REGISTERED CHARITY NUMBER: 1191056 REPORT OF THE TRUSTEES AND IINAUDITED FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 FOR TOURING EXHIBITIONS GROUP THE EXHIBITIOP4S CROUP Flint & Thompson 2 Manor Square Solihull West Midlands B91 3PX
TOURING EXHIBITIONS GROUP THE EXHIBITIONS GROIIP CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Page Report of the Tru$te¢s Independent Ex#miner's Report StAtemeDt of Finan¢iAI Aotivities Bal*n¢e Sheet io r4otes to the Financial Ststements Detailed St#tement of Fxn¥nei#l Activities 18 to 20
TOURING EXHIBITIONS GROUP THE EXHIBITIONS GROIIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 202$ The irnstees present their report with the fJnan¢ial 5tstemenrs of the charity for the year ended 31 March 2025. The Iru5tee5 have adopted the provisions of Accounting and Reporting by Chariti¢5.' Statemeni of Recommended Practice applicable to charities preparing their accounts in accordance with rhe Financial R¢porting Standard applicable in th¢ UK and Republic of Ireland IFRS 1021 (effective l January 20191. OBJECTIVES AND AcfIviTIES Chgrit%ble activitTes The objectives of the Charity are to promote art culturc and science for the benefjt of the public by supporting research, promotit)g best practice, delivering training and facilitating a network of providers ad recipieois of touring and partnership exhibitions in mu5cums. galleries. heritage and other sitcs aLr055 the United Kingdon). Public benefit The tTUStees are mindful of the Charity Commissitsn Guideline on piiblic benefrt. Page I
TOURIP4G EXHIBITIONS GROIIP THE EXHIBITIONS GROIIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 202S ACHIEVEMENTS AND PERFORMANCE Co-chairs Report.. 2025 Activities Co-chairs Report The Touring Exhibitions Group ITEGI has completed its second year as an Investment Principles Siipport OTganisation IIPSO) and as a recipient of a multi-year fiinding grant with Arts Coun¢il England, which has eDabled a Silbstantial increas¢ in our activity and overall ambition. This funding has been transformative, supporting our ambition to develop a5 a resilient, professionally led sector support organi5ation. In 2024-25, we announced a new brand identity, The Exhib2tions Group, at the AGM on Monday 7 October 2024. We also made key financial and operational in)provements, including back-of-house work on a new website with its final launch taking place in 2025-26. The work which has taken pla¢e in 2024-25 wtll enable u5 to raise our profile in the sectOT which in turn will support individuals and organisation5 to deliver accessible, sustainable, high-qua]ity exhibitions. TEG has continued to benefit frorn its role as 2 IraIning partner on Going Plate5 for thc second year mnning, £ project fiinded by the National Lottery Heritage Fund ond managed by Art Fund. In 2024-25 TEG becarne a formal partner the Development Phase and we are now a fomial partner in the DelivEry Pliase 2025-30. We have also continued to work as a partner with the Museums and Galleries Network foT Exhibition Touring (MAGNET). funded by Arts Council England and Art Fund. botli of which have brought intonie and opportunities for a¢tivity. TEG has increased its ¢tsnsulting team, welcoming Sue Lea as Admintstrator and Rachel Auty as our first Marketing Consultant. Following a Strategy Away Day, in January 2025, Trusiees and the consulting tearn developed and agreed a new vision and mission statement. This was developed through an iterative. collaborative proc¢s5 and informed by previous onsultation carried out with both members and non-meJnber5. Vision.. We are the homc of exhibition practice. Mission.. We connect and empower everyone in exhibitions to create r¢levartL Sustainable, diverse and accessible exhibitions. To underpin and guide our work. we developed five values, supported by a Values Statemcllt= We are Inclusive, Generous. Collaboraiivt, AmbitlOU5 and Responsible. Alonggide this work, our new brand identity was 8nDoun¢ed, d¢5igned by Jsle Studio. It has proven to be very effective in raisin8 the profile of the ¢harEty. It will be implem¢nt¢d fvlly with the roll out of our new website in 2025-26. TEG also confimied the operations of Board of Trustees and Advisory GTOUP. Clarifying the governance framework and tmplemenling governance trasning for Tru5tEes. At the AGM in October 2024, we welcomed six new Advisory Group members ond fivc new Trustees. TEG Connects 2024 Oiir annual netWorkg and knowledge exchange event took place ai Coventy Transport Museum on 17 April 2024. The event attracted 116 delegates and featured stands from 16 organis2tions, as well as keynote speakers Caro Howell from Imperial War Museum and Margutrite Nugent. CV Life. The event tame in otj budget and w?s well received with 86D/o sarisfattion froTll delegates. We are graieful to Constaniine and Momart for their sponsorship both of the event itself and our buTsaries scheme. which enablcd wider pariicipaiiorj to attend the event. Arts CouDcal England Investment Prin¢ipl¢s Page 2
TOURING EXHIBITIONS GROUP THE EXHIBITIONS GROIIP REPORT OF THE TRusfEES FOR THE YEAR ENDED 31 MARCH 2025 TEG'S Arts Council England IPSO application had four guiding principles. In 2024-25. the 5¢cond year of IPSO funding. we contitjued to develop our Strategy, beginning to deliver more activity. This in¢luded a new Profc5sional Ikvelopment Strategy to guide the next few years and an expanded programme of learning and events activillC5. New course5 and events in¢liided a GJS webinaT in collaboration with Arts Council England.. and new training courses such as Courier Traioing and Communit). Engagement for Exhibition Making. Key to this strategy is an aspiFation to reach wider audiences whilst staying relevant to the exhibitions sector. For the Le9Thing strand. we continue to deliver tTaining sessions in exhibition skills. A new Events strand introduced H¢w forniats such as webinars wirh thought leadcrs. Our parthership wEth Art Fund to deliver Going Places has generated visible in)pa¢t. including WOTkshop5. training sessions. cohort meetjn8s. reSOUTce5 and a skills audit to support the partnership. In addition, our rontinuing partnership wilh the fvL4GNET Network is siipporting Inu5eums to think hard about how they Produce exhibitions that are inclusive of their communities. Ambition and Quality TEG ¢ompleted a significant piece of rese2T¢h for an Arts Coun¢il England commissioned report on the carbon impa¢¢ of inieTnAtional lending and borniwing. While originally produced for Arts Council England's internal use. a public version has since been Tnade available. This research was presented at the NIUSCON conferen¢c in London, the ICOM ICEE conference in Estonia atsd ai a Conscrvation scienc¢ seminar in Poland and is now available on our website. TEG ¢ontinued to be very aclive &ttending ¢onferences and events io mlmiSe profile. These included thc M&H Show at Loodon Olynipis and GEM'S annual conference in Bristol. OUT Learning and Event5 programme lex¢luding TEG Connects) pcrfornied strongly reaching 316 participants against a target of125, 235 /D of the partieipation target. The free 40th Anniversary Sector Thought Leader Webinar chaired by our Execuiive Director in February generated a lot of interest Wlth 97 people attending. We would like to thank our presenters, indep¢ndent CratOr, art historian and broadcaster, and form¢r Exhibitions Groiip Chair 12000-031: Kathleen Soriano,. Man2ging Director at MarshTnallow Laser Feast. Nell Whitley,. and Carolin¢ Grewar, Director of Programme at V&A Dut)dee. Dynamism TEG strengthened its op¢r8tion5 by adopiiDg a new accounting system, switching bank accouots and developed a Financial Controls Policy to ensure robusi financial management. Our marketing has developed, with the introduction of targeted email marketing campaigns well as our monthly newsletter5 Wlth siibscribers growing. Instagram account was launched, and our Linkedln page continuc5 to attract followers and engagement. Environmental Respoiisibility In paTtneTship with the Design Museum and ATt Fund. TEG developed the Rethinking Touring Exhibitions Tool. This is significant piece of work and resource to gUPPOrt the secior in building more 5U5tsinable pra¢iices. We also launched the Environmental Responsibility Hub on TEG website wÈth additional resouTC¢S. This year marked the first tirn¢ that TEG repDrted in full on its environmental impact. pmviding a report to Julie's Bicycle for 2023-24. Inelusion and Relevance TEG successfully recruited to both the Advisory Group and Board of Trustees from a more diverse pool of candidates. welcoming I I new individuals. Page 3
TOURING EXHIBITIONS GROUP THE EXHIBITIONS GROIIP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 202$ For ihe Second year running, we offered a bllrsary schenie lo early career or underrepresented people to attend TEG Conne¢t5 in Coventry. Five people were 2ble to take up this offer, and we would like lo exiend our thanks to Momart and Constantine for funding the bursaries. We continued to improve the occessibility of our training sessions, with the Professional Developtneni Nlanager allowing for the provision of live captions and oih¢r tneasures, such as Ac¢ess Iknders for speakers. We appointed Birds of Paradise to provide EDI training for the consulting ttaTn and Trustees, and Direct Aceess to support the EDI Working Group in developing an EDI Action Plan. A special online event 'ln Conversation about ExhibTtions' was held with Mikei Hall. Anits Sheth and Reyalin King for the Museum Detox cohort. offering an insight into careers in exhibitions. All of this would not b¢ possible withoLlt the tnvaluable support of the Arts Coiincil England, together with our parther funders and sponsors. We would also like to Wa1}. thank TEG'S deditated team of consuliants. Ann, D2na, Ra¢hel, Reyahn and Sue whose work underpins everything we do. To our fellow Trustees and Advi50ry Groiip, thank you for your ongoing ¢ornmitment and support which is vital ill shaping our future strategy and development. Our particular thanks go to our new Trustees and Advisory Group members who h&ve already made a strong impact in helping to shape the organisation. Above all, we are gratefyl to the wider exhibilion5 community for the joy of sharing expertise and knowledge. and especially to our members. Ivhose investtn¢nt in their own PTofEssional developmeni and in the sector as a whole. make$ oiir WOTk and the networks we enable possible. Miranda Stacey and Alanna Davidson. Co-chairs. Page 4
TOURING EXHIBITJONS CROUP THE EXHIBITIOIYS GROIIP REPORT OF THE TRugrEES FOR THE YEAR ENDED31 MARCH 202$ FINANCIAL REVIEW Financial positton The Charity generated a nioderate surplus of £21.998 (2024- £101.999} for ih¢ period under review. The charity maintain5 a very loiv risk investrnent policy with the bulk of its non-fjxed assets held itE back deposits. Year-end position and reserves policy The Exhibition Group finishes the 2024125 financial year with healthy reserves of £155.46]. TEG reseTV¢ policy requSTes a minimum of4 Entsnths of expenditure lequivalent to £78,800). The trustees had designated £34,000 of reserves to be used in 2024-25 10 support website development and research. Both of these projects began in 2024-25 but WCTe not yet completed a5 hopcd at end of financial year. The remainiog sums were therefore designaied for use in 2025-26 on these same projects. The Board ha5 agreed a defjcii budget in 2025-26 to allow for Teducing reserves whilst in¢re85ing activity. Perfonnance The financial year 2024125 saw TEG complete its 5¢cond year of a multi-year funding grant with Arts Council England, and an asso¢iated substant121 increase in a¢tivity and related intome and expenditure. JNCOME At the end of the financial period bank dep05Ets amounted to £155.46] 12024 - £134.3351. TEG total in¢om¢ from funding. pr(>fe5sional development. membership and oth¢T activities in the year amounted to £239,237 which constitutes an increase fiDm ihe £211,666 achieved tn financial year 202Jf24. Annual Membership Annual membership income (renewals and new members} tota15 £24,461131 March) against a tsrgel of £23,000. Membership is a Itttle down on last year at 263 from 300. We hope that ihe lanch of our new website and refreshed membership offer in 25126, alon85ide a membership marketing drive will substantially increase subs¢Fiptions next year. Professional dcvelopment Oiir income from professional development income underperfornied against biidget Wlth an income of £3,556 (budget- £6,500). Other income TEG Connects perfomied better than anticipated generating £7,318 through an in¢rea5e of income from donations. sponsorship. bank interest. and other funding IMAGNET and Going Pla¢¢sl. EXPENDITURE The charity's total expendiiure in 2024-25 was £217,239 12023-24 £109,667) spent on sector 5UPPOrt. m¢rnb¢rship management and professional development a¢tiviiies including learning and ever)ts. There was a moderate underspend against budget in expenditure for 2024125, outwcighing any additional ¢0S1s and loss of tncome. Other costs amounting to £1,611 & £2,000 relate to TEG governance activities. Going forward Governattce costs will be captured in a new cost Category in the 2025126 budget. Financial oversight The change of bank ac¢ounts initiated in the previous financial year has been completed and the accounting software {Xero} embedded. A5 a safeguard. The Exhibiiions Group maintains h¥0 separate bank accounts where one is a savings a¢¢ounl. The F&R committee presented th¢ final drafts of the Financial Controls Policy and ihe Expenses Poli¢y to ihe board. Thes¢ were signed off at the June 2025 board meeting. Page 5
TOURING EXHIBITIONS GROUP THE EXHIBITIONS GROIIP REPORT OFTHE TRUSTEES FOR THE YEAR ENDED 31 MARCH 202$ Ulrike Smalley, Treasurer STRUCTURE, GOVERIYANCE AND MANAGEMENT Governing document The charity is controlled by its governing document, a deed of trust and constitutes an unincoTrorai¢d charity. The Touring Exhibitions Group is a registered Charity {number 1191Q56). All a55ets, liabilities and operations were transferred to the incorporated Charity on 28 August 2020. Recruitment and appointment of new trustees The ¢harity trustees for the purposes of charity law and IindeT the company's Articlcs are known members of the Management Committe¢. All members of the Management Comniittee give their tim¢ voluntarily and received no benefits fron) the charity. At)y expenses reclaimed from the charity are set oui in note 9 to the accounts. Roles aTe advertised along with guidance to apply through the Touring Bxhibitions Group's newsletter and nettvorks. Th¢ Exccutive Committee members are elected by the meTnbership from its ranks through a ballot at the AnJ)ual General Meeting. Organisational strncture Touring Exhibition5 Group has a Management Comniittee of up to eighteen membeTS who meet quarterly and are responsible for the sirategi¢ direction and policy of the charity. In 2023-24 the Management Comtnittce has sixteen members from a variety of professional backgrounds relevant to the work of the Charity. The Management Co]nmittee consists of seven trystees (the Executive Boy1. The trustecs appointed an Executive Dirtcior for the first time in 2023 on a consulian¢y annual contraci. This post now manage5 the remaining consultancy teaTn which includes a Membership Manager, Professional Development Manager, and a Coordinator that ovesees the w¢b5ltt and administration). TEG'S work is a]so 5UPPOrted by a voluntttr Advisory Board. Induction and training of new trnstee5 All new mernbers of the Manag¢Tnent Committee are issued an induction manual to introduce them to the roles of the ¢ommittee and the work of the organisation. REFERENCE AND ADMINISTRA TJVE DETAILS Registtred Charity number 1191056 Principal address Ulllt 82A James Carter Road Mildenhall Suffolk IP28 7DE Page 6
TOURING EXHIBITIONS GROUP THE EXHJBITIONS GROUP REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 MARCH 2025 Tru5tee5 K Morton (resigned 7110124) E Daker F Sylvester C MacGtllivray (resigned 7110124) A Lobb U Smalley A Davidson M Stacey E S2gg¢rs (resigned 7110124) M Lowe (appointed 71I0124} J Johnston (appointed 71101241 B CTonk-Moore (appointed 7110124) C RaMk8w8rt (appointed 7110r24} M Ragan {appointed 7110124) P Diment (appointed 7110124) Independent Exgminer Peter Haughton FCCA MAAT Flint & Thotnpson 2 Manor Square Solihull West Midland5 B913PX Bgnker8 N2tional Westtnin5ter Bank Pl¢ 33 Lord Streel Wrexham LLII ILP Approved by order of the board of tjustees on 13 October 2025 and signed on its behalf by.. A Davison Co-chairper50n M Stacey Cow¢hairperson Page 7
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF TOURING EXHIBITIONS GROUP Independent examiner's report to the tru5tee5 of Touring Exhibition5 Croup l pOrt to the charity irllsiees OD my examination of the 2ccounts of Touring Exhibitions Group Ithe Trust) for the veaT ended 31 March 2025. Responsibilities 8Dd basi5 of report As the charity tTUStee5 of the Tnjsl you are responsible for the pr¢paration of the accounis in accordance with the Tequirement5 of the Charities Act 2011 I'the Act'l. I report in respect of my exainination of the Trust's a¢rounts carried out under Section 145 of the Aet and in carrying out n)y examination I have followcd all applicable Dire¢tions given by the Charity Com5ni55ion under Section 145151{b) of the Act. Jhdependent examiner 5 StAtement I have completed my examination. l ¢onfiTm that no inaterial maners have corne to my attention in connection with the exatnination giving me ¢ause kn belieY£ that in any material respect.. aecounling records were not kept in respe¢1 of the Trust &s required by Se¢tion 130 ofthe Act.. OT the a¢¢ount5 do not accord with tho%e records. or the account5 do not comply with the applicable requirements con¢eTyJing the form and ¢ontent of accounts set out in the Charities (Accounts and Reports) Regulations 2008 othcr than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination. I have no concerns end have come across no other matterg in ¢onn¢ction with the examination to which attention Should be drawn in ihi5 r¢port in order to enable a PToper understanding of the actoJnis to be reached. P. HoA@L Peter Haiighton FCCA MAAT Flint & Thompsort 2 Manor Square Solihull West Midlands B91 3PX Date.. 13 ocroSÉi zo75 Page 8
TOURING EXHIBITIONS GROIIP THE EXHIBITIONS GROIJP STATEMEIYT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2025 Total funds 2024 TotAI funds Unrestricted fund Restricted funds Note5 INCOME AND ENDOWMENTS FROM Donaiions and legaci¢s 62.213 62,213 34,713 Charttable activities Professional development 168,000 168,000 170,350 Other intomc Investment inconie 7J18 1.706 7,318 ,706 5.840 763 Total 239,237 239 237 211.666 EXPENDITURE ON Membership managenient and sect or support 87,559 87A59 61,409 Chritble activities ProfESSioJal development 118.167 118.167 39.979 Other 11,513 8279 Total 217.239 217239 109.667 NET INCOME 21.998 21,998 101.999 RECONCILIATION OF FUNDS roial fund5 bTought forward 133,463 133.463 31,464 TOTAL FUNDS CARRIED FORWARD 155,461 155461 133463 The notes form part of these financial statemenis Pa8e 9
TOURING EXHIBITIONS GROUP THE EXHIBITIONS CROUP BALANCE SHEET 31 MARCH 2025 2025 Total funds 2024 Total funds Unre8tri¢ted fund Restricted funds Notes CURRENT ASSETS Debtor5 Cash at bank 7,391 155.356 7J91 155.356 444 134.335 162,747 162,747 134,779 CREDITORS Amounts falling due within on¢ year (7,286) (7.286) (1.316) NET CURRENT ASSETS 155.461 155 46] TOTAL ASSETS LESS CURRENT LIABILITIES 155,461 155,461 133,463 NET ASSETS 155.461 155 461 133463 FUNDS Unrestricted funds J55 461 133 463 TOTAL FUNDS 155.461 133.463 The fingJLcia] statements were approved by the Board of Trustees and authorised for i5511e on . o.¢r.*.l....i....... and were signed on its behalf by.. Trustee The notes forni part of thes¢ financial ststements Page 10
TOURING EXHIBJTIONS GROUP THE EXHIBITIONS GROIIP NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES B25is of preparing the finantial stAtement5 The financial Statements of the ¢harity. which is a publi¢ benefit cntity under FRS 102. have been prepared in accordance with the Charities SORP IFRS 102} 'Accounting and Reporting by Charities-. Statement of Recoinmended Pra¢tice applicable to charilies preparing Ihtir accoiints in accordance with the Financial Reportsng Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective l January 20191., Financial Reportirig Siandard 102 'The Financial Reporting Si8ndard applicablc in the UK and Republic of Ireland, and the Charities Act 2011. The financial statements have been prepared under tlie historical Lost ¢onveniion. Touring Exhibitions Group is a Charity incoryoraied in England & Wales The nature of the charity's operations and principal acitvitie5 are concerned with the PToinotion of culture. The fJnan¢ial statemcn15 are prepared on a going concem basts undeT the historical Cost convention, modified to in¢lude certain items at fair value. The financial staiement5 are presented in sterling which is the fun¢iional currency of the charity and rounded to the neare £1. The significant accounting policies applied in the preparation of these financial statements are sei out bclow. These policies have b¢ell consistently applied to all years presented unless otherwise stated. In¢ome All incorning resources are included in the Statement of Financial Activities ISOFAI when the ¢harity is legally entitled io the income after any perfomiance conditions have been met, the amount can be measured reliably and it l5 probable that the in¢ome will be received. For donations to bc recognised the tharity will have been notified of the amounts and the settlement date i writing. If th¢r¢ are conditions aitach¢d to the donaiion and tliis requires a level of perfomiance before entitl¢rn¢nt can be obtained tlien income is deferred unlil those conditsons are fully met or the fulfiltt)ent of those ¢onditiOlls is within the ¢ontrol ofthe charity and it l5 probable that they will be fulfilled. Donated facilitie5 and donated professional services are re¢ognised in income at thes1 fair value when their e¢onomi¢ benefit is probable, it be measur¢d reliably and the charity has control ovcr the item. Fair value is d¢t¢rtnined on the basis of the valu¢ of the gift to the charity. For example, the atnounl the charity would be willing to pay in the open market for such facilities and services. A corresponding amount is recognised til cxpenditure. No omount is included in th¢ financial statements for volunteertim¢ in line with the SORP IFRS 1021 Where prdcticable, gifts in kind donated for distribution to the benefjeiaries of the charity are included in 5toek and donations in the financial statements uport re¢¢ipt. If it is imprdcti¢able to assess the fair value at receipt or if the costs 10 undertake such a valuation outweigh any benefits, Ihert the fair value Is recogni5ed as a component of donaiions when it is distributed and an equivalent 2mount regniSed a5 charitable expenditure. Gifts in kind donated for resale are included at fa2r value. being the expected proceeds from sale Ic55 the expected costs of sale. Where estimating th¢ fair value is practicèble upon receipt it is re¢ognis¢d in stock and 'Income fron) other trading activities. Upon sale, the valiie of the stock i5 charged against 'lncome from other troding activities, and the proceeds are recognised as 'ln¢om¢ frotn other traditjg activities. Wher¢ it 15 irnpracticable to fair value the items due to ihe volume of low value items they are not recogni5ed in the financial statemenis unlil they are sold. This income is recognised within 'ln¢ome from other trading activities. Fixed asset gift5 in kind are rerognised whcn receivable and are included at fair value. They are not defeed over the life of the asset. Pagell
TOURING EXHIBITIONS GROIIP THE EXHIBITIONS GROIIP P40TES TO THE FJNANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUIYTING POLICIES- continued Ineome For legacies, entitlement is rhe ¢arli¢r of the tharity being noiified of an impending dtstribution or the lega¢y being received. At this point income is retogni5ed. On occasion legacies will be notifjed io the charlty however it is not POS5ible to measure the arnount expected to be distributed. On these occasions. the legacy is treated as a contingent a5S¢t and dis¢los¢d. In¢onie from trading activities inelude5 inconie earned from fundraising events and trading acrivitics to raise funds for the charity. Income is received in ex¢hange for supplying goods and services in order to rdise funds and is recognised when entitlement has oecuffed. Invesrment income is earned through holding assets for investment purposes siich as sho5 and property. It In¢liides dividends, int¢r¢st and rent. Where it is noi practicable to identify investment managem¢nt costs incurred within a scheme with reasonable aceiiraey the investment income is reported net of tliese costs. It is sncluded when the amount can be tneasured reliably. Interest incorn¢ is recognised using the effective interest method and dividend and rent income is recogtlised as the charity's right to receive payment is established. Other income includes the Conversion of endowment fi]nds into incon)e which arises wheii capital fi]nds are released to an income fund from expendablc endowments or ivlien a charity has auihority to adopt a total return appToach to its peTmanent endowJnent fund. It Also includes other income such a5 gains on disposals of tangible fixed assets. Expenditure All e.xpenditur¢ is aecounred for on an 2CLruals basis and has been classifjed under headiRg5 that aggregate all ¢o$is related to the category. Expenditure 15 recognised wh¢r¢ there is a legal or constructive obligarion to make payment5 to third partl¢S. It is probable tliat the settleTnent iv511 be required and the aTnount of the obligation can be measured reliably. It IS C2tegorised under the following headings.. Costs of raising funds in¢lude5 Co-ordinaior and membership management fe¢5.' Expenditiire on charitable activities in¢ludes professional development costs Other expet)diture represents those item5 not failing into the categories above. Irrecoverable VAT is charged as an expense against the activity for which expenditure arose. Grants payable to third parties Rre within the charitable objeciives. Where uD¢onditional grants are offered. this is ac¢Tu¢d as soon as th¢ recipient is notsfied of the grant, as this gives rise to a reasonabl¢ expectaiion that the recipient will re¢¢ive the grants. Where grants are conditional relating to performance then the grant is only accrued when any iinfulfilled conditions are outside of the control of th¢ charity. Support costs allocation Support costs are those that assist the work of the chsrity but do Dot directly represent charitable activities and include office costs. governance costs, and administrative payroll ¢osts. They incurred directly in support of expenditure on the objects of the charity and include projcGt nianagemeni carried oui at Headquarters. Where support costs cannot be directly attributed to panicular headin8S they hove been allocated to cost of raising funds and expenditure on Chitable activities on a basi5 consistent with use of the resources. Fund-raising Costs are those incurred in seeking voliintary ¢ontributions and raising grant funding from public trusts and funders and do not Enclude the costs of disseininating infonnation in support of the charitable TaxAtio The ¢harity is exempt from lax on its charitable activities. Page 12
TOURING EXHIBITIONS GROUP THE EXHIBITIONS GROIIP NOTES TO THE FINANCIAL STATEMENTS- oontinued FOR THE YEAR ENDED 31 MARCH 2025 ACCOUNTING POLICIES- continued Fund 2CCOllllting Unrestrict¢d funds are available for use at the discretion of the ttustees in furtherdnce of the genera] objectives of the charity and which hav¢ not been designated for otheT purposes. Desigllat¢d funds comprise unrc5tricted futjds that have been set aside by the tTUStee5 for particular purposes. Th¢ aim and use of each dE5ignated fund is set out in the notes to the financial statements. Restricted fuDds are funds which are to be used it) accordance ivith specific restrictions imposed by donors or whi¢h have been raised by the ¢harity for particular purposes. The ¢ost of raising and adTninistering such funds are charged against th¢ specifjc fund. The ainj and use of each T¢stricted fund is set out in the notes to the financial statements. Golng contern The finan¢ial staternents have been prepared on a going concern basis as th¢ trustees believe that no material un¢ertaintie5 exist. The trustees have considered the level of funds held and the expe¢ied level of income and expenditurt for 12 months from authorising these financial siaiernenls. The budgeted in¢om¢ and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going Gon¢ern. OTHER INCOME 2025 2024 TEG ContL¢cts ticket S81¢s INVESTMENT INCOME 2025 2024 Interest re¢eivable- trdding 763 TRUSTEES, REMUNERATION AND BENEFITS There were no tru5t¢e5' remuneration or other benefits for the year ¢Dded i l March 2025 nor for the yeaT ended 31 Mar¢h 2024. Trustees, expenses There were no 31 March 2024. tru5t¢e5' expenses paid for the year ended 31 March 2025 nor for the year ended During the curr¢ni year. there werc £673 of trustee ¢xpen5e incurred in order to support the TEG Connect activities. Page 13
TOURING EXHIBITIONS GROUP THE EXHIBITIONS GROIIP NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES Unrestrided fund Restricted fund5 Tot41 funds INCOME AND ENDOWMENTS FROM Donations and legacies 34.713 Charitable activities PTofession81 dewelopment 170.350 170,350 Other income Investment income 5.840 763 5.840 763 Total 211,666 211,666 EXPENDITURE ON Membership rnanagemeni and sect or support 61,409 61,409 Ch2rit*ble activities Prof¢55ional development 39,979 39,979 Other 8,279 TotAI 109667 109,667 r4ET INCOME 101.999 lQl.999 RECONCILIATION OF FUNDS Total funds brought fon¥ard 31.464 31,464 TOTAL FUNDS CARRIED FORWARD 133.463 133,463 Pa8¢ 14
TOLIRING EXHIBITIONS GROIIP THE EXHIBITIONS GROIIP NOTES TO THE FINANCIAL STATEMENTS- continued FOR TIIE YEAR ENDED 31 MARCH 2025 DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade debtors PrepayTn¢nts and accnied income 144 444 7,391 444 CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2025 2024 Trade creditors Other creditors 7.285 .315 MOVEMENT IN FUNDS Nel movement funds At 3113125 At 114124 Unrestricted funds General fund 133,463 21,998 155,46J TOTAL FUNDS 133 463 155,461 Net Eyjovement in funds. included in the above ar¢ as follows.. Ineorning resourtes Re50urtes expended Movement in funds Unrestricted funds General fund 239.237 (217,239} 21,998 TOTAL FUNDS 239237 217.239 21,998 Page 15
TOURING EXHIBITIONS GROUP THE EXHIBITIONS GROIIP NOTES TO THE FINANCIAL STATEMENTS- eontinued FOR THE YEAR ENDED 31 MARCH 2024 MOVEMENT IN FUNDS- continued ComparAtives for movement funds Net tnovement in funds At 3113124 At 114ll3 Unrestricted funds General fund 101,999 133.463 TOTAL FUP4DS 31.464 101,999 133.463 Comparative net movement in funds, En¢luded in the above are as follows.. IneornRng resourees R¢source5 txpended Movement in fbDd$ Ilnrestricted fund5 General fund 211,666 1109,6671 101.999 TOTAL FUNDS 211,666 1109,6671 101.999 A Current year 12 months and prior year 12 rnonths combined position 15 a5 follows.. Net movement in funds At 3113n5 At 114123 Unrestricted funds General fund 31.464 123.997 155,461 TOTAL FUNDS 123.997 155,461 A current year 12 months and prior year 12 months cotnbined net movement in funds, included in the above are as follows.. Incoming resourtes Resources expended Movement in fund5 UDrestricfed funds General fund 450,903 1326.9061 123.997 TOTAL FUF4DS 450.903 326,906} 123,997 Page 16
TOURING EXHIBITIONS GROUP THE EXHIBITIONS GROIIP NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 MARCH 2025 RELATED PARTY DISCLOSIIRES There were no related parry transactions for the year ended 31 March 2025 nor for the y¢ar endcd 31 MarclJ 2024. Page 17
TOIIRING EXHIBITIONS GROIIP THE EXHIBITIONS GROIIP DETAILED STATEMENT OF FINANCIAL ACTiifiTIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 INCOME AND ENDOWMEwrs Donations 2t)d legacies Membership subscriptions Ordinary Membership subscriptions Corporate Membership subscriptions- Ordinary new Mernber5hip Subscriptions- CoTporale new Membership subscriptions Volunteer Membersl)ip subscriptions volunteer new Donated servi¢es and facilities Professional development Art fund Bespokc training Education members- new 24.461 12.885 3.189 3,744 640 660 840 4,780 5,li5 2,000 750 90 2,390 11,876 23,486 62.213 Other income TEG Connects ticket sales 7,318 5,840 Investmeot ineome Interest receivable- trading ,706 763 Charitable Activities Art5 council gr2nt Rescareh grant Wesion loan programme Art fund loo,000 160,000 2,000 350 8.000 168,000 170,350 Total incoming re$our¢¢s 239237 211.666 EXPENDITURE Raising donations gnd leg*ties Insurance Co-ordillator fees Membership manager Executive director Website manager 469 18.6SO 15,270 29,006 456 11,847 10.029 36.197 2.880 63,395 61.409 Other trading attiwitles Marketing rnanager CarrÈed forward 22,013 22,013 This page does not fomi part of th¢ statutory fjnantial statements Page 18
TOURING EXHIBITIONS GROIIP THE EXHIBI'fioNS GROIIP DETAILED sfATEMENT OF FINANCIAL ACTII'ITIES FOR THE YEAR ENDED 31 MARCH 202$ 2025 2024 Other tr#ding activities Broughr forward Consultancy- market strategy 22.013 24,164 Charitable aetivities Profe55ional development workshops Bespoke training Website maintenance Web-site Iiosiing Marketing design Membership design E_newsletter layout and postings Subscriptions- Xero Marketplace ¢ateTtn8 'rEG connects Se¢retariat uplift Art fund consultancy Weston loan consultan¢y Market strategy ¢on5ultancy Finance consultancy Resear¢h consiiltancy Training in person Training- specialist speaker5 Subscriptions- survey monkey Subscriptions- other Subscripiion5- dropbox Art fund- event costs Aff fund- travel Weston loan- travel Professional development manag er fee5 CPD atcreditaiion MAGNET consultancy MAGNET- event wsts Advertising and Promotion 6,574 1,000 1,000 1,296 209 16,238 553 4,800 295 900 376 2,246 3,849 14,325 8.032 928 i19 1.808 27 3,530 825 3.125 250 7.408 1,300 388 1,250 750 218 1,400 48 705 367 35 2,721 26,489 816 218 582 204 23,224 563 1,050 3.424 1.500 117,186 39.979 Support costs Governgnce costs Sundri¢5 Accountancy and legal fees Travel - awaydays Travel expen5es- 5ecretsriat Carried forward 341 1.639 5,561 4,143 11,684 472 1.274 1,818 2,548 6,112 Thi5 page doe5 not forni part of the statutory financial statement5 Page 19
TOIIRING EXHIBITIONS GROUP THE EXHIBITIONS GROUP DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2025 2024 Governance costs Brought forward Travel expenses- ronfei'ences Siaff travel biidget Trav¢1 marketplace 11,684 6,112 228 35 1.904 810 12.494 Total resoiirces expended 217,239 109,667 Plet intom¢ 21,998 101,999 Thi5 page does not fom) part ofthe statutory fjnancial stat¢tnents Page 20