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← Tate Foundation

2025-03-31-accounts

Tate Foundation

Trustees’ report and financial statements

Year ended 31 March 2025

Company registration number 04009652 Charity registration number 1085314

Tate Foundation Trustees’ report and financial statements Year ended 31 March 2025

Contents

ontents
Trustees’ report (including strategic report) 2-8
Statement of Trustees’ responsibilities 9
Report of the independent auditors to the members of Tate Foundation 10-12
Statement of financial activities 13
Balance sheet 14
Cashflow statement 15
Notes 16-24

1

Trustees’ report (including strategic report)

Reference and administrative details

Tate Foundation was incorporated as a company limited by guarantee on 2 June 2000 and is registered as a charity.

Registered address Tate Foundation Tate Millbank London SW1P 4RG Company registration number 04009652 Charity registration number 1085314 Bankers Coutts & Co St Martins Office 440 Strand London WC2R 0QR Solicitors Withers LLP 20 Old Bailey London EC4M 7AN Auditors Moore Kingston Smith LLP 6th Floor 9 Appold Street London EC2A 2AP

Trustees

The membership of the Board, together with those appointed or resigned during the year, is set out below.

Dr Maria Balshaw CBE Joseph P Baratta II B George Economou B Edward Eisler B Mala Gaonkar B, P Jonathan Grad B Anthony Gutman B (Chairman of Tate Foundation) Scott Mead B, P Simon Palley B, IC, P Emmanuel Roman B Roland Rudd B Sir Anthony Salz B Howard Shore B, P Lord Stevenson of Coddenham CBE B Lance Uggla B

B: Benefactor; IC: International Council; P: Tate Patron; S: Sponsor

Company Secretary

Anastasia Yiannikas

2

Executive

The day to day management of the charity is delegated to Tate staff, the key personnel involved are:

Dr Maria Balshaw CBE, Trustee, Tate Director Claire Gylphé, Director of Development

Kathryn Martindale (to 28 June 2024), Niki Cornwell (from 9 September 2024 to 7 August 2025), 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 objects and powers of the charitable company and is governed under its Articles of Association.

Tate Foundation is governed by Trustees who constitute Directors for Companies Act purposes and Trustees for the purposes of charity law.

The role of the Trustees is non-executive and voluntary. The Trustees meet three times a year to conduct the formal business and provide a framework to be followed by Tate staff, who run the day to day activities of the charity.

Recruitment and appointment of Trustees

Potential Trustees are invited to join Tate Foundation depending on their skills and experience and are appointed by the members for three years. The minimum number of Trustees is two.

Induction and training of Trustees

New Trustees are inducted and given training appropriate to their knowledge and ability. In addition, all Trustees are issued with “Guidelines for the Trustees/Directors of Tate Foundation on dealing with questions of benefit and conflicts of interest”, which describes how Trustees should identify and approach potential conflicts of interest and issues relating to benefits. Trustees complete an annual Conflict of Interest Declaration Form, which is used to monitor and manage conflicts of interest.

Fundraising practices and compliance

Tate is registered with the Fundraising Regulator and Tate Foundation raises funds in support of Tate through its Patrons, Acquisition Committees, International Council, Legacy and other fundraising schemes. Tate Foundation does not undertake mass fundraising activity and does not employ third party agencies or individuals to fundraise on its behalf. The Foundation has received no complaints in relation to its fundraising activities in this reporting period.

Organisational structure

The Tate Foundation Trustees establish a framework for the organisation, with the day to day operation and management delegated to Tate staff. The Trustees oversee policies and financial decisions and approve the contribution to Tate.

Related parties

The organisation is strongly reliant on Tate’s infrastructure and procedures, especially in relation to staff and risk management.

Objectives and activities

Tate Foundation’s objective is the promotion of the charitable purposes of the Board of Trustees of the Tate Gallery (Tate). Tate’s guiding mission is to increase public knowledge, understanding and appreciation of British art from the sixteenth century to the present day and of international modern and contemporary art. Tate Foundation delivers public benefit through its support of Tate.

Tate Foundation receives donations and holds funds in anticipation of grant requests from Tate. Tate Foundation’s aim for the year was to maximise income and support the long-term aspirations of the charity.

The strategy to achieve these objectives was to maximise the income from the various activities described below.

3

How Tate Foundation’s activities deliver public benefit

Tate Foundation’s main activities and who it aims to help are described below. All charitable activities focus on supporting Tate in promoting increased knowledge, understanding and enjoyment of British art from 1500 and International Modern and Contemporary Art and are undertaken to further charitable purposes for the public benefit.

The Trustees confirm that they have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning future activities.

Who benefited

During 2024-25 those benefiting from Tate’s services, which receive direct financial support from Tate Foundation, included the 6.0 million visitors to the four Tate galleries in London, Liverpool and St Ives and also the 22.2 million unique visits to the Tate website. Tate conducts outreach programmes, for local communities in Millbank, Southwark, Liverpool and St Ives. These include working with young people, under-represented communities, and families with pre-school children. Tate actively pursues diversity and promotes a multi-cultural perspective. Accessibility is an abiding principle.

Tate Foundation continues to support the acquisition of key works in the collection for the public benefit. Tate's ambition to grow the collection to become more international and diverse was supported by Tate 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.

Tate Foundation contributions supported the Now You See Us: Women Artists in Britain 1520-1920 and The 80s: Photographing Britain exhibitions at Tate Britain, Expressionists: Kandinsky, Münter and The Blue Rider , Mike Kelley: Ghost & Spirit and Electric Dreams: Art And Technology Before The Internet exhibitions at Tate Modern and the Ithell Colquhoun: Between Worlds exhibition at Tate St Ives. Funds were also made available to support Tate Collective, Gathering Ground at Tate Modern and the research and conservation of works to support the storage of the Tate Collection. In addition, key works entered the Collection as noted below.

Strategic report

Achievements and performance

During 2023-24, Tate Foundation achieved its objective by making charitable grants of £6,315,907 ( 2023-24: £7,691,365 ) of which £2,460,560 ( 2023-24: £1,257,775 ) supported purchases of works of art. These works of art will be available for the public to view when they are on display within the Tate Galleries.

The remaining charitable grants of £3,855,347 ( 2023-24: £6,433,590) were to support Tate’s day-to-day operating costs and capital programme, including making direct contributions to exhibitions, education and conservation departments.

Key performance indicators used by the Trustees include income pledged through various fundraising activities against targets. For the year ended 31 March 2025, voluntary income for non-capital projects was pledged against target as follows for the activities listed:


for the activities listed:
Voluntary income pledged Target Actual
Pledged
2025
£000 £000
Patrons – London 1,211 1,043
International Council 946 1,069

4

Frieze Art Fair 150 150
APAC 403 438
MENAAC 316 417
PAC 175 183
AAC 256 283
SAAC 241 202
CEEPAC 266 311
European Collectors Circle 528 552

Contribution to works of art purchased by Tate

Contributions during the year were made in respect of the following works of art:

Angelic Rebels: Lesbians and Safer Sex 1989/ 2023 (Five photos = Untitled no. 1, Untitled no. 2, Untitled no. 3, Untitled no. 4, Untitiled no. 5), Tessa Boffin Annual National Convention of Black-Led Churches in England at Bingley Hall, where Symphony Hall now stands 1983/2024, Vanley Burke Anti-Nazi Demonstration, West Bromwich 1979/2024, Vanley Burke Autumn Forest 1965, Balraj Khanna Behind the Curtain c.1957, Gertrudes Altschul Blackpool Day Trip 1975/2024, Vanley Burke Blank Stare 2021, Amoako Boafo Boy with a flag, Wilfred, in Handsworth Park 1970/2024, Vanley Burke Burning Country 1998-2020, Arahmaini (Arahmayani Feisal) Ceramic Pot Figure ‘World’' c.1980s (Loder), Reinata Sadimba Passema (Loder) Children of Faith Series 2022-23, Ali Kazim Comme la vie est lente et comme l’espérance est violente 1959, Franciszka Themerson Correct Distance 1988–89, Mitra Tabrizian Cyrene 1990, Mmakgabo Mmapula Helen Sebidi (Loder) Delivery Dancer's Sphere 2022 and Evening Peak Time is Back 2022, Ayoung Kim Dusk 1996, David Koloane (Loder) Dust in the wind n°3, Cedar III 2013, Joana Hadjithomas and Khalil Joreige Dust In The Wind n°7, Cedar VII 2015, Joana Hadjithomas and Khalil Joreige Dust In the Wind, no.9. Cedar 2C 2020, Joana Hadjithomas and Khalil Joreige F n’F (Face and Fingers) 2008-12, Moe Satt Fatigue 1996, Sam Nhlengethwa (Loder) Five photographs from the Gypsies series: CZECHOSLOVAKIA. Slovakia, Kendice 1966, CZECHOSLOVAKIA. Slovakia. Klenovec 1967, CZECHOSLOVAKIA. Slovakia, Jarabina 1963, CZECHOSLOVAKIA, Slovakia, Zehra 1967, and CZECHOSLOVAKIA, Slovakia, Spisske Bystre 1966 , Josef Koudelka Floor slab, temporary military base, Riemvasmaak 2012, Jo Ractliffe Fold 2 1988, Spooling Up 1988, Land 1988, Samia Halaby Funny World 1997, John Mburu Njenga ‘Meek’ Gichugu (Loder) Gestation 1985, Louis Khehla Maqhubela (Loder) Group of eight linocuts on paper 1968 – 1987, John Muafengejo (Loder) Heat 1974–77, Anne Bean I you me we us 2018, Margaret Salmon Impressions Passing Untitled 199, Roshini Kempadoo Intolerance 1998, Abdoulaye Konaté Leaking tap, Riemvasmaak 2012, Jo Ractliffe Mask Painting 1992, Atta Kwami (Loder) Master Rituals II: Weston’s Nudes 2020, Tarrah Krajnak Mattress Shoes 1973, Birgit Jürgenssen Mess, temporary military base, Riemvasmaak 2012, Jo Ractliffe Military watchtower in a domestic garden, Riemvasmaak 2013, Jo Ractliffe Mrs. Walker and her customers at her hairdressers show, Rockery Road, Handsworth 1979/2024, Vanley Burke Muted Situation #22: Muted Tchaikovsky’s 5th 2018, Samson Young My People (La Mia Gente) 1968 , Bertina Lopes Nocturne at Ridge Street and Stanton 1987, Martin Wong

5

Out-riders head the Africa Liberation Day rally at Rookery Road, Handsworth Africa Liberation Day, Handsworth Park 1977/2024, Vanley Burke Rasad 2024, Britto Arts Trust Reconstituted Weapons: A Tiger’s Leap (Spear) 2022, Nikita Kadan Royal Massacre Series 2001, Shashi Bikram Shah Saffron field 1967, Balraj Khanna Selwyn comforts his sister Doreen on her wedding day 1979/2024, Vanley Burke Siffa Sound System, playing the Carnival, Handsworth Park 1983/2024, Vanley Burke Taking Stock (unfinished) 1983–4, Hans Haacke The Broken Pole II 2019, Nikita Kadan The crowd listens to speakers from Africa, America and the Caribbean bringing news and information of the Black Diaspora 1977/2024, Vanley Burke The Haunted 2017, Saodat Ismailova The house of the chicken farmers, Riemvasmaak 2012, Jo Ractliffe The Sahelian Masquerades 1985–1993 (4 works ): 7.31.4 Omo Voni (Mother and Child) 1985, 7.31.5 Orhare Orise (Orise Well/ Spirit Well), 1985, 7.31.6 Oshare Ro Phophu Ukoko (Pipe and Umbrella Man) 1985, 7.31.7 Odjevwe Ogba Erhue (Gate to the Cattle Ranch) 199, Images I Brown Base 1993; Images III Red/Blue Base; Leiebe Motifs 1995, Bruce Onabrakpeya (Loder) The Wall 1994, Nike Davies Okundaye (Loder) Three Female Figures Embracing 1975 (Loder), Reinata Sadimba Passema (Loder) Throne 1989, Jackson Hlungwani (Loder) Trade Winds 1992, Keith Piper Untitled [Abstract Painting] 1991 , Pais Ernesto Shikhani (Loder) Untitled 2020, Seyni Awa Camara Untitled LXIX 2021, Merikokeb Berhanu Untitled LXXIV 2022, Merikokeb Berhanu View from the Hill Where My Father Used to Chase His Cattle 1961, Thomas Mukarobgwa (Loder) WeAreCloserThanYouEverImagined 2020, Shilpa Gupta Young Man in Green 2023, Claudette Johnson Young men on a seesaw in Handsworth Park 1984/2024, Vanley Burke Milnyawuy 2024, Naminapu Maymuru-White Society for aching bodies: package of three works, Bani Abidi Spící Venouš (Sleeping Venus) 1969, Eva Švankmajerová The Lovers 2024, Mohammed Z. Rahman The Spaghetti House 2024, Mohammed Z. Rahman

Financial review

The accounts have been prepared under FRS 102. Total income for the year was £7,405,246 (2023-24: £5,351,572) .

The deficit for the year was £625,523 ( 2023-24 deficit: £3,562,739 ).

Reserves policy

It is the Trustees’ policy to review the reserves on an annual basis to consider if they are appropriate for the current activity of the Foundation and requests for grants from Tate. As a standard, reserves should be maintained at a minimum level of 25% of total income, excluding major capital project donations, which should provide sufficient working capital for one year. A level of £1,851,311 is required to comply with this policy.

Free reserves, defined as unrestricted funds excluding designated funds and works of art, at 31 March 2025 were £5,501,038 (2023-24: £7,481,843) . Restricted reserves at this date were £6,725,943 ( 2023-24: £6,370,659 ). Total reserves held by Foundation at that date were £13,664,981 ( 2023-24: £14,290,502 ).

Investments

Current asset investments of £21,662,554 ( 2023-24: £18,876,608 ) held at 31 March 2025 were term deposits.

Plans for future periods

6

Tate Foundation continues to support Tate’s strategic development. Tate Foundation will continue to represent the interests of those individuals who give significant financial support or gifts of art to Tate by appointing Trustees of the Foundation from amongst its supporters who are best qualified to offer advice and support to the Tate Executive on the fulfilment of Tate Foundation’s strategic objectives. This includes building the Patrons and International Council membership schemes, securing gifts to the Collection through the acquisition committees and increasing major donations to Tate, particularly endowed gifts.

Grant requests from Tate Gallery will be fulfilled by in-year donations with increased targets in the coming financial year, including proceeds from the Tate Modern 25[th] Anniversary Fundraising Gala.

Principal risks and uncertainties

The Tate Foundation Board has responsibility for ensuring effective risk management processes are in place. The actual risk management processes are the responsibility of senior staff (who are Tate management) and are embedded in the management process. The Board places strong reliance on the risk analysis and control environment operated by Tate and the Tate Audit Committee.

Tate Foundation has prepared a risk register, which details the major risks the organisation faces and identifies the controls in place to mitigate those risks. The register also covers compliance with statutory requirements and internal control procedures as well as investment risk. The risk register is kept under review on an ongoing basis by Tate’s management and risks are discussed by the Board as part of the operational update at each meeting. The focus is on ensuring that risks are managed effectively by senior Tate staff. Tate Foundation’s operations and risk management processes are also reviewed periodically by Tate’s Internal Audit. However, it is recognised that a risk management system can only seek to manage, rather than eliminate, factors that impact on the ability to achieve business objectives, and can provide only reasonable assurance against material misstatement or loss.

7

The principal risks and uncertainties which could impact Tate Foundation’s performance, and the associated mitigating activities, are summarised below.

The principal risks and uncertainties which could impact Tate Foundation’s performance, and the associated mitigating
activities, are summarised below.		 The principal risks and uncertainties which could impact Tate Foundation’s performance, and the associated mitigating
Area of principal risk/uncertainty Description and examples of mitigating activities
•
Challenges to the overall economic climate
leading to increased pressure on supporter’s
discretionary expenditure and philanthropic focus
(e.g. health, cost of living and geopolitical conflict
relief).
•
Geopolitical or public health issues impact on our
networks, global presence and ability to fundraise
in certain regions.
•
Potential reduction in Tate programme against
which to fundraise due to reduced activity in a
challenging financial environment.
•
Impact on fundraising due to heightened external
scrutiny of ethical considerations.		 •
Fundraising propositions and membership schemes
are subject to continual review to ensure they are
relevant and attractive to a changing market, and
focus on a cause rather than specific programme.
Advice is sought from non-executive advocates and
Trustees.
•
Prospect pools are carefully identified and managed
to ensure they only include those who have capacity
to give and who are aligned with Tate’s mission and
values. Additionally, an ongoing programme of
high-quality stewardship is in place so that Tate
retains a relationship with donors and sponsors so
they may be approached in the future.
•
Active supporter prospecting and monitoring of
existing relationships is supported by research and
due diligence in line with Tate’s Ethics and
Donations policies.
•
A robust system of financial management and
control is in place, including:
o
Management of forecast in current financial
year and budget planning for future years;
o
Quarterly reforecasts include implementing
Action Plans to address specific risks;
o
Effective financial control;
o
Holding a contingency against key operational
risks and having a reserves policy.

Auditors

Moore Kingston Smith LLP were appointed as auditors during the year and, having expressed their willingness to continue in office, will be deemed reappointed for the next financial year in accordance with section 487(2) of the Companies Act 2006 unless the company receives notice under section 488(1) of the Companies Act 2006.

This report, including the Strategic Report, was approved by the Board on 4 December 2025 and signed on its behalf by:

Anthonny Gutman Chair of Trustees

8

Statement of Trustees’ responsibilities

The Trustees (who are also directors of Tate Foundation for the purposes of company law) are responsible for preparing the Trustees’ Annual Report (including Strategic Report) and the financial statements in accordance with applicable law and regulations.

Company law requires the Trustees to prepare financial statements for each financial year. Under that law the Trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including FRS 102. Under company law the Trustees must not approve the financial statements 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, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees confirm that:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

9

Independent auditor's report to the trustees of Tate Foundation

Opinion

We have audited the financial statements of Tate Foundation (‘the company’) for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Summary Income and Expenditure Account, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’ (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement 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 Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

10

Matters on which 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 the audit, we have not identified material misstatements in the strategic report or the trustees’ annual report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the trustees’ responsibilities statement set out on page 11, the trustees (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 true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit in accordance with ISAs (UK) we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

11

Explanation as to what extent the audit was considered capable of detecting irregularities, including fraud

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below.

The objectives of our audit in respect of fraud are; to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses to those assessed risks; and to respond appropriately to instances of fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both management and those charged with governance of the charitable company.

Our approach was as follows:

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to any party other than the charitable company and charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

………………………………………………………….. Date: …………….. Neil Finlayson (Senior Statutory Auditor) for and on behalf of Moore Kingston Smith LLP, Statutory Auditor 6th Floor 9 Appold Street London EC2A 2AP

12

Statement of financial activities

(Incorporating an income and expenditure account)

(for the year ended 31 March 2025)

(for the year ended 31 March 2025)
Unrestricted
funds		 Restricted
funds		 Restricted
funds		 2025
Total		 2024
Total
Notes £ £ £ £ £
Income and endowments from:
Donations and legacies 4 3,557,367 2,691,718 800,000 7,049,085 4,961,701
Other trading activities - - - - -
Investments 5 356,161 - - 356,161 389,871
Other - - - - -
Total 3,913,528 2,691,718 800,000 7,405,246 5,351,572
Expenditure on:
Raising funds
Costs of generating donations
and legacies		 9 (1,340,791) (374,071) - (1,714,862) (1,222,946)
Fundraising trading: cost of
goods sold and other costs		 - - - - -
Investment management costs - - - - -
Charitable activities 7 (3,853,543) (2,462,363) - (6,315,906) (7,691,365)
Other - - - - -
Total (5,194,334) (2,836,434) - (8,030,768) (8,914,311)
Net gains on investments - - - - -
Net income/(expenditure) 6 (1,280,806) (144,716) 800,000 (625,522) (3,562,739)
Transfers between funds 16 (700,000) 500,000 200,000 - -
Other gains/(losses)
Net movement in funds (1,980,806) 355,284 1,000,000 (625,522) (3,562,739)
Reconciliation of funds:
Total funds brought forward 16 7,919,843 6,370,659 - 14,290,502 17,853,241
Total funds carried forward 16 5,939,037 6,725,943 1,000,000 13,664,980 14,290,502

The results for the year were derived solely from continuing operations.

The notes on pages 16-24 form part of these accounts.

13

Balance sheet

at 31 March 2025

at 31 March 2025
2025 2024
Notes £ £
Fixed assets
Heritage assets 11 438,000 438,000
438,000 438,000
Current assets
Debtors 13 985,403 357,104
Investments 12 - -
Cash at bank and in hand 12 21,663,106 18,876,608
22,648,509 19,233,712
Creditors: amounts falling due within one year 14 (9,421,529) (5,381,210)
Net current assets 13,226,980 13,852,502
Total assets less current liabilities 13,664,980 14,290,502
Creditors: amounts falling due after more than one
year 15 - -
Net assets 13,664,980 14,290,502
Funds
Unrestricted
Designated 16 - -
Other 16 5,939,037 7,919,843
Restricted 16 6,725,943 6,370,659
Endowment 16 1,000,000 -
Total funds 13,664,980 14,290,502

These financial statements were approved by the Board of Trustees on 4 December 2025 and signed on its behalf by:

Anthony Gutman Chair of Trustees

Company registration number 04009652

The notes on pages 16-24 form part of these accounts.

14

Statement of cash flows

(for the year ended 31 March 2025)

Note
Cash flows from operating activities:
Net cash provided by/(used in) operating activities
20(i)
Cash flows from investing activities:
Dividends and interest
Cash flows from financing activities:
Repayments of borrowing
Cash inflows from new borrowing
Net cash provided by/(used in) financing activities
Change in cash and cash equivalents in the reporting period
Cash and cash equivalents at the beginning of the reporting period
Cash and cash equivalents at the end of the reporting period
20(ii)		 2025
2024
£
£
2,430,337
(3,688,577)
356,161
389,871
-
-
-
-
-
-
2,786,498
(3,298,706)
18,876,608
22,175,314
21,663,106
18,876,608

15

Notes

(forming part of the financial statements)

1 Accounting policies

The following accounting policies have been applied consistently in dealing with items which are considered material in relation to Tate Foundation’s financial statements.

Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) and the Companies Act 2006.

Tate Foundation meets the definition of a public benefit entity under FRS 102.

The functional currency is GBP sterling.

Going concern basis of preparation for the accounts

The accounts have been prepared on the going concern basis. Tate Foundation receives donations and holds funds in anticipation of grant requests from Tate Gallery. The trustees are confident that the company can continue to cover its operating costs as they fall due for a period of at least twelve months from the date of approval of these financial statements.

Subscriptions and donations

Donations that have a formal gift agreement will be recognised at the date of the agreement, unless there are terms and conditions which must be met before Tate Foundation is entitled to the resources. All other donations will be recognised on a cash received basis, unless there are terms and conditions which must be met before Tate Foundation is entitled to the resources.

Legacies

Receipt of a legacy will be recognised when there has been grant or probate; the executors have established that there are sufficient assets in the estate; and that any conditions attached to the legacy are within the control of Tate Foundation or have been met.

Unrestricted funds

These resources arise from the accumulated surpluses and deficits in the operation for charitable purposes and are expendable at the discretion of the Trustees in furtherance of the objective of the charity.

Designated funds

Funds designated for a particular use by the Trustees.

Restricted funds

These resources arise from contributions received for specific purposes. These funds are expended in accordance with these purposes.

Financial instruments

Tate Foundation only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Charitable grants payable

This expenditure represents contributions made to Tate towards acquisition of works of art by Tate and towards Tate projects. The expenditure is recognised when Tate Foundation is committed to provide such funding.

Raising funds

This expenditure represents the costs of fundraising.

Borrowings

Interest is charged to the statement of financial activities as it accrues.

Governance costs

This expenditure is audit and legal fees.

16

Investments

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 assets are stated at valuation as at the date of introduction of FRS 30: Accounting for Heritage Assets. They are not depreciated or revalued as a matter of routine, as the assets are deemed to have indeterminable lives. Impairment reviews are carried out only if the asset suffers physical deterioration or doubts arise as to their authenticity.

17

Notes (continued)

2 Statement of financial activities

(Incorporating an income and expenditure account)

(for the year ended 31 March 2024)

Unrestricted Restricted
funds funds
 2024 Total
Notes £ £ £
Income and endowments from:
Donations and legacies 4 2,221,452 2,740,249 4,961,701
Other trading activities - - -
Investments 5 389,871 - 389,871
Other - - -
Total 2,611,323 2,740,249 5,351,572
Expenditure on:
Raising funds
Costs of generating donations
and legacies 9 (1,169,955) (52,991) (1,222,946)
Fundraising trading: cost of goods sold
and other costs - - -
Investment management costs - - -
Charitable activities 7 (4,327,885) (3,363,480) (7,691,365)
Other - - -
Total (5,497,840) (3,416,471) (8,914,311)
Net gains on investments - - -
Net income/(expenditure) 6 (2,886,517) (676,222) (3,562,739)
Transfers between funds 16 - - -
Other gains/(losses)
Net movement in funds (2,886,517) (676,222) (3,562,739)
Reconciliation of funds:
Total funds brought forward 16 10,806,360 7,046,881 17,853,241
Total funds carried forward 16 7,919,843 6,370,659 14,290,502

The results for the year were derived solely from continuing operations.

3 Staff numbers and costs

Tate supplies employees and recharges the cost to Tate Foundation. The charge for the year is £1,048,923 ( 2023-24: £622,160 ) and also includes agency staff charged directly to Tate Foundation of £nil ( 2023-24: £nil ).

18

Notes (continued)

4 Donations and legacies

Endowment Fund
Tate Patrons
International Council members
Tate Fund
Asia Pacific Acquisitions Committee
Middle East & North Africa
Acquisitions Committee
African Acquisitions Committee
South East Asia Acquisitions Committee
Photography Acquisition Group
Central and Eastern Europe Plus
Acquisition Committee
European Collectors Circle
Liverpool Commissioning Circle
Frieze Fund
Legacies
Performance Fund
5
Investments		 Unrestricted
funds
Restricted
funds
Endowment
funds
2025
2024
£
£
£
£
£
-
-
800,000
800,000
-
1,060,593
-
-
1,060,593
1,122,544
1,068,569
-
-
1,068,569
796,908
1,364,091
77,500
-
1,441,591
292,659
-
437,938
-
437,938
356,258
-
417,161
-
417,161
318,077
-
282,794
-
282,794
265,401
-
201,869
-
201,869
237,464
-
182,654
-
182,654
253,773
-
311,154
-
311,154
271,840
-
551,561
-
551,561
305,804
-
-
- -
-
-
150,000
-
150,000
150,000
64,114
59,087
-
123,201
590,973
-
20,000
-
20,000
-
3,557,367
2,691,718
800,000
7,049,085
4,961,701
5 Investments
Unrestricted Restricted
funds funds 2025 2024
£ £ £ £
Bank interest 356,161 - 356,161 389,871
**356,161 ** - **356,161 ** 389,871
6 Net income/(expenditure)
Net income/(expenditure) is stated after charging: 2025 2024
£ £
Auditors’ remuneration 14,340 13,645

Auditor’s remuneration for the year ended 31 March 2025 was £14,340 ( 2023-24: £13,645) .

19

Notes (continued)

7 Charitable activities

Contributions towards works of Art
purchased by Tate
Contributions to Tate		 Unrestricted
funds
Restricted
funds
2025
2024
£
£
£
£
583,543
1,877,016
2,460,559
1,257,775
3,270,000
585,347
3,855,347
6,433,590
3,853,543
2,462,363
6,315,906
7,691,365

There were £2,355,347 of accrued contributions at 31 March 2025 ( 2023-24: £3,686,469 ).

8 Trustees’ remuneration

The Trustees received no remuneration or expenses in the year ended 31 March 2025 ( 2023-24: nil ).

9 Raising funds

ising funds
Unrestricted funds
Restricted funds:
Acquisition Committees
Frieze Fund		 Staff
costs
Members’
benefits
Other
costs
Total
2025
Total
2024
£
£
£
£
£
750,540
4,469
585,782 1,340,7911,169,955
298,383
-
55,609
353,992
41,894
-
-
20,079
20,079
11,097
1,048,923
4,469
661,470 1,714,8621,222,946

10 Support costs

All support services including Finance, Human Resources and Information Systems are provided by Tate. This service is estimated to have a value of £168,281 ( 2023-24: £167,707 ) and has been charged to costs of generating donations and legacies in the statement of financial activities.

20

Notes (continued)

11 Heritage assets

Tate Foundation owns a collection of 9 modern works of art. These assets were donated to Tate Foundation in the 1980s and have a collective value of £438,000 as at the 31 March 2025 ( 2023-24: £438,000 ). The assets were valued in 2009 by Tate Gallery curators using industry standard methods of valuation. There have been no additions, disposals, revaluations or impairment of heritage assets in any of the four previous accounting periods. The Trustees do not have a general acquisitions and disposal policy but look at each work of art on a case by case basis.

At 31 March 2025, one of these 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://www.tate.org.uk/about/our-work/conservation. The loans and details of the works of art are recorded on the Tate Gallery database system.

Value at Revaluations Additions Disposals Value at
1 April 31 March
2024 2025
£ £ £ £ £
Works of art 438,000 - - - 438,000

12 Investments and cash at bank and in hand

Current asset investments 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 cashflow statement.

13 Debtors

Trade debtors
Taxation and social security
Other Debtors
Prepayments and accrued income: amount falling due within one year
Receivable from Tate and associates		 2025
2024
£
£
216,666
239
-
-
-
22,240
678,000
248,753
90,737
85,872
985,403
357,104

14 Creditors: amounts falling due within one year

Trade creditors
Taxation and social security
Other creditors
Accruals and deferred income
Payable to Tate and associates		 2025
2024
£
£
41,892
20,816
6,129
42,920
-
268
32,504
16,374
9,326,317
5,315,519
9,421,529
5,381,210

21

Notes (continued)

15 Creditors: amounts falling due after more than one year

Deferred income
16
Reconciliation of movements in funds		 2025
2024
£
£
-
-
-
-
Endowment
Tate Future Endowment Fund
Total Endowment
Restricted funds
International Council
Tate Fund
Latin American Acquisitions
Committee
Asia Pacific Acquisitions
Committee
Middle East & North Africa
Acquisitions Committee
African Acquisitions Committee
South East Asia Acquisitions
Committee
Photography Acquisition Group
Central and Eastern Europe Plus
Acquisition Committee
European Collectors Circle
Collection Fund
Liverpool Commissioning Circle
Frieze Fund
Capital projects fundraising
Legacies
Performance Fund
Other restricted reserves
Total restricted funds
Unrestricted funds
Designated
Works of art
Other
Total unrestricted funds
Total funds		 At 1 April
2024
Incoming
Outgoing
Transfers
At 31
March 2025
£
£
£
£
£
-
800,000
-
200,000
1,000,000
-
800,000
-
200,000
1,000,000
59,936
-
-
-
59,936
46,857
77,500
-
-
124,357
53,367
-
-
-
53,367
736,234
437,938
(388,876)
-
785,296
426,688
417,161
(189,876)
-
653,973
753,508
282,794
(473,630)
-
562,672
431,053
201,869
(355,395)
-
277,527
541,385
182,654
(232,070)
-
491,969
384,317
311,154
(106,525)
-
588,946
387,295
551,561
(432,009)
-
506,847
160,727
-
-
-
160,727
42,500
-
-
-
42,500
184,413
150,000
(112,706)
-
221,707
-
-
(500,000)
500,000
-
2,014,822
59,087
-
-
2,073,909
32,209
20,000
(45,347)
-
6,862
115,348
-
-
-
115,348
6,370,659
2,691,718
(2,836,434)
500,000
6,725,943
-
-
-
-
-
438,000
-
-
-
438,000
7,481,843
3,913,528
(5,194,334)
(700,000)
5,501,037
7,919,843
3,913,528
(5,194,334)
(700,000)
5,939,037
14,290,502
7,405,246
(8,030,768)
-
13,664,980

22

Notes (continued)

Endowment funds

Endowment funds are funds that the donor has stated are to be held as capital and consist of the Tate Future Endowment, to provide a long-term source of funding to ensure that Tate Gallery can consistently support cultural leadership and transform its impact across society, through art that resonates around the world and programs that inspire millions to realise their creative potential. The capital element remains permanently intact and only the income can be spent.

Restricted 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 Trustees’ report.

Part of the Collection Fund is restricted and is there to support the Tate Collection.

The Capital projects fundraising fund was for three major projects which have now been completed: the Tate Modern Project, Tate Britain Millbank Project and Tate St Ives Phase II. All funds on the Tate Britain Millbank Project and the Tate St Ives Phase II have been received. In the year to March 2025, £nil of Tate Modern Project donations were returned to unrestricted reserves (2023-24: £nil) .

Other restricted reserves include amounts given for specific acquisitions and projects.

Unrestricted funds

Funds available for general use.

A transfer of £200,000 was made from Unrestricted funds to Endowment funds which related to amounts received in 202324 in relation to the Endowment fund.

Trustees agreed to transfer £500,000 from Unrestricted funds to Restricted funds to support the build and display of Tate Modern Exhibitions.

17

Analysis of net assets between funds

Fixed assets
Works of art
Current assets
Current liabilities
Long term creditors
Total net assets		 Unrestricted
funds
Restricted
funds
Endowment
funds
2025
2024
£
£
£
£
£
438,000
-
-
438,000
438,000
14,922,566
6,725,943
1,000,000
22,648,509
19,233,712
(9,421,529)
-
-
(9,421,529)
(5,381,210)
- -
-
- -
5,939,037
6,725,943
1,000,000
13,664,980
14,290,502

18

Related parties

One Trustee donated £800,000 to support the permanent future Endowment ( 2023-24: £200,000 ).

The only other related party transactions during the year were those with the Board of Trustees of the Tate Gallery who employ the Development Office staff who serviced Tate Foundation, and who provided support for back office functions including Human Resources, Information Systems, Finance and Legal. This was at a charge of £1,217,204 ( 2023-24: £816,477 ). These transactions were in addition to the charitable contributions paid to Tate as set out in note 7.

19 Liability of members

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 £1 in the event of the winding up of the company.

23

Notes (continued)

20 Statement of cash flows

(i) Reconciliation of net income/(expenditure) to net cash flow from operating activities

Net income/(expenditure) for the reporting period (as
per the statement of financial activities)
Adjustments for:
Dividends and interest
Decrease/ (increase) in debtors
(Decrease)/ increase in creditors
Net cash provided by/(used in) operating activities
Analysis of cash and cash equivalents
Cash in hand
Notice deposits (less than 3 months)		 2025
2024
£
£
(625,522)
(3,562,739)
(356,161)
(389,871)
(628,299)
924,197
4,040,319
(660,164)
2,430,337
(3,688,577)
2025
2024
£
£
-
-
21,663,106
18,876,608
21,663,106
18,876,608

(ii) Analysis of cash and cash equivalents

24