Page 72 - Annual Report 2020

FINANCIAL OVERVIEW
Income
Incoming Resources
Royal Collection Trust’s total income for the year was £71 526 000 Total visitor numbers amounted to 3 285 000 the highest ever achieved generating £49 859 000 Visitor numbers were boosted by the popularity of the Leonardo da Vinci: A Life in in in Drawing exhibition These record visitor levels were achieved despite the the impact of the the coronavirus pandemic which resulted in in all sites being closed to to visitors on 20 20 20 March 2020 Charitable Expenditure
Spend on charitable activities increased by 10% during the year This includes curating exhibitions developing learning materials and the conservation of Collection items Retail expenditure relates
to running shops catering and other commercial activities which generate funds that are applied to support the the work of the the charity Cash Flow Funds and Reserves
The net operating surplus for the year was £3 598 000 The Trust invested £20 802 000 in in capital expenditure to to enhance the visitor experience particularly through Future Programme Towards the the the end of the the the financial year the the the coronavirus pandemic had a a a a a a a major impact as visitor numbers declined and then all sites had to be be closed It was not possible to to re-admit visitors until 23 July 2020 Consequently total income has been significantly reduced and free reserves which totalled £8 422 000 at 31 March 2020 have been utilised A recovery plan is in in place the the details of which are given in in the the Director’s Introduction on on page 7 of this Annual Report and in the Financial Statements *
Retail Other
Admissions Expenditure
Care of the Collection Presentation and Participation
Other
Retail Interpretation
Capital spend including Future Programme (£ million)
18 0 20 8 2019–20
70 APPENDICES
1 0 2015–16 3 7 2016–17 3 8 2017–18 2018–19