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
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RU￿ell￿0tes 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.
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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 ac￿55 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.
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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,.
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Russell-cotes Art Gallery and Museum
Trustees Annual Report
Secretary's Room Exhlbltlon5
Janua
'Beautlful Bournemouth, 2024=j￿ul ￿2024
This exhibition featured paintings and prints from the Collettion showing Bournemouth views.
Pictures
28Au
ue Poole, L￿ust 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
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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
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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-.
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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.
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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.
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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
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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.
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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￿￿)ryI1￿P6 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 lexpendb￿rej/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

R￿￿e1•-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 expendI￿re 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