Tate Foundation Trustees. report and financial slatements Year eTthd 31 Much 2022 Comp•ny rtgistrdtion Dumber 04009652 Cbarity re8istration nwnber 1085314 llll,ll1]Illlll1ll AB99klGKY A13 291071222 COMPANIES HOUSE
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T¢Jle Found&iiiY Truslees. repori ondfinortciolstaiemenis Year ended3J Morch 2022 Conlents Trustees. report (including strdtegi¢ report) Statement of Truste¢s' responsibiliiies ReKM)rt of ihe independent auditors to the members of Tate FndatIOn Stst¢menl of financial adivities 14 Balance $heet Cashflow slatemenl Notes 17-25
Truslees. report (including strategic report) Reference and administrative delails Tate F(wJndation was incorTad as a company limited by guaTaD¢ on 2 June 2LMK) and i5 Tegistcrcd a5 a Charity. Registered address Tatr Foundation Ta Millbank London SWI P 4RG Compathy r¢gisty¥Lion number 04(K)9652 Chuity r¢gistrdlion Dumber I0853l4 Bankers Coutts & Co SI Martius OffK¢ London WC2R (N)R Soli¢iiors Withcts LLP 20 Old Baiky Londo EC4M 7AN Auditor5 Moore Kingston Smith LLP 6th Floor 9 Appold Stre London EC2A 2AP Trnstees The membership of the Board. gether with th0 appoind or resig] durin8 the year. 15 sel out bclow. Dr Maria Balshaw CBE J¢wph P Baratra Il B John Bots B George Economou B Edward Ersler B Mala Gaonkar B. P Scott Mead B. P Simon Palley B, IC. P Franck Peiilgas B (Presid¢Thi of Tate Foundation) Ejnmanuel RorDan B Roland Rudd B {Chairnian of Tate Foundaiion) Sir AnthoDy Salz B IKJrd Stevenson of CLKldenham CBE B L4n¢e Uggla B Company Secretsry Tan Feshiian (resigned 22 sePtemr 2021) Anast&sia YIann&S {apw)inied 27 Septemi*r 2021) Hollornry M¢wb¢rs Abigail Baratta B Vhcioria Barn51ey B. P Debby Brice B, IC Lord Browne of Madingley FRS. FREng B. P
Susan Burns B Christina ChaThdris B, IC M¢larLie Clorc B Sir How8rd Davie5 P Dame Vivien Duffield DBE B Maryam Eisler B Sasan Ghandehari B Noam Gottesman B. IC Oliver Haarnial B Peter Kellner B. P Catherine Lagrange B, IC Ronold and the Hon Mts Rits McAulay B Mandy Moros5 B Elisabeth Murdo¢h B The late Lord Paul Myner5 CBE B Marilyn Ofer B, IC The late John Poner B Sir John "[bla1 B Lady Ritbiat B Dame Thcrc5a Sa¢kler DBE B (until February 2022) The Rt Hon Sir Timoihy SaiThsbury Peter Simon B Jon Snow B Mercedes Stouoker B John Sd21SkI C8E B, IC Viktor Vckselberg B {until March 2022) Sir David Verey CBE B Anita Zabludowicz OBE B. IC B.. Benefactor. IC.. International Council; P: Tate Patron: S." Sp( Executive The day to day mattagement of the ¢batity is ¢klegated to Tae staff. the key personnel involved are.. Dr Maria Balshaw CBQ Trus. Ta Direa Claire Gylphé, De¢lor of Dcvelopment Stephen Wingfield. Director of Finance and Estates (until 30 Sepmtr 2021) Kaihryn Martindale, Chief Finath¢ial OffL¢¢r{from I Iktober 2021) Strudure. governance and management Governithg dOcment Te Foundaiion is a charithle company lirnited by guardThree. incoTkK)rared on 2 June 20. The company wa5 established under a Memorandum of Associatiot), which established the obj¢cts and kX)w¢rs of the ¢haritable company and i$ gov¢rn¢d under it$ Articles of Associition. Tat¢ Fow)dation 1$ go¥¢rn¢d by Trustees who ¢(Wliwte Direcwts for Companies Act purposes and TTUStees for thE purpo of ¢harity law. The role of the Tft]ste¢s is nOnVexutl¥t and voluntsry. The Truyee5 mcct thr¢e titne5 a year lo conduct the formal busin¢55 aT provide a framework to be followed by Tatr staff, who the day io day acitviues of the charity. R¢erultment #nd appointmeat of TStee5 Potential Trusitcs are invited 10 join Tate Foundation depending on their skills artd expun¢¢ and are appointed by the members for th£ years. The mirtimwn number Of Tntee5 t5 tsvo. Induction and trainithg of Trts5tets New Truste¢5 are inducied and given training appropri io their knowledge and ability. In addition, a]1 Trusttts are issued with .uld¢11nes for the Tn]st¢¢gDwe¢iots of Ta* Foundation on dealing with que5titins of benefit and
coThflicts of LDierest". which describe5 how Tnth5 Should ideniify and approa¢h tential Conflicts of interesi and 155ue5 r¢iatingtt> ben¢fiLS. Trustee5 complete an annuaiCoAni¢i of Intertst Deciarnlion Fonn. which is used tnonitor and manage coof]icts of interest. Fuffjdr•ising prn<ti¢es and compliance Tale i8 registered with the Fundraising Regulotor and Tar¢ FoUndlOn raises fuThds in 5UPPOrt of Tate through its Patrons, Acquisition Committees, Iftternaiional Council. Lega¢y amd otheT fvndrnisittg xhemes. Tate Foundation doe5 not undertake mass fundraL5ing aciivity and does nol employ thd party a8encies or individuals to fvnthais¢ on it$ behèlf. The Foundatioti has re¢eiv¢d Tho complaints in relation (o its fundAising activities in this r¢F)rting period. Or8anisatioAal structure The Ta¢ FoLLndaiion Ttrijstees establish a framewwk for the organisation. with th¢ day to day operaiion and mbnag¢meni delegaied to Tale staff. The Trnstees oversee policie5 and Fla1 ¢k¢isioThs and approve the itribution to Tate. R¢l¥ted p•rti¢s The or8anisaiion 15 strongly reliant on Totr's infrastructyre and pr(K¢dure5, especialty in relation to staff and risk rDanagemeni_ Objectives and aclivilies Tate Foundation's objeciive is the rKomoti(KL of the charitabk pur of th¢ Boam of Trnst¢es of the Tate Gallery (Tate). Tait'5 guiding mission is to in¢rease wblic knowledge. widers(andin8 and appre¢iatioD of British art from the $ixieenth eeniury to the Present day and of iniernaiional rnrn and ¢ontnpowy arL Tate Foundation delLver5 publi¢ benefit through its SUPWrt of Ta. Tatc FiJundati¢Jn rettives donatioti$ and fvn¢ts in tIcipatiOn of grant requests from Tate. Tate Foundation's aim for the year was to maximise incorne and support the long4erm aspirdti(ffls of the charity. The sle8Y io achieve these objective5 was to maximi5e the inromc froTD the vaTiOUS attivities described below. The Foundation cwtinuesto re£eIved0n1Ons fortheTate Modern proj amajorwsithl wojecicompleted by Tate in 2016. The Tate Patrons membership scheme tXi5ts to rdi% Money via subscripLii)ns and 4xcial pureha5e fund5 10 support Tate's programm¢. a5SiStwi¢h th¢acquisitM)n of wo5 ofart lor the TdtccollI1tsn and to en¢ourage a wider interest in art. Th¢ Interna¢iTh)al Council, Asia Pacific Ac4UiSLtion Commiltee (APAQ. Middle Easi and Nonh African Acquisition Committee (MENAAC). Afri¢an A¢quisition Committee (AAC). Phowgraphy A¢4uisition Committee (PAC), South Easi Asia Acquisitions Committee {SAAC). Russib & Eastern European Acqui51tions Comrnittet (REEAC) Euryan Collection Circle (ECC) consiitute supporter gTOUPS of internatiortal art ertthusi&sts. MemrShIp is by invitation only. APAC. MENAAC. AAC, SAAC. REEAC and ECC sttk to 5trengthcn the collection via a¢qui$itioo$ from each geographical re8Jon. while PAC is focused on the a¢quisitiOn Cf phwo8raphy worts. The Tale Liverp1 Commissioning Circle is a supporter group focused on innovaiive fuDJre progrdmm¢. the commissiorting of major new work5 showcasing emerging arti515 and creating artd outreach pr0Me5. The Frieze Tatc Fund acquwes works for Tale from the Frieze Ar( Fr anThually. Any coThtributi(w tts Tate are decided by the appropriate Fonuns in c¢Jft5ultaiion with T¢. How Tate Foundation's adivilies deliver public benefil TaEe Foynd&tion's main aaiviiie5 and who ir aim$ to help are des¢Tibed below. All charitsble aciiviiie5 focus on supportin8 Tate in promoting increased knowledge. undetsthoding and enjoyment of British art from 1500 and International Mtyjem artd Con*mrary Art and are ynderthken to further ¢haritabie purFKises for th¢ public benefit. The Trustees confinn that they havc ref¢rTrd to the guid•)¢e C4)tttsined in the Charity Cornrni55ion's general guidart¢e on public kneflt whtn r¢vi¢win8 the ¢harity's aims and objeciives and in plannin8 fvwrc a¢tivili¢s.
Who b¢n¢fit¢d Durin8 20221 those benefitin8 from Tate'$ Servi whith rrceiyt dirett financial 5UPP)rt frtyn Tate Foundation, includ¢d th¢ 3.07 million vi$itors io th¢ four Tate galleriu in Lotydon, Liverwjol avd Si Ives and also th¢ 21.8 million unique visiiors to the Tate websiie. Tate conduct5 Iwtrexh programrnes. for local communities in Millbank, Southwark, Liver01 and St Ives. Thesc include w01n8 with yourt8 people. urtder-represented comrnunities, and farnilits with pre-s¢hool children. Tate activcly diversity atsd prorn0 a mulii-culwral PCTspectiv¢. Accessibility is an abiding principle. Tate Foundation continue5 10 support the acqui5ltion of kry wimks in the Collecti for the public nefI1. Tate's ambition to grow ihe colleciion to Ixcome more international and diverse w35 SUPPOrted by Tate Foundation through the acquisition of a numbcT of importani works the Mjddle Ea$4 Asia-Pa¢ifi¢, South Asi4 Africa, Europe and Russia and Eastern Europe. Tate Foundation contributions SUPPOrt¢d the Hogarth & Europe and Life Between Islands: Caribbean British Art 505- Now exhibitions fate Britain. a5 well as the Lubaina Hirn, Sophie Tacuber-Arp and Surrealisjn Beyond Borders exhibit10115 at Tat¢ Mod¢m Financkal support was also made avaiiablt io support Tate Collective, Apprenticeships and Traineeships. the Martin Pa.. Photoiwk Collection Accc55 aJrhive pmieci and thr ronservaiion of works by artiSLS inclLklin8 Anne Hardy. Barbard Hepworth and Naum Ga. Te Foundation contribulions riJn¢inued w wpp)rt th¢ Clp1¢t¢d upital prOjts at Tat¢ Modern. Slrategic report Achievefflents and performance During 2021-22. TaEe FOUnlOn achieved its objective by making charitsblc grdnts of £2,685,124 {202fv21.. £3. 180. lJ6) ofwhich £1,361,12412LI2(L21.. £J.890.329) supported purchase5 of work5 of an. The5t works of artwill be available for th¢ publir ¢0 view when thcy ar¢ on display within the Ta G•ll¢ri¢s. Th¢ Temaining charitsble grants of £1.324,000 {2021L21.. £1.28P. 787) were to SuPrt Tate'5 capitsl and pbblic Programmt. including rnak.ing direct ¢ontributiOn5 w thibitiOT4 educion and Conservation departments. Key p¢rfoman¢¢ indicators us&J by the Tmstres include income pledged throu8h variou5 fvrMlrdiSiDg activiiie5 against targets. For th¢ y¢ar ended 31 MaT¢h 2022. voluntary income for nowital projects wa5 pledged against tar8eL ¥ follows for the aaiviti¢5 lis.. VoluotAry income pjedgtd T*Yg¢¢ Aetu#l PltdRed 2022 Patrons- Lotldon Ithterrtational Council Frieze Art Fair 1,019 834 150 375 175 245 212 1,093 957 150 347 228 294 257 232 297 377 APAC MENAAC PAC AAC SAAC REAAC Euroan Collecr5 Circk 263 350
CoDlribu¢ion to work5 of rt pureh•s¢d by T•te Contributions duriDg the year were made ID tespect of tht following works of art.. To Add One Meire io 199). Beijing Ettst Yilloge Life oflmiioiion 2¢9. Video. 2woj¢¢Iio. colour, sotsnd+ Life ofjmiiotion 2(9. s¥ile off billbo(Jrds. Ming Iyong In Search of YOnedB¢0od. 20J2. Nulini Beijing Easi Villoge 1993-J998, RongRortg Gym 2012-21, Augkfios Seropinas Amohubo, 2018. Buhlebezwe Siwuni Colon H)pxryhen Aiérir. 2012. Chorlofie Prodger Colon Hyphen Alerix. 20J2. charl(e Prodger 29 photographF. gelolin silverpriS onpoper.fr¢7m Horlem U.&A I977. prinied2f120, DowoudBey Refuse.eKe 2019. EdAikinF Unliilgd2f120, EdAtkiAt Uniiiled2020. EdAikiw USSR 1987. Sitsr 1987. EgeMj Kozlov (E-EJ Reveries of UndergrouRd Foresi 2019. Hero BW4¢tya•J Armodo 21119. Hew Locke 2 or 3 Tigers 2015. HO Nyen gfv 9. RicET/ Bo¥elirz 2015), Jona Euler Cipher 412(115, LarryAchiJmpong IegeT 13 2015, LwryAchiompong Decimal #3 2017. Larry AGhiampong Glyih seri 2 #2 20J8, LarryAchiompong Glyrh Series 2 #3 2018. LarryA¢ki0mp<8 Speckle #12020. Ltsrry Achi¢WNPOn8 bys¢onder #14,. blander #23. Mori K(4ay<wia Grtpup of 5 works Untitled2017, MicknelArmifoge ISiron8ly 8elieve sn Our Rig io Be Frwlou5 2012-ongoiw Alowntro Alsolh Search of Yonished Blood. 2012. Nolini Molani The Colleciion ofJone Ryan & Ivillium SfjNnders 2019. PithAbad&ndFrethf IVOdnlh Jrmes Argumentfroffl Silence 2019, SeheTrShah The Snow Monkeys of Tgxo%. Dosnow monkeys remembersnow mow¥avu? 2016. Shimabwkn Snow Mortkey Sionce 2016, Sh¢mob¥kn Beasl Type Song 2019. Sophio Al-Alori& BeGomMg Alluvium 20J9, Thoo Phan Solacia 2019. Tourmaline ArrongemÈpts In Loyers. &ockin8 Up Aloments 201&19. Veronico Ry& The Local Monuments l.. Childhwd IQ95. Yivienne Koorland Fyk¥ 2001.. Fun 21.. Fun 2017.. 'No Worries. W Mother Is Nety DotAT' 2017.. G¢ ITio4ryanfften) 2020.. Fuh on a Chopping Board2020.. Trts 3020. tyad Ivhen we were Queens ldKIng$ 2017, Zohro Opokn Timé drnl here. ?Ophotogrophs. inkJ.eiprip onpoperfr<m brtsille booLÉ Lo Johnson Armr Unlitle4 1970. Ltnder Uniiiled, 1977. Linder How To Make A How From A Wly? 2020. Abbos Zoh How To M&keA How From A Why? 2020, Abbos Zahedi A Fssher Girl 5 Lishi. hlaritlnne &ok65 E¢'hv 1983. Denzil Forr¢slér Shirte Eve IP82, DelIFor1e1er Jn Ihe Zo4ye 1982. Desril Forresler jas( (Curloin) 2021. Mike Silvo The Eurih A Thff Sty 2021,. Work Controci2021. Sw¥ Tie Fillihg Gaps. 2021.. Iyork Contraci 2021. Sww Tieu Jenny ondzoc Holding Hon¢ts 26W. Rene
VE D, SkeIeI Ill 2020. Rent Moii Maggie Morley's. 2020, Rene Mt¥iiC Chidofv Doig RÉne'$ 2019. Ren¢ Rene in Sheringham 2019. Rene Moiic Mits gwdFtsiih ot BBQ. 2019. Réne Malic lone s Slwes 2019, Rene Malic Rene andDadl 2019. Rtne Malic ClopJor C¢Yers 2020. Rene H1¢ Skegness. 2020, Rene Maiic Moggi¢ andR¢ne J120Jg. Re M1 Losi Bike 2019. Rene Mwic Rene New Wove Taitoo 2020. Renff Al{C Mia ondcaii Snoggiplg 12020. Rene m1¢ Idi ai Chrisimas 2019, Rene Motic The Moon As¢ededbefvee us 1976. Obwu Udechyhvu Gidan Toilor rrédor's Hoxve) 1976, UdechMA Preacher 1976. Obiora Udeclmkw The Newcomer 1983. Obsoto Udechuhv Ascent io ihe Co¢hedral. SpanLth Ctyil Wor. BarceloNI, Spain 1937.. Uffliile4 series Ode 10 Nerrophilio Mexico Ciry 1962 (LeoKora c<Ting10 1962.. u¥11¢4 sgries Ode lo Necrophili4 M£rico City 1902 (LeLVKQ Corri4WtM) 1962. Kaii Horno Financial review Thc arcounts bave i%en wepared under FRS 102. Total incorne for the year was £S.324.672 f2020-21.. £6. 727. 758). Of the toul income fi8ure. £37202 (2020-21.. £J,539.8l2)W received for the major capital proje at Tate MeM. The SUTpIu5 for thc year was £1.856.702 (202LL21.. £3.3J7.252). Res¢Tves poli¢y It is the Trusiees. policy to review the reserves on an annual basis io consider Éf they are appropriate for the current artivity of the Fouttdatiort and requests for 8rattts from Te. As a Stsrjdard. reserves should be maintsined ai minimum levrl of 25•h of total income. excluding major capitsl project donion5, whith Should provide sufficient workin8 capitsl for one year. A level of £1.321.867 is requwed io comply with ihis pTrlicy. Free re5erve5 are currently held at a level above the reserves policy to rtflcrt ill¢oMe recognis¢d iwi not yet re¢¢iv¢d. Free resetves, defthed &s unr¢stri¢t¢d futtds ex¢luding designa fithds and worts of art, at 31 March 2022 were £12.215,563 Q020-21.. £11.845.301J_ Restyi¢ird rts¢r#es at this date w¢r¢ £6.327,491 (202¢L2J.. £4.841.051). TOL re5erve5 held by Foundation ai thai date were £18.981.054 (20221.. £17, 124.352). Investments Current assei investmeDLS of £19,418,390 (20221.. £20.75J, 703) heid * 3 l March 20Z2 were tenn de[51. Plans for future periods Tate Foundation coniinue5 W 5uprth Ta's Strategic development. Tale Foundaiion will coniinue to rewesent the ititerests of those ittdividual$ wbo give sigDificaTht r]]]antial support or gifts of art to Tats by aprkniniirtg Trnstees of the Foundation frottl among51 its 5upportcr5 who are bea qualified 10 offer advice and support io the Tatc Gallery Board alld Ta Executive on the fvifilment of Tat¢'s styagic obJe¢tives. This includ¢s btsildfftg the Patrons and Lntcrnaiional Council rntrnber5hip 5ch¢me5 attd increasing major donation5 to Tate. particularly to the Collectlon through ihe acqui51tion Committees and a planned Endowment Campai8n. Grdnt requests frL¥ll Tate Gallery wiu be fulfilled by iwear donatioDs with incred targets in the coming fmancial years followin8 the impact of the Coronavirus pandemic in previous yea. Due to the eff¢cts of the cllrtai]meni of IL8 trdding ty¢tivitirs on its profitability during the Coronaviwus pandemic. Ta Enrpri5es is not ablc io make a Gift Aid donation to Tatr Foundation in 2021-22.
Principal risks and uncertainties The Tate Foundion Boanl has responsibility for ensuriTLg efftttive Tisk management processes are in pla¢e. The a¢wal risk maoagement processes are the responsibility of senior sttff (who are Tate management) and are embedded in the mana8ement wocess. The Board pla$ strollg reliance on thc nsk anatysis and ¢¢Mtrol envirotuneTht op¢ed by Tat¢ and the Tate Audit Cornmirte¢. Tai¢ Found•uon h¥ prep¥ed a risk iegir. which detsils th¢ major risk5 the (wisation fa¢es and ideniifjes the contro15 in place to mitigate those risks. The registrr also covers compliance with sthtutory requirements and internal conrrol pro¢edures as well as investm¢nt risk. The risk registrr is kepi utid¢r review on an ongoing ba%is by Tate's matlagement and risk5 are discussed by the Board a5 part of the operaiional update each meeting. The focu5 i5 on eostsring that risks are managed effr¢tiv¢ly by genior Tate srtyff_ Ta FouThdation's oper4tion$ and risk management proccsses are also reviewed periodically by Tate'5 tnrernal Audit. Howevcr. li recogrbised thai a risk management system ean only seek io manage. tatherthaft eliminate, facwrsthai impact on the abilw athi¢ve business objeeiive4 and can provide only reasonable Tance against material mi55tatemcni or Ios5. The princip81 risks and uncertaiDiie5 which could imw Foundation's perfomwice, and the asso¢iate4 miLi&aiing a¢iivities, are 5ummarised below. Area of printipal ri5kluncertainty l>estripiion Nd examplts of miligating activilies Fundraising prow51tKM$ and membership schernes art subjett to continual review ID ensure they are relevant and attrdctivc to a chan8ing market. and focus w a cause rather than $Irl¢ programme. Advice sought from nonxecutÉve advocates and TnLS¢S. Challenges to the overall economic clirna leaditi8 to increased w¢ssure ott discretionary exnditUre. Geopolitical or public health issues impaci the ability to fTa]se u) cemin region$. IncreLsingly competjlive environment for philartthropic 8IVLng as a of the Coronavints pandemic. R¢duction in Tate programme againsi whKh to fvndra>sc du¢ to ternporary closurc during CoronaviNs pandemi¢ and longer4erni effects on sector e.g. rcduction in tOUri5m. tmpact on fimdrai5ing du¢ 10 h¢ighiened exwnal scrutiTby of ethiol ¢onsidentions. Aaive Pros1n8 aThd mothitoriiJ8 of exL51ill8 5upponer5 15 5UPFY)rted by robu5r research and due diligettce ill Itne with Tate's Ethics and DonatioTrs policie5. Prtsspecrpoo are¢arefiJlly identified and manage4 trjethsu they only include those who havecapacity to give. AdditlODally. an ongoiThg progrdmtne of higb*uality stewardship is In platt so thai Te rethins a r¢IlOnShiP withdonor5 and 5POll50T5 who may be approached in the future. Active supporter pr05pecttn8 IS Sl4)ported by robust rurCh aDddue dilig¢nce in linc with Tate's Ethi¢s and Donations Ffjlicie5. A TO$t system of financial management and control is in platt. including.. Mana8ement of forecast Ln currettt fmancial yCaT and bud8¢t pionning for furure yeaTS" Quarterly reforeca5ts incllth implemeThiing Action Plans to address specific risks" Effective fmancial Gtrol., Holdfftg a contÉll8ency agaittst key operational risks and having a reserve5 policy.
Auditors Moore Kingston Smith LLP were app)inted a$ aud1$ dLtring the year having expressed their willingness to eontinue in olrice, will be dttmed reappointed for the next financial year in accordance with section 487(2) of the Compatsies Act 2006 urtless the ¢ornpany rtteives notice unders¢rtion 488{l) of the Companic5 Act 2006. Thi$ r¢poo in¢luding the Strategic Rep)o was aN)rov by the 803rd on 12 Juty 2022 and signed on 21 July 2022 on its behalf by". Roland Rudd Trusiee
Statement of Truslees. responsibililies The Trustees (who are also dire¢tys of Tate Fndatil for the WTposes of compaThy law) are r¢5ponsible for preparing the Twsteu, Annual Report {includin8 Strdiegic Report) ajjd th¢ fjnancial staiements in ac£ordance with applicable law and regulations. Cotnpatty law requires the Trustees to prepare financial 5thtemethts foreach fmaDcialyear. Underthat law the Trustees have elected to prepare the r]matt¢l sla1enxets in accordance with Ullrtcd Kingdom Genernlly A¢ttpied Ac£ouTh(in8 Pra¢tice (Unid Kingdom Accouniin8 Stsndards and applicable lawl. iticluding FRS 102. Under company law the Tnjstees must noi approve ihe fancIal 5ts1emeDts unless W are sati5fml thai they givc a true and fair view of the State of affairs of th¢ rharitsbl¢ comparty and of the incoming rc50urce$ and appli¢atiort of resource5, including the in¢ome and ¢xpenditwe. of the charitable for that pxriod. ID prepariD8 thest futancial slaternents. the TrnsLee5 are required io.. seleth sukrable accounting p)li¢ies and then apply them consistethty" Obser the rncthods artd principles In the Charities SORP. make jud8m¢llLS and accouniin8 esiirnatrs that are rea%)Dabk and pwd¢ni" state whether applicable UK Accounting Stalldards have been follow subjea to any mtttrial deparnuEs disclosed and explain¢d in the fLDancial stsments- prepare the fLnancial stameDts on th¢ going concern basis unless li 1$ inappropnateto pre5umethatthe ¢haritabk company will continue in $¢$$. The Trustees are responsible for kcepiDg adeqyt accountiTh8 record5 thai are SufF]en1 to show 8nd explain the haritable ¢ornpany's transactions and diK105e with reasonable accurn¢y 41 arty time the rtTrancial P05Ltion of the company and enable them to cnsur¢ thai the fthathcial ststements comply with tht Companies A¢1 21Y)6. They are also responsible for safeguardfftg the assS of the charitabl¢ company amd hence for taking reasonable step5 for thE prevention and detrclion offraud and oth¢r VTegulatili¢s. Th¢ Tru51ees conflnn that.. so far as each tru51ee is awe. there is no relemt a]11 irtfmn8tw)n of which the charithble company's auditor is unaware. and th¢ Tru5t¢es have tsken all the steps thai they ou8hr to have taken as Twstees in order to make themselves aware of any relevani audii infornation and to estsblish that the Charitab cornpany's auditor is aware of thai information. The TTUStees are responsible for the makntenatKe and intrgrity of thc (rAte and fiDaii¢ial information included on the charitable cornpany'5 website. Legislation in the Unit¢d Kingdom go¥ernin8 the preparation and dis5eminatiort of financial ststeTnerJts may differ from legis10 iti other jurisdhciion5. io
Independent auditor's report to the Iruslees of Tate Foundation Opinio We have audited the flnancial 5thments of Tate Foundion ('th¢comwy') fortheyear ended 31 March 2022 which ornpri5e the Ststement of FinarL¢ial Activitie5. the Summary Jncomt and Expcndirure Aetouni, the Balance Sheet, the Cash Flow StsiemetLI and noies to the fman¢ial statem¢llts, inCludg signcartt accounting policic5. Tbe fjnancial reporting framework thai has been applied in their prepardtion is applicable law and United Kingdom Accountin8 Stsndard5. including FRS 102 'The Financial Rep)rting Stsndard Applicable in the UK and Republic of Ireland, {Urtited Kin8dom Generally Aecepted Aecourtting Pra¢ti¢e). In opinion the fjnancial statemenLS= give a true and fair view of the state of the charitsble company's offair5 a5 at 31 Mar¢h 2021 and of its ithcoming r¢sources and application of resources, including its iDcome atld expendiDJre, for the year then ended.. tlave been pror]Y prepared in accordance with Unired Kingdom Gcnernlly Acc¢pied Ac¢ouniing Pra¢ti¢e" and have b¢¢n prepared ui a¢¢ofdaJJ¢¢ with th¢ r¢quiTements of the Companies kn 2(. Basis for opinion W¢ conducted wr audit in a¢¢ordan¢e with Int¢rn#ti(mal Stsndards ott Audittng {UKI {ISAs (VK)) and applicable law. Our responsibilities under those stsndards are further described in the AuditOT'5 R¢5PDn5ibilitI foT the audit of the fjrjancial stsiements section of our re[rt. We are independent of the charithle cornpany in accordance with the ethical T¢quirernEDts that ¥Te relevant io (wjr audit of the finan¢i stam¢nts in th¢ UK including the FRC'S Ethical Standard, aftd we have fvlfilled OUT oiher ethical responsibilities in accordance with thtse requirements. We believe thai the audii ¢vid¢n¢e we bave obtsined is suffi¢i¢n¢ athd aF¥)ropri to prO¥e a basis for our opinion. Conclusions relating to going eoneern In auditing ihe finon¢ial SlA¢m¢nts, we hav¢ ¢on¢lud¢d thatthe trustees. useof the going concern IAsi5 of accountin8 in the preparation of the financial swements is approwiale. Based on the work w¢ have performed. we have noi identified any mo¢erial un¢ffiaIntS relating to ev¢nts or conditions that. individually or collectively. may C 5i8nificani dbI on the charitable company'5 ability to coniinue as a going ¢on¢ern foT a p¢ri(¥J Of at le¥0 tw¢lv¢ rnth$ friM wh•1 the financial $tatements are authorised for issue. Our responsibilities and the re5wJn5ibilAies of the tntses with respect to 80in8 concern are dtscribed in the relevanl s¢¢tions of thi$ reporL (hher informatio The other inforTna¢ion ¢omprises the infom11( th¢luded irt th¢ artE)ual r¢km thhtf than the fancial staments and our auditor'5 report thereon. The trus(tt5 arc re5Prn5iblt for the other informatlOD COn]ned within the annual reptsrt. Our opiftion on th¢ fjnantial $tstemertts does rmx cover the other infoffllation and. exce ts) the exteni otherwise explsciily 51ated in our repK)rL wc do nol expre55 any form of assurkn¢¢ ¢oD¢lusion therton. Ourre5ponsibility is to rtad the (rfhtt information anrl ih L*ingso. cortsiderwhethertheother information ismaterially iDconsistent with tht fmancial siatements or our knowledge oblned ID th¢ cour5¢ of thc audit or erwiSe app¢at¥ to be materially misstsied. If we ideniify such malerial inconsisiencies or apparent marerial missthiements. we are Tequired to determine whether th¢r¢ is a maitrial rni551at¢rn¢nt in thc financial statements themselves. If, bas¢d on the work we have perforn)e4 we conclude that there is a material missthiement of this othcr informatirn. we are required tQ Teport that hEI. We have nothing report in this regard. Opiftion5 on other matter5 prescribed by the Companies Att 21WJ6 In our op2nion, based the wotk undertakert in the Course of the a11. the infomiaiion 8iven in the 5rraie8ie Tewjrt and the trnses' annual report for the fEnancial year for which the fala[ Statn¢ts prepar¢d is wnsi5t¢nt with th¢ fjnancial $tatem¢nts" and the strategic rewrt and the" trustee5" annual rewi have been prepared in accordance with app]ibk kgal reqlettftts.
M•t¢er5 on whi¢b we are required ¢0 report by ¢XC¢Miort In th¢ lighl of the klwI¢d¢ and u]knlerstandinB of the company and its tnvÈronmetLI obtsincd ID the course of the audiL we have not idenlified Materi missraLemetll5 in the 51rntegic rcport or the tntstee$' annual report. We have Dothin8 10 report in respect of the following matters where the Companies Act 2Crf)6 requir us to rep)rt to you if. in our opinion". adequate accounting record5 haye nor beeth kepL or rtDJms e9e for our audit have noi tren Teceived from branchcs not visi1 by tss." or the rtnan¢ial stst¢m¢nts ar¢ not in agreemeni with the aCctIng rOrdS and refvms; or rxrtain disclosures of truMee5' remunerati¢Jn 5PE¢Lfied by law not made: IN we have received all the infonnatioth a] explanations we requtr¢ for our audit. RespoDsibilities of trustees A5 explained morc fully in the tru$tees' responsibilities suiemenr set oui on page 10. the trustees (who are also th¢ directors of the charitable company for the purpose5 of company law} •E responsible for the prtparation of the fanCIal starements and for being l$fied thai they give a tt aThd fair vitw, and fw 5ucb internal ¢oDtroI as the ust¢¢s det¢rn)io¢ is necessary io enable the preparni(XL of fuwicial stateunts thot are free from material Inisstatemenl, whether due io fraud or error. In preparing the fancial statements. the m]#¢es are WDsibl¢ for &sses5ing the charitable cotnpany's ability to continu¢ as a going concern, disc105in& as applicable. mattcr5 related to going ¢on¢em at)d using the goin8 concern basis of accouniing unle55 the tru5ttts either innd to liquide the charitable company orto cease ¢)PErations, orhaye no realistic altemive but to drj so. Auditor's r¢$ponsibiliiies for tbe audit oftht financial stlemeDts Our objectives are to obtain reasonable assurance 8iK4Lt whether the financial 5ratrment5 a5 a whole frcr from mat¢rial misststtmenl whether due to fraud or error. and to i59Je an auditor's report that In¢ldeS our opiniorL Re&%onable assurance i5 a high l¢v¢l of assuran¢e. but is a guarantre thai an audii conducted in accordance wilh ISAS IUKI will always detect a material mLSstaeTh( when it exisrs. Mi5Statements can &ris¢ from fraud or error and are coThsidered mai¢Tial if, individually or in aggregate. they could tt&sonably be exptctcd to influence the economic &1$ of users tskeD 00 the of these fuwLcial staiemeDs. As part of an audit it) a¢¢ordan¢¢ with ISAS (UK) we exercise professional judg¢m¢nt and maintain professional scepiic15m throu8houi the audit. We a150= Identify and Issess the risks of rnaterial Enissthternffii of the finattcial statements, whether due io fraud or eOr. design ¥nd perfom audit pio¢edw¢s responsive to those risks, and obtain audit evidence that is Suffieient and apPropna to provide a basis for ¢)Urop10n. The risk of not de¢ting a material misststemeni resulting from fraud 15 higher than for one tewlting from error. as fraud may involve collusion. forgery, intentional omissLon4 misTepresentsii0Th5, or the OVCWTide of inrnal Contml. Obtain an UnderststlThg of inlernal control r¢l¢vaut to th¢ wdit order (o desigTh audÉt procedurcs that arc appropriate in the ¢ir¢umstanc¢s, but not for the pur)Se5 of eXprsIng an ¢Jpinion on th¢ effe¢tivell¢5s of the charitsble cornpany's intrrnal control. Evaluate the appropriatenes$ of a¢¢ounting policies and the rea5Mablene55 of acwjniing c5timates and related disclosures made by the trnstee5. Conclude on the appropriaten¢55 of the truses' use of th¢ Boit)8 concern basi5 of accountin8 and. based on lh¢ audit ¢vid¢n¢¢ ob¢aitLed, whether a maleriai uncertainty tX15ts related to events or Conditions that may ¢ast swiifjcant doubi OTh the charitable comp3ny'5 ability iocontinue as a going ¢on¢ern. If we conclude that amatrrialuncertainty exists. we are r¢4uired draw all¢t)iion in ourauditor'sreport io the related di5c105ures in the financi stakments or, if such di5ciosure5 art inadequatr. 10 modify our opini¢)n. Ourconclysions are bd on the audii evmlence olmained up to the dat¢ of our auditor's How¢v¢r. fvture evenrs or onditions may caus¢ the charitrble company to cease to continue a goin8 concern. Evalua¢¢ the overall presentation, structte and conteni of the financial 5wernent% including the disclosures, and whether the flnancial 5thtements Tepreseni the undertying transaciions and events in a manner that achieves fair pre5eDtatioD. 12
We communicate with those ¢harg¢d with governance regardin& amofi8 oth¢r maner4 the planned scope and timing of the audii and sigrtifKani Jdit firJ includinÈ any signifKani defKieDcie$ in internal ¢ontrol we identify during our audit. Explanatioa as to what ext¢fjt th¢ audlt w•$ ¢ott$id¢ttd upablt of dettdiAg irrryularitie5. including fr¥ud Irregularities. including fraud. are instsnce5 of non-cornpliance with laws and regUl]0n$. We desL8n procedures ITh line with our responsibilities. outlined above, to deieci material misststements in respect of irreguiariiies. in¢luding fraud. The extent to which our pro¢¢thtres are ¢apable of d¢¢ting irregularities, iticluditJ8 fraud is dtthR]ed below. The objeciives of Jr audit in resp¢u of fraud a. tr thntify and assess the risks of marIal mi55tatemeni of the fjnancial 51atemenrs due io frdud,. lo obtsin sufficient approprvdrc audit evidenc¢ rcgarding the 85sessed risks of material missiatementdueto fraud, through designing )d implementin8apwopriate responses io thoscassessed risks. and to resportd approwiately to of fraud or su$prfted fraud IdeDtif¢d dur8 the audit. However, the primary responsibility forthe preventi and detectioD of frdwl rests with mLagementand tlb)secharged with govemance of the charitsble ¢ompany. Our approach was as follows.. We obtained an understanding of the kgal tnd regulOry ruNiremcnts applicable io the chaTithble company and considered that the m05t 5L8nificani are iht Companic5 Aci 2006. the Chariiies Act 2011. the Charity SORP, and UK fmoneial reporting standards as issu¢d by the Finan¢ial Reportitl8 Council. We obtained an understsnding of how the charitsbie cunpany complies with these requirements by discussion$ with management and those charged witb governance. We &$5e55ed the risk of marial misststement of the fmancial statements. including the risk of tnaterial 15stsmenr due to fraud and hr>w li Mh1 by holding discussioDS with maTha8emeni and those ¢harged wilb gov¢man¢¢. We inquired of maAa8emeni and those char8ed with governance as any known iDswices of non- ¢omplianc¢ or suspe¢ied non4omplian¢e with laws and rtguiations. Bd on this understandin& we desigThed specific approprhitr audii procedures io identify iTh5tances of non- ¢omplian¢e with laws at ffgulations. This uxclutsd making enquiries of maThag¢m¢Di and thos¢ charged with governance and obtsining athjitional corroborntive evidence as requiTed. There are inher¢nt limi¢ations in the auditpr(¢dm d¢S¢ribeday¢. Wee Itss likely to bewneawat¢ of instances of non-compliaoce with laws and regu13tiODs thai are not closely reiatrd ro events and tran5acit¢Jns reflected in the fLnan¢ial statemertts. Also, th¢ risk of not detecting a Mala1 miswtrmeni due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involv¢4klibernte ¢onttaJmeni by. forexompl¢. forgeryor intentional misrepTe5entaiions. ot thmugh collusion. U5t ofour report Thi5 report is made solely to the charitsble crThpany5 me[5, as a l, in XCordan with Chaptrr 3 of Part 16 of the Compani¢5 Act 2006. Our audit work has been undertaken $0 that we might stste to th¢ ¢o]Dpany's m¢mber$ th05t matteT5 we are requtred ro statE to them in an auditor's reFffl and for no other purpose. To the fulkst extent perniitted by law, we do noi accept or &5wme reSnSibIlity ict any party other thaTh the charitable company and ¢haritsbk comF4ny'5 membets a$ a btyty. for our audii for this Teport or for the opinions we have forffled. Da: 25 !u!y.2022 Neil Finlayson (Senior Slalutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th FICK 9 App)Id Streei tA)ndon EC2A 2AP
Statement of financial activilies (In¢oTponting an income and expenditure ac¢oiiii¢) (tor iheyear ended 31 March 2022) Restricted funds UnrtStyi¢rcd funds 2022 Total 2021 foral Ntxes lu¢oJn¢ ttd ¢ndowmewts from: Donation5 and legacies Oiher tradiDB ac¢ivities Investments Other Tot1 2.338,554 2,984,154 5J22,708 6,722.762 1,964 4,996 2J40JI8 2984.154 5J24.672 6,727.758 Exp¢nditwr¢ Rai5in8 fund5 Costs of generating don1$ and legacies FurtdTaisin8 trading- ¢oM of good$ sold and other costs Investment managemeftt ¢osts Charitable adivitie5 Other Toi•l {776,064} (6,782) (782,846) (1210,390) (1231.394) (1.453.730) (1085,124) (3.180.I 16) (2IW,458) {1,46012) (3.467,9711) (4.390,5061 Net gain5 on investtnents N¢t iDcornel(esp¢ndttur£) 333.(KAI lJ23,642 I JS&702 2,337,252 Transfers be¢try fvnds Oiher vin(lO35¢s) Iyet movement in funds R¢ton£iliatioth of futtds: Total funds brough( forward Total funds c4rri¢d forwArd 16 37.202 (37202) 37 702 2 337 252 16 16 12?83 301 12 653 563 4841051 27,491 14 787 1(M) 1898J 054 17 124 352 The results for the year wcrc derivcd solely frorn continuin8 operatiOn5. The note5 on pa8e5 17-25 f¢Th part of these accvJThts
Balance sheel at 31 March 2022 2022 2021 Nrfes Fly¢d 8SJtts H¢Titsg¢ assets li 438.IMK Curreni asstts D¢btOTS Investments Cash at bank and in 13 J2 3.099.725 19.418J90 3,314,226 20.75I.7Q3 221&] IS 24,067.382 Cred•tors.' amounts falling du¢ within ont yer 14 (3.975.061) (7.381,030) Net t•rreTht I54 16,686.352 Total 8Ssets le55 ¢TrellI liabilitie5 18981.OS4 17.124.352 Crediiors.. amouffjts flling dy¢ •ft¢r th*n 00¢ ytBr J5 Net a55ets 17 124 352 Fund5 Unrestri¢t¢d Desi8nated Other Restricied 16 16 16 12,653.563 6J27.491 12,283.301 4.841.051 To¢al fyhd$ 17 124352 These financial stsiements were approved by the Bo/rd of Trusrees on 12 July 2022 arwj signed on 21 July 2022 on its behalf by. Roland Rudd TnLs¢eE Company regL5tration number 041X)9652 The note$ on pagc5 17-25 fi)nn port of the accounts
Statement of cash flows ffor Iheyear endedjl Mwch 2022) Nrte 2022 2021 Cash flows frorn operating sctivitit5: Nel cashprovldedby/(u5edillJ fjperélinx •ctsvilies 20(1) (lJ36.730} 6,890.426 C4$h floivs from ittv¢sting rtivities: Dividends and intere5E 4.996 Cask Ihbw5 from fiDan¢iTr8 aetivitiu". RepY4yments of borrowing Cash inflows from new tx)rtowin8 Net rash provided byl(used ity) fi•ntine 1¥111¢$ Change in casb cash eylvalents in ihe reportintpeplod Ca$h 4nd e•sh ¢qyi¥al¢ttts at th¢ begioDiDg of the reportiAg perd Andcu5h eq*iwlents ai the eB4oJthe rep0rt1Mgp¢rio4 (l J34.766) 20 753.156 90 6.895.422 13 857734 20753 156 2¢Yti) 16
Notes (tormingparl ofihefwancidlsialennis) Aeeounting policie5 The followingo¢¢owi¢ing 11¢1¢$ have applied consi#¢ntly in d¢aling with i¢Wll5 which are ¢onsid¢red material itl latioD Ta Foundaiion's fancial statements. Bosi5 ofprepur4¢ion The fmancial statemenrs have been prepared in a¢¢ordart¢e with Aceouniing and Rerting by Charitie5'. Statement of Recommended Practice applicable to chariiies PTtwing their a¢¢ounts in a¢£ordan¢e with the Financial Reporting Stsndanl applicable in the UK 8Thd Republic of Ireland (FRS I02) (effective l January 2015) and the Companies Aet 2Th)6. Tale Foundation meets the defjnition ola pllb b¢nefii ¢niiry under FRS 102. The functional currency is GBP sterlin8. Gol concern basi5 olprepArotsonlorthe4ccowits The accollnt$ have been wetAred ort the going eon¢ern basis. As a result of the continuing impact of the Coron0vUS pandemic andthe rtjeasurts tsken by governmen ix)th in the UK and ¢)verseas. the foundaiiort's forecasts have t¢tn adjusted and coniinue be reviewed on a quarterly basis. Tate Foundarion receive5 donations and holds fiLt)ds atlticipaknot) of requests from T Gallery. It is expec1 that the level of donations. including th0 fr1 Ta Enterprises Limited 85 a 511 of the downturn in its trading aciivities during and after the Coronavinjs pandemic, will fall and that8rant requests frrmn Tale Gallery will be fiJlfLlled by in-year donions and th¢ us¢ of res¢rve5. Thc tyust¢cs ar¢ confidcni that the company ¢an continue to over its operating costs as they fall due for a FeriL¥l o(ai ieau Iwelve month5 frorn the d¢ of approval of these fitWLcial statements. Donatiojjs that hav¢ a fonnal gift agre¢ment will br te¢ognid at the da of th¢ agr¢¢ment. unless their ar¢ tcrms and condiiion5 which musi be mei before Ta Foundarion is eniiiled to the reswce5. All oiher donation5 will be recognised on a c&sh received basis, unless there are and conditions which must be met b¢fore Tat¢ Fou]thtion is elltiiled to the rts(MJr¢¢s. Donations ugjally also include a coThtribuiiot) from the Corpora Membership pm8ramme whieh was moved to Te EnteTpfi5¢s a wholly owned 5ub5idiary of Tate. l April 2017. Tale EnttTprisr5 gift aid5 all the profits from thi5 activiry to thc Tate Foundation. Dut to the effects of thc Coronavirns pDndemic on Tate Eni¢rprises' a¢Liviti¢s, no gift aid will be pwd to Ta Foundatjon in 2021-22. Legocles Re¢eipt of a lega¢y will tt r¢¢ogrtis¢d when thert has beth grant or probate. the executory have establi$hcd thai tbere are sutTJcienE assets in the estate. and that any condiiions atthched to the legacy are witbin tbe control of Tate Foundation or have been m¢L Unrestricttdfuftds Thesc $OUrceS aris¢ frorn the •¢¢ymula¢¢d SuTrIu5 and drfi¢its in the operation fty ¢haritablr purp05e5 and are expeNlable at the discreti¢)n of the Truse5 ift fvrtherdnce ofthe objectÉve of the charity. Funds de5igna*d for a particular use by the TNstres. Reslrlcledfunds These Tesources arise from conthbutkOnS received for specifi¢ pOse> Thes¢ fvnds are expended in accordan with these wrpos¢> Tate Foundation only has financial assets and fIrla1 liabilities of a kind thai qualify a5 b&sic financial instruments. Basi¢ firtancial ins¢ruments arc initially at ITan5action valu¢ and subsequently m¢a5ured at their 5ettlemeni Wdlue.
Ch47ri1oblegrnntsp4yt7ble Thi5 expenditure represents contributton5 made to Ta towards a¢quisiiion of works of art by Tate and towords Tate projects. The CndItUre is recwised when Tate Fowid8tion is comrnitd to provide such bJTrdin8. Thi5 expenditure reents the ¢osts of ffiJAdrai5iD8. Borrowin Interest is charged 10 the statrment of flnancial livi11¢S as il a¢¢nffj. Chorg¢s on the KBS loan were ai a rate of 1% ovcr LIBOR w interest penod on the arllounl of the loan. GowernoncÉ costs Thi5 expenditure is audii and legal fees. Inveslments Invesknents are stated ai market valye rather than at histori¢al COSL Any e&ll$¢d &aiDS or losses ari5in8 from thi5 wlicy are di5c105ed in the sth*ment of finan¢wl wivitie HenlÈ7ge assets Heritage assets are ststed at valuatlOD as at tht datr of iThtrryJucti(ffi tsf FRS 30: Ac¢ouMing for Heritage Assets. They are not depreciated or #ted as & matter of routine, as the as5cts are deemed to have indrl¢rminable liv¢s. Impairmellt reviews are carricd oyt ooly if the as1 suffers physical deterioration or doubts arise as to their authentLCLty. 18
Notes (Continued) StattJDtht of fingDcial activili (Incorporatiri8 an in¢orn¢ attd expenditure account) (for iheyear epJded31 Morch 2021) funds funds 2021 ltseome ••d ¢b)dowments froo): r*)thations and kgacies 2,754.714 3.968.048 722.762 Investments Totsl 2,759,710 3.96&048 (727.758 ExpeDditurt on: Raising funds Costs of generaiing donations and legacie5 Chariiable activities Tot41 r¢soure¢s txpended: (1.210.373) {17) (I JIOJ90) 1030 269 3180 116 (2340.642) (1,149,864) (4JW.506) Net incomel(expe•diture) Trartsfets betw¢¢n funds r4et movernent ill funds 519.068 539 812 2J372S2 539812 27 72 37 52 Rttonciliation of funds: Tothl fund5 broughi forward Totsl carried forward 10224421 12 83Jlll 14 787 100 17 124,3S2 Staff nurnbers amd rosts Tale supplies ernploy¢¢s aThd re¢harges the cost to Tate F(th)dation. The charge for the year is £489.293 {202@21.. £656.57J) and aLso includes agency 5tsff charged dircctty to Tate Foutsdation of £nil {202¢%2J.. £nil). 19
Notes (coniinued) Donationj and legcies Unre5trided funds Resirieted ruads 2022 2021 Tale Patrons Ini¢rnaLional C(rtLnciI member5 Tate Fwid Asia Pacific Acquisrtions Cornmittee Middle East & North Afrt¢a A¢quisitions Committee African Acquisition5 Committe¢ South East Asia Acquisiiions Cornrnillee Photography A¢quisilion Gioup Russia & EAY Eurotan Acqui5itioDs Comrnittte Director's Fund European Colle¢tor5 Circle Liverpool Commissioning Circle FTieze Fund Capital Projecrs Fundraisin8 Legacie5 Perforn)ance Fund (hhcr donation5 r¢r¢ivcd I ladju5¢¢d} GAft aid from Ta* Enterpri5e5 Limited 1.117,663 951.680 201.140 1.117,663 956.682 261,147 347J6l 1,021.020 711,076 1.055,444 371,963 347J61 227,756 257,Il4 2Jl.S72 294.010 227.7 257,114 231.572 294.010 186,076 262,201 185,688 261,692 296.901 296,901 284,098 377329 iO.(KK) 150.INJO 37202 7511.11110 377.229 io.ijoo 150.000 37,202 7S071 716,518 lo,0 ISO,(K)O 1,539,812 280.846 071 (313,672) 984,154 708 6 722 762 IDv¢stm¢•ts Unrt5tricted f•5 Restricted r¥ftds 21122 2021 Bank interesi Ne¢ itt¢om¢l(exp¢ndittsrt) income/(e¥pendthweJ is51¢deT charsins." 2022 2021 Auditors, Temuneration 10.180 8.885 Auditor's remwierniion fw the year ended 31 March 21r22 was £10280 (202LL21.. £8,885). 20
Notes (continued) Cbarithbk activities UThrestrieted R¢stritted fuDd5 funds 2022 2021 ContributLOllS iowards works of Art purchoed by Tate Contributions to Ta 352J94 879.1Kl IM7JII 445.(W lJ61,124 lJ24000 1,890.329 1,289,787 lJJiJ94 124 3 180.116 The were £2,685.124 of xcnicd ¢trIbUti1)n5 at 31 Mar¢h 2022 (202¢k21.. £3. 180.110). Truslees, mNeratiO The Trustees re¢¢iTrtd tto remunetaiioti or expen irt the year ended 31 Mah 2022 (2020-21.. nio. Raising funds Stsff M¢mb¢rs' bentfits Othtr t05ts Tot*1 2022 Totsl 2021 Utirestti¢ted ndS Restricted fijrth.. Frieze Fund 489293 (l J181 288.089 776.064 1.210.373 6.782 782 17 93 782046 1210 390 io Support cfjsts All support services includinD Finance. Human Re50ur¢es alld Infomation Systems are provided by Tale. Thi$ seThite is estimaod to have a value of £133,051 {202L121.. £126,475) and ha5 been ¢haTg¢d to costs of gen¢rating donations and kga¢ies itt th¢ statement of fmancial aciiviiie5.
Notes (continued) Heritage assets Tot¢ Foundation Own5 a collection of 9 rn¢rn works of art 3ss¢ts were daty1 to Tate Foundati in the 1980s and have a ¢olltttiv¢ value of £438.¢0 &$ at the 31 March 2022 (2020-21.. £438.OW. The a55¢ts were YU¢d in 2009 by Ta Gallery curators using indu5ty stalldd methods of valuotion. There have tten no additions. dI5wls, revaluaiions or impairment of heritsge assets in any of the four previous accountillg peri(Js. The Tns¢s do have a 8¢nerai aquisiuorts ar disposal p)licy tyjt look at work of art on a c15e by b&sis. Al 3 1 March 2022. one of these work5 of arr on loan the Scottish National Gall of Modern An" the remainder were ¢Jn loan w Talc galleries whert they are under the care of the Collection Care departmenl details of which carb be found at http.'Ilwww.thte.org.uklabouVour-worklcon5ervation. The loans and dethils of the works of an are recordEd OTr the Tatr Gajlery dathbase system. Value at Rewaluioos Additions DIS51]5 l April 2021 Value al 31 Marcb 2022 Works of art 438.WO 438.0( 12 IDvestmettts Current asset itLvesth)ents are held in wi(M]s de$lL$ aDda trea*d&s liquid resources forthe purposes of the cashflow statemenL 13 Debtors 2022 2021 Trade d¢btor5 T&xatiots and social 5ecuriry Other Delxors Pr¢poym¢nts and occrued income.. amnI falling due within one year Prepayments and accrued inc¢Jm¢.' amounts falling du¢ 3ft¢r tnore than one year Receivable from Tatr and •sso¢iatrs 78,4S9 17,705 23.722 1,193,228 1.000,0 832,560 2.m).000 97,276 3.099 725 3314226 14 Cr¢diiors: alll0liDIs lalling due within oTre year 21)22 2021 Trade creditLY5 TaAaiion attd social stturity Loans Other creditors Ac¢rnals and deferred income Payabl¢ ¢0 Tate and associaies 6.026 14.074 26.459 3268 10.575 3 955 192 3 975 061 3,000 145.195 7 192 302 7381030 22
Notes (contind) 15 Creditors: falling d•e •fter th• on¢ year 2022 2021 tkferred income 16 Re¢on¢i16iion ofth)0v¢M¢ts io f¥ds At l April 2021 At31 M•rrh 2022 In18 Outgoing Transfers R¢strki¢d futtds Intemational Court¢il AtLThual Fund LitJ AmericaTh Aequisiii( Committee Asia PacifL£ A£quisrtLons cMmittee Middle East & North Africa Acquisiiions Committce Africart Aequisilions Collm)iLoe South East Asia A¢wisitioDs Commillee Photography Acquisition Group Rus5j3 & East Europ¢au Acquisiiion5 Commiuee European CollecLCKS Cirtie Collection Fur Liverpool Commi5sionin8Circle Frieze Fund Capital proje¢ts fvndraising Le8acies P¢rfonnan¢e Fund Other r¢styicT¢d r¢s¢wv¢s Total restricted funds Unrestricted funds D¢signJt¢d Work5 of art Other Tot¥1 ttrtrIded funds Total funds 54,929 583 s.2 59.931 590 53.367 $3J67 509, 347.361 (351285) 505,138 121,075 281,484 227,756 257,114 (89,034) (146229) 259,797 392J69 176.515 2.321 231,5n 294,010 (147,058) (185,101) 261,029 399330 196.846 492,085 160.T27 42.5(N) 172.531 1.397.012 709.457 67.209 115348 4.841.051 296.9)1 377,229 (139.601) (209,944) 354.686 659,370 160,727 32.500 149,731 lJ97,Ol2 IA59.457 07309 115 48 6J27.49A lo,) 150,IKKJ 37.202 750.(U) (20,000) (I72,8CKJ) (37,202) 2,984.154 (1.4(Ip.512) (37.202) 438.1 11845301 12283 301 17 124 352 43&000 2.340.518 2.340.518 5,324.672 (2,007,458) (2,007,458) 13,467.970) 37202 37202 12 J2653S63 18 9BI 054
Notes (conitnued) Restrided funds Restricted fvnds are held for acquisition of works of art or forthcision by the membership COUDciJs. Further detai15 may be found in the TnJses' Part of the Collection Fund is restricted is there supwt the Tate Collection. The C4)ttal projects fvnthaLsifi8 fund wa5 forthrtt major PToje¢ts which have now been completed.. the Tate Modem Projec( Tate BT¥iain Millbartk Projed and Tate St Ivcs Phase Il. All funds on the Tate Britain Millbank Projeci and the Tate St Ive5 Phase U have bECn received. Pledges for the Tatr Modtrn Pmject coniinue to be received a5 schcdul¢d. In th¢ year to Mareh 2022, £37202 of Tate MLM]ern PrOjt donaiions were rettJm¢d to uDJestrI¢ reserves (2020-21.. £J.539,812). Other restrictrd reseryes in¢lud¢ amouns Vell for SFecifK acquisitions and projec. Deslgllaied f••d$ In June 2019. TTU$tees removed th¢ designatioTh on an uThresrricted fund which had Created to support a fundraising initiative. Unrestricted funds Funds available for 8eneral use. 17 Analysis of oet aets behveeA fTAnds Unrestricted fund5 Re5thcted fvnd5 2022 2021 Fixed w¢ts Works of art Curyettt assets Curreni liabilities Long ¢emi ¢redi¢ws Tothl net assets 438.(X)O 16.ISXI,624 (3.975.061) 438.[10 22.518,115 (3.97SIJ61) 438,( 24,067.382 (7.381.030) 6.327.491 12653 563 17 124352 18 Related partie5 The only related party tran5action5 dUrg the y¢at w¢re those with the Board of Trusiec5 of the Tate Gallery who employ the Dtv¢lopmerttOffJce sraff who serviced Tate Foundatlon, and who provided support forback office function5 including Hurnan R¢sourres. InformatioD Systetns, Finance and Le8al. This w&$ ai a charge of £622.344 {2020-21.. £783.0461. These tratLsaciion5 were in additson to the Eh¥rithble contribuiions paid To as set out in notr 7. 19 Liability of member5 Tale Foundation is a ¢ompany limid by guarantee. with no share capitsl. Eath TneTnber of the company, of which there are currtntty two. is liable tts contribute £1 the eveni of the winding up of the company. 24
Notes (conlinued) 20 ststemtot of Ilows (i) RtCODci15AtioD of n¢t iD¢Omd(¢xp¢nditu) to met flow fron optrat¥Dg ¢¢i¥iti 2022 2021 Nel income/(eYpendthwe)for ihe rewiingperiod (as per ihe steMe offinanciol ociiviiies) Adjustmettts for.. Dividcnd5 and interest rkereasel (increase) in debws (Decreasey increase in rmjiiors 2.337.252 (1.964} 214JOI (3AOS.969) {4.996) 2,568,468 1.989.702 Net c¥h provided bymused in) operating ctivili 730 6 890 426 (li) Affj*lysi$ o(¢gsh ••d ¢q¥ivxl¢•ts 2022 2021 Cash in hand Notice dcposÉts (less than 3 months) 1.453 20,751.703 19.418 20753 156 25