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2024-12-31-accounts

Charity registration number: 1195897

Company number: 13308512

New Curators

Trustees’ Report and Financial Statements For the year ended 31 December 2024

New Curators

Contents

Page
Trustees’ and charity information 1
Trustees’ report 2 - 5
Independentexaminer’sreport 6
Statement of financial activities 7
Balance sheet 8
Cash flow statement 9
Notes to the financial statements 10 - 17

New Curators

Trustees’ and Charity Information

Trustees Lynn Blades
Tara Feshitan
Oba Nsugbe
Samuel Talbot
Aindrea Emelife
Fabienne Wilmes
Louise Anne Wilson
Anne Thidemann (appointed 17 February 2025)
Registered Address Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Company Number 13308512
Charity Number 1195897
Independent Examiner Cara Turtington, FCA DChA
Saffery LLP
71 Queen Victoria Street
London
EC4V 4BE
Bankers Barclays Bank
1 Churchill Place
London
E14 5HP

Page 1

New Curators

Trustees’ report For the year ended 31 December 2024

The trustees present their annual report and financial statements of the charity for the year ended 31 December 2024.

Legal Status and Constitution

New Curators is a charitable company limited by guarantee with company registration number 13308512 .

The Charity was registered with the Charity Commission in England and Wales on 23 September 2021 and its registration number is 1195897.

Objectives and Activities

The charity has the following principal objectives:

The Objects of the 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

In its inaugural year, the New Curators programme successfully trained eleven aspiring curators from lower socio-economic backgrounds. Through an intensive curriculum divided into academic seminars, skills training sessions, networking visits, and hands-on exhibition-making experience, the fellows engaged with leading curators, artists, and institutions. They explored key topics in art history, curatorial theory, and contemporary debates and learned about a wide range of seminal art histories, while also gaining practical experience in research, budgeting, exhibition design, condition reporting, fabrication and installation, interpretation, press and public programming amongst other things. The learning was further enriched by site visits to museums, galleries, and artist studios across the UK and to the Venice Biennale, providing invaluable industry exposure, public speaking and networking opportunities. The programme also emphasised mentorship and outreach, offering coaching to build confidence and resilience while engaging with students at local state schools to inspire the next generation. A highlight of the year was Firelei Báez’s first UK solo exhibition at the South London Gallery (28 June– 8 September 2024), which the inaugural cohort curated. Within three months of graduating in August 2024, nine of the eleven fellows were working within the art sector, demonstrating the programme’s success in creating tangible career pathways. The second cohort began the programme in September 2024. Shortly thereafter the fellows met Duane Linklater and Tanya Lukin Linklater, the artists they will be working with for their final exhibition. In November 2024, the second cohort visited the Venice Biennale.

Achievements and Financial Review

The charity generated income of 2024: £710,665 (2023: £642,833) during the year, of which £500 was for restricted purposes (2023: £198,770).

Total expenditure for 2024 was £762,393 (2023: £379,025) and of this total £49,926 was spent on restricted funds (2023: £995) and £559,151 (2023: £309,300) was spent on salaries which includes amounts paid to fellows who are provided with a London living wage, but are not considered staff of the charity.

Page 2

New Curators

Trustees’ report (continued) For the year ended 31 December 2024

Reserves Policy

At the year end the Charity had unrestricted reserves of £154,252 (2023: £156,554). The trustees have set the target for reserves at £300,000 and expect to achieve this level in 2025.

Grant Making Policy and Activity

On 14 November 2022, New Curators entered into two grant agreements with the SLG Trustee Limited in its capacity as trustee of the South London Fine Art Gallery and Library (TSTL).

The first grant of £120,000 is for the purpose of supporting TSTL with the cost of delivering and hosting Firelei Báez’s exhibition at the South London Gallery. In 2024, the remaining £20,000 of this grant was transferred to the South London Gallery.

The second grant of £90,000 is to assist the South London Gallery in making space available to aspiring curators from lower socio-economic backgrounds and those teaching them as well as making SLG staff available to discuss art and curation with the aspiring curators who attend SLG spaces during the grant period. In 2024, £45,000 of this grant was transferred to the South London Gallery.

Grants of £38,303 (2023: £21,429) were paid to fellows during the year which includes visa fees, health insurance surcharges, relocation grants and joining payments for the second cohort.

Structure, Governance and Management

Trustees are recruited and appointed in accordance with the charity’s governing document and with relevant legislation.

The Trustees who were in office during the year 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 to the Charity Commission’s guidance on public benefit. The Trustees believe that the activities of the charity in the 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 perform and New Curators’s governing document. They also receive an induction during which 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 to take this up in 2024. Charity Commission updates and other sector developments are shared with trustees.

Page 3

New Curators

Trustees’ report (continued) For the year ended 31 December 2024

Major decisions relating to strategies and policies are made by the trustees as a board. The trustees delegate responsibility for day to day running of the charity to the co-directors of New Curators, Mark Godfrey and Kerryn Greenberg.

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 to the charity is that fundraising at the level required is unsustainable. A trustee with fundraising expertise was identified and joined the board in February. 2025. Now that New Curators is established and has a track record, the charity is better placed to apply to trusts and foundations for support and intends to do so in 2025. The trustees of the Friends of New Curators have also agreed to introduce New Curators to additional prospective donors in 2025.

Future Plans

The second cohort of eleven fellows who joined New Curators for the year-long programme in September 2024 will complete their training on 31 August 2025. This cohort curated an exhibition of Duane Linklater at Camden Art Centre which opened in July 2025.

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 Accepted 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 state 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:

The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position 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.

Page 4

Trustees’ report (continued) For the year ended 31 December 2024

New Curators

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Sep 16 2025

Signed on behalf of the Board of Trustees on ………………… 2025

........................................... Lynn Blades Trustee

Page 5

New Curators

Independent examiner’s report to the trustees of New Curators (‘the Company’)

I report to the trustees on my examination of the accounts of the Company for the year ended 31 December 2024.

Respective Responsibilities of trustees and examiner

As the charity’s trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).

Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 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 of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts and seeking explanations from you as trustees concerning any 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 to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the statement below.

Independent examiner’s statement

Since the Company’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:

  1. accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or

  2. the accounts do not accord with those records; or

  3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a ‘true and fair view’ which is not a matter considered as part of an independent examination; or

  4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).

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.

Cara Turtington, FCA DChA Saffery LLP, 71 Queen Victoria Street, London, EC4V 4BE

Date: Sep 17 2025

Page 6

New Curators

Statement of financial activities (incorporating an income and expenditure account) For the year ended 31 December 2024

Note
Income from
Donations and legacies
2
Investments
Total income
Expenditure on
Raising funds
3
Charitable activities
3
Total expenditure
Net income and net
movement in funds
Total funds brought
forward
Total funds carried
forward
Unrestricted
Funds
2024
£
704,494
5,671
710,165
-
712,467
712,467
(2,302)
156,554
154,252
Restricted
Funds
2024
£
500
-
500
-
49,926
49,926
(49,426)
197,775
148,349
Total
Funds
2024
£
704,994
5,671
710,665
-
762,393
762,393
(51,728)
354,329
302,601
Total
Funds
2023
£
640,375
2,458
642,833
-
379,025
379,025
263,808
90,521
354,329

The notes on pages 10 to 17 form part of these financial statements.

The statement of financial activities contains all recognised gains and losses for the financial year.

The results for the year all relate to continuing activities.

Page 7

New Curators

Balance sheet As at 31 December 2024

Note
Tangible fixed assets
4
Current assets
Debtors
Cash at bank and in hand
Current liabilities
Creditors: amounts falling due
within one year
5
Net current assets
Total assets less current liabilities
Creditors: amounts falling due
in more than one year
6
Net assets
Funds
Restricted funds
7
Unrestricted fund
8
Total funds
2024
£
£
4,518
-
356,532
356,532
(58,449)
303,083
307,601
-
302,601
148,349
154,252
302,601
2023
£
£
7,830
-
461,869
461,869
(90,370)
371,499
379,329
(25,000)
354,329
197,775
156,554
354,329

For the year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 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 Act with respect to accounting records and for the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Sep 16 2025 Approved by the Board of Trustees on ……………………202 5 and signed on its behalf by:

........................................... Lynn Blades Trustee

The notes on pages 10 to 17 form part of these financial statements

Page 8

New Curators

Cash flow statement

For the year ended 31 December 2024

Cashflows from operating activities

Net income

Adjustments for:

Depreciation

Income from investments

Movement in creditors

Net cash (used in) / provided by operating
activities

Cash flows from Investing activities
Investment income

Purchase of tangible fixed assets

Cash provided by / (used in) Investing activities
Change in cash and cash equivalents in the year
Cash and cash equivalents brought forward

Cash and cash equivalents carried forward
Analysis of changes in net funds
At start of
the year
£
Cash and cash equivalents (cash)
461,869
2024
£
(51,728)
3,471
(5,671)
(56,921)
(110,849)
5,671
(159)
5,512
(105,337)
461,869
356,532
Cash flows
£
(105,337)
2023
£
263,808
1,218
(2,458)
(103,970)
158,599
2,458
(7,672)
(5,214)
153,385
308,484
461,869
At end of
the year
£
356,532

Page 9

New Curators

Notes to the financial statements For the year ended 31 December 2024

1. Principal accounting policies

1.1

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 note(s) to these accounts. The financial statements have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) effective January 2019 and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.

The charity constitutes a public benefit entity as defined by FRS 102.

The trustees consider that there are no material uncertainties about the charity’s ability to continue as a going concern.

1.2 Income

Donation income is recognised in the year in which the charity is entitled to receipt and the amount can be measured with reasonable certainty.

Trading income, including sponsorship income, is recognised when the charity is entitled to receipt and the amount can be measured with reasonable certainty.

1.3

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it 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 for grants are made when the intention to make a grant has been communicated to the recipient but there is uncertainty as to the timing of the grant or the amount of grant payable.

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

Page 10

New Curators

Notes to the financial statements For the year ended 31 December 2024 (continued)

1. Principal accounting policies (continued)

1.4 Tangble Fixed Assets

The cost of tangible fixed assets is their purchase cost together with any incidental costs of acquisition. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Computer equipment 33% per annum

1.5

Creditors

Creditors are recognised when goods or services have been delivered or provided prior to the financial year end but the invoice has not yet been received or paid. Creditors are measured on the basis of either the invoice or order value.

1.6 Taxation

New Curators is a registered charity and is not liable to United Kingdom income tax or corporation tax on its charitable activities.

1.7 Funds

Funds held by the Charity are split into different types:

1.8 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 effective interest method. The charity does not currently have any bank loans.

Page 11

New Curators

Notes to the financial statements For the year ended 31 December 2024 (continued)

2. Donation income
2024 2023
£ £
Donations from trusts, foundations and organisations 453,844 316,556
Donations from individuals 251,150 323,819
704,994 640,375
Income of £500 was receivable in 2024 in respect of restricted funds (2023: £198,770).
3. Expenditure
2024 2023
£ £
Charitable activities:
Grant making (3.1) - -
Fellows Grants (3.1) 38,303 21,429
Salaries (3.2)
- Staff 248,401 211,739
- Fellows 310,750 97,561
Total salaries 559,151 309,300
Legal and professional fees 433 7,583
Management and administration
12,549
4,200
Depreciation 3,471 1,219
Accountancy 7,800 8,844
Independent examination fees
- Current year 6,900 3,120
- Prior year 3,780 -
Project expenditure 49,926 663
Travel 27,929 10,089
Other costs including travel 52,152 12,577
762,393 379,024

Expenditure of £49,926 included above was incurred in respect of restricted projects (2023: £995)

3.1 Grant making

Grants were 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 12

New Curators

Notes to the financial statements For the year ended 31 December 2024 (continued)

3.2 Staff and fellow costs

Staff and fellow costs
Gross pay
Social security costs
Pension
2024
£
490,296
49,020
19,835
559,151
2023
£
267,714
22,982
18,604
309,300

The average number of employees during the year was 14 (2023: 7). For 2024 the employee numbers included 22 fellows. 11 of these began the New Curators programme in September 2023 and completed the programme In August 2024. A further 11 fellows began the programme In September 2024.

The number of employees whose emoluments for the year fell within the following bands are:

2024 2023
Number Number
£60,000 to £69,999 1 -
£70,000 to £79,999 - 1
£80,000 to £89,999 1 -

Employees considered to be key management personnel during the year were the three codirectors, one of whom resigned in May 2024. Their employee benefits totalled £205,050 (2023: £183,195).

The trustees do not receive any remuneration from the charity. No trustee expenses were reimbursed during the year (2023: £nil).

Page 13

New Curators

Notes to the financial statements For the year ended 31 December 2024 (continued)

4.
Tangible fixed assets
Cost brought forward
Additions
Cost carried forward
Depreciation brought forward
Charge for the year
Depreciation carried forward
Net book value at 31 December 2024
Net book value at 31 December 2023
5.
Creditors: amounts falling due within one year
Grants payable
Trade creditors
Tax and social security
Accruals
6.
Creditors: amounts falling due after more than one year
Grants payable
Computer
and office
equipment
£
9,221
159
9,380

(1,391)
(3,471)
(4,862)
4,518
7,830
2024
£
25,000
7,715
18,184
7,550
58,449
2024
£
-
-
2024
Total
£
9,221
159
9,380
(1,391)
(3,471)
(4,862)
4,518
7,830
2023
£
65,000
-
14,680
10,690
90,370
2023
£
25,000
25,000

Page 14

New Curators

Notes to the financial statements For the year ended 31 December 2024 (continued)

7.
Restricted funds
Firelei Báez exhibition
Speaker fees
Firelei Báez exhibition
Speaker fees
8.
Unrestricted funds
General funds
General funds
Balance at
1 January
2024
£
197,275
500
197,775
Balance at
1 January
2023
£
-
-
-
Balance at
1 January
2024
£
156,554
Balance at
1 January
2023
£
90,521
Income
£
-
500
500
Income
£
198,020
750
198,770
Income
£
710,165
Income
£
444,063
Expenditure
Balance at
31 December
2024
£
£
(49,176)
148,099
(750)
250
(49,926)
148,349
Expenditure
Balance at
31 December
2023
£
£
(745)
197,275
(250)
500
(995)
197,775
Expenditure
Balance at
31 December
2024
£
£
(712,467)
154,252
Expenditure
Balance at
31 December
2024
£
£
(378,030)
156,554

Page 15

New Curators

Notes to the financial statements For the year ended 31 December 2024 (continued)

9. Net Assets by fund

Current year
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
Prior year
Tangible fixed assets
Current assets
Current liabilities
Long term liabilities
General
Funds
2024
£
4,518
208,183
(58,449)
-
154,252
General
Funds
2023
£
7,830
264,094
(90,370)
(25,000)
156,554
Restricted
Funds
2024
£
-
148,349
-
-
148,349
Restricted
Funds
2023
£
-
197,775
-
-
197,775
Total
Funds
2024
£
4,518
356,532
(58,449)
-
302,601
Total
Funds
2023
£
7,830
461,869
(90,370)
(25,000)
354,329

10. Related and connected party transactions

During the year the charity received a restricted donation of £500 from one trustee (2023: £750 from one trustee). The donations were for use on speaker fees.

There were no further related party transactions.

Page 16

New Curators

Notes to the financial statements For the year ended 31 December 2024 (continued)

11. Comparative Statement of Financial Activities

Income from
Donations and legacies
Investments
Total income
Expenditure on
Raising funds
Charitable activities
Total expenditure
Net income and net movement in
funds
Total funds brought forward
Total funds carried forward
Unrestricted
Funds
2023
£
441,600
2,458
444,063
-
378,030
378,030
66,033
90,521
156,554
Restricted
Funds
2023
£
198,770
-
198,770
-
995
995
197,775
-
197,775
Total
Funds
2023
£
640,375
2,458
642,833
-
379,025
379,025
263,808
90,521
354,329

Page 17

Audit Trail

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'RFXPHQW9LHZHG Document Viewed by Lynn Blades (divablades@gmail.com)
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