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REGISTERED CHARITY NUMBER: 290703
Report of the Trustees and Financial Statements for the Year Ended 9 April 2025
for
Cecil Higgins Art Gallery
Aspen Waite Chartered Certified Accountants Rubis House 15 Friarn Street Somerset TA6 3LH
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Contents of the Financial Statements for the Year Ended 9 April 2025
Cecil Higgins Art Gallery
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Report of the Independent Auditors | 5 to 8 |
| Statement of Financial Activities | 9 |
| Balance Sheet | 10 to 11 |
| Notes to the Financial Statements | 12 to 20 |
| Detailed Statement of Financial Activities | 21 to 22 |
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Cecil Higgins Art Gallery
Reference and Administrative Details for the Year Ended 9 April 2025
TRUSTEES Miss H A E Guest J E G McLean (resigned 17.12.24) R G Miller Ms L Reid (appointed 17.12.24) PRINCIPAL ADDRESS 40 Welbeck Street London W1G 8LN REGISTERED CHARITY 290703 NUMBER AUDITORS Aspen Waite Chartered Certified Accountants Rubis House 15 Friarn Street Somerset TA6 3LH
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Report of the Trustees for the Year Ended 9 April 2025
Cecil Higgins Art Gallery
The trustees present their report with the financial statements of the charity for the year ended 9 April 2025. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The principal objective of the Charity is to be a Museum of Art (including decorative and applied as well as fine art) for the benefit, interest and education of the inhabitants of and visitors to Bedford. The Trustees have power to apply the income of the Trust Fund towards this objective including the purchase of works for the collections.
The assets are held for the purposes set out in the Codicil. The current value of the collections is very substantially more than the book cost shown in the note to the accounts.
Significant activities
Visitor numbers in 2024/25 were 36,952, representing a 9.4% increase on 2023/24 (33,779). The museum again delivered a full programme of exhibitions, attracting over 10,500 visitors to learning and engagement activities. The Higgins Bedford continued to deliver the activity plan associated with funding received from the Arts Council England through its National Portfolio investment programme.
Public benefit
The Trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives for the year.
FINANCIAL REVIEW
Financial position
The Charity generated income of £147,756 compared to £159,162 in 2023/24.
Investment managers charges, the cost of generating funds, amount to £10,276 (2024: £13,644). Governance costs decreased from £39,144 (2024) to £35,074.
Investment policy and objectives
The Trustees’ Investment Advisors (Rathbones Investment Management Limited) are instructed to invest to endeavour to maintain both income and capital, in a medium risk investment portfolio.
Reserves policy
The Trustees have maintained sufficient free reserves of their unrestricted funds to provide for the future commitments referred to above.
FUTURE PLANS
The Trustees expect to continue to be involved in the conservation and insurance of the Museum exhibits and the acquisition of new exhibits.
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Cecil Higgins Art Gallery
Report of the Trustees for the Year Ended 9 April 2025
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.
The governing document of the Charity is the Codicil (“The Codicil”) dated 11 January 1938 to the Will of even date of Cecil Charles Norman Colburne Higgins (“Mr Higgins”) who died on 9 April 1941. By his Will, Mr Higgins left selected articles from his collections and the whole of the residue of his Estate upon the trusts declared in the Codicil for the purpose of assisting in the foundation of a Museum of Art ("the Museum") in his native town of Bedford.
i) The “First and Guiding Principle” of the Museum is to be a Museum of Art (including decorative and applied, as well as fine art) for the benefit, interest and education of the inhabitants of and visitors to Bedford.
ii) The Collections Development Policy was updated in 2015 as part of the Museum's Museum Accreditation Scheme return.
iii) The Museum was successful in securing full Accredited status under the Arts Council England Museum Accreditation Scheme in 2015.
iv) In accordance with the Codicil the Museum Collections are in the custody of Bedford Borough Council (“the Council”) for display in the Museum Building which is owned by the Council. The Art Gallery Board is required to consent to certain matters specified in the Codicil.
Recruitment and appointment of new trustees
The power of appointment of new trustees is vested in the Trustees at their discretion.
Organisational structure
The Charity's affairs are conducted by the Trustees, with the consent of the Art Gallery Board for matters specified in the Codicil, with regular meetings generally at quarterly intervals. The Trustees consider investment, reserves, purchases and risk management policies.
The relationship with the Council is set out in the Codicil.
Decision making
The financial management of the Charity is controlled by the Trustees and the Charity’s Solicitors – Underwood Solicitors LLP.
Induction and training of new trustees
The Charity does not have a formal programme for the induction and training of new trustees.
Related parties
Details of Trustee expenses and related party transactions are disclosed in the notes to the accounts.
Risk management
The Trustees have examined the major strategic and operational risks which the Charity faces and confirm that systems have been established to enable regular reports to be produced so that the necessary steps can be taken to lessen these risks.
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Cecil Higgins Art Gallery
Report of the Trustees for the Year Ended 9 April 2025
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Charity law requires the trustees to prepare financial statements for each financial year. Under that law, the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law).
Under charity law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charities SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011 and The Charity (Accounts and Reports) Regulations 2008. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Approved by order of the board of trustees on 9 February 2026 and signed on its behalf by:
Ms L Reid - Trustee
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Report of the Independent Auditors to the Trustees of Cecil Higgins Art Gallery
Opinion
We have audited the financial statements of Cecil Higgins Art Gallery (the 'charity') for the year ended 9 April 2025 which comprise the Statement of Financial Activities, the Balance Sheet and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 9 April 2025 and of its incoming resources and application of resources, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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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 Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 charity'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
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.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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.
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Report of the Independent Auditors to the Trustees of Cecil Higgins Art Gallery
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:
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the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
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sufficient accounting records have not been kept; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which 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 charity'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 charity or to cease operations, or have no realistic alternative but to do so.
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Report of the Independent Auditors to the Trustees of Cecil Higgins Art Gallery
Our responsibilities for the audit of the financial statements
We have been appointed as auditors under Section 144 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 a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the charity, we identified the principal risks of non-compliance with laws and regulations and 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 Act 2011 and The Charities (Accounts and Reports) Regulations 2008. We evaluated 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 were related to posting inappropriate journal entries to achieve desired financial results and management bias in accounting estimates. Audit procedures performed by the engagement team included, but were not limited to:
-- enquiries with management including consideration of known or suspected instances of fraud and non-compliance with laws and regulations;
-- understanding and evaluating the design and implementation of management's controls designed to prevent and detect irregularities;
-- challenging assumptions and judgements made by management in their significant accounting estimates;
-- identifying and testing journal entries;
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Trustees of Cecil Higgins Art Gallery
Use of our report
This report is made solely to the charity'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 charity's trustees those matters we are required to state to them in an auditors' 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 charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Aspen Waite Chartered Certified Accountants Rubis House 15 Friarn Street Somerset TA6 3LH
9 February 2026
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Cecil Higgins Art Gallery
Statement of Financial Activities for the Year Ended 9 April 2025
| 9/4/25 Unrestricted Restricted Total fund funds funds Notes £ £ £ INCOME AND ENDOWMENTS FROM Donations and legacies - 5,000 5,000 Other trading activities 2 (287) - (287) Investment income 3 143,042 1 143,043 Total 142,755 5,001 147,756 EXPENDITURE ON Raising funds 4 - 10,276 10,276 Charitable activities Maintenance of museum and exhibits 69,068 - 69,068 Museum administration 35,074 - 35,074 Total 104,142 10,276 114,418 NET INCOME/(EXPENDITURE) 38,613 (5,275) 33,338 Other recognised gains/(losses) Gains/(losses) on revaluation of fixed assets - (252,104) (252,104) Net movement in funds 38,613 (257,379) (218,766) RECONCILIATION OF FUNDS Total funds brought forward 480,647 4,056,584 4,537,231 TOTAL FUNDS CARRIED FORWARD 519,260 3,799,205 4,318,465 |
9/4/24 Total funds £ 20,100 (749) 139,811 159,162 13,644 96,379 39,144 149,167 9,995 (137,488) (127,493) 4,664,724 4,537,231 |
|---|---|
The notes form part of these financial statements
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Cecil Higgins Art Gallery
Balance Sheet
9 April 2025
| 9/4/25 Unrestricted Restricted Total fund funds funds Notes £ £ £ FIXED ASSETS Heritage assets 7 - 1,003,130 1,003,130 Investments 8 - 2,956,736 2,956,736 - 3,959,866 3,959,866 CURRENT ASSETS Debtors 9 118,853 (95,035) 23,818 Investments 10 13,420 49,185 62,605 Cash at bank 395,597 1,359 396,956 527,870 (44,491) 483,379 CREDITORS Amounts falling due within one year 11 (9,552) - (9,552) NET CURRENT ASSETS 518,318 (44,491) 473,827 TOTAL ASSETS LESS CURRENT LIABILITIES 518,318 3,915,375 4,433,693 NET ASSETS 518,318 3,915,375 4,433,693 |
9/4/24 Total funds £ 1,003,130 3,207,964 4,211,094 23,227 71,276 368,609 463,112 (20,805) 442,307 4,653,401 4,653,401 |
|---|---|
The notes form part of these financial statements
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Cecil Higgins Art Gallery
Balance Sheet - continued 9 April 2025
| FUNDS | 12 | ||
|---|---|---|---|
| Unrestricted funds | 519,260 | 480,647 | |
| Restricted funds | 3,915,375 | 4,172,754 | |
| TOTAL FUNDS | 4,434,635 | 4,653,401 |
The financial statements were approved by the Board of Trustees and authorised for issue on 9 February 2026 and were signed on its behalf by:
H A E Guest - Trustee
L Reid - Trustee
R G Miller - Trustee
The notes form part of these financial statements
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Notes to the Financial Statements for the Year Ended 9 April 2025
Cecil Higgins Art Gallery
1. Accounting policies
Basis of preparing the financial statements
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', the and the Charities Act 2011. The financial statements have been prepared under the historical cost convention with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Where incoming resources have related expenditure the incoming resources and related expenditure are reported gross in the Statement of Financial Activities.
Grants and donations are only included in the Statement of Financial Activities when the charity has unconditional entitlement to the resources.
Incoming resources from tax reclaims are included in the Statement of Financial Activities at the same time as the gift to which they relate.
Donated services and facilities are only included in incoming resources (with an equivalent amount in resources expended) where the benefit to the charity is reasonably quantifiable, measurable and material. The value placed on these resources is the estimated value to the charity of the service or facility received.
The value of any voluntary help received is not included in the Statement of Financial Activities but is described in the trustees’ annual report.
Investment income is included in the Statement of Financial Activities when receivable.
Investment gains and losses includes any gain or loss on the sale of investments and any gain or loss resulting from revaluing investments to market value at the end of the year.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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Notes to the Financial Statements - continued for the Year Ended 9 April 2025
Cecil Higgins Art Gallery
1. Accounting policies - continued
Governance costs
Include costs of the preparation and examination of statutory accounts, the costs of trustee meetings and cost of any legal advice to trustees on governance or constitutional matters.
Allocation and apportionment of costs
Costs are allocated between those involved in pursuing charitable activities and other support costs depending on their nature.
Heritage assets
The museum's collection of art (including decorative and applied as well as fine art) is reported in the balance sheet at cost. It is the museum's policy to maintain the collection to a high standard. The various pieces of art are deemed to have indeterminate lives and the trustees do not therefore consider it appropriate to charge depreciation. All acquisitions and disposals within the collection are subject to the approval of the trustees and of the Art Gallery Board. Acquisitions are made by purchase or donation. Purchases are recorded at cost and donations are recorded at current value, ascertained where possible with reference to commercial markets. Disposals are very rare and both acquisitions and disposals are subject to the Acquisition and Disposal Policy approved by the Art Gallery Board.
Taxation
The charity is exempt from tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. They will only be created after the Trustees have voted to accept a restricted gift along with any stipulations placed on that gift by the donor. Restricted funds will only be used for the specified purpose unless the donor grants permission in writing to use it in another way. Restricted funds are shown in the accounts according to their nature, restricted income funds which must be spent to further some particular object of the charity; or restricted capital funds, where the assets must be invested or retained for actual use. All other funds are classified as unrestricted.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
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Cecil Higgins Art Gallery
Notes to the Financial Statements - continued for the Year Ended 9 April 2025
| 2. Other trading activities Sales of catalogues 3. Investment income Investment income Deposit account interest 4. Raising funds Investment management costs Portfolio management |
9/4/25 £ (287) 9/4/25 £ 123,509 19,534 143,043 9/4/25 £ 10,276 |
9/4/24 £ (749) 9/4/24 £ 119,747 20,064 139,811 9/4/24 £ 13,644 |
|---|---|---|
5. Trustees' remuneration and benefits
There were no trustees' remuneration or other benefits for the year ended 9 April 2025 nor for the year ended 9 April 2024.
Trustees' expenses
There were no trustees' expenses paid for year ended 9 April 2025 nor for the year ended 9 April 2024 save that Ms Reid's travel expenses are included in invoices submitted by Underwood Solicitors LLP and reimbursed indirectly.
6. Comparatives for the statement of financial activities
| INCOME AND ENDOWMENTS FROM Donations and legacies Other trading activities Investment income Total EXPENDITURE ON Raising funds |
Unrestricted Restricted Total fund funds funds £ £ £ - 20,100 20,100 (749) - (749) 139,811 - 139,811 139,062 20,100 159,162 - 13,644 13,644 |
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Cecil Higgins Art Gallery
Notes to the Financial Statements - continued for the Year Ended 9 April 2025
| 6. | Comparatives for the statement of financial | activities - continued | activities - continued | ||
|---|---|---|---|---|---|
| **Unrestricted ** | Restricted | Total | |||
| fund | funds | funds | |||
| £ | £ | £ | |||
| Charitable activities | |||||
| Maintenance of museum and exhibits | 96,379 | - | 96,379 | ||
| Museum administration | 39,144 | - | 39,144 | ||
| Total | 135,523 | 13,644 | 149,167 | ||
| NET INCOME | 3,539 | 6,456 | 9,995 | ||
| Other recognised gains/(losses) | |||||
| Gains/(losses) on revaluation of fixed | |||||
| assets | - | (137,488) | (137,488) | ||
| Net movement in funds | 3,539 | (131,032) | (127,493) | ||
| RECONCILIATION OF FUNDS | |||||
| Total funds brought forward | 477,108 | 4,187,616 | 4,664,724 | ||
| TOTAL FUNDS CARRIED | |||||
| FORWARD | 480,647 | 4,056,584 | 4,537,231 | ||
| 7. | Heritage assets | ||||
| Total | |||||
| £ | |||||
| Market value | |||||
| At 10 April 2024 and 9 April 2025 | 1,003,130 | ||||
| Net book value | |||||
| At 9 April 2025 | 1,003,130 | ||||
| At 9 April 2024 | 1,003,130 |
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Cecil Higgins Art Gallery
Notes to the Financial Statements - continued for the Year Ended 9 April 2025
8. Fixed asset investments
| Market value At 10 April 2024 Additions Disposals Revaluations At 9 April 2025 Net book value At 9 April 2025 At 9 April 2024 |
Listed investme £ 3,207,964 183,560 (182,684) (252,104) 2,956,736 2,956,736 3,207,964 |
||
|---|---|---|---|
| Investments were held as follows: | 9/4/25 | 9/4/24 | |
| Market value |
Market value |
||
| £ | £ | ||
| Investment assets in the UK | 2,381,059 | 2,448,251 | |
| Investment assets outside the UK | 826,905 | 901,525 | |
| 3,207,964 | 3,349,776 | ||
| The quoted investments include the following holdings which represent more than 5% by value of the total portfolio |
9/4/25 | 9/4/24 | |
| Market value |
Market value |
||
| £ | £ | ||
| Treasury stock - 2027 | 194,807 | 190,959 | |
| Waystone Fund Services | 166,803 | 164,619 | |
| Shell plc | 265,879 | 227,198 | |
Cost or valuation at 9 April 2025 is represented by:
| Valuation in 2025 Cost |
Listed investme £ 631,234 2,325,502 2,956,736 |
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Cecil Higgins Art Gallery
Notes to the Financial Statements - continued for the Year Ended 9 April 2025
9. Debtors: amounts falling due within one year
| Other debtors Prepayments 10. Current asset investments Uninvested funds held by portfolio manager Other funds 11. Creditors: amounts falling due within one year Other creditors 12. Movement in funds Unrestricted funds General fund Restricted funds Casebourne fund O & F Wells Charitable Trust CCNC Higgins capital fund Buckingham Lace fund Museum amenity fund Esmee Fairbairn Trust Penrose paintings fund TOTAL FUNDS |
At 10/4/24 £ 480,647 45,616 528 4,009,609 148 20 264 399 4,056,584 4,537,231 |
|
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Cecil Higgins Art Gallery
Notes to the Financial Statements - continued for the Year Ended 9 April 2025
12. Movement in funds - continued
Net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds CCNC Higgins capital fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Restricted funds Casebourne fund O & F Wells Charitable Trust CCNC Higgins capital fund Buckingham Lace fund Museum amenity fund Esmee Fairbairn Trust Penrose paintings fund TOTAL FUNDS |
Incoming Resources resources expended £ £ 142,755 (104,142) 5,001 (10,276) 147,756 (114,418) At 10/4/23 £ 477,108 45,616 528 4,140,641 148 20 264 399 4,187,616 4,664,724 |
Incoming Resources resources expended £ £ 142,755 (104,142) 5,001 (10,276) 147,756 (114,418) At 10/4/23 £ 477,108 45,616 528 4,140,641 148 20 264 399 4,187,616 4,664,724 |
Gains and Movement losses in funds £ £ - 38,613 (252,104) (257,379) (252,104) (218,766) Net movement At in funds 9/4/24 £ £ 3,539 480,647 - 45,616 - 528 (131,032) 4,009,609 - 148 - 20 - 264 - 399 (131,032) 4,056,584 (127,493) 4,537,231 |
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Cecil Higgins Art Gallery
Notes to the Financial Statements - continued for the Year Ended 9 April 2025
12. Movement in funds - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds CCNC Higgins capital fund TOTAL FUNDS |
Incoming resources £ 139,062 20,100 159,162 |
Resources expended £ (135,523) (13,644) (149,167) |
Gains and Movement losses in funds £ £ - 3,539 (137,488) (131,032) (137,488) (127,493) |
|---|---|---|---|
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Restricted funds Casebourne fund O & F Wells Charitable Trust CCNC Higgins capital fund Buckingham Lace fund Museum amenity fund Esmee Fairbairn Trust Penrose paintings fund TOTAL FUNDS |
At 10/4/23 £ 477,108 45,616 528 4,140,641 148 20 264 399 4,187,616 4,664,724 |
Net movement At in funds 9/4/25 £ £ 42,152 519,260 - 45,616 - 528 (388,411) 3,752,230 - 148 - 20 - 264 - 399 (388,411) 3,799,205 (346,259) 4,318,465 |
Net movement At in funds 9/4/25 £ £ 42,152 519,260 - 45,616 - 528 (388,411) 3,752,230 - 148 - 20 - 264 - 399 (388,411) 3,799,205 (346,259) 4,318,465 |
|---|---|---|---|
| 3,799,205 | |||
| 4,318,465 |
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Docusign Envelope ID: 2197438E-BABA-412F-B92E-AF596863D2DF
Cecil Higgins Art Gallery
Notes to the Financial Statements - continued for the Year Ended 9 April 2025
12. Movement in funds - continued
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds CCNC Higgins capital fund TOTAL FUNDS |
Incoming resources £ 281,817 25,101 306,918 |
Resources expended £ (239,665) (23,920) (263,585) |
Gains and Movement losses in funds £ £ - 42,152 (389,592) (388,411) (389,592) (346,259) |
|---|---|---|---|
i) The Casebourne Fund may be applied for the general purposes of the museum. In respect of the balance of the initial donation made in 1987 together with funds received in respect of guide books, this is subject to the prior approval of the Director of the British Museum. ii) The donation from the O & F Wells Charitable Trust is to be applied in conservation of the collections, primarily paintings, prints and glass.
iii) The CCNC Higgins Capital Fund represents the trust fund held by the trustees under the trusts of the codicil to apply the income for the purposes of the museum (including the purchase of exhibits) as set out in the codicil.
13. Related party disclosures
L Reid is a trustee and also a member of Underwood Solicitors LLP. During the year ended 9 April 2025 Underwood Solicitors LLP charged the museum £22,103 (2024: £27,720) in respect of legal fees and disbursements. There were no amounts outstanding at the year end.
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Docusign Envelope ID: 2197438E-BABA-412F-B92E-AF596863D2DF
Cecil Higgins Art Gallery
Detailed Statement of Financial Activities for the Year Ended 9 April 2025
| INCOME AND ENDOWMENTS Donations and legacies Donations Other trading activities Sales of catalogues Investment income Investment income Deposit account interest Total incoming resources EXPENDITURE Investment management costs Portfolio management Charitable activities Insurance of museum exhibits Restoration & cleaning Photographs of exhibits and mounts Subscriptions & sundries Purchase of exhibits Contribution towards curator costs Conference costs Display and exhibition costs Support costs Governance costs Auditors' remuneration Auditors' remuneration for non audit work Collection Review and valuation Legal costs and disbursements |
9/4/25 £ 5,000 (287) 123,509 19,534 143,043 147,756 10,276 29,260 9,538 - 751 6,000 30,000 - 270 75,819 4,776 444 - 23,103 28,323 |
9/4/24 £ 20,100 (749) 119,747 20,064 139,811 159,162 13,644 33,977 19,397 549 270 738 30,000 590 12,186 97,707 4,548 4,548 1,000 27,720 37,816 |
|---|---|---|
This page does not form part of the statutory financial statements
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Docusign Envelope ID: 2197438E-BABA-412F-B92E-AF596863D2DF
Cecil Higgins Art Gallery
Detailed Statement of Financial Activities for the Year Ended 9 April 2025
| Total resources expended Net income |
9/4/25 £ 114,418 33,338 |
9/4/24 £ |
|---|---|---|
| 149,167 | ||
| 9,995 |
This page does not form part of the statutory financial statements
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