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2025-03-31-accounts

INTERNATIONAL CURATORS FORUM (Company limited by guarantee no. 07501785 registered charity no. 1189228)

REPORT AND FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2025

INTERNATIONAL CURATORS FORUM

(Company limited by guarantee no. 07501785, registered charity no. 1189228)

REPORT AND FINANCIAL STATEMENTS For the year ended 31 March 2025

CONTENTS
Page
Legal and administrative information 1
Trustees' report 2
Independent examiner's report 10
Statement off financial activities 11
Balance sheet 12
Notes to the financial statements 13

INTERNATIONAL CURATORS FORUM

REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS For the year ended 31 March 2025

Board of Trustees Mark Waugh (Chair) (Resigned 25 March 2025) Constance Allman Ben Amunwa George Blacklock (resigned 31 December 2024) Joy Gregory Farzana Khan Company reg. no. 07501785 Charity reg. no. 1189228 Registered office 4 Rostella Road London SW17 0HY Accountants Delta Advice Accountancy Ltd 8 Margaret Avenue St Albans AL3 5TE Bankers Barclays Bank 14-16 Mitcham Road SW17 9NA

1

INTERNATIONAL CURATORS FORUM

TRUSTEES’ REPORT

For the period from 1 April 2024 to 31 March 2025

____________

The International Curators Forum Board of Trustees are pleased to submit their report and independently examined financial statements for the period 1 April 2024 to 31 March 2025. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORPP “Accounting and Reporting by Charities” (FRS 102)) in preparing the report and financial statements of the charity.

The financial statements have been prepared in accordance with accounting policies set out in the notes to the financial statements and comply with the Charity’s governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102).

Reference and Administrative Information

International Curators Forum (ICF) was founded in 2007 to publicly promote the work of cultural practitioners, and to encourage and develop artistic and curatorial practice and discourse about contemporary visual art across all forms. The practices that ICF promotes span painting, sculpture, photography, film, live performance art and curation. ICF does this through commissioning new works, programming and presenting these and other artworks in exhibitions, projects and events. ICF also promotes and supports the professional development and public visibility of cultural practitioners through programmes that include public programming, mentoring and masterclasses that aim to equip artists and curators to create and present contemporary visual art of high merit from which a diverse public can benefit. ICF is a registered charity (1189228) and an Arts Council England National Portfolio Organisation.

Objects, Aims and Principal Activities

The International Curators Forum’s principal activities are to advance education and to promote the arts for public benefit. The Charity aims to achieve its objectives through the following activities while the charity’s objects (‘Objects’) are specifically restricted to the following:

To promote the contemporary visual arts for the public benefit by:

(a) creating events and exhibitions for the general public with a particular focus on diasporic cultures, to increase understanding and appreciation of those cultures and of contemporary visual art in all its forms; and

(b) facilitating the innovation and diversification of curatorial and artistic practice to better present visual arts to the public, and utilising those developments to better educate and inform the public about the contemporary visual arts.

Principal charitable activities

The principal charitable activity of the International Curators Forum is in seeking to meet the above aims.

2

INTERNATIONAL CURATORS FORUM

TRUSTEES’ REPORT

For the period from 1 April 2024 to 31 March 2025

____________

Public Benefit

The International Curators Forum (ICF) is dedicated to a broad range of activities in pursuit of its charitable aims. Each year, when developing our programme, the Trustees closely consider the Charity Commission’s guidance on public benefit. We are confident that our work throughout the year delivered significant public benefit for the following reasons:

Review of Achievements and Performance

In 2024-25, ICF prioritised organisational development, infrastructure enhancement, and financial and resource stability. During April and May 2024, the Deputy Artistic Director, in collaboration with the team and Trustees, developed a new vision and strategy document. This document captured the significant development work conducted in 2023-24 — specifically in evaluation, impact measurement, and the development of a new communications strategy — and outlined plans for internal stabilisation and growth for 2024-26. This robust and imaginative strategy now serves as a foundation for funding applications, supports staff development and new role introductions, and ensures continuity and clarity across all our work.

The year also marked the launch of ambitious initiatives, such as the Ten.8 project, which included an 18-month professional development fellowship awarded to an emerging Black or Brown curator, in partnership with organisations in London and the West Midlands. Two publications were in development during this year, and exhibition and event activities successfully attracted new in-person and online audiences, and ensured ongoing engagement with our website and social media channels. Significant organisational changes included the retirement of our first Chair and co-founder, and the establishment of a new, interim Co-Chair Board structure, with the developed of robust plans for Board expansion between 2025 and 2027.

ICF took active steps to address environmental impact by joining the Gallery Climate Coalition and establishing a Green Team. Our fundraising efforts were notably successful, securing continued support from Arts Council England’s National Portfolio Organization (NPO) funding, as well as from the Paul Hamlyn Foundation Arts Fund, City Bridge Foundation, Hollick Family Foundation, Cockayne Grants for the Arts, Foyle Foundation, and Harvard University, despite a challenging fundraising landscape for non-profit organisations. These successes will be supported by ICF’s ambitions to diversify its funding streams in the coming years.

Throughout the year, ICF delivered impactful programming that both supported and showcased emerging creative and cultural practitioners. We delivered on our mission to empower diverse

3

INTERNATIONAL CURATORS FORUM

TRUSTEES’ REPORT

For the period from 1 April 2024 to 31 March 2025

____________

communities in the visual arts and reach underserved audiences through engaging programming and opportunities. We also fostered new partnerships with both small and large organisations across the UK, which we intend to nurture beyond this financial year.

ICF continues to play a vital role as a champion for inclusivity and equity, with ongoing developmental work towards the delivery of critical programming such as our Diaspora Pavilion project, the Living Archives podcast with Stuart Hall Foundation, the Caribbean and Britain programme, and our sector change work, including research towards the development of our Equitable Collaboration Framework.

Our Partnerships

ICF remains the only organisation in the UK solely dedicated to developing and providing professional development opportunities for early- to mid-career creative and cultural practitioners from underrepresented backgrounds across a comprehensive and rigorous programme. We never work in isolation; all our work is delivered through strategic partnerships with creative and cultural practitioners and a diverse range of organisations, including galleries, museums, universities, charities, and funders.

Our main funders — Arts Council England, Paul Hamlyn Foundation, City Bridge Foundation. Harvard University, Foyle Foundation, Cockayne with the London Community Foundation — have enabled us to develop and implement a variety of partnerships in our 2024-25 programme. The partner organisations that we collaborated with include The Photographers Gallery, The New Art Gallery Walsall, Ikon Gallery, Ort Gallery, San Mei Gallery, Stuart Hall Foundation and CVAN. During this year we committed time and resources to developing new partnerships for future programming with organisations such as Delfina Foundation, Kew Gardens, Wysing Arts Centre, Yinka Shonibare Foundation and GAS Foundation. These relationships have been key to enabling our exhibitions, events, workshops, fellowships, and residencies, and helping us envision and develop our programme for the coming years.

What We Achieved

Ten.8 Research and Curatorial 18-Month Fellowship

Ten.8 began in 1979 as a platform for West Midlands-based photographers to collaborate and share ideas, eventually gaining international recognition. Described by Professor Stuart Hall as “the journal which has most systematically explored the relationship between how we represent the world photographically, the knowledge which these images produce and their implications for power and politics,” Ten.8 evolved beyond publishing to become a creative production studio and a critical meeting point for socially engaged creatives, especially Black Diasporic artists and writers.

Today, Ten.8 continues to be regarded as essential reading. Its historical focus on pressing issues — such as identity politics, consent, community arts, and self-portraiture — now permeates social, cultural, and educational contexts, demonstrating its lasting influence on the development of socially engaged practice in the 21st century.

To honor Ten.8’s legacy, ICF established and launched an 18-month Research and Curatorial Fellowship in partnership with The Photographers Gallery and New Art Gallery Walsall. The fellowship, advertised through a nationwide open call, was awarded to Pelumi Odubanjo, a British-Nigerian curator, writer, and researcher whose work explores photographic archives and dialogues across global Black diasporas. This professional development fellowship provides hands-on experience in developing a major exhibition and corresponding events, ongoing mentorship from the ICF team and external experts, and opportunities for peer and network exchange. The fellowship enabled Pelumi to curate a public event for the Ten.8 exhibition at The Photographers Gallery in February 2025 and a major

4

INTERNATIONAL CURATORS FORUM

TRUSTEES’ REPORT

For the period from 1 April 2024 to 31 March 2025

____________

exhibition at New Art Gallery Walsall set to open in May 2026. As part of the fellowship, Pelumi will also contribute to a new Ten.8 publication.

Epiphany (Temporaire) Tour to Ikon Gallery

The Epiphany (Temporaire) exhibition, featuring new work by Exodus Crooks and curated by Ort Gallery x ICF Emergence(y) Curatorial Fellow Orphée Kashala, toured to Ikon Gallery in Birmingham from February to April 2024, following its debut at ICF @ Block 336 in Brixton in London in 2023. ICF remained a touring partner, providing support for both the artist and curator and contributing to the exhibition’s public programme.

The exhibition attracted 19,098 visitors — averaging 2,148 per week — with an additional 85 attendees for the public program. A workshop was held for eight MA Arts and Education Practices students from Birmingham City University, and Ikon Gallery organised visits from 12 primary schools, eight secondary schools, five further education (FE) institutions, seven higher education (HE) institutions, and five special educational needs and disabilities (SEND) groups.

A Culture Counts evaluation, conducted by an Ikon self-evaluator, with two curator peers, and 80 public respondents, found that the exhibition was widely regarded as thought-provoking (self 100%; peer 84%; public 76%) and curatorially rigorous (self 93%; peer 87%; public 79%). Respondents felt that it enhanced appreciation of different cultures (self 90%; peer 80%; public 79%) and provided new insights (self 90%; peer 86%; public 74%). Enthusiasm for attending similar events was high (self 88%; peer 97%; public 76%), and many noted that the exhibition was distinct from those previously attended (self 84%; peer 73%; public 73%).

Feedback highlighted the value of supporting local West Midlands artists and the impact of the exhibition, with comments such as:

Ten.8 Anthology

The Ten.8 anthology publishing project addresses the cultural and political legacy of the photography journal Ten,8 by commissioning new and emerging writers and artists, alongside re-presenting key articles from influential figures such as CLR James, Stuart Hall, Kellie Jones, Isaac Julien, Carrie Mae Weems, Lorna Simpson, and James Van Der Zee.

The publication Liberation Begins in the Imagination, which ICF produced in 2021, demonstrated a clear appetite for documents that narrate intergenerational diasporic history and community within the visual arts. Building on this precedent, the new anthology will:

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INTERNATIONAL CURATORS FORUM

TRUSTEES’ REPORT

For the period from 1 April 2024 to 31 March 2025

____________

Ten.8 in Focus: The Legacy of Black Image and Body Politics

This exhibition celebrated the influential photography journal Ten.8 and its enduring impact. Centering on the “Black Image” (1984) and “Body Politics” (1987) editions of the journal, the exhibition activated this rich history through text, design, and archival materials, sparking broader discussions about Ten.8’s exploration of the photographic medium.

The exhibition featured quotes from Barbara Kruger, CLR James, and Stuart Hall, as well as photographs by David A. Bailey, Derek Bishton, and Horace Ové. Archival materials from The Photographers’ Gallery related to these issues, including exhibitions such as “Staying on: Immigrant Communities in London” (1984) and “The Body Politic: Re-Presentations of Sexuality” (1987), provided historical context.

Ten.8 in Focus: The Legacy of Black Image and Body Politics offered an overview of the journal’s dynamic approach to power, representation and photography, highlighting its forward-thinking role in the 1980s and its continued relevance today. The exhibition was a collaboration between The Photographers’ Gallery and ICF, curated by Ten.8 editors Derek Bishton and Darryl Georgiou, with exhibition design by Darryl Daley.

As part of the public programme for the exhibition, the ICF team led a Young Creatives Tour on 22 October 2024 and public tour on 9 January 2025, and hosted a Shifting the Centre reading group with the Stuart Hall Foundation on 5 November 2024. ICF’s Artistic Director chaired a public discussion event titled Reflections & Legacy of Ten.8 on 26 November 2024 with Derek Bishton, Darryl Georgiou and Gilane Tawadros. As mentioned above, ICF’s Fellow Pelumi Odubanjo curated a screening and discussion event for the public programme , which was titled Deconstructing the Black Image with artists Martina Judah Attille and Rhea Storr on 1 February 2025.

Other Professional Developing Programme

Residencies

ICF provided a residency with studio space and one-to-one mentorship to artist Darryl Daley, including assistance with his successful application for an Arts Council England Developing Your Creative Practice grant, from May to October 2024. As a result of the residency, he is collaborating with ICF to produce a limited edition print for release in 2025-26.

Networking Events & Peer-Led Studio Sessions

ICF hosted a peer-led studio session at the British Library with artists Rohan Ayinde and Tayo Rapoport, and curator Dr. Aleema Gray, for the exhibition - Beyond the Bassline: 500 Years of Black British Music in August 2024. Beyond the Bassline was the first major exhibition to document the musical journey of African and Caribbean people in Britain, inspired by the British Library’s sound archive and exploring the people, spaces, and genres that shaped British music.

Digital Analytics

Throughout the 2024-25 financial year, ICF utilised monthly digital analytics reports to assess and understand its reach and impact. Our fellowship open call and public events at The Photographers’ Gallery led to a 25% rise in new users to the website, compared to the previous year. Engagement related to the Ten.8 project resulted in significant growth on social media platforms, including:

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INTERNATIONAL CURATORS FORUM

TRUSTEES’ REPORT

For the period from 1 April 2024 to 31 March 2025

____________

Diversifying Income Generation & The Future

ICF successfully delivered some of its most ambitious programming in 2024-25, and we our need to increase financial support for our work and our staffing infrastructure – in order to sustain this level of activity in the years ahead – is evident. The organisation faces capacity challenges due to stagnant NPO funding since 2018, the ongoing cost of living crisis, instability in the fundraising landscape, reduced funding for core costs, and the impact of global crises on our network. We are actively working to address these challenges.

Principal Funding Sources

ICF’s core and programme costs for the year 2024-25 were supported by trusts and foundations including: Arts Council England, Foyle Foundation, Harvard University, Paul Hamlyn Foundation Arts Fund, City Bridge Foundation and Hollick Family Foundation.

Structure, Governance and Management

The International Curators Forum is a registered charity and a limited company registered with Companies House.

Governance

Responsible governance of the Charity is exercised through the Board of Trustees who are all board members (‘the Board’). The Board is made up of independent lay members who are responsible for the Charity’s conduct and for ensuring that it satisfies all legal and contractual obligations. The Trustees are volunteers and are not remunerated for their time.

The Charity is comprised of 4 Trustees with wide international experience in finance, senior

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INTERNATIONAL CURATORS FORUM

TRUSTEES’ REPORT

For the period from 1 April 2024 to 31 March 2025

____________

management, academia, the arts and creative industries, broadcasting and philanthropy.

The Board is responsible for setting the Charity’s strategic direction and is ultimately accountable for how effectively the Charity meets the defined aims through direct charitable activity. The Board engages an Artistic Director and Deputy Artistic Director who runs the day-to-day activities and supports the Charity’s strategic planning and operational activities. Trustees meet at least four times a year; financial and management reports are provided to the Board quarterly.

Trustee Investment powers

Investment powers are governed by the Trust Deed. There are no restrictions on charity’s absolute powers of investment to the extent that any retained funds that arise are dealt with by depositing surpluses into the COIF Charities Deposit Fund or with authorised banks.

Trustee recruitment, induction and training

The Chair of the Trustees is nominated by the Board of Trustees.

The Board of Trustees has power to appoint additional Trustees as it considers fit to do so to ensure that all relevant skills and experience are represented. Under the Trust Deed every Trustee must be appointed by a resolution of the Trustees. The appointed Trustees fulfil their duties without any term limitations. Each new Trustee is given an induction in the work of the Charity and financial systems. Each new Trustee receives a copy of the Trustees Deed and any amendments made to it and a copy of charity’s latest report and statement of accounts. A Trustee shall cease to hold office if he or she (1) is disqualified for acting as a Trustee by virtue of sections 178 and 179 of the Charities Act 2011 or any statutory re-enactment or modification of that provision, (2) is no longer able to fulfil duties due to medical reasons, (3) is absent without the permission of the Trustees from all their meetings held within a period of six months, (4) notifies to the Trustees a wish to resign.

Currently, the core structure will remain small and, where possible, rely on freelancers to remain at low risk financially and reactive to the workload.

Financial review

The charity had a surplus on unrestricted funds, of £4,573 (2024 – deficit of £41,495 ) for the period. Together with the accumulated surplus brought forward from previous years, the company now has an accumulated surplus on unrestricted funds of £7,115 (2024 - £2,542). Restricted funds carried forward at 31 March 2025 amounted to £42,185 (2024 - £2,650).

Reserves policy

The charity holds free reserves for a variety of purposes. In a relatively steady operating environment such purposes would include:

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INTERNATIONAL CURATORS FORUM

TRUSTEES’ REPORT

For the period from 1 April 2024 to 31 March 2025

____________

contingency contained within the charity’s operating budgets;

The policy will be reviewed in 2025-2026.

Principal Risks and Uncertainties

The Charity undertakes periodic reviews for different areas of risk including: insurance cover, health and safety policies in the workplace, financial affairs, personnel practices and ICT technology. In relation to these matters, and apart from matters completely outside the Charity’s control, the Trustees consider that the risks to which the Charity is subject have been mitigated to a satisfactory level.

This report has been prepared taking advantage of the small companies exemption of section 415A of the Companies Act 2006.

This report was approved and authorised for issue by the Trustees on 12 December 2025 and signed on their behalf by:

~~…………………~~

Trustee: Ben Amunwa

9

IKrERNATIONAL CURATORS FORUM (r•r•d c¢xnpary no. 07501785) INDEPENDENT EXAMINERY REPORT TO THE MEMBERS OF INTERNATIONAL CURATORS FORUM FOR THE YEAR ENDED 31 MARCH 2025 I report on the financial statsmgnts for the ￿r￿ljed 31 M¥¢h 2025 set pages 11 to 20. This is mwje solety to the Board of TN51ees. as a LKMty, in oc{¥jrd￿ fjlh regulations made under $8don 154 of the ChaTities Act 2011. My 7AYxk has been undertaken so that I mhjht state to the Board of Trustees matters l am requir8d to slata to thom ￿ an Independent Examinerfs rep￿)rt and for no othar purp￿. To the fullest extent pemltted by law. I do not ac(pt or a88ume r8sponsibil￿ to anyom othar than the Board of Trustees for my Thpend￿l examinatK￿ ryk. tor this rrf)rL cf for Ihè ststaM￿l I h8ve glven bek)w. R•sp(M￿1bI[lt1•3 and ba51s of report As the charity trustees of the compary land Its dlrectors the purposes d company Lqw) ar8 reswn8ible for the preparation of the aco)unts in a￿O￿anCe with the requirements of the Companlos Act 2006 Cth8 2(Th ACV). Having ¥atisfied m)sdf that the InterrAlk)nal Curators Forum aro r￿ requirvAI to be aUd￿8d under Part 16 of the 2006 AGt are d•3Ib￿ for I￿nI examinalion, I report In respect of my eXaMina￿n of the accounts carrlgd out urKler sedion 145 of the Charibes Ad 2011 11h8 2011 ACV). In Car￿ng out my examinat￿n I have followed thg Directio￿ gwi by the Charrty CommiSsic￿ under sedon t45(51(b) of the 2011 kL I have completed my examlnatknn. I confkni that ￿ Matte￿ have c￿8 to my 8ttenti)n in ￿￿n#¢lIon the ex8mlnatK)n gNlng mg (xuse lo believe tst n any materwl respe(*. accounthw records were rnt keptas requyed by$e￿￿ 386 clthe 2006 Prt or the accounts do not accord with those records" or the aclxunts do not Mmpty th the aeLountlng requimients of sec4h)n 396 ofthe 2QK16 Act other than any requir8menl that the accounts give a true and fwvivwwlith is nol a mattèr consllared as part of ar7 Independent examlnatkjn; o the accounts have Mt been prepared In thrfth the meltM)ds and prin￿PIes tho statement of Rgcommended Pradice for xccthlwig rewtlng by char1098 lappllcable lo charTtie8 prop8ring thgir acmunts in acclyd￿ with the FinanGial Reporting StarKlard applicable In the UK and Reput4ic of Irdand (FRS 102). I have no concems and h8v8 com8 across no othar Matte￿ n conn8dion with the ekwnination to whrch attention $houkl ba in thls rw in order to enabje a pmp8r uNterstanding of the accounts to be reached. Tln Delts ￿￿oUntan￿Ad￿ce Ltd 8 Margaret Avenue St Abans AL3 STE 10

INTERNATIONAL CURATORS FORUM

STATEMENT OF FINANCIAL ACTIVITIES (incorporating the Income and Expenditure Account) For the year ended 31 March 2025

Unrestricted
Funds
Note
2025
£
INCOME AND ENDOWMENTS FROM:
Charitable activities
2
158,322
TOTAL
158,322
EXPENDITURE ON:
Raising funds
Costs of generating voluntary
income
2,340
Charitable activities
151,409
TOTAL EXPENDITURE
4
153,749
4,573
NET MOVEMENT IN FUNDS
4,573
RECONCILIATION OF FUNDS:
TOTAL FUNDS AT 1 APRIL 2024
2,542
TOTAL FUNDS AT 31 MARCH 2025
7,115
£
Net income		 Restricted
Funds
2025
£
124,486
124,486
-
84,951
84,951
39,535
39,535
2,650
42,185
£		 Total
Funds
2025
£
282,808		 Total
Funds
2024
£
185,810
282,808 185,810
2,340
236,360		 3,540
301,928
238,700 305,468
44,108 (119,658)
44,108
5,192		 (119,658)
124,850
49,300
£		 5,192
£

The annexed notes form part of these financial statements

11

INTERNATIONAL CURATORS FORUM

Company limited by guarantee (registered company no. 07501785)

BALANCE SHEET As at 31 March 2025

Notes
Charity
2025
£
CURRENT ASSETS
Debtors
8
8,633
Cash at bank and in hand
111,742
120,375
CREDITORS: amounts falling due
within one year
9
(71,075)
NET CURRENT ASSETS
49,300
TOTAL ASSETS LESS CURRENT
LIABILITIES
49,300
TOTAL NET ASSETS
49,300
£
FUNDS
Unrestricted funds:
General fund
10
7,115
7,115
Restricted funds
10
42,185
49,300
£		 Group
Charity
31 March
2025
2024
£
£
8,633
-
111,742
17,554
120,375
17,554
(71,075)
(12,362)
49,300
5,192
49,300
5,192
49,300
£
5,192
£
7,115
2,542
7,115
2,542
42,185
2,650
49,300
£
5,192
£		 Group
31 March
2024
£
-
17,554
17,554
(12,362)
5,192
5,192
5,192
£
2,542
2,542
2,650
5,192
£

The financial statements have been prepared in accordance with the special provisions in Part 15 of the Companies Act 2006 relating to small companies and section 1a of the Financial Reporting Standard 102.

The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2025.

Directors' responsibilities

(i) The members have not required the charitable company to obtain an audit of its financial statements for the year ended 31 March 2025 in accordance with Section 476 of the Companies Act 2006.

(ii) The trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The financial statements were approved, and authorised for issue, by the Board of Trustees on 12 December 2025 and signed on their behalf by:-

BEN AMUNWA, Trustee

The annexed notes form part of these financial statements

12

INTERNATIONAL CURATORS FORUM

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

1. ACCOUNTING POLICIES

Company information

International Curators Forum is a private company limited by guarantee, domiciled and incorporated in England and Wales. The registered office is 4 Rostella Road, London SW17 0HY. The nature of the charity’s operations and principal activities are described in the Trustees' report.

Basis of preparation of financial statements

The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The effects of events relating to the year ended 31 March 2025 which occurred before the date of approval of the financial statements by the Board of Trustees has been included in the financial statements to the extent required to show a true and fair view of the state of affairs at 31 March 2025 and the results for the year ended on that date.

The financial statements are prepared on a going concern basis under the historical cost convention, modified to include certain items at fair value. The financial statements are presented in sterling which is the functional currency of the charity.

The charity has adopted the SORP (FRS 102) in the current period. In preparing the accounts the trustees have considered whether in applying the accounting policies required by FRS 102 and the charities SORP 102 a restatement of comparative items was needed. No restatements were required.

Going concern

The trustees have assessed the use of going concern and have considered possible events or conditions that might cast doubt on the ability of the charity to continue as a going concern. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objects of the Charity and which have not been designated for other purposes.

Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors which have been raised by the Charity for particular purposes. The cost of administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Statutory grants which are given as contributions towards the Charity's core services are treated as unrestricted.

13

INTERNATIONAL CURATORS FORUM

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

Incoming resources

All incoming resources are included in the Statement of Financial Activities when the Charity is legally entitled to the income after any performance conditions have been met, the amount can be reliably measured and it is probable that income will be received.

No amount is included in the financial statements for volunteer time in line with the SORP.

Other income is included in the Statement of Financial Activities when the Charity is legally entitled to the income and the amount can be quantified with reasonable accuracy.

Bank interest is included when received.

Resources Expended

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.

Support costs are those that costs incurred directly in support of expenditure on the charitable activities of the company and include office costs, governance costs, administrative costs and project management carried out at Headquarters. Governance costs are included in support costs and are those costs incurred in connection with compliance with constitutional and statutory requirements.

Pensions

The charity operates a defined contribution scheme, which is open to all employees. Employer contributions are charged to the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Cash at bank and in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Judgements and key sources of estimation uncertainty

No judgements (apart from those involving estimates) have been made in the process of applying the above accounting policies that have had the most significant effect on amounts recognised in the financial statements

14

INTERNATIONAL CURATORS FORUM

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

2.
INCOME FROM CHARITABLE ACTIVITIES
Unrestricted
Funds
2025
£
Grants for services
Events and exhibitions
152,760
Organisational infrastructure
-
152,760
Fee income
5,562
158,322
£
Comparative income from charitable activities
Unrestricted
Funds
2024
£
Grants for services
Events and exhibitions
152,760
152,760
Fee income
24,700
177,460
£
3.
GRANT INCOME AND DONATIONS
Arts Council England
Esmee Fairbairn
Harvard University
Paul Hamyln Foundation
Hollick Family Foundation
Foyle Foundation
The City Bridge Foundation
Cockayne Foundation
Art Fund		 Restricted
Funds
2025
£
91,153
33,333
124,486
-
124,486
£
Restricted
Funds
2024
£
8,350
8,350
-
8,350
£		 Total
Funds
2025
£
243,913
33,333
277,246
5,562
282,808
£
2025
£
152,760
-
36,000
33,333
20,000
15,000
12,153
8,000
-
277,246
£		 Total
Funds
2024
£
161,110
-
161,110
24,700
185,810
£
Total
Funds
2024
£
161,110
161,110
24,700
185,810
£
2024
£
152,760
8,000
-
-
-
-
-
-
350
161,110
£

15

INTERNATIONAL CURATORS FORUM

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

4.
RESOURCES EXPENDED
Direct Staff
costs
£
Cost of charitable
activities
Events and exhibitions
44,598
Organisational
infrastructure
-
Total charitable
expenditure
44,598
Costs of generating
voluntary income
-
44,598
£
Comparative cost of charitable activities
Direct staff
costs
£
Cost of charitable
activities
Events and exhibitions
50,790
Total charitable
expenditure
50,790
Costs of generating
voluntary income
-
50,790
£
5.
SUPPORT COSTS
Premises and office costs
Legal and professional
Trustees & meeting expenses
Independent Examination Fee
Independent Examiner other fees
Other costs		 Other direct
costs
£
135,290
33,333
168,623
2,340
170,963
£
other direct
costs
£
212,329
212,329
3,540
215,869
£		 Support
costs
£
23,139
-
23,139
-
23,139
£
Support
Costs
£
38,809
38,809
-
38,809
£		 Total
Funds
2025
£
203,027
33,333
236,360
2,340
238,700
£
Total
Funds
2025
£
8,765
5,409
550
1,780
1,052
5,583
23,139
£		 Total
Funds
2024
£
301,928
-
301,928
3,540
305,468
£
Total 2024
£
301,928
301,928
3,540
305,468
£
Total
Funds
2024
£
7,763
24,177
1,890
1,750
730
2,499
38,809
£

16

INTERNATIONAL CURATORS FORUM

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

6. STAFF NUMBERS AND COSTS

Wages and salaries
Social security costs
Pension costs		 2025
£
42,811
507
1,280
44,598
£		 2024
£
49,000
507
1,283
50,790
£

7. TRUSTEES REMUNERATION AND BENEFITS

The Trustees are considered to be the Key Management Personnel of the Charity. During the period, - no members of the Board of Trustees received any remuneration (2024 £NIL).

During the period 1 member (2024 - 1 member) of the Board of Trustees received reimbursement of expenses amounting to £550 (2024 - £1,789).

8. DEBTORS

Charity
Group
Charity
31 March
2025
2025
2024
Due within one year
£
£
£
Prepayments
5,500
5,500
-
Other debtors
3,133
3,133
-
8,633
£
8,633
£
Nil
£
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Charity
Group
Charity
31 March
2025
2025
2024
£
£
£
Trade creditors
-
-
814
Deferred income
66,667
66,667
-
Social security and other taxes
-
-
1,369
Other creditors
291
291
3,279
Accruals
4,117
4,117
6,900
71,075
£
71,075
£
12,362
£
Deferred income
Amount deferred in the year
66,667
66,667
-
Balance at 31 March 2025
66,667
£
66,667
£
Nil
£		 Group
31 March
2024
£
-
-
Nil
£
Group
31 March
2024
£
814
-
1,369
3,279
6,900
12,362
£
-
Nil
£

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

17

INTERNATIONAL CURATORS FORUM

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

10. STATEMENT OF FUNDS

STATEMENT OF FUNDS
RESTRICTED FUNDS
Events and exhibitions
Paul Hamyln Foundation
SUMMARY OF FUNDS
General Funds
Restricted Funds		 Brought
Forward
£
2,650
-
2,650
£
2,542
2,650
5,192
£		 Incoming
Resources
£
91,153
33,333
124,486
£
158,322
124,486
282,808
£		 Transfers and
Resources
investment
Expendedgains/(losses)
£
£
(51,618)
-
(33,333)
-
(84,951)
£
Nil
£
(153,749)
-
(84,951)
-
(238,700)
£
Nil
£		 Carried
Forward
£
42,185
-
42,185
£
7,115
42,185
49,300
£

Restriced funds are held for the following purposes:

Events and exhibitions fund is for activities for the public and art sectors nationally and internationally that aims at educating the public and art sectors. Sharing innovation, promoting progress and diversity and fostering cooperation.

The Paul Hamyln Foundation fund is towards core funding including increased infurstructure and staffing.

Comparative statement of funds

RESTRICTED FUNDS
Events and exhibitions
SUMMARY OF FUNDS
General Funds
Restricted Funds		 Brought
Forward
£
80,813
80,813
£
44,037
80,813
124,850
£		 Incoming
Resources
£
8,350
8,350
£
177,460
8,350
185,810
£		 Transfers and
Resources
investment
Expended gains/(losses)
£
£
(86,513)
-
(86,513)
£
Nil
£
(218,955)
-
(86,513)
-
(305,468)
£
Nil
£		 Carried
Forward
£
2,650
2,650
£
2,542
2,650
5,192
£

18

INTERNATIONAL CURATORS FORUM

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

11. ANALYSIS OF NET ASSETS BETWEEN FUNDS

ANALYSIS OF NET ASSETS BETWEEN FUNDS
Unrestricted Funds
Designated
General
Funds
Funds
£
£
Net current assets
-
7,115
Nil
£
7,115
£
Comparative analysis of net assets between funds
Unrestricted Funds
Designated
General
Funds
Funds
£
£
Net current assets
-
2,542
Nil
£
2,542
£		 Restricted
Funds
£
42,185
42,185
£
Restricted
Funds
£
2,650
2,650
£		 Total
Funds
£
49,300
49,300
£
Total
Funds
£
5,192
5,192
£

19

INTERNATIONAL CURATORS FORUM

NOTES TO THE FINANCIAL STATEMENTS For the year ended 31 March 2025

12 COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES
Unrestricted d
Total
Unrestricted
Funds s
Funds
Funds
2025 5
2025
2024
£ £
£
£
INCOME AND ENDOWMENTS FROM:
Charitable activities
282,808
177,460
EXPENDITURE ON:
Raising funds
Costs of generating voluntary
income
2,340
3,540
Charitable activities
236,360
215,415
TOTAL EXPENDITURE
238,700
218,955
44,108
(41,495)
NET MOVEMENT IN FUNDS
44,108
(41,495)
TOTAL FUNDS AT 31 MARCH 2023
5,192
44,037
TOTAL FUNDS AT 31 MARCH 2024
49,300
£
2,542
£
Net income		 Restricted
Funds
2024
£
8,350		 Total
Funds
2024
£
185,810
-
86,513		 3,540
301,928
86,513 305,468
(78,163) (119,658)
(78,163)
80,813		 (119,658)
124,850
2,650
£		 5,192
£

20

ICF March 2025 - Accounts for signing 12.12.2025 Final Audit Report 2025-12-12 Created.. 202&12-11 By.. Oavid Bailey {da*id@lnt￿natK￿￿Djral￿thm.￿9j Status.. &gn Transaction 10.. C8jCHBC￿BAAHtx2iqYIEL￿9a11czKH8qNMfjLNui¥ "ICF March 2025 - Accounts for signing 12.12.2025" History Document created by David Bailey Idavid@intemalionalcuratorsforum.org) 2025-12-11 - 6..59..44 PM GMT . Document emailed to Ben Amunwa Iben.amunwa@3pb.co.ukl for signature 2025-12-11- 6."59."49 PM Gwr Email viewed by Ben Amunwa (ben.amunwa@3pb.co.uk) 2025-12-11- 6.'59.'51 PM Gwr Document e-signed by Ben Amunwa {￿n.amunwa@3pb.¢o.￿k) s￿nature Date.. 202>12-12- 4:48..42 PM GMT TirrE se Agreement completed. 2025-12-12- 4.'48.'42 PM Gwr Q Adobe Auobat Swi