TURNER CONTEMPORARY CONSOLIDATED FINANCIAL STATEMENTS AND ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2022 Regl$tered Charity Nts- 1129974 Registered Company No.. 06772337 (England and Wales)
TURNER CONTEMPORARY CONTENTS Page No Legal and Administrative Details ChaiTman's Foreword Report of Ihe Trustee5 4-1S Independent Auditors. Report 16-19 Statements of Financial A¢tivilies 20-21 Summary Income and Expellditure account 22 Consolidated Balance Sheet 23 Charity Balance Sheet 24 Consolidated Cashflow Statement 25 Notes lo the Financial Statements 26-36
TURNER CONTEMPORARY CHARITY REFERENCE AND ADMINISTRATIVE DETAILS charity regi8tratlon number 1129974 Company reglstrntlon number I772337 Trustees Clive Stevens DL Laura wrh1 Vivienne Bennett Jill Con$lanline Martin Cook Sir Stephen Deuthar Lu¢y Edernatie Peter Ha%%kes Kemel Hawlhome Pink Sarah Hohler Yasmin Khan Keilh Valentine (Chairl Iwice Chairl Key Management Personnel voa Pomery Sarah Martin Clarrie Wallis Rowena Tozer Theodora Og*£zi Moya Stirrup Sarah Martin Toby Parkin Sanjivan Kohli Secretary and Gallery Director lunlil October 20211 Interim Director (October- December 20211 Secretary and Calry Director lfrom January 20221 Head of Finan (resigned 10 January 20221 Head of Finan Ifroffl 10 January 20221 Head of CommUnicaOn5 (resigned 26 July 20211 Head of Exhibrtions Head of Learning and AUdne£ Engagement Head ol Developmenl Prlncipal Address Rende2VOUS Margate Kenl CT9 2HG Independent Auditor A2els Audit Servi$ 5th Floor Ashford Commercial Quarter 1 Dover Plaee Ashford Kent TN23 1FB Bankers Barclays Bank PLC 9 St George's Street Canterbury Kent CT1 2JX Inve8tment advlsors Charfes Stanley & Co L¢mited 55 Bishopsgate London EC2N 3AS
TURNER CONTEMPORARY CHAIR'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2022 The last year has been one of immense change for Tumer Coniemporary and l am pleased to pOrt that we have weathered some Serious thaljenges to the organisaon. We started the year in Covid lockdown but knere plea$ed to be able lo re-opet7 our doors on 18 May 2021. While we are not up lo pre-pandemic levels. nevertheless welcomed 128.965 wsilors lo oui galley in 2021122. Projects outside the gallery Ihal had been deferred in 2021 due to Covttl also came lo fruib'on. Pioneering Places substantial project ¢ommissioned by local school thildren woNking wilh Conrad Shawcr05s saw a major new artwork installed In Ramsgate. England's Creabve Coast. led by Tumer Contemporary in wllafx)iation wlh Visit Kent saw athrfork installed in the public alM in seven l¢)¢ations acros5 Essex. Kent, and East Sussex. Turner Contemporary has continued to be the catalyst for Ihe transfomialion and generatiOn in Margate and the local area. Much still need5 to be done. The Covwj pandemic has highljhted the fragility of the econorny of seas5de towns. Our capital project thal commenced in bd(down. and funded by Kent County Coun(#l and Arts Council England. has been completed th some extemal work lo our fapde dadding rernaining. With Kent County Ctsunol's 5UPPOrt we have aembarked on upgrading all Iighling In the 9allery to LED. This V+Drtt wll improve the Quality of our visitor eXpernCe and will support Turner Conternporary's future sustsinability and resilien. Our new ¢alering partner. Bartetla. a now operating the gallery café and Ihe offering there is proving popular. After 20 years, service our Diredor Vi¢lona Pomeiy left in September 2021 to join The Box in Plymouth. l am delight&d that we weie able to fecruil Claffle Wallis from Tate lo lead the organisalion going forward. Clarrie has brought a freshness to Ouf strategic thinkin9 that wll Influen all a$pe¢l$ of the gallery's operation and programme. I have been delighted lo work wlh her In the initial stages. I continue lo be aweslru¢k about the amounl that our staff have been able to a¢hve In very diffi¢uh times. They continue to deliver inspiring cultural and ar1j programmes both wthin the gallery and in the public realm. They do this at a time of considerable pressure from the ongoin9 Covwj pandernic but also very Iitnited re50uice. That said. we coukl not achieve what do wilhout the considerable support ol all our funder and don015 and I thank them for their ongoing commitment lo Tumer Coniemporary. The support we receive from Kent County Coun¢il. Arts CouTral England. Trusts and Foundations. patrons and indivklual supporters means so much. 11 makes a real difference to the ¢ullural life of Margale and Ihe surrounding area. I would also like to thank the Boar(l of Trvslees foT Iheir commibnenl lo the woth of the gallery as well as all members of our Incredible tearn of 5tsff. They all do an amazing job with passion and vvJour.
TURNER CONTEMPORARY CHAIR'S FOREWORD FOR THE YEAR ENDED 31 MARCH 2022 Lastly. l am sad to repori that Ihis will be my last report. After an invofvemenl of 13 years Mlh Turner Contemporary and the last six years a Chair. my time as a Chair and Trustee 15 corning lo an end. I will step down as Chair on 31st December 2022 and the process lo seek and recruit a SucSS0r is in progress. HOter. I know the Steps we have been able to lake and the team we have in place wll ensufe that Tumer Contemporary continues lo thrive into the future. Clive Stevens DL Chair
TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 The Trustees present their report and Ihe audited financ#al stalemenls ol ¢hanty for the year ended 31 March 2022. The Trustees have adopted the provision5 of Ihe Statement of Recommended Practice ISORPI "Accounting and Reporting by Charities" IFRS 1021 in pwarin9 the annual report and financial slatemenls of the charity. The financial stalernents have been prepa in accOrtJan wlh the arU09 politses sel out in notes to the accounts and ¢omply ¥1 the charity s governing dooJmenl, the charib.es Act 2011 and Accounting and Reporting by Charities". Statement of Recommended Practice applb to chanties pparIng their accounts in accordan with Ihe Financial Reporting Standard applicable In the UK published on 16 July 2014 as amended by Bulethn 1 and Bulletin 2. Obje¢tives and activities The principal objedive ol the Charitab company is the provision of a r*m18nent G811ery in Margate which celebrates JMW Tumerfs association with the town and. Ihrough a varie(I programme of exhibitions, events and learning activities. promotes an Ltnderslanding and enjoyment of hislorical and coThlemporary arL The charitable objectives as sel out ITr the goveming dwumenl are. To promote art for the benefit of the public through activ11S iuding bul nol limrted lo exhibitions. displays, events and commissions in¢ludin9. bul not lirniled lo, those hehj al Tumer Contempofary, To advance the e(lu¢ation of the public. in partiuJlar bul wilhout Iimrtalion In the visual arts." To promote the efficiency and effectiveness of registe ¢haribes and chantsble organisations. induding community groups, through the provision of premises w oiher spaces inrJudiThJ. bul r1 limrted to. the TurTher Contemporary building. Publlc beneflt Statement In planning future activity and tn revIen9 Ihe cknaity's aims and tsbjecb"ves. the Charity CommissioA'S general guidan on public benefit Is con51dered. The charills activities dearfy relate lo 11$ 987 objecbves of promoting art for the benefit of the public and in advancing Ihe education of the public. The activities undertaken and achevemenls outlined alk)w an assessment of the contribution made by these activities towards furtheiing the charity's objectives. Turner Contemporary stresses the Importan(t of ensuring the a¢cessibility of its exhibilioris and activilies and all exhibitions held in 2021-22 re tree to enter. Activities for achieving objectives At Tumer Contemporary. believe in the power of art to Iransfo people and plaos, doing things dIffetlY lo achieve our vision 'Art tnade Essential to be leaders in social and economic sustainability. vitally connecting art, people and place, al home and arouNI Ihe woAd.' Turner Contemporary Is located in Margale. a seaskle town on the norfh Kent &)a$t lhal had eXpernCed a significant and sustained period of dedine a5 a lourisl desnatiOn. Since opening in 2011. Turner Conlempoiary's presence has been a calalysl for Margate's transformation. and have developed and maintsined a k)¢al, national and International profile, allra¢ling more than 3.6 million wsits to the gallery trom the local area. nationwide and abroad Turner Contemporary has become the blueprint for art$ led regeneraiion. we have generate¢J rnany millitsns of spend into the local economy whilst successfully changing perceptions of Margate and the wider area. Margate has become a 'must- See, destination for vi$ilor$. and Tumer ConlempoTary ha5 pul the to bad( on the rnap. A bold and ambilious artistic programrne 15 al the heart of Turner Contemporary and ensures that we achieve our organisational aims. objectives. and strategy". Ihe programme is the driver In detertnining the long-lerm success and viability of the organi5ation. The programme showcases a va¥ied and exng range of exhibitions. commissions, &venls. and aclivilies for local, re9ional. national aTrd inlernatitsnal audience5. There is often a JMW Tuiner presence In the building as well as wotk by artists Iiwng and working today. Turner 1177&18511 was a regular visitor to Margale and mede some of his best-known wotks on the north Kent coast. Our innoVaVe and ambitious p¥ograrnmes have helped position Tumer Contemporary as one of the foremost 98lleries in the UK
TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 37 MARCH 2022 A¢tlvltle$ for achieving objectrves Icontinuedl The gallery is a fantastic fesource and a gieal Spa for leaming. path"¢ulady for schools. ¢ollege$. universit$. families. and the wder ¢ommunity. The LeamiThg P¥ogramme aims lo Iransfomi the Wdy adults, young people and ch11dren learn about and through the visual arts. It Is Inquiry ba and brings logether hands-on exploralion th a philosophical stru¢lvre that supports creatwe questioning and Ihinking. We provhle a diverse range of leaming opportunities. including a formal schools programme and a wder infomial learning pr¢gramrne. The programme ha$ lou¢he4 the lives of Ihovsands ol indNidua15 and has helped our audn asS exhibits'ons in ways th81 are exciting and relevant. learn new skills, and ultimately enjoy their eXperfice at Ihe gallery. The b¥th and accessibility of our programme continues lo demonstrate the enortnous publK ne[lI that our woth brings lo the community Tumer Contemporary eonlinues to be an aclwe membeT ol the Plus Tate nelwork - a p3rtner$hip ol museurns and galleries from around the UK who worf( wlh Tate. This relationship enables us to borrow key works from Tale Collection as well as share curatonal knowledge. sear. and InfortnatioTr on audience5. The gallery Is also a member of the Contemporary Visual Arts Network. the Kent & Cultufal Transformab"on Forum. several regional, national. and international networks. Strate icRe ort Achievements and perfom)an¢e April 16th 2021 rnarked 10 years Sin we first opened our door to VI10rS_ Ten years OTh. the gallery has welcomed more visits than il was ever imagined and become one of the UKS leading art galleries. We are a space for our Community In the heart of an exoling. alIve towTr. Over the last len years have exhIted Ihe wY)rk of over 2000 artists and pul £80 million back into the Kent e¢onomy. 100.000 Ioc31 thildren and young people have worked wlh u5 sino 2011. Mar9ate has changed enowfiou51y in the last decade bul Ihere Is still much lo do as we look lo rebuild after the pandemic. In March 2022 the Board signed off a new Diredorial vision. We ¢<Jnbnue lo be commilled lo artistic excellen through working wlh artisls and audiences and championing the energy and ideas of the 4%ider artistic community and the importance of creative learning. We W11 loolE to InC8$e the representation of women artists. LG8TQIA+ artists. artists ol colour and disability. we wll work those cornmrtled io our values and pay them fairly. The team have developed an environmental strategy around four key area$. minimising our negative impad on the environment., ensuring that Cultural and Tratural herilage is effectively pdU and safeguarded". education and awareness and promoting Sustainab tourism. The gallery ts also ¢ommilted to directing everyday decisions, budgeting. opefalions. procurement and tnanagemenl to cate a suslaiThable lulure. We also plan to pilot an environmental programme for artists engaged vhth pressing ecological que$lion$. The breath and range of Tumer Contemporary's offer continues lo attract diverse audiences. For the year ending 31 March 2022 the gallery received 128,965 visits from the publio or this nurnber an eslitnated 29% of visited We new lo Turner Contemporary. with 15% never visiting any art gallery, 204/0 of wsilors were 'regulars' having visited in 1881 12 months. Of those who visited. 4Yo We from Margale. 10% frorn the rest Th3nel and 28% froTn the rest of Kent (not Margate or Thanetl. A furthei 29% came Irom London and 24% from the resl of the UK.. 6% of visited %%ere estimated lo be international Relalive to 2020, visitors in 2021rd2 re younger. with 39Vh betn 16 and 34 (compared wlh 15V/o in 202DI and 18Q/. above 55 Icompared lo 530fi In 20201. The age profile was both younger than in 2020. and despiie 2020 bein9 an outlier in the other direction (in having an okler age profile of visilorsl. 2021r22 was younger than ITh any of the previous years. Of those new to Turner Contemporary, over 70°h knere beiween the ages 0120 and 34. Visilof researth by Canterbury Christ Churth ICCCUI shows Ihal on average 84°/0 ol visitors a likely lo rectynmend a trip lo Margale lo a friend. In total thi5 represents over 3 million visits to the gallery have resulted in a recommendation ol a visit lo Margale. Conlrolling for repeal visitors. Ihis bs an estimated 1.200.000 indival people ¢0mmend1n9 a visit 10 Margale after visiting Turrler Contemporary.
TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Transformed lives We know that our work impacts on the lives of many individuals hebing lo redutr isofats"on, develop ctsmmunicalion skills and improve health and %4tlkbein4. In addrtion. our work has rtsht enomiou$ e¢onfYniC benefits to the area. Over the year the 9allery has rL•n nurnerous projecls thal have ifflpacled on the lives tsf parti¢ipanl$. Nearly 10,000 people were engaged in in-person projecls. sessions. and workshops_ A further 23.000 were reached Ihiough dvJital ie50urces and nIent. An example of this work vrds the Digital Skslls Project. Through Ihis project ihe gallery developed a programme lor members of the local communily not In employment to (Sevelop digital skills to support their employability. Participants were recruited via the Job Centre and Job Club to take part in the programrne over a period of eight N%eeks. Participants created a film lo encourage locals an4J tounsls to explore their town through contemporary art and culture. In so doing. the progratnme buitt participants. confidence and provided ¥)rk experien on a Iwe brief. Acros$ the year the 9alkry recruited five Welcomers as part of Ihe Govemmenl Ki¢kstarier stheme. The new staff were all pvIoUslY on universal credit and are under the age of 24. They supported the check-in process, provided ¥ayfinding. and delivered the exil survey. After the scheme ended, the Wel¢¢mers nI on lo other ro in the gallery. During 2021-22 Iwo Major Pr{rammeS delivered with cullural partners d(XOSS the South East cotnpleled. 'Pioneering Pla$. in Ramsgale. an¢J 'England's Creative Coast. whjch was delwered at seven galleries on the Soulh East ¢oasl. Both projects involved sKJnifKanl partnership Drking and community engagernent In Rams9ate, artist Conrad Shawcross has wotked wllaboralwely with prirnary school children, %thi151 in Margate artist Michael Rakowi12 has worked ¢losely with members of the local Community who conlnbuted artefa¢ts for indusion in his sculpture. 'April the Cruellest Month,. Placed Margate at the heart of everything we do Turner Contemporary has a ¢lear sense of place." we are an inlemalional gallery lor2ted in Margate. Our location. on the 51te where JMW Turner stayed on his frequent visits to Maigate. Is part of our story. The gallery is now very much part ol our ¢ommunily and $upport$ the swal and e¢onomi¢ regeneration of the enti a8 and we are looking al new ways lo strengthen our position as a cultural anchor wlhin Thanet and fijrther afield. We a developing new collaboialions wilh a wide range of b¢al education and cultural partneTS whi¢h link publ PTogrammes lo building a sense of community and belonging and increasing audienc* participation and appretiatKJn. Economic Impact It Is eslimaled that on average the gallery has tbuted nearly £80rn to Ihe local economy. which has led to bolh d1ct and Indirect employment of 149 lull brne equiv31enlS tsn average. This employment consists of 56 average full time equivalents through GaIrY employment 8 furthei 92 full ts'me equivalents through indirect employment oulsKSe the gallery. Based on the Social Return on Investtnenl 120151161 report. The net soual t[Th on investment ralio for Turner Contemporary's exhibition programme is 2.88 to 1. This means that in one year. for every £1 invested by Turner Contetnporary, £2.88 of nel social value is created lor visitors lo the gallery Envlronmental Sustalnablllty The gallery has develtsped a new enrOnMental Strategy f(b¢using on Susiainable Development Goals ISDGSI. The strategy has 4 focu5es. Minimisiry our negative impa(X on the environment Ensuring that cultural and natuial heritage le.g. local and maribme environments and ecosysternsl is effectye1y protected and safeguarded Supportlng audiences lo develop their kntywledge. attitudes. and skills to ¢ontribule lo a su$lainable future. Conlnbuling toward5 Sustainable tourism. that benelrts CL¥nMuniS. econ¢Jrnies, and the environment The strategy is now a foundation ol the gallery vision and artiwleS an inlerseciional approach encompassing climate. ecological, sooal. econom5c and raoal justice.
TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 A¢hlevement$ and performance Icontinuedl Arts Ecology This was another a ¢hallengiry year for Ihe se¢lor and for communiles emerging from Ihe pandemic. The learn has continued lo support artssts al different slages of theif ca¥eers. along %wth creatsve communities In Thanet and wder Kent, and sought to provide paKI opportvniks for arttsts during th6 time. We also remained active in various regional and national network5. In lebration of the gaIry s 10th anniversary. Ihe Tumer Coniemporary Open exhibitioTh featured work by practising and non-professional artists living and working in Kent af Medhyay. Approximately 450 wort(s by Kenl-based artists were included. selected by four Margale community groups. Ag8 UK Thaiiel, Canvas 4 Equalify. Margale Pritle and Iho T(Irnef Conten7porary Access Gro(Ip. who volunteered their time a5 curators with the support of Turner Contemporary staff. Since Augu$l 2021 have hosted and programmed regular First Fnday's - free events showsing Margate's creative community and delivered in partThership with local artists and community organ1sations Includi9 People Dem Collective.. Cement Fields." Thanet BVJ Sing Communily Choir and Poer ofwomen IPOWI Festival. Through mernbership of CVAN Southeast and Plus Tale. have taken part in discus510ns and working groups sharing besl pradice in the sector. Trmth a particular focus on lair pay for artists. EOI issues and the ¢limale emergency. We have conlinue<l lo support and champion local artists and makers through our 1811 strategy. commissionin9 and sourong products locally where possible. Our retail learn ha5 worked wth a 2 local artsst to develop and commission limited edibon and exduswe prcmjucts. Local artist prodvcts a¢counl lor 40% 01 all retail products. Maximised 5elf-generated incomo Turner Contemporary has a sustained locus on inueasing the level of self-generaled income to transform our business tnodel and redu the relian on public sectof inve5tsnefit. Incorne generation is delive through our commercial and fuThlra1$1ng adNits Our Development team has 8 signifi&qnt revenue fundraising largel to arthieve. We have eslab115hed an individual patrons and ¢orporate patrons. 5¢heffle vthich now have active rnembers. In a4Jdilion, we apply lo trusts and foundations for funding, some of is lor specific proJe¢ls. Our donation boxes are placed al strategic points throughout the gallery and our mes5agiThg encouiage5 Wsitors to give. We encourage the use of Gift Aid whith increases the value of any gifts. Our Irading arm, Turner Contemporary Enterprise5, compwising catering. tall and venue hi. gifts profits bad( lo the charity. We have worked hard lo create a culture of philanlhropy in Ihe organisalion and all our staff and trustees are encouraoed to actively participate in this area of our w)rk. Delivered an Innovatlve leamlng and exhlbttlon proytamme Al Turner Conlernporary Pla artssts and aUdIenS al (he heart of whal do. We have an Inlegraied approach lo prograrnming that is ambitious. It ¢h211enge$ and Inspires our audiences. The public programme aims lo engage with individuals who would not ordinanly visit a gallery by programming a dynamic and accessible programme of cultural a¢livity. The learning programme enables our aUdn$ to access exhibitions in new and exciting ways. both through our schools. programme and widercommunity based learning_ The exhibition programme 15 planned many years in advance and offers a fresh and sensitive approach lo the work of JMW Turner. whilst engaging audien$ th innovaiEve wotk by liwng artists. The exhibition pro9ramme aims lo be international and ambilious, whilst also relevant lo Margate and our audiencÈs. Currently. the programme is e04)rdinated arounLI three seasons per annum and strongly sUPPOrts the Arts Counul's Seven Quality Printspals and we Work with Artswork Bridge along wlh other organisations lo¢ally. nationally. and InlematKJnally.
TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Achievements and perfomian¢e l¢ontlnuedl Our Leaming Progrdrnme A new leaming slralegy was developed that sel$ out our ambibon to.. lTrrxease engagement. agency and participation with Irfelojwj leamiThJ. ryjllure and creativity. particularty wth disadvantaged children and young people Improve creative skills. curiosity. and critscal thinking abirty ror all audEnS Establish Margale as a hub for creatNe learning Enhance young people's life chances. and employment prospects Improve the mèntal health and wellbeing of local young people Engage and support a greaterdiversrty of audienwts There was a srgnificant learning pro9rarnme in 2021-22 that Involved delering the Pioneering Places thild adershiP project". supporting the delivery of the major projecl ErvJland's Crealwe Coast and leading on Ihe delivery of the Open exhibition. The arnIng team ran the commvnty eThJa9ement for the 'Ellgland's Coalive Coast Proje¢t' A Geo¢a¢hing trail was developed for Margale Mlh six geotsches (small walerproof taSUre items) ere hidden in Margale for Geocachers to find. In addition, a local engagement group mel over the course of ihe yeai to conlnbule items that We embded in the R8kowt2 work and to plan evenls and meelings As part ol the 'Open' exhibition the learniry team convened the 4 corvwnunily curatin9 9roups over a 6 month period to select works over 4000 online $ubmi$$ions. About 450 athlorks %re selected Including painting. drawing. sculpture, photography. perforrnance. and AV w)rk. O¥e¥ unselected works Shown In Thanet slalions as part of the Community Rail Partnership. The exhibrtion was hugely su¢¢essful and 47,720 people visited which proved a welcorne opportunity lo celebrate arl made duriThg Ihis chaInglg period and the vital role gaIrieS can play In our so¢iely. The 3 year Pioneering Haces project culminale(I with the unveiling of Conrad Sh8ro$S, work Beacons in Ramsgate. The project had wothed ¥Mlh over 80 chihYrÈn from local Ramsgale schools. After researching Ramsgate. the chIldn ¢reateiS a brEf and selected Conrad froffl a 5hortlist of artists. The project was a community endeavour with children, parents and lea¢her$ leadin9 on developin9 the bnef and ¢reating learning resoun$ 8nd engagement activits. The learning team also cornpleled the School Prints Project. Sthool Pnnls revNed a ground-bieaking scheme set up in the 1940$ to supply orwinal. high-qualily nteMpOrary art lo primary s¢hoob. Supported by the Art Fund and In partnership wlh the Hepworth Wakefiekl. Turner Contemporary wothed wth three Margate Pritnary Schools on a remote engagement prograrDme centred on the 2020 school prints. This took Ihe fomi ol weekly session$ befv¥een April - July 2021 and 160 student$ worked as Youw Arts Leaders lo invesligaie the sel ol prints gifted to their school through printmaking. collage, exhibition plannin9 and discus5ton. The gallery also worke(l Trmth around 6(10 sludenis as part of the ca¢e Transitions project. Students were given a specially designed pad( of materials for creating a collaborabve ariwork. The WOfk5hop pack contained a morning's worth of activities in the form of a guide. presentation and videos trom En9agemenl Assislanls. which teachers could use flexibly. The workshop encouraged students to think about their place in their new school. and what il means lo have a da$sroom. The schools iakitvj part ChathaFn and Clarendon House Grammar School. Royal Harbour Academy and Charles Dii*ens. The team also offered Six weeks of artisli¢ sessions wlh Age UK dents in their Margale community hub and partnered th Beach Creatsve lo offer a 10-%4Eek art dass for adults. The course was offered for ¥e and was funded by UCA. It was available lo aclulls whose highest oualili¢ation was belowtjegree level.
TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Our Exhibition Programme Following a period of dosure lor a range tsf capital >[k$. the gaIry was able lo ieopen in May 2021. The exhibition programme IUde a tenth anniversary Open show. sanIficant artisls commissions in the public realm and in the gallery. and one-person exhibitions realised in p3rtnership with olher UK venues, as follows". Barbara Walker.. Place, Space and Who April 2019- extended to September 2021 Sunley Gallery Place, Space and Who, was a sile4pecifi¢ artwork by Brib$h. Bimiingham based artisl Barfoara Walker. Created over a fouT-month sidencY at Turner Contemporary. It explored identity and belonging, fealuring sound and portraits of five women and girls from Ihe African Dospora ljving in Margate and Kent. wilh an accornpapying publi¢alion- Walker's first monograph. England's Creative Coast l May- 14 November 2021 Artists.. Andreas Angelidakls., Marlana Ca$tlllo Deball: Holly Hendry: Jasleen Kaur; Katrlna Palm¢r' Pilar Quinteros and Michael Rakowitz England's Creative Coast, was an ambitious project airned at shifting the whole approach to cultural tourism in the South East of England Seven new site-specific arrt(S by international ¢ontemporary artists ¢onneded the coastlines of Essex, Kent and East Sussex. including a fiew Sculpture by Michael Rakowitz in Mar9ale. ECC attracted over 400,000 visitors across the proie¢l as a vthole. many of slayed ovemwjht, conlribubng to the region's economi¢ rewvery followng the pandemic. England's Creative Coasf was led by Tumer Contenwrary and Visit Kent and funded by Atts Council England's Cultural Deslinaons programrne. The Tourlsts.. Ellen Haryey andJMW Tum•r Steve M¢Queen.' Ashes 18 May. 26 Septefflber 2021 Turner Contemporary s l Oth anniversary year opened wth an exhibibon ol Ihe work of Bnti$h. New York based artist Ellen Harvey paired with JMW Turnei. The Tourists explored ihemes of tourisrn and ecology, our relalionship to images, architecture and p12¢e. de$lru¢lion aThY loss. The centrepiece to the show was a new called The Disappointed Tourist. comprising over 200 painlings of srtes that have dsappeared. From the Temple of Bel in Syna to Bfandy Bucks restaurant in Margale. Harwey ¢ro%%xl sourced pla$ fiorn acfoss Ihe workl. The exhibition then travel lo The Museum of Modern Art. Salzburg in auturnn 2021. Alongside. we exhibited artist and filrnmakw Steve Mcaueen's de0 installation 'A5he5'12002-20151 a powerful work about place. memory, and loss. set against the backdrop of the o¢*an_ It is composed of footage filmed by McQueen over len years. on two separate visils to the Caribbean Island of GreThada a fomier French and British colony that achieved independence in 1974. Yinka Ilori.. Slices of Peace King's Hill Public Art Residency and Commisslon The Kings Hi11 Public Art Residency and Commi5SIOfi Is all ambilious public art comm15sion wilh associated Artist in Re51dence scheme for the new public park at Kings Hill residential community and business park on the sile of a former Royal Air Force base ID West Kent. Tvrner Contemporary 15 Ihe curalorial lead for the project. In partnership wlh University for the Creative Arts and supported by Liberiy Property Trust and KCC. A new public artwork by artist and deswJnef Yinka Ilori wll be inStald In the park In autumn 2022. Turner Contemporary Open Sat 10 July 21.sun 9 Jan 2022 The 'Turner Contemporary Open. vrds an Open submission eMhibitioTh to mark our 10th annNersary. It was open to praclicing arlisl$ living and working In Kent 8 Medway or those wotking nation311y and Inletnalionally who studied In Kent & Medway and Instslled aeross all of our firsl-lloor galleries and Ckjre Learning Studio. The exhibition celebraled and showcased the wealth of artistic talent living. working or trained in Kent.
TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Plotrjeerlng Places.. Conrad Shaw¢ms$ September 2021 Rarn5gate Seafront Pioneering Places, was part of Ihe ACE and National Loliery funded G8¢ Place Stheme. The project irs Rarnsgale, led by Turner Conletnporary. was a Ihree-year chikj leadership project iTrvolwng rnore than 70 local school ¢hildren worf(ing with leading British artist. Conrad Shaw¢ross_ The re$ulling publi¢ s¢AJlplure. Bo&¢ons. was unveiled on Ramsgate seafront In September 2021. Sunley Gallery 12 NoveThber 2021. 16 April 2023 New work by twt> artists wlh a strong connection to Margate made for and in Ihe Sunley Gallery. Sophie von Helrmann.$ fwuralive paintings draw on lables. legends, an¢J traditional stories that are Imbued wth th& workings of her subconsoous. Anne Ryan makes hwJhly coloured. constructed paintings that focus on figures engaged in a variety of actilieS, drabwng on diverse sources from visual cullure and Ihe >[1 around her. Their collaborative inslallalion draws on their longstanding relationship with Margate. with rkS refreshed several I'mes during the exhibition. Waylinder.. LarryAchiampong and JMW Turner cufrxted by Lany Athlampong 12 March-19 June 2022 The first major solo exhibition by British-Ghanaian aTbst Larry A¢hiampong induded the neY Commissioned feature- length film 'Wayfinderf. which follows a young girl's journey auoss England Achiampong also curated a display of paintings by JMW Turner and collaboraled wth the learn lo ate a gamit¥J roorn In the Cltsre Leaming Studio. game design workshops and talks for families and s¢hooL8. 10 inspire peopk frryn every bad¢ground lo discover careers in the game5 Industry. Wayfinder toured lo MK Gallery. Milton Keynes and BALTIC. New¢a$lle. Anlony Gormley.. Another Trme for Margate (offsite until 20301 Anlony Gormleys cast iron sculpture on Ihe Margale foreshore Is set io rem8in in situ for a further 10 years and Continues lo inspire visiltsrs lo the ltswm. Touring Seaside Photographed Following delays due lo the pandemi¢. our major photography exhibibon Seaside Photographed toured to two further UK venues th15 year." Nelyn Art Gallery and the Exthange IMay-July 20211 and The Grulldy Art Gallery, Blackpool (July- 11 September 20211. Financial review Total incorne for the year amounted lo £2.579.203 12021." £2.833.8631. Ey4>enditure amounted to £3,098.367 12021." £2,383,881). The above movements amounted to net deficit for the yearof £519.164 (surplus for 2021.. £449.9811. The deficit for the financial year Is mainly due lo the receipl in 2021 of feslfscted funds that were spent this year. Due lo the ac¢ounting requ1mentS of the Stalemenl of Recommended Pra¢lice (see note 1.1 for further delaill. the grant income is required to be accounted for ir) the year in %thich it is received. Therefore. While the incorne is accounted fof in 2021. expenditure In latiOn lo these proie¢ls is a¢¢ounled for this year wlh the remain¢Jer falling Into future accounting periods. Over the course of the year. reslricled funds have fallen by £450.710. from £668.949 al the end of March 202110 £218.239 al the end of March 2022. Turner Contemporary ended Ihe finanual year wlh con501wJated Un 5tricled funds of £837.462 12021.. £717.1991 an increase of £120.263 from the pnor year. Tvrner Conlemporary aims to build a surplus in order to develop the organisalional operating reserve. The Iruslees reported a nel reduction In endowment funds of [88.094 12021. £640,987) after Ir8n5fers lating lo funded projects, and a nei deficil in restricted. unTestrKle£l and non-charilable funds of £330.447 IsuTplus in 2021 £414,5391. The balanr* sheet al 31 March 2022 shows a total funds po$ibon of £4.002.46712021.. £4.421.0081. 10-
TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 AVIRCH 2022 Enrlowm&nl The Catalyst Endowment has been establishe(I to PfOVKle an investrnenl return io support commtssions In the public realm, events oulshle the gallery and reslency prr>Jrammes_ The endo%47nent has a value as at 31 March 2022 of £2,946.76612021 £3,034,860). Ihe Endowment Is managed by Charfes Stanley and is overseen by Ihe Board. The trustees. poli¢y 1$ lo balance income and capital returns and wll be managed to maintain al leasl the real c2pilal value of the Endowment whilst generatin9 an Investment income 10 5UPPOrt the charitabk objective5. A total Tetuffl approath is used. providing lor inflation anil using the residual as income for activities_ The Trustees regularly review the level of risk given Ihe prevailing slate ol the economic and political dimate, which Infoms the invesimenl allocalv)n. In line th the total tetum approach appl 10 Ihe investment of Ihe Endowment, and Ihe policy of a general largel of 2.5010 to be available lo Spend on suitabk projecis. Ihe Trustees wll pejIca1IY decide on the portion of the funds, retum5 to draw for revenue expendilure by the gallery. EiJdowm8nl policy The endovmient is invested to produr the best financtsal relum ilhin an aetsp1ab level of risk", The investment obie¢live is to balance income and ¢apilal rn$. The assets shoukl be fflanaged to al least maintain the real capital value or the endommenl over the medium-term, whilst generating adequate Investment in¢ome lo support the ¢ha(ilable adivrties of the gaIry." The Board of Trustee5 will seek to achieve this objectsve in a total return setting. Providing first for Inflation proofing ol capital. aiming to use the residual as in¢ome for ils adivil$. wlh the poli¢y of a general target of 2.5% of funds lo be availab for suitable projects. The endowment should assume that il is unlikely lo generate reiurns hher than inflal'on plus 3% Inominal return of 3- 6%) and plan ils aclivitEs accordingly". A set current income target does not seem appropriaie in loday s environment but this may change if bond yields rise back towards ffl0 notrnal level5. ReseTres poli Turner Contemporary considers a broad range of laclors in its reserves policy. The organisafron'5 actiwties and 51ruclus are somewhat Complex, operating a publr space comes wlh subslanlial publi¢ liabilities, and there are risks arising from engagement in trading or prowsion of goods and seiCe$ under corklracl. Tumer Contemporary has three reserve funds, EndobwThent Ireslrictedl. Re51ntled and Unrestricted, and has a long-tettn Ipase on a complex building and operales trading subsidiary. The Trustees have aged a Reserves Policy. which is a product of strategic planning. budgeting and risk Tnanagetnent. The policy qUireS that the companys CO acbvily. funded through Ihe unreslncled reserve. could continue for six rnonlhs during a peri£KJ of unforeseen difficulty. which is in line wlh the Chanties Comfflission recommendation for large complex undertakings. To support this. in 2020 trustees agreed thai unrestricted reserves should not be permilled lo fall below £250,000 al any lime The unrestricted reseNe tolals £736.607 12021". £707.8021 against the organisational ambition to develop an Un$tcted reserve of aPw0mate1Y £1.250.00012021." £1.250.0001. Establishing a six-month operating reSee will supporl the organisation in trading through potential adversily and will lake acctsunl of future commitments and reduction tsf finanos from key public funders. The cakulalion of the required level of setves is an integral part of the organisalion's planning. budgeting and f0Casting. The level of serveS from unFeslrided funding will be worked ltswatds ovew a ten-year peri(*l. The level tsf reserves 711 be monitored anij reviewe by the trustees on an annual basis. Al 31 March 2022 reslricled fund$ amounted lo £218.239 12021.. £668.9491- See note 16 for further information. and for the proiecls lo which these funds relate. Al 31 March 2022 endo¥Mnent funds amounted to £2.946.766 12021.. £3.034.8601. See note 16 for further Information.
TURNER CONTEMPORARY REPORT OF TRUSTEES FOR THE YEAR ENDED 31 AIARCH 2022 COVID-19 After the capital refurbishrnent the gallery re-opened on 18 May 2021. The Tumer Contemporary team undertook signifaTrI risk assessmenl and athiiee IA line th industry standards and expert adwce. The trustees were salisfied that the gallery was reopened in line with best practice and Government and Industry guKlelines. and that the Covid-19 related risks to both visitors and staff were effeclively rnanaged. The wsit numbers re restricted to 195 people al any one time, a calculation that had to be adapted based on average dtll lime in diherenl exhibilK)ns (average 1 hour McQueenlHaNey. versus 2 hours Turner Conlernpor&ry Openl. further affecting overall capacity and daily figures. Maintaining salety for visitors and staff required investment in enhanced ¢leaning and high monthly PPE Costs. Facilities, E51ates. IT. Operations. Reta¢l, our Catering parlners arKI Fiont of House all worked hard lo maintain consisten¢y of service and lo rernain ¢)pen despile a llurnber of thaltenges around staffing. Staff not only h8d to be absent due to their own $idtness bul tre force(I lo isolate vhn larnity or housetnates wefe unwell accorditvJ to guidelines. Turner Conternporary inlroduced lickeling to manage capa(#ly to enable soual distancing. in line ¥th other venues. As with our peers. noted many advanta9es to introdurjng advance booking, induding increased donations, clearer CQtnfflunications with visitors around their vi8il as 11 as our ofler. Lower visitor numbers across Ihe year had an impaci on income from retail. venue hire and catering wmmission. Future developments 2021 22 has been another chalknging year. The impact of Cowd-19 has been substantial on the gallery and our ¢ommunily. We also used this tsme to consider our frjlure and are developing a new vision and programme strategies for 2020-2030 and continue to dIU$$ the possibility ol the development of the Rendezvou5 Slte. the land at the rear of the gallery which is owned by Kent County coun1. The arrival of a new Director In January 2022 signalled a peri(Ml of consolidation, parii¢ularly in lerms of finan¢ial processes, governance and working EOI through the organi5ation. The Strdlegic Leade¥ship Team spent the latter part of the year working Iowdrds a Trew vision to support their application to ACE Lets Create NPO Appli¢3lioD for funding lor 2023- 2026. The gallery will also update ils evaluation framewotk so that it is dear in lellns of activities. measure and connecbon to ACE Inveslrnenl principles which can be used for regular reporting and help In Ira¢J¢ing Outputs and outcomes. Rl$k manayemenl The Trustees have assessed Ihe major risks to kn1¢h Ihe ¢hanty is exposed. those relatir¥J Its the speeific operational areas of the ¢harily. Its invesltnenls and ils finances The Trustees beIve that effective systems and controls are in place lo mitigate these ri8ks by ensuring that effe¢ltve ¢onlrds exist over key finanoal system5 and by examining the operational and business risks faced by the charity. Ongoing risk a5ses5ment and management ss encouraged knithin the programme to enable delivery of a varied and engagin9 programme. and in developing comrnefaal and philanthropic giving lo support the long-term financi81 5uslainability of the organisalion Turner Contemporary has a ¢(Knprehensive risk mana9ement programme In place which is desi9ned to ensure that significant and emerging risks are Identified. assessed. and managed effectively. Risk is managed lo always ensure that we will mplY with slatultsry and legal iequiremenls and condition5 set down by funding partners. A Risk Register fom)s part of the Business Plan and is wulady appiai5ed, revIeYd, and updated. The purpose of the Risk Reg151er 15 to help all stsff and trustees klentify and manage risks befo they o¢¢ur, rather than dealing with Ihe consequences. Our approach to risk managernent enables us to hJlfil our ambitson5 and maximise opportunities when they present therrselves. The Trustees bele that efleclive systems and ¢A)nlrols a in place to miluale these nsks. 12-
TURNER CONTEMPORARY REPOR T OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 Rl$k management Key risks relate lo staffing and funding. Turner Contemporary needs hhlY skilled and flexible staff within the team. Recruilmenl in East Kent and wthin the museum and gallery sector is Challenging. Our aim is lo develop and relain staff The other rnajor risk relates lo core public funding from Kenl County Council IKCCI and Arts Counol England IACEI. Year on year. core funding Irom KCC has reduced and are wothing closely with colagUeS at the County Council to diversify our lunding portfolio. Golng ¢oncern The trustees are of the opinion that Tvrner Contemporary is a (>)in9 Concem as al 31 Marth 2022. The organisation receives svjnificant core funding from Kent County Coufic%l and Arts Counril England IACEI. The amount of this funding Is agreed up to 31st March 2023 and bolh funders have fflainlained their SUPPOTI throu9hout the Covid Pandeniic at the same levels %Mlhoul diOn_ Fundin9 from ACE as a National Portfolio Organisation for the three years from 1st April 2023 will be announceil In October 2022 but based on discussions antj Indicat5ve figu$. the Iruslees are confidenl Ihal funding ill Continue lo ensure that the tsrganisatron can continue to operate over the term of the funding award. Cash balan$ and serveS remain healthy vthh cofe funding being paKI In siages Ihroughout the year. While we have generated a surplus on nstriced funds durin9 the year, we have seen additional pressures arise as we have come out of the pandernic lockdown wheTh incorne has not yel reached pre-pandemic levels. However, actNity is inasIng in all areas of operation. The Trustees recognise an existential threat to Ihe organisalion from increases in energy costs in the cUrt year. However, trustees are of the opinion Ihal in a Wofst case position the will be the cash reserve5 to meet these costs in 2022 and 2023. although some govemment help may be fr>rth¢oming from a new adminislralion. Restricted Reserves have been carefully rev%%d and Tumer Contefflporary does not expect ID have to return any restricted funds hekl for non-performance of contracted activities. The Endowment is also managed by Charles Stanley with a medium- low risk management profile and Iherefore Ihe medium tewrn n5ks 10 ihe investtnenl valuation are considered lo be low Fundraising Turner Contemporary 1$ a d)anty and has wbilious annual fundraising targets. We employ a Small in-house Development Tearn who WO on all aspects of ovr fundraisirvJ. We do not employ any external professional fundrai5eis to fundraise on our behalf bul all staff members and any volunteers. induding Iruslees, involved in fundraising a¢livilies are trained in accordance wth recognised standards to ensure Ihal Ihe public. Including vulnerable people, are protected from unreasonable or intrusive approathes. Turner Contemporary has nol received any complaints aboul our ftjndraissng actwitS and we are GDPR compliant. Museums and Galleries Exhibitions Tax Relief We welcome the opportunity Its daim lax ller on the fe5earth and development of our exhibitions programme. We will submit claim5 for 2021-22 during 2022. Structure governance and management The company Is a charitable company limile¢J by guarantee and is govemed by its Artides of Association ilated 12 Oecember 2008. 11 is reg151ered as a chanly the Charity Commission under number 1129974. Tumer Contemporary originally became a charity on 3 June 2(X)9. Turner Contemporary EnteriSeS Limited. a privale Iimiled company registered In England and Wales. is a wholly owned subsKJiary of Turner Conternporary. 13-
TURNER CONTEMPORARY REPOR T OF TRUSTEES FOR THE YEAR ENDED 31 MARCH 2022 The Iruslees of Tumer Contemporary who served during the year are." Clive Stevens DL (Chairl Lucy Edeffla.e lappoinled April 20211 Laura Vvnght (VI Chairl Peier Ha%%kes (appointed April 20211 Caroline Alton IS1gned 31 March 20221 Kemel Hawthome Pink Mi¢hael Arrnitage Iie51gned Apnl 20211 Sarah Hohler Vivienne 8ennelt Yasmin Khan lappointed April 20211 Jill Conslanline Professor Simon ofield-Kerr {reSned 31 March 20221 Martin Cook Pr8 Sanders {resNed 31 March 20221 Sir Stephen Deucher lappointed April 20211 Kerth Valentine lappoinled April 20211 Appointment and recruitment of tm$tees The man2g&ment of the company ss the responsibility of the trustees vtho a ected and co-opted under the terms or the Articles of Association. There must be a minimum of trustees. One trustee shall be appointed by the Local Aulhorily. Ea¢h trustee must retire frotn olfice ai the third annual tIrement meeting following the commencement of Iheir le of office. Retiring trustees may be reapp)inted Un$$ they have seAfed lor two ¢onse¢ulive lemis of office whereby they cannot be appoInted until the eatlier ol al anntversary of the CommenMent of their break ffom Offi and bl the annual ret1ment meeting followng Ihe annual t1ment meeb.ng at whth their bak from Offi MMen. Poll¢le$ adopted for the Induction and training of trustees New tru5tee5 are recruited according lo the trustees and Dire¢lorfs ongoing assessment of the overall skills quIred to be represented on Ihe Board and what additional skills are needed to COMprnent the overall mix. Newly appointed Iruslees receive briefings fr¢)m Ihe Chair. Dire¢tor atKI Strategic Leadership Team and are provided wth relevant Charity Comrnis510n guidance. All trustees are encouraged lo allend appropriate trainin9 Courses. Organisational structure and declsion maklng The Board Currently cornprise5 12 Iruslees who have delegaled pr8 to the Exe¢ulive team to make expenditure decisions up to £50.000_ The followng sub-cornmiltees of the Board meet regularfy.. Finance Artisti¢ and Learning Prograrnrne Fundraising and Developrnent Digital Transformation In addition. to the sUCmilteeS. we have a Tumer Contemporary Enterptises Boafd wthth supports and gu1des our commercial aclivilies. All 5ub-commiltees report (o the full Board at the quartedy Board meetings. The day-to-day activities of the galkry a managed by the Directw. Clarrie Wallis and the Strategic Leadership team. Pay poll¢y for key management pewsonnel All trustee5 give of their time freely and no Iru$lee 1Ved remunerab.on In the year. The pay of senior slaff Is re¥wd annually by Ihe Director and Board of Trustees. The difectorfs rernuneration is a decasion of the Board. 14-
TURNER CONTEMPORARY REPOR T OF TRUSTEES FOR THE YEAR ENDED 31 AIARCH 2022 Trustees respon6ibllitles The Iruslees (who are also directors of Tumer Coniemporary for ihe puws of cornpany lawl are responsible foi prepanng a trustees. annual report and finanoal slalements in aclxTrrdan wth applicable law and Uniled Kingdorn Generally Accepted Accounting Practice. Company law and the law applicab lo charilies in England and Wales reqUIS the trustees lo prepare financia1 slalemenls for each financial year. which give a true and fair wew of the state of affairs of the charitable cornpany and of the incoming resources and applir2tion of resources. induding the in¢ome and expenditure. of Ihe cJ)arilable company for the year. In preparing those financial statements the trustees are required to". select suil8ble accounting policies and then apply Ihem ¢onstently. ObSee Ihe methods and princple$ in the Chartties SORP 2015 IFRS 1021". make judgements and estimates that are aSOnable and prudent". state whether applicable accounting standards have been fo110%4d. svbiect to any malerial departures disclosed and explained in the financial statements.. prepare the financial statements on ihe going conwn basis unless il is inappropriate to presume the charilabfe cornpany will continue In business. The Iru$lees are responsib for keeping adequate accounting records that disclose 1th feasonable accuracy al any tirne the financial position of the ¢harilable Company and enable thern to ensure that Ihe financial statements comply wilh the Companies Act 2006. They are also responsible for safeguardtTrJ the assels of the charitable company and hen for taking reasonable $leps for the pVentIon arbd deiecb.on of ffaud and other I[gUlalieS. Auditor In accordance with the companls artides, a resolution proposing that A2eis Audrt servIs be reappointed a5 auditor of the company will be put at a General Meetinq. Disclosure ol inlormatton to auditor5 Each of the trustees have confirmed thal there is no infomialion ofvthich they are aware which is felevanl to the audit, but of which the auditor Is unaware. They have lurther confirmed thal they have taken appropriate 51ep5 to Identify such relevant information and lo establish that Ihe 8udilors are avrare of such infomiabon. This report has been prepared in accordance %th the special provtsions ol Part 15 of the Companies Act 2006 relating lo Small ¢ompanies. Signed ehalf of the Iru51ees". Clive Stevens DL Chair Dale.. 4 October 2022 15-
TURNER CONTEMPORARY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY Oplnlon We have audited the finanaal statements of Tumer Contempoiary lthe parent chatitable companyl and its subsidiaries Ilhe group) for the year ended 31 March 2022 vthi¢h comprise the Consolidated Slalemenl of Financial A¢livilie5, the Con501idaled 8alan Sheet. Ihe charitab Company Balance Sheet. the Consolidated Cash Flow Statement and the lated notes. The finanoal reportin9 framework thal has been applied in Iheir prepar81ion is applicable law and United 'ngdoM Accounting Standards. including Financaal RepDrting Standard 102 The Financial Reporting Standard applicable in the UK (United Kingdom Generally A¢(tpled Accounting practi). In our opinion the financial slaternents". give a true and fair view of the stale of the 9roup and parent Charitable company's affair$ as al 31 March 2022. and of the groups incoming resources and applicatson of resoufces, induding Its income and eXndItUre. for the year Ihen ended." have been propedy prepared in a(tordance wlh United kn"ngdom Generally ApIed Accounting Practice". and have been prepared in 8ccordance with the requirements of the Companies Act 2006. 8asis of oplnlon We ¢ondv¢led our audit in accordan with Internalional Standards Auditing IUKI IISAS IUKII and appli¢able law. Our responsibilities under those standards are further desuibed in the Auditor's responsibilities for the audit of the financial stalemenls section of our iepori. We are independenl of the group and Charlab company In actordance with the ethical requirements Ihal are leVant lo our audit of the finanual statements in the UK. including the FRC'S Ethical Standard, and have fulfille<J our other elhiral fesponsibililies in accordan with these iequirernent5. We believe Ihat the audit we have obtained is $ulhcnt and appropriate lo provKJe a basis for our opinion. Con¢lu$lon$ relatlng to golng ¢oncem We have nothing lo report In iespecl of the followng mattefs in rela"on to which the ISAS IUKI requi us to pOrt to you where. the Iruslees. use of the going rXiThrn basis of afxounti in Ihe preparation of the financial statements 1$ not appropriate". or the trustees have not disclosed in the finanrjal statements any identified material uncertainties that may Cast sKJnificanl doubt about Ihe gioup's or charitable cotnpany s abilily to continue to adopt the going concern basis of accounting fol a penod of al 881 te1ve months from the date when the financial statements are aulhorised fof issue. Other Information The trustees are fe5ponsible for the offter inforrnalion. The other infotmatK)n compr15e5 the Infotmation included in Ihe Iruslees, annu81 report . other than Ihe finanual statements and our auditor'$ report Ihereon Our opinion on the financial statements does not cover the other Inlotmabon and. eXpL to the extent olhew5e expliotly stated in our report, we do not exp$$ any form of assuran¢e ¢on¢lusion theOn. In conneelion wth our audit of the finanual stalemenls. our responsibiltty is lo read the Olher infonnation and. in doing so, consKler whether the other inforrnalion 15 malenally inconsislenl wlh the financial slatetnen15 or our knowledge obtained In the audit or otherwse appears to be materially misstated. If identify such material inconsislencies or apparent material tnisslatemenls. are required to determine vthether thefe is a material tn15Statemenl in the financial slalements or a material misstatement of the other inlormalion. If, based on the wortt we have performed. we condude Ihal there is a material misstatement of this other informaon. we a iequiied to report that fact. We have nothing to report in this regard. 16-
TURNER CONTEMPORARY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY Oplnlons on other matters prescribed by the Companies Act 2008 In our opinion, based on the work undertaken in the course of the audit.. the Inlortnation given in Ihe Irustees. ieport lincofporating the Istralegic report and thel directors. report) for the fin8nrJal year for which Ihe finanual slalemenls are ppared is consistent 4Mth the rinanoal slaternenls". and the slralegi¢ rI and the di¢101$. report have been pPared in accor(lan wilh applicable legal requirements. Matters which we are requlred to report by exceptlo In the light ol our kno5edge and Understanding of the Charitab company and its enwionrnent obtained in the course of the au¢Jil. have not Identified mater1 misslalemenls in Ihe strategic report and the directors, report. We have nothing to report in respect ol the followng mallers VAle the Compan$ A¢t 2006 requires us to port lo you. in our opinion-. adequate a¢counting recofds have not en kept, or relurns adequate foi our audit have not been received from branches not visited by us. or the financial slalemenl$ a not in agement th the accountitsj COrdS and tUM$., or certain dixlosures of diredors. MuneratIon speafied by law are not rTrade." or we have not el¥ed all Ihe information and explanation5 require for our audrt. Re$pon$ibilities of trustees As explained more fully in the Iru$lee$' spOnSIbl1*S slatemenl set out on page 15. the trustees Iwho are also the d1clOr$ of the chantable company for the purposes of company lawl are responsible for the preparation of the finanal slalements and for bein9 salisfied that they give a true atKS fair wew. and for such internal conlrol as the Iruslees determine is necessary lo enab Ihe preparation of finanual slatemeTrls that are free from material misstatement, whelher due lo fraud oreffor In piepanng the finanoal stalements. the Iruslees are responsible lor assessing the group's and tharitable company's ability to continue as a goin9 ncen. ¢Jisclosing. as applicable. matlefs ¥elaled to going Concem and using the goin9 conrn ba515 of accounting unless the Iruslees either intend lo IiquKlate the group or chanlable ¢ompany or lo cease operations, or have no 811$11¢ alternative but to ijo so. Auditor's responsibilities forthe audit of the financTral statements Our objectives are to obtain reasonable assuran about whether the finanoal stalements as a vthole are free from material misslatetnenl, whether due to fraud of error. and to issue an auditor's port that indudes our opinion. Reasonable assuranc£ is a hh level of assurance. bul Is not a guarantee that an audit conducleé In accordan with ISAS IUKI will ahvays detect a rnalerial mtsstatemenl when rt eKists. Misslatemenls can arise from fraud or error and are considered material if. Individually or in Ihe ag99#le, they could reasonably be expected to Influen the e¢onornic decision5 of users iaken on the basis of these fanGl statements. As part of an audit in acrdanCe Trmth ISAS IUKI. * exeny5e professional iud9tnent aTrJ maintain professional sceplic15ni throughout the audit. We also. Identify and assess the iisks of material misslalement of the finanrjal slalements, whether due lo fraud or ets. de519n and perfofm audit ProdureS responsive to those nsks. and obtain audit evidence Ihal ¢s suifi¢ienl and appropriate to prov5¢1e a basis for our opinion. The nsk of not detecting a niaterial misstalemenl re5ultsng from fraud Is hher than for one resulting from error, as fraud may involve collusion. forgery. Inlenlional omissions. Misre$entation$, or the overrKYe ol Internal control. Obtain an understandin9 of intemal control relevanl to the audit in order to design audit procedures that are appropriate In the urcutnstan¢es. but not for the purpose of eXpSSIng an opinion on the effeclweness of the group s intemal control. Evaluate the approprialeness of ac¢ounling polices used and the 0$Ortablenes$ DI accounling estimates and related discfosures made by Ihe trustees. 17-
TURNER CONTEMPORARY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY Audltorfs re$ptsnsibilitie$ for Ihe audlt ol the financial statements l¢ontlnu¢dl Conclude on the appropriateness of the ItU5tee5' use of the going ¢on¢ern basis of accounting and, based on the audit evxlence obtained. whether a maleftal uncertainly exists related to events or conditions thal rnay cast 5KJnificafit doubl on the chaiilable cotnpany s ability to Continue as a goin9 nTrrn. If we ¢on¢lude that a material UnrtainlY exists, we are required to draw altenlion In our auditor's report lo the related d15closures in the finanual staletnenls or, if such dis¢losures are inadeqvale. lo modify our opinion. Our ¢ondusion$ are based on the audrt evideTh obtained up to the date of ovr auditor's report. Ho%%Ever. lulure evellls or conditions may cause Ihe ¢haritable company ¢0 cease to continue as a going conM. Evaluate the overall pre5entatioTr. structure and content of the finanfyal statements, including the disclosures. and %thether the financial slalemenls rewesent the undetying Iran5a¢lions and events ITr a manner that achieves lair presentation. Obtain suffioent appropriate audrt evHJence regardirKJ Ihe finanrial infomation of Ihe entbties or business actNilies wthin the group to express an opinion on the consolidated financial slalemenls. We are spOnSible for Ihe direction. supetvision and perfomiance of the group audit. We remain Solely sponSible for our audil opinion. We communi¢ale wrth those tharged wth go¥ernancÉ regarding. among olher matters, the planned scope an¢J timing of the audit and significant audrt fitKlings. irtluding aTry sigTrifi¢anl defiuences in inlernal control that we %lentify during our audit Extent to which the audit was Considered Capable ol detectiri9 I19VritIeS, In¢ludlng fraud Irregulanlies, including fraud. are Instances of nonoompliance %wth laws and regulations. We design pro(dU$ in line with our responsibilities, oullined above and on the Finanaal Reportin9 Covnril's bsite. lo detect rnalerial misstatements in respect of irregulartrlies. including fraud. We obtain and updale our understanding of Ihe entity. ils acliwties, ils control enthronmenl, and likely future developments. Including in la110n to the le9al and re9ulalory framewort¢ applicable and how the entity 15 complying with that framework. Based on this undersknding. Klenlify and asses5 the risks of material misslalemenl of the finanoal slatemenls, whether due lo fraud or errol. deSn and perfomi audit prOdureS responsive lo those risks, and oblain audit evidence that is suffiuent and appropriate to provide a basis for our opinion. This Includes ¢onsideralion tsfthe risk of acts by the enlily that re contrary to applicable laws and regulations. induding fraud. In response lo the risk of Irregla[rtles awKI ntsn-compliance wth la*s anL% gulat)n$. Induding fraud. we designed prOdre$ vthich In¢lude¢J". Enquiry of managemenl and those tharged wlh governance a¥ound aclu&l and potential lituation and claims as 11 as aclu31. suspected and ale fraud". Reviewng minutes ol meetiThJs ofthose charged wlh governance". Assessing the extent of compli3e wth the laws and regulab.ons considered lo have a direct material effecl on the financial slalemenls of Ihe operations of the o)mpany through enquiry and inspe¢lion-. Reviewng financ1 statement disclosures and testing lo supporiing documentation to assess compliance wlh applicable laws and fegulalions," Performing audit work over the risk of management bias and override of conlr¢ls. induding lesling of jtsurnal enlnes and other adiuslments for appropnaleness. evaluating the business rationale of Significant transactions oulsKJe the normal course of business and ewing accounting estimates for Indicators of potential bias. 18-
TURNER CONTEMPORARY INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF TURNER CONTEMPORARY Extent to whlch the audit was considered capable of detecting irregularitiès. including fraud l¢ontlnuedl BeUSe of the inherent limitations of an audi( there is a risk that we 111 not detect all srregulaflties, IncluditFg those leading lo a material misstatement in the finanual 51aternents or non-cornpliance with regulalK)n. This risk Increases the more that compliance wlh a law or regulation is removed ffom the events and transactions reflected in the finanoal slalemenls. as we wll be less l¢kely to becotne aTr•rare ol in51all$ of non<omplian¢e. The risk of not detecting a material misstalemenl resulbng from ffaud Is higher than for one resulting from error. as fraud rnay involve collusion, forgery. Intentional omissions. misrepfe5enlatKlll5. or Ihe override of internal control. Use of our report Thi5 report is made solely lo the th8ritab ujmpany's members. a$ a body. in accordance wth Chapter 3 of Part 16 01 the C¢mpanies A¢1 20. Our audit work has been ulldertaken so that we might state lo the ¢haritable company s members those matters are requiW to slate lo them in an auditor's report and for no other purpose. To the fullest extent pertnilled by law. we do nol accept or assutne re5POn51bility to anyone other than the charitable company and the Charitab ¢ompany's members as a by. for our audit work. fer this report. or for the opinions we have formed. Michelle Wilkes FCA (Senior Slalutory Auditor) lor and on behalf of Azels Audit seices Statutory Auditor Oale. .31..0.clober.2022 5th Floor Ashfor(I Corntnerual Quarter 1 Dover Place Ashford Kent. TN23 1FB 19-
TURNER CONTEMPORARY CONSOLIDATED STATEMENT OF FINANCIAL ACTMTIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 UNre5tricted Restricted Endtswment funds funds funds 2022 Total funds 2021 Total funds Note Income and endowments from.. Donations and legac*s Charitable a¢livibes Other trading a¢livrties Investments Museums and Galleries Tax Relief Other Total income and endowment5 165.842 1.482.291 360.783 374 47.462 102.613 2.159.365 30.000 333.004 195,842 1.815.295 360,783 57,208 47.462 102,613 2.579.203 122,641 2.081.576 92,963 52.731 125,180 358.772 2.833.863 56.835 363.004 56.835 Expenditure on.. Raising funds Charitable aclivilies Corporation ts¥- trading Total expenditure 377.994 1.857.819 377.994 2.720.372 292.589 2,100.431 9.1391 2.383.881 813.714 48.839 2,235,813 813.714 48.839 3.098.366 Net In¢ome I lexpenditurel before gains I Ilossesl on investments 176.4491 1450.7101 7.996 1519.1631 449.982 Nel gains on investments 12 100,623 100.623 605.543 Net lexpenditurel l income before transfers 176.4491 1450.7101 108.619 1418.5401 1.055.525 Transfer between lunds 16 196.713 1196.7131 Net movement In funds 120.264 1450.7101 188.0941 1418.5401 1.055.525 Re¢on¢ilration ol funds- Total funds brought forwarij 717,199 668.949 3.034.860 4.421.008 3.365.483 Total funds carried forward 837.463 218,239 2.946.766 4.002.468 4.421.008 All of the above arnounts felale to conlinuing activib"es.
TURNER CONTEMPORARY CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNTI FOR THE YEAR ENDED 31 MARCH 2022 Comparative only 2021 Unrestricted Restricted Endowment Totsl funds fund5 fuDd$ Note Income and endowment5 from- Donations and legac*s Charitable activities Other trading activities Investments MuseLJms arKI Galler$ Tax fterf Other 84.701 1.593.991 92.963 1.157 125.180 338.772 37.940 487,585 122,641 2.081,576 92,963 52,731 125,180 358.772 51.574 20.(X]O rotal Income endowment5 2.236.764 5A5.525 51.574 2,833.863 Expenditure on.. Raising funds charitab activities Corporation lax- trading Total expendltu 292.589 1.640.661 19.1391 1.924.111 292.589 2, 100,431 19.1391 2,383.881 443.640 16,130 443.640 16.130 Net income before gains on investments 312.653 101.885 35.444 449.982 Nel gains on investments 12 605.543 605,543 Net Income before transfers 312.653 101.885 640.987 1,055,525 Tran5fer5 between funds 16 19.171 Net movement In funds 331.824 82.714 640.987 1.055,525 Reconclllation of fund5'. Total lunds brought forwdrd 385.375 586.235 2.393.873 3,365.483 Total fund5 carried forward 717.199 fj68,949 3.034.860 4.421.006 All of the above amounts relate to contsnuing activils. 21
TURNER CONTEMPORARY CONSOLIDATED SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Gross income of charilabk operalions 2,522,369 2,782,289 rol81 expendilure ol continuing operations 13.049,5271 12,376,889) Net income I lexpenditurel before tax for the year 1527,1581 405,400 Taxation Net income I lexpenditurel for the year 9.139 414.539 1527.1581 A detailed analysis of income by Stsur is proe in the Stalemenl of Financtal ActiVie$. A ¢Jelailed analy515 of Nel Income belore In¥estmenls 1$ Shown in Ihe Statement of Financial AcINit$. The Summary Income and Expenditure A¢¢ounl is dersved Ir(ffi the Statement of Financial Actiwties on page 20 which l(uether with the Notes lo Ihe Accounts on pages 26 10 36 provides full Information on the movements during the year on all funds of the group. Thefe a no gains or losse5 for the year other than Ihose recognised in Ihe Slatemenl of Financial Activib'es. -22_
TURNER CONTEMPORARY CONSOLIDATED BALANCE SHEET ASA T31 MARCH 2022 2022 2021 Note Fixed a55ets Tangible a55els InvestTnents 11 12 29.412 2,946,766 2.976,178 14.896 2.936.473 2.951,369 Cur¥ent assets Stock- finished goods Debtors Cash al bank and in hand 13 14 43.642 318,642 894.226 1.256.511 33,014 387.364 1.097.167 1.517.545 Crèditor8'. amounts fallln9 due wilhin ont year 15 1230.2211 147.9061 Net current asset8 1,026.290 1.469.fj39 Total assets less current liabilit6È$ 4,(102.468 4,421.008 Funds Pern)anenl endowrnent funds Expendab endowmenl funds Restricted fund5 Unreslricled funds Non-charitsbk fund5 2.926.454 20.312 218.239 736.608 1.855 2,825.831 209.029 668.949 707.802 9.397 17 16 12 Total funds 18 4.(M)2.468 4.421.008 The financial statements were approved and athised for issue by the Board on ..... . Sign ehalf of Ihe board of Irustees Clive Stevens DL Trustee Laura Wrighl Trustee ompany Number- 06772337 -23-
TURNER CONTEMPORARY CHARITY BALANCE SHEET ASA T31 MARCH 2022 2022 2021 Note Fixed assets Tangible assets Inveslrnents 11 12 24,725 2.947.866 2.972.591 9.951 2,937,573 2,947,524 Current assets Debtors Cash al bank and in hand 14 364.811 765.377 1.130.188 451.501 1.053.161 1.504.662 Creditors.. amounts falllny due within one year 15 1201.1681 140.5751 Net current assets 929.020 1,464.087 Total a$set$ le$$ Current Ibabilities 3.901.512 4,411,611 Fund$ Permanent end0ent funds Expendable endowment funds Reslricled funds unstrICted funds 17 17 16 2.926.454 20.312 218.239 736.608 2,825.831 209.029 668,949 707.802 Total funds 3.901,613 4.411.611 The finanal 5talefflents were approved and aulhorised lor is$ by the Board ofi .... ....... on behalf of Ihe )ard of trustees Clive Stevens DL Trustee 1,10 , , .{.,b Laura Wright TNslee Company Number: 06772337 -24-
TURNER CONTEMPORARY CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2022 Group Note 2022 2021 Cash flow from operating activitie5 20 1255.6191 370.380 ¢a$h flow from investing activitie8 Paytnenls to acquire tangible fixed asseis Payment lo acquire fixed asset investments Proceeds on disposal fixed assel in¥estment$ 137.6521 1288.9721 379.302 13.4321 1281.2741 250,477 Net cash flow from Investing a¢tivitie$ 52.678 134.2291 Net In¢aSt in cash and cash equivalents 1202.9411 336.150 Ca$h and ¢a5h equivalents at 1 April 2021 1,097.167 761.017 Cash and cash equivalents at 31 March 2022 894,225 1.097.167 ¢a$h and cash equivalents cosists of= Cash al bank and in hand 894,226 1,097.167 ¢a$h and cash equivalents at 31 March 2022 894.226 1,097,187 -25-
TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 1 A¢¢ounting policies 1.1 Basis of accounting Turner Contemporary i$ a register ¢harilab cotnpany in the United Kirydom. The address of the registered office Is given In the chaiity Infom)ation on page 1 of Ihese finanoal Slalements The nalure of the ¢harily'$ operations 2nd principal actilieS Is the prOw$n of a petmanent G311ery in Margale which celebrate5 JMW Turners association with the town and. Ihrough a vaned prraMMe of exhibition$. evenl$ and learning a¢livities. promotes an understsnding and enjoymeni of historical and contemporary art. The charity consiitule5 a public benefit entity a5 defined by FRS 102_ The finan¢ial statements have been prepared under the historical cost convention 1h items ¢09n1$e at C05t or transaction value unles5 olhetwise sialed in the levant notes to these accounts. The financaal statements have been prepared in aecordan( with the Statement of Re¢ommended practi." Accounting and Repo9 by Charities prepanng their accounts in ac¢orLlance wth the Finanual Reportsng Standard appliGgble in the UK IFRS 1021 issued on 16 July 2014 a$ amended by Bulletin 1 and Bultrn 2 and the Finanual Reporting Standard applicable In the United ngdoM IFRS 1021 and the Charities Acl 2011. The financial staternents are prepared on a going conrrn basis under Ihe hislorical )$1 convention. modified to include certain items al tsir value. The financuol siaternenls are prepared in 5terfing fiich is the functional currency of the charity. The significant 3¢n¢1ng polKies apphed in the pparatiOn of these finanaal statements are set out below. These poliues have been consistently applied lo all years psented unless othemse slated. 1.2 Con$olldatlon In the op110n of the member of the committee. the (tspanY and ils subsNJiary untjertakings c4)mprise a small group. The consolidated financial statements Incorporate the results of the charity and Ils trading subsidiary. Turner Contempor8ry Enterprises Limrted, for the year ended 31 Ilarch 2022. Its other subSJ1ary, Tumer Room5 Limited. is not Induded in the consolidated accounls on the giounds it is not material. As a ¢onsolidaled Slalemenl of Financial Activit$ Is published, a separale Slaternent of Finanaal Activities for the parent cornpany Is omitted trom the group stslemenls by virtue of Section 408 of the Companies Act 20Q6. 1.3 Fund accounting Unreslricled general funds are funds which can be used in aOrdanCe with the charitable objects al the listiOn of the Iruslees. Restricted fund5 are funds that can only be used for partwlaf restrided purposes within the objects ol the ch8rilable company. Reslrdion arises vthen speafEd by Ihe donor Of when funds are raised for particular restncted purpose5. The endowrnenl fund 15 where fvnds have been provided by donors or 9rant-9iving b(xls on the condition that they must be retained in order lo generate inve5trneot income to be used ITr line with the temis of the donation. Income arising on endowment fvnd$ is generally expendable and is distributed to income funds in order lo be spent. 1.4 Incomo recognition All income 15 Included in the Ststement of Finanoal Adivilies ISOFAI when the Charity is legally entitled lo the income after any performance condibons have been rnel, the amount ran be measured reliably and It is piobable that the Incorne will be reiVed. Donations are recognised then Ihey are received and any income lax re¢overable in latiOn to donations received under 9ift aid is reco9ni5ed al the l¥ne of the donation. I grant income is recognised when Ihe ¢ompany is kgally entitled lo Ihe income and the amount can be reliably estimated. Where grant income received relates ¢0 a later perirml, the appropriate amount is deferred lo that penod. Exhibition Income Is recogni in the period in which the funds are available lo spend. Museum and Gèlleries Tax Relief Is recognised once the clairn ha5 been processed by HMRC and receipt is probable. 26-
TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounti poli¢ies l¢¢xrt1n1) 1.5 ExpÈndlturÈ recogniti¢)n JI expenditure Is accounted for oft an accxuaL8 ba$ts and has been dassified urler headings that aggregatè all cost$ relaled to the category. Expenditure ¢5 recognised where Ihere ¢5 a kgal or conslruclive obligation lo make paymellls lo third parties. il Is probable that IhÈ seluemenlwill tE rEqUI[ IIE ol Ihe 0gaIn ¢an be rne>su relobly. It 1$ talegorised under Ihe followirYJ headings. - Costs of generaliThJ funds are Ihose Costs irtu1 in attIng voluntary income. Chaiitable expeThli1u ¢ornprises Ilk)se c0515 irKurred by Ihe charty In Ihe delNery of ils a¢bwt¢s arKI 5etvices for berEflciar$. It indudes tK)Ih costs allrted directy lo such activities and those costs of an indirect natu ne¢essary to support Ihetn. EXhI1)n costs are retogrrised a¢ross tt duratth of exhibrtK)n initial pparatiOn to IF removal of the exhb'tK>n ar¥J not for the duration ol Ihe exhibit In the galkry. - Support costs have Lwn alocated to categyS en a bas¢s consistent with use of resources e.g. staff ¢osts by lin spent 1.6 Tangible fixed assets and depreclatlon Tangib fixed assets are slated al eost or valuatron fess accumulated deptiatIon and aeeumu121ed impairment losses Cost Incle$ ¢osls diredy aiiributslAe to rrlry the asset capabk of ¢¥waling as intended. Fixed assets below £500 are not capitalised. Equrpmenl Fixtures aThY fittiffj$ 50% Strah1 li 25% straHJht line 1.7 Stocks Stodt is valued al the Irrwerof c05t and nel reah"sable vahje. 1.8 Investment$ Invesimenls a COgnI1 iniliJly at fair wal whKh i% rKxm4ly Ihe Irawc1 price eX11[j transaction costs. Sub5equenlty. they are rneasured al fair value with Chae$ rettsJniserf in 'nel gains I Ibssesl on Investments, In th SOFA if the $hare$ are publty traded or their lair Val can othetwise be measured reliauy. Other investmen15 are measured al cost less Mrment. 1.9 Debtors and creditors rece6vaNÈ I payable vllthin onÈyear Deblor5 and creditQTS with no slated interest rate and rer£ivable oi payablè within year are recorded at transaCtn price. Any losses arising frixn impairment a re¢ognised in ey4ErKJrtufe. 1.10 Tax tharity Is an exempi charity thin Ihe rtEarkiry of schedule 3 01 the Charilie5 Act 2011 and 15 considered lo pass the tests set out in Paragraph I Schethjle 6 Finance Atl 2010 arMI Ihereffft it meets the definition of a ¢harilabk ¢omp8ny for UK corporation lax putposes. The lax currenvy payabk i8 based on tsx)le profit year ar%J represefils la¥ on the traj1 $ubsKJiary'$ profits. Taxable profil differs from rEt profil as reporteil in the profil aryj 1058 attount because it exdudes items of income or expense that are taxab Of Wu¢tiUe in other years and il further exclude5 ilwlls Ihal are rEver taxab or deduclibk. The trading subsidiary company s liability lor current lax ts cakulaled using tax lates that have been enacted or sijbs18nlively enacted by reporbng end dale. 1.11 JudqemÈnt$ and key source5 01 eslimalion uncertainty Accounting eslimales and judgements are conbnualty evaluated wd arÈ based on historital expÈrien¢e and other factors. IncludJD9 expectslions ol ful¥re even15 that are teld lo reasonth uThJer circumstances. Usefijl economK Ires ollanW8 8ssels The annual depreciation charge for ¢ane assets rs sensitive to chan9es in the estimated useful etonomic lives and res¥1 valves of the assets. The useful econ0rn1c hves and resklual values are reassessed ènnually. They are amended when necessary lo refl&l ¢urrenl e$titnales. based on lechnol(vJKal wJvancenEnl, future investments. ewnomic ulilisalion and Ihe physiGII Condi0 of the as[s. See note 12 for the carrying amount of the property planl and equipment. arKI note 1.6 lu1 ecor lor each dass of assets. -27-
TURNER CONTEMPORAR Y NOTES TO THÈ FINANCIAL STATEMENTS FOR THE YEAR ENDED 37 MARCH 2022 Accounting polfjc Icontlnu8dl 1.12 Golng concorn The Iruslees are of Ihe Ihal clnporary is a Gn C(rn a$ al 31 Marth 2022. The organisalian ree& Sncan1 core frotn KÈnt C(xMbty CourKI and AJIS CLXAKII EnglJThJ IACEI. The amount of Ihis furKJThJ is agreed up 10 31 March 2023 and boih tuThJers have maintained IIEir suppori throughout the Covid Pandemic al the same kvels %%ilhtyJl reducbon. Fwhyiro fTtxn ACE as a National Portfolio Or9anisaiion for the three years frorn 1 April 2023 %ill arnoun in Odober 2022 bul based M di$utssions and indicatsve figure$. the Iru51ee5 are confident that lundiry 711 ¢tlut io ettsure Ihai the organisalion can conlinLE lo operate over the term of the hjndiru asyard. Cash balances and ie8eNes remain heallhy with core lundry beirvj wsj In stages Ihroughwl Ihe year There •s a defiul on urYeslrKled fuTrYs durvvJ year resulliry frtxn Ihe a(klilwal c051s of comitVJ ¢xrt trf the pandemic ckdown al a lime Ir0[e has not yet 1ft lo pfftious Vels. However. aebwty is inueasiry In all a8$ of operation. The Iwstees recognise an exislenlial t1eat lo Ihe 0r9ani5a1 from WKxeasts in ergY costs in Ihe current year. Hove[. Irusiees are of the 0r¥On thai m a vA)rsi tase posilN)n there ill te the cash reserves lo meet Ihese costs in 2022 and 2023. although goverrmenl may te lorthMi fT(Xn a w administralion. Reslricled Reserwes have been carefvlty re¥1 and Turtv Cwlemporary doe5 tbot expecl lo have 10 reiurn any reslricled fvnds held for norfOnan¢e ol conlracted adwitS. The Endo1 is also managed by Charfes Stanley a mediutn- low risk rnatbagernpTrl wofle arNI Ihprefore the medium term risks lo the invesimenl valuabon are dered 10 be Iu+V. 1.13 Govomm8llt grants Govemmenl granls are recognised al the lair of ihe assel received or receivabk vknen there is reasonable asswan¢e that Ihe grant Conditn$ w4 mel aThJ It gtanls VAI be received. A granl that specifS performant ondilions Is recogni5ed in incoffte ¥knerb the performan condibon5 are rtl. Where a gfant does not specify perfortnance conditions rt is recogr¥5ed in incotne the wo¢*ed$ are recewed or receivabk. A grant receNed before IhÈ recognthon uiteria are sati$W is re&Th$e as a h"ablity. Donations and Legacies 2022 2021 Donations and sponsorships Corporate p8lron$ 126.S09 69.333 19S.842 60.528 62,113 122.641 Income from charitabl8 activilios Grants r8colvablo Kenl County C(AJnfil- Core Arts Counal Engl3(- Core Kenl County Counal. RetKlez¥ous Arts Counol EngtsiKI- ¢alIVe Co351 Arts Council England- Slralegic T¢yJn Arts Council England- CovK1 R0very FuThY Arts Council EnglaNJ- Maf9ale N(M B0be{g Philanlhr(pie5 Creative Fdke51one East Sussex County Counul Esmée Fairbaim Foundalio Soulh Easl Local Enterprise Partnership ISELEPI University ol Kent- Creaiive Estuary Thanei Disiiitl Councl Chatham t)ockyard Melal Cullure Uiiiversily ol the Arts London Clore Dulfidd F(jaIlon Cai8tys1 Olher (less than £10,tSJOI 2022 2021 510.000 681.791 295.000 20.0 22.373 590.000 681.791 295.000 120.000 104.000 21.900 50.000 135.131 48.866 14.0(X) 61.900 50.000 60.(M)O 18.000 15.000 12.718 11.000 25.000 14.011 16,390 2.081,57fj 22,Ql)O 1.815.295 -28-
TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 4 Incomè from other trading a¢bvitis 2022 2021 Learning prr8Me income Public programme income Trading sub$Kliary l$ee llote 131 8.768 11.0371 85,232 92,3 357,115 360,783 S Other Incorne 2022 2021 Olher income Curatorial serve$ Job retention scheme grants 20.945 37.500 44.168 102,613 15.8( 45.0(X) 297.966 358.772 Staff costs Direct costs Support costs 2022 Total 2021 Total 6 Expenditure RaisiTrJ funds Trading Fundraising Taxalicn 118.321 82.618 141.683 9.605 265.702 112.292 170.258 122,331 19,1391 20.070 Charitable activities-. E¥hibilion5 programme Learning progralnrne Visitor eXrn 297.102 290.615 507.050 1.295.71 655.394 219.578 165.192 1.191.452 184.321 201.743 199.378 611.210 1.136.817 711.935 871.620 3.098.366 929,752 483.335 687.344 2,383.881 7 Support Costs Raisbng funds 2022 Total 2021 Total Exhibition Lamin9 i$itor Trading c0515 Trainin9 and other $tatr costs Travelling H05pilalily Light & he31 Repairs and ienewals Printing. postage & stationery Computer costs Telephone Insurance Subscriptions LInseS and fees Consultancy fees Professional fees Other support costs Depreciation Governance.. 5.698 10.796 16.387 2.602 7.359 47.059 32.235 33.043 2.841 9.865 47.059 32.235 19.520 1.873 7,046 47.059 33.%1 68.950 7.317 24.270 141.176 98.432 13.759 534 727 81.393 103.543 4.658 16.822 7.430 16.132 1.877 899 918 17.9)4 2.185 6.785 4.658 16.822 7.430 13.662 2.614 767 918 17.904 2.(9 6.785 13.974 53.519 22.289 43.456 14.797 4.908 2.754 53.713 26.396 20.353 11,280 40.637 21.637 37.237 14.686 7.130 38.985 49.652 24.871 22.379 19.875 7.430 13.662 10.306 3.242 918 17.904 2.070 6.784 20.070 3.070 184.321 3.070 201.743 3.070 199.378 9.209 611.210 8,550 487.796 25.768 29-
TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 8 Net income for the year 2022 2021 This 1$ Slated after ¢hargin9' DepcIall0n Auditors remuneration audit other Sel¢e$ 23,136 24.569 9,209 7.568 8.550 6,798 9 Staff costs 2022 2021 Wages and salaries Social security costs Other pension costs 1.171.615 90.264 33.827 1.295.706 1,208,505 92,316 35,332 1.336,153 The average number ofernployees. by headunI. during Ihe year. 2022 2021 Staff 69 82 The nuwnbei of employees whose remuneratron lor the year lell valhin the followng bands We.. 2022 2021 No. £80.000 to [89.999 The pension contnbutions for the employees in the almjve band We £4.01512021 £6.0191. The Senior management team comprtse the key managemenl F*rsonnel of the charity sn charge of directing and controlling. running and operating the charity on a 4Jay Its day basis. As delaikd above. no trustees received remuneration during Ihe period. The remuneration to the employees. induding employers national Insurance and ernployers pension ctsntribufvons, total £318.82012021. £355,9}. 10 Trustee MUneratIon The ITUStees were not paid rernune¥ab"on or reimbursed expenses dunng the year (2021." Nonel.
TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 11 Tangibl8 fixed assets Fixlures, littings & equipment Caterlng equipment Computer equlpment Gmup Total Cosl As at l April 2021 Additions D1SP05als As al 31 March 2022 289.955 35.129 19.462 1.495 40.058 1.028 132,5001 8,586 349,475 37,652 132,5001 354,627 325.084 20.957 Deprecialion As a11 Apnl 2021 Charge Eliminated on disposal As at 31 March 2022 276.821 21.434 17.700 1.188 40.058 514 132.5001 8.072 334.579 23.136 132.5001 325.215 298.255 18.888 N81 book value As at 31 March 2022 As at 31 March 2021 26.829 13.138 2.069 1.762 514 29.412 14.897 Fixtures, fitting5 & equlpment Charity Cost As al 1 April 2021 Additions As al 31 March 2022 248.523 35.129 283.652 D8pr8ci81 As al 1 April 2021 Charge As al 31 March 2022 238,573 20,353 258.926 Nel book value As at 31 March 2022 As al 31 March 2021 24.725 9.951 12 Fixed asset Investments 2022 Total 2021 Total Group Market value at 1 April 2021 Additions Disposals Change in value in year Movernenl on cash balance5 Market value al 31 March 2022 2,936,473 288,972 1293,4651 100,623 185.8371 2,946.766 2.300.131 281.274 1116.5961 605.543 1133.8791 2.936.473 HisloriGql cost 2,527,895 2.436.998 There no malerial inve5trneDt5 31 markel value lin eX$S of 54k of valualionl Cash 7.432 7,432 93.269 93.269 31
TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 12 Fixèd as$ot invostmonts Icontinuedl Sharns In $ubsidiary Ligtod urKlertaking InStMnts 2022 2021 Total Total Ch811ty Co511 Markel value al 1 April 2021 Addiliws tlsposèls Change in value in year Movemenl on cash balances Matkel value al 31 March 222 1.100 2.936.473 288.972 1293.4651 1(M).6rJ 185.8371 2.946.766 2.937.573 288.972 1293,4651 11)0.623 185.8371 2.947.866 2.301,231 281.274 1118,5961 605,543 133.8791 2.937.573 1.100 Historical cosl 2.527.89S 2.528.995 2.482.650 There wre M material InVestrT at rnatkel Val lin excess ol 5% of valualwl Cash 7.432 7.432 93.269 2022 2021 Llsted Inv8Stments by Cla$s IGroup and Charity).. Fixed Income UK Equity Inlernalional Equity Property Allefnalives Mixed Inveslmeni Cash 250,092 759.855 1.456,190 81.479 345.541 46.177 7.432 2.946.766 262.014 761.423 1.364.218 73,060 334,022 48,467 93.269 2.936.473 Holdings of moro than 20% The charityho$ more than 20% oflhe share capital of folk)vary compary. Proportion of voting rights and ordinary shaw capital held 100% Country of rogistiatlon or incon)oration ErvJlatKI aThl Wale5 Prfnclpal activlty CoThmeToal actiwties or Tur[ Conletnporary AfAYnm(xJalion Subsldiary undertaking Turner Conleinporary Enlerpnses LinNied TurnÈr Room5 knffliled E¥al aThl Wa$ 100% Turnei Contemporary The trading rewlls ol Tumer Enterprises knmited far yeat lo 31 Mwth 2022 are as folk". 2022 2021 Tumover i>anl reTrived Bat inieresi C051 of sales Adminislralh)n co81s Audil and accountancy fees OperalitvJ Idefiolysurplus for thear Gin aid paid Corporaiion lax RelairEd Idelioll for Ihe year 350.050 7.065 85,182 37.024 50 147.8071 1118.2731 1141.6831 14,0631 91.458 148.0021 9.139 138.B631 91.458 The assels and Iiabthlies ol It sUbs•ji v*re'. Tan9ible Iixed asstts Current assÈts 4,687 212.163 1114.9951 101.855 4.946 1104.7201 10.397 Ag9regale share capital resefve5 -32.
TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 13 Stock Group 2022 Charity 2022 2021 2021 Retail stock 43.642 43.642 33,014 33,014 14 Debtors Group 2022 Charity 2022 2021 2021 Trade debtors Amounts due from SUbSl8ry Olher debtors and prepayttnis 150.4fj6 182.9)7 140.078 85.942 138.791 364.811 182.297 97.387 171.817 451.501 168,176 318,642 204.447 387.364 15 Creditors.. amounts falling due Group 2C122 Charlty 2022 2021 2021 Trade credit5 Olhet creditor5 and accruals 130.892 99.329 230.r21 14.264 33.642 47.9)$ 121.465 79.703 201.168 11.478 29.097 40.575 16 Restrl¢ted lun¢ts 2022 current Transfer between Asat31 funds March 2022 As at 1 April 2021 lrtomÈ Expenthture Leaining piogamr Exhibitions programme England's Creative Coa$1 Creative Transition PwrarThne O Doatnland O Dreamland- Emer9ing Produce Fu Pioneeriry Places Strategi¢ Tour (Seaside pholograpldl Bloomberg Connects 76.077 T2.838 379.787 42.277 147.970 37.( 37.SM) 21.) 1105.7491 124.7611 14(K>.7871 142.2771 144.9171 7.328 35.577 143.053 8.281 135.131 22.373 1135.1311 122.3731 126.(X)01 1813.7141 24.IX)O 218.239 668.949 363.IXM 2021 comparative A$ 011 April 2020 Transfer Asat31 beiween March 2021 Income ExFtre Leaming prcgamryE Exhibitions programme Englar¥J's cate Coast calIve Transition Pregramme O Dreamland Pioneering Plaees Cultural Recovery Fund 39.101 1S.252 YJ7.116 74.766 150.1 144.551 185.7541 122.5521 I147.79) 132.4891 12.0301 148.8681 I104.0) 1443.6401 76,077 22.838 379.787 42.277 147.970 16,2521 8.902 211.718 104.(KKI 545.525 668.949 Learn1r programme These prOgram[S are lo afvance the educ31ion of the public. There are several dixrete elwnents to Ihis programtne. Much of the learning pr¢gran¥ne 1$ sup[e[S by extemal furmling whith indudes Catalyst. Clore Duffield Foundation. Chartered Accounlanls. Livery Company. Esne FaiaIrn FouThJabon. Uni¥vsity of the Ciealive Art5 Lunaira Tiust. Exhibilion5 programme Contributions have been reeei¥ed towards the costs ol $14irvJ spwjfic exhibitsons duriry the year and for future wograTnrnes. Contributor5 indith Henry Mwre FOuJaI. Paul Mellon Cenlre. anol Art Fu.
TURNER CONTEMPOIiARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 16 Restricted funds IcontinuÈdl England's Creative Coast Supported by Arts Council En9land aTrJ w•t England. Twner Contemporary is the kad parfrer of EngkrKI's Crealive Coast. a cultural louiBm proiecl involwng gal($ in Essex. Kent aThl East Sussex. A key ement of this prgect 15 a senes of puNic art cLMiSs$. the exhljition of which was &unched in sprity 2021. CTealwe Tr¥nsion Programn This is a multyear project lo enabk thousalS mre yourvJ in Thanel lo have access lo world da55 art. empowering them lo develop confidence, team buIng aTrJ lrfe skilb. Ths has been fund by varws supporters IndlIng Peter Selman and W3tes FOuTrJatTr. O Dreamland This projecl Is inspiied by Lindsay Anderson's fihn Y) DreamlaThf mle Margale in 1953. ar wll ilude workin9 with people frorn the local eommunity lo develop a rn4or exh>K)n lo be shown at Turner Contemporary In 2023. Support for this prqecl has been re£eNed from Fredand$ FtyjrK1al ar CrealNe Estuwy. Pioneering Places This projed is part of a WMlÈr programn of actmty Cfeabve FokestonÈ and swx)rted by the NatYJnal Lottery HerIge Fund. The project focu5es on enaNing cdtural. communty atKI wc aniga1>n$ io WOTk dosdy in order lo reitnagine E851 Kenl'5 future by ex0 henlage. de¥eknpg civic prkye and conrEcl affl1$ arKI communities. U$ing chikl- d leadership, TvrrEf Conlemtx)rary has worked wth a 9up of prvnary S¢)1 chiklren in Ramsgale lo wnmi$$ion an arfwotk lor Ramsgale Harr. The afvort. by Conrad Shawcross. wjll ie dJ5pLiyed fiom Summer 2021. Cultural Recovery Fund The Cultural Recovery FuTrJ was launched in 2W20 ty lo supwt cullural organisalKins impacted by the coionavirty5 pandemK. fundiNJ frcrf)) the Departmenl f DYJrfal. Culufe. Media aThl Sport IDCMSI. and admiistered by Arts Council ErKJland IACEI. The grant covered the gaIrys aclmty during Ihp petiLMI Ocithr 202010 Marth 2021. Strategic Tour ISea5Kle pholograpWI Arts Council Engla supporte(l a lour of Sea5kle Pholcgrapw. a major exarniruny ItE relationship belween photrapher5, pholryraphy Bri5h seaskje from tbe I8 lo the yesent. BlOber9 Cmnects BloTrxberg Philanlhr(WS SUPKX)rted the 9alery 10 j(xn its rrK)tMb alf0M1. (x)mb9 con¢1$. Throtyh this. gallery has created its firsl ever dvJilal guide for Visit5. Transfer beten funds Transfers relale lo prqecls are comF4eled where costs Micorreclty alk¢4led to unreslrKted in prh)r year or incorieclly allocaled lo reslncled expeThliture and income thai fuJerS have staled can be unrestiicied. 17 Endowment lunds 2022 current As at l April 2021 Income Expenditure Gainlllossl Transfers As at 31 March on 2022 PèmianÈnt Cal8tysl Eth4menI 2.825.831 100.623 2.926,454 Expendable Cai8Sysl Er{rIneI FurKI 209.029 3,034.860 148.8391 148.8391 11%,7131 11.7131 20,312 2.946,766 100.623 2021 - Compardtive As at 1 April 2020 Inry>me EXPendlUTe Loss on inve5tmÈnls Tran$fÈrs As at 31 March 2021 Permanent Calatysl Er0VeI FvrKI 2,220.288 fg)5.543 2.825.831 ExpendaWe Cal8tysl Erul1rent FurKI 173.585 2.393.873 51.574 51.574 116.1301 116.1301 209,029 3,034,860 605.543
TURNER CONTEMPORARY NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 17 Endowment funds Iconlinuedl Catalyst EndowTnenl Fun¢J Turner Contemporary has established the Catalyst Endovrnent Fund lo provide an investment retum to support commission5 In the public iealtn. events outside the gallery, SIdenCY pro9rammes and to support acquisitions In Kent The permanent endownent fund must be kept for 25 years and only the Income and capital growth frorn the inveslrY¥ents can be spenl dvring this period. Transfer bet%4een funds The Turner Contemporary Expendable Endovmient Fund IEEFI is restiirAed for use only fOr-Endolnent Putposes. which is defined as costs supportlllg cornmissi0fj5 In Ihe public 81m. events outSKSe the gallery, SidencY programme$ and supporting acouisrtions in Kenl. Certain costs were incuried in the year for these Purposes and the income has been transferred to offset Ihe5e ¢osls. In addilion a transfer between the EEF and ynreslrthd funds has been done to a9ree lo Ihe ¢arrying value of the investments on the 8alan Sheet. 18 Analysls tsf net a$$ets between fund8- 2022 - Net current a$$ets Fixed a55et5 Total Unrestricted funds Reslri¢led funds Permanent End0ent lunds Expendable End04ent funds Non-charilable funds 29.412 707.196 218.239 736.608 218,239 2,926,454 20,312 100,855 4,002,468 2.926.454 20.312 100.855 1.026.290 2,976.178 2021 - Cornparative Net current assets Fixed assets Total un$t1¢ted funds Reslricled fund5 Endowment funds Non-tharitabk fund5 14.896 692.906 668.949 98.387 9.397 1.469.639 707,802 668,949 3,034,850 9.397 4,421,008 2,936.473 2.951.369 19 Commltmenl$ under operatlng lea$e$ Tolal future minimum lease payments under fiOTrcanJlaIe operating leases are as follows". 2022 2021 Within one year Between two and five years 7.622 13.215 20,837 3,302 9,906 13,208 20 Reconciliation of net income to net cash flow from operatiny activities Group 2022 Group 2021 Nel Incorne for ye3r Non-cash movernents on fixed asset inveslments Depreciation and Impairment of tangible [ed assets Ilncreaseyde¢wase In stod(s De¢reasellincreasel in debtor$ Increase in creditors Nel cash flow from operaling acbvities 1418.5401 1100.6231 23.136 110.6281 68.722 182.313 1255.6191 1,055.525 1605.5431 24.569 17.238 1133.6391 12.229 370.379 -35-
TURNER CONTEMPORARY NOTES TO THÈ FINANCIAL STATEMENTS FOR THE YEAR ENDED 37 MARCH 2022 21 Related party transactions During the year. £6.397 12021. £4.0591 was donated to Tumef Contemporary by eight 12021.. six) Irustees. Each Individual donation Wds nol material to eilher party. Sir Stephen Deuchar was appointed a trustee ol Tumer Contemporary on 1 Apnl 2022. He 15 also a Iru51ee of Creative Folkeslone. A giant of £135.131 was awarded by Creative Folkeslone lo Turner Contemporary during the year. Funds kntre also rer*Ned from Creative Folkestone in the previou5 year but as Sir Stephen Deucharwas only appointed on 1 April 2021 these We not required to be disdosed. 22 Company lirnited by guarantee The company is a company limited by guarantee_ The members of Ihe company are the trustees narned on page 1. In the event of the company being wound up. ihe liabihty in respect of the guarantee Is limited to £1 per member of the Company. 23 Capital commitments Group and charity 2022 2021 Expenditure contracted lor but not prOed in the accounts 14.031