Russell-cotes Art Gallery and Museum Charlty No. 306288 Trustees, Report and Audlted Afcounts 31 March 2025
Russell-cotes Art Gallery and Museum Contents Pagelsl 2tolO Tru5tees' Annual Report Audltor's Report Statement of Financlal Actlvltie5 Ilto13 14 Balance Sheet 15 Statement of Cash flows 16 Notes to the Accounts 17to28 Detailed Statement of FlnancSal Actlvltles 29to30 Page I
RUell0tes Art Gallery and Museum Truslees Annual Report The trustee5 present their report with the audited financlal statements of the charlty for the year ended 31 March 202S. REFERENCE AND ADMINISTKATIVE DETAILS Charlty No. 306288 Prlnclpal Offlce Rus5ell-Cotes Road East Cliff Bournemouth BHI 3AA Trustees The following trustees served during the year: BCP Councll G. Meyrlck Imeyrick Baronetcv- entitlement not taken upl Truste holdlni tltle to tharlty property BCP Counc51 Key Mana8ement Personnel Professor S Bartholomew Ichairl air L. Northover G. Irvlne Slr G. Meyrltk S. Newman. Museum manager Cllr L. Wllllams IVlce-ChoSrl Cllr A. Martln F. Wlnrow A. Frost Audltor Hlxsons 24 Cecil Avenue Bournemouth BH8 9EJ Bankers Barclays Leicester LE87 2BB OBJECTIVES AND ACTIVITIES The objects of the Charlty are the purposes of an art 8allery and museum. Our vision Is that the Russell-cotes Art Gallery & Museum will be the Internatlonally acclaimed Cultural flagship for Bournemouth and beyond. Our MSssion is to inspire and enrich the lives of Bournemouth'5 residents and visitors by Creating a cultural flagship around a unique historic house and internatlonal art collections. Page 2
Russèll-cotes Art Gallery and Museum Trustees Annual Report Russell-cotes Art Gallery and Museum is an outstanding celèbration of late Virtorian art collertors,. their passions and achievements,. how they lived and encoijntered 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 authentbc way possible, and to enable learning, enjoyrnent and a(SS to the house and collettions for resldent5 and visitors to Bournemouth. Background The Ru5sell-Cotes Is a rare survivor as the resldence of a VirtorSan/ Edwardian collector, planned and perpetuated as a perrnanent art museum. It now comprlse5 art galleries, historic house, exhibition5, a1Scensed café, a shop and activity/ learning area. The Collettions The collection is a prime example of Victorian attitudes which resulted In an eclectlc collecrlon spanning fine art, ethnography, decorative and applied arts, sculpture, souvenirs and a theatre collettion. Slnce Merton Russell-cotes wa5 an assiduous collector of 8ritish palntln85 Sn the latter part of the 19th century, the art collection provides a unlque Insight Into mlddle class taste of the perlod. The tollectlons were expanded and enhanced by the souvenlr5 acquired during the Russell-cotes, travels around the world. Further donation5. purchases and beques15 have signlficantly added to the collection after 1921. The 'collections strategy, contains the pollcles for the acqulsition, preservation, management and disposal of herlta8e assets and the detabls of the assets are malntained in the Modes database. The public has ac55 to the collectlons that are on display. Personal access to the collettions 15 not permltted a5 a general rule, although each request Ss reviewed on its merits taking into account the rlsks to the collectlons before 8rantSng or refusing access. ACHIEVEMENTS AND PERFORMANCE Revlew of the Year Durln8 the yoar, the gallery provlded a range of publlc beneflts through its public exhibltions, dlsplays, activities, events, learning resources and sessions, includin8 online activities, achleving the following usage numbers.. 192,424 usa8es 150,738 vi51t5 in person, 1,225 enouirles, 111,684 unlque webslte users, 11,633 followers on Facebook, 2,734 followers on X ITwltterl, 6,796 followers on Instagram, 745 followers on other soclal media IYovTube, Linkedin and TikTokl, 6,525 e-newsletter subscribers, 205 off-site partlcipants and 74 online participants, compared to 171,219 In 2023-24. 50,738 vi51t5 in person, compared to 53,231 In 2023-24. August 2024 saw the most vlsitors to the gallery15,5041, whilst March 202514,6241 and September 2024 14,4081 were also busy. The Museum's educational and events programme contlnued- 22 formal education sessions were held on site dellvering to 407 puplls and horne-educated chlldren. Thls compares to 47 sessions, delivering to 816 children in 2023-24. 19 university groups with 367 students visited. Off-site I session was held for 8 university students and 3 sessions for 150 school chllilren. Annual ticket5 began to be phased out so the numbers sold reduced to 538 (from 5881 generating 2,026 return vi51ts. The Friend5 mernbership Increase(i to 305 (from 267 mernbersl. Éenerating 1,315 return visits. Page 3
Ru55ell<otes Art Gallery and Museum TNstees Annual Report Exhlbltlons and Events A Painter in Paris.. Albert de Bellar - (he L&L4= 1944 3Ma tember 2024 This exhibition was created in partnership with art Ilealers, Liss Llewellyn. Although Bellaroche was at the centre of La Belle Epoque, a friend of Toulouse-Lautrec and shared a studio with John Singer Sar8ant, he remains relatlvely unknown. The exhibition Introduced many to his oils, drawlngs and particularly lithographs. The exhibltbon colncided with exhibitions elsewhere on Sargant and Lautrec, so achieved a good response and brought in a wider audSence and a new partner with Liss Llewellyn. Vi5ilor responses included.. 'Excellent exhibitlon on Albert de Belleroche. Didn't know about hlm before today,. very educatlonall, '1 came here especially to see the 'A painter in Paris the art of Albert de Belleroche, exhibition whSch was excellent. I had not been aware of his work. However, on comlng here, I really loved the whole experience. I would come here regularly If I were resldent in the UK., '1 have become a friend. Today I partlcularly enjoyed the exhlbltlon about Albert de Belleroche (never heard of hini beforell, Artists in Puibeck.. Th15 brand-new exhibition was curated by Dr. Gill Clarke MBE (co-author of 'Shorellne5.' Artlsts on the South Coast'l and explored the profound Impact that the Purbeck landscape had on artlsts, frorn the first half of the 20th century through to the present day. Showtasing a wlde range of art15tic style5 and sublect5, the exhlbltion featured some of the Russell-cotes, finest 20th century works. It was also widely supported bv over 20 prlvate and publlc loans IncludSn8 key works Irom the Fitzwilliam Museum, the Courtauld Gallery, the BrStlsh Councll, the Government Art Collectlon and Pallant House Gallerv. The Russell.Cotes also worked closely wlth the Southwest Museum's Development Offlcer and reglonal museums in Purbeck including Corfe Castle Trust Museum. Langton Parish Museum and Swanage Museum. U5in8 RCAGM'S exhibition as a starting polnt, funding was setured for these museum5 to undertake ton5ervation condition surveys and subsequent work, public programmbng actlvltles and cross marketing opportunltle5. This ensured that the exhibition had a far-reachlng benefit, wlth ongoing dlscusslon5 to scope future plans, Includlng a possible sequel and catalogue. The exhibitlon was v151ted by 16,245 vlsltors. The local subjett matter really resonated with local audiences, 05 reflected In the positive feedback. The Museum was dellghted to see that during the exhlbltlon'5 run, it had an IO% Increase in v551tor5 from the Purbeck region compared to the prevlous year. Vi51tor comments included.. 'It has Insplred me to visit Swanage and Corfe Castle, and get over to the Purbecks more frequentl 'Great ran8e of contemporary as well as historlc works, 'It was an absolutely ench3ntin8 exhibition, such a ran8e of technique5 and styles. Fabulou51' ery enjoyable and thoiough. Thank you,. Page 4
Russell-cotes Art Gallery and Museum Trustees Annual Report Secretary's Room Exhlbltlon5 Janua 'Beautlful Bournemouth, 2024=jul 2024 This exhibition featured paintings and prints from the Collettion showing Bournemouth views. Pictures 28Au ue Poole, Lust 2024= 5 Januar This explored recognisable Poole scenes through the years, the dlsplay featured works by notable Dorset artists and illustrators including Eustace Nash. Henry Lamb and Le51ie Moffat Ward. 'At the Heart of'The Souls.. The works ofviolet Manners Duches5 of Rutland, 2024 Ju1 2025 Janua A dlsplay of the exquislte portraits drawn by Vlolet Manners11856-19371 of her aristocratic social circle. Events, Leamln8 and Community- On-site and on-line A total of 90 informal learning and activity sesslons took place on slte Involving 6,624 people. They included.. 'Behind the Scenes, Tour5 on a monthly basls for 170 people Regular drop-Sn tours ol the museum for vlsltors offered by volunteer tour guides three times per week for 850 people. 25 themed tours (sculpture, Chrlstma5. women art15tsl attracted 208 people 39 bookeil group vSsit5, some with a gulded tour, for 799 people (including tour operators, speclalist Interest and adult educatlon group51. Valentlnes, Hallowe'en and Christmas events attracted 251 people. Chr15tmas Weekend attratted 361 visitors. 2 curator led tour9 of the exhibitions attracted 26 people whSlst 59 Informal tours were offered bv volunteers. A more limited 'Lates' programme of an evening openlng wlth additlonal talks, tours and activltles, was held with 5 event5 attractln8 687 visltors. In addltlon, 302 chlldren partlcipated In 20 famlly learnln8 and engagement activities Father Chrlstmas made a welcome return for a further 93 children. 62 formal learning sessions were delivered for 2,046 pupilslstudents Includln8 15 formal learning 5e5sions were helll lor 366 school children. 7 sessions for 41 home*ducated children. There were also 31 visits by Lan8uage schools for 754 student5 (though many wère 5elf-ledl. 19 groups of 367 unlversity students from AUB and Bournemouth Universlty. I session off-51te for 8 students from the universitles. 3 se55ions off-slte for 150 school chlldren Dlgltal actlvlty Included.. 2 on-line talks were offered attracting 74 attendees. Regular newsletters were sent to the mailing Ilstl supporters to keep them up-to-date wbth museum attivitie5. A 'FriÈnd5 Zone, continued with background information and artScles. Outreach included: 2 take-out talks for 47 attendees Attendance at 2 university Freshers, Fair5 reached 550 students Page 5
Russelllotes Art Gallery and Museum Trustees Annual Report Audlences Focus groups on Visitor Experience, Access and Diversity continued with quarterly meetings schedulèd 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 improvement5 across its activities. 'Sixpence Days,, which essentially allowed free entry, were held four times In the year and attraded 2.085 visitors in total, averaging 520 per day. This enabled those for whom the admission charge is a barrler to vlslt for free. The museum had stands at the Fre5hers Fairs for Boumemouth University and AUB, reaching 550 people in total. Coll•ctlons and Interpr¢tatlon Conservation was carried out on eleven paintings In the Collection for dlsplay In the 'Artists In Purbeck, exhibitlon. The French mystery clock was conserved back to worklnB order and redisplayed in the Study. A pllnth was created for the Burmese Buddha on Illsplay In the Red Room. The Museum received a number of donatlons of painting5 by renowned artlsts prompted by the 'Artists in Purbeck, exhlbition notably, seven prints and three watercolours by Bournemouth based artist Phlllp Leslie Moffatt-Ward11888- 19781, a drawlng by contemporary artlst Martyn Brewster11952 -1 and sculptvre bv lon Edgar11968-1. Two oil palntinBs by Bournemouth-born equestrlan 3rt5st Lucy Kemp-Welch11869- 19581 were also donated. The Russell-cotes won The Hallett Independent Acqulsltlons Award which enabled the museum to choose prints to the value of £8,OW from the London Original Prlnt Fair, 2025, The Museum was able to buv amongst others'OlvlnB Controls 2, by Erlc Ravlllous11903- 19431 an important war artlst not represented In our collectlon, and slx prlnts deplctlng women's work durlng the First World War. They wlll be used In the Artist as Wltne5s exhlbltlon. Loans of palntings and objetts In the Collection were made to Tate BrltaSn,. Vallance House Museum, Dagenham; Bowes Museum, Barnard Castle,. The john euchan Heritage Museum Trust, Peebles,. and Mu5el dl San Domenico, Forli, Iltalyl. Attendance at these exhibitions was 267,S49 in total. Museum Accredftatl¢n The Russell-cotes was invSted to make Its first accredStation return to Arts Councll England slnce its last gccreditation Sn 2015. The return wa5 submitted in January 2025 and the outcome will be made known in August 2025. Income Generatlon Café - The outdoor terrace and catering cart was not operational for most of the year due to the bulldin8 work on the Conservatory and this Impacted on turnover Venue HiTe- One wedding, one daytime booking and two student hires were held. Retall Shop sales were very strong due to the success of the 'Artist in Purbeck, exhibition Page 6
Russell-cotes Art Gallery and Museum Trustees Annual Report Governance Following continued di5CUS5ion and consultation on the governance arrangements within the Countil and with external stakeholders and communities, an application was made to the Charlty Commission for permi55ion to apply for a change of Bovernance in 2022. In August 2022, the Charity Commission concluded that a change of governance was in the best interests of the charity and invlted BCP Covncil to formally request a parliamentary scheme to replace the Local Authorlty Trustee wSth a new corporate Trustee under Section 73 of the Charities Act 2011. BCP Council, a5 Sole Trustee, formally approved the declslon to apply to the Charity Commission for a new Corporate Trustee In the minutes of Sts meeting on 10 January 2023. Funding of £98,500 was piovlded by National Lottery Herilage Fund INLHFI to 5UPPOrt the costs of makin8 thi5 application and the transltlon to a new Independent tharltv. The formal application to the Charlty Commlsslon by BCP Council was delayed by the process of agreelng a financial arrangement for the new Trustee, but It was formally submitted in December 2023. A financial settlement to support the new corporate trustee was agreed by BCP Council at its meetlng in February 2024. A draft Scheme for the new Trustee has been agreed by the Councll and CharSty Commission and submltted to the Department of Culture, Medla and Support for revlew, ministerlal and parliament approval In due course. The new Sole Trustee, RCAGM Sole Trustee Ltd has been reglstered wlth Companles House (Number 163040621 and a Board of Directors recruited In readlne5s for vestlng. FundlnR & Grants The Russell-cotes has successfully completed Its MEND Round I projert to restore the hlstorlc conservatory, replace the end-of.life asr handllng units, Smprove dralna8e and Improve c securlly. The Conservatory ha5 reopened to the public In Its orlglnal and beautlful form, after years of leaks and damaBe whlch put it at high r15k of catastrophlc collapse. The 2024.25 projett costs were £320,768 funded from both the Restrlcted Income fund,. £178,768 from BCP Councll and £33,000 from publlc donation5 and the Unrestrlcted income fund,. £36,OCK) from Community Infrastructure Levy fundSn8 and £73,C4)O from reserves. The Russell-cotes recelved £8,000 from the Hallett Acqulsltlon Award to buy prints from the London Orl8inal Print Show and £8,5(K) sponsor5hlp for the catalogue for the upcoming 'Artist as Witness.. the Impact of Wa exhlbition. These projects will be delivered in 2025-26. The Russell.Cotes15 part of the successful Goin8 Places project which has attracted £5.36 mlllion fundin8 from Art Fund, National Lottery Herltage Fund and Julia Rauslng Trust. Thls will fund 20 museum5, in 6 networks to undertake two touring shows each between 2026 and 2030. The Rus5ell-Cotes 15 in the 'Founding the Future, network wSth The Bowes Museum in Barnard Castle and The Watts Gallery near Guildford as all were founded by philanthropic touples. The network will focus on working with young people to co<uTate the shows. The project wlll brin8 very slgnificant funding for a staff member, conservation and exhibition costs from May 2026. The Russell-cotes was awarded £l.$00,817 by Arts Council England MEND Round 4 for urgent malntenan and repair work which will form part of a El,860,134 project with additional support from £250,000 CommunSty Infrastructure Le and £109,317 legacies. Thls project will commence in 2025-26 and It expected to last for Iwo years. It will-. Page 7
Russell-C¢tes Art Gallery and Museum Trustee5 Annual Report Redecorate and overhaul sea-facing facades, roofs, lolnery and gutterlng - Install new CCTV Provlde additional security measures - Construct new drèbnage Enable independent disabled access Install fire safety and protection measures Restore water damaged murals FINANCIAL REVIEW Historically the Counc51, In its role as local authority anil corporate trustee, ha5 provided donated services each year sufficient for the trust to achieve breakeven, Thi5 is currently the pollcy that is expected to continue and so the accounts have been prepared on a goln8 concern basis. The Unrestrlrted income fund Is £123,779 and15 Stock. petty Cash and reserve5 from BCP Councll. The Restricted income fund is £222,382 and is the conservatory repair fund, the purchase reserve and varlous other reserves held In trust to be ret31ned for the benefit of the charSly. The Endowment reserve is £46,813.402 and Is the value of the Herltage assets. The Trust's assets are the freehold land and buildlngs eonslstlng of the East Cliff Hall, 8ournemouth and the collection itself. The Trustee has valued the freehold land and bulldings at depreciated replacement cost value whlch, is reflected in a revaluation reserve on the balance sheet. Appromirnately 18 FTE members of staff were employed during thi5 perlod,120 FTE In 2023-241. excludlng a % of senior management time. Volunteers contlnued to make a valuable 'ln klnd, contributSon to the Service both remotely and on-site, working on a range of projects including.. Interpretation Ire5earch on exhibition text) Collections related Icataloguin8 RC Ilbrary, collections research and documentation, envlronmental monltorlng, deep cleaning) Public-faclng (stewarding, tour 8uSdlng, learnlng assistance, talks, café etcl IT, rnarketing & administratlve Ivi51tor feeilback, data entry etcl Performlng1Sve music in the house Ma5ntainln8 the garden During the year the museum had 135 volunteers who contrlbuted about 5,550 hour5 of thelr time. STRUCTURE, GOVERNANCE ANO MANAGEMENT The Trustee is pleased to present these formal Statements of Accounts. It recognises the Importance the art gallery and museum has as a key tultural community resource and flagshlp visltor attraction for the Bournemouth convrbatSon and region. The Trustee has taken the Charity Commission's guidance on publlc benefit into consideration. It also formalises the accounting treatment of the Trust a5 a Separate entity with its own transactlons d15tlnct from those of BCP Council IThe Council). The Trust was created under Indentures of 1908, 1918 and 1920 between BCP Councll's predecessor body the County Borough of Bournemouth Corporation and Sir Merton and Lady Rus5ell-Cotes. In 1962 a charily was formed to take over responsibility for the house and contents. Further information is provided in the note5 to the accounts- tangible fixed assets. Page 8
Russell-cotes Art Gallery and Museum Trustee5 Annual Report Under the Indenture5, the house and its collectlon were gifted to the Council for the purpose of forming an art gallery and museum for the use, benefit and enjoyment of the inhabitant5 of and vlsitors to Bournemouth. The original Indentures were varied by 5.57 Bournemouth Borough Council Act 1985. Thi5 requires that the Council man3ge. regulate, control and deal wlth 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 Councll's Constitution, local choice functlons are intended to be executive functions lordinarily exercbsed by the Leader andlor Cablnet and Cabinet members per the Leaderfs scheme of delegatlonl a5 is permltted in accordance with the Local Authorities (Functlons and Responslbilitiesl IEnglandl Regulations 2000.The Council's executlve therefore exercises the functlons as Trustee for the operations and rnanagement of the Ru5sell-Cotes Art Gallery and Museum. As in practlce, Cabinet does not slt as the Management Committee, a new Managernent Commlttee was created In 2016, as a sub-committee of Cablnet and exerclses the funrtlons delegated to It. The Management Commlttee meets twlce a year andls servlced by the Council's Democratic ServSces team. As a sub-commlttee the minutes of meetlngs are noted and agree(i by Cabinet. The Management Cornmlttee Is made up of.. al the Portfolio Holder, bl two further Counc51 member, cl 4 external INon-Council Members) and dl Slr George Meyrlck lor the person for the tlme being in enjoyment of the tltlel, In compllance wSth the Bournemouth Borough Council Act. A substitute can be a8reed wlth the elected chalr prlor to any meetlnB. Non.Council members cannot lawfully exercise formal votlng rlghts. However the rules have been wrltten very carefully to ensure the non-member5 vlews are taken Snto account through a recorded shadow vote before any formal vote is taken. Progress on establSshlng the new trustee and Its organlsational arrangements contlnues. Recrultment and appointment of extern31 rnembers The Mana8ement Commlttee recruitment process Is carried out by officer5 and existing members on behalf of the Management Committee. The vacancy Ss advert15ed In the local rnedia and interested partles are then provided with.. a. Brieflng Note b. Forward Plan c. Collections Strategy d. latest Annual Report The appllcants, Cv's are revSewed and potential applicants are then Interviewed and appointed using the Charity Commlsslon Operational Guidante, Trustee Act 2000, OG86 B4 'Power to employ nominees and custodians,. On the appointment the commlttee rnembers are provided with a copy of the governing documents, the Rules of the Management Committee together with the rules regardlng confllcts of interest. A famlliarlsation sesslon wlll be provided which ensures that the new Management Commlttee 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 Councll. Page 9
Rus5e114otes Art Gallery and Museum Truslees Annual Report ststement of trustees, responslbllftles in relation to the flnanclal statement$ The charity trustees are responsible for preparing a trustees, annual report and financlal statement5 in atcordance with applicable law and Unlted Kingilom Accounting Standard5 (Vnited Kingdom Generally Accepted Accounting Practice). The law appllcable to charities requires the charlty trustees to prepare financial statement5 which give a true and fair view of the state of affairs of the charity and of the incominB resources and application of resources of the charity for that perlod. In preparing these financial statements, the trustees are required to.. select suitable accountlnB pollcles and then apply them consistently; observe the methods and principles in the Charltles SORP; make judgements and e5tlmates that are reasonable and prudent; state whether applicable UK accountlng standards have been followed, Subject to any materlal departures disclosed and explained in the fi'nancial statements,. prepare the financial statements on the goin8 concern basls unless it is inappropriate to presume that the charlty will contlnue in bu5ines5. The trustees are responsible for keeping proper accountlng records that dlsclose wlth reasonable accuracy at any time the financial position of the charlty anil to enable them to ensure that the financlal statement5 comply with the Charities Act 2011, the applicable Charltles (Accounts and Reports) Regulations, and the provislons 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 Irre8ularitle5. StJtemont of d15closure of Inform•tlon to audltor So far as the trustees are aware, there Is no relevant audit information of whlch the company's audltors 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 aLbditors are aware of that InformatS0n. Slgned on behalf of the charlty's trustees BCP Councll Trustee ,1£12 Page 10
Russell-cotes Art Gallery and Museum Audit Report Unqualified Independent Audltor's Report to the Trustee5 of Russell.Cotes Art Gallery and Museum Oplnion We have audited the accounts of Russell-cotes Art Gallery and Museum Ithe'charity'l for the year ended 31 March 2025 which comprI5e the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the Note5 to the Accounts. including a summary of significant accounting policies. The financlal 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 Republlc of Ireland. (United Kingdom Generally Accepted Accounting Practlcel. In our opinion the accounts.. give a true and falr view of the State of the charity'5 affalrs as at 31 March 2025 ,and of Its profitlloss for the year then ended,. have been properly prepared In accordance wlth United Kingdom Generally Accepte¢J Accounting Practice,. and • hève been prepared in accor(iance with the requirements of the Charltles Act 2011. Basls for oplnSon We conducted our audlt in accordante with Intern3tlonal Standards on AudStSn8 IUKI IISAS IUKI and applicable law. Our responsibilities under those standaTds are further descrlbed In the Auditor's responslbllities for the audit of the accounts sectlon of our report. We are Independent of the charity In accordance with the ethical requSrements that are relevant to our audit of the accounts in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethlcal responslbillties In accordance with these requirements. We be15eve that the au(lit evidence we have obtalned 15 sufficient an(J appropriate to provide a ba515 for our oplnlon. Conclu$lons relatlng to 8olnK concem In auditSng the account5, we have concluded that the trustees, use of the 8oln8 concern basls of accountln8 In the preparatlon of the account5 15 appropriate. Based on the work we have performed. we have not Sdentlfied any materlal uncertalnties relating to events or condi1Sons that, indlvldually or collectlvely, may cast slgnlficant doubt on the group and parent charity's ability to continue as a goliig coi)cei'n IL>1 d peiivd of at least 12 month5 from when the accounts are authori5ed for issue. Our responslbllltles and the responsibllities of the trustees wSth respect to goin8 concern are descrlbed In the relevant sectSons of thls report. Other Informatlon I he other informatSon comprises the Informatlon Included in the annual report, other than the actounts and our auditor's report thereon. The trustees are responsible for the other information. Our oplnlon 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 rèsponsibility Is to read the other inforrnation and. in doing so. consider whether the other inforrnatlon Is materially inconsistent wlth 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 rni55tatements, we are required to deterrnine whether there is a rraterial misstatement in the accounts or a material mlsstatement of the other information. If, based on the work we have performed, we conclude that there is a material mi55taternent of thi5 Other information,we are required to report that fart. Page 11
Russell-cotes Art Gallery and Museum Audlt Report Unqualified We have nothing to report in this regard. MatteTS on whi¢h wè are required to report by exceptlon We have nothing to report in respect of the following rnatters in relation to which the Charities IAccounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the accounts is inconslstent in any materlal respect with the trustees, report,. or sufficient accountln8 records have not been kept,. or the accounts are not in agreement with the accounting records,. or we have not recelved all the information and explanations we require for our audit. Respanslbllltles of trustees As explained more fully in the trustees, responsbbllltles statement found the trustee5' report, the trustees are responsible for the preparation of accounts which give a true and falr vlew, and for such Internal control as the trustees determine is nece553ry to enable the preparation of account5 that are free from materlal mlsstatement, whether due to fraud or error. In preparing the accounts, the trustees are responsible for assessing the charity's abi1Sty to continue as a Boin8 concern. disclosin& a5 appllcable, matters related to going concern and using the going concern basis of accountin8 unless the trustees intend to liquldate the charlty or to cease operatlons, or have no realbstic alternatlve but to do so. Audltor's re5pon51bllltles tor the audlt of the atcounts We have been appolnted under the Charlties Act 2011, 5. 144 and report In accordance with the re8ulatlons made under the Att and relevant regulations made or having effect thereunder. Our oblertSves are to obtaln reasonable assurance about whether the accounts as a whole are free from materlal misstatement, whether due to fraud or error, and to 555ue an audltor's report that include5 our oplnion. Reasonable assurance Is a hlgh level of a55urance, but Is not a guarantee that an audit condutted in accordance wlth ISAS IUKI will always detect a materlal mlsstatement when It exlsts. Mlsstatements can arise from fraud or error and are consldered material If, Indlv5dually or In the aggregate, they could reasonably be expected to Inlluence the economic declsSons of user5 taken on the bas15 Of these accounts. The extent to whlch our procedures are capable of detecting irre8ularitles, includin8 fraud is detalled below.. As part of deslgning our audlt, we determlned materiality and assesseil the rlsks of material misstatement in the financial statements, includSng how fraud may occur by enqulring of management of Its own consideratlon of fraud. In particular, we looked at where management made subjective judgements, for example in respect of slgnificant accounting estlmates that Snvolved making assumptlons and considerlng futtjre events that are inherently uncertain, We also considered potentlal flnanclal or other pressures, opportunity and motivatlons for fraud. As part of this discussion we identlfled the internal controls established to mitl8ate risks related to fraud noncompliance with laws ènd regulations and how management monitor these proce55e5. Appropriate procedures included the review and testing of manual journa15 and key estlmates and judgements made bv management. Page 12
Russell-cotes Art Gallery and Museum Audlt Report Unqualified We gained an understanding of the legal and regulatory frarnework applicable to the charity and the sector in which it operates, drawing on oijr settor experience, and considered the rlsk of arts by the Charity that were contrary to these laws and regulations, in¢ludin@ fraud. We focused on13ws and regulation5 that could glve rise to a material misstatement in the financial Statements, includin& but not limited to, the Charities Act 2011 and UK tax legislation. We made enquiries of management with regards to compliance with the above laws and regulation5 and corroborated any necessary evidence to relevant information, for example, minutes of the tru5tees' meetings and correspondence between the Charity and its solicitors. Our tests included agreeing the financial statements di5c105ures to underlying supporting docurnentation and enquiries wlth management, Identifying and testing journal entries, in particular any journal entries posted wilh unusual account comblnations, revlewlng of deferred Income and accrued Provisions. We dld not identlfy any key avdlt matters relatlng to irre8ularltie5, Includlng fraud. As in all of our audlts, we a150 addressed the rlsk of management override of intern31 controls Includin8 te5tlng journa15 and evaluation whether there was evidence of bias by the trustees that represented a rlsk of material misstatement due to fraud. Our audit procedures were deslgned to respond to rlsks of materlal MSs5tatement in the financial statement5, recognisin8 that the Tlsk of not detectlng a materlal misstatement due to fraud 15 hl8her than the rSsk of not detecting one resultlng from error, as fraud rnay involve deliberate concealment by, for example, forgery, rnSsrepresentatSons or through collusion. There are inherent limitations in the audit procedures performed and the further removed non-compliance wlth laws and reBulations is from the events and transactlons reflected in the flnanclal statements, the less Ilkely we are to become aware of it. A further descrlption of our responslbllities for the audit of the accounts is located on the Financlal Reporting Councll'5 webslte at www,frc.or8.uklaudltorsresponslbi15t5es. Th15 descrlptlon forms part of our Audltorfs Report. Use of thos report This report Is made solely to the charity's tru5tee5, as a body, iii accordai)ce Pai'l 4 vf Llie Clidrrties (Accounts and Reports) Regulatlons 2008. Our audit work has been undertaken so that we rnlght State to the charlty's trustee5 those matter5 we are required to stale to them in an audltors, report and for no other purpose. To the fullest extent permltted by law, we do not accept or assume responsiblllty to anyone other than the charity and the charity's trustee5 as a body, for our audlt work, for thls report, or for the opinions we have formed. Hixsons, Accountants and Statutory Auditor5 24 Cecil Avenue Bournemouth BH89EI a9)ryI1P6 ofiune 2026 Hixsons is ellglble for appointment as audltor in terms of the Companies Att 2006. s.1212. Page 13
Rwssell-cotes Art Gallery and Museum Statement of Finan¢lal Artlvltles for the year ended 31 Mar¢h 2025 UnrestrSrted fund5 2025 Restrlrted Endowment funds funds Totsl funds Totsl funds 2025 2025 2025 2024 Notes Income and endowments from.. Donations and legacies Charitable activities Other tradlng actlvlties Other 704,934 252,121 303,683 197,924 902,858 252,121 303,683 3,712 1,478,ISI 246.198 280,¢yJ7 788 3,712 Total 1,260,738 201,636 1,462,374 2,005,144 Expendlture on: Ralsing funds Charltable actlvltles Other 1,156.561 174,267 213,882 1,370,443 174,267 152,679 1,692,178 190,317 91,320 43,699 108,980 Total 1,330,828 257,581 108,980 1,697,389 1,973,815 Net galn5 on investments Net lexpendbturelllncome Transfers between funds io 170,0901 155,9451 1108,9801 1235,0151 31,329 Net lexpendbrej/1nCOme before other 8alnsl{Ioss•s1 170,0901 155,9451 1108,9801 1235,0151 31,329 Other qalns and10sses Other Galns/llL05ses11 N•t movement In funds 610,154 610,154 14,735,580) 375,139 14,704,251) 170,0901 155,9451 501,174 Reconclllatlon ol funds: Total funds brought forward 193,869 278,327 46,312,228 46,784,424 51,488,675 Total funds carrled forward 123,779 222.382 46,813,4D2 47,159,563 46,784,424 Page 14
Russell-cotes Art Gallery and Museum Balance Sheet at 31 March 2025 Charlty No. 306288 2025 2024 Fixed assets Tangible assets 12 46,813,402 46,813,402 46,312,228 46,312,228 Current assets Stocks Debtors Cash at bank and in hand 13 14 15,208 13,131 369,625 397,964 151,8031 346,161 13,820 12,283 498,472 524,575 152,3791 472,196 Cred5tors: Amount falllng due wlthln one year N•t ¢urr•nt assets 15 Totsl ass•ts less current Ilabllltles 47,159,563 46,784,424 46,784,424 N•t assets •xcludln8 penslon a$5et or Ilabllity Total net assets 47,159.563 47,159,563 46,784,424 The lunds ol the charlty Restrlrted funds Endowment funds Restrlcted Income funds 16 46,813.402 222,382 47,035,784 46,312,228 278,327 46,590,555 Unr•strlcted funds General fund5 16 123,779 123,779 193,869 193,869 Totsl funds 47,159,563 46,784,424 Approved by the tru5tee5 on 19 January 2026 And slgned on thelr behalf by.. BCP Councll Trustee 11612£ Page 15
Russe114otes Art Gallery and Museum Statement ol Cash flows fi)r the year ended 31 March 2025 2025 2024 Cash Ilows from operatlng artlvltles Net Incomel{expendlturel per Statement of Flnanclal Actl¥ilie5 375,139 14,704,251) Adjustments ft>r'. Profit on disposal of tanglble fixed assets & receipts for future purchases DepreclatSon of property, plant and equipment Other Igainsl 11055es Ilncreasel/Decrease In stocks Ilncreasel in trade and other receivables Decrease in trade and other payables 13,7121 17881 108,980 1610,154 11,3881 18481 1576 91,320 4,735,580 193 13,2731 149,8421 Not cash lused InllprovSded by op•ratln8 4¢tl¥ltles 1132,5591 68,939 Cash flows from Investlng actlvltles Profit on disposal of tangible fixed assets & recelpts for future purchases Dlvldends. Interest and rents from investments 3,712 788 Net cash from Investln8 J¢IMtle5 3,712 788 Net cash from flnanclnl artl¥ltl•s Net Id•ern•sellln¢rease In cash and $h equlvalents 1128,8471 69,727 Cash and ¢ash equlval•nts at the be8lnnln8 of the year 498,472 428,745 Cash and ¢ash equlvalents at the end of the ye4r 369,625 498,472 Components ol cash and cash equlvalent$ Cash and bank balances 369,625 498,472 369,625 498,472 Page 16
Russell<otes Art Gallery and Museum Notes to the Accounts lor the year ended 31 March 2025 l Accounting pollcles Ba51s of preparatlon The financial statements have been prepared in accordance with Statement of Recommended Prattice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financlal ReportlnB Standard applicable in the UK and Republic if Ireland IFRS 1021 SsUed on l January 2019 and the Flnancial Reporting Standard applicable in the Unlted Kingdom and Republic of Ireland IFRS 1021 and the Charities Act 2011. The accounts Ifinanclal statementsl have been prepared under the historical cost convention with iterns recoBnised at cost or transaction value unless othenMSse stated in the relevant notel51 to these accounts. The Russell-cotes Art Gallery and Museum's corporate trustee includes the charSty In Its consolldated financSal statements. The consolidated financial staternents are prepared under the Internatlonal Flnantial Reporting Standard5 and are avallable to the public at https'.l/www.bcpcouncil.gov.uk/About-the-council/BudÉets-antl-finance/Annual-account5.aspx. Having 8lven regard to Public Benefit Entity guidance the corporate trustee considers the Russell-cotes Art Gallery and Museum to be a Publlc Beneflt Entlty. Golng Con¢em Hi5torlcally the Councll, In It5 role as local authority and corporate trustee, has provlded donated servlces each year sufficSent for the trust to achieve breakeven. Thls Is currently the pollcy and the trustee has recelved confirmation that this support will contlnue for the foreseeable future and Is considered adequate and 50 the accounts have been prepared on a goln8 concern basis. The trustee consSders that there are no materlal uncertainties about the Trust's ablllty to contlnue as a golng concern. Chan8• In ba$ls of a¢¢ountln8 or io prevlous accounts There has been no change to the accounting policles Ivaluatlon rule5 and method of accountlngl since last year an(1 no changes have been made to accounts for prevlous years. Fund attountln8 Unrestritted funds These are avaSlable for use at the dlscretlon of the trustees Sn furtherance of the general objects of the charity. These are unrestricted funds earmarked by the trustees for particular purposes. These are unrestrlcted funds which Include a revaluation reserve representing the restatement of investment assets at their market valuc5. These are avallable for use subjett to restrictions imposed by the donor or through terms of an appeal. Designated funds Revaluation funds Restrlcted funds Page 17
Re1•-cOtes Art Gallery and Museum Notes to the Accounts Inwme Recognltion of income Income 15 included in the Statement of Financial Activities ISOFAI when the charlty becomes entitled to, and virtually certain to receive, the income and the amount of the income can be measured with sufficient rèliabilitv. Voluntary Income in the form of Donated Servlces received is recognised in the year that the matchlng unfunded element of expenditurels Incurred. The polbcy of BCP Councll has been and will be to sub51dlse the charlty each year to the extent of its income shortfall. While thls arrangement Is Ilkely to continue for the foreseeable future there is no contractual necessity for the Councll to provlde the subsidy through Donated Services other than the basic maintenance of the East Cliff Hall premises and grounds and the collertlon. There 15 also the nee(1 to ernploy a curator. St3ffing currently includes a post of thls nature together wlth the siaff expected of a modern-day museum and art Ballery. Income from commerclal tradlng actlvities Is recognlsed at point of sale- this includes income from the café. Grant Income15 recognised when the charity can demonstrate entitlernent, receipt Is probable, and the amount can be measured reliablv. Income with related Where Income has related expendlture the Income and related expenditure Is expendlture reported gr05s In the SOFA. Donatlons and legacles Voluntary Incorne recelved by way of grants, donations and gifts Is included In the the SOFA when recelvable and only when the Charlty ha5 untonditional entitlement to the Income, Tax reclalms on Income from tax rec13im515 Included In the SOFA at the same time as the donations and glfts glftldonation to v4hlch It relate5. Donated 5ervlces These are only Included In income Iwlth an equlvalent amount In expenditure) and facllltles where the beneflt to the Charlty Is reasonably quantiflable, rneasurable and materlal. Volunteer help The value of any volunteer help recelved is not Included In the account5. Investment income This is Included in the accounts when receivable. G3ins/llossesl on Thi5 includes any galn or loss resulting from revaluing Investments to market value revaluation of fixed at the end of the year. assets Gainslllossesl on Investment assets Thls Includes any Baln or loss on the sale of investments. Page 18
Russell-Cote5 Art Gallery and Museum Notes to the Accounts Expendlture Recognition of expenditure Expenditure Is recognlsed on an accruals basls. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates. These comprlse the costs assoclated with attracting voluntary income, fundraislng tradbng costs and investment management cost5. Expendlture on raising funds The main cost is for staff and there Is no dlstlnctlon or recordlng of tlme between charitable attlvlties and the cost of generating fL*nds. For example, there are no specific, salaried staff members employed to make retail sales. Instead, other staff members cover thls functlon as an incidental part of their employment. An estlmate of the value of this service is reflected in the statement of financial actlvltles on an accrual basls. Maintenance includes the direct costs of maintaining the building and 8ardens. Runnin8 Costs Include rates, utilltles and insurances. Salarles represent the cost of the Council supplled staff including those funded bv any external grants. Operating Costs are mostly Incurred by the Council and charged by way of recharges to reflect the RLJssell-Cotes' apportlonment of the cost of central Council 5ervlces provlded. Governance costs comprise all costs InvolvlnB the public accountablllty of the charlty and Its compliance wlth regulation and good practice. These c05t5 Include those related to preparin8 statutory accoLtnts, the statutory audlt, le8al fees and costs of Commlttee meetin8S. Expenditure on These compr15e the costs incurred by the Charity In the dellvery of its artlvltles and charltable actlvltles service5 in the furtherance of Its objects, Including the making of 8rant5 and governance costs. All grant expendlture Is accounted for on an actual paid basls plus an accrual for grants that have been approved by the trustee5 at the end of the year but nol yet pald. These Include those costs assoclated with meeting the constltutional and statutory requlrements of the Charlty, including any audit/lndependent examlnatlon fees, costs linked to the strategic management of the Charity, together with a share of other administration costs. Other expenditure These are support tosts not allocated to a partScular actbvlty. Grants payable Governance costs Taxatlon The charlty15 exempt from tax on Its charltable attivities. Page 19
Ilussell-cotes Art Gallery and Museum Notes to the Accounts Freehold investment property Heritage A55ets 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 collectlon of the Ru5sell-Cotes museum. They are held to provide benefit and enjoyment to the inhabitants of and vlsltors to Bournemouth. Heritage assets are initbally recognlsed at C05t and are revalued perlodically. Any revaluatlon gains or1055e5 are held in the Endowment fund. These assets are valued uslng the Councll's land and buildin8 valuation processes Idepreciated replacement costl. Major refurblshment carried out by the Council is cla55ified a5 a donated service and the asset revalued accordingly. Whilst belng carried at other than a notional value, assets are depreciated on a straight line basls over their estirnated useful Ilves. TangSble Assets 5years Heritage- Freehold Buildings SO years The carryin8 values of heritage assets are revlewed where there15 evldence of physical deterloratbon or breakage. Any impairment Is recognlsed and measured In accordance with the Trust's general polide5 on Impairment. Depreclation Is only chargeable on heritage assets If they meet the Trust's general pollcies for deprecSatlon. The collettSon Is not depreciated but revalued on a periodic basis by approprlate experts includSng the museum curator. A record ol the herltage assets held by the Trust Ss malntalned Sn the Mode5 database. Capitalisation follow5 the pollcy of a threshold of £l,OLKS. stocks Stock is Sncluded at the lower of cost or net realisable value. Donated Items of stock are reco8nlsed at falr value whlch15 the amount the charlty would have been willing to pay for the items on the open market. The glft shop & cafe stock is counted at year end and valued at the lower of cost or most recent purchase prlce and net realisable value a5 per FR5102 Isectlon 131 and the Charlty SORP. Trade and other d•btors Trade and other debtors are recognised at the settlement amount due after any trade dlscount offered. Prepayments are valued èt the amount prepaid net of any trade discounts due. Cash and ¢4sh equlvalents Cash at bank is equal and opposlte to the sum of the net of the debtors and creditors, the Conservatory Repair fund and the Paintings and Speclmens reserve. The rnuseum does not have its own bank account all receipts are paid into and all payment5 paid from the BCP Council's main bank account. R•celpt of donated goods. lacllltles and servlces All donated goods, facilitie5 and Services received are recognised within Incoming resources and expenditure at an estimate of the value to the charity. Page 20
Russell-cotes Art Gallery and Mu5eurn Notes to the Accounts 2 Statement of Flnan¢lal Artlvities- prlor year Unrestricted funds Restricted Endowment funds funds Total funds 2024 2024 2024 2024 Incorne and endowments frorn: Donations and legacies Charitable activities Other trading activities Other 699,545 246,198 280,007 778,606 1,478,151 246,198 280,7 Toial 1,226,538 778,606 2.005,144 Expendlture on: RaisinB funds Charitable actlvStles 1,003,405 190,317 688,773 1,692,178 190,317 91,320 Other 91,320 Total 1,193,722 688,773 91,320 1,973,815 Net In¢ome 32,816 89,833 191,3201 31,329 Nei Income tOre thh•r lalns / {10558$1 Other 8alns alld losses: Other Ilossesl Net movement In funds 32,816 89,833 191,3201 31,329 14,735,580) 14,735,580) 14,826,900) 14,704,251 32,816 89,833 Reconclllatlon of funds: Total funds brought forward Total funds carrled foThvard 161,053 188.494 51.139,128 51,488,675 193,869 278,327 46,312,228 46,784,424 Page21
Russell-cotes Art Gallery and Museum Notes to the Accounts 3 lrt¢omè fr*)m donations and le8ades Unrestrlrt•d Restrirted Total Totsl 2025 2024 Public donations BCP Councll donatlons 79,711 607,150 18,073 704,934 19,156 178,768 98,867 785,918 18,073 902,858 382,937 1,095,214 Grant income 197,924 1,478,151 Included In BCP Council donations are'ln klnd donations, for central support totalling £50,97412024.. £48,779) and repairs totalling £44,01612024: £40,CQII. Donat goods, fa¢llltles and servlus recelved Tot81 2025 Totsl 2024 General donatlon Change In value of Bift shop & café closing stock 784,530 1,388 785,918 1,095,407 11931 1,095,214 4 Income from ¢harltable actlvltles Unrestrlcted Total Total 2025 2024 Admlssion fees and school vlslts 252,121 252,121 246,198 252,121 252,121 246,198 5 Incom• from her tradlni acllvltles Unr•strlcted Total 2025 Tot•1 2024 Retall tradlng Venue hire 299,964 3,719 303,683 299,964 3,719 303,683 279,294 713 280,007 6 Other Income Re$trlcted Totsl Total 2025 2024 Sale of Tixed assets to public Inet proceed51 3,712 3,712 3,712 3,712 788 Page 22
Russell.Cotes Art Gallery and Museurn Notes to the Accounts 7 EMpendSture on raislng funds Unrestrlrted Restrlrted Total Total 2025 2024 Fundrt7ising truding costs Retail tradlng Grant funded- for detall see below 91,685 91,685 56,178 13,009 General operations. for detail see below Exhibitions 1,057,528 213,882 1,271,410 1,619,529 7,348 7,348 3,462 Total I,IS6,561 213,882 1,370,443 1,692,178 General operatlons & Grant funded detall Repalrs & maintenance Rates & utilities 154,281 71,531 20,615 444,310 38,301 73,223 8,380 213,353 367,634 71,531 20,615 444,310 38,301 73,223 8,380 71)4,426 34,374 7,594 432,245 36,627 71,246 15,201 Other premlses costs Wages & 5alarle5 Soclal security Pension Other employee costs Accountancy, Payroll, HR & Legal costs Insurance premlums IT & telecom5 Travel 50,974 50,974 48,779 62,846 4,936 1,312 4,891 22,388 62,846 4,936 1,312 4,891 22,388 66,718 4,924 1,281 3,431 19.923 Other office costs Marketlng & promotlon Consultants / Professional fees Mlscellaneous supplie5 & 5ervlces 72,872 72,872 94,439 26,668 529 27,197 91,330 Total 1,057,528 213,882 1,271,410 1,632,538 Page 23
usse es ryan useum Notes to the Accounts 8 Expendlturè on charltable actl¥ltles Unrestrkted Total Total 2025 2024 Expenditure on chorituble activitles General operatlons for detail see below 159,267 159,267 171.657 Repositorv Governance costs 2,860 15,800 190,317 15,0(X) 174,267 I5,0) 174,267 Included In Governance costs are external audit fees of £15,00012024'. £15,800) excluding VAT. Wages and salarles 137,048 9,602 12,617 137,048 9,602 12,617 145,34] 10,712 15,604 Social Security Pension Total 159,267 159,267 171,657 9 Other expendlturg R•strlcted Endowmont Total Tot•1 2025 2024 Externalisatlon I transition Amortisation, depreciatlon, Impairment, profitlloss on dlsp05al of flxed assets 43,699 43,699 108,980 108,980 91,320 43,699 108,980 152,679 91,320 10 Net lexpendlturellln¢ome before transfer5 2025 2024 This15 Stated after charglng.. Depreclation of owned fixed assets li Staff costs No employee5 recelved emoluments in excess of £60,CQO for their Russell-cotes related duties. There were no tran5actiorb5 Involvlng the trustee or related parties and there were no ex-8ratia payments. 108,980 91,320 The average monthly number of full tlme equlvalent employees durlng the year was as follows: 2025 2024 Number 20 Number 18 18 20 Page 24
usse eryan Notes to the Accounts Museum 12 Tanglble fixed assets C05t or revaluation At l April 2024 Revaluation At 31 March 2025 DeprecSation and impalrment Depreciation char8e for the vear Revaluation 46.312,228 501,174 46,813,402 46,312,228 501,174 46,813,402 108,980 108,980 108,9801 1108,9801 At 31 March 2025 Net book values At 31 March 2025 At 31 March 2024 46.813,402 46,312,228 46,813,402 46,312,228 The valuatlons las at 31 March 20251 for the Herltage assets are.. BuSldin8 and Land £ 7,042,19912024, £ 5,763,000) Fine Art Collection £39.771,20312024'. £40,549,228) 13 Sto¢kg 2025 2024 Raw materlals and consumable5 15,208 15,208 13,820 13,820 Carrylng value analysed by artlvltles 2025 2024 Retall tradln8 15,208 15,208 13,820 13.820 14 Dgbtors 2025 2024 oiher debtors 13,131 13,131 12,283 12,283 15 Credltors: amounts fallln8 due wSthln one year 2025 2024 Accruals 51,803 51,803 52,379 52,379 Page 25
RussÈlllotes Art Gallery and Museum Notes to the Accounts 16 Movement In funds Incornin8 resources Resources At 31 March 2025 expended {Includlng At l Aprll other 2024 galns11055esl Restrlrted funds: Endowment funds: Building & Collection 46,312,228 610,154 1108,9801 46,813,402 Totol 46,312,228 610,154 1108,9801 46,813,402 Restrlcted Income lunds: Conservatory repair fund Public donatlons Endowment income fund - Publlc donations 36,025 542 133,0001 3,567 8,580 2,114 12,1141 8,580 Paintln85 and specimen reserve- Publlc donatlons Sponsorshlp donatlon 'Art15t as Wltness, 16,830 24,830 8,500 8,500 Sale of flxed assets MEND8rant ' 8CP Councll donation5 Herita8e Lottery Fund 8equeath5 BCP Council 3,712 3,712 178,768 1178,7681 123,6991 36,272 120,620 60,0 12,573 120,620 40,000 120,0001 Total 278,327 201.636 1257,5811 Sponsorsblp donatlon for the catalogue for the 'Artist as Witness.. the Impact of War, exhlbltlon October 2025 - March 2026 MEND grant- Museum Estate and Development Fund grant 222,382 Unrestrlcted funds: General funds 193,869 1,260,738 11,330,8281 123,779 Total funds 46,784,424 2,072,528 11,697,389) 47,159,563 Purposes and restrlctlons In relation to the fund5: Endowment funds.. BuildinE & Collection This comprlse5 the full sum of the Herltage Assets total revalued amount, the tost of any fixed asset additions since the last valuation and the depreclatlon charged. Restricted ftjnds: Page 26
Russell.Cates Art Gallery and Museum Notes to the Accounts All funds The cash balances are held by the Councll Sn its general bank balances and are available at any time on demand. Donations to support the repaSr of Con5eNatorv. Conservatory repair fund - Public donations Endowment income fund- Public donation5 Painting5 and speclmen reserve- Public donatlons Sponsorship donatlon Funds ceiVed solely for the benefit of the Russell-cotes. Recelpts retalned to fund the acquisition of new items for the collectlon. 5ponsorshlp donation for the catalogue for an exhibitlon October 2025 March 2026. Art Council England grant to fund essentlal internal and extefnal buildin8 repairs. To support the creatlon of Russell-cotes as an independent Charity. Donations from Indlvldual estates or other interest parties to support on8oin8 actSvlties of the Russell-cotes. Ftsndln8 purposes Includes - Externallsation, revenve support, repalrs & malntenance & collectlon repository feasSblllty study. 17 AnalysSs ol not assets between fund5 MEND grant Heritage Lottery Fund Bequeaths BCP Councll Unrestrlcted funds Restrlcted funds Total Fixed a55ets Net current assets 46,813,402 222,382 47,035,784 46,813,402 346,161 47,159,563 123.779 123,779 18 Reconclllatlon of net debt At l Aprtl 2014 At 31 Marth 2025 Cash flows Cash and cash equivalent5 498,472 498.472 1128,8471 1128,8471 369,625 369,62S Creditors due In more than one year Net debt 498,472 1128,8471 369,625 Page 27
Russell-cotes Art Gallery and Museum Notes to the Aecounts 19 Related party dlsdosures 2025 2024 Tronsortlons wlth relatedpurtles Name of reloted party BCP Countll In Is role as l¢xal authoritv Description of relationshlp between the parties Donations recelvedfrom the re1¢7ted party 785,918 1,095,214 The trust has a tlose working relationship with BCP Councll actlng In It5 role of local authorlty. The Councll actinB in its role of trustee of the charltable trust has nominated Councll Cabinet to act as the Management Committee under 9.57 8ournemoLrth Borough Councll Act 1985. The charity trustee acting in the capacity as managernent was not paid or reimbursed expenses durlng the year and no charity trustee recelved any emolument or payment for professional or other service. A5 dlsclosed In the analysls of resources expended, the Councll provldes staff to manage and maintaln the museurn and gallery. The Councll has hlstorlcally subsidlsed the annual Ilellclts of the tfU5t. There are 4 exhibits on loan to BCP Councll whith can be found in the parlours of both the Mayor and the Mayoress. Trustee Page 28
Russell-cotss Art Gallery and Mus•um Detslled Statement of Financial Activltie5 for the year ended 31 Mar£h 2025 Unrestrl¢ted funds 2025 Restrlcted Endowment funds funds 2025 Total funds Total funds 2025 1024 20ZS Incorne and endowments Irom: Donatlons and legacles Public donailon5 BCP Council donations Granl income 79,711 607,150 18,073 704,934 19,156 178,768 98,867 785,918 18,073 902,858 382,937 1,095,214 197,924 1,478,151 Charltable actlvities Admission fees and school vlslts 252,121 252,121 252,121 252,121 246,198 246,198 Other tradlng actlvitle5 Retall tradlng Venue hlre 299,964 3,719 303,683 299,964 3,719 303,683 279,294 713 280,007 Other Sale of flxed assets to publlc Inet proceeds) 3,712 3,712 788 3,712 3.712 788 Total Sncome and endowments 1,260,738 201,636 1,462,374 2,005,144 Expendlture on: Costs of other tradlng activities Retail tradlng Venue hlre General operations ExhSbitions 91,685 91,685 56,178 13,009 1,619,529 3,462 1,692,178 1,057,528 7,348 1,156,561 213,882 1,271,410 7,348 1,370,443 213,882 Total of expendlture on ralsin8 luThd$ 1,156,561 213,882 1,370,443 1,692,178 Charitable artlvlties General operations Repository 159.267 159,267 171,657 2,860 174,517 159,267 159,267 Governance costs Governance costs 15,OC 15,000 15.WO 15,0(K) 15,800 15,800 Total of èxpènditure on charltsble artivitles 174,267 174,267 190,317 Other expenditure Page 29
usse es ery Detsiled Statement of Financial Artivities Externalisation I transition 43,699 43.699 43,699 43,699 General administrative costs, including depreciation and amortisatiorh Depreciation of land and building5 108,980 108,980 91,320 108,980 108,980 108,980 152.679 91,320 91,320 Total of expendIre ol other Costs Total expendlture Net gains on investments 43,699 1,330,828 257,581 108,980 1,697,389 1,973,815 Net lexpendlturelllncome 170,0901 155,9451 1108,9801 1235,0151 31,329 Net lexpendlturellln¢ome before other galnslllossesl Other GaSnslllLossesll 170,0901 55,9451 1108,9801 1235.0151 31,329 610,154 610,154 14,735,580) Net movement In funds 170,0901 155,9451 501,174 375,139 14,704,251) Recon¢lllatlon of fvnds: Total funds brought forward 193,869 278,327 46,312,228 46,784,424 51,488,675 Total lunds ¢arrled fonvard 123,779 222,382 46,813,402 47,159.563 46,784,424 Page 30