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 Cradd￿k
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$S￿lation 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 ]nforn￿lI￿n about the artists and Iheir woik, the online plaifomi contsincd talks.
tours and other contexmal Inforn￿tiOn 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 Op￿rtUnItieS 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 Opp0￿￿￿1ty 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 re￿penIng 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 S￿nSOrShIp. 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 th￿t, 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, de￿lled 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 Ca￿led 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 len￿h 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 P￿grammeS 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 mini￿1 as forcign Cu￿encY
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 I￿SteCS to prepare financial stat¢menis for each financial year.
Under ¢ompany law the truslees musl not approve the financial S￿￿t￿Cnts 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-
obsC￿e the mdhods and principles thc ch￿ltieS 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 reCo￿s 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 del￿tIon 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￿, ConteM￿rarIeS {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 y￿r
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 o￿lCe 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 preparI￿g 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 cxpcndi￿rC 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 acCn￿l 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 cUS￿me1S for mer¢handise sold or services performed in
the ordinary course of business.
Trdde deb￿rS 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 O￿ning 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 fo￿l8n 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 SU￿1cle￿t
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 pa￿nents 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 Ye*r 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
R￿e1Ved 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 Ma￿￿2021
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 ma￿h2O21
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 Y￿r 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