Gharlty numbor. 326446 REPORTOFTHETrUSTEES AND UNAUDITED FINANCIALSTATEMENTS FOR THEYEAR ENDED 31 DECEMBER 2025 FOR ¢30RDON RUSSELL TRUST Page 1
¢XIRDON RUSSELL TRUST CONTENTS OFTHE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2W25 Contsnl¥ Pago$ Relerence and admlnlstratlve deta118 Report of the Trustees Independent Examlner'8 report to tho Tru8te8$ ststem8nt of tinanci81 actlvhle8 Bolance 8heet Note8 to thg tinancl81 statements 113 Poge 2
¢30RDON RUSSELL TRUST REPORTOFTHE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2W25 TheTrustees presentlheir raportwith the fin8nci81 statements for the yearend8d 31 December 2025. REREN¢EAMoADM1NIsTrATlVE DEfAILS Reglstered Charfty Number 326448 Prlnclpal address 15 Russell Square High Street 8roadway V4orc6slershlre VIR12 7AP Truslees Jonathan Russell (Chalr) Jonathan Glbbs Nlcholas Duxbury Guy Lambert Loul86 Keevlll {Reslgned 31 May 20251 David Russ811 14Mlll8m W8lch IRa8lgn8d 29 January 20251 J8rnes Trumper (Appolnted 17 February 2025) Flona Harrfe (Appolnied 28 October 20251 Patrons Anne Albdght Jamgs Rllblal Tho Rt Hon Philip Smith Founder Truste88 Mrs. K Bayes AcknOedgIng Ihe late found Truslao Mr. T Chlnn Mr. RH Leigh MBE Examlnlng Pt£ountant Simon James Gill - FCCA CIO Imggln Osborne Fullerlove 95 The Promenade Cheltenham Gloucest8rshlr• GL501HH Page 3
IXJRDON RUSSELL TRUST REPORTOFTHETRiISTEES FOR THE YEAR ENDED 31 DECEMBER 2025 Structure Gowmoneo And 14•n4ggmgnt Th• Gordon Ru88011 Tru8t was estsblishad under a Tru8t dead datad 17 O¢tober 1983 and 8uppl•mental Trust Deed datsd 10 July 1984 and furth•r $uppL•mentgd 11 Janu8ry 2022. Th8 Tru 1$ an edu¢otlono1 charlty and18 a totsuy independent body. The Trust operotgs In accordance wlih the D8¢Loration of Tru8t adopted 1983. Tho Charlty 18 managod bya Board of Tru8ts98. Achl•vomonts and hrformqnco 2025 has boan a r of eon801idation, repair and quiet progre86 for the Gordon Ru8$011 D081gn Museum. Followlng a mld-Janu8ry r•openlngand a period 8tth8 8t8rt oftha year operatln8 Wlth very 1Smlted Stafflng r980urce, the Tru8t'8 focu8 w88 n8c•888rlly on 8t8blllslng itt8 Org•ni81on. maint8lning core op¢r411on8. and addr•88ing a backlog of Infratstructure. compliance and m8intan8nc9 18SUo$. Thi8 WO8 not a ygar of hgodllne gro%•rth, but one ol rebulldln8th6 operatlon81 platform on which future growth dep8nd8. De8plte tho80 con•trnlnts. tho malntalned •n actfve progr8mm8 of publlc engagement through tho Frlend8 lecture 88rle8. Brchivg worL couectlon development and preparatory curatorl81 actlvlty for lortheornln8 exhSbltlon8. The dig¢tl8ation of the letters archlve. 8UPPOrted by a E700 grant from Wvch8von Dl$trl¢t Councll. r88ulted In over 1,000 8can8 bein8 compleied and madg publlcly acc¢881bl8 onllne, maierlally Improvlng acc888 to Ihe coilecilon. Inve$iment In dlglial Infr88tructure contlnued, wlth the mlgratSon Iromthe ieg8cyAcce88 databa8• io Starchlvelorth• m•Sorltyof th• dotaba8•. 8tr•n8thènln8 lonq-term coLi•ctlon managemgnt and re8lUence. The year 8180 8&W tsn8lble progre88 in coll•ctlon dovelopment. A targeted publ1¢ fundTa181n8 eamp818n rab8ed £2.813 towards tho acqu581tion of 0 1920B bra Alm8 Dl8h, whSch wa8 8ucce88fully 88cuied at •u¢tionfor£1.seo. The rernainingdgsignated balanc918 beln8 retalned foifLrture approprlate acqulsltlon8. Th18 scqu181tion. alongside new loan8 ond collaboration8 Wrth partner8. underpin81he mu8eum'8 renewed curatorlalfocu8 on Gordon Russ8ll'8 mats1vrk. ahgBd of thefonhcomlngoxhlblilon"For8•d by Deslgn. In 2026. Operatbonatiyi a slgnificant proportlon of tru8tee. 8laff and volurrteer offtirt In 2025 wo8 dlre¢ted toword8 maklng ihe museum safe. compltant ond reliwble. Long-¥tsnding i88ues wlth heoting, lighting. lift m81nien8nce. electrical safgty ond flre rlsk m8n88gment were 8ySt¢matic4lly gddre$sed. Whil8 thaso InYe8tments are not always vlslbio to vlsStor8. they materi8ily Impro the Bu3t8inHbility. &8fety #nd eredlbllity of the mu8eum a8 a public-f8cing insritution. At the 8am0 time. tho retail operation wa$ reset with a malor rÈstock and the iniroduction of improved stock control and purchasing proce8se8. Contrlbutingto a more professional and resilienttradingoperntion. Finoncially. the Trust experienced o loduction in incom8 comp8r8d Wilh 2024. rafl8Cting lower visitor numbers and the imw¢t of constrained opening capacity during periods of volunteer shortage. Total Incoming r&8ources for Ihè year wèrè £65.408 12024.. £77.6601. How8ver. this reduction in income was off8et by tighter c03t control 8nd a lower staffing base for port of tho year. wlth iotol resour¢e$ expendgd redu¢èd to £58.78812024: £80.5811. As a result. the Trust recorded a net surplus of £6.620 for the year 12024: dell¢li of £2.9211. marking8 retumto surplu3 foltowirbgthe prioryear's loss. The Trust's financial position at 31 December 2025 remain¥ stsbi8. Ngt assets in¢reBsed to £364,825 12024: £358.205). with cash at bank of É40.63712024: £38A541. providin8 a modest but appropriate ilouidity buffer. Stock hold for resale rose to É14.672I224.. £9.942). refl8Cting deliberate investment in Page4
r¢tall stock and Improved avallability in the shop. Tanglble fixed &t$ Increased to £309.125 following acqul$ltlon$ forthe collection duringthe year. Taken togethor. 2025 8hould b• understood a8 a nec•88ary year of groundwork. The Trujt ha8 priorlti88d operational8tsbility. complian¢e. digltol Infro$tru¢iureand collgction 8teward8hip over 8hort-ierm growth. The Tru8tee8 believe that this dl$cipllneU fo¢u$ 18ove8 the Gordon Russ911 Design Museum better placèd to pur8ue increased visitor numbor8, Stron8er ¢ommercialperfomanc8 and more ambltlou8 exhibltlon8 In 2028 and beyond. building on a mor8 secure and proh88ion•lly run op•r•tionMI b880. Gov•man Fiom a gov•rnanc• and organi8ational pargpoctivé. 2025 8awimportant8tr8ngth8ningof trustee over8lght. the r98tart ot r8gular 8Mcuthffj maailngs. and the forMAOn of working groups lo¢u8ad on markatlng and axhibition8. Volunt8erre¢Tultment•¢tlvltywa8 1¢-onerglsed Inthe8o¢ond h•lf oltheyearfollowSnga perlod ol acute eon8tr8lni. and while voluntser avaliablllty did impoct openlng day8 durlng pgrt8 of th9 year, this has 8harp•n•d th• Tru8t'8 focu8 on building a moro su8tain8blo volunteei plpellne goinq forward. We are grateful to Loui80 Kogvlll andWILll8mWeLchforthelr ¢ontribution6 as Trustee8. Donatlon• Th• Tru•te•8 would ilke to place on record théir 8lncere ihank8 to the Whito R08e Foundation for tholr excgptlonallygenerou88UPPOrto¥orlho pastthreeyoar8.The Foundatlon'l annualdonotlon of £S.000, wlth 2025 markln8 tho final year of this throe-ye8r commltment. ha8 provldod o vlial eloment of fln&nclo1 8tablllty durlng a perlod of org4nlBotlon81 Te80t and op•rBtiono1 consolidotion. This 8U8t8inod 8UPPOrt haB dlrectly underplnned tho rnu8eum'8 ablllty to remaln op•n. contlnuo Its public programmo. and Invest In 088entlal Infr88tructure and colig¢tlon$ work. The Trusto98 are de¢ply 8Mttful for thls confSdenoe In tho museum'8 ml881on and for the tonglblo Impaci thi8 fundlng h88 had on iho Gordon Ru88•11 De8lgn Mu8eum'8 r88111encg 8nd 8U8talnablllty. We are very grotglul for the conilnued 8UPPDrt from our patron8: AnneAlbrlght. Th• Hon. Phlllp Smlth and J4rnig Ritblat. Volunt••r• Our loyal and ènthu¥iaBtlc Mu8eum Volunteer8 ore e88ential to enabl• tho Museum to open and operate. We are especially ind9btgd to our week-end ¥olunteeF8. and the 8peciali8t volunleef8 who act as Tour Guidos. manage thé MuSeumknhi 8nd delivol ourgreatlyvalued progr8mme ol Fri8nd8 Event8. Page 5
GORDON RUSSELL TRUST REPORTOFTHETRVSTEES ICONTINUEDI FOR THE YEAR ENDED 31 DECEMBER2025 Stotement of Truste•$' R¢$ponslbllltlg5 The irustoos aro rosponsible for preparing the Rèport of the Trustees and financial 318tement8 in •ccordance with applicoble IBW 8nd United Kingdom Accounting St8nd8rds IUKGAAPI. The low 8pplicable to charities in England and Wales. the Charit1¢8 Act 2011. Charity IAecouni$ and Roportsl Rcgulations 2008 and the provisions of thè irust deed require Ihe trusteès to prepare finonci81 siatomenis lor each financi81 y&ar which give a true and tsirview of tho stote ot affairs Otiho charity and of the incoming rosourcos and appli¢ation or resources. including income and expendilL¢r?, of the charliylor that period. In preparing the financial si8tementS Ihe tru$ie¢s ore requirod to: Seleci sult8blfj accounting poll¢ie8 Bnd applythom consislently Obseivè method end principles in tho Charity SORP Make judgèments and estimates that are reasonable and prudent Preparo ihc finoncial statoments on ihe going concern besis unless it 18 inoppropriete to pre8umo that tha charity will coniinue in bu8ine85. The trusta8s ar• respoftsible lor keeplng Proper accounting records whlch d13c1058 with reason8bl¥ accuracy gt ony time the financial posliion of Iho charity and to onablo thÉm to ongurè thai the Iln&nclo1 stmtements complywilh thg Choritlos Act 2011, Tho Ch8rlty IAc¢ount8 and Roportsl Rogulo1ion8 2008. ond tho provisSons of tho trtlsr deed. They are a180 responslble lor safeguarding the asse18 of the ch8rity and hence for taklng roasonable stEP8 for the prevention and detection of fraud Dnd other Irregularities. Approved bythe Trust&è8 on 2026 •nd 8igned on its bghalf by: J. Ru84ell (Chairl Page 6
GORDON RUSSELL TRiIST INDEPENDENT EXAMINER'S AEPORTTO THE TAIISTEES ON THE UNAUDrrED FINANCIAL STATEMENTS FOR THe YEAR ENDED 31 DECtMBeR 2025 I report on thè I¢13 for ihe ye#r ended 31 Dgcember 2025 sot out on po8¢s 8 to 13. R•sp•Gt3ve Tesponslblllll•$ ol Trustee Dnd Ex•mln?r The ¢h•riS trusigÈ8 aro responsiblg for the prepai8tion ol the •ccounts. The chariry's iiustees consld¢r th an audit is not required for this ye•T (under Section 144121 of Ihe Charitiqs Act 20111.lho 2011 A¢i-I and that an ind¢pendent eXamin10n1$ requId. It is my Tesponsibilityto èxarnine the acewnis under seciion 145 01 2011 Act. to loll(wi tho oro¢edures laid down in the Goneral Directions given by tIN> Charitios Comm5ssion (Under Seciion 145ISllbl of the 2011 Aetl., BfKJ to st0h•ther particul•r m•iters have come to my •tttniion. B•sls of th• Indewndent EXamIn•r r•port My examination c8rried out in accordance with tha Genofal Diroctions givon by iho Charlty Commission. An examin8tion in¢lude8 4 I8•W of the &ccouniing re¢oTds kept by ltte ¢hority and romparison to the arcttunts prèsenied wilh those records. It also includes thè considoralion ol 8ny unusual itgms oi disclosuros in Ihe aeeounis and soeking explanations from you as iru5teeB concefning such mattors. Tho prOc¢du$ undert&ken do not piovido all rho ovtdenco whSch wouLd be require¢J in an audit Bnd consequently no opinion 18 gfvon as to wheiher the oceounts present a 'true and fair ¥iew' ond the reoort is limilod to those matters set Oul In the st•tement b810w. IDrt•p•nd•nt •M*mln•¢• Stat•m•nt In ¢onnection with my wmination. no mattèr ¢omo to my attention: which gives me reasonabL8 e#use to believe i. in •ry maierial 88peffl. the requlremènts to keep accouniin8 r•coids in accordance wth 8ethion 130 otth¢ A¢t 2011.. and io prepare aecounrs whtch accord wlth th• xcouniinB rocords gnd to comply with the 8ecounTin8 requiremenis ol tho 2011 Aci. have been mer. or 21 to which. in my opinion. attention Should bo drawn in otdor io enable a woper understsnding of the 8ccounrs io bo re•ched. SIMON JAMES GILL- FCCA WIGGIN OSBORNE FULLERLOVE 95 THE PIIOMENADE CHELTENHAM GLSO 1HH D•t•: Page 7
GORDON RUSSELL TRUST STATEMENTOF FINANCIALACTIVITES IINCORPORATINO INCOME AND EXPENDITUAE ACCOUNT) FOR THE YEAR ENDED 31 DECEMBER 2028 Totsl 2024 2025 Noto• In¢om• and Expendlturn Incomlng Rosource$ Donations. legacies and Charitsble actlvltie8 Intgr9$t income Total In¢omlngr080urces 64918 77.222 438 65,408 Rogour¢os Expondod Costs of charitable activitie8 Other rer¢e$ expènded Total re•ourc88 •xp8nd•d 19,782 39,006 58.78B 32.715 47.866 80.581 Net 8urpLu8 Idoficrtl lor the year 2.921 Not movgmgnt Infund8 6.820 {2.9211 AQoumulat brouAhtforward •t b•glnnlnqof y•ar 381,126 A¢¢umulat•d fvnd brouihttom at •nd ofyear 384.828 358.205 Th• 8tatqment of finonclal •ctfvli1•8 Includ•8 AU galnl And tO8888 In th• er end therefore a 8ep•rate 8tsi•m?nt of total recogn18•d g8ln8 And 108B•8 ha8 noi •rt préparnd. Ofthe Incomlng re8ourc•s. E3.51312024: £9,088) wero d88i8n•tod. Duringth8 y••r. £1,560 01 da81gnatgd fund8wgr8 8p•nt on the 8cqui8ltlon of It•m8torth• Co1clI0n12O24. £2,500) and £700 on dlglilauilon ofth• ar¢hiveB. Page 8
GORDON RUSSELL TRUST BALANCE SHEET AS AT 310ECEM8ER, 2025 TotAI 2025 Total 2024 NotOS Flxod Ass•ts Tangible a88ets 309,1 307,565 CurT•nt a$$•t$ Debtors Siocks Co$h ai bank and in hand 4,217 9.942 28,454 52,613 14.672 40.637 Creditors Due within one y88r 13.0541 11.9731 Net curront assots 50,640 Total ••i•t* l•u ¢urr•nt Il•billtl 358.205 N•t 11>9•19 364,825 358.205 Represonted by: Designoied funds Unrestrl¢ied lund8: General fund8 363.572 358,205 364,825 358.205 Approved by the Trust888 and 8uihoris8d for is$ on 2028 and 8i8nod on thgir behalf by. 16° ty 2-26 J. RusseLi Page 9
OORDON RUSSELL TRUSY NOTESTOTHE FINANCIAL STATEMENTS FOR THEYEAR ENDED31 DECEMBER 202$ 1. Ac¢ountlng Poil¢l•• B0818 of proparatlon and auomment of golng concern The accounts Itlnanclal 818tement8I havg been prepared under the hlstorlc81 cost oonventlon. wlth Itemo r8co8nlsed •teo8t ortransactlonalvalue unl&880therwl8è 8tated Inthe relevent notel81 to the8e account8. The financio18t•tement6 have b•en pr8paftrd In accoidanee wtth thè St8temènt of A•commended Préctlcè.. Aceountingond Reportlng by CharltleB pr8parlngtholr account8 In accordonce with the Financlal Reportlng Standard opplicable In the Unlied Kingdom and R8pubUc of Ireland IFAS 1021188ued on 16 July 2014 and th• Charitie8 Act 2011. Th18 charlty con8tltute# a publlc b•noflt entlty 88 d•fin•d ty FRS 102. ¢••h Flow The Ch•rSty h88 i•ken advantage ofthe exemption In FAS 102fr0rn the requlremontto produce 8 Ca8h flow statement becau88 It18 a Small Charlty. Incomlng R••ourc•• All IncomSn8 r88ouree8 are Included In the Ststement of Flnanclal Activltle8 where iha charlty18 le8aily ontltlgd to the Income and the amount can be quantified wlth reB8onable accuracy. Raourc•• Expondod Exp8ndltur818 aeeounted for on an accrua18 b8818 and h88 been ela88ltled undèr he8dlng8 that aggr888te ¢)st r81oted to the caiegory. Whore costs cannot be dlreclly attrlbuted to partlcular headlngs they hav• begn oLiopAted to actlvlile8 on a b8818 con818tent wr(h Ihe of re80urce8. The irrecovornble 818mont ol V4tUg Added Tax are Included wlthin tho Itgrn of gxpen68 towhloh It rg1•198. Fund• General unre8trleted funds comprlse 8ccumui818d 8urplu888 and d8fi¢lts on general activltl98. They ar8 avallable for use at the dlseretlon ol the trustees In Jrtharnnco of th8 compmny's oblgctlvgs. Restrlcted fundsore fundswhleh areto be used inaccordancewith specific re8trictlon8 imposed bythe donorortru¥t deed. Taxatlon The charity 18 exempt from taxon its ch8rltsble 8¢tl¥rtle8. D•btor• Trade and other debtors are 18cognisod at the ngt settigment valu& Prepayments are valued 8t the net Prepaid amount. Crodltors Creditors and provislons are r•eogn5s•d wrt tho charlty has 8 pros•nt oblSgation resultlng from 8 past everrt that will probably re8uIt in tho transfer of fd8 Lo a third party and the amount due to settle the obli88tion can be measured orestimated reliably. Creditorsand provi8ion8 are noTm8llyrecognised 8ttheir net s&rylementvalue. Page10
GORDON RUSSELL TRUST NOTES TOTHE FINANCIAL STATEMENTS (CONTINUED) FOA THE YEAA ENOED31 DECEMBER 2025 1. A¢¢ountlng PoUcl•s Icorrtlnuodl Fund a¢countlng Unrestrlcted fund8 can be u8ed in a¢cordanco with the ch8rtt8ble objectivos 8t th8 discretion of the Irustee¥. Restricted funds can only be us9d for portlcul8r purposes within the objactives of the charity. Deslgn•ted funds are u8ed for a 8pecrfic projo¢t$ in accordance with the wi$hg$ of the giver. 2. Incomlng Re•our¢•• Total 2024 2026 Donations. admlsslon4 Shop Sal Grants ReceSwd Corporate spon8or8hlplp8tronagg Frlend8' donations. member8hlp and evenl$ Glft 8id $5,02S 700 2.000 6.149 61.244 9,668 4.744 1.566 77,222 01 the Incomlni re80urc08. £2.813 In donatlon• and È700 In 8rant8 w8r• dè8lgnot•d 12024., £9,668 in gran181. 3. R••ouroo• •xp•nd•d Tot•1 2025 Total 2024 AdYert18ingand 8aLe• conseIl0n Mu8oum aw8rd8. gr8nt8 and dOnaone Idg818naledl 0ponlng8tockfor re$•lo Purch08e$ for r88&1e Cio8lng 8tockfor resale Independent e¥8mlngr's fee and accountancy Moetlng co8t8 2,239 733 877 9,8e8 13.039 10.616 19.9421 5,968 2.479 13,368 114,872) 5,651 2,521 19,782 32.715 Meoting costs are th¢ expense$ lor the Museum Frlends. Th1$ Covers. and 1$ not Ilmited to. tha following aciiviiies: Hosting the onllne tolks ¥nd poyln8 mod9si exp8nsg$ for thg $P08kgrs. administraiion for new and renewal of memberships ond the expenses for in person events such as the Volunteers and Friends Summer Party. Pag811
GQRDQN RUSSELL TRusr NOTESTOTHE FINANCIALSTATEMENTS (C014TINUED) FOR THE YEAR ENDED 31 DECEM8eR 2028 3. Resour¢e• oxpondod {¢ontlnuedl Other re8ourc88 aro r•pie8•nted ty. Totol 2024 2025 Employee costs Premisas costs General admlnl8trat1 c08ts 28,544 9.000 10.322 13.799 10.745 39.006 47.866 St•ff ¢o#ts hor re8ourc88 are represented ty. Totsl 2025 Total 2024 Salèrl•8 ènd wage8 Pgnjlon co8t8 14,463 28,170 374 28,644 6. Tanglbi•llx•d •¥¥•t¥ Land arKI Plant ond Ah[v& FIul•l. bullding8 machlnery couectlon ffttlng8 8nd equlpmom Total Co•t or rnvaluatlon At l January 2025 Additiong At 31 Dacornbaf2025 229.081 222,170 307,565 1,580 309.125 18,435 777.251 1.560 778.811 229,081 222.170 18.435 Dopreclalk•n and Impalrm•nt At l J8nuary 2025 Addlilon8 At31 December 2025 229.081 222.170 18.435 489.686 229.081 222.170 18.435 469.686 Not bookvaluo 31 Decombor 2025 309.125 309.125 31 Dècemb8r2024 307,565 307.565 Page12
GORDON RUSSELL TRUST NOTES TOTHE ANANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2025 6. Stocks T•xal Total 2024 stock hgwfor rosaie 146n 9.942 Debtors Totsl 2025 Total 2024 Trade debtors Prepayment$ 631 3.586 121 4,217 8. CroditOT¥ Totsl Total 2024 DUÈ within one year: PAYE and National Insur8nc8 Accruals and deferred incomg 11667) 6.720 141991 6.172 1.973 9. Funds movement General Fund General Designated Fund: Fund Collection Total Funds Ai 1 Jonu•ry2024 Net incomeforthe yfj8T Acquisitions forthe calLèthon At 310ecember 2024 53.561 12,921} 305.065 2.500 361.126 12.921) 2.500 307.585 12.5001 50.640 358.205 Ngt In¢omo forthe year Acquisiiion$forthe collection At31 D¢¢•mb8r2025 3.807 2.813 (1.5601 6.820 1.580 309.125 54.470 364825 During the year the Trust Launched a $Ls¢¢esslul fundral$ln8 to purchase a 19208 Brass Alm$ Dlsh lorthe collection. Thelund r8islng raised £2.813: the Alms Di#hw8s acquired for £1.560 atauction. The rernaining funds raised are beingret8ined forfuture appropilate 8¢quisltlonslorihe ¢ollo¢tlon. Pa8e13