THE ALFRED Beit Foundation has experienced more than its fair share of calamity over the years. The charity, whose lofty aim is to further education in the fine arts in Ireland, runs the Co Wicklow Palladian mansion Russborough House. It was founded by Sir Alfred and Lady Beit in order to transfer their art collection and Russborough to the State.
The Beits and their collection are perhaps best known for being the targets of successive robberies. In 1974, 19 paintings were taken, but were later recovered, while in 1986, Martin Cahill – the General – made off with 17 paintings. Some of these works were recovered, but a number are still missing.
More recently, the west wing of the stately house was extensively damaged in a fire.
Perhaps it’s not surprising, then, that the Beit Foundation decided not to apply a relatively new financial reporting standard to the latest set of results filed with the Companies Office. In 2009, FRS 30: Heritage Assets was introduced – a new accounting requirement that placed significant disclosure requirements on art galleries, museums and the like to reveal details of their contents and the value of their collections.
According to a note in its accounts for 2011, the foundation said it considered the “non- application” of FRS 30 to be in its best interests “due to previous security issues”. While skirting around disclosure requirements is questionable, the foundation does have a point.
The charity did reveal that its retained surplus increased to almost €670,000 last year, up from roughly €641,000 in 2010. The accounts show a sizeable rise in donations, gifts and legacies last year, while income from admissions to Russborough House also rose.
