TURNER CONTEMPORARY CONSOUDATED FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2021 Regi$tered Charity No: 1129974 Registe￿1 Company Plo: 06772337 (England and Walp51 TURNER CONTEMPORARY CONTENTS Pa￿ No Legal and Administrab"ve Details Chaimian's Forewor Report of the Trustees 4-15 Independent Audiiors, Report 16-19 Statemenis of Finanaal AcltMtiè5 20-21 Summary Inc(xn8 and Eynditure a(xount Consolidated Balance Str￿1 23 Ch8rity Balanc8 Sheet 24 Con501idated Ca5hflow Statement 25 Notes to the Financial Statements 26-36 TURNER CONTEMPORARY CHARITY REFERENCE AND ADMINISTRATIVE DETAILS Charity reglstratlon numbgr 1129974 Company rogistration nurnber (A772337 Trustees Clibe Stews DL Laura Wright Caroline Atton Viwenne Bennett Jill Constsnb"F Martin Cook Sir Stephen Deuthar Lucy Ed￿a Peter HawAes Kemet Pink Sarah Hohler Yasmin Khan Piofessor Sirnon OfEl¢&Kerr p￿rS Sanders Kerth Vakntsr (Chairl Iwice Chairl Kèy Management P8rsonn81 Victoria Pomery Rrmena Tozer Moya Sbrrup Sarah Ma￿n Toby Palkin Sanjivan Kohli S8cfetary and GaI￿ry Director Head of Finan Head ol C¢Jnmunicats"on5 Head of Exhibition5 Hea¢J of Learning and Audien￿ Engagement Head of DeveloF¥nent Principal Addres$ Rendezvous Margate Kenl CT9 2HG Independent Auditor Azets Audit Serwce5 5th Floor Ashford C(Mnmercaal Quarter 1 Dover Pla Ashford Kent TN23 1F8 Bar7ker¥ BaFdays Bank PLC 9 St George's Street Canterbury Kent CT1 2JX Investment advisors Chartes Staft￿Y & Co LmÈted 55 Bishopsgate London EC2N 3AS TURNER CONTEMPORARY CHAIR'S FOREWORD FOR fHE YEAR ENDED 31 MARCH 2021 Last year was an incre¢Jibly challenging year lor everyone. It is ww)t how ￿ *ruld have wshe(I to stsrt to celebrate our 10th anniversary since opening our doors in Aprl 2011. Turn8r Contemporary u)ntrnues lo ￿ the Cara￿S1 for the transfonnation of Margat8 arxl has done much to rwsition th8 cultural sector in Kent. Wni15t 5wJnificanl soaal arKI econL¥nic change ha5 taken place in the toyffl. there is still tnuch to o. Earlier this year the Govemment agreed a funtling pad(age of £22m to the town through Margale Town Deal. The CoMd-19 pandem￿ has highlighted the fragilty of the economy and (xeab"v8 ec(Aogy of se8side towns. and w8 hope that further lunding will be availabk through the Govemment's'levellinwp. agenda. In March 2020, we had to dose the gallery and Ihe majonty ol Ihe gallery staff ￿tre p￿Ced on fudough ￿ave at that time. A small group of staff reMot￿Y and a fantasb"¢ job of rearrangtng exhityb'ons. providing rt￿1￿1 Content arKI managing tho situabon. We were delighted to t* able to reopen to otsr ￿rtOrS in Juty 2020 swal distancing restnctions in place as well as Other tneasur85 to ensure that staff and visrtors ￿re confident to retum to th8 gaI￿ry. Due to a pre-planned cap1tal programme in autumn 2020. the gallery was only open to *isilots fr*r yx weeks122 July- 6 September 20201 during the financial year. During 2020- 21. we welcomed 24.276 wsits as as many thousands through our orp11￿ programme of engag8rnent. Our programme in the galbry induded an installab.on in our Svnley GaI￿ry by ￿ artist Barbara Walker. which explored th8mes of Identity and featured sound and portraits of five I￿81 w(xnen from th8 African diaspora. The exhibition We Will W31k". Art & Re55star￿e in the ArneiKan South whith opened OTr 7 February 2020 remained in situ until 6 Septetnber 2020 to ensu￿ that as many wsi¢ors as possible We￿ ab￿ to see Il In a￿O￿on. the curalonal team worked In partnership with Peop￿ Dem Collecty've to create a new ethityb.on for Clore Leaming Studio frr*Th 1 August- 6 Septernber 2020. Local contractofs, WW Marbn. started *￿rk on Ihe caF418l projecl in early Septernber 2020 and practic41 ￿MPletIOn took place in spnw 2021. The G4Pital prograrnme wras frtsn(kd by Kent County Counul and Arts Council Englan(l. Vve are Incredibly grateful to both organisations for ma¥(Ing ihis possiNe. The programme of works has made improvements to the quality of the wsitor expenence will support Tumer Contemporary s future sustainability and re511ience. lrnprovements Include refurbished and increased Wcs. a remoyJelled ￿tall area. a finishing kitchen to 5UPPOrt venue hire, LED lighting to all gallenes and a pay and display car park to rear of the gallery building. A programme of planned maintenance work VAII be taking place lo the fa￿de cladding o¥er ts rext nire months or so. We had planned to re¢yn the gallery tr(￿ Ihe February 2021 half twm. HipApver. further Govemment restnthons meant that w8 w8re Unab￿ to reopen until 18 May 2021. Th8 team wo[k￿l incrèdibly hard to ensu￿ that we met this date lollimng the extensive internal wotks by VVW Marb"n. As vell as instslling a new Suite of exhibitions. the team also had to undertake several deep cleans and reorganise ten years of ar£umulaled paraphemalia. l am pleased that Turner Cont8rnpoiary s catering partn81. loral company Barf8tta. are n(w4 owabng the gaI￿ry café. Following an open recruitrnent proces5. 1 affl delwJhied that live new trustees have joined the Board. These trustees. all with links to Kent, bring a wange ol sk*lls atMI experbse to the o[ganisab"L￿ and exKsbng va¢an¢ies have now been filled. l am sad io report that our Director. Victoria Pomery, ￿￿11 ￿ leawng Tumèr Coniemporary in Septernbei 2021 after a1rn05l 20 year5 01 service to take up a new role leading The Box in Pjyrnotjih. Victoria'5 IEader5hip of the organisabon has been fantastic and has been key In the development and success of ts gallery Sin￿ we opene(l in 2011. We are now engaged in the recruitment of a rew direct￿ lo build on the foundabons that Victoria ha5 laid and to take the gallery forward Inlo it5 next ten years. TURNER CONTEMPORARY CHAIR'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2021 The ￿ed￿ted Board of Trustees aThY staff Cc￿tynue to deliver ins￿￿r￿ cultural and leamiTrJ experien(x8 and to support the sustainability of the gallery through lurKlraising and increased Incorne g8n8fation. I would like to lake this opportunity to thank all our fundèts and donors l(¥ theii ongoing comtnthent to Tumer Contemporary. This includes Arts CoLJncil England aThJ Kent County Counrjl, trusts and foundations. patrons and in¢liMdyal supporters. Your support fflean5 SO much to us and rnake5 an in¢re(Iible differe[￿ enabling Tumer Conteniporary to provide fantasbc cultural eXper￿n￿ here (n Margate. I would also like to thank the Boafd of Trustees for their commibnent to the work of the gallery as wdl as all memtErs of $tsff who ￿ntrn￿ to amaze me. Their cwtiwty and prThluctsMty is astounding. Clive Stèvèns DL Chair TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 202f The Trustees present their report and the audrted finan(Jal staternents of the th3rtty lor the year ended 31 March 2021. The trustees have adopted the provisions of the Statement of Rec(wnmended Practice ISORPI"Accounting arKJ Reporbng by Charib"85" IFRS 1021 in preparing Ihe annu￿ retmvl finartaal statements ol lh8 tharity. The financial statements have been prepared In accordance tre acuunting poliejes set out In notes to the accounts and comply with Ihe charity's governing document. the charib.es Act 2011 and Accounting afKI R8pofting by Charib"6S." statement of Recommended Practice applicab￿ to chantie5 preparing their accounts In accordance wth the Finanual Reporting StaThJBrd applicabje In the UK wbjished on 16 Juty 2014 as wMen¢Jed by Bullebn 1 and 8ullet'n 2. Oblectlves and actSvltle$ The principal objective of the charitable ¢cmpany is the provis*)n ol a peMla￿nt Gallery in Margate wh*ch celebrates JMW Turn8V5 assoctabon wth th8 tovrn and. through a vari8d piogramm8 of èxhibtbons. events and leaming activits"es. promotes an understanding and enjtsyment of histotic*l ar¥J ¢￿temp(￿ary art. The charitable 0tr4e¢Èves as Set out In the 9o¥ernin9 dowment are.. To promote art for Ihe benefft of Ihe public throwjh acbmbes indtyJing but rK)t limited to exfiitj'tions. displays, events and cornmissions incjuding. bul not Iimrted to. those held at Tumer Contemporary. To advance the education of the public. in parbcular but without limilab'on In the ￿Su81 arts". and To promotè the effio8ncy and efféctivenès5 of registered charities and Charitable organisations. induding community groups, through the prowsion ol premises or other Spa￿ incknjing. bui not limrted to. the Tumer Contemporary building Public bènefit Statement In planning fvture actmty and In FEviewng chanW5 aims arKI oL4"ec*ves. the Chaity Commission's general guidance on pub11c benefit Is consK1ered. The charitys actswtw deady relate lo its legal c*Jjectives ol promotiw art for b8n8fit of the public and in advancing the education of publ The a¢livity'es undertthen and a¢hie¥fments ￿tIned allow an assessment of Ihe contribution made by these acb"vities towards furthenng the d>aritls objecttves. Tumer Coniemporary stresses the Importan￿ of ensuriT¥J the ac￿SsIbl11ty of its exhibitions and actjvtbes atKI all exhibttion5 tr￿k1 in 2020-21 ￿re free to enter. Actlvltles lor aehieving objectives Al Turner Contemporary, ￿ ￿l￿ve In the powef Of art lo traft5fomi people and pl￿$. dtsing thiws differtntly lo achieve our Msion 'Art made Essential - to be leaders in soual and econcxnK sustsinability". wtally Connecting art. people and pla￿. at home and arouThJ the workl.. Turner Contempofary is located in Margate. a seaside t+)wn ￿ the norlh Kent rA>ast that had 8xp8ri8n(%d 8 significant and suslain8d peri(KJ of decline a5 a tourist de5bnatton. Since i)pening in 2011. Tumei Contetnporary's p￿sen￿ has been a Catalyst lor MJrgate'5 transformat￿n and have develope(l and maintained a l(tsl, nabonal and international profile, altractyng more than 36 million v7Srts to the gallery from the lor21 area. natsonwide and abroad Turner Conternporary has become the blt*print for arts ￿ regenerabon". have generated many rnillions of spend Into the local economy whilst succèsslulty changin9 per￿￿tionS of Margate and the wtjer area. Margate has become a 'must-see' destination lor visrtors, and Tumer Ccx)thpwary has put try4vn badc on the map. A botd and ambitlOU5 arts5tic progiarnme is at the heart of Tumer Contemporary and ensL*res that we achieve our organisalional aims. objecb.ves and strategy the wogramme Fs ihe driver In determining the bng-ierm success and ability of the organisation. The prograrnme showcases a vaned and exuting range of exhibibons. commis510n5, event5 activitie5 for local. regional, natlOn81 and intematronal audience5. There Is often a JMW Tumer p￿sen￿ In the building as well as woth by artists liwng and working ioday. Tumer11T7&18511 was a regular ￿sItor to Margate and made some of his bestJ¢nown works on Ihe north Kenl coast. Our inft0vall￿ and ambiti￿5 pro9rarnmes ha¥e helped position Turner Contemporary as one ofthe lorernosl ga1￿￿S in the UK. TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Actlvltles for achl•vlng obloctlvtss IvJntfjnu•dl The gaI￿ry is an arnazing resourrs and a great Spa￿ for ￿aMing. pa￿c￿ladY for schwls. coljeges. unive15rtie5. families and the wder comrnunity. The LeamiTrJ Programrve aims to transfoffli the way adults. young people and children leam about and through the wsual arts. It Is inquiry based aThJ briNJs together han(Js-on exploratyon WI￿ a philosophical Structur8 that supports cr8altve qu8stioniryJ and thinkn'ng. We provide a diverse rai¥J8 of leamiThJ opportunities. including lomal s¢hoo15 progratnrne arKJ a W¢ider inforrnal leafning prog¥3tnme. The pt(yJramme has touched the lives of thousands of individuaL8 antj has helped our a(KlIen￿ a￿$$ exhibrtions it) ways that a￿ exrjting and relevant. ￿ain new 3ki115. and ultimately enjoy their ￿￿￿en￿ at the gaI￿ry_ The breadth and ac(x551bility of our PTLKJramtne contsnues to (Èmonstrate the enomlous public benefft that our woJk briThJs lo communrty. Tumer Contemporary conbnt*S to i* an adwe M￿ni*[ ol Plus Tate net*Drk - a parthership of museums and gaI￿rieS trom around the UK who ￿K)rk Tate. Thts relabonship enables us to tjoffow k8y Wotks from Tate Coll8ction as WEII as share curaiorial knovA8dge. r8s8arch and inforrnatton on alKI￿nC&S. The gallery is also a member ol the Contemporary Visual Art5 Netsyork. the Kent & Mefv Cultural Translortnab"on Fc%um and Several wional, national and international neh¥orks. strate ic Re Achievements and perfO￿anCe The qualty of Turner Contemporary's artsstic offer aims lo attract ¢Jiverse audien￿$ aryl our profile has 'PUt Margate.. quite Iiteralty, 'back on the rnap. Tumer Contemporary has tw)me a must-see destinabon and our visitoi satisfaction lèvels are very high. We've introduced nèw audiences to histotical and contemporary art and embedded the gallery into the cultUTal and social life ol Kent. The 2020-21 year has been likè no Olher The gallery was only ab￿ to open to the public for six weeks due to COv￿- related ieslri¢tions. as well as a pre-planne(I capital programme Ihal stsrted in autumn 2020. In spite of this. the Turner Contemporary le2m continl￿d to deli*r on the or9anisation's mission and wsion. We moved some of our piogramffle on- line our exhibition, We Will Walk Art & Resistsn(% In ihe Amencan Souih. which remained in situ at the gallery until 6 September 2020. was also available as a wrtual tour enabliNJ wsitors to access the exhibityon then the gallery was dosed We also delivered a ser￿S of rnindfulness wod(shops online. vkntch led by arbsts and tafgeted al children, young people and families. We commissioned three arbsts to prcMIuf2 d¥Jital wotks and used our Social media plauottns to er¥Jage wth audiences. Al the 5atne tstne ￿ are avrdre that sorne of our audien￿ do not have digital a¢￿$$. and other work Included dislnlxttiThJ over 6.5(Kl free art actiwty pad(s ihrough partners such as local food banks. schools, Age UK Thane¢ pl￿rim.S Hospice. Kenl County CounrAI swal Wofker. health wsitor ne￿orkS and adult soaal cgre nelwoTks. We established a new Communty Rail Partnersh￿) ICRPI in rAlaborab"on ThaT*t Distr4Ct Counal d￿j tr3in operator Southeastern. Named the Isle Creknve cL¥nmU￿rtY Rail Partnership. th15 15 the first CRP in the wuntry to be led by a cultural organisaiion. Chaired by Frank Martin of One to One CcAleciion. the CRP has ￿mMiSsIOne(l Ramsg8te- based artisl Emily Peasgood to make a sound installation for the seven raiKvay stabons located armss Than&t. All except 1101 Turner Contemporary's 95 staff were fvrtoughed to Va￿ng tsjrees bets￿n Klarch and September 2020. When working remotely. the team re-planned and deli4wed a￿￿￿"e5 online. adapted plan5 foi future programmes, enhanced inhouse dwital ski115, wY)rked to identify cost sawng5. and undertook strategic planning to protect the organisaknon's reserves and futu￿ resilien￿. TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Tran$fom¥ed lives We know that our work irnpacts on the kves of many indmduats helpiro ¢0 redu￿ isolabon, develop ￿mmunICation skills and improve heath and wellthiw. In addrtjon. ourwoth has brcwht enLYMO￿ econ￿￿￿ b8n8fi15 to the afea. Whilst the gallery was clos8d for most of year. rmtsnued to engage wth aud￿nceS through our digital programme. The Open exhibitson, which will be eyhiLxted at the gaJ￿ry in au￿rnn 2021. is t￿Ill9 curated by four communily groups- Margate Pnde, Tumer Contemry)rary Access Group. Canvas 4 Equalrty and Age UK Thanet. DunNJ 2020-21 ￿￿>rk continued on pr(NJramme5 Ihat Tumer Contemporary is delNering wrth wlttsral partners across the South East Pk)neering Places In Ramsgate. alyj England's Creative Coast %thiL* 15 being delivered at seven gaIler￿S on the South East coasL Both projeds have invotr¥ed swnifi¢an¢ partnership working and community engagement. In Rarnsgate. artrst Conrad Shawcros5 has wotked Collaborab￿ wth primary sthool Ghildren, whilst in Margaie arbsl Michael Rakowitz has worked dosely V¢ith meml*ts ol local community who ha￿ contnbuted artefacts for Indusion In his sckjlpture. 'April is the Cn*llesl Monlh'_ Placed Maruate at the heart of everythlng we do Tuiner Conternpoiary ha5 a clear Sense of pl8￿." we are an intemabonal gallery locate(J In Margate. Our IcKaty"on. on the site where JMVV Tumer staye(l on his frequent wsits to Margaie. is part of our story. ￿ g8118ry ¢s now vèry much part of our community and supports social and economic regeneration of enbre area. Driving large audien￿$ has supported the wider regeneiation of Margate and East Kent and is part of Tuiner Contemporary's rnission. This has been achieve(J Ihrough the qualsty of our programme$ and partnership working. We have developed and Sustain￿ a I(￿1. regional. national and intemational profil8 across all media ethannds. Economie Impact sin￿ opening in 2011. our resear¢h has Idenbfied that Ihe gaI￿ry has del￿r￿￿. more than £80m into the IcrAI economy.. £6.81m in 2019". more than 100 new businesses established". and supports d1￿cL and IrKlirert employmenl 01203 FfE& Th15 year. ￿ have not generate(J the econornic irnpact that have had In pre￿0￿$ years. The pandernic has created an alamiing picture. and the long-temi Impact on the arts ecology and local ec￿MY Is difficult to pr￿j1¢t. The Turner Contemporary leatn Is continu81ty reviewi￿ our actiwb'es and prc¥ramme to ensure ￿ keep economic impact as part of our wider obJ"ects"ves and W$￿n. Arts Ecology Thi5 has been a vtsry tough year for the arts for arbsts in parbcular. The Tvmer Conternporary tearn has worked to ensu￿ work undertaken ha5 SUPPOrted artist5 and creabve ecolog￿5 acros5 Kent. ￿e[eVer possible. Tumer ConteTnporary Is an active member ol variou5 neMYHks and sought to provide pa￿ opportunibes for arts5ts (lunng this time. We worfted cdlaboiabvely wth Open SdK)ol East atyj 1927, Margate based National Portfolio Orgallisations, to develcp 8 series of on4ine resour￿ for YOU￿ peop￿ locused on career Cyp)rtunit￿$ In the creative industnes. We launched three digital commissions by altsts selected IhrotYJh a competitive open call. The open Call pro￿$$ inwted artists 10 Submit proposals for wcxk In any theme w genre. birt particularly In response to the contemporary moment. The aflworks were all treated speafiG4lly to ￿ expetien(xl online arKJ 8xplored innowdtive and ambitious ways of using digitsl media to eng￿e and connect Vèith Jud¢n￿9. Our retail team have developed a ￿1811 strategy that has an Inuease(I focvs on worfcing Iwth local arbsts and makers lo dèv61op products for saje In the Tumer Conternporary shop. this strategy started to ￿ delwered during 2020-21 throwh the online shop and ￿11 t¢ embed¢Jed in in-galw sh41 duriryJ 2021-22. TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Achi•v•m•nts and perfomian¢g Icontinuedl Maxlmi8ed self-generated incorne Turner Contemporary has a sustained focus on increasi¥¥J the le￿ of selPgeAerated incorne in order to transform our business model 8fK* reduce the reliance on [￿1¢ sector in¥estment IrTrcomè general￿n is deliver￿1 Ihrotyh our commercial and fvrK*raising acti¥ilJes Our Developfnent team has a s￿nIficant ￿venue fundraising target to achieve. We have established an Individual patrons and corkX)rate patrons, sd*me vthich now have adtve memb8rs. In a&Jition, apply to trust5 and foundations for funding. some of whith is for specific prqecls. Our donabon boxes are placed at 5tiategic points throughout the gaI￿ry and our mess*Jir9 enC￿TageS wsitor5 to give. We encou￿ the use of Gift Aid which Increases the value of any gifts Our trading ami. Tumer Contemwrary Enterprises. (x)mpn5ry (zte￿n9. tetail and venue hire. gifts PTofit5 bad( to the charity We have worked hard to create a Cultu￿ of philanthropy in the organ15th.on aThJ all our staff 8nd tfU5tees are encouraqed to a¢hvety Darb"upate in Ihis area of oui work Delivered an innovative learning and exhibition programme At Tumer Contetnporary place wr programme. a￿￿nCeS and artists al the heart of ¥that wè do. We h8ve an integrated approach to prtvJramming that is arnbitiOUS and di*rse. an¢J thalleroe5 and inS￿reS our audien￿5. The public programme aims to engage wth indimduals who woukj not ordinanly trisrt a gaI￿ry by programming a dynamic. diverse and accessible progiamTne of cvllural activty. The learning prograrnme enaUes our aUdIen￿S to access exhibitions in new and exating ways, both through our ￿lS p[(￿[￿MM& and wider Cc￿munity based 188ming. The exhibrtion progr8Fnm8 is plann8d many years in advan￿ and offer5 a fresh aThJ sens¢ti¥e approach to the work ol Jhnw Tumer, whilst engaging audien￿5 wrth Innovatwe work by Imng attists. The exhibition programme aims lo be international and ambityou$, whilst also relevant to Margate and our a￿llenceS. cU￿ently. the progfamme Is Co-ordinated around three seasons pef annum and strongly 5UPPOrts the Arts Counol's Seven Quality Pnncipals and we work with Artswork Bridg8 along wrth other or9anisats.ons kKally. nationalty and intemalh)n￿ty. We aCh￿ve this by". StwThJ lor ex￿llence In everything do". Working wth ￿adIr¥j artists in the UK and ov8rsèas; Collaborabng wth diverse partners.. Using a￿d￿nCe research and Cr￿Cal fee21 frorn retail venue hire and cateriThJ comm15sion as a result of the gallery closur8, limitations on wsiiors when open. the dosure of the café. whith was unable to reopen duriNJ summer 2020. arKJ limitab.ons on delNery of ¥enue hire and associated G3lering. is £241k. 10- TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 AIARCH 2021 COVID-19 Icontinuedl The costs of reoKening the gallery during sumrner 2020. in line physirAI d¢stancing rneasures. ticketsng for wsit number management and tracking processes. *tre around £15.(MX). orVj￿Thg monthly costs of £1-2k lor PPE and assoaated 58fety tneasure5. We had anticipatod reop8niNJ the gallery in February 2021. hryAe¥er. this wasn't possible because ol the third lockdown. In addib'on, Completion of our caprtal prograrnry￿ wa5 delayed LEcause ol issue5 ￿lated to cO￿d and Brexit. The future Impact of Cowd-19 on budgets and finanual forecasts is drfficutt lo predict. bLrt learn has taken a prudent approach to budgeting. and has reconfigured the exhibiticvis programme for 2021-22 to deliver two exhibition seasons rather than th￿, a5 well as carefully managtTrJ other costs. Projects and programmes have been postponed and budgets reforecast wrth an underfyiThJ aim of Iimibng athjthonal costs arising frorn poslponemenL Futu￿ developm•nts The 202(>21 finanual year was particularty challengirvj. and the￿ remains ￿n￿rtaInty aboth how 2021-22 wll develop across the Cultur￿ sector. The irnpact of CoMd-19 h8s been substsnbal on tP* gallery and our communrty. Ongoing sooal distanung measures continue to limit many arÈas of our work. as they dKI in 2021P21_ Nonelheless. ￿ remain (x)mmitted lo findiry new and innovative ways to rtlaintain and develw the quality of Ouf th￿rk. Cowd-19 ha5 hwhlighted the irnportanc8 of the 3rt5 and Cfeatsmty and Ihe gallery has ¢ontsnued to haNe an oTrline P￿SenCe whi15t we ￿￿e d05ed dunng the lockdown. We also used tris time to C4)nsKler ¢)ur fu￿re aThJ have dev￿0[￿￿ a w Msion and programme strategy for 2020-30. We conb.nue to exploie thè possibility tsf th8 d8v8lopment of the Rendezvous the land at re2r of the gallery bthich is owned by Kent County Counal. We were able to reopen the gallery on 18 May 2021. our tenih ann$%£￿ary year of operation. We have developed an ambitious programm8 of exhibitions and events to mark this anniversary year and il has been fantastic to welcDme our audien￿5 back. We've all￿0pated that sL¥ne ftjrm of Sc￿1 distanung will be in place into the 21Jtumn of 2021 and have used our thming from tsur ￿li￿j ofopEniry in 5urnmer 2020 to inform our OFeration5. Our 18-OPgnTry season of exhibibons ￿'ngS toJether new wod( by Elkn Harvey alongside a selethon of worf(s by JM Turner. In addib"on. we ar8 showirvJ a mowng irnage Ashes. by ste￿ McQueen. Barbara Walker's powerful installation remains in 51tu ufib"l auturnn 2021. Her monograph wll be launthed in sunTrmer 2021. Our nexi Sunley Gallery commission Is by artists Ann Ryan and Sophie von Hellprrnann. Both arh5ts have a rdation5hip MaTgate and are working collaboratively to develop an exating WO￿ for our large, 1￿ht-fiIled Sut)ley Gallery. Our spring season V￿11 be follo￿ by an exhibth.on celebrab"rrfJ Ihe pO￿tr of creativty. We a￿ worknng wth members of our community on a curated Open exhIb￿On which bnngs together a range of wa¢bce fvom arbsis across Kent. WÈ are ally exuted by the p05sibilibes ofthis exhibibon which chimes th Turner Conlwnporary's values ar￿ ethos. Several ethenls of our programme fr¢Jn 2020 postpc¥*d and wll now be takir¥J place in 2021. Tris includes Pl0￿eerIng Pla￿$ and England's Creabve Coasl. Pioneering Places is a substantial off-srte project Conrad Shawcross has been commissioned by local school children to create a major new artwork for Ramsgate Royal Harbour Th15 vdll now be Installed In July 2021 and wll be the eulminalion of 'Pioneering Places.. an ambitious mulb-year project happening acfOSS East Kent to encourage local people to gel Involved wilh cultural organisatiLY￿S arKI Sha￿ the ptxe where they li¥e. England's Creative Coast IECCI led by Tumer Contemporary In ￿￿18￿￿)raIl0n wth Visit Kent is a large project Invol￿n9 seven ¢uttural organisab"oH5 acrtsss Essex. Kenl and Easl Sussex. 11 indudes seven a¥tist comrnissions. geouragÈd Writhin the proyramme to enable delivery of a varied and engaging programme. and in developing commerual and phAanthropi¢ giwng in order to support the lon*tem) hnancial sustainabilty of the organ￿atIon. Tumer Contemw)rary has a COmpre￿nsiVe risk management progr8rnme in place which is designed to ensure Ihat significant and emerging risks arè Klentified. assessed and managed effecb"vety. Risk is managed to ensure that at all times ￿ v•ill comply wth 5tabJtory arvj legal requirements aThJ condth"on$ set down by funding partners. A Risk Register fom)s part of Business Plan and is re9ularty appraised. re¥*￿￿ and urKlaled. The purpose of the Risk Register Is to help all staff and Trustees and manage nsks before they occur, rather than a ieathve approach. Our approach to risk tnanag8ment enab18S to fvlfil OUT aMb￿0￿S aThJ mayjrnise opportunibes when they presen¢ themselves. Key risks relate to staffing and fundin9 Turrer Conlemporary needs highly skilkd and professional staff ￿thITr the team Recruitrnent In East Kent and within the museum and gallery sector Is thallenging Our aims are to develop and retain staff. and also to ensure our stalf base has a dwersity of representation. We also woth to ensure we recruit and programme In line w￿th Arts Counol England's Creab"ve Case for Diversity. 12- TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 AIARCH 2021 Rlsk management The other major organisational nsk rdates to core public fvnding from Kenl County Council IKCCI and Arts Council Englan¢J IACEI. Year on year. core fundiry from KCC has reduced arml we are working dosdy ￿1th colleagues at the County Council ¢0 diversify our fundiNJ portfolso. In 2020-21. wlh support from KCC and ACE, we untjertook a capital refurbishrn8nl programrne focused on Improvemenls to Ihe quality of Ihe visitor experience. to ensur8 Tur ConleTnporary's future sustainabilty and ￿sIllenCe. Going concern The princip￿ financial risks facirvj the chanty ar￿ rts tra(ling sUbS￿lary aTe c0Tr5¥Jered as part of the overall approach to r￿k managernent. but inejude variation to visitor fore¢asts. changes to itKome Ircm Kent County Counul an(J Arts Council Enoland, unplanned exp8nditure and a vdatile econcffiic enw7ronment. parkularty linked to the ongoing impact5 of Covid- 19. as well as ￿￿XIt. The trustees have rew&%EtJ cash POS￿0￿ of chanty a¥¥d ale 5absfie(I that the charity will be able lo meet its finanryal commibnents. Trustees have forecast a breakeven posth.on in unrestncted furKls for 2021-22. de5Plte the frnancial impacts ol Covid-19 and the closure of the gallery. and are wothino hard to manage budgets and programming for 2022-23. While the endowment funds decieased in value during the peri￿￿ of lodLdown for Cow&19. portfolio valuabon has mora than covered arKI 15 contsnuing to delNery a heathy IncL¥lle lor galW in lir￿ prH)r pertorrnance. The Trustees believe that the chanty is ￿11 placed to rnanage its finanrjal n5ks successful and have a reasonable expectatR)n that Is a suffioent bvel tsf resetves for the opefath.on to continue. Accwdingty, the tnjslees wntinue to adopt the going Cont￿rn basis in prepanng me frnancial slatements Fundraising Turner Contemporary is a charity aThJ has ambilious annual lU￿1￿1S1￿J targets. We employ a small in-house Dewelopment Team who I￿)rk on all aspects of our fundraising. We tjo not employ any external professional fundraisers to fundraise on our behalf but all staff mern￿rs and any volunteers, indijdiro trustees, Involved In fundraising actI￿1t1es are trained in accordan￿ wtih recogn15ed st8ndards to ensure that the publ￿. induding wlnerable people. are protected from UnreasOna￿e or intrusive approaches. Turner Contempoiary has not r8cew&l any Com￿alnts aboul our ftjftdraisiro actsm.tw and are GDPR Ix)mplianl. Mu$¢ums and Galleries Exhibitions Ta¥ Rellef We welcome the opportunity to da*m tax rel￿f on the research and de%*lc¥Jment of our exhibitsons prr*3ramme. We wll subrnit claims lor 2020-21 durit¥J 2021. Structure. governance and management The company is a charitsble company limited by guarantee and Is govemed by its A￿deS of Association dated 12 D8cemb8r 2008. 11 is r8gistered as a charity wlh the Charity Ccmmtssifyi under nI￿nber 1129974. Turner Contemporary originally becafne a charity on 3 June 2(J)9. Tufner Contemporary Enterprises ￿MrtaI. a private company re9iStered in England and Wales. Is a wholly owned subsidiary of Tumer Contemporary. The trustees of TU￿￿T Contemporary seryed during Ihe year are.. Clive Stevens DL Ichairl Peter Hawkes IN)winied April 20211 Laura Wnght IVir£ Chairl Sarah Hohler Caroline Alton Yasmin Khan (Appointed April 20211 Michael ArTnitage IRe5ffjned Apnl 20211 Kemet Hawthorne Pink Viwenne Bennett Prolessor Simon Ofield-Kerr Jill constanb.ne P￿r5 Sander5 Martin Cook Sara Wocmlward (Re$￿￿•y June 20201 Sir Stephen Deucher (Appointed April 20211 Keilh Valenline IAppointe(I hpril 20211 Lucy Edematie (Appointed April 20211 13- TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 AIARCH 2021 Appointment and recruttment of trustees The rnanagement of the company is the responsi￿.1￿ of Ihe trustees are elected aThJ co-opted under the tem)s of the Artic￿$ of Association. The￿ must be a Minimum of six trustees. One trustee shall be appointed by the Local ALrthority. Each trust88 must retire frorn offic6 at the thi¥d annual rètirement tneeting following tt* eotnmen￿ment of their term of offi￿. Retiring trustees may be reapronied unless ihey have swed for (onse¢utive temis of office whereby they cannot be reappointed unts'l the Èadier of al anni¥ersary of the ttjmmencernent of their break trom office and bl the annual retirefflent rneeting followng the annual rebrement meetityJ at whth tt￿1[ break offi{* commencwj. A nominations cornmiliee was formed in 201￿20 in order to Man￿ Ihe rerAtitment of new trustees. Followng an ope recruitment process. fve new trustees th extensi¥E skills and experience wpre appointed to the Boar¢J in 2021 and took up their posts from 1 June. Poli¢le$ adopted for the induction and trainin9 of trustees New trustees are rectuited accoiding to the tru5t8es and Director's ￿01[￿j a5sèssm8nt of th• ovefall skilLs required to be represented on the Board and vthat ￿￿llionaI skills a￿ needed to ¢cmplement the overall mix. Newty app(Mnted trustees receNe briefirvJs from the Chair. Lh"rector and Strategic Leadership Tea￿ and art prowded wth relevant Charty Commission guidance. All tr￿tee$ are encour&Jed to atteThJ appropnate training courses. Oryanlsatlonal structure and de¢lslon makln9 The Board currendy ￿mpriseS 11 trustees ha%&E ddegated PLY*Ef5 to the ExecutNe team to make expenditure decisions up to £50.0￿. The follo￿A9 sutA(mmittees ol Ihe Board meet wularly.. Finan( Artistic and Leaming Programme Fundraising and Development Digltsl Transformabon In additi￿. to the sub-committees, a T(wner Conlemporary Enterprises Board which supports and guides our commerryal acbVit￿s. ￿1 su￿¢c￿MrtteeS report to the hjll Board at the qvarterly Board meebngs. The day to day actimties of Ihe galw are Mar￿e￿ by the Director. Vthria Pomw and ihe Strategic Leadership team. Pay policy for key management personnel All tiustees give of their time freety and no trustee receTh*d remunerab.on In Ihe yeaf. The pay ol senior staff is revie￿￿￿ annually by the Direc￿ and Board ol Trustees. The dired￿'S ￿M￿lWa￿"0n is a deusion of the Board. TnJstee$ responsibiltties The trustees Iwho are also directo[5 of Turner ContemkK)rary lor the purposes of company lawl a￿ responsible for p￿paring a trustees. annual ￿port and finanoal staiemenis in ac¢ordaTr￿ vmth applicable law and United Kingdorn Genefally Accepted Ac£ountry Practic£. Company law and the law applicable to charth.es in England aThJ Wales requires the trustees to Prepare financial Statements lor each financial year, vthi¢h give a true and faiT wew of the slate of attairs of the chaiitable c(xnp8ny and of the Incoming resources and applirathon of resour￿, Induding the Incorne and expendilure, of the chantable company lor the year. In preparitYJ those finarrial statements the trustees are requi￿ to.. Select suitable accounting poliues and then apply them con&stenUy. obserye tre methods and prinaples in the Charities SORP 2015 IFRS 1021." make judgements and esb"mates that are reasonable and prwlent. - Stale whether applicable accountln9 slatKlartls have been folltrAed, subj'ecl to ￿Y malerial departure$ disdosed and expSaine(l in the hnanual ststements. prepa￿ the fin8n¢ial statements on the going (x)ncAn basis unles5 It 15 inappropriate to p￿Sumè thè tharitable company will conb.nue in business. 14- TURNER CONTEMPOIiARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2021 Tru$¢ee$ ￿spOnsIbIlItIeS (continu￿> The trustees are responsible for keeping adequate ar￿UntIng ¥ecords that disd05e with reasonable accuracy al any time the financial positron of the chèntèbk company and enable them to ensure that the finanoal statements wmpty wth thg CompanEs Act 2006. They are also ￿sponsible for safeguardiro Ihe assets of the charitat)le c(Mrpany and henca for taking reason3bJe si8ps for the prevention and detethon of Ira￿ and other irregulanties. Auditor In accordance with the CoMpan￿S arh"cles. a ￿$olU￿.0￿ prcwThJ that h2ets A￿Irt Semces be ￿appoInt￿l as auditoi of the company will be put at a General Meetin9. Dlsclosure of Snfomiation to audoto Each of the trustees have confirrned that there 15 inforrnab"oTr ofwhich tlw ao awa￿ whth Is ￿￿vant to tre audit, but of which the auditor is unaware. They have further confiMed that Ihey have laken appropnate steps to Klentity su relevarTrl infofrnation and to esta￿lsh that the audttors are aware of infotmation. Tris report has been prepèred in accordan￿ vnlh the S￿la1 Fwowsions of Part 15 01 the Compan￿$ Act 2(K)6 relating lo small companies. on behalf of the trustees". Clive Stevens DL Chair Date. 16 September 2021 15- TURNER CONTEMPORARY INDEPENDEMf AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY Opl¢Trlon We have audited the financi￿ statements of Turner Contemwrary (the p?￿nt tharitsb￿ company) and Its subsidiafie5 Ilhe group) for the year ended 31 Marth 2021 compnse the Consolh8ated Statement of Financial Acllwt￿$, the Consolidated Balance Sheet. Ihe Charitabk Company Balance Sheet, the Con501idated Cash Flow Staiem8nt arid the rela￿￿ notes. Tr financial reporbng trameworf( Ihat has been applied in their p￿paratiOn is applicable law and Unrted ￿.￿(lorn Accotjnljng Standards. including Finaftrjal Reporbrrtj Standard 102 The Financial Repothng Standard applitabfe in the UK (United ￿.[￿jd0￿ G￿￿ralty Accepted ACC￿n￿ng Practi￿1. In our opinion financial staternents.. give a tn￿ and fair view of the stale of the group and parent Chantab￿ company s affairs as at 31 March 2021, and of the groups inwning Te50urces ar¥J aP￿iCa￿On of resource5, induding it5 in¢rrtne and expenditure. for the year then eThJed', have been K¥operly ￿pared In ￿)r(lan￿ United lQ"Wom Generally AC￿pted AccountiNJ Prac￿c8". and have been prepared in x¢Ordan￿ ￿ the wuirements of the Companies Act 2(￿. Basls of opinion We conducted our audit in aC￿rdan￿ wth Intemabonal Standards on At*lth"ng IUKI IISAS IUKII and app11cable law. Our responsibilit18s under Ihose 5tandaTds are further desrjibed in the Auditor's responsibilibes foi the audit of the financial stslement5 section tsf our report. We a￿ indeppndent of the group al￿ chantable company in accordanee th the ethical requirements that a￿ ￿leVant lo our audrt of the finanoal statements In the UK. induding FRC'S Ethical Standard. and we have fulfilled our other ethical responsrtjililjes In a¢¢ordan￿ wih these requirements. We beI￿ve that the audit emdèits ¥4* ha¥8 obtained is surtKJ8nt a￿1 approwiale to wowde a basis for our opinion. Coneluslons relating to going concern We have nothing to ￿port In respect of the folltrMNJ matters in relab.on to which the ISAS (UK) require us to report to you wher8.. the trustees. use of Ihe going COn￿M basis ol aC￿Untir￿ in the preparation of the financtal ststement5 15 not appropriai8". 0 the trustees have not disck)sed in the financkal statements any thntified material uncertainb.es that may cast significant doubt about the group's or charitable company s ability to conlinue to adopt th& going COTicem bas15 of accountiThJ for a P￿1(￿J of at least Iwelve rnonth5 frorn date when the finanryal statements a￿ aulhor¢wJ for Mue. We draw attentson lo the disdosures relabng to the impact of CovKk19 Ihe year ￿)￿ set out in notes 1.12 and 24. Our opinion is nol modified in r8SPeCt of th&s rnatt￿. Other infomiatlon The ttuslee$ 8re responsiNe for the 0￿r information. The other Infomia¢*)n the infomiabon included in the trustees. annual report . olher than finanual statem8nts our audilor's report thereon Our opinion on the finanoal statements does not cover the other 1nforrnab.on and. except to the extent Otherv￿Se ewicitly stated in our report, we do not expres$ any fom) of assuran￿ ￿nd￿SIon tlweon. In Con[￿ctIon wrth our audrt ol the financjal statements. our ￿spon$t￿"llfy is lo reay the other informalion and. itt doing so, consider whelher the othei Information is mateiially inconsistent wth th8 finanaal statements or our kn￿edg8 obtainÈd in the audit or othet4wse 3ppears to be rnalerially m15slated. If identify suth material incon5151encie5 or apparent matenal misstatements. we are ￿quIred to ¢Yetemiine WI￿ther tl*re Is a material misstatement In the finanaal statem8llts 01 a matenal misstatement of the other inlormation. 11. based on the work we have performed. s%p con¢lude that there is a material misstatement of this other infotmats"on. are required to report that fact. We have nothing to report In Ihis ward. 16- TURNER CONTEMPOIiARY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY Oplnlon$ on othor matters prescrlbed by the Companoes Act 2006 In our opinion. based on the work undertaken in t1￿ course of ￿ audit. the infom)ation given in the tnjstees. rwrt (incorporating the Istrategic ￿port ancl thel directors. report) for the financial year for which the finanoal statemenls are prepared is ¢onsi8tent with the financial statements". and the Strateg￿ report and the direct￿5. report have t￿en prepaiwl in aw01d8n￿ vAth applirable kgal requ1￿Ments. Matter5 on which we are required to report by exception In the light of our knO¥￿edge ard understsnding of the ¢haritsbk cotnpany and It5 enwronment obtained in the ￿U￿e of the audit, we have not identified maten81 misststements In the strategic report and the directors. report. We have nothing to rerx)rt Tn ￿SpeCt of the follo￿ng mattèrs wherè the CompanEs Act 2006 wuires us to report to you. In our opinion". adequate ac¢ounbng records have not kept, or ￿tum$ *Jequate for our audit have not been recei￿d frorn branches not W75rted by us. or the financial slaternents are not in a9￿MentW￿kn accojnbng recorfs and retums.. Of certain disclosures of directOfS' fernunèfation swfrÈd by law arè not tnadè." or we have nol received all Ihe infomialton and explanations we require for our audit Responsibilities of trustees As explained more fulty In the trustees, reswJnsits1￿es ststemenl set out on page 13. the twstees I￿0 are also the directors or the charitab* company foi the purposes of cornpany lawl ar8 r8sponsib18 for the pieparation of the finanoal stalemenis arttj lor being sats"sfied that they glve a true and fair ww4. and for such Internal control as the trustees determine is necessary to enable the prepara1￿ of finanoJ slatements that a￿ free from material misstaternent, whether due to fraud or effor In preparing the finanual statements, the truste6s arè responsible lor assessing lh8 group's and charitable Company's ability lo continue as 3 going Con￿M. dis¢losing. as applicab￿. matters felated lo going COT)¢ern and using the gOIIYJ concem basis of accounting unless the trustees erther Intend to I￿￿ldate the group or charrtable company or to ¢ease operab"ons, or have no ￿alls￿.¢ aAemab"* but to do so. Auditor'$ re$ponsibilitie$ for the audit of the financial statements Our objectives are lo obtain reasonable as5urarkce about whether the financial statements a5 3 whole 8re free fvom material misstatement, whether to fra￿j or erroF and to issue an auditor's report that Indudes our opinion. Reasonable assuran￿ is a high level of assurance. i)ut Is not a guarantee that an audit conducted In accordan￿ ISAS IUKI wll a￿ayS detect a material rnisstatement when it ￿Sts. Mt5Stat8rnents can anse from fraud or error and are con5115ered material rf. irKliwdually w in ihe aggfegale. ihey could reasonably be expected to in1luen￿ the economic deThsions of users taken on tt* basis of these finanual ststements. As part of an audit in accordance wlh ISAS IUKI. exercise proles$ionJ jtyjgment and maintain professional seepticism throughout the audit. We a150." Id8ntify and assess the r￿kS ol mateiial misstatement of the financ#al statements, vthelher due to fraud or error. design and perform audit procedures responsive to th058 n5ks. and obtain audit evidence that 15 suffioent and appfowate to prowde a basis for our opinion. The r15k of not detecting a material misstatement ￿ul￿ng fr%Yn frau¢J is higher than lor one resuth.ng from error. as fvaud may nvolve collu510n. forg8ry. Intentional omissions. misrepresentabons. or th8 override of Internal Control. Obtain an understanding of Intefflal control r81ewdnt to the audrt in order to design audit piocedures that are appropriate in the circumstan￿$, but not for the purpose of expressing an Op￿nIOn on the effectiveness of group's Intem31 control. Evaluate the appropriateness of accounting poh.cies use(1 and the reasonableness of accountsng estimates related disclosu￿ m&le by Ihe trustees. 17- TURNER CONTEMPORARY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY Auditor's ￿SPOnsIbl]itIeS for the audit of the finan¢ial staiernents Icontinuedl Conclude on appropiiateness of the trustees. use of the going concern basis of auounb'ng and. based on the avdit evKlence obiained. Wheth￿ a material uncertainty e￿81S related to events or Conditions that may Ga5t significant doubt on the charttabk c￿￿panY s ability tts conts.nue as a going con￿M. If conclude ¢hal a material uncertainty exists, are required to draw attention In our auditor's report to th8 related disdosures In th8 finanrjal 5tat8rn8nts or. if such disclosures are inadequate. to modify our opinion. Our Condusions Jre based on Ihe audit ev*Yence obtained up to the dale of our auditorfs reKx)rt However. fvtU￿ e¥ents or ¢ondit*ons may r2use the charitabl8 company to ￿3$e ¢0 continue as a going wn(%m. Evaluate the overall ￿sen￿b"On, structure antj content ol the finanu31 statements, inrjuding the disdosures, and vthether the finanaal staiemenis represent the L￿derf￿ng tr8nsacb.ons 8nd event5 in a tnanner that achieve5 fair presentation. Obtain suffi(xnt appropriate a￿lIt evKlerKe regardiryJ the financial Inforrnthon of ihe entitles or business actiwthes ￿1n the group to exwess an opinion on the Consolidated financial statements. We are responsible for the direcbon. supervt%on and p8rfomiance of Ihe group audit W8 remain solely responsibfe for our audit ownion. We communic21e with those tharged wth govemancE regardiThJ. 3rnorvJ othei rnatte￿. the planned scope and timing of the audit 8nd 5rynific8nt audit finding5. I￿￿Jd11￿J any 5unrf¢c3nt defioencies in intemal control that we identify duriry our audit. Extent to which the audit was considered capable of detecting ifregularrlies. including fravd Irregulaiitie5, Includiry fraud. afe instances of non-COtnplianTr wrth laws and wulations. We design pro￿￿re3 in line wrth our responsibilibes, outlined above and on the Financ￿1 Reporbng Counixl's ￿EbsIte. to delect material rniS5t8tements in respect of irregularitie5. induding tra￿. We obtain and updaie our UFKlÈrstandiry of the enb"ty, tts athwtie5. rts control enwFonrnent. and likely future developtnents, Induding in relation to the kgal and regulatory frèrn&voFk applicab￿ and how the entity is C4)mplying with that tramework. Based on this understaThJirMJ. Klentify and assess the fisks of material mi8statement of lh8 financial stalemenls. whether due to fraud or error. design and ￿rforrn audit procedures responsive to those n5ks, and obtain audit evidence that 15 5lrft￿ent and appropnate to prowde a ba*s lor our opinion. This Includes consideration of the itsk of acts by the enbty that %4ere contrary to applicab￿ laws and regulats"ons. Indu¢Jing fraud. In response to the risk of irregularities aThJ ￿rKOMPlI8nce wth law￿ and regvlats"(bTrs: Ind￿J1￿j fra￿J. W￿ designed procedures which Included" Enquiry ol tnanagement and those tharged wih g0Veman￿ around actual and sy)lential lrtigation and (aaims as well as a¢lual. $uspe¢Xed and alleged frat*l." Re*i8wing rninutès of meets"ThJs ol Ihose d)arged with gO¥eman￿.. Asse$sing the extent of ccxmrAiance with the laws and rè3u13tions rA)nsidered to have a direct matenal effert on the finanual 5t8tements or o￿TationS of the company through enquiry and inspection". R8w8wng finanrfillg end 4Jate. 1.11 Judgements and key sources of estimation ￿CertaInty Accounting estima￿S a[￿ ju(b¥menls are conbnually e¥aJualwJ aTrJ are ba58d on historical exper￿rts and other factors. mCludi￿ expe¢tslton$ ol fvI￿￿ that beI￿V￿ lo LE reasonable urwjef the uroJmstsnces. Usefulecon£¥nK lives ollwjgible assels The annual depreciats)n charge for lan91b￿ assets ts sensitfve to ¢haThJes in Ihe eslvnated useful economic lives antl residual vall￿5 of the assets. The tsselul INes and resKlual valvE5 are rea55essed annualty. They are amended when ne¢e55ary to relkcl Cur￿01 estimates. based on techndogiGII advancement. future inveslmeTrls. ulIlL%alion the phy51cal condibon of ttE a55e15. See note 12 for the carrying amount of the pr¢Jperty plant and equipmenL note 1.6 for the tssefil lfvts for eacth ckss of assets. -27- TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMEMTS FOR THE YEAR ENDED 31 MARCH 2021 Atcountln9 polklos l¢ortlthu8dh 1.12 Goillg ¢011￿1￿ The trustees artr LWnN)n thatTurn￿Co￿t￿lxXaryls a Gavw Con￿rn as a131 MaTth 2021. The organisalvJn ha5 swJnifKanl CL¥e from Kent thnty CounrA. and tr)e current rOl￿d ol Art5 Cwnril EngLgnd NPO f￿dIr￿j has been exrfrnd8d the of 2022-23. Conbrnp(Yary managemeni has forecast a break*ven position fn UllTestrKted furKJs lor 2021-22. desprte the onyottwj fi[￿4[￿￿31 irnpa(ts of CoTrAd- 19 arKI Ihe ck)sure of It￿ ga*ry. aThY are to de¥Eh)p a break**ft b￿et f(K 2022-23 in unrestricled funds. I￿ts￿h managemeni of bL¥J9È1$ arwj wografftw. Cash hÈkJ ￿ heahhy, and rAshflL*Y P￿cti￿￿ show no ￿sk of cash defKx15 o¥*r 2021.22. FurMl$ ￿ky for restricled lunds pu￿$¢$ have been and bthlgels rew any postponements ol proie¢is due 10 Co￿J-19. Tumw Cortempotsry does rni twecl to h8ve 10 reium any feskncled funds hekl for nOWertorman￿ of contraCl￿ran1ed acti￿￿5. The Tumer Contemporary Endowment port[ol￿ has re￿¥8(8d its value from ￿ Èmmethaie wwaci of ihè Covid-19 pandemS¢ and was valued al £3.07m as at 30 June 2021. ItMJ)rne prOje¢*￿S are r￿￿[ >tars. and continue lo deli￿[ a healthy income f¢x Ihe gal*. Tr Ernknm*nl 1$ managed by Chartes sta￿eY wdh a rnedivm4tr¥ risk manay*neni wofile. and Ihertrfore fflÈdiunFlemb ri5k5 10 Ihe Ydluation I￿(¢J￿s￿jeIed 1.13 Government grants GovoinmÈni giants ère recoynised ai the faw Ydhje of as$ei reteib*d OT Ihefe 1$ reasonable assuran￿ that the granl condibons will be met and the granis wll be received. A granl thal Specifies performance ondiliotls Is recogn15ed In IncorDe when Ihe perf￿rna￿Tr condthoDs are meL Where a granl does not 5peL¥fy pertOrMan￿ C￿￿￿tionS il is recognised in income vlhen the proceeds are retri%*d u receivab￿. A granl re￿ived balof8 it* rewnthity) uiiaria saD%f*d as a thatshty. Donations and Legac 2021 2020 OL￿atru￿s and 5pon50r3lHPS Corporate palrofts 60.528 62.113 122.641 240.829 42,297 283.126 Incomelrom charitable actMb05 Gr*thts rè¢èNab Keni Couniy Councl- Cole Arts Countyl Enolartd- Co Kenl County Covncfi- Rende2VOUK Kenl County Councl- creat￿ Coast Arts Counul EnglarKI- Creatsve Coast Arts Counol En9larKI- Turne[ Priie Art5 CounrAI ￿n￿ar¥J- StrdtegK Tovrir¥J Arts Coun(21 Eng￿r￿J. Cowd Recovery Fw Arts Counol Engk8ThJ- M8r98* Now AKO Ftyjndalion Artswork olyer Fergussorb Creabve Fotheslone DreamlarHJ East Sussex County Councl E5ry￿ Faiib¥iFn FouDdaiion esmée Faifbaitn Fwndaiffjn- Comd Fwwj Freelands Foundabo Jerwoth* Chaniab* Foundats Lawson Trust Soulh East Local Enterpr￿ Pathrship IseLEPI Visit Kent Wate5 FOu￿atioN Chalham Dockya Meial Cull￿t Univtrsty oflhe hrt$ Lot Cloie Founda Calalysi Ca81 01￿[ Ile5s £10.(XMkl 2021 2020 590.0 681.791 295.0()O 660.000 669.473 295.000 10.000 180.000 87.600 111.862 120.0(M) 104.0ty) 21.91¥J 10,000 15.(MJO 103.414 12.750 16.000 42.400 48.886 I4.￿) 40.7ty) 21.200 150.000 1.957 10.000 1(K).000 12.0(K> 14.152 15.000 12.718 11.ot4J 25.0 t4.011 16.391 2.081.576 80.294 2.610.902 -28- TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 4 In¢om¢ from other trading a¢tivitie$ 2021 2020 Learning programme income Public programme incorne Trading subsidiary (see note 13} 8.768 11.0371 85.232 92.963 7.597 10.149 464.706 482.452 S Olher Income 2021 2020 Other Incorne Curaiorial sennces Job retention scfeme grants 15.806 45.000 297.966 358.772 27.978 27,978 Staff costs Support costs 2021 Total 2020 Total 6 Expendltu Direct ¢osts Raising fur￿5 Tradifig Fundraisi Taxabon 102.516 92.530 47.807 2.756 19.935 27.045 19.1391 170.258 122,331 19,1391 407,702 149,910 10,571 Charitable activities". Exhibitions programme LearFiing progratnFne Visitor experience 339.035 268.370 533.702 1,336.153 423.794 72.525 13.053 559,935 166.924 142.440 140,589 487.794 929,752 483.335 687,344 2.383.881 2.134.320 652.565 761,273 4,116.340 7 Support costs Raislng funds 2021 Total 2020 Total Exhibition Leamln9 Wisitor Trading costs Training and olh&r staff costs Travelling Hospitality Light & heat Repgirs and renew* P￿rn11ng. postage & stationery Cofflputer costs Telephone Insuran Subscriptions Licenses and fees Consullan¢y fees Professional fees Other support Costs Depreciation Governance.. Audit 10.7 10,7 78,608 29 2,436 214 233 27.131 34.417 6.625 183 201 27.131 34.417 4.669 138 159 27.131 34.709 13.759 28.086 12.049 18.849 104.404 124.763 133 727 81,393 103,543 3.760 11.631 7.212 18.175 10.543 5.425 12.995 20.797 1.645 7.460 3.7fAJ 11.221 7.212 9.531 3.760 11.382 7.212 9.531 1.480 1.313 12.995 14.427 1.373 7,459 11,280 40,637 21,637 37.237 14.686 7.130 38.985 49.652 24.871 22.379 13.706 56,434 22,578 35,747 16,300 35.960 38.880 49.492 26.821 27,169 6.403 391 12.995 14.428 1.372 7.4 20.480 2.850 166.924 2.850 140.589 8,550 487.794 6.95 696,595 37,841 142.440 -29- TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 8 Summary analysis of expenditure and related income for ¢harltsble a¢tFvltfjes. This table shows cosl of Ihe main charilable actiwl*s and the $our￿S of income difecuy to support thos8 actmties. 2021 Total Exhlbltion Learning VÉsltor Costs Direct IrTrcorne Nel cost fun¢Jed fro￿ other incorne 1929.7521 352.108 577.6441 1483.3351 193.417 1289,9181 1687.3441 12,100.4311 545.525 1,554.906 1687,344 9 P4et income for the ypar 2021 2020 This Is stated after chargiThJ". Depreciation Auditors romun8ration audit - other services 24.569 29,240 8.550 6.798 6.950 5.950 10 Staff costs 2021 2020 Wages and salaries Social secuirty costs Other pen510n costs 1.208,505 92.316 35,332 1.336. 153 1,406.374 96.547 39.239 1,542.160 The average nurnb￿ ofemployees. by ￿ad¢OUtst. duting the year. 2021 2020 No. 106 staff 82 The number ofemployees ￿0$& remuneration for Ihe year wilhin the followr¥J ban¢ts ￿re.. 2021 2020 £80,000 10 £89,999 The pension contributFons for the employees in Ihe above batyj ￿e £6.01912020". £7.4661. The senior managwnent t8am c(xnprise the key man&Jemenl personnel of Ihe chanty in charge of di￿ting and eonlrolling, running and operatsng tt* charity on a day io day basis. As detaised above. no trustees re￿4Ve￿ rernuneration during Ihe per50d. The ￿M￿nerab0￿ to the ern￿Oyees. induding employefs national Insurance and employeTS ￿nSIOn ￿t￿bUtIOns. total £355.96916 ￿ople){202o 7 pewk £343.4141. 11 Trustee r8muneratiot7 The trustees were not paKI reMU￿rab.0Th or rewnbuvsed eX￿￿S duiing the year12020". None). TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEME￿$ FOR THE YEAR ENDEO 31 MARCH 2021 12 Tangib￿ fixed assets Fixtures. fftting5 & equipment Catering equipment Computer equipment Group Total Cost As al 1 April 2020 Additions A5 at 31 March 2021 286.523 3.432 289,955 19.462 40.058 346,043 3,432 349.475 19,462 40.058 DepreGialion As at 1 Apnl 2020 harge As al 31 March 2021 253.807 23.109 276.916 16.144 1.460 17.604 310,009 24,569 334,579 40.058 Net book valu8 As at 31 Marth 2021 As at 31 March 2020 13.038 32.726 1,858 3,318 14,896 36,033 Fixture¥. fittings & equipment Charlty Cost As at 1 April 2020 Addibons As at 31 March 2021 246.962 1,561 248.523 Depreciation As at 1 April 2020 Charge As at 31 March 2021 216,193 22.379 238.572 Net book value As at 31 March 2021 As at 31 March 2020 9.951 30.770 13 Fixed asset Investments Llsted investments 2021 Total 2020 Total Group Market value al 1 April 2020 Additions Diswsals Change In value in year Movernent on cash balances Matkèt value at 31 March 2021 2.￿.131 281.274 1116.5961 fA)5.$43 1133.8791 2,936.473 2.300.131 281.274 1116.5%) 605.543 1133.8791 2.936.473 2,392,880 444,008 1527.0461 1131,2471 121.536 2.300,131 Historical cost 2.436.998 2.4%,998 2.482,650 The￿ were no matenal inve5trnents at mawket val￿ Iin exiEss of 5% of valuatK)nl Cash 93.269 93.269 93.269 93,269 227,148 227.148 31 TURNER Co￿rEMPoRARy NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 13 Flxèd a5&9t Inyèstments Icon16nu•dl Share5 in Jvbsidklry urKlertakiDg ￿¥8stMents 2021 Totsl 20ZO Total Clwity Cost l Mar*el Val￿ at 1 2020 Athilions Disposals Change in Val￿ iTryEar Moveinent ￿ cash balartrs Markel value al 31 Mafch 2021 2.300.t31 281.274 1116.59SI 605.543 133.B79 2.9￿.473 2.301.231 281.274 1116.5%> B05.543 133.879 2.937.573 2.393.980 444.008 1527,9461 1131.2471 121.536 2.301.231 1.1￿) Historical cosl 2.436.998 2.438.098 2,482.650 There wEr8 ￿ materil irwestrr*rts at rna￿et W￿l* ex(w of 5% 01 vaknalK)nl Cash 93.269 93.269 227.148 2021 2020 Listed InvestrrbBrbts by Class IGr¢)up and Charityl." Fixed Income 262.Of4 761.423 1.364.218 73.1￿0 334.022 48.467 93.269 2.938.473 232.733 493.185 1.078.735 21.59J 202.671 44.069 227.148 2.300.131 UK Equity Internaiional Equty Ptoperiy lernalwes Mixed InvÈslmenl Cash Holding5 of MI￿ than 20. The thanty h(4(Is m￿e Ihan 20% of Ihe share CaFxI￿ of the f￿ky￿ (xxnpany. Proportion of voting ri9hts and 0rdir￿ry sharo capfjtal he 100. Country of rAgistration or incorporatio E￿la￿ arKI Wales Principal Gtivlty Cofflmeraal IvttE5 of TumÈr Contemporary Accommodation actNIIES of Turner CMlernporary The tradirvJ re$￿t5 of Tuiner Contemwary Entewwses Litnited lor Ye￿ lo 31 2021 are as follo￿.. Subsidiary undertsking Turner Coniemporary Enlefwses Lin¥ted TumÈr Rooms Lim*Èd ENJlaThJ **J Wales 2021 2020 Turnover Grant re￿Ved Bank inlere51 Cost of saks Adminisiiaiion cosis Audil and accountancy fees Operating IdefvlllsurpknJ5 for Ihe year GIR akl paid Corporal￿￿ lax RetairEd Idefioll f￿ the ￿ar 85.182 37.024 464.706 1.568 259 1190,5771 1213,3901 13.7351 58,831 1124.2951 147.8071 1118.2731 14,1781 148,0021 9.139 38.863 76.035 The a55ets and liabilit￿5 of thtr sthithary vfft". Tangible frxed a5selS Current 88sels 4.946 5.264 154.155 1104.7201 10.397 Ag9regale share capTtal and Tesetve5 49.260 TURNER CONTEMPORARY NOTES TO THE FINANCLAL STATEMENTS FOR THE YEAR ENDFD 31 MARCH 2021 14 Stock Charity 2021 2020 2021 2020 Retail st¢Jd( 33.014 33.014 Sl.252 .252 15 Debtors Grow> Charity 2021 2020 2021 2020 Trade deètors Amounts due fr¢)m subsidiary Other debtors arKI ￿epaYm￿ts 182.917 124.742 182.297 97.387 171.817 451.501 121.873 94.334 I￿.214 338,421 204.H7 387.384 128.983 253.724 16 Crfjdil¢)rs.' omt>unts falllng d Charity 2021 2020 2021 2020 Trade creditor5 Other cre(Jitors ￿K1 acctuals 14.264 33 642 47, 15.402 20.275 35.677 11.478 29.097 4C>.575 14,358 4,313 18,871 1Y Restricted funts 2021 current As&t1A￿l 2020 Trarksfer Asat31 Income E￿I￿lt￿￿ between lunds March 2021 Le8ming progarnTn8 Exhibitions programme EnglarKI'5 Creabve Coast Creativo Tfansition Pr￿[aMMe O, Dreamlarxl Pioneenrvj Pla Cultural Recovery Fund 39.101 15.252 307.116 74.7 15(>.0 185.7541 122.5521 1147.9491 132.4891 12.0301 I48.8f￿) 1104.0(K>I 1443.6401 121.8211 16.2521 8.902 76.077 22.838 379.787 42,277 147.970 36.3 211.718 48.866 104.(KKI 545.525 586.235 668.949 2020- c¢)mparative As at 1 April 2019 Tran51er Asat31 EX￿ndItuTe bptween funds March 2020 Income Learning progallm8 Exhibitions progfarrme England's CreatNe Coost Turn8r Pnze 2019 SeasNJe Photographed Creative Transition Programme O, DfeatnlarKI Pioneeriro Place5 Olher 42.431 473 75,695 46.557 320.000 245.350 113.362 24.152 150.0(N) 109.414 179,0251 131.7781 1308.9421 IfA)5.2491 1182.1971 165.0831 39.101 15.252 307.116 359.899 715.697 74,766 150,000 1109.4141 112.4401 11.394.128> 12.440 895 833 1.084.530 586.235 Learnir59 prog[￿￿me These programmes are to a(fvarKe the educatN)n of publiG Tlwe 8re se%*ral discrete elemerTr15 10 this prcwaramme. Much of the karniry progrwnme ￿ 5UPW)rted by Èxternal lunthr¥J wh￿h include5 Catsly51. Clore DuffEJd Foundation, Chartered Accounlan15 Livery Company. Esmee F8ithm Fourtht￿n. and Unwe￿ty of the Creatsve Arts. Exhibitions programme conlr4bulions have been receNe(J lowards Il* ¢osts ol slagin9 $￿C￿C exhikn"*ons dunry the yE3r and for future programrnes. ContntyJtQFS Ir￿lude F￿larmJs Foundation. Herry Moore FouryjatK￿. Paul Mdlon Centre. and Art Fund. TURNER CONTÉMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 17 Restrictod fvnds lcontinuedl England's Creative Coast Supported by Arts CouTrril England arKI V￿rt Eng￿r￿1. Turner Conlemkxbrary LS the kad pather of England's Cwlive Coasi, a wrtural tourism proiecl invofving gal￿￿5 in Essex. Kent and East Sussex. A key ?￿nI of this project is senes of public art Commi￿onS. the exhibrtkjn of was launched in ¥*nfi9 2021. Creatwe Transition Programme This 15 a rnul*-year project to enable Ihousands nyJr8 young people ui Th8net lo tta¥e a￿*$9 io wethl dass art. empowering them lo develop tonfvjence. team buihJR¥J and hfe skAL%. This prqed has been lunded byvarious generous supporters induding the Wates Fourxtalitin. O, Dreamland Th15 Ptoject 15 Inspired by Lind5ayAnder50n's fikn ￿ Dreamlarhj" made in Margale in 1953. and will indude ￿rkIng with people fr¢Mn Ibe local community lo develop a major exhibition to be shown ai Tumer Contemporary in 2023. Pioneering Pla￿$ Thi¥ Pf(4ect is part of a wdei prograrnTrE ol actwty led by Creative Folkeslone and supported by the N8lional Lottery HerEtage Fund. The proied fooJs8s on enabling cuttufal. communty and ¢Nic or9anisations to WOTk closety in order lo reimagine East Kent's future by expbnng herilage. devekying ciwc pride connect attrsts and ci¥fflrnunrties. U51ng ch11d. led ￿aderShIp. Tutner ContÈmporary has ￿￿[ked wth a group of piirnary s¢*K￿l thik1￿￿ in Ramsgale lo crynmis&on an athotk for Rarnsgale Harbour. The athrk. by Conrad Shawcross. wll be displayed from Summer 2021. Guttural ReGovery Fund ThÈ Cuhural RÈcovÈry Ftjnd was launched in 2020 by 10 5UPPOrt cunural organisalions impacled by the coronavirus pandem￿. using fijnding from the Depath*nl for Dvjital. Cu*ure. Media and Sport IOCMSI. and administered by Arts Counal England IACEI. The grnni ¢xJvered the gal￿￿$ arti¥ityduriNJ the peri¢x1 Oiiober 2020 10 Marth 2021. Tvrner Prvze Fund-raised incorne, and grant fundirKJ from Arts Counol ErKJland and other pattnets. supported the de5wÈry of the Tvrnef Prke 2019 exhibit￿n. one of the UICS most presbgious art prizes. as ￿11 as Ihe sv)nffi¢xAt rx)sts of hosting the awaTd. and Ihe tlelwery ofmargale N￿. a prograrnn￿ of art5 and events In aulumn 2019. Seaside Photographed The exhibition. SÈasidÈ Phatographed. has been supported ty an Arts Council Eryland Strate9ic Tovring grant. The exhibition was shown al Turner ConlenM)orary in summer 2019. The tour of the exttibthen to venues in NewtynlPent8nte. Southampton and Blackw￿ was reStj*du￿ for 2020 a￿1 2021. Transfer between fijnds Transfers relate to projects whith ate there costs incorredty alkKale(I lo uThrestrKted sn prior year aTrd income tt￿t I￿￿lerS have nowststed can te unreslrid￿. 18 Endowment funds 2021 cuwrent A5 at 1 April Incory 2020 Expenditure Gain on investm8nt8 Transfers As at 31 March 2021 Pemianent Calalysl Encsownent Fund 2.220.286 605.543 2.825,831 Expendable Catalysi Endo*Tnent Fund 173.585 2.393.873 51.574 51.574 116.1301 16.130 209,029 3.034,860 605.543 2020- Ctsmparétsve As at 1 April InGoThE Expenditure 2019 Los$ on investrnonts Transfer5 A$ at 31 MarGh 2020 Pomianent Calalysl Endth4Thenl Fund 2.351.535 1131.24n 2.220.288 Expendable Catslysl End￿￿￿￿1 Fund 174.649 2,526.184 S8.936 58.936 I60.￿} 173.585 2,393.873 1131.2471 TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021 18 Endowm•nt funds {¢ontinuedl Catalyst Endovmient FuFid Tumer Conlernporary has established Catatyst E￿j0*7￿ent FunLI to provide an inve5trnent ￿luM to support commissions In publi¢ realm, events outstde fv gallery. resi(Sency programmes and to support acquisibons in Kent. The permanent endowm8nl fund must be kept lor 25 years and only the incorne and capital grobth frorn ihe investments can be Spent dUri￿j this perirMI. Transfer betr*en fuThJs The Turner Conternporary Expendable Endownent Fund Is restncled for use onty for "Endo*Ynent Purposes. which Is defined as cost$ supporbng commissions in the publi realm, events outside the gallery. residency programrne5 and supportiTrJ acqubsltions In Kent Certain costs %4ere incurred In the year for these purposes arKI ￿ income has L*en translerred to oftset Ihese ¢x)sts. 19 Analysis of net assets between funds- 2021- Net current assots Fixed assets Total Unrestricted fuThYs R8stricted fund5 Endowment funds NoTTr-charrtable lunds 14.8 692.￿6 668.949 98.387 9.397 1.469.639 707.802 668.949 3.034.860 9.397 4.421.008 2.936,473 2.951.369 2020- Comparative Net current assets Fixed assets Totsl Unregtricted lunds Restricted funds Endosvment funds Non-charrtable funds 36.034 301.081 586.235 93.742 48.260 1.029,318 337.115 586.235 2.393,873 48.260 3.365.483 2.300.f 31 2.336.765 20 Commitments under operating leases Total future minimum lease payrnents urKlÈt non-cancellable ￿ratIng ￿aSe$ are as follows. 2021 2020 Wilhin one year Between two and fve years 3.302 4.523 15.849 20.372 13.208 21 Reconciliation of net income to net ¢a$h ftow from operating activities Group Group 2021 2020 Net Incom& for year Non-cash movements on fixed asset tnveslrnentS Depreciation and Impairmet7t of lang1b￿ [￿ed assels IlncreaseOdecrea5e In stocks De¢reasellincreasel In debtors IDe¢reasellinuease in ¢redi¢ors Nel cash flow trom operating aCtiwt￿S 1.055.525 {605,5431 24,569 17,238 1133.6391 12.229 370.380 1559.6851 131.247 29.240 16.3881 42.595 1198,9471 1561,938 22 Related party transactions During the year, £4.05912020 £7,0381 was donated to Tuff*r Contenwrary by six12020". four) trustees. Each Individual donabtsn was not mètenal to erther paty. 35- TURNER CONTEMPORARY NOTES TO THE FINAN¢EAL STATEMENTS FOR THE YEAR ENDED 31 AIARCH 2021 23 Company Ilmited by 9uarantÈ¢ Th8 company Is a c¢]rnP8ny Iimtted by guarantee. The members of th8 company are the trustees name¢J on pa9e 1. In thè •vènt of Ihé company being WA)u￿1 up. th8 Ih*)ility in respèrl of the guatant88 is limited to £1 per mgnber of company. 24 COVID-19 In 2020 the world was shaken wlh the onset of CovkY-19. The directors have assessed the operatronal and financial impact on the group in the Strat&Jic Rep￿ on pages 10 and 11 and in the going conr*rn statement al note 1.12. 25 Capltal ¢otnmltments Group arKI cha￿ty 2021 2020 Exp8nditure contr&ct8J for but not wowd8d in Ih8 ￿A)Unts 14.031