REGISTEREDCOMPANY NUMBER: 08803625 (England and Wales) REGISTERED CHARITY NUMBER: 1156762 REPORT OF THE TRUSTEES AND AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR TOWNER *AEHHIHAV• 1511212025 COMPANIES HOUSE A15
176
TOWNER CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2025 Page Tru$te¢$' Report Incl, Chair's Foreword 3 to 10 Report of the Independent Audltors S¢atem¢nt of Flnan¢lal A¢¢lvltles 14 Balance Sheet (Group) 15 Bydlance Sheet (Charlty) 16 Ca$h Flow Statement 17 Notes to the Cash Flow Statement 18 Note$ ¢0 the Finaneial Statements 19 to 34
TOWIYER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH The trusiees who are also direciors of the charity for the purposes of Ihe Companies Aci 2006, present their report wilh the financial Slalemcnls of the charity for Ihc year ended 31 March 2025. Th¢ truslccs have adopted the provisions of Accountin8 and Reporting by Charilies: Sialemenl of Recommended Praciice applicable 10 charities preparing Iheir accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019). OWECTIVES AND ACTIVITIES ObJectlve5 Founded as an art gallery for the people, Town¢r presents world-elass exhibitions of national and international Significance and works from our acclaimed collection. We work in collaboration with individuals, communities and organisalions, especially those with leasl access to the arts, lo cnsure that we arc rclevanl to all our audiences. An innovaiivc cultural social asset for Eastbourne and the South East., Towner brings the mosi exciting developments in modern and contemporary art lo loeal, national and inlernalional audiences, develops and supports anisiic pra¢ti¢e, and provides a place for experimenlingi creaiing and ialking about art and culture. Towner has been established for public benefit to fulfil the following charitable objectives.. To advance Ihe cducalion, enjoyment and apprccialion of the public at large of the arts by the establishment andlor maintenance of an art gallery To advance the education, enjoyment and appreciation of the public at large of ihe arts by the maintenance of Towner in Easibourne To advance the education, enjoyment and appreciation of the public al large of Ihe arts through Towner's art colleciion To pursue such oiher charilable purposes analagous lo any of the objects as the Truslecs in their absolute discretion shall delerniine. ChAlr's Fortword I was delighted to join Towner in November 2024 as Chair of the Board of Trustees leading one of the most dynamic and ambitious regional visual ans organisalions in Ihe Untry. I would like lo fomally thank David Dimbleby for his exceptional leadership as Chair over the previous decade, which saw Towner grow from a local gallery to a significant regional cultural inslilulion. welcome David's continued involvement as President and look forward io our continued work 108eiher. His support and advice will be invaluable as Towner enters a new era of growth and divcrsificalion. lis ambitious strategy over the next four years will be a driving force for the sustainable cultural development of the Seven Sisters region ihrough straiegic initiatives including Towner Seven Sisters and the Newhaven Creative Opportunilies Zone supporting the iown's creaiive secioT development. Ai a lime of significant economic and social change, organi5alions like Towner have an even more critical role lo play as cenlres of leadership al the heart of local communities. Increasingly, we will have to adapt to the challenges of wider fundraisin8 by broadening our support and thinking creatively how we build existing slralegic relationships while forging new partnerships. Black Robin Fam, the new Community and visitor destination, will be an integral part of this. I would also like lo lake this OPPOrtunily lo recognise Ihc contribution of all Iru51ccs, in particular those who stepped down during the year. Dinah Casson for her commitment as Deputy Chair over len years and Jenny Will lams BEM for her expert contribution lo improving diversity and inclusion across the organisalion. We welcomed fomier Green MP Caroline Lucas lo the Board bringing her expertise in environmental suslainabilily as a new trustee. We will continue lo add addilional experience as needed lo reflect future opportunities for Towner and ensuring a good and diverse mix of skills, including younger Iruslees. As an organisaiion we are only as impactful as the people who work for us, so we are very lucky 10 have such a strong Executive Team led by Chief Executive Joe Hill together wilh the wider Towner team of siaff and volunieers. I would like 10 thank Ihem all for their continued dedication and commitment. Stephen Wclton CBE
TOWNER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH Trustees Report on Activities This year we have prioritised building on the success of Towner's centenary programme and the Turner Prize exhibition in 2023 which brought record visitor numbers lo the gallery and the town-wide Ea5tboume ALIVE programme. We have undertaken a slralegic review of current programme and operations and worked throughout the year on specifi¢ Strategic inilialives lo build rinancial resilience through iask and finish groups and lo identify priorities for Ihe next slralegy 2026-2030. This period will deliver significant organisational growth wilh the opening of a second visitor destination at Black Robin Farni on the South Downs which will calalyse Easiboume's economic regeneralion and a new cultural strategy for East Sussex's coastal region. Considerable lime has been invested by the Executive with the Senior Management Team improving systems and data capture to betier understand audiences and identify opportunities 10 grow and broaden visitor numbers and income. With Iruslees and in consullation with the wider ieam, Ihe new strategy from 2026 will deliver growih around three goals.. incTeascd national and international profile, Towner as a cultural Changemaker and organisational suslainabilily and business innovation. Alongside this period of refleciion and planning, our programme has delivered a range of high-qualily exhibitions and associated events, alongside fairs, film screenings and family and community aclivilies for almost 172,000 visitors and participants. We announced Stephen Welton CBE. Chair of the British Business Bank, as Towner's new Chair, and welcomed former Green MP Caroline Lucas lo the Board of Trusiees. Following len years as Chair, David Dimbleby became the gallery's first Presidenl. Towner remains al Ihe heart of the region's cultural development through its chairship of Culiure Easi Sussex which advocates for the creative sector and Ihe region's culiural landscape. Diversity & Inclusion Delivery of the Youth Voi¢¢ Slrategy conlinucd lo broaden ihe diversity of voices in Towner's decision-making processes. The Acquisitions and Collections Commiiiee membership of l O people under 30 years of age has focus¢d on selecting an artwork for acquisilion into the collection alongside Iraining sessions from Towncr team and gallerisls and visiting artist studios supporting their professional development. Two Irusiee positions have been advertised for under 30 year olds wilh Ihe process supported by Kids in Museums. Universily of Sussex undergraduate mentors are working wilh Ihe Skills & Opportunities Producer lo deliver th¢ Year 9 project Future Makers. Commerclal Enterprlses A new programme of maker fairs began with ihe Towncr Jcwcllcry Fair followed by a Christmas Fair and a Ccramic5 Fair in March supporting over l 00 independent makers and altracling 7000 visitors and generating significant new income. The team has expanded with a new part-time coordinator Starting in March who will support on venue hire and growing fairs. courses and cinema programme and a new strand of eveni and hospiialily packages developing as part of Ihc Towner Experiences brand. We installed a high-speed LAN line into the cinema in January 2025 enabling additional RBO event s¢reertin8s. Limited edition prints of Robert Tavcner prints generated significant income in partnership with Emma Mason Gallery. Preparatory work for Ihe new print on demand service is in place for launch in summer 2025. Fundraising Thanks lo generous contributions from all our supporters, our contributed income reached £691,000 from granls, donations and membership. Alongside support for exhibitions, community programmes and Colleciion a¢quisiiions, there has been important investment in environmenlal suslainabilily thanks lo the Rick Mather David S¢ras¢ Foundation. In March we switchcd on solar panels on Ihe gallery roof, which with siorage batieries, will reduce both energy usage and utilily bills. Infrastructure investment thanks lo Fidelity Foundation in a CRM system and roles means we can plan ahead with robust daia and insighi to grow audiences, supporters and financial Suslainability. And finally, we are delighted lo have been awarded a development phase grant by the National Lottery Heritage Fund Ihanks to national lottery players, lo develop the next phase of the Black Robin Farni projeci including the detailed design of the oldest parts of site and testing a new heritage engagement programme.
TOWNER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH The Year in Numbers We welcomed 171,7S7 visitors lo Towner In our cinema, we held 393 screenings of 81 titles with 19,766 people enjoying a film at Towncr Cinema throughout the year We opened 8 new exhibitions Almost 20,000 people attended our summer exhibition Emma Siibbon Meliing Ice | Rising Tides and almosi 12,000 visited the aulumn exhibilion Drawing the Unspeakuble. not includin8 members, visits. More than 1,500 people attended our public programme of talks, workshops and masierclasses Over 2,600 people of all ages participalcd in our Familic5 Programme, including 946 under-5s and their adulis who allended 34 Wriggle Room sessions at Towner and Willingdon Trees Communily Cenire. There were 1.1 million page views on our webslte We saw our social media a¢eounls grow by 6•/0 as we welcomed over 3Jk new followers across our plaiforn)s We generated press cov¢ra8e Ihal re¢eiv¢d over S mllllon views We acquired over a thousand new pieces of artwork for our collection 7 of which were purchased, and Ihc rest were gifted.
TOWNER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH ProgrAmme Report Durin8 the period l April 2024 10 31 March 2025, Towner delivered a vibrant exhibition and public programme, underpinned by strong learning and engagemeni aciivily for 171,757 visitors and participanis. The highlighis below demonslraie how Ihe gallery has cngagcd audiences of all ages and backgrounds, supported by a year-round programme of exhibitions, events and community- oriented leaming. Exhibltions Turiier Prize 2023 (28 Septembtr 2023 - 14 Aprll 2024) The presiigious exhibilion featuring the four shortlisied artists Jesse Darling, Ghislaine Leung. Rory Pilgrim and Barbara WalkcT closed in April 2024. The exhibilion and Ihc Easibourne ALIVE communily programme welcomed more Ihan 260,000 which featured over 385 events, exhibitions, pcrfonnances, and workshops. Emma Stlbbon: Meltliig Ice l Rlsliig Tides <9 May - IS September 2024> Emma Siibbon's firsl major UK inslilulional exhibition presenled new and existing artworks including Cli]TFall (2023), 0 monumental wall-drawinglinstallalion, evoking rock-falls increasingly common on the UK coast. Siibbon's work draws on field- research in Ihe High Arciic. Anlarciica and on ihe Sussex coastlirte, deploying drawing, printmaking and large-scale installation to trace the link between polar ice-sheel reireai and coasilinc change in Ihe UK. As part of the as50cialcd public programme of events, we launched Climate Eco Cafe partnering with Seaford and Lewes Climate Eco Cafes, a series of drop-in spaces for pcoplc 10 eomc togeihcr and share how the climalc emergency and related biodiversity crisis are affecting Ihcm. M#rlA Amldu: lil rlie perpetual bdck uiidfortli (4 May- 8 September 2024) Presented as part of iniva's Fulure Collect Commission partnership, Maria Amidu's exhibilion centred on 26, 778, 780 minuies a papei and iexl-based installaiion and accompanying sound piece, featuring over 1,000 sheeis of laser.elched handmade abaca fibre paper. Thc artwork has now joincd our Collection thanks to support from Art Fund. Florence Peake: FACTUAL ACTUAL performances {9 May- 16 June 2024) CompleTncnling their exhibition at Towner, FACTUAL ACTUAL presented seven large-scale paintings suspended over a gloss dance floor. Six dancers used a rig and pulley system lo hoisi, lower, fold, and drag the works during live pcrfonnances al the Welcome Building. Rob¢r¢ Tivener: Shap¢ Potterii Colour, The Art olPriiitmqkiiig (19 S¢ptember- 3 November 2024) This exhibiliort c¢lebraied the work of prinimaker and illusirator Robert Tavener (1920-2004), whose long-sianding career is rooted in Easlbournc and the Sussex coasl. Lithographs, linocuts and illustrations from ihc Towner Collcciion and Emma Mason Gallery, presented Tavener's output ranging from children's book illustraiion, commissions (London Transport, Shell. BBC. Radio Times) and his print teaching practice via Easlbourne College of Art. Drawiiig iht Uiispeukttble (S October 2024- 27 AprRI 2025) Curated by broad¢asler David Dimbleby and his daughter, artistlwriter Liza Dimbleby, this exhibition brought 108elher approximately 300 works by more than 90 artists exploring drawing as a medium for expressing the inexpressible. The works addressed themes including war. disaster, displacement. mental and physical illness, loss, birth. memory and dream. Artworks ranged from Louise Bourg¢oi5, Barbara Hepworth, David Bomberg to contemporary voices Trac¢y Emin, Kara Walker and Emma Talbot. A dislinclive fealure was the printed conversations belween father and daughter reflecting on their diff¢r¢nl viewpoinls Oournalisl and artist) and their curatorial logic. Exhibition events & activities included 'Queslion Time- Flippcd. a Q&A event featuring David Dimbleby, Liza Dimbleby and artist Naiza Khan. a collaboralive drawing workshop, and an 'Ethical Taxidenny & Scenery Collage, workshop, a free event for all ages linking lo this and the Byrne exhibitions. Nigel HAII RA: Here and Now, There aiid Then (16 November 2024k 2 March 2025) This mid-career retrospective of sculptor Nigel Hall RA (b.1943) brought together sculptures, drawings and prints spanning some 50 years of praclice. The exhibition highlighted the c¢nlrality of drawin8 to Hall's practi¢¢: from early landscap¢ skeiches of the
TOWNER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 3] MARCH Mojave Desert (late 1960s) through large-scale charcoal drawings to his most receni compuier-modelled sculplural works. To.. coincide with the show, his five-melre-high magcnl& slecl sculpture Gravity/Levity (2015) was installed on the Devonshire Quarter Plaia outside Towner. Ger4rd Byrne: Jieleineguvvle guvvie sJisJiiJell- Fllm.Inslde Ali linag¢ {2J September 2024 - 21 Aprll 2025) The first preset)talion of a newly acquired work whose title is drawn from the Southern sami language. Purchased through Art Fund's Moving Image Fund. this film work by Gerard Byrne (b.1969) explores the convergences of image, film, environment and memory. Byrne documenis a 360-degree panoramic nalural-hislory diorama al the Biologiska Museei in Stockholm (1893), employing field recordings of animal calls and birdsong, exploring relaiionships with naiure, preservation, image-lechnology and the unehnny. Public ProgrAmme Events Towner Centenary Commisslons saw ihe launch of two public artworks co-produced with Community groups in Eastbourne'.s Seaside, Shincwater and Langnr.y. Artisi Navine G. Dossos w.orked with residents of Eastbourne's Devonshire Ward (Seaside) to create RlvierA: a communily-designcd lexlile paiiern made from enCIl$ relaiing 10 the multi-cultural neighbvurliiiod which was launched and cxhibiled al VOLT Gallcry in Easibournc from 28 July lo 15 Septcmbcr 2024. The Findings project crcaled five artworks by arti Verity-Jane Keefe that were installed in Shinewater and Langney. Using the Bronze Ase history of the area as a starting point, Verily-Jane worked with 60 local school. children, Shinewaier and Langney residents, and a local Easlbourne foundry lo create the artworks from objects exlracied during archaeological digs and ai Eastbourne's Tecycling ¢entre. Creatlve ]Yewhaven Newhaven's Cultural Programme funded by Newhaven Enterprize Zone expanded Ihis year delivering a mix of Towner produced and Ihird-party exhibitions, events and acti vilies in Ihe Marina Workshops following 115 refurbishment. The Summer al Sidings programme during August delivered events including music, cabaret, dance and participatory art aimed al families aiiracling over 2000 people over three weekends. The Growth Fund awarded granis io Haven Young Creatives, Ignite Theatre, KP Projecis, Play On Produciions, and Edgeland Modern. Lernin8 and Enggemen¢ The leaming and engagemenl programme aligns wilh Towner Collection themes and ihe year's exhibilions providing'artist-led creative sessions and workshops for all ages. Key strands during the year included artist-led activilies for Early Years and families to develop imagination and creaiive ¢onfid¢nce in youn8 children and Iheir.care8ivers, and creativity and skills in young people. Regular aclivilics include Famlly Days, gallery takeover days during Ihe school holidays and weekly drop-in Wrlggle Room. sessions for undcr 5s and Iheir caregivers. There wer¢ 1500 participants for Family.Days and almosi 1700 attendan¢es for Wriggle Room during 2024125. Funded by Ea51 Susscx County Council, the Holiday Activities And Food Programme delivered 10 sessions during the summer holidays for children eligible for free school meals. including. 1hose.wiih special needs. and their families with over 180 participants. School/college group visits were either, self.direcied or guided. wilh over 1700 during the year. 130,pupils, from l O secondary schools atlendcd artisi-lcd sessions ai Ilic gallery and in classrooms as part of Ihc new Future Makers programme for Year 9 studenls deciding their GCSE subjecis. To.wner's youih colleciive, Banwna Sh4rks, designed and led Lois of Greal Things, an open studio event that saw the group take'over the ground floor studios and presenl an inslallalion inside our huge lift. Arls in Mind continued bi-weekly for the group of adults with mental health conditions, with a focus on building resilienc¢ and positive mental health. Skills & Tr4inin8 12 Year 12 students (17118 year olds) undertook ski115 Iraining with Towner.exhibilion technicians and Visitor Services, and ten Year l O students undertook work experience placemenls.ai Towner and .with Ihe Creative Newhaven programme. There wcrc additional Year 12 work experience opportunilies in curatorial, evcnls and.mark¢ling funded by Talent Acceleralor. 50 East Sussex College studenis attended ¢areers talks ai Towner as part of the Wish You Were Here progTamme. 2 young people attended paid work Cxpericnce a5 Events Assislan15 at film screening5 and Towner maker fair5. Towncr supported one year long work placement for an East Sussex College sludenl.
TOWNER REPORT OF THE TRUSTEES FOR THE YEAR ENDED31 MARCH 2025 Financial posltion and reserves Total reserves at the end of the year were £6,220,662 (2024.. £5,307.493). The Trustees have set a reserves policy which is producl of siralegic planning, budgeting and risk managemenl. The policy requires Ihal Ihe charity's core aclivily, funded Ihrough Ihe unrestricted reserve, could continue for six months during a period of unforeseen difficuliy, which is in line with Charity Commission recommendations. The unrestricied free reserves (excluding fixed assets) which lolalled £ 1,115,703 as al 31 March 2025 (2024: £868.409) meet this requiremeni based on budgeted core CO for the year ended 31 March 2026 of £1,498,000. Mainlaining a six-monih operating reserve will support the organisaiion in trading ihrough Polenlial adversity. taking in lo account future commilmenls and Ihc pos5ibilily of lack of financial invcslmenl from key public funders. The level of reserves will be monitored and reviewed by the Trustees on a regular basis. Unrestricted reserves include £185,000 (2024..£205,000) designated to Emerging Artisls. expenditure and new staff positions. Prln¢lpAI rl$k$ and un¢ert*iDtle$ Going Concern The principle financial risks facing the charity and ils tradinB Subsidiary are considered as part of the overall approach to risk managemenl, bul include variation to visitor forecasts, changes lo income from Easibourne Borough Council and Arts Council Englartd, unplanned expendilure and a challenging economic environment. The Truslees have reviewed ihe cash position of Ihc charily and are satisfied that the charity will remairt able lo meet all its financial ¢ommilments. The Truslees believe that the charity is able 10 manage ils financial risks successfully and are confident that there are sufficient reserves for the operation lo continue.
TOWNER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 STRUCTURE, GOVERNANCE AND MAIYAGEMENT Governlng document The chariiy is a company, limited by guarantee, as defined by the Companies Act 2006. 11 is governed by its Memorandum and Articles of Association. Recruitment And Appointment of new trustees The management of Towner is the responsibility of the Trustees who are elected and co-opted under the lernis of the Articles of Association. The maximum number of Trustees was initially eleven bul can be increased al the discretion of the Board. Of the total number of Trustees iwo are to be appointed by Easibourne Borough Council. Trustees are required to retire by roiaiion whereby onc third of the Trustees shall be required io relire each year bul shall be eligible for reappointment. Trusiees may be re-appointed by the Board al the end of each term of office. OrRfinl$atlon&l $try¢tur¢ There are Currently twelve Trustees who have delegaied powers to the Executive Director and Senior Management Team to make expenditure dls1OnS within the framework of the approved annual budget. A Finance and Resources Sub-commiltce has been ¢51ablished. This Commiiiee monitors income and expendilure and perfonnance against the approved budget and reports back to the Board. They also approve and Monitor Health and Safely policies and the Risk Rcgislcr. The day-io-day activities are controlled by Joe Hill, Executive Director, and Ihe Senior Management Team who lead departmenls and report 10 the Execulive Director. Joe Hill was previously registered as a Direcior ai Companies House bul following professional advice that the Companies House Dire¢lors should only ¢omprise the Trustees, he was removed from Companies House registration as a Direcior on 6 October 2025. Inductlon Ind tralnlng of new tru5tee$ Trusiees are recruited a¢¢ording 10 the Trustees, and Executive Director's on80ing assessment of the skills and experiences needed for the Board of an art gallery and museum. These include expertise in national and iniemaiional arts and Culture, fundraising, finance, HR and legal. Prospective new Trustees are recommended lo the Chair and Executive Director, who assess the ¢8ndidales and decide whether lo proceed with the appoinlmenl. The newly appointed Trustees received an induction from Towner's solicitor, advising them on their legal responsibilities. They were given thorough briefings by the Executive Director, Senior Managemcnl tcam and the Chairman. REFERENCE AND ADMINISTRATIVE DETAILS Regisiered Company number 08803625 (England and Wal¢s} R¢ElSt¢red Ch*rity Dumb¢r 1156762 Regi$tered office Towner Devonshire Park College Road Easlbourn¢ East Sussex BN214JJ
TOWNER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Tru$tee$ J Babarinde M Bannister M Baett D Casson F Cahn FDennis D Dimbleby (fonner Chair) {resigned 18 November 2024) J Jones (resigned 27 November 2025) G King M Leach C Lucas J Smales S Wclion (Chair) J Williams C Wood (appointed 8 September 2025) {resigned 3 June 2024) (appointed 8 September 2025) (appointed I l December 2025) (appoinied 2 Decembcr 2024) (appoini¢d 18 June 2025) {appointed 18 November 2024) (resigned 2 December 2025) Executlve Dirt¢tor Joe Hill Extern#l Flnan¢e Committee Member Judiih Barber Audltor$ Xeinadin Audit Limilcd Chartcrcd Accounlanls Registered Auditor 36 Old Jewry London EC2R 8DD COMMENCEMENT OF ACTIVITIES Charitable Trusi slaius was obiaincd on l July 2014, from which point the Trust commenced ils charitable activiiies. STATEMENTOF TRUSTEES. RESPONSIBILITIES The trustees (who are also the directors of Towner for ihe purposes of company law) are responsible foT preparing the Report of Ihe Trustees and the financial slalemenls in accordance wilh applicable law and United Kingdom Accounting Siat)dards (United Kingdom Gcncrally Accepted Accounling Practice). Company law require5 the Iruslee5 lo prepare financial slatemenls for each financial year which give a Irue and fair view of the slate of affairs of the charilable company and of the incoming resources and appli¢aiion of resources. including the incomc and eJ(pendiluTe, of ihe charitable company for that period. In preparing those financial statements, th¢ Iruslees are required select suitable accounting policies and then apply them consistently: observe the meihods and prit)ciples in the Charity SORP. make judgements and estimalcs ihat are reasonable and prudent. prepare the financial staiemenls on the going concern basis unless it is inappropriaie to presume that the charitable company will continue in business. The trnstees are responsible for keeping proper accounting records which disclose with reasonable a¢¢uracy at any lime the financial posilion of the eharilable company and lo ertable them lo ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable ep$ for the prevention and detection of fraud and other irregularities.
TOWNER REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 In so far as the trustees are aware.. Ihere is no relevant audit informaiion of which the chariiable company's auditors are unaware. and Ihe Iruslees have taken all steps Ihal they ought lo have laken lo make themselves aware of any relevant audit infoTmalion and to establish Ihal the auditors are aware of Ihat informalion. Report of Ihc Iruslees, incorporaling a slralegic report, approved by order of the board of Irusl¢e$, as the company diTeclors, on I l December 2025 and signed on the board's bchalf by.. S Weliort - Trusiee 10
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TOWNER Opinlon We have audited the financial slalcinents of Towner (the 'char?table company,) and ils subsidiary for the year ended 31 March 2025 which comprise the Consolidated Siatemenl of Financial Activities, the Consolidated Balance Sheet. the charily Balance Sheei, Ihe Cot)sol idaied Cash Flow Siatemenl and notes to the financial slatemenis, including a summary of significant a¢¢ounling policies. The financial reporting framework that has been applied in their preparation is applicable law and Uniied Kinuidom Accounling Siandards, including Financial Reporting Standard 102 'The Financial Reporting Siandard applicable in Ihe UK and Republic of Ireland, (United Kingdoni Generally Accepted,Accouniing Practice). In our opinion the financial #aiements: give a true and fair view of the state of Ihe chariihble ¢ompAny's and its subsidiary's affairs as al 31 March 2025 and of their incoming resources and application of resources. including Iheir income and expendilure, for Ihe year Ihen cnded,. have been properly prepared in accordance with Uniied King.dom Generally Accepted A¢¢ounting Practice. and hai'e been prepared in accordance will) the requireinenls of the Companies Act 2006. Bsi$ for opffinlon We conducted our audit in accordance with Inlernaiional Siandards on Auditing (UK).US.A.%,(UK)) and applicable law. Our responsibililies under those standards are further described in the Auditors, responsibililics fgr. the au'dit of the financial siaicmenls seciion of our report. We arc indepcndenl of Ihe charilablc company in accordanc¢.with'ilie e!h"ical,requiremenls Ihal arc rclevanl lo our audil of the financial slalemenls in the UK, including Ihe FRC'S Eihical Siandard.. and'wt'hav¢ fulfilled our oih'ér eihical respibnsibilities in accordancc wilh these requiremcnls. We believe thal the audii evidence ive liave obtained is sufficienl and appropriate to provide a basis for our opinion. Concluslons relilng to golng concern In audiiing ihe financial Alalemenls, we have concluded ihai the Irusiees, use of Ihe going ¢on¢ern basis of accouniing in Ihe preparation of the financial Slalemenls 15 appropriate. Based on ihe work we have performed, we have noi identified any material uncertainties relating lo events or Conditions thai, individually or ¢oll¢ciively. may ¢a.%i significant doubt on Ihe cliariiabl¢ ¢oinpany's abilily 10 continue a5 a going concern for a period of al,leasl twelve monihs from when the financial slaiemenis are auihorised for issue. Our responsibililics and the responsibililic5 of Ihc Inislees with rcspecl lo going concern are described in Ihe relevant sections of Ihis report. Other information The Iruslees are responsible for the other information. The other infornialion comprises the infonnalion in¢luded in the Annual Report, other than the financial slalemenls and our Report of the Independeni Auditors Ihereon. Our opinion on Ihe financial siatemenls does noi cover Ihe other information and, except 10 the extent otherwisc cxpliciily staled in our report, we do noi express any fonn of assurance conclusion thercon. In connection with our audit of the financial slalements, our responsibil ily is lo read the oiher informalion and, in doit)g so, consider whether the other infomalion is materially incon%isleiil wilh ihe financial sialements or our knowledge obtained in the audii or otherwise appears io be materially misslaled. If we idcnlify such maierial inconsistencies or apparent mat¢rial misslatemenls. we are required io deterniine whether this gives rise to a malerial misslalement in the financial slalemenls Ihemselves. If, based on the work we have perforined. we conclude that there is a material missialemeni of Ihis oihcr informaiion, we are required to report thai faci. We have noihing 10 report in Ihis regard. Opinions on other niAtters preseribed by the Comp*nies Act 2006 In our opinion, based on the work undertaken in Ihe course of Ihe audil.. the information given in the Repori of Ihe Trustees for Ihe financial year for which the financial stalemertts are prepared is consistenl wilh ihc financial statements; and Ihe Report of Ihe Trustees has been prepared in accordance with applicable legal requirements.
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TOWNER- continued Matters on whieh we are required to report by exception In the light of the knowledge and undersianding of the charitable company and ils subsidiaries and their environment obtained in the course of the audit, we have not identified material misstalemenls in the Report of ihc Trustees. We have nothing 10 report in respect of the following mailers where the Companies Act 2006 requires us 10 Teport 10 you if, in our opinion- adequate accounting records have not been kept or returns adequalc for our audil have not been received from branches not visited by us. or Ihe financial Slatemenis are noi in agreement wilh the accounting records and retums- or certain disclosures of trustees, rcmuneralion 5pccified by law are not made; or we have noi received all the informaiion and explanations we require for our Audit. Responsibilities of trustees As explained more fully in the Statement of Trustees, Responsibilities. the trustees (who arc also the direciors of the charitable company for the purposes of .company law) are responsible for the preparation of the financial statements and for being satisfied thai they give a true and fair vieiv, and for such internal control as the Irusiees determine is necessary io cndble Il)e preparation of financial Staiemenis Ihai are free from maierial misslaiemenl, whether due lo fraud or eOr. In preparing Ihe financial stalemenls, the Iruslees are responsible for assessing the charitable company's ability,io continue as a going concern, disclosing, as applicable, mallers related to going concern and using the 80in8 concern basis of a¢¢ounting unless the trustees either inlend 10 liquidaie Ihe chariiable company or to ccase operations, or have no realistic aliernalive but to do so. Our respon$lbllltl¢s for ihe aud1¢ of the finon¢l41 $¢•tement$ We have been appoinied as audiior under section 151 of Ihe Charities Aci 201 l and report in a¢¢ord&nce with the Act and relevant regulaiions made or having effect Ihereunder. Our objeclives are lo obtain reasonable assurance about whether the financial statements as a wholl are free from. aterIal misslalemenl, whether due lo fraud or error, and to issue a Report of Ihe Independenl Auditors ihat includes our opinion. Reasonable assurance is a higli level of asi+uraiice bul is not a ¥uaraniee Ihai an audil conducied in accordance wilh ISA5 (UK) will always deiecl a material misstaiemenl when il exisis. Misstal¢m¢nls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users iaken on the basis of Ihesc financial Slalemenls. Irregularities, including fraud, are insiances of non-compliance wilh laws and regulaiions. We design proccdures in linc with our responsibilities, outlined above. lo delecl material missialemenls in respect of irregpularilies, including fraud. The extent lo which our procedures are capable of delecling irregularities, including fraud is dclailed below.. •We identified areas of laws and regulations thai could reasonably be expecied 10 have a material effect on Ihe financial slaiements from our sector experience and Ihrough discussion with ihe management leam •We had regard to laws and regulations in areas that directly affect the financial statements including financial reporting and taxation legislation. We considered that exlenl of compliance with those laws and regulations as part of our procedures on the related financial slalement iiems. •Wiih the exception of any known or possible non-compliance, and as required by auditing standards, our work in respect of Ihesc was limiied to enquiry of Ihe management leam. •We cornmunicaied idenlified laws and regulaiions Ihroughout our ieam and remained alert lo any indicalion5 of non- compliance throughout the audil. .We addressed the risk of fraud through management override of controls. by testing the appropriateness of journal entries and other adjustments. assessing whether the judgements made in making accounting eslimales are indicative of a potential bias. and evaluating the business rationale of any significant transactions Ihal are unusual or outside thc nOnal course of business. 12
REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF TOWNER- eontinued Our audit proccdures were designed lo respond lo risks of material misslaiemenl in the financial slalements, re¢ogni2ing ihai Ihe risk of not detecting a material misslalement due lo fraud is higher than the risk of not deiecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery, misrepresenlalions or through collusion. There are inherent limilalions in the audit procedures perfomled and the further removed non-compliance with laws and regulations is from the evenls and transaclions reflecl¢d in the financial sial¢ments, the less likely we are io become aware of it. A further description of our responsibilities for Ihe audit of the financial slalements is located on the Financial Reporting Council's websile at www.frc.org.uklaudilorsresponsibilities. This description forms part of our Report of Ihe Independent Auditors. Use of our report This report is made solely to the charitable company's members, as a body, in accordance with Cliapler 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we mighi slate lo the charitable company's members those mailers we are required io slale.to them in an audilors,. report and for no oiher purpose. To ihe fullest exlenl pemiiiied by law, we do nol accept or assume responsibility lo anyone other than the charitable company and the charitable company's members as a body, for our audit work, for ihis report, or for the opinions we have formed, Andrew Hill FCA (Senior Statutory Auditor) for and on behalf of Xeinadin Audit Limited Chartered A¢counianls Regisiered Auditor 36 Old Jewry London EC2R 8DD 13
TOWNER CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted Restricied funds funds Notes INCOME AND ENDOWMENTS FROM: Donations and legacies 117,135 186,548 303,683 477,844 Works donated 10 collection 667.920 667,920 124,122 Ch4rit•blt Aetlvlties Secured funding EBC Secured funding Ans Council England Newhaven Creaiive Learning aclivilies and fiinding Turner Prize Funding Easibourrte Alive funding Exhibition & collection activities and exhibilion funding Public Art Trail fundin&. Memberships, Patrons and Director's circle Museums & Galleries Exhibilions Tax Rclicf Trading acliviiies.. retail, café, cinema, venue hire & cvenls Other income Total 314,000 537.962 314,000 537,962 190,513 171,410 350 65,500 211,684 413.880 537,962 151,703 66.081 189,575 511,915 280,814 190,511 171,410 350 65,500 122,500 89,184 120,781 120,781 110,847 199,348 65,587 108,205 189,387 110.847 199,348 619,206 4,500 623,706 540,967 36,782 2,692,734 36,782 861,75J 3,554,485 7,889 3,665,93J EXPENDITURE ON: Chari¢4ble activitie$ Fundraising and supporters. S(S Newhaven Crealivc Learning activities Turncr Prize Eastbourne Alive Exhibition & collection activities Public Art Trail Heriiage Travel and subsistence Trading Activities Shop, café, cineina, venue hire & commeIal events OtheT trading activilies Total 152,032 29,835 190,513 156,007 181,868 190,513 423,042 26,001 101,541 101,541 85,001 1,018,094 120,781 122,787 6,322 28,724 182,628 204,434 355.581 593,732 523,589 694,329 65,805 267,036 26,001 933.093 2,006 6,322 28,724 17,402 501,9H 40,051 541,995 684,444 429 .917,588 429 609 723,728 2,64J,316 , )j22,554 NET INCOME 775,146 138,02J 913,169 343J76 Transfers between funds 18 184,455 (184,455) Net movement in funds 959,601 (46,433> 913,169 343J76 Total funds brou&?hi forward 5,058,515 248,978 5,307,493 4,964,117 TOTAL FUNDS CARRIED FORWARD 6,018,116 20245 6,220,662 5J07,493 14
TOWNER CONSOLIDATED BALA]4CE SHEET 31 MARCH 2025 2025 Total funds 2024 Total funds Unresiricled funds Restricted fund Notes FIXED ASSETS Intangible asws Tangible assets Heriiage assels 12 ij 14 3,069 2,081,344 2 818 001 3,069 2,093,969 2 818001 6,138 2,118,767 12,626 4,902,414 12.626 4,915,039 4,190,106 CURRENT ASSETS Debiors Stock Cash ai bhnk 16 266,970 50,446 75,599 342,569 50,446 370,909 47,583 1,267,196 196,659 ,463,855 1,247,497 CREDITORS Amounis falling due within one year 17 (151,493) (6,740) (158,233) {130,110) NET CURRE]YT ASSETS 1 117387 TOTAL ASSETS LESS CURRENT LIABILITIES 6,018,116 202,545 6,220,662 5,307,493 NET ASSETS FUNDS Unreslricled funds Reslricled funds 18 .6,018,116 5,058,515 TOTAL FUNDS The financial statements were approved by thc Board of Trusices and authorised for-issue on I l December 2025 and were- signed on its behalf by: S Welton - TruCe 15
TOWNER BALANCE SHEET 31 MARCH 2025 2025 Total funds 2024 Total funds Unrestricted funds Reslrictcd fund Notes FIXED ASSKTS Intangible &8se Tangible assets Heritage assets Investments 12 13 14 15 3,069 2,081,344 2,818,001 3,069 2,093,969 2,818,001 6,138 2,118,767 2,065,201 12,626 4,902,415 12,626 4,915,040 4,190,107 CURRENT ASSETS Debtors Cash at bank 16 251,755 75,599 121061 327,353 1035 574 491,739 704 150 1,166,268 196,659 ,362,927 1.195,889 CREDITORS Amounis falling due within one year 17 (218,587) (6,740) (225,327) (91,732) NET CURRENT ASSETS 947681 189920 137 TOTAL ASSETS LESS CURREiYT LIABILITIES 5,850,095 202,545 6,052,640 5,294,264 NET ASSETS FUNDS Unrestricted funds Reslricled funds 18 5,850,095 5,045,286 TOTAL FUNDS The financial siaiemenls were approved by the Board of Trustees and auihor,ised for issue on I l December 2025 and were signed on ils behalf by: S Welion - Trustee 16
TOWNER CONSOLIDATED CASH FLOW STATEMENT FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 Notes Cash tlows from operating actbvlties Cash generated from operaiions Net cash provided by operating a¢tivilies 459 427 343 334 Cash flows from investlng activities Pur¢liase of intartgible fixed assets Purchase of langible fixed assets Irrecoverable VAT adjuslmcnl re improvements lo property Purchase of heritage assets {133,735) ,023 (211,244) 10,itr) 81017) Net cash used in investing. aciivilies 21 Change In cash and cash equlvalents In the reporting period Cash and cash equivalents 74t the beginning of the repor¢ing period 241,834 61,182 829 006 767 824 CAsh and CAsh equlvAlents at the end of the reportlng perlod 1,070,840 829,006 17
TOWNER NOTES TO THE CASH FLOW STATEME]YT FOR THE YEAR ENDED 31 MARCH 2025 RECONCILIATION OF NET INCOME TO NETCASH FLOW FROM OPERATINC ACTIVITIES 2025 2024 Net income for the reporting period (as per the StAtement of Financial Activities) Adjustments for: Deprccialion charges Donated works included in income (Increaseyldecrease in debtors (Increase)Idecrease in stock Increase/(decrease) in creditors 913,169 343,376 160.579 (667,920) 28,340 {2,863) 153,968 (124,122) 129,993 (8,207) 74 Net cash provided by operations ANALYSIS OF CASH AND CASH EQUIVALENTS 2025 2024 Notice deposits (less than 3 months) Total cash and cash equivalents ANALYSIS OF CHANGES IN NET FUNDS At 114124 Cash flow At 3113125 Net cash Cash al bank and in hand 41 Tolal 829 006 The notes forni part of these financial statements 18
TOWNER NOTES TO THE FI]YANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES B4$1s of preparlng the fin&ncial 5tatementS The financial slalemenls of Ihe charitable company, which is a public benefit enlily under FRS 102, have been prepared in accordance with the Charities SORP {FRS 102) 'Accounlin8 and Reporting by Charities: Statement of Recommended Praciice applicable to charities preparing their accounts in aceordanee with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effeetive l January 2019),, Financial Reporting Siandard 102 'The Financial Reporting Standard applicable in ihe UK and Republic of Ireland, and Ihe Companies Act 2006. The financial statemen15 have bccn prepared under the historical cost convcnlion. Income All income is reCognid in ihc Sialcmenl of Financial Activities once the charity has entiilemenl lo the funds, il is probable that the income will be received and the amount can be measured reliably. Expenditure L?abililics are rccogniscd as expendilurc as soon as Ihcrc is a legal or constructive obligation commilling the charity 10 Ihai expenditure, it is probable that a transfer of economic benefits will be required in seiilemenl and the amount of the obligation can bc measured reliably. Expendilure is accounled for on an accrua15 basis and has been classified under headings Ihal aggregate all cos1 related lo the category. Where costs cannot be directly allributed lo particular headings they have been allocaied lo activities on a basis consistent wilh the use of resources, Gov¢rnnee ¢o$l$ , Governance G0515 Comprise all Costs involving the public accouniabilily of the charily and ils complianee with regulation and good practice. These costs include costs relating lo slalutory audit fees, logeiher with any legal advice rclaling to governance, and an apportionment of staff overhead. Tngible fixed assets Depreciation is provided al the following annual rates in order lo write olTeach asset over ils eslim8led useful life. Improvements lo property - over remaining lease lerni. Fixtures and Fillings - l 00/0 slraighi line, IT ai)d electronic cquipmenl - 20-25 /0 slraighi line, Other equipment - l OlJ/o slraighi line. Website cosls 209/0 siraighi line. Heritage Assets: works of art- 'the collection" The Trustees consider the works of art to be heritage assets as defined by the SORP and FRS 30. Works of Art consist of paintings, sculplurcs and prinls acquired by purch35c and or accepted lo be acces5ioncd into the Collection through donation and bequesi. Additions 10 the Collection acquired by purchase are recognised in the balance sheet at cosl on an annual basis. All works accessioned into the Collection through donation or bequest are reported in the Balance Sheet at commercial value using recent transaction infonnatTron fonn external sources as the basis of assessment. In accordance with FRS 30 'Markei Value" has been defined by the Trustees for this purpose as being the lower of the comparable assessed co.sts lo acquirc al auction, compared lo that al an appropriate rctail gallery. The artworks are deemed to have indelerminale lives and a high residual value, hence the Trustees do not consider il appropriate lo charge depreciation. Going forward, all items purchased for the Collection will continue initially lo be recorded in the Balance Sheel al cosi and ihe Trusiees will, if considered appropriale, have Ihem re-valued al any point in the future. Collection ileins acquired by donation or bequest will bc recorded at current market value. T¥xation The charity is exempt from corporation lax on ils charitable activities. These notes form part of ihe financial slalemenis 19
TOWNER NOTES TO THE FINANCIAL STATEMENTS- ¢ontinyed FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- continued Fund accounting Unreslricled fLtnds can be used in accordance with the charitable objectives al the discretion of Ihe irustees Restricled funds can only be used for particular resiriclcd purposes wiihin the objccls of ihe charity. Rcslrictions arise when specified by Ihe donor or when funds are raised for particular resiricied purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial staiemenis. Hlre purthase 2nd le*$lThe ¢ommitmenl$ Rentals paid under operating leases are charged to the Sialcment of Financial Aclivilies on a straight-line basis over the period of the lease. Penslon tosts and other poxt-retlrement btntfit$ The charity operates a pension scheme for some staff providing defined benefits based on final pensionable pay. The assels of Ihe scheme are held separately from those of the charily, being part of ihe East Sussex County Coun¢il Sch¢mc. The most recent actuarial valualion carried out was in March 2023. The Admission Agreemenl entered into bclwecn East Sussex County Council and Eastboume Borough Council and Towner dated l July 2014 are on Ihe basis of a fully funded scheme. Easibourne Borough Council also a¢ls as a guarantor in relation 10 the scheme. The Charity also operates a defined contribution scheme for the remaining slaff. Donated goods and s¢rvk¢$ The value of these is not cuentlY included in Ihe financial slaiemenls bul would be if deemed malcrial. DONATIONS AND LEGACIES Unrestri¢l¢d Restri¢ted Total 2025 2024 Donations and grants towards capiial projecis 99,575 99,575 203,125 Donaiion5 and grants towards colleclion acquisilions 83,647 83,647 77,000 Donations and 8ranls towards core costs These notes fomi part of the financial statements 20
TOWNER NOTES TO THE FINANCIAL STATEMENTS- ¢ontinued FOR THE YEAR ENDED 31 MARCH 2025 INCOME FROM CHARITABLE ACTIVITIES Unreslricled Restricied 2025 2024 Learnlng activitles And fundln8.' Income from learning aclivilies Restricted grants and donations 171410 171410 Turner Prize Funding Sponsorship Restricted grants and donations Unreslricled donations 147JM) 35,907 192 Eveni income and caialogue sales 158 Eastbourne Allve Funding Resiricied grants and donations Exhibltlon and collectlon a¢tlvl¢lt$ And eihibition funding Exhibition tickets 66,777 66,777 166,345 Other lickeled evenis 13,393 13,393 9,491 Image licensing and loans 4,014 4,014 1,383 Sponsorship Resiricled grants and donations 122 122 These noies form part of the financial statements 21
TOWIYER .NOTES TO THE FINANCIAL STATEMENTS- ¢ontlnued FOR THE YEAR EIYDED 31 MARCH 202S TRADIIYG ACTIVITIES Unrestricied Restricted 2025 2024 Retail sales (shop and online) 301,457 301,457 332,346 Café and calcring 1,370 Cinema tickets 228,254 228,254 149,863 Cinema funding 4,5(XJ 4,500 600 Renlal income and rccharged expenses 26,836 26,836 21,786 Venue hire (incl. cinema) 24,499 24,499 21,163 Cornmcrcial events 38,160 38,160 11,838 Other rcsirieied funding of trading activities OTHER INCOME Unrestricied Reslricled 2025 2024 Expenditure recharged to Eastboume Borough Council Other recharged expenditure 10,691 10,691 258 258 Sales of works in cxhibilions 6J25 6,325 Sale of equipment 363 Sale of non-accessioned gifts 482 Book royalties 374 374 531 Miscellaneous 978 978 436 Intere received These notes forni part of the financial statements 22
TOWNER NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCH 2025 ANALYSIS OF COSTS Dirccl staff Oiher direct Allwated cOS costs support costs (staff) Allocated support COSIS (non slaffj Tolals Fundraising and Supporters, Costs 136,753 9,900 35,215 181.868 Newhaven Creative 71,703 116,309 2,500 190,513 Leaming 129,995 74,820 103.542 114,685 423,042 Turner Prize 4,345 21,656 26,001 E&sibourne Aliv¢ 6,438 65,010 23,094 101,541 Exhibition and collection aclivilics 421,042 256,466 103,542 237,044 1,018,094 Public An Trail 30,826 73,338 18,623 122,787 Heritage 6,322 6.322 Travel and subsistence 28,724 28,724 Shop, café, Cinema and venue hire 118,750 285,064 103,542 34,639 541,995 Other 429 429 Newhaven Creative other direti costs includes £19,400 grants to grass roots organisalions (2024=£52,252) GOVERNANCE COSTS Total Governance costs cornprisc: Staff cos¢s 23.244 Audit cos 7,300 Regulatory costs 448 Recruilmenl costs 5.155 Room hire 686 Thesc notes form part of the financial statements 23
TOWNER NOTES TO THE FINANCIAL STATEMENTS- eontlnued FOR THE YEAR ENDED 31 MARCH 2025 NET INCOMEI(EXPENDITURE) Nei incomel(expendilure) is staled after char8ingl(credilin8)'. 2025 2024 Auditors. remuneration 7,300 7,300 Depreciaiion- owned assets 62,423 60,986 Other operating lehses I,fifin TRUSTEES, REMUNERATION AND BENEFITS No Iruslees, remuneration or other benefits were paid for ihe year ended 31 March 2025 or for the year ended 31 March 2024. Towner-relaled Iravel expense reimbuTsemcnt was £nil {2024.' £ni l). io. STAFF COSTS 2025 2024 Wages and salaries 1,118,406 ,108,720 Social security costs 90,161 88,166 Pension costs 48 The avcrage monthly number of employees during Ihe year was 54 (2024,. 52) The number of slaff whose employee benefits (excluding ¢mployer pension costs) exceeded £60,000 was 2 {2024..1) as follows- 2025 2024 £60,001- £70,000 £80,001- £90,000 In addition to the trustee5, key managcment personnel are considered lo be the Director, Depuly Director, Director of Development, Head of Collections and Exhibitions, Head of Learning and Head of Marketing & Communications. The iotal amount paid io these key management personnel in Ihc year (including employer's pension conlribulions) was £315,176 (2024.. £323,359). These notes forni part of the financial statements 24
TOWNER NOTES TO THE FINANCIAL STATEMENTS- ¢onlinued FOR THE YEAR ENDED 31 MARCH 2025 Ji. COMPARATIVES{PRIOR YEAR) FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestricted funds Reslricled fund Total funds INCOMEAND ENDOWMENTS FROM Donations and Itgacies Works donated to the colleciion 100,629 124,122 377-215 477,844 124,122 Charltble etlvl¢le$ Secured funding EBC 413,880 413,880 Seeured funding Arts Council England 537,962 537,962 Newhaven Creativ¢ 151,703 151.703 Learning activities and funding 66,801 66,801 Turner Prize funding 153,668 35,907 189,575 Easibourne Alive funding 511,915 511,915 Exhibition & collection activities and exhibilion fundin8 177,219 103,595 280,814 Public Art Trail funding 65,587 65,587 Memberships, Patrons and Director's Circle 108,205 108,205 Museums and Galleries Exhibitions Tax Relief 189,387 189,387 Trading aetivitiei Shop* café. ¢inema, venue hire & commercial evcnts 538,367 2,600 540,967 Other income 7,889 7,889 Total 2,351,328 .1,314,603 3,665,931 These notes fonn part of the financial statements 25
TOWNER NOTES TO THE FINANCIAL STATEMENTS- contlnued FOR THE YEAR ENDED 31 MARCH 2025 Unreslricled funds Resiricled funds Toial Funds EXPENDITURE ON ChAritable activities Fundraising and Supporters, Costs 170,645 1,983 182,628 Newhaven Creative 204,434 204,434 Leaming activities 244,739 I I n,843 355,581 Turncr Prizc 517,234 76,498 593,732 Easibourne Alive 17,569 506,020 523,589 Exhibition and collection acliviiies 644,475 49,854 694,329 Public Art Trail 218 65,587 65,805 Travel and subsislence 17,402 17,402 TrAding activities Shop, café, cinema, venue hire & commercial events 683,344 1,100 684,444 Other tradin¥ activities 609 609 Total Expendithre 2,296,235 ,026,319 3,322,554 NET INCOME 55,093 288,284 343,376 Transfers belw¢Yn funds 723,529 (723,529) Net movemenl In funds 778,622 (435,245) 343,376 RECONCILIATION OF FUNDS To¢01 fund5 brought forward 4,279,893 684,223 4,964,117 TOTAL FUNDS CARRIED FORWARD These notcs form part of the financial staicmenls '.
TOWNER NOTES TO THE FINANCIAL STATEMENTS- tontinued FOR THE YEAR E]YD£D 31 MARCH 21J25 12. INTANCIBLE FIXED ASSETS (GROUP AND CHARITY) Compuier sothvarc COST At l April 2024 and al 31 March 2025 15,345 DEPRECIATION Ai l April 2024 Charge for year Ai 31 March 2025 9,207 12,276 NET BOOK VALUE Ai 31 March 2025 Ai 31 March 2024 6,138 13. TANGIBLE FIXED ASSETS (CROUP AND CHARITY) Improvements lo property Fixtures rillings and equipmeni W8rren Hill Benches Computer equipment Totals COST Ai l April 2024 Additions Irrecovcrable VAT adju51menl Al 31 March 2025 1,977,011 20,318 (1,023) 458.468 100,791 17,725 2,453,204 133,735 {1,023) 12,626 1,996,306 12,626 559,259 17,725 2,585,916 DEPRECIATION Ai l April 2024 Charge for year Ai 31 March 2025 163,870 93,998 154,197 62,860 16,370 653 334,437 157,510 491.947 257,868 217,057 17,022 NET BOOK VALUE At 31 March 2025 At 31 March 2024 These notes form part.of the financial statements
TOWNER NOTES TO THE FI]YANCIAL STATEMENT.S.-'contlnued: FOR THE YEAR ENDED 31 MARCH 2025 . 14. HERITACE ASSETS Total. Ai l April 2024 Additions- donated (market value) Additions- purchased (cost) Al 31 March 2025 2,065,201 667.920 NET BOOK VALUE Al 31 March 2025 Al 31 March 2024 Is. FIXED ASSET INVESTMENTS The charily controls Towner Enterprises Limited, which is incoorated in England, by virtue of holding l OO¢/o of ils £ I equily share capital. The company undertakes ancillary Irading activities at Towner wilh the aim of gifting ils taxablc profits lo Ihc charily. 2025 2024 Turnover 617,040 535,287 Expenditure (462,247) (457,493) Profil(loss) fol the year 154,793 77,794 Amount gift aided lo the Charity in the year 13229 The Assets and Liabilities of Towncr Enlerp.riscs Lid were: Toial assets 214,335 189,651 Total liabililies {46,313) (176,421) Nei assels 168,022 13,230 Represented by: Share capital and reserves 168,022 13,230 These notes forni part of the financial,'slatemenls. 28
TOWNER NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 Group 2025 Charity 2024 Group 2024 Charity Trade debtors 14,352 1,495 29,609 18,164 Amounts owed from subsidiary 138,043 her debtors 209,518 208,214 285,043 281,999 VA T re¢ov¢rable 7,410 7,410 Reslricled funding due 75,599 75,599 32587 32,587 Prepayments and accrued income Toial 342,569 327,353 370,909 491,739 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 Group 2025 Charity 2024 Group 2024 Charity Trade crediiors 61,978 49,546 29,125 18,542 Amounts owing 10 subsidiary 113,407 Other ¢rediiors 2,436 2,021 979 Tax & social security 15,879 28,600 12,730 Accruals and dcferred income Total 158,233 225,327 130,110 91,732 These notes forni part of the financial siaiernents 29
TOWNER NOTES TO THE FINANCIAL STATEMENTS- continued '. . FOR THE YEAR ENDED 31 MARCH 2025 18. MOVEMENT IN FUNDS Al 114124 Net income Transfers Al between funds 3113125 Unre$trleted funds: General fund 5,058,515 775,146 184,455 6,018,116 Rtstrleted funds: Building dcveloprnenl projccl (Phase 2 -cafe) 10,575 (10,575) Solar panels installation 89,000 (89,000) Collection a¢quisitiorts 14,412 83,647 (84,880) 13,178 Leaming 26,593 39,157 65,750 Learning Appeals Easibourne Alive 36,041 (36,041) Exhibitions 11,279 62,566 73.844 waen Hill Benches 15,650 2,850 18,500 Public Art Trail Iniva 11,544 (11,544) Newhaven Creative Fidclity (core c051S) 86,607 (85,305) ,302 Art Fund Reimagine 40,853 (10,882) 29,971 Funding of book production 6,000 (6,OOOj Cinema funding Total reslricled 248,979 138,023 (184,455) 202,546 Total Funds 5,307,494 913,169 6.220,662 Th¢ main transfer belwcen funds represents funded solar panels being commissioned and pul lo general use, so leaving reslricled funds. Colleclion acquisitions are also deemed lo leav¢ the restricted acquisition fund once they are purchased (using reslricled funds) and enter the general Colleciion. Unreslricled funds include £185,000 (2024'.£205,000) designated to Ernérging Artist's expenditure and new siaff posilions. These noies form part of the finxncial statements 30
TOWNER NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 18 contd NET INCOME - DETAIL, Incoming Resources Nel income resources expended Unrestricted funds: .General fund 2,692,734 (1,917,588) 775.146 Restrieted funds: BuildinL dcvclopmenl project (Phase 2 -cafe) 10,575 10,575 Solar panels insiallalion 89,OCK) 89,000 Collection acquisitions 83,647 83,647 Lcaming 135,412 (96,255) 39,157 Learning Appeals 35,998 (35,998) Easiboume Alive 65,5W (101,541) (36,041) Exhibilions 122,500 (59,934) 62,566 Public Art Trail. 120,781 (120,781) Iniva (11,544) (11,544) Newhaven Creative 190,513 (190,513) Fidelity (core costs) 3,326 (88,630) (85.305) Art Fund Reimagine (10,882) (10,882) Funding of book production (6.(KKI) (6.000) Cinema funding 4,5CW) (4,500) Total resiri¢led 861,751 (723,728) 138,023 Toial Funds 3,554,485 {2,641,316) 913,169 These notes form part of the financial Slalcments. 31
TOWNER NOTES TO THE FI]YANCIAL STATEMENTS- continue'd FOR THE YEAR ENDED 31 MARCH 2025 19. MOVEMENT IN FUNDS- PRIOR YEAR COMPARATIVE Al 114123 Nèi iricoine .Transfers, At between funds 3113124 Unrestricted funds: General fund 4,279,893 55,093 723,529 5,058,515 Res¢ric¢ed funds: Building d¢v¢lopmenl project (Phase 2-cafe) 439,387 203,125 (642,512) Collection acquisilions 18,429 77,000 (81,017) 14,412 Learning 71,843 {55,250) 10,CW 26,593 Learning Appeals Turner Prize 50591 (40,591) (i 0,000) Easibourne Alive 30,147 5,895 36,041 Exhibitions 14,596 12,332 26,929 Public Art Trail Iniva 11544 11,544 Ncwhaven Creative 52,731 (52,731) Fundraising and Supporters, Costs {2,500) Fidelity (core cosis) 86,607 86,607 Art Fund Reimagine 40,853 40,853 Funding of inlemships Funding of book production 6,¢)JO- Cinema funding Total reslricled .684,224 288,284 (723,529) 248,978 Total Funds 4,964,117 343,376 5,307,493 The mairk transfer between funds represents the second floor cafe development project being completed .in 23124, moving lo general use and so leaving reslricled funds. Collection acquisitions are also deemed lo leave the reslricled acquisition fund once they are purchased (using restricted funds) and enler.Ihe,general.colleelion. These notes forni part of the financial statements 32
TOWNER NOTES TO THE FINANCIAL STATEMENTS- ¢onlinued FOR THE YEAR ENDED 31 MARCH 2025 19 ¢ontd NET fNcoME- DETAIL Incoming Resources Nel income resources expended Unrestricted funds: General fund 2,351,328 (2,296,235) 55,093 Resirlcted funds: Building development project (Phase 2- cafe) 203,125 203,125 Collection acquisitions 77.000 77,000 Leaming . 38,750 {94,000) (55,250) Learning Appeals 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 Newhavcn Creative 151,703 (204,434) (52,731) Fundraising and Supporters, Cosis (2SCO) (2,500) Fidelity {core costs) 97,090 (10,483} 86,607 An Fund Reimagine 43,2(KJ (2,347) 40,853 Funding of inlcrnships 3,300 (3,300) Funding of book production 2.000 Cinema funding 600 (600) Toial restricted 1,314,603 (1,026,319) 288,284 Total Funds 3,665.931 (3,322,554) 343,376 These notes form part of.the firiancial'slaterrients. 33
TOWNER NOTES TO THE FINANCIAL STATEMENTS- Continued FOR THE YEAR ENDED 31 MARCH 2025 20. EMPLOYEE BENEFIT OBLIGATIOIYS For staff who transfeed from the Easlbourne Borough Council in 2014, the charity operates a pension scheme . providing defined benefils based on pensionable pay, The assets of th¢ scheme are held separately from those of the charity, being part of ihe Easl Sussex Pension Fund. Pension coniribulions are delemined by a qualified actuary on the basis of triennial valuations. The lalesl valualion was caled out as at 31 March 2023. Under an agreemenl with Easibourne Borough Council. Townerfs liability is limited to an employer conlribulion raie of 19.20/0 of pensionable pay. Other slatt. have Ihe oplion of joining 3 defined conlribLbtion scheme under aulo-cnrolmenl provisions. 21. RELATED PARTY DISCLOSURES Towner employed Ihe services of King & McGaw Lid, the value of the work Caled out ioialled £26,741 (2024 £23,120) and re¢eived commercial sponsorship of £nil (2024.. £50,000). King and McGaw is a company owned by Mr G King, a Truslec of Towner. Trusi¢e, Mrs M Barrett is also on Ihe Board of the Nest Corporation which is the defined contribution pension scheme used by Towner under auioenrolm¢nl. 22. MEMBERS, LIABILITY The charity 18 a private company limiled by guarantee and consequently does nol have a share capital. Each of the Inember4 is liable to,conlribiiie an amoiint not ex¢¢¢ding £ I towards the assets of the charity in the evenl of liquidation. Tlese notes form part of'the financial statements 34