Chester Beatty Library Financial Statements Year Ended 31 December 2017

Chester Beatty Library Financial Statements Year ended 31 December 2017 Chester Beatty Library Financial Statements Year ended 31 December 2017 CONTENTS Page TRUSTEES AND OTHER INFORMATION 4 CHAIR AND CHIEF EXECUTIVES INTRODUCTION 5–7 TRUSTEES’ REPORT 8–41 TRUSTEES’ RESPONSIBILITIES STATEMENT 41 INDEPENDENT AUDITORS’ REPORT 42–44 STATEMENT OF FINANCIAL ACTIVITIES 45 BALANCE SHEET 46 STATEMENT OF CHANGES IN EQUITY 47 CASH FLOW STATEMENT 48 NOTES TO THE FINANCIAL STATEMENTS 49–66 TRUSTEES AND OTHER INFORMATION Trustees - in alphabetical order Director/Librarian Dr T.P. Hardiman Ms Fionnuala Croke (Chair January - August 2017) Clock Tower Building Dublin Castle Dr Catherine Day Dublin 2 (Chair from September 2017) D02 AD92 Mr Eamonn Ceannt Prof. Kathleen James Chakraborty Auditors Sir Marc Cochrane PricewaterhouseCoopers Dr Sandra Collins Chartered Accountants and Registered Auditors Mr Dermot Desmond One Spencer Dock Prof. Brian McGing North Wall Quay Dublin 1 Prof. Roger Stalley D01 X9R8 Solicitors Arthur Cox Solicitors Earlsfort Centre Earlsfort Terrace Dublin 2 D02 X669 Bankers Allied Irish Bank plc 40-42 Ranelagh Dublin 6 D06 VY59 4 Chester Beatty Library CHAIR AND CHIEF EXECUTIVE’S INTRODUCTION Two years before his death in 1968, Sir Ireland with a focus on global artistic Alfred Chester Beatty wrote a Will leaving heritage. For many visitors, the galleries his world-class Collections, housed in may provide their frst introduction the Chester Beatty Library (CBL), to a to another culture or religion and this Trust for the ‘use and enjoyment of the diversity inherent in the Collections Public’. Chester Beatty had moved to carries through into our intercultural Ireland in 1950 and was embraced by the learning programmes. Caring for the Irish people; he was the frst person to Collections, sharing them by making receive Honorary Citizenship of Ireland them accessible in many different ways, in 1957, and was the frst private citizen encouraging research and engagement to receive a state funeral. Today, the and, not least, creating an inspiring Library he founded is a dynamic and and creative environment – these are outward facing museum, working with all the ‘charitable activities’ mentioned the Collections to engage 350,000 throughout the accounts that the CBL visitors a year in meaningful and exciting Trustees and staff are committed to ways. It is also one of Ireland’s National delivering to our many audiences. Cultural Institutions and benefts from In the following pages, the CBL’s the support of the State in the form of a achievements and performance in 2017 grant. The Trustees wish to acknowledge are described under the headings of its the support of the Department of Culture, fve strategic priorities. Set out in detail, Heritage and the Gaeltacht, the Offce they recount the remarkable work carried of Public Works, and our many corporate out by a relatively small team of staff who and private donors who enable us to fulfl are dedicated to the aims and objectives our goals each year. of the museum. The CBL is a charity which reports We hear much of the ‘soft power’ of to the Charities Regulator; and the culture and many of the CBL’s activities Trustees took the decision to reformat in 2017 refect this powerful ability these 2017 accounts to meet the of museums to create important requirements of the SORP (Statement connections. Throughout the year, of Recommended Practice) issued the CBL was an active participant in by the Charities Regulator and which the 60th anniversary of Diplomatic sets out how charities should prepare Relations with Japan. In January, the their annual accounts and report on Director accepted the ‘Japanese Foreign their fnances. The CBL is, however, a Minister’s Commendation’ award very special charity. The nature of the on behalf of the CBL from Minister Collections assembled by Chester Beatty Kishida at a ceremony held in Iveagh – comprising treasures from Europe, House. The CBL was acknowledged the Islamic world and from across Asia for its outstanding contribution to the – means that it is the only museum in Report of the Trustees 2017 5 promotion of understanding of Japan and to promote culture and bring its joy and friendship, and academic exchange in benefts to every home in Ireland. We Ireland through preserving, restoring and have aligned our strategic priorities exhibiting Japanese artworks. Indeed, with those of Creative of Ireland and will the CBL’s Japanese Collections are one continue to contribute in a meaningful of the strengths of the Asian holdings way to its objectives, and to assist the and two important and very beautiful country in building connections globally. special displays were mounted to mark The CBL, for example, has long been this anniversary. The visit of Her Serene an active member of the Asia-Europe Highness, Princess Takamado, in July to Museum Network (ASEMUS), a cross- open Preserved in Partnership was a high cultural network of museums from Asia- point of the year and she was joined on Europe Meeting countries (ASEM). In this exciting occasion by the Tánaiste, March, the Director chaired the ASEMUS the Irish Ambassador to Japan, and the Executive Committee meeting hosted by Japanese Ambassador to Ireland. the National Museum, New Delhi and she The role of culture in Ireland was participated in the 7th ASEMUS General underpinned during 2017 with the launch Conference with the theme of Engaged of the Creative Ireland Programme and Museums: Technology, Access and New the CBL looks forward to contributing Audiences. to this landmark programme designed 6 Chester Beatty Library Closer to home, the CBL’s membership photographers, the museum was able to programme was refreshed, and commence in-house digitisation with the relaunched as the Friends of the Chester aim of launching the frst phase of the Beatty. This enabled us to expand and Collections online by the end of 2018. welcome many more new Friends, and This initiative will enable us to share the create vital fnancial support to help care Collections with audiences in Ireland for the Collections. and around the world, and to embrace not only the physical but also the virtual Also in 2017 a number of critical posts visitor. were flled; and the Director and Trustees will continue to ensure that our staffng The highlights mentioned here, and meets the needs of the organisation many more listed in the following pages, and, not least, of our visitors. Among are only possible thanks to the tireless these were two newly created posts, behind-the-scenes work by all the CBL’s Head of Digital and Registrar. Both are staff who welcome our visitors, keep a critical to the future development of careful eye on budgets, and ensure we the CBL’s online engagement. With the maintain our high standards in all we do. recruitment of two sponsored digital Fionnuala Croke Catherine Day Director/CEO Chair Report of the Trustees 2017 7 8 TRUSTEES’ REPORT: OBJECTIVES AND ACTIVITIES Our Mission Strategic priorities The enduring mission of the CBL is to Our strategic priorities, as outlined maintain and preserve the Collections of below, ensure the CBL continues to the CBL and to make them available in the expand its remit for the beneft of the most appropriate ways for the use and public. A number of new programmes enjoyment of the public and for scholarly and initiatives, including a digital vision study and research, in order to promote for the future of the CBL, serve to extend a wider appreciation and understanding the CBL’s reach into communities, both of the international cultural heritage locally and further afeld. embodied in the Collections and to The CBL’s Strategic Priorities 2016 – foster relations between Ireland and the 2020 are: peoples whose cultures are represented in the Collections. 1. To safeguard, manage and develop the Collections Our vision The CBL will become widely known 2. To enhance access, physically and in Ireland and internationally as the digitally, to the Collections for diverse pre-eminent centre in Ireland for the audiences understanding of world cultures, 3. To promote intercultural dialogue and advancing knowledge and engagement learning through our Collections, expertise and collaborations. 4. To ensure the CBL is fnancially sustainable and cost effective in its operations 5. To attract, retain and develop our staff Report of the Trustees 2017 9 10 REVIEW OF ACHIEVEMENTS AND PERFORMANCE IN 2017 Strategic Priority 1: To safeguard, manage and develop the Collections Caring for the Collections for the present A number of major practical treatment and future generations remains the projects were progressed; the primary focus and responsibility of the conservation of an eighth-century Qur’an CBL. Their conservation, display and (CBL Is 1404); a twelfth-century palm interpretation are central to every aspect leaf manuscript from West Bengal (CBL of our operations and audience access, In E 1463); the sixteenth-century Turkish both on-site and on-line. New research Cream of Histories (CBL T 414); and the into the Collections allows us to present Tibetan thangkas collection. fresh insights and new interpretations The Conservation Team highlighted of the past, while maintaining their recent projects and current research in a relevance and attracting new audiences. blog linked to the CBL website. Conservation Papers, Presentations and Talks by With two permanent galleries – Arts of CBL Staff the Book and Sacred Traditions – and Staff continued to grow the profle of a special display gallery, conservation the CBL by engaging the public and activities focused on the rotation of colleagues in Ireland and abroad. They the permanent and temporary displays sought to share their research on the and on the preparation of objects for Collections and their experiences in loan to exhibitions in other museums public programming in the community and galleries in Ireland and overseas.

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