Registered number: 05678059 Charity number.. 1116670 NOThINGHAM CONTEMPORARY (A Company Limited by Guarantee) Truste•s' Report and Financial Statements For the Year Ended 31 March 2023 AC15547N* 2W1212023 COMPANIES H¢XISE #323 NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee) Page Reference and Administrative Detsil$ of thè Company. ts Trustees and Advise Trustees. Report Independent Audilors. Report on the Flnanclal Slatements Consolidated Statsment of Financial Aclivili•s 2-11 12- 15 16 Consolidated Balance Sheet 17 Company 8alance Sheet Consolidated Statement ofcash Fl 18 19 Notes to the Financial Statements 20-42 NOTTINGHAM CONTEMPORARY (Acompany Limited by Guarantee) Reference and Athinistrative Details ofthe Company. its Trustees and Advisers For th• Year Ended 31 March 2023 Tru$tee$ aaire 88xter (resigned 7 0ecember2022} Elizabeth Carey-Thomas Angela Choon Ires&ned 30 No¥ember2022) lan Curryer (￿$Kjned 30 November 20221 Jade Foster Annabel Franks Susan Greenaway Eleanor Crabtree (app)nted 1 January 20231 Haiieel Johal {￿99ned 30 November 2022) shar￿ HutNy (apwinted 6 December 20221 Barbara Matthews Aicha mel￿eZ Bevedey Swift lappinteij 27 Septemter 2022) Matt Symonds Cafagh Thuring Company reglstered number 0567W59 Charity reglster number 1116670 Regist•r•d office Weekdaycross Nottirgham NG12GB Senior management team Sam Thome. Execultrve Directort Ireggned 14 October 2022) Salma Tuqan. Exewtsve Directorf (appointed 27 March 2023) Andy 8alson. Head of A￿llenCeS & Partnerships drew Elliot. Finance and Operati￿￿ Directr*" {resigned 28 April 2023) anda Swuy. Hea¢J of Leaning Nlc(Ae Yip, Chief Curator of Exhikn"b"Ms and Live Programmes ' Non Stalutcry Dir Independent audito PKF Smith Cojper Audit Li￿￿ter1 Stslutcry Audiicffs 2 Lace Market Square Notbngham NG11PB Investment managers Canaccord Genuity Wealth Management The Point LoughLNyowJh Roa¢J West Bridgford Nottingham NG2 7QW Sdlcttols Mowbray House Castle Meadow Road Nottingham NG17 Page 1 NOThINGHAM CONTEMPORARY {ACompany Limited by Guarantsel Trustèes. Report For the Year Ended 31 March 2023 The Twstees present their annual repcit together wilh the audited financial stslemenls of the Company for Ihe year 1 April 2022 10 31 March 2023. The Annual Report serve5 the purF*Jse5 of both a Trustees, report and a directors. report under company law. The Tnjslees confirm that the Annual Report and financial statements of the charitsble company cornply with the current stslutory requirements. the requirements of the charitable cornpany's goveming dLKurnent and the proVis￿)n$ of Ihe Ststemenl of Rec(xmmended Practice ISORPI applicable lo charities preparing their accounts in accordance wilh the Financial Reportiry Stsndard applicable in the UK and Republic of Ireland (FRS102} (effective 1 January 2019). sin￿ the group and the C¢¥npany quafify as small under sec￿￿ 383 of Ihe Companie5 Act 2006, the Group Strategic Report required of medium arNI large companles under the Companies Act 20C6 {Stralegic Report and th'rectors, Report) Regulati￿$ 2013 has been ¢￿itt￿￿. ObJe¢tive$ and advltios . Poli¢ies and objectives The Board confirms that it has refer￿d to the guidance contained in the Charity commi88￿)n'$ general guidance on public benefrt when reviewng the Charity's aim$ and objectwes and in planning future activrties. In setbng objectives a￿1 plannir¥J lor acfivilies, the Trustees have given due conswjeralion to general guidan published by the Charity C¢Jnmis&on relating to public benerrt, including Ihe guidance'Public benefrt." running a charity IP82)'. b. Stratsgies for achieving obj•¢¢ives Nottingham Contemporary's charitable objectives aro to pr(xnote art the ben8fft of the public and to advance education in the arts by the estsblishmenl and maintenance of a centre for contemporary art. Opene(f in November 2009. Nottingham Conterrytyary ocojpw a tKWuilt building at Weekday Cross that ertompasses.. four galleries aThJ a prcieet spa an auditorium I performarKe spact an educath'on St￿J10 a shop a café-b c. ktl¥itle$ undertaken to achteve objeclives Nottingham Contemporary typically stages Ihree major exhibtlion seasons each year, bringing the Work of many of the wortd's most irnportant and excrting eonlemporary artists to Notb"ngham. The arbstic, sooal. philosophical and political ideas raised by the exhibitions are explored in edl￿tIOnal prograrnrnes and events_ The organisation has close links with formal and infomial education. working across disaplines wth universitses, colleges. schools, community groups, families and individuaLs of all ages. While contemporary art is the focus. the Charity also presents a wide range of other culiural xtNities- SLtch as film. Ferforniar￿ and music- lo develop and engage audiences and animate ils sP￿e$. Entran￿ to the exhititsons ￿ free. Notbngham Contemporary'5 Iradir¥J &ti¥rt￿$,. cafe, shop. tKketed events and room hire are delivered through a wholly owned subsidiary. Notb"ngham Contem￿rary Trading Limi(ed. The financial statements presented consi51 of a Consolidated Slatement of Finanoal ktivities and Balanc* Sheet as wdl as includin9 the Balance Sheet of Ihe Charity. Page 2 NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee) Trustees. Report Icontlnuedl Forthe Year Ended 31 March 2023 Objectives and activities Icontlnued) d. Voluntegr5 The Charity is grateful to members of the Board ￿ provide their services v(Auntsrily. Other volunteer opwrtunits.es during this year were unforttjnatdy limiled by reduced adivthes dL* to the Covid.19 pandemic but one person wa5 ab￿ to work to support our L(Mxlspeaker prr•3ramme. by ath"NJ as a pger mentOT durin9 Ihe yew. A¢hievements and perfomwnce a. Review of activities In 2022123 we retumwj lo estsblished operating m¢xlel of three exhitmtion seascK¢s dLfyring the year. This followed the decision to preser)ljusl iwo seasons in 2021r22 as mitsgation a9ainsl potentsal fLJrther disrupt￿n from COVID restrictions and to keep costs l(ywef during our initial post COVID recovery. Sumrner Season: 7 May-4 September 2022: Meriem Bennani". Life on the CAPS The ffirsl solo exhibition in Ihe UK by Ihe M(Krmn bcffi. New YO￿ based artist Meriem Bennani. Life on Ihe CAPS explore¢J a speculative future set on the 'CAPS' a fictional isL4nd in the mmddle of the Atlantic. The exhibrtion featu￿￿ two chapters from Bennani's spe¢ulatNe documentary trilogy offi'lms ￿ on the caps, Patyon the CAPS 12018-19) and Lrfe on Ihe CAPS120221. Life on the CAPS was a new commission produced in partnership with The Renaissance Sooety, Chicago. Assemble * Schcols of TomcKrow. The Pl￿e We Ima , A collaboration between Twner Prize design ￿llectiVe Assembbe. and children from eight Nottingham schools, to construct legendary ltslian Brazilian archrteel Lina Bo Bardi's unbuill 1962 deson for a utopian playground. The exhibitson rwmagined Ihts unrealised playground across galleries al Nottingham Contemporary with large scale play sculpture5 Irom the original illustrab'on and a third Sculptu￿ developed in (lialogue with children from three local schools. Children's actions, ideas and eXplOrat￿nS of pkiy were at the heart ol this conversation, which was part of 1he wKler Schools of Tomo￿oW programme. a four-year leaming and research programme lunded by the Paul Hamtyn Foundation. Autumnlwinterseason: 24 Seplernber 2022-8 January 2023 Hollow Earth.. Caves Art & The Subterranean Ima Taking as its Sta￿n9 point Nottingham's status as a city of caves. thi% exhibition desceThJed to Subterranean worfds to explore themes of visibility, deep b.me and AnlhropcKene. 11 induded painting, photography. sculpture. inslallalion an¢J v•Jeo, primarily from 1960 lo today. along￿de a small sewion of w￿$ from the 18th and 191h centuries. The exhibition included some 50 artists, among them: JMW Tumer. René Magritte. Goshka Macuga. Brassai, Nancy Hoh, arhd Joseph Wri￿t of Derby. Hollow Earth was a major C1)la￿Ta￿.0n Ha￿rd Touring arnl t(xJred lo RAMM in Exeter and The Glucksman in Cork in 2023. Spring Season: 29 January- 7 May X123: 3 Scjo SprirvJ 2023 was dedicated lo solo exhibitions by arb.sts vo)thng in different media and al different points in their career, providing fresh PWSFectives on conlemporary arbskn¢ producttrw. Page 3 NOTnNGHAM CONTEMPORARY (A Company Limited by Guarantee) TNstees' Report l¢ontinued) Forthe Year Ended 31 Mareh 2023 Achievements and performance {COntin￿d) Carotyn Lazard Ib.1987, USI works across disciplines and mediums lo explore the social and polits.cal dimensK)ns of care at the intersection of race, gender and disabilrty- For their exhibition at Nottingharn Conlemp)rary, Lazard developed a new instsllalion that responded to the le9acy of dance for the camera, corBidering how performance might be communicated beY￿d ils Fmage. The work was a co commi8sion with the Walker Art Cenler. Minneapoli5 ICA Philadelphia. This was the first sdo presents11￿ of Lazard'5 wo(k in Ihe UK. Rosalind Nashashibi Ib.1973. UK). artist and filmmaker, presented an exh￿)rt￿ of new painfrngs. Of Palestinian and Irish heritage, Nashashibi's works refiected a broad inlemationalism. wrth subjects ranging from famil*s in Gaza lo women in Tahikn.. Known primarily a5 a filmmaker. she has been expanding her painting prath.ce over th8 past ei9hl years and was recenuy Art￿1 in Restsdence at the Nakn"OAal Gallery in 2020. Charlotte Johannesson Ib.1943, Swedenl, textrfe arbst and eaTty computer art pioneer. whose work represents a synlhe5is between the artisanal and the digital. Thts selected retrospeetive presented textiles. prints and digital instsllab.ons from the past 50 years. and was the r￿t institutKffial presentalicy) of Johannesson's work in the UK. Live Programme Much ofour ￿Searth and work wilhin Ihe ￿Ve PrryJramme sought to give vigbility tr) less-historicised arl practices. geographies and cultural movements, proposing allemative narratives to ￿nVentIOnal histories. Our Put￿¢￿ events nfoléed themes and ideas of our exhibitions, bul also generale¢J their own autonomous research strands, such as Emergency & Emergence. The intimate environments of our live programmes created space for embodied ways of learning and sharing knO￿edge ab)ui alternative ways of understsrKJing the workl. Our research continves to be supported by our Lmique and knngstsnding three-vrdy partnership with the University of Nottingham and Noth"ngham Trent Unrverstty. Learning Programmes In 2022123, our comrnunity programrnes fctused on supporting heaNh. care and wellbeing through programming and the develorxnent of partnerships and sy51em5 ￿0$$ the oty wlh arts, heanh, community and nature sectors. The learning from our large-scale action research prc*Jrammes. Future of Futurgs {vthich placed young Feople at the heart of programming and partne￿hiPs) and S¢ho)ls of Tt)morrow INthich embedded arts.sts in schools to develop new pracbses and support ¢reabvtyl was shared and embedded in 2022123. This included collat(Jration with Ihe Assemble collective ￿ the ¢yeabon of The Place We Imagine exhibilK)n. Our farnity programme continued digitally and in person dLrring 2022123. School holiday prcoramming took place in person al the gallery and in the crty ar￿ there was an emphasis on deeper and more Tespyjnswe experiences with smaller numbers and open-erthd enquiry and play. b. Fundraising adivities and In￿Me genernllon Nottingham Contemporary raises fund5 from Ihe puNic by In￿ling visrfiors to the gallery to make cash donatir￿s in collection boxes or wa cont2Ctless pay pcints Il￿ted througlKArt the building. or lo donate online. Funds are also raised via srmfic acliwties fUnthal￿ng events sud) as tr* Gala Dinner and AuCt￿n held in 2019 to mark cw 1¢Jh b'rthday celebration5. We are gratelul for the continued syppNt VR receNed dumg the year from a number of indiwdual and corporate benefactor5 and supwrters, Notl'ngham Contemporary d￿S not use third party, profeSsi¢￿al. (* commercial fundraisers to carry out public lundrdising on ils behalf and no complaints were received during the year about ac￿V￿"ÈS relating lo public lundraising. Page4 NOThNGHAM CONTEMPORARY (Acompany Limited by Gu•ranteel Tmstees. Report {coThtinuedl Forthe Year Ended 31 March 2023 Achievernents and perfomiance (continued) In addibon to fundraising. we also underlake a number ofactivlt￿S to generate incorne forthe benefit of the Charity through our trading subsidEary, Notb"ngham Conlemporary Trading Limited. These ac￿￿tieS. which include our shop, calé and the private hireofsmie ol ourspaces for events. ￿re parti¢ularfy affected by k)wervisitor numbers and re51rictions on large indoor gathenngs during the year. ¢. Investmenl policy and perfomwn¢e In an earl￿r year the Trustees allttated S￿)e of Nottingham Contemporary's reserves to cre*e an Investment Fmd, was placed with ￿ independent investment manager. The investrnenl manager is auttrvmsed by the Trustees lo act in a discretionary ¢èpacAty, with the power lo make decision5 aboLrt the investment of Ihefund on the Charty's behaw". con51Stent with a balanced approach to financial risk taking and the followng investment obJe¢tive5'. to generate an annual income for the Charity to be used lo support operational runnin9 Costs: and to maintsin the undedying. real terms, value of the fund. Al the beginning of the year Ihe investment fund had a tolal value of £627,579. During the year the investment fvnd paid dividend income to the Chanty and other deductK)ns were made to cover the investment managerfs fees and other disbursements. Ckn ValUat￿n at 31 March 2022 the frjnd was valued at £569,277, rellec*'ng a kloss in the undedying fvrKI value during Ihe year. Financial revie a. BUS￿esS revièw Activity in the year recovered from Ihe disruption ar￿ urwtainty as a ￿Ult of the Covid 19 pan(Jemic. Total income received in in the year was £2,252.780 whth was 1% lower than the p￿¥￿JUs year. This was the result of the increase in Trading revenue from Ihe fecovery in visrtor numbe￿ that oftset the withdrawal of Covid support schemes. Totsl expenditure in the year wa5 £2.302,428 whith ￿ 7% greater th￿ the previou5 year as we increased activity along smde Inflati(￿ary costs. Overall, operating expenditu￿ in year exceeded incrxne. gmng rise lo an operating deficit of £49.648. After also accounbng for loss on investments (see note 211, the net movement in furKls at the year end was a deficit of £102.703. b. Going conc•rn The recovery from the C¢)ronavirus pandemic continued thr￿Out the year. wsitor Confiden￿ returning and trading income seeing a recovery to pre-pandemic levels. Despite this. Ihe cost of living increases in 2022123 parb'cularty in relation to inflation and energy costs. meant that we ended the year wlth a deficit of £99.446, which has ￿dU￿d reserves. Wth the knowledge of this. and understanding the p￿SU￿S on partner organi8ation5 who provide supprxt to the chan"ty. Ihe Trustees cLYnrnitted to a renewed focu5 in 2023124 and beyond on addil¢onal fijndraising to ensure Notb"ngham Contemporary's income exceeds its cost base and that it has a significant capilal cushK)n lo abs(Kb any unforeseen revenue shocks. After discussion arKI a review of pL4nned fvndraising initiatives for 2023124. the Trustees there1￿e have a reasonable expeciation Ihal Noltingham Contemporary has adequate resources to manage its ￿-gOIng ftsks linduding Ihose arising from the current uncertainty over gk)bal inflalKJnl, that cash reserves are sufficient to supKth its Operatior￿ and liabilities for the foreseeable futu￿. For these rea￿S they continue lo adopt Ihe going concem basis in preparing Ihe financial statements. Futher details reg8rdirwJ Ihe adoption olthe wng concem basis tan be found in the acLounts"ng p)11￿. Pa98 5 NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee) Trusttss. Report Icontinuedl Forth¢ Year Endgd 31 March 2023 . Reserves policy The Tru51ee5 bdieve that the creats'on aTrJ maintenance of a suitable level of re5erve5 is es5enlsal to the fUl￿e financial ttealth of the organisat¥Jn ar¥J lo it5 future ariistic ￿trIlty. Regular reviews are undertaken assessing finanaal risk5 how they would affect Ihe reserves Folicy of the charity. The Trustee$ have thntif*d four areas where a reserve i% considered appropriate.. 1} To prowde a general fund as a conb'ngency against unffftseen evenhjalities and liabilities to enable the Charity to continue to operate and fulfil its finanoal cornmrtments in the short term even if forecast income levels are not achieved. 2) To provide a provision for cawtsl repair5 and ts TepL%emenl of the fixtures. fittings. planl. fumilure and equipment that are the chari￿s responsibility under its lease wlh Nottingham Cty Qyjnol. 3) To for the finanryThJ of special wciects which migm not be p0￿ble trom Ihe general fund.. aTh 4) To provide a fnancial retum from Invest￿nI that has Fthnlial lo yield a g￿ter annual inccmne lo support the Charivs opefalirKJ costs Ihan that available as bank interest on cash deposits olhenwise held in the Charity's bank accounts. Notb"ngham Contetyporary will its reserves poI￿Y in 202Y24 to ensurE it remains adequate. d. Principal risks and uncertainties The Board and management ￿gulartY ￿vIeW intemal and extemal risks ark¥ trre81s. and its own Pro￿sses. procedures and polKies to manage the risks lo Nolliryham Contery)orarfs operalion. The Trustees continue lo rate fv risk ol wthdra*al of funding from Arts C(xJncTrl England IACE} or support fnjrn Notlin9ham Crty Counul INCCI as the most signrfi¢ant risks faced by Nottingham Conlem(MJrary in lemis of potential severity ol impael. Reductions in wl temis finan(ial suwjcrft from ACE and annual reductions from NCC have materiatised in recent yews and c(￿tinUe to t* a pxential ttseat. rnainty due to the pressure of inflation and energy costs A number of global influence5 are hav7r￿ an impact ffi the UK economy. wlh wholesale energy prices and Ihe conflict in Ukraine both conlribLrting to sHJnifThnl inflat￿nary pressures. Nottingham Contemporary s electr¢crty tariff is fixed until December 2024 pn)viding some short tem certainty. Mindful that unwtainty wll CA￿lI￿je for some time lo come. the Tmslees continue to keep the situatK)n under constant review. A comprehensive Business Plan remains in place wh￿h includes xts"vities lo support ACE'S Let's Cfeate strategy and plans and obje¢iives for income diversification. The pLgn includes the implementalion of a revised operating rTK)del. tsrgeting new Inco￿ channels, ￿ViSed expenditure plans and cullurdl sector lax ￿llets. Oversight of financial perfomBnce is undertaken by the Finan¢8. Audit Investrnent. & Remunerats"on c￿mIttee and monitored regul￿lY throughout the year. e. Princlpal lundlry The followng signfficant fvnding agreements are oJrrentty in plate.. Arts Council England a confimied offer of Nab"onal Portfolio Organisation (NPO} funding fcK £1.(K)2k Fer annum until March 2026. Annual funding from Noth"ngham Ctty Council £8(M( in April 2024.. Due to a restructure at Nottingham Trenl University we are currenlty in negoth"3lions wth various stskeholders at universty to confim) the kvel of funding with the possibility of a reductK)n irh the Grant and therefore servi(zs provKJed for the Feriod to July 2026. The University of Nottingham ￿ntInUe to have an tyreemenl of ￿9￿n9 fundirKJ of £65k per annum. Page6 NOTTINGHAM CONTEMPORARY IA Company Limited by Guaranleel Trustee5' Report (continuodl For the Year Ended 31 March 2023 Structure> 9overnance and management Constitution The Company and the Group is registered as 8 charitable company limited by guardntee and is constiluled under a Memorandum of Asscciation dated 17 January 2006 and is a re9islered charity nLrnber 1116670. The Company is managed by a Board of tlirectors vtho are Ihe Trustees of the Ch*ity. There are ¢urr8nlly ￿e1ve members ol the 8oard. The Board members who seThed during the year are shown cm page 1. b. Methods of appointment or election of Tnths The management of the Company and the Gr￿p is the iesrx)nsiblty of the Trustees who are elected and co- opted under the lernis of the Art￿e5 of Assoaation. Trustees a￿ ￿(￿vIted through a comt#nation of open call advertising. sewch. recorrffiendalicffl and nefv￿rk1ng. l appointments are subject to interview and approval by the 8oard. ¢. Organlsatlonal strudure and de¢lsloThwmaking poIicifr5 The Board meets approximately five limes each year al which key Strateg￿ and operational issues are discuss8d. The Executive Director and Finance & Operab"ons Direct￿ attend all Board Meetings. Decisions are recorded rn the minutes are delegated to the Execulive Director lo action as appropriate. Ap[￿linted representatives of Arts Council England East Midlands and No￿ghaM City cou￿11, as major fuThJers of the Charity, are entstled to attend Board Meelings as observe￿. A Finan￿. Audit & Investsmenl Committee IFA&I Crynmitteel. a sub-committee of the Board, also meets approxirnately four times each year with terms of referen￿ to assisl the Board in fulfilling its fiduciary duties and statutory compliance. There are oJThently four mernber5 of the FA&1 C(Hnmittee. which include Tru51ees of the Charity and Nvo independent member5. The Execvts"ve ￿'[eCtOr and Finance & Operations Director attend all FA&1 Committee Meeting5 and the Commrtlee Chair presents minutes of C(￿rrIttee rneelings to the Board. d. Policies adopted for the indu¢tlon and training of Trustees New Trusle&s receive Induct*￿ and training It￿￿gh meetings with the Chairand Executive Directorofthe Charity. and through receipt of internally putAished material such as the mosl recent business plan and recent Board minutes. In February 2022 Truslees received unc¢￿¢￿X￿ b￿S trainw ￿nsiStenI with wr o>nmitment to become an anli-racist institut￿. •. Pay policy for key management personnel In view of the nature of the Charity. the Directors use pay levels in other regi￿al visual arts organisalions of a similar size to benchmark pay levels for all salaried stsff, includiThJ sen￿r management. Salaries are delemiined at a level ¢￿side￿d suffiC￿nt to attract and retsin cornpetent indivi¢Juats. consislenl wth the mid-point of the range paid for similar roles and within the C(￿straints of limited expenditure bud9ets. Along with all staff. the Flay of the Sen1￿ stsff is rewewed from Ime to time with any resurting increase informed by affordability. Page 7 NOTnNGHAAI CONTEAIPORARY (Acompany Limited by Guarantee) Twslees. Report l¢ontinuedl Forthe Year Ended 31 March 2023 Structure. governance and management (continued) f. Related party relationships Ine of Nottingham Contemporary'$ OirectTh5 receive rernUner8ti￿ or ots beneffil from their work as Trustees of the Charity. Any connection behveen a Trustee or senior managerof the Charity ¥wth a represented artist must be disdosed to the full board of Trustees as must any olher contractual relationship with a re18ted party. Detsils of directQTS' eyenses and rekted party transactions are disclosed in notes 13 and 29 to the accounts. Plans forluture periods There are no Cufrent plans to maten'alty chang8 Nottingham Contempcyary's &tMty or cperats'ons in the forthcoming year. We are planning for 2023124 to be a furtheryear of Frf)St Covid reC￿very, where we hope to grow visitors numbers as audiences regain a Confiden￿ and appetTte lor our core offer. inspiring experiences and enctxjnters, in a welcoming space. Exhibitions123r241 27 May- 3 S•ptember 2tr23 Galle 1.. Kre&ah Mukw hi Nottingham Contemprxary presented the first instituti￿￿ solo exhitM'kn"on by the Lrnbabwean artist, Kresiah Mukwazhi Ib.1992, Harare). in collat>orntK)n with SeCess￿n. Vtnna. Mukwazhi's interdisciplinary practice drew on peT50nal expenen¢es and observabons of gender-ba5ed violence, explortab"on. and abuse. Her mixed media collage5, sculptures. performance arKI wde05 ernerged frcxn a longstsnding engagementwith female sex workers in Harare and Cape Town. She sees her work as a lorrn of visual activism. addressin9 latent forms of patriarchy and 5y51emic wolence by interrogating the nWiantsms that force some women into pfecarious labour and working condits"on5 often led by brutslity and coercion. FealuriTrJ a body of ne￿Y commissroned wL¥k, this exhits.tron folowed an a￿l81Med presentation at the 2022 veni￿ Biennale (￿presenting Zimbab%*). The exhibiti￿ was tr* result ofa ￿lIaboratiOn with Secess*on. Vienna. Galle 2.. Abbas Zawi Abbas Zahedi's nterdiseplinary wactice blended contemporary phih)sophy. poetics. and social dynamics with sound, sculpture. and other media. With an emphasis on how KErsonal and LX)Ilective histo￿$ interweave. Zahedi made connections vthenever possible wth those arwnd. in proximity to. or involved with the contexts upon which he fctuses. For Zthedi's wlo presenlatson at Notti￿aM contem￿rary. he devek)ped a new Site-Sp￿1f¢ install3ti￿ that engaged the gallery's h￿rn￿￿ levels to think Ihrough the polrtics of breath. care arKJ dewn¢Jency. Galleries 3 & 4.. Eva Kotathova Eva Kolatkova Ib.1982. Czech RepU￿1c) combined sculptures. ctiiects. collages, c051ume5. and lexls into vast and playful scenographies inspired by surrealism. Often acbvated through performance and 51orytelling, her instsllalions expl￿ed gxial rules and structures. like the relationship between the individual and collective society. Co-developed by Nottingham Contemkx)rary's Leaming and Exh￿IrtH?nS teams, the exhibilion presented new and existing woths. engaging lo￿1 communÈties ond OL*Jtence groups by inwting them to participate in exploratory new worlds. Page8 NOTTINGHAM CONTEMPORARY IA Company Limited by Guarantee) Trustees. Report (continued) Forthe Year Ended 31 Marth 2023 Plans for future perl¢ds (continued) 23 September 2023-7 January 2024 All alleries". Ri keulous eEi nman & A.L. Stein uest d e Sam Roed( Nottingham Contemporary has invited Ritykeulous INicde Ei8enman and A.L. Ste1r￿r, joined here by guest dyke Sam Roeckl to present an a￿st-cUrated exhibth'on across all of its gallery spaces in Autumn 2023. Founded in 2005, Ridykeulous is a curatorial initiative concemed queer and feminist art. U&ng humour to cntique the art world and heleropalriarchal Cultu￿ at large. fvdykeubus often reinvents language to reflect Iheir sensibilities and concems. F¢xussing on installats.on and moving image, the eXhlbrt￿n at Nottingham Contemporary wll expand upon Ridykeulous's 2021 video presentation at HauseT & Wirth in New Yoth. entitled RAdykes' Cavem of Fine Gay Wine and Videos." Hauser & 8itch.. LknYBe M8dAI UslThi8 ￿11 be Ridykeulous's first instrtutional exhibition in Europe. The indicative arbst list incI￿￿eS Charles Allas, Morgan Boss￿h1S & Sasha W¢ytzel. Meriem 8ennani, Danielle Bralhwaite-shirley. Br￿￿ la Bruce. Dynasty Handbag. ZacJ(ary Drucker, Wynne Greenwood + K8 Hardy, Miguel Gutierrez. Young Joon Kwak. kay. Gerxge Kuchar. Youryj Joon Kwak, Klara Lidén. Ryan McNamara, Brontez Pvmell, Beatriz Santiago bAuin)z. My Barbarian. Tabts Reza1￿. The Oivine Dawd and Jo￿lbY Satte￿￿lIe, among other5. The exhibition al Nottingham Contemporary tt*n¢*Jes with NKole Eisenman's retrospedive at Imiilechapel Gallery in Autumn 2023. It wll be accompanied by an experimentsl publicat￿n. cOppu￿1$he￿ with MIT Press. 27 Jan 2024- 5 May 2024 Dora Btjdor Ibofn 19841 is a Croatian artist who fives and works in New Yort. She has exhibited extensively throughout the U.S. and Europe. Dora Budor trained as an architect in her native city of zag￿b, yet in her immersive a￿OrkS she uses the language of"minorf architeclure. rolher than making buiklings, she 5electivety tske5 them apart. In site-spectfic instsllations and interventions. Spa￿ is animated to a disorientsng effect. Describing her *ivrtKqS in the context of worldmaking - pr￿$$ of creating new realities or fiction5 through the reCydI￿ of what already exists- Budw suggests a stnjggle in favour of the totah'ty of the imagination. Her solo exhibition at NC will te Ihe first in the UK and she wilj make sile spec4fic commissions in resp)nse to points of inlefest in N0tb.ngh￿n. such as the 8roa(Jmarsh centre developmenL Paul M Paul Mpagi Sepuya Ibom 1982) is an American p￿tographer and artist. His photographs frtus heavily on Ihe relationship bett¥een artist and sut4'ect. He often expkjres Ihe nude in reL4tion to Ihe ints'macy of studio photography. The foundalKsn of Sepuya's work is portraiture_ He features friends and muses in his work that Creates meaningful reblionships ihrough the medium of photography. Sepuya reveals the subjects in his art in fragments.. torsos. am15. le9s. or feel rather the entire bo(ty. Through prov(Kative photography, Sepuya create5 a feeling of longing an¢J wanb'ng rnore. Trus yeaming deS￿e allo￿5 viewers to connect deepty with lh& photography in a meaningful way. Thi5 presentation al NC will bethe first UK instilutbjnal 5010 Sh{￿ of Sepuya's v￿rk. Live Programme Our live programme continues lo bè delNered in partnership with the ciVs tNo universities. In 2023124. we will present a series of 100 free to attend events, ranging frorn the small and intimate to the large scale. The programme will Continue to tr￿lId on our leamings duriThJ the dosure period, to CTeale a blended approach lo hybrid events - Iwe streaming events and creating a dynamic digrtal arthNe. so that in person events are broadcast to national and intemational audiences. As ever, the themes will be drawn from the exhibrtions. seasons, while also responding lo issues relevant to our Ic¢81 communrtles and ue81ive practrtitxters. Page 9 NOrnNGHAM CONTEIAPORARY (A Company Limited by Guarants•} Trustees. Report (continued) For the Year Ended 31 Mawch 2023 Plan$ forfuture p•riods {continuedl Learning Programm•s Our leaming projrarnmes w411 f¢xus on Iccal partnerships. clibcal frtend relabonships and on developing work together. We will work wlh city partners lo res[￿1 lo thal woritv&s and collaborate on programming and exhibilion-rnaking. In our Communitss prcoramrne. we will use art and cre8b.vtty to support wellbeing and social connections and devdop 8 new PfDgTamme ofcreats.ve walks acr05S the city connedro up local siles and offers. Our Young Pecyle's programme will connect wth local partners lrnara. Juno and the Youth Climate Assembly to develop projects and an events programme will suppcwt skills and communty building. Our successful family programme and school hdiday actiwties will continue and wll be expanded wth a new offerfor babies and toddlers and a developed offer for dIsa￿ed children arKI famil￿. In ow SCh￿L8 programme we will fo(JJs C￿ long teThn partrierships and devekJFrfng teacher and artisl praclice. Tradlng Adivltles a Fundralslng During 2023124. we plan ￿ Ihe conth'nued re￿very of wr trading activities as visitor cc*7fiden￿ and foottall nb'ftues to grow post pandemic. We ￿11 CIMtin￿ lo augment our shop and relail offer with seasonal, weekend craft and print fair5 providing local artists antl makers with opportunib.es to promote their praCtI￿S sell Iheir work. We will also enter the 2nd year of Collat￿th0n wilh I￿al coffee shop brand Blend, vtho bring their popular café culture offer lo Nottingham Contemp)rary 3ThJ will prO¥￿e hosprtality catering for events. We expect to continue growing our RLK)m Hire business to deliver commeroal inwme as demand for conferencing, parties and live music events ￿tUrnS. We are reviwng ￿ bi-annual GaL4 Dinner and AuclK)n to increase fundrdising, wth our ffirsl post Covid gala on 28 September 2023. We have also init￿le￿ a"Funds for the Future. Gallery Naming rights initiative. arHJ secured twt) Substanti￿ d(￿a￿n$ in ￿luM fw the naming of two of our six principal S￿es. Future developments The Trustees remain Committ￿ to Nollingham Contemwary providing an OLttstandir¥J programme of international art,. educatKJnal programmes and discourse that indudes a focus on kaming, campai9ning and aclirwj on anti racism, whilst also continuing to evolve the ￿sinesS model to deliver operational and financial sustainability. Whilst this evolution includes recovering from the gkibal pandemic. il also includes knglhened exhibition seasons, additional trading income targets. additional future fundraksing events. and a response to the changing economic and PLJblK funding environmenl. We were successful in gaining funding from an aPpI￿￿on to Arts Counal England to remain part of its National Porlfolio Ofganisation investmenl program￿ the peri¢>J April 2023- Marith 2026. Development priorities have been set that cover follwng areas.. Amli Raosm action, Financial and Or9anisation81 Sustainability. Art"stic Pr(NJiamme. knve pr￿aramMe, Learning Programm8. Audience Engage￿￿￿t. Fundraising Trading Acts"wbes. GovemanGe and Risk Management. Funds held as custodian During the period 2017 - 2018 Nottingham Cont8mFwary was Ihe 18ad partner in anolher ccffi50rtium which received Strategic Touring funding from Arts Council Eryjland to deliver a touring eTh3agemenl programme related to a series of UK Lubaina Himid exhibitions and the BL4¢k Arts Movement of the 1980s. Nottingham Contemporary acts as custodian of these restricted fvnds on behaw ol the ￿nsort5￿M and the funder. At the beginning of the year there was a balance brought for￿rd on Ihesg fvnds 01 £14.105. These lunds were drawn down this year. Page 10 NOTTINGHAM CONTEMPORARY (A Cofflpany Limtted by Guarantee) Trustees. Report (continued) Forthe Year Ended 31 March 2023 Statement of Trustees. reSp￿sIbilItieS The Tnjslees (who are aso the directrys of Ihe Company ft)r Ihe purposes of L￿npanY law) are responsible for preparing the Trustees. Repcwt an(J the finanaal statements in accordance with applicable law and United Kin9dom Accounting Slandards {Urwted Kingdom General￿ Accepted AcC￿nting Practice). Company law requires the Tnjslees lo prepar8 finanual stslements lor each financial . Under cornpany law, the Trustees musl not approve the finanual ststements unless they afe satisfied that they give a tiue and fair view of the stale of affair5 of the Group and the Company and of their incorniftg Tesources an¢J appIl￿tIon of resources, induding their income arKI expellditu￿. that perKxJ. In Pre￿ing these financial slalements. the Trustee5 are required lo.. S￿tab￿ ￿)untAi9 Pol￿eS aTrJ then apptythem LXfftsiStenUy. observe the methods and principles of the Charities SORP {FRS 1021., rnake judgments and accounts.ng esth"mates Ihal are reasonable and wu¢Jw*l'. state whether applicable UK Accounting S18nda¥ds IFRS 1021 have been followed. subject to any matenal departures disclosed and explained in the financol statements.. prepare the financial slatements on the gLNng concem basis unbe5S it 15 inapprcyriate to presume that the Group will continue in bugness. The Trustees are ￿s￿nsIble fLK keeping adequate accounlwig recJ)rds that are sufficient lo show and explain the Group and Ihe Companys transacb.ons and di5d05e wth leasL￿ab1e accuracy at any time the finanGial posib'on of the Group and the Company and enable them lo ensure Ihat the financial statements comply with Companies Act 2¢X6. They are a150 responsible f(y safeguarding the assets of the Group and the Company and hence for taking ￿asonable 5tep5 fLK Ihe prevention and delect•?n of tra￿ and other irregulariknes. The Trustees are resprrib￿ for the maintenance and integrity oflhe corporate and fnancial informal.on induded on the charitable Group's website. Legislab"on in the United Kingdom goveming the preparat￿n Oisseminalion of financial statements may differ fr￿ legislation in Olher jurisdictions. Dlsclosure of informatlon to audito Each of the persons who are Trustees at the time 7hthen Ihrs Tru5tees' Report L8 approved has ￿nTI￿ned that.. so far as IhatTru51ee is aware. there is rn relevant audit inf0m￿ti￿ ofwhth the thartlable gfOUP'S audrtors are unawa￿. and that Trustee has taken all the steps that ought lo have been tsken as a Trustee in lyder to be aware of any relevant audit infom7ati￿ and lo establish that the tharitsble group's auditors are awarg of that information. Approved by order of the members of the bjard ofTrustees and svJned on their behaw by.. Matt Symonds Chair of Trustees Date.. 13 December 2023 Page11 NOThINGHAM CONTEMPORARY (Acompany Limited by Guarantee Independert Auditor5. Reportto the Membw5 of Nottingham Contsmporary Opinion We have audited the financial slatements of Nottingham Conterrwrary (the barent charitable company'l and its subsidiaries (the 'group'l for the year ended 31 March 2023 which comprise the Consdidaled Statement of Financial Activitses. the Consolmlated Babnce Sheet. the Ccmmpany Balance Sheet, the Consolidated Statement ofcash Flows and the related notes. Including a summary of s￿n￿￿nI accounling pol￿pes. The financial reporting framework that has tr*en aP￿red in their preparation is applicable Law and United Kingdom Accounting Standards, induding Financial Reportrng Stsn(Jard 102'The Financial RekX)rting Stsndard appliCa￿e in the UK and Republic of Ireland. (United KingdcTh GwEralty Accepted Accountrng Pr&11￿). In our opinion the financial slatements". give a true and fair view of the stsle of the Group's ￿ of the parent charitable company's affairs as al 31 March 2023 and of the Group's incoming resources and applicathjn of rescMJrce5, including ils income and expenditure for the year then ended.. have been properly p￿pared in a(xordance with United Kingdom Generally A￿pIed Accounting Practice,. ar%1 have been prepa￿d in a￿rdance Tmih the requirements ofth8 Charibes Ad 2011. Basis for opinion We con¢Jucted our audit in acc¢Ydance Internaticfial StarKlards on Auditi'ng {UKI {ISAs IUKII and applicab Law. Our responsibilit￿S under those stsndar(Is are further described in the Auditors. responsibilitie5 for the audit of the financial statements secbon of our ￿[M)rt. We are independent of the Group in accordance wrth the ethical requi￿rnents that are relevant to our audit of the finanaal statements in the United Kingdom, including the Financial RepKJrting Counal's Ethicèl Standard. and we have fulfilled our other ethical resFK)nsibililie5 in accordan￿ with these requirements. We beI￿ve that the audit evidence we have obtsined is sufficient and appropriate to wovKle a basis f(x our opnKIn. Conclusions relating to go•ng concern In auditfftg the financral stalemenls, we have conduded that the Tfuslees. use of the gtyng concem basis ol accounb'ng in the preparation ol the financial siatements is apwopriate. Based on the work we have perfomied. W￿ have not identified any material ￿r￿T￿Int1es relating lo events or conditions that. indwidualty or cdlectively. may cast significant doubt on the Group'5 or the parent charitable company's ability lo continue as a going (￿Cern for a perK)d of at ￿ast rn(mth$ from when Ihg fin•)ryal stalemonts are aulhorised for issue. Our responsibilities and the resFor￿1bl1it1es of the Trustees *ilh respect to going concem a￿ described in the relevant sedions of this rewt. Pa9e 12 NOTtINGHAM CONTEMPORARY IA Company Limited by Guarantee) Ind¢pend¢ntAuditors' Report to the V*mber5 of Nottingham Contemporary l¢ontinuBd Oth•r infon7)a¢ion The other infofmatiefi comprises the inf0mat￿ irKJuded in the Annual Report other Ihan the finarrial ststements and our AudrtcKs' Rewjrt thereon. The Trustees are ￿sponsible for the other inlormatKJn contained wrthin the Annual Report. Our opinion on the financial stslements tyoes not cover the other informabon and, ex￿p1 lo the extent othenNise explicitly stated in our rerKJrt. we do not express any lorm of assurance conclusion there¢M. Our responsibility is to read the other information and. in doing so. C￿SIder whether the other inforniation is materially inconsistent with the finanaal statements or our knOW￿ge obtained in the c(KJr5e of the audit, or otherwise appears lo be materially Mi￿lated_ If we identify such material In￿¢s•Sten￿eS or 8pparenl material misstatements. we are required to determine whelher this gives rise to a material misstatement in the financial stslemenls themselves. If. based on the work we have perlormed, we conclude that there is a material misststement of this other information, a￿ required to report that fact. We have nothing to report in tr¥"s ￿ard. Matters on which we are required to report by exceOk•n We have nothing lo repcrt in respect of the following matters where the Charities (A￿nts and Reportsl Regulations 2008 rEY4uires us to report to you if. in our opinron." the infcfmation given in the Trustees, Repfjl is In¢￿SIstent in any material respecl the financial slatements.. or the parent chartsble Cl￿panY has not kept sufficient accounting records.. c the parent charitable cornpany financFal ststements are not in agreement ¥wth the accounb.ng records and feturns.. we have not re￿Ved all the ￿lO￿natIOn and explanab"on5 we wuire for Oura￿j11. Responsibilities of trustees As extAained more fully in the Trustees, Respon￿til￿1eS Statement. the Trustees (who are also the (fwector5 of the charitable company for the purposes of company law) are re5porsible for the preparation of the financial statements and for being satisfied that they give a true and fair vw, and for suth intemal control as the Trustee5 delerniine is necessary to enable the preparation of finanL?al statemènts that are free from material misstalemenl, Ythether dtje to fraud or error. In preparirwj the fIn￿claI stslements. the Trustees we resp￿tsIble for assessing the Group's and the parent charitable company's ability to continue as a going concem. di5¢k)sing. as aP￿icable, fnatters related lo going concern and using the g(xng fxincem basis of accounting Lrnless the Trustees either interxl to liquidate the Group th8 parent charitable cofflpany or to ￿se operalK>n5. or have rK) realistic atternative but to do so. Page 13 NOTfiNGHAM CONTEPIPORARY (A Company Limited by Guarantee) Independent Auditows. Reportto the IAefflbers of Nott•ngham Conternporary (continued) Aud•tots' responsibilities forthe audit of thefinan¢lal statements We have been appl￿nted as audit￿ under seclion 151 of the Charities kt 2011 and rèwt in accordance with the Act and relevant regulalKJns made or having effect thereunder. Our objectives are lo obtsin reasonable aSSUra￿e atW)Lrt Vlthether Ihe financial statsments as a WI￿re are free from material misstatement, whether to fraud (x error, and to issue an Auditors, Report that includes our opinion. Reasonable assurance is a high le¥el of assuran￿, is r*Jt a guarantee that an audit conducted in accordance wrth ISAS {UKI wll 8￿y$ delect a material misstatement when it exists. Mis5talements can arise from fraud or efft)r and are considered material rf. indwidualty or in the aggregate, they could reasonably be expected to inffluence the eCor￿mi¢ ¢Jeosths of LL8ers taken on the basi5 of these finanoal ststemenl5. Irregularities, including fraud, a￿ Instan￿ of non-compliarte wilh law5 and regulations. We design procedures in line with our ￿sponSI￿1it￿$, ouuined above. to detect material mi5Statements in respect of irregularities. including fraud. The extent to vknich our t%0￿d￿e5 are Capab￿ of delecbng irregularities. including fraud is detailed below." We identified that the principal risk offraud (Y rKwmpkance with laws and regulalicffl5 related to". management bias in respect of accounting estimates and judgements made.. management override 0f¢xJntrr￿', posting of unusua journals c* tranSaCtb￿. We focussed on those areas that could gwe rEe lo a material misstatement in the So(iety's financial statements. Our pr¢xedurps induded. but were not limited lo: enquiry of management and lts)se charged wilh governa￿e around actual and potential litigation and claims, including instsnces of non-compliance with laws an(1 regulations arKI fraud., reviewng minutes of meetings ofthose tharged with govemancewhere availatAe'. reviewing legal expenditure in the year lo identify instsnces of non-CX)M￿ianCe with Lgws and regulations and fraud", revEwing finanaal statement disdosures arKI tesling to sup￿)r￿"￿9 ¢&xyJmentalion to assess compliance with applic8ble laws and reguL4ts"ons performing audit work over the risk of rnanagement overrhde of u)ntrols, induding lesling of joumal entries and other adjustments for appropriateness. evaluab.ng the business rationale of S￿3n1r¢CanI transactions outside the nomial cwrse of business and reviewng accounting eskn"mates fcff bias. 11 is the primary respfJ)sibik"ty of rnanagement. with the oversKJht of those tharged with governance. to ensure that the enbty's operations a￿ conducted in accordance the provisions of laws aTrJ regulations and for the prevents.on and detection of fraud. Because ol Ihe inherent limitstions of an audit. there is a r￿k that we will not detect all irregularities, including Ihose leading to a material misstaternenl in the financial ststements or non-compliance with fe9ulation. Thi5 risk increases the more that C4)MplIan￿ with a law or regulation is removed from the events and transactions reflected in the financial statements, as we wll be less likely to tecome aware of instances of non-compliance. The risk is also greatef regarding irregularities ocojrring due lo fra￿j rather than error. as fraud involves intentional cL¥Kealment. I￿gery. CdIu￿On. Omi￿on or ￿srepreSentatlon. A further description of our responsibilities for the audit of the financial stslements is located on the Financial Reporting Councifs website at.. www.frc.or .u￿jaudl1orsreS onsibilrties_ This de￿IPtion fomis part ofour Auditors, Report. Page 14 NornNGHAM CONTEMPORARY IA Company Limited by Guarantee} Independent Auditors. Report tothe Pknbers of Nottingham Contempow Iconllnuedl Use of our report This repK)rt is made s(Aely to Ihe charitable companYs trustees, as a thyty, in aco)rdance wth Part 4 of the Ch8rilies {Accounts and Reports) RegulatM)n$ 2008. Our audit work h85 been undertaken so that we might state to the Charitab￿ companVs Iruslees those malters ¥￿ are required to stale lo them in an ALJdilors' Report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility lo anyone other than the charitable c￿npanY and ts men*Jers, as a tthy. for our audit bwirk. for this repx)rt, or for the oiynions we have formed. g @ ((iocor fkJth PKF Smith CooperAudlt Limited Statut¢xy Auditors 2 Lace Market Squ*e Nottingham NGI 1P8 18 Dec8mber 2023 PKF Smith Cooper Audit Limrted are eligible to act as audrtors in temis of section 1212 of Ihe ¢￿panIeS Act 2006. Page15 NOThNGHAM CONTEMPORARY (A Company Limited by Guarantee) Consolidated Statement of financial activities (incorporating income and expenditure account) For the Y&v Ended 31 March 2023 Unrestricted Restricted funds lund$ 2023 2023 Total funds 2023 Total nds 2022 Income Irom: Donat￿nS 28,940 1269.530 425.427 28,528 204,424 2&940 1.565.461 425.427 28.528 204A24 30,382 I. T4Z,391 275, 758 20,506 27 1,484 Charrta￿e actiVrt￿S Other trading acliwties InveS1￿Ents 295,931 Other •r￿Orne Total income 1,956,849 295.931 1252,780 2,280,527 Expenditure on: Raising fuNts'. Cost of raising donaticw)s Othertrading ewertses anlable actNit￿$ 18,398 256,707 1,836.879 18,398 256.707 2.027,323 70,779 271,563 7,875, 715 10 190.444 Total expenditure 2,111,984 190,444 2.302.428 2, 158.057 Nel llosses1lgair￿ on inv8slments 17 (53,0551 {$3.054 29,580 Ngt movement In fund5 {208,1￿> 105.487 1102.7031 152,044 R•coneiliation of fvnd5: Total funds brought foMar(J Nel movement in fvrMJs 1,325,801 (208.190) 1.326,357 1102.703) 1. IT4,3t3 152,044 105.487 Total funds carried fornanl 1,117,611 106.043 1.223.654 1,326,357 The Consotidaled Statement of FinarKial kntivilies ind￿5 all gains and losses recognised in the year. notes on pages 20 10 42 frffii part of these fina￿￿ statements. P￿e 16 NOTnNGHAM CONTEMPORARY IA Company Limited by Guarantee) Registefed number: 05678059 Consolidated Balance Sheet As at 31 March 2023 2023 2022 Fixed assets Tans¥ble assets Inveslnwts 16 17 29.067 539,105 23,829 622.456 $68,172 646.285 Current assets 19 35.033 355,710 764.515 32.695 267.981 979.895 Debtors Cash al bank and in harKI 1.15S258 1.280,571 Creditors." amounts falling duè within o 21 (499.776) [600.499) Net¢urrnnt assets 655,482 680.072 Totsl nel assets 1.2ZJ.654 1.326.357 Charity funds Reslrided funds Unrestricted funds 106.043 1,117.611 7.325.801 Total funds 1.223,654 1,326,357 The Cijmpany was entiued lo exemption frc¥n aujil under section 477 of Ihe Companies Act 2006. The members have not required Ihe entity to obtain an au(Jrt tr* year in question in accordance with section 476 of the Companies Act 2006. However. an aLKIrt is required in accorthnce with sectw)n 151 of Ihe Charities Act 2011. The TnJstees acknowledge their responsibilrt*s for comKty'ry wilh Ihe reqU1￿ments of the Act wth respect to accounting records and p￿parats.0n of finarrial ststements. The financial slalements have bBen prepared in accordanL% Wth the [￿O¥is11￿S appI￿a￿e lo entities subject lo the smam companies regime. The financi81 ststements were approved and auth)rised forissue by the Truslees and signed on their behalf by.. Matt Symonds Chair of fruslee5 Date.. 13 December 20Z3 The notes on pages 20 10 42 f￿7 part of these stslements. Page 17 NOTTINGHAM CONTEIIPORARY {ACompany Limited by Guarantee) Regi$ter¢d number. 05678059 Company Balance Sheet As •t 31 Mar¢h 2023 2023 2022 Fixed assets Tangible assets Investments 16 17 21202 589.105 10,608 6T2,456 614.307 683.064 Current assets Debtor5 461,207 583.705 344,351 868,684 Cash at bank and in hand 1,044.912 1.213,035 Creditors.. amounts falling due wilhin one 21 1437.521) {￿9.803) Net current assets 607.391 643.232 Total net assets 1,221.WJ8 1.326,296 Charity lunds Restricted fvnds Unrestricted fvnds 1221.698 1.325. T40 Total lunds 1.221.698 1.326.296 The Cofflpanywas enlttled lo exerrytion from a￿j11 under section 477 olthe Compan*s Acl 2LK6. The memters have not required the entity to obtain an audit for the year in question in aco)rdance wilh section 476 ofthe Companies Act 2006. Ht)wever. an audit is required in accordan￿ wth seciThi 151 of the Charities Act 2011. The Trustees acknuwlethje their ￿SponS￿Y"l1IleS for cixnplw'ng with ts requirements of the wrth respect to accounting records and preparation of financial statements. The financial statements have been prepared in acc￿dan￿ wth the provisions applicable to enlities subject to the small c4)mpanies regime. The financial stslements were approved and authorised for issue bythe Tru51ees and signe(l on their behalf by: Matt Symonds Chair of Trustees Dale.. 13 December 20Z3 The notes on pages 20 10 42 ftwm part oflhese fina￿14 slateff￿Is. Page 18 NOTTINGHAM CONTEMPORARY (A Company L•mited by Guarantee) Consolidated Statement of Cash Flows For the Year Ended 31 March 2023 2023 2022 Cash flows from operating adivities Nel Cash used in operath.ng (224,75n 64, 188 Cash flows frorn investin9 a¢livities Purchase oftsngible fixed asse15 Proceeds from sale of investrTTents Purchase ol investrnents {20,974) 233,568 (203,217) (8.996) 99.505 (104.353) Not cash provided bY1(us￿ in) investing actsvities 9,377 (13.8441 Change in cash and cash equivalents in the ￿•T Cash and cash equNalents al Ihe teginning of the ye 1215,380) 979,895 929.551 Cash and ush equi¥alents at the end of the y& 764.515 9T9.895 The notes on pages 20 10 42 form part ofthese ffina￿al slatements Page 19 NOTTINGHAM CONTEMPORARY (A Company Limitod by Guarantee) Notes to the Financi¥l Statenwnts For the Year Ended 31 March 2023 General inforn￿tIon Nottingham Contempmry is a wivale company limited by guaranlee and a registered charity, incorry)rated in England within the United Kingdom. The address of the registered off￿e aThJ the wmpany's registration number is given in the company infoymab.on of Ihese financial slalernenls. Ac¢ounting policie5 2.1 Basis of preparation offinancial sLitements The finanual stslements have been prepared in accordan￿ wrth the Charithes SORP {FRS 1021- Accounting and Repoth'ng by Charities.. Slatement of Recomrnended Pracbce appli￿ble lo charities preparing their accounts in ac￿rdanCe the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 leffeclive 1 January 2015), the Financial Reputing Standard applicable Ihe UK and Re￿bI￿ of Ireland IFRS 1021 and the Cwipanies Act 2C(IS. Nottingham Conternp￿ary meets the defin￿(￿ of a public benefil entity vnder FRS 102. Assets and abilities are inilialty Tecognised at histNical cost w transact#)n value Un￿SS othermse slated in the relevant aC￿Jnbn9 policy. The CC￿lIdated Statefnent of Financial Aeliwti"es (SOFA) and Consolidated Balance Sheet consolidate Ihe financial staternents of the Group and its SUbs￿lIary undertaking. The results of the subsidiwy are consolidated on a line by line basis. The GrcMJP has taken advantage of Ihe eXempl￿n allowed under section 408 of the Companies kl 2006 and has not presented ils own Statement of Financial Acts'vities in these financral slatements. The financial ststements a￿ presented in Sterling ￿lch is Ihe functional currency of Ihe company and are rounded to the nearest £1. 2.2 Basis of Mn$olidation The financial slalernenls consolidate the accounts of Nottingham Contemporary and all of subsidiary undertakings I'sub%diaries'l. The income and expenditu￿ account for the year with in the accounts of the Company was a surplus of £168.720 (2022.. £113.1581. 2.3 Company st*us Nottingham Conlemwrfary is a company limited by guwanlee. The membets of the Company ar8 the Trustees named ￿ the company infomiation page of these financial statements. In the event of the Company being wouryl up. the liabih'ty in of the guarantee is kmited lo £10 por member of the Company. 14 Going concern In kyeparing the finanaal statements on a going con￿rn basis. the Board of Trvslees have paid due regard to ￿levant forecast financial information - induding cash flows, funding key supporters and factored in sensitiwties and uncertainties affecting the charity. Further comment has been made in the Trustees. Repo￿ In the Trustee's L¥>inK?n, the charity ts a goin9 concem for a minimum oftwelve months from the dale of the approval of the financi* statements. Page Xl NornNGHAM CONTEMPORARY (A Company Lirnited by Guarantee) Notes to the Financial SLitements For the Year Ended 31 March 2023 ¢ountlng policigs (¢ortlnu8dl 2.5 Income l income is recognised once the Company has entiuement to the income. it is probable that the income will be (￿￿ved and the wnounl ol income receivable can t* measured reliably. Grants are included in the Consolidated Statement ol Financial Activities on a receivable basis. The bala￿e of income received for 5Fwfic purposes but not experKled duriryj the period is shown in the relevant funds on the Balan￿ Sheet. Where income is received in advan￿ of entrtlement of receipt, its recognition is deferred and induded in ¢￿itorS as deferred income. Where entitlernent occurs before Wicome is received. the inccrfne is accrued. tk)nated services ￿ facilities are recognised when the Company has control over the item. any conditions assock8led with the donated rtem have tr￿en mel. the receipt of economic benefit from the use of the Ctynpany of the rtem is probable and that economic benefit can ￿ measured relwbly. In accorfjance with the chafib.es SORP IFRS 102). Refer to the Trustees. Report for more information about their contribution. On receipt. donated professK)nal serwcEs and facTrlities are recognised on the basis of1he value of the grft lo the Company whth is the amount il would have been wlling lo pay to obtain services or facAlilie5 ol equivalent economic benefit on the open fflarkeL a corresponding amount IS then recognised i exper¥Jiture in the perK)d of recwpt. In￿me tax recoverable in relat￿n to donalions received under Gift Aid or deeds of covenant is recognised al Ihe ts'me of Ihe donation. Income lax recoverable in relation to investment income is recognised at tho time the investment income is receivable. Other income is recconised in the peri¢)J in whth it is r￿1vable ar&1 to the extent the goods have been provided or on corrylel•Jn of the servi￿. 2.6 Expenditu Al expenditure is accounted for on an accruals basis and has been cjassffjied under headings that a99regate all costs related to the calegory. Expendilure ts recognised where there is a legal or constructive obligation lo make payments to third parb"es. it is probable that the setuemenl will be required arwj the amount of the obligalion be rnea5ured reliably. It is categorised under the fdlowing headirrtJs'. - Costs of rai5ry fvnds". - Expenthtufg on d)aritsb￿ acknties.. WKI - Otherexpenditure represents those rtems not falling into the calegoiies at¥M. Costs of raising fvnds comprise the costs associated with attracliry voluntary income and the costs of trading for fundraising purp)ses induding Ihe costs of Notb'ngham Contemporary Trading Limited. Charitable activth.es comprise tr* costs ntyjrred by the Company in the delivery of its activibes and services of exhibitions. artist fees, community and edu￿*￿ft and markets.ng and put4ic relation acb"vities undertaken to further the purposes of Ihe Company. Support costs are those costs have not been directty allocated lo an ath.vty of the Company btjt nevertheless support those activities. These costs have been albxated be￿een Charrta￿e activities and costs of generating funds. The basis cm supp(wl costs have been allocated are set out in Note 10. Page 21 NOTnNGHAM CONTEMPORARY (A Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 counting poli¢ies (continued) 2.6 Expenditure (continued) Govemance costs are those in(yJrred in conneclion ￿th athinistra11c￿ ol the Company and compliance wth corstitut•Jnal and staiutory requrements. Irrecoverabk inpLrt VAT is rwnised in ivs (Y4•n expendrture heaong. 2.7 Inte¥•st rKeivable Interest on funds held on depD5rl is induded when [￿91¥￿e and the amountcan be measured reliably by the Group.. this is nom￿1￿ Up￿ notif￿tIOn of the nleresl paid or payable by the institulKJn wrth wh￿n the funds are de￿sIted. 2.8 Irrncov•rabl• VAT The Company is registered for VAT, however due lo the mixed nature of the supplies it makes, il has irrecovernble VAT arissng due to part*1 exempts.￿ which is Included in resources expended. 2J Tanglble flxed ass•ts and depreciation Tangible fixed assets are In￿31￿ recognised at cost. After recognition. under the cost model. tangible fixed assets are MeaSu￿¢j at cost less accvmulated deprecialion and any accumulated impairment losses. All costs incu￿0 lo bring a tsngI￿e fixed asset into ils intended y￿rkIng condrtion should be induded in the measurement ol cost Depreaation is charged so as to all(￿ale the cost oflangibk fsxed assets less th￿r residual value over their eslimaled uselul lives. using the stravJht-line methcKJ. Depreuakn"on 15 provided ￿ the fdbwing baws.. Plant and m*hinery Fixtures and fittings Office equipment Comwter eqUi(Xi￿nI 25% 25% 25% The assets, regdual values. useful lives and dep￿cIatIon metrKMJs are rewewed, and adjusted yospecb.vety rf appropriate. or if there is an indication of a signtficant change since the last reporting 2.10 Investments Fixed asset investments are a fom crf ￿n￿la1 inslnjrrenl and are initialSy recognised at thelr transaction cosl and subsequently measured at fair value at the Balance Sheet date. unless the value annot be measured reliably in wh¢ch case il 15 measured at cost less impaimienl. Investment gain5 and losses. whether realised or unrealL%ed. are Combined and Pfesented as 'Gainsl{Losse51 on investments. in the Consolidated SL*emenl of Financial Ath"vilies. Investments in subsidiaries we valued at C051 ￿sS FWOVi5•Jn for wnpairrnent Page 22 NOTTINGHAAI CONTEMPORARY {A Company Limited by Guarantee) Notes to Ihe Financial SL*•m?nts For the Year Ended 31 Mar¢h 2023 Accounting policies {continuedl 2.11 Stocks Stocks a￿ slate(J at Ihe lower of cost and net realisabfe value, being the estimated selfing price less costs to comK4ete an¢Y sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished ￿c#￿S indude latrf)w and attributable overheads. At each baance sheet date. stock5 are assessed for impawment. If stock is impaired, the carrying amount is reduced lo ils selling less costs to coMp￿te arKI sell. The impaimient Soss is recognised immediatety in profit or knss. The Group receNe$ dI￿atiOnS ofwcwks ofart for sale. As Ihese ￿Present many iTrJividual works of art from Vari￿ls conbi'butors, it ts considered impracticable to esfr'mate the value of the donations with sufficient ￿liabIlity, therefo￿ income is induded in the fina￿￿al period when Ihe asset is sold in accordance wrth FRS102. Furthermore. the Group Wds certain works of art cn a sale or retum basis and in aCC￿d￿Ce with FRSJ02 they are Tr)t re￿nised in stod( at the year*nd. 2.12 Debtor¥ Trade and other debtor5 are recowised at the setuement amount after any trade discount offered. Prepayments are valued al the amount wepaid net of any trad8 discounts due. 2.13 Cash at ￿nk and In hand Cash al bank an(J in hand indudes (8sh and short-twm hxjhly liquid investments wilh a short maturity of three months ￿ less from Ihe dale of acquigtiTr7 c￿ opening of the depogl or similar account. 2.14 LSabilities and provisions Liabilities are recognised when there is an obligation al the Balan￿ Sheet date as a result of a pa51 event, il is probable that a transfer of economic Ixnefit ￿11 be required in settlement, and the arTh)unt of the settlement can be estimated reliably. Creditors and provisions are normally reeognised al their setuement am￿Trt after tor any trade discounts due. 2.15 Flnancial Instrurnents The Group only has financk41 assets and fin￿lat liabilities of a kind that qualify as basic financial strumen15. Basic finartial instruments are in￿"81ty recognised at transaction value and subsequently sured at th￿r sett￿ent valu8. 2.16 Pensions The Group operates thr& defined contribub.on pension schemes the pension charge rep￿sents the amoLbnls payable by the Group to the funds in respect of the year. Page Z3 NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee) Nots$ to the Financial Statements Forthe Year Endod 31 March 2023 Accounting policies Icontinyedl 2.17 Fund a¢¢ountlng General funds are unrestricted funds whth are avallable for use al the discreb'on of the Trustees in f￿rtherar￿e ol Ihe generdl obJ"ecb"ve5 of the Group and which have not been deggnaled for other rFx)ses. Desi9naled lurKls ¢¢ynprise UnreStr￿ted funds that have been sel aside by the Trustees for particular wrw)5es. The aim and use of each designated lund set (xrt in ts notes lo the fina￿101 statements. Reslricted funds are fun(ls vthith are lo be used in ￿cordanCe with specjfic restn'cb"ons imposed by )nors or which have been raised by the Group for partscular purp05e5. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted lund is set out in Ihe notes lo the financial StateM￿ts. Investment income. gans and bsses are althated lo Ihe appropriate fiJnd. In¢ome from donations and lega¢ie$ ljnrestricted fvnd$ 2023 Total funds 2023 Totsl funds 2022 tk)nations and benefact(¥ ir£ome 28,940 30,382 Total 2ff22 30.382 .382 Incthne from ¢haritsblo activities Total funds 2023 Total fvnds 22 funds 2023 fvnds 2023 Incoff* from charitable xt1vi1￿s 1.269,530 295.931 1,565,461 1.742.397 Tola12022 1,426.877 315.514 1,742,391 Page 24 NOTTINGHAM CONTEMPORARY IA Cornpany Lirnited by Guarantee) Notes to the Financial Stalen￿nts Forthe Year Ended 31 Mar¢h 2023 Income from charitable acti¥illes- detsiled UnTestri¢ted Reslrict•d funds funds 2023 2023 Total fvnds 2023 Total fijnds 2022 Art5 CouncAI England- Core FlIr￿l￿g Arts Counal England- Other Funding DCMS Cultural Recovery G￿1 Nottir¥Jham Trent University & Un￿e￿ty of NottiThJham grants Other University income Nottingham City COLM￿1 Other Trust arKI FouThtst*?ns Leaming grants ExhibrtKJns and other irccxne wojects 1.024.303 1,024,303 2Q826 1,024,303 24,409 107. T50 26.826 145.228 145.228 14.252 94.868 156.838 98.015 5.131 198,324 11,301 94,868 207.044 70.958 3,434 14.252 156.838 98.015 5.131 1,269.530 295,931 1,565.461 1,742.391 Tolal 2022 1.356,5TI 222,787 1,579,364 Trust and Foundation restricted Income split 2023 2022 Garfield Weston Foundation National Lottery l ESF Opportunity & Charvje Fund The Paul Hamlyn Fc*Jndatic Foyle FoundatiL Small projects income 23.988 57.081 30,752 6.379 38,638 45.471 54,044 91,402 7,622 8.505 156,838 207,044 Page 25 NOTTINGHAM CONTEMPORARY IA Company Limited by Guarantee) Notes to the Financial Statements For the Year Ended 31 March 2023 In¢ome Irom otherlradSng acllvltles Income from non charitable tradin9 actlvities Unrestricted funds 2023 Tot funds 2023 Total fvnds 2022 Shop sales Room hire and events 186.418 197,668 ).454 1.887 186.418 197.668 13T.738 41,461 79,060 17,499 Cafe income Artist editions Ir￿1r 20,887 425,427 425.427 275,758 Tol* 2022 275.758 275. 758 Investment I￿orne Unrestricted fvnd$ 2023 Total lunds 2023 Total fvnds 2022 DivKlends from Ihst8d inveslments Bank Inte￿St receNable 22.240 6288 22,240 6.288 20.378 228 28.528 28.528 20,506 Tolal 2022 20.506 20.506 Page26 NOTTINGHAM CONTEMPORARY (Acompany Limited by Guarantee) Notes to theFinan¢ial Stslements For the Ythv Ended 31 March 2023 Other incorne Unrestricted funds 2023 T¢)tsl funds 2023 Total lunds 2022 Exhibit￿ tax rdief Coronviru5 Job RelentKJn Scheme grant 8u5ine5s Supp)rt Oiher inc￿le 195.172 194172 724.557 46.013 40.000 914 9,252 9252 204.424 204,424 211,484 Total 2022 211.484 211.484 Ex"penditure on raising lunds Costs of raising voluntary income Total funds 2023 Totsl fvnds 2023 2022 Marketing and public relat•Jns Voluntary in¢ome staff ccEts 15.672 2.726 15.672 2.726 8.2T4 2,505 18,398 18,398 10.779 Tola12022 70.TT9 10. 779 Page 27 NOTTINGHAM CONTEMPORARY (Acompany Lirnited by Guarantee) Notes to the Financial Statements Forthe Year Ended 31 March 2023 Expenditure on raising funds {c¢xrtinued) Other trading expenses Total funds 2023 Total funds 2022 funds 2023 Cost of sales Selling and distribution expertses Administration experws Wages and salaries Dew'ali( 222.264 931 21.333 2.715 222,264 931 148.393 1,296 21. 127 86,970 13,7T7 21,333 2,715 256,707 256,707 2TI.563 Total 2tY22 271.563 271,563 Trading and fundraising activities The wholty 0￿ed subsidrdry. Nollingham Contempxjrary Trading Limited (Compaiy Number 066126731. is IIICO¥POfated in the UK and distributes all of ils profits to Ihe charity under a deed of covenant. The company operates the shop. cafe and the private hire of rooms and events at Notts'ngham Contemporary art gallery. The Charity owns 10¢Ykn of the ordinary share Capital of the company. The nel profrt from Notbroham ContemFwary Trading knmiled before the distributic￿ of profil to the porenl charty amounted to £168.720 {2022: £38.8861. The 1th$tr￿utiOn of profit for the year arnounted to £166.82512022- £nil} Page28 NOTnNGHAIA CONTEMPORARY IA Company Limited by Guarantee) Notes to the Financial Statements Forthe Year Ended 31 March 2023 10. Analysisof expenditure on charilable a¢livities Summarybyfundtype Unfestricted Restricted fvnds nds 2023 2023 Total 2023 Total 2022 Costs ofchanlable actNrfies Costs of Taising d￿alK)r Costs of raising lun(ts 1.644.697 16.880 175.302 190.444 1.835.141 16,880 175.302 1.686.525 la 177 IT7.019 1.836.879 190,444 2.027.323 1.875.715 Total 2022 1.560.757 314,958 1,875.715 11. Anaty$is of expenditure by activibes Activities undertaken directly Support costs 2023 Total fund$ 2023 Total nds 2022 Costs ofchwitable activrtie5 Costs of raising donatior Costs ol raising funds 1.374.838 ' 460,303 16,880 99.057 1.835.141 16,880 175.302 1.686.525 18. 171 171.019 76,245 1.451.083 576,240 2.027.323 1.875.T15 Total 2022 1.322.780 552.935 7.875. T15 Page NOTfiNGHAM CONTEMPORARY (A Company Limtted by Guarantee) Notes to the Financial Statsments Forthe Year Ended 31 March 2023 11. Anatysis of expenditure by a¢tlvltie$ (Continued) An•lysl$ of direct costs Costs of raising funds 2023 Charitable a¢ts¥ities Total funds 2023 Total funds Staff costs Marketing and public rdations Irrecoverable VAT 599,208 42.646 73.321 373.808 285,855 72.640 3.605 671,848 46.251 n.321 373.808 285.855 855, 187 29.960 55,996 28&680 92.957 Exhibibon exper Cornrnunity and educabon expenses 1.374.838 76,245 1A51.083 1,322, T80 Total 2022 7.253.328 69,452 1,322, 780 The allocalicffi of direct costs bett￿n acts"vib"es is on the basis of stsff time spent cffl ￿se activrbe5. Analysls ofsupport wsts Costs of raising Charitable donations & activities legacies 2023 2023 Costs of raising funds 2023 Totsl fvnds 2022 lunds 2023 Staff costs 108.704 6.274 24.523 258.135 17.134 45.533 16.880 15.345 140,929 6.274 26.718 339.652 17.134 45,533 165, 194 16,722 16,207 328, 769 3.768 22,275 Depreciatton offi￿ costs Propety expenses Training and professonal fees Govemance costs 2.195 81.517 460.303 16,890 99.057 576.240 552,935 Total 2022 433,197 18. 771 101.56T 552,935 The allocation ol SUFfQrt staff costs be￿een activib.es 15 cffl the basis of staff time spent on those 8ctivi(ies. offi￿ cosls arKI property expenses are allocated based on lknr area. Page￿1 NOTTINGHAM CONTEMPORARY IA Company Limited by Guarantee) Not•s to the Financial SL*em•nts Forthe Year Ended 31 March 2023 12. Auditors. remuneration 2023 2022 Fees payable to the Group'5 audit￿f0r￿e audrt of the Group's 11.525 8,6XI payable lo the Gr(KJp's audilor in resped OP. I taxation adviscry services rnt induded al)ove 1,025 1,050 13. Staff Costs Group 2023 Gn)￿ Company 2022 2023 Company 2022 Wages arKI salaries Sctial security costs Pertsicn costs 713,893 71.393 32.932 995,220 74.080 40.556 711,178 71,393 32,932 915,906 68,886 38.094 818.218 1. 109.856 815.503 7.022,886 The average number ofpe(sons employed by the Company during the year was as foll(Ms.' Group 2023 Group C¢xnpany 2022 2023 Cotnpany 2022 Office and &lmini8trathf 57 The number ol em￿oYeeS vknose benefits {exduding ¢m￿0yer pension costs) exceeded £60,000 wa5: Group 2023 Group 2022 In the barKI £70.(K)1- £80.0 The total amount of employee benefits received by key management pers(￿ne1 during the year was £101,671 12022.. £131,456). 14. Truslees. rnrnuneration and expenses During the year, no Trustees received any r￿n￿era￿n {2022: £NILI. During the year. no Trustees received rernunerat￿n or other benefits (2022- £NILJ. ChJring the year ended 31 March 2023. no expenses weffj reimbursed or paAJ directly lo Trustees12022- £NIL). Page 31 NOTTINGHAM CONTEMPORARY (Acomparry Limited by Guarantee) Notes to the Flnancial Statements For the Year Ended 31 March 2023 15. Taxatlon As a charity. Nottingham Contempyary is exempt from on income and gains falling within Section 505 of the Taxes Act 1988 or S256 of the Taxation of Chargeable Gains Act 1932 to the extent that these are applied to its charitable objects. No tsx tharges have arisen in the Charrty. 16. Tanglble fixed asse1$ Group Plant and Fixtures and machinery fitting5 Offt¢e Computer equipment •quipment Cost At 1 Awl. 2022 Addib"ons 171.748 11395 64209 106 44832 3.162 106.712 1.311 390,501 20.974 At 31 March 20rJ 188.143 64315 49,994 108,023 411.475 Depreciat￿￿ Al 1 Apnl 2022 Charge for the year 170.255 3.147 51861 8.887 41,918 1.647 101,638 2,055 366,672 15,736 At 31 March 20T3 173.402 61,748 43,565 103,693 382.408 Net book value At 31 March 20YJ 14741 3.567 6A29 4,330 29,067 At31 March 2072 1,493 12,348 4,914 5,074 23,829 Page 32 NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee) Notos to the Financial Statements For the Year Ended 31 March 2023 16. Tangibl• fixed a$$ets l¢ontlnu¢d) Company Plantand Olfice Computer machinery equipmenl equipment Total At 1 Awil 2022 Additi( 144,051 16.395 46.832 3,162 106.712 1.311 297.S95 20.868 At 31 March 20Z3 160.446 108,023 318.463 Depre¢latlon At 1 April 2022 Charge the 143.431 2.572 41.918 1,647 101.638 2.055 286.987 6.274 At 31 March 20rJ 146.003 43,565 103,693 3.261 Net book value At 31 March 2023 14.443 6.429 4,330 2S202 Al 31 March 2022 4.914 5.074 10.608 17. Fixed asset investments Listed investm•nts Group Fair value At 1 Apnl 2022 Alditicy tli5w)sals Revaluations 622,511 203,217 {233,5681 153,0551 At31 Marth 20rJ 539,105 Net book value At 31 March 20TJ 539.105 At 31 March 2022 622,51t Page 33 NOTTINGHAM CONTEMPORARY IA Company Limited by Guarantee) Notes to the Financial Statenxnts Forthe Year Ended 31 March 2023 17. F5xed asset Inve$lrnents (¢on¢inugdl Shares in group Listed undertakings investments Totsl coM￿nY Cost or Valua￿Tr Al 1 April 2022 Addthons Disposals Revaluations 50.000 622.511 203.217 1233.5681 153.0551 672,511 203,217 1233,5681 (53,0551 At 31 March2023 50.000 539.105 589,105 Net book value At 31 March 2023 $39.105 589.105 At31 March 3022 622.511 672.511 18. Principal subsidiaries The following was a subsKthary undertaking ofthe Company . Cornpany number Class of shares Holding Included in consolidation Jttingham Contemporary Trading Limited c￿612673 Orth"r 1CI)% Yes The financial results of the sub&"diary Ic* the year were.. ¢ome Expenditure ProfiVILos$l for the year Net assets Nottj'nghom ContempcKary Trading mrted 42S427 (256.707 168.720 51.956 Page 34 NOTTINGHAM CONTEMPORARY {ACompany Limited by Guarantee) Notes to the Financial Slalements Forthe Year Ended 31 March 2023 19. stocks Group 2023 Group 2022 Shop and cafe stock 35.033 32,695 At the year end the Group held an eslimated £17,(￿ (2022". £17.0(K)l of assets on a sale or r8lum basis. Debtors Group Group Company 2022 2023 Company 2022 Due within one y Trade debtors Amounts owed by gr(NJp undwtaki￿s Other debtor5 Prepayments and acc￿￿￿ ￿￿orne 51.836 64.65T 6,447 154.981 203,214 96,565 55,029 87,401 132,067 69,854 203,214 100.660 132.066 71,258 355.710 267,981 461.207 344,351 Page 35 NOTfiNGHAM CONTEMPORARY {AC¢)mpany Limited by Guarantee} Note5 to the Financial Statements Fow the Year Ended 31 March 2023 21. Cr•ditor5: Amounts falling due within one y Group 2023 Company Company 2023 2022 2022 Trade credit￿5 her taxation and 50ual secLwity Other CTedrto £cruals deferre(l inc(xr 91628 27,428 47,026 332.694 121.149 25.143 46.937 407,2TO 70,000 15.303 19.524 332,694 106,788 18,618 37, 127 407,270 499.776 600.499 437,521 569.803 Group 2023 Group Ctynpany Company 2022 2023 2022 Deferred income at 1 April 21Y22 ReSoU￿S deferred duTirKJ the year Amounts released frcmn p￿VIc￿ periL¥J5 350.604 37,398 (61.772) 319.337 171.830 1309,504) 346,276 8.150 (35,089) 194,033 (316.3971 Deferred Income at 31 Mar¢h 2023 203.866 326,230 181,663 319,337 Deferred incL¥ne compn5es grant income recewed in advance wh￿h is unspent al the year end and merrbership5 which span more than one accounb.llg ￿lI￿J. At the year end. £Nil 12022." £22,638) was ￿1￿ on behalf of other partners in rel*ion to ACE Cuhural Destinations and ACE Strategic Touring Grants. These amounts are included in other creditors. A total of £Nil {2022: £1.2501 was re¢ognised as income in the Statement of Financial Acfvitsgs during the year and £Nil {2022: £5.6001 was distr"buled by the Charity acting as an agent. There were no balances outstanding between part￿1Pati￿J wisortium membws f¢y which Ihe Charity is admni5trabvety resp￿sible in either the gjrrent (K ihe prior year. Page 36 NOTTINGHAM CONTEMPORARY IA Cornpany Limited ty Guarantee) Notes lo the Financial Statemgnts Forlhe Year Ended 31 March 2023 22. Statem•nt of funds Statsment of funds- cwront y￿r Balance at 31 March 2023 Balance at 1 Awil 2022 Transfer5 inloul Gain$1 {Losse$l e Expenditure Unrestrided lunds Designated funds InveslmentfiJnd Capitsl repair arKI Teplacemenl fiJnd Development nd EXhibib￿S Insurance Excess fijnd 627,579 21240 (18791 123.6081 153.0551 569.277 87.7S3 (12921 85,461 30.595 30.595 11.492 11.492 757.419 22.240 (Q171) 123.6081 {53.055) 696.825 General fvnds Unresln'cted fvnds 568.382 1.934.609 12.105.813) 23.608 420,786 Totsl Unrestricted nds 1 J25.801 1.956.849 (Z111.984} {53.0551 1,117,611 Res*rideO fvnds Restricied Funds 295.931 1190,444) 106,043 Total of fvnds 1,326,357 2.252.780 12.302,4281 {53.0551 1,223.654 Page 37 NornNGHAM CONTEMPORARY (A Cofflpany Limited by Guarantee) Notes to the Financial StatemBnts For the Year Ended 31 March 2023 Slatemenl of funds (continued) Statement of funds- prior year Balance at 37 March 2022 Balance at l Apnl 2021 IrKomf Expendture Ttsnslers Gain& (LO￿es} Unrestricted funds Oesignated funds Inveslment lund Capital repair and replacement lund Devek¥)ment fund Exhibitior Insurance Excess furKI &J2.682 20.278 (4.341) (20,620) 29.580 627,579 107.536 (19, 783) 87.153 30.595 30,595 11.492 11,492 752.305 20,278 (24.124) (20,620) 29,580 757,419 General fvnds Unrestrided funds 422,006 1,944. 729 fl.818.9T5) 20.620 568,382 Totsl Unrestricted funds 1. 174,313 I.965.￿? (1.843.099) 1.325.801 Restricted funds Reslrrted Funds all funds 315,514 (314.958) 556 Total of funds 1, 174,313 ?.2￿.52] (2. 158.057) 29,580 1.326.351 Page 38 NOTTINGHAM CONTEMPORARY IA Company Limited by Guarantee) Notes lo the Financial Statements Forthe Year Ended 31 March 2023 General Funds The balance hdd on the general reserve provides a wnb"ngency against unfor8seen eventualities and liabilities and provides fvnds that would enable Ihe Chanty lo continue lo operate and fulfil its financial ommitments in the short tern even if tsJdgeted income levels are not achieved. Restricted funds This is income received by the Charity relating to [￿jects ts spwfic puT￿se$. The Trustees have also aFproved four designated fvnds as IdlNs.' Investment Fund In 2017 the Trustees allocated reserves to treate an Investment Reserve which would be designated for investrnen15 and managed by an irKlependent inve51menl manager. with the objective of protecting Ihe value of the fund %thilst also reluming an annual iruime to support ccKe delivery. Capital Repair and Replacement Fund A fund to cover the cost of ￿paIring or replaung fixed assets %wthin the gallery as required. During the year. this fund has been used lo tund Ihe depreciation costs related to eartier projects from recent years. Development Fund The development fund was ¢￿ated to provide fuThJs for larger one off prqects that otherwise would have r￿1 hapPe￿d. Exhibition5 Insurance Excess Fund An Exhibition Insurance Excess Fund was created in 2019 by the release of accrued insurance endorsement premiums accumulated over a number ol years. Thts lund is a provision lo support the costs of bjlure claims will ncmt be subject to an exces5 fdlowing the latest exhibits.on insurance policy renewal. 23. Summary oflunds Summary oflunds- current year Balance at 31 March 2023 Balance at 1 Awil 2022 Traft$fors •Alout Gain$1 {Lossesl Inuvne Expenditure Deggnated fijnds General fijnds Restricted fLnds 757.419 568.382 22.240 111711 1.934.609 11105,8131 295.931 1190,4441 123,608) 23.608 {53.055) 696,825 420,786 106,043 1.326.357 2,252,780 11302.428) {53,055) 1223,654 Page 39 NOTTINGHAM CONTEMPORARY (A Company Llmited by Guarantee) Notes lo the Financial Statements For the Year Endgd 31 March 2023 23. Summary of funds (continued) Summary offunds- prlor ￿ar Balance at 31 March 2022 Balancè at l Apnl 2ff21 Transfers mlout Gain (Losses) Designated funds General hjnds Restricted funds 752.305 422.008 20.278 (24, 124J 1.944.729 (7.818.975J 315.514 (314.958) (20,620) 20.620 29.580 757,479 568.382 556 1, 174.313 2.380.521 (2. 158,05TJ 29.580 1.326,35T Analysis of net assets bètween funds Analysis of net assets between funds- CWTentyear UMestrI￿ Restricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Fixed asset Thiestsnents Current assets Credil¢ys due wthin one >par 28,511 539,105 940,5 (39),5951 29,067 539.105 1.155.258 1499,7761 214,668 1109,181) T￿1 1.117.611 106,043 1,223.654 Analys1$ of net assets between funds- prior year rolal funds 2022 fijnds 2022 funds 2022 Tangible fixed assets Fixed asset investh)ents Current assets Creditor5 due wlhin (me 23.209 622.456 1.036.842 (356,706J 23.829 622.456 1,280.5TI f600,499) 243.729 (243.793) Total 1.325,801 556 1,326.357 Page40 NOTTINGHAM CONTEMPORARY IA Company Limited by Guarantee) Notss to the Financial Statements For the Year Endèd 31 March 2023 25. Re¢on¢ilialion of nel rn(wement in funds lo net ¢ash Ilow from op•rating activities Group 2023 Group 2022 Nel incomelexpenditure the year las per Statement of Finanaal Activities) (102.703) 152,044 Adjustments for. Depreciation charge5 Lossesllgainsl on investrnerts Decreasel{increase) in stcck5 Increase in debto 1S,736 53.055 {2.338} 187,729) 1100.7781 30,498 (29,580) 13,429 197,938) (4,265) Decrease in creditus Net ush provided byllus•d inl operaling ath1t￿5 {224.75fl 64.188 26. Anatysis of cash and cash equivalents Group 2023 Group 2022 Cash in harml 764.515 979.895 27. Analysis of changes in net debt At 1 April X122 Cash flows At 31 March 2023 Cash al bank and in har*J 979,895 1215.380) 764,515 28. Penslon uxnmitm•nts The Group operates three sL*emes. the assets of *thich are held separately from tFb)se of the Gmup in indep*ndenlly a¢Jminislered funds. The penston cost charge represents contributions payable by the Group lo the funds during the year which amounted lo £32.932 {2022. £40.556). ContribulDns lotslling £9,486 {2022.. £3.707) were paYa￿e to the fund atthe balance sheet date and are included in C￿d((OrS. Pa98 41 NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee) Note$ lo the Financial StatemEnts F¢Ythe Year Enthd 31 March 2023 Related party tsansaction5 The Group has taken advantage of the exemption in sectKJn 33.1A of FRS 102 from dis¢losing transactions ente￿d into behveen ts¥o or n￿)￿ fflem￿rs of the group as all subsidiaries a￿ whdly owned. NOtti￿haM ContemFMyary is grateful the support it receives froyn 115 many patr￿)$. benefactors and supporters. During the year. Ihis inclwJe(I the fdlowng supp)rt from related parli85.' M Symonds, a Trustee ofthe Chanty.. £1.0(Kl patronage as a member of the t*"rector5' &"rcle (2022: £2.CKKI} C Baxter, a Trustee of the Charity.. £Nil patronage as a Ga118ry Support8r12022.. £400) S Greenway, a Trustee of the Charty £2,000 patronage as a Gamery Supputer12022.' £400) 8 Sbwft. a Trustee of the Charty £400 donation12022.. £nill Post balance sheet events Subsequent to 1he year erKI the entity reached a favouratAe negolpted settlement in respect of business rates payable lo the counol in respect of the year ended 1 April 2015 to 31 March 2022 The enb'ty has ceived a rebate in November 2023 and after the defrayal of legal 8nd specialisl C￿Sts, the net receipt is estr"mated al £243.768. Page 42