Russborough House records €395,000 loss in 2014

Charity previously relied on grant support from Fáilte Ireland and Wicklow council

Entrance hall of Russborough House. The foundation reports that it made just €187,678 on admissions to the house and maze last year
Entrance hall of Russborough House. The foundation reports that it made just €187,678 on admissions to the house and maze last year

Losses at Russborough House last year came to almost €395,000, according to figures just filed by the Alfred Beit Foundation at Companies House.

The charity reported a surplus of €568,414 in 2013, but that was due largely to the sale of a collection of Chinese porcelain, which delivered an exceptional gain of more than €1.125 million in that year.

In 2014 the foundation reports that it made just €187,678 on admissions to Russborough House and maze, with a further €48,368 coming from sales at its shop, as well as €68,738 from selling a book, Russborough: A Great Irish House, its Families and Collections.

Russborough House, which is valued at  €44 million for insurance purposes, but  at just €4.27 million under “assets” in the books of account
Russborough House, which is valued at €44 million for insurance purposes, but at just €4.27 million under “assets” in the books of account

However, wages and salaries for its 16 staff exceeded that sum – at almost €320,000 – before making any allowance for insurance, security costs and repair and maintenance.

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Total income, including donations came to almost €900,000 but operating costs were almost €1.1 million, even before allowing for depreciation in the value of the building.

The accounts state that the committee of management of the foundation values Russborough House at around €44 million for insurance purposes, but it is valued at just €4.27 million under “assets” in the books of account.

Russborough has depended heavily in the past on generous grant support but tighter economic circumstances mean grants last year – from Wicklow County Council and Fáilte Ireland – came to just under €21,000.

While making no specific reference to the controversial ongoing sale of nine paintings, the directors’ report on 2014 says: “The foundation is undertaking a fundraising campaign with a view to creating an endowment to safeguard the long-term future of Russborough.”

In their report the directors state that the principal risk faced by the foundation is the current economic environment and its effect on its fundraising capabilities.

Dominic Coyle

Dominic Coyle

Dominic Coyle is Deputy Business Editor of The Irish Times