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
#109

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 obj￿t$ 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 pro￿aMme. 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 Invcs￿tnt 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￿¢10￿5 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 cOnsi￿ently,.
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 ove￿Ide 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 I￿egUlar1ties, 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
mlsrcprc￿ntation5, 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{los￿S)
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 flnancl*l Activities
(Ineorporating an income and expenditure account)
(tor ihe yeor ended 31 March 2023)
Unrestrieted
funds
Restricted
funds
2023 Tot*1
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
Photo￿aphY 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
I￿57,012
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