Tate Foundation Trustees, report and financial statements Year ended 31 March 2024 Company registration number 04009652 Charity registraiion number 1085314 ADBL)YXV 1410912024 COMPANIES HOUSE A08
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Tale Foundaiion rruslees, reporl andfinancial Siaiemenis Year ended 31 March 2024 Contents Trustees, report (including strategic report) Statement of Trustees, responsibilities Report of the independent auditors to the members of Tate Foundation Siatemenl of financial activities 12 Balance sheet 13 Cashflow statement 14 Notes 15-23
Trustees, report (including strategic report) Reference and administrative details Tale Foundation was incorporaied as a company limited by guarantee on 2 June 2000 and is regislered as a charity. Registered addTCSS Tate Foundation Tale Millbank London SWIP 4RG Company registration number 04009652 Charity registraiion numbcr 1085314 Bankers Coults & Co Si Martins Office 440 Strand London WC2R OQR Soliciiors Withers LLP 20 Old Bailey London EC4M 7AN Auditors Moore Kingston Smith LLP 6th Floor 9 Appold Sireel London EC2A 2AP Trus¢ees The membership of the Board, logcihcr with th0 appointed or resigned during the year, is Set out below. Dr Maria Balshaw CBE Joseph P Baralla 11 B George Economou B Edward Eisler B Mala Gaonkar B, P Jonathan Grad B Anthony Guiman B (Chairman of Tale Foundaiion from 7 March 2024) Scott Mead B. P Simon Palley B, IC, P Franck Pelilgas B (President of Tale Foundation until 7 March 2024- rclired 7 March 2024) Emmanuel Roman B Roland Rudd B (Chairman of Tate Foundation until 7 March 2024) Sir Anthony Salz B Howard Shore B, P Lord Stevenson of Coddenham CBE B Lance Uggla B B: Benefactor; IC.. International Council,. P: Tale Patron- S.. Sponsor CompAny Secretary Anastasia Yiannikas
Executive The day lo day management of the charity is delegaied to Tale staff, the key personnel involved are.. Dr Maria Balshaw CBE, Trustee. Tale Director Claire Gylphé, Director of Development Kathryn Martindale, Chief Financial Officer Structure, governance and management Governing document Tate Foundation is a charitable company limited by guarantee, incorporated on 2 June 2000. The company was established under a Memorandum of Association, which established the objt$ and powers of the charitable company and is governed under ils Articles of Association. Tale Foundation is gov¢rn¢d by Trustees who constitute Directors for Companies Act purposes and Trustees for the purposes of charity law. The rolc of the Trustees is non-cx¢culiv¢ and voluntary. The Trustees meet three lime5 a year to ¢onduct the formal business and provide a framework lo be followed by Tale staff, who run the day lo day activities of the charity- Recrultment and appointment of Trustees Potential Trustees are invited lo Join Tale Foundation dcpcnding on their skills and experience and arc appointed by the membcrs for three years. The minimum number of Trustees is two. Indu¢tion and tralnlttg of Trustee$ New Trustees are inducted and given training approprialc lo their knowledgc and ability. In addition, all Trustees arc issued with 'Guidelines for Ihe TrusieeslDireciors of Tale Foundaiion on dealing wilh questions of benefit and conflicts of inieresi" which describes how Trustees should ideniify and approach porenlial conflicts of interest and issues relatin8 to b¢fitS. Truslees complete an annual Conflict of Interest Declaration Form, which is used to monitor and manage conflicts of inleresl. Fundraising practices *nd tompliante Tate is registered with the Fundraising Regulator and Tale Foundation raises funds in support of Tate Ihrough its Patrons. Aequisition Commiltees, Inlernaiional Council, Legacy and other fundraising schemes. Tale Foundation does not undertake mass fundraising activity and does not employ third party agencies or individua15 to fundraise on ils behalf. The Foundation has received no complaints in relation 10 Its fvndraising aciivilies in this reporting period. Or8anisatlonAI s¢ru¢ture Th¢ Tate Foundation Trustees establish a framework for Ihc organisation, with ihe day lo day operation and management delegated 10 Tate staff. The Trustees oversee policies and financial decisions and approve the contribution 10 Tate. Related partles The organisalion is 51rongly reliant on Tale's infr&stru¢lure and procedures, especially in relation lo slaff and risk management. Objectives and activities Tate Foundation's objective 15 Ihe promotion of the charitable purwses of ihe Board ot Tru51ces of the Tale Gallery (Tale). Tate's guiding mission is io increase public knowledge, understanding and appreciation of British ari from the sixteenth century lo the presenl day and of international modern and coniemporary art. Tal¢ Foundation delivers public ben¢fit through ils suppon of Tale. Tate Foundation receives donations and holds funds in aniicipaiion of grant r¢qu¢5t5 frorn Tale. Tale Foundation's aim for the year was to maximise income and support the long-ierm aspirations of the charity. Th¢ strdt¢gy to achieve these objectives was lo maximise the income from the various activities described below.
The Tate Patrons mcmbeTship h¢m¢ exisis to rdise money via subscriptions and special purchase funds to supp)rt Tate's programm¢, a55iSt with the acquisition of works of art for the Ta¢¢ Collection and to encourage a wider interest in arl. The Intemational Council. Asia Pacific Acquisition Committee (APAC), Middle East and North African Acquisition Committee {MENAAC). African Aequisition Committtt (AAC), Photography Acquisition Committee (PAC), South East Asia Acquisitions Commitlce (SAAC). Central and Eastern Europe Plus Acquisitions Committee (CEEPAC) and European Collection Circle {ECC} constitute supporter groups of international art enthusiasts. Membership is by invitation only. APAC, MENAAC, AAC, SAAC, CEEPAC and ECC seek io strengthen the colleclion via acquisitions from each geographical region, while PAC is focused on the acquisition of photography works. The Tale Liverpool Commissioning Circle is a supporter group focused on innovative fulurc proaMme. the commissioning of major new works showcasing emerging artists and creating community and oulreach programmes. The Frieze Tale Fund acquires works for Tale from the Frieze Art Fair annually. Any contributions to Tate are decided by the appropriate Forums in consultation wilh Tale. How Tate Foundation's activities deliver public benefit Tale Foundation'5 main activilie5 and who il aims 10 help are described below. All charitable a¢iivilies focus on supporling Tale in promoling in¢rea%d knowledge, understanding and enjoyment of British art from 1500 and Iniernalional Modem and Contemporary Art and are undertaken to furth¢r ¢haritable purposes for the public benefit. The Trustees confirm that they have referred the guidance contained in ihe Charity Commission'5 general guidance on public benefit Ivhen reviewing the charity's aims and obje¢tlVCS 8nd in planning future aciivilies. Who benefited During 2023-24 those benefiting from Tale's services. which rcccivc dirccl financial support from Tale Foundation, ineluded the 6.36 million visitors to the four Tale galleries in London, Liverpool and St Ives and also the 24.75 million unique visits to Ihe Tale website. Tate conduc15 oulreaeh programmes, for local communiiies in Millbank. Souihwark, Liverpool and Si Ives. These include working with young people, under-represented communitie5, and famili¢s with pre-school Children. Tale actively pursues diversily and promotes a mulii-culiural perspeciive. Accessibility is an abiding principle. Tate Foundation continues to support the acquisition of key works in Ihe collection for th¢ public benefit. Tale's ambition lo grow the collection lo become more inlem3tional and diverse was supported by Tale Foundation through the acquisition of a number of important photography works and works from Europe, the Middle East, Asia-Pacific, South Asia. Africa, and Central and Eastern Europe. Tale Foundation contribulion5 SUPPOrtcd the Isaac Julien.. What Freedom Is To Me, Sarah Lucas.. Happy Gas and Women in Revoltl. Art ond Aclivism In The UK 1970-1990 exhibitions al Tale Brilain, a5 well as the Hilma af KlinÉ & Piel Mondrian.. Forms Of Life, A World In Common.. Conlemporary African Plioiogruphy and Philip Gusion exhibitions at Tare Modern. Finartcial support was also made available to support Tate Colleetive. Tate Family Programme, Tat¢ Schools & T¢achcrs Programme, Tate Research and Tale Conservation. Strategic report Achievements and performance During 2023-24, Tale Foundation achieved ils objective by making chariiable grants of £7,691,365 (2022-23,. £4.238,983) of which £1,257,775 (2022-23.. £1, 119. 983) supported purchases of works of art. These works of art will bc availabl¢ for the public to view when they are on display within the Tate Galleries. The remaining charitable grants of £6,433,590 {2022-23.. £3.119,000) were to support Tate's day-tfrday operating costs and pItal programm¢, including making direci contributions lo exhibitions, education and ¢on%rvation departments.
Key performance indicators used by the Trustees include income pledged through various fundraising activities against targets. For the year ended 31 March 2024, volunlary in¢ome for non-capilal projects was pledged against largcl as follows for the aclivilie5 li51ed; Volunt#ry income pltdged Target Actual Pledged 2024 £000 1,104 797 150 356 318 254 265 237 272 306 £000 1,233 874 150 356 281 242 242 229 255 381 Patrons- London Inlemalional Council Frieze Art Fair APAC MENAAC PAC AAC SAAC REAAC European Colle¢lors Circle Contrlbutlon to works of art purcha8ed by Tate Contribution$ during the year were made in respect of the following work5 of art: 8ig Blue 1974, Corld Accardi Lackadoisical Sunsei io Sunsei 2022, Mounira Al Solh The Arab League Hoiel 1971, Dia Al-Azzawi Group of14 gelalin silver prin15. James Barnor Pieridopliilio 12010, Zheng 80 Meanings in ihe Rourtd 1939,. Juxiaposiiion 1939,. The End ofihe Marathon 1942.. and The Debutante 1955, Emmy Bridgwaler Some Two or Three Offeringsfor Our Ancesiors, 29 2021 and The Echo ofan Ancient Form of Knowledge 2021, Edgar Colel Unliiled 1977, Mohammed Chobaa Urtiiiled (The Nude) 1979, Luis Chan A Hisiory ofo Cily in a Box 2019. Ndidi Dike Profile 1930, EI-Q (also known os Hideo Su¢0) Uniiiled 1976, Romany Eveleigh NETWORK & CONTACT (N22 DISCREET MIX) 2023.. TIM£ (2 GROW UP MIX) 2023,. MY POOR TRAPPED IMMIGRANT PARENT CONSUMED B Y BITTERNESS. WHOSE CRUSHED DREAMS TURNED INTO MY TRAUMA (The Sidew¢7rdly Mobile Mix) 2023. and Two Iraumaiised young men conneci whilsl rooming ihe ¢ity of London, helping each oiher lo uiiiive...(THE IhfNER CHILDREN MI.Y) 2023 , Adam Farah_saad Bruin 1993,. Image of Luo River Wriiiiig 1994,. ond N14wa (The Moiher Goddess) 2000, Guo Fertgvi Uniitled (Praying Manlis) 1970. Leonor Fini Boafirtg Scene 1.2.2 2019, Tishon Hsu The Affair 1987-88 and Confr04Ylalion 1989-1991, Bhajan Hunjan "Sex" 2n19-2n,. Sunsel, 312" 2n19,. and "Unliiled (Imagine) ' 2019, Anne Imhof Through ihe Looking-Glass 1875. Louise Jopling Invasions 123 2022, Alevlina Kakhidze Homoge lo Frida Kahlo 1987 . Riia Keegan On 22 and 23 Augus¢. Wencesla$ Sqiiare wus Cleared of People. Atsgryisi 1968,. Ai ihe Czechoslovak Radio Building, Yinohradskii AvenLie. Prague, Augusi 1908,. England 1976from E.Yiles.' Ireland 1972from Exiles." Czechoslovakio 1908from E.riles.- SpaiN 1971from Exiles.. Spoin 1975from Exiles,. Wales 1974from E.riles,' and Ireland J977from Exiles, Josef Koudelka Lovefor Work (Liubov krabote) 1990,- Sior 1987,. and USSR 1987. Evgenij Kozlov (E-E) Casile 1966. hdalcolm Le Grice From A Quesiion of Color 1903-c. 75, Joel Meyerowiiz
Sewn wilh Threads 2019/Side lhawenca ond My Moiher 2019 Miri Daj, Malgorza¢a Mirgo-Tas Bikin Kesenangan (Making Pleasure) 1998. 1 Gusli Ayu Kadek Murniasih Little Devil 2022 , Frida Orupabo 12 phoiographs {7 gelolin silver prints,. 5 inkjel prinls), Horace Ove Sites ofConflic¢ 2018, Ram Rahman Psalms 1997, Donald Rodney Dripping (Cieknie) 1989. Erna Rosenslein Hay Siraw 1969 andprinled 2019, Zorka Saglova Dreams Have No Titles 2022, Zineb Sedira Machine No. 6 2967. Shinkichi Tajiri Hexen 2.0 2009-1 I, Suzanne Treiste The Spirit ofihe Camala 2023 . Sanliago Yahuarcani Group of10 worLf on paperfrom late 1950$ to early 1960s, Li Yuan-chia Financial review Th¢ Accounts have been prepared under FRS 102. Total income for rhe year was £5,351,572 (2022-23.. £4,547,835). The deficit for the year was £3,562,739 (2022-23 deficii.. £1,217,813). Reserves pollcy li is the Trustees. p)licy ¢0 review the reserve5 on an annual b8SlS to consider i f ihey are appropriate for Ihc curr¢nl aclivily of the Foundation and requests for granls from Tat¢. As a slandard, reserves should be maintained al a minimum level of 250/0 of iolal income, excluding major capital project donations, which should provide sufficienl working c8Pltal for one year. A level of £1,337,893 is required to comply with this policy. Free reserves, defined as unreslriclcd funds excluding designalcd funds and works of art, at 31 March 2024 were £7,481,843 (2022-23.. £10, 308.360). Reslricled reserves at this dale were £6.370,659 (2022-23.. £7,046.881). Total reserves held by Foundation al ihal dale wer¢ £14,290,502 {2022.23.' £17.853,241). Investments Curreni asset investments of £18,876,608 (2022-23.. £22,175,314) hcld al 31 March 2024 were Icrm deposits. Plans for future periods Ta* Foundation coniinues to support Tale's siraiegic development. Tate Foundation will continue to represent Ihe inleresls of those individuals who give significant financial support or gifts of art to Tale by appointing Trustees of the Foundation from amongst ils supporter5 who are best qualified lo offer advice and support lo the Tate Execuiive on the fulfilment of Tate Foundation's siraiegic objectives. This includes building ihe Patrons and International Council membership schemes, s¢¢uring gifts to the Collection through Ihe acquisition committees and increasing major d¢)nations lo Tale. particularly endowed gifts. Grani requests from Tare Gallery will be fulfilled by in-year donations with increased tar8clS in Ihe comin8 financial year. Principal risks and uncertainties The Tale Foundation Board has responsibility for ensuring effeetive risk management proces5cs are in place. The actual risk managemeni processes are the responsibility ofsenior staff (who are Tale management) and are embedded in the management process. The Board places strong r¢lianc¢ on the risk analysis and control environment operated by Tal¢ and th¢ Tate Audit Commilte¢. Tate Foundaiion ha5 prepared a risk register, which details the major risks the organisalion faces and identifies the controls in place to miligale Ihose risks. The register a150 ¢ov¢rs compliance with staiutory requirements and iniernal control procedures as well as Invcstnt risk. Th¢ risk regisier is kept under reviJv on an ongoing basis by Tale's management and risk5 are discussed by the Board as part of the operalional update at each meeting. The focus is on cn5urin8 ihal risks are managed effectively by senior Tate staff. Tale Foundalion's operations and risk management processes are also reviewed periodically by Tate's Intemal Audit. However: it is recognised ihai a risk management
5ysieiii cali onl J. seek 10 niaiiage, I'ailier ilian eliiiiinaie, laciois Iliat iiiipaci 01) tlie abilil>' to acliieve bu5iiiess objeLtives. and can provide only reasonable assurdnce against material Ini5Slatemeni or Ios5. The principal risks and uncertainiie5 whirh could impa¢1 Talc Foundation's perfomance, and the associated mitigating aciivities, are summarised beloiv. AreTh of principil risk/uncerlAln¢y De5criptiort and ex*m ple5 of miligaling gclivities Fundraising propositions and membership schemes are subject to continual review lo ensure ihey are relevant and attractive 10 a changing market, and focus on a cause rather than spccific programme. Advice 15 50ugh( froni non-executivc advocates and Trustees. Challenges io the overall economic climate leading 10 in¢reased pre55urc on supporter's discretionary expenditure and philanihropic focus (e.g. health, cost of living and geopoliiical corsflict relien. Geopolitical or public health i55ue5 impact on our nehvorks, global pre5enee and ability io fundraise in certain regions. Potential reduction in Tale prograinine against which 10 fundraise due to reduced a¢tiviry in a cliallenging finoncial environment. Iinpact on fundraising due lo heightened external 5cruliny of eihical consideration5. Prospect pools are carefully identified and managed 10 ensure they only include tlio5e who liave capacity to give and who are aligned with Tate's mi55ion and values. Additionally, an ongoing programme of high-quality 5teivard5hip is in place so Ihat Tale r¢iains a relationship with donor5 and sponsors who may be appro8¢hed in the future. Active supporter prospecting and monitoring of eAi5tin rclalionsliips is supported by robu51 research and due diligence in line wilh Tare'5 Ethics and Donations policies. robust sysiem of financial management and control is in place, including.. Management of forecasi in current financial year and budget planning for fuliire years. Quarterly refoi'ecasls iiicllide implementing Action Plans to address specific risks. Effective financial conirol; Holding a contingency 4gainst key operaiional risks and having a reserves policy. Auditors Moore Kingsron Smith LLP ivere appointed as auditor5 duriiig Ihe year and, having eNpressed their ivillingness to cortlinlie in office, Ivill be deeired reappointtd for the ne,xt financial year in accordance with section 487(?) of the Coinpanies Act 2006 ui)less Ilie company receives nolice under section 488(1) of (lie Companies Act 2006. Thi5 report. including the Siralegic Report, was approved by the Board on LLJuly 20?4 and signed on ij July ?0?4 on 115 behalf by.. Anthony Gutman Triisiee
Statement of Trustees, responsibilities Th¢ Tru51¢¢5 (who are also di¢105 of Tale Foundation for ihe purposes of company law) are responsible for preparing th¢ Trusl¢e5' Annual Report (including Strategic Report) and the financial slatemertts in accordance with applicable law and regulations. Company law requires the Trustees lo prepare financial slatemenls for each financial year. Under thal law the Trusiees have elecl¢d lo prepar¢ the financial slal¢men15 in accordance with Uniled Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Siandards and applicable law), including FRS 102. Under company law the Trustees must not approve the financial sialemenls unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources. inclLtding the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trusl¢cs are required to.. select suitable accounting policies and ihen apply them cOnsiently,. observe the methods and principles in ihe Charities SORP,. make judgments and accounting estimates that are reasonable and prudent,. slate whether applicable UK Accounting Standard5 have been followed, $ubje¢t to any material departures disclosed and explained in Ihe financial slalements,. prepare the financial 51alements on ihe going concem basis unless it is inappropriate to presume that Ihe charitable ¢ompafty will coniinue in business. The Trustees are responsible for keeping adequate accounting records that are sufficieni io show and explAin Ihe eharilable company's trdnsaciions and disc105e ivith reasonable accuracy ai any lime the financial posilion of the ¢ompany and enable them lo ensure that the financial stal¢m¢nts comply with lh¢ Companies Act 2006. They are also responsible for safeguarding the ass¢ts of the charitable company and hence for taking reasonable steps for Ihc prcvcnlion and d¢l¢¢tion of fraud and oihcr irr¢8ularities. The Trusiees confirm that.. so far as each truste¢ is aware, there is no relevant audil infomiaiion of which Ihe Charitable company's auditor is unaware,. at)d the Truslce5 have iaken all the steps thai they oughi lo have k¢n as Trustees in order lo make themselves aware of any relevant audit information and lo establish that the chariLable company's auditor is aware ol that informalion. The Trustees are responsible for the mairttenance and integrity of ihe corporate and financial information included on Ihe charitable Company'5 w¢bsiie. Legislation in the United Kingdom governing the prcparation and dissemination of financial siatemenls may differ from legislation in other jurisdictions.
Independent auditor's report to the trustees of Tate Foundation Opinion We have audited the financial statements ot Tate Foundaiion (' Ihe company,) tor Ihe year ended 31 March 2024 which omprisc Ihe Statement of Financial Aclivilies, the Summary Income and Expcndilure Accovnl, Ihc Balance Shecl, the Cash Flow Statement and notes lo the financial statements, including significant accounting policies. The financial reporting framework ihat has been applied in their preparation is applicable law and United Kingdom Accounting Sthndards, including FRS 102 'The Financial Reporting Standard Applicable in Ihe UK and Republic of Ireland. (United Kingdom Generally Accepied Accouncin8 Praciice). In our opinion the financial slalements.. 8ive a true and fair view of the stste of Ihe charitable company's affairs as 8131 March 2024 and of its in¢oming resources at)d applicaiion of resources, including 115 income and cxp¢nditure, for the year then ended,. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practi¢e- and have been prepared in accordance with Ihc rcquir¢meniS of the Companies Act 2006. Bas1$ for opinion We conducted our audit in accordance with Inlernalional Standards on Auditing (UK) (ISAS (UK)) and applicabl¢ law. Our responsibilities under those standards are further describcd in the Auditor's Responsibililies for ihe audit of Ihc financial stat¢m¢nlS section of our rcport. We ar¢ independent of Ihe charilable company in a¢cordance with the ethical requirements Ihal are relevant lo our audit of the financial staiemenls in the U K. including the FRC'5 Eihical Standard, and we have fulfilled our other ethical responsibilities in accordancc with these requirements. We believe thai the audit evidence we have obtained is sufficient and appropriaie lo provide a basis for our opinion. Conclusions relating to going concern In auditing ihe linancial slalemenls, we have concluded thai ihe iruslees, use of the goin8 concern basis of accounting in the preparation of the financial slalements is appropriate. Based on ihe work we have performed, we have not identified any material uneertainties relaiing lo events or condirions that, individually or collectively, may cast significant doubt on the charitable company's ability lo continue as a goirtg ¢oncern for a period of at least twelve months from when Ihe financial slaiemenls are auihorised for issue. Our responsibilities and Ihe rcsponsibililics of Ihc trustees with respect lo going concern are described in the rclcvant sc¢tions of this report. Other informatlon The other information comprises the information included in the annual report, oiher than ihe financial stalemenis and our auditor's report ihereon. The Irusiees are responsible for the other information con(ained within the annual report. Our opinion on the financial slalemenis does not cover Ihe other information and, except lo the extent oiherwisc expliciily slated in our report. we do not express any forni of assurance conclusion Ihercon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially in¢onsi5tent with the financial statements or our knowledge obtained in th¢ Course of the audit or oiherwise appears to be materially misstatcd. If we identify such malerial inconsistencies or apparent maierial misslalcmenls, we arc required io determine wheiher there is a material misslalemenl in the financial statements th¢mselves. If, based on the work we have performed, we con¢lud¢ Ihal Ihere 15 a material mi5slalemcni of this other information, we are required to report that fact. We have nothing to report in this regard. Opinions on other matters prescribed by the Comp#nies Act 2006 In our opinion. based on th¢ work undertaken in the course of the audit.. the information given in th¢ 51rat¢8ic report and the trustees, annual report for the financial year for which the financial slalemenls are prepared is consistenl with Ihc financial statements,. and th¢ sirale8ic report and Ihe truslees. annual report have bten prepared in accordance with applicable legal requirements.
Matters on whieh we are required to report by exception In the light of the knowledge and understanding of the company and its environment obtained in the course of ihe audit, we have not idet)tificd material misstatements in (he straiegic report or ihe crustees, annual report. We have nothing lo report in respect of ihe following matters where the Companies Act 2006 requires us to report to you if. in our opinion: adequaie accounling records have not been kept, or returns adequate for OLtr audit have not been received from branches not visited by us,. or Ihe financial stalemcnls are nol in agreement with the accounting records and returns.. or certain disclosures of irustees. remuneraiion specified by law are not made,. or we have not received all the information and explanations we require for our audit. R¢$ponsibilitles of ¢ru5tees As explained more fully in (he Irustee5' responsibilities statement sel out on page 10, the Iruslees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a truc and fair view, and for such internal control as the Iruslees determine is necessary to enable the preparation of finaneial *atcments that are free from material misstalemenl, wh¢ihcr due to fraud or ¢Tror. In preparing the financial staiemenls, Ihe ¢ruslees are responsiblc for assessing the charitable company's ability to ¢onlinue as a going concern, disclosing, as applicable, matters related lo going concem and using the going concert) basis of aceounling unless the trustees either iniend to liquidate the charitable eompany or to cease operations. or have no realistic alicmaliv¢ bul to d0 50, Audltor'5 rejponsibilities for the Audit of the financial st4tements Our objectives are lo obtain reasonable assurancc about whcihcr Ihc financial statemen15 as a whole are free from material missiatcmeni, Ivhether due lo fraud or error, and lo issue an audilor's report thai includes our opinion. Reasonabl¢ assurance is a high level of assurance. but is not a guarantee that an audil ¢onducied in accordance with ISAS (UK) will always detect a material missialemenl when il exisls. Misslalemenls can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected io influence the economic d¢ci$ions of users taken on the basis of these financial stalemenls. As parl of an audit in accordance wilh ISAS (UK) we exercise professional judgcment and mainiain professional s¢epiicism Ihroughoul Ihe audit. We also.. Identify and assess the risks of material misslalemeni of the financial slalemenis, whether due to fraud or error, design and perform audit protedures responsive to those risks. and obtain audit evidence that is sufficient and appropriate lo provide a basis for ovr opinion. The risk of not dcleciing a material misstalemenl resulting from fraud is higher than for one resuliing from error, as fraud may involve collusion, forgery, intentional omissions, misrepresenlalions, or the oveIde of internal control. Obtain an understanding of iniemal control relevant to the audit in order to design audit procedures that are appropriate in the ¢ircumstan¢es, bul not for the purposes of expressing an opinion on the effecliveness of Ihe charitable company's inLemal conlrol. Evaluate ihe appropriateness of accounting policies used and th¢ reasonableness of accounling eslimales and related disclosures m3de by th¢ trustees. Conclude on the appropriatenes5 of the Lrustee5' use of the going concern basis of Jccounling and, based on the audit evidence obtained, wheiher a material uncertainry exisls relaied to events or conditions thai may ca5l significant doubl on the charitable company's ability to conlinue as a 80in8 concern. If we conclude ihat a maierial uncerlainty exisis, we are required io draiv aneniion in our auditor's retX)rt lo the related disclosures in the financial statements or, if such disclosures are inad¢qual¢, to modify our opinion. Our conclusions ar¢ based on ihe audil evidence obtained up to the date of our auditor's repori. However, future events or eondilion5 may cause the charitable company lo cease to continue as a going concern. Evaluate the overall presentation. structure and conteni of the financial statements, including Ihc disclosures, and whether the financial 51al¢ments represent the underlying transactions and events in a manner that achieves fair presentation. 10
We communicate with those charged with gov¢rnanee regarding, among other matters. the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in inremal Control thai we identify during our audit. Explan4tion as to what exlent ¢he audit eonsidered capable of detttting irregularities, intluding frayd Irregularities, including fraud, are inslance5 of non-compliance wilh laws and regulations. We design procedures in line with our responsibilities, outlined above, to delect material misslatcmenls in respect of IegUlar1ties, including fraud. The extent to which our procedures are capable of detecting irregularities. ineluding fraud is detailed below. The obje¢tives of our audit in respect of fraud are,. lo identify and assess the risks of material misstatement of the financial statements due lo fraud., 10 obtain sufficieni appropriate audil evidence regarding the assessed risks of material misslaiemeni due to fr3ud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audii. However, the primary responsibility for ihe prevenlion and detection of fraud rests with boih management and ihose charged with governance of ihe charitable company. Our approach was as follows.. We obtained an understanding of th¢ legal and regulatory requirements applicable lo the charitable company and considered ihai ihc most significant are the Companies Acl 2006, the Charities Act 201 I, the Charity SORP, and U K financial reporting siandards as issued by the Financial Reporting Council. We obtained an understanding of how rhe charitable company complies with these requiremcnls by discussions Wlth m3nag¢meni and those charged wilh govemance. We assessed the risk of material misslalemeni of the financial statements, including the risk of material misslalement due lo fraud and how it might occur. by holding discussion5 Wlth management and Ihosc charged with governance. We inquired of managcment and those charged wilh governance as lo any known instances of non- compliance or suspecied non-compliance with laws and regulations. Based on this understanding, we designed specific appropriate audii procedures lo identify instances of non- compliance with laws and regulations. This included making enquiries of management and those charged with Boycrnance and obtainin8 additional corroborative evidcncc as required. There are inherent limitaiions in the audit procedures desrribed above. We are less likely io become aware of instances of non-compliance with laws and regulations thai are not closely relaied ro events and transactions reflected in ihe financial statements. Also, the risk of not dele¢ting a material misstatement due lo fraud is higher than the risk of not d¢l¢cting on¢ r¢suliing from error, as fraud may involve deliberate ¢on¢ealm¢nt by, for example, forgery or inlenlional mlsrcprcntation5, or through collusion. Use of our report This report is made solely lo ihe charitable company's members, as a body, in accordance with Chaplcr J of Part 16 of ihe Companies Act 2006. Our audil work has been undertaken 50 thal we might stste to the company's members those maiters we are required lo state lo them in an auditor's report and for no oiher purpose. To the fullest extent permitted by law, we do noi accept or assume re5pon$ibilily io any party other than the chariiable company and charitable company's members as a body. for our audil work, for Ihis report, or for the opinions we havc formed. J-A LLP 8 August 2024 Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor 9 Appold Slreel London EC2A 2AP
Statement of financial activities (Incorporating an income and expendilure account) (for iheyea¥ ended 31 March 2024) Unrestricted funds Restricted funds 2024 Tot41 2023 Total Notes Intome and endowments from: Donations and Icgacies Other trading a¢tivili¢s Investments Other Total 2,221,452 2,740,249 4,961.701 4,458,069 389,871 389.871 89.766 2,611 J23 2.740,249 SJ51,572 4J47,835 Expendliur¢ on: Raising funds Costs of generating donations and legacies Fundraising tradin8'. Cost of goods sold and other cos15 Investment managemertl c0515 Charitable activities Other Total (1,169,955) (52,991) (1,222.946) (1,436,665) (4,327,885) (3,363,480) (7,691 J65) (4,238,983) (5,497,840) (3,416,471) (8,914Jll) {5,675,648) Nel gains on investments Net incomel(expendi¢ure) Transfers between funds Other 8A1n¥l{losS) Net movement in funds Reconeiliation of funds: Total funds brought forward Total funds earried forward {2,886,5A7) (676322) (3,562.739) {1,127,813) io 2 886 517 676 222 3 562 739 1 127 813 16 io 10 806360 7 919 843 7046881 17 853 241 14 290 502 18 981054 17 853 241 The results for the year were derived solcly from coniinuing operalions. The noies on pages 15-23 fomi parl of th¢se accounts. 12
Balance sheet 131 Mai'ch ?024 ?093 (reslaied) 2024 Noies Flxed assets Heritage assets 438,000 438,000 438.000 438.000 Current a55e15 Debiors Investments Cash ai bank and in hand 13 357,104 ?81.301 12 18.876,608 19.233,712 22 175.314 23,456,615 Credilors: omounts fAlliDg due within one year 14 (5J81,210) {6,041.i74) Net eurrent *ssets 13,852,502 17,415,241 Tolgl os5cls Ic55 CIJTrent li4bilities 14.290,502 17,85),241 Credilors: nrnounts (alling due after more than one year 15 Net #$s¢ts 14.290 502 1785J 241 Funds Unreslricled De5ignaied Oiher Restrici¢d io 16 16 7.919,843 6J70,659 10,806.i60 7,046,881 Total funds 14.290,502 17.853 241 2022.23's fi8ure5 have been restaied lo reclassify £22.175,314 from Invesiinenls lo Cash to reflect ihe balance's underlying nature. These financial slalemenls ivere approved by the Board of Triistees on I l July 20?4 and signed on IS July 20?4 on its behalf by-. Anthony Gulman Triislee Company regislraiion number 04009652 The notes on pages 15-?3 fom part of these accoun15. 13
Statement of cash flows ffor theyear ended 31 March 2024) Note 2024 2023 Cash flows from operating aetivities.. Net cash provided by/(used in) operating activities 20(1) {3,688,577) 2,667,158 Cash flows from investing actlvltles: Dividends and interest 389.871 89.766 Cash flrfvws from fingncing activities: Repaymenis of borrowing Cash inflows from new borrowing Net eAsh provided byl(used in) financing activblies Change in cash and cosh eqmivalents in ihe reportin8 period Cash gnd eash equivalents at the beginntng of the reporting perlod Cash and eash equivalents at ihe end olihe reportingp¢riod {3,298,706) 22 175314 A8 876 608 2,756,924 19418.390 22,175.314 20(ii) 14
Notes (formingwrt ofihefinancial s¢aÉements) Accounting policie5 The following accounting policies have been applied consistently in dealing with items which are considered material in relation to Tate Foundalion's financial statemen. Bosis ofpreparation The financial statements have been prepared in accordance with Accounting and Reporting by Charities.. Stalemeni of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in ihe U K and Republic of Ireland {FRS 102) (effective l January 2015) and the Companies Act 2006. Tate Foundation mcels the definition of a publi¢ benefil entity urtder FRS 102. The functional currency is GBP sterling. Going concern basis ofpreparalionfor (he dceounts The accounts have been prepared on the going concern basis. Tate Foundation receives donations and holds fund5 in anticipation of grant r¢quests from Tate Gallery. The Iruslecs arc confident that lh¢ Company can continue lo cover its operating Costs as they fall due for a period of al least Iwelvc months from the dale of approval of these financial statemcnls. Subscriplions and donations Donaiions that have a fomial gift agreement will be recognised al the date of Ihe agT¢¢ment, unless there are Icrms and conditions which must be met before Tate Foundaiion is eniiiled to Ihe resources. All other donalions will b¢ reeogmised on a cash received basis, unless ihere are terms and conditions which must be met before T*e Foundaiion is enliiled lo the resources. Legoti¢$ R¢¢¢ipl of a l¢gacy will be recognised when there has been grant or probate.. the execulors h¥v¢ ¢stablished thai there are sufficieni assets in the estate; and that any ¢ondilions attached lo the legacy are within Ihe control of Tate Foundation or have been mel. Unrestrleiedfvnd These resources arise from the accumulated surpluses and deficits in the operation for charilabl¢ purposes and are expendable al lh¢ discretion of the Trustees in furtherance of ihe objective of the charily. Desi8naiedfunds Funds designated for a particular use by thc Trustees. Restriciedfmnds These resources arise from contributions received for specific purposes. These funds are expended in a¢cordance with Ihe5c purp05CS. Financial instruments Tate Foundation only has financial &s5els and financial liabililies of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised al Iransaclion value and subsequently mcasured ¥1 their setilemenl value. Charilable 8r4ntspayoble This expenditure represents contributions made to Tale toward5 aCqU15ition of works of art by Tale and towards Tate projects. The expendiiure is recognised when Tai¢ Foundaiion is committed lo provide such funding. Rai5ingfunds This expendilure represents the costs of fundraising. Borrowings Interest is charged lo the Aatement of financial activities a5 il accrues.
Governance costs This expenditure is audit and legal fees. Inveslments Investments are stated at market value rather than at historical cost. Any unrealised gains or losses arising from this policy are disclosed in the statement of financial activities. Heritage assets Heritage asse15 arc stated at valualion &s at the dale of introduction of FRS 30.. Accounting for Heritage Assets. They are nor depreciated or revalued as a matter of roulinc, as lh¢ ass¢lS arc deemed io have indclerminable lives. Impairment reviews are Carried out only if the asset suffers physical deterioration or doubts arise as io their auihenticily.
Notes (continued) StAtement of flnancll Activities (Ineorporating an income and expenditure account) (tor ihe yeor ended 31 March 2023) Unrestrieted funds Restricted funds 2023 Tot1 Noies Income and endowments from: Donations and legacies her trading activities Inveslments Other Tot41 2,274,879 2,183,190 4,458,069 89,766 89.766 2 J64,645 2,183,190 4,547,835 Expenditure on: Raising fund5 Costs of generating donations and legacies Fundraising trading.. cost of goods sold and other cosis Investment management costs Charitable a¢tivilics Other Total (1.423,805) (12.860) {1,436.665) (2.788,043) (1,450,940) (4,2J8.983) (4311,848) (1,463,800) (5,675.648) Ncl gain5 on invc$tm¢nlS Iyet incomel(txpenditure) Transfers between funds Other g*lnsl(losses) Net movement in funds Reconciliation of funds: Total funds brought forward Totwl funds ¢4rrled forw#rd (1,847,203) 719J90 (1,127.813) 16 719 90 I l27 813 16 16 12653 563 10 806 360 6 327491 7046 881 18 981054 17 853 241 The results for the year were derived solely from ¢ontinuin8 operations. Staff numbers and costs Tate supplies employees and recharges the cost io Tate Foundation. The charge for the year is £622,160 (2022-23.. £579,541) and also includes agency staff charged direcily lo Tale Foundation of £nil (2022-23.. £nil).
Notes (conlinued) Donations And legacies Unrestricted funds Restricted funds 2024 2023 Tale Patrot)s International Council members Tale Fund Asia Pacific Acquisilions Committee Middle East & North Africa Acquisilions Commillee African Aequisitions Committee South East Asia Acquisitions Committee PhotoaphY Acquisilion Group Central and Eastern Europe Plus Acquisition Committee European Colle¢tors Cir¢le Liverpool Commissioning Circle Frieze Fund Capital Projects Fundraising Legacics 1.122,544 796,908 246J92 1,122,344 796,908 292,659 356,258 318,077 1,120,069 748,215 24,789 348,663 243.249 46.267 356.258 318,077 265,401 237,464 253.773 271840 265,401 237,464 253,773 271040 263.145 248.368 296,271 218,785 305,804 305,804 384,610 10,000 150,094 150,000 150,000 55,608 535J65 590,973 401.811 2 221452 2 740 249 4 961701 4 458 069 Investments Unrestrleted fund¥ Restrlcted funds 2024 2023 Bank interest 389,871 389071 89,766 389 871 389 871 Net incomel{exptnditutt) Net income/{e.rpendiiureJ is siaied after chargzng.. 2024 2023 {r¢slaled) Auditors, remuneraiion A3,645 12,660 Audilor's remuneraiion lor the year ended 31 March 2024 was £13,645 (2022-23 resiaied.. £12,000,. original.. £15,598). 2022-23's wmparative amouni has been restai¢d to remove the associated irrecoverable V AT on Ihe auditors, fees which was erroneou51y included in the 2022-23 financial s(atements' disclosure tl8ure. 18
Notes (continued) Ch*ritAble Aetivities Unrestricted funds Restricted funds 2Q24 2023 Contributions towards works of Art purchas by Tale Contributions 10 Tate <248,693) 4.576,578 1506,468 I57,012 1,257,775 6,433.590 1,119,983 3,119,000 7 691365 4 238,983 There were £3,686,469 of aecrued contributions at 31 March 2024 (2022-23.. £4,238,983). Trustees, remunerAtion The Trusiees received no remuneration or expenscs in Ihe year ended 31 March 2024 (2022-23.- niD. Raising funds Staff Members, costs benefits Other cojtg Total 2024 Total 2023 Unrestricled funds Reslricled funds: Acquisitii)n Committees Frieze Fund 622,160 4,944 542,851 1,169.955 1.423,805 41,894 l 1,097 41,894 11,097 12.860 622 160 595 842 22 946 1436.665 io Support costs All support services including Finance, Human Resources and Information Systems are provided by Tal¢. This service is estimated lo have a value of £167,707 (2022-23,. £146.302) and has been charged to costs of generatin8 donaiions and legacies in the statement of financial activities.
Notes (continued) Al Heritage a$sets Tale Foundation owns a collection of 9 modern works of art. These assets were donalcd to Tal¢ Foundation in the 1980s and have a collective value of £438,000 as at the 31 March 2024 (2022-23.. £438,000). The assets were valued in 2009 by Tale Gallery curators using industry standard methods of valualion. There have been no additions, disposals, revaluatiorts or impaimienl of heritage as5Cts in any of the four previous accounting periods. The Trustees do not have a general acquis11ions and disposal policy bul look at cach work of art on a casc by ¢as¢ basis. At 31 March 2024, one of ihese works of art was on loan to the Scottish National Gallery of Modern Art., the remainder were on loan to Tate galleries where they are under the care of the Collection Care department, details of which can be found at http:Ilwww.tale.org.uk/about/our-work/¢onservation. The loans and details of Ihc works of art are recorded on the Tate Gallery database system. Value al Rcvaluaiions Additions Disposals l April 2023 Value a¢ 31 March 2024 Works of art 438,000 438,000 12 Investments and cash a¢ bank Ind In hond Current asset inve51mcnls are held in various term deposits of no more than 3 months in length and accordingly are treated as liquid resources for the purposes of the ¢ashflow statement. ij Debtor5 2024 2023 Trade debtors Taxaiion and social security Other Debtors Prepaymenis and accrued income.. amount falling due within one year Receivable from Tale and associates 239 591 18,675 17,435 1.188,598 56,002 22,240 248,753 85,872 357 104 281301 14 Creditors: amounts fAlling due within one year 2024 2023 Trade creditors Taxation and social security Other creditors Accruals and deferred income Payable lo Tate and asso¢iaies 6,129 42,920 268 16,374 5J15,519 5J81,2AO 793 3,268 321,839 5715474 6.041.374 20
Notes (conlirtued) Is Creditors: Amounts falling due after more than one year 2024 2023 Deferred income 16 Reconcilla¢lon of movements in fund$ At l April 2023 At31 March 2024 Incoming Outgoin8 Transfers Restrlcted funds Iniernalional Council Tale Fund Latin American Acquisitions Committee Asia Pacific Acquisitions Committee Middle Easl & North Afri¢a Acquisilions Committee African Acquisitions Committee South East Asia A¢quisilions Committee Photography Acquisition Group Central and Eastem Europe Plus Acquisiiion Committee European Collectors Circle Collection Fund Liverpool Commissioning Circle Frieze Fund Capital projects fundraisin8 Legacies Performan¢¢ Fund Other restricted reserves To¢81 restri¢ted funds Unrestricted funds Designated Works of art Oih¢r Total unrestrltted funds Total fundg 59,936 590 59,936 46,857 46,267 53,367 53J67 680,923 356,258 (300,947) 736,234 367,896 593,014 318,077 265.401 (259,285) (104,907) 426,688 753,508 279,231 453,975 237,464 253,773 185,642) (166.363) 43 1.053 54AJ85 393,841 646,760 160,727 42,500 235,095 1,397,012 1.479,457 67,209 115,348 7.046,881 271,840 305,804 (281,364) (565,269) 384J17 387,295 160,727 42,500 184,413 150,000 {220,682) (1,397.012) 535,365 2,014,822 32,209 115J48 6J70,659 (35,000) 2,740,249 (3,416,471) 438,000 10,368,360 2,611,323 10,806,360 2,611,323 17,853,241 5,351,572 438,000 7,481,843 7,919,843 14,290,$02 (5,497,840) (5,497,840) {8,914,311) 21
Notes (continued) Restrleted funds Restricted funds are held for acquisition of works of art or for decision by the membership councils. Further details may be found in the Truslees, report. Part of Ihe Collection Fund is restri¢ted and is there lo support Ihe Tate Collection. The Capital projects fundraising fund was for three major projecis which have now been complcted: the Tate Modern Project. Tate Britain Millbank Project and Tate St Ives Phase 11. All funds on the Tate Britain Millbank Project and the Tate Si Ives Phase I I have been received. In the year lo March 2024, £nil of Tate Modern Project donations were returned to unrcstricled reserves (2022-23.. £nil). Other resiri¢ied reserves in¢lud¢ amounts given for spe¢ifi¢ a¢quisitions and proje¢is. Unrestrl¢ted fund5 Funds available for general use. 17 An*lysls of net asiets between fund¥ Unre$lriei¢d funds Restricted funds 2024 2023 Fixed assets Works of art Current assets CLtrrenl liabiliiies Long term creditors Tolal net assets 438,000 12,863,053 (5,381,210> 438,000 19,233,712 (SJ81,210) 438,000 23,456,615 {6,041.3741 6,370,659 7919 843 6 370659 14 290 502 17853241 18 Related parties The only relaied party transactions during the year were those with the Board of Trustees of ihe Tale Gallery who employ the Development Office staff who serviced Tale Foundation. and who provided support for back office functions including Human Resour¢¢s, Information Systems, Finance and Legal. This was ai a charge of £816,477 {2022-23.. £751. 137). These transactions were in addition to the charitable contributions paid 10 Tale as set oul in note 7. 19 LIAblllty of mernbers Tate Foundation is a company limited by guarantee. with no share capital. Each member of the company. of which there are currently two, is liable to contribute £ l in the evenl of the winding up of the company. 22
Notes (continued) 20 Statement of eash flows {1) Recon¢iliation of net iDcomel(expenditure) to net eash flow from operaling a¢tivi¢ies 2024 2023 Nel income/(expendilure) for ihe reporling period (as per ihe slatemeni offinancial aciiviiies) Adjustments for: Dividends and interest Decreasel (increase) in debtors (Decrease)l increase in crediiors (3.562,739) {1,127,813) {389,871) 924,197 (660.164) (89,766) .818,424 2,066,313 Net tash provided byl(used in) operating *ttivilie$ 3 688 577 2,667.158 {li) Analysis of ¢ash and cash equlvaltnts 2024 2023 Cash in hand Notice deposiis (less than 3 months) 18,876,608 22,175,314 18 876608 22 175 314 23