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2023-03-31-accounts

Russell-Cotes Art Gallery and Museum

Charity No. 306288

Trustees' Report and Audited Accounts

31 March 2023

Russell-Cotes Art Gallery and Museum Contents

Pages
Trustees' Annual Report 2 to 12
Auditor's Report 13 to 15
Statement of Financial Activities 16
Balance Sheet 17
Statement of Cash flows 18
Notes to the Accounts 19 to 30
Detailed Statement of Financial Activities 31 to 32

Page 1

Russell-Cotes Art Gallery and Museum Trustees Annual Report

The trustees present their report with the audited financial statements of the charity for the year ended 31 March 2023.

REFERENCE AND ADMINISTRATIVE DETAILS

Charity No. 306288

Principal Office

Russell-Cotes Road East Cliff Bournemouth BH1 3AA

Trustees

The following trustees served during the year:

BCP Council G. Meyrick (Meyrick Baronetcy - entitlement not taken up)

Trustees holding title to charity property

BCP Council

Key Management Personnel

Key Management Personnel
Professor S. Bartholomew (Chair) Cllr L. Williams
Cllr L. Northover A. Frost
G. Irvine F. Winrow
Sir G. Meyrick
S. Newman - Museum manager

As of 1st April 2019 Bournemouth Borough Council became part of a new authority Bournemouth, Christchurch & Poole Council (BCP) and the policy of donation has passed to the new authority. This is enshrined in the following two UK Statutory Instruments:

The trustee is pleased to present these formal statements of account. This recognises the importance the art gallery and museum has as a key cultural community resource and flagship visitor attraction for the Bournemouth conurbation and region. The trustee has taken the Charity Commission's guidance on public benefit into consideration. It formalises the accounting treatment of the Trust as a separate entity with its own transactions distinct from those of BCP Council (The Council).

Auditor

Hixsons 24 Cecil Avenue Bournemouth BH8 9EJ

Page 2

Russell-Cotes Art Gallery and Museum Trustees Annual Report

Bankers

Barclays Leicester LE87 2BB

OBJECTIVES AND ACTIVITIES

The objects of the Charity are the purposes of an art gallery and museum.

Our vision is that the Russell-Cotes Art Gallery & Museum will be the internationally acclaimed cultural flagship for Bournemouth and beyond. Our Mission is to inspire and enrich the lives of Bournemouth’s residents and visitors by creating a cultural flagship around a unique historic house and international art collections.

Russell-Cotes Art Gallery and Museum is an outstanding celebration of late Victorian art collectors; their passions and achievements; how they lived and encountered the world; and how they presented their collections to enrich the lives of others. We are entrusted to present the Russell-Cotes’ personal legacy in the most authentic way possible, and to enable learning, enjoyment and access to the house and collections for residents and visitors to Bournemouth.

Background - The Russell-Cotes is a rare survivor as the residence of a Victorian/ Edwardian collector, planned and perpetuated as a permanent art museum. It now comprises art galleries, historic house, exhibitions, a licensed café, a shop and activity/ learning area.

The Collections - The collection is a prime example of Victorian attitudes which resulted in an eclectic collection spanning fine art, ethnography, decorative and applied arts, sculpture, souvenirs and a theatre collection. Since Merton Russell-Cotes was an assiduous collector of British paintings in the latter part of the 19th century, the art collection provides a unique insight into middle class taste of the period. The collections were expanded and enhanced by the souvenirs acquired during the Russell-Cotes' travels around the world. Further donations, purchases and bequests have significantly added to the collection after 1921. The ‘collections strategy’ contains the policies for the acquisition, preservation, management and disposal of heritage assets and the details of the assets are maintained in the Modes database. The public has access to the collections that are on display. Personal access to the collections is not permitted as a general rule, although each request is reviewed on its merits taking into account the risks to the collections before granting or refusing access.

ACHIEVEMENTS AND PERFORMANCE

Review of the Year

Covid Recovery - The Russell-Cotes has made a good recovery from the impact of Covid during this Financial Year. Whilst Covid was still circulating in the population and impacting on staff health, visitor confidence and delaying the return and take-up of a few activities, there were no limitations placed on the opening of the museum during this time period. The Museum saw its visitor numbers recover completely and were the highest since 2017/18.

Page 3

Russell-Cotes Art Gallery and Museum

Trustees Annual Report

Usage: Headline Performance - During the year, the gallery provided a range of public benefits through its public exhibitions, displays, activities, events, and learning resources and sessions, with a continued focus on online activities, achieving the following usage numbers: 165,946 usages (49,762 visits in person (35,497 visits in person 2021-22), 1,374 enquiries, 91,398 unique website users, 10,000 followers on Facebook, 2,835 followers on Twitter, 4,386 followers on Instagram, 329 followers on other social media (YouTube, Linkedin and TikTok) 5,642 e-newsletter subscribers, 60 off-site participants and 160 online participants, compared to 149,512 in 2021-22.

The Museum’s educational and events programme continued - 39 formal education sessions were held on site delivering to 1,118 pupils and, home- educated children, university students and language school students. This compares to 18 sessions for home educated children, delivering to 365 children in 2021-22. The number of annual tickets sold increased to 580 (from 451) generating 1,342 return visits. The Friends membership increased to 218 (from 166 members), generating 856 return visits.

Centenary - 2022 marked the Centenary of the Russell-Cotes opening fully to the public as a museum. A small steering group of Management Committee members, stakeholders, staff, Friends and volunteers was convened to advise on activities. A varied but small-scale programme of events, exhibitions and activities was organised for the Centenary year to commemorate, celebrate and engage audiences in line with our general strategy and in the light of modest funding and on-going Covid uncertainties.

The programme of Centenary activities began when the Museum reopened on 25 January 2022 and a Centenary logo was used to brand relevant activities.

A year-long Facebook project to post on 100 objects was delivered by the Curator and volunteers.

‘Sixpence days’ were held four times during the year.

A series of evening themed ‘Lates’ was scheduled on a monthly basis throughout the year.

Additionally special children’s activities were organised in the garden during the holiday period including a children’s party with free entertainment such as a Punch and Judy Show, in recognition of the Russell-Cotes' philanthropic focus on children in Bournemouth. Local charities were informed and their supporters invited to attend. Free family tickets were also offered via local schools.

Page 4

Russell-Cotes Art Gallery and Museum Trustees Annual Report

Exhibitions and Events

'The Lost Words: Robert Macfarlane and Jackie Morris' (26 March – 18 September 2022)

The exhibition, ‘The Lost Words’, opened on 26 March 2022 and featured over 50 original watercolour illustrations by artist Jackie Morris and 20 acrostic poems by writer Robert Macfarlane from the bestselling book of the same name published by Hamish Hamilton. The book was created in response to the removal of the names of animals and plants from a children’s dictionary and has become a cultural phenomenon. In response to this widening gulf between childhood and the natural world, 'The Lost Words' seeks to conjure that vanishing wildness back into existence through images and writing. Robert Macfarlane created a series of spell-poems – one for each lost word – while Jackie Morris, inspired by her lifelong passion for Britain’s landscapes and wildlife, painted beautiful watercolours and used gold leaf to take the viewer on a journey that makes the familiar magical once more. Over a quarter of a million copies of the book have been sold which has been adapted into a film, folk songs, dance and even puppet theatre. The exhibition was developed by and loaned from Compton Verney. Over 18,000 visitors came to see the exhibition and the comment ‘tree’ overflowed with positive comments including:

“Thank you for opening our eyes to ‘The Lost Words’. Magical, beautiful and exquisite” “Simply Beautiful”

“Words fail me, wonderful, just wonderful” “Beautiful and thoughtful exhibition”

“Wonderful and uplifting”

The Museum ran a number of successful related events based around the themes and artwork featured in the exhibition, including family fun days, late night events and adult art workshops. The co-creator of the book, artist Jackie Morris, also came to the museum for an artist-in-residence day and evening talk, much to the delight of museum visitors. With support from a museum shop consultant, the Russell-Cotes also trialled a pop up shop in the Cafe Gallery dedicated to ‘The Lost Words’ exhibition in order to fully display the wide range of ‘The Lost Words’ merchandise.

'Telling Tales: The Story of Victorian Narrative Art' (8 October 2022 – 5 March 2023)

This exhibition was a collaboration with Southampton City Art Gallery, following success with ‘Beast or Best Friend: Animals in Art’ in 2015 and 'Beyond the Brotherhood: The Pre-Raphaelite Legacy' in 2019/20. It marked the centenary by highlighting some of the finest paintings in the collection and partnering them with the best of Southampton’s. The exhibition transferred to Southampton in Spring 2023. The exhibition was guest curated by Kirsty Stonell-Walker.

Narrative Art was the reality television of the Victorian era. Whilst the artistic elite rejected it, the general public loved to see soap opera drama on the gallery walls. Its accessible and sensational quality allowed viewers to transport themselves to the scene and identify with the characters depicted. Narrative Art was often a visual companion to novels, and many famous narrative pieces drew their inspiration from literature. ‘Telling Tales’ explored Victorian attitudes, from the cradle to the grave, through paintings chosen to show love and loss, the perils of being a woman, the foreshadowing of adult life though childhood, and how war and Empire were legitimised.

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Russell-Cotes Art Gallery and Museum Trustees Annual Report

This exhibition was made possible as a result of the Government Indemnity Scheme. The Russell-Cotes Art Gallery and Museum is very grateful to HM Government for providing Government Indemnity and the Department for Digital, Culture, Media and Sport and Arts Council England for arranging the indemnity.

‘Collecting the World: Quay Crafts at the Russell-Cotes’ 28 June – 16 October 2022

Celebrating the centenary of the Russell-Cotes Museum, nine artists from QuayCrafts, a group of artist/makers based on the Isle of Wight, created artistic responses, inspired by the home and collections of Merton and Annie Russell-Cotes using a wide range of media. Works including textiles, ceramics, paper, print, mosaic and photography were displayed throughout the historic house. Art works were for sale.

Secretary’s Room Exhibitions - 'The Road to the Museum' (25 Jan 2022 – 1 November 2022) Paul Whitaker (author of the autobiography of Merton Russell-Cotes: 'The Art of a Salesman' created this exhibition, with illustrations by Ella Shepard. It traced the key events that led to Merton and Annie’s creation of the Russell-Cotes Art Gallery & Museum in 1922.

Café Gallery

The Café Gallery was used for the purpose of selling affordable prints from the Collection and work by local craftspeople. A pop-up shop related to 'The Lost Words' operated from March – October 2022. 'New Histories and Old Stories: portraits by Jack Dickson’ 7 October 2022 – 12 March 2023. This selling exhibition of stunning mixed media portraits of sitters of mixed heritage with a link to Dorset was by the Dorset-based artist and teacher Jack Dickson, who has mixed British and Zambian heritage. Jack has exhibited in Brighton, London and Dorset and appeared on Sky Arts Portrait Artist of the Year in 2020. The exhibition coincided with his appearance on the BBC’s ‘Make It At Market’ which aired in 2023.

Events, Learning and Community – On-site and on-line

A total of 241 informal learning and activity sessions took place on site involving 3,752 people. They included:

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Russell-Cotes Art Gallery and Museum

Trustees Annual Report

2 Informal learning and activity events – take out talks were delivered off site to 60 people.

In addition, 619 children and 290 adults participated in 15 family learning and engagement activities including:

62 formal learning sessions for were delivered for 2,046 pupils/students including:

Digital activity included:

-A ‘Friends Zone’ continued with background information and articles.

Audiences:

The museum worked to further diversify its audiences, engaging different communities in and around Bournemouth. It established links with community groups, specifically IAAC and DEED, using its collections, spaces and stories to connect Bournemouth’s diverse communities to Russell-Cotes. This resulted in the exhibition ‘From outside in: African sculpture’ in the Secretary’s Room, a popup exhibition on Black Dorset in association with DEED and a Café Gallery exhibition by Jack Dickson.

Focus groups on Visitor Experience, Programming, Access and Diversity were established with quarterly meetings scheduled to seek the views and ideas of diverse visitors and communities, in order to help inform the work of the Russell-Cotes, ensuring that it is relevant, engaging and respectful to all, and to drive improvements across its activities.

‘Sixpence Days’, which essentially allowed free entry, were held four times in the year and attracted 1500 visitors in total, averaging 375 per day. This enabled those for whom the admission charge is a barrier to visit for free.

Collections and Interpretation

Conservation of key items included Napoleon’s table, part of a suite of furniture designed by George Bullock (1717 – 1818) and procured by the British government for Napoleon’s use at Longwood, St Helena. This is again on display in the Dining Room. The original lantern for the Moorish alcove was repaired, cleaned and adapted for modern LED lighting. It has been rehung bringing the alcove back to its glittering intended appearance.

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Russell-Cotes Art Gallery and Museum

Trustees Annual Report

Two publications have been produced, as a result of specialist research on the Collection. A short publication of some highlights of the European ceramics, ‘Decorating the House Beautiful: Chinamania at Russell-Cotes’ was written by Dr Anne Anderson, a noted expert, and is the first time that this part of the collection has been subject to rigorous study and evaluation. ‘Passport to Japan: Sir Merton and Lady Annie Russell-Cotes and their Victorian Vision of the East’ was written by Greg Irvine, former curator of the Japanese Department at the V&A.

A review of the museum’s interpretation, particularly focussing on how to address issues of empire appropriately has been undertaken, but implementation paused due to staff changes.

Loans of paintings and objects in the Collection were made to Rijksmuseum (Amsterdam), Dulwich Picture Gallery, Fondazione La Triennale di Milano, Sainsbury Centre for Visual Arts (UEA, Norwich), Laing Art Gallery (Newcastle), Falmouth Art Gallery, William Morris Gallery (Walthamstow), Tullie House Museum and Art Gallery (Carlisle), Pallant House Gallery (Chichester), Henry Moore Institute (Leeds), Hamburg Kunsthalle, Kunsthalle Munchen (Munich), Museo d’Arte Moderna e Contemporanea di Casa Cavazzini (Udine).

Income generation

Cafe - The outdoor terrace and catering cart were fully operational subject to weather and demand and have enhanced the Café’s offer and contributed to an increased turnover.

Wedding and Venue Hire - The museum has chosen not to renew its wedding licence. One filming session has taken place and one room hire.

Retail - The use of an external shop consultant to develop a pop-up shop in the Café Gallery to coincide with 'The Lost Words' exhibition, resulted in increased exhibition related turnover and has been repeated since warranted. Otherwise, shop sales have not been as strong as previously, partly because of different audiences (fewer overseas visitors) and the challenge of restocking post Covid.

FINANCIAL REVIEW

Historically the Council, in its role as local authority and corporate trustee, has provided donated services each year sufficient for the trust to achieve breakeven. This is currently the policy that is expected to continue and so the accounts have been prepared on a going concern basis.

The unrestricted income fund is £14,713 and is stock and petty cash held. The restricted income fund is £58,477 and is the Endowment income fund, conservatory repair fund & purchase reserve held in trust to be retained for the benefit of the charity. The endowment reserve is £71,419,264 and is the value of the Heritage assets.

The Trust's assets are the freehold land and buildings consisting of the East Cliff Hall, Bournemouth and the collection itself. The Trustee has valued the freehold buildings at insurance value, reduced by the likely costs of remedial work disclosed in the 2020 conditions survey report, uplifted to 2023 values. The value thereof is reflected in a revaluation reserve on the balance sheet.

Page 8

Russell-Cotes Art Gallery and Museum Trustees Annual Report

In February 2021, the Russell-Cotes was successful in its application to the Museums Estates and Development Fund (MEND) which was established by Arts Council England (ACE) specifically to address the backlog of urgent repairs needed in the Museum sector and support environmental and financial sustainability.

This major investment to carry out urgent capital work, including restoring the conservatory, replacing the end of life air handling units, improving drainage and improving CCTV security, will cost £974,000.

A grant of £518,000 has been awarded by MEND, £33,834 has been fundraised for the conservatory and match funding of £426,000 has been agreed by BCP Council (of which £213,000 has been allocated from the Community Infrastructure Levy (CIL) Fund).

Detailed design work has been undertaken and work started on the plant rooms in March 2023. A phased approach is being taken so that the museum will remain open to visitors throughout. On site works should be complete by Summer 2024 followed by a period of monitoring and review.

A grant of £18,710 from the Art Fund and Weston Loan programme was received to support an exhibition of the work of renowned Bournemouth-born, equine artist Lucy Kemp Welch (1869 -1958) (April – September 2023) in conjunction with the National Horseracing Museum in Newmarket.

The Russell-Cotes was awarded £98,500 by the National Lottery Heritage Fund to support the transition costs for progressing the change for the charity to full independence from BCP Council.

Approximately 18.11 FTE members of staff were employed during this period, (17.11 FTE in 2021-22), excluding a % of senior management time.

Volunteers continued to make a valuable ‘in kind’ contribution to the service both remotely and on-site, working on a range of projects including:

During the year the museum had 124 volunteers who contributed about 3,330 hours of their time.

PRINCIPAL RISKS AND UNCERTAINTIES

The Trustee relies on the Council's corporate risk register to monitor and manage risk. Where necessary specific matters relating to the Russell Cotes will be included. The Trustee has considered the risks that the charity is exposed to but does not deem there to be any significant risk arising from its activities.

STRUCTURE, GOVERNANCE AND MANAGEMENT

The Trustee is pleased to present these formal statements of account. It recognises the importance the art gallery and museum has as a key cultural community resource and flagship visitor attraction for the Bournemouth conurbation and region. The Trustee has taken the Charity Commission’s guidance on public benefit into consideration. It also formalises the accounting treatment of the Trust as a separate entity with its own transactions distinct from those of BCP Council (The Council).

Page 9

Russell-Cotes Art Gallery and Museum

Trustees Annual Report

The Trust was created under Indentures of 1908, 1918 and 1920 between BCP Council’s predecessor body the County Borough of Bournemouth Corporation and Sir Merton and Lady Russell-Cotes. In 1962 a charity was formed to take over responsibility for the house and contents. Further information is provided in the notes to the accounts – tangible fixed assets.

Under the Indentures, the house and its collection were gifted to the Council for the purpose of forming an art gallery and museum for the use, benefit and enjoyment of the inhabitants of and visitors to Bournemouth.

The original Indentures were varied by s.57 Bournemouth Borough Council Act 1985. This requires that the Council manage, regulate, control and deal with the Trust, premises and property by means of a management committee appointed by them in accordance with the Local Government Act 1972.

Pursuant to the Council’s Constitution, local choice functions are intended to be executive functions (ordinarily exercised by the Leader and/or Cabinet and Cabinet members per the Leader’s scheme of delegation) as is permitted in accordance with the Local Authorities (Functions and Responsibilities) (England) Regulations 2000.The Council’s executive therefore exercises the functions as Trustee for the operations and management of the Russell-Cotes Art Gallery and Museum. As in practice, Cabinet does not sit as the Management Committee, a new Management Committee was created in 2016, as a sub-committee of Cabinet and exercises the functions delegated to it.

The Management Committee meets twice a year and is serviced by the Council’s Democratic Services team. As a sub-committee the minutes of meetings are noted and agreed by Cabinet. The Management Committee is made up of:

a) the Portfolio Holder,

b) two further Council member,

c) 4 external (Non-Council Members) and

d) Sir George Meyrick (or the person for the time being in enjoyment of the title), in compliance with the Bournemouth Borough Council Act. A substitute can be agreed with the elected chair prior to any meeting.

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Russell-Cotes Art Gallery and Museum Trustees Annual Report

Non-Council members cannot lawfully exercise formal voting rights. However the rules have been written very carefully to ensure the non-members views are taken into account through a recorded shadow vote before any formal vote is taken.

Following continued discussion and consultation on the governance arrangements within the Council and with external stakeholders and communities, an application was made to the Charity Commission for permission to apply for a change of governance. In August 2022, the Charity Commission concluded that a change of governance was in the best interests of the charity and invited BCP Council to formally request a parliamentary scheme to replace the Local Authority Trustee with a new corporate Trustee under Section 73 of the Charities Act 2011.

BCP Council, as Sole Trustee, formally approved the request to the Charity Commission for a new Corporate Trustee in the minutes of its meeting on 10 January 2023.

Funding has been received from National Lottery Heritage Fund (NLHF) to support the costs of making this application to the Charity Commission, supporting the process of legal change through Parliament, establishing a new Corporate Trustee, recruiting a new Board of Directors, transferring the assets and establishing all the services, policies and procedures needed for a new independent charity and negotiating a settlement to ensure the financial sustainability of an independent charity.

Recruitment and appointment of external members

The management Committee recruitment process is carried out by officers and existing members on behalf of the Management Committee. The vacancy is advertised in the local media and interested parties are then provided with:

The applicants' CV's are reviewed and potential applicants are then interviewed and appointed using the Charity Commission Operational Guidance, Trustee Act 2000, OG 86 B4 ‘Power to employ nominees and custodians’. On the appointment the committee members are provided with a copy of the governing documents, the Rules of the Management Committee together with the rules for conflicts of interest. A familiarisation session will be provided which ensures that the new management committee members have a good understanding of the Russell-Cotes Art Gallery and Museum as a whole and how it operates within the context of BCP Council.

Statement of trustees' responsibilities in relation to the financial statements

The charity trustees are responsible for preparing a trustees' annual report and financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities requires the charity trustees to prepare financial statements which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to:

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Russell-Cotes Art Gallery and Museum Trustees Annual Report

The trustees are responsible for keeping proper accounting records that 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, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the Trust deed. The Trustees are also responsible for safeguarding the assets of the charity and hence taking reasonable steps for the prevention and detection of fraud and other irregularities.

Statement of disclosure of information to auditor

So far as the trustees are aware, there is no relevant audit information of which the company's auditors are unaware and each trustee has taken all the steps that he or she ought to have taken as a trustee in order to make himself or herself aware of any relevant information and to establish that the company's auditors are aware of that information.

Signed on behalf of the charity's trustees

BCP Council Trustee 29 January 2024

Page 12

Russell-Cotes Art Gallery and Museum Audit Report Unqualified

Independent Auditor's Report to the Trustees of Russell-Cotes Art Gallery and Museum

Opinion

We have audited the accounts of Russell-Cotes Art Gallery and Museum (the 'charity') for the year ended 31 March 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the Notes to the Accounts, 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 FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the accounts:

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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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 accounts, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the accounts 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 and parent charity's ability to continue as a going concern for a period of at least 12 months from when the accounts 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 accounts and our auditor’s report thereon. The trustees are responsible for the other information.

Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.

In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 there is a material misstatement in the accounts or a material misstatement of the other information. 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.

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Russell-Cotes Art Gallery and Museum Audit Report Unqualified

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 in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees' responsibilities statement found in the trustees' report, the trustees are responsible for the preparation of accounts which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.

In preparing the accounts, 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 intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the accounts

We have been appointed under the Charities Act 2011, s. 145 and report in accordance with the regulations made under the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the accounts 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 accounts.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

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Russell-Cotes Art Gallery and Museum Audit Report Unqualified

Use of this report

This report is made solely to the charity's trustees, as a body, in accordance 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.

Hixsons, Accountants and Statutory Auditors

24 Cecil Avenue Bournemouth BH8 9EJ 29 January 2024

Hixsons is eligible for appointment as auditor in terms of the Companies Act 2006, s.1212.

Page 15

Russell-Cotes Art Gallery and Museum Statement of Financial Activities

for the year ended 31 March 2023

Notes
Income and endowments
from:
Donations and legacies
3
Charitable activities
4
Other trading activities
5
Other
6
Total
Expenditure on:
Raising funds
7
Charitable activities
8
Other
9
Total
Net gains on investments
Net expenditure
10
Transfers between funds
Net expenditure before other
gains/(losses)
Other gains and losses
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds		 Restricted
funds		 Endowment
funds		 Total funds Total funds
2023 2023 2023 2023 2022
£ £ £ £ £
667,261 2,279 - 669,540 685,821
313,197 41,633 - 354,830 199,373
255,347 - - 255,347 225,829
326 - - 326 20,268
1,236,131 43,912 - 1,280,043 1,131,291
1,091,785 41,633 - 1,133,418 932,982
150,761 - - 150,761 177,600
- - 508,351 508,351 464,288
1,242,546 41,633 508,351 1,792,530 1,574,870
- - - - -
(6,415) 2,279 (508,351) (512,487) (443,579)
- - - - -
(6,415) 2,279 (508,351) (512,487) (443,579)
(25,074) - 3,249,296 3,224,222 2,417,647
(31,489) 2,279 2,740,945 2,711,735 1,974,068
46,202 56,198 68,678,319 68,780,719 66,806,651
14,713 58,477 71,419,264 71,492,454 68,780,719

Page 16

Russell-Cotes Art Gallery and Museum Balance Sheet at 31 March 2023

Charity No. 306288
Fixed assets
Tangible assets
12
Heritage assets
12
Current assets
Stocks
13
Debtors
14
Cash held on behalf of trust
Creditors:Amount falling due within one year
15
Net current assets
Total assets less current liabilities
Net assets excluding pension asset or liability
Total net assets
The funds of the charity
Restricted funds
16
Endowment funds
Restricted income funds
Unrestricted funds
16
General funds
Designated funds
Total funds		 2023
£
-
71,419,264
71,419,264
14,013
9,010
152,388
175,411
(102,221)
73,190
71,492,454
71,492,454
71,492,454
71,419,264
58,477
71,477,741
14,713
-
14,713
71,492,454		 2022
£
25,074
68,678,319
68,703,393
20,428
38,547
110,437
169,412
(92,086)
77,326
68,780,719
68,780,719
68,780,719
68,678,319
56,198
68,734,517
46,202
46,202
68,780,719

Approved by the trustees on 29 January 2024

And signed on their behalf by:

BCP Council Trustee 29 January 2024

Page 17

Russell-Cotes Art Gallery and Museum Statement of Cash flows for the year ended 31 March 2023

Cash flows from operating activities
Net income per Statement of Financial Activities
Adjustments for:
Depreciation of property, plant and equipment
Profit on disposal of tangible fixed assets
Other gains/losses
Decrease/(Increase) in stocks
Decrease/(Increase) in trade and other receivables
Increase in trade and other payables
Net cash provided by operating activities
Cash flows from investing activities
Payments for property, plant and equipment
Profit on disposal of tangible fixed assets
Net cash from investing activities
Net cash from financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year		 2023
£
2,711,735
508,351
(326)
(3,224,222)
6,415
29,537
10,135
41,625
-
326
326
-
41,951
110,437
152,388		 2022
£
1,974,068
464,288
(20,268)
(2,417,647)
(4,466)
(14,955)
67,488
48,508
(14,595)
20,268
5,673
-
54,181
56,256
110,437
Components of cash and cash equivalents
Cash held on behalf of trust 152,388 110,437
152,388 110,437

Page 18

Russell-Cotes Art Gallery and Museum Notes to the Accounts

for the year ended 31 March 2023

Basis of preparation

The financial statements have been prepared in accordance with Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic if Ireland (FRS 102) issued on 1 January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The Russell-Cotes Art Gallery and Museum's corporate trustee includes the charity in its consolidated financial statements. The consolidated financial statements are prepared under the International Financial Reporting Standards and are available to the public at

https://www.bcpcouncil.gov.uk/About-the-council/Budgets-and-finance/Annual-accounts.aspx. Having given regard to Public Benefit Entity guidance the corporate trustee considers the Russell-Cotes Art Gallery and Museum to be a Public Benefit Entity.

Going Concern

Historically the Council, in its role as local authority and corporate trustee, has provided donated services each year sufficient for the trust to achieve breakeven. This is currently the policy and the trustee has received confirmation that this support will continue for the foreseeable future and is considered adequate and so the accounts have been prepared on a going concern basis. The trustee considers that there are no material uncertainties about the Trust's ability to continue as a going concern. The pandemic has not affected this policy.

Change in basis of accounting or to previous accounts

There has been no change to the accounting policies (valuation rules and method of accounting) since last year and no changes have been made to accounts for previous years.

Fund accounting

Unrestricted funds These are available for use at the discretion of the trustees in furtherance of the general objects of the charity. Designated funds These are unrestricted funds earmarked by the trustees for particular purposes. Revaluation funds These are unrestricted funds which include a revaluation reserve representing the restatement of investment assets at their market values. Restricted funds These are available for use subject to restrictions imposed by the donor or through terms of an appeal.

Page 19

Russell-Cotes Art Gallery and Museum Notes to the Accounts

sell-Cotes Art Gallery
es to the Accounts		 and Museum
Income
Recognition of Income is included in the Statement of Financial Activities (SoFA) when the charity
income becomes entitled to, and virtually certain to receive, the income and the amount of
the income can be measured with sufficient reliability.
Voluntary income in the form of Donated Services received is recognised in the year
that the matching unfunded element of expenditure is incurred. The policy of BCP
Council has been and will be to subsidise the charity each year to the extent of its
income shortfall. While this arrangement is likely to continue for the foreseeable
future there is no contractual necessity for the Council to provide the subsidy
through Donated Services other than the basic maintenance of the East Cliff Hall
premises and grounds and the collection. There is also the need to employ a
curator. Staffing currently includes a post of this nature together with the staff
expected of a modern-day museum and art gallery. Income from commercial
trading activities is recognised at point of sale - this includes income from the café.
Grant income is recognised when the charity can demonstrate entitlement, receipt
is probable, and the amount can be measured reliably.
Income with related Where income has related expenditure the income and related expenditure is
expenditure reported gross in the SoFA.
Donations and Voluntary income received by way of grants, donations and gifts is included in the
legacies the SoFA when receivable and only when the Charity has unconditional entitlement
to the income.
Tax reclaims on Income from tax reclaims is included in the SoFA at the same time as the
donations and gifts gift/donation to which it relates.
Donated services These are only included in income (with an equivalent amount in expenditure)
and facilities where the benefit to the Charity is reasonably quantifiable, measurable and
material.
Volunteer help The value of any volunteer help received is not included in the accounts.
Investment income This is included in the accounts when receivable.
Gains/(losses) on This includes any gain or loss resulting from revaluing investments to market value
revaluation of fixed at the end of the year.
assets
Gains/(losses) on This includes any gain or loss on the sale of investments.
investment assets

Page 20

Russell-Cotes Art Gallery and Museum Notes to the Accounts

Expenditure Recognition of Expenditure is recognised on an accruals basis. Expenditure includes any VAT which expenditure cannot be fully recovered, and is reported as part of the expenditure to which it relates. Expenditure on These comprise the costs associated with attracting voluntary income, fundraising raising funds trading costs and investment management costs. The main cost is for staff and there is no distinction or recording of time between charitable activities and the cost of generating funds. For example, there are no specific, salaried staff members employed to make retail sales. Instead, other staff members cover this function as an incidental part of their employment. An estimate of the value of this service is reflected in the statement of financial activities on an accrual basis. Maintenance includes the direct costs of maintaining the building and gardens. Running costs include rates, utilities and insurances. Salaries represent the cost of the Council supplied staff including those funded by any external grants. Operating costs are mostly incurred by the Council and charged by way of recharges to reflect the Russell-Cotes' apportionment of the cost of central Council services provided. Governance costs comprise all costs involving the public accountability of the charity and its compliance with regulation and good practice. These costs include those related to preparing statutory accounts, the statutory audit, legal fees and costs of Committee meetings. Expenditure on These comprise the costs incurred by the Charity in the delivery of its activities and charitable activities services in the furtherance of its objects, including the making of grants and governance costs. Grants payable All grant expenditure is accounted for on an actual paid basis plus an accrual for grants that have been approved by the trustees at the end of the year but not yet paid. Governance costs These include those costs associated with meeting the constitutional and statutory requirements of the Charity, including any audit/independent examination fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support costs not allocated to a particular activity.

Taxation

The charity is exempt from tax on its charitable activities.

Page 21

Russell-Cotes Art Gallery and Museum Notes to the Accounts

Fixed assets

Heritage assets

The Trust’s heritage assets consist of the museum building - East Cliff Hall, the land and the paintings, furniture and other objects that form the collection of the Russell-Cotes museum. They are held to provide benefit and enjoyment to the inhabitants of and visitors to Bournemouth. Heritage assets are initially recognised at cost and are revalued periodically. Any revaluation gains or losses are held in the Endowment fund. These assets are valued using the Council's land and building valuation processes. Major refurbishment carried out by the Council is classified as a donated service and the asset revalued accordingly. Whilst being carried at other than a notional value, assets are depreciated on a straight line basis over their estimated useful lives.

Tangible assets 5 years Heritage - Freehold buildings 50 years The carrying values of heritage assets are reviewed where there is evidence of physical deterioration or breakage. Any impairment is recognised and measured in accordance with the Trust’s general policies on impairment. Depreciation is only chargeable on heritage assets if they meet the Trust’s general policies for depreciation. The collection is not depreciated but revalued on a periodic basis by appropriate experts including the museum curator. A record of the heritage assets held by the Trust is maintained in the Modes database.

Capitalisation follows the policy of a threshold of £1,000.

Freehold investment property

Investment properties are measured initially at cost and subsequently at fair value at each balance sheet date and are not depreciated. All gains or losses are taken to the Statement of Financial Activities as they arise.

Stocks

Stock is included at the lower of cost or net realisable value. Donated items of stock are recognised at fair value which is the amount the charity would have been willing to pay for the items on the open market. The gift shop & cafe stock is counted at year end and valued at the lower of cost or most recent purchase price and net realisable value as per FRS102 (Section 13) and the Charity SORP.

Trade and other debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

Cash and cash equivalents

Cash at bank is equal and opposite to the sum of the net of the debtors and creditors, the Conservatory Repair fund and the Paintings and Specimens reserve. The museum does not have its own bank account - all receipts are paid into and all payments paid from the BCP Council's main bank account.

Trade and other creditors

Short term creditors are measured at the transaction price. Other creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

Page 22

Russell-Cotes Art Gallery and Museum Notes to the Accounts

Receipt of donated goods, facilities and services

All donated goods, facilities and services received are recognised within incoming resources and expenditure at an estimate of the value to the charity.

2 Statement of Financial Activities - prior year

Income and endowments from:
Donations and legacies
Charitable activities
Other trading activities
Other
Total
Expenditure on:
Raising funds
Charitable activities
Other
Total
Net income
Net income before other
gains/(losses)
Other gains and losses:
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 Unrestricted
funds
2022
£
684,174
199,372
225,830
20,268
1,129,644
932,983
177,600
-
1,110,583
19,061
19,061
-
19,061
27,141
46,202		 Restricted
funds
2022
£
1,648
-
-
-
1,648
-
-
-
-
1,648
1,648
-
1,648
54,550
56,198		 Endowment
funds
2022
£
-
-
-
-
-
-
-
464,288
464,288
(464,288)
(464,288)
2,417,647
1,953,359
66,724,960
68,678,319		 Total funds
2022
£
685,822
199,372
225,830
20,268
1,131,292
932,983
177,600
464,288
1,574,871
(443,579)
(443,579)
2,417,647
1,974,068
66,806,651
68,780,719

Page 23

Russell-Cotes Art Gallery and Museum Notes to the Accounts

3 Income from donations and legacies

Income from donations and legacies
Public donations
BCP Council donations		 Unrestricted
£
80,082
587,179
667,261		 Restricted
£
2,279
-
2,279		 Total
2023
£
82,361
587,179
669,540		 Total
2022
£
40,376
645,445
685,821

Included in BCP Council donations are 'in kind donations' for central support totalling £44,694 (2022: £42,705) and repairs totalling £28,715 (2022: £6,873).

Donated goods, facilities and services received

General donation
Fixed asset donation
Change in value of gift shop & café closing
stock
Income from charitable activities
Admission fees and school
visits
Grant income
Income from other trading activities
Retail trading
Venue hire		 Unrestricted
£
224,886
88,311
313,197		 Restricted
£
-
41,633
41,633
Unrestricted
£
254,042
1,305
255,347		 Total
2023
£
593,594
-
(6,415)
587,179
Total
2023
£
224,886
129,944
354,830
Total
2023
£
254,042
1,305
255,347		 Total
2022
£
626,385
14,595
4,466
645,446
Total
2022
£
199,373
-
199,373
Total
2022
£
213,105
12,724
225,829

4 Income from charitable activities

5 Income from other trading activities

Page 24

Russell-Cotes Art Gallery and Museum Notes to the Accounts

6 Other income

Sale of fixed assets (net
proceeds)
7
Expenditure on raising funds
Fundraising trading costs
Retail trading
General operations - for
detail see below
Exhibitions
General operations - detail
Repairs & maintenance
Rates & utilities
Other premises costs
Wages & salaries
Social security
Pension
Other employee costs
Accountancy, HR, Payroll and
Legal Costs
Insurance premiums
IT & telecoms
Travel
Other office costs
Marketing & promotion
Consultants
Miscellaneous supplies &
services		 Unrestricted
£
60,010
1,037,036
(5,261)
1,091,785
142,153
139,443
6,254
423,161
33,119
62,181
18,188
23,240
65,139
5,700
567
2,722
20,861
43,284
51,024
1,037,036		 Unrestricted
£
326
326		 Total
2023
£
326
326		 Total
2022
£
20,268
20,268
Restricted
£
-
41,633
-
41,633
41,633
-
-
-
-
-
-
-
-
-
-
-
-
-
41,633		 Total
2023
£
60,010
1,078,669
(5,261)
1,133,418
183,786
139,443
6,254
423,161
33,119
62,181
18,188
23,240
65,139
5,700
567
2,722
20,861
43,284
51,024
1,078,669		 Total
2022
£
36,364
849,710
46,908
932,982
46,277
65,439
7,550
293,863
17,606
45,884
14,910
18,047
57,098
22,106
531
5,916
54,485
110,947
89,051
849,710

Page 25

Russell-Cotes Art Gallery and Museum Notes to the Accounts

8 Expenditure on charitable activities

Expenditure on charitable
activities
General operations - for
detail see below
Repository
Governance costs
Included in Governance costs
are external audit fees of
£12,000 (2022: £9,500)
excluding VAT.
General operations - detail
Wages & salaries
Social security
Pension
9
Other expenditure
Amortisation, depreciation,
impairment, profit/loss on
disposal of fixed assets
10 Net expenditure before transfers
This is stated after charging:
Depreciation of owned fixed assets
11 Staff costs		 Unrestricted
£
120,596
18,165
12,000
150,761
103,657
9,743
7,196
120,596
Endowment
£
508,351
508,351
2023
£
508,351		 Total
2023
£
120,596
18,165
12,000
150,761
103,657
9,743
7,196
120,596
Total
2023
£
508,351
508,351		 Total
2022
£
152,500
15,600
9,500
177,600
124,555
14,621
9,442
152,500
Total
2022
£
464,288
464,288
2022
£
464,288

No employee received emoluments in excess of £60,000 for their Russell-Cotes related duties. There were no transactions involving the trustee or related parties and there were no ex-gratia payments.

The average monthly number of full time equivalent employees during the year was as follows:

2023
Number
18.11
18.11		 2022
Number
17.11
17.11

Page 26

Russell-Cotes Art Gallery and Museum Notes to the Accounts

12 Tangible fixed assets

Cost or revaluation
At 1 April 2022
Revaluation
At 31 March 2023
Depreciation and
impairment
Depreciation charge for the
year
Revaluation
At 31 March 2023
Net book values
At 31 March 2023
At 31 March 2022		 Tangible
assets
£
25,074
(25,074)
-
-
-
-
-
25,074		 Heritage
assets
£
68,678,319
2,740,945
71,419,264
508,351
(508,351)
-
71,419,264
68,678,319		 Total
assets
2023
£
68,703,393
2,715,871
71,419,264
508,351
(508,351)
-
71,419,264
68,703,393

The trust's assets are the freehold land and buildings consisting of the East Cliff Hall, Bournemouth and the collection itself. The buildings are now classified as Heritage Assets. Their value is reflected in the endowment funds on the balance sheet. Following the insurance strategy and to ensure the valuations remain up to date a rolling programme of revaluation by collection area has been implemented using relevant experts. Some of the collection is valued by insured value as is the Heritage Freehold Buildings. All valuations are used to update the total valuations for the collection. All valuers, excepting the Heritage Freehold Buildings, and the museum curator are independent of the Trust. The museum curator has provided a valuation in her capacity as a professional in this area.

The valuations (as at 31 March 2023) for the Heritage assets are:

Page 27

Russell-Cotes Art Gallery and Museum Notes to the Accounts

13 Stocks

13 Stocks
Goods for resale and consumables
Carrying value analysed by activities
Retail trading
14 Debtors
Other debtors
15 Creditors:
amounts falling due within one year
Accruals		 2023
£
14,013
14,013
2023
£
14,013
14,013
2023
£
9,010
9,010
2023
£		 2022
£
20,428
20,428
2022
£
20,428
20,428
2022
£
38,547
38,547
2022
£
102,221 92,086
102,221 92,086

Page 28

Russell-Cotes Art Gallery and Museum Notes to the Accounts

16 Movement in funds

Restricted funds:
Endowment funds:
Building & Collection
Total
Restricted income funds:
Conservatory repair fund
Endowment income fund
Paintings and specimen
reserve
MEND (Museum Estate and
Development Fund) grant
Total
Unrestricted funds:
General funds
Total
Total funds		 At 1 April
2022
68,678,319
68,678,319
31,525
8,580
16,093
-
56,198
46,202		 Incoming
resources
(including
other
gains/losses)
£
3,249,296
3,249,296
2,279
-
-
41,633
43,912
1,211,057		 Resources
expended
£
(508,351)
(508,351)
-
-
-
(41,633)
(41,633)
(1,242,546)		 At 31
March
2023
£
71,419,264
71,419,264
33,804
8,580
16,093
-
58,477
14,713
46,202
68,780,719		 1,211,057
4,504,265		 (1,242,546)
(1,792,530)
14,713
71,492,454

Purposes and restrictions in relation to the funds:

Endowment funds: Building & Collection This comprises the full sum of the Heritage Assets total revalued amount, the cost of any fixed asset additions since the last valuation and the depreciation charged.

Restricted funds: All funds

All funds The cash balances are held by the Council within its general bank balances and are available at any time upon demand. Conservatory repair fund Donations to support the repair of Conservatory. Endowment income fund Funds received solely for the benefit of the Russell-Cotes. Paintings and specimen Collection sales receipts retained to fund the acquisition of new items for reserve the collection. MEND (Museum Estate and Art Council England grant to fund essential repairs. Development Fund) grant

Page 29

Russell-Cotes Art Gallery and Museum Notes to the Accounts

17 Analysis of net assets between funds

17 Analysis of net assets between funds
Fixed assets
Net current assets
18 Reconciliation of net debt
Cash and cash equivalents
Net debt		 Unrestricted
funds
£
-
73,190
73,190
At 1 April
2022
£		 Restricted
funds
£
71,419,264
-
71,419,264
Cash flows
£		 Total
£
71,419,264
73,190
71,492,454
At 31
March
2023
£
110,437 41,951 152,388
110,437
110,437		 41,951
41,951		 152,388
152,388
19 Related party disclosures
Transactions with related parties
Name of related party
BCP Council in is role as local authority
Description of relationship
between the parties
Trustee
Donations received from the related party		 2023
£
587,179		 2022
£
645,447

The trust has a close working relationship with BCP Council acting in its role of local authority. The Council acting in its role of trustee of the charitable trust has nominated Council Cabinet to act as the Management Committee under s.57 Bournemouth Borough Council Act 1985.

The charity trustee acting in the capacity as management was not paid or reimbursed expenses during the year and no charity trustee received any emolument or payment for professional or other service.

As disclosed in the analysis of resources expended, the Council provides staff to manage and maintain the museum and gallery. The Council has historically subsidised the annual deficits of the trust.

There are 4 exhibits on loan to BCP Council which can be found in the parlours of both the Mayor and the Mayoress.

Page 30

Russell-Cotes Art Gallery and Museum Detailed Statement of Financial Activities

for the year ended 31 March 2023

Income and endowments from:
Donations and legacies
Public donations
BCP Council donations
Charitable activities
Admission fees and school visits
Grant Income
Other trading activities
Retail trading
Venue hire
Other
Sale of fixed assets (net proceeds)
Total income and endowments
Expenditure on:
Costs of other trading activities
Retail trading
General operations
Exhibitions
Total of expenditure on raising
funds
Charitable activities
General operations
Repository
Governance costs
Total of expenditure on charitable
activities
General administrative costs,
including depreciation and
amortisation		 Unrestricted
funds
2023
£
80,082
587,179
667,261
224,886
88,311
313,197
254,042
1,305
255,347
326
326
1,236,131
60,010
1,037,036
(5,261)
1,091,785
1,091,785
120,596
18,165
138,761
12,000
12,000
150,761		 Restricted
funds
2023
£
2,279
-
2,279
-
41,633
41,633
-
-
-
-
-
43,912
-
41,633
-
41,633
41,633
-
-
-
-
-
-		 Endowment
funds
2023
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-		 Total funds
2023
£
82,361
587,179
669,540
224,886
129,944
354,830
254,042
1,305
255,347
326
326
1,280,043
60,010
1,078,669
(5,261)
1,133,418
1,133,418
120,596
18,165
138,761
12,000
12,000
150,761		 Total funds
2022
£
40,376
645,445
685,821
199,373
-
199,373
213,105
12,724
225,829
20,268
20,268
1,131,291
36,364
849,710
46,908
932,982
932,982
152,500
15,600
168,100
9,500
9,500
177,600

Page 31

Russell-Cotes Art Gallery and Museum Detailed Statement of Financial Activities

Depreciation of land and
buildings
Total of expenditure of other costs
Total expenditure
Net gains on investments
Net expenditure
Net expenditure before other
gains/(losses)
Other Gains
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Total funds carried forward		 -
-
-
1,242,546
-
(6,415)
(6,415)
(25,074)
(31,489)
46,202
14,713		 -
-
-
41,633
-
2,279
2,279
-
2,279
56,198
58,477		 508,351
508,351
508,351
508,351
-
(508,351)
(508,351)
3,249,296
2,740,945
68,678,319
71,419,264		 508,351
508,351
508,351
1,792,530
-
(512,487)
(512,487)
3,224,222
2,711,735
68,780,719
71,492,454		 464,288
464,288
464,288
1,574,870
-
(443,579)
(443,579)
2,417,647
1,974,068
66,806,651
68,780,719

Page 32