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.
Le*rnin8 and Eng*gemen¢
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 $try¢tur¢
There are Currently twelve Trustees who have delegaied powers to the Executive Director and Senior Management Team to
make expenditure d￿ls1OnS within the framework of the approved annual budget.
A Finance and Resources Sub-commiltce has been ¢51ablished. This Commiiiee monitors income and expendilure and
perfonnance against the approved budget and reports back to the Board. They also approve and Monitor Health and Safely
policies and the Risk Rcgislcr.
The day-io-day activities are controlled by Joe Hill, Executive Director, and Ihe Senior Management Team who lead
departmenls and report 10 the Execulive Director. Joe Hill was previously registered as a Direcior ai Companies House bul
following professional advice that the Companies House Dire¢lors should only ¢omprise the Trustees, he was removed from
Companies House registration as a Direcior on 6 October 2025.
Inductlon Ind tralnlng of new tru5tee$
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 Ba￿ett
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.
B*si$ 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 rel*ilng 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 e￿Or.
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 nO￿nal 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 &
comme￿Ial 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
202￿45 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 - Tru￿Ce
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$1s of preparlng the fin&ncial 5tatementS
The financial slalemenls of Ihe charitable company, which is a public benefit enlily under FRS 102, have been prepared
in accordance with the Charities SORP {FRS 102) 'Accounlin8 and Reporting by Charities: Statement of
Recommended Praciice applicable to charities preparing their accounts in aceordanee with the Financial Reporting
Standard applicable in the UK and Republic of Ireland (FRS 102) (effeetive l January 2019),, Financial Reporting
Siandard 102 'The Financial Reporting Standard applicable in ihe UK and Republic of Ireland, and Ihe Companies
Act 2006. The financial statemen15 have bccn prepared under the historical cost convcnlion.
Income
All income is reCogni￿d in ihc Sialcmenl of Financial Activities once the charity has entiilemenl lo the funds, il is
probable that the income will be received and the amount can be measured reliably.
Expenditure
L?abililics are rccogniscd as expendilurc as soon as Ihcrc is a legal or constructive obligation commilling the charity
10 Ihai expenditure, it is probable that a transfer of economic benefits will be required in seiilemenl and the amount of
the obligation can bc measured reliably. Expendilure is accounled for on an accrua15 basis and has been classified
under headings Ihal aggregate all cos1 related lo the category. Where costs cannot be directly allributed lo particular
headings they have been allocaied lo activities on a basis consistent wilh the use of resources,
Gov¢rn*nee ¢o$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.
T*ngible 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 cu￿entlY 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
cO￿S
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
Charlt*ble *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 inco￿orated 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
wa￿en 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 transfe￿ed 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 ca￿led 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 Ca￿led 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