools visitsng the Archaeology Gallery. Ace South East Museum Development- Arts Council England N8lh)nal Portfolio Organisat￿n funding for South East Museum Devebpment Service to deliver annual business pLen as agreed by the Museum Development Coordination Group. Page 50

Royal Pavilion and Museurro Trust IA Company Ilmlted by guarnnte•l Notgs to the flnancial $tst•ments For the year onded 31 Ilarch 2023 18. Statement of funds Icontinuedl Robertson Bequest- Thè Robertson Charitable Trust made a charitable donallon of £65,000 to the Royal Pavilion & Museums. Brighton & Hove in 200S. in memory of Chartes and Barbafa Robertson. The grant is held "on trust to apply the capital and income to meet the cost of conserving, displaying and purchasing lor contributing to the purthase ofj rtems held or to be held as part of the 20th Century Decorative Art Collections malntsined by the BrKJhton Museum". Adelaide chin￿ Wallpaper - Grant for W￿1PaPer conservation and resear¢h frorn the Paul Melk)n Charitable TIl￿t Jad( Thompson Hove Museum - Jack Outhwaite Thompson Legacy bequeathed to the Art Fund for the beneff( of Hove Museum in 2003. The legacy funds are restricted Io L￿8 by Hove Museum for acquisitions andlof eare of its collections. CoPub Agreement - Donation from Patron to fund salary for Curatorial time to research and write publieation on the Royal Pavilion over 2 year pericd. NLHF P¢xer - Grant fvnding for tr¥b to th& US to support research for exhibrt)n Goal Pchvér! Women and Fcsth11. Arts Fund Fellowship - Research project to fully dlxument the objects that have a connection to Martin Battersby. an thr￿￿ant benefactor to the coltions. Adelath Chinese Wallpaper 2 - SecorKI grant for Wallpyr conservation and research from the Paul Mellon Charitsble Trust. Gardèn project - National Lottery Heritage Fund Devel¢Jpment funding to work up Roya Pawlion Garden project lo Stage 2 submission phase. Funding lo wver project staffing. Esme Fairtjum MA Collections - Funding from the Esmee Fairbum's Collections Fund to use the bird dioramas al the B¢)Oth Museum to support children & families in devekjping their understanding of onvironmentsl change and thg value of natural history coll8dions. JH Groen Culture Change - National Lottery Heritage Fund project to new digrtal content with volunteers for bring your own device IBYOD) tours of BrKJhton Museum and Preston manor. NLHF Digital Fund - National Lottery Herrtage Fund project to new digital contenl wtth volunteers for bring YOUT own dev￿ IBYODI tours of Brighton Museum and Preston manor. 19. Analysis of net assets bet*￿n fund5 Anatysls of net assets between funds . current year Unrnstrlcted funds 2023 Restrlcted Endowment funds funds 2023 2023 Total 2023 Current assèts Creditots due within onè year Creditors due in more than ypar 1.9S7,848 1887,077) I2.0￿,000) 471,172 169.375 2.S98,395 1887,077) 12.000,1)00) Totsl (929.2291 471,172 169,375 (288.6821 Page 51

Royal Pavlllon and Musgums Trust IA company limited by guarantoe) Notes to th• financlal statements For the year ended 31 March 2023 19. Analysh of net a$•ets betwg•n funds (eontlnu￿> Anatysil of net asset• between funds- prlor year Unrestricted funds 2022 Reslricted End¢xment lunds fvnds 2022 2022 Total fvnds 2022 Current assets Creditors due wlthin one year Creditors due in more than one ￿ar 3,370,736 11,040,991) (2.000,000) 514.390 169.375 4,054,501 11,040,991) 12,000,000} Totsl 329.74S 514,390 169,375 1,013,510 20. R8conclllatlon ol net movèment in funds to net cash flow from opernting activltl Group 2023 Group 2022 Net expendf(ure for the year18s per Statement of Financial A¢tivitiesl (1.302.192) {1,362,9421 Adjustments for.. Decrease I lincreasel in sttxks Decreasellincreèsel in debtors Increase]Idecreasel in credttors 41.388 1316,8171 1153,9141 SO,969 175.429 180,798 N•t cash used In oper*ting actlvltles 11.731.S35) 1955,7461 21. Analysis of cash and cash equfvalents Group 2023 Group 2022 C8$h in hand 1,566,665 3,298,200 Total cah and ca•h •qulval•nts 1.566.666 3,298.200 Page 52

Royal Pavilion and Museums Trust {A Company Ilmlted by guarantse Notes to the financial statements For th8 yèar ended 31 March 2023 Anatysis of Changes in net debt At 1 April 2022 C••h Ilows At 31 Marth 2023 Cash at bank and in hand Dgbl due after 1 year 3.298,200 11.731.635) 1.666.665 12.000.000) 12.000.1)00) 1.298.200 {1.731,6351 1433.335} Pension comrnitinents The pension cost charge represents contributions payable by the group to the fund and amounted to £797,405 12022.. £722,127). Contributions totalling £79,86312022. £87,658) werg payable at the balan sheet de and are included wthin creditors. Related party traThsactlon8 Chanty and group.. No related paty tranwtion$ durirwJ the pgriod. Charty. No reLqted paty trans￿lI0nS during the pemd. Controlling party The trustees who are also the directors control the eharity. P)e 53