Rogl•t•rnd numb•r: 05678059 Charity number. 1116670 NOThINGHAM CONTEMPORARY (A Company Llrnltod by Guarantse) Trustses. Report and Flnanclal Statements For the Year Ended 31 March 2024 NOThINGHAM CONTEMPORARY (A Company Llmltad by Guarante•) Cont•nts Page Refornnc• and Admlnlstratlv• D•talls of th• Company, Its Trust••$ and Advl8KS Trusteos. Rwrt Indep•ndent Audltorn. R•port on th• Flnandal Slatgments Consolldatod Stat•m•nt of Flnanclal Actlvltl•• 2-13 14-17 18 Consolldat•d Balan￿ Sh••t 19 Company Balanc• Sho•t Con$olldat•d Statement of Cash Flows 20 21 Notss to th• Flnanclal Stst•m•nts NorriNGHAM CONTEMPORARY (A Company Llmft•d by Guarant•o} R•f•rence and Admlnlstrallve Dota118 of the Company. Sts Truste•s and *Alvl•or8 For th• Y•ar Ended 31 Marth 2024 Trust••s Ellzabeth Car￿ThOMaS 81anca Chu (appolnted 26 June 2024. resigned 1 January 2025) Janine Catalano (appointed 26 July 2024) Paul Kirkman (appointed 1 January 2025) Jade Fostar Annabel Frank8 {resigned 16 Juty 2024) Susan Greenaway {re8ign8d 31 December 2023) El8anor Crabtr88 (resigned 16 July 2024) Juan Sanchez (appolnted 26 June 2024) Sharon Huttly (resigned 18 April 2025) Barbara Matthews {8ppoSntad 12 Febfuary 2025. reslgned 26 June 2024) ATcha Mehrez (reslgned 1 January 2025) 8everfey Swift (resigned 27 October 2024) Matt SsTrond8 Irasrynod 27 October 2024) Caragh Thuring Company r•gl8t•r•d numb•r 05678059 Charfty r•glst•r numb•r 1116670 R•gl•t•r•d offl Weekday Cross Nottlngham NG12GB Senlor manag•m•nt t•am Salma Tuqan, Exe¢Ut1￿ Dlractoe Andy Batson, Deputy Dlrector (Interim) Amanda Spruyi, Head of Leamlng Nicole Yip. Chief Curator (resigned 13 February 2024) Aji Roche, Chief Curator (appolnted 7 November 2023) Izl Clery. Head of Developmont (appointed 11 Decamber 2023) Ann&Marl8 Ward, Head of People & Cutture (resigned 26 Sept8mbgr 2023) ' Non Statutory Diractor Ind•pondent audltors PKF Smilh Cooper AudS1 Limited statutory Au(litors 2 Lace ma￿et Square Nottingham NG11PB Inv•stm•nt manag•rn Canaccord Genulty Wealth Management The Poinl Loughborough Road Wesl Bridgford Nottlngham NG2 7QW Sollcftors Browne Jacobson Mowbray House Casde Meadow Road Nottlngham NG17BJ Pag8 1 NOTTINGHAM CONTEMPORARY (A Company Llmit•d by Guarant••) Trusts•¥' Rgport For the Year End•d 31 Mar¢h 2024 The Trustees present th81r annual report together wlth the audited financial statsments of the Company for thg year 1 Aprfl 2023 to 31 March 2024. The Annual Report serles the purposes of both a Twstees, report and a directors, report under company law. The Trustees confirm that the Annual Report and finan¢ial statements of thè charitable company comply cUr￿n1 ￿atutOry requlrements. the requirements of the charitable companys govfrmlng document and the provisions of th8 Stslemenl of Re￿rnrnended Practlce (SORP) applicable to charit188 preparing their accounts in accordance wlth the Financlal Reporting Standard appllcablo in the UK and Republic of Ireland {FRS102) (effective 1 January 2019). Since the group arKI the Company quallfy a8 small under sectlon 383 of the Compan18s Act 2006. the Group Strateglc Report required of medlum and large cornpanle8 under Ihe Companles Act 2006 (Strategic Report and Dlrectors. Report) Regulallons 2013 has been omltted. The Trust•os Report rallects th8 actlvltle8 of both Ihe charlty and Its trading subsidlary, The Nottinghem Contemporary Trading Llmlted. ObJ•ctlv•8 and actlvltl•s . Poll¢l•s and obJectfv•s The Board conflmis that 5t has referred to the guldance contained in the Charlty Commlssion's general guidance on publlc benefil when revi8wlng the Charftys aims and objectlves and In plannlng fvture aCt￿lIses. In sotting objecllves and plannlng for actlvttles, the Trustaos have glven due consideration to general guldance published by th• Chaflty Commission relatlng to public benefit, indudlng the guldance 'PubliG benefft: runnlrvd a charity (PB2)'. b. Strat•gl•s for achhvlng obJ•ctfv•• Nottingham Contemporarls charttable objedives are lo promote art for the b&n¢fit ¢f the publSc and io advance education in the arts ty e¥tablishmont and malntenance of a centre for ￿ntemPorary arL Opened Sn November 2009. Nottingham Contemporary occuples a wrpo8frbuitt buildlng at Weekday Cross that en(x)mpasses: four 9allerfes arml a project space an audltorlum I parfomance spa an education studio a shop • café-bar . Actlvltl•s und•rtak•n to *chl•v• obJ•ctlv•s Nottlngham Contemporary typically stages three major exhibition seas(ms each year, bringing the work of many of the worfd's most thougm-provoklng and excitlng contemporary artlsts to Nottingham. Th6 ariwork8 shown at Nottingham Contemporary create a place where people can encounter cultures outslde of their contèxt. The artistlc. social, philosophical and political ideas raised by the exhibltions are explored in educational programmes and events. The Charsty maintaSns a strong relationshlp wlth formal education and collaborates wlth various leamlng arKI Civic organlsaJons that work alongside universities. Colleges, schools, communty groups, famllles, and individuals of all agos. While contemporary art is the primary focus, the Charity also offers dlverse cultural a¢ttvi1188, including film. performance, and music. to nurture our audienc8's immersion in culture, stlmulate Curiosity and achleve the organls8tlon's vlsion. Admlsslon lo the exhibitions is free. Nottingham Contemporarvs tradiNJ acllvltles: café, shop. tickeled events and room hire are delivered through wholly owned subsidiary. Nottingham Contemporary Trading Limlted. The financial staiements presented consist of a Consolidated Statement of Financial ktlvltles and Balancè Sheet as well as inclLKling the Balance She8t of the Charity. Page 2 NOTTINGHAM CONTEMPORARY (A Company Limited by Guarant••) Tru8tee8' R•porl (conllnued) For lh• Y•ar End•d 31 March 2024 Obl•ctlv•s and actlvltles (contlnued) d. Volunte•rg The charity is grateful to members of the board who provide thair s8rvi(%s voluntarily. Achlov•rn•nl8 and p•rfomian¢o Revl•w of actmtles In 2023124 we dellvered three exhlbltlon seaBon$ durlng the Jffjar, all with free admlsslon to visitors. Collaborntlv• Exhlbltlons 27 May- September 2023 ArU8t Eva Kota*ova collaborated wlth puplls from Seely Primary School to h91p creato an Imaginati￿ world. Their volces, storios and drawlngs f Iled out galler108. The $how, How many glraffes are In the ali we breath?? explored tho tale of a >Dung glraffe called Lenk8. Captured In 1954, Lenka was the first ever giraff6 at ihe Prague Zoo but survlved only two years In captivity. Her body was then donated lo the Nalural Hl8tory Museum, only to be exploited as anothor visitor altractlon. Combining sculpture, drawlng, collage, Costumes, text arKI sound, her vast and playful scenographies centre tho agency of the imagination. How many glraffas are In the alr brealhe? wa8 a cross4epartmental collaboration batween Nottlngham Conlemporarrf8 'Community and Leamln9' and 'Exhibltlons' departmonts, Rid eulou eviant Vi 23 S8piember 2023- 7 January 2024 Isenman .L. Steiner wlth Rid 08, Cave Flne Inverted Wl Artlgtrt•ulous took ovw all of Nottlngham Contemporarfs gallery 8P8¢¢8 wlth Rl(tykes' CAv•m of Fine Inverted WSnes and Deviant Vldeo8, continuin9 the Institutlon's lineage of amlxtious collaborative and artlst- curated exhibitions. Focused on queer and feminist art, Rid>*eulous 58 a curatorial initiative led by the Internatlonally renowned Amerlcan artists Nl¢ole Elsenman arKI AL. Stelner. Guest dytte Sam Roeck was a150 invlted to work with them on the show. Tho oxhibStion f8atur8d th8 work of over 30 "très ga￿ contemporary visual artists worklng across film, vldeo installation, sculpture and perfonnanca. "Humour Is not just a tool," Ridykeulous explains, 'it's also a sunrfival te¢hnique." The exhibitk)n sought to erode the Secondary positloning of LGBTQ+ art and artists as 'altemative'. Ridykes, Cavem of Flne Inverted WiMs and Devlant Videos was supported by cross4Jepartmental support, fusing ¢uratorlal approaches held dlfferently by Nottlngham Contemporarls 'ExhSbltlons' and 'Liv8 Programme8' departments, wlth the incorporation of 111m screenings in The Space and live ￿rf0nnance Interventlons Sn the gallery spaces. Artlstryc•ntrod Exhlbltlon8 27 May- 3 Septembgr 2023 Abbas Zahedi's interdlsclpllr￿ry praclice blended contemporary philosophy, poetics, and social dynamics wlth sound, sculpture. and other m8dia. Zahedl works with individuals and Spaces to help process challenglng emolions and historlos. In his exhibition Holding a Heart In Artifice, he blends visual and sensory elernents lo foster conversation and shared experien￿S. Pag8 3 NorriNGHAM CONTEMPORARY (A Company Limited by Guarant••) Tn18t•es' Report (continued) For the Year Endod 31 March 2024 Achl•vem•nts and ￿rtOrnian￿ (contlnuod) Orfglnally a n)edl¢, Zahedi tumed to art after a per8onal1085. He explores Ihe $SmllarrtSes betrween sterlle medical environments and ￿ntempOrary art spaces, both of whi¢h evoke themes of slckn08s and daath. To high1￿ht thls conneclion, he has borrowed ECMO {ExtraC0￿Ore8l M8mbrane Oxsgenation) equipment from Glenf*ld Hospital in Lelcester. This 1Sffrsupport tethnology quietly hums in the gallery, pumping moisture gathered from Ihe atmosphere, suggestlng thal the p￿SenCe of vtsi￿r$ is v6ts1 for the space's anew and stabllty. 27 May- 3 September 2023 Kresiah Mukwazhl descrfbes Kirawa as 'a plac• of sacred resistanc•, where l expose and push back against colonlsatlon and so¢iwolitscal Sssues forcing women into precarfous 18bour, almlng at re¢lalmlng the sacred power that women are destlned to have., Her exhibition was produ¢od In collaboration vAth c(mtemporary art 8paco Sece8slon, Vienna, and Incorporated vibranl textile•collages, vldeo, performancè and Installations informed by her obs8p4atK>ns of gender-basod vlolence, exploltatSon and abuse In her natfve Zlmbabwe. By combining vlsual activism w￿h splritualty, sh8 examines tho various 8xp8rf8nces of the female body, vlewlng it as both a sllo of trauma and a 8P8ce for healing and resistance. Drawing on her long-tem) Involvement with femalo sex worker8 In the suburbs of Harare, She find9 Insplratlon in the reslllence and self-organisatlon evldent wlthin these communilies. 27 January- 5 May 2024 Nottingham Contemporary presented New YOrk-ba￿d art181 Oora Budorfs {b. 1984, Zagreb) firnt Institutional exhlbltlon in th• UK. The serie$ of newly commissloned works were made on-site at art charity Primary durlng production residency. Prlmarys 8UPPOrt Ss part of a broader Strategic partnership artlst•centred arts organisatlons to 8UPPOrt intemational artlsts in developlng a closer relationshlp with Nottingham, offering space. resources Énd tlme for thom to take risks with thelr art practice. Budorfs work focuses on how buildlngs and spaces can control people's behavlours and thoughts. In Nottingham and. more wldely, the UK, thls Indudes a conversation around the growng use of hosllle archltecture, privatlsation of publlc land, and thetoric around urban renewal arKI beautifration. These ideas aro refiected within Budorfs exhibition. 27 January- 5 May 2024 Between 27 January - 5 May 2024, ￿ showcased a major monographlc exhibition by the L06 AngeleB-ba$¢d artist Paul Mpaoi sepu￿ (b.1982, Unlted States), The exhibition was the firsl institutlonal prwntatlon of Sepuya's work in the UK. bringing tOget￿r more than 40 works a¢ross almst 400 square melres of gallery space. Sepuya is known for his intimate sludio portralts that explore the relationships between camera, subject. and viewer. HIS work features friends, lovefs, and members of his queer arbd creative communities. often Including himself through refiecllons or by being just outslde the frame. These glimpses emphaslse his role as the maker ofthe Image. The hislory of photography, especially Ihe rise ¢1 dawlght studios in 191h-century Europe and North America, underpins Sepuya's latest work. Da￿ight Sludio l Darf( Room Studio. exhibition, Paul Mpagi Sepuya: Exposure, at Nottingham Contemporary, features new pleces alongside works from the past eight years thal explore themes of 'exposure.' Sepuya addresses unseen moments of queer Intimacy and the traces left behlnd when people vacate the studio. prompting questions aboul visibility, the gaze. arKI Ihe balance behveen obscurity and revelation. Page 4 NO￿INGHAm CONTEMPORARY IA Company Llmlted by Guarantse) Trust•es' Roport (contlnued) For the Yoar End•d 31 March 2024 Achl•v¢ments and p•rfonNnc• {contlnu•d) Our Clty R•fi•¢ted In Our Work Art of B•longlng Nottingham Contemporary Jolned Art of Bek)ngiNJ St88rlng Group led by Chall¢NGe Nottingham, a cultural education partn8rshSp. to unite with other Ofganisatsons to show solidarlty and Gf8ate an Indusive cultural offer for refugees and as￿urn seekers across the dty. 'School$ of Tomorrnw, and Partn•rnhlps wlth Schools In 2023, ￿ celebrated the Gompletion of an ambltious 4-￿ar partnership with elght local schools to nurture creatlv8 exploration. Through c4llaboratlve working and CO•productlon, Schools of Tomorrow was a vltal r&8our¢e for play and ￿ntInUed leamlng to empower puplls, voices, and support contlnu8d PrOf&￿10nal development for teachers from sthools based in some of tho most diverse ar8as In Nottingham, 8uch as Lenton and Bilborough. Yhe art18t instilled a senBe of joy, confidence and pride In the children.. Teacher, Edna G Olds Academy 'It's clear that thls has been a very child-led approach, which has bean wonderfvl to wltness.. Parent, Melbury Prlmary S¢hool 'Conversalion$ wSth our parents ¢realed solidarity about Issues they face as parents of young chlldren.. Teac￿r, M¢lbury Prlmary S¢hool A new pathershlp w51h teachors at Raleigh Educatlonal Trust began In 2024. So far, Woodlands Acadomy and We$tbury Academy have partnered wlth our Charity, Nottlngham Contemporary. to support teacher development and embed a crealva arKI values-focu$•d curriculum. The projects across both academies have ¢entrod around the themes of'communw and 'p8rc8Ptlon', which will be further explored withln creative $08si¢)ns. D•v•loplng Tog•th•r 1626 ColleGlive, a group of creallw 1 &25 yeardds who regularfy meet at Nottingham Contsmporary, produced series of workstK)ps for 15-25 year•olds aiming to explore the themes in Dora Budorfs show and Ideas around th8 future of our cSty through walklng and art-makSng. Over the seri8s, they ￿111 reimagln8 our clty as a place for play and a stage for hidden m>thologies to 8merg8, illuminating the underappreclated and transfom)Ing the everydayness and hostile architectures into pla¢es that represent yrur ideas and vision. Over the series, they wlll explore Ihe art of walklng. P￿ography. cyanotype. scree￿prIntIng, welief prinllng, poelry, and drawlng. You aro inviled to attend an individual sesslon or all four. Together, teachers and artists developed their practlce arKI enriched the curriculum. Yhese sessions challenge ideas of ￿that art and creat5vlty is and how we can teach It." Teacher, CPD participant Wlth educators from LGBTQ+ communllles, we developed resources for an incluslve currfculum. Actlvlty and a local network Continu￿ In 2024. Uvg Programm• Sonlc Intlmacle• •nd Quo•r R•8onanc•s Taking place over the Autumn 2023 season, Sonic Intlmacles and Que8r Resonances featured p¢rformances, conversations. screenirvJs. arK1 workshops, with contributions by AURA. Deborah-Joyce Holman, Maria Leonard, Jenkin Van Zyl. Queer Art Projecls, Sophie Seita, Isadora Neves Marques, Francis Whorrall-campbell, Hannah Catherine Jones, Mantaw¢man. Beth Kettel. amongst others. Sonic Intimacles and Queer Resonances is a programme thal explores soundings that forge new Intlmacies and p¢sslble pathways to greater mutual living. Paga 5 NOTTINGHAM CONTEMPORARY IA Company Limit•d by Guaranto•) Tr￿tO•S. R•port (contlnued) For lh• Y•ar End•d 31 Mar¢h 2024 Achl•v•m•nts and p•rlorni•nca (contlnuod) b. Fundralslng a¢tfvltl•s and In¢om• 9•n•ratlon Nottlngham Contemporary has been establlshed for 15 y8ars. Wllh principal grant income from Arts Council England (ACE) and strong partnershlps with Nottingham City Coundl and the two uty unfversities. Nottlngham Trenl Universlty arKI the University of Nottingham, a baseline of Income for Ihe benefit of the Charfty through our trading 8ubsidlary, Nottlngham Contemporary Trading LSmlted. has b88n maintained slnce Qrganisallon's incorporation. This has been Supplemented by commerGially generaled incame through various tradlng activities. Wlth the appolntment of a Head of Development, hlghly sklll8d In strategic plannlng, wlthin a new organisational chart, our Income gen8ralion and fundraising actlvitles have eX￿OntIalLY diverslfied to secure a more sustalnabl8 financlal future. Our Current income streams are now Patrons, General Donations4n-bulldlng (cash and conta¢tSess) and Onllne, Gift Aid, Trusts and Foundatlons, 'Fund for the Future,, Exhibltlon Circles (including Commlssk)nlng). Indlvlduals I Commeiclal Gall•rfés. Grants from Trusts and Foundatlons, Laaming Programme, Corporate Sponsorshlp$, Event Fundraising. Limlted Artist Editions, and Room Hlre. Our firsl post-COVID-19 gala was held on 28 Septembar 2023. where we made £91,000 (net). N•w Inltlatlv•8: Our Succo•• h Bl Glve Nottlngham Contemporary urKlerwenl Its first online fundraiser and matched-fvnding campalgn with The Blg Give, 'Art8 for Impact,, through which we Succeeded in our target of £5,Ot)O from dlgltallonline donations lowards our Earfy Years loamlng prtiiact. 'Fund for the Future, Is Nottlngham Contemporarfs major donor programme and Is In Its Infancy. It Is bas•d on the benefft of securing namlng rlghls to six spaces In the bulldlng for 10 years, wtth 6-figure unrestrlclod donations being pald in Instalments to underpin free enty for all. ¢. Inv••tm•nt poll¢y and ￿rf0m￿1nc• An independ•nt investment manager has allocated some of Nottingham Contemporarfs reserves to create an InV￿tment fund In previous year8. The inwgtrnent man898r Is authorised by the Trustees to act In a di8Grationary cap8cIty. wlth the power to make decisions about the investment of the fund on the ChaiiW$ behaff, consistenl wlth a balan¢¢d approach lo financtal rfsk-taking and the followtng Investment pollcy oblective3 t¢ generate an annual Income for the Chaiity to be usèd to support operallonal runnlng Msis. and to maintain th8 underlying, real tenns, value of the fund. At the beginning of th8 year. the investment fund had a total value of £539,105. During the year. the investment fund paid dividend income to the Charity and other deductions were made lo cover the investment managerfs fees and other disbursements. On valuation at 31 March 2024 the fvnd was valued at £S95,785. reflecting a galn In the undertying fund value during the year. Page 6 NOTTINGHAM CONTEMPORARY (A Company Llmltèd by Guaranloe) Trust¢•s' Report (Gontlnu•d) For th• Y•ar Ended 31 March 2024 Flnanclal Tevl•w •. Bu8ln•s$ r•vlew Total income recelved in the year was £2,230,984, on par wllh the prevlous year. Contrlbutlng factors Include reduction in income by the universrtles (Nottingham Trent University) and Benefactors, Donatlons and Fundralslng. Total exp8nditure In the year, £2,157,422. has r8duc8d ty 7% from the prevlous year due to Nottir¥Jham Contemporary securln9 a buslness rates r8bata backdated to 201 S. Overall, operallng expenditure In tho year dld Mt axceed Income, giving rfse to an op8ralln9 surplus. b. Oolng concern In October 2022, inllation reached 11.1%, the highest rate in over 40 yea￿, and the cost of living crlsls still endures In 2023124. wth inffiatlon rlsing lo 7.9•/0 vthhin Ihe sfar. Desplte thls circumstance. Nottingham Contemporary operal&s at a surplus due to a favourable vaflanc* in our overhead 8xp8ndlture, particularly utlllty bllls and coming under forecast for the Busln835 Rates & Buslness Improvement Districts (BID) Lthy. whlch offsét an overspend In salarle8. W5th the knowleége of Nottingham Clty Councll (one of our core funders and the owner of our building> lssulng a sedion 114 notice and a UK General Elecfjon approachlng, opportunStles and threots to the buslness could change. Understandlng the pressures on parlnér organisations who provide support to the Charity, the Trustees are committed to buslness planning In 2024125 - coverfng the 2025-2030 perlod - focusing on resource acqulsltlon and utlllsatSon, as well as developing a strateglc plan around 8 multi- yaar approa{* to addltlonal fvndralslng to ensure Notungham Contemporar￿$ Income continues to exceed its cost base. After conversatlon and a revlew of t￿ planned fvndraising inltlatlves for 2024125 (Including Ihe 'Fund for tho Future,). the Tru$t••s, therefore, have a reasonable expectation that Nottlngham Contemporary has adequate resources to manage its ongolng risks (indudlng an in¢ro8s0 In salary costs, wlthdrawal of funding or change In extemal polltical and economic cllmates). that cash reseNes are suffldent to Support Its operatlon8 and Ilabilities for the foreseeable futuwe. For these reasons, they Gontinuo lo adopt the golng concern basls when praparlng financlal ststements. Further detalls regarding the adoption of the golng concern basis can be fouThd In the 8¢countSng polici￿. c. R•servo8 pollcy The Trustees believe that the creatlon and maintenance of a Sultable level of reserves is essentlal lo Ihe future financlal health of the organlsatlon and its fuiure artlstic vftallty. Regular revlews are undertaken to assess financial rlsks and how they would affect the reserves pollcy of th8 Charity. The Trust¢&s have identified four areas where a reserve Is considered appropriate: 1. To pmlde a general fund a8 a conlingency against lh8 replacement of the fixlures, fittings, planL fumilure and equipment thal are the Charitys responsibilty undei Its lease with Nottingham Cty Council. 2. To provkle a provlslon for capit81 repair8 and the replacement of the fixtures, fittings, plant. furniture and equipment that are the Charitys responsibility under Its lease wth Nottingham Clty Council. 3. To provlde for the financing of speclal projects whlch myht not be possibl8 from the general fund: and 4. To provide a financial retum from investmenl that has potenllal to yield a greater annual income to support Charitys operats'ng costs than thal available as bank interest on cash deposits otherwise held in the Charitys bank accounts. Nottingham Contamporary wll revi8w Its reserves policy In 2024125 lo ensure it rémains adequate. Pa98 7 NorriNGHAM CONTEMPORARY (A Company Llmlt•d by Guaranl•o) Trustses. Report (Gonllnu•d) For tho Y•ar Ended 31 March 2024 d. Princlpal rlsks and uncertalntl•8 The Board and management regularly revlew Intemal and extemal risks and threats. and Ils own processes, proc8dures and policles to manage tho risks to Nottlngham Contemporarls operation. The Trustees continue to rate the risk of wlthdrawal of fundlng from Arts Council England (ACE) or support from Nottlngham Clty Coun¢il (NCC) as the most slgnlficant risks faced by Nottlngham Contemporary In 16mis of pgtential severity of lrnpacL Reductlons In real ternis financial Support from ACE and annual reductlons from NCC have materialised in recent ￿ar$ and continue lo b8 a potential thr88t, mainty due to the pre$$ure of infiation and enwgy costs. A nurnber of global inllu6nces are h8vin9 an impact on the UK economy, with wholesa16 energy prices and the conllid In Ukraine both contributing to significant Inflationary pressures. Nottingham Contemporarls electricity tarfff Is fixed untll December 2024 pr¢viding some short-term certalnty. Mindful that uncertalnty wlll continu• for Some tlme to Gome. tha Trustees CA)ntlnue to keep the sltuafjon under constani ￿vIeW. A comprehensive new Businèss Plan Is being developed which includes activiti￿ to support ACE'S Lefs Create strategy and plans and objecltves for income dlversifi¢ation. The plan indudes the Implementatlon of 8 revised operatlng model, targeting new Income channels, revlsed expendtture plans and cultural sedor tax rellefs. Oversight of financlal performance is undertaken by the Firwn¢e, Audit Investment. & Remuneration Committee and monitored regularfy throughout Ihe ywr. •. Prlnclpal fundlng Thè following signlficant fvnding agreem8nts are currnntty in place; Arts Council England a confirmed offer of Nati￿81 Portfolio Organlsation (NPO) funding unlil March 2026. Currently In negotiation wlth University of Nottlngham and Nottlngham Trnnt Unlversity to confimi thelovel of fundlng through to July 2026. Stru¢tur•, gov•rnan¢• and manag•m•nt . Constftutlon Thè Company and Ihe Group is reglstered a8 a charltable company Ilmltad by guarantee and is Gon$tltuted under Memrandum of Associati¢n dated 17 January 2006 arHI is a reglslered charity number 1116670. The Company Is managed by a Board of Dlrectors who are the Trustees of the Charfty. There are currently twelve members of Ihe Board. The Board members who served during Ihe year are shown on page 1. b. Methods Of appolntmont or electlon of Tru•lee• The management of the Company arKI the Group is the responslblllty of Trustees who are elected and co- opted under the terms of Ihe Artlcles of Assoclallon. Trustees are recruited through a combination of open Gall advertising. search, recommendation and netw￿rkIng. All appointments are subject to Int¢riiew and approval by the Board. Page 8 NOThINGHAM CONTEMPORARY (A Company Limit•d by Guarantoe) Trust••s' Report (Gontlnued) For the Yur Ended 31 March 2024 Structur•, govornance and management {contlnued) c. Organlsatlonal stru¢turn and d•dslon•maklng pollcl•s The Board meets approximately fivo tlmos each at which key poliGy, strateglc and O￿latiOnal Issuos are dlscussed. Th8 Executive Dlreclor and Finance & Operallons Director attend all Board Meetings. Decision8 are recorded in the mlnutes and are delegated to the Executive Director to action as approprlate. Appointed representstives of Arts Coundl England East Mldlands and Nottlngham Clty Coun¢il, as rnaJor funders of the Charlty. are entltled to attend Board Meetings as observers. A Flnance, Audlt & Investment Committee (FA&1 Commlttee), a sub-commlttee of the Board. also meets approximately four tim88 each year with lemis of refèrence to assisl the Board in fuffilling it5 fiduciary duties and statutory Compliance. Thore are currenty four members of the FA&1 Committee, whlch include two Trustees of the Charity and Iwo independent members. The Executive Dlrector arKI Flnance & Operatlons Dlrector attend all FA&1 Commlttee MeotSngs and th• CommStt80 Chalr presents minutes of Committee Mee￿ngS to t￿ Baard. d. PollG19s adoptsd for th• Inductl¢)n and tralnlng of Trust0 New Trustees recelve indu¢tion and training Ihrough meetings wlth the Chalr and Executive Director of the Charfty. and through racelpt of internally publlshed malertal such as the m08t re¢&nt btssSnes8 plan and recent Board minutes. In February 2022 Trustees recelved unconsdous blas training consistent with our commltrnent to be¢ome an anti-ra¢lst institution. •. Pay pollGy for k•y m•n4•m•nt p•rnonn•l In vl8w of the nature of the Charlty, the Directors use pay levels In other regthal visual arts organ18ations of simllar size to benchmark pay levels for all salarled staff, includlng genior management. Salaries are deterrnined at 8 level consldered suffldent to attract and retsin competent Indivlduals, consistent wlth Ihe mld-poinl of the range paid for slmllar roles and wlthin the con8tralnts of limlted expendilure budgets. Along wilh all slaff, the pay of the senior stsff is reviewed from time lo tim¢ wilh any resultlng Increase informed by affordablllty. f. R•lat•d party r•lallon8hl None of Nottingham Contemporarrfs Dlrectors recelve remuneratlon or other ￿nefit trom thelr work as Trusteos of the Charlty. Any ¢onnectlon between a Trustee or senlor manager of the Charity with a represented artisl must be disclosed to the full board of Tnjstoes as must any other ¢ontractual relationship ￿th a related paty. Details of dlrectors, expenses and related party transacth)ns aro disdosed in notes 14 and 29 to the accounts. Plan* for futur• p•rlods There are no current plans to materially ch8nge Nottingham c￿teMpOra￿S actiwty or operatlons in the forthcoming year. We are planning for 2024125 to be a further year of post Covld recovery, wherfr we hope to grow vtsltors numbers as audiences regain a contldence and appettte for our core offer.. inspiring experiences and 8ncounters, in a welcomlng spa¢e. CollaboratSve Exhlblllons n Abrah 25 May- 8 September 2024 In Summer 2024, Nottingham Contemporary wlll present Iho first solo exhitytion in a European insiitutlon by multtdiscipllnary artist, musician and social researcher Julian Abraham 'Togarf (b.1987, Indonesia). This exhibition marks the return of an important collaboralive effort between Nottlngham Contemporarrfs Exhibillons. Leaming, and Live Programmes teams. The goal is to actively engage local young communities in the city. Page 9 NOTTINGHAM CONTEMPORARY (A Company Llmltod by Guarant•o) Trustees. R•port (conllnu•d) For th• Year Endod 31 March 2024 Plans for fulur• p•rlods (contlnuod) Inviting them to explore the artlsl's innovaiive smlc world. Bulldlng on the ongoing OK Studio {2020 - present) project, whlch serves as a space lor muslc, events. and the reimagining of publlc spaces, Togarf vhll create an interacllve environment. This environment will f8ature a chorus of automaled instrumen18, reimagined syntheslser5, keyboards, ocean dnjms. and Ilve percussion Interrfentions. Audiences will have the opportunity lo 'ctrexperiment, Co-explore, ctrlmaglne. and co-produce,. During a production residency, Togar will be amongst an arts ecology of muslclans, sound artists, vlsual artists, deslgners. irKlependent galleries and creative studlos within the ¢ontemporary visual arts organisation Primary. Prlm8rfs support is part of a broader strateglc partnership wlth artiSt￿ntr8d arts organisatlons to 8UPPOrt intematlonal artists in developing a doser relationship wlth Nottingham, offerlng space, resources and tim8 for thern to tske risks wlth their art practice. Artl•twc•ntr•d Exhlbltlons 25 May- 8 September 2024 We wlll be presentlng the secon&ever Institutional exhlbft5on of Myria￿Gemjan artist Hamld Zenali (b.1944, Algerla,. d.2022, Gemiany) in Summer 2024, following h18 solo debut at Haus der KunsL Munlch. Celebratlng Z6natl's nearly $ixty-y•ar career, this major 8urv8y presents hSm as an inventlve free thinker and a slgnlficant artist of hls time. As a self-taught artist whose work as a translator brought hlm to Germany in the mld-1960s, Zenati explored various surfaces and disciplines, Including t8xti183, fa8hlon, cerami¢s, wearable sculpture, and photography, all characterlsed by his dlstlnctlve 'all-ov•rf style, HI$ boundless creallvlty resulted In a unlque abstract visual language rich wlih fom)s, patterns. and a divorse palette of ￿lourS. materlals. and techniquas. His t•xtlle paintings blend elements of North African modemlsm, Japan888 toxtila doslgn, Sahrawi pattems. the Set designs of Sonla Delaunay, aThl organic f¢nns Insplred by nature. rtlnez G 25 May- 8 September 2024 Peruvlan artlst Claudla Martlnez Garay wlll hava har fir8t 8010 exhlbltlon In a UK institution wlth us, This now commSsslon will debul In the summer of 2024, 8howGasing an ambitious 5itMpecffic In8tallation in our larg88t gallery spa&ry. Martlnèz Garay. who studled prlntrnaking in Peru, emplo￿ technlques lika caNing, stencllling. and layBrlng In her murals and sculptur¢s. Her practlce spans palntlng. sculpture, video, and installation, Inspired by pr Columbian 88sthellcs and her Andean heritage. She reveals lost narratlves from one of the world's oldest civillsations by delvlng Into her indigenous ancesty and P8ru'8 SOCiOvpolitical hlslory. The exhibition wlll allow her to explore her relationship wllh Poru further. reanim8ting past works alongside new rosearch into hisloriG81 and archaeologlcal collections from the Americas In UK national collects'ons. ne 28 Septsmber 2024- S January 2025 We are h08tlng a major retrospective of the lale British artlst Donald Rodney (b. 1961, UK" d. 1998, UK). This exhibition brfngs together nearly all of his 8uNiving works, whlch span painting, drawing. installatlon. sculpture. and digital media, along with rare archival materlals. The sh¢)w vhll highlight Rodneys importance in the recent history of British arL Desplte his ksting Influence on the broader UK artist community, there have been limited opportunltles io exper¢ence the full range and complexty of his work. Thls louring exhibltlon wlll emphasise the significance of Rodnels art and revisit themes of racial identity, chronic illness. Black maBculinity. and Britain's colonlal past. The exhibition Is In partnershlp wlth Spike Island and Whitechapel Gallery, where It will continua tourlng throug1￿Ut 202￿25. Page 10 NOTnNGHAM CONTEMPORARY (A Company Llmlt•d by Guarantoe) Trustses. Report (contlnued) For th• Year Ended 31 March 2024 Plans for future p•rlods {contlnu•d) mo 1 February- 4 May, 2025 Daniel Lind-Ramos' (b. 1953, Lolza, Puerto Rico) firsl European Institijtional solo exhibition wi15 showcase five of the artisls. monumental sculptural assemblages, indudlng a newly commlssioned work, that evoke the slorytslling traditions of hi5 Afr(Hlescendenl history. Llnd-Ramos was ￿[so￿ by a farnlly of artisans, and originally trained as a painter, before shffting hls practice lo taln ffffl for >wr In accordanc• ￿ ••GI 476 oftho Crynl•s Art 20￿. H(l￿Or. ￿ audk18 requlred In xaydarv 151 ofthe Chortlla8 Ad 2011. Tho Trust¢es ac*ntrAledge th* re8pon8lblltte8 for comwng tho ratylremvts of th• Act ￿ r•w to a(xoun11NJ recorth aTrJ prnparallon of knclal 8tatemerrt& The financlal sLqtemen18 hav• bo•n F¥•pqred kn acwrdAnc• ￿ th• ylc8bl8 to •nUIkn ￿bJe£l to lh• small compwles reglm?. The fin•ncld 8tat•m •pwoved and authorlwl for18sue by the TrL•tee8 and **d on trwr belwlf *. Paul Klthon Chalr of TfUSt•e8 i(105/202g The note8 pages 2210 44 part 01th￿6 ffi•nd41 tht•meni8. Pago 20 NOThINGHAM CONTEMPORARY (A Company L5mltsd by Guarants•) Consolldat•d Stat•m•nt of Cash Flows For tho Year Endod 31 March 2024 2024 2023 Cash Ilow• from operntlng aCtlvltl•s Net cash used In operatlng activities (23.955) (224, 757) Cash flows from Inv•stlng aGtlviti Pur¢has• of tangible fixed 8ssets Proceeds from sale of Investments Purchase of investments (24,704) (20,974) 48,729 233.568 (69,058) (203,217) N•t cash (us•d InVprovld•d ty Inv•stlng actlvltl (45,033) 9,377 Chang• In cash and cash •qulval•nts In the y•ar Cash and cash equivalonts at the baginnlng of the (68.988) 1215,380 764.515 979.895 Ci•h and cash •qulval•nts at the •nd of th• y•ar 695,527 764,515 The notes on pagas 22 to 44 form part of these finandal statements Page 21 NOTTINGHAM CONTEMPORARY (A Company Umlt•d by Guarant••) Notes to tho Flnanclal Statements For the Year End•d 31 Ma￿h 2024 Gèneral Infam￿tIon Nottingham Contemporary is a private company limtted by guaran188 and a registered charfty, Sncorporated in England within the Unlted Kingdom. The address of the reglslered office and the companys registration number is given in the company informatlon of these financial st8t8ments. Accountlng pollclo• 2.1 Basls ol prnparntlon of flnan¢lal stat•m•nts Tho financlal statements have been prepared in accordance *rfth the Charlti88 SORP (FRS 102) - Accounting and R&porting by Charities: Statement of Recommended Practice applScable to charftl8S preparing thelr accounts In accordance wilh the Financial Reportlng Stsndard applicable In Ihe UK and Republic of Ireland (FRS 102) (effectlv• 1 January 2015), the Flnancial Reportlng Standard appllcable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Nottlngham Contemporary meets the deffinitlon of a publlc banefit entlty under FRS 102. Assets and liabllilies are inltially recognlsed at hIst￿Ical cost or transaction value unless otherwlse 6tsted in Ihe rel8vanl accountlro poli¢y. The Consolldated Statement of Finandal Activitie8 (SOFA) arKI Consolidated Balance Sheat consolldate the finandal statements of Group arml its subsldiary undertaking. The results of tho subsldiary are congolldated on a line by line ba818. The Group has taken advantage of the exempllon allowed under 80Ction 408 of lh• Companlas Act 2006 arKI has not presented Its own Statement of Financlal Actiwties In these financial statements. The llnanclal stst8m8nts are presented in Sterflng whi¢h 58 the lunctional Gurr•ncy of the company and are rounded to the nearest £1, 22 8a•l8 of consolldatlon Th• finanial statsments consolidato the account$ of Noltingham Contemporary and all of its subsldlary undert8klngs ('subsldlarfes'). Tho Income and expenditure account for ￿ ￿ar dealt ￿th In the accounts of the Company was a deficit of £35,306 (2023: £104.598). 2.3 Company status Nottingham Conlemporary is a company limlted by guarantee. The members of the Company are the Trustees named on the company Info￿natiOn page of these financlal statements. In the event of the Company belng wound up, the liabillty In respect of the guarant8e Is Ilmlted to £10 per member of Ihe Company. 14 Golng conc•rn In preparirvJ the financial stalements on a golng concern basis. the Board of Trustees have paid due regard to relevanl forecast financial information. induding cash flows, fvnding from key supporters ar￿ factored In $8nsitivities and uncertalnties affecllng the charity- Further comment has been made in the Trustees, Report. In the Trusl88's oplnion, the charity is a golng ¢onc*m for a minimum of Iwelve months from the date of the approval of the financial stslomerrts. Page 22 NOThINGHAM CONTEMPORARY (A Company Llmlt•d by Guarants•) Notes to th• Flnanclal Stal•m•nts For th• Y•ar Ended 31 Mar¢h 2024 Accountlng pollcle8 (¢ontlnu•d) 2.5 Incom• All income is re¢ognised once the Company has entitlement to the income, it is probab16 that th8 in¢om8 wlll be recelv8d and the amount of income receivable can be measured reliably. Grants are Included in the Consolidated Statefflenl of Financial Adivities on a re￿•vab￿ basis. The balance of income received for speclfic purposes but not expanded during the perlod is shown in the relevanl funds on the Balance She8L Where Income Is recelved in advance of entitlement of receipt, Its recognition Is d8forred ar￿ Induded in credltors as deferred Income. Wherè entltl8menl occurs before income IB re￿ived, the incomo Is accrued. Donated seNlces or facllltles are re¢ognlsed vthen th& C¢xnpany has conlrol over the Ilem, any conditions asso¢iated wlth the donatad Item have b8en met, the receipt of e￿noMiC benefit from the usa of the Company of Ihe item is probable and that economi¢ benefit can be m6asur8d r8llably. In accordance with the Charilie8 SORP (FRS 102). Refer to the Trustees, Report for more infomiatlon about their contrfbutlon. On ￿e81Pt, donated profosslonal Services and facilities are recognised on the basls of the valuo of the gfft to the Company N*thich Is the amount it would have been wllllng to pay to obtaln 88rilces or faGilities of equlvalent economlc benefit on the opon market; a correspondlng amount 18 then re¢ognlsed in expondlturo In the perlod of receipt. Income tax recovarable in relatlon io donalions recelved under Glft Ald or deeds of ￿Venant Is re*xgnlsed at tho time of the donatlon. In¢oma tsx recoverable In relalion to inv6slment incom• 18 rncognlsed at the tima the Investment Incom8 is receivable. Other Income Is recognlsed in the perlod In whith it is r•(*lvable and to the extent the goods have been provided or on complolitin of the 8eNic8. 2.6 Exp•ndltur• All expendlture 1$ accounted for on an accfuals b88is and ha8 been classified under headings that aggregate all costs related to the category, Expendlture Is recognised where thera is a logal or construcilve obligation to make payments to thlrd parti88. it Ss probable that the settlement 4*111 be requlr¢d and Ihe am¢)unt of th8 obligation cen b8 measured rellably. It Is categorised under lh8 follwlng h8adiNJs: - Costs of ralsing funds: - Expendlture on charttable actlvities; arKI - Other expenditure represenls those itgms not falling into the categories above. Costs of ralslng funds comprl$e the costs a8soci8ted with 8ttradlng volunlary Income and the costs of trading for fundraislng purposes including the costs of Nottingham Contemporary Trading Limite(l. Charitable actlvilles compris8 the costs incurred by the Company Sn Ihe dellvery of its activities and services of exhibitions, artist fees. community and educats'on and marketing and public relation activities undertaken to further the purposes of the Company. Support Costs are those costs whlch h8ve not been dlrectly allocated to an aGlivlty of the Company but nevertheless support th¢)se activities. Thes8 costs have been allocated between charltable activilies. costs of raising donations and cosl of raising funds. The basis on which support costs have been allocated are set ¢)ut In Note 11. Page 23 NOTTINGHAM CONTEMPORARY (A Company LimStod by Guarnnto•) NotK to th• Flnan¢lal Statomants For th• Year Ended 31 March 2024 Accountlng polScl•8 (contlnuod) 2.6 Expondlture (¢ontlnued) Govemance costs are those incurrad In connection wlth administratlon of Ihe Company and compllance wilh conslltutional arml statutory requlrements. Irrocoverable input VAT18 recognised In It's own expendlture headlrKJ. 2.7 Intor•st r•celvabl• Interest on funds held on deposit is included when re¢8lvable and the amount can be measured rellably by the Group; this is nomially upon notlflcatlon of the Interest paid or payable by the institutl¢n wilh whom the funds are deposlt•d. 2.8 Irr•￿v•rnb1• VAT The Company is reg18tered for VAT, however due to the mlxed nature of the ¥upplios it makes, it ha8 irre¢ovarable VAT arlsing due io partial exemption whi¢h Is Included in resources expended. 2.9 T•nglbl• flx•d ass•ts and dapr•clatlon Tangible fixed assals are initl8lly recognlsed at cost. After rer4ognltlon, under the ¢￿t mdel, langible fixed a8S8ts are measured at Cost les5 accumulated depreclatjon and any accumulated impalmient losse8. All costs incurred to bring a tangible fixed assat into its Intended y￿rkIng condltlon should be Included in thè m8a8urement of cosl. Depreciatlon 13 charged so as to allocate th8 cost of tangible fixed assets less tholr residual value over their estlmated usefvl lives, uslng tho $traight-Ilno moltKd. Deprttlatlon18 provlded on the foll￿￿ing basls: Plant and m8chinery Fixtures and fittlngs Office equlpment Computer equipment 25% 25% 25% 25% The assets, r8sEdual values. usefvl lfves and depreclatlon mothods are reviewed, arml adjusted prospectively ff appropriale, or If there is an Indlcation of a Sign1fi￿nt change slnce ts last reporting 2.10 Inv•stments Fixed asset investments are a form of financial instrument and are Initlalty recognlsed at ￿1r Iransa¢tion cost and subsequently measured at falr value at the Balance Sheet date. unless th8 value cannot b8 measured rellably in whkh case il is measured at wst less impaimienl. Inv8Stment gains and losses, whether realised or unrealised, ar8 combined and presentsd as 'Gainsl(Losses) on investments. in the Consolidated Stalement of Financial Activities. Investments In subsidlarlos are valued at cost less provlslon for Impainy￿1. Pagè 24 NOTTINGHAM CONTEMPORARY (A Company Llmlt•d by Guarant••) Not•s to the FlnanGlal Statsments For tho Year Endod 31 March 2024 Accountlng poll¢l•s (contlnu•d) 2.11 Stocks Stocks are stated at Ihe lower of cost and net realSsable value, belng tho estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first In, first out basis. Work in progress and finished goods Include labour and attributable ov8rt*ads. At ea¢h balance sheet date. stocks are assessed for Impaimient. If stock is impaired, the carryin9 amount is reduced to ts selllng prfce less costs to complete and sall. The Impainnent loss Is recA)gnlsed Immediatoly In wofit or loss. The Group receives donatlons of works of art for sale. As these represenl many individual works of art from varfous contrlbutors. it is consldered impractlcaNe to estlmate the value of the donations wlth sufficlont reliability, therefor6 In￿Me Is Induded In lh8 financial pgrlod when the a8sel Is sold in accordance wlth FRS102. Furthermore. the Group holds certain works of art on a sale or retum basis and in accordanGe with FRS102 they are not recognl8ed in Stock at Ihe year-end. 2.12 D•btors Trade and other deblor8 are recA>gnised at the Settlement amount after any trade dlgcount offered. Prepayinents gro valued at the amount prepald net of any Irade discounts due. 2.13 Ca•h at bank and In hand Cash at bank and Sn hand includes cash and short-tem hbghly liquld investments with a short matudty of three months or l•ss from the date of acqulslilon or opening of the deposit or slmilar accounL 2.14 Llablllll•s and provlslon• Liabilftles are recogni8ed when thorn is an obligation at the Balance Sheet dale as a resutt of a past event, It Is probable that a transfer of economlc benefft wlll be requlr¢d in settlemenl, and tho amount of the Bettlement can be estimated rellably. Credltors and provislons ara nomially recognlsed al their settlement amouni after allowng for any trade discounts due. 2.15 Flnanclal Instrum•nts The Group onty has financial assets and financlal liabilities of a klnd that quallfy as basic finandal instruments. Basic finandal Instruments are Initially recognlsed at Iransactlon valu? and sub8equentty measured at their Seltlement value. 2.16 P•nslon• The Group operates Ihrée d8fined contrI￿tIon penslon schemes and the pension charge represents the amounts payable by the Group to the funds in respect of the year. Page 25 NOThINGHAM CONTEMPORARY (A Company Limited by Guarant•o) Nots$ to th• Flnanclal Statements For the Year Endèd 31 March 2024 Accountlng pollcles (contlnu•d) 2.17 Fund acGQUntlng General funds are unrestricted funds whith are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and whlch have not been designated for other purposes. Deslgnated funds compri8e unrestrfcted funds that have been set aslde by the Trustees for particular purposes. The alm and use of each deslgnated fund Is s8t out in the notes to the finan¢lal statoments. Re8trided funds are funds whlch are to be used in accordance with 8pecifi¢ rnslrlctions imposed by dOrK>￿ or whlch have been ralsed by the Gr¢up for particular purFM)ses. The costs of ralslng and adrninistering Buth funds are charged against Iho specific fund. The alm and u8e of eaGh restricted fund Is 8•t out in notes to the financial Staternnts. Investment income, galns and lo$ses ara allocated to the appropriate fund. In¢om• from donatlons and l•gacl•s Unr••lrkt•d R••trlGt•d funds fvnd• 2024 2024 Total fund8 2024 Total funds 2023 Donations and benefactor Income 252,220 43,439 295,659 28,940 Total 2023 28.940 28,940 Incom• from charftabl• actmtl Unr•slrlct•d funds 2024 R•strlcted funds 2024 Total funds 2024 Total fvnds 2023 In¢om8 from charitable actlvltles 1,238,956 89,677 1,328,633 1,565,461 Total 2023 1.269.530 295,931 1,565,461 Pag8 26 NOTllNGHAM CONTEMPORARY (A Company Limltod by Guarants•) Noto8 to th• Flnanclal Statsm¢nts For th• Yèar Ended 31 March 2024 Incomo from charltable actlvlties - detallqd Unr•strlcted Restrfcted funds fund8 2024 2024 Total fund$ 2024 Total funds 2023 Arts Council England - Cor• Funding Art8 Councll England - Other Fundlng Nottingham Trent Universlty & Unlversity of Nottingham grants Other Unlverslty income Nottingham Clty Council Other Trust and Foundations Leamlng grants Exhibitions and other income Educatlon proje¢t$ 1,024,303 1.024,303 1,024.303 26.826 124.811 124,811 712 80,638 61,976 26,989 9,204 145.228 14,252 94,868 156.838 98,015 5, 131 712 80,638 81.976 26.989 1,238.956 89,677 1,328,633 1,565,461 Total 2023 1,269,530 295.931 1,565,461 Tru•t and Found•tlon r•strl¢t•d Incom• •plft 2024 2023 Garfield Weston Foundation Natlonal Lottery l ESF Opportunity & Change Fur Th8 Paul Hamlyn FoundatSon Fo￿8 Foundatk)n Small projects Income 17,492 23.988 57.081 30,752 6,379 38,638 29,925 5,999 8,$60 61,976 156,838 Page 27 NOThINGHAM CONTEMPORARY (A Company Llmit•d by Guarant••) Nol•s to th• Flnanclal Stat•m¢nts For th• Yoar Ended 31 March 2024 Incom• from other tradlng actlvlll Income from non charftabl• tr•dlng actlvltlo5 Unrnstrlct•d funds 2024 Total funds 2024 Tot81 fvnds 2023 Shop sales Room hlre 8nd events Cafe Income Artisl edltlons income 180,798 152,747 29,781 11.393 180,798 152,747 29,781 11,393 186,418 197,668 20,454 20,887 374,719 374719 425,427 Total 2023 425,427 425.427 Inv•slm•nt In¢ome Unr•strlctod fund• 2024 Total fvnds 2024 Total funds 2023 Dividends from lisled investments Bank intérest receivable 22.016 4,075 22,016 4075 22,240 6,288 26,091 26,091 28,528 Total 2023 28,528 28,528 Pagè 28 NOTllNGHAM CONTEMPORARY (A Company LlmH•d by Guaranl•o) Notes to th• Flnanclal stateM￿ts For the Year Endod 31 March 2024 Other InGom• Unrnstrlct•d funds 2024 Totsl funds 2024 Total funds 2023 Exhibltlon tax relief Other Income 196,889 8,993 196.889 8,993 195.172 9,252 205,882 205,882 204,424 Total 2023 204,424 204,424 Exp•ndltur• on rn18lnq fund8 Costs Ol rnl$lng voluntary In¢om• Unrnstrkt•d funds 2024 Total lunds 2024 Total fvnds 2023 Marketlng and public relatlons Costs of raising v¢luntary Income- w8989 gnd Salarles 20,469 3,477 20,469 3,477 15,672 2, 726 23,946 23.946 18,398 Total 2023 18.398 18,398 Page 29 NorriNGHAM CONTEMPORARY (A Company Llmlt•d by Guarante•) Notss to th• Flnanclal Statem•nt8 Forlh• Y￿r Ended 31 Ma￿h 2024 Expondltur• on ralslng funds Iconllnu•d) Other tradlng wy•ns•s Unr•strlthd fund8 2024 Total funds 2024 Total fvnds 2023 Cost of sales Distributlon expenses Admlnlstration expenses Cost of sales staff costs Administratlon depreciatlon 193,195 1,435 23,285 3,346 193.195 1,435 23.285 222.264 931 21.333 2.715 9.464 3,865 225,126 225.126 256, 707 Tot812023 256, 707 256, 707 Trndlng and lundralslng actlvltl The wholty ownod subsldlary, Nottingham Contemporary Tradln9 Llmlted (Company Number 06612673). is incorporaled in the UK and dlstributes all of Its profits to the charity under a deed of covenant. The company operates the shop, cafe and the private hlre of rooms and events at Nottlngham Contemporary art gallery. The Charfty 100% of the ordlnary share capltal of the company. Tho net prollt from Nottingham Contemporary Trading Limited before the dlstribution of proflt to the parent charity amounted to £153.458 {2023: £168,720). The dlstrlbution of profit for the year amounted to £153,458 (2023: £166,825>. Page 30 NOThINGHAM CONTEMPORARY (A Company Llmll•d by Guaranto•) Not•¥ lo th• Flnanclal Stat•m•nts For tho Y•ar Ended 31 March 2024 10. Analy81s of •xp•ndltur• on charftsble actlvlties Summary by fund typ• Unrestrletsd R•strlct•d funds funds 2024 2024 Total 2024 Total 2023 Costs of charitable activitles Costs of ralslng donatic•ns Costs of raising funds 1.612,991 21.765 140.442 133,152 1.746,143 21,765 140N42 1,835. 141 16.880 175,302 1.775.198 133,152 1,908,350 2.027.323 Total 2023 1,836.879 190,444 2,027,323 11. Analysls of •xpffidltur• by actlvltl Actlvltb•a undortak•n dlrnclly 2024 Support costs 2024 Total funds 2024 Total fund8 2023 Costs of Charitable actlvitios Costs of raising donations Costs of raising funds 1,395,599 350,544 21,765 61,270 1,746,143 21,765 140A42 1,835,141 16,880 175,302 79.172 1,474,771 433,579 1,908,350 2,027,323 Total 2023 1.451.083 576,240 2,027.323 Page 31 NOThINGHAM CONTEMPORARY (A Company Llmited by Guarants•) Notes to the Flnan¢lal Stst•ments For tho Y••r Ended 31 Ma￿h 2024 11. Anatysls of •xpondlture by acllv5tles {contlnu•d) Analysls of dlrect costs Costs of rnlslng lund• 2024 Charftable act5vltl•$ 2024 Total funds 2024 Total funds 2023 Staff Costs Markètlng and publlc relatk)ns Irremverable VAT Exhibition expenses Communlty and educatlon expen8es 749,610 60,413 71,012 355,576 158,988 74,814 4.358 824,424 64,771 71,012 355,576 158,988 671,848 46,251 73.321 373,808 285,855 1,395.599 79,172 1.474,771 1,451,083 Total 2023 1,374,838 76,245 1,451,083 The allocation of dlroct costs batween ac15vllle818 on thg basis of staff time spent on those aciivitios. Analys1$ of 8UPPOrt cost• Co•ts of ralslng Charttsbl• donatlons & •ctlvltles l•gacl61 2024 2024 Costs of ralslng fund$ 2024 Total funds 2024 Total fvnds 2023 Stsff Depredation Office costs Bad debt provision Property expenses Trainlng and professlonal fees Govemance costs 1 $6,788 13,188 27,549 4.374 120.162 10.321 18.162 21.765 19,786 198,339 13,188 29,984 4,374 159,211 10,321 18,162 140,929 6,274 26,718 2,435 39,049 339,652 17,134 45,533 350,544 21.765 61,270 433.579 576.240 Total 2023 460,303 16,880 99,057 576,240 The allocation of sUP￿rt slaff costs bethen actlvities is on the basis of staff time spent on those activities. Office costs and property expenses are allcrated tias8d on floor area. Pag8 32 NOThINGHAM CONTEMPORARY (A Company Limited by Guarani•o) Not•s to the Flnanclal Stat•m•nts For Iho Year Ended 31 MarGh 2024 12. AMdllor8' remun•ratlon 2024 2023 Fees payable to the Group's auditor for the audit of the Grow¥ annual accounts 13,830 11,525 Fees payable lo the Group's auditor in respect of: Tax compliance serviG¢ 1,230 1.025 13. Staff costs Group 2024 Group Company 2023 2024 Company 2023 W899s and salarf88 Social security costs Pe￿10Th costs 910,889 83,843 34854 713,893 71,393 32,932 907,543 711,178 71.393 32,932 34,854 1,029,586 818.218 1,026,240 815,503 Tha av•rage number of persons •rnployed by the Company durin9 the was as follows: Group 2024 No. Group 2023 No. Company 2024 Company 2023 No. Office and admlnlslration 60 60 No employee recelved remuneratlon amountlng to more than £60,000 In elther year. The total amount of empbsee benefits recelved by kèy managemerrt personnel durfng tho y￿r was £88,554 (2023: £101,671). 14. Trust••8' r•mun•rAtlon and expen•es DurfrvJ th9 year, no Trust•os received any remuneratlon or other benefits (2023- £NIL). During Ihe ￿ar ended 31 MarGh 2024. no expenses were relmbursed or pald dlrectly to Trustees (2023 - £NIL). 15. Taxatlon As a ¢harfty. Nottingham Contemporary Is exempt from tax on incom8 and galns falling wlthin Sectlon 505 of the Taxes Act 1988 or S256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applled to its charltable objects. No lax charges have arlsen in the Charty. Page 33 NOThINGHAM CONTEMPORARY (A Company Limited by Guarant••) Not•s to the Flnanclal Statsm•nts For tho Year Ended 31 March 2D24 16. Tanglble flx•d a$uts Group Plant and Flxtur•s and rnachlnory fltllngs wulpment Computsr •qulpmont Totsl Cost At 1 Aprll 2023 Addition$ 188,143 17.771 65.316 49,994 1,021 108,023 5.912 411,476 24,704 At 31 March 2024 205.914 65,316 51.015 113,935 436,180 Depreclatlon At 1 Aprll 2023 Charge for the year 173,401 8,777 61.750 3.566 103,693 2,574 382,409 17,054 2,137 At 31 March 2024 182,178 65,316 45,702 106.267 399,463 N•t book valu• At 31 March 2024 23,736 5,313 7,668 36,717 At 31 March 2023 14,742 3,566 6,429 4,330 29.067 Page 34 NornNGHAM CONTEMPORARY (A Company Limited by Guaranle•) Notss to th• FInanc￿l Stat•ments For lh• Y•ar Endod 31 March 2024 16. Tanglble flxed as80ts (continued) Company Plant arKI ma¢hln•ry Offlcè Comput•r •qulpment •qulpm•nt Total Cosl At 1 Aprll 2023 Addltlons 160,446 17,771 108,023 5.912 318.463 24,704 1,021 At 31 March 2024 178,217 51,015 113,935 343,167 DfjprnG￿tlon At 1 April 2023 Ch8rge for the year 146,003 8,478 103,693 2,574 293,261 13,189 2.137 At 31 March 2024 154,481 45,702 106,267 306,450 N•t book valu• At 31 March 2024 23,736 5.313 7.668 36,717 At 31 March 2023 14,443 6,429 4,330 25,202 Page 35 NOThINGHAM CONTEMPORARY IA Company Limited by Guaran1••) Not•9 10 the Flnanclal Statoments For the Year Endod 31 March 2024 17. Fixed asset Inv•8tments Ll$t•d Snvestments Group Cost or valuatlon At 1 April 2023 Additions Disposals Rèvaluatlons 539,105 69,058 (48.729) 36,351 At 31 March 2024 595.785 Sharn• In group Ll$tsd und•rtaklngs Invostmonts Total Comp•ry Cost or valuatlon Al 1 April 2023 Addltlons D58posals Revaluation8 50.000 539,105 69.058 (48,729) 36,351 589,105 69,058 148,729) 36,351 Al 31 Marth 2024 50.000 595,785 645,785 18. Princlpal •ub8ldlorl•• The followlng was a gubsldiary undertaklng of the Company: Nam• Company nurnb•r Class of Holdlng sh•r•s Includod In consolldatlon Nottlngham Conternporary Tradlng Llmited 06612673 Ordinary 100% Yes The financial results of the subsldlary for the year were: Nam• Incomo Exp•ndltur• Profftl(Loss) for lh• y•ar N•t a$sots Nottlngham Contemporary Trading Llmited 374,719 (229,500) 145,219 197,175 Page 36 NOTllNGHAM CONTEMPORARY (A Company Limitod by Guarants•) Notss to th• Flnanclal Stat•mont8 For Iho Y•ar Ended 31 March 2024 19. Stocks Group 2024 Group 2023 Shop and cafe st¢¢k 39.555 35.033 At the ￿ar end the Group held an estimatsd £NIL (2023: £17,000) rf assets on a sale or return basls. D•blors Group 2024 Group 2023 Company 2024 Company 2023 Du• wlthln on• y•ar Trade debtors kniounts owed by group undertakings Other debtors PrepayThents ar￿ aGCfued Income 69,076 51,836 34,763 188,216 385.302 85,952 6,447 154,981 203,214 96.565 385,317 88,505 203,214 100,660 S42.898 355, 710 694335 461,207 Page 37 NOTTINGHAM CONTEMPORARY IA Company Umlt•d by Guarant••) Notes to the Flnanclal Statements For the Year Endèd 31 March 2024 21. Cr•dStorn: Am¢unts falllng du• wlthln on• y•ar Group 2024 Group 2023 Company 2024 Company 2023 Trade creditors Other taxation and social $6cuiity Other cre(litors Accnjals and deferred Income 53,159 31.703 50,233 441.820 92,628 27,428 47,026 332,694 42.107 21.723 1B,380 441,820 70.000 15.303 19.524 332,694 576,915 499,776 524,030 437,521 Group 2024 Group 2023 Company 2024 Ct>mpany 2023 Def•ff8d Income at 1 Aprll 2023 Re8oureès defeffed durfng Ihe year Amounts released from previous perlods 203,866 153,689 1135,500) 326,230 181,663 319,337 194,033 128,434 171.830 (316,397) (113,3571 (309,504) 221,995 203,866 196,740 181.683 Deferred Income comprlses grant income receNed in advance whlch Is unspent at the yeaf end and membershlps which span mora than one accounllng period. There wero no balanc¢$ outstanding between parti(iP8ting con80rtium members for whlch the Charity Is admIn￿tratIVelY responsible in elther the ¢urrfjnt or prior year parfod. Page 38 NOThINGHAM CONTEMPORARY (A Company Umlled by Guaran1••) Not•s to the Flnanclal statements For the Year Endod 31 March 2024 22. Stat•m•nt of lund8 stst•m•nt of funds - curront year Balanco at 31 March 2024 Balance at 1 Aprfl 2023 Transfors I￿oUt Galn (Lo•sM) Incom• Eyndltur• Unrnstrlct•d funds Deslgnat•d funds Investment fund Capital iepalr and replacement fund Development fund Exhibitions Insurance Excess fund 569277 22,016 ¢3,867) 121,397) 36,351 602,380 85A61 85A61 30,595 30.595 11,492 11,492 696,825 22,016 (3,867) (21.397 36,351 729,928 Genoral fvnds Unresirida funds 420,786 2,075.852 12,020,403) 21,397 497,632 Total Unre8trfd•d tunds 1,117.611 2,097.868 (2,024.270) 36,351 1327,S60 R•6tri¢t•d fundg Restricted Funds 106.043 133,116 {133,152 106,007 Total of funds 1.223,654 2330,984 (2,157,422) 36.351 1,333,567 Page 39 NOTnNGHAM CONTEMPORARY (A Company Llmit•d by Guarantet) Notss to the Flnanclal Slat•m•nts For th• Y•ar End•d 31 March 2024 Stat•m•nt of funds (continu•d) ststement of funds - prlor year Balance al 31 M8rch 2023 Balance at l Aprfl 2022 Transfers in/oul Galn (Losses) Income Expenditurn Unr•strlcted funds De8lgnated fundts Investment fund Capltal repair and roplacement fund D8velopment fund Exhibitions Insurance Excess fund 627,579 22,240 (3,879) (23,608) (53,055) 569,277 87, 753 12,292) 85,461 30,595 30,595 11,492 11,492 757,419 22,240 (6,171) (23,608J (53,0551 696,825 G•n•ral funds Unreslrlcted fund8 568,382 1.934,609 (2,105,813) 23,608 420, 786 Total Unr•strlGt•d funds 1,325,801 1,956.849 (2.111,984) (53,055) 1,117,611 Rostrl¢t•d funds Restricted Funds 556 295,931 (190,444) 106,043 Total of funds 1,326,357 2,252,780 (2,302.428) (53,055) 1,223, 654 Page 40 NOThINGHAM coKfEMPORARY (A Company Limited by Guarantsg) Notes to th• Flnanclal Statements For the Year Ended 31 March 2024 General Funds The balance held on the general reserve provides a contlngency against unforeseen w￿ntUall11&S and liabllitles and provid8s funds that would enable the Charity to continue to operate and fvifil its financial commitments In tho short temi even if budgeted IncoTh levels are nol achleved. Rgjtrfcted funds Thls Is income recelved by th& Charfty relating to projects for speclfic purposes. The Trustees have al￿ approved four d88ignatad funds as follows: Inv•8tment Fund In 2017 the TrustO0s allocated reserves to create an Investment R88erve which would be designated for Investments and managed by an independent investment manager. with the objective of protecting the value of the fvnd whilst also retuming an annual income lo support core dellvery. Capltsl Ropalr and R¢placem•nt Fund A fund to cover the cost of repalring or replaclng fixed assets wllhin tha gallery a$ requiréd. During the year, thls fund has been used to fund the depreclatlon costs related to earfier projects from re¢ent ￿ar9. Dav•lopm•nt Fund The development fund was created to provide funds for larger one off prolects thai otherwlse would have not happened. Exhlbltlons In•uranc• Excu• Fund An Exhibition Insurance Exce88 Fund was created in 2019 by the release of a¢¢rued Insurance endorsement premlums accumulated over a number of years. Thls fund Is a provlslon to support the costs of future claims which will rthv be subject to an excess following the latest exhibltlon Insuran¢0 policy renewal. 23. Summary •f fund• Summary of fundi - eurr•nt y•ar Balan¢• at 31 March 2024 Balanc• at 1 Aprfl 2023 Transf•rs Inlout Galnsl (Lo•s••) Incom• ExpondHur• De8lgnated funds General fund8 Restricted funds 696,825 420,786 106,IM3 22,016 13,86n 2,075,852 12,020,403) 133,116 {133,152) (21,397) 21.397 36,351 729,928 497,632 106.007 1.223,654 1230,984 (2,157,422) 36,351 1,333,567 Page41 NOTTINGHAM CONTEMPORARY (A Company Llmltod by Guarants•} Notos to the Flnanclal Stat•monts For tho Y•ar Ended 31 March 2024 23. Summary of funds Icontlnuéd) Surnmary of funds - prfor year 8818nce at 31 March 2023 Balanc• at 1 Apiil 2022 Transfers In/otrt G8in (Losses) Income Expenditure Designated funds General funds R¢$trlcled funds 757,419 568.382 556 22,240 (6,171) 1.934,609 (2,105,813) 295,931 (190,444) (23, 608) 23,608 (53.055) 696.825 420, 786 106,043 1,326,357 2,252, 780 {2,302.428) (53,055) 1,223, 654 alys1• of n•t U8•ts b•lw••n funds An1￿1# of n•1 aslots b•tw••n funds - curr•nt p•rfod Unr••trlcted R•8trlct•d funds funds 2024 2024 Totjl fund• 2024 Tangibl• fixed 88sel• Flxed asset Investm&nts Currenl assets Cred5tors due wlthln one year 36,717 36,717 595,785 595,785 1,034,568 243.412 1,277,980 (439.510) {137,405) (576,915) Tolal 1,227,560 106,007 1,333,567 Analysls of n•t ass•ts bolw••n fund8 . prlor p•rfod Unrnsfri¢ted Restricted funds funds 2023 2023 Total funds 2023 Tangible fixed assets Flxed asset investments Current ass¢ts Credltors due within one year 28.511 29,067 539, 105 539, 105 940.590 214,668 1.155,258 (390,595) (109,181) (499,776) 556 Totsl 1,117.611 106,043 1,223,654 Page 42 NOTllNGHAM CONTEMPORARY (A Company Llmlt•d by Guarant••) Notos to the Flnanclal Stat•ments For the Yoar Ended 31 Marth 2024 25. Reconcillalion of mov•m•nt In funds to net cash Ilow from operatlng actMtI•s Group 2024 Group 2023 Net Incomelexpendilura fLY the permxl (8s per Statement of FSnancSal Adlvltlos) 109.913 (102, 703) Adjustments for. Depreciation charges (Galnsylosses on investments Increas8 in stocks Increase in debtors Increasel(decrease) in creditors 17.054 (36,351) (4,522) (187,188) 77,139 15,736 53,055 (2,338) (87, 729) (100, 778J Not ¢a•h us•d In 0￿ralIn9 actlvltl•s (23,955) (224.757) 26. Anatysls of Cash and cash •qufval•nts Group 2024 Group 2023 Cash in hand 695,527 784,515 27. Analysls of Chang￿ In n•t dèbt At 1 Aprll 2023 Cash flow• At 31 March 2024 Cash at bank and in hand 764,515 (68,988) 695,527 28. Contlng•nt Ilabllltlos The Charity is currently contesting the temis and cond5tloDs of a ¢ontra¢t. A liabillty has been recognised Sn the balance sheet at 31 March 2024 for the most Ilkely outcome. according to legal advlce. On that basls, a further involced amount of £1 CMJ.OCK) has not been providèd for as, In the Trustees, oplnion from consuttations extemalty. it is r￿t due and payable. Page 43 NOThINGHAM CONTEMPORARY (A Company Limit•d by Guarantse) Notss lo th• FInanc￿l Statsments For lh• Year Ended 31 March 2024 29. P•n8lon commltmonts The Group operates thre8 schemes, the assets of whi¢h are held separately from thos8 of the Group in Independently adminlslered funds. The pension cost charge represents contributions payable by the Group to the fvnds during the year which amoun18d to £34,8S4 (2023: £32.932). Contrlbuts'ons totalling £7,669 (2023: £9,483) wern payable to the fund al balance shaat date and are Induded Sn ￿editors. R•lat•d paty tran$a¢tlons The Group has taken advantsge of the exemption in sedon 33.1A of FRS 102 from discloslng transactions enlered into betW8en two or more members ol the group as 811 subsidiaries are wholly Nottingham Contemporary is gratefvl for the support it rec8lves from its many palrons, benefactors and supporterB. During the yéar, th1$ Induded the followlng support from related parti68: M Symonds. a Trustee of th Charlty. £NIL patronage as a member of the Dlreciofs, Clrcle (2023: £1,000) and £40,134 donalon {2023'. £NIL) S Greenway, a Trustee of the Char5ty £NIL palronag• as a Gallery Supportar (2023: £2,000) B Swlft, a Trustee of the Charity £760 donatlon (2023: £400) J Foster, a Tnjstee of the Charity £60 donation (2023: £NIL) E Crabtree. a Trustee of the Charfty £4,000 patronagg as a Gallery Supporter {2023: £NIL) C Thurfng, a Tru$ts6 ofthe Charity £180 donation (2023: £NIL) Pag8 44