Charity registration number: 1195897
Company number: 13308512
New Curators
Trustees, Report and Financial Statements
Forthe yearended 31 December 2023

New Curators
Contents
Page
Trustees, and charity information
Trustees, report
Independentexaminer's report
Stalement of financial activities
Balance sheet
Notes to the financial statements
8-13

New Curators
Tru5tees' and Charity Information
Trustees
Lynn Blades
Tara Feshilan
Oba Nsugbe
Samuel Talbot
Aindrea Emelife
Fabiennewilmes
Louise Anne Wilson
Registered Address
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Charity Number
1195897
Independent Examiner
Claire Wills, FCA DChA
Saffery LLP
71 Queen Vicloria Street
London
EC4V 4BE
Bankers
Barclays Bank
Page I

New Curators
Trustees. report
Forthe year ended 31 December 2023
The trustees present their annual report and financial statements of the charity for the year ended
31 December 2023.
Legal Status and Constitution
New Curators is a charitable company limited by guarantee and registered with the Charity
Commission in England and Wales.
The Charity was registered with the Charity Commission on 23 September 2021 and its registration
number is 1195897.
Objectives and Activities
The charity has the following principal obj8CtIV8S'.
The Objects of Ihe Charity are to advance education in the field of art curating for the public benefit
in such ways as the Trustees think fit, including through provision of courses of training, in
particular to promote diversity and inclusion in art curating.
Activities in the Year
The first few months of 2023 New Curators focussed on marketing the programme and recruiting
fellowsfor the inaugural cohort. New Curators received more than 1,100 applicalionsfrom 98
countries for 10-12 places. Reviewing these applications and securing visas for the international
fellows took significant time. Once this was done, the directors focused on developing the
curriculum and approach to assessments. Time was also spent gauging interestamong
prospective guest speakers and building the relationship with the South London Gallery ISLGI
where New Curators is based and the first cohort are curating a major exhibition ol Firelei Baez in
Summer 2024. Organisational structures including HR policies and processes and financial
systems were also further developed. In September 2023 the inaugural cohort arrived and teaching
began.
Achievements and Financial Review
The charitygenerated income of 2023: £642,83312022: £436,951) duringthe year, ofwhich
£198,770 was for restricted purposes.
Total expenditure for 2023 was £379,025 {2022'. £346,430} and ofthistotal £995was spent on
restricted funds and £309,300 {2022'. £117,904) was spant on staff which includes amounts paid to
fellowswho are employees but not staff oflhecharity.
Reserves Policy
Atthe yearend the Charity had unrestricted reserves of£156,472 {2022'. £90,521). The trustees
consider this level of reserves to be adequate for currenl operations and will be working on
developing a longer-term reserves policy as the Charity becomes more active in the following
financial period.
Grant making policy and activity
On 14 November 2022, New Curators entered intotwo grant agreements with the SLG Trustee
Limited in its capacity as trustee ofthe South London Fine Art Galleryand Library ITSTLI.
The first grant of £120.000 is for the purpose of supporting TSTL with the cosl of delivering and
hosting Firelei Baez's exhibition at the South London Gallery. In 2023, £100,000 of this grant was
transferred to the South London Gallery.
Page 2

New Curators
Trustees. report Icontinuedl
Forthe year ended 31 December 2023
The second Erant of£90,000 is to assist the South London Gallery in making space available to
aspiringcuratorsfrom lower socio-economic backgrounds and those leachingthem as well as
making SLG staff available to discuss art and curation with the aspiringcurators who attend SLG
spaces duringthe grant period. In 2023, £20,000 olthis grant wastransferred lo the South London
Gallery.
Grants of £21,429 (2022.. £nil} were paid to fellows during the year which includes visa fees, health
insurance surcharges, relocation grants and joining payments.
Structure, Governance and Managem8nt
Trustees are recruited and appointed in accordance with the charity's governing document and
with r81evant18gislation.
The Trustees whowere in office duringthe period were..
Lynn Blades
Tara Feshitan
Oba Nsugbe
Samuel Talbot
Aindrea Emelife
Fabienne Wilmes
Louise Anne Wilson
In planning the activities of the charity, the Trustees have given due regard lo the Charily
Commission's guidance on public benefit. The Trustees believe that the activities of the charity in
thè period confirm its ability to provide current and on-going benefit to the public.
New trustees are appointed by the trustees. On appointment new trustees are sent the Charity
Commission's 'The Essential Trustee, guidance, a list of their main duties they are expected to
perfomi and New Curators's governingdocument. They also receivean induction duringwhich the
charity's purposes, beneficiaries, policies, and finances are explained and the new trustee is able
to ask any questions. External training is regularly offered to trustees though none elected lo take
this up in 2023. Charity Commission updates and other sector developments are shared with
trustees.
Major decisions relating to strategies and policies are made by the trustees as a board. The
Irustees delegale responsibility for day to day running of the charily to Ihe three co-directors of New
Curators, Mark Godfrey, Kerryn Greenbergand Rudi Minto de Wijs.
Risk Management
The trustees have examined the major strategic, business, and operational risks which the charity
faces and confirm that systems have been, or will be, established to enable the necessary steps to
be taken to lessen these risks.
The main risk lo the charity is that fundraising at the level required is unsustainable.
Page 3

New Curators
Trustees. report Icontinuedl
Forthe year ended 31 December 2023
Future Plans
The eleven fellowswhojoined New Curatorsforthe year-longprogramme in September2023 will
complete Iheir training on 31 August 2024. The Firelei Baez exhibilion the fellows are co-curaling
will open in late June 2024. In early July 2024 the directors will be taking the cohort to the Venice
Biennale. The second cohort will be recruited in the first months of 2024 and join New Curators in
September 2024.
Statement of Trustees, Responsibilities
The trustees are responsible for preparing the Trustees, Report and the financial statements in
accordance with applicable law and United Kingdom Accounting standards {United Kingdom
Generally Acc8Pted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare financial
statements for each financial year which give a true and fair view of the slate of affairs of the charity
and of the income and expenditure of the charity for that period. In preparing these financial
statements, the trustees are required to..
select suitable accounting policies and then apply them consistently-
observe the methods and principles in the Charities SORP IFRS 102).,
mak8 judgemènts and estimates that are r8asonabl8 and prudant.,
state whether applicable accounting standards have been followed, subject to any material
departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to
presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records thal disclose with reasonable
accuracy at any time the financial posilion of the charity and to enable them to ensure that the
financial statements comply with the Charities Act 2011, applicable accounting regulations, and
the provisions of the governing document. They are also responsible for safeguarding the assets of
the charity and taking reasonable steps for the prevention and detection of fraud and other
irregularities.
These accounts have been prepared in accordance with the provisions applicable to companies
subject tothe small companies regime.
Aug 06 2024
Signed on behalfofthe BoardofTrusteeson..................... 2024
6k61
Lynn Blades
Trustee
Page 4

New Curators
Independent examiner's report to the trustees
Forthe year ended 31 December 2023
I report to the trustees on my examination of the accounts of New Curators (the Charity) for the
period ended 31 December 2023.
Respective Responsibilities of trustees and examiner
As the trustees of the Charity you are responsible for the preparation of the accounts in accordance
with the requirements of the Charities Act 20111'the Act,).
I report in respect of my examination of the Charity's accounts carried out under section 145 of the
2011 Act and in carrying out my examination I have followed all the applicable Directions given by
the Charity Commission under section 14515)Ibl of the Act.
Basis of independent examiner's report
My examination was carried out in accordance with the general Directions given by the Charity
Commission. An examination includes a review ofthe accounling records kepl bylhe charity and a
comparison of the accounts presented with those records.11 also includes consideration of any
unusual items or disclosures in the accounts and seeking explanations from you as trustees
concerningany such matters. The procedures undertaken do not provide all the evidence that
would be required in an audit and consequently no opinion is given as lo whether the accounts
present a'true and fair view, and the report is limited to those matters set out in the statement
below.
Independentexaminer's statement
Since the Company's gross income exceeded £250,000 your examiner must be a member ota
body listed in section 145 of the 2011 Act. I confirm thal l am qualified lo undertake the examination
because l am member ofthe Institute of Chartered Accountants in England and Wales, which is
one of the listed bodies. I have completed my examination. I confirm that no material matters have
come to my attention in connection with the examination giving me cause to believe that in any
material respect-
l. accounting records were nol kept in respect of the Charity as required by section 130 of the Act,.
or
2. the accounts do not accord with those records. or
3. the accounts do notcomply with the applicable requirements concerningthe form and content
of accounts set out in the Charities IAccounts and Reportsl Regulations 2008 other than any
requirement thatlhe accounts givea'trueand fair view, which is not a matterconsidered as part
of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to
which attention should be drawn in this report in order to enable a proper understanding of the
accounts to be reached.
Claire Wills, FCA DChA
Saffery LLP, 71 Queen Victoria Slreel, London, EC4V 4BE
Date= 07 August 2024
Page S

New Curators
Statement of financial activities {incorporating the income and expenditure account)
Forthe year ended 31 December 2023
Unrestricted
Funds
2023
Restrictod
Funds
2023
Total
Funds
2023
Total
Funds
2022
Note
Incomelrom
Donations and legacies
441,605
198,770
640,375
436,951
Investments
2,458
2,458
Total income
444,063
198,770
642,833
436,951
Expenditure on
Raising funds
Charitable activities
378,030
995
379,025
346,430
Total expenditure
378,030
995
379,025
346,430
Net income and net
movement in funds
66,033
197,775
263,808
90,521
Total funds brought
forward
Total funds carried
ft>rward
90,521
90,521
156,554
197,775
354,329
90,521
The notes on pages g to 13 form part of these financial statements.
The statement of financial activities contains all recognised gains and losses for the financial year.
Tha results for the year all relate to continuing activities. All funds in 2022 w8re unr8strict8d.
Page 6

New Curators
Company number: 13308512
Balance sheet
As at 31 December 2023
2023
2022
Note
Tangible fixed assets
7,830
1,377
Current assets
Debtors
Cash at bank and in hand
461,869
308,484
461,869
308,494
Current liabilities
Creditors= amounts lalling
due
within one year
Net current assets
90,370
129,340
371,499
379,329
25,000
179,144
180,521
90,000
Total assets less current liabilities
Creditors= amounts falling
due in morethan one year
Net assets
354,329
90,521
Funds
Restricted funds
Unrestricted fund
197,775
156,554
90,521
Total funds
354,329
90,521
Forthe yearending 31 December 2023 the company was entitled to exemption from audit under
section 477 ofthe CompaniesAct 2006 relating to small companies. The members have not
required the company to obtain an audit of its financial statements for the year in question in
accordance with section 476.
The directors acknowledge their responsibility for complying with the requirements of the Acl with
respect to accounting records and for the preparation of accounts.
These accounts have been prepared in accordance wilh the provisions applicable to companies
subject to the small companies regime.
Aug 06 2024
Approved by the Board ol Trustees on........................2024 and signed on its behalf by..
6k61
Lynn Blades
Trustee
The notes on pages 9 to 13 form part of these financial statements
Page 7

New Curators
Company number: 13308512
Balance sheet
As at 31 December 2023
2023
2022
Cashflows from operating activities
Net income
263,808
90,521
Adjustmentsfor..
Depreciation
Income from investments
1,218
172
(2,458)
(103,970)
Movement in creditors
219,340
{105,2091
219,512
Net cash provided by operating activities
158,599
310,033
Cash Ilows from Investing activities
Investment income
2,458
{7,672)
Purchase of tangible fixed assets
Cash (used in) Investing activilies
Change in cash and cash equivalents in the
year
Cash and cash equivalents brought forward
Cash and cash equivalents carried
forward
(1,549)
(5,214)
(1,549)
153,385
308,484
308,484
461,869
308,484
Analysis of changes in n8t funds
At start of
the year
Cash flows
At8nd of
the year
Cash and cash equivalents Icashl
308,484
153,385
461,869
Page 8

New Curators
Notes to the financial statements
Forthe year ended 31 December 2023
Principal accounting policies
Accounting convention
The financial statements have been prepared under the historical cost convention with
items recognised at cost or transaction value unless otherwise stated in the relevant
notelsl lo these accounts. The financial statements have been prepared in accordance
with the Statement of Recommended Practice.. Accounlingand Reporting by Charities
preparing their accounts in accordance with the Financial Reporting standard applicable in
the UK and Republic of Ireland IFRS 102) effective January 2019 and the Financial
Reporting standard applicable in the United Kingdom and Republic of Ireland (FRS 1021
and the Charities Act 2011.
The charityconstitutes a public benefit entityas defined by FRS 102.
The trustees consider that there are no mat8rial uncertainties about the charity's ability to
continue as agoing concern.
Income
Donation income is recognised in the year in which the charity is entitled to receipt and Ihe
amount can be measured with reasonable certainty.
Trading income, including sponsorship income, is recognised when the charity is entitled
lo receipt and the amount can be measured with reasonable certainly.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive
obligation committing the charity to that expenditure, il is probable that settlement will be
required, and the amount of the obligation can be measured reliably.
All costs can be directly attributed to an expense category.
Grants payable are payments made to third parties in the furtherance of the charitable
objects of the constitution. In the case of an unconditional grant offer this is accrued once
the recipient has been notified of the grant award. The notification gives the recipient a
reasonable expectation that they will receive the one-year or multi-year grant. Grants
awards that are subject to the recipient fulfilling performance conditions are only accrued
when the recipient has been notified of the grant and any remaining unfulfilled condition
attaching to that grant is outside of the control of the charity.
Provisions forgrants are made when the intention to make agrant has been
communicated to the recipient but thèrè is uncertainty as lo the timing of th8 grant or th
amount ofgrant payable.
Irrecoverable VAT is charged against the category of resources expended for which it was
incurred.
Page 9

New Curators
Notes to the financial statements
For the year ended 31 December 2023 (continued)
Principal accounting policies
(continu8d>
Taxation
New Curators is a registered charity and is not liable to United Kingdom income tax or
corporation tax on ils charitable activities.
Funds
Restricted funds represent voluntary income or grants which have been received for the
purposes set out in note 7. The application of these funds is restricted by the expressed
wishes ofthe donororlhe terms ofthe grant.
Unrestricted funds are donations and other income receivable or generated for the objects
of the charity without specified purpose.
Financial instruments
The charity only has financial assets and financial liabilities of a kind that qualify as basic
financial instruments. Basic financial instruments are initially recognised at transaction
value and subsequently measured at their settlement value with the exception of bank
loans which are subsequently measured at amortised cost using the effeclive interest
method. The charity does not currently have any bank loans.
Page 10

New Curators
Notes to the financial statements
For the year ended 31 December 2023 (continued)
Donation income
2023
2022
Donations from trusts, foundations and organisations
Donations from individuals
316,556
323,819
311,956
124,994
640,375
436,951
Income of £198,770 was receivable in 2023 in respect of restricted funds12022'. £nil).
Expenditure
2023
2022
Charitabl6 activiti8S:
Grant making13.11
Fellows Grants {3.1)
Salaries (3.21
- staff
Fellows
Total salaries
Legal and professional
fees
Managementand administration
Depreciation
Accountancy
Independent examination fees
Project expenditure
Travel
Other costs including travel
210,000
21,429
211,739
97,561
117,904
309,300
7,583
11,053
4,200
1,219
8,844
3,120
663
10,089
12,577
2,027
172
2,274
3,000
379,024
346,430
Expenditure ol £995 included above was incurred in respect of restricted projects (2022..
£nil)
Grant making
Grantswere all committed to be made to South London Gallery in 2022.
Fellows Grants are amounts paid to individuals participating in the twelve month curatorial
training programme.
Page 11

New Curators
Notes to the financial statements
For the year ended 31 December 2023 (continued)
staff and fellow costs
2023
2022
Gross pay
Pension
267,714
18,604
22,982
99,208
11,749
6,947
Social security costs
309,300
117,904
Employees considered to be key management personnel during the year were the three
co-directors, their employee benefits totalled £183,195 (2022.. £110,957).
The average numberof employeesduringthe year was 712022.. 21. For 2023 the
employee numbers included 11 fellows who b8gan the New Curators programme in
September 2023.
One employee12022'. nil) received emoluments exceeding£80,000, in the range £70,000-
£80,000.
The trustees do not receive any remuneration from the charily. No trustee expenses were
reimbursed during the year (2022.. £nil).
Tangible fixed assets
Computer
8quipm8nt
Cost brought forward
Additions
1,549
7,872
9,221
(172)
11,219)
11,391)
7,830
1,377
Cosl carried forward
Depreciation brought fomard
Charge fortheyear
Depreciation carried forward
Net book valueat 31 December2023
Net book value at 31 December 2022
Credilors: amounts falling due within one year
2023
2022
Grants payable
other creditors
Accruals
65,000
14,680
10,690
90,370
120,000
6,340
3,000
129,340
Pagg 12

New Curators
Notes to the financial statements
For the year ended 31 December 2023 (continued)
Creditors: amounts falling due after more than one year
2023
2022
Grants payable
25,000
25,000
90,000
90,000
Restricted funds
Balance at
31 December
2022
Income Exp8nditure
Balance at
31 December
2023
Firelei Baez exhibition
Speaker fees
198,020
750
1745)
1250
197,275
500
198,770
1995)
197,775
All funds wère unr8strict8d in 2022
Unrestricted funds
Balance at
31 December
2022
Income Expenditure
Balance at
31 December
2023
General funds
90,521
444,063
(378,030)
156,554
Allocation of funds
General
Funds
2023
Restrict8d
Funds
2023
Total
Funds
2023
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
7,830
264,094
(90,370)
125,000)
156,472
461,869
190,3701
(25,0001
197,775
156,554
197,775
354,329
All funds were unrestricted in 2022
io.
Related and connected party transactions
During the year the charity received a restricted donation from Samu81 Talbot, a trustee,
amounting to £750 {2022= nill. The donation is for use on speaker lees.
There were no further related party transactions.
Pagg 13