REGISTERED CHARITI, NuqBER.. 1191056 REPORTOFTHE TRUSTEES AND [INAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED31 MARCH 2024 FOR TOURING EXHIBITIONS GROUP Flint & Thompson 2 Manor Souare West Midlands B91 3PX
TOCIRING EXHIBITIONS GROVP CONTEINTS OF THE FINANCIAL STATEMENTS for the Year Ended 31 March 2024 P*ge Report of the Trustees Independent ExAminer's Report Statement of Fingntial Activities Balance Sh¢et Note5 to the Financial Statements 9 10 14 Detailed Statemtnt of Financial Activities 15 10 16
TOURING EXHIBITIONS GROUP REPORT OF THE TRIJSTEES for the l'ear Ended 31 March 2024 Th¢ trustee5 present rheii. report with the finantial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Ac¢ounting and Reporting by Charitl¢s.' Statement of RecoiMIMended Practice applicable to charities preparing their accounts in accordance with the Fsnancial Reporting Standard applic2ble in the UK and Republic of Ireland IFRS 1021 leffeciive l January 2019). OB.IECTIVES AND ACTIVITJES Charitable activities The objectives of The Charity are to promote 2rt culture and science for the benefit of the publi¢ by supporting research. PTOmOtinE best practice. delivering rraining and facilitatine a netWtsTk of Providers and re¢ipi¢nts of touring and parthership exhibitiotis in miiseums. galleries. heritage and oiheT Slte5 across the United Kingdom. Public benefit Thc trustees are Inindful of the Charity Commission Guideline on public benefit. ACHIEVEMENT AND PERFORMANCE Chgritable 4¢tivities The Charity ha5 completed its first of a four-year funding grant with Arts Council England, which sees a substantial incr¢as¢ in its activiri and related incom¢. At the end of the financial period bank dep051ts amounied to £134.J35 {2023 £32.7291. Co-chairs Report: 2024 Activities In 2022 the Arts Council agreed to the Touring ExhibiliOlJS Group's (TEGI application to become an Invcstment Principles Support Organisaiion IIPSO} and we were granted £160,000 of funding annually for three years ivhicli formally comnieJiLed froin ApTII 2023. This funding has been Iransfornlaiivc for TEG wrh a comniitment to developing ourselves as a Tesilient. professionally led 5¢Ctor support organisation. This means that TEG will be able io deliver more training, niore events and have a higher profile In th¢ 5¢Ctor to 511ppon individuals and organisations to deliver accessible. SUstnable, high-quality exhibitions. Our application had four guiding principles, and the below report outlirtes how in 2023-24, the first full ycar of IPSO funding, we laid the foundations for delivering on those objecitves, Io¢u5ing primarily on increasing our team tap#¢ity. developing strategy and preparing the organisation to deliver more". l. Ambition and QuAlity: To grow our rnembership and demonstrate our relevance through increased Advocgcy and impact ger0 both the Ilk and interngtional sectors Two in-person Away Day5 lone focused OD Professional Development Strdt¢gy and one on overall Strategy and Vision) weTe attex)ded by botli Trustees and ihe TEG team in December 2023 and Marcli 2024. We conducted a review of the professiollal development offer. a membership survey and developed a new Marketing and Conimuni¢ations Strategy. This work has enabled the team and trustees io Understand the fEG offer better and to understand how it could be iniproved to meet the needs of niembers and the sector. To ensure TEG'S capacity is suitable for a larger tumover OTgani5ation. new team m¢mb¢rs were appointed. financial systeTns and controls were reviewed and adjusted to enable repDrting to Arts Council England and a resource5 audit was carried out. New roles included TEG'S first Executivt Director, Reyahn King who started in April 2023 and preparations were n)ad¢ lo appoint a Markeiing Consultant as part of the team who would lead delivery of the new Markeiing and Communications Strategy. Meanivliile TEG continued to progre55 a partnership with the Art Fund to support the Going Places progrdmme with exhibitions training 2nd similarly WOTked with th¢ new MAGNET project to support cohort training in community engageinent in exhibitions. A5 part of our advocacy work and to raise the profile of the OTgdnisation, the ream attended cojiferences alld events. with stands at the Group for Education in Museums IGEMI and the Mu5eum8 + Heritage Show. and TEG representation li&% included PTC5enlations al th¢ 2023 Museunis COP ai Tate. Arts Coun¢il England Museunj LeadEf5' Symposium in Bam51ey. alld the launch eveni for the Weston Loan Programrne at Derby Museuni & Art Gallery. Trustees continiie to pla) an active role in TEG. presentin¥ on sustainable exhibitions at the Museums + Heritage Show, London and ICOM Exhibiiions IICEEI event, London. Page11
TOURING EY&HIBITIONS GROUP REPORTOF THE TRUSTEES for the Year Ended 31 Mareh 2024 ACHIEVEMENT AND PERFORMANCE (CONTINUED) Membership has remained static at around 300 for this financial year and one of our PriTnary objectivcs for the next three years 15 to see a year-on-year increas¢ on that rising 10 450 by the end of our IPSO funding period. Our fortlicon)ing strategy work will be fo¢u55¢d on identifying and Clarifying tnemb¢r5hip benefits which alofigside aji improved website and n)2rketing plan, we hope will be key 10 achieving that target. 2. Dynamtsm: Lookitbg #t the need5 of our membership seetor more widely and djustlDg our provision and 5UPPOrt accordingly) particularly in our professional development offer. Following the away dzy 2nd professional development review, the Professional Development Manager Created Professional Developineni Strategy for roll out in 2024-25. The Siraiegy will include four key srraiegic direction5'. l. Positioning TEG as tlie exhibition sector leader in exlitbilions-related trdining 2. Developing clarity of PUTpose around the iraining strategy 3. Building partnerships to deliver our visio 4. Expanding expertise io diffeTent group5 Wlthin the sector TEG continued to deliver high quality training to members and tl)e sector witli 95•/y of workshop attendees saying they would recon)n)¢Jd TEG to colleagues. Tlie Professional Development Manager lias progressed our Inclusivity and Relevance prÈnciple by implementing Jnore a¢cessibility rnea5ures into workshop and training cvents including TEG trainers and Speakers stating their PTOllOUn5 and giving a brief visual des¢riplioD when tliey introduce theniselve5', providing automated closed caption5 snd Enabling BSL interprdaiion on requ¢5t' making workshop recordings available. In addition to the TEG prograinme, many workshop5 liave been led 2nd delivered by TEG as pan of th¢ Aft Fund Going Place5 and MAGNET programmes. TEG also provided Consultancy Service5 to Plus Tate on Sustainable Exliibitions (in partnersl)ip witli the Design Museum) and to hquseum Development Soutliwesi IMDSWI on Strategic Interpretation Planning for Engaging Exhibitions. In April 202) a succ¢55ful TEG Connects event was held al the Maritime Museum. Naiional Museums Liveryool with 104 delegates. Sc5sions included presentations by the Art Fund. People's History Museuiii and The Amelia. Pan¢1 discussions included representatives froTn the MAGNET cohort ineluding the Horniman Museum. Sheffi¢ld Miiseums. Tullie House Museum & Art Gallery. 3. Envbronmental Responsibility: Driving the thinge towards reduced environmental impAct of touring exhibit10115 exhibition-mktng by providing practical guidante, trgiThing and toolkit5 for orynisgtions. Arts Council England approached TEG in December 2023 to commTssion a Teport to identify nieaningful actions lo irnprov¢ the ¢arbon footprillt of exhibition loans. The r¢5¢arch into lever5 to encourage environmentally sustainable lendin8 and borrowing Plxctices internationally was begun in 2023-24 with an international foriim. interviews and survey. Interviews and desk rese2rth were ODgoEng into 2024-25 and the report was submitted to Arts Council England in June 2024. The researclj proje¢t opened up conversations intemationally and TEG'S reputation ben¢fited greatly from being tommissioned lo do thi5 work. Key partnerships were also put in place this year lo ¢reate a decision-making tool for More environmentally sustainable touring which will be launched in the Autunin. Page12
TOIIRING EXHIBITIONS GROUP REPORT OF THE TRugfEES ror the Year Ended 31 MAr¢h 2024 ACHIEVEMENT AND PERFORMANCE 4. Inclusivity and Rtlev#nce- ActTvely seek to diversify our membership and especially our TrustÈÈs and Advisory Committee. Develop and irnplement EDI Polity and Action Plan for TEG which t2n also prowide
n txample to 5UPPOrt wider settor dTrversity *nd inelusion.
Th¢ current Board meiiibers and team are passionate about the potential for TEG to broaden the appeal of the profession to a wider representation of society 2nd recn¥ni5e that we need to start with our organisation. We will work 10 diversify the board in our next round of trustee recnlitment (September 20241 and will create two Early Car¢eT Tniste¢ roles by April 2025. EDI training will also be undert2keD by all Exe¢iitiv¢ and Advisoj), Board meTnber5 in Q4 of 2024-25. We have an EDI Tnjstee wlio leads an active EDI working group who meet regularly and we have created an EDI statement and Mission which Is available on our web51te. Work is in progress to ¢r¢ate an EDI Policv and Action Plan which will also be in place by the end of the next financial year (April 25). Looking forward, exciting developrnents for the coming year include rhe final 5-Year Strategy for TEG as well as a new website and brand identity which wll be launched in the coming monihs to support increased marketing activity- Trustees have agreed that a shifi in the organisation's naThe to The Exhibitions Grollp better reflects the diversity of exhibitions support now offered by the ¢haTity. A short pr¢sentation on our new brand and identity will be included as part of the online AGM on October 7th. Our newly refr¢5h¢d professional developmeni offer will also be launched in 2025. So mu¢h has been a¢h5eved in our first year of IPSO funding and the journty from a volunteer led io a professionally led organisation is well under way. Yel there is still a great deal more to do and huge potential for the organisation lo grow and thrive in the coming years. All of this would not be possible without the invaluable support of the Arts Council England as well as our partner funders And 5ponsoT5 so lieartfelt thanks for YOUT ongoing faith and trust. We would also like to thank TEG'S dedicated team of consiiltants, which whtle small and ninible. is the powerhouse behind what we do. And on behalf of all the trustees and te2m. speci21 thanks to Reyahn King for her dynami¢ ond thoughtful leadership at this critical time in the organisaiton's develtsprnent. To our fellow trustees and advisory committee mernbers, thank you for your contit)ued engagement and support which is vital in ¢ontinuing to shape our future direetion and vitality. And to our valued Tnembcrs, we hope you continue to see the benefits of your ongoittg support for TEG. Everyrhing we do ts with our members in mind, and we value all your feedback and Ideas. Wc hope that you are as excited as we are with The curyent and future direction of the organisation. MirandA Stacey and AIAnna D9vidson FINAIYCIAL REVIEW FittincRal position The Charity geiieraied a SU1U$ of £101,99912023 surpllls £2,194) for the period under review. The Charity rnai%Jtasn5 a very low risk investment policy with thc bulk of its non-fixed assets being held in the form of bank deposits. Perform#nte The financial year 2023124 saw the first round of IPSO fund reaching our accounts, which lead to a notable increose of our reserves at the end of the flnancial year. Underspent 4g#iust 4Dticipated activitie5 The consulting leani were not able to deliver in fvll on the OTigEnal ambilious a5piration$ for the year. due to the need to focus on operational planning such as delivering a new fjnancial system and the need to rc-recruit two consultani positions. In particular. the new websit¢ and new brand have not been completed in 2023-24. Taken togeth¢r th¢se dElays. particiilarly in ¢OTnmissioning wtbsite consultanis, have meant an &indtrsp¢nd agn$t Arts Council England's grant for 2023-24. The trustees have therefore designaied £34,000 of the su[tIng reserves to bc u5¢d in 2024-25 to support website development and other resear¢h. Pag¢13
TOURING EXHIBITIOIYS GROUP REPORT OF THE TRUSTEES for the Year Ended 31 March 2024 Incregse in traTr'el c05t5 The in¢rease in travel costs (from 2.466 in th¢ ftnancial year ending 31 March 23 to 8.279 this financial yearl reflects the additional activity by our consultant team to prepare us for delivering against the AC target5. This activity includes attendance at conferenees, presentations and partner a¢iivilies with MAGNET and Art Fund. FINAT4CIAL REVIEW Annual Membership Annual niembership income Irenewals and new members) a¢TOSS Quarters 1 4 total £22,070 lat 31 March) against a iargei of £2i.000. We hope tliat with 2024-25 more focused on delivery and less on strategi¢ and operational ctsrrections. memb¢r5hip will increase closer to targets in 2024-25. Vear-end p051tion and reserve policy In view of the health of our unrestricted reserves. the board decided to adjust our reserv¢ poliey to 4 months of running ¢osts. in line with best practite in the sector. We would like to thank oiir grant fundcrs Arts Council of England and Art Fund {Going Places and Weston Loan Programrnel for their siipport. our sponsors Constantine and Mommart and our partoers The Design M115eum and MAGNET. srRUCTURE, GOVERNANCE AP4D MANAGEMENT Governtng doeument The Charity is Controlled by its governing docunient, a deed of tn]st and eonstitutes an unin¢orporaied charity. The Touring Exhibitions Group is a registered Charity InLimber 11910561. 'All assets, liabilities and operations were transferred to the Charity incorporated Organisation ICIOI on 28 August 2020 Re¢rnitm¢Dt &ppointmen¢ of new tru5tee5 The charity trustees for the PUTpose5 of cliaTity law and under the company's Articles are known m¢mbers of the Management CA)mmittee. All members of the Management Cominittee give their lime voluntarily and received no benefits froni the charity. Any expenses re¢laimed from the charity are set Out in note 9 to the accounts. Roles are advertj5ed along with guidanc¢ to apply through the Touring Exhibitions Group'5 newsletter and nehuorks. The Executive Comniittee members are elected by the membership from its ranks through a ballot at the Annual Genero1 Meeting. Organi5ational structure Tollring Exhibition5 Group has a Management Committee of up io eighie¢n members who rneet quarterl}. and are respottsible foi. the strategic direaion and policy of ihe ¢harity. In 2023-24 the Management Committee has sixteen members from a variety of professional ba¢kgrounds relevant to the work of the charity. Tlie Management Committee consists of seven tnJ5tees (the Executive Board). The trustees appointed an Executive Director for the first time in 2023 on a consultancy annual contratt. This post now manages the remainFng consultancy team which includes a Membership Manager, Professional Development Manager. and a Coordinator thar ove5ees the web51te and adminisiration). TEG'5 work 15 also supported by a volunteer Advisory Board. Induction and training of new trnstees All new members of the Management Coinmittee 3re issued an indiiction tnanual to introdiice them to the roles of the ctsmmitte¢ and ihe work Of the organisaiiort. Page14
TOLIRING EXHIBITIONS GROUP REPORT OF THE TRUSTEES for tht I'tar Ended 31 March 2024 REFERENCE AND ADMINISTRATIVE DETAILS Registered Chgrity number 1191056 Principal address Unit 82A James Carter Road Mildtnhall Suffolk IP28 7DE Trustees A Davidson (appointed 28 April 20221 M Stacey lappoinied 28 April 2022} K Morton (resigned 28 August 20241 N Patel E Daker {known as E Greetjwood legally} K Lewi5 Iresigntd 30 June 20231 N Coleby (resigned 12 July 20231 J Palsh (resigned 30 Jun¢ 20231 F Sylvester lappointed 12 July 20231 C Ma¢GÈllivray (appointed 12 July 2023 and resigned 29 January 20241 A Lobb (appointed 12 July 20231 U Smalley (appointed 12 July 20231 E Saggers lappoinied l April 202.1 and resigned 19 August 20241 REFERENCE AND ADMINISTRATIVE DETAII Jndeptndent Examiner Peter Georgiadcs BA FCA Flint & Thompsotj 2 Manor Square West Midlands B913PX Bankers National Westminster Bank PIC 33 LoTd Strect Wrexhan) LLII ILP Approved by order of the board of twstees on 7 October 2024 and signed its behalf by: A Davison Co-chairperson M Stacey Co-ch2irperson Page15
INDEPENDENT EXAMINER'S REPORTTO THE TRUSTEES OF TOURING EXHIBITIONS GROIIP Indepedent e%an)iner's report to the trustees of Touring Exhibitions Group I report to the chai'ity ti'ustees on n)y examtnation of the accounts of Touring Exhibition5 Group Iihe Trusti for the year ended 31 March 2024. Responsibilities and basis of report As ihe ¢harily trust¢e5 of the frust you arc responsible for the prepar*ion of ihe accounts in accordance with the requireTtLents of the Cliarities Act 2011 I'the Acl'l, I report in respect of my examination af the Tn]st's actouDt5 Caled out under Section 145 of the Act and in ¢arrying out my examination I have followed all applicable Directions given by the Charity Commission under Stction 14515llb) of ihe A¢1. Independent exarniner's statement I have completed my cxaminztion. I ci)nfirtn that no inat¢rial matters have come io my attention in ¢onne¢iion with the exatnination giving me cause io b¢lieve that in any niaterial resp¢ct'. a¢¢oui)ting re¢ords wer¢ not kept in respecl of the Trust as required by Section 130 of the Act- or the accounts do not accord with those records. or the accoun15 do not comply with the 8ppli¢able requirenient5 concerning th¢ forn) and conieni of a¢¢ounts 5¢t out in the Charities (Accoiints and Reports) Regulation5 2008 other than any requirement that the a¢¢ounts give a true and fair view WhCh is Doi a rnalter Lon5id¢red as part of an independent examination. I have no Concerns and Iiave ctsme across no otlier matters in connection wilh ihe examination to which attention should be drydwn in this report in order to enable a proper understanding of the accounts to be reached. Pete AFCA Flint & Thompson 2 Manor Square Wesi Midlands B913PX Date.. 7...o.cr(foz.....?o.2 Page16
TOURING EXHIBITIONS GROIIP STATEMENT OF FINANCIAL ACTJVITIES for the Yegr Ended 31 March 2024 2024 Total funds 2023 Toial funds Unrestricted fnd RestTl¢ted funds Notes INCOME AND ENDOWMETrrrs FROM Donations and legacies 34.713 34.713 39,524 Charit2blt activttie$ Professional development 170,350 170.350 Other income Investmenr income 5,840 763 5.840 763 138 Total 211.666 211,666 39.662 EXPENDITURE ON Menibership management and sector support 61.409 61,409 15.698 Charitable activities Professional development 39.979 39.979 19,304 Other 8,279 8,279 2.466 Total 109.667 109,667 37,468 NET INCOME 101.999 101.999 2,194 RECONCILIATION OF FUNDS Total funds brought forward 31.464 31,464 29,270 TOTAL FUNDS CARRIED FORWARD 133,463 lJ3,463 31.464 Page17
TOIIRING EXHIBITIONS GROIIP BALANCE SHEET 31 Nlareh 2024 2024 Total funds 202) Total funds UnrestrEcted fund Restriaed fund5 Notes CURRENT ASSETS Debtors Cash at bank 444 134.i35 444 li4,33S 32,729 134.779 l i4,779 32,729 CREDITORS Amount5 falling due within one year 11.2651 NET CURRENT ASSETS 13.1.46i li3,46J 31.464 TOTAL ASSETS LESS CURRENT LIABILITIES 33,463 l i3.463 il,464 NET ASSETS 133403 l i3,46i 31,464 FUNDS UnsEri¢l¢d funds 13J,463 31.464 TOTAL FVNDS lJ3,46i The financial siaren)ents wcre approved by the Board of Trustees and authorised for issue on 7 October 2024 and were signed on ils behalf by.. A Davison Co-¢haiTperson M Stacey Co-chairperson The notes fomi part of tliese financial statements Page18
TOURING EXHIBITIONS GROUP NOTESTO THE FINANCIAL STATEMENTS for the Year Ended 31 March 2024 ACCOIINTING POLICIES Basis of preparing the fJngn¢i¥l $tatenJents The financial statements of th¢ charity.. which is a publi¢ benefit ¢ntity under FRS 102, have been preparcd in accordance with the Cliarities SORP IFRS 1021 'A¢counting alld Reporting by Charitie5.' Stat¢nient of Recommended Practice applicable to thayities preparing their accounts in a¢¢ordance with tlie Finan¢ial Reporting Standard applicable in the UK and Republic of Ircland IFRS 1021 leffective l January 2019),. F5nancial Reporiing Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charities A¢1 201 l. The finaiicial statements have been prepared under the historical c05t convention. Touring Exhibitions Group is a Cljarity inLorporated in England & Wales The naiure of the charity's operations aiid principal activities are ¢on¢etned with tlie proinotion of cultute. The financial slatemettts are prepared on a going concem basis under the historical cost convention. modified to include certain iiems at faiT value. The f)nancial siaieinents ttT¢ presented in 51erling whi¢h 15 the functional curren¢y of ihe charity and rounded to the nearest £1. The significant accounting li¢1¢S applied in the preparation of these finaclaI Statements are ser out below. These policies have been Consistently applied to 211 years presented unless tstherwise stated. Intome All in¢oniing resource5 are included in the SiateTnent of Financial Activities ISoFA} when the charity is legally entitled to the inconie after any perforni3nLe conditions have been met, Ihe amount can be measured reliably and it j5 probable thai the incoime will be rcceived. For donations lo be recogtJi5ed the charity will have been notified of the amoiints and the settlement dare in wriiing. It" there are conditions attached io th¢ donation at]d this requires a level of performance btfo ¢ntitlem¢nt can be obtained then incom¢ is deferred until those conditions are fully rnet or the fulfilmeni of ihoge conditions is within the control of th¢ charity and it 15 probable thai they will be fulfilled. Donated facilities aod donated professional services are re¢ognised in income at their fair value when their eeonomie benefit is probable. it can be measured reliably and tli¢ charity has control over tlie item. Fair value is determined on the basis of the value of ihe gift to the charity. For example, the amount the charity would be willing to pay in the open maTket for such facilities Snd servic¢s. A COJTesponding amount IS Tecognised in expenditure. No amount is included in the financial statemenis for volunteer tim¢ in line with the SORP IFRS 1021 Where practicable, gifis in kind donaied for distribution to the beneficiaries of the chaTiry are included in stock and donations iii the financial statements upon receipt. If it is impracticable to assess the fair value at receipt or if the Costs to undertake such a valuation outweigh any benefits. then the fair v21ue is recognised as a component of donations when it is distributed and an equivaltnt arnount Tecognised as chariiable expenditUTe. Gifts in kind donated for resale aT¢ included at fair vallle, being the expecred proceeds from Sale less the expected costs of sale. Where estimating the fatr value is practirable upon receipt it is recognised in stock and 'In¢ome fron) other trading activittes. Upon sale, the value of the stock is chaTged against 'lncome from other trading activities, and the proceeds are re¢ogni5ed as 'lncome from other trading activities. Where it is impracticable to fair value rhe Item5 due to the volume of low value iieJns they are not re¢ogni5cd in Iht financial statements until Ihey are sold. Thi5 income is recognised within'lncome fJx)m other trading activities. Fixed agset gift5 in kind are recognised when receivable and are includ¢d ai fair value. They are not deferred over the life of the ass¢t. For legacies. entitlein¢nt is th¢ earlier of the charity being noiifi¢d of an inipending distribution or the lega¢}. being received. At this point income is r¢¢ogni5ed. On occasion legacies will be notified to the charity however t 15 not Possible to Ineasure the amouni expected to be distributed. On these occasions. the legacy is treated as a contingent asset 2nd disc105¢d. Page19 continued
TOURING EXHIBITIONS GROUP NOTES TO THE FINANCIAL STATEMENTS- Continued for the Year Ended 31 MaT¢h 2024 ACCOIINTING POLICIES- Continued Intorne Income from trading activit1¢5 includes ineome eamed from fundraising ¢18 and trading activities to raise funds for the cbarity. Income is received in exchange for supplying good5 2nd services in order 10 rai5¢ fund5 aiid 15 r¢cognised wlien entitlenient has occurred. Investment incoine is earned ihrough liolding assets for investnienr puryoses such as sliares and propcrty. It includes divEdends, Ititerest and rent. Where it is not practicable to identify investrnent management costs inciirred within a schce with reasonable acciiracy the investnient incoTne is reported net of these cosis. It is incliided when the amoiint can be Ineasured reliably. Interest incotne is Kcogt]ised using the effectiv¢ inter¢5t method and dividend and rent income is recoBni5ed as the charity's right to receive paynienl is established. Other income includes the ¢onversioii of endowment funds irtto intonie wliich aT15e5 whei) capital funds are released io an income fut)d froni expendable endoivments or ivlien a cliariiy has authority to adopt a total relum approach lo lis pemanenl endoi¥nient fund. Il also in¢ludes otheT income such as gains on disposals of iangible fixed assets. Expenditure All expenditure is accoiinted for on an accruals basis and has been classified under headings tliat aggregate all costs related to the category. Expenditurc is reco8nised where there is a legal or constructive obligation io tnake payments io third part1¢5. it Is probable tliat the settlement will be required and the amount of the obligation can be rneasured reliably. It Is categorised under ihe following headiiigs= Costs of rdising funds includes Co-ordiiiator and nieinbership management fEes- Expcnditure on charitable activities include5 plreSsiOnal development costs Other expendilllT¢ repre5¢nts those items not falling into ihe caiegoTies above. Irrecoverable VAT 15 charged as 8n expense against the activity for which expendiiure aTOSe. Granrs payable to il)ird partie5 are within tl)e charitable objectives. Where unconditional grants are offered. this is accrued as soon 2$ the re¢ipient 15 notified of tlie grani, 2$ this giveg rise to a reasonable cxpett21ion that the re¢ipieiJr will receive the grant5. Where Branis are conditional Telating to perfomianLe ihen the grant is only a¢¢rued ivhen any unfulfilled conditions are outside of Ilie control of the charity. Support costs allocation Support ¢ostS #Te t1105e that 8SSESt the work of the charity but do tiot d1cl1Y represent ¢haDtable activities and include office costs, goveriiance costs, and adniinistralivt payroll costs. They are In¢urred d1cl1Y in sUPPOrt of expenditure on the objects of the charity and include project managemeni ¢&rricd out at Headquarters. WheTe support costs cannot bc diT¢Ctly attribLtted to particular headings they have been allocated to ¢osi of raising funds and expenditure on charitable activities on a basis COTJSiStellt with use of the resourets. Fund-raising costs are those incllrred in seeking volut]tary contributions and raising grant funding from public trusts and funders and do not include the costs of disseminating infortnation in support of the ¢haritable Taxation The cliarity 15 exempt from tax on its Charitable activities. Fund attounting Unresii'ictcd funds are available for use at the discretion of the trustees in funheran¢e of the general objetliv¢s of the charity and which have not been designated for other purposes. Designated funds ¢omprise unrestricted funds thai have been set aside by the trustee$ for particular purposes. Tli¢ aim and use of each designated fund is sel out in the not¢s to the financial slatenients. Pagel 10 ¢oratinucd
TOIIRING EXHIBITIONS GROiIP NOTES TO THE FINANCIAL STATEMENTS- eontinued ror the Year Ended 31 March 2024 ACCOIINTING POLICIES- continued Fund ¥¢tounting R¢siri¢ied funds are fund$ which are to be used in aecord3n¢e with specific restriciions imposed by donors or which have been raised by the Charity for particular purposes. The cost of raisirtg and administering su¢h funds are cliarged agzinsi the specific fund. llie aim and use of each reslrieted fund is set out in the notes to thc financial ststeijents. Going eonrer The financial statejnents have been prep&red on a going conccrn basis as the trLlStees believe that no material uncertaintics exist. The trtistees have considered Ihe levcl of funds held and the expected level of in¢onie and expendilllre for 12 month5 froni autliorising these financial statenients. The budgeted income and expenditurc is su1clent wTrtli tlie level of reserves for il)e charil). to be able to continue as a goin8 concern. OTHER INCOME 2024 2023 TEG Conn¢cts iicket sales INVESTMENf INCOME 2024 2023 Interest receivable- trading 763 138 TRUSTEES, REMUNERATION AND BENEFITS There were no iruste¢5' remuneration or oiher b¢nefLts for the year ended 31 March 2024 nor for the year ended 31 Mar¢li 2023. Tru5tee5' expense5 During the Current yeai.. there were £673 of inistee expense incurred in the chaTltable 2Ctivilies for Secrelariai traw¢l expenses COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIN'ITIES Unrestricied fund Restrtcted funds Total funds INCOME AND ENDOWMENTS FROM Donations and legacies 39.524 Investm¢ni income 138 138 Total 39,662 39.662 EXPENDITURE ON Menibersliip management and sector support 15,698 15,698 Charitable #ttivitie5 Professional development 19.304 19.304 Other 2.466 2,466 Totgl 37.468 37.468 Page | 11
TOURING EXHIBITIONS GROUP NOTES TO THE FINANCIAL STATEMENTS-continued for the Year Ended 31 Marth 2024 COMPARATIVES FOR THE sfATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted Restricted fund fiinds Total funds NET INCOME 2,194 2,194 RECONCILIATION OF FUNDS Total fiinds broughi forward 29,270 29.270 TOTAL FUNDS CARRIED FORIVAIU) il.464 31.464 DEBTORS: AMOIINTS FALLING DUE WITHIN ONE YEAR 2024 2023 Prepayment5 and accrued inconie 444 CREDITORS: AMOUNTS FALLING DIIE WITHIN ONE YEAR 2024 2023 Trade creditors Other crediiors 1.315 1.265 316 1.265 MOVEMENT IN FUNDS Nct niovetnent in funds At 31.3.24 At 1.4.23 Ilnrestricted fusbds Gencral fund 31.464 101.999 133.463 TOTAL FUP4DS il.464 01.999 133,463 Net moverncnt in funds. included in the above are as follows.. Incoman8 resources Resources expended Movement in funds Unrestricted funds General fund 211,666 1109,6671 101,999 TOTAL FUNDS 211.666 109,6671 101.999 Pagel 12 continyed...
TOURING EXHIBITIONS GROUP NOTES TO THE FINANCIAL STATEMENTS- tontihued for the I'egr Ended 31 March 2024 MOVEMENT IN FIINDS- continued Cornparatives for rnovement in fwnd5 Net movernent in funds Al 31.i.23 At 1.4.22 Unrestricted funds General fund 29.270 2,194 31.464 TOTAL FUN'DS 2,194 31,464 Comparative net Inovemenl in fund5. iiicluded in the above are a5 follows.. Incoming resources Rcsources txpended Mov¢fflent in funds Unrestricted funds General fund 39,662 li7,468) 2,194 TOTAL FUNDS 137,468} A ¢urrent year 12 Inonihs and prEor year 12 months combined position 15 as follows.. Net n)oven)ent in funds At 31.3.24 At 1.4.22 Unre5trieted funds General fvnd 29.270 104,193 133.463 TOTAL FIINDS 29.270 104,19) 133.463 A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows= Incoming resources ResoLirces expended Movement in funds Unrestricted funds General fund 251.328 1147,1351 104,193 TOTAL FUNDS 251.328 1147,1351 104.193 Pagel 13 Continued...
TOURING EXHIBITIONS GROUP NOTES TO THE FINANCIAL STATEMENTS-continued for the Year Ended 31 March 2024 RELATED PARTY DISCLOSIIRES There were no related party transaction5 for the year ended 31 March 2024 oor for the year ended 31 March 2023. Pagel 14
TOIIRING EXHIBITIONS GROUP DETAILED STATEf¥iENT OF FINANCIAL ACTIVITIES for the Year Ended 31 M•reh 2024 2024 2023 INCOME AND ENDOWMENTS DonatlOlJS gnd legacie5 Membership subscripiion$ Ordinary Mcn)beTship subscriptions Corporate Meii)b¢T5hip subscriptioiis- Ordinary new Membership Subscripiions- Corporate new Menibership subs¢TjPtions Volunteer Membership Slibscriptions volunteer new Education Tneinbers DoJ)aied services ajid f•tilitie5 Professional developtnent Art fund Bespoke training Sponsorship niarketplace Education members- new 12.885 i.189 12,97i 2.715 3.978 1.273 720 540 105 4,854 3.861 3.207 1.908 3.390 640 660 840 4.780 5.135 2.000 750 90 34.713 39.524 Other in¢ome TEG Connects ticket sales 5.840 Investment intome Interest receivabl¢- trading 763 138 ChArit2ble aetii'ities Arts ¢oiincil orani Research grant Weston 108n progranime Art fund 160.000 2,000 350 8,000 170,350 Total incoming resources 211,666 39,662 EXPENDITURE Mernbership mAnagement and seetor support Jn5llTance Co-ordinator fees Membership manager Executive Oirector Website manager 456 11.847 10.029 36,197 2.880 423 6.300 6.300 61.409 15,698 Charitable gttivities Professional dev¢lopin¢nt workshops Bespoke training Carried forward 2.500 i29 2.829 i.ooo 2,000 Page | 15
TOURING EXHIBITIONS GROIIP DETAILED STATEMENT OP FINAIYCIAL ACTIVITIES for the Year Ended 31 Mareh 2024 2024 2023 Charitable Activities Brought forward Website maintenance Web-slte hosiing Other website c05t5 N4arketing promorion Meinbersliip design E-neiv51etter layout and postings E-newsletter graphics Marketplace other costs Consultancy fees Subscriptions- Quickbooks WoTkshops Evaluation Markctplace catering Research project nianager Res¢ar¢h secretary support day Secretariat Liplift Art fiind consultattty Weston loan consultancy Market strategy consultan¢y Finance consultancy Research consultancy Trainiiig in person Training- specialisi speakers Subscriptions- survey Jnonkey SubscriptlOD5- microsoft one Svbs¢riptions- dropbox Art fund event cost$ Art fund travel Weston loan- travel Professional devclopineni manager fees 2,000 1,296 209 2.829 42 492 1,350 168 197 440 319 1,808 27 25 218 1.000 3.000 724 825 3,125 250 7,408 1,300 388 1.250 750 218 1,400 48 705 367 35 12.721 8,800 39.979 19.304 Support costs Governante tosts Sundries Accountancy and legal fees Travel- awaydays rrnvel expenses- se¢TetaTiat Travel expenses- ¢tsnferences Staff travel budget Travel marketplace 472 1,274 1,818 2,548 228 35 1,904 1.308 8,279 2.466 Total resources expended 109,667 37,468 Net income 101,999 2,194 This page does not form part of the statutory financial si3iements Page116