Page 72 - Annual Report

FINANCIAL OVERVIEW
Incoming Resources
The summarised nancial statements set out on pages 73–4 indicate that Royal Collection Trust’s total income was £72 091 000 an increase of nearly 16% on the prior year Total visitor numbers amounted to to 3 272 000 This was an an an increase of 10 7% and represents the highest annual gure gure achieved to to to date Within that total visitor gure gure both Windsor Castle and the Palace of Holyroodhouse achieved their highest-ever visitor levels Retail sales grew by 18% compared with the previous year This re ected both the growth in visitor numbers and an an increase in in the average spend by visitors Sales were helped by the increased use of temporary retail space at Windsor Castle Online sales also saw noticeable growth re ecting the popularity of Royal Wedding related merchandise Charitable Expenditure
Expenditure
on charitable activities increased by 9% This was driven in in particular by increased spend on visitor access which was itself related in in part to the growth in in visitor numbers Another factor was the the increased cost
of mounting exhibitions at the Palaces and The Queen's Galleries in in in London and and Edinburgh and and supporting the display of Collection items at at other locations across
the UK Net Incoming Resources
and Cash Flow
The net result for for the year before taking into account an actuarial adjustment relating to the pension scheme was a surplus of £8 077 000 000 (2017–18: £4 514 000) The net cash cash out ow of of £749 000 has resulted in a a a a a a cash cash balance of of £36 519 000 000 at 31 March 2019 (2017–18: £37 268 000) The surplus will be devoted primarily to funding for the completion of Future Programme which is focused
on delivering improvements to to visitor facilities and the creation of new Learning Centres at at Windsor Castle and the Palace of Holyroodhouse Funds and Reserves
Royal Collection Trust has total funds and reserves of £69 424 000 000 at 31 March 2019 (2017–18: £61 047 000) After allocating funds that are restricted or represented by xed assets the Trustees have designated funds for Future Programme As at 31 March 2019 funds of £16 895 000 are allocated to Future Programme leaving £13 551 000 of free reserves plus plus a pension scheme surplus of £600 000 The Future Programme fund is expected
to be spent in in full by spring 2021 These Summary Financial Statements are extracted from Royal Collection Trust’s full Financial Statements for 2018–19 70 APPENDICES