Company registration number.. 02323106 Charity registration number: 1013848 New Contemporaries (1988) Limited (A company limited by guardnte¢) Annual Report and Financial Statements for the Year Ended 31 March 2021
New Contemporaries (1988) Limited Contents Rcfcrence and Administrative Details Trustees, Report 2to9 Siatcment of Trnslees, Responsibilities io Independent Examinerfs Report Statement of Financial Activities 13to14 Balance Shcct 15to16 Notes to the Financial Statements 171035
l%ew Contemporaries (1988) Limited Reference and AdministrAtive Details Chair Sacha Dyneley Craddk Trustees Sa¢ha Dyneley Craddock Ivan Christopher Seery Jacques Gabillon CeTi Elizabeth Passmore Mary-Alice Stsck William Job Stern George Grdham Vasey Huryin Linlon AndeTson Harold Offch Clairc Louise Kitchen Senior Management Team Kirsty Ogg, Dircctor Principal Office First Fli)or "ch Mix 3547 Bethnal Green Road London EI 6LA The charity is incorporated in England. 02323106 Company Registration umber Charity Registration Number 1013848 Independent Examiner Zain Saleh FCCA A5soriation of Chartered Certificd Accouniants Suite 427 Legacy CcDtrc Hampion Road West Fcltham Middlesex TW13 DH Page I
New Contemporxrie5 (1988) Limited Trustees. Report Thc trustees. who are directors for the purposes of company law, present thc anttual report together with the financial statements of the charitable company for the year ended 31 March 2021. Objectlves and activities Objects and aims Thc main objectives of the organisation are: i) lo promote high standards of contemporary art by the provision of awards to cmcrging artists, who havc adjudged by the A$Slation the tnost promising contemporary young artists; and ii) to edu¢ate the general public in relation to conlctnpordry art. in particular by the exhibiting of coni¢mporary art and ihc promotion of public education and discourse about contemporary art and with ihosc artists engaged in its creation. Objectives, strttiegi and aclivilies New Conietnporarics is thc UK'S Icading organisation and registered ¢harity supporting emerging and early carccr artists from cstsblished and alternative art programmes. Since 1949. it ha5 provided development opportunilies for artists, hclping them to successfully transition from education into more established artistic pathways. New Contemporaries holds a unique posilion, and maintains a high profilc wiibin UK cultural life. Throughout its long hi810ry, New Contempordrics has built A significant rosier of alumni artists who have been at the forefront of presenting and defining emerging iendencies in contemporary art. The calibre of th¢ arnisis and partners ihai New Coniemporaries works with means that its activities onsistently attra¢t wide media coverage enabling the organisaiion's work io reach new audience5 and providing the participating artists with vital exposure. Receptive to diverse PTaCticcs from a diverse devnographic. participants for Ncw Contcmporarics annual, opcn exhibition are selecled by a panel comprising influential artists and art world figures, often in¢luding artists who have previously been a part of New Contemporaries. Selection is a rigorous two-part process. The 2020 exhibition was selected by threc inicrnaiionally-recogniscd visual anisis Alexandre da Cunh{ Anthea Hamilion and Linder. C-19 caused some disruption to the selection process in 2020 but adaptations were made to working prdclices to successfully complete thc both stagcs and sclccl the 2020 cohort. Page 2
ew Contemporaries (1988) Limited Trustees, Report C-19 restrictions meant that New Contcmporaries regrettably madc thc decisions with its exhibition partners in Hull (Humbcr Strcct Gallery and Ferens Art Gallery) to postpone working together on an in-person cxhibition until 2022, when it was felt that the partnership could be fully activated to support artists, developmcnl and engage audiences. In response and lo cnsurc that New Contemporaries continued to fulfil its charitable objectivcs, the organisation pivoted its in-person activilies to onlinc dclivcry of its exhibiiion contcnt, artists. professional development programme and public programming. Grants from London Communiiy Responsc Fund aud Bloomberg Philanthropies helped to deliver this increased digital online aciivity- Funding to support the creation of the new online pl8tforn) was allocated through the diversion of moneys attached to launching the exhibition in Hull and associated catslogue. In addition to ]nfornlIn about the artists and Iheir woik, the online plaifomi contsincd talks. tours and other contexmal InforntiOn that gave further insight into thc artists and their practi¢es as well as the preoccupations on ihis generation of artists. Engagement with this new online plaifom) has been gorf with over 10,O(KJ users visiting since its launch in September 2020. Funditjg from the Bridget Riley Art FoundatlOD provided a mu¢h-n¢eded opportunity lo lest delivering the artists. professional development programme online. 93 /0 of the cohort have participated across the one-to-one and peer mentoring. The programme included two panel discussions, scvcn workshops, thrcc artists, projccts and thrcc tours. It worked wilh 27 contributors, seven of the 2020 artists and engaged digital audiences of over 2K. New Contemporaries also offer5 artists mentorin& residencies. bursaries, fellowships, ornmissioning and programming OprtUnItieS with our extensive network of partners. C-19 rcslrictions meanl that many of our residencies were not able go ahead as planne& in rcsponsc Ncw Coniempordries created two funde& one-month digitsl residencies and the one-month residency with Elephant was moved onlin¢. For artists that were already 'in residence,, these devclopmeni opportunilies were extended until restriciions lifted, these includcd Bluccoat, Livcwl, One Thoresby StreeL Noitingham and SPACE Studios, London. Thc one-month residency with Hospitalfield Arts, Arbroath regrettably was paused until 2021. The residencies offcr gave artists the Opp01ty to network, cxperiment and develop ideas. Page 3
l%ew Contemporaries (1988) Lfimited Tru5tee5' Report The 2020 in-pcrson exhibition with our London exhibition parmer. South London Gallery was able to open to the public belween 19th May and 6th June 2021. The South LKkndon Gallery {SLG) is an award-winning instiiuiion ihat has been frec and open to ihe public for more than 125 ycars. 7,382 visitors came to see the exhibition over its Ihrec-wcck run in SLG'S main spac¢ and Fire SiatioD building. These numbers are good when the short r4m and compctilion from oihcr major shows opening and repenIng at the same time is tsken into onsiderdtion. After the disruption caused by C-19. it was very gtatifying to be able to ope the show io the public and foi the artis15 to have this high-prolilc opportunity to show their work. Addiiional income for 20?0 exhibition relaied activity was rniscd from the Danish Arts Foundalion, Mondriaan Fwid and Korean Cultural Centre. The Governmeni An Collection continued their commitment to New Contemporaries by purchasing artists work from the cxhibiiion lor their collection. This important public collection acquired works by Anne Carncy Raines. Lili Kemp and Zethu Maseko from the 2020 cohort. Digital engagernent wtth New Contemporaric5 activitlcs rcmains strong. Thc numbcr of ncw users engaging throughout 2020 via the organisalion's main website was 58,596 a major increase from the 32,814 users in 2019. Social media engagement across New Contcmporarics In5tagram, Facebook and Twitter accounts continued to s¢e significant increases on ihe prcvious year reaching 62.529 users as OPFrf)scd to 56,882. Ncw Coniemporaries received a wide range of press coverdge throughout the year from listings, reviews and articlcs on Erf)th online and print including Acsthclica, ArtlysL The Art Newspaper, Art Rabbil, Creative Review, Elcphant. Thc Facc and World of Intcriors. The 2020 cxhibition was also featurcd on Soho Radio and BBC Radio tA)ndon. The total reach of covcragc was in excess of 51,929,356. Reviews set up with The Observer and The Times wcrc unforMnaiely pulled due to the postponement of ihc cxhibition and the ncw opening datc clashing with the reopentng of major institutions following lockdown. New Contempordries aims lo be as inclusive as ssIble at all levels across the organisation and actively promoie access to and engagement with thc arts. Thc COmTnilJncnt io wualiiy of opportunity and diversity is demonstrdtcd across the organisation and ils work. New Contemporaries continue to takc stridcs io incrcasc the diversity of its selectors. artists and contributors to its programmes and during 2020121 Significantly increased the representation of Black. Asian and Ethnically Diverse people on its Board and sthff team. In the 2020121 financial yvdr, 450/0 of New Contemporaries income came from sources other than its core funding and exhibiiion SnSOrShIp. This income comprised soyr¢es including sales, fees, overscas funders. trusts and foundations, and individual giving. New Cowjtemporaries is committed to maintsining, if not growing, Ihc pcrcentage amount of earncd income that il rais¢s aDnually. Page 4
ew Con¢emporarie5 (1988) Limited Tru5tee5' Report Public benefil The trustees confirn) that thcy have complicd with ihe requirements of section 17 of the Charitics Act 2011 to have due regard to the public benefit guidance published by the Charity Commission for England and Walc5. New Contempordrics Articles & Memorandum of Association articulate the charity's commitment to educating the gcncral public about contenipordry arL the anists that make it and th¢ id¢as that they wani lo express and explore. During the year, Ihis was achieved by.. ensuring that cnlry to our cxhibitions rcmains frcc: del&vering a compr¢h¢nsive progrdmme of educational talks. symposia, workshops, and performances onlin¢. and aciively underthking work to engagc and build new audiences for New Contempordries programmes. Structiire* governance and management Naliire ofgoverning documenl The charity is conlroll¢d by its governing document, a deed of tht, and constitutes a limited company, limited by guarantee. as dcfincd by the Companies Act 2(K)6. Page 5
Contemporaries (1988) Limited Trustees, Report Recruitmenl andappointmeni oftrtssiees The Board is an integrdl part of the support structure that surrounds New Conicmpornries. It comprises a broad range of people from artists and alls professionals to business leaders and oiher professionals, they bring a varicty of skills and experiences to their oversight of the charity. The members of New Contemporaries Board of Directors are all volunteers. They meet quartcrly and host onc AGM, with thc Chair and Dircclor agrccing thc agcnda ahcad of mcctings. Thc datcs of meetings are agreed 12 months in advance ai the Dcccmbcr AGM. Board mceling papers are circulated two weeks before meetings and ¢omprise agend4 minutes from previous mectings, delled Director's Rep)rL Press Reports and quarterly managcmcnt reports. accounts and cashflows for sign off. In addilioll, New Contemporaries hosts one away day session annually with its Board. The Board met four limes during 2020-21, all of these meetiDg5 were held over Zoom because of Covid-19 restrictions. A number of Sub£ommittee5 and working groups opernte within the Board that focus on Board D¢v¢lopment, Digital Outputs, Finance. Fundraising, and Risk Managcmcni. With the excepiion of Ihc Board Development Sub-committee. thesc working groups of trustccs work los¢ly with ihc Director on a rcguiar basis. f¢¢ding-back at Board meetings as required. Page 6
ew Contemporaries (1988) Limited Trustees, Report Since 2016, New ConiemporaTiCS has Caled oul a progrdmme of Board Development worl which has includcd a programmc of rctircrnent for longer-serving trusiees. Thc majority of trnstees have bccn appointed in the last six years, which has significanily renewcd our trustee base and energised the Board. There is a clearlj" defined lenh of service for Board members and rotation of the Board tskes place annually al thc AGM. Skills gaps and strdtegic priorities for the recruitment are identified and new trusiees are recruited tbrough the existing Board's extensive network connections with thc proccss following that as described in the Articles & Memorandum of Association. New CoDtcmpordries 15 currcntly updaling its Articlcs & Mcmordndum of Asswiation. The Charity Commission approved rcvisions include amcndments to New Contemporaries Charitable Objects that better reflect its currcnl activities. These new Articles are based on the Charity Law Ass(Kiation m(Klel and includiDg a number of the effi¢i¢n¢ies inlroduced by Companies Acts and Charities A¢ts since New Cijntcrnpordnes b¢¢ame a charity. The updated Articlcs will join a suite of new policies re: donations, harassment. bullying and whistle-blowing that cnsurc that we follow g¢)(xl practice in all areas as wcll as our statutory rcsponsibilitics. Thcsc policies are reviewed annually. In addition. New Contempordries adheres to and is guided by the Charity Govcrnance Code aDd its scycn key principles around.. organisational purpose- leadership: integrity. decision making, risk and control- board effeciivelless; equality, diversity and iD¢lusion" and op¢nn¢ss and ac¢ouDtability. In 2020, the arrival of C-19 in the UK created signifi¢ant challenges to arts organisation's programmes, opcrdtions and finance5. As a Ditnble and flcxible DoD-VCDUC-based organisation. Ncw Contcmporarics is proud of its response in pivoting from in pc¥son to ouline dclivcry of our PgrammeS to ensure that it continued to support artists and engage audicnces. Tbmughout the year New Contempordries continued to fulfil its charitable objectives by selecting 36 emerging and early carcer artists from across tbc UK lo participate in its annual open call event, and related professional dcveloptncnt progrdmmcs. In response to C-19 restrictions and io minimisc the spread of infeclioty the majority of New Contcmpordrics activity was prcscntcd online, including a bespoke online platfomi to host the sel¢¢ted arti51s and their work to complement the in-person exhibition in London. This activity offered vital learning and professional development opportunities to thc artists and was augmcntcd by ihc artists, prolessional development progrdmme, which was also delivered online. New Conlcmpordfics offer io artists is shaped in response to artists, needs and prdclices, offcring bcspK>kc Enenioring, studio bursaries, residencies and curatorial opportunities, which are all intended to broaden thcit skRlls and experience. New Contcmporaries audience engagement arkd education objectives wer¢ delivered througb an onlin¢ public progrdmme of talks. cvcnts, workshops and symposi4 which generated discussion and undcrsianding of conlemporary art prnctice. New Cont¢mpordries online prescncc offcrcd an opportunity to furthcr cngage and educate the generdl public about its work, through the hosting of talks and tours, artists. blog p05ts, moving image works, images and biographies, alongsidc filmed documentation of symposia and conferences, and interviews with our alumni. contributing to the growing archive of online material. Pa8c 7
New Contemporgries (1988) Limited Trustees, Report During 2020-21 New Contcmpordries continued lo work in partttership with other narionally-recogtlised charitable organisations wiihin the arts to expand the reach and impact of its work. these included Artquest, British School ai Rome. Henry Moore Instttute and SPACE Studios. Relationships with rel4ted parties None of the trustees had 3 mat¢rial int¢r¢st in any contract of significancc to which the company was a party during the year under review. Mojor risks and managemeni ofthose risks Thc trustecs have a duty to idcnlify and rcvicw the risks to which ihe charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error. The charity has a Risk Working Group, which met r¢gularly during 2020 10 identify? discuss and miligal¢ pK)tential risks created by C-19 to its programmes, operations. finances and reputation. As of 2010 the charity has had in placc a rcserves policy to 5UPtK)rt tbe organisation in times of financial uncertainty and is committed to building these reserves annually. Our Business Plan contains a risk register, which identifies risks along with the organisational rcsponsibility lo address, and the steps to mitigate these. Risks are reviewed annually in Dcccmbcr as part of our process of Business Plan review. Financial Inslrumen¢s ObjeLYives andpolieies The charity's activities expose il to a number ol financial risks including credil risk, cash flow risk and liquidity risk. The use of financial derivatives is governed by the charity's policies approved by thc board of tsvsiccs, which provid¢ writtcn principles on the use of financial dcrivatlVCS to managc these risks. The charity does not use derivative financial instnllnents for speculative purposes. Cashflow risk The charity's activitics cxpos¢ it primarily to thc financial risks of changes in foreign urrency exchange ratcs and intrresi rates. The exposure is mini1 as forcign CuencY transactions are minimal and the company bas no borrowings. Page 8
ew ContemporAries (1988) Limited Trustee5' Report Credit nsk The charity's principal financial &ssets are bank balances and cash. trade and other rcccivables, and investments. The chariry's credit risk is primarily attributable to its trade receivables. The amounts presented in the balance sheei are nct of allowances for doubtful receivables. An allowance for impainncni is made where there is an identified loss event which, based on previous experience, is ¢viden¢e of o dUctIon in the recovcrnbility of thc cash flows. Thc charity has no significant conccntratlOD of crcdit risk, with cxposure spread over a large numbcr of counlcr-partics and customct5. Liquidity risk order to maintain liquidity to cnsurc that sufficient fimds are available for ongoing opcrations and future developments. the charity regularly reviews available Itquid funds to settle debts as they fall due and activcly manages trade debtors and creditor balances to ensure sufficient working capital is available. Attention has also been focussed on llon-fuwicial risks arising from damage lo artwork. fire and theft and health and safety of artists and audience at our exhibitions. These risks arc managed by ensuring adcquatc insurance Cover is in pl. The annual rq)ort was approved by the trustees of the charity on its behalf by= !It.'12...21 and signed on Sacha Dynclcy Craddock Chair and Tnlstce Pa8e 9
ew Contemporaries (1988) Limited Statement of Trustees, Responsibilitles The trustees (who are also the directors of N¢w ConlcTnporaric5 {1988) Limited for the pury>oses of company law) arc responsible for prcpariDg the trustees, report and the financial statements in accordancc with thc Unitcd Kingdorn Accounting Standards (United Kingdom Gcncrdlly Accepted Accounting Pra¢ti¢e} and applicable law and regulations. Company law rcquircs thc ISteCS to prepare financial stat¢menis for each financial year. Under ¢ompany law the truslees musl not approve the financial StCnts unless they are satisfied that they give a Iwe and fair view of the slale of affairs of the charitsblc con]pally and of its incoming resources and application of resourccs, including its incomc and expenditure, for that period. In preparing ihese financial siatements. Ihe irustecs arc rcquircd lo.. select suitable accounting policie5 and apply them consistently- obsCe the mdhods and principles thc chltieS SORP: makc judgcmcnts and cstimatcs that are reasonable and prudent" state whether applicable UK Accounting Standards have been followed. subject to any material dcpartures discloscd and explained in the financial slalements. and prcparc thc financial slatcm¢Dts on the going concern basis unless it is inappropriat¢ to prcsumc that thc charitable company will continue in business. Thc trustCC5 are responsible for keeping adequaie accounting reCos that are sufficient to show and explain the charitable companls transactions and disclosc with rcasonable accuracy at any ttme thc financial position of the charitable company and enable thern to ensure that the financial statements comply with the Companies A¢t 2006. They are also responsible for safcguarding thc assets of the charitable company and hence lor taking reasonable steps for the prevention and deltIon of fraud and other irregularities. Approved by the trustees of the charity on l.¥....1.2.-.IL and signcd OD its bcbalf by.. Sacha Dyneley Cradd(Kk Chaii and Trustc¢ Pagc 10
ew Contemporaries (1988) Limited Independent Exgminer'5 Report to the trustees of Llew Contemporarie5 (1988) Limited I report to the charity trustees on my examination of thc accounts of the charity for the year ended 31 March 20? I which are set out on pagcs 13 to 35. Respective responsibilities of trustees and examiner As the charity's irustLCS of Ne, ConteMrarIeS {1988) Limited {and also its directors for the purposes of company law) you are responsible for the preparation of the accounls in accordance with the requirements of the Companies Act 2006 ('the 2006 Act,). Having salisficd myself that the accounts of New ContemtKirdrics (1988) Limited are not required to be audited under PaTt 16 01 the ?0 Act and are eligible for independent examination, I report in respect of my cxaminaiion of your charity's accounts as carried out under section 145 of the Charities Aci 2011 ('thc 2011 Act'}. In carrying out my examination I h8v¢ followed the Directions giveD by the Charity Commission under seclion 145{5)(b) of the 2011 Act. Independent examiner'5 Statement Since N¢w Coniempordrics 11988) Limiled's gross income exceedcd £250,000 your examiner musi be a member of a body listed in section 145 of the 2011 Act. I confirtn that l am qualified to underthke Ihe examination becausc l am a member of Association of Chartered Certified Accountants, which is one of the listed b(Klies. I hav¢ completed my examinalion. I COnf[n thai no maiters have come to my attenlion in CODncction with the examination giving me cause to believe: accounting records were not kept in respect of New Contemporaries (1988) Limited as required by section 386 of the 2(Ki6 Act- or 2. thc accounts do not accord with those records" or 3. the accounts do not comply with the accounting requirctncnts of section 396 of the 2006 Act othcr than any requirement that the accounts give a 'true and fair vicw, which is not a matter considered as part of an indcpendent examination" or 4. thc accow)ts have not becn prepared in accordance with the methods and principles of the staiement of Recommendcd Practice for accounting and reporting by charities applicable to charitieq preparing their accounis in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)- I have no Concerns and have ¢ome across no other matters in connection with the examination lo which attention should be drawn in this report in order to cnable a proper understanding of the accounts to be reached. Pagell
Lyeiv CoDtemporarie5 {1988) Limited Independent Examiner's Report ¢0 the trustees ofNeTh Contemporaries (1988) Limited Zain Salch FCCA Association of Chartered Certified Accountants Suile 427 Legacy Centre Hampton Road W¢sl Feltham Middlesex TW13 6DH Daic....... Page 12
ew Contemporaries (1988) Limited Stgtement of Financial ActiTrities for the Year Ended 31 March 2021 {In¢lvding Income and Expenditure Account and Statement of Total Re¢ognised Gains and L055es) Unrestricted Restricted funds funds Total 2021 L%ote Income and Endowments from: Donations and legacies Oth¢r trading a¢tiviti¢s Investment income 126.823 161,499 89 85,369 212,192 161,499 89 Total income 288.411 85,369 373,780 Expenditure on: Raising funds Charitable activities Oth¢r expenditure Total expenditure Net in¢om¢l{expenditurc) Net movement in funds (21,938) (166.659) (18,055) (21,938) (211,672) 63,411 (45,013) 45.356) {206,652} (90.369 297,021 81,759 15,000 76,759 81.759 (5,000) 76,759 Reconciliation of fund5 Tolal funds brought fonvard Toial funds carried forward 81,651 161,410 5.001 Unrestricted Restricted funds funds 10.001 91,652 21 168,411 Total 2020 Income and Endowments from: Donations aDd Icgacic5 Other trading activities Investment income 124.013 165,577 271 21.963 145,976 165,577 271 Total income 289.861 21,963 311,824 Expenditure on: Raising funds Charitablc activities Other expenditure Total cxpendiiure Net incomel(expenditure) (11,093) (215.231) (26,760 {11,093) (257,316) (26,760) (42,085) {253.084} (42.085) {295,169 36.777 (20.122 16,655 The notes on pages 17 to 35 fom) an integrdl part of thcsc financial statements. Page 13
l%ew Contemporarie5 (1988) Limited St4tement of Financial Activities for the Year Ended 31 Mgrch 2021 {Including Ineome and Expenditure Aecount and Statement of Total Recognised Gains and L05ses) Unrestricted Restrieted funds funds Total 2020 Net movement in funds 36.777 {20.122) 16,655 Reconciliation of funds Total funds brought forward Total funds carried forward 44.874 30.123 74,997 21 81,651 10.001 91,652 All of the charity's activities d¢Tive from continuing operdtions during the above two perii)ds. The fvnds breakdown for 2020 is sbowD in note 21. Th¢ notes on pages 17 to 35 form an iDtcgrnl part of these financial statements. Page 14
New Contemporaries (1988) Limited (Registration Dumber: 02323106) Balance Sheet as at 31 Mareh 2021 2021 2020 l%o¢e Fixed assets Intangiblc assets Tangible assels 15 16 12,000 1,762 1.322 10.322 13,762 Current assets Debtors Cash at bank and in hand 17 18 7,823 30?,675 20,325 211,118 310.498 231.443 Creditors: Amounts falling due within one yr 19 (152,409) {153.553) Net current assets 158.089 77,890 Lyet assets 168,411 91,652 Funds of the charity: Reslrieted incom¢ funds Restricted funds 21 io,ooi Unrestricted income funds Ulliestrilied funds 163,41 81,651 Totli funds 21 168.411 91,652 For ihe fin8n¢ial year ellding 31 Marcb 2021 thc charity was entitled to exemption from audit under section 477 of the CompaDics Act 2006 relating to small companies. Dir¢¢tors' responsibilities: The mernbcrs have not required the charity to obtain an audit olits accounts for the year in qucslion in accordance with section 476. and The directors acknowledge their responsibilitics for complying with thc requirements of Ihe Act with respect to accounting records and the prepardtion of accounts. These accounts have been prepared in accordance with the provisions applicable to companics subject to the stnall Companics Tegime. The notcs on pages 17 to 35 form an integrdl part of thc5e financial statemcnts. Page 15
New Contemporaries (1988) Limited IRegistrAtion number: 02323106) Balanee Sheet as at 31 March 2021 The financial slatements on pages 13 to 35 were approved by the tnLStees. and authorised for issue on. .and signed on their Ixhalf by: 1411212021 Sacha Dyneley Craddock Chair and Trust¢e The notes on pages 17 to 35 fonn an integral part of these financial statements. Page 16
l%ew Contemporaries (1988) Limited .Notes to the Financial Ststements for the Year Ended 31 Mareh 2021 I Charity status The charity is limited by guarantee, incoryjorated in England. and consequently does not have share capilal. Each of the Irustees is liable to contribute an amount not cxcccding £1 towards thc asscls of thc charity in tbc event of liquidation. Thc addrcss of its registered olCe is: First Floor Rich Mix 3547 Bethnal Green Road London EI 6LA 2 Ateounting polieies Summlry of significant accounting policies and kei accounting e5tim*tes The principal accounting policies applicd in the prepardtion of these financial statements are set out below. Thesc policies have en CODSlStcntly applicd to all the years presented, unless othcnvisc statcd. Statement of eompliance The financial slatcments have been prepared in accordance with Accowjting and Reporting by Charities.. Statement of Recommended Practice applicable to ¢harilics prcparing their accounts in accordance with the Financial Reporting Standard applicable in thc UK and Republic of Ireland IFRS 102) (effcctive l January ?015) - (Charities SORP (FRS 102)}. the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). They also comply with the Cornpanies Act 2(M)6 and Charilies Act 2011. Basis of preparation New. Contcmporarie5 (1988) Limited mects the definition ol a public benefit cnlity undcr FRS 102. A55¢15 and liabilities are initially r¢cosnised historical cost or transaction value unlcss otherwisc stated in the relevant accouniing poli¢y notes. Thc prcsentaiion curren¢y of the [anCIal ststements is Pound StCTling {£). Going concern The trustees considcr thai there are no matcrial uncellainties about the charity's ability to continue as a going concern nor any significant areas of unccrtaiDty that affect the ¢arying value of assets held by the charity. Pagc 17
New Contemporaries (1988) Limited Notes ¢0 the FinAneiAI Statements for the Year Ended 31 March 2021 Exemption from preparIg a cash flow statement The charity opted to early adopt Bullctin I published on 2 February 2016 and have therefore not iDcludcd a cash flow slaternent in these financial staternents. Income and endoivments All incomc is rccogniscd once the charity has entitlement to the income, it is probable thal Ihe income will be received and the amount of the income receivable can be measured reliably. Donalion.s ond lÉgacie. Donations are recogniscd when ihe chariiy has been notified in writing of both thc amouni and setilemenl date. In the event that a donation is subject to conditions that require a level of perfonnance by the charity before the charity is entitled to the funds, the income is deferred and not re¢ognis¢d until either those conditions are fully met, or the fulfilment of those conditions is wholly within the control of the charity and it is probable that these conditions will be fulfilled in thc rcportiDg period. Grnnls receivable Grnnts are recogniscd when the charity has an entitlement lo thc funds and any condition5 linkcd io Ihc grants have been mei. Where perforniance ¢onditions are attached to th¢ granl and are yet to be mel, the income is recognised as a liability and in¢lud¢d on th¢ balance sheet as deferred income to be released. Deferred income Deferred income represents arnounts rcccivcd for futurc pcriods and is rclcascd to incoming resources in ihc pcri(Kl for which, it has been received. Such income is only deferred when.. The donor specifies that the grant or donation must only be llsed in fvture accounting periods; or - Thc donor has imposed conditions which musi be met before the charity has unconditional entiilcmcnt. Investment income Dividends are recogniscd once the divideDd has been declarsj and notification has been receiv¢d of the dividend duc. Page 18
ew Contemporgrie5 {1988) Limited 'ote5 to the Finaneial Stgtements for the Yegr Ended 31 March 2021 Expenditure All expenditure is recognised once the is a legal or wnstrn¢tiv¢ obligation to that expenditure. il is probable setilcmcnl is required and the amount can be measured reliably. All costs arc allocated to the applicablc cxpcndirC heading thal aggregate similar Losts to that category. Where costs cannot bc direcily auribuled io particular headings they have been allo¢ated on a basis consistent with ihc usc of resources, with central staff costs allocated on the basis of time spenl, and dcprcciation chargcs allocalcd on the portion of the asset's use. Other support cosis are allocated based on the sprcad of slaff costs. Raisingfunds Thesc arc cost5 incurred in attra¢ting voluntary income. the management of investments and those incurred in trading activities that raise funds. Charilable aclivitie5 Charitable cxpcnditurc coTnpri5C5 thos¢ Costs incurred by thc charity in thc deliycry of its activities and scryices for ils beneficiaries. li includes both costs that can be allocated directly to such activities and those costs of aD indirect natuff necessary to support thern. Govern¥nce costs These includc the costs attributsble to the ch3rity'5 compliance with constitutional and statutory requircmcnls, including audi¢ strdtegic management and trnstees's meetings and reimbursed expenses. Government grants Government grants arc rccognised based on the acCnl mixlel and are measured at the fair value of the asset received or reccivablc. Grants are classificd as relating either to revenue or lo asscts. Grnnis relating to revenue arc tccognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised oN'¢r the expected useful life of the asset. Where part of a grdnt relating to an assct 15 dcfclttd it is recognised as deferred income. Taxation The charity is considered io pass the tests set out in Paragraph I Schedule 6 of the Finance Act 2010 and therefore it mccis ihe delinition of a charitablc cotnpany for UK corporalion tax purposes. Accordingly, the charity is poicnlially exempt from taxation in Tcspeci of income or capital gains received within categorics covercd by Chapter 3 Part I l of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargcablc Gains Act 1992, to th¢ extent that such incomc or gains are applied exclusively to charitable purposes. Pagc 19
New Contemporaries (1988} Limited otes to the Financial Statements for the Ye2r Ended 31 March 2021 Intangible assets Intangible assets are stated in the Balance Sheet at cost Icss accumulaied amortisation and impainnenl. They are amortised on a straighi line basis over their estimated useful lives. Website planning costs are charged to the income and expenditure account. Website costs relating to the application alld infrastructure development costs. design costs and content costs which give rise to future economic bcncfits arc capithlised and amortised over its useful economic life. Where there is an indication of impairn)cnL a rcvicw is undcrtakcn. Tangible fixed assets Individual fixcd asscts costing £300 or more are initially recorded at cost, less any subscqucnt accumulaled depreciation and subscqueni accumulated impairnient losse5. Amortisation Wcbsite development Costs are capitslised and amortised over its useful economic life where expect¢d future economic benefits will flow lo the charity. Asset class Website developmcnt costs Amortisation method and rate Ovcr 5 ycars Depreciation and amortisation Dcpreciation is provided on tangibl¢ fixed as5Cts so as to ThTitc off the cost or valuation, less any estimatcd residual value, over their expected useful cconomic lifc as follows- Asset class Furniture & equipmcnt Depreciation method and rate 250/ts on rcducing balance Research and development Rcsearch and dcvclopmcni cxpenditure is written off as incurred. Trade debtors Tradc dcbtors are amounts due from cUSme1S for mer¢handise sold or services performed in the ordinary course of business. Trdde debrS are recognised initially at the ttansaction price. They are subsequcntly measured at amortiscd cost using th¢ effective inlcrcst rndhod, less provision for impairmenl. A provision for the ijnpaiTmcnt of trade debtors is cstablished whcn there is objcctive evidence that the cbarity will Doi be able to collect all amounts due according to the original tcrn]s of ihe re¢eivables. Pagc 20
l%ew Contemporaries (1988) Limited Notes to the Flnanclal Statements for the Ye#r Ended 31 M*rch 2021 Cash and Cash equiv¥len¢s Cash and cash equii'alcnts comprisc cash on hand and call dcposits. and other short-temi highly liquid investments that are readily convertible to a known amounl of cash and are subjeci io an insignificani risk of change in value. Trade creditors Trade creditors are obligations pay for goods or services that have becn acquircd in the ordinary course of busincss frotn suppliers. Accounts payable are classified as current liabilities if the charity does not have an unconditional righL at the cnd of ihc rcporting period, to defer settlernent of tbc creditor for ai Ic3sl tw¢lvc month5 aft¢T the rcporting date. If there is an unconditional right to defer settlctncnt for at least twelve months after the reporting datc, Ihcy are presenled as non-¢urrent liabilities. Trdde ¢reditors are recognised initially at thc transaction price and subsequently me&sur¢d at amortised cost using thc cffcciive inieresl method. Foreign exchange Transactions in foreign currencies are recorded at the ralc of cxchangc at thc date of the transaction. Monetary assels and liabilities dcnovninaicd in foreign cuttencies at the balance sheet date are reportcd at thc rntes of exchange prevailing at that date. The results of overseas operdtion5 are translated at the avernge rnles of exch8nge during the period and their balance shccts at thc raies ruling at the balance sheet dat¢. Exchange diff¢renc¢s arising on translation of the Oning nei assets and results of ov¢rse&s operdtions are reported in othcr comprchcnsive income and ¢Mulated in equity (attributed io non-conirolling inlercsts as appropriate). Other cxchange differences are recognised in the Statement of Financial Activities itl thc period in which they arise excepl for- l ) exch&nge differth)ces on transactions entered into lo hedge cert#iD fol8n currency risks (scc above); 2) ¢x¢hange differences arising on gains or losses on non-monetary items which are recogniscd in other comprehensive income; and 3) in the case of the consolidated financial slatements. exchange differcnccs on monetary items receivablc from or payable to a foreign opcration for which setilemenl is neither planned nor likely to occur {therefore forming part of the investment in the foreign opcralion), which are recogniscd in other comprebcnsive income and ffported under equity. Page21
New Contemporaries (1988) Limited Lyotes to the Financial Statements for the Year Ended 31 March 2021 Fund structure Unrestricted in¢ome lunds are gencral funds that are available for use at the trnstees's discretion in furtherdnce of the objectives of the Charity. Rcstrictcd incomc funds are those donated for use in a particular area or for specific purposcs, thc usc of M'hich is restricted io that ar¢a or purpose. Pensions And other p05t retirement obligations The cbarity operntes a defined contribution pension s¢h¢m¢ which is a pension plan under which fixed contributions arc paid inio a pcn5ion fund and the charity has no legal or constructivc obligation to pay furthcr contributions cvcn if thc fund does noi hold SU1clet asscts to pay all cmployccs the bcDcfits relating to cmploycc scNice in the current and prior periods. Contributions to defined contribution plans 3re recogDised in the Statement of Financial Activiti¢s when they are due. If conlribulion panents exceed the contribulion due for scrvice. the excess is re¢ogmised as a pr¢pa)Tnent. Financial instruments Clagsificdlion Financial assets and financial liabilities are reco8nised when the charity be¢omes a party to the contractual provisions of the instrument. Financial liabilitics and cquity instrumcnts aff classified according to the Substance of the contraciual arrangements entered into. An equity instrument is any ¢ontra¢t that evid¢n¢es a rcsidual intcrcst in the assets of the chaTity after deducting all of its liabilities. P3gc 22
New Contemporaries (1988) Limited ote$ to the Fingncigl Statements for the Year Ended 31 March 2021 Recognilion and mea5uremenl All financial assets and liabilitics arc initially measured ai transaciion price (including transaction costs), except for those financial assets classified as at fair value through profil or loss. which are inilially measured at fair value {which is nornially the transaclion price excluding transaction costs), unless the arrangement constitutes a financing trdnsaction. If an arrangcment constitutes a financing trdnsaclion. the financial assct or financial liability is m¢asur¢d at the present value of thc futurc payments discounted ai a markct rate of interest for a similar debt instrument. Financial asseis and liabiliiies are only offsct in thc statcmcnt of financial position when, and only whcn there exists a legally enforceablc right to Sct off thc Tccogni5ed amounts and ihe charity intends eith¢r to settle on a net basis, or to realise the asset and settle the liability simultaneously. Financial assets are derccogllised when and only when a) the contrdctual rights to Ihc cash flows from th¢ financial asset expire or are settled b) the charity transfers to another paty substantially all of the risks and rewards of oW£r5hip of thc financial 8sset. or c) the clwity, despitc having retained som¢, but not all, significant risks and rewards of ownership, has transferred conlrol of the assct to another party. Financial liabilities are derecognised only when the obligation specified in the contract is discharged. cancelled or expires. Inve51ments Investrncnts in non-convertible preference sharcs and non-purtable ordinary or pr¢f¢rence shares {wberc sharcs arc publicly trdded or ihcir fair value is rcliably mcasurabl¢) are measurcd at fair value through profit or loss. Where fair value cannot bc m&isured reliably. investments are measured at cost less impainnent. Invesiments in subsidiaries and associates are measured at cost less impairment. For investments in subsidiaries acquired for consideration including the issue of shares qualifylng for merger relief. cosl is mcasurcd by reference to the nominal value of the shares issucd plus fair value of other consideraiion. Any prernium is ignored. Fair value measurement The best ei'idcn¢¢ of fair valuc is a quoted pric¢ for an identical as5Ct in an active market. Wheu quotcd prices are unavailable, thc pricc of a recent transaction for an idcntical asset provides evidence of fair value as long as thcre has Doi bcen a significant change in economic circumstances or a significant lapse of lime since the transaction took place. If the market is not active and recent transaciions olan identical assci on their own are not a gi)od estimat¢ of fair value, Ihe fair value is cstimated by using a valuation lechnique. Pagc 23
New Contemporaries (1988) Limited l%otes to the Financial Statements for the Year Ended 31 March 2021 3 Income from donations and leg¥cies Unrestricted funds General Restrieted funds Total funds Donations and Icgacics: Donations from compallics. trust5 and similar proceeds Donaiions Grnnts, including capital grants; Government grants Grants from other charities 50,(KK) 50,000 6,867 6.867 119,956 119,956 35,369 212,192 35.369 Total for 2021 126.823 85,369 Total for 2020 124,013 21,963 145,976 4 Income from other trading actiTrities Unrestritted funds General Total funds Trading income; Sales of artwork Sponsorship in¢om¢ Commissions and other income 21.938 l(K>,000 39,561 21,938 100,000 39,561 Total for 2021 161,499 161,499 Total for 2020 165,577 165,577 Page 24
Contemporaries (1988) Limited otes to the Financial St2tements for the Year Ended 31 March 2021 5 Investment income Unrestricted fund5 Genergl Tot81 funds Interest receivable and similar incomc; Interesl r¢¢¢ivabl¢ on bank dcposits 89 89 Total for 2021 89 89 Totsl for 2020 271 271 6 Expenditure on raising funds Costs of tradlng activities Unrestricted funds General Total funds Costs of g(M)ds sold 21,938 21,938 Total for 2021 21,938 21.938 Total for 2020 11,093 11.093 Page 25
llew Contemporarie5 (1988) Limited Notes to the Finaneial Statements for the Yer Ended 31 March 2021 7 Expenditure on charitable ctiTrities Unrestricted Total 2021 Total 2020 General Restri¢¢ed l%ote Artists iravel & accommodation Exhibition & installation Trdnsport Telephone & other oifice osts 8,713 3,413 493 6(Kl 764 1,631 9.313 4.177 2.124 12.528 5.682 9,862 (2.522) 11,358 2,246 6.225 10.176 7.654 11,358 3.746 16,385 300 29,890 113.956 12,769 14,910 22,514 14,094 32,164 210 16,229 119.768 9,355 Advertising & promotion Publications Public progrdmmes Supporters club Sclcctions & submissions Staff costs Governan¢e costs 1,500 10.160 300 29,890 94.074 12,769 19.882 166.659 45.013 ij ?11,672 257,316 In addition to ihe expenditure analysed abovc, Ihcrc arc also govcrnancc costs of £12,769 (2020 - £9,355) which rclate directly to charithble activities. See note 9 for further details. Page 26
ew Contemporaries {1988) Limited Note5 to the Financial Statements for the Year Ended 31 March 2021 8 Other expenditure Unrestri¢ted funds General Restricted funds Total 2021 Totgl 2020 Note Depreciation, amortis&tion and other similar costs Othcr resources expclldcd 3.440 3.440 14,615 45,356 59.971 22,816 26,760 18,055 45.356 63,411 Unrestricted funds General Restrieted funds Total funds Deprecialion, amortisation and other similar costs Other resources expeDdcd Total for 2021 3,440 14,615 3.440 59,971 45,356 18,055 45,356 63,411 Total for 2020 26.760 26,760 9 Analysis of governance and support costs Governance eosts Unrestricted Cunds General Restricted funds Total fund$ Independent examiner lees Examination of the financial statements Legal & professional f$ Other governance costs Total for 2021 2,000 6.798 3,971 12,769 6.798 3,971 12,769 Total for 2020 7.323 2,032 9,355 Pagc 27
ew Contemporaries (1988) Limited INotes to the Fingncial Statements for the Yegr Ended 31 March 2021 10 Net incomingloutgoing resources Net incoming resources for the year include: 2021 2020 Depreciation and amortisation of fixed assets 3,440 3,944 I l Trustees remuneration and expenses During the year the chariiy made the following transactions with truslccs: Sacha Dyneley Craddock Re1Ved an honordrium paymeni o1£1,750 for advisory work relating to selection. Adham Far*ma Received £350 for the Digitsl Commissioning progrdmme and Artists Professional Dcvclopmcnt programme. Donations mad¢ by the trustees without any conditions attached totalled £500 for the year (2020- £1,600). 12 Staff costs The aggrcgate paJToII costs were as follows: 2021 2020 Stxff costs during the year were: Wages and salarics Social s¢curity costs Pension costs 105,183 6,273 2,500 113.956 109,974 7,259 2,535 119,768 The monthly average number of persons (in¢luding senior managcrncnt tcam) employed by the charity during the year expressed as full time equivalenLs was as follows- Page 28
New Contemporaries (1988) Limited iyotes to the Financial Statements for the Year Ended 31 March 2021 2021 2020 ,Yo Prograrnrnc Director Programme Manager D¢vclopm¢llt Managcr Progranune Assistant Contributions lo the employee p¢nsion schemes for the year totalled £2,501 (2020- £2,535). No employee received emoluments of more than £60,IKMI during ihe year. The total employee benefits of the key management personnel of the clwity were £45,402 (2020 - £43,807). 13 Independent examiner's remuneration 2021 2020 Examination of the financial statements 1.893 14 Tgxation The charity is a registered charity and is therefore exempt from tsxation. Page 29
New Contempordries (1988) Liml¢ed Notes ¢0 the Financial Statements for the Year Ended 31 March 2021 15 Intangible fixed assets Other intangible asset Total Cost At l April 2020 At 31 March 2021 15,0(M) 15,000 15,0(M) 15,000 Amortisatlon At l April 2020 Charge for th¢ year 3,000 3,000 Al 31 March 2021 6,000 Net book value At31 Ma2021 At 31 MaTch 2020 12,000 12,000 Web5jte development eosts Dcvelopment ¢osts havc bccn capilaliscd in accordance with FRS 102 Section 18 Intangible Assets othcr than Goodwill and are therefore not trcatcd as a dcficit to th¢ charity. Page 30
New Contemporaries (1988) Limited Notes to the Financial Statements for the Year Ended 31 March 2021 16 Tangible fixed assets Furniture and equiptnent Total Cost At l April 2020 Ai31 mah2O21 16.953 16,953 16.953 16.953 Depreciation At l April 2020 Charge for thc year At 31 March 2021 15,191 15,191 15,631 15,631 Net book value Ai 31 March 2021 1,322 1,322 At 31 March 2020 1,762 1,762 17 Debtors 2021 2020 Trade debtors Prepaymcnts Other debtors 559 17.757 2.009 5.807 7,823 20,325 18 Cash and cash equlv*len¢s 2021 2020 Cash on hand Cash at bank 19 302,656 302,675 19 211.099 211,118 Pagc31
ew Contempor*ries (1988) Limited Notes to the Financial Ststements for the Yr Ended 31 March 2021 19 Creditors: amounts falling due within one year 2021 2020 Trdde ¢r¢ditors Other taxation and social security Accruals Deferred income 7.725 23.716 20.968 100,000 52.409 2021 25,580 21,954 6.019 100,000 153.553 2020 Deferred income ai l April 2020 Resources dcfcrrcd in thc pcriod Amounts released from previous tKriod5 Deferred incomc ai year end (100.o(M)) (100.0) l (M),000 (11,500) {ioo.000) 11,500 (loo,000 100,000 Dcfcrred income relates to sponsorship income received in advance from Bloornberg for the year 2021-2022. 20 Obligations under leases and hire purchase Contracts The toial value of future minimum lease payments was as follows: 2021 2020 Within one year ID two to five years (6.21M) (6.204) {2.958 {9,162) (6.204) Page 32
Contemporaries (1988) Limited Notes to the Financial Statements for the Year Ended 31 March 2021 21 Fund5 Balance at 31 Mareh 2021 Balance at I April 2020 Incoming resourees Resources expended Unrestricted funds Gener(41 General Funds 81,651 288.411 (206.651) 163,411 Restricted funds ACE Catalyst - Developmcnt Manager Brigit Riley Bloombcrg London Community Rcspon5e Bloomberg Connccls Mondriaan Danish Arts Foundation London Borough olTower HaTnlets lo.1 (io,ooi) (15,0(X)) 20,O¢XI 5.000 10,054 50.0(KI 2.095 1.220 (10,054) (50,OIM)) (2,095) (1,220) (2,(K>O Total restricted funds iO,(M)I 85.369 (90,370 5,000 Total funds 91,652 373.780 (297.021 168,411 Pagc 33
-New Contemporarie5 {1988) Limited Notes to the Financial Statements for the Ye*r Ended 31 March 2021 Balance at 31 March 2020 Balance at I April 2019 Incoming resource5 Resources expended Unrestricted funds General Generdl Funds 44,874 289,861 (253,084) 81,651 Restricted ACE Catalyst - Development Manager 70th Anniversary Sound Art Prdctice Symposium BNC 18 and 19 New Writing 30,123 1,533 10,(M)O {21,655) (10,000) io.ooi (4,(M)O) (6,330) (100 6,330 Total restricted funds 30.123 21.963 (42.085) io,ooi Total funds 74,997 311.824 (295,169 91.652 22 Anglysi5 of net assets between funds Unrestricted 2021 TotAI funds Gener41 Re5trieted Intangibl¢ fixed assels Tangibl¢ fixed assets Current assets CukTcnt liabilitics 9,000 1,322 310,498 {152,409 168,411 1,322 305,498 {1 52.409 163,411 Total llet asseis Page 34
New Contemporgries (1988) Limited Notes to the Financial Statements for the Year Ended 31 March 2021 Unrestricted 2020 Total funds Genergl Restricted Irktangible fixed assets Tangible ftxed assets Curr¢nt assets Current liabilities 12.0(M) 1.762 221,442 {1 $3,553) 81,651 12,(K)O 1.762 231,443 (153,553) 91,652 10.(K)I Total net assets iO,(M)i 23 Analysls of net funds At l April 2020 At 31 Mareh 2021 Cash flow Cash at bank and in hand 211,118 91,557 302,675 Net funds 211.118 At l April 2019 91.557 302,675 At 31 March 2020 Cash flow Cash at bank and in hand 131,IK)5 80,113 211,118 Nct funds 131.005 80,113 211,118 24 Imp2ct of Covid-19 The Covid-19 pandemie bas developed rapidly in 2020. with a significant number of cases. Measures taken by the government to contain the virus have had some impact on the charitys trading. Thc exact impact on activities in the rctnaindcr of 20?1 and ihereafter cannol be predicted. However, tbe tru5tce5 expect income from trading activittes lo risc following the lifting of lockdown rcstrictions by th¢ 8overnment. Page 35
New Contemporaries (1988) Llmi¢ed Statement of Financial Activities by fund for the Yegr Ended 31 March 2021 Unrestricted General Funds 2021 Income and Endowments from: Donaiions and legacies Grants. including capital grdDts Other trading activities Investment incon]e 6,867 119,956 161,499 89 Total income 288,411 Expenditure on: Raising funds Charitable activities Other expcnditure Total expenditure Net income (21,938) (166,659) (18,055 (206,652) 81,759 Net rnovement in funds 81,759 Reconciliation of fund5 Total fimds brought forward Totsl funds caTried fonvard 81.651 163.410 This page does not fonn part of the statutory fitthncial stslements. Page 36
Ilew CoDtemporarie5 (1988) Limited Statement of Financial Aetii'ities by fund for the Year Ended 31 March 2021 Restricted Funds Total Total Restricted Restricted Funds Fund5 2021 2020 Income and Endowments from: Donations and legacies Total income 85.369 21,963 85.369 21,963 Expenditure on: Charitable activities Other expenditure Total expenditt¢ Nel expenditure Nel movcmenl in funds (45.013) (42.085) (45.356) 90,369} {42,085) (5,000) (20.122 (5,000) (20,122) Reconciliation of fund5 Total funds brought forward Total funds carried forward lo.1 30,123 10,001 5,001 This page does not forrn part of ihe statutory fllwicial statements. Page 37
ew Contemporaries (1988) Limited Detailed Statement of Ftnancial Aetivities for the Year Ended 31 March 2021 Total 2021 Total 2020 Ineome and Endowments from: Donations and legacies (analysed below) Other trading activities {analys¢d below) Invcslmeni income (analysed below) Toial income 212,192 161,499 89 145.976 165,577 271 373,780 311.824 Expenditure on: Raising funds {analyscd bclow) Charitable activities {analyscd klow) Other expenditure (analysed below) Total expenditure Net income (21,938) (211,672) 63,411 (11.093) (257.316) (26,760 (297.021) (295,169 76,759 16.655 Nct movement in funds 76,759 16,655 Reconciliation of funds Total funds bmught forward Total fimds carried fonvard 91,652 168,4ll 74,997 91,652 This page does not fomi part of the stslutory fiDancial statcmcnts. Page 38
ew Colltemporaries (1988) Limited Detailed Statement of Fin#nti#l Activities for the Year Ended 31 March 2021 2021 Unrestricted 2021 Total 2020 General Restricted Total Donations and legacies Donations from companics, trusts and similar procccds Donations Govcrntnent grants Grants from other charities Parther's contributions 50,O¢XI 50,000 6,867 119.956 35.369 6.867 119.956 6,050 117.789 21.963 174 35,369 126,823 85,369 212,192 145,976 2021 Unrestricted Total 2020 General Tolal her trading aclivilies Sales of artwork Sponsorship incom¢ Commissions and other income 21,938 loo,000 39,561 21.938 ioo,o(x> 39,561 161.499 11.023 100.000 54,554 161,499 165,577 2021 2021 Unrestricted Total 2020 General Total Inveslmenl income ]nterc5t receivable and similar income 89 89 271 89 89 271 This page docs not forni part of the statutory financial statements. Pagc 39
ew Colltemporgries (1988) Limited Detailed Statement of Fin4nci*l Activities for the Year Ended 31 March 2021 2021 Unrestricted 2021 Total 2020 General Total Raisingfunds Cost of artists, works of art (21,938) (21.938} (21.938) (21,938) {11,093 {11,093) 2021 Unrestricted 2021 Tolal 2020 General Restricted Total Charii4ble acliviiies Artists travel & accommodation Exhibition & installation Transport Telephone & other office costs Advertising & promotion Publications Public programmes Supporters, club S¢le¢tion & submission Wages and salaries Social security costs Pension costs (8.713) (3.413) (493) 2,52? (11,358) (2.246) {6,225) (6iX)) (764) (1.631) (10,176) (9.313) (4,177) {2.124) (7,654) (11,358) (3.746) (16.385) (3(Ki) (29,890) (105,183) (6,273) 2,500 {12,528) (5,682) (9,862) (14.910) (22.514) (14.094) (32,164) (210) (16.229) (109,974) (7,259) 2,535 {247.961 (1.500) {10.160) (300) (29.890) (85,946) (5.774) (2,354 (153,890} (19237) {499) 146 (45,013) 198.903} This page does not form part of the statutory financial statements. Pagc 40
New Contemporarles {1988) Limited Detailed Statement of Financial Activitie5 for the Year Ended 31 March 2021 2021 Unrestricted 2021 Total 2020 Gener41 Restricted Total Governance costs Independcnt Examiner's rcmunerntion Lcgal & professional fees Other governance costs (2,000) (6,798) {3.971) (12.769) (2.000) {6.798) 3,971 (12,769 (1,893) (3,508) (3,954) 9.355 2021 Unrestricted 2021 Tot*1 2020 General Restricted Total Other expendilure Depreciation of tangible fixed assets Depreciation of intangible fixed assets Rent, rates and setvice Charge Compuier and website costs Insurance Bad debis (440) (440) {944) (3.000) (7.356) {4,414) {2.520) 1325) (18,055) (3.000) (9.165) (47,961) {2.520) (325) (63,411 (3,000) (9,901) {10,395) (2,520) (1,8091 (43,547) (45.356) (26,760 This pagc does not forni part of the statutory financial statements. Page41