The Contemporary Art Society (A charitable company limited by guarantee) Trustees. Report and Financial Statements for the year ended 31 March 2023 Company number. 2554&S ChaTrty number. 208178 *Ac+v•IWE' 2511 Ir2023 COMPANIES +IOUSE
THE CONTEMPORARY ART SOCIETY Contents For the year ended 31 March 2023 Contents Tru$t¢es' report Independent Audrtor5' RèFOrt 15 Stament of Finanryal AdNi*s 19 Balance Sheet 20 Statement of Cashll 21 Nthes to Ihe Finan¢i81 Statements 22
THE CONTEMPORARY ART SOCIETY Trustees. Report and Financial Statements For the year ended 31 March 2023 The Trustees are pleased to present their annual port for the year ended 31 March 2023. Reference and administrative information set OLrt below forms part of this rerrtjrt The financial stslemenls omply wlh current stalulory requireents, memorandum and artr.cles of associatson and the Charilte5 SORP IFRS 1021. I. REFERENCE AND ADMINISTRATIVE DETAILS Company Trumbor 255486 Charity numb•r 208178 Registèrèd office and op•rational •ddr•ss 59 Central Street. London. EC1V 3AF Twstees Trustees. who are also t1irectors unt1er company law, who served during the year and up to the date of this report were as follow5". Marco Compagnoni Nicola Blake Michael Brad Shawanda Corbett Tommaso CorvTr-Mora Timothy Franks Emma Gortz Soria Hamidi Lady Bèatrice Lupton Suling Mead Ama Olori-Darko Keith Morris Valefia Napoleone Franas Outred Bianca Roden Cathy Wlls Edwn lfscn John Shielfj Anna Yang Ire$ryned July 20221 (resigned December 2022) {appoinled Febnjary 20231 (appointed December 2022) Key management personnel Caroline Douglas Sophia Bardsley Colin Ledwith Dida Tart Diredor Deputy Director Head of Consultancy Head of Extemal RelatK)ns Bankers Lloyds Bank plc Southampton Row LONDON, WC18 SHR Sarasin Investment Funds Limiéed Sunderland SR43 4AX Soli¢ltor5 Wetl. Gotshal & Manges (London) LLP 110 Fetter Lane LONDON. EC4A 1AY Auditors Sayer Wincent LLP Chartere<l Aceountsnts and Statutory Auditors InviGta House. 106-114 Golden Lane LONDON. EC1Y OTL
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statements For the year ended 31 March 2023 2. OBJECTIVES AND ACTMTIES Purposes and aims The Contemporary Art Swety is a charity that ptace$ impNknl wvrks of art in public collectKn$ and space$ across the UK. With the support of our indiwdual and corporate patrons. and our advtsory serVes, we raise funds to puhase works predominantty ty young and emerging a"sIS wthich we give to museums and public galleries vknere they are enjoyed by a national audience., broker the gfft of works of art by important artist$ of Ihe 20th and 21sI centuries for public colleckn'ons through our netsvorks of patrons and private collectors." we establish relationships to commission artworks and promote contemporary art in public spaces." devise pro9rammes of educational and engagement events. Since 1910 we have donated thous8nsYs of works lo museums and public galleries- from Bacon, Freud. Hep%rth and Mre in their day through lo the inlluenlial artists of our own times, such as Lynette Yiadom-Boakye. Kehinde Wiley and Phyllida Barlow- championing new talent, supporting curors. and enragIng philanlhropy and collecting in the UK. The Tiuslees review the aims, objectjves and actwities of the thawty each year. Thi5 report books at what the charity has achieved and the outcomes of its in the reporting per. The TnJslee$ port the Success of each key aciNity and the benefits the charity has brought to those groups of people thal 11 is sel up to help. The review also helps the Trustees ensure the charity's aims. objectives and acts"vrties remained focused on its stated purposes. The Trustees have referred lo the guidance conlaiwl in the Charity Commission's general guidance on publi¢ benefit when reviewing the ¢harty's aims and obj'ectives and in planning its future activities. In particular, the Trustees ¢on$ider how planned activbties ryll contribute to the aims and obiecb.ves that have been sel. objectives of the Contemporary Art SOcty are achieved in the following ways." Art purchase$ and di$trilMrtions - through ttre AcqurSrtKS Schemes {Fine Art and the Omega Fund for Craft) we offer opportunibes for our Museum Membets to xquio new works for their colleth'ons. We supplement this actNIty with Speual Projects including the Colkctions Fund al Frieze and the Griffin Award. Pluseum ad¥lc• and tralnlng- we develop the knorfed9e and expertise of curators and other profe55ionals in contemporary art and public colleth.on develoF¥nenl through ow Professional Devek)pment Programme. We work wlh contemporary aSts and collection curators. tr) sUprt engagement of museum audiences with contemporary art. connected directty to our placin9 of gffts.
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statements For the year ended 31 March 2023 Commissions and Collections Advisory - Our team offers independent and expert advice to public and private bodies commissioning art in publ spaces. Edu¢ation - through our events for Patrons and &tb$thrs en¢ourage an intere$L engagement and appreciation of conternporary art_ Advocacy - we play a leading role aVa'n9 for the wnpcytsnce of pubfi¢ Collection5 of contemporary art, working closely vth Museum Members and other partners in the sector. We *vrk Ir) promote the appreciation of contemporary art through our strong and programme for individual and corp)rate patrons. our financial otiectives are to pro9res5ivety increase the funds avaitable to support our charitable work through a diverse range of income streams, irKluding Arts Council NPO funding, Irusls and foundations, individual giving. corporate patrons, fundraising events and paid adVI 3. ACHIEVEMENTS AND PERFORIMNCE The Charity's main activitses are described below. Al its charitable activities focus on developing public colleclions and art in public spaces for audiences now and in the fvture ancl afe undertsken lo further the sOcty's charitable purposes for the public benefit. Our beneficianes are the museums and their Curatorial staff, who receive works for Ir collection as well as beske ntoriJ and traininy opportunrties. the arb'$t$ th whom we work, and umimately the general pubb"c who experience the art. The financial year saw a 0W retum towards normaty after the years of IkdOWn$. wth a welcome return to travelling and meeting in person. Corfftonbng the challenges of times that continue, nonetheless. to be very tough, we have been thrilled to offer brand new purchasing schemes and to admrt two new Museum Memtsers, taking total membership lo 77 institUtns The Ftswlliam Museum in Cambridge was ortrjinally a member from 1969 until 1996. ¢Juring wthi¢h period we donaled 20 Works, includiThJ paintings by Brmdget Riley, Sandro Chia, Roger Hilton and HowBrd Hodgkin. The Sain5bury Centre In Nor%¥iGh has jThned for the fvsl time, and we look forward lo workn'r•J wth them tth in the futu. Website A major focus ofthe year was the development of ¢)ur new website. which features access to the catalogue of all the gifts made by the Souety since our founding in 1910. th 0Mentation of around 10.500 arthrks. 3,000 artists, 250 recipient museums lof which 77 are current members), and 2,000 other assoaaled Indivua1S and organisatsons. rt has been a herculean task lo bring the woiect lo tt)is point. For the first lime, modem and conlemptsrary wyks in all media Can be discovered in llec.0nS acr055 the UK. We hope this
THE CONTEMPORARY ART SOCIETY Trustees. Report and Financial Statements Fof the year ended 31 March 2023 will be a welcome addition to the existiThJ online resoUrs. enraging new scholarships. borrowing and lending betsveen institutions. We are parttularfy indebted to two of our trustees. mh¥e1 Bradley and Keith Morris, for their unwavenng 5UPPOrt of the dwJrtal proie¢l over the course of ils development. Art Purchases and Di$tributions In the financial year, we have placed a totsl of 108 arMr>rks by 35 different artists in 35 museum collections in the UK. The total value of the works donated was £744.479. The year has been notable for the launch of ts¥o new purchasng Schemes.. the Griffin Award for craft and the Ada Award for later-career women arkn'sts. We were delighted lo select Francisca Onumah as the artist lor the first Griffin Award Onumah is a silversmth ¥thing in Sheffield. and she was commissioned to make a group of silver antl copper vessels lo join the importani metafvAyk collecb.ons at Ihe Graves Art Gallery in Sheffield. The Ada Award was won by Tate with an application to acquire work by Rita Keegan. an artist vthose contribution lo the history of art in Britwn far outstnps repsentr110n in UK colectK•ns, therefore amply fulfilling the amts'lions of the Award. We offer our thanks to the sponsors of these new awards, Sarah Grrffin and Hden Fa¢cenda, for ¢aling new and ex¢rting opportunths for artists. all the more so as they come at this especially Jifficult time. The Collections Fund at Frieze and our purchang scheme wrth Valeria Napoleone continue to go from strength lo strength. Thanks lo the outstanding 9enemsrty of Lord and Lady Luplon, along %wth all the members of the CollectK)n5 Funtj Comrnittee, we were Ihrilled lo a¢qUe a compth sel of ten photographic prints by the leading Ghanaian artist. Ibrahim Muhama. in Odober. Eight work5 in the set enter the collection al the No1ch cast Museum & Art Gallery", the remaining t will go to the Danum Gallery, Library and Museum in Doncaster, V•ilh the indispensable support ofthe Friends of the museum there A secc¥)dary outcome of this acquisition is the planned patron trip lo Ghana in November this year. vthere we Mll visil Mahama's extraordnary Savannah Centre lor Contemporary Art in Tamale. Once again, our partnership with varia Napdeone has enabled us to identrfy an exciling emerging talent in the US. This year we have acquired a 1argfrsCa painting by Iranian-Amerun artist Maryam Hoseini fcrf York Art Gallery. It is qurte rare for U>based artists to firKI a home in UK collect*)ns, so il especialty significant that the VNXXCAS project has consistently created a coTrJurt betsveen the countries. Our ongoing partnerships the Nab"onal Gallery. Henry MC0 Foundatin, and Film and Video Umbrella have Pfoduced a stellar list of museum acquisits.ons this year. The third and final commissTron through our collaboration with Film arKI VKleo Umbrella. The Song. is a 5ensrtive portrait of a Syrian refugee in Germany,
THE CONTEMPORARY ART SOCIETY Trustees. Report and Financial Statements For the year ended 31 Mar¢h 2023 made by Beflin-based artist Bani AbKli. It debuted al the John Hansartj Gallery in February 2023, and a copy will enter the pemanent llects" of Gallery Oldhèm in Greater Manchester. Aji Cherri was the secorKI Artist in ReSIder at the Nabonal Gallery. in a partnership generously supported by Anna Yang and Joe SchLTrII. His exhibition at the gallery in 2022 received a highty positive respon5p in Ihe p$$ and went on lo be shown at the partner museum, Herbert Art Gallery & Museum in Coventy, in August of the same year. The past year has seen mY of our Member Museums retuming to their sChedud programmin9 after the seismic ¢Yisrvptions of Succesve lockdo%5 in 2020 and 2021. Increasingly. the support of museum friend groups is key to the vitalty ofthe instrtuts"ons. and this year a generou5 contribution by the Friends of Reading Museum made rt possible to acquire a V•tinderlul new ¢aNing by Halima Cassell. The partnership wrth the Henry Moore Foundation. supported by (r trustee Cathy Wills, has achieved acquisitions for both Leeds Art Gallery and the Heprth Wakefiehj. Bringing the first four years of the partnership to a triumphant condusion. we acwired major rkS ty Hew Locke. Emil Alrai. Ro Robertson and Veronica Ryan. Gffts and Bequests are at the very heart of all trat do Peopfe come to us to gift works of art because they know we have the Defvrks of relatsonships quire<l to find the appropriale home for their donaiion. We are deeply rooted in the public collecticfjs of the UK. This year we Celebrate a number of notable anniversaries.. York Art Gallery has been a member for 110 years. since 1913," Ihe Laing Art Gallery in Newcastle joined in 1923. Tullie House in Carlis, tr* M¢Manus in Dundee and the Toww Art Gallery in EaS1trne all joined 1953. This year we wefe honoured lo collaborate Vlith the esLite of the distinguishetl potter, Richard Batterham. to place a large number gf pots from his personal colkntion. Before he died in 1921. Batterham Yrked wth curators at the Victoria and Albert Museum, London, to prepare a handsome. year.long display ol his work in the Ceramics gaIrIeS. S)WcasIng the breathh and beauty of his otrtput over the course of his long career. Working with Batterham's son and ¢Jaughler, we sefected Middlesbrough Institute of Moijem Art, the Crafts Study Cerrtre in Farnham, Ttte Box Ptymouth. the Shipley Art Gallery in Gateshead and the Hepwort WakerId lo be •pients ol groups of pots. and in so doirrfJ. helped cement Battert)am's presence wrthin the non of British studio pottery. As always, our A¢qUisitS A(fvisory Commitiees for art arHI craft have been a huge part of all our successes. bringing invaluable insights to our deliberations. In a commercially and ethicalty compli¢ate¢J worfd. we are hugely grateful to them for tlf wise gULdance. OLtr special thanks go lo the outgoing Fine Art Advisory
THE CONTEMPORARY ART SOCIETY Trustees. Report and Financial Ststements For the year ended 31 March 2023 Commiitee, whose tenure has been extended through the pandem¢ years. As a consequence, they have been alongsKJe a parti¢ularty intense penod of a1vty, and we are grateful to Patricia Bickers, Ben Cook Helen Legg and Harn Mirza for their fnendship and wsse counsel. Museum advic8 and traini The Soa'ety is unique in the way itfvncbon$ to support its Museum Members. Rather than operating simply as grant4Jiving InstitL'0n. we in active latratiOn wth ¢uratOTS. All our purchasing is research-led, a process designed to bring the benefit of a broad range of kncthedge and experb.se to developing colbections as a dynamic resource w+thin their communits"es. We were pleased to be able lo luM to in person events after t4wJ years of mostly hostin9 the programme online. In response lo a survey of curators. preferences, we programmed a mixture of online and in person events In June our ¢uralors led a tn"p lo Dttumertta and Kassel wrth 15 ¢LtorS from our museum memberslip and in October our Frieze lour was V•ell atterbded. wth one ratOr acquirin9 their ¢0 a¢qutIOn at the fair. Cornmissions and Cotleclions Advi50 This area of our I)k falls into three distinct strands." delNering unique art forthe public realm, devi5iThJ cuttural strategies and commissioning art and cuttural prograrNning for the workplacE. Artists are at the core of our practice and we ath'vety support and protect their interests. Our in this area continues to support our mission projects that put art and culiure al the heart of public we. Our publ art and culiural strategies are robust framework$ for the future, offering prath'cal guidance and SLSStainable methodologies for delivery. Arts and ¢ullure are essential components to successfvl development making places people want to be a part of and contributing lo long-tenn economic and so¢ial retum. Our approach 15 peopk-cenlred and developed collaboratively with stskeholders and communities. Over the past year we have *rrked on a diverse set of UK strategies. from new lrfe SnceS developments to worfd-class deslinalions. These indude a PU1C Ari and Culbjre Scheme for Oxford North, a new mixed-Lt5e innovation distn"cl', a Public Art and Cullure Strategy for Heddon Street in central London,. a Phase 2 PUblArtand Culture Programme for Granla Park. in a life xiences park in rufal Cambridge$hire', a Public Art Strategic Framework for the Royal Docks in east London," and a CultUTe Plan for London Wtsll West, as part of the City of London Corporation's plans lo regenerate the area. We are proud advocates for the power of art in put)lic spaces and our expertise is Matched by our commitment to the social impact art brings to the public arena. This year we have delivered a woth accoss tsvo siles in
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statements For the year ended 31 March 2023 Wales and Ireland. Bethr llIamS. Do the Lrftre Things marks the beginning and end of the pilgrim roule beh¥een St Davids Cathedral and St Edan's in Fems and refie¢ts on the Medval story ot St David and his friendshbp With Sl Aidan. Other commissions li development inclu¢Je a new wblic art wnmission by Rhys Coren for the City of London al One Exchange Square and a commission by Ryan Gander for Elephant Park in South London. Educati¢n We encourage an understanding and appreciation ol ¢temporary art throLgh the rh programming we offer for our vwious Patron leve15. We have been pleased lo return to a full programme of in person events post pandemic. Some highlights frc¥n the year included our exten%ve programrre around Frieze London and Frieze Maslers in October.. a In"p do Documenta 15 and the 8erfin Biennale in June, arKI an tsLrt-h0Urs visit to an exhibrtion of rwi and recent WkS by Peter Doig at the Courtauld Galleries. Advocac Raising the publi¢ p(ofile of the Contemp)rary Art sTrety has potenb.al benefits for all of our fvndraising activty. We have been %rking on the deveknpment ofa new websltewhh wll, for the fiTSt time, make publicly visible all the works we have grfted over the history of the organisation. as well as open up the collections of our museum members. many of vthom have no online presence. The new website wll launch In June 2023.
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statements For the year ended 31 March 2023 Income Generation Subscri lions and Donations.. There was a substantial increase in donations from the previous year largely due to a one off donation of £250,000 from Lord and Lady Lupton. £30.000 was restricted funds, the balance unrestricted and to support and relieve stress on the ¢xganisation after the pandemic. Individual giving increased. wlh a number of Patrons upgrading to higher bevels. il Award.. 2022123 was the addib.onal year approved by the Arts CourKil to all of their National Porttolio Ofganisalions in light of the pandemic_ We srnted our application for the financial period 23124- 25126 and heard in November Ihal wwe su¢cessfvl. Fees and commissKns." In¢ome from this source decreased SIhtty this firtanci81 year OUT thigory seNi¢e$ had another successfvl year, wrth income remaining largely static. The main variant was that in 21122 we ran a pop-up gallery in Mayfair lor three mcrfths. raisin9 in the reon of £40,000. and we hatl no income from this source In 22123. Other rants. We not make any unsdicrted apPltiOnS to Trusts and FOUndatn$ during the year, instead focussing on fijndraising from irbdividuals. Fundraisin even15.' We were only able to hokl one fijndraising event during the year. an extraordinary evening Vlith Jeremy Oeller at Hoxton Hall. The event planned for March 23 was unable to take place at that time and has been postponed lo November 23. Fundraisin '. Led by our Director and the Head of Extemal Relatn5. we raise funds from indivJuals and corp¢)rates through our Patron sehemes. and Ihrough restrrcted donatKins. and through our fundraising events. The Development Committee supports these activibe$ with dedln and tireless effort. We are members of the Fundraising Regulat¢y and onty approach contacts that are known to us or are introduced to us. We have receivetl no complaints about our lundraising during the yeaf under review.
THE CONTEMPORARY ART SOCIETY Trustees. Report and Financial Statements For the year ended 31 March 2023 4. PLANS FOR THE FUTURE From 2022r23 we have Inased our finanaal commitment for the lour year period from £10,0 to £12,000 for each Fine Art acquisition and from £3.500 to £4.000 for each Coft 3¢quisrtion and are working wrth greater nurnber ol regional museums. Our ambib.on wll be to increase these figures again at the start of the new cycle in 26127. Since January 2022 we have been YYked with the DesKJn Agency. Un.b"tled. to devekjp a new websrte whKh 11 inte9rale an olAe vefsK)n of the (lalabase of grfts that have been %KJrking on for six years. This will be the first lime ihat the V•KJrks placed throu9hoLrt our hislory will be publicty available and searchable online The website wll launch in June 23 afterwhKh explore voys lo develop the site fvrther and increase editorial content. as a Phase 2 development. During the summer of 2023 we wll be working Vnth Indusive Employers to wnte a new three year Equalty, Diversty and Inclusn Policy and Act Plan. This ¥ill involve the entwe staff team and follows a number of workshops. led by Inclusive EmF4oyers. on a variety of Indus and diversrty tCViC5. 16 museums became members of the CAS in 1927 èn¢J V• have been working with them lo develop their colleth.ons since then We will begin the planning pnKess ts marking the centenary of these museums as museum members over the coming year. We will continue to ddiver the individual and Crxpwate Patrons schemes. which raise income for our acquisitions and engage new and existing audn¢es in ccrtemporary arL We will continue wth the adaptable model of the ti$l.$ Table fundraFser. vthich continues to be a successfvl model. We have had no recent success fundraigng from Trusts aTrJ FoundatKJns, and we wll seek extemal advice on our approach to this and lo build cT value proposilion_ Our1e that delNers advice on art in public spaces has been operkn.ng in an increasingly challengirMJ context, due to the continuing uncertaints.es around Brexrt as well as the pandemic. The team continues to be nimble and to pivot qklY low4rd$ new types of work in a way that is TrM"ghly resp)nsive to a thanging environment. We will continue to nKnrtor and o¥*wthe performance of our desvjnated charity fund with Sarasin. especially during Ihts continuing period of highty volatile fflavkets and wll consitrer diversfying our inveslmenls with a secorkl fund manager. 10
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Ststements For the yèar ended 31 March 2023 5. FINANCIAL REVIEW Results The results of the Society fLY the.year ended 31 March 2023 are set out in the financial statements on pages 191033. Spend on art Purchases and distritmth.ons increased from £440.867 in 2021r22 to £739.437 in 22123. Total income for Ihe year was £1,764.456 compared to £1.539.089 in 2021122. £1,484.856 was unrestricte and £279.600 was restricted Total expendiéure foT the year was £1.692.940. compared to £1,386,473 in the previ$ financial year. £1.334.403 was unrestricted and £358.537 was restricted. The ovefall suu$ for the year is £71.51612022." £152,616). 7Mth a Surplus of £150.45312022'. £116.6161 in unreslrthtj fvnds and a deftrt of £78,937 12022." gain of £36.0001 in restricted funds. The restricted fund deficit is due lo restncted funding beirrfJ CeiVed prior to the financial year The unrestnde<J Sufplus is due to the one off donation of £250.000. wthout whth we would have had an operaling defKit. The results show that Vt are making good progress in grLThMng our spend on art purchase and distribub"on$ while contsnuing to manage our cost base carefulty. Reserves Policy The Trustees rewew reserves of the charity annualty. This review encompasses the nature of the irtct)me and expenditure stTearns. the need to match variable income Nwth ongoing commitment5 and the nature of the reserves. Wth the purchase of the muttI-functn office space at Cenlral Street the expendable endowment funds have been utilised and a designated fund has been established to represenl the monies invested nel of depreuation. At 31 March 2022 this furMI has a ba of £846.211 12022.. 867.634). At 31 March 9eneral unrestricted fijnds *re £707,162 (2022.. £635,286}. This includes £35,000 of stock Currently being distributed and a fvrther £19,552 presented by fixed asset5. This leaves £652,610 of free reseNes. represents'ng approximalety 6 months wnning costs. which in the lightol the Cyrn1 Stale of business the Board telieves is a resilient postK)n The balanee of the lunds, £85,563. is held in restricted funds. The analysis arny movement of restricted fvnds is expkined in note 10 to the financial statements.
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statements For the year ended 31 March 2023 6. PRINCIPAL RISKS AND UNCERTAINTIES Our principal risks are in relatb)n to income generntion. receive around 12% of our income from Art8 Council England and raise the rest through a numlRrof irKome streams. We develop Kthme generating plans thoroughly and consider carefrjlty the potential risks. We review plans re9artY and update them accordingly. We are also facing increasing risk wrfh ring costs due to hryh infftation, whKh 1$ impacting across all areas of our aclNity, partiCLdarty inasIng staff costs. We have continued fIng as an Arts Council NatK)nal Porffots'o Organisab"on for the period 2023124-2025126. The Trustee$ review the risk register at least annualty. The Finance Committee made a risk rewew the focu$ of one of their four reguLar meetings through the year and the register has been updèled lo addre$$ newly identified risks and to implement conlrols and procedures dgned to manage and mitsgale previously identsfied risks. 7. STRUCTURE. GOVERNANCE AND IAANAGEMENT Constitution The Contemporary Art Sixiety is a chantable oynpany limited by guarantee. registered on 7 April 1931. and ts governed by the Memocanrjum & Artths of Assc¢ialion. It vB$ regIsted as a charity VAth the Charity Commission M 22 September 1962. Composition of the Board. oryanisation and TnMt•e induction and training The Board of Trustees. which Can have up lo 25 memters. directs the charity through regular meetings. The charity regularly review the skills, nelwclks and experien¢e of the Board. M)ere skills have Lwen identified as mi$$irvJ, members of the Board and the Director may propose potential nevd TnJstee5. Following agreement wth the Trustees. the Chair wll approach rthntial candhlates to discuss their interest in becoming a Trustee. All candidates for Trusteeship have discussn5 dunng the selection process on the role they will be expected to take. These discussions involve the Chair, the Director and other Trustees when apwopriale. Recommendati¢$ a then m* to the Board for full approval. All new Trustee5 go through an induction e$s. Board indu¢b"on indudes meetirys ¥Mth senior staff as well as the provision of a pack of inforniation aboui the Contemporary Art Society. Our Chair, Marco Compagnoni. took on the role in January 2018. Soria HamKli compkted her tsvo year term as Young Trustee and was replaced by Ama Ofori•Darko. Suling Mead also joined in the year. One of Iwo important sUbcommeeS of 1he board, the Finan¢e Committee meets quarterly In advance of Trvslee meetings lo review in dets the ¢hanty's finanual affairs. The Finance Committee has been chaired 12
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statements For the year ended 31 March 2023 by Anna Yang since Septembef 2019. The Development Board rneets every weeks on average and is chaired by Emma Gottz. 11 is attended by Marco Compagnoni. trustees Nicola Blake. Lady Bèatrice Lupton. alongside patrons Charkjtte Artus and Bertrand Coste. A sub-committee was formed during the year, the Investment Principle sulKommittee. whith wll ka¢J on wnplvdn wrth the organisalKin'5 actions for ea Inveslmertt Principle as part ol ovr suc¢essfvl Arts Councrl fvnding applicalion. Nicola Blake. Tommaso Corvi- Mora and John Shield forrn the SutcOmmrtIee. All members of the Board give the lime vcAuntarity and feceNe no beneffts from the charity. Management The ContemporaryArt kniety is managed by the Directty. Carolir Douglas, towhom the Senior Managemènt Team repts. The senior management team indudes Sophia Bard$ley. Deputy Director, Colin Lthith. Head of Consuwancy". and Dida Tail. Head of Exlemal Relations. The Contemporary Art Society operates an annual review system led by the Director, desvJned to support staff in making the lullest contributKJn to the charity and to provide them timely feedback on performance and professional development Pay policy for Trusteos and senior staff The Trustees comprise the board r)f Trustees and the $eniormanagementteam comprise the key management personnel of the charity in tharge of directing and controlling, running and operating the Charity on a day to day basis. All Trustees give oftheir tsme freely and no Trustee received remuneration in the year. The pay oflhe staff is revved annualty. The dire¢tor5 also benchmark against pay levels in olher charrties of a similar svze. If ¢rUitnI has proven drffi¢ult #i the recent past a market addrtion is also paid the pay maximum no greater than the highest berlthmarked salary S)r a comparable role. Stat¢ment ol Tru$t•es' Rosponsibililie$ The Iwslees (who are also dI¢t$ of the Contemporary Art Society for the purposes of company lawl are responsible for preparing the Truslees. annual report and the financial statements in accordance with applicable law and United Kingdom Accounb"ng Slandards (Unrted Kingdom Generaly Accepted Accounting Practi). Company law requires the Trustees to prepare financial statements for each finan¢rdl year vthich gNe a true and fair view of the state of affairs of the chantable company and of the irKoming resources and application of resources, including the income and expendrture, of the charitable company for that Feriod. In preparing these financial ststements. the Trustees are require(I to" Select suitable accountir¥J polioes and then appty them consistent Observe the and prin¢i*s in the Ch¥tkn'es SORP 13
THE CONTEMPORARY ART SOCIE Twstees, Report and Financial Statements For the year ended 31 March 2023 Make judgements and estimates that are reasonable and prudent Stsle whether appli¢abk UK Accounting Standards and sLitements of re¢ommended practice have been followed, subject to any merial departures (Jisclosed and explained in the fi'nancial statements Prepare the financial statements on the going concem basis unless rt is inappropnate to presume that the charity will continue in operatn The Trustee5 are responsible for keeping adequate accounting cOrdS that disckse th reasonable accuracy at any time the ffinancia position of the charitable company and enable them lo ensure that the financial stslemenls comply wth the Compants Act 2006. They are also responsible for safeguarding the assets ofthe chantable company and herKe for tskn"NJ asonable Steps for the prevwthtn ond detection of fraud and other irregularities. In so far as the TNstees are aware.. there is no relevant audit information of•Ch the charitable eompany's auditors are unawafe," and the Trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information anfj lo estsblish that the auditors are aware olthat infOrMatn The Trustees are reSEnSIble for the maintenance and integrity of the corporate and financial infomialion included on the charrtable company's websrte. LegislatKn in the Unrted Kingdom goveming the preparation and di55eminats.on of financial ststements may dffter from legislation in otherjurisdicbons. Members of the chanty guarantee to ¢ontribLrte an amunt not exeeeth'ng £1 to the assets of the chanty in the event of winding up. tolal number of such guarantees at 31 March 2021 vrds 19 (20201. The trustees are members of the charity bul thi$ entrtles them onty to voling rights. The truste have no benefiaal interest in the charity. Audltors Sayerwincent LLP vre reappointed a5 the charitable c(ympany'$ audrtcrts during the yearand have expressed thr willingness to conb.nue in that capacty. The Trustees. annual report has been aFvoved by the Trustees cn 3 October 2023 and signed on Iheir beha Marco Compagnoni Chair 14
THE CONTEMPOFIARY ART SOCIETY Independent Auditorfs Report For the year ended 31 March 2023 Indèp•ndent auditorfs report to th• membern of Cont•rnporary Art Soci8ty Opinion We have audrted the fincial $tatemerts of Contemporary Art Sctiety Ithe'tharrtable company'i for the year ended 31 March 2023 which comprise the statement of finala1 acbviknes. balance sheet, siatement of cash Ilows and notes to the financial statements. including swfftant accounting policies. The financial reporting treWOrk that has been applied in their preparatrJn is applicable law and United Kingdom Atcrwnling Standards, includin9 FRS 102 Th8 Financial Reporting Standard applKable the UK and RepublK of Ireland {Unrted Kingdom Generally Accepted Accounb"ng PractKel. In our opinion, the financial statements.. Give a true and fair ¥W of Ihe stste of the ¢hantable company's affairs as at 31 March 2023 and of its incoming re$tyJrces and applieatitin of resourtes. induding ts incoffe and expendilure for the year then ended Have been propety ppared in acC3n¢t wlh Unrted Kingdom Generalty Accepted AccounliTrJ Practice Have been prepared in accordance wlh the reqU1ments oflhe Companies Ad 2006 Basi5 for opinion We conducted our audit in accordance V•ryth International Standards on ALKdib"ng {UK) {ISAs IUKII and applicable law. Our responsibilits under those Standards are fvrther desCe<l in the Auditorfs osponsibilities for the audit of the financial statements SeCtn of cmjr report. We are independent of the chanlable company in accordance with the ethical requirements Ihat are relevant to our audit of the finala1 statements in the UK, including the FRC'S Ethical Standard arKI we have fUilled our other ethKal sponSIbl11tS in accordance these requirements. We believe that the audil evidence have obtained is sufficEnt and appropriate to provide a basis for our opinKJn. Conclusions relating to going concern In auditing the financral statements. we have concluded that the truslee5' use of the g¢ing concem basis of accounts.ng in the preparab.on of the financial statements is appropriate. Based on the work we have performed. we have not idenlffied any material uncertainties relating to events or conditions that. indivU311Y or colleth"vety. may casi doubt on Contempornry Art Society's abilty to continue as a going concern for a Feric*I of al least e months from when the finanual statements are authorised for issue. Our responsits'liltes and the reswnsibilities of the trustees wrth respect to 90irKJ concem a descrtied in the relevant sections of this report. 15
THE CONTEMPORARY ART SOCIETY Independent Auditorfs Report For the year ended 31 Maf¢h 2023 Other Infornb•tion The olher information comprises the infrymation included in the trustees. annual rewrt. other than the financial Statements and our avdrtorfs report Ihereon. The Irustees a SponsIble the other infomiation contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the ex1ent otherwse explicAtty stsled in our rem, do not express any form of a$$uran¢e conclusion thereon. Our resportsibility is to read the other formation and. in doing so, consider whether the other information is rnaterialty inconStent Iwih the financial statements or our knovledge obtsined in the course of the audrt, or otherwise appears to be malerialty misslated. If identrfy such material innSiStenc1eS or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements thernselves. If. based on the Irk V have performed, we conclude that there is a material misstatement of this other infomiabon. we are required lo rep)rt that facl. We have nothing to report in this ward. Opinions on other matters prescribed by the Comp*nies Aci 2006 In our opinion, based on the vth undertaken in the course of the audrt". The information given in the trustees. annv81 report, for the financial year for whh the finarrial statemerrts are prepared is emsislent th the financral statemeftts, and The Iruslees. annual rep)rt, has been wepared in accordance wth applicable legal wuirernenls. Matters on which we arè required to r•port by excepti¢lll In the light of the knedge and understanding of Ihe charrtable company and its environment obtained in the course of the audit. we have not tdentified material misstatements In the tru51ees' annual report. We have nothing to report in respect of the fo15owng matters n relatn to which the CompanEs Ad 2006 require$ us to report lo you rf, in our opinion.. Adequate accounting records have not been kepl or retums adequate for our audrt have not been ceived from brarth not visrted by us.. or The financial statements are not in agreement the accounting re¢ords and returns. or Certain dixlosures Of trustee$. remunerats" spe1)f by taw are not made: or We have not received all the infomiation and explanations we require for our audit,. or The directors tre not entiUed to prepaTr the finarla1 statements in accordance the small ompanies regime and lake advantsge of the small Companies, exemptions In preparin9 the trustees. annual report and from the requioment to prepare a strategi¢ ow1. R•sponslblllt&es of trustees As explained nmve fully in the ststement of trustees. spOnSIbl1iti.es sel out in the trustees. annual rep)rt. the truslees (who are also the directors of the charitable company tr the p$j05e$ of company law) a responsible for the preparats.on of the financial statements and for being 1sfie[l thal they give a true and fair view, and for 16
THE CONTEMPORARY ART SOCIE Independent Audilorfs Report For thè year ended 31 March 2023 such inlemal control as the trustees delemiine is necessary to enae the preparation of financial statements that a free from malenal misststement. whether tJe to fraud or error. In preparin9 the financial statemerrts. the trustees are respon&b for a55e5sing the charitable company's ability to continue as a going nceM, disclosmig. as applicable. matters related lo going coeM and using the going concem basis of accounb.ng unless the trustees either intend to Iuldate the charitable company OT to cease operatKins. or have aliStiC ahemalive but to do so. Auditovs responsibilltlés for the audit of the financial statements Our objective$ are lo obtain reasonable assurance aboul vthether the financial statements as a %thole a free from material misstatement, whether due lo fraud or error. and to issue an audrtorfs pOrt that includes our opinion. Reasonable assurance Fs a high level of assurance bul is n¢X a guarantee that an audit conducted in accordance with ISAS (UK) wll 3y5 detect a material misststement when it exists. MissLitements can artse from ffaud (v error and a consbjered material rf. individualty or in the aggregate. they could reasonably be expe¢te(I to infiuence the econcthic de¢Nons of users tsken on the basis of these financial statements. Irregularities. including fraud, are inStsrS of non-COmlance with laws and regulath)ns. We design procedures in line wrth our resp¢)nsibilities. outh.ned above, to detect material misslatements in resFct of irrewlarils, includin9 fraud. The extent to vthich our prrKedures are capa& of detecting irregularities. including fraud are set out below. Capability of the audit in detscting irregulariiies In ents'fy1ng and assessing risks of material misstatement in resF*d of ryulanbès. induding fraud and non- compliance with laws and regulations. our procedures induded the followng.. We enquired of management. internal audit and the audrt and rt5k committee, which included obtaining and reviewing supporting documentation, concerning the charity's poIleS and procedures relating lo". Identifying. evaluatsng, and complyin9 Wrth laws and reguiats.ons and ethe1 they were aware of any instances of non-compliance". • Detecting an¢J responding lo the risk$ of fraud and ether they have knowledge of any actual, suspected. or alleged frd., The internal Controls established lo mitigate risks related to fraud or nori•cc¥nplrance wth laws and regulalions. We inspected the Thmnules of meebngs of those charged wth go¥emance. We obtained an understanding of the legal and regulatory framework that the charity operates In, focusing on those laws and regulatrons that had a matenal effect on the finanaal statements or that had a fvndamental effect on the operatiorts ot Ihe chanty from our professional and sector experience. 17
THE CONTEMPORAR Y ART SOCIETY Independent Auditor's Report For ihe year ended 31 March 2023 We communicated appluble laws ar regulations throughout the audit team and remained alert to any indications of non-eompli8nce throughoLrt the audr(. We reviewed any reports made to regulatows. We reviewed the financial statement disclosures and tested these lo supportin9 documentslion to assess compliance wth applicable laws and iegulations. We perfomied analytical procedures to identfy any unusual or unexpected relalionships that may indicate risks of merial mis$latement due to fraud. In addressing the risk of fraud through management overrKle of controls, V•E tested the appropriateness ofjoumal entr$ and crther adjustments, assessed whether the Iements made in making accounting esttmales are IndatIve of a polenb.al trf.as and tested sigrnfi¢ant transactions that are unusual or those OLtside the norn1 course of IsIness. Because of Ihe inherent 1¥nitat$ of an audit, there is a risk that will not detect all irregularities. including those leading to a material misstatement in the financial statemenls norF¢ompliance with regulatson. This risk increases the more that compliance vAlh a Faw w regulation is removed from the evenls and transactions reflected in the finanual statements, as will be kss likety to become aware of instances of nofvcompliance. The risk is also 9¥ter warding irregularrties oc¢urring due lo fraud rather than error. as fraud invofves intentional ¢on¢ealment, forgery, collusron, omission or misrepresentstion. A fijrther description of our re5pmsibilities is availab on the Financial Reportj'ng Courril's website at.. www.frc.o .uklaudilorsres nsibilities. This description fms part of our aJitOr'S report. Use of our report This report is made SOlY to the charrlable company's member5 as a body, in accordance tA Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that rnht state lo the charitable company's members those matters we are required lo State to them in an auditorfs report and for no other purpose. To the fLrtlest extent permed by law, we do not ap1 OT assume responsibility to anyone other than the ¢haritable ¢ompany and the charitsble company's members a$ a body. for our audit work, for this report. or for tr opinions we have fofme(l. Judith Miller (Senior statutory auditor) Date.. 23 November 2023 for and on khalf of Sayer Ifincenl LLP, StatLrtw Auditor Invicta House. 108-114 Golden Lane, LONDON. EC1Y OTL 18
THE CONTEMPORARY AR T SOCIETY Statement of financial actNities ('SOFA') Incorporating the income and expenditure account For the year ended 31 March 2023 Notes Unrestricted Restricled funds fvnds 2023 2022 Income from Don•tion$. Subs¢riptsons & Grants Donations & SubSCp1KmS Arts Council Award 702.588 171.421 279,6(] 982.188 171,421 637.476 171,421 Charitable acti¥itl•s Fees and corTwnission5 Other gr8nts 510.444 510,444 $40,973 Other fradirt9 acfrviti•s Fundraising Evenls 96,633 188,238 Investments Bank interest 3.770 3,770 Total Sncome 1.484.856 279.6CKI 1.764,456 1,539,089 Exptndlture Exp•nditurn on raisiftg lunds Cost ol fundraising events Other fvndraing costs 80.122 47,258 80,122 47.258 119.695 44.838 127.380 127,380 164.333 ExPdIre on efvarit•ble activities Art purchases & dislribub.ons Commis5ion3 and collections advisory Museum advice and tr4inin9 Educat)n 360,W 358,537 384.856 189,489 271.778 719.437 384,856 189,489 271,77 440,867 473,050 120,776 187,447 1.207,023 358.537 1.565.560 1.222,140 ral Expènditurp 1,334,403 358,537 1.692.940 1.386,473 Net incomellèxpènditurel btlore gainsnos¥•s Gainsllosses on Investments 150,453 17B,937) 71.516 152.616 114,6401 114,6401 13.605 Net movemenl In funds after 9oinsllo$s Fund balancè brought lorward 135,813 1,809.021 178.9371 164.500 S6.B76 1,973,521 186.221 1,807.300 Fund bal•fi¢ ¢arriefl f0Thrd 10 1.944.834 85.563 2.030,397 1,973,521 All of Ihe above resutts derive from conliftuing acbwties. There arè no gains and losses other Ihan those disclose above. The accompanying note5 f¢Jrm #n integral part ofthese ffinanual statements. Movement in fun(Js are disdosed in note 10 to the nanC stalerrents. 19
THE CONTEMPORARY ART SOCIETY Cornpany Number'.255486 Balan Sheet For th8 year ended 31 March 2023 Notes 2023 2022 Fixed a¥sets Tangle asseis In¥e$tm¢nis 865,764 391.461 895.935 .101 1,257.225 1,21Y2.036 Currènt ass•ts Stock 35.000 182.739 828.184 Oebtors 360.020 551,216 Cash at bank and in hand 946,236 1.045,923 Credttor¥: amounts falling due within year 1173,C64 1274,438 Net current aBsets 773,172 771,485 Net assets 2,030,397 1.973.521 Represented by Gen•rnl incom• funds 707.162 635,286 Futur• fvnd 391.461 306,101 Oesignated Centr41 Street fund 846.211 867.634 Totsl Unr•strlcled funds 1.944.834 1.809.021 Rèstrlcted Sncom• fund 85.563 164,500 10 2.030,397 1.973.521 The accompanying noles form an integral part ofthese hlancial ststeTh*nts. The ffinancial statement5 on pages 19 to 33 re approved by the Truslees on 3 Ortobèr 2023. Marco Compagnoni Chaimmn
THE CONTEMPORARY ART SOCIETY Statement of Cashflows For the year ended 31 March 2023 2023 2023 2022 2022 Cash flow from operating actl¥lties Net (expenditu)[Incorne Adjustrnerts lor". Depreciats"on Charges Dividends. interest and reni$ from investments $6,876 1e6.221 33.134 13.7701 32,194 19811 Dec8$ellInCaStI in debtors Increaselloecreasel in creditors 11&f.4811 1112,1741 150,966 122.9971 Net cash provlded byllused Inl operdting aetivities 1192.415) 325,403 C•$h fl¢)w from Irwestity aellvltSes Investrnent income- bank interest Pur¢hase oftangible fLxed assets (Gainsll Losses on investments Purchase of investments 3.770 12,9631 14.640 iioo,co)I 15,493) 113.605) 140.OCQ) Nèt cash (used Inl l•)v•sting actlvlties {84.5531 158.1171 Ch•ngt In eash ond ¢•$h •qulvalents On the y•ar 1276,9681 267.286 Cash and cash equivalents at the beglnnln9 of the year 828.184 560,898 Caah and eash •quivaiefits at the end ol the year 551,216 828.184 The accompanyirKJ notes form an integral part of these finan*ial statèments. 21
THE CONTEMPORARY ART SOCIETY Notes to the financial statements For the year ended 31 March 2023 1 Accountlng pollcles 8) B8sis ofcUnfyng The financial ststements have téèn prepa in atttrdance vthh Acc(yJnts"ng and Reporb"ng by Charitie5.' Slatemert tsf Recommended Prnctice appIae to caribes preparing their accounts in accordan with the Finanrial Repo.n9 Stsndard applicable in Ihe UK and RepubliG ol Ireland IFRS 102) leffedive 1 January 20151- Icharities SORP IFRS 10211, the Finanaal ReFKJrting Standard applble in the UK and RepuNic of Ireiqnd IFRS 1021 and the Cgmpanies Act 2006. Assets and liabilrties are in41 feccgnised al historical cost or transactKJn vahje unless otherwise slated in the relevant accounting ncrte{sl. The trustees have assessed whether the use of ihe grrfj concem basis 15 approprth and have condered p05sibbe events or tondrtions that nNght casl 9nthcant dotht on the a"IrtY of the chanty to continue as a going concem. The trustees have made this assessment lor a period of at leasl one year from the date of approval of the anCial stalements. In pa"CUlar the trustees have considered the charities forecasts and projectKJns and have taken accounl of pressures on donation and investrnent ir0. After rnaking ¢nquirie5 the trustees havè concluded that there is a reasonable expectat¥)n that the charity has Jequats resources to conb.nue in operational exislence for Ihe foreseeable fvture. The charity ther&fore continues lo a(%)pt the goiTr3 rxrtm basis in pfeparing ts finan(ial $talennts. bl Puts1 benefilentity The charitable company meets the t1efinthi ol a Wb1 benefit enbty un(Jer FRS 102. c) Accounting estimates The Trustees consider thal there are no material uncertain5 aboul the tharilab company's ality to continuè as a g0ir4J concern. The Trustees rjo not consider that there are any Sourc of estsman urwtainty at the reportirvJ dattr Ihat have a significant fisk of causing a material adjustrnent io the carrying amounts of assets and liabilrties wilhin the next reporting pewh)d. dj Incom8 All incomè is Induded in the Statement of Finantsal Aclivth"es I'SOFA'I when the chanty is legalty ented lo the Income and the amount can be quanlifjed t*ith aable wobablty. Membership subsuipbons are trealed as donation5 and ar• accounted for wh•n recwve(l. e) Expenditu Expenditure is classified undef the principal cate9ories of charilable and other expendity rather than the type of expense. in order to provide more useful inforMatn to users ol the financ¢ ststernents.
THE CONTEMPORARY ART SOCIETY Notes to the fi'nancial statements (continued) For the year ended 31 Marth 2023 1 Accounting policies {eontinu•dl Expenditu on raising fvjnds and chantable expendrture conyise dired expenrtu induding direct staff costs altributable lo th• charity. Whèrt costs cannot be diiecty attritMJted they have been alk)cated on Ihe basis of the percenta9e of stsff lime spenl ea¢h acimty. 2023 2022 Cost of fundraising events other fundraising costs Comrnissions an¢Y collections advis(xy Mustrum ad¥i¢e and training Art pur¢hases & ¢Jislributions Education Govemance 5% 40% 8% 23% 21% 13% 18% 4% Art purthases are chargèd to expenditu in thè year the pthaSe is made although noi all purchases in a year are dislribLrted in the year. Q Fund8¢¢0un&"ng UnSt¢ted lunds are availablè for use at Ihe dIsUèt of the Trustees in lUrthernn of the general objeclives of the chanty. Where lunds are received under contracts lo pro¥Kle services tw a treatèd as unsIn'Cte. Oes19nated funds comprise funds whKh have been set aside at the diSbon ofthe Twsletrs for sperific purposes. Restricted lunds are funds which we lo be used in accordance wrfh restrictions inyosed ty don0 or whiGh have beèn raised by the chanty for particular purposes The cost of raising and administerin9 such fvnds are charged ayainst the specific lund. The aim and use of each ie#JtteLI lund is sel out in the note5 to ihe financial st8tem&nt$. Where lunds ie èxpended in a¢fvancè and in genuine anticipation of recer¥ing $trted ILEndg a regatpie restricted fund is ueated. gj Pen&on Thè ehanty has a defintd contribubon pension scheme lor all Mbets of slaff. Pen&on cmts charged the Staternent ol Finanaal Activth'es represent the contribulions payable by charity in the year. h) T8ngible fjxed assets Tangible fixed assets a staled at CO51. DeweC1atn is pro¥e on all tangible assets at rntes calGulat to write off the cost less estimated sid81 Val of ea¢h asset eventy over its expected u$eful lrfe as folk)ws." Leasehold prwty 2% annum Computer equipment 20% per annum Cmher equiprr*nt 20% per annum Small capital addilion$ whKh do not exceed £SC(l are expensed in fvll in the year of aUlSitn. 23
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (continued) For Ihe yeai ended 31 March 2023 1 Accounting pollcles Ic¢)ntlnued) i) Stocks Sto5 ¢onyise works of8rt that have been bequeathed to the chardy. Art Ihat has been purchased for distribution ¢5 deemed to have a nil realisable value and is e¥pended in the year of purchase and n¢)1 included wlhin stock. JJ Q)etaiiAJg 1&gses Rentals paid under operatsng leases art thaiyed to thè siatement of Financial ActivithÈs on a straight line basis over the lease term. kj Fin8noal Instnjments Finandal assels $h as cash and debtors a meaSud at their psent value of the amunts 1¥able, less an allowance for the expected of doublfvjl receivables. FinarKial lia'lleS swh as trade uediiors, loans and finan¢e ses are masured al the present value of ihe otAKjab"C. ) Judgefftenls 8nd esfr"males The item5 in the finanual statements Whe the8e judgellt5 and estimates h8¥e been made indude". the estimates ol the useful econornic live5 0ftangIb fixed assels used to defrmine the annual deplation charge". the assurnplions adopted by the trustees a1 management in deiemiiThng the value of any designatsons required from the ¢haiity's general untrICted fvnds", and Ihè basi5 on vthirh support CQ51s have been all¢xated across expendilur• headings," and In addition to the above. the ful impact foN0ng the recent emergence of Ihè global coronavims pandèmic is still nknown. It 1$ therefore not currÈnty possibk to evèluale all the potentsal implicatsons forthe charity's acts'vs. suppliers. beneficiaries and the WK1er economy. Estimates used in the financi statements. partrularfy with respe¢l to the value of listed investments are subjerA to a 9aler de9ree of uncerfainty and voLqlilty- 24
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (contnued) For thè year ended 31 March 2023 2 Donalions. Subscriptions & Grnnts 2023 Unrestn'cted Restncted 2023 Indwidual$ Museums & Galleritts 1,438 141.150 279.6C(I 841.038 141,150 702,588 279,600 982.188 2022 Unrestrided Restn"cted 2022 Individuals 200,488 134.41KJ 302,588 503.076 134,400 Museums & Galleries 334,888 302.588 637,476 Donath)ns from tiustees totalkd £461.8CQ12022." £297.655) the yeaf. All ofthe Arts Counc& Award is unrestricted £171.421 12022.. £171.4211. 3 Charitable Acllvitles Fee$ and conNni$$ions total*d £510,444 of which £Thl was striCted for contribjtions to acquisitions12022". totalled £540.973 ofwhth £nil was tred for conlribulitins to acquisitions) 25
THE CONTEMPORARY ART SOCIETY Notes to the finanaal statements (continued) For the year ended 31 March 2023 4 Totsl resources expend•d 2023 Stsff Costs Other dire¢1 IrKated costs support costs To¢al 2023 Fun¢Jraisin9 expeni*bJre-. Fundraising event costs Olhw lundraising cosis 42.039 35.032 23,427 14.656 12,226 80.122 47.258 77.071 23,427 26.882 127.380 Chantable aCtItieS". Art purchases Commissions and collectstsn$ advisory Museum advice and Iraining Educalion 161.148 238.219 56.052 147, 135 502.051 63.488 113.876 73,2 56.238 83.149 19.561 51,347 719.437 384.856 189,4B9 271,778 Total 2023 679.625 778.138 237.177 1.692,940 Support clS 2023 Governance Costs Govemance staff costs Other govemance costs Audit Fee 21,019 5,974 4,358 31.351 (hhèr Support Costs Non salary slaff costs Property IT costs 33.196 29,453 21.200 8.087 500 Insurance Postage Maintenancè 7.187 8.992 33.134 34,300 26.332 5,445 Office running cosls Deprecialion Outsourced finance & payroll Other Bank charges 237,177 Included vthhin Ihe total expenditu is £266.568 restr expendiluo. Cost allwtM)n Iude9 an element ol judgment. and the charity had to consider the ¢ost benefft of deialed caknlatlS aThJ record keepirvJ.
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (continued) For the year ended 31 March 2023 4 Total resources expended {contlnuedl 2022 Slaff Costs Other direct kxated costs support costs Total 2022 Fundraising expenrjiture". Fundraising event costs Other fundraising costs 53.420 33,388 48.280 17,995 11.250 119.695 44,638 48.280 29,245 164,333 Charitable activiti'es.. Art purchases Commissions and cle¢b"onS athsory Museum advKè and trnining Edu&ition 324.808 115.945 13,644 26,750 29.251 90.003 27.001 40.501 440,867 473,050 120,776 187,447 267,102 80.131 120,196 Total 2022 641.045 529.427 216,001 1,386,473 Support cty 2022 Governance Costs Governance staff costs 26.710 3.505 6.100 Other govemance costs Audit Fee 36.315 Oth•r Support Costs Non salary staff costs Property IT costs 5.481 24,598 54.983 2,885 2.470 8,4 9,456 32.194 32,381 12.789 16,0411 Insurance Postage aintenance Office running costs Depretiation Outsourced finance & paytoll other Bank charges 216.N InGludd within the total expertdrture is £384.480 restricted expenditure in relation to Art purtha5es tlistiibu"ons and £13,500 in relation to Museum ad¥e and training. Cost alkKation Indudes an element of judgment, and the charity has ha¢J lo ¢on8idef the ts)Si benefrt of deiaikd ¢al¢ulab"ons and record keepirrfj. 27
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (conts"nued) Foi the year ended 31 March 2023 4 Totsl r•sourc•s expended Icontlnuedl al Staff costs 2023 2022 Wages and salari•s Social security cosls Pension 617,687 64.650 18.307 591,835 58,555 17,265 Total staff costs 7C¢J,644 667,755 Temporary staff Sub-contractor costs 13,107 10,148 Total staff and contractor costs 713.751 677,gJ3 The average number ofemployees Wds 16 16.1 No employees rècèNed mntion of £80.o(M8g.g99 during the year (2022.. 11. one empkjyee receNed renumèration of 70.l79.999 {2022." 1) and onè employee (eceived mUneratIon o1£60,O-£69,999 durift9 the year12022'. 01. Pension conln.byl1S of £7.61312022: £7.3071 were ff¢le M respect of higher p•d ernployees. The tolal ernOYee beneffts including pensi contilbulwS tor the key mana9ement personnel were £292,12012022.' £297,794). bl Tnwtees The Trustees do noi rsceive em¢4UMts(2o22.' none) and t1itJ not cfaTrm any reirnbursernent of ¢xpertse$ (2022". £nill. ¢1 AudStors' remunèrntion 2023 2022 Audiiors, v•rnuner•tion- •udit8ervi¢*s 7.050 6,100 28
THE CONTEMPORARY ART SOCIETY Notes to Ihe financial statements (conb'nued) For the year ended 31 Marth 2023 S Tanglble f•0 assets LeasehoKI Compuier Equipment Office equipment PrortY Total Cost 1 April 2022 Adclilions 1.070,978 39,083 78.608 1.188,669 2.963 2.963 31 March 2023 1,070.978 39.083 81,571 1,191,632 Accumulated Depreciation 1 April 2022 Charge for thè yèar 203,343 21.423 39.083 292,734 33,134 11,711 31 March 2023 224.766 39,083 62,019 325,866 book valuè 31 Marth 2023 846.212 19.552 865,764 31 March 2022 867.635 28.3Crf) 895,935 Deprg¢k4tKJn rates 20% 6 Imieslrnents Listed IeStM+ts 2023 2022 Fair Vatue at thè start ofthe year Additions at cost Disposal prords Net gain I Ilossl on change in fair value Cash held by inve5trnent broker pending reinve5trnl 3C6.101 100.oc 252.496 40.000 114.6401 13,605 Fair Vue at ihe end of the Year 391.461 306.101 Investmenls ¢omprise ol." UK Common Investment Fund$ 391.461 3C6,101 Tolal Investwnts 391,461 306.101
THE CONTEMPORARY ART SOCIETY Notes to the financial statements {conb"nued) For the year ended 31 March 2023 7 Stock Stock comprises one collection ol wo$ of art vknich knEre bequeathed to the SoriEty. The balance sheet does noi include grfis of art and craft gTrien lo the ¢hanty for diStribUtn. These gifts amounted to £35.00012022 È35.OCQ} at the year ènd. 8 Debtors: Amounts falllng due within on? y•ar 2023 2022 Trade debtors Piepayments Accruerj incoTh 125,422 19.420 203,046 12.132 150.552 13,809 17,970 408 VAT 360.020 182.739 9 Credbtorn: amounts falllng due wthin one year 2023 2022 Credrtors 88.543 64.400 3,084 153,391 89,434 10,668 Accruals Deferred income VAT Social security and othtri taxes Other Credrtors 16,928 109 16.309 4,638 173,064 274.438 Plovement in deferred ijjcome 2023 2022 Brought IM¥ard Released in year DfIed In year 10.666 {10,6661 3,084 29,081 129.0811 10,666 3.084 10,e66 Deferred income comprises ol a wort in w09s$ £2.9 and a recharge invoiced upfrorf of £184. In the previous year it comwiseo of a work in progress of £8.IX(i and patron fees aThJ donations £2.eo6.
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (conb-nued) For the year ended 31 March 2023 10 Stat•m•nt of Funds 2023 (current year) Tfanslerl Inve5tmenl Ir Expendi GainlLosstrs At 1 Apnl 2022 At 31 March 2023 Unr¢$trlet•d funds General Funds f>35,286 ].484.8 {1.334.4031 (78,5771 707,162 O&sTgnated Fund- Cenlral Street.. see nole la) 867.634 (21.4231 846,211 Future Fund 306,101 B5,360 391,461 1.809.021 1.484.BS8 {1,334,4031 114.6401 1.944.834 Restri¢ted fund$: not¢ Ibl Digital Archive Choose Art 102.1 166,4371 70.400 160,4001 62.500 209.200 1231,7001 35,563 10,000 40.000 Other 164.SOO 279,600 {358,5371 85,563 Total fund 1.973.521 1.764,456 {1,692,9401 14,6401 2.030.397 Restricted funds unexpended afe masnty represented by short tenn deF)sits and $h •1 bank. <)te (al The desned fuThJ reSents the monies ccrfnrnitted to the devenI of the Cèntral Street office and ffexible use space. The Future Fund has been set up to Supkklrt the ftrture of tyjr museum acqUItiOnS prcgrammes. Nots Ibl Oigtsl Archive- to calaogue al the gifts made by the thrrwgh rts history and de¥ek)p an onlin¢ resource Choose Art- a second crowdfunding ¢ampawn launthd in 21 to support mu5euffl acquisitions Olher- toward5 a one year tsairèship Ni Ihe curatOTia team 31
THE CONTEMPORARY ART SOCIETY Notes to the financial ststements (continued) For ihe year ended 31 Mah 2023 2022 Iprlor y•arl Transfe¥l Imie5tment Inc(xne Expenditure GainlLoss?s At 31 March 2022 1 April 2021 Unr•stri¢ted fvnd GgnEral Funds $37.247 1236,501 (1.119,885) {18.57n 635,286 Desrynated Fund- Ceniral Slreet.. See note la) 889.057 {21,423 887,634 Future Fund 252.4 53.60S X6,101 1.678.8CJ 1.236.501 (1.119.8851 13,605 1,809,021 Restricted funds: see nole Ibl Oigital Archive Choose Art Cthtr 70.000 51.000 62,LKJO 140,600 99.988 130,C#)01 1191.600} {44,9881 102,000 62.500 128.5C(I 302,588 [266.8) 164,500 Toiol fund 1,807.3CQ 1.539.089 11.386,4731 13.605 1.973.521 Restricted lunds unexpende(J we mainty repSer$tell by short teffli deposts and cash 81 bank. The dtswnaled ftjnd reprèsènts Ihe n)n$ committèd to Ihe de¥elopment oflhe Central Street ofte and flexible use 5pa¢e. The Future Fund has been set up to support the future of our rIKuM o¢quisition5 progrnmmes. Note Ibl Gieat Works- lo buy a major work for a Museurn Mèmlr Digitsl Archive- lo ¢aialogue all the gifts made by the Society through its history Mbili Foundation- towards a commissioning partnership wth Fikn aTrJ w80 UmiKeliq Jackson Tang- tN8rds the Jackson Tang Ceramic5 Award VNXX- towartjs the VN XX CAS fund. to pur¢ha$e a by a female artist Rapid Response Fund- a cro•Affunding campayn launched as a s[se to the pandemic Choose Art- a second crowdlunding caryaign launched in Marth 21
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (continued} For the year ende(131 March 2023 11 Analysis of Net Assets betsTr Funds Fund balances al 31 March 23 are represented lyy.. Tolal General OesNJnated fund funds Restrided lunds Tangible FNed Assets Inveslrnents cuTnI assets 865,764 391.461 946.236 (173.(64) 19.553 846,211 391.461 860.673 1173.0641 85.563 Current liabilities Total net assets 2.030.397 707.162 1.237.672 85,563 Prior Year Totsl General funtt5 Design*ed funds Restricted funds Tangible Fixed Assets Investments 895.935 ,101 1,045.923 1274,4381 2B,301 867,634 306.101 Current assels 881,423 {274,4381 184.500 CUnt liabilrties Total net assets 1.973.521 635,286 1.173.735 164,$00 12 Commitments under Operating Lease As of 31 Marth 2023, CAS had Itst commthients under nonancellable operat9 leases as sei oul bebw." 2023 2022 Olh•r Due in less than 1 year 1280 320 1,280 1.6TrJ Due in 2 to 5 years Tots 1,600 2,880