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← Nottingham Contemporary

2025-03-31-accounts

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

Registered number: 05678059 Charity number: 1116670

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Trustees' Report and Financial Statements

For the Year Ended 31 March 2025

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Contents

Page
Reference and Administrative Details of the Company, its Trustees and Advisers 1 - 2
Trustees' Report 3 - 14
Independent Auditors' Report on the Financial Statements 15 - 18
Consolidated Statement of Financial Activities 19
Consolidated Balance Sheet 20
Company Balance Sheet 21
Consolidated Statement of Cash Flows 22
Notes to the Financial Statements 23 - 45

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Reference and Administrative Details of the Company, its Trustees and Advisers For the Year Ended 31 March 2025

Trustees Elizabeth Carey-Thomas
Bianca Chu (appointed 26 June 2024, resigned 1 January 2025)
Janine Catalano (appointed 26 June 2024)
Paul Kirkman (appointed 1 January 2025)
Jade Foster
Annabel Franks (resigned 16 July 2024)
Ian Burton (appointed 24 June 2025)
Eleanor Crabtree (resigned 16 July 2024)
Juan Sanchez (appointed 26 June 2024)
Sharon Huttly (resigned 18 April 2025)
Barbara Matthews (appointed 12 February 2025, resigned 26 June 2024)
Aïcha Mehrez (resigned 1 January 2025)
Beverley Swift (resigned 27 October 2024)
Matt Symonds (resigned 27 October 2024)
Caragh Thuring
Jennifer Chatten (appointed 24 June 2025)
Andrew Cooper (appointed 24 June 2025)
Zubairu Shonibare (appointed 24 June 2025)
Dr Amanda Thompson (appointed 24 June 2025)
Company registered
number
05678059
Charity registered
number
1116670
Registered office
Weekday Cross
Nottingham
NG1 2GB
Senior management
team
Salma Tuqan, Executive Director
Andy Batson, Deputy Director (appointed 26 August 2025)
Amanda Spruy, Head of Engagement, Partnerships & Inclusion
Ali Roche, Chief Curator (resigned 28 April 2025)
Izi Clery, Head of Development (resigned 13 June 2025)
Solman Nouman, Head of Finance and Operations (resigned 18 February 2025)
Melanie King, Head of People & Culture (resigned 8 December 2024)
 Non Statutory Director
Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors
2 Lace Market Square
Nottingham
NG1 1PB
Investment managers
Canaccord Genuity Wealth Management
The Point
Loughborough Road
West Bridgford
Nottingham
NG2 7QW

Page 1

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Reference and Administrative Details of the Company, its Trustees and Advisers (continued) For the Year Ended 31 March 2025

Solicitors

Browne Jacobson Mowbray House Castle Meadow Road Nottingham NG1 7BJ

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Trustees' Report For the Year Ended 31 March 2025

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2024 to 31 March 2025. The Annual Report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual Report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the group and the Company qualify as small under section 383 of the Companies Act 2006, the Group Strategic Report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 has been omitted.

The Trustees Report reflects the activities of both the charity and its trading subsidiary, The Nottingham Contemporary Trading Limited.

Objectives and activities

a. Policies and objectives

The Board confirms that it has referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the Charity's aims and objectives and in planning future activities.

In setting objectives and planning for activities, the Trustees have given due consideration to general guidance published by the Charity Commission relating to public benefit, including the guidance 'Public benefit: running a charity (PB2)'.

b. Strategies for achieving objectives

Nottingham Contemporary's charitable objectives are to promote art for the benefit of the public and to advance education in the arts by the establishment and maintenance of a centre for contemporary art. Opened in November 2009, Nottingham Contemporary occupies a purpose-built building at Weekday Cross that encompasses:

c. Activities undertaken to achieve objectives

Nottingham Contemporary typically stages three major exhibition seasons each year, bringing the work of many of the world's most thought provoking and exciting contemporary artists to Nottingham. The artworks shown at Nottingham Contemporary create a place where people can encounter cultures outside of their context. The artistic, social, philosophical and political ideas raised by the exhibitions are explored in educational programmes and events. The Charity maintains a strong relationship with formal education and collaborates with various learning and civic organisations that work alongside universities, colleges, schools, community groups, families, and individuals of all ages. While contemporary art is the primary focus, the Charity also offers diverse cultural activities, including film, performance, and music, to nurture our audience’s immersion in culture, stimulate curiosity and achieve the organisation’s vision. Admission to the exhibitions is free.

Nottingham Contemporary's trading activities; café, shop, ticketed events and room hire are delivered through a wholly owned subsidiary, Nottingham Contemporary Trading Limited. The financial statements presented consist of a Consolidated Statement of Financial Activities and Balance Sheet as well as including the Balance Sheet of the Charity.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Objectives and activities (continued)

d. Volunteers

The charity is grateful to members of the board who provide their services voluntarily.

Achievements and performance

a. Review of activities

In 2024/25 we delivered three exhibition seasons during the year, all with free admission to visitors.

Collaborative Exhibitions

Julian Abraham ‘Togar’

25 May – 8 September 2024

In Summer 2024, Nottingham Contemporary presented the first solo exhibition in a European institution by multidisciplinary artist, musician, and social researcher Julian Abraham ‘Togar’ (b.1987, Indonesia). This exhibition marked the return of a significant collaborative effort between Nottingham Contemporary's Exhibitions, Learning, and Live Programmes teams. We actively engaged local young communities in the city—including the Robin Hood Youth Orchestra, who, between 2021 and 2025, used our performance space for their weekly rehearsals—and invited them to explore the artist's innovative sonic world.

Building on the ongoing OK Studio project, which has run since 2020 as a space for music, events, and the reimagining of public spaces, 'Togar' created an interactive environment. This environment featured a chorus of automated instruments, reimagined synthesisers, keyboards, ocean drums, and live percussion interventions.

During a production residency, Togar was part of an arts ecology of musicians, sound artists, visual artists, designers, independent galleries, and creative studios within the contemporary visual arts organisation Primary. Primary’s support formed part of a broader strategic partnership with artist-centred arts organisations to help international artists develop a closer relationship with Nottingham, offering space, resources, and time for them to take risks with their art practice.

Artist-Centred Exhibitions

Hamid Zénati

25 May – 8 September 2024

We presented the second-ever institutional exhibition of Algerian German artist Hamid Zenati (b.1944, Algeria; d.2022, Germany) in Summer 2024, following his solo debut at Haus der Kunst, Munich. Celebrating Zenati's nearly sixty-year career, this major survey presented him as an inventive free thinker and a significant artist of his time.

As a self-taught artist whose work as a translator brought him to Germany in the mid-1960s, Zenati explored various surfaces and disciplines, including textiles, fashion, ceramics, wearable sculpture, and photography, all characterised by his distinctive 'all-over' style. His boundless creativity resulted in a unique abstract visual language rich with forms, patterns, and a diverse palette of colours, materials, and techniques. His textile paintings blended elements of North African modernism, Japanese textile design, Sahrawi patterns, Sonia Delaunay's set designs, and organic forms inspired by nature.

Claudia Martínez Garay

25 May – 8 September 2024

Peruvian artist Claudia Martínez Garay had her first solo exhibition in a UK institution with us. This new commission debuted in Summer 2024, showcasing an ambitious site-specific installation in our largest gallery space.

Martínez Garay, who studied printmaking in Peru, employed techniques like carving, stencilling, and layering in her murals and sculptures. Her practice spanned painting, sculpture, video, and installation, inspired by pre-

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Achievements and performance (continued)

Columbian aesthetics and her Andean heritage. She revealed lost narratives from one of the world’s oldest civilisations by delving into her indigenous ancestry and Peru's socio-political history. The exhibition allowed her to explore her relationship with Peru further, reanimating past works alongside new research into historical and archaeological collections from the Americas in UK national collections.

Donald Rodney

28 September 2024 – 5 January 2025

We hosted a major retrospective of the late British artist Donald Rodney (b.1961, UK; d.1998, UK). This exhibition brought together nearly all of his surviving works, which spanned painting, drawing, installation, sculpture, and digital media, along with rare archival materials. The show highlighted Rodney's importance in the recent history of British art.

Despite his lasting influence on the broader UK artist community, there had been limited opportunities to experience the full range and complexity of his work. This touring exhibition emphasised the significance of Rodney's art and revisited themes of racial identity, chronic illness, Black masculinity, and Britain’s colonial past.

The exhibition was presented in partnership with Spike Island and Whitechapel Gallery, where it continued to tour throughout 2024–25.

Daniel Lind Ramos

1 February – 4 May 2025

Daniel Lind Ramos’ (b.1953, Loíza, Puerto Rico) first European institutional solo exhibition showcased five of the artist’s monumental sculptural assemblages, including a newly commissioned work, that evoked the storytelling traditions of his Afro-descendent history. Lind Ramos was raised by a family of artisans and originally trained as a painter before shifting his practice to creating large sculptural assemblages composed of objects found washed up on beaches and mangroves local to his home, or gifted from friends, family, and community members.

The artist’s work explored topics ranging from the storytelling culture of Puerto Rico’s Afro-descendent history, the impact of the COVID-19 pandemic, and the sacred significance of the island’s mangroves, and increasingly centred eco-critical themes. Through his use of found objects, Lind Ramos investigated the cycles that link us all, the regenerative power of community, and the vital need to protect our ecosystems to safeguard the future.

Allan Weber

1 February – 4 May 2025

Allan Weber’s (b.1992, Rio de Janeiro) first institutional solo presentation featured a series of ambitious new site-specific commissions alongside existing works. It marked a significant milestone in the artist’s career. Weber’s practice served as a vehicle for deconstructing the realities of daily life in Rio de Janeiro's favelas and incorporated tarps used at funk parties, razor blades used to create popular hairstyles, and elements related to the work lives of people active in mobile food delivery services.

The exhibition drew on a month-long residency in Nottingham, where he was immersed in the city's food delivery network, capturing daily deliveries on discarded 35mm point-and-shoot cameras and on video footage shot by friends, furthering his social practice and interest in informal economies of exchange. This exhibition was cocurated by Pablo León de la Barra, Curator at Large, Latin America at the Solomon R. Guggenheim Museum and Foundation, and co-commissioned with De La Warr Pavilion, where it was scheduled to tour in Summer 2025.

Live Programme

Curated by the Live Programme team, Feedback Loop was a series of events relating to themes in Julian Abraham 'Togar''s exhibition. The programme showcased unique performances, including Brother Portrait's jam session, Paul Stan Nataraj's listening session, and various Mampir sessions that emphasised community hosting and cultural exchange. Notable workshops included Qaa’Sim Uhuru's Capoeira session and Paul Pryce's Qi Gong workshop, both exploring themes of history, identity, and well-being.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Achievements and performance (continued)

The programme continued with artist talks, performances, and walkthroughs that delved into contemporary issues and artistic practices. Events like Yos Clark's autobiographical dance performance, David Soin Tappeser's musical exploration of planetary turbulence, and Vivien Sansour's talk on land justice in Palestine highlighted the intersection of art and activism. The Feedback Loop series provided a platform for sonic performances, creative sound and movement sessions, and participatory performances. Our Live Programme aimed to create an immersive and inclusive environment, encouraging audience participation and cultural exchange.

Learning Programmes

In 2024/5 we formed a new partnership with the Raleigh Education Trust with the generous support of Freelands Foundation. New Ground is a 2-year programme that brings artists and teachers together to develop new ways to nurture young people’s creativity and sense of agency. We also formed a new partnership with Bluecoat Aspley Academy to develop resources for a more inclusive art curriculum responding to the artworks of Donald Rodney. We continued our work with Nottingham Education Sanctuary Team (NEST) to build students' connections to the city and encourage creative writing and language learning. Nottingham Trent University students took part in 3-month placements to produce a publication, an exhibition and events. Students from 14 local schools took part in our annual work experience programme. We developed a new strand of activity, Slow Craft Socials, to support young people’s wellbeing. Young people created a publication and event series on art education and took part in events exploring the connections between Capoeira and Hip-Hop. Young musicians and artist Julian Abraham ‘Togar’ created a new sound and video artwork for our summer exhibition and welcomed visitors to the galleries with a live performance. We hosted community cultural events such as Refugee Week celebrations, International Women’s Day, and creative walks that promoted wellbeing. We strengthened local partnerships by hosting community groups and developed our inclusive practice through partnerships with Rainbow Parent Carers Forum and with My Sight Notts to create audio descriptive guides. We welcomed lots of families to play and make with us during the school holidays and our immersive learning programme for Early Years became hugely popular with families. During the winter months we delivered our winter warm hub for families, the Big Room Family Films.

b. Fundraising activities and income generation

Nottingham Contemporary has been established for 16 years. Principal grant income comes from Arts Council England (ACE), alongside strong partnerships with Nottingham City Council and the two city universities, Nottingham Trent University and the University of Nottingham. A baseline of income for the benefit of the Charity through our trading subsidiary, Nottingham Contemporary Trading Limited, has been maintained since the organisation’s incorporation. This has been supported by commercial income generated through various trading activities.

Our income generation and fundraising activities have exponentially diversified to secure a more sustainable financial future. Our current income streams are: Patrons; General Donations (in-building, cash, contactless and online); Gift Aid; Trusts and Foundations; 'Fund for the Future'; Exhibition Circles (including Commissioning); Individuals/Commercial Galleries; our Learning Programme; Corporate Sponsorships; Event Fundraising; Artist Editions; room hire; craft fairs and income generated through our shop and from our third party café provider.

In 2025, we commenced a major, funded project with Bloomberg Philanthropies to implement a CRM system to streamline, support and grow our fundraising activities.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Achievements and performance (continued)

c. Investment policy and performance

An independent investment manager has allocated some of Nottingham Contemporary’s reserves to create an investment fund in previous years.

The investment manager is authorised by the Trustees to act in a discretionary capacity, with the power to make decisions about the investment of the fund on the Charity’s behalf, consistent with a balanced approach to financial risk taking and the following investment policy objectives to generate an annual income for the Charity to be used to support operational running costs; and to maintain the underlying, real terms, value of the fund.

At the beginning of the year, the investment fund had a total value of £595,785. During the year, the investment fund paid dividend income to the Charity and other deductions were made to cover the investment manager’s fees and other disbursements. On valuation at 31 March 2025 the fund was valued at £596,765, reflecting a gain in the underlying fund value during the year.

Financial review

a. Business review

The total income for the year was £2,110,806, representing a slight decrease compared to the previous year. This reduction primarily reflects external funding challenges, including the withdrawal of support from Nottingham City Council following significant cuts to discretionary cultural spending, reduced contributions from university partners, and lower fundraising income.

The total expenditure for the year was £2,510,398, an increase of 19% on the prior year. This increase was driven a number of exceptional, non-recurring costs that fell within the reporting period. These costs are not expected to recur in future years.

As a result, operating expenditure exceeded income, leading to an operating deficit for the year. The Board has reviewed this position carefully and continues to monitor financial performance closely. Measures are being implemented to strengthen income generation, manage costs effectively, and ensure the organisation remains resilient in a challenging funding environment.

Looking ahead, the organisation remains committed to delivering its charitable objectives and sustaining its role as a leading cultural institution. Strategic priorities include diversifying income streams, deepening partnerships, and enhancing operational efficiency to support long-term financial sustainability.

b. Going concern

The economic environment remains challenging, with inflationary pressures and cost-of-living impacts continuing into 2024/25. During the year, Nottingham Contemporary reported an operating deficit, primarily due to reduced income from partners and exceptional, non-recurring costs.

A significant change to our funding profile occurred in this period: Nottingham City Council, historically one of our core funders and the owner of our building, withdrew their grant funding for 2024/25 following the issue of a Section 114 notice. This reduction in income has been fully factored into planning.

The Trustees also note additional cost pressures arising from the increase in employers’ National Insurance contributions introduced by the Labour Government in 2025. These changes have been incorporated into financial forecasts and mitigation plans.

In response, the organisation developed a new business plan covering 2025–2030, focused on cost savings, diversifying income streams, and strengthening resilience. Our core grant from Arts Council England remains secure until March 2027, with the possibility of extension to March 2028, providing a stable foundation for future operations.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

The Trustees have reviewed financial forecasts, cash reserves, and planned initiatives, including the strategic investment campaign and the income-generating strategies in the business plan. Based on this review, they have a reasonable expectation that Nottingham Contemporary has adequate resources to continue operating and meet its obligations for the foreseeable future.

For these reasons, the Trustees continue to adopt the going concern basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the accounting policies.

c. Reserves policy

The Trustees believe that the creation and maintenance of a suitable level of reserves is essential to the future financial health of the organisation and its future artistic vitality.

Regular reviews are undertaken to assess financial risks and how they would affect the reserves policy of the Charity. The Trustees have identified four areas where a reserve is considered appropriate:

  1. To provide a general fund as a contingency against the replacement of the fixtures, fittings, plant, furniture and equipment that are the Charity’s responsibility under its lease with Nottingham City Council.

  2. To provide a provision for capital repairs and the replacement of the fixtures, fittings, plant, furniture and equipment that are the Charity’s responsibility under its lease with Nottingham City Council.

  3. To provide for the financing of special projects which might not be possible from the general fund; and

  4. To provide a financial return from investment that has potential to yield a greater annual income to support the Charity’s operating costs than that available as bank interest on cash deposits otherwise held in the Charity’s bank accounts.

Nottingham Contemporary will review its reserves policy in 2025/26 to ensure it remains adequate.

d. Principal risks and uncertainties

The Board and management regularly review internal and external risks and threats, and its own processes, procedures and policies to manage the risks to Nottingham Contemporary’s operation.

The Trustees continue to rate the risk of withdrawal of funding from Arts Council England (ACE) as the most significant risk faced by Nottingham Contemporary in terms of potential severity of impact. Reductions in real terms financial support from ACE have materialised in recent years and continue to be a potential threat, mainly due to the pressure of inflation and energy costs.

A number of global influences are having an impact on the UK economy, with wholesale energy prices and the conflict in Ukraine both contributing to significant inflationary pressures. Nottingham Contemporary’s electricity tariff is fixed until December 2027 providing some short term certainty. Mindful that uncertainty will continue for some time to come, the Trustees continue to keep the situation under constant review.

In 2024, Nottingham Contemporary drafted a comprehensive Business Plan covering 2025-2030, which includes activities to support ACE’s Let’s Create strategy and plans and objectives for income diversification. The plan includes the implementation of a revised operating model, targeting new income channels, revised expenditure plans and cultural sector tax reliefs. Oversight of financial performance is undertaken by the Finance, Audit Investment, & Remuneration Committee and monitored regularly throughout the year.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

e. Principal funding

The following significant funding agreements are currently in place: Arts Council England has a confirmed offer of National Portfolio Organisation (NPO) funding until March 2027. We are also in receipt of a significant grant from Bloomberg Philanthropies covering the period 2025-27.

Structure, governance and management

a. Constitution

The Company is registered as a charitable company limited by guarantee and is constituted under a Memorandum of Association dated 17 January 2006 and is a registered charity number 1116670.

The Company is managed by a Board of Directors who are the Trustees of the Charity. There are currently twelve members of the Board. The Board members who served during the year are shown on page 1.

b. Methods of appointment or election of Trustees

The management of the Company and the Group is the responsibility of the Trustees who are elected and coopted under the terms of the Articles of Association.

Trustees are recruited through a combination of open call advertising, search, recommendation and networking. All appointments are subject to interview and approval by the Board.

c. Organisational structure and decision-making policies

The Board meets approximately five times each year at which key policy, strategic and operational issues are discussed. The Executive Director and Deputy Director attend all Board Meetings. Decisions are recorded in the minutes and are delegated to the Executive Director to action as appropriate. Appointed representatives of Arts Council England East Midlands, as major funders of the Charity, and Nottingham City Council, are entitled to attend Board Meetings as observers.

A Finance, Audit, Investment and Remuneration Committee (FAIR Committee), a sub committee of the Board, also meets approximately four times each year with terms of reference to assist the Board in fulfilling its fiduciary duties and statutory compliance. There are currently three members of the FAIR Committee, all of whom are Trustees of the Charity. The Executive Director and Deputy Director attend all FAIR Committee Meetings and the Committee Chair presents minutes of Committee meetings to the Board.

d. Policies adopted for the induction and training of Trustees

New Trustees receive induction and training through meetings with the Chair and Executive Director of the Charity, and through receipt of internally published material such as the most recent business plan and recent Board minutes. In February 2022 Trustees received unconscious bias training consistent with our commitment to become an anti-racist institution.

e. Pay policy for key management personnel

In view of the nature of the Charity, the Directors use pay levels in other regional visual arts organisations of a similar size to benchmark pay levels for all salaried staff, including senior management. Salaries are determined at a level considered sufficient to attract and retain competent individuals, consistent with the mid-point of the range paid for similar roles and within the constraints of limited expenditure budgets.

Along with all staff, the pay of the senior staff is reviewed from time to time with any resulting increase informed by affordability.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Structure, governance and management (continued)

f. Related party relationships

None of Nottingham Contemporary’s Directors receive remuneration or other benefit from their work as Trustees of the Charity. Any connection between a Trustee or senior manager of the Charity with a represented artist must be disclosed to the full board of Trustees as must any other contractual relationship with a related party. Details of directors’ expenses and related party transactions are disclosed in notes 14 and 29 to the accounts.

Plans for future periods

From 2025/26 we will be rolling out activities stemming from our 2025-2030 business plan. This will include some cost-saving measures, including a slight reduction in opening hours and changes to our staffing structure, and some new income-generating activities, including a year-long trial of a Give What You Can Campaign, designed to encourage an increase in visitor donations and improve our data capture. We hope to grow visitor numbers as audiences continue to show an appetite for our core offer: inspiring experiences and encounters, in a welcoming space.

Group Exhibitions

Your Ears Later Will Know to Listen

31 May – 7 Sep 2025

In Summer 2025, Nottingham Contemporary presented Your Ears Later Will Know to Listen, a thematic group exhibition and associated live programme which considers how sound travels and transitions through crosscultural identities, histories, and futures. Drawing on writer and cultural historian Saidiya Hartman’s methods of “foraging” and “disfiguration” the exhibition will feature sound as the leading medium to consider how artists have listened to and reimagined complex histories.

This ambitious group exhibition and accompanying live programme presents artworks that “listen back” to uncover silenced or lost histories while also creating new moments to receive and hold historical?dissonance. Across all four galleries at Nottingham Contemporary, Your Ears Later Will Know to Listen aims to consider the past as a historical ground to incite emancipatory expressions and practices of reconstitution and solidarity, while inviting audiences to experience and reflect on the many positions from which we listen.

Your Ears Later Will Know to Listen presents international, multi-generational practices, including new commissions by Satch Hoyt, Raheel Khan and Dylan Robinson, alongside works by Nguyn Trinh Thi, Hong-Kai Wang, Simnikiwe Buhlungu, amongst others. The artworks span a range of media including moving image, multi-channel immersive sound installations, reworked historical analogue sound, sculpture, textiles, painting, drawing and performance.

Artist centred Exhibitions

Basel Abbas & Ruanne Abou-Rahme: Prisoners of Love: Until the Sun of Freedom

27 Sep 2025 – 11 Jan 2026

We will present a major new commission by the Palestinian artist duo Basel Abbas and Ruanne Abou-Rahme who work together across sound, image, text, installation and performance. This exhibition will feature the artists’ largest multi-media installation to date, celebrating their significant contribution to the field of research driven audio-visual art.

Abbas and Abou-Rahme excavate, activate and invent incidental narratives, figures, gestures and sites as material for re-imagining the possibilities of the present, ultimately questioning what is, and what could be. The artists consider a non-linear approach to storytelling, drawing on notions of amnesia and déjà vu to create slippages and junctures in our everyday realities and carve out a language that speaks to positions of forced statelessness. By layering and sampling audio-visual materials that are both existing and self-authored, the artists create what they refer to as ‘new scripts’ or ‘poetics of resistance’ which investigate the political, visceral and material possibilities of sound, image, text and site.

A newly commissioned video work will present an activation of one such 'new script', exploring songs, poems

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Plans for future periods (continued)

and daily acts of resistance of prisoners. Firsthand recordings, testimonies and stories of former prisoners build upon the artists’ expansive archive and are layered with poems and prose examining detention and freedom, resilience, and the fight for justice within regimes of occupation and oppression. Through song, sound and music alongside writing, the artists ask, ‘how is it that the very form of sound allows it to seep, to transgress, to move in and beyond an enclosed space, whether in the small or the big prison?’

By investigating sound and writing as a tool to dissolve repressive structures and permeate borders, the artists highlight how communities can mobilise hope and collectively imagine alternative futures, so that one day the prison walls may be turned to dust.

I Gusti Ayu Kadek Murniasih: Feels Strangely Good, Ya?

27 Sep 2025 – 11 Jan 2026

We will be presenting the first international institutional solo exhibition of the late Balinese artist I Gusti Ayu Kadek Murniasih “Murni”.

Murni (1966 – 2006, Bali) was a prolific and uncompromising artist whose vivid and acutely personal works emerged as an exploration of her subconsciousness, dreams and psyche, acting as a form of therapy or diary. Largely self-taught, Murni gained recognition in the 1990s for her striking depictions of female sexuality, addressing themes of pleasure, sex, power dynamics, trauma, and desire with humour, absurdity and unflinching honesty. This exhibition will mark an important step in championing Murni’s legacy to audiences globally.

Feels Strangely Good, Ya? It will highlight the full force of Murni’s boundless imagination and offer a rare opportunity to experience her work in depth. Alongside seminal works created over the artist’s lifetime, the exhibition will embrace the companionship and creative freedom she found amongst a small group of fellow artists including Edmondo Zanolini (Mondo), I Dewa Putu Mokoh (Mokoh) and Dewa Raram (Totol) whose works will also feature in the exhibition.

Murni's fearless commitment to self-expression has cemented her reputation as one of the most transgressive and vital contemporary figures in Southeast Asian art, whose work continues to inspire others. Today, her work resonates more than ever as an unabashed celebration of desire and freedom, the abject, the grotesque, and the unruly potentials of the body and mind. Feels Strangely Good, Ya? invites viewers to find pleasure in the surreal, to sit within the strange, the uncomfortable and the ecstatic and to trust and be guided by the senses.

Dala Nasser: Cemetery of Martyrs

7 Feb – 10 May 2026

We will be presenting the first solo exhibition in a major cultural institution in the UK by Dala Nasser (b.1990, Lebanon). The exhibition will feature a large-scale sculptural and sonic installation that invites audiences into a collective space of mourning and remembrance.

By using the process of frottage (the technique of taking a rubbing from an uneven surface), Nasser will transform the gallery space into a symbolic graveyard, creating a collection of charcoal rubbings collected from the graves of seminal artists, writers, poets, filmmakers, historians and journalists from across Lebanon, Egypt, Jordan and England. Representing cultural figures from the mid-nineteenth century (specifically the Nahda, Arab Renaissance) to the present day, the work honours those who fought for independence and freedom in times of political dominance and occupation and whose art, writing, and intellectual contributions have shaped the notion of true sovereignty in Western Asia. Cyanotypes will stand in as visual representations of the figures whose graves are unreachable or unknown, and will accompany the grave rubbings alongside black mourning fabrics. These mixed fabrics will hang from a wooden skeletal structure traversing two galleries, creating a canopy of graves that visitors can experience from underneath. An accompanying audio installation will permeate through the installation, featuring a voice communicating between both realms of the living and the dead.

Cemetery of Martyrs will create a collective space to gather and hold the voices and legacies of figures who were steadfast in their commitment to freedom; a graveyard to mourn, learn, and reaffirm the power of culture and humanity to connect us to histories of resistance and renewal.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Plans for future periods (continued)

Shahana Rajani: Lines That World a River

7 Feb – 10 May 2026

We are excited to be sharing the first European solo exhibition by multi-disciplinary artist Shahana Rajani (b.1987, Pakistan) with contributions from Ustad Abdul Aziz, Abdul Sattar and Aziza Ahmad.

In Arabic the word for universe, 'alam', and the word for knowledge, 'ilm', share their origin in the word, 'alamah', meaning 'a mark'. To make a mark, to draw a line, is a way of knowing the world. As the world is changed, and continues to be changed through human intervention and the resultant effects on our environment and climate, marks also become a point at which we can tether ourselves to each other, our communities and our sacred spaces.

The body of work in this exhibition centres practices and lineages of drawing and painting through which coastal communities in Pakistan remain connected to sacred ecologies of rivers and sea amidst the violence and erasure of infrastructure and the climate emergency. Situated across the Indus Delta – where infrastructure is causing rivers to disappear, and the sea is disappearing land – Rajani's works collectively explore communitybased practices of drawing river-maps and painting sea-murals as ways of maintaining sacred relation to disappearing worlds. Unlike the colonial approach of drawing lines to divide and enclose, drawing here is a ritual that protects, animates and enlivens endangered worlds.

Live Programme

Our Live programme in 25/26 will present an ambitious series of artist talks, walkthroughs, listening sessions, and workshops that invite audiences to engage deeply with contemporary art and ideas. The programme will include thematic walkthroughs led by artists, curators, and researchers such as Alma Solarte-Tobon, Dr Jennifer Rowntree, and Annie Jael Kwan, exploring subjects from the cultural significance of trees to the ecological role of mangroves and critical archival theory. Specialist tours, including British Sign Language-led sessions with Martin Glover and Jason Tennant. Alongside these, events like the Slow Craft Social led by textile artist Emma Graves and the Food & Home Fair will foster creativity and community connection.

We will also host immersive listening experiences and screenings that expand the boundaries of sound and moving image practices. Highlights will include Dylan Robinson’s workshop on alternative listening practices, oral history-inspired walks with Dr Helen Foster, and sound-focused sessions with Dr Andrew Brown. Screenings such as Selected 15, curated by videoclub and Film London Artists’ Moving Image Network, will showcase bold new works by emerging artists. Through these varied formats and collaborations, the Live programme will create spaces for dialogue, reflection, and cultural exchange, reinforcing Nottingham Contemporary’s commitment to presenting art as a catalyst for social and environmental awareness.

Learning Programmes

In 2025/6 we will continue our partnership with the Raleigh Education Trust with artist residencies in more schools and more workshops with teachers to develop practice. Following our partnership work with local schools last year, we will launch new resources to support an inclusive curriculum. Our team has been invited to be part of the Kids in Museums conference, so we’re looking forward to sharing our wellbeing offer for young people, Slow Craft Socials with the sector. Our programme of events and workshops for young people to support creativity, skills and social connection will continue, and we’ll deliver our annual programme of work experience in July. In June we’ll celebrate Refugee Week with partners from across the city and be part of city-wide work to make Nottingham a more creative and inclusive city. We will continue to deliver our strands of programming for families – school holiday activities, early years sessions and will embed the winter warm hub for families into our core offer.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Future developments

The Trustees remain committed to Nottingham Contemporary providing an outstanding programme of international art; educational programmes and public discourse that includes a focus on learning, , whilst also continuing to evolve the business model to deliver operational and financial sustainability. Whilst this evolution includes recovering from the global pandemic, it also includes lengthened exhibition seasons, additional trading income targets, additional future fundraising events, and a response to the changing economic and public funding environment.

During 2025/26 we will be enacting our business plan up to the year 2030. This will entail implementing a number of new income generating ideas, and working on seeking efficiencies in our operating model. We will be working towards our long-term fundraising strategy, building towards our 20th Birthday celebrations in 2029/30. As part of this, and with the support of Bloomberg Philanthropies, we will implement a new Customer Relationship Management System (CRM) in 2025.

Statement of Trustees' responsibilities

The Trustees (who are also the directors of the Company for the purposes of company law) are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Trustees to prepare financial statements for each financial . Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and the Company and of their incoming resources and application of resources, including their income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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

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

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' Report is approved has confirmed that:

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Trustees' Report (continued) For the Year Ended 31 March 2025

Approved by order of the members of the board of Trustees and signed on their behalf by:

................................................ 931AA279EABE4FE... Paul Kirkman Chair of Trustees

Date: 19/12/2025

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Nottingham Contemporary

Opinion

We have audited the financial statements of Nottingham Contemporary (the 'parent charitable company') and its subsidiaries (the 'group') for the year ended 31 March 2025 which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Company Balance Sheet, the Consolidated Statement of Cash Flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Nottingham Contemporary (continued)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The Trustees are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Trustees' Responsibilities Statement, the Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Nottingham Contemporary (continued)

Auditors' responsibilities for the audit of the financial statements

We have been appointed as auditor under section 151 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

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

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

Based on our understanding of the charitable company and industry, we identified the key laws and regulations affecting the charitable company. We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

We focussed on those areas that could give rise to a material misstatement in the Society's financial statements. Our procedures included, but were not limited to:

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Independent Auditors' Report to the Members of Nottingham Contemporary (continued)

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's trustees those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed.

PKF Smith Cooper Audit Limited

Statutory Auditors 2 Lace Market Square Nottingham NG1 1PB

Date: 21/12/2025

PKF Smith Cooper Audit Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Consolidated Statement of financial activities (incorporating income and expenditure account) For the Year Ended 31 March 2025

Note
Income from:
Donations
3
Charitable activities
4
Other trading activities
5
Investments
6
Other income
7
Total income
Expenditure on:
Raising funds:
8
Cost of raising donations
. Other trading expenses
Charitable activities:
10
. Other charitable activities
Total expenditure
Net gains on investments
Net movement in funds
Reconciliation of funds:
Total funds brought forward
Net movement in funds
Total funds carried forward		 Unrestricted
funds
2025
£
115,647
1,131,551
397,390
24,513
217,213
1,886,314
20,119
229,756
2,057,356
2,307,231
6,773
(414,144)
1,227,560
(414,144)
813,416		 Restricted
funds
2025
£
79,434
145,058
-
-
-
224,492
-
-
203,167
203,167
-
21,325
106,007
21,325
127,332		 Total
funds
2025
£
195,081
1,276,609
397,390
24,513
217,213
2,110,806
20,119
229,756
2,260,523
2,510,398
6,773
(392,819)
1,333,567
(392,819)
940,748		 Total
funds
2024
£
295,659
1,328,633
374,719
26,091
205,882
2,230,984
23,946
225,126
1,908,350
2,157,422
36,351
109,913
1,223,654
109,913
1,333,567

The Consolidated Statement of Financial Activities includes all gains and losses recognised in the year.

The notes on pages 23 to 45 form part of these financial statements.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee) Registered number: 05678059

Consolidated Balance Sheet As at 31 March 2025

2025 2025 2024
Note £ £
Fixed assets
Tangible assets 16 55,226 36,717
Investments 17 596,765 595,785
651,991 632,502
Current assets
Stocks 19 38,886 39,555
Debtors 20 588,666 542,898
Cash at bank and in hand 373,471 695,527
1,001,023 1,277,980
Current liabilities
Creditors: amounts falling due within one
year 21 (712,266) (576,915)
Net current assets 288,757 701,065
Total net assets 940,748 1,333,567
Charity funds
Restricted funds 22 127,332 106,007
Unrestricted funds 22 813,416 1,227,560
Total funds 940,748 1,333,567

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Paul Kirkman Chair of Trustees Date: 19/12/2025

The notes on pages 23 to 45 form part of these financial statements.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee) Registered number: 05678059

Company Balance Sheet As at 31 March 2025

2025 2025 2024
Note £ £
Fixed assets
Tangible assets 16 55,226 36,717
Investments 17 646,765 645,785
701,991 682,502
Current assets
Debtors 20 740,282 694,235
Cash at bank and in hand 149,653 478,904
889,935 1,173,139
Current liabilities
Creditors: amounts falling due within one
year 21 (653,134) (524,030)
Net current assets 236,801 649,109
Total net assets 938,792 1,331,611
Charity funds
Restricted funds 22 127,332 106,007
Unrestricted funds 22 811,460 1,225,604
Total funds 938,792 1,331,611

The Company was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 151 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.

The financial statements were approved and authorised for issue by the Trustees and signed on their behalf by:

Paul Kirkman 931AA279EABE4FE... Chair of Trustees Date: 19/12/2025

The notes on pages 23 to 45 form part of these financial statements.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Consolidated Statement of Cash Flows
For the Year Ended 31 March 2025
Cash flows from operating activities
Net cash used in operating activities
Cash flows from investing activities
Purchase of tangible fixed assets
Proceeds from sale of investments
Purchase of investments
Net cash used in investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
The notes on pages 23 to 45 form part of these financial statements		 2025
£
(289,669)
(38,180)
84,322
(78,529)
(32,387)
(322,056)
695,527
373,471		 2024
£
(23,955)
(24,704)
48,729
(69,058)
(45,033)
(68,988)
764,515
695,527

Page 22

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

1. General information

Nottingham Contemporary is a private company limited by guarantee and a registered charity, incorporated in England within the United Kingdom. The address of the registered office and the company's registration number is given in the company information of these financial statements.

2. Accounting policies

2.1 Basis of preparation of financial statements

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

Nottingham Contemporary meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

The Consolidated Statement of Financial Activities (SOFA) and Consolidated Balance Sheet consolidate the financial statements of the Group and its subsidiary undertaking. The results of the subsidiary are consolidated on a line by line basis.

The Group has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Financial Activities in these financial statements.

The financial statements are presented in Sterling which is the functional currency of the company and are rounded to the nearest £1.

2.2 Basis of consolidation

Government grants relating to tangible fixed assets are treated as deferred income and released to the Consolidated Statement of Financial Activities upon the completion of the relevant performancerelated conditions. Other grants that are not subject to performance-related conditions are credited to the Consolidated Statement of Financial Activities as the grant proceeds are received. Grants received prior to the revenue recognition criteria being satisfied are recognised as a liability.

2.3 Company status

Nottingham Contemporary is a company limited by guarantee. The members of the Company are the Trustees named on the company information page of these financial statements. In the event of the Company being wound up, the liability in respect of the guarantee is limited to £10 per member of the Company.

2.4 Going concern

In preparing the financial statements on a going concern basis, the Board of Trustees have paid due regard to relevant forecast financial information, including cash flows, funding from key supporters and factored in sensitivities and uncertainties affecting the charity. Further comment has been made in the Trustees’ Report. In the Trustee’s opinion, the charity is a going concern for a minimum of twelve months from the date of the approval of the financial statements.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.5 Income

All income is recognised once the Company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably.

Grants are included in the Consolidated Statement of Financial Activities on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received, the income is accrued.

Donated services or facilities are recognised when the Company has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use of the Company of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102). Refer to the Trustees' Report for more information about their contribution.

On receipt, donated professional services and facilities are recognised on the basis of the value of the gift to the Company which is the amount it would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Income tax recoverable in relation to investment income is recognised at the time the investment income is receivable.

Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service.

2.6 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Costs of raising funds comprise the costs associated with attracting voluntary income and the costs of trading for fundraising purposes including the costs of Nottingham Contemporary Trading Limited.

Charitable activities comprise the costs incurred by the Company in the delivery of its activities and services of exhibitions, artist fees, community and education and marketing and public relation activities undertaken to further the purposes of the Company.

Support costs are those costs which have not been directly allocated to an activity of the Company but nevertheless support those activities. These costs have been allocated between charitable activities, costs of raising donations and cost of raising funds. The basis on which support costs have been allocated are set out in Note 11.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.6 Expenditure (continued)

Governance costs are those incurred in connection with administration of the Company and compliance with constitutional and statutory requirements.

Irrecoverable input VAT is recognised in it's own expenditure heading.

2.7 Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the Group; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

2.8 Irrecoverable VAT

The Company is registered for VAT, however due to the mixed nature of the supplies it makes, it has irrecoverable VAT arising due to partial exemption which is included in resources expended.

2.9 Tangible fixed assets and depreciation

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery - 25%
Fixtures and fittings - 25%
Office equipment - 25%
Computer equipment - 25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

2.10 Investments

Fixed asset investments are a form of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance Sheet date, unless the value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as ‘Gains/(Losses) on investments’ in the Consolidated Statement of Financial Activities.

Investments in subsidiaries are valued at cost less provision for impairment.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.11 Stocks

Stocks are stated at the lower of cost and net realisable value, being the 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 overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

The Group receives donations of works of art for sale. As these represent many individual works of art from various contributors, it is considered impracticable to estimate the value of the donations with sufficient reliability, therefore income is included in the financial period when the asset is sold in accordance with FRS102. Furthermore, the Group holds certain works of art on a sale or return basis and in accordance with FRS102 they are not recognised in stock at the year-end.

2.12 Debtors

Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

2.13 Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

2.14 Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

2.15 Financial instruments

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

2.16 Pensions

The Group operates three defined contribution pension schemes and the pension charge represents the amounts payable by the Group to the funds in respect of the year.

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Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

2. Accounting policies (continued)

2.17 Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Group and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the Group for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Investment income, gains and losses are allocated to the appropriate fund.

3. Income from donations and legacies

Unrestricted
funds
2025
£
Donations and benefactor income
115,647
Total 2024
252,220		 Restricted
funds
2025
£
79,434
43,439		 Total
funds
2025
£
195,081
295,659		 Total
funds
2024
£
295,659

4. Income from charitable activities

Unrestricted
funds
2025
£
Income from charitable activities
1,131,551
Total 2024
1,238,956		 Restricted
funds
2025
£
145,058
89,677		 Total
funds
2025
£
1,276,609
1,328,633		 Total
funds
2024
£
1,328,633

Page 27

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

Income from charitable activities - detailed

Unrestricted
funds
2025
£
Arts Council England - Core Funding
1,024,303
Nottingham Trent University & University of
Nottingham grants
97,333
Other University income
-
Nottingham City Council
-
Other Trust and Foundations Learning grants
-
Exhibitions and other income
-
Education projects
9,915
1,131,551
Total 2024
1,269,530
Trust and Foundation restricted income split
Garfield Weston Foundation
Freelands
The Paul Hamlyn Foundation
Foyle Foundation
Rodney
Big Give
NC Young People's
Small projects income		 Restricted
funds
2025
£
-
-
-
-
67,615
77,443
-
145,058
295,931		 Total
funds
2025
£
1,024,303
97,333
-
-
67,615
77,443
9,915
1,276,609
1,565,461
2025
£
15,185
25,840
3,740
1,718
8,125
5,149
4,036
3,822
67,615		 Total
funds
2024
£
1,024,303
124,811
712
80,638
61,976
26,989
9,204
1,328,633
2024
£
17,492
-
29,925
5,999
-
-
-
8,560
61,976

Page 28

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

5. Income from other trading activities

Income from non charitable trading activities

Unrestricted
funds
2025
£
Shop sales
203,422
Room hire and events
156,923
Cafe income
28,775
Artist editions income
8,270
397,390
Total 2024
374,719		 Total
funds
2025
£
203,422
156,923
28,775
8,270
397,390
374,719		 Total
funds
2024
£
180,798
152,747
29,781
11,393
374,719

6. Investment income

Unrestricted
funds
2025
£
Dividends from listed investments
21,491
Bank interest receivable
3,022
24,513
Total 2024
26,091		 Total
funds
2025
£
21,491
3,022
24,513
26,091		 Total
funds
2024
£
22,016
4,075
26,091

Page 29

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

7. Other income

Exhibition tax relief
Other income
Total 2024
8.
Expenditure on raising funds
Costs of raising voluntary income
Marketing and public relations
Wages and salaries
Total 2024		 Unrestricted
funds
2025
£
194,812
22,401
217,213
205,882
Unrestricted
funds
2025
£
15,830
4,289
20,119
23,946		 Total
funds
2025
£
194,812
22,401
217,213
205,882
Total
funds
2025
£
15,830
4,289
20,119
23,946		 Total
funds
2024
£
196,889
8,993
205,882
Total
funds
2024
£
20,469
3,477
23,946

Page 30

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

8. Expenditure on raising funds (continued)

Other trading expenses

Unrestricted
funds
2025
£
Cost of sales
210,790
Distribution expenses
2,517
Administration expenses
13,427
Cost of sales staff costs
3,022
Administration depreciation
-
229,756
Total 2024
225,126		 Total
funds
2025
£
210,790
2,517
13,427
3,022
-
229,756
225,126		 Total
funds
2024
£
193,195
1,435
23,285
3,346
3,865
225,126

9. Trading and fundraising activities

The wholly owned subsidiary, Nottingham Contemporary Trading Limited (Company Number 06612673), is incorporated in the UK and distributes all of its profits to the charity under a deed of covenant. The company operates the shop, cafe and the private hire of rooms and events at Nottingham Contemporary art gallery. The Charity owns 100% of the ordinary share capital of the company.

The net profit from Nottingham Contemporary Trading Limited before the distribution of profit to the parent charity amounted to £167,634 (2024: £153,458). The distribution of profit for the year amounted to £167,634 (2024: £153,458).

Page 31

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

10. Analysis of expenditure on charitable activities

Summary by fund type

Unrestricted
funds
2025
£
Costs of charitable activities
1,854,465
Costs of raising donations
22,240
Costs of raising funds
180,651
2,057,356
Total 2024
1,775,198		 Restricted
funds
2025
£
203,167
-
-
203,167
133,152		 Total
2025
£
2,057,632
22,240
180,651
2,260,523
1,908,350		 Total
2024
£
1,746,143
21,765
140,442
1,908,350

11. Analysis of expenditure by activities

Costs of charitable activities
Costs of raising donations
Costs of raising funds
Total 2024		 Activities
undertaken
directly
2025
£
1,503,855
-
96,319
1,600,174
1,474,771		 Support
costs
2025
£
553,777
22,240
84,332
660,349
433,579		 Total
funds
2025
£
2,057,632
22,240
180,651
2,260,523
1,908,350		 Total
funds
2024
£
1,746,143
21,765
140,442
1,908,350

Page 32

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

11. Analysis of expenditure by activities (continued)

Analysis of direct costs

Staff costs
Marketing and public relations
Irrecoverable VAT
Exhibition expenses
Community and education expenses
Total 2024		 Charitable
activities
2025
£
941,894
38,374
91,816
374,617
57,154
1,503,855
1,395,599		 Costs of
raising
funds
2025
£
92,538
3,781
-
-
-
96,319
79,172		 Total
funds
2025
£
1,034,432
42,155
91,816
374,617
57,154
1,600,174
1,474,771		 Total
funds
2024
£
824,424
64,771
71,012
355,576
158,988
1,474,771

The allocation of direct costs between activities is on the basis of staff time spent on those activities.

Analysis of support costs

Staff costs
Depreciation
Office costs
Bad debt provision
Property expenses
Training and professional fees
Governance costs
Total 2024		 Charitable
activities
2025
£
159,728
19,671
21,111
-
270,457
19,759
63,051
553,777
350,544		 Costs of
raising
donations &
legacies
2025
£
22,240
-
-
-
-
-
-
22,240
21,765		 Costs of
raising
funds
2025
£
20,218
-
2,789
-
61,325
-
-
84,332
61,270		 Total
funds
2025
£
202,186
19,671
23,900
-
331,782
19,759
63,051
660,349
433,579		 Total
funds
2024
£
198,339
13,188
29,984
4,374
159,211
10,321
18,162
433,579

The allocation of support staff costs between activities is on the basis of staff time spent on those activities. Office costs and property expenses are allocated based on floor area.

Page 33

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

12. Auditors' remuneration

2025 2024
£ £
Fees payable to the Group's auditor for the audit of the Group's annual
accounts 11,775 10,740
Fees payable to the Group's auditor in respect of:
Tax compliance service 1,650 1,490

13. Staff costs

Wages and salaries
Social security costs
Pension costs		 Group
2025
£
1,107,756
93,420
42,753
1,243,929		 Group
2024
£
910,889
83,843
34,854
1,029,586		 Company
2025
£
1,104,734
93,420
42,753
1,240,907		 Company
2024
£
907,543
83,843
34,854
1,026,240

The average number of persons employed by the Company during the year was as follows:

Group Group Company Company
2025 2024 2025 2024
No. No. No. No.
Office and administration 61 60 61 60

No employee received remuneration amounting to more than £60,000 in either year.

The total amount of employee benefits received by key management personnel during the year was £135,754 (2024: £88,554).

14. Trustees' remuneration and expenses

During the year, no Trustees received any remuneration or other benefits (2024 - £NIL) .

During the year ended 31 March 2025, expenses of £1,537 were reimbursed or paid directly to 6 Trustees (2024 - £NIL).

15. Taxation

As a charity, Nottingham Contemporary is exempt from tax on income and gains falling within Section 505 of the Taxes Act 1988 or S256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the Charity.

Page 34

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

16. Tangible fixed assets

Group

Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Plant and
machinery
£
205,914
31,077
236,991
182,178
14,558
196,736
40,255
23,736		 Fixtures and
fittings
£
65,316
-
65,316
65,316
-
65,316
-
-		 Office
equipment
£
51,015
-
51,015
45,702
2,327
48,029
2,986
5,313		 Computer
equipment
£
113,935
7,103
121,038
106,267
2,786
109,053
11,985
7,668		 Total
£
436,180
38,180
474,360
399,463
19,671
419,134
55,226
36,717

Page 35

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

16. Tangible fixed assets (continued)

Company

Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation
At 1 April 2024
Charge for the year
At 31 March 2025
Net book value
At 31 March 2025
At 31 March 2024		 Plant and
machinery
£
178,217
31,077
209,294
154,481
14,558
169,039
40,255
23,736		 Office
equipment
£
51,015
-
51,015
45,702
2,327
48,029
2,986
5,313		 Computer
equipment
£
113,935
7,103
121,038
106,267
2,786
109,053
11,985
7,668		 Total
£
343,167
38,180
381,347
306,450
19,671
326,121
55,226
36,717

Page 36

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

17. Fixed asset investments

Group
Cost or valuation
At 1 April 2024
Additions
Disposals
Revaluations
At 31 March 2025
Shares in
group
undertakings
Company
£
Cost or valuation
At 1 April 2024
50,000
Additions
-
Disposals
-
Revaluations
-
At 31 March 2025
50,000		 Listed
investments
£
595,785
78,529
(84,322)
6,773
596,765		 Listed
investments
£
595,785
78,529
(84,322)
6,773
596,765
Total
£
645,785
78,529
(84,322)
6,773
646,765

18. Principal subsidiaries

The following was a subsidiary undertaking of the Company:

Name Company Class of Holding Included in
number shares consolidation
Nottingham Contemporary Trading Limited 06612673 Ordinary 100% Yes
The financial results of the subsidiary for the year were:
Name Income Expenditure Profit/(Loss) Net assets
£ £ for the year £
£
Nottingham Contemporary Trading 397,390 (229,756) 167,634 219,590
Limited

Page 37

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

19. Stocks

Group Group
2025 2024
£ £
Shop and cafe stock 38,886 39,555

20. Debtors

Due within one year
Trade debtors
Amounts owed by group undertakings
Other debtors
Prepayments and accrued income		 Group
2025
£
67,696
-
388,934
132,036
588,666		 Group
2024
£
69,076
-
385,317
88,505
542,898		 Company
2025
£
26,764
202,503
387,929
123,086
740,282		 Company
2024
£
34,765
188,216
385,302
85,952
694,235

Page 38

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

21. Creditors: Amounts falling due within one year

Trade creditors
Other taxation and social security
Other creditors
Accruals and deferred income
Deferred income at 1 April 2024
Resources deferred during the year
Amounts released from previous periods		 Group
2025
£
89,431
31,588
45,906
545,341
712,266
Group
2025
£
221,995
233,532
(176,355)
279,172		 Group
2024
£
53,159
31,703
50,233
441,820
576,915
Group
2024
£
203,866
153,689
(135,560)
221,995		 Company
2025
£
72,406
21,037
14,350
545,341
653,134
Company
2025
£
196,740
208,451
(151,100)
254,091		 Company
2024
£
42,107
21,723
18,380
441,820
524,030
Company
2024
£
181,663
128,434
(113,357)
196,740

Deferred income comprises grant income received in advance which is unspent at the year end, memberships which span more than one accounting period and advanced booking fees for room hire and events.

There were no balances outstanding between participating consortium members for which the Charity is administratively responsible in either the current or prior year period.

Page 39

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

22. Statement of funds

Statement of funds - current year

Unrestricted
funds
Designated
funds
Investment fund
Capital repair
and replacement
fund
Development
fund
Exhibitions
Insurance
Excess fund
General funds
Unrestricted
funds
Total
Unrestricted
funds
Restricted
funds
Restricted Funds
Total of funds		 Balance at 1
April 2024
£
602,380
85,461
30,595
11,492
729,928
497,632
1,227,560
106,007
1,333,567		 Income
£
21,491
-
-
-
21,491
1,864,823
1,886,314
224,492
2,110,806		 Expenditure
£
(3,968)
-
-
-
(3,968)
(2,303,263)
(2,307,231)
(203,167)
(2,510,398)		 Transfers
in/out
£
(23,101)
-
-
-
(23,101)
23,101
-
-
-		 Gains/
(Losses)
£
6,773
-
-
-
6,773
-
6,773
-
6,773		 Balance at
31 March
2025
£
603,575
85,461
30,595
11,492
731,123
82,293
813,416
127,332
940,748

Page 40

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

22. Statement of funds (continued)

Statement of funds - prior year

Unrestricted
funds
Designated
funds
Investment fund
Capital repair
and replacement
fund
Development
fund
Exhibitions
Insurance
Excess fund
General funds
Unrestricted
funds
Total
Unrestricted
funds
Restricted
funds
Restricted Funds
Total of funds		 Balance at
1 April 2023
£
569,277
85,461
30,595
11,492
696,825
420,786
1,117,611
106,043
1,223,654		 Income
£
22,016
-
-
-
22,016
2,075,852
2,097,868
133,116
2,230,984		 Expenditure
£
(3,867)
-
-
-
(3,867)
(2,020,403)
(2,024,270)
(133,152)
(2,157,422)		 Transfers
in/out
£
(21,397)
-
-
-
(21,397)
21,397
-
-
-		 Gains/
(Losses)
£
36,351
-
-
-
36,351
-
36,351
-
36,351		 Balance at
31 March
2024
£
602,380
85,461
30,595
11,492
729,928
497,632
1,227,560
106,007
1,333,567

Page 41

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

General Fund s

The balance held on the general reserve provides a contingency against unforeseen eventualities and liabilities and provides funds that would enable the Charity to continue to operate and fulfil its financial commitments in the short term even if budgeted income levels are not achieved.

Restricted funds

This is income received by the Charity relating to projects for specific purposes.

The Trustees have also approved four designated funds as follows:

Investment Fund

In 2017 the Trustees allocated reserves to create an Investment Reserve which would be designated for investments and managed by an independent investment manager, with the objective of protecting the value of the fund whilst also returning an annual income to support core delivery.

Capital Repair and Replacement Fund

A fund to cover the cost of repairing or replacing fixed assets within the gallery as required. During the year, this fund has been used to fund the depreciation costs related to earlier projects from recent years.

Development Fund

The development fund was created to provide funds for larger one off projects that otherwise would have not happened.

Exhibitions Insurance Excess Fund

An Exhibition Insurance Excess Fund was created in 2019 by the release of accrued insurance endorsement premiums accumulated over a number of years. This fund is a provision to support the costs of future claims which will now be subject to an excess following the latest exhibition insurance policy renewal.

23. Summary of funds

Summary of funds - current year

Designated
funds
General funds
Restricted funds		 Balance at 1
April 2024
£
729,928
497,632
106,007
1,333,567		 Income
£
21,491
1,864,823
224,492
2,110,806		 Expenditure
£
(3,968)
(2,303,263)
(203,167)
(2,510,398)		 Transfers
in/out
£
(23,101)
23,101
-
-		 Gains/
(Losses)
£
6,773
-
-
6,773		 Balance at
31 March
2025
£
731,123
82,293
127,332
940,748

Page 42

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

23. Summary of funds (continued)

Summary of funds - prior year

Designated
funds
General funds
Restricted funds		 Balance at
1 April 2023
£
696,825
420,786
106,043
1,223,654		 Income
£
22,016
2,075,852
133,116
2,230,984		 Expenditure
£
(3,867)
(2,020,403)
(133,152)
(2,157,422)		 Transfers
in/out
£
(21,397)
21,397
-
-		 Gains/
(Losses)
£
36,351
-
-
36,351		 Balance at
31 March
2024
£
729,928
497,632
106,007
1,333,567

24. Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted
funds
2025
£
Tangible fixed assets
55,226
Fixed asset investments
596,765
Current assets
714,606
Creditors due within one year
(553,181)
Total
813,416		 Restricted
funds
2025
£
-
-
286,417
(159,085)
127,332		 Total
funds
2025
£
55,226
596,765
1,001,023
(712,266)
940,748

Analysis of net assets between funds - prior year

Tangible fixed assets
Fixed asset investments
Current assets
Creditors due within one year
Total		 Unrestricted
funds
2024
£
36,717
595,785
1,034,568
(439,510)
1,227,560		 Restricted
funds
2024
£
-
-
243,412
(137,405)
106,007		 Total
funds
2024
£
36,717
595,785
1,277,980
(576,915)
1,333,567

Page 43

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY

(A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

25. Reconciliation of net movement in funds to net cash flow from operating activities

Net income/expenditure for the year (as per Statement of Financial
Activities)
Adjustments for:
Depreciation charges
Losses on investments
Decrease/(increase) in stocks
Increase in debtors
Increase in creditors
Net cash used in operating activities
26.
Analysis of cash and cash equivalents
Cash in hand
27.
Analysis of changes in net debt		 Group
2025
£
(392,819)
19,671
(6,773)
669
(45,768)
135,351
(289,669)
Group
2025
£
373,471		 Group
2024
£
109,913
17,054
(36,351)
(4,522)
(187,188)
77,139
(23,955)
Group
2024
£
695,527
Cash at bank and in hand At 1 April
2024
£
695,527
695,527		 Cash flows
£
(322,056)
(322,056)		 At 31 March
2025
£
373,471
373,471

Page 44

Docusign Envelope ID: AA9DF3FF-5C9C-43CF-9A71-5DF026B098C1

NOTTINGHAM CONTEMPORARY (A Company Limited by Guarantee)

Notes to the Financial Statements For the Year Ended 31 March 2025

28. Pension commitments

The Group operates three schemes, the assets of which are held separately from those of the Group in independently administered funds. The pension cost charge represents contributions payable by the Group to the funds during the year which amounted to £42,753 (2024: £34,854). Contributions totalling £14,212 (2024: £7,669) were payable to the fund at the balance sheet date and are included in creditors.

29. Related party transactions

During the year the Charity recharged wages and salary costs of £38,975 and other expenses of £2,703 to its subsdiary Nottingham Contemporary Trading Limited. In addition amounts of £40,500 were advanced to and £236,091 was repaid by this related party. At the balance sheet date an amount of £34,869 (2024: £188,216) was due to the Charity from Nottingham Contemporary Trading Limited.

Nottingham Contemporary is grateful for the support it receives from its many patrons, benefactors and supporters. During the year, this included the following support from related parties:

Page 45

PKF Smith Cooper Nottingham Contemporary Audit Findings Report Year ended 31 March 2025 Ir llllll . i_

PKF

Contents

1. Introduction ............................................................................................................................ 3 2. Audit summary ........................................................................................................................ 4 3. Audit conclusions .................................................................................................................... 6 4. Independence ......................................................................................................................... 6 Appendix 1: Summary of misstatements ..................................................................................... 10 Appendix 2: Internal control deficiencies .................................................................................... 11 Appendix 3: Future Developments .............................................................................................. 13

This report has been prepared for the sole use of the trustees and must not be shown to third parties without our prior consent. No responsibilities are accepted by PKF Smith Cooper Audit Limited towards any party acting or refraining from action as a result of this report.

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AUDIT FINDINGS REPORT

PKF

1. Introduction

In accordance with International Standard in Auditing (UK & Ireland) 260, this report forms part of our ongoing communications with management and those charged with governance. This document provides details of significant observations following our audit of the financial statements for the year ended 31 March 2025, including our confirmation of auditor independence.

This report covers the following entities:

We are responsible for forming and expressing an opinion on the statutory financial statements in accordance with International Standards Auditing (UK). The audit of the financial statements does not relieve management or those charged with governance of their responsibilities for the preparation of the financial statements. Further details of our respective responsibilities are summarised in our letter of engagement.

We would like to take this opportunity to express our appreciation for the assistance provided by your team during our audit.

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AUDIT FINDINGS REPORT

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2. Audit summary

Status of the audit

Our audit work is complete, subject to the following outstanding matters:

We expect an unmodified/clean audit report to be issued assuming no matters arise from completion of the outstanding work.

Changes to the audit strategy

We did not experience any significant difficulties during the audit process, and we have not had to alter or change our planned audit approach as previously communicated to you.

Our work combines substantive and other procedures, including direct verification of balances and transactions, which included obtaining confirmation from third parties where we considered this to be necessary. No significant limitations of scope were placed on our audit.

Materiality

The assessment of materiality is a matter of professional judgement but overall, the matter is material if its omission or misstatement would reasonably influence the economic decisions of a user of the financial statements. We have not changed our approach to determining materiality as communicated at the audit planning stage.

Whether adjustments are material to the “true and fair” view, can only be judged in the particular circumstances of the items and their impact on the financial statements to which they relate. Materiality has been considered having due regard to the overall financial statement totals, the relevant individual balance, the type of transaction and the disclosures.

Appendix 1 sets out unadjusted misstatements which were not considered trivial (being 5% of materiality).

Related party transactions

During our audit procedures, we did not identify any previously unidentified related parties. We are not aware of any related party transactions which have not been disclosed within the financial statements.

Fraud

We have not been made aware of any actual or suspected fraud in the period and we have not identified any other issues during the course of our audit procedures.

Laws and regulation

We are not aware of any significant instances of non-compliance with relevant laws and regulations.

Third party confirmations

We have received all requested third-party confirmations.

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Internal control deficiencies

The purpose or our audit is to form an opinion on the financial statements. As part of our audit we have considered internal controls in order to design and undertake our audit procedures only. Our audit does not express an opinion on the overall effectiveness of internal controls and therefore should not be relied upon to disclose all errors or weaknesses in systems and processes nor irregularities or errors not material in relation to the financial statements.

Appendix 2 sets out control weaknesses we have identified during our audit testing and follows up any observations from the previous audit.

Going concern

In accordance with ISA (UK) 570, we reviewed the appropriateness of management’s use of going concern and whether a material uncertainty relating to going concern exists. We also considered the appropriateness of disclosures made in the financial statements.

From discussions with management and review of current trading result and forecasts, we understand the following:

From the information obtained, we have not identified any events or conditions that give rise to a material uncertainty, therefore the use of the going concern basis of preparation is appropriate.

Written representations

We will be obtaining standard representations from management.

Disclosures

Our review of the disclosures included within the financial statements found no material misstatements.

Other information

We will review the information within the Trustees’ Report once received to ensure that there are no material misstatements or material inconsistencies.

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AUDIT FINDINGS REPORT

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3. Audit conclusions

Significant risks

The following significant risk areas were identified at the planning stage of the audit and our conclusions from the audit evidence we obtained is set out below:

Risk identified
Revenue recognition
There is a rebuttable
presumption set out in ISA
(UK) 240 that there are
significant audit risks of
fraud in relation to revenue
recognition.		 Audit procedures performed
Following our evaluation of revenue
transactions, our audit procedures
included:
•
Confirming our understanding of the
control environment surrounding
revenue
•
Extensive substantive testing on
revenue
testing
•
Cut off procedures impacting on
revenue transactions.		 Audit conclusions
From the audit evidence we
have obtained, we did not
identify any issues with regards
to revenue recognition.
Management override of
controls
There is a non-rebuttable
presumed risk set out in
ISA (UK) 240 that the
financial statements may
be misstated due to
management override of
controls.		 Our audit procedures included:
•
Confirming our understanding of the
control environment surrounding
posting and review of journal entries.
•
Detailed testing of accounting
estimates, judgements and decisions
made by management during the
period. Further information is set out
below.
•
Detailed review and testing of journal
adjustments throughout the period and
particularly at the year-end to identify
any unusual entries.
We also considered significant transactions
outside the normal course of business.		 From the audit evidence we
have obtained, we did not
identify any issues with regards
to management override of
controls.

Accounting estimates and policies

We adopt professional scepticism at all times when assessing the methods, significant assumptions and data used by management when determining accounting estimates included in the financial statements, as well as the associated financial statement disclosures. The following key accounting estimates were identified at the planning stage of the audit:

We have considered the adopted accounting policies as part of our audit work and consider these to be appropriate and in accordance with UK accounting standards.

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Key matters arising

Set out below are details of key matters arising from our audit procedures:

Matters arising Resolution

Charity

Gift aid debtor

Gift aid debtor

The draft accounts include a debtor of £8,334 which has rolled forward from the prior year. This relates to a gift aid balance due on a “Fund for the Future” donation. We wish to understand from management as to whether this represents a genuine recoverable amount.

Conclusion on this matter is outstanding with management.

Pension creditor

Pension creditor

Outstanding pension payments as at the year end per the draft accounts are £14,212. The actual payments made to People’s Pension and Scottish Widows after the year end, relating to the February and March payroll were £11,516. We understand that this was due to some errors in contributions discovered subsequent to the original payroll run.

For information only. Management agreed to leave this as an unadjusted difference.

The overstatement of the creditor of £2,666 has been included on our schedule of unadjusted differences.

Accruals

Accruals

Exhibition insurance Exhibition insurance Management wishes to leave this provision in An amount has been carried forward from previous years place for prudence. In previous years some late in respect of an insurance claim for damaged artwork, costs have been received which had not been where Contemporary could be required to pay a £5k provided for. excess. We would like to confirm if this issue has been closed and therefore whether the accrual is still required. Bad debt provision Bad debt provision Management wishes to leave this provision in A provision against bad debts of £4,374 has been carried place to cover some of the older debts on the forward from the previous years. We wish to understand charity sales ledger. IN particular, it was noted whether this remains appropriate based on the trade there was considerable doubt over the debtor balances outstanding as at 31 March 2025. recoverability of £1,800 due from Phillips Auctioneers.

Trading Company

Craft fair income Craft fair income From our income transactional testing it was found that For information only. Management agreed to the on a number of occasions income from the craft fair had adjustment to the financial statements. not been recorded in the nominal ledger. This has resulted in the sales control account being a credit balance of £2,651 at the year end.

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An adjustment has been made for the final accounts to correct this.

NTU debtor

An amount of £18,837 was due to the company from Nottingham Trent University at the year end. As at the time of the audit fieldwork, £17,764 remained unpaid. Much of this debt is more than one year old.

We wish to obtain an update from management on the recoverability of these amounts and note that the draft accounts do not include any provision of bad or doubtful debts.

NTU debtor

Credit control have contacted the NTU accounts payable team to chase payment of these outstanding amounts on a number of occasions. Management remains confident that the debt is recoverable and do not wish to include any provision for doubtful debt in the financial statements.

Taxation

Museums and exhibition relief

The revised MGETR claim prepared by Carol Bell shows an amount due to the charity for FY25 of £196,488 and this is currently reflected in the draft accounts.

We understand from our tax compliance team that following recent changes in EEA guidance, the claim may be understated as certain items of expenditure have been omitted. Management is to meet with our tax team to discuss this in further detail.

Donation to charity

The draft tax computation for the trading company has been prepared and shows taxable profits of £167,634 that can be donated to the parent charity. The financial statements have been updated to reflect this.

Museums and exhibition relief

Following a meeting between management and our tax team, it was concluded that the revised claim is accurate in all material respects. The debtor included in the financial statements is therefore appropriate.

Donation to charity

For information only.

This amount should be physically paid by the trading company to then charity before 31 December 2025.

Charity VAT

At present 32% of the VAT on charity expenditure is being reclaimed in the partial exemption calculation. This is based on advice given by Smith Cooper a number of years ago, and from discussion with our VAT department, this approach may no longer be correct.

We will follow this up further with our VAT team to understand whether there is any implication for the financial statements in respect of omitted VAT liability.

Charity VAT

Management have concluded that current processes for preparing the VAT return remain compliant. This is based on the rationale that the business model has not fundamentally changed since a HMRC review on 2013 and their guidance concerning business/non-business apportionment remains valid.

Although there is no implication for the audit, we wish to make the trustees aware that this does remain a risk for the charity, particularly given the length of time that has passed since both the last VAT inspection and formal review of processes by a VAT professional.

Observation and risk

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4. Independence

As required by the FRC Ethical Standards, we communicated to you at the planning stage our review of auditor independence and the safeguards we have put in place to mitigate any actual or perceived threats to our independence.

We have identified the following changes since our communication at the audit planning stage to bring to your attention:

Description of threat Safeguard(s) applied
Assistance with the preparation of the Museums This work is undertaken by the corporation tax team
and Galleries Exhibition Tax Relief claim who are independent from the audit engagement team.

These safeguards have all been discussed with informed management and we are satisfied that these appropriately mitigate any threat to our objectivity and independence.

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Appendix 1: Summary of misstatements

The auditor is required to communicate all misstatements which we identified as a result of our audit process and which were not adjusted, other than those considered to be clearly trivial in size or nature, to management. Trivial was deemed to be:

Unadjusted misstatements are as follows:

Assets Liabilities Reserves Income Expenses
£ £ £ £ £
Nottingham Contemporary
MGETR 23/24 adj 3,000 3,000
Pension creditor 2,666 - 2,666
-
3,000 2,666 - 3,000 - 2,666
-
Trading Company
Stock cost/NRV - actual 985 - 985
-
Stock cost/NRV - extrapolated 4,234 - 4,234
-
5,219 - - - - 5,219
-

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@ PKF ™ Smith Cooper

Appendix 2: Internal control deficiencies

Our findings and recommendations are set out below. We have assigned a grading to each finding to reflect the urgency required by management in addressing each item.

Assessment

The following matters were raised in the prior year and remain relevant in the current year:

Observation and risk Recommendation Recommendation Management comments Management comments Management comments Management comments
Authorisation of journals Journals should be reviewed and Deputy Director will conduct Deputy Director will conduct
There is no formal review or
authorisation of manual journals
posted to the finance system.		 approved on a monthly basis. monthly review of manual
journal entries from January
2026.
Deficiency:
Increased risk of incorrect or
fraudulent journal entries.
The following matters were identified in the current year: The following matters were identified in the current year: The following matters were identified in the current year:
Observation and risk
Recommendation
Management comments
Fixed asset register (Trading
Company)
The fixed asset register contains
various assets relating to the café
which is now managed by a third
party.
Deficiency
Overstatement of accumulate cost
and depreciation of fixed assets.
The fixed asset register should be
reviewed on an annual basis and any
assets no longer used by the
company should be removed.
The fixed asset register will be
reviewed by the close of
FY25/26, with assts no longer
used by the company removed.
Purchase orders
Purchase orders are not always
authorised in line with the finance
policy.
Deficiency
Liabilities could be incurred for none
bona-fide expenses.
All purchases orders should be
authorised in line with the finance
policy.
Deputy Director Implementing
new purchase order
management approach in
December 2025. This will
require all purchase orders to
be authorised.
~~		 ~~
AUDIT FINDINGS REPORT 11

PKF

Room hire income Room hire income Signed booking forms should be Signed booking forms should be Signed booking forms should be Deputy Director will work with
Booking forms for room hire are not
always signed by the customer.		 obtained for all room hire sales and
retained in the filing system.		 Events Manager to ensure this
process is adhered to going
forward.
Deficiency
No effect on the financial
statements.
Declaration of business interests Trustees should update DOBI forms
Some trustees had not updated their Some trustees had not updated their on an annual basis. on an annual basis.
DOBI form in the year under review.
Deficiency
Risk of omitted disclosure of related
party transactions and conflicts of
interest.

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AUDIT FINDINGS REPORT

PKF

Appendix 3: Future Developments

FRS 102 Revised

On 27 March 2024 the FRC issued amendments to FRS102 The Financial Reporting Standard applicable in the UK and Republic of Ireland and other FRSs - Periodic Review 2024. The SORP-making body are currently finalising the next version of the Charity SORP which will incorporate these changes. The new SORP must be approved by the FRC and issued for consultation, this is expected to be completed and responses reviewed by July 2025.

The SORP is anticipated to be published in October 2025. The effective date for these changes applies for periods beginning on or after 1 January 2026. Further details and updated information are available on the charity SORP website: https://www.charitysorp.org/

The most significant changes to FRS 102 which are expected to be incorporated into the SORP relate to leases and revenue recognition. Set out below is the detail from FRS 102, the SORP cannot override the standard so the changes introduced by FRS 102 will also be set out in the SORP with examples to assist charities.

Leases Revenue
Change Current distinction between
accounting treatment for operating/
finance leases is being removed. All on
balance sheet.
Recognise “right of use” asset at the
“present value” of future lease
payments (including costs of obtaining
the lease e.g. legal fees) and a
corresponding finance lease liability.		 Five-step revenue recognition model to be
applied for all contracts:
•
Step 1 – Identify customer contract(s)
•
Step 2 – Identify performance
obligations in the contract
•
Step 3 – Determine transaction price
•
Step 4 – Allocate above to
performance obligations in contract
•
Step 5 – Recognise revenue when (or
as) satisfy a performance obligation
Exemptions
available		 •
Short term leases i.e., those less
than 12 months
•
Low value assets - not defined but
examples not considered to be low
value e.g., motor vehicles, and
land and buildings.		 •
May apply the 5-step model to
buckets of similar contracts (rather
than each contract individually)
•
Simplifications for allocating
discounts
Impact on
financial
statements		 •
Increased gross asset values and
reduced net current assets.
•
Rental payments will reduce the
lease liability rather than
recognised as an expense.
•
Interest on liability will be charged
over lease term.
•
Depreciation charged as an
expense to reduce the asset value.		 •
Changes may impact the timing of
revenue recognition and therefore
trading position / balance sheet
values.
•
Enhanced disclosure requirements
relating to revenue recognition and
judgements made.

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Leases Revenue
Transition
period		 No restatement of comparatives
required.
Any cumulative effect on initial
application adjusts opening reserves.		 There are two options available:
1. Restate comparatives and apply
new model to all contracts.
2. Apply model to incomplete
contracts at the start of the current
period and adjust reserves for any
cumulative effect (modified
retrospective approach).
Considerations An entity may use an "obtainable
borrowing rate" (i.e., that used by their
bank) for calculations.
Regular reassessment is required, for
example when there is indexation, a
rent review, or a change in the existing
lease terms.
Permitted to use carrying value
amounts for group reporting under
IFRS16 as opening balances.		 If applying modified retrospective
approach
•
When accounting for contracts with
variable consideration completed by
the reporting date, may use the
transaction price at date the contract
was completed, rather than
estimating for comparative periods.
•
No need to retrospectively restate
where contract modifications
occurred prior to the date of initial
application, aggregate effect can be
reflected when identifying completed
performance obligations.
If applying full retrospective approach
•
In addition to the above, do not need
to restate contracts that begin and
end in the same reporting period or
were completed at beginning of the
earliest period presented in the
accounts.

It is essential to consider the potential implications of these amendments, for example:

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AUDIT FINDINGS REPORT

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Given these changes are not required until 2026, what should you be considering in the meantime?

Size limits

The government has published new legislation, The Companies (Accounts and Reports) (Amendment and Transitional Provision) Regulations 2024, to increase the monetary size thresholds for micro, small and mediumsized entities. This will be applicable for incorporated charities. For financial years beginning on or after 6 April 2025, company size thresholds are increasing as follows:

Micro Micro Small Small Medium Medium
Current New Current New Current New
Not more than:
Turnover 632,000 1,000,000 10,200,000 15,000,000 36,000,000 54,000,000
Balance sheet total
assets		 316,000 500,000 5,100,000 7,500,000 18,000,000 27,000,000
Employees 10 10 50 50 250 250

When first applying the new size limits, transitional arrangements allow you to apply these to your comparatives therefore allowing benefits to be available sooner.

These changes do not affect the streamlined energy and carbon reporting (“SECR”) requirements in Parts 7 and 7A of Schedule 7 to the Large and Medium sized Companies and Groups (Accounts and Reports) Regulations 2008 and regulation 12B of the LLP Regulations. The SECR regime requires quoted companies, larger unquoted companies, and larger LLPs to report on greenhouse gas emissions, energy consumption and energy efficiency action. Consequently, qualifying as an unquoted company or LLP required to comply with SECR requirements will no longer be aligned with qualifying as an unquoted large company or LLP under the Companies Act 2006 or the LLP Regulations.

Economic Crime and Corporate Transparency Act 2023

The Economic Crime and Corporate Transparency Act (2023) measures have begun to be implemented, with further key changes planned to reform the role of Companies House and improve transparency over UK companies.

A significant change commenced from 8 April 2025, with Companies House permitting voluntary identity verification for individuals, with the expectation by autumn 2025 that this will be compulsory for newly incorporated entities and new director / PSC appointments. Leading on from this, there is a 12-month transition phase for existing directors and PSCs to verify their identity with compulsory verification required as part of document filing with Companies House from Spring 2026.

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From 1 April 2027 further significant changes will apply including:

However, please note recent media publications suggest that this may be overturned by Government.

Failure to prevent fraud offence

The Economic Crime and Corporate Transparency Act 2023 has created a new corporate criminal offence of “failure to prevent fraud”. It is intended to encourage organizations to implement or improve fraud prevention procedures.

This will apply to large organisations, irrespective of sector or industry, where an employee, agent or other ‘associated person’, commits fraud intending to benefit the organisation and the organisation did not have reasonable fraud prevention procedures in place. It does not matter whether directors or management knew about the fraud.

The power to bring prosecutions will not come into force until 1 September 2025. It is therefore important that those affected organisations take the opportunity to review their current systems and processes to ensure adequate. The Charity Commission has resources to support in your review processes: Protect your charity from fraud - GOV.UK

Updated charity guidance

The Charity Commission have refreshed guidance to help trustees protect charities from fraud and cyber crime. In a recent article, the regulator revealed that they have opened 603 cases relating to fraud and 99 cases relating to cyber crime in the last year. New guidance:

Consultation on financial thresholds

The Department for Culture, Media and Sport are in the process of considering views sought through a consultation process regarding appropriateness of existing financial thresholds within Charity Law. There are three options under consideration:

The consultation ended on 12 June 2025 and is expected to take 12 weeks to publish a summary of the outcome. Further information is available on the GOV.UK website

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AUDIT FINDINGS REPORT

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