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2021-03-31-accounts

The Contemporary Art Society

(A charitable company limited by guarantee)

Trustees’ Report and Financial Statements for the year ended 31 March 2021

Company number: 255486 Charity number: 208178

THE CONTEMPORARY ART SOCIETY

Trustees’ Report and Financial Statements

For the year ended 31 March 2021

Contents

Trustees’ report 2
Independent Auditors’ Report 14
Statement of Financial Activities 18
Balance Sheet 19
Statement of Cashflows 20
Notes to the Financial Statements 21

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THE CONTEMPORARY ART SOCIETY

Trustees’ Report and Financial Statements

For the year ended 31 March 2021

The Trustees are pleased to present their annual report for the year ended 31 March 2021.

Reference and administrative information set out below forms part of this report. The financial statements comply with current statutory requirements, the memorandum and articles of association and the Charities SORP (FRS 102).

1. REFERENCE AND ADMINISTRATIVE DETAILS

Company number 255486
Charity number 208178
Registered office and operational address 59 Central Street, London, EC1V 3AF
Trustees Trustees, who are also directors under company law, who served during the year and
up to the date of this report were as follows:
Marco Compagnoni
Nicola Blake
Michael Bradley
Shawanda Corbett (appointed December 2020)
Tommaso Corvi-Mora
Simon Davenport
Timothy Franks
Emma Goltz
Soria Hamidi
(appointed December 2020)
Béatrice Lupton
Keith Morris
Valeria Napoleone
Francis Outred
Bianca Roden (appointed April 2021)
Cathy Wills
Edwin Wulfsohn
John Shield
Anna Yang
Key management Caroline Douglas Director
personnel Sophia Bardsley Deputy Director
Fabienne Nicholas Head of Consultancy
Dida Tait Head of External Relations
Bankers Lloyds Bank plc
Southampton Row
LONDON, WC1B 5HR
Solicitors Weil, Gotshal & Manges (London) LLP
110 Fetter Lane
LONDON, EC4A 1AY
Auditors Sayer Vincent LLP
Chartered Accountants and Statutory Auditors
Invicta House, 108-114 Golden Lane
LONDON, EC1Y 0TL

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Trustees’ Report and Financial Statements

For the year ended 31 March 2021

2. OBJECTIVES AND ACTIVITIES

Purposes and aims

The Contemporary Art Society is a charity that places important works of art in public collections and spaces across the UK. With the support of our individual and corporate patrons we raise funds to purchase works predominantly by young and emerging artists which we give to museums and public galleries where they are enjoyed by a national audience; we broker the gift of works of art by important artists of the 20[th] and 21[st] centuries for public collections through our networks of patrons and private collectors; we establish relationships to commission artworks and promote contemporary art in public spaces; we devise programmes of educational and engagement events. Since 1910 we have donated thousands of works to museums and public galleries - from Bacon, Freud, Hepworth and Moore in their day through to the influential artists of our own times, such as Lynette Yiadom-Boakye, Kehinde Wiley and Phyllida Barlow - championing new talent, supporting curators, and encouraging philanthropy and collecting in the UK.

The Trustees review the aims, objectives and activities of the charity each year. This report looks at what the charity has achieved and the outcomes of its work in the reporting period. The Trustees report the success of each key activity and the benefits the charity has brought to those groups of people that it is set up to help. The review also helps the Trustees ensure the charity's aims, objectives and activities remained focused on its stated purposes.

The Trustees have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning its future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives that have been set.

The objectives of the Contemporary Art Society are achieved in the following ways:

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Trustees’ Report and Financial Statements

For the year ended 31 March 2021

Our financial objectives are to progressively increase the funds available to support our charitable work through a diverse range of income streams, including Arts Council NPO funding, trusts and foundations, individual giving, corporate patrons, fundraising events and paid advice.

3. ACHIEVEMENTS AND PERFORMANCE

The charity's main activities are described below. All its charitable activities focus on developing public collections and art in public spaces for audiences now and in the future and are undertaken to further the Society’s charitable purposes for the public benefit. Our beneficiaries are the museums and their curatorial staff, who receive works for their collection as well as bespoke mentoring and training opportunities, the artists with whom we work, and ultimately the general public who experience the art.

The pandemic severely impacted the sector within which the Society works. Museums were closed for the majority of the year and many of their staff furloughed. In turn artists were impacted, through a lack of opportunities to display their work and the loss of many of the freelance work which many artists undertake. Our activity during the year was shaped by a response to the pandemic, as well as the Black Lives Matter protests that took place across the world.

Art Purchases and Distributions

As a direct response to the pandemic and driven by an ambition to do something quickly for the sector, we launched the Rapid Response Fund, which exceeded all our expectations in the way it elicited such an overwhelming response from the general public, as well as the generosity of longstanding supporters. Through the summer of 2020 we were able to make substantial acquisitions of art and craft for our Museum Members, recognising how the purchases could be much-needed income for the artists, as well as an encouragement to museums battling with successive lockdowns and confronting the consequences of income decimated by

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Trustees’ Report and Financial Statements

For the year ended 31 March 2021

protracted periods of closure. Works with a value of more than £300,000 were donated through the Rapid Response Fund.

Within the visual arts community, the Black Lives Matter protests accelerated the moves towards greater representation and diversity within programmes and collections. In 2020/21 over 56% of our total investment in art and craft was spent on purchasing work by artists of colour, including works by Sonia Boyce, Claudette Johnson and Keith Piper, as well as works by a younger generation of artists including Rachel Jones and Samson Kambalu.

The single most outstanding acquisition has been Mona Hatoum’s Electrified (variable III) (2021). A five metre column of domestic implements with an electric current running through them hanging from the ceiling, the sculpture produces sensations of recognition and threat at the same time. Hatoum is one of the most important artists working in the UK today and we are proud to be able to acquire her work for The Hepworth Wakefiled, our fourth major purchase through the Great Works scheme, generously enabled by the Sfumato Foundation.

Valeria Napoleone’s VNXXCAS project continues to be one of the most popular schemes that we run, and as it enters its sixth year we have built up an impressive track record. Alexandra Bircken’s The Doctor (2020) was purchased from her most recent exhibition at Herald Street Gallery for The Hunterian at the University of Glasgow. The human-scale figure with Christmas-tree prosthetic leg and beak, or boat-like head mutely asserts its mysterious presence and will bring a destabilising quality to the rationalist, Enlightenment collections of the museum.

We continue to see an increasing demand for our help in placing works through gifts and bequests. In the year we completed the bequest of ceramics from the collection of the late Patricia Barnes, which saw over 100 pieces enter the collections of the Centre for Ceramic Art at York Art Gallery, MIMA in Middlesbrough and the burgeoning ceramic collections at The Hepworth Wakefield. Patricia was an important patron to a pioneering group of ceramicists around the Royal College of Art through the 1970s, 80s and 90s. Groups of works by Alison Britton, Jacqueline Poncelet, Carol McNicholl and Angus Suttie, among others will now represent this moment of radical practice within these three UK collections.

Alongside this, we were delighted to be able to work with Thalia Allington-Wood, daughter of the late sculptor Edward Allington, to place an important group of sculptures and drawings in three collections. Allington came to prominence in the UK and internationally during the late 1970s and 80s and was highly influential I his practice and later, as a teacher. This bequest ensures that his contribution to the history of sculpture in this country is safeguarded within specialist sculpture collections.

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Trustees’ Report and Financial Statements

For the year ended 31 March 2021

In total 33 museums received work during the year, an increase from 28 in the previous financial year. The total value of works placed was in excess of £1,350,000.

Museum advice and training

The Society is unique in the way it functions to support its Museum Members. Rather than operating simply as a grant-giving institution, we work in active collaboration with curators. All our purchasing is research-led, a process designed to bring the benefit of a broad range of knowledge and expertise to developing collections as a dynamic resource within their communities.

Alongside the research-led acquisition process, we support the professional development of museum curators in the field of contemporary art through our continuous professional development programme. During the first half of the year we were unable to run this programme as museums were closed and many curators on furlough. In Summer 20 we started a partnership with the Decolonising Arts Institute at the University of the Arts London to devise a year-long online workshop programme for museum curators and professionals to response to the needs of a wide range of museum colleagues wishing to engage meaningfully and practically in anti-racist and/ or decolonial practice. Three seminars took place between January and March 21 on the subjects of curation and display; the role of artist residencies and interventionist projects staged by independent curators and organisations; and the cataloguing of collections.

Through the successive periods of lockdown, we took our programme to museum colleagues in the form of online content: some of it in the form of live interviews with artists via Zoom, some of it recorded. In addition, the curatorial team ‘dropped in’ virtually with as many museum colleagues as possible throughout the period – in order to maintain contacts and to understand the unfolding situation across the country.

Commissions and Collections Advisory

Our work in this area continues to support our mission with projects that put art and culture at the heart of public space, at a moment when discussion about the nature and uses of public realm has become personal as well as political.

Our work continued with 22 Bishopsgate, the tallest building in the Square Mile, delivering new commissions from artists Ryan Mosley and Karine Laval that humanise the building’s vast reception spaces, both inside and from the street. Tod Hanson’s Spectra , a seven-storey mural painted to coincide with the London School of Economics’ opening of the Rogers Stirk Harbour + Partners’ Centre Building development, considers the School’s commitment to social justice through the lens of the famous Victorian maps of London poverty by Charles Booth.

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Trustees’ Report and Financial Statements

For the year ended 31 March 2021

The team is proactively working to develop strategic thinking that aligns with clients’ needs. Our work developing the public art strategy for University of Bristol addresses the need for porous public spaces that are inviting to all people, as befits a truly civic campus. We are working with the University to deliver four new public art commissions that will address the built environment and the people it serves. We completed our work for the Mayor’s Office on the Royal Docks Cultural Strategy, which now addresses one of the largest plots of disused land in Europe as a site for social and cultural activation and exchange. Our programme with Lendlease at Elephant Park resulted in a public art strategy that put nature and greening at the heart of its agenda. We are now beginning to deliver an artwork for the site with Ryan Gander, leading the way in delivering a new programmatic model for co-creating with local communities. Likewise, our work with the Hawkins\Brownled design team transforming the public realm of Smithfield in the City of London has resulted in Larry Achiampong being embedded as a resident artist in the team, a bold move that will deliver radical outcomes. And our work developing Wakefield’s expansive Public Art Framework is currently addressing the need for a post-Covid recovery for people via the public realm offer, from art cycle paths to walking art tour apps. This is the first strategy we have delivered since the pandemic took hold and we have responded with a series of recommendations that align with new ways of bringing people back into public space.

Education

We encourage an understanding and appreciation of contemporary art through the rich programming we offer for our various Patron levels. When the pandemic hit we were quick to develop our online offer and devised new strands of activity, including nine artist interviews through our CAS at Home series, five virtual studio visits, broadcast 12 artist films, as well as continuing our Friday Dispatch exhibition reviews during the period gallery’s were open.

The Consultancy team also expanded their work digitally with a growing platform of online programming and thought leadership in the shape of webinars, talks and podcasts. Culture Matters is an ongoing series addressing art and culture in the public realm and Art & Law is a series of podcasts that brings artists and curators into discussion with legal professionals to consider best practice for commissioners, from Intellectual Property to non-fungible tokens.

Advocacy

Raising the public profile of the Contemporary Art Society has potential benefits for all of our fundraising activity. Throughout much of the financial year we worked with Brunswick Arts, with a particular focus of activity around the Rapid Response Fund, our first crowdfunding campaign, as well as Choose Art our second crowdfunder which commenced at the end of the financial year.

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Trustees’ Report and Financial Statements

For the year ended 31 March 2021

Income Generation

Subscriptions and Donations: There was a significant increase in donations from the previous year due to the success of the Rapid Response Fund which raised in excess of £230,000. There was a small decrease in individual Patron income this year but we were pleased to retain the support of so many of our existing Patrons during the pandemic year.

Arts Council Award: 2020/21 was the third year of the current four-year funding round. The Arts Council has confirmed that this will be extended by a year, to the end of March 2023, due to the pandemic and subject to application. The application process for the next cycle will open in early 2022.

Fees and commissions: Income from this source was lower than the previous year. A number of projects were either put on hold or cancelled due to the pandemic.

Other grants: We did not make any unsolicited applications to Trusts and Foundations during the year, instead focussing on fundraising from individuals.

Fundraising events: We had planned to hold two fundraising events during the year but this was not possible. In November we successfully held an online Artist’s Table broadcast from the studio of Phyllida Barlow, with an in conversation with Russell Tovey.

Fundraising: Led by our Director and the Head of External Relations, we raise funds from individuals through our Patron schemes, and through restricted donations, through our fundraising events and through our applications to Grants and Foundations, and for the first time in 20/21 through a crowdfunding campaign. We are members of the Fundraising Regulator and only approach contacts that are known to us or are introduced to us. We have received no complaints about our fundraising during the year under review.

4. PLANS FOR THE FUTURE

Notwithstanding the uncertainties created by the twin forces of Brexit and the pandemic, our ambition is to continue to increase the funds we spend on acquiring work for museums. Our investment in the visual arts ecology of the UK could not be more vital than in the current crisis. In 2020/21 we again increased this to £715,492, roughly 46% of our overall turnover. This is shown within note 4 to the financial statements. This is an increase from £579,861 in 2019/20. This has been achieved through our regular acquisition schemes, as well as the increased number of Special Projects.

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Trustees’ Report and Financial Statements

For the year ended 31 March 2021

In the four-year acquisitions cycle, 2018-22, we have increased the sum allocated to each Museum Member in both the fine art and craft schemes. As we work towards the beginning of the next cycle in April 2022, we are considering another increase in the allocation, and will go ahead with this if we feel confident we can maintain it through the full four years.

We will continue to deliver the individual and Corporate Patrons schemes, which raise income for our acquisitions and engage new and existing audiences in contemporary art.

The Artist’s Table fundraiser is now fully established and running successfully, and we will continue to deliver these events as well as looking at new and different models. Artist’s Table model has however proven highly adaptable, and at present we envisage continuing to programme events through to Spring 2022.

Our ability to fundraise has been made harder by the Covid 19 situation which constrains the type of fundraising activities we can programme. We will continue to adapt our programme as the situation progresses.

Our team that delivers advice on art in public spaces has been operating in an increasingly challenging context, as the uncertainty around Brexit has impacted many areas of their market. The team is however more nimble than many of its competitors, and able to pivot quickly towards new types of work in a way that is highly responsive to a changing environment.

In the course of 2020/21 financial year the Future Fund, invested in a designated charity fund with Sarasin, has continued to grow and was valued at £252,496 (2020: £200,000) at the year end.

5. FINANCIAL REVIEW

Results

The results of the Society for the year ended 31 March 2021 are set out in the financial statements on pages 15 to 17.

Spend on art purchases and distributions increased from £579,861 in 2019/20 to £715,492 in 2020/21.

Total income for the year was £1,561,199, compared to £1,621,225 in 2019/20. £1,117,219 was unrestricted and £393,980 was restricted. Total expenditure for the year was £1,484,697, compared to £1,518,293 in the previous financial year. £1,086,717 was unrestricted and £397,980 was restricted.

The overall surplus for the year is £107,238 (2020: £102,932), with a surplus of £61,238 (2020:

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Trustees’ Report and Financial Statements

For the year ended 31 March 2021

£60,432) in unrestricted funds and a surplus of £46,000 (2020: £42,500 surplus) in restricted funds. The restricted fund surplus is due to the Choose Art crowd fundraising appeal bringing in funds before the year end.

The results show that we are making good progress in growing our spend on art purchase and distributions while managing our cost base carefully.

Reserves Policy

The Trustees review the reserves of the charity annually. This review encompasses the nature of the income and expenditure streams, the need to match variable income with ongoing commitments and the nature of the reserves. With the purchase of the multi-function office space at Central Street the expendable endowment funds have been utilised and a designated fund has been established to represent the monies invested net of depreciation. At 31 March 2021 this fund has a balance of £889,058 (2020: £910,481).

At 31 March general unrestricted funds were £537,247 (2020: £507,081). This includes £35,000 of stock and a further £33,579 represented by fixed assets. This leaves £468,668 of free reserves, representing approximately 5-6 months running costs, which in the light of the current state of business the Board believes is a resilient position. The balance of the funds, £128,500, is held in restricted funds.

The analysis and movement of restricted funds is explained in note 8 to the financial statements.

6. PRINCIPAL RISKS AND UNCERTAINTIES

Our principal risks are in relation to income generation. We receive around 12% of our income from Arts Council England and raise the rest through a number of income streams. We develop income generating plans thoroughly and consider carefully the potential risks. We review plans regularly and update them accordingly.

The pandemic has had an impact on some income generating activities, notably income from Commissions and Collections Advisory, as a number of projects were either withdrawn or put on hold. We have set budgets accordingly and will continue to review.

The Trustees review the risk register at least annually. The Finance Committee made a risk review the focus of one of their four regular meetings through the year and the register has been updated to address newly identified risks and to implement controls and procedures designed to manage and mitigate previously identified risks.

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Trustees’ Report and Financial Statements

For the year ended 31 March 2021

7. STRUCTURE, GOVERNANCE AND MANAGEMENT

Constitution

The Contemporary Art Society is a charitable company limited by guarantee, registered on 7 April 1931, and is governed by the Memorandum & Articles of Association. It was registered as a charity with the Charity Commission on 22 September 1962.

Composition of the Board, organisation and Trustee induction and training

The Board of Trustees, which can have up to 25 members, directs the charity through regular meetings.

The charity regularly reviews the skills, networks and experience of the Board. Where skills have been identified as missing, members of the Board and the Director may propose potential new Trustees. Following agreement with the Trustees, the Chair will approach potential candidates to discuss their interest in becoming a Trustee. All candidates for Trusteeship have discussions during the selection process on the role they will be expected to take. These discussions involve the Chair, the Director and other Trustees when appropriate. Recommendations are then made to the Board for full approval.

All new Trustees go through an induction process. Board induction includes meetings with senior staff as well as the provision of a pack of information about the Contemporary Art Society.

Our Chair, Marco Compagnoni, took on the role in January 2018. Two trustees joined us during the year: Shawanda Corbett and Soria Hamidi joined in December 2020. Bianca Roden joined after year end, in April 2021. No Trustees left the Board during the year.

One of two important subcommittees of the board, the Finance Committee meets quarterly in advance of Trustee meetings to review in detail the charity’s financial affairs. The Finance Committee has been chaired by Anna Yang since September 2019. The Development Board meets every six weeks on average and is chaired by Emma Goltz. It is attended by Marco Compagnoni, trustees Béatrice Lupton and Nicola Blake, alongside patrons Bertrand Coste and Benedetta Riva.

All members of the Board give their time voluntarily and receive no benefits from the charity.

Management

The Contemporary Art Society is managed by the Director, Caroline Douglas, to whom the Senior Management Team reports. The senior management team includes Sophia Bardsley, Deputy Director; Fabienne Nicholas, Head of Consultancy; and Dida Tait, Head of External Relations. Fabienne Nicholas left in April 2021 after nearly 14 years and Colin Ledwith, previously Deputy Head of Consultancy has taken up the role of Head of Consultancy.

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THE CONTEMPORARY ART SOCIETY

Trustees’ Report and Financial Statements

For the year ended 31 March 2021

The Contemporary Art Society operates an annual review system led by the Director, designed to support staff in making the fullest contribution to the charity and to provide them with timely feedback on performance and professional development.

Pay policy for Trustees and senior staff

The Trustees comprise the board of Trustees and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Charity on a day to day basis. All Trustees give of their time freely and no Trustee received remuneration in the year. Details of Trustees’ expenses and related party transactions (if any) are disclosed in Note 4 to the accounts.

The pay of the staff is reviewed annually and normally increased in accordance with inflation, and to reflect any additional responsibilities brought into their job description. The directors also benchmark against pay levels in other charities of a similar size. If recruitment has proven difficult in the recent past a market addition is also paid with the pay maximum no greater than the highest benchmarked salary for a comparable role.

Statement of Trustees' Responsibilities

The trustees (who are also directors of the Contemporary Art Society for the purposes of company law) are responsible for preparing the Trustees’ annual report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law 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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the

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Trustees’ Report and Financial Statements

For the year ended 31 March 2021

charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the Trustees are aware:

The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2021 was 19 (2020:19). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditors

Sayer Vincent LLP were reappointed as the charitable company's auditors during the year and have expressed their willingness to continue in that capacity.

The Trustees’ annual report has been approved by the Trustees on 21 September 2021 and signed on their behalf by

Marco Compagnoni Chair

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THE CONTEMPORARY ART SOCIETY

Independent Auditors’ Report

For the year ended 31 March 2021

Independent auditor’s report to the members of Contemporary Art Society

Opinion

We have audited the financial statements of Contemporary Art Society (the ‘charitable company’) for the year ended 31 March 2021 which comprise the statement of financial activities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on Contemporary Art Society's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

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Independent Auditors’ Report

For the year ended 31 March 2021

Other Information

The other information comprises the information included in the trustees’ annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible

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Independent Auditors’ Report

For the year ended 31 March 2021

for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below.

Capability of the audit in detecting irregularities

In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, our procedures included the following:

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Independent Auditors’ Report

For the year ended 31 March 2021

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor) 7 December 2021

for and on behalf of Sayer Vincent LLP, Statutory Auditor Invicta House, 108-114 Golden Lane, LONDON, EC1Y 0TL

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Statement of financial activities (‘SOFA’) Incorporating the income and expenditure account

For the year ended 31 March 2021

Notes
Income from
Donations, Subscriptions & Grants
2
Donations & Subscriptions
Arts Council Award
Charitable activities
3
Fees and commissions
Other grants
Furlough grants
Other trading activities
Fundraising Events
Investments
Bank interest
Total income
Expenditure
Expenditure on raising funds
4
Cost of fundraising events
Other fundraising costs

Expenditure on charitable activities
4
Art purchases & distributions
Commissions and collections advisory
Museum advice and training
Education
Total Expenditure
Net income/(expenditure) before gains/losses
Gains/losses on investments
Net movement in funds after gains/losses
Fund balance brought forward
Fund balances carried forward
9		 Unrestricted
funds
£
449,763
171,421
369,691
-
34,493
90,440
1,411
____
1,117,219
____
101,564
73,401
___
174,965
331,012
334,450
97,801
148,489
____
911,752
1,086,717
____
30,502
30,736
____
61,238
1,617,562
____
1,678,800
 Restricted
funds
£
343,980
-
-
100,000
-
-
-
___
443,980
___
-
-
__
-
384,480
-
13,500
-
___
397,980
397,980
___
46,000
-
___
46,000
82,500
___
128,500
 2021
£
793,743
171,421
369,691
100,000
34,493
90,440
1,411
____
1,561,199
____
101,564
73,401
___
174,965
715,492
334,450
111,301
148,489
____
1,309,732
1,484,697
____
76,502
30,736
____
107,238
1,700,062
____
1,807,300
 2020
£
637,168
168,324
430,643
42,500
-
341,211
1,379
____
1,621,225
____
169,947
57,556
___
227,503
579,862
412,948
97,943
189,766
____
1,280,549
1,508,052
____
113,173
(10,241)
____
102,932
1,597,130
____
1,700,062

All of the above results derive from continuing activities. There are no gains and losses other than those disclosed above. The accompanying notes form an integral part of these financial statements. Movement in funds are disclosed in note 9 to the financial statements.

18

THE CONTEMPORARY ART SOCIETY

Company Number:255486

Balance Sheet

As at 31 March 2021

Notes
Fixed assets
Tangible assets
5
Investments
Current assets
Stock
6
Debtors
7
Cash at bank and in hand
Creditors:amounts falling due within one year
8
Net current assets
Net assets
Represented by
General income funds
Future fund
Designated Central Street fund
Restricted income fund
9		 2021
£
922,636
252,496
____
1,175,132
35,000
333,705
560,898
____
929,603
(297,435)
____
632,168
____
1,807,300
____
537,247
252,496
889,057
128,500
____
1,807,300
 2020
£
952,880
121,759
____
1,074,639
35,000
556,235
415,505
____
1,006,740
(381,317)
____
625,423
____
1,700,062
____
507,081
200,000
910,481
82,500
____
1,700,062

The accompanying notes form an integral part of these financial statements.

The financial statements on pages 18 to 33 were approved by the Trustees on 21 September 2021.

Marco Compagnoni Chairman

19

THE CONTEMPORARY ART SOCIETY

Statement of Cashflows

For the year ended 31 March 2021

2021
£
Cash flow from operating activities
Net (expenditure)/income
107,238
Adjustments for:
Depreciation Charges
31,790
Dividends, interest and rents from
investments
(1,411)
Decrease/(Increase) in debtors
222,530
Increase/(Decrease) in creditors
(83,882)
____
Net cash provided by/(used in)
operating activities
Cash flow from investing activities
Investment income – bank interest
1,411
Purchase of tangible fixed assets
(1,546)
(Gains)/ Losses on investments
(30,737)
Purchase of investments
(100,000)
____
Net cash (used in) investing
activities
Change in cash and cash
equivalents in the year
Cash and cash equivalents at the
beginning of the year
Cash and cash equivalents at the
end of the year		 2021
2020
£
£
102,932
30,217
(1,379)
(314,800)
217,649
____
276,265
1,379
(50,803)
10,241
(132,000)
____
(130,872)
____
145,393
____
415,505
____
560,898
 2020
£
34,619
(171,183)
____
(136,564)
____
552,069
____
415,505

The accompanying notes form an integral part of these financial statements.

20

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements

For the year ended 31 March 2021

1 Accounting policies

a) Basis of accounting

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2015) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy note(s).

The trustees have assessed whether the use of the going concern basis is appropriate and have considered possible events or conditions that might cast significant doubt on the ability of the charity to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular the trustees have considered the charities forecasts and projections and have taken account of pressures on donation and investment income. After making enquiries the trustees have concluded that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

b) Public benefit entity

The charitable company meets the definition of a public benefit entity under FRS 102.

c) Accounting estimates

The Trustees consider that there are no material uncertainties about the charitable company's ability to continue as a going concern.

The Trustees do not consider that there are any sources of estimation uncertainty at the reporting date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next reporting period.

d) Income

All income is included in the Statement of Financial Activities (‘SOFA’) when the charity is legally entitled to the income and the amount can be quantified with reasonable probability. Membership subscriptions are treated as donations and are accounted for when received.

e) Expenditure

Expenditure is classified under the principal categories of charitable and other expenditure rather than the type of expense, in order to provide more useful information to users of the financial statements.

21

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

1 Accounting policies (continued)

Expenditure on raising funds and charitable expenditure comprise direct expenditure including direct staff costs attributable to the charity. Where costs cannot be directly attributed they have been allocated on the basis of the percentage of staff time spent on each activity.

Cost of fundraising events 10%
Other fundraising costs 6%
Commissions and collections advisory 41%
Museum advice and training 7%
Art purchases & distributions 16%
Education 17%
Governance 3%

Art purchases are charged to expenditure in the year the purchase is made although not all purchases in a year are distributed in the year.

f) Fund accounting

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of the general objectives of the charity. Where funds are received under contracts to provide services they are treated as unrestricted.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes.

Restricted funds are funds which are to be used in accordance with restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements. Where funds are expended in advance and in genuine anticipation of receiving restricted funding a negative restricted fund is created.

g) Pension

The charity has a defined contribution pension scheme for all members of staff. Pension costs charged in the Statement of Financial Activities represent the contributions payable by the charity in the year.

h) Tangible fixed assets

Tangible fixed assets are stated at cost. Depreciation is provided on all tangible assets at rates calculated to write off the cost less estimated residual value of each asset evenly over its expected useful life as follows:

Leasehold property 2% per annum Computer equipment 20% per annum Other equipment 20% per annum

Small capital additions which do not exceed £500 are expensed in full in the year of acquisition.

22

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

1 Accounting policies (continued)

i) Stocks

Stocks comprise works of art that have been bequeathed to the charity. Art that has been purchased for distribution is deemed to have a nil realisable value and is expended in the year of purchase and not included within stock.

j) Operating leases

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the lease term.

k) Financial Instruments

Financial assets such as cash and debtors are measured at their present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation.

l) Judgements and estimates

The items in the financial statements where these judgements and estimates have been made include:

In addition to the above, the full impact following the recent emergence of the global coronavirus pandemic is still unknown. It is therefore not currently possible to evaluate all the potential implications for the charity’s activities, suppliers, beneficiaries and the wider economy. Estimates used in the financial statements, particularly with respect to the value of listed investments are subject to a greater degree of uncertainty and volatility.

23

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

2 Donations, Subscriptions & Grants

2021
Individuals
Museums & Galleries
2020
Individuals
Museums & Galleries		 Unrestricted
£
317,613
132,150
____
449,763
____
Unrestricted
£
250,656
129,900
____
380,556
 Restricted
£
343,980
-
____
343,980
____
Restricted
£
256,612
-
____
256,612
 2021
£
661,593
132,150
____
793,743
____
2020
£
507,268
129,900
____
637,168

Donations from trustees totalled £292,141 (2020: £233,510) in the year.

All of the Arts Council Award is unrestricted £171,421 (2020: £168,324).

3 Charitable Activities

Fees and commissions totalled £369,691 of which £0 was restricted for contributions to acquisitions (2020: totalled £430,643 of which £19,771 was restricted for contributions to acquisitions)

Other Grants 2021 2020
£ £
Great Works 100,000 -
Creative Scotland/ other - 12,500
Henry Moore Foundation - 30,000
____ ____
100,000 42,500
____ ____

All grant income in 2021 and 2020 was restricted.

24

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

4 Total resources expended

2021
Fundraising expenditure:
Fundraising event costs
Other fundraising costs
Charitable activities:
Art purchases
Commissions and collections advisory
Museum advice and training
Education
Total 2021
Support Costs
Governance Costs
Governance staff costs
Other governance costs
Audit Fee
Other Support Costs
Non salary staff costs
Property
IT costs
Insurance
Postage
Maintenance
Office running costs
Depreciation
Outsourced finance & payroll
Other
Bank charges		 Staff Costs
£
68,797
55,038
_
123,835
123,835
240,790
75,677
103,194
_
667,331
____		 Other direct
costs
Allocated
support costs
£
£
9,812
22,955
-
18,363
_
_
9,812
41,318
550,339
41,318
13,319
80,341
10,374
25,250
10,862
34,433
_
_
594,706
222,660
____
____
_
_		 Total
2021
£
101,564
73,401
____
174,965
715,492
334,450
111,301
148,489
____
1,484,697
____
2021
£
20,639
2,702
5,520
___
28,861
1,034
22,889
18,919
6,000
7,287
6,030
6,232
31,790
45,189
39,338
9,091
___
222,660

Included within the total expenditure is £384,480 restricted expenditure in relation to Art purchases and distributions and £13,500 in relation to Museum advice and training. Cost allocation includes an element of judgment, and the charity has had to consider the cost benefit of detailed calculations and record keeping.

25

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

4 Total resources expended (continued)

2020
Fundraising expenditure:
Fundraising event costs
Other fundraising costs
Charitable activities:
Art purchases
Commissions and collections advisory
Museum advice and training
Education
Total 2020
Support Costs
Governance Costs
Governance staff costs
Other governance costs
Audit Fee
Other Support Costs
Non salary staff costs
Property
IT costs
Insurance
Postage
Maintenance
Office running costs
Depreciation
Outsourced finance & payroll
Other
Bank charges		 Staff Costs
£
66,321
43,789
_
110,110
113,480
283,928
48,638
113,707
_
669,863
____		 Other direct
costs
Allocated
support costs
£
£
82,777
20,850
-
13,766
_
_
82,777
34,616
430,705
35,676
39,759
89,261
34,044
15,291
40,312
35,748
_
_
627,597
210,592
____
____
_
_		 Total
2020
£
169,948
57,555
____
227,503
579,861
412,948
97,973
189,767
____
1,508,052
____
2020
£
18,929
4,881
5,700
___
29,510
10,014
19,204
28,111
5,052
7,088
18,596
6,129
30,216
29,388
14,813
12,471
___
210,592

Included within the total expenditure is £253,883 restricted expenditure in relation to Art purchases and distributions and £22,500 in relation to Museum advice and training. Cost allocation includes an element of judgment, and the charity has had to consider the cost benefit of detailed calculations and record keeping.

26

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

4 Total resources expended (continued)

a) Staff costs
Wages and salaries
Social security costs
Pension
Total staff costs
Temporary staff
Sub-contractor costs
Total staff and contractor costs
The average number of employees was		 2021
£
608,379
61,623
17,968
____
687,970
____
-
8,244
____
696,214
____
16.4
 2020
£
618,465
51,546
18,782
____
688,793
____
-
375
____
689,168
____
18.3

No employee received remuneration of £80,000-£89,999 during the year (2020: 1), one employee received renumeration of 70,000-£79,999 (2020: 0) and no employees received remuneration of £60,000-£69,999 during the year (2020: 3).

Pension contributions of £7,257 (2020: £7,248) were made in respect of higher paid employees.

The total employee benefits including pension contributions for the key management personnel were £334,893 (2019: £277,441).

b) Trustees

The Trustees do not receive emoluments (2020: none) and did not claim any reimbursement of expenses (2020: £nil).

c) Auditors’ remuneration

Auditors’ remuneration – audit services 2021
£
5,800
 2020
£
5,700

27

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

5 Tangible fixed assets

Cost
1 April 2020
Additions
Disposals
31 March 2021
Accumulated Depreciation
1 April 2020
Charge for the year
Disposals
31 March 2021
Net book value
31 March 2021
31 March 2020
Depreciation rates		 Leasehold
Property
£
1,070,978
-
-
____
1,070,978
____
160,497
21,423
-
____
181,920
____
889,058
____
910,481
____
2%		 Computer
Equipment
£
40,368
-
-
____
40,368
____
40,368
-
-
____
40,368
____
-
____
-
____
20%		 Office
equipment
£
70,803
1,546
(519)
____
71,830
____
28,404
10,367
(519)
____
38,252
____
33,578
____
42,399
____
20%		 Total
£
1,182,149
1,546
(519)
____
1,183,176
____
229,269
31,790
(519)
____
260,540
____
922,636
____
952,880
____

6 Stock

Stock comprises one collections of works of art which were bequeathed to the Society.

The balance sheet does not include gifts of art and craft given to the charity for distribution. These gifts amounted to £35,000 (2020 £35,000) at the year end.

28

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

7 Debtors: Amounts falling due within one year

Trade debtors
Prepayments
Accrued income
8 Creditors: amounts falling due within one year
Creditors
Accruals
Deferred income
VAT
Social security and other taxes
Other Creditors
Movement in deferred income
Brought forward
Released in year
Deferred in year		 2021
£
155,232
21,158
157,315
____
333,705
____
2021
£
44,385
200,810
29,081
1,969
17,011
4,179
____
297,435
____
2021
£
141,481
(141,481)
29,081
____
29,081
____
2020
£
247,936
17,385
290,914
____
556,235
____
2020
£
156,485
53,772
141,481
9,492
15,130
4,957
____
381,317
____
2020
£
40,716
(40,716)
141,481
____
141,481
___

Deferred income comprises of event fundraising £3,000 and patron fees and donations £26,081. In the previous year it comprised of event fundraising £5,381 and membership £136,100.

29

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

9 Statement of Funds 2021 (current year)

2021 (current year)
At
1 April 2020
£
Unrestricted funds
General Funds
507,081
Designated Fund - Central Street: see note (a)
910,481
Future Fund
200,000
___
1,617,562
Restricted funds: see note (b)
Great Works
5,000
Digital Archive
70,000
Mbili Foundation
7,500
Jackson Tang
-
VNXX
-
Rapid Response Fund
-
Choose Art
-
___
82,500
___
Total funds
1,700,062
 Income Expenditure
£
£
1,117,219 (1,055,981)
-
-
-
-
_ _
1,117,219 (1,055,981)
100,000
(105,000)
27,000
(27,000)
-
-
15,000
(15,000)
20,000
(20,000)
230,980
(230,980)
51,000
-
_ _
443,980
(397,980)
_ _
1,561,199 (1,453,961)

 Transfer/
Realised
At
Gain 31 March 2021
£
£
(31,072)
537,247
(21,424)
889,057
52,496
252,496
___
___
-
1,678,800
-
-
-
70,000
-
7,500
-
-
-
-
-
-
-
51,000
___
___
-
128,500
___
___
-
1,807,300

Restricted funds unexpended are mainly represented by short term deposits and cash at bank.

Note (a)

The designated fund represents the monies committed to the development of the Central Street office and flexible use space. The Future Fund has been set up to support the future of our museum acquisitions programmes.

Note (b)

Great Works – to buy a major work for a Museum Member

Digital Archive – to catalogue all the gifts made by the Society through its history

Mbili Foundation – towards a commissioning partnership with Film and Video Umbrella

Jackson Tang – towards the Jackson Tang Ceramics Award

VNXX – towards the VN XX CAS fund, to purchase a work by a female artist

Rapid Response Fund – a crowdfunding campaign launched as a response to the pandemic

Choose Art – a second crowdfunding campaign launched in March 21

30

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

2020 (prior year)
At
1 April 2019
£
Unrestricted funds
General Funds
525,226
Designated Fund - Central Street: see note (a)
931,904
Future Fund
100,000
___
1,557,130
Restricted funds: see note (b)
The Sackler Trust
22,500
Creative Scotland/other
12,500
Great Works
5,000
Trustee donation
-
Collections Committee
-
Jackson Tang
-
Trustee donation
-
Digital Archive
Search Foundation
-
HMF
-
Mbili Foundation
-
VNXX
-
Restricted Donation for Purchase of Artwork
-
Fees and commissions
-
___
40,000
Total funds
___
1,597,130
 Income Expenditure
£
£
1,302,342 (1,241,910)
-
-
-
-
_ _
1,302,342 (1,241,910)
-
(22,500)
12,500
(25,000)
-
-
15,000
(15,000)
54,000
(54,000)
15,000
(15,000)
25,000
(25,000)
70,000
-
15,000
(15,000)
30,000
(30,000)
7,500
-
20,000
(20,000)
35,112
(35,112)
19,771
(19,771)
_ _
318,883
(276,383)
_ _
1,621,225 (1,518,293)

 Transfer/
Realised
Gain
£
(78,577)
(21,423)
100,000
___
-
-
-
-
-
-
-
-
-
-
-
-
-
-
___
-
___
-
 At
31 March
2020
£
507,081
910,481
200,000
___
1,617,562
-
-
5,000
-
-
-
-
70,000
-
-
7,500
-
-
-
___
82,500
___
1,700,062

Restricted funds unexpended are mainly represented by short term deposits and cash at bank.

Note (a)

The designated fund represents the monies committed to the development of the Central Street office and flexible use space.

31

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

9 Statement of Funds (continued) Note (b)

Fees and Commissions – Donations towards specific art purchases for Museum Members.

Search Foundation - Art Night - Donations towards the partnership with Art Night to commission and purchase a work by Prem Sahib

Collections Committee – acquisition fund to buy at Frieze London

Creative Scotland – two year project funding to support our work in Scotland

Trustee donation – towards the Sculpture in Yorkshire Special Project

Omega Fund – donations towards craft acquisitions including Jackson Tang

Mbili Foundation – towards the commissioning partnership with Film and Video Umbrella

Great Works – to purchase a major work for a Member Museum

The Sackler Trust – towards the Sackler Professional Development Programme

VNXX CAS – donations towards the VNXX CAS fund, to purchase a work by a female artist

Digital Archive - to catalogue all the gifts made by the Society through its history

Jackson Tang – towards the Jackson Tang Ceramics Award

10 Analysis of Net Assets between Funds

Fund balances at 31 March 21 are represented by:

Tangible Fixed Assets
Investments
Current assets
Current liabilities
Total net assets
Prior Year
Tangible Fixed Assets
Investments
Current assets
Current liabilities
Total net assets		 Total
£
922,636
252,496
929,603
(297,435)
____
1,807,300
____
Total
£
952,880
121,759
1,006,740
(381,317)
____
1,700,062
 General
funds
£
33,579
-
801,103
(297,435)
____
537,247
____
General
funds
£
42,399
-
845,999
(381,317)
____
507,081
 Designated
funds
£
889,057
252,496
-
-
____
1,141,553
____
Designated
funds
£
910,481
121,759
78,241
-
____
1,110,481
 Restricted
funds
£
-
-
128,500
-
____
128,500
____
Restricted
funds
£
-
-
82,500
-
____
82,500

32

THE CONTEMPORARY ART SOCIETY

Notes to the financial statements (continued)

For the year ended 31 March 2021

11 Commitments under Operating Lease

As at 31 March 2021, CAS had total commitments under non-cancellable operating leases as set out below:

Other
Due in less than 1 year
Due in 2 to 5 years
Total		 2021
£
1,280
2,880
____
4,160
 2020
£
179
-
____
179

33