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
Sta*ment of Finanryal AdN*i*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 require￿ents, 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 ￿lfsc￿n
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 collectK*n$ and space$
across the UK. With the support of our indiwdual and corporate patrons. and our advtsory serV￿es, we raise
funds to pu￿hase 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 M￿re 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 cur*ors. and en￿￿ragIng 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$ider how planned activbties *ryll contribute to the aims and obiecb.ves that have been sel.
objectives of the Contemporary Art SOc￿ty are achieved in the following ways."
Art purchase$ and di$trilMrtions - through ttre AcqurSrtK￿S 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 kno*rfed9e 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 a￿Sts and collection curators. tr) sUp￿rt 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 a￿V￿a￿'n9 for the wnpcytsnce of pubfi¢ Collection5 of contemporary art,
working closely v￿th 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
sOc￿ty's charitable purposes for the public benefit. Our beneficianes are the museums and their Curatorial
staff, who receive works for I￿r collection as well as bes￿ke ￿ntori￿J 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 I￿kdOWn$. 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 institUt￿ns_ 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 t￿th 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 ￿0￿Mentation of around 10.500 arthrks.
3,000 artists, 250 recipient museums lof which 77 are current members), and 2,000 other assoaaled
Indiv￿ua1S 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 resoUr￿s. en￿￿raging new scholarships. borrowing and
lending betsveen institutions. We are parttularfy indebted to two of our trustees. m￿h¥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 rep￿sentr110n 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 purcha*ng 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¢qU￿e 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
No1￿ch 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 va￿ria 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 m￿Y of our Member Museums retuming to their sChedu￿d programmin9 after the
seismic ¢Yisrvptions of Succes￿ve 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 Hep￿rth 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 tr*at do Peopfe come to us to gift works of art because they
know we have the Defv￿rks 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 EaS1t￿￿rne 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 Y￿rked wth
curators at the Victoria and Albert Museum, London, to prepare a handsome. year.long display ol his work in
the Ceramics gaI￿rIeS. 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
Waker￿Id 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¢qUisit￿S 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 t￿lf 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 a￿1vty, and we are grateful to Patricia Bickers, Ben Cook Helen Legg
and Har￿n 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 ￿lat￿ratiOn 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 ¢L￿torS from our museum
memberslip and in October our Frieze lour was V•ell atterbded. wth one ￿ratOr acquirin9 their ¢0
a¢qu￿tIOn 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 S￿nceS developments to worfd-class
deslinalions. These indude a PU￿1C 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 PUbl￿Artand 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 Med￿val 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 r￿h 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 W￿￿kS by Peter Doig at the Courtauld Galleries.
Advocac
Raising the publi¢ p(ofile of the Contemp)rary Art s￿Trety has potenb.al benefits for all of our fvndraising
activty. We have been %￿rking on the deveknpment ofa new websltewh￿h 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 s￿rn￿ted our application for the financial period 23124-
25126 and heard in November Ihal wwe su¢cessfvl.
Fees and commissK*ns." In¢ome from this source decreased SI￿htty 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 re￿on of £40,000. and we hatl no income from this
source In 22123.
Other
rants. We not make any unsdicrted apPl￿tiOnS to Trusts and FOUndat￿n$ 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 Relat￿n5. we raise funds from indiv*Juals and
corp¢)rates through our Patron sehemes. and Ihrough restrrcted donatKins. and through our fundraising events.
The Development Committee supports these activibe$ with ded￿l￿n 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 In￿ased 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 o￿lAe 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 Inclus￿n 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 aud*n¢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 c￿T 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 q￿￿klY low4rd$ new types of work in a way that is TrM"ghly resp)nsive to a thanging environment.
We will continue to nK*nrtor 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 su￿u$ 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 V*t 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-funct￿n 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 Cyr￿n1 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 re9￿artY and update them accordingly.
We are also facing increasing risk wrfh ri￿ng costs due to hryh infftation, whKh 1$ impacting across all areas of
our aclNity, partiCLdarty in￿asIng staff costs.
We have continued f￿￿Ing 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$$ newly
identified risks and to implement conlrols and procedures d￿gned to manage and mitsgale previously
identsfied risks.
7. STRUCTURE. GOVERNANCE AND IAANAGEMENT
Constitution
The Contemporary Art Sixiety is a chantable oynpany limited by guarantee. registered on 7 April 1931. and
ts governed by the Memocanrjum & Artths of Assc¢ialion. It vB$ regIste￿d as a charity VAth the Charity
Commission M 22 September 1962.
Composition of the Board. oryanisation and TnMt•e induction and training
The Board of Trustees. which Can have up lo 25 memters. directs the charity through regular meetings.
The charity regularly review￿ the skills, nelwclks and experien¢e of the Board. M)ere skills have Lwen
identified as mi$$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 discuss￿n5 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 sUbcomm￿eeS 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 Sut￿cOmmrtIee.
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 rep￿ts. 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 $eniormanagementteam comprise the key management
personnel of the charity in tharge of directing and controlling, running and operating the Charity on a day to
day basis. All Trustees give oftheir tsme freely and no Trustee received remuneration in the year.
The pay oflhe staff is rev*v*ed annualty. The dire¢tor5 also benchmark against pay levels in olher charrties of
a similar svze. If ￿¢rUit￿￿nI has proven drffi¢ult #i the recent past a market addrtion is also paid the pay
maximum no greater than the highest berlthmarked salary S)r a comparable role.
Stat¢ment ol Tru$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 m*erial 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 operat￿n
The Trustee5 are responsible for keeping adequate accounting ￿cOrdS that disck*se 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 prevwtht￿n 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 infOrMat￿n
The Trustees are reSE￿nSIble for the maintenance and integrity of the corporate and financial infomialion
included on the charrtable company's websrte. LegislatK*n 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 v*re reappointed a5 the charitable c(ympany'$ audrtcrts during the yearand have expressed
th￿r 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 fin￿cial $tatemerts of Contemporary Art Sctiety Ithe'tharrtable company'i for the year
ended 31 March 2023 which comprise the statement of fina￿la1 acbviknes. balance sheet, siatement of cash
Ilows and notes to the financial statements. including swfftant accounting policies. The financial reporting
tr￿eWOrk that has been applied in their preparatrJn is applicable law and United Kingdom Atcrwnling
Standards, includin9 FRS 102 Th8 Financial Reporting Standard applKable ￿ the UK and RepublK of Ireland
{Unrted Kingdom Generally Accepted Accounb"ng PractKel.
In our opinion, the financial statements..
Give a true and fair ¥￿W of Ihe stste of the ¢hantable company's affairs as at 31 March 2023 and of its
incoming re$tyJrces and applieatitin of resourtes. induding ts incoffe and expendilure for the year then
ended
Have been propety p￿pared in acC￿￿3n¢t wlh Unrted Kingdom Generalty Accepted AccounliTrJ
Practice
Have been prepared in accordance wlh the reqU1￿ments 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 responsibilit*s under those Standards are fvrther desC￿e<l in the Auditorfs osponsibilities for the audit
of the financial statements SeCt￿n of cmjr report. We are independent of the chanlable company in accordance
with the ethical requirements Ihat are relevant to our audit of the fina￿la1 statements in the UK, including the
FRC'S Ethical Standard arKI we have fU￿illed our other ethKal ￿sponSIbl11t*S 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. indiv￿U311Y 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 incon￿Stent 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 in￿nSiStenc1eS 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 I￿rk 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 wh￿h 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 kn￿￿edge 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 relat￿n 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$. remunerats"￿ spe1)f￿￿ by taw are not made: or
We have not received all the infomiation and explanations we require for our audit,. or
The directors ￿tre not entiUed to prepaTr the finar￿la1 statements in accordance the small
ompanies regime and lake advantsge of the small Companies, exemptions In preparin9 the trustees.
annual report and from the requioment to prepare a strategi¢ ow1.
R•sponslblllt&es of trustees
As explained nmve fully in the ststement of trustees. ￿spOnSIbl1iti.es sel out in the trustees. annual rep)rt. the
truslees (who are also the directors of the charitable company tr the p$j￿05e$ 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 ena￿e the preparation of financial statements
that a￿ free from malenal misststement. whether t*Je 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 co￿eM and using the going
concem basis of accounb.ng unless the trustees either intend to I￿uldate 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 3￿y5 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 inStsr￿S of non-COm￿lance with laws and regulath)ns. We design procedures
in line wrth our resp¢)nsibilities. outh.ned above, to detect material misslatements in resF*ct of irrewlaril*s,
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 poI￿leS 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 fr￿d.,
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 m*erial 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 I￿ements made in making accounting
esttmales are Ind￿atIve of a polenb.al trf.as and tested sigrnfi¢ant transactions that are unusual or those
OLtside the norn￿1 course of I￿sIness.
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 a￿JitOr'S report.
Use of our report
This report is made SO￿lY 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 rn￿ht 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 perm￿ed by law, we do not a￿p1 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 & SubSC￿p1KmS
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
$40,973
Other fradirt9 acfrviti•s
Fundraising Evenls
96,633
188,238
Investments
Bank interest
3.770
3,770
Total Sncome
1.484.856
279.6CKI
1.764,456
1,539,089
Exptndlture
Exp•nditurn on raisiftg lunds
Cost ol fundraising events
Other fvndrai*ng costs
80.122
47,258
80,122
47.258
119.695
44.838
127.380
127,380
164.333
ExP￿dI￿re on efvarit•ble activities
Art purchases & dislribub.ons
Commis5ion3 and collections advisory
Museum advice and tr4inin9
Educat*)n
360,W 358,537
384.856
189,489
271.778
719.437
384,856
189,489
271,77
440,867
473,050
120,776
187,447
1.207,023
358.537
1.565.560
1.222,140
r￿al Expènditurp
1,334,403
358,537
1.692.940
1.386,473
Net incomellèxpènditurel btlore gainsnos¥•s
Gainsllosses on Investments
150,453
17B,937)
71.516
152.616
114,6401
114,6401
13.605
Net movemenl In funds after 9oinsllo$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 f0Th￿rd
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
Tangl￿e 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
$6,876
1e6.221
33.134
13.7701
32,194
19811
Dec￿8$ellInC￿aStI 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 of*c￿Unfyng
The financial ststements have téèn prepa￿ in atttrdance vthh Acc(yJnts"ng and Reporb"ng by Charitie5.' Slatemert tsf
Recommended Prnctice appI￿a￿e to c*aribes 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 appl￿ble in the UK and RepuNic of Ireiqnd IFRS 1021 and the Cgmpanies Act
2006. Assets and liabilrties are in￿41￿ 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 g￿rrfj concem basis 15 approprth and have con*dered 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 ir￿0￿￿. 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 rxrt*m basis in pfeparing ts finan(ial $talen￿nts.
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 uncertain￿5 aboul the tharilab￿ company's a￿lity to continuè as a
g0ir4J concern.
The Trustees rjo not consider that there are any Sourc￿ of estsma￿n 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 ent￿ed lo the Income
and the amount can be quanlifjed t*ith ￿a￿able 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 inforMat￿n 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 expen￿rtu￿ 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 p￿thaSe is made although noi all purchases in a year are
dislribLrted in the year.
Q Fund8¢¢0un&"ng
Un￿St￿¢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 un￿sIn'Cte￿.
Oes19nated funds comprise funds whKh have been set aside at the diS￿bon 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$. Where lunds
ie èxpended in a¢fvancè and in genuine anticipation of recer¥ing ￿$tr￿ted ILEnd￿g 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. DeweC1at￿n is pro¥￿e￿ on all tangible assets at rntes calGulat￿ to write off
the cost less estimated ￿sid￿81 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 a￿UlSit￿n.
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
Sto￿5 ¢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 $￿h as cash and debtors a￿ meaSu￿d at their p￿sent value of the amunts ￿￿1¥able, less an
allowance for the expected of doublfvjl receivables. FinarKial lia￿'ll￿eS swh as trade uediiors, loans and finan¢e
ses are masured al the present value of ihe otAKjab"C￿.
) Judgefftenls 8nd esfr"males
The item5 in the finanual statements Whe￿ the8e judgell￿t5 and estimates h8¥e been made indude".
the estimates ol the useful econornic live5 0ftangIb￿ fixed assels used to defrmine the annual dep￿lation charge".
the assurnplions adopted by the trustees a￿1 management in deiemiiThng the value of any designatsons required
from the ¢haiity's general un￿trICted fvnds", and
Ihè basi5 on vthirh support CQ51s have been all¢xated across expendilur• headings," and
In addition to the above. the ful impact foN0￿ng the recent emergence of Ihè global coronavims pandèmic is still
nknown. It 1$ therefore not currÈnty possibk to evèluale all the potentsal implicatsons forthe charity's acts'v￿s. 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 9￿aler 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 ￿￿tr￿￿ed 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 aCtI￿tieS".
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 c￿lS
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 I￿ude9 an element ol
judgment. and the charity had to consider the ¢ost benefft of deialed caknlatl￿S 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 c￿le¢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 c￿ty
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
InGlud*d 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 ￿m￿n*￿tion of £80.o(M￿8g.g99 during the year (2022.. 11. one empkjyee receNed
renumèration of 70.￿l￿79.999 {2022." 1) and onè employee (eceived ￿mUneratIon o1£60,￿O-£69,999 durift9 the
year12022'. 01.
Pension conln.byl1￿S of £7.61312022: £7.3071 were ff*¢le M respect of higher p•d ernployees.
The tolal ern￿OYee beneffts including pensi￿ contilbulw￿S tor the key mana9ement personnel were £292,12012022.'
£297,794).
bl Tnwtees
The Trustees do noi rsceive em¢4UM￿ts(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
Pro￿rtY
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 I￿eStM+￿ts
2023
2022
Fair Vatue at thè start ofthe year
Additions at cost
Disposal pror**ds
Net gain I Ilossl on change in fair value
Cash held by inve5trnent broker pending reinve5trn￿l
3C6.101
100.oc
252.496
40.000
114.6401
13,605
Fair V*ue at ihe end of the Year
391.461
306.101
Investmenls ¢omprise ol."
UK Common Investment Fund$
391.461
3C6,101
Tolal Investw*nts
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 diStribUt￿n. 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
D￿fIed 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 w09￿s$ £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 des￿n￿ed fuThJ re￿Sents the monies ccrfnrnitted to the deve￿￿nI of the Cèntral Street office and ffexible use space.
The Future Fund has been set up to Supkklrt the ftrture of tyjr museum acqUI￿tiOnS 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 tsair*èship Ni Ihe curatOTia team
31

THE CONTEMPORARY ART SOCIETY
Notes to the financial ststements (continued)
For ihe year ended 31 Ma￿h 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
$37.247 1236,501 (1.119,885) {18.57n
635,286
Desrynated Fund- Ceniral Slreet.. See note la)
889.057
{21,423
887,634
Future Fund
252.4
53.60S
X6,101
1.678.8C*J 1.236.501 (1.119.8851
13,605
1,809,021
Restricted funds: see nole Ibl
Oigital Archive
Choose Art
Cthtr
70.000
51.000
62,LKJO
140,600
99.988
130,C#)01
1191.600}
{44,9881
102,000
62.500
128.5C(I
302,588 [266.￿8)
164,500
Toiol fund
1,807.3CQ 1.539.089 11.386,4731
13.605
1.973.521
Restricted lunds unexpende(J we mainty rep￿Ser$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 rIK￿uM o¢quisition5 progrnmmes.
Note Ibl
Gieat Works- lo buy a major work for a Museurn Mèml*r
Digitsl Archive- lo ¢aialogue all the gifts made by the Society through its history
Mbili Foundation- towards a commissioning partnership wth Fikn aTrJ w￿￿80 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 bets￿Tr Funds
Fund balances al 31 March 23 are represented lyy..
Tolal
General OesNJnated
fund
funds
Restrided
lunds
Tangible FNed Assets
Inveslrnents
cuT￿nI 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
CU￿nt 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 operat￿9 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