REGISTEREDCOMPANY NUMBER: 08803625 {Engl*nd and Wales)
REGISTERED CHARrrY NUMBER: 1156762
REPORT OF THE TRUSTEES AND
AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
FOR
TOWNER

TOWNER
CONTEIYTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Page
Report of the Trnstee5
I to 10
Report of the Independent Auditors
Statement of Financial Activtties
14
B￿lance Sheet (Group)
15
Bal*nee Sheet (Charity)
16
Cash Flow Statement
17
Notes to the Cash Flow Statement
18
Notes ¢0 the Financial Stxtemellts
19 to 34

TOWNER
REPORT OF THE TRUSTEES
FOR THE YEAR ENDED 31 MARCH 2024
The Iruslees who are also directors of the charity for the purposes of ihe Cornpanies Act 2(K16, preseni iheir report with the financial
statements of the charity for the year ended 31 FAarch 2024. The trustees have adopied the provisions of Accounting and Reporting
by c.harilies: Statement of Recommended Practice applicable lo charities preparing their account5 in accordance with the Financial
Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeclive l January 2019).
0￿ECTIVEs AND ACTIVITIES
Objective5
Founded as an art gallery for the pwple. Towner presenls world class exhibilions of national and inlernational significance and
work5 from our acclaimed collection. We work in collaboratlon ￿'1th individuals, cornmunities and organisalions, especially Ihose
with least access to the arts, to ensure that we are relevant to all our audiences. An innovative cultural social asset for Ea51bourne
and thc South East.. Towner brings Ihe most exciiing developments in modern and contemporary art to local, national and
international audiences, develops and support5 artlstic practice, and provides a place for experimenting, creating and talking about
art and culture.
Towner has been established for public benefit to fulfil the following charitable objectives:
To advance the education, enjoymenl and appreciation of the public at large of the arts by the establishment andlor maintenance
of an art gallery
To adi'ancc the education, enjoymenl and appreciation of the public ai large of Ihe ans by the maintenance of Towner in Eastbourne
To advance the education, enjoyment and appreciation of ihe public at large of the arts through Towner's art eollection
To pursue such other charitable purposes analagous to any of the objects as the TTUStees in their absolute discrelion shall detennine.
Trustees Report Dn Aetivities
Overview of 2023124
2023124 was Towner's most successful year garnering national profile and record audiences of 213,000 for its high-profile
exhibitions which included a major retrospective on the sculptor Barbara Hepworth and the Turner Prize, the world's mosl
prestigious art award. It was ihe largcst scale project the gallery and leam has undertaken which was generou51y supported by
sponsors, grant funders and private donations. There was also generous in-kind 5UPPOrt of goods and services from partners and
suppliers.
Turner Prize was supported by Eastbourne ALIVE. an ambilious engagement programme across Easibourne. li broughi togcther
local creative partner organisalions, artists and communilies which ran from March 2023 through till March 2024. It was aimed
particularly al young people to raise aspirations of their hometown and change perceptions of the town among visitors and boost
the visitor economy.

TOWNER
REPORT OF THE TRUSTEES- continued
FOR THE YEAR ENDED 31 MARCH 2024
The Year in Numbers
We welcomed 212,722 visitors lo Ea5tbourne as a resuli of the Turner Prize and Eastboume ALIVE.
We opened 4 nejv exhibitions
In our cinema we held 492 screenings of 145 titles with 18,515 people enjoying a film al Towner Cinema throughout the year
18J60 visited our summer exhibition Barbara Hepm'orth.. An & Life
More than 7,500 people attended our public programme of talks. workshops and maslerclasses to accompany our exhibitions
Almost 6,000 people, mostly children and young people, participated in the Learning & Engagement Programme's free creative
sessions, workshops and evenls. This include.s 2,000 pupils participaling in artist-led workshops in schools and 1,400 Year 9
pupil visits to Turner Prize. A further 5,000 participated in Eastbourne ALIVE'S workshops and events around the Turner Prize.
There were 446K page view5 on our website
We welcomed over 6,000 neH' followers acro￿ our Social media plaifonns
We generated pres5 roverage that received ov¢r 14 million view5
This included 453 arlicles on the Turner Prize 2023 with an eslimaled 13.6 million views.
Team numbers
53 (including full & part time & zero hours contracted)
50 volunteers
Enterprises
Light Rcstaurant managed by Borough Resiaurants opened in May 2023 following a refurbishm¢nt of the previous Towner cafe
%pace. The 45 cover Scandinavian-inspired restaurant is open for lunch each day the gallery is open and for dinner Thursday-
Sunday. As well as delivering a high-quality catering offer, the move to a third-party provider has protected the organisation
from the risk of operational losses relating to catering whilst also delivering a consistent income line.
Overall, our commercial activities perfornied well throughout the year. supported by high visitor figures and a popular exhibitlOD
programme. Retail and Cinema sales came in over budget, with cinema becoming an increasingly important strand in our
commercial strategy.
During the year we continued lo develop a range of commercial events, including our fi￿ Ceramics Fair, a Iwo-day event that
celebrated the versatile artfornl in honour of Barbara Hepworth and her exhibition al Towner.
Environment $U5tginability
We have res¢arched the options for installing solar panels on our roof. as a tnajor project to support our cnvir(Inmental
sustainability commitments as well as reducing our spend on energy. Plans were developed and costed during the year and we
hope lo proceed with installation in 24125.
Diversity and Ineluston
Hosting the Turner Prize provided an excellent opportunity lo extend our existing access resources to support disabled and
neuro-diverse visitors. This included the provision of sensory bags and quiet sessions to support neurodiverse visitors. live BSL
for artist events, an audio guide developed by VocalEyes and a visual guide and sensory map commissioned from autistic artist
Anna Farley. These resources were commended in a review by disabled artist Jamilia Prowse who commented thai Towner's
exhibition spaces showed "a real consideration not only of how art can be accessed, but Also who the art is for."
In our cinema programme we offered regular captioned 5crccnings. dementia friendly screenings, family films and special
screenings for carers. Alongside our regular programme of free events and exhibitions, we also offered free entrance across our
licketed programmes for carers and under 185 and discounls for those in receipl ofbenefits.
We continued our partnership with iniva (Insti￿te of Inlernational Visual Arts) including the commission of artist Maria Amidu
and curatorial training programme aimed at broadening represenlalion in our exhibitions and collection acquisitions.

TOWNER
REPORT OF THE TRUSTEES - eontinued
FOR THE YEAR ENDED 31 MARCH 2024
We continued lo offer team training on diversity and inclusion topics including a session with the organisaiion Gendered
Intelligence on Trans Inclusion, which culminaid with the developmenl of a new Trans Inclusion policy for the organisalion.
Youth Voice I Skills & Training
We are delivering a new Youth Voice Strategy to improve slructurdl inclusivity by involving young people in Towner's
decision-making processes and improving representation in our organisalion from the local community. A new Collection &
Acquisitions Committce funded by Art Fund Reimagine is providing opportunities for young adu115 from diverse backgrounds
lo lake part in selecting artworks for the collection and receive training and professional developmenl opportunities. The
Towner team will also gain experience of working with young people and a Coordina(or role is supporting an early-career
curator.
We are offering work placements for FE Students in partnership wilh Ea￿ Sussex College & Talent Accelerator providing
skills and training for young adults 10 enter the culture sector or wider creative industries and iourism.
Creative Newh&ven
Newhaven" s Cultural Aetion Plan continued to calalyse Newhaven Enterprise Zone's 25-year investment programme with
Folloiving Ravilious - Newhaven Views, a free public art trail of 8 large-scale artworks in 4 Newhaven 10¢8tions during
August, September and October 2023.
The giant billboard artworks included four painlings by Eric Ravilious alongside a new work by conlernporary artists,. Emily
Allchurch, Jo Lamb, Charlie Prodger and Mark Tilchn¢T. their responses inspired by Ravilious and the modern N¢whaven
landscape.
Following Ravilious was accompanied by a surnvner programme of events & activities and an illuminated sculptural
installation by Hanna Benihoud in Newhaven Library window. Over the whole ycar. audiences reached 150.000 and Instagram
followers increased to 1,600.
BIY4ck Robin Farm
Planning pemission was granted by South Downs National Park Authority in February 2024 10 develop the dairy farm into a
new cultural destination. The application was led by Eastbourne Borough Council in partnership with Towner and other key
51akeholders. With funding from the previous governmenl's Levelling Up fund, Ihe landscape-led project will include
exhibilions, leaming activities. cultural events and a visitor offeT providing an Eastern galeway to the national park and Ihe
unique Downland landscape for Communities and visilors. We are continuing to fundraise for ihe capital developmenl of a new
gallery building and of Ihe Flint Barns into a Landscape Heritage Visitor Centre. It is expec1￿ that work will begin on the
centre in spring 2025.
Programme Report
Towner 100 Exhibitions
Uii.feen: I l Februan, to 14 Ma!, 2023
and The Living Colleclion: 17 December 2022 to 28 August 2023

TOWNER
REPORT OF THE TRUSTEES- continued
FOR THE YEAR ENDED 31 MARCH 2024
In Towner's on¢-hundredth year, we held two exhibilions focussed on Towner's c.ollection - one looking forward and on¢
looking back al Towner's 100 hundred years of collecting. Uiiseeii displayed a selection of new acquisitions ihat have joined
the collection recently and had not yet been unseen. Through thcse works, audience5 were asked lo engage with questions such
as which artists and artworks get acquired for a gallery collection and which gel displayed? How are these decisions made and
who is making them? What does a town's collection say about its communitie5?
Alongside -[ ()WN'LR 100.. "I"he Lii'iii
('ollcctioii told some of the stories about gifts, bequests and purchases ihat have
onlributed to making the collection what it is today and looking at how it mighi develop into the future. The exhibition
eonsidered Towner's broad and varied history of collecting and exhibiling over ihe pasl one hundred years through a selection
of painling4, prints and artefacts.
Burbara Hepworth Ari & Life: 27 MA!, to 3 September 2023
This exhibition displayed some of Hepworth s most celebrated sculptures including ihe Modern abslrdcl carving thal launched
her career in the 1920s and 19305. her iconic slrung sculptures of the 1940s and 1950s, and large-seale bronze and carved
sculptures from lal¢r in her career. Key loans from national public colleclions were shown alongside works from private
olleclions ihai had not been on public display sinc¢ the 19708 and rdrely seen drawings, paintings and fabric designs. The
exhibition was themed around Hepworth's broader Cultural inleresls in music, dance, theatre, politics and literature, exploring
these and encouraging new interpretations and prescntations of her work.
Turner Prize: 28 September 2023- 14 April 2024
Towner Easibourne played host to ihe Turner Prize 2023, the world's leading prize for contemporary art. One of the best-
known prizes for the visual arts in the world, the Turner Prize aims lo promote public debate around new development5 in
conlemporary British art. Established Tn 1984. the Prize is awarded io a Brilish artist for an outstanding exhibition or other
presentation of their work in the previous twelve months.
The four nominalcd artists were Jesse Darling. Ghislaine Leung, Rory Pilgrim. Artist Jesse Darling was announced as the
winner of the Turner Prize on 5 December 2023 at an exclusive televised ceremony and dinner for 400 guests in Easibourne's
Winter Gardens. The artist was awarded £25,000 wilh £ l 0,000 awarded to the other shortlisted artists.
With sponsorship from Ktng & McGaw. support from Eastbourne Borough Council, Ea￿ Sussex County Council. the
University of Sussex, the Chalk Cliff Trust and private donors as well as a hosi of in-kind 5UPPOrters including Idenlity, the
Turner Prize brought transfonnative cultural and social experiences io Eastboume for visitors and residents.
Vi,sitor feedback
All relulable ihisyear.- Moiherkood w ar¢ making.. Celebraiion vs Oppr￿s1o￿.- Despair aiid recovery and hope.- the de-
legifinii2ing ofcitizens. PoH'erfull Well done to Toiiinerl
Barbara Walker's work broughi me lo tears. Shariiig ihe stori￿ M'lth my kid5 Iva5 very poweffj41.
Rory Pilgrim made pnefeel like J belonged in an Art gallery. Thankyoufor drnwing me in ivith vour ihoughiful
crealivity.
Thi.5 is a beaiiliffjil biiilding. Madeforshuring beauliful ihiiigs. We saiv a iiyaler soundycape. Ive lislened io animated
niusic, Ive read life slories M'e puzzled ai hammers on ivalls. Thankyou. Toiijner VV.
Eastbourne ALIVE
Easibourne ALIVE, Ihe celebratory community partnership programme around Turner Prize funded by Arts Couneil England's
first Place Partnership was aimed at young people lo foster pride in their hometown through creative engagemenl.

TOWNER
REPORT OF THE TRUSTEES- continued
FOR THE YEAR ENDED 31 MARCH 2024
We delivered 20 public artworkOinterventions, QPIKlrtunities for 50 artisls. l 00 workshops, perfornlances & evenls, 121
participant placements for 50 young people with 23 organisalions, over 14(Kl Year 9 $1udent visits lo Turner Prize. 30
businesses participated in dr¢&sing the town in Easibourne ALIVE brand and colours.
Al the heart of the project was an ambitious schools project to bring Year 9 pupils to visit the exhibition and attend artis¢-led
workshops in school. Th¢ aim was to grow confidence in engaging with contemporary art and develop creative skills Ahead of
making their GCSE choices. We ran 88 sessions for 2054 sludcnts (across all years) in 15 .schools including I college, I special
school and I Pupil Referral Unil. 57 children visited who are educated oulside of a mainstream classroom. l O artists delivered
90 workshops in classrooms.
Students and teachers were provided with a prinled guide lo contemporary art titled, Give li Some Oomphl designed by a
group of Year 9 slud¢nt5 al Turing School who worked with artist Richard Phoenix and Towner lo design an accessible guide
and activity book for their peers.
Towner provided work ¢xpcrience for 35 students (26 from University of Sussex. 9 additional recruiied through Talent
Accelerator) who re¢¢ived traintng to support the pupils and digiial badges.
Susanne (University of Sussex): Ii [has beeiij a reallygood opportunily lo start to talk abotsi url iii a public setting aiid wilh
yotsngpeople- lo be able lo hearyourselfartictslale ideos oui loud... This is sonieihiiig I ve noi doiie before. so that was an
invaliiable eypepience.
Key Turner Prize Stoti5tits
130,000 people visited Turner Prize 2023 (September 2023 - April 2024) which was free to enter. This figure represents a
400/0 IDcrease oll tbe same period 1*5t year (figures for this period in 2022-23 total 80.400}.
Participants in gallery bascd public programme: 6,466.
5,000 people took part in Eastbourne ALIVE workshops.
Ai lea.st 12,500,000 N'iews of public artwork in Ihe town either online or in person.
£16.1 million in additional economic impact arose from Turner Prize and Easibourne ALIVE activilies.
80 /0 of residents feli positive aboui Ihe town.
85 /• Vlsltors felt positive about ihe town.
Public Programme
We delivered a new public programme of imaginative, mulii-disciplinary events and engagemenl activities. During 23124 we
delivered 50 evenls and activities that reached 7,567 people and involved 84 artists and facililators. Most aclivilies wer¢ free,
bul 10 events wer¢ ticketed or pay-whal-you-can generating a new income stream.
Events included Towner's l OO, birthday celebrdtion in May 2023 attracting 2000 people, breaking the record for visitors in
one day. Free events throughout ihe day included a family workshop, 4 brass band perforniances of a work inspir¢d by Barbara
Hepworth, subje¢t of the major relrospeclive exhibition. There were also films, art store tours, the performance of a new
acquisition of w'ork by 2019 Turner Prize winner Helen Camrnock and accompanying panel discussion, a cake cutting
ceremony and DJS.
The Turner Prize events explored new perspectives to bring grealer underslanding of the four shortlisted arttsts, work. 20
events included coversations with the shortlisted artists, music, poetry and vocal performances, fiction readings, meditation,
and tours for BSL and audio description users. 920 people physically attended Turner Prize events and several thousand
digitally attended event live streams and watched recordings.

TOWNER
REPORT OF THE TRUSTEES- continued
FOR THE YEAR ENDED 31 MARCH 2024
Learning & EngAgement
The Making Togeiher programme continued offering artist and participants opportunities to work together in the gallery and
ommunity 5etting5. Our projecls focus on the process of making and crealive prdclice to support creative development. build
skills and confidence and contribute to wellbeing. Our priority groups are Early Years, Schools and adulis, especially young
adults, to support positive mental health.
Earl>. Years
Free weekly Wriggle Room sessions alternating between the gallery and Willingdon Trees C.ommunRty Centre in Hampden
Park (IMD lowest l O /0 for education and training) providing free artisi-led creativc SC5sions for under-55 and their caregivers.
During 2023-24 there were 898 attendees (549 at TownerlBeaeon Centre & 349 at The Trees).
Holiday progrgmme
Arti.%t-Icd holiday aclivilies and takeover day5 for families run during half ternis and the Easter holidays {1296 participants in
2023124).
Supporting ment41 health
Banana shark.s for 12_18 year olds mects at Willingdon Trees Cornmunily Centre in Hampden Park on Friday evenings.
Working with two artists, participants use photography. modelling, musi¢ and food to leam how beneficial creative activities
an be for positive mental health & rcsilicncc.
Arts in Mind is a regular group for adults with mental health condiiions to Create new work together helping lo reduce isolation
and anxiety while helping them lo learn lo self-manage their conditions and aid recovery.
Community public artworks
Since summer 2023 we have worked with comrnunilies in two of Eastbourne's most disadvanlaged areas, Seaside and
Shinewaler/Langney, both in the JMD lowest 20 /. for education and training.
RtYIERIA is taking place over 8 siles in the local area of Seaside. The artisl Navine G Dossos worked with over 50 Seaside
residenls creating stencils of local motifs reflective of the neighbourhood s character and history. From these stencils a
bespoke design¢d Icxtilc has been produced for clothes making, furnishings and shop au'nings. The project and design will be
exhibited at local arts organisation Devonshire Collective's VOL T gallery in summer 2024.
THE FINDINGS project took place outdoor5 and in 8 workshops in an ernpty shop unit in Langney shopping cenlre. Local
community groups such as Langney Men s Shed and Shinewaler Primary School participated in creative workshops and two
'archaeological' digs around Shincwalcr Park revealing found item5 and fragments which have been cast into 3D objects to be
installed al 5 sites around the area. The bronze age history of the lo￿] marshes and how this might be relevant to the
community Ihat lives here today was the project's Ivlspifdtion.
Boih commissions, which were funded by the Previous Government's Levelling Up fund as part of Towner's centenary,
complete in summer 2024.

TOWNER
REPORT OF THE TRUSTEES- eontinued
FOR THE YEAR ENDED 31 MARCH 2024
FinAncial position and reserve5
Total reserves at the end of the year were £5,307,493 (2023: £4.964,117). The Trustces have set 3 reserves policy which is a
product of strategic planning. budgeting and risk management. The policy requires that the Charity's core activity. funded
through the unrestricled rescrve, could continue for six month5 during a period of unforeseen difficulty, which is in line with
Charity commis.sion recommendations. The unrestricted free reserves (excluding fixed assels) which totalled £868,409 as al
11 Mar¢h 2024 (2023.. £781,481) meel this requirement. Maintaining a six-monih operating reserve will support Ihe
organisation in trading through potential adversity. taking in to accouni future commitments and the possibility of lack of
financial investment from key public funders. The level of reserves will be monitored and reviewed by the Trustees on a
gular basis. Unrestricted reserves include £205.000 designaled to Emerging Artisls, expenditure and new staff posilions.
Principal risk5 and uncertainties
Going Concern
The principle financial risks facing the charily and its trading subsidiary are considered as part of the overdll approach to
risk management, bul include variation to vi51tor forecasts. changes lo income from Eastbourne Borough Council and Arts
Council England, unplanned expenditure and a challenging economic environment. Prior lo signing off this report
Easibourne Borough Council have announ¢¢d their inlention to reduce their funding wiihin this financial year. as disclosed
in Note 23. Taking this into account. the Trustees have r¢viewed the cash position of the charity and are satisfied that Ihe
ch2ri1y will remain able lo meet all its financial commitments. The Trustees believe that the charity is able to manage ils
financial risks suc¢essfully and arc confident thal there are sufficienl rcserves for the operation to continue. This position
will force the charity to review 811 its free-to-access exhibilions and could result in an increase in lick¢ted aclivity. Thi￿ will
be in conjunction with an acceleraied programme of income diversificalion.

TOWNER
REPORT OF THE TRUSTEES- continued
FOR THE YEAR ENDED 31 MARCH 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is a company, limited by guarant¢¢. as defined by Ihe Companies Act 2006. It 15 governed by its Memorandum
and Article% of Asso¢iaiion.
Recruitment xnd appointment of new trustees
The management of Towner is ihe responslbility of the Trustees who are elecled and co-opted under the tern)s of Ihe Articles
of Association. The maximum number of Trustees w35 initially elei'en bul can be increa5cd at the dis¢retion of the Board. Of
the total number of Trustees Iwo are to be appointed by Easibourne Borough Council. Trustees are required lo retire by mtation
whereby one third of the Trusiees shall be requir¢d lo relire each year but shall be eligible for reappointmenl. Tru%lee4 may be
re-appointed by the Board at the end of each lerni of oifice.
Organisational structure
There are currently eight Trustee5 who have delegated powers to the Execuiive Director and Senior Management Team lo
mak¢ ¢xpenditur¢ decisions within the frdmework of the approved annual budgel.
A Finance and Resources Sub-committee has been established. This committee monitors income and expenditure and
performance against th¢ approved budget and reports back lo the Board. They also approv¢ and monitor Health and Safety
policies and the Risk Regisler.
The day-lo-day activilies are controlled by Joe Hill, Executive Director. and Ihe Senior Management Team who lead
departments and report lo the Execulii'e Director.
Indu¢tion and trgining of Dew tn15tees
Trustees are recruited according to the Trustees, and Executive Dir¢¢torfs ongoing assessment of the skills and experiences
needed for the Board of an art Eallery and museum. These include expertise in national and inlernational arts and culture,
fundraising, finance, HR and legal. Prospeclive new Trustees are recommended to the Chair and Executive Director, who
assess the candidates and decide whether to proceed with the appointrnent.
The newly appointed Trustees received an induction from TowneV5 wlicilor, advising them on their legal responsibilities.
They were given thorough briefings by the Executive Director, Senior Managemenl team and Ihe Chairnian.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Companv number
08803625 (England and Wales)
Registered Charity number
1156762
Registered office
Towner Devonshire Park
College Road
Eastbourne
East sus.sex
BN214JJ

TOWNER
REPORT OF THE TRUSTEES- eontinued
FOR THE YEAR ENDED 31 MARCH 2024
Trustees
J Babarinde
Mrs ME Bannister
M5 D V Casson
Dr F M Dennis
D Dimbleby
J Jones
GFHKing
C F MeKenzie
C R Swansborough
J William
C Wood
Member of Parliamenl, Community Campaigner and Social Entrepreneur
Councillor (appointed I I Seplember 2023)
Designer (resigned 3 June 2024)
Senior Leclur¢r
Broadcaster
Artist and Lecturer
Publisher
Freelance Arts Consultant (resigned I l December 2023)
Accountant (resigned I I September 2023)
Arts Manager and Councillor
Curaior, Writer and Art Hisiorian
Director
Joe Hill
External FinAnce Committee Member
Judith Barber
Auditors
Xeinadin Audii Limited
Chartered Accounlants
Registered Auditor
36 Old Jewry
London
EC2R 8DD
COMMENCEMENT OF ACTIN'ITIES
Charitable Trust status was obtained on l July 2014. from which point ihe Trust commenced its charitablc activities.
STATEMEPIT OF TRUSTEES, RESPONSIBILITIES
The trustees (who are also ihe directors of Towner for the purposes of company law) are responsible for preparing the Report
of Ihe Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards
(United Kingdom Generally Acccpted Accounling Practice).
Company la￿, requires the trustees to prepare financial statements for caeh financial year which give a true and fair i'iew of
the.slat¢ of affairs of ihc charitable company and of the incoming resources and application of resources, including the income
and expenditure, of the charitable company for that period. In preparing tho.se financial statements, the trusltts are required
to
select,suitable accounting policies and ihen apply them consisi¢ntlyg
observe the m¢thods and priTJ¢iples in the Charity SORP.
make judgements and estimates that are reasonable and prudent-
prepare the financial statements on the going concern basis unless it is inappropriate lo presume thal the charitable company
will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the
financial posilion of the charitable company and to cnable Ihem lo ensure that the financial slatemenls comply with the
c.ompanies Aci 2006. They are also responsible for safeguarding ihe a￿lS of thc charitable company and henc¢ for taking
reasonable steps for the prei'ention and detection of fraud and other irregularities.

TOWNER
REPORT OF THE TRUSTEES- Continued
FOR THE YEAR ENDED 31 MARCH 2024
In so far as the trustees are aware..
there is no relevant audit infom)aiion of which the ¢haritable company's auditOTS are unaware. and
the Iruslees hai'e taken all steps that they ought lo have taken to make themseli'es aware of any relevant audit infornialion
and to ¢%tablish that the auditors are aware of that infonnation.
AUDITORS
The auditors, Xeinadin Audit Limited were reappointed at the Meeling of Truslees on 16 September 2024
Report of the trustees, incorporating a strategic report, approv¢d by order of the board of truslees, as the company directors,
on 16 September 2024 and signed on the board's behalf by=
D Dimbleby - Trustee
10

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TOWNER
Opinion
We have audited Ihe financial stalements of Towner (the 'charitable company,) and ils subsidiary for the year ended
31 March 2024 which comprise the Consolidated Siatemenl of Financial Aclivilies, the Consolidated Balance Sheet, the
charity Balance Sheet. the Consolidated Cash Flow StalemeDt and notes lo the financial slatemenls, including a summary of
significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law
and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard
applicable in ihe UK and Republic of Ireland. {Untted Kingdom Generally Accepted Accounting Practice).
In our opinion th¢ financial statements..
give a true and fair view of the slate of ihe charitable company's and its subsidiary's affairs as at 31 Mar¢h 2024 and of
their incoming resources and applicaiion of resources, including their income and expenditure. for the year then ¢nded'
have been properly prepared in accordan¢¢ with United Kingdom Generally Accepted Accounting Prdctice. and
have beeD prepared in accordance with the requirernenis of Ihe Compani¢s Act 2006.
Basis for opinion
We conducted our audil in accordance wilh International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our
responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial
statements section of our report. We are independent of the charitable company in accordance wilh ihe ethical requirements
that are relevanl to our audil of ihe financial slatemenls in the UK including thc FRC.'s Ethical Standard, and we have fulfilled
our other ethical responsibilities in accordance with ihe.se requirements. We believe that the audil evidence we have obtained
is sufficient and appropriate lo provide a basis for our opinion.
CoDclu5ions relating to going concern
In auditing the financial slalements, we have concluded that the INslees' use of the going concern basis of accounting in the
prepardtion of the financial statcments is appropriatc.
Based on the work we have perfomed, we have not idenlified any material uncertainlies relating lo events or conditions that,
individually or collectively, may cast significant doubt on Ihe charitable company's ability lo conlinue as a going concern for
a period of at least twelve months from when the financial staiemenls are auihorised for issve.
Our responsibilities and the responsibilities of ihe trustees with respect to going concern are described in the relevant sections
of this report.
Other informotion
The ttvslee% are responsible for the other infornialion. The other infonnation comprise5 the infornlatton included in the Annual
Report, other than the ftsnancial ￿ateM¢n{S and our Report of the Independent Auditors Ihereon.
Our opinion on the financial statements does not Cover the other inforniation and, excepl to the extent otherwise explicitly
staled in our report, we do not express any fonn of a&suran¢e conclusion Ihereon.
In connection with our audil of ihe financial statements, our responsibility is lo read the oiher infornialion and, in doing so,
consider whether the other inforniation is malerially inconsislenl with Ihc financial statements or our knowledge obtained in
the audit or oihenvise appears to be malerially misslated. If we identify such rnaierial inconsislencies or apparent material
mis%tatemenls, we are required lo detennine wheiher this gives rise 10 a material misstatement in ihe financial statements
themselves. If, based on the work we have perfonned, we Conclude thal iherc is a material misstalemenl of this other
information, we are required io report thai fact. We have nothing to report in this regard.
Opinions other m4tt¢rs prescribed b), the Companies Act 20(16
In our opinion. based on the work undcrtaken in the course of the audit:
the informallon given in thc Report of the Trustees for the financial year for which the financial statements are prepared is
on81Stenl H'iih the financial slalements. and
the Report of the Trustees has been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TOWNER- continued
Matters on which we are required to report b), exception
In the light of the knowledge and underslanding of the charitable company and ils sub.sidiaries and theiT environment obtained
in th¢ course of the audit, we have not id¢ntifid mal¢rial misstatements in ihe Report of the Trustees.
We have nothing lo report in respect of the following matters where the Companies Aci 2006 requires us to report to you if.
in our opinioti-
adequate accounting records have not been kept or returns ad¢quat¢ for our audii have nol been received from branches
not visiied by us. or
the financial statements are not in agreement with the accouniing records and returns. or
certain disclosures of Iruslees, remuneraiion s￿]r1d by law are not made- or
we have not receivd all th¢ information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustee.s' Responsibilities, the truslees {￿'hO are also the directors of the charitable
company for the purposes of company law) are responsible for the preparation of the financial stal¢ments and for being
satisfied that they give a true and fair view. and for such inlernal control as the Iruslees detemiine is necessary lo enable the
preparation of financial statements thai are free from material misstalemenl. whether due lo fraud or error.
In preparing Ihe financial slalemenls, Ihe Irusl¢¢s ar¢ responsible for assessing the charitable company's ability io continue as
a going concem, di8clo4ing. as applicable, matters related to going concern and using the going conccrn basis of ac¢ounting
unless the trustees either intend lo liquidate the charitable company or lo cease operalions, or have no realistic aliernalive but
to do so.
Our responsibilities for the audit of the financial statements
We have been appoinled as audilor under section 151 of the Charilies Act 201 l and report in accordance with the A￿ and
relevant regulations made or having effect thereunder.
Our objectives are to obiain reasonable assurance about whether the financial statements as a whol¢ ar¢ fr¢¢ from material
misstatement, whether due lo fraud or error, and to issue a Rcport of the Indq)cndent Audilors that includes our opinion.
Reasonable assurance is a high level of assurance but 1.4 not a guarantee that an audit conducted in accordance with ISAS (UK)
will always detect a material misslalement when it exists. Misslalemenls can arise from fraud or error 3nd are considered
material if, individually or in the aggregate, they wuld reasonably be expected io influence Ihe economic decisions of users
taken on Ihe basis of these financial *aternents.
Irregularities, including fraud, are inslances of non-compliance with laws and regulations. We design procedures in line with
our responsibilities, outlined above, to detect material misst8lemenis in respeei of irregularitie5. including fraud. The extent
to which our procedures are capable of detecting irregularitics. including fraud is daailed below-
.We identified areas of laws and regulations that could reasonably be expected to have a malerial effect on the financial
statements from our sector experience and Ihrough discussion with Ihe managemenl team
.We had r¢ghrd to laws and regulations in alea5 that direcily affect Ihe financial *alemen15 including financial reporting and
laxalion legislation. We ¢onsidered Ihat extent of cornpliance with those laws and regulations as pan of our procedures on
the relat¢d financial statement items.
•With the exception of any known or possible non-compliance. and Tequired by auditing standards, our work in respect of
these was limited lo enquiry of Ihe management team.
•We communicated ideniified laws and regulations throughout our team and remained alert to any indications of non-
compliance throughout the audit.
.We addressed the risk of fraud through managemenl override of conirols, by le5ting ihe appropriatene55 of journal entries
and other adjustments- assessing whether the judgements made in making accounting e51imale% are indicative of a potenlial
bias- and cvaluating the business rationale of any significant Iransactions Ihat are unusual or outside the nonnal course of
business.
12

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
TOWNER- continued
Our audit procedures were designed lo respond lo risks of material misstatement in the financial slatements, recognizing thal
the risk of not detecting a material misstatement due to fraud is higher than the risk of noi detecting one resuliing from error,
as fraud may involve deliberate concealment by, for example. forgcry, misrepresentations or through collu.sion. There are
inhcrent limitations in the audit proc¢durc5 pcrfomied and the further removed non-compliance wilh laws and regulalions is
from the events and transactions reflected in th¢ financial statemenls, the less likely w¢ are io become aware of il.
A further description of our responsibilities for Ihe audit of ihe financial statements is located on the Financial Reporting
Council's websile al www.fr¢.OTg.uk/audilorsresponsibilities. This de5CriPiion forms part of our Report of the Independent
Auditors.
Use of our report
This report is made solely lo the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the
Companies Act 2006. Our audil Work has bttn undertaken so Ihal w¢ rnight state lo ihe charitable company's members those
mallers we are required lo stale to them in an auditors, report and for no other purpose. To the fullest extent perniitted by law,
we do not accept or assume responsibility lo anyone other than the charitable company and thc charitable company's members
as a body, for our audit work, for this r¢port. or for the opinions M'e have formed.
Andrew Hill FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limiied
Chartered Accountanls
Registered Auditor
36 Old Jewry
London
EC2R 8DD
Dat¢: ...
13

TOWNER
CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES
FOR THE YEAR ENDED 31 MARCH 2024
2024
Total
funds
2023
Toial
funds
Unrestricled Restricted
funds
Notes
INCOME AND ENDOWMENTS FROM:
Donations and legacies
224.751
377215
601,966
1,500,009
Charitxble activities
Secured funding EBC
Secured funding Arts Council England
Newhaven Creative
Learning activities and funding
Turner Prize Funding
Eastbourne Alive funding
Exhibition & collection activities and
exhibition funding
Public art trail funding
Memberships, Patrons and Direclor's circle
Art Fund Museum of the Year Prize
mu.seum.s & Galleries Exhibitions Tax
Relief
Trading activitics.. retail, cafe. cinem
venue hire & events
Other income
Total
413.880
537,962
413,880
537,962
151.703
66,081
189,575
511,915
280,814
413.880
365,962
174,404
146,349
40,000
50,000
99.573
151,703
66,081
35,907
511,915
103,595
153,668
177,219
65,587
65,587
108.205
108,205
96,003
189,387
189.387
76,068
538,367
540.967
515,399
7,889
7,889
2J51 J28 1 J14,603 3.665,931
71.104
3.548,751
EXPENDITURE ON:
Charit4ble activities
Fundraising and supporters. costs
Newhaven Cr¢aiive
Le8rning activili¢
Tumer Prize
Eastbourne Alive
Exhibition & collcction activitics
Public art trail
Travel and subsistenc¢
Trading Activities
Shop, cafe, cinema, venue hire &
commercial events
Other trading aclivities
Total
170.645
11,983
204,434
110,843
76,498
506,020
49,854
65,587
182,628
204.434
355,581
593,732
523.589
694.329
65.805
17,402
173.524
134,456
335,195
94.058
42,514
883,956
244,739
517.234
17,569
644.475
218
17,402
7,446
683.344
I,l(K)
684,444
706,648
609
2,296,235 1,026J19 3J22,554
1,325
2J79,122
NET INCOME
55,093
288,284
343J76
1.169,629
Transfers between funds
18
723,529 (723,529)
Net movemenl in fund5
778,622 (435,245)
343J76
1,169,629
Total funds brought forward
4,279,893
684,223 4.964,117
3.794,488
TOTAL FUNDS CARRIED FORWARD
5,058,515
248,978 5J07,493
4,964,117
14

TOWNER
CONSOLIDATED BALANCE SHEET
31 MARCH 2024
2024
Tot21
nds
2023
Total
Unreslricted
funds
Reslricled
nd
Notes
FIXED ASSETS
Intangible I%￿tS
Tangible assets
Heritage as%el
12
13
14
6,138
2,118,767
2 065 201
6,1.38
2,118.767
2 065 201
9,207
2,068,5.31
1860 062
4,190,106
4.190.106
3,937,800
CURRENT ASSETS
Debtors
Stock
Cash at bank
16
334.541
47,583
625 992
36.368
370.909
47.583
829 006
5(K),901
39,376
767 824
203 014
1,008.115
239,382
1247.497
1,308,101
CREDITORS
Amounts falling due within one year
17
(139,71￿)
9596
(130.110)
(281,785)
NET CURREPIT ASSETS
248 978
1 117387
1026317
TOTAL ASSETS LESS CURRENT
LIABILITIES
5,058.515
248,978
5.307,493
4,964,117
ET ASSETS
FUNDS
Unrestricted funds
Restricted funds
18
5,058,515
248 978
4,279,893
684 223
TOTAL FUNDS
1307.491
The financial statements were approved by the Board of Trustces and authorised for issue on 16 September 2024 and were
signed on its behalf by..
D Dimbleby- Trustee
15

TOWNER
BALAIYCE SHEET
31 MARCH 2024
2024
Total
funds
2023
Total
funds
Unreslricled
funds
Re4tricted
fund
Noles
FIXED ASSETS
Intangible a5%ets'
Tangible assets
Heritagc asscts
Investments
12
13
14
15
6.138
2,118.767
2,065,201
9,207
2,068,531
1,860,062
2.118,767
2.065.201
4.190,107
4.190.107
3,937,801
CURRENT ASSETS
Debtors
Cash al bank
16
455,371
501 137
36,368
?03 014
491,739
704 150
726,105
610031
956,507
239,382
1,195.889
1.336,136
CREDITORS
Amounts falling due within one year
17
(101.328)
9.596
(91,732)
(245,255)
NET CURRENT ASSETS
855 179
248 978
1 104 157
1090 881
TOTAL ASSETS LESS CURRENT
LIABILITIES
5,045,286
248,978
5,294.264
5,028,682
NET ASSETS
248 978
94
64
- 5 028 6.82
FUNDS
UrLreslricted funds
R¢5tri¢l¢d funds
18
5,045,286
248 978
4,344,458
684 223
TOTAL FUNDS
The financial siatemenis were approved by the Board of Trustees and authorised for issue on 16 September 2024 and were
signed on ils behalf by-
D Dimbleby - Trustee
16

TOWNER
CONSOLIDATED CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
2024
2023
Notes
Cash flows from operating activities
Cash generated from oper81ions
343 334
988 110
Net cash provided by operaling activities
343 334
988110
Cash flows from investing aetii'ities
Purchase of inlangible fixed &ssets
Purchase of tangible fixed assets
Irrecoverdble V A T adjustment re improvemenls to property
Purchase of heritage assels
(211,244)
10,109
81017)
(997.041)
Net cash used in investing activities
282 152)
(1040041)
Change fin cash and cash equivwlents in the
reporting period
Cash and cash equivalents At the beginning
of the reporting period
61,182
(51,931)
767 824
819755
C45h Ind cash equivalents a¢ the end of the
reporting period
829.(K)6
767,824
17

TOWNER
NOTES TO THE CASH FLOII, STATEMENT
FOR THE YEAR ENDED 31 MARCH 2024
RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES
2024
2023
Net income for the reporting period (45 per the Statement of Financial
Activities)
Adjustment5 for:
Depreciation charges
Donated work5 included in income
(Increase)/ldecrease in debtors
(Increase)/decrease in stock
IncreascI(decr¢ase) in creditors
343,376
,169,629
153.968
(124,122)
129,993
(8,207)
151674)
111,441
(230,750)
(25.3.493)
(6,200)
197484
Ne¢ cash pros'ided b). operations
ANALYSIS OF CASH AND CASH EQUIVALENTS
2024
202.3
Notice deposits (less than 3 months)
829 006
767 824
Total cash and cash equivalenls
ANALYSIS OF CHANGES IN NET FUNDS
Al 114123
Cash flow
Ai 3113124
Net cash
Cash al bank and in hand
767 824
Total
767 824
The notes form part of these financial Aalements
18

TOWNER
NOTES TO THE FINANCIAL STATEMEIYTS
FOR THE YEAR EI¥4DED 31 MARCH 2024
ACCOUNTING POLICIES
Basis of preparing the fin&neiAI statements
The financial statemenls of the charitable company, which ts a public benefit entity under FRS 102, have been prepared
in accordan¢e with the Charities SORP {FRS 102) 'Accounting and Reporting by Charitics.. Statement of
Recommended Practice applieable io Charities preparing their accounls in accordance with the Financial Reporting
Standard applicablc in the UK and Republic of Jreland (FRS 102) (effective l January 2019)., Financial Reporting
Standard 102 The Financial Reporting Standard applicablc in the UK and Republic of Ireland, and the Companies
Act 2006. The financial statements have been prepared under the hislorical cost convention.
Income
All income is recognised in ih¢ Siatemcnl of Financial Activities once the charity has entitlement to the funds, it 15
probable that the income will be received and the amount can be rneasured reliably.
Expenditure
Liabilities are recognised as expenditure as soon as the￿ is a l¢gal or constructive obligation commilling the charity
to that expenditure, it l5 probable Ihal a Iransfer of economic benefits will be required in settlement and the amount of
the obligation ean be measured reliably. Expendilure is accounted for on an accruals basis and h2s been clas.sified
under headings ihal aggregate all cost related io the category. Where ¢osts caDnoi be direcily altributed to particular
headings they hav¢ been allocated io activities on a basis consistent with the use of resources.
Governance eosts
Governance costs comprise all costs involving the public accountability of the charity and its compliance with
regulation and good practice. These costs include cosls relating to statulory audit fees, together with any legal adviee
relaling to governance. and an apportionment of staff overhead.
Tangible fixed assels
Depreciation is provided at ihe following annual rates in order lo wrile off each asset over lis estimaled useful life.
Emprovements lo property - over reEn3ining lease tenn. Fixtures and Fittings- 10 /0 straight line, IT and electronic
equipment - 20-25 /0 Straight linc. Oiher equipment- l O /0 Straight line. Website costs 20 /0 straight lin¢.
Heritoge as$et5: works of art- "the collection"
The Trustees consider the M'orks of art to be heritage assets as defined by the SORP and FRS 30. Works of Art consist
of paintings. sculptures and prints acquircd by purch￿￿ and or accepted lo be accessioned into Ihe Collection through
donation and bequest.
Additions lo the Collection acquired by purchase are recognised in the balance sheet al cost on an annual basis. All
works accessioned into the Collection through donation or beques1 are reported in the Balance Sheet al commercial
value using recent transaetion information fomi external sources as the basis of assessment.
In accordance with FRS 30 "Market Value" has been defined by the Trnstees for this purpose as being the lower of
the comparable asses.sed costs lo acquiTe at auciion, compared io thal al an appropriate retail gallery. The artworks are
d¢¢m¢d lo have indeterminate lives and a high residual value, hence the Trusiees do noi Consider il appropriate to
charge depreciation.
Going fonvard, all items purchased for the Collection will eonlinue initially to be recorded in the Balance Sheet al
cost and the Truste¢5 will. if Considered appropriate, have Ihem re-valued at any point in the future. Colleclion items
acquired by donalion or bequest will be recorded ai Cu￿e￿I Tnarkel value.
T&xAtion
The charity is exempt from corpordlion tax on its charitable activities.
These notes forni part of the financial ￿ateMentS
19

TOWNER
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
ACCOUNTING POLICIES-continued
Fund Aeeounting
Unrestricted funds can be used in accordance with the charitable objectives at the discrelion of (he trustees Restricted
fund5 can only be used for particular rcstricted purposes within the objects of the charily. Restriclions arise when
specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of rach fund is included in Ihe noles lo the financial stalements.
Hire purchase and leasing eommitments
Rental% paid under operating leases are charged io the Statement of Financial Aclivilies on a slrdight-line basis over
the period of the lease.
Pension costs and other p05t-retirement benefits
The charity operale4 a pension scheme for some staff providing defined benefits based on final pensionable pay. The
asset5 of the scheme are held separately from ihose of ihe charily. being part of the East Sussex County c.ouncil
Scheme. The rnosl recent actuarial valuation carried out was in March 2023. The Admission Agreement entered into
between East Sussex County Council and Eastboume Borough Council and Towner dated l July 2014 are on the basis
of a fully funded scheme. Eastbourne Borough Council also aets as a guarantor in relation to the scheme. The charity
also operdtes a defined conlribution scheme for the remaining staff.
Donxted goods fdnd services
The value of ihe.se Is Dot cU￿entlY included in the financial statements bul would be if deemed material.
DONATIONS AND LEGACIES
Unrestricted
Restricted
Total 2024
2023
Works donaled to colleclion
124,122
124,122
230,750
Donations and grants towards capital projects
203.125
203,125
882,850
Donations and grdnts towards collection
acquisitions
77,000
77,000
17,000
Donations and grants towards core ¢os¢s
100,629
97,090
197.719
356,414
Legacies
224 75_1
377
601966
15QO OQ9.
These notes forn) part of the financial statements

TOWNER
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
INCOME FROM CHARITABLE ACTIVITIES
Unr&stricted
Reslricted
2024
2023
Learning activities and funding:
Income from learning activities
Restricted grant5 and donations
146238
146,3_49
Turner Prize Funding
Sponsorship
Restricted grants and donations
Event income and catalogue sal
147,500
147,500
35,907
35,907
40,000
153 668
Eastbourne Alive Funding
Reslrtcted grants and donations
511915
11915
Exhibition and collection aetivities and
exhibition funding
Exhibition lickets
166,345
166.345
44,936
Other ticketed events
9,491
9,491
9.814
Image licensing and loans
1.383
,383
3,345
Touring income
4,041
Sponsorship
15,000
Reslricled grants and donations
103 595
103 595
177219
103 595
280 814
These note5 forni part of the financial stalemenls
21

TOWNER
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
TRADING ACTIVITIES
Unrestricted
Restricted
2024
2023
Retail %ales (shop and online)
332.346
332.346
221,484
Cafe and catering
,370
1,370
142,343
C.inema tick¢t
149.863
149.863
114.970
Cinema funding
6(M)
600
980
Rental income and recharged expense
21.786
21.786
V¢nue hire (incl. cinema)
21.163
21.163
20.098
Commercial events
11.838
11,838
11.523
Other restricted funding of irading activilies
538 36
6(K)
540 967
OTHER INCOME
Unrcstricted
Restricled
2024
2023
Insurance claims Teceived
500
Sussex Modern income
33,333
Sale of equipmenl
363
363
2,360
Sale of non-accessioned gifts
482
482
31,458
Book royalties
531
531
405
Miscellaneous
436
436
204
Interest received
These notes forni part of ihe financial statements

TOWNER
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
ANALYSIS OF COSTS
Direct staff OtheT direct Allocat¢d
costs
support
costs
(slalD
Allocai¢d
support costs
(non stair)
Tolals
Fundraising and Supporters, Costs
134,408
15,457
32,763
182,628
Newhaven Creative
69.531
132.403
2.500
204,434
Learning
94,932
88.991
65.222
106,437
355.581
Turner Prize
177.446
276.753
65,222
74,312
593.732
Ea￿bOurne Alive
61.461
462.128
523,589
Exhibition and colleclion activities
279.614
115.747
65.222
233,746
694,329
Public Art Trail
12.500
53,305
65.805
Travel and subsistence
17.402
17,402
Shop, café, cinema and venue hire
152.562
275.736
65.222
190,925
684,£H4
Other
609
609
322 554_
Newhaven Creative other direct costs includes £52,252 grdnLs lo grdss roots organisalions (2023:£14.900 organisations)
GOVERNANCE COSTS
Toial
Governance costs comprise..
Staff costs
22,875
Audit costs
7.300
Regulatory ¢0sls
26
Recruitment costs
16,169
Room hire
706
Other
46%
Th¢5e nol¢s form part of ihe financial statements

TOWNER
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
NET INCOMEI(EXPENDITURE)
Nel incomel(expendilure) ts slated after chargingl(crediting):
2024
2023
Auditors, remuneration
7.300
6,650
Depreciation - owned assets
60,986
34.564
Other operating leases
,320
2,460
TRUSTEES, REMUNERATION AND BENEFITS
No trustees, remuneration or other benefits H'ere paid for the year ended 31 March 2024 or for the year ended
31 Mar¢h 2023. Towner-relaled travel expense reimburs¢m¢nt th'as £nil (2023.. £16).
io.
STAFF COSTS
2024
2023
Wages and salaries
1.108,720
981.481
Social security costs
88,166
77,337
Pension costs
The average monthly number of employees during Ihe year was 52 (2023: 53)
The number of staff whose employee benefits (excluding employer pension costs) exceeded £60,000 was l {2023'.1)
as follows..
2024
2023
£70,001- £80.000
£80,001- £90,000
In addilion to the iru%lees, key management personnel are considered to be the Director, Deputy Director, Director
of Development, Head of Collections and Exhibilions, Head of Learning and Head of Marketing &
Communications. The total aTnount paid to these key managcmeni personnel in the year (including employees
pension contributionq) was £323,359 (2023- £307.839).
These noles form part of the financial 5taiemevJlS
24

TOWNER
NOTES TO THE FINAIYCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
ii.
COMPARATIVES {PRIOR YEAR) FOR THE STATEMENT OF FINANCIAL ACTIVITIES
Unr¢slri¢l¢d
funds
Restricled
fund
Total
funds
INCOME AND ENDOWMENTS FROM
Donations and legacies
751,980
748,029
1,500,009
Charitable activities
Secured funding EBC
413,880
413,880
Secured funding Arts Council England
365.962
365,962
Newhaven Creative
174,404
174,404
Learning activities and funding
146.238
146,349
Turner Prize funding
40.000
40,000
Easibourne Alive fijnding
50,000
50,000
Exhibition & collection activities and exhibition funding
77.136
22,437
99,573
Memberships. Patron5 and Direclorfs Circle
96,003
96,003
Museums and Galleries Exhibitions Tax Relief
76,068
76,068
Trading activities
Shop, café, ctnema, venue hire & commercial events
510.419
4,980
515,399
Other income
71,104
71,104
Total
2,362,663
1,186,087
3,548,751
Thc5¢ notes fonn part of the financial statements
25

TOWNER
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
Unrestricled
funds
Restricted
funds
Total
Funds
EXPENDITURE ON
Charitable fictivities
Fundraising and Supporters, Cos15
173,524
173,524
Newhaven Crealive
134,456
134,456
Learning aetivilies
226,689
108,506
335,195
Turncr Prize
44,648
49.409
94,058
Ea%tbourne Alive
22,661
19,853
42.514
Exhibilion and ¢oll¢clion aclivities
832.703
51,253
883,956
Travel and subsisten¢e
7.446
7,446
Tradfing Aetivities
Shop, café, cinema. venue hire & commercial events
705,170
,478
706,648
Other trading activities
1,325
1,325
TotAI Expenditure
2.014,166
364,956
2.379,122
NET INCOME
348,497
821.132
1,169,629
Transfers between funds
958,457
{958,457)
Net movement in funds
1,306,954
{137.325)
1.169.629
RECONCILIATION OF FUNDS
Total funds brought fonvard
2,972,940
821,548
3,794,488
TOTAL FUNDS CARRIED FORWARD
496411
These noles form part of the financial stalements
26

TOWNER
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2023
12.
INTANGIBLE FIXED ASSETS (GROUP AND CHARITY)
Computer software
COST
At l April 2023 aT)d at 31
March 2024
15,345
DEPRECIATION
At l April 2023
Charge for year
At 31 March 2024
6,138
9.207
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
9,207
13.
TANGIBLE FIXED ASSETS (GROUP AND CHARITY)
Improvements
to
property
Flxtures
fittings and
equipm¢nt
Assets under
construction
Computer
equipment
Totals
COST
At l April 2023
Additions
Irrecoverable VAT
adjustment
Transfers
1,457.727
439,387
194.691
338,634
15.148
16,320
,405
2,252,069
211,244
(10,109)
{10.109)
529 393
634 079)
At 31 March 2024
1977011
458 468
2 453 204
DEPRECIATION
At l April 2023
Charge for year
Transf¢rs
70.888
66,513
97.275
39.924
15.375
995
183,537
150,899
43.468
43 468)
At 31 March 2024
163 870
154 197
334437
NET BOOK VALUE
At 31 March 2024
At 31 March 2023
1.186 84Q
.241J59
94
Improvements lo property comprise the construction of Towner'5 cinema in 2017. the cosl of the ground floor development
project completed in early 22123 and the cosi of the café redci'elopmenl completed in early 2.1124, the laiier transferred from
assets in construction this year (the FFE elem¢nt being Iran4fc￿ed from assels in conslrnclion to that heading).
These notes forni part of the flnancial stalemenis
27

TOWNER
NOTES TO THE FIIYANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2023
14.
HERITAGE ASSETS
Total
Ai l April 2023
Additions- donal¢d (markel va]ue)
Additions- purchased (cost)
At 31 March 2024
1,860,062
124,122
2 065 201
NET BOOK VALUE
Ai 31 March 2024
201
At 31 March 2023
15.
FIXED ASSET INVESTMENTS
The charity controls Towner Enierprises Lirnited, which is in¢orpordied in England, by virtue of holding l 00 /0 of its £ I
equity share capital. The company underlakes ancillary trading activities al Tou'ner u'ith the aim of gifting its taxable profits
to the charity.
2024
2023
Turnover
535,287 513,699
Expenditure
(457,493) (522,594)
Profit(loqs) for the year
77.794
(8,895)
Amounl gift aided 10 the Charily in the year
The Assets and Liabililies of Towner Enlerprises Lid were-
Total assets
189.651
199,210
Tolal liabililies
(176,421) (263,774)
Nel assets
13.230 (64,564)
Represenied by:
Share capital and reserves
13.230 (64,564)
These notes form part of Ihe financial sialemenls
28

TOWNER
NOTES TO THE FIIYANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
16.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024
Group
2024
Charity
2023
Group
2023
Charity
Trade debtors
29.609
18,164
92,081
90.917
Amounts owed from subsidiary
138,043
227.244
Other debtors
285,043
281,999
198,391
197,841
VAT recoverable
24,602
24,602
Restricted funding due
32,857
32.857
Prepayments and accrued income
185 828
185 502
Total
370,909
491.739
500,901
726,105
17.
CREDITORS: AMOUNTS FALLIIYG DUE WITHIN 0￿,E YEAR
2024
Group
2024
Charity
2023
Group
2023
Charity
Trade creditors
29,125
18.542
151,267
135,322
other creditor
979
117
Tax & social ￿e￿rity
28,600
12,730
14,912
Accruals and deferred income
115488
109 933
Total
130,110
91,732
281,785
245,255
These notes forn) part of th¢ financial slatements
29

TOWNER
IYOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
18.
MOVEMENT IN FUNDS
At 114123
Nel income
Transfers
Ai
between funds 3113124
Unrestricted funds:
General fund
4.279,893
55,093
723,529 5,058,515
Restrieted funds:
Building development project (Phase 2-cafe)
439.387
203.125
(642,512)
Collection acquisitions
18.429
77,000
(81,017) 14,412
Leaming
71,843
(55,250)
10,000 26,593
Learning Appeal
Turner Prize
50,591
(40,591)
(10,000)
E&stbourne Alive
30.147
5,895
36,041
Exhibition5
14,596
12,332
26,929
Public Art Trail
Iniva
11,544
11,544
Newhavcn Creative
52.731
{52,731)
Fundraising and Supporters, Costs
2,500
(2,500)
Fidelity (core costs)
86.607
86,607
Art Fund Reimagine
40,853
40,853
Funding of internships
Funding of book production
2,000
6,000
Cinema funding
Total restri￿ed
684.224
288,284
(723,529) 248,978
Total Funds
4,964,117
34.1.376
5.307,493
The main transfer between funds represents the second floor cafe development project being completed in 23124,
moving to general use and leaving reslricted funds. Collection acquisitions are also deemed lo leave the restricted
acqui.5ilion fund once they are purchased {using reslricted funds) and enler ihe general colleclion.
These noles form part of the financial sial¢m¢nls
30

TOWNER
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
18
NET INCOME- DETAIL
Incoming Re%ources Nel income
rewurces
expended
eontd
UDrestricted funds:
General fund
2,351,328 (2,296235)
55,093
Restricted funds:
Building development project (Phase 2 _cafe)
203,125
203.125
Collection acquisitions
77,000
77,000
Learning
38.750 (94.000)
(55,250)
Learning Apprdls
16.331
(16.331)
Turner Prize
35,907 (76,498)
(40,591)
Easibourne Alive
511,915 {506,020)
5.895
Exhibitions
42.345 (30.013)
12,332
Public Art Trail.
65,587 (65.587)
Iniva
25,750 {14,207)
11.544
Newhaven Creative
151,703 (204,434)
(52,731)
Fundraising and Supporters. Costs
{2,500)
(2.500)
Fidelity (core cosls)
97.090 {10,483)
86,607
Art Fund Reimagine
43,200
{2,347}
40.853
Funding of internships
3,300
{3.31M)}
Funding of book produ¢iion
2,000
Cinema funding
(600)
Toial restTiCted
1.314.603 (1,026.319)
288,284
Total Funds
3.665,931 (3.322.554)
343.376
Thes¢ notes forn part of the financial statements
31

TOWNER
NOTES TO THE FINANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
19.
MOVEMENT IN FUNDS- PRIOR YEAR COMPARATIVE
At 114122
Net income
Transfers
At
between funds 3113123
Unrestricted funds:
General fund
2,972,940
348,497
958,457 4.279.893
Restricted funds:
Building development PToject (Phasc l -ground floor)
628.928
426.748
(1,055,676)
Building development project (Phas¢ 2 -cafe)
283.573
153,814 439,387
Building development project (office upgrade)
16.715
(16,715)
Collection acquisilions
41.309
17.000
(39,880) 18,429
Learning
43,614
28,229
71.843
Turner Prize
591
50,000 50,591
EastbourneAlive
30,147
30,147
Exhibitions
92,915
(28.319)
(50,000) 14,596
Collection Curalion- Kickstart
Iniva
Newhaven Creative
12.783
39.948
52.731
Fundraising and Supporters. Costs
2.500
2,500
Kickstart (core c0515)
Other
4,000
Total reslricled
821.548
821,132
(958,457) 684,223
Total Funds
3.794.488
.169,629
4,964,117
The main transfer beiween funds represenls the Ground Floor Developmenl project being compleled in 22123,
moving to general use and .so leaving restricted funds. The lop floor cafe project was funded in arrears against
invoice% paid and so shows temporary funding from unrestricted funds as at the year end. The top floor cafe project
was completed in 23124. £50,000 fvnding received in adi'ance for the Turner Prize in 21122 has been reallocated
from Exhibitions as the Turner Prize is now shown ￿Paral¢lY. Unreslricted re.serve5 include £215,000 designated to
Emerging Artists, expenditure and new slaff positions.
These notes forni part of the financial stalem¢nts
32

TOWNER
NOTES TO THE FINANCIAL STATEMENTS- eontinued
FOR THE YEAR ENDED 31 MARCH 2024
19
contd
NET ￿COmE - DETAIL
Incoming Resources Net income
resourc&s expended
Unrestricted fund$:
General fund
2.362,663 (2,014,166)
348,497
Restricted funds:
Building development project (Phase l - 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
17,1KKI
17,000
Learning
136,238 (108.008)
28,229
Turner Prize
50,0(K) (49.409)
591
Easibourne AITve
50.000 (19,853)
30.147
Exhibitions
4.250 (32,569)
(28,319)
Collection Curdlion- Kicks13rt
6.437
(6,437)
Iniva
11.750 (11,750)
Newhavcn Creaiive
174.404 (134,456)
39.948
Fundraising and Supporters, Cosis
2.500
2,500
Kickstart (core c0515)
1,493
(1.493)
Other
4.980
(980)
4.000
Total reslricted
1,186,087 (364.956)
821.132
Total Funds
3,548,751 (2,379,122)
1,169,629
These notes forni part of the financial statements
33

TOWNER
NOTES TO THE FIIYANCIAL STATEMENTS- continued
FOR THE YEAR ENDED 31 MARCH 2024
20.
EMPLOYEE BENEFIT OBLIGATIONS
For staff who transfe￿ed from the Easiboume Borough Council in 2014, the charity operate% a pension %ch¢me
providing defined benefits based on pensionable pay. The assets of the scheme are hcld 5cparalcly from those of the
charity, being part of the East Sussex Pcnsion Fund. Pension contribulions are detennined by a qualified actuary on
the basis of triennial valualions. The latest valuation was carried oul as 8131 March 2023. Under an agreement with
Eastboume Borough Council, Towner's liability is limited to an employer contribution r3te of 19.20/y of pensionable
pay. Other slaff hav¢ the option of joining a defined contribution scheme under auto-enrolment provisions.
21.
RELATED PARTY DISCLOSURES
Towner employed the services of King & McGaw Lid. the value of ihe work carried oul totalled £23.120 (202.3
£18,160) and received commercial sponsorship of £50,000 (2023- £25.000). King and McGaw is a company 0￿,ned
by Mr G King. a Trustee of Towner.
22.
MEMBERS, LIABILITY
The ch3ri1y is a private company limited by guarant¢c and consequenily does not have a share capilal. Each of the
members is liable to contribute an amount not exceeding £1 towards ihe assets of the charity in ihe eveni of liquidalion.
23.
POST BALANCE SHEET EVENTS
In late August 2024, the senior t¢am were informed that Eastbourne Borough Council will be applying a £IOO,000 cut
lo their funding of Towner in the current financial year (24125) with immediate effect, along with a possibl¢ further
Cut coming in the next finaneial year. This is a resuli of Ihe growing homeless crisis in the town and the pressure this
is putting on the Council's budgei. There is currently no decision on the future funding level. so the current income
diversification programme will be accelerated, and a full review of free (unti¢keted) activity will take place, alongside
a full ￿vIeW of all ¢xp¢nditure. In addition. we will be accelerating the installalion of solar panels to reduce energy
costs.
These notes form part of Ihe ftnancial statements