2023-03-31-accounts - Towner

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			Page
Report ofthe Trustees		1	to	13
Report ofthe Independent	Auditors	14	to	16
Statement ofFinancial Activities			17
Balance Sheet (Group)
Balance Sheet (Charity)			19
Cash Flow Statement			20
Notes to the Cash Flow Statement			21
Notes to the Ptnancial Statemeats		22	to	36

Trustees
Mrs ME Bannister	Councillor	(appointed		11September 2023)
Ms H Bauer	Heritage Museums		dr	Funding		Adviser (resigned			6March 2023)
Ms DV Casson	Designer
D Dimbleby	Broadcaster
GFH King	Publisher
Ms KCadefi	Presentatioa	and Media Consultant					(resigned	6June 2022)
CFMcKenzie	Freelance Arts Consultant
CRSwansborough	Accountant	(resigned		11	September 2023)
Dr FM Dennis	Senior Lecturer
JWilliams	Arts Manager and Councillor
JJones	Artist and Lecturer
JBabarinde	Community	Campaigner			and	Social Entrepreneur			(appointed 6June 2022)
CWood	Duator, Writer and Art Historian						(appointed	6June 2022)
Director
Joe Hill
Auditors
Xeinadin Audit Limited
Chartered Accountants
Registered Auditor
36Old Jewry
London
EC2R SDD

HEYEAR ENDED 31MA	RCH 2023
					2023	2022
			Unrestricted	Restricted	Total	Total
			funds	funds	funds	funds
		Notes			6
INCOME AND ENDOWMENTS FROM:
Donations and legacies			751,980	748,029	1,500,009	855,542
Charitable activities
Secured funding EBC			413,880		413,880	413,880
Secured funding Arts Council England			365,962		365,962	365,962
South East Cultural and Creative Digital						15,185
Newhaven Creative				174,404	174,404	36,250
Learning activities and funding Turner Prize Funding				146,238 40,000	146,349 40,000	62,459
Eastboume Alive funding				50,000	50,000
Exhibition &collection activities and			77,136	22,437	99,573	320,292
exhibition funding
Memberships, Patrons and Director's circle			96,003		96,003	69,868
Art Fund Museum ofthe Year Prize
Museums &Galleries Exhibitions Tax			76,068		76,068	62,958
Relief
Trading activities: retail, cafd, cinema,			510,419	4,980	515,399	374,716
venue hire &events
Other income			71,104		71,104	16,328
Total			2)362t663	I&186r$87	3s548s751	2,593,441
EXPENDITURE ON:
Charitable activities
Fundraising and supporters'	costs		173,524		173,524	161,682
South Bast Cultural and Creative Digital						15,185
Newhaven Creative				134,456	134,456	23,467
Learning activities			226,689	108,506	335,195	261,231
Turner Prize			44,648	49,409	94,058
Eastboume Alive			22,661	19,853	42,514
Exhibition &collection activities			832,703	51,253	883,956	827,497
Travel and subsistence			7,446		7,446	6,867
Trading Activities
Shop, cafd, cinema, venue hire &			705,170	1,478	706,648	506,484
commercial events
Other trading activities			1,325		1,325	28,863
Total			2,014,166	364,956	2479,122	1,831,276
NET INCOME			348,497	$21,132	.1,169,629	7625165
Transfers between funds			958,457	(958,457)
Net movement in funds			1,3065954	(137825)	1,169,629	762,165
Total funds brought forward			2,972,940	821,548	3,794,488	3,032,323
TOTAL FUNDS CARRIED FORWARD			4479,$93	684423	4,964,117	3,794,4$8

31MAR	CH 2023
					2023	2022
			Unrestricted	Restricted	Total	Total
			funds	fund	funds	funds
		Notes
FIXEDASSETS
Intangible	assets	12	9,207		9,207	12,276
Tangible	assets	13	1,629,144	439,387	2,068,531	1,179,862
Heritage	assets	14	1,860,062		~1,860062	~1586312
			3,498,413	439,387	3,937,800	2,778,450
CURRENT ASSETS
Debtors		16	464,478	36)424	500,901	247,408
Stock Cash at bank			39,376 ~472 669	~295 155	39,376 767,824	33,176 ~819755
			976,523	331,579	1,308,101	1,100,339
CREDITORS
Amounts	falling due within one year	17	(195,042)	(86,742)	(281,785)	(84,301)
NET CURRENT ASSETS			~781481	~244 836	~1026317	~1016038
TOTAL	ASSETSLESSCURRENT
LIABILITIES			4,279,893	684,223	4,964,117	3,794,488
NETASSETS			~4279893	~684223	~4964117	~3794488
FUNDS		18
Unrestricted funds					4,279,893	2,972,940
Restricted	funds				684223	821 548
TOTAL	FUNDS				~4964 117	~3794488

BALANCE SHEET 31MARCH 2023
				2023	2022
		Unrestricted	Restricted	Total	Total
		funds	fund	funds	funds
	Notes				6
FIXEDASSETS
Intangible assets	12	9,207		9,207	12,276
Tangible assets	13	1,629,144	439,387	2,068,531	1,179,862
Heritage assets	14	1,860,062		1,860,062	1,586,312
Investments	15	1		I	1
		3,498,414	439,387	3,937,801	2,778,451
CURRENT ASSETS
Debtors Cash at bank	16	689,681 314876	36,424 ~295 155	726,105 610,031	471,222 ~671415
		1,004,557	331,579	1,336,136	1,142,637
CREDITORS
Amouats falling due within one year	17	(158,512)	(86,742)	(245,255)	(70,930)
NET CURRENT ASSETS		~846045	~244 836	~1090881	~1071707
TOTAL ASSETSLESSCURRENT
LIABILITIES		4,344,458	684,223	5,028,682	3,850,157
NET ASSETS		~444 458	~684 223	~5028.682	~3850 157
FUNDS	18
Unrestricted funds Restricted funds				4,344,458 684223	3,028,609 ~821548
TOTALFUNDS				5 028 682	~3850 157

			Notes	2023	2022f
Cash flows from operating		activities
Cash generated irom operations				~988 110	~615927
Net cash provided by operating activities				988,110	615,927
Cash tlows from investing		activities
Purchase ofintangible fixcd		assets			(5,345)
Purchase oftangible fixed	assets			(997,041)	(578,281)
Purchase ofheritage assets				~43 000	~58400
Net cash used in investing	activities			(1~040,041	~642026)
Change in cash and cash	equivalents		in the
reporting period				(51,931)	(26,098)
Cash and cash equivalents		at the beginning
ofthe reporting period			2	~819755	845,853
Cash and cash equivalents		at the end	ofthe
reporting period			2	767,824	819,755

FOR	THE YEAR ENDED 31MARCH 2023	THE YEAR ENDED 31MARCH 2023	THE YEAR ENDED 31MARCH 2023	THE YEAR ENDED 31MARCH 2023	THE YEAR ENDED 31MARCH 2023
	RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
				2023	2022
	Net income for tbe	reporting	period (as per the Statement ofFinancial
	Activities)			1,169,629	762,165
	Adjustments for:
	Depreciation charges			111,441	24,153
	Donated works included in income			(230,750)	(33,300)
	(increase)//decrease	in debtors		(253,493)	(123,197)
	(Increase)/decrease Increase/(decrease)	in stock in creditors		(6,200) 197,484	(7,313) ~6581
	Net cash provided	by operations		~988 110	~615 927
	ANALYSIS OF CASH AND		CASH EQUIVALENTS
				2023	2022
	Notice deposits (less than 3months)			767824	819755
	Total cash and cash	equivalents		767,824	~819 755
3.	ANALYSIS OF CHANGES		IN NET FUNDS
			At I/4/22	Cash flow	At 31/3/23
	Net cash
	Cash at bank snd in	hand	~819755	~51,931	767,824
	Total		819,755	~51,931

DONATIO	NS AND LEGACIES
		Unrestricted	Restricted	Total 2023	2022
		6
Works donated to collection		230,750		230,750	33,300
Donatious	and grants towards capital pmjects	155,814	727,036	882,850	538,897
Donations	and grants towards collection		17,000	17,000	69,298
acquisitions
Donations	and grants towards core costs	352,421	3,993	356,414	153,110
Legacies		~12995		12995	60938
		251 980			~855 542

INCOME FROM CHARITABLE ACTIVI	TIES
	Unrestricted	Restricted	2023	2022
Learning activities and fuuding:
Income from learning activities				4,000
Restricted grants and donations		146238	146238	58459
		~1462
Turner Prize Funding
Restricted grants and donations		RK	4M
Eastbourue Alive Funding
Restricted grants and donations		~500 0
Exhibition and collection activities and
exhibition funding
Exhibition tickets	44,936		44,936	170,614
Other ticketed events	9,814		9,814	22,479
Image licensing snd loans	3,345		3,345	3,556
Touring income	4,041		4,041	10,595
Sponsorship	15,000		15,000
Conservation				183
Restricted grants and donations		22437	22437	~112865

TRADING ACTIVITIE	S
		Unrestricted	Restrictedf	2023		2022
Retail sales (shop and online)		221,484		221,484	222,286
Cafd and catering		142,343		142,343	120,083
Cinema tickets		114,970		114,970	14,225
Cinema funding			980	980		300
Venue hire (incl. cinema)		20,098		20,098	11,757
Commercial events		11,523		11,523
Other restricted funding oftrading activities			4 000	6065		6 065
		1 41			32441
OTHERINCOME
		Unrestricted 5	Restricted	2023f		2022
Insurance claims received		500		500	14,518
Sussex Modern income		33.333		33333
Sale ofequipment		2,360		2,360
Sale ofnon-accessioned	gifts	31,458		31,458
Bookroyalties		405		405		1,440
Miscellaneous				204		370
Interest received		2 844
				71 104	I	328

			Direct staff	Other direct	Allocated	Allocated	Totals
			costs	costs	support	slippers costs
					costs	(non staff)
					(stafi)
			f,		f,
Fundraising	and Supporters'	Costs	124,721	9,964		38,839	173,524
Newhaven	Creative		43,887	89,664		905	134,456
Learning			94,112	73,043	56,799	111,240	335,195
Turner Prize			37,148	56,909			94,058
Eastbourne	Alive		22,661	19,853			42,514
Exhibition	and collection activities		337,305	238,776	56,779	251,077	883,956
Travel snd	subsistence			7,446			7,446
Shop, cafd,	cinema and venue hire		263,017	254,150	56,799	132,682	706,648
Other				1 325			1 325

Net income/(expenditure)	2023	2022
Auditors' remuneration	6,650	6,767
Depreciation - owned assets	34,564	24,153
Other operating leases	2,460	3,600

	2023	2022
Wages and salaries	981,481	815,899
Social security costs	77,337	59,630
Pension costs	34071	45 917
		9221

			Unrestricted	Restricted	Total
			funds	fund f,	fundsf
INCOME AND ENDOWMENTS FROM
Donations and legacies			215,877	639,666	855,542
Charitable activifies
Secured fuading EBC			413,880		413,880
Secured funding Arts Council			365,962		365,962
South East Creative and Cultural	Digital Support			15,185	15,185
Newhaven Creative				36,250	36,250
Learning activities and funding			4,000	58,459	62,459
Exhibition k collection activities	and exhibitioa	funding	196,833	123,460	320,292
Memberships, Patrons and Director's Circle			69,868		69,868
Museums and Galleries Exhibitions Tax Relief			62,958		62,958
Trading activities
Shop, caf6, cinema, venue hire			368,352	6,365	374,716
Other trading activities			16,328		16,328
Total			1,714,058	879,383	2,593,441

			Unrestricted	Restricted	Total
			funds	funds	Funds
EXPENDITURE ON
Charitable activities
Fundraising aud Supporters'	Costs		151,108	10,574	161,682
South East Creative and Cultural		Digital Support		15,185	15,185
Newhaven Creative				23,467	23,467
Learning activities			203,580	57,651	261,231
Exhibition and collection activities			678,964	148,533	827,497
Travel and subsistence			6,867		6,867
Trading activities
Shop, cafd, cinema, venue	hire		490,609	15,875	506,484
Other trading activities			28,863		28,863
Total Expenditure			1,559,991	271,285	1,831,276
NET INCOME			154,066	608,098	762,165
Transfers between funds			50,595	(50,595)
Net movement in funds			204,662	557,503	762,165
RECONCILIATION OF	FUNDS
Total funds brought forward			2,768,278	264,045	3,032,323
TOTAL FUNDS CARRIED FORWARD			~2972 940	~821 548	~3794 488

	Computer soilware f
COST
At 1 April 2022 and at 31	15,345
March 2023
DEPRECIATION
At 1 April 2022	3,069
Charge foryear	3069
At 31 March 2023	6,138
NET BOOKVALUE
At 31 March 2023	~9207
At 31March 2022	12,276

TANGIBLE FIXEDASSE	TS (GROUP AND	CHARITY)
	Improvements		Fixtures
	to	Assets under	fittings and	Computer
	properly	construction	equipment	equipment f.	Totals f
COST
At I April 2022	444,452	643,979	150,277	16,320	1,255,028
Additions		889,265	107,776		997,041
Transfers	1 013275	(1~093857	80,582
At 31 March 2023	1~457727	~439387	~338634	~16320	2~252 069
DEPRECIATION
At 1 April 2022		3,915	59,956	11,295	75,166
Charge for year Transfers	20,202 50685	56,674 ~60590	27,415 ~9905	4,080	108,372
At 31 March 2023	70,888		97,275	~15375	183,537
NET BOOK VALUE
At 31 March 2023	1~386840	~439387	~241 359	945	2~068,531
At 31 March 2022	~444 452	~640 064	~90 321	5 025	1~179862

HERITAGE ASSE	T	S
			Total
At 1 April 2022			1,586,312
Additions —donated (market value) Additions —purchased (cost)			230,750 ~43000
At 31March 2023
			1,860,062
NET BOOKVALUE
At 31March 2023			1 860,062
At 31March 2022			~1586 312

		2023	2022
		f.
Turnover		513,699	368,652
Expenditure		(522,594)	(348,151)
Profit(loss) for the year		(8,895)	20,500
Amount gift aided to the Charity in the year
The Assets and Liabilities ofTowner Enterprises	Ltd were:
Total assets		199,210	186,686
Total liabilities		(263,774)	(242,355)
Net assets		(64,564)	(55,669)
Represented by:
Share capital and reserves		(64,564)	(55,669)

DEBTORS:	AMOUNTS FALLING DUE WIT	HIN ONE YEAR
		2023	2023	2022	2022
		Group	Charity	Groupf	Charity
Trade debtors		92,081	90,917	55,323	53,163
Amounts owed &om subsidiary			227,244		228,985
Other debtors		198,391	197,841	96,824	95,824
VAT recoverable		24,602	24,602	44,907	44,907
Prepayments	and accrued income	185 828	185502	50353	48 343
Total		500,901	726,105	247,408	471,222

CREDITORS: AMOUNTS FALLING DUE	WITHIN ONE YEAR
	2023	2023	2022	2022
	Group	Charity	GroupI	Charity
Trade creditors	151,267	135,322	40,077	35,340
Other creditors	117		3,855
Taxk social security	14,912		3,629
Accruals and deferred income	115488	109933	36739	35590
Total	281,785	245,255	84,301	70,930

MOVEMENT IN FUNDS	MOVEMENT IN FUNDS
													Transfers			At
								At 1/4/22	Nct income			bm	een fimds			31/3/23
Unrestricted funds:
General fund								2,972,940		348,497				958,457	4,279,893
Restricted funds:
Building development	project (Phase			1	-ground floor)			628,928		426,748			(1,055,676)
Building development	project (Phase 2				-cafe)			2,000		283,573				153,814		439,387
Building development	project (office upgrade)									16,715				(16,715)
Collection acquisitions								41,309		17,000				(39,880)		18,429
Learning								43,614		28,229						71,843
Turner Prize										591				50,000		50,591
Eastbourne Alive										30,147						30,147
Exhibitions								92,915		(28,319)				(50,000)		14,596
Collection Curation —Kickstart
Iniva
Newhaven Creative								12,783		39,948						52,731
Fundraising snd Supporters'		Costs								2,500						2,500
Kickstart (core costs)
Other										4,000						4,000
Total restricted								821,548		821,132			(958,457)			684,223
Total Funds								3,794,488		1,169,629				-	4,964,1 17
The main transfer between		funds represents				the Ground		Floor Development		project being			completed		in 22.23,
moving to general use	and	so	leaving		restricted		funds. The top floor cafd project was					funded		in arrears		against
invoices paid and so project was completed	shows in	temporary funding 23.24. f50k funding					&om unrestricted I'unde as at the year received in advance for the Turner					end. The top floor cafe Prize in 21.22 has been
reallocated from Exhibitions		as	the Turner Prize				is now shown separately.		Unrestricted		reserves			include	%215,000
designated to Emerging	Artists'		expenditure			and	new staff	positions.

18	NET INCOME —DETAIL	NET INCOME —DETAIL			Incoming	Resources	Net income
contd					resources	expended	f
	Unrestricted funds:
	General fund				2,362,663	(2,014,166)	348,497
	Restricted funds:
	Building development	project (Phase		1 - ground floor)	426,748		426,748
	Building development	project (Phase		2 -cafe)	283,753		283,753
	Building development	project (office		upgrade)	16,715		16,715
	Collection acquisitions				17,000		17,000
	Learning				136,238	(108,008)	28,229
	Turner Prize				50,000	(49,409)	591
	Eastbourne Alive				50,000	(19,853)	30,147
	Exhibitions				4,250	(32,569)	(28,319)
	Collection Curation —Kickstart				6,437	(6,437)
	Iniva				11,750	(11,750)
	Newhaven Creative				174,404	(134,456)	39,948
	Fundraising and Supporters'		Costs		2,500		2,500
	Kickstart (core costs)				1,493	(1,493)
	Other				4,980	(980)	4,000
	Total restricted				1,186,087	(364,956)	821,132
	Total Funds				3,548,751	(2,379,122)	1,169,629

MOVEMENT IN FU	NDS —PR	IOR	YEAR COMPARA	TIVE
						Transfers
				At 1/4/21	Net income	between	At 31/3/22
						funds
Unrestricted funds:
General fund				2,768,278	154,066	50,595	2,972,940
Restricted funds:
Building development	project (Phase		1 -ground floor)	84,226	538,897	5,805	628,928
Building dave lopm eat	project (Phase		2-cafe)			2,000	2,000
Collection acquisitions				30,411	69,298	(58,400)	41,309
Learning				43,868	(254)		43,614
Exhibitions				88,294	4,621		92,915
Collection Curation
South East Creative and Cultural		Digital Support
Newhaven Creative					12,783		12,783
Fundraising				9,247	(9,247)
Job Retention Scheme
Other				8,000	(8,000)
Total restricted				264,045	608,098	(50,595)	821,548
Total Funds				3,032,323	762,165		3,794,488

19	NET INCOME —DETAIL	NET INCOME —DETAIL		Incoming	Resources	Net income
contd				resources	expended
					6
	Unrestricted funds:
	General fund			1,714,058	(1,559,991)	154,066
	Restricted funds:
	Building development	project (Phase I —ground floor)		538,897		538,897
	Collection acquisitions			69,298		69,298
	Learning			56,709	(56,963)	(254)
	Exhibitions			123,710	(119,088)	4,621
	Collection Curation			5,750	(5,750)
	South East Creative and Cultural		Digital Support	15,185	(15,185)
	Newhavcn Creative			36,250	(23,467)	12,783
	Fundraising				(9,247)	(9,247)
	Job Retention Scheme			26,471	(26,471)
	Other			7,115	(15,115)	(8,000)
	Total restricted			879,383	(271,285)	608,098
	Total Funds			2,593,441	(1,831,276)	762,165