2024-03-31-accounts

COMPANY REGISTRATION NO: 02422890 REGISTERED CHARITY NO: 1059678 REPORT & CONSOLIDATED FINANCIAL STATEMENTS MK GALLERY {A COMPANY LINirrED BY GUARANTEE) FOR THE YEAR ENDED 31 MARCH 202A

MK GALLERY CONTENTS Page Trustees, Report 1-13 Statement of Trustees. Responsibilities 14 Independent Auditors, Report to the Members of MK Gallery 15-18 Consolidated Statement of Financial Activities (including Consolidated Income and Expenditure Account) 19 Consolidated and Charitable Company Balance Sheets 20-21 Consolidated Statement of Cash Flows 22 Notes to the Financial Staten]ents 23-45

MK GALLERY TRUSTEES, REPORT The Trustees: who are also Directors of the chariiy for the purposes of the Companies Act 2(M)6, are pleased to present their annual report and the audited consolidated financial statements of the charity for the year ending 31 March 2024 which are prepared to meet the requirements for a Directors. report and accounts for Companies Act purposes and LO comply wilh the requiremenis ot the Charity Commission. The financial statements comply with the Charities Act 201 l. Ihe Companies Act 2006: the Memorandum and Articles of Association. and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing Iheir accounis in accordance wilh the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). Objects of the charity and public benefit In consideration of strategies and policies of the charity, the Trustees have due regard for the public benefit in accordance with the Charities Act 2011. The Charity's objects &s set out in its Articles of ASS(￿lation are: 'to promote, maintain, improve and advance the education and understanding of the public, particularly through the producLion and presentaiion of and engagement with the arts. vi%ual culture and related areas of creative practice: and to formulate: prepare and establish projects and schemes therefore provided that all objects of the Company shall be of a charitable nature, 'to preseni, promote. organise, provide. manage, and produce a balanced programme of artistic activity and endeavour. whether on any premises of the Company or elsewhere, as are conducive to the promotion, mainlenance, improvement, and advancement of education and understanding of the public. and encouragement of the arts. visual culture, and related areas of creative practice. Charitable Purpose MK Gallery, s principal charitable purpose is to promoie. maintain, improve, and advance the education and understanding of the public, particularly by the production and presentation of and engagement with the arts, visual culture, and relaled areas of creative practice. Its vision is to be one of the UK'S leading centres for the arts with a national and international reputation for artistic excellence and innovation and to be a cultural beacon for the city. Mission The Gallery's mission is: To provide access to high quality, innovative and thought-provoking art from around the world and through its programme, Slimulate participaiion and debaie, and build relationships between artists and audiences.

MK GALLERY TRUSTEES, REPORT (CONTINUED) Objectives In order to achieve the principal charitable purpose, in line with the vision and mission, the Trustees set out a set of objectives: l. Build, diversify and increase visitors to the building and create opportunities for artisticlcultural engagement for everyone in the community Deliver a broad range of onsite and digital programmes that enable everyone to enjoy, and take part in culiural aciivity b. Develop an audience straLegy that achieves 50,000+ footfall across all programmes from a range of visitors that reflects the demographic of the catchment area Develop new programmes and activities for children and young people that build confidence and encourage creativiiy and Critical thinking d. Create opportunities for artists and creatives to develop and share their work and reigniie their careers post-covid 2. Be ambitious and seek partnerships to deliver quality programmes and activities that change lives. Work in partnership to develop and strengthen cultural opportunities in Milton Keynes and the South East b. Create opportunities for diverse local communilies to develop a sense of ownership and connection with the Gallery and to animate spaces and exchanges with their creative voices, vision, imagination, and curiosity Pursue programmes that deliver against the health and wellbeing agenda and impact positively on people's lives 3. Be flexible, dynamic. and creaLive in the approach to improving financial sustainability and diversity among our workers. Build a s(rong sustainable financial base to enable innovation and risk-taking in the longer tern] b. Support apprenticeships and paid/unpaid work experience Op￿rtUnItieS to incubate and grow the creative talent p(x)I Maximise onsite and digital commercial opportunities that appeal to a diverse audience 4. Consider the Gallery s cottllnitment to environmental responsibility and how to embed this in the organisation. a. Undersiand MK Gallery's environmental impact and develop a strategy to mitigate that impact b. Consider how MK Gallery s Pro￿arnmeS can contribute and infiuence current debate at a local and regional level

MK GALLERY TRUSTEES, REPORT (CONTINUED) Public Benefit The Trustees confirm that they have referred to the Charitable Commission guidance on public benefit when reviewing the Charity's aims and objecLives as well as future planning of activities. Through the delivery of world class exhibilions. engaging public programmes. and inclusive volunteering activily, the Charity has promoted. maintained. improved. and advanced the education and understanding of the public, connecting audiences and participants to current and relevant local and global social concerns including race, gender, Britishness, and IMMI￿allOn. The Charity's priori(ies are aligned to its major public funders, Milton Keynes City Council and Arts Council England. Activities and achievements during the year Exhibitions: MK Gallery attracted 90.741 visitors to the gallery in 2023124, which is down on the previous year (114,533). This is due in par( to a national picture of resisiance to taking risks on leisure costs. Visitors came from across the country. with a sn]all number of visitors attending from overseas. The 2023124 exhibitions programme included the end of: 'Trickster Figures.. Sculpture and the Body the full run of 'Boyd & Evans: Hioh Time, and 'Beyond the Page: South Asian Miniature Painting and Brilain, 1600 to Now," and Lhe beginning of 'Saul Leiier: an Unfinished World,. The programme overall attracted significant critical acclaim. with exiensive and high-profile media coverage, especially for 'Beyond the Page: South Asian Miniature Painting and Britain, 1600 to Now,, which attracted a Guardian Editorial and was awarded the Eastern Eye Editors, Special Award at ACTAS 2024 and 'Saul Leiter. an Unfinished World.. which attracted many features and reviews. MK Gallery commissioned imEx)rtani new worL managed over 350 artwork loans and worked with one national partner, The Box, Plymouth where 'Beyond the Page. was exhibited. The exhibitions presented a very diverse programme, supporting artists from minority backgrounds, including from the South Asian diaspora and non-binary, addressing pressing social issues, and engaging with hard-to-reach audiences and partners. A sold-out conference and three major publications were also produced. Visitor numbers overall were lower than in recent years, despite critical acclaim, although the Boyd & Evans exhibition, especially, resonated strongly with local residenis and communities. Anecdotal feedback suggests that changes in audience behaviour ￿s1-coV1d are continuing with the rise in the cost of living and train strikes as contributing factors. At the same time, revenue fun(traising exceeded previous records and social media and wider engagemeni with the cultural secLor and arts industry continued to grow significantly.

MK GALLERY TRUSTEES, REPORT (CONTINUED) Activities and achievements during the year (continued) Public programmes: The Gallery worked with a range of Milton Keynes communities to deliver outcomes which were shared with wider audiences, including" a co-designed project with the Sierra Leone community exploring family history, heritage and migration. a partnership with an South Asian radio station during 'Beyond the Page, resulting in co-created activity such as: a 'Fesiival of Lights, perfonnance; a Project Space exhibition; a Diwali influenced Family Fun Day; and an MK Gallery Late. From autumn 202.3 the Public Programming team worked wilh five communiiies as part of a co-curating process for the open, MK Calling 2024. The five groups included MK SNAP: a group of visually impaired adults, a group of young adult creatives, the Middle Eastern Cultural Group, and Q:Alliance. The family programme included: 4 family days. explore guides. exhibition themed art trails; and the Young Sculptor competiiion, which received 60 entries with 73 children taking part in artist-led sculpture workshops. Afterschool artist-led workshops for children aged 5-1 I continued with success and the team introduced ariist master classes during school holidays for 11-14 year olds. Adult creative workshops continued in association with the exhibitions progranune and delivered a series of MK Lates, offering informal learning and social engagement opportunities for adults. The youth offer included: projects for young people facing social and emotional challenges. ARTiculation in partnership with the National Gallery; and 32 different schools and colleges visiting the Gallery (nearly a threefold increase on the previous year). The Boyd & Evans exhibition was particularly popular with schools in Milton Keynes. The team delivered projects with fdm, fashion: and music students from MK College and partnered with the University of Nottingham. the University of Loughborough, Ihe Royal Institute of Philosophy, the Art Historian's Society and the Buckinghamshire Society of Architects on a series of Project Space exhibitions, workshops, talks and lectures. The Inclusive Practice in the Arts programme included: weekly family 'Art & Us, workshops for families with children with complex and additional needs" half-tenn artist-led 'Art Together, family workshops; Artist-led Sensory Tours; and Our Studio, a monthly supported studio programme which also incorporated a summer take-over of Lhe Project Space. The partnership wiih MK SNAP delivered co-designed tours with learning disabled adults. Workshops and activities were delivered with national and local pariners including.. Art Riot, Coveniry; Venture Ans, Manchester; Extra Special Families; Little Miracles; VICTOR" and a two-year partnership project with the Pace School in Aylesbury was launched. The inclusion ieam were inviied to share infonnation about the programme at national conferences on creative play and inclusive praciice held at= the Attenborough Arts Centre, Leicester; Greenwich Museums. London; and the Baltic, Gateshead. Audio description, guiding and site loss awareness training were delivered to artists, volunteers and staff to Suppori work with visually impaired audiences. A continued partnership with tmr provided networking opportunities for young diverse creatives and offered conunissioning and exhibition opportunities to locatly based artists. Public programme activities were delivered this year with support from Paul Hamlyn Foundation, the Paul Mellon Centre, Milton Keynes Community Foundation. Children in Need, the Austin and Hope Pilkington Trust, Garfield Weston Foundation. the Paul Mellon Foundation, the Royal Institute of Philosophy, and the Ar( Historians Society.

MK GALLERY TRUSTEES, REPORT (CONTINUED) Activities and achievements during the year (continued) Volunieering: Despite the national picture of a declining volunteer force, the Gallery recorded 235 volunteers with 199 volunteers giving 8,214 hours of their time to support the charity, s activities in 2023124. This is up by £1,114 hours. On average 80-90 volunteers gave time each month carrying out such activities as invigilating exhibitions, supporting family and adult creaiive workshops. cinema usher. outreach activity. Trading: MK Gallery s sustainable finance strategy includes the success of the trading subsidiary, MK Gallery Enterprises Ltd. The subsidiary runs the Sky Room Cinema, the Cafe, the Shop and Private Hires. In addition, the Gallery made the decision to increase revenue potential by charging admission for all exhibitions and non-educational events. Overall secondary spend was lower than expected, however the previous year's (2023) efforts to make the subsidiary profiiable did see a significani decrease to the company's overall deficit. demonstrating a move towards a more profitable model. Cinema exceeded expectation. delivering popular shows in partnership with Nr Live and collaborating with MK Centre to give more local visibiliiy to the summer programme, Summer Replay. The Cafe continued to offer locally sourced produce and has established a partnership with a local brewer. Milk and Beans, which goes from strength to strength. In line with current catering trends the offer caters predominately to vegetarian and vegan dietary requirements with a seasonal menu change. The shop generated a larger revenue than in previous years and proved that exhibition related merchandise is a key straiegy to raising income. This worked particularly well when working with local artists Boyd and Evans. Private and event hire came close to the budget forecast, with exceptional levels of hire in the autumn. The Gallery struggles to compete locally during the Christmas party season. however, this year (2024) saw an enriched partnership wilh John t£wis and their communities tearn, offering Chrismias screenings to their conununity partners.

MK GALLERY TRUSTEES, REPORT (CONTINUED) Future Developments The Gallery's first year of operation was a period of significant programme and audience development with footfall figures exceeding all expecLations. The impaci ot Covid-19 and the closure of the building in March 2020 presented numerous challenges for the Board and executive across all areas of the business including cash-flow, long-tenn revenue fundraising and public exhibitions and education programmes. The Gallery has used the period since 2021 to build back programmes: audiences and create more suitable resilience within ils trading subsidiary and while visitor numbers are noi at pre-covid levels (phenomena experienced across the sector), ￿eat inroads have been made to re-establish MK Gallery as an outstanding venue for visual art programming that is socially engaged, locally relevant and an asset io MK Council. In 2024125: The Gallery will continue to build its business model based on the feedback received from our visitors, our work with our Partners (Arts Council England, MK Council) to ensure we are financially resilient while delivering the charitable Mission to a high standard synonymous with the MK Gallery Brand. Finance Review The financial perforniance for 2023124 and the financial posiiion on the balance sheet are set out in this report. In particular the Statement of Financial Activity (SOFA), which includes both unrestricted and restricted, shows the perfonnance of the group during 2023124. The principal Charity income for the year is made up of unrestricted annual subsidies from Milton Keynes Council totalling £304:675 (2023: £286:936), and unrestricted funding from Arts Council England of £390,3É1) (2023: £390,360). Further funds were raised through income generation from exhibition admissions; exhibition hire fees; sales of limited-edition artworks; and exhibition caialogues. During the previous year the Gallery moved to charging admission to all exhibitions to increase revenue with additional access day such as £1 residential Tuesdays and pay what you can Sundays. Total expenditure for the group was £2,109,740 (2023: £2,216,574) of which £1,972,688 (2023: £2,032:245) was spent on the charitable activiiies i.e.. operation of the art gallery. This included; £841:165 (202_3.. £927,690) of staff costs" £4_37.047 (202_3. £376.6_37) of exhibition and public programming costs; £277,820 (2023: £230:464) of premises costs; and £278,699 of depreciation (2023: £279,245) The cost of governance activities was £19,046 (2023: £19,436). Direct governance costs have been included in accordance with the SORP 2019 and include audil fees. legal fees. and Trustee expenses. MK Gallery Enterprises Limited: reported a loss of £8,088 (2023: loss of £17,809) which is a better than the budget forecast position. MK Gallery Enierprises Limited operates all commercial trading operations carried out on the Gallery premises. The operations in the subsidiary continued to be reorganised during the year ending in a better Ihan budgeied position. Further plans to increase yield in each area will support the conlinued growth ot the subsidiary. The Trustees are fully aware of the need to protect the Charity's funds beyond the period of committed support from Milton Keynes Council whilst ensuring that the charity can fulfil the key charitable objectives in the short and medium term.

MK GALLERY TRUSTEES, REPORT (CONTINUED) The Charity's financial forecasts and strategies were examined while preparing the Fonvard Plan 2023 - 2026; those continue to be monitored and tested through its financial controls and reporting systems. Financial Summary The year-end financial position for the charitable group (to the nearesi thousand) was as follows.. Unrestricted funds carried forward General surplus Capital fund Designated funds carried forward Capital construction fund Capital renewal fund Restricted funds 100,(M)o 10,752,(M)O (3,(K)O) 6(K),000 288,(K)O Net assets £11,737,000 Going concern The financial statements have been prepared on an on-going concern basis. Trustees consider that there is reasonable expectation that the charitable company and group have sufficient resources to continue in operational existence for the foreseeable fijture and for this reason they have adopted the going concern basis in preparing the financial statements. Reserves policy The trustees have considered the level of reserves required to maintain sufFicient working capacity to operate the Gallery in the most efficient manner and to meet unforeseen liabilities that may arise. The Trustees have Iherefore established a reserves policy that aims to protect the charity's activities from risk of disruption at short notice due to lack of funds. They take the view that the nature of MK Gallery's consolidated cash flows is such that they have set as a medium-term objective to maintain an unrestricted reserve. excluding benefit pension liabilities, at a level of 3 months operation or £350,(XX). At March 2024, restricted funds in the company stand at £287,687, and unrestricted funds as £217,513 and designated funds ai £597,255. Free reserves of the group as of 31" March 2024 were £l(K),145.

MK GALLERY TRUSTEES, REPORT (CONTINUED) Reserves policy (continued) At 31 March 2024 the building contract retention remains outsianding. The final contract sum has been agreed between Bowmer & Kirkland and MK Gallery bui due io Covid-19 and closure the rectification period has been extended. To regain the level of reserves necessary the Gallery will undergo a review of income, expenditure. and investment in 202412025. In the view of the Trustees the free reserves are sufficient at the current time as the decision can be taken to reverse any designations in the event the funds are needed for general purposes. Investment Policy Trustees have the power to invest funds noi immediately required frorn operational purposes such as securities or properties as they see fit. The underlying investment policy is to accept only a low-level risk, therefore available funds are invested through a chariiable investment portfolio with Ruffer LLP. MK Gallery operates a policy of investing a minimum sum of £l,O(X),000 (plus accumulated value) relating to the current Development Fund long-term with an investment manager. MK Gallery assets are invested in line with its aims, in such a way that enables the trust to achieve its goals in both the shori and long tenn. The Trusiees do not wish 10 adopi an exclusionary policy, but individual investments may be excluded if perceived to conflict with the trust's purpose. Such instructions may be issued to the Investment Manager on behalf of the trust by the Finance and Operations Commit(ee. Investment in 2024 represented losses of £95:255 due to the realisation of assets for cashflow purposes and poor perforniance in the financial markets. The Board made the decision to release a further £170:000 of funds to invest in high interest accounts to ensure a level of interest in the short term and to support the cashfiow. Following this: a small working group met with Ruffer to gain assurance of the investment policy and strategy going forward. 11 was agreed to continue to invest the remaining capital with Ruffer.

MK GALLERY TRUSTEES, REPORT (CONTINUED) Assets In the opinion of the Trustees, the charitable company s assets are sufficient to fulfil the obligations of the Charity. Trustee Liability Insurance Liability Insurance exists for the benefit of all Trustee Directors. Legal and Administrative Details The Charity is MK Gallery (registered number 1059678) and is constiiuted as a private limited company limited by guarantee (regisiered number 02422890). The principal and registered address is MK Gallery, 3 Theatre Walk, Central Milton Keynes, MK9 3PX. All current Trustees stand as guarantors (o the company in the sum of £1 each. Trustees The directors of the charitable company are its Trustees for the pury)oses of charity law. The Trustees and Officers serving during the year were as follows: Chair Elizabeth Gifford Asase Amoah Cllr Robin Bradburn (passed away 14 September 2024) Susan Carbert David Danskin (resigned 7 November 2023) Naialie Drought (appointed 31 January 2024) Cllr David Hopkins David King Cllr Shanika Mahendran (appointed 17 November 2023) Cllr Pete Marland (resigned 7 November 2023) Roselyn Mascarenhas Fidele Mutwarasibo Ranjit Singh (appointed I l June 2024) Neil Smith Anthony Spira Sarah Westacott Sunita Yeomans Company Secretary David Danskin (resigned 7 November 2023) Gallery Director Anthony Spira Deputy Director Francis Ranford All current Trustees stand as guarantors to the company in the sum of £1 each.

MK GALLERY TRUSTEES, REPORT (CONTINUED) The trading subsidiary of MK Gallery is MK Gallery Enterprises Ltd. The Directors of the subsidiary company who served during this year and up to the date of this report were: Chair David King David Danskin (resigned 17 November 2023) Susan Carbert Anthony Spira Advisers The following acted as advisers to the charity during the year: Bankers METRO Bank One Southampton Row London WCIB SHA Auditors HW Bedford Ltd Woburn Court 2 Railton Road Kempston Bedford MK42 7PN HR Consultants ARC HR Solutions 44 Blanchland Circle Monkston Milton Keynes MKIO 9GP Solicitors HCR Hewitsons 50-60 Station Road Cambridge CBI 2JH Accountants Monico Tunley Ltd 19 Goldington Road Bedford MK40 3JY Structure, Governance and Management MK Gallery, established in 1999 as Milion Keynes Theatre and Gallery Company, is a company limited by guarantee and a registered charity governed by its Memorandum and Articles of Association which were fomially adopted on 20 February 2014. The Board of Trustees has responsibility for the ongoing strategic direction of MK Gallery and its subsidiary MK Gatlery Enterprises Ltd, overseeing finances and approving the budget, working with the Gallery Director and Deputy Director in the development and implementation of policy to meet the Gallery s objects and to ensure it meets its statutory duties. The Board meet at least four times a year and a Finance and Operations Committee meets on a quarterly basis. Day to day management is delegated to the Gallery Director, Anthony Spira, the Deputy Director Francis Ranford, and the Senior Leadership Team: Niki Braithwaite, Head of Public Programmes, Fay Blanchard, Head of Exhibitions, Cherelle Cunningham. Head of Marketing and Audience Development and Andrew Papworth. Head of Catering and Events. io

MK GALLERY TRUSTEES, REPORT (CONTINUED) Trustee (Director) recruitment The Articles provide that two directors shall be appointed who are members of Milton Keynes City Council in accordance with Ihe nomination of ihe city council. Other directors may not be members or officers of the City Council and may be appointed after recommendation of the Directors after they have considered: Making such a recommendation after the advertisement of the vacancy and the response to an advertisement. Aiming for a board of Directors with a range of skills, experience, and abilities relevant to the objectives and activities. and Aiming for a board of Directors that is representative of Milton Keynes. Each Trustee serves for a three-Ye￿ term from the date of his or her appointment. The Trustees may resolve to re-appoini a Trustee for a further tenn. The exceptions 10 this rule are Trustees nominated by Milton Keynes Council, who are appoinied on an annual basis and ihe Gallery Director. who has been appointed as company Director as per the amendments to the Articles in 2022. New Trustees receive induciion and training through meetings with the Chair: Director. and staff ot the Charity and through receipt of the Charity Conunission's The Essepitial Truslee, a copy of the charity's Articles of Association and other key internal d(￿UMentS including the most recent Business Plan and Board papers. As the charitable company is limited by guarantee. not having any share capital, none of the Trustees hold any interest in the charitable company or hold any right to subscribe to shares. Remuneration of Key Management Personnel Remuneration of management personnel is set by comparison iniernally with similar posts and. when possible, benchmarking with similar organisaiions through peer networks such as Plus Tate. Inclusive employer MK Gallery is committed to being an inclusive employer, ensuring barriers to employment are removed and that the working environment is an open. safe place to work. The Gallery achieved Disability Confident Employer status in 2023. Related parties None of the Trustees receive remuneration or other benefit from their work with the charity. Any connection between a Trusiee or senior manager of Ihe charity with an artist, contractor, perforn]er or oiher supplier must be disclosed LO the tull Board in the same way as any oiher contractual relationship with a related party. The charity's wholly owned subsidiary. MK Gallery Trading Limited: was established in 2002 to undertake some or all of the commercial activities of MK Gallery. This subsidiary ceased trading in 2021 and is in the process of being wound up. The Board authorised the set-up of a new trading company, MK Gallery Enterprises Limited, in October 2018 for all the Gallery's trading activities. The Board started meeting regularly from 2019 to review the Gallery s conunercial activities. li

MK GALLERY TRUSTEES, REPORT (CONTINUED) Risk Management The Trustees actively and regularly review the major risks to which MK Gallery is exposed and have implemented procedures to manage and minimise any impaci should any of the ideniified risks materialise. A Risk Management policy. supported by an organisational risk register. is maintained setting out an assessment of the likelihood and impact of risk with required actions identified to manage risk, which is monitored no less than quarterly. The Trustees are satisfied that there are clear lines of delegation and auihority to teams regarding risk management and that the team are aware of the need to address risk in their area. Key risks are: Threat to financial stability with stand still core funding, a more competitive fundraising landscape, an unstable financial markei. rising cosis of goods and services and the impact to cost of living on our customers and teams. A reduced capacity team leading to more menial health risks as individuals take on more work in order to maintain a quality cultural service. A need to refurbish and refresh rr services. and integral capital items such as Air Handling Units, boilers. etc. The level of restricted funds liability in the accounts, dating back to 2019. Fundraising activities MK Gallery actively pursues funding from grant makers (trusts, foundations, and public funders), corporate sponsorships and individuals to fund charitable activities. MK Gallery works with others to increase the tundraising opportunities including academic partners. specialist sector organisations. charities that align with the purpose and conununity partners. The Gallery ofters the option to gift aid admission charges, and to make donations online or onsite at one of the donation stations. MK Gallery does not employ the services of professional or commercial fundraisers. MK Gallery does not take street collections or telephone campaigns. Where Mk Gallery collects personal information, this is managed in line with our Data Protect Policy. 12

MK GALLERY TRUSTEES, REPORT (CONTINUED) Stalement of Disclosure of Inforn￿tiOn to Auditor In so far as the Trustees are aware: (a) there is no relevant inforniation of which the group s auditor is unaware, and (b) the Trustees have taken all Lhe SLeps that ihey ought to have taken to make themselves aware of any relevant audit infom]ation and to establish that the auditor is aware of that information. Auditor A resolution to reappoin( HW Bedford Ltd as auditor to the Charity and to authorise the Trustees to fix their remuneration will be proposed at the next General Meeting. This report has been prepared under the special provisions of Part 15 of the Companies Act 2(K)6 relating to small entities. Approved by the Board and signed on its behalf by E Gifford Chairnlan Date: 2011212024 13

MK GALLERY STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also the directors of MK Gallery for the purposes of company law) are responsible for preparing the Trustees. Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the slate of the affairs of the charitable company and the group and of the incoming resources and application of resources. including the income and expenditure, of the charitable company and the group for that ttriod. In prepating these financial statements, the trustees are required to- select suitable accounting policies and then apply them consistently- observe the methods and principles in the Charities SORP 2019 (FRS 102); make judgements and estimates that are reasonable and prudent; state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in Ihe financial staiemenis. prepare the financial statements on the going concern basis unless it is inappropriate to presume tha( (he charitable company will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and the group and enable them to ensure that the finanLial statements comply wilh Ihe Companies Act 2006. They are also responsible for safeguarding the assets of the chaTiLable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. 14

MK GALLERY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MK GALLERY Opinion We have audited the financial statements of MK Gallery (the parent charitable company ) and its subsidiaries (the 'group ) for the year ended 31 March 2024 which comprise of the Consolidated Statement ot Financial Activities. the Consolidated and Chariiable Company Balance Sheets, the Consolidated Statement of Cash Flows and notes to the financial statements, including a summary of significant accoun(ing policies. The financial rey)rting framework that has been applied in their preparation is applicable law and UniLed Kingdom Accounting Standards: including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland,: (United Kingdom Generally Accepied Accouniing Praciice). In our opinion, the financial statements: give a true and fair view of the state of the group s and of the parent charitable company's affairs as at 31 March 2024 and of the group's income and expenditure for the year then ended. have been properly prepared in accordance with United Kingdorn Generally Accepted Accounting Practice; and have been prep￿ed in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance wilh Internaiional Siandards on Auditing (UK) (ISAS {UK)) and applicable law. Our respon.sibilities under ihose standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relaling to going concern In auditing the fmancial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfornied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significani doubi on the group and parent charitable company s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with reSt￿cL to going concern are described in the relevant sections of this report. Other informalion The other infom]ation comprises the inforn]ation included in the Trustees Report, other than the financial statements and our auditor, s report thereon. The trustees are responsible for the other intorniation contained within Lhe annual report. Our opinion on the financial statements does not cover the other information and: except to the extent otherwise explicitly stated in our report, we do not express any forn] of assurance conclusion thereon. Our responsibility is to read the other inforn]ation and, in doing so. consider whether the other inforniaiion is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to deterniine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied: we conclude that there is a material misstatement of Ihis other infonnation, we are required to report that fact. We have nothing to report in this regard. 15

MK GALLERY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MK GALLERY Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the work undenaken in the course ot- Ihe audit: the inforniation given in Lhe Trustees, Report, which includes the Directors, Report prepared for the purposes of company law. for the financial year for which the financial statements are prepared is consistent with the financial statements. and the Directors, Report included within the Trustees. Report has been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In light of the knowledge and understanding of the group and the parent charity and its environment obtained in the course of the audit. we have noi identified material misstatements in the Directors, Report included within the Trustees, Report. We have nothing io report in respect of the following matters in relation 10 which the Companies Act 2006 requires us to report to you if, in our opinion: adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visiied by us. or the parent charity financial statements are not in agreement with the accounting records and returns; or certain disclosures of trustees, remuneration specific by law are not made. or we have not received all the infom]ation and explanations we require for our audit; or the Trustees were not entitled LO prepare ihe financial statements in accordance with the small companies regime and take advantage of the small companies. exemption in preparing the Trustees, Report and from the requirement to prepare a Strategic Report. Responsibilities of Trustees As explained more tully in the SLatement of Trustees, Responsibilities sei out on page 15, the Tru%tees (who are also the directors of the parent charity for the purposes of company law) are responsible for the preparaiion of the financial statements and for being saiisfied that they give a true and fair view, and tor such internal control as Ihe trustees deterniine is necessary to enable the preparation of financial statements that are free from fflaterial misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the group's and the parent charity s ability to continue as a going concern: disclosing, as applicable, matters related to going concern and using Ihe going concern basis of accouniing unless the Irustees either intend to liquidate the chariiy or to cease operaiions, or have no realistic alternative but to do so. Audiior responsibilities for Ihe audit of the financial siatements We have been appointed auditor under the Companies Act 2006 and report in accordance with this Act. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement. whether due to fraud or error. and to issue an auditor, s report that includes our opinion. Reasonable assurance is a high level of assurance: but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detecl a malerial misstalemenl when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial slatements. 16

MK GALLERY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MK GALLERY Auditor responsibilities for Ihe audit of the financial slatements (conlinued) Irregularities, inLluding traud, are insiances of non-compliance wilh laws and regulaiions. We design procedures in line with our responsibilities. outlined above, lo detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud. is detailed below: We obtained an understanding of the nature of the sector in which the charitable company group operates, including the legal and regulatory framework applicable to the charitable company group. We consider that the most significant are the Charities Statement of Recommended PracLice, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102). the Charities Act 2011 and the parent charitable company s Memorandum and Articles of Association. We obtained an understanding of how the charitable company group complies with these requirements by discussions with Ihose charged with governance and reviewing the minutes of Trustee meetings. We assessed the risk of material misstatement of the fmancial statements, including the risk of material misstaiemeni due 10 fraud and how it mighi occur, by holding discussions with those charged with governance. We inquired of those charged with governance about their own identification and assessment of the risk of irregularities, including any known actual: suspected or alleged instances of fraud. We discussed matiers about non-compliance with laws and regulations and how fraud might occur including assessment of how and where the financial statements may be susceptible to irregularities or fraud. Based on this understanding, we designed specific appropriate audit procedures to identify instances of non-compliance with laws and regulations. This included making enquiries of management and those charged with governance and obtaining additional corroborative evidence as required. Because of the inherent limitations of an audit. there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the fmancial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulaiion is removed from the events and transactions reflected in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment: forgery: collusion, omission or misrepresentation. A further description of our responsibiliLies is available on the FRC'S website at.. htt s:/lwww.trc.oru.uk/auditoi'slaudii-assui'aiicelaudiior-s-re% oiisibiliiie%-for-the-audit-of-the- fildescri tion-of-the-audi1orlcE2￿/c80￿/c99s-reS onsibiliiies-t-or. This description fornis part of our auditor's report. 17

MK GALLERY INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF MK GALLERY Use of the audit report This report is made solely to the charitable company's members as a body in accordance with Chapter l of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest exieni perniitted by law, we do noi accept or assume responsibility to anyone other than the group and the group s members as a body for our audit work. for this report, or for the opinions we have fonned. )ffjrt/r Alberto Di Lorenzo (Senior Statutory Auditor) for and on behalf of HW Bedford Ltd Accountants and Staiutory Auditor Wobun] Court 2 Railion Court Kempston Bedford MK42 7PN Date.. 2311212024 HW Bedford Ltd 1% eligible to act a% an audiior in iemis of section 1212 of the companie.s Aet 2(K)6. 18

MK GALLERY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2024 As restated Total 2023 Unrostricted funds Restricted funds Total 2024 Notes Income: Incomefrom chontable activities." Grants and donations Other income 865,690 210.089 354,209 1,219,899 210.089 1,091,268 58,54.3 Incomefrom other trading activities.. Commercial trading operations 342,069 342,069 419,502 Investment income 667 667 58 Total income 1,418515 354209 1,772,724 1,569,371 Expenditure: Raising funds 137.052 137.052 184,329 Expenditure on cl￿rItable activities.. Operation of art gallery 1.623.173 -349,515 1,972,688 2,032,245 Total expenditure 1,760225 349515 2,109,740 2,216,574 Unrealised gain/(loss) on investments (95,255) (95,255 279 Net incomel(expenditure} (436,965) 4,694 (432,271) (646,924) Transfers between funds Net movement in funds for the year (436,965) 4,694 (432,271) (646,924) Reconciliation of funds: Total funds brought fonvard 11,886,351 282,993 12,169,344 12,816,268 Total funds carried forward 21, 22 11,449J86 287,687 11,737,073 12,169,344 The notes on pages 23 to 45 also fonn part of these financial statements. 19

MK GALLERY CONSOLIDATED AND CHARITABLE COMPANY BALANCE SHEETS (COMPANY NUMBER 02422890) AS AT 31 MARCH 2024 Group As restated Charitable company As restated Not(s 2024 2023 2024 2023 Fixed assets: Tangible assets Investments Tot￿ r￿ed assets 16 17 10,456.416 1.075.829 11532245 10.747,2tM) 1.444.925 12,192,125 10,456,416 1,076,029 11532,445 10,747,2(M) 1,44.5.125 12,192J25 Current assets: Stock Debtors Cash at bank and in hand Total current assets 25.884 268.517 136.081 430,482 27,916 212.551 61.371 301,838 10.528 333,255 48,898 392,681 18 385,493 128,426 527,277 Liabilities: Creditors falling due within one year 19 (225.654) (324,619) (20.5:281) {314,626} Net current assets / (liabilities) 204,828 (22,781) 321,996 78,055 Total assets less current liabilities 11.737,073 12,169.344 11.854,441 12,270,380 Net assets 11,737,073 12,169J44 11,854,441 12,270J80 The funds of the charity: Unrestricted funds General income fund General capital fund Designated funds Total unrestricted funds 21 21 21 l(X),145 10.751.986 597.255 11,449,386 195,328 10.973,775 717.248 11.886,351 217,513 10,751,986 597,255 11,566,754 296,364 10,973.775 717,248 11,987,387 Restricted funds Restricted income funds Total restricted tunds 21 287.687 287.687 282,993 282.993 287,687 287,687 282.993 282.993 Total charity funds 22 11,737,073 12,169J44 11,854,441 12,270J80 The notes on pages 23 to 45 also forni part of these financial statements. 20

MK GALLERY CONSOLIDATED AND CHARITABLE COMPANY BALANCE SHEETS (COMPANY NUMBER 02422890) AS AT 31 MARCH 2024 (CONTINUED) These financial statements have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to snMII companies. Approved by the board, authorised for issue and signed on its behalf by E Gifford Chairman Date: 2011212024 21

MK GALLERY CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 Group As restated 2023 Charitable company As restated 2023 2024 2024 Cash floivs from operating activities: Nei movement in funds Less interest income shown in investing activities Add depreciation Less unrealised gainladd unrealised loss (Increase)/Decrease in stock Decrease in debtors Increase/(Decrease) in creditors Add investment management fees paid from fixed asset portfolio Net cash used in operating activities (432.271) (646,924) (415,9.39) {629,115} (667) 278,699 (58) 279,245 (667) 278,699 (58) 279,245 95,255 2.032 (55.966) (98.965) (279) 7,653 (68,67_3) (14,463) 95,255 (2,830) (52:2_38) (109.345) (279) {289) (19,641) {2,645) 3.841 17.767 3,841 17,767 (208,042) (425,732) (203224) {355 015) Cash flows from investing activities: Interest received Net disposals of listed investments Adjustment to previous [￿ed asset additions Purchase of tangible fixed assets Net cash provided bvl(used in) investing activities: 667 58 667 58 270,(XK) 294,Otx) 270,(K)O 294,0(M) 12.891 (806) 282,752 42,954 (1,115) 335,897 12,891 (806) 282,752 42.954 (1,115) 335,897 Change in cash and cash equivalents in the year 74,710 (89,835) 79,528 (19,118) Cash and cash equivalents at the beginning of the year 61.371 151.206 48,898 68,016 Total cash and cash equivalenls at the end of the year 136,081 61J71 128,426 48,898 22

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 l Accounting policies Basis of preparation The financial s(atements have been prepared in accordance with Accounting and Reporting by Charities: Stalemeni of Recommended Praciice applicable io charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Aci 2(X)6. MK Gallery constitutes a public benefit entity as defined by FRS 102. Going concern The financial statements have been prepared on a going concern basis under the historical cost convention, modified to include certain iiems ai fair value. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note. The Trustees consider the going concern basis to be appropriate due to the current level of reserves and the fact the charity raised all necessary funds needed for the capital project which, at the end of the year. was compleie. b) Group financial statements and basis of consolidation These financial statements consolidate the results of the charity and its wholly owned subsidiaries, MK Gallery Enierprises Limited and MK Gallery Trading Limited, on a line- by-line basis. A separate statement of financial activities and income and expenditure account for the charity itself has not been presented itself because the charity has taken advantage of the exempiion afforded by section 408 of the Companies Act 2006. Volunteers and donated services and facilities The value of services provided by volunteers is not incorporated into these financial statements. Further deiails of the contribution made by volunieers can be found in the trustees, annual report. d) Short term employee benefits When employees have rendered service to the charity, short-terni employee benefits to which the employees are entiiled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operaies a defined contribulion pension scheme. Contributions payable to the charity's pension scheme are charged to the statement of financial aciivities in the period to which Ihey relate. 23

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Income Voluntary income including donaLions. gifts and legacies and grants that provide core funding or are of general nature are recognised where there is entitlement, certainty of receipt and the amount can be measured with sufficieni reliability. Such income is only deterred when: The donor specifies that the grant or donation must only be used in future accounting periods; or The donor has imposed conditions which must be met before the charity has uncondiiional entitlement. Grants and donations for capital purposes are recognised on a receivable basis. Income from commercial trading activities is recognised as earned as the related goods and services are provided. Investment income is recognised on a receivable basis. Income from charitable activities includes income received under contract or where entitlement to grant funding is subject to specific performance conditions and is recognised as earned as the related services are provided. Grani income included in this category provides tunding to support pertormance aciivities and is recognised where there is entitlement. certainty of receipt and the amount can be measured with sufficient reliability. Income is deferred when perf0m￿nCe relaied grants are received in advance of the exhibitions or education programmes 10 which they relaie. Expenditure Expenditure is recognised when a liability is incurred. Contractual arrangements and perforniance related grants are recognised as goods or services are supplied. Other grant payments are recognised when a constructive obligation arises that results in the payment being unavoidable. Costs of generating funds are those costs incurred in attracting voluntary income and those incurred in trading activities that raise funds. Expenditure on capital items is capitalised and included within fixed assets when it becomes payable. Charitable activities include expenditure related to the overall administration and development of the art gallery complex in Milion Keynes. It includes both the direct costs and support costs relating LO these activities. Governance costs include those incurred in the governance of the charity and its assets and are primarily associaied with constilulional and staiuiory requirements. 24

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 l Accounting policies {continued) Expenditure (continued) Expenditure is classified under activity headings relating 10 the exhibition programme, the education programme and the events programme of the charity. Expenditure that is not directly attributable to each activity is apportioned between the activities of the charity according (o criteria appropriaie to the nature of the expenditure. Expenditure is allocated to support costs using the bases stated in note 9. g) Irrecoverable VAT All expenditure is classified under activity headings that aggregate all costs related to the category. Irrecoverable VAT on revenue expenditure is included within support costs and irrecoverable VAT on capital costs is capitalised as part of the cost of the fixed asset. h) Fixed assets and depreciation Tangible fixed asseis under Ihe cost model are stated at hisiorical cost less accumulated depreciation and any accumulaied impaimlent losses. Depreciation is provided to write off the cost of tangible r￿ed assets over their estimated usetul economic lives as t"ollows= Proper(y Improvements under the course of construction Capital constructions Furniture, fitiings and equipment Computer equipment Not depreciated 1.25% on cost per annum 20¥6 on cosi per annum 33% on cost per annuffl Fixed asset investments Investment income is accounted for when due. Realised gains and losses are accounted for by reference to the sale proceeds and either the last balance sheet valuaiion, or the cost of the purchase if laier. Unrealised gains and losses are calculated by comparing the Previous balance sheet valuation, or cost ot purchase if later, to the valuation at the year end. i) Financial instruments Debiors and creditors with no siaied interesi raie and receivable or payable within one year are recorded ai tran.saciion price. Any losses arising from impaimient are recognised in the statement of financial activities in SUp￿rt costs. Cash at bank and in hand consists of cash and amounts held in bank accounts. 25

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 l Accounting policies {continued) k) Funds The company has the following funds: Unrestrictedfunds." These represent funds which can be expended as the Trustees see fit, in accordance with the charitable objects of the company. Designatedfunds.. These are funds set aside by the Trustees out of unrestricted general funds for specific fuiure purposes or projects. Restricted incomefunds." These represent income received, which can only be expended for the purpose specified by the donor. Unrestricted capitalfunds." The charity, s restricted capital funds are those raised for the capital project. Annual depreciaLion is charged against the fund. The closing balance represents funds held in the restricted capital project fixed asset and equates to the net book value of the associaied restricted fixed asset. 2 Key areas of judgement and estimate In applying the accounting policies. Ihe Trustees have made critical accounting judgments, estimates and assumptions. These estimates and assumptions ate based on historical experience and are reviewed on a con(inual basis. Actual results may differ from the estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accouniing estimates are recognised in the period in which the estimaie is revised where the revision affects only that period. or in the t￿n0d of the revision and future periods where the revision affects both current and future periods. The total cost of the capital project has been broken down using con]ponent accounting to include the shorter life assets within the category of furniture, fittings and equipment rather than capiial constructions. The &sseis have been categorised according to iheir useful lives which have been chosen to reflect the eAt￿Cted life of the asset and are then depreciaied accordingly. There are no indications of impainnent of the capital constructions. 3 Limiled liability The company is lirnited by guarantee and therefore has no share capital. The liability of the members is limited by guarantee to £1 each. 26

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 4 Comparative Statement of Financial Activities The Consolidated Statemenl of Financial Aciivilies for the year ended 31 March 2023 is presented for illustrative purposes. Unrestricted Restricted As Restated funds funds Total Notes Income: Incomefrom charitable activities.. Grants and donations Other income 866.761 58,543 224,507 1,091,268 58.543 Incomefrom other trading activities." Commercial trading operations 419.502 419,502 Investment income 58 58 Toial income 1,344,864 224,507 1,569.371 Expenditure: Raising funds 184,329 184,329 Expenditure on charitable acftvities." Operation ot art gallery 1.760,308 271,937 2,032.245 Toial expenditure 1,944,637 271,937 2,216.574 Unrealised (loss)Igain on investments 279 279 Net incomel(expenditure) (599,494} (47,4_30) (646,924) Transfers between funds 69,523 (69.523) Net movement in funds for the year (529.971) (116.953) (646,924) Reconciliation of funds.. Total funds brought forward 12,416.322 399,946 12,816,268 Total funds carried forward 11.886._351 282,99_3 12,169.344 The unrestricted funds balance of £11,886,-351 is made up of £11,169,103 income and capital funds and £717,248 designa(ed funds. 27

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Voluntary income 2024 (Group) Restricted Capital 2024 Unrestricted Restricted 2024 2024 Total 2024 Grants receivable: Milton Keynes Council: Deed ot Variaiion Gallery subsidy Other grants Trusts and foundations Public grants Arts Council England Total grants receivable Donations 229.675 75,0(X) 229,675 75,000 160,844 56.293 161,844 56,293 390,360 913,172 306,727 390.360 696.0_35 169,655 217.137 137,072 865.690 354.209 1,219,899 2023 (Group) Restricted Capital 2023 Unrestricted Restricted 2023 2023 Total 2023 Grants receivable: Milton Keynes Council: Deed of Variation Gallery subsidy Other grants Trusts and foundations Public grants Arts Council England Total grants receivable Donations 206.9_36 80.0(K) 206,936 80,000 142.922 33,5(X) 7.053 183,475 41.032 142,922 33,500 397,413 860,771 230,497 390.360 677,296 189.465 866.761 224.507 1.091,268 Under a historic agreement with Milton Keynes Council, the Council undertook to provide the company with an annual subsidy of £ I￿),1￿M) iowards Ihe gallery's operaiional costs. As at 31 March 2024. a total of £2.524.998 (2023: £2,449,998) has been received since 1998. Of this, £75,000 (2023: £80,tK)O) is included in this year, s financial statements which is lower than previous years due to a reduction in funding. A further agreement with Milion Keynes Council commenced in November 2011 to provide an index-linked grant of £150.0(K) per annum under a Deed of Variation. £229,675 has been included as income in the year ended 31 March 2024 {2023. £206,936). Under its NPO scheme A￿ provided the company with a grant of £390,360 towards gallery operational cosis for the year ended 31 March 2024 (2023: £390,360). There were several public grants received during the year toward the costs of charitable activities including grants for Ihe capiial project from ACE and Milion Keynes Council. 28

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Investment income from current assets Group 2024 2023 Deposit interest receivable Bank interest receivable 667 58 667 58 Investment income from fixed ￿et investments Group 2024 2023 Unrealised gains/{losses) on Iisted investments portfolio (95,255) (95,255) 279 279 Costs of generating funds Unrestricted 2024 Restricted 2024 Group 2024 Group 2023 Commercial trading operations Investment management fees 137,052 137,052 167,289 17,040 Total expenditure on costs of generating tunds 137.052 137,052 184,329 All figures for 2023 relate to unrestricted fijnds. 29

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of expenditure on charitable activities Exhibitions and running the Gallery Public programme Total 2024 Exhibition costs Public programming costs Premises costs Marketing and development costs Travel costs Depreciation Staff costs Support costs (see note 9) Governance costs (see note 9) 317,919 317,919 119.128 194,474 119,128 83,346 111,128 50.43_3 139 139.349 382,567 277.837 11.428 -37.825 104 111,480 137,162 185,225 7,618 88,2.58 243 250,829 519.729 463,062 19,046 Total eX￿ndItUre on charitable activities 1.290.800 681,888 1,972,688 Expenditure on chariiable acLivities was £1.972,688 (2023: £2,032,245) of which £173,843 {2023: £184:077) was restricted in respect of exhibition costs, £165:824 was restricted in respect of public programming cosis (2023: £68,032).. £9,065 was restricted in respect of development costs (2023: £11.980). £nil was restricted in respect of premises costs {2023: £4,800) and £783 was restricted in respect of support costs (2023: £5,196). The remaining amount of £1,623,173 (2023: £1,760,308) was unrestricted. 100% of support costs are allocated to expenditure on charitable activities. 30

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of support and governance costs 2024 Support costs Governance costs Total 2024 Basis of apportionment Salary costs Other staff costs Travel costs Marketing and development costs Premises costs Accountancy - accounts preparation services Accountancy- general support services Audit fees Professional fees Membershipslsubscriptions Tru%tee insurance Bank charoes Depreciation ecoverable VAT Sundry costs rr and telephone costs Printing and postage costs 204.531 2,402 104 5.IK)O 209,531 2,402 104 Time spent Invoiced cost Invoiced cost 37,824 37,824 83,346 Invoiced cost Office space 3.500 -3,500 Governance 4.773 4,773 9,500 12,551 1,860 1.046 9,585 27,870 6,938 (16,549) 84,882 2,945 Invoiced cost Governance Invoiced cost Invoiced cost Governance Total cost Office space Total cost Invoiced cost Invoiced cost Invoiced cost 9,500 12.551 1,860 1.046 9,585 27,870 6.938 (16.549) 84.882 2,945 Tolal 463.062 19,046 482,108 31

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Analysis of support and governance costs (continued) 2023 Support costs Governance costs Total 2023 Basis of apportionment Salary costs Other staff costs Travel costs Marketing and development costs Premises costs Accountancy - accounts preparation services Accountancy- general support services Audit fees Professional fees Membershipslsubscriptions Tru%tee insurance Bank charoes Depreciation ecoverable VAT Sundry costs rr and telephone costs Printing and postage costs 101.159 16.518 470 5.IK)O 106,159 16,518 470 Time spent Invoiced cost Invoiced cost 38,714 69,139 38,714 69,139 Invoiced cost Office space 3.500 -3,500 Governance 11.918 11,918 9,500 21,712 8,141 1.436 9,654 27,925 33,087 323 81,909 6,228 Invoiced cost Governance Invoiced cost Invoiced cost Governance Total cost Office space Total cost Invoiced cost Invoiced cost Invoiced cost 9,500 21.712 8,141 1.436 9,654 27,925 33.087 323 81.909 6,228 Tolal 426.897 19,436 446,333 10 Net incomel(expenditure) for the year This is stated after charging: Group 2024 2023 Auditors, remuneration for audit services Depreciation 9,500 278.699 9,5(K) 279.245 32

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11 Staff costs Group 2024 2023 Wages and salaries Social security costs Other pension costs 722,661 58,022 60,482 802,-399 63,537 61,754 841,165 927,690 One employee received remuneration in the band £75.000 to £85,(K)O during the year (2023: one in the band £75:0(M) to £85,0(M)). Pension costs in the year for the provision of a defined contribution scheme in respect of this employee amounted 10 £7:501 (2023.. £7,282). The charity trustees were not paid any remuneration in the year (2023.. £nil}, neither were they reimbursed expenses during the year (2023: £nil). The key management personnel of the parent charity and the group comprise the Trustees, the Gallery Direcior, the Deputy Director, and Ihe Head of Developmeni and Communications. For the previous year. the key management personnel were the Trustees. the Gallery Director, the Deputy Director and the Head of Development and Communications. The total employee benefits of the key management personnel of the charity were £132,051 (2023.. £122,080). The average number of persons employed by the group during the year was 34 (2023: 43). 12 Pension costs The company and its subsidiary make contributions into a group of personal pensions on behalf of their employees. The assets of the scheme are held separately from those of the company. The pension cost charge for the period represenied contributions payable by the company and lis subsidiary and amounted to £60,482 (2023: £61.754). At the year end there were contributions outstanding of £6,302 which are included in other creditors (2023.. £6,332). Pension costs are allocated to restricted fijnds when such costs are covered by restricted tunding. 33

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 13 Taxation As a registered charity. the company is not in normal circumstances subject to corporation tax. As a result, the Trustees are of the opinion that no material corporation tax liability will arise on the activities undertaken during this year. The following relates to the trading subsidiary s corporation tax charge: Group 2024 2023 Domestic current year tax UK corporation tax CutTent tax charge 2024 2023 Factors affecting the tax charge for the year Profit on ordinary activities before taxation Profit on ordinary activities before taxation multiplied by the standard rate ot U.K. corporation of 19.(K)% (2023: 19.OOfo) Eftects of: Gift Aid donations Capital allowances in excess of depreciation Depreciation in excess of capital allowances Current tax charge The subsidiary MK Gallery Trading Limited's result for the year gives rise to a current tax charge of £nil for Ihe year ended 31 March 2024 (2023: £nil). The subsidiary MK Gallery Enterprises Limited's result for the year gives rise to a current tax charge of £nil for Ihe year ended 31 March 2024 (2023: £nil). 34

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14 Financial activities of the charity The financial activities shown in the consolidated statement includes Ihose of the charity's wholly owned subsidiaries, MK Gallery Enterprises Limited and MK Gallery Trading Limited. A summary of the financial activities by the charity is sei oul below: As restated 2023 2024 Gross income Total expenditure Net income Total funds broughi forward Total funds carried forward 1,438,898 1,150,148 (1,854,837) (1,779,263) (415,939} {629,115) 12,270.380 12,899,495 11,854.441 12,270.380 Represented by: Restricied income funds Designated funds Unre%tricted income funds Unrestricted capital funds 287,687 282,993 597,255 717,248 217.513 296,364 10,751.986 10,973,775 11,854.441 12.270.380 15 Financial activities of the trading companies The wholly owned trading subsidiaries MK Gallery Trading Limited (MKGT) and MK Gallery Enterprises Limited (MKGE). which are incorporated in the United Kingdom, usually pay all taxable profi(s to the charity by gift aid. No Gift Aid payment was made in the year so that tunds were retained in the subsidiary for use in the following year. The trading subsidiaries operate the art gatlery and all commercial tradino operations carried on at the art gallery premises. The charity owns the entire share capiial of l(K) ordinary shares of £1 each in each company. A summary of the trading results is shown below. MKGE 2024 MKGE 2023 MKGT MKGT 2024 2023 Turnover Cost of sales & administraiion costs Net loss 342,069 419,502 (350.157) (437,311) (8.088) (17.809) Amount gift aided to the charity Taken to reserves in subsidiary (8.088) (17,809} The assets and liabilities of the subsidiary were: Current assets Current liabilities Total net (liabilities)lassets Aggregate share capital and reserves 29,814 44,566 (147.082) (153,746) (117.268) (109,180) (117.268) (109,180) 9,384 (1,140) 8.244 8,244 35

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16 Tangible fixed assets Group Group Group Group Capital construc- tions Furniture, rittings and equipment Computer equipment Total Cost As at l April 2023 - as restated Additions Adjustment At 31 March 2024 11,051,112 820,691 42,010 11,913,813 806 806 {23.161) 42,816 11,891,458 (13.750) 11,037.-362 (9.411) 811,280 Depreciation At l April 2023 - as restated Charge for the year Adjustment At 31 March 2024 553,103 138.676 (859) 578,540 135,769 (9,411) 34,970 4,254 1,166,613 278,699 {10,270) 690.920 704,898 -39,224 1,435,042 Iyet book value At 31 March 2024 10.346.442 106,382 3,592 10,456,416 At 31 March 2023 - as restated 10.498.(K)9 242,151 7.040 10,747,200 Company Company Company Company Capilal eonstrue- tions Furniture, rittings and equipment Computer equipment Total Cost As at l April 2023 - as restaied Additions Adjustment At 31 March 2024 11,051,112 811,280 42,010 11,904,402 806 806 (1.3,750) 42,816 11,891,458 (13,750) 11,037,362 811,280 Depreciation At l April 2023 - as restated Charge for the year Adjusiment At 31 March 2024 553.103 138.676 (859) 569,129 135,769 -14,970 4,254 1,157,202 278,699 (859) 690.920 704,898 39,224 1,435,042 Net book value At 31 March 2024 10,346,442 106,382 3,592 10,456,416 At 31 March 2023 - as restated 10.498.(XJ9 242,151 7,040 10.747,200 36

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 16 Tangible fixed assets (continued) The fixed assets figure has been adjusied io reflect a reduction in the cost of the capital project which was included as fixed asset additions in a previous year. All assets are held for direct chariiable purposes. 17 Investments Listed investments are held at market value and were valued by Ruffer LLP on the basis of their open market value as at 31 March 2024. The historical cost of the investments as at 31 March 2024 is £286,tK)0 (2023: £556,1MX)). All investments are held for charitable activities. Group Shares in subsidiary Listed investments Total At l April 2023 Change in market value Sold in the year Gross investment management fees paid At 31 March 2024 1,444,925 {95,255) (270,0(X)) (3.841) 1,075.829 1,444,925 (95,255) (270,000) (3,841) 1,075,829 Company Shares in subsidiary (cost) Listed investments (market value) Total At l April 2023 Change in market value Sold in the year Gross investment management fees paid At 31 March 2024 200 1,444,925 {95,255) (270,OIK)) (3.841) 1,075,829 1,445,125 (95,255) (270,000) (3,841) 1,076,029 200 MK Gallery owns all the shares of MK Gallery Trading Limited, a company registered in England under company number 04469234. Unaudited accounts have been signed and have been filed with the Registrar of Companies. A summary of trading results is shown in note 15. MK Gallery also owns all the shares of MK Gallery Enterprises Limited, a company registered in England under company number 11597873. Unaudited accounts have been signed and have been filed with the Registrar of Companies. A summary of trading results is shown in note 15. The change in market value represents the net gains and losses arising within the portfolio managed by Rut"fer LLP. 37

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18 Debtors Group 2024 Company 2024 2023 2023 Trade debtors Prepaymen(s Accrued income Amounts owed by group underiakings Other debtors 11.457 44,073 99.573 15.122 82,480 536 2.913 42,983 99,573 126,711 1,780 82,480 536 135,220 113.414 114.413 113,313 113,239 268,517 212,551 385,493 333,255 19 Creditors: amounts falling due within one year Group Company As reslated 2023 As restated 2023 2024 2024 Trade creditors Deterred income (note 20) Taxation and social security Accruals Amounts owed to group undertakings Other crediLors 59,361 8.712 16,546 134,733 59,502 75,237 18.888 164,660 50,885 385 16,546 131,063 100 53,635 18,888 159,250 9,-384 6.302 6.332 6.302 6,332 225.654 324.619 205,281 314,626 Amounts owed by and to group undertakings are unsecured. interest free and repayable on demand. 20 Deferred income Group 2024 Company 2024 2023 2023 Balance at l April 2023 Amount received in the year Amount released in the year 75,237 8.712 (75.237) 2.OtK) 75,237 (2,IK)O) 67,138 385 (67,138) 67,138 Balance at 31 March 2024 8.712 75,237 385 67,138 Income is deferred where it relates to a fijture accounting period. 38

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of charitable funds As restated At l April 2023 Income Expenditure Transfers At 31 March 2024 Group Unrestricted fund movements: Designated funds: Capi(al construction fund Capital renewal fund Programme fund General income fund (2,745) 6tx).tXK) (2,745) 600,0(M) 119.993 (119,993) 128,237 296.364 1.076,446 (1,28_1,534) 10.973.775 {221,789) 217.513 General capital tund Trading Subsidiaries". MKGT 10,751,986 8,244 (109.280) (350,157) 11.886,-351 1.418,515 (1.855.480) (8,244) MKGE 342.069 (117,368) 11,449,386 Total unrestricted funds Restricted funds (see below) 282.993 354,209 (349,515) 287,687 Total fijnds 12.169,344 1,772,724 (2,204,995) 11,737,073 Company Designated funds: Capital construction fund Capital renewal fund PrO￿amMe fund General income fund (2.745) 6(X),(x)o 119,993 296,364 1,084,689 (1,283,533) 10.973.775 (221,789) 11.987.387 1.084,689 (1,505,322) 282,993 354,209 (349,515) 12.270.380 1.438.898 (1.854,837) {2,745) 600,0 (119,993) 119,993 217,513 10,751.986 11,566,754 287,687 11,854,441 General capital fund Total unresiricted funds Restricted funds (see below) Total fijnds 39

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of charitable funds (continued) restated At l April 2023 Income Expenditure Transfers At 31 March 2024 Restricted funds Group and Company Paul Hamlyn Foundation Paul Mellon Garfield Weston 102,978 125.947 1,51K) 20,(XM) (124,504) (1,306) (4,860) 104,421 194 15,140 125,0(M) Kirldand Foundation 125,tXK) Saul Leiter 10,(XK) (10,tM)o) (4,257) (2,396) (8,090) (695) Austin Hope Pilkington MKCF Seeing Ditferently Children in Need 743 i O,(KK) 10,(XM) 725 7,604 9,803 30 7,893 MK Gallery 25 Anniversary Gala MK Council Apprenticeship MK Council Street Art 5,668 20 (6,065) 381 {397) 11,272 10,871 Capital Construction Boyd & Evans Catalogue MK Council Shutter Project B TP Conterence PAW Supported Studio Bagri Foundation Grant South Asian Miniatures (1.350) 5.602 (37,100) 4.8(M) 5,602 3,323 (578) { I,(M)2) (4,934) {3,-335} i O,O(K) 287,687 (677) (19,203) (25,875) (100,083) (4,785) 16,820 (127) (945) 1.250 iO.O(K) 1,805 25,(XK) 96.094 Trickster Figures Henry Moore Foundation Total Restricted funds 200 282.993 354,209 (349,515) 40

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of charitable funds (continued) Milton Keynes Council has confirmed that for the purposes of managing and reporting on their annual grants. that the Council do not consider or treat those as restricted. The Company must report regularly on the grant released as a resuli of new managemeni arrangements, and comply with annual Council reporting needs. Name of fund Description, nature and purpose of fund Restricted Funds Paul Hamlyn Foundation To fund a 3 year programme of inclusive arts practice for children with complex needs and their families Paul Mellon Garfield Weston Kirkland Foundation To support the cost of exhibition programmes Saul Leiter Austin Hope Pilkington To support the costs of exhibition programmes MKCF Seeing Differen(ly Children in Need To fund a 3 year facilitated artists programme of activity for young people with low level mental health relates issues Ih MK Gallery 25 Anniversary Gala MK Council Apprenticeship MK Council Street Art To support the costs of the street art project Boyd & Evans Catalogue To support the costs of the catalogue production MK Council Shutter Itoject To support the costs of the shutter project 41

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 21 Analysis of charitable funds (continued) Name of fund Description, nature and purpose of fund Restricted Funds B TP Conference PAW Supported Studio To support the costs of the supported studio Trickster Figures To support the costs of exhibition and catalogues Henry Moore Foundation To support the costs of exhibition programmes There were further funds for Bagri Foundation and South Asian Miniatures. These funds are in deficit at the end of the year but the deficit balances will be cleared with funding in the following financial year. Designated Funds The designated development fund was reallocated to a new £_360:0(X) designated programme fund (£120.(K)O per annum to be drawn down annually to support programming costs) and a new £600.0(K) designated capiial renewal fund. Any remaining reserves in this fund were allocated to the general incotne fund. Unrestricted Funds The general income fund represents those funds that are unrestricted and not designated for other purposes. The general capital fund represents those funds thai are unrestricted but represented by capital assets and are therefore not available reserves. Transfers between funds A transfer of £119:993 was made from the Pro￿arnMe fund designated fund to the general fund io represent to annual drawdown 10 support programming costs. 42

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 22 Analysis of net a&sets between funds Group: As restated 2023 Total Unreslricted Funds Restricted Funds 2024 Total Fixed assets Investments CutTent &ssets Current liabilities 10,456.416 1.075,829 142.795 (225,654) 10.456,416 1,075,829 430.482 (225,654) 10,747,200 1,444,925 301,838 (324,619) 287,687 11.449.386 287,687 11.7_17,073 12,169,344 Company: As reslated 2023 Total Unrestricted Funds Restricted Funds 2024 Total Fixed assets Investments Current assets CutTent liabilities 10.456,416 1.076.029 239.590 (205,281) 10,456,416 1.076,029 527,277 (205,281) 10,747,200 1,445,125 392,681 (314,626) 287,687 11,566.754 287.687 11,854,441 12,270,380 23 Commitments There is a 99 year lease on the Theatre, Art Gallery and Theatre Square. A nominal rent of £1 each per annum is payable. This lease expires in more than 5 years. Changes to the lease arrangements between Milton Keynes Council. Ambassador Theatre Group and MK Gallery mean the three parties are all now si(Tnatory to management arrangements that are enshrined in a long lease of 99 years from 18 December 2001. Capital cominitments The charity has undertaken a capital development project which is complete apart from the final balance due to the contractor. At the year end the final balance due for the project was unknown but the charity is holding sufficient reserves to cover the balance due. 43

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24 Related party transactions During the year donations of £nil were received from Trustees (2023: £nil). There are no other related party transactions during the period that require disclosure. The charitable company has taken advantage of the exempiion available in accordance with Section 33 of FRS 102 'Related Party Disclosures, not to disclose transactions entered into between two or more members ot the group that are wholly owned. 25 Provisions and contingent liabilities The company has indemnified the purchaser of a lease against any claw back of £800,000 V AT by HMRC. This is only ever likely io arise if the building was not to be used as a commercial theatre within 10 years from November 2011. The Trustees consider the likelihood of this occurring to be remote and consequently no provision for this liability is considered appropriate. 26 Prior year adjustment An adjustment was made to the figures for the year ended 31 March 2020 in relation to the following accounting issues in the years ended 31 March 2018, 31 March 2019 and 31 March 2020: VAT return errors arose which resulted in £134,205 being payable to HMRC. This meant creditors were understated by this amount in the figures originally reported. Fixed asse( cost was overstated by £68,7(X) as a resuli of irrecoverable VAT being capitalised in error (relating to the VAT return errors). Accruals and fixed asset costs were both overstated by £197,560 in relation to an accrual for fixed asset additions that was not necessary. The relevant values in the comparaiive figures have now been adjusted. The effect of this adjustment is= Group Company Opening reserves at l April 2020 (as previously stated) Prior year adjustment 12.806.667 (190,843) 12,858.710 (190,843) Opening reserves at l April 2020 (as restated) 12,615,824 12,667,867

MK GALLERY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 27 Notes to the Statement of Cash Flows Cash and cash equivalents Year ended 31 March 2024 Group 2024 Company 2024 2023 2023 Cash and cash equivalents 136,081 61,371 128,426 48,898 Year ended 31 March 2023 Group 2023 Company 2023 2022 2022 Cash and cash equivalents 61,371 151,206 48,898 68,016 Analysis of changes in net funds - Group 2023 Cash flow 2024 Cash at bank and in hand 61.371 74.710 74,710 74,710 136,081 136,081 136,081 61,371 Analysis of changes in nel funds - Company 2023 Cash flow 2024 Cash at bank and in hand 48,898 48.898 48,898 79,528 79,528 79,528 128,426 128,426 128,426 45