REPORT OFTHE TftiISTEES AND UNAUDITED HNANCIAL STATEMENTS FOR TrIE YEAR ENDEO 31 DECEMBÉR 2023 FOR GORDON RUSSELL TRUST Re8lstered Charlty Number 326M6 Nlcholas ClSffe & Co Umithd Chartered Accfjufitants Mlll Hwse Mlll Court Grnatshevo CambrtiF8e C822 SLD 14 GORDON RUSSELL TRusr CONTENTS OFTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Report ofth•Tfustees Independent Examlnefs Report ststementof Ftnancl81 Actlvltles 8alance Sheet Notesto the Flnlnclal Ststements 9-11 Pap2 Ro8lstsrndCharftyNLunber326446 GORDON RUSSELL TRUST REPORT OF THE TRUStEES FOR ThE YEAR ENDED 31 DECEMBER 2023 The tntstee5 presentthelr reportwlth the flnanclal ststsments of the th4rlty forthe yearended 31 December 2023. REFERENCE ANDAOMINISTrATIVE DETAILS Re8lstered Charlty Number 326446 Prlndpal address IS Aussell Square Hl8h street Broadway Worcester5hlre WR12 7AP Twstees Jonathan Russell Imedlcal Leave) Anthony Gleave IResl8ned l March 20231 Helen 8rown IResl8ned Iojanuary 2024} Sean Feeney IResi8ned 19 Octobef 20231 Jonathan Glbbs Ilnterlm Chalrl Chflstoph8r Peter Hotten (Frfendsl Erica Wolffrmurray Nl¢holas Duxbury lappolnted l 2023) Guy Lambert lappolnted 26AwS120231 Patrons Anne Albrluht James Rltblat The Rt Hon Phlllp Smlth Fowndfjr T[￿stee5 appolnted October 1983 Mrs K 8ayes Mr R H Lel8h MrTChlnn Ackrth¥led8lng the late foundln8 Trnstee Exambnln8A¢¢ountsnts Nlcholas Cllffe & Co Umlted Chartared Accountsnts Mlll House MS11 Court Great Shelford Cambrld8e C822 5LD P48e 3 egtstered Charlty Number 326446 GORIX)N RUSSELL TRusr REPORT OF THE TRUSfEES (contlnued) FOR THE YEAR ENDED 31 DECEMBER 2023 StnKtyre GavenwKe and M•naym& The Gordon ftussell Trust wa5 estabilshed under a Trust deed datsd 17 Ortober 1983 and supplementTrust Deed dated 10 Juiy 1984 and further supplemented 11 January 2022. The Trust Is an educatlonal charfty and Is totslly Independent body. Th¢T￿￿tOperatesina¢cOrdance wlththe DetlaratlonofTrustadoptsd 1983. Thecharftyts m•na8ed by a Board of Trustees. Athlevements and Perfornian 2023 Saw a notsble improvement In Museum finance& Thls was achlevèd firstly through Increased entrance and ￿trI1 fevenue and se¢ondty due to two new Important donatlon& Admlsslons Improvements In volunteeror8anlsatlon and musèurn Staffing enabled the vlrtual ellmlnatlon of days closed for lackof stsff. However attracting vlsltor numbers remalned challenglng and group vlslts especlally have not been Increased. Total visitor numbers fell slightly to 3311. Revenue Improvement was therefore enabled by an increase in admI￿lOn ¢har8e from £5 to Retall Shop revenue was Improved by over 20% as Increased museum days open comblned wlth refreshed and replenlshed stock dlsplays. especlally for the Christmas season and marketlng the new Rycotewood College Gordon Russell Ray Leigh Award batrh-made product& Modest onllne slvjp sales remain a keyopportunlty for ImprovemenL OonaQlons The famlty of Tom Vaughan, a long serrfin8 museum voluntserand Broadway residenL very thoughtFulEy and klndly donated £5000ft>r acqu151t￿n5 in permanent memory ofTom's commltment to both the Museum and Broadway Willage. A Museum Frlendg famlly 15 cructally supportlng our present operation and aCt￿ltIeS with £5LM)O per annum for 3 year$ throu8h thelr Hllary and Davld Whlts Rose Foundatlon. Volunteers Our loyal and enthuslastk Museum Volunteersare essentlal to enable the Museum to open and opernte. We a￿ espe¢ially Indebted to our week*nd volunteers, and the specialist volunteers who att as Tour Guldes mana8e the Museum Arth1￿ ' and deliver our8featl¥ Valued programme of Frlend5 Event& Audlence Oa¥elopment We have restsrte(l our Frort Desk VlsitorSuTheys rfrwTrablin8 consistsnt Comp￿hen51Ve and tem) ¢ontlnuou5 trackin8 of 0￿r¥1S1torg reasons for comln8 to the Museum. Collectlon Dlrecdy enabled by the Vaughan famlty donation. the Museum has aCqui￿d. A unique ¢ircular Wan Mlrror made In 1984 and presentsd to SlrTerertee Conrnn. slaned by thè dèsl8ners at Gordon Russell Ltd. A rare and important large Glas5 Vase made c1927 by James Powell & Sons to Gordon Russell's Deslgn No585G for 8lass cuttin8 on a Tumbler Shaped Vase. (Gordon's glass and rnetsl desl8ns are presenty underqepre5ented In the Museum collectlonl. Page 4 Reg15rered Ch¥rlty Number326446 GORDON RUSSELL TRusr REPORT OF THE TRUSTEES l¢onilnued) FOR ThE YEAR ENDED 31 DECEMBER 2023 Leamlni The Museuffl and Rycotewood College have refreshed and greatfy reInfor￿d ourannual Gordon Russell Ltd Ray Lelgh Design Award forthelrfinal year deslgn Students. Studentsnow work todes18n cornmerclallysuccessful batrlpmade products, then made In bat¢h numbers by hand and machlne In a varlety of materlals prlndpally wood. Des*ns selerted on mertt at Rycotewood5 annual prlzfr8lvln8 are very suc¢¢ssfully promoted for sale In our Museurn Shop and onnne. and potentlalty larger scalè commerclalisatlon. Efforts a￿ contlnulng to restore the prevlous le¥el of frequent Sd￿91 vlslts to the Museum f*hlch have conslderabty dlmlnlshed due to Covld. school travel budgets and currlculum constralnt& ahead DurSn8 2023 the Museum ha5 worked to renew the membershlp of our 8oard of Trustees for the future, and towards convertlng to CIO 5tstus. The Museum Is especbally8rateful toour redrln8 Ion8 5trndln8Trustee5 Helen Brown Ilnterlm Chilr) and Chrlstopher fr*Jtten Ichalrnian of Frlendsl. OurTrustee Erlca WolffrMurr4y Inltlated a West Mldlands Museum Devolopment Grant funded Audlence Developmont Plan wlth the ambltlon of ItKfe051n8vlsltor numbers to 45(K) pa. 5TATEMENTOF TRUSTEEY RESPONS18IUTIES The trustèe$ are r•spon51bfe lor pr•parln8 the Report of the Trustees and the flnanclal ststefflents In accordancé wlth appr￿•ble law and Unlted Klngdom Accountln8 Stsndards Iunlted Kln8dom Generally Accepted Accountln8 Practlcel. The law appll¢ableto charltlè$ In En8land and Wales, t￿Ch*rItIesACt 201L Charlty (Accounts and Reports) Re8ulatlons2008 and the provlslons of the trust deed requlre th• trustees to prepare flnanclal ststements for each financlal year whlch 8lve true and falr vlew of the ststs of affalrs of the charltyand of the Incomlng resources and appll¢•iion of resources, Includln8 the Income and expendlture, of the charfty for that pèrlod. In preparfft8 th05efina￿lal ststementy thetrust¢15 are requlred to: select 5ultsble accoufttlng pollcFes and then appty them ¢on51slenlly. observe the mèthods and p￿ncIPleS In the Charlty SORP. make judgements and estlmates that are reasonable and prudert prèpare the flnantlal 5tstsments on the 8olngconcern basts unless It Is Inapproprlote to presume thal the ¢h•rlty wlll ¢ontlnue In buslness. The trustees are r•sponslble for keepln8 proper accountln8 recordswhlch dlxlosewlth reasonable •ccuracy at ary tlme the flnanclal posltlon of the charlty and to enable them to ensure that the finan¢lal Statements ¢ompty wbth the Charltles Act 2011, the Charlty (Accounts and Reports) Regulatlons 2008 and the PTovlslons of the trust deed. They are also re5ponslble far saftguardln8 the assets of the charlty and heno for taklng reasonabte steps for the pr•v•ntlon and detectlon of fraud aftd other Irregularltles. f,, (ILF...- Approved by the board oftrusteeson............. .......... Ind s*ned on Its behalf by. J. Glbbs IlnterlrfvCh8tr1 Re8tstered ChdtyNumber 326446 GORDON RUSSELL TRUST INDEPENDENT EXAMINERS REPORT TO THE TRIISTEES FOR THE YEAR ENOED 31 DECEMBER 21)23 I report on the accounts for the year&*ded 31 December 2023 set out on pales 7 to IL Respe¢U* responslbllltlesof the trustqe and exomlner The charftvs trustees are respOn￿bIe forthe preparation of the accounts. The charws trustees¢on51derthatanaiKIIt Is not reqL4lred for thls year lundtr Sertlon 144121 of the Charities A¢t 2011 (the 2011 Artll and that an Independent examinatlort Is requlred. It ts my responslblllty to: examlne tho accounts under s•ctI￿ 145 of the 2011 Atr, to follow the procedures lald down In the General Dlrettlon$ 8lvffi by the Charlty CommIssl￿ lund•r 5gctlon 14515llbl of the 2011 Act): and to stste whether partlcular matters haw come to myattentlon. Da￿$ ol the Indtyendent ex•mlnèVs report My examlnatlon was carrled out In Eccordance wlth the General Dlrectlon$8lven by the Charftycommlsslon. An eMamlnJtlon Includes a revlew of the aecountln8 records kept by the charlty ond a compar150n of the a¢¢ounts presented wlth those records. It also Includes conslderatEon of any unusual Items ordls¢losures In the accounts and seeklng explanatlons from you as trustee5 concernlng su¢h matter5. The pro¢¢dures undert4ken do not provlde all the evldence that would be requlred In an audlt. and consequently no oplnlonls Iven as to whether th• accounts present a 'true and falr VIe￿ and the report Is Ilmlted to those matter5 set out In the rt4t¢ments below. Independent exAmlneei s14tsm•nt In ¢onne¢tlon wlth my examlnatlon. no rnatt•r ha5 come to my attentlon: 111 whlch 8lv¢s me reasonable ¢au5e to belleve th•L In any materlal aspect, the requlrements to keep accountln8 re¢ord$ In accordance wlth Sectlon IYO of ihe Art 2011; and to Prepa￿ attounts whlch acth wlth the a¢countln8 records and to comply wlth th• accountlng ￿quIrements ofth¢ 2011 Act. have not been met: or (21 to whlch, In my oplnton, attentlan should be drawn In ordor to enable a proper understsndln8 of th¢ a¢¢ounts to be reached. Andrew Nlchol•s Cllffe Nkholas Cllffe & Co. Umlted Mlll Hous¢ Mlll Court Great th¢lft)rd C•mbrtdie C822 5LD Date: Re8l5tewIC￿i1ty Number 326446 GORDON RUSSELL TRusr STATEMENT OF FINANaAL ACTivmES FOR THE YEAR ENDED 310ECEM8ER 2023 Totsl Funds 1023 Tatsl Funds INCOMING RESOURCES Donatlons. le8acies and tharltsble 4ctlvltJes Investments 85.046 79,543 Total I￿l￿n￿8 ye￿ur 79,543 RESOURCES EXPENDED Costs of generatln¥ fvnds Costs of charftsble actlvlt5es Other resource5 expended Totsl resources exptrnded 24929 65 15 33.895 Nrt defidt for th• (SB981 110,9551 N•t mov•m•nt In fvndsforthe ye•r 15J98) 110,9551 Totsl fvnds broughtfon¥anl 363,824 374,779 TOTAL FUNDS CARRIED FORWARD 363,824 Of the Incomln8 resou￿e5, £4,75012022. Énlll was desllnated and was fvlly expended In t￿ year. The notes on pages 9 to 11 form part of these flnandal statements Pagt 7 Re8lstered Charlty Number326446 GORDON RUSSELL Tftusr 3AIANCE SHEEr FOR THE YEAR ENDED 31 DECEMBER 2023 202> Tanwble assets 505mS 301571 905J165 302.571 CURRENT ASSETS Debtors Stocks Cash at bank and In hand 2.510 14.998 51 69,368 6¥182 CURRENT UAWUnES Credltors: Amounts fallln8 due wlthln one y￿r 21 N•t ¢urrentus•ts 39.961 6L253 Totsl *M•ts l•u amtht IINbllltt•J Tgtsl netauets J65 R•prt•ontod by. DO￿111119d fun Unr•rtrt£tsd fund%: General fund5 363 358,426 363024 TOtsI￿nd1 363 Theflninclal ststements were aPprO￿d tythetr￿tees on....... behalf ￿. nd s18ned on thelr J. Glbbo (Interlmthlr) The notes on p8ges 9 to 11 form part of theseflnanclal statements Re8lthMd Charlty Nurnber326q46 GORDON RUSSELL TRUST NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 DECEMBER 2023 L ACCOUNTING pouaES asts of prwratlon The accounts lfinanctal ststementsi have been prepared under the historical cost ￿nventIon wbth Item5 recognlsed at costor transactlon value unless otherwlse stated in the relevant notelsl tothe5e accounts Thellnanclal ststements have been prepared In accordance with the Ststement of Recommended Practlce". Accounting and Reportln8 by Charltles preparlnB theiraccounts In accordance wlth the Financ￿1 Reportin8Stsndard appllcable in the UKand Republ1¢ of Ireland IFRS 1021 b5sued on 16 July 2014 and the Flnandal Reportlng Stsndard applicable in the Unlted Klngdom and Republlc of Ireland (FRS 1021 and the CharlbesAct 2011, The charlty con5tltutes a public benèfit entlty as deflned by FRS 102. IncomlnB rt50ur All Incomlng re50urces are Included In the Ststement of Finandal Artbvittes when the ¢harlty Is legalty entltled to the Income and the amountcan be quantlfied wlth reasonable accuracy. Expendlture Is accounted for on an accruals basis ar￿ has been classified under headlrw that ag8Te8ate all cost ielated to the category. Where costs ¢annot be dlrecuy attrlbuted to partkular headlngs they have been allocated to actlvlttès on a bas15 conslstentwlth the use of resourcèk Taxatlon The charlty Is exemptfrom rdx on its dwrltsWe actMtle& Debtors Trade and other debtors are reco8nlsed atthe nèt settlementvalu& Prepayments are valued atthe net wepakl amounL Credltors and provisions are reco8nlsed when the charfty has a present obllgatlon resultbng from a past event that wlll probably result In the transfer of fund5 to a thlrd party and the amount due to settle obllgatlon can be measured or estlmated rellabfy. Credltors and provlslons a￿ nomially rece8nised at their netsettlementvalue. Fund accouffith Unrestrlcted funds can be used In accordance wlth the ¢harltsbJe obJerti¥es at the diSCret￿n of the trustee& Restrlcted fvnds can only be used for partlcular restrlrted purposes withln the objects of the charlty. Deslgnated funds are used I for a speclflc project accordance with the wtshe5 of the gNer. 1. 114COMING RESOURCES Totsl 2023 Totsl 2022 Donatlons. admlssions. shop sales Grants recelved Corporate sponsorshlp I patrona8e Frlendg donatlon& membershSp and events Gift ald 66,205 6.672 49.464 17,820 10,169 10,259 79,543 Of the Incomln8 ￿source4 £2,500 In donatlors and Q,2SO In grants was deslgnated12022- £nlll. Page9 fte81ste￿d Chailty Number326446 GORDON RUSSELL TRUST NOTES TO THE FINANCIAL STATEMENTS (conL) FOR THE YEAR ENDED 31 DECEMBER 2023 3. INCOME FROM INVESTMENTS Totsl 2023 Tot•1 Interest recelved 4. RESOURCES EXPENDED Total 202J Totsl Z022 Costs ol Charltsble •rtlvllles Advertlsln8 and sales Conservatlon Museum awards. grants and donatlons Idesl8natedl Openlng stock for resal¢ Purchases for resale eook prlntlng costs aosSn8 stock for resal• Govem•rtce c¢)rts 746 1,522 4.750 14,998 6.453 1.359 16,972 11.137 15,248 113,0391 {14.9981 Independent examlnef s fee and accountsn Meetlng costs 4,415 5.084 11,3161 S,493 33m5 Meetln8 costs are thè expenses for the Museum Frfend* Th1$ ¢iMr4 and Is not Ilmltad to, the followln8 actlvlttes: Hostlng th• onllne talks and paylni modest expenses for the speakqr5, admln15trnilon for new and renewal of member5hlps ind the expen5e5 for In person events such as the Voluntsersand Frlends Summer Partv. Other r•s•urw eXp￿dId Totsl 2023 Totsl 2022 Employee costs Premlses costs General admlnlstratlve costs 40,560 8.029 16,926 42.062 7,499 7,042 56h03 S. STAFF COSTS Tot41 Salarle$ arrfl wa805 Penslon costs Tralnln8 39,939 621 41,232 830 560 41062 No èmploye• r8cèlv•d emoluments In excèss of £60.1￿ {2022- NIII Pa8e 10 Reostered tharlty Nurnber 326446 GORDON RUSSELL TRUST NOTESTO THE FINANCIAL STATEMENTS {cont.) FOR THE YEAR ENDED 31 DECEMBER 2023 6. TAN61gLE FIXEDASSETS Land and bulldln8S Pl#ntJnd mithlnery Totsl collecllon Iltlln8s and Qqulpment Cost or revaly•tlo At l January 2023 Addltlons At 31 December 2023 229,081 222,170 302,571 2,494 A35 772,257 2.494 T14,751 229,081 24170 35 Oepr•clatlon •nd Imp•lrment At l January 2023 Depreclatlon charyt lor the yèar 229.081 2211x1 435 469,686 At 31 December 2023 229,081 24170 18A35 469,686 Net I￿0￿ v4lues At 31 December 2023 305,065 301571 305,065 302,571 At 31 Dec•mbof 2022 7. STOCKS stock held for re5Jle 13,039 14.998 .039 8. CREDITORS 2023 2022 Amounts tslllni due wtthln one year PAYE and Natlonal Insurance Penslon payable A¢¢ruals and deferred Income 519 135 7.461 7,821 7I21 Pa8¢ 11