The Contemporary Art Society (A charitable company limited by guarantee) Trustees, Report and Financial Stalements for the year ended 31 March 2024 Company nurnber.. 00255486 Ch8rfty number.. 208178
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statem8nt8 For the ye8r ended 31 Mah 2024 Contents Trusle8s' report Indepéndent Audllorg, Report statement of Flnancial Actlvltle8 18 8alance Sheet 19 statement of Ca8hflow8 20 Nolas lo the FlnanGlal Statemen18 21
THE CONTEMPORARY ART SOCIETY TriistpA8' Rp.port and Financial Statements For the year ended 31 March 2024 The Trustees are pleased to present their annual report for the year ended 31 March 2024. Reference and administrative information sel out below forms part of thi5 report. The financial ststemenls comply with current statutory requirements, the memorandum and article5 of association and th8 Charities SORP {FRS 1021. 1. REFERENCE AND ADMINISTRATIVE DETAILS Company numbor 00255486 Charlty nurnbor 208178 Registèrod office and operational address Trustees, who are also directors under company law. who served during the year and up to the dale of this r8POrt were as follows.. 59 Central Street, London, EC1V 3AF Trust00• Marco Compagnoni Robert Suss Nicola Blake Mlchael Bradley Tommaso Corvi-mora Timothy Franks Liesl Fichardt Emma Go112 Bèatrice Luplon Suling Mead Ama Oforl-Darko Tim Marlow Keith Morrls Valeria Napoleone Francis Outred Charlene Premp8h James Robertson Bianca Roden Cathy Wills Edwin Wulfsohn John Shield Anna Yang (Chair until December 2023} (Chair frorn January 20241 {resigned June 20241 (from April 20241 {from June 20241 (from June 20241 Ifrom April 2024) (resigned June 20241 Key management personnel Caroline Douglas Sophia Bardsley Colin Ledwith Dida Tait Director Deputy Dir8¢lor Head of Consultancy Head of Philanthropy Bankers Lloyds Bank plc Southampton Row LONDON, WC1B SHR Sarasin Investment Funds Limlted Sunderland SR43 4AX Solicltors Weil, Gotshal & Manges ILondonl LLP 110 Fetter Lane LONDON. EC4A 1AY
THE CONTEMPORARY ART SOCIETY Trustees. Report and Fln8ncial Statements For the year ended 31 March 2024 Audbtors Sayer Vincent LLP Chartered Accountants and Slatulory Auditors 110 Golden Lane LONDON. EC1Y OTG 2. OBJECTIVES AND ACTIVITIES Purp08e8 and alm8 The Conlernporary Art Society Is a Charity that places important works of art in public collecllons 8cr085 the UK. Wlth the support of our individual and corporaté patrons, and our advisory services, we raise funds lo purchase works predominantly by livlng artists which we g5ve lo museum$ and public galleries where a national audience enjoy5 them.. we broker the gift of works of art by important arti¥ts of the 201h and 21 It centuries for publlc collections through our neknrks of patrons and prlvate collectors. we establish ffjlatlonship5 to commlssion athorks and promote contemporary art in public space5,- we d6vl8e programmes of educational and engagement events. Slnce 1910, we have donated thou88nds of work$ lo museums and public gallerles - from Bacon, Freud, Hepworth and Moore In thelr day through lo the irffluenlial ertisls of our own time8, such as Lynelle Yladom-Boakye. Kehinde Wiley and Phyllida Barlow- championlng new lalenl, supportlng curators, and encouraglng phllanthropy and collocling in the UK. Thé Trustees review the aSms, objecliv8s and acllvities of the Charity each year. This report looks at what the Charity has achleved and the outcomes of ils work In the reportlng period. The Trustees report the success of each key adivity and the benefits Ihe Charity has brought lo those groups of peokle that ills 581 up lo help. The review also helps the Trustees ensure the charity's aims, obiecllves and 8clivltle8 remain focused on 11$ slated purpo$e8. The Trustees have referred lo the guidance contained in the Charity Comm1551on's general guidance on public benefit when reviewing the Charlly's aims and objectives and in plann5ng ils future actlvili85. In particular. the Truste85 ¢onsid8r how planned a¢tlvities will contribute lo the aims and objectives that have been sel. The objeGliv8s of the Contemporary Art Society are achieved in the following ways: Art purch8808 and dlstrlbutlon5 - throu9h the Acqui511ions Schemes {Flne Art and the Omega Fund for Craft) we offer opportunities for our Museum Members lo acquire new works for Ihelr collections. We supplement this aclivlly with Special Projects induding the Collections Fund at Frieze, the VNXXCAS project and the Grrffin Award. Museum advi¢¢ and tralnlng- we develop the knoedge and expertise of curators and other professionals in contemporary art and public collection development through our Professional Development Programme.
THE CONTEMPORARY ART SOCIETY Trii8tp.es' Report and Financial Statements For the year ended 31 March 2024 We work with contemporary artists and collection ¢urators to support the engagement of museum audiences with contemporary art, which is connected directly to our placirsg of gifts. Comm1881ons and Co119Ctlons Advisory Our team offers independent and expert advice to public and private bodies commissioning art in public spaces. Edu¢atlon through our events for Patrons and Subscribers we encourage an interest, engagement and appreciats'on of contemporary art. Advocacy - we play a leading rol8 in advooaling for the importance of public collections of contemporary art, working closely with Museum Members and other partnèrs in the sector, We work to promote the appreciation of contemporary art through our strong and growing programme for individual and Corporate patrons. Our financial objectlves are lo progressiv8ly increase the funds available to support our charltable work through a diverse range of incorne stream8, including Arts Council NPO fursding, individual glving, corporate patrons, fundraising events and paid advice. 3. ACHIEVEMENTS AND PERFORMANCE The Charity's maln activities are described below. All ils charltable aclivitles focus on developlng public collections and art in publlc spaces for audiences now and in the future and are undertaken to further the Society's ¢haritable purposes for the public benefit. Our beneficiaiies are the museums and their curatorial staff, who receiv8 works for their colle¢llon as well as bespoke mentoring and Irainlng opportunities. the artists with whom we work, and ultimately. the general public who experience the art. In a year deftned by terribl8 conflict across the globe and firsancial distress In almost all sectors of cultural Ilf& in the UK, we have been proud lo welcome more Member Museums this year. The National Glas5 Centre in Sunderland is a centre of excellence for contemporary glass art and the only one of our Member Museums to have this specialism. The Lighlbox in Woking is the only Member in sUry. Both institutions face especially challenging situations at the moment, and il is our hope that being part of the CAS neOrk will help support their resilience. Webslte In June 2023, we were delighted to launch our new websrte, which for the first-lime features access to the catalogue of all the gifts made by the Society since our founding in 1910. WThth documentatton of around 10.500 arbmorks, 3,000 artists, 250 recipient museum5 lof which 78 are current members}, and 2,000 other associated individuals and organisalions, it has been a huge and mulli-year task to bring the project lo this point. We hope
THE CONTEMPORARY ART SOCIET Trustees, Report and Financial Statements For the year ended 31 March 2024 this wtll be a welcome addition to the existing online resources and will look lo develop further over the coming years. We are particulaily indebted to of our trustees, Michael Bradley and Keith Morris, for their unwavering support of the digi181 project over the ¢ourse of its development. Art Purchases and Dlstrlbution8 In the financial year, we havè placed a total of 165 works by 150 artists in 37 collections in our Museum Membership. The total value of the works is £987,829. New members of the Fine Art Acquisition5 Advisory Committee joined us this financi81 year, and our thanks go to writer and critic Hettie Judah,. Osei Bonsu. curator of international art at Tale Modern., and Sarah Brown, Director of the Lighlbox in Woking, for their lime and wise counsel. In 2023, our partnership with the National Gallery's Artist in Residence saw Céline Conderelli take over Room 31 of the gallery wlth an instsllation entitled P8ntimenli ffhe Gorrectionsj, which was on view from September through lo January 2024. Among paintings by Nlcolas Poussln and the Le Nain brolh8r8, a dramatic printed textile work was suspended from the ceiling, and a printed carpet with sound installations was situated underneath it. In what musl have been a first at the National Gallery. visllors were invited to lie on their backs lo conlemplale the work. It was a dramatic example of how contemporary art can alter the experience of well- loved historical Golleclions. Thanks lo the support of our trustee Anna Yang, and her husband, Joe Schull. the carpel and an accompanying print by the artist enter the permanent colle¢lion at the Royal Albert Memorial Museum in Exeler. The next Artist in Residence through this partnership is KatrSna Palmer, and the partner museum is Touchstones Rochdale, Palmer's exhibition at the National Gallery will open in the autumn of 2024. Tale Britain's hugely Suc$$fUl exhibition Women in R8voItI Opened in Novèmber 2023 to unlversalty glowing reviews. It was especially pleasing to see a number of recent CAS gifts featured in the selection, including Mary Kelly's film AntBP8rtum, 1973. which wa5 donated to Brighton Museum & Art Gallery through Valeria Napoleone XX Contemporary Art Society IVNXXCASI in 2019., a large painting by Jacqu8line Morreau ts'lled If Mary Came to Greenham, 1983. which was donated through CAS to The Herbert Art Gallery & Museum in Coventry as a gift of the artist's estate,. and the Love. Sex and Romance works from 1984 by Rita Keegan that were donated to Tale through the inaugural Ada Award, supported by Helen Faccenda. We were delighted lo work wtth the Fitzwilliam Museum on three important acquisits'ons through the Collections Fund at Frieze. The Museum rBjoined CAS in 2022 after an absence ofsome 26 years. The Museum acquired dislinclive work by three wgmen artists - Grada Kilomba, Goshka Macuga and Pamela Phatsimo Sunstrum. Their art practice explores global histories from post-colonial pèrspectives, aligning with the Museum's extensive collections that span from antiquity to ¢onlemporary times.
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statements For the year ended 31 March 2024 Tanya Harrod. Alison Britton, Sarah Griffin and Jareh Das continue to offer their invalu8ble advi¢e for our craft purchasing schemes. In the second year of the Griffin Award for craft, 8 major new work is being commissioned from the glass artist Chris Day for the Walker Art Gallery in Liverpool. Having visited the gallery a number of times, Day has devised a large-scale piece that responds both to the architecture of the gallery and the history of it collections in this maritime city, with so many links to the Empire. To fabri¢ale the work, Day is using the facilities al the glass department of the Wolverhampton School of Art. The work will go on display in Liverpool in the autumn of 2024. Penny Mason and her late husband, Richard Sykes, were members of the Contemporary Art Society together for over 30 years. Not only great SUPPOrters, they were staunch friends lo succ8ssive dlrectors of the Society. Through the autumn of 2023, we worked with Penny Mason to place over 100 works from their collection wllh 20 Member Museums. Their collection Included painting, photography, sculpture, drawing, prints and ceramics. Penny and Richard were also collectors of arti$ls' books, and some 30 of these have been donated to the Stanley & Audrey eurton Gallery at the University of Leeds, where they complement an already important collection of artists, book5 that are cared for by the Rare Books departTnent of the Brotherton Library. There, Ih8y wlll be available to scholars in perpetuity and will be used for occasional lempofary displays within the library. Musoum advlce and tralnln The Society is unique in the way il functions lo support its Museum Members. Rath8r than operab'ng simply as a grant-giving institution, we work in active collaboration with curators. All our purchasing is resear¢h-led. a process designed to bring the benefit of a broad range of knowledge and expertise lo developing colle¢lions as a dynamic resource wrthin their communities. Our Continuous Professional Development programme for museum professionals offers a mixture of online and in-person events. In June we took a group of seven curators to Lisbon and Portugal for a busy Ihree-day programme across both cities. We also took a group of curator5 Ic the Sonic Arts Festival in the Netherlands, as well as the regular progfamming around Frieze and Frieze Masters and Collect Art Fair. Commlssions and Collectlons Advlso This aa of our work falls into three distinct strands." delivering unique art for the public Tealm, devising cultural strategie$ and commissioning art and cultural programming for the workplace. Artists are al the core of our practice, and we actively support and protect their interests. Our work in this area conts'nues to support our mission with projects that pul art and culture al the heart of public space.
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financi81 Statements For the year ended 31 March 2024 We have seen growth and diversification over the past year. our work developing cultural strategies has expanded into the delivery of public art s¢hemes on several fronts. while new Clients have come to us for commissioned artworks in the public realm in Weslminster, the City of London and Wembley Stadium. Previous clients have returned, inviting us lo devise and deliver additional schemes in Cambridgeshire and a¢ros$ the London boroughs. We have secured further strategic work in Swansea. which Is in ils early stsges. We are working with partners and our associates to dellver significant national besl-practice slralegies, collections and commissions across the UK. connecting communities and making Great Art for Great Places, Educatlon We encourage an understanding and appreciation of contemporary art through the rich programmlng we offer for our various Patron levels. Some highlights from the year included our extensive programme around Frieze London and Frieze Masters in October, and a very popular trip to Ghana in November. where we visited Accra, Tamale and Kumasi. AdvoGac Raising the public profi'le of the Contemporary Art Society has potential benefits for all of our fundraising activlties. In October 2023, all seven institutions that have acquired work through the Collections Fund al Frieze, along with all the members of the ¢urrent committee. were invited to an inspiring round table event at 10 Downing Street, hosted by the Minister for Culture. Media and Sport, Lord Parkinson of Whi11ey Bay. As Lady Béatrice Lupton steps down after co4hairing the committee lor the last seven years, it wa8 an apl moment to review the long-term impact of the a¢quisitlons on audiences, Collections and the professional development of the curators involved. Wnat emerged from the discussion wa$ a profound sense of the mullifaceled importance of making these major acquisitions for museums.. how they inspire confidence and ambition to develop collections further, as well as acting to bring the most current and pertinent work lo the museums, audiences. We are delighted that Liesl Fichardt has agreed to Covchair the committee with Irustee Nicola Blake in 2024.
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statements For the year ended 31 Maff h 2024 Income Ggneration Subscri lions and Donations.. Donations decreased by comparison with the previous year, largely due to the one-off donation of £250,000 from Béatrice and James Lupton that we received in 22123. In lefms of regular funding streams, individual giving again increased, with a number of new Patrons and some upgrading lo higher levels. cil Award.. 2023124 was the second year of our three-year funding as a National Portfolio Organisation. The Arts Council has confirmed that this funding round wlll be extended to four years. subject to a non<ompelitive application process. Fees and mmissions.. Income from this source decreased this financlal year. Our advisory services had another busy and successful year, but some projècts were put on hold or postponed indeflnitely. We have budgeted at Gonservative18vels for 24125. ther Ig.. We made just one unsolicited application lo Trusts and Foundations durlng the year, whlch was unsuccessful. ThSs area of fundraising is proving increasingly difficult, and a5 a Consequence we are focusing our efforts on fundraislng from individuals and corporations. ran undr81 in s.. We held tsvo fundraising events during the year, one with Gilbert and George at their newly opened centre in November and one al the studio of Thomas J Price in March. even Fun In .' L8d by our Director and the Head of Philanthropy, we raise funds from Individuals and Corporates through our Patron schemes, restricted donations and fundraising events. We are members of the Fundraising Regulator and only approach contacts who are known to us or are Introduced to Us. W8 hav8 received no complaints about our fundTai5ing during the year under review.
THE CONTEMPORARY ART SOCIET Trustees, Report and Financial Statements For the year ended 31 March 2024 4. PLANS FOR THE FUTURE From 2022123 we increased our financial commitment for the four-year period from £10,000 to £12.000 for each Fine Art a¢qulsilion and from £3,500 to £4,000 for each Craft acquisition. We are also working with a greater number of regional museums. Our ambition wlll be to increase these figures again al the stsrt of the new cycle in 2026127. The museum sector is in a period of unprecedented strain, with budget euls and restructurings the norm among many of our members. We will respond lo this by increasing our flexibility around acquisitions and supporting individual museum colleagues with travel bursaries to enable them lo undertake research and engage in our CPD programme. Robert Suss joined as our new Chalr in January 2024 and a skills audit of the full Board wa$ undertaken in April 2024. Since then. four new Trustees have joined LIS, brtnging with them a wealth ol experienc8 in fundraislng. branding and marketing, With a Board now strengthened in key areas, we plan to continue our focus on fundraising from individuals and corporations, rather than trusts and foundations. In June 2023, we launched our new websi18. which, for Ihe first tlme, makes all the works we have placed over the past 114 years publicly available and searchable online. Wllh an expanded CommuniGations and Digi181 team now in place we plan to develop the resource further and create informed editorial content for wide audiences. A new digital strategy is ¢urrenlly being developed. In 2023, we completed th8 development of a new Inclusion, Dlversity and Equity Poli¢y, working with Inclusive Ernployers. Over the course of the next three years, we will seek lo embed inclusive pra¢lioe acros5 all areas of our work and monltor and update the policy and action plans. Our team that delivers advice on art in public spaces h8s been operating in an increasingly challenging context due to the continuing uncertainties around Brexit as well as the pandemic. The team continues to be nimble and to pivot quickly towards new types of work in a way Ihat is highly responsive lo a Ghanging environment. We will conb'nue lo monitor and revlew th8 performance of our designated charity fund with Sarasin, especially during this continuing period of highly volatile markets, and we will consider diversifying our investments with another fund manager.
THE CONTEMPOFIARY ART SOCIETY Trustees, Report and Financial Statements For the year ended 31 March 2024 5. FINANCIAL REVIEW Results The results of the Society for the year ended 31 March 2024 are set out in the finanGial statements on pages 17to31. Spend on art purchas8$ and distributions was £588,56612023'. £ £719,437). Total income for the year was £1,490,33912023.' £1,764,456). £1.244,943 was unrestricted and £245,406 was restrictèd. Total expenditure for the year was £1,535,73112023.' £1,692,940). £1,286.437 was unrestricted and £249,294 was restricted. The overall deficit for the year is £145,392112023.' £71,516 surplus), with a deficit of £141.504}12023: £150,453 surplus) in unrestricted funds and 8 deflcil of £13,888112023. £178,93711 in restricted funds. The year end deficit in unreslri¢led funds Is the ffirsl since 2016117. We will continue to manage our cost base carefully and maximise income generating opportunllies. Re8erve8 Pollcy The Trustees review the Charity's reserves annually. This review encompasses the nature cf the Income and expenditure streams, the need to m8tch variable income with ongoing commitments and the nature of the reserves. With the purchase of the mulll-funclion offi¢8 space al Central Street the expendable endowment funds have been utllised and a deslgnaled fund has been established lo r8presenl the monies invested nel of depreciation. At 31 March 2024 this fund has a balance of £824,78912023. £846.2121. At 31 March, th8 general unreslri¢ted funds were £687,08012023.' £707,161). This include$ £35,000 ol stock currently being distributed and a further £15,008 represented by fixed assets. This leaves £e37,072 of free reserves, representing approximately 6 months running costs, which in light of the current state of buslnèss the Board believes is a resilient positlon. The balance of the funds. £1,344,059, is held In restricted or designated funds. The analysis and movement of restricted ftjnds are explained in note 10 lo the financial statements.
THE CONTEMPORARY ART SOCIET Trustees, Report and Financial Statements For the year ended 31 March 2024 6. PRINCIPAL RISKS AND UNCERTAINTIES The museum sector Is under immense pressure, with successive restructurings and cuts lo ¢ur8torial teams. In some instances, the museum has not had the capacity lo work with us towards an acquisition. which resulted in us deferrlng a number of acquisitions into the 24125 financial year. We consider museums, capacity lo engage with us a$ a key risk and will continue lo support curators and offer flexibility where we can. Principal internal risks are in Telalion to income generation. We receive around 12Vo of our income from Arts Council England and ralse the rest through a number of income streams. We develop income generating plans thoroughly and consSder carefully th8 potential risks. We review plan$ regularly and update them accordingly. The pressure on thé museum Sector impacts on our abllity lo engage with some of our museum rnemb8rs. We wlll contsnue to support our colleagues in those museums, offering flexlbilily where we ¢an. We have continued funding as an Arts Council Nalional Portfolio Organisallon for the period 2023124- 2025126. The Arts Council have staled that this will be extended through lo March 2027 subject to 8 non<ompelilive application process. W8 expect the Arts Council lo announce plans for the next funding round over the next 12 months. The Trustees review the risk reglsler al each Board meeting. 7. STRUCTURE, GOVERNANCE AND MANAGEMENT Con8tltutlon The Contemporary Art Soclety is a charitable company limited by guarantee. registered on 7 April 1931, and Is governed by the Memorandurn & Articles of Association. It wa$ reglslered as a charity with the Charity Commission on 22 September 1962. Compogltlon of the Board, oryanisatlon and Trustoo Inductlon and tralnlng The Board of Trustees. whlch can have up lo 25 members, directs the Charity through regular meetlngs. The Charity regularly reviews the skills, nelworks and experience of the Board. Where skills have bee identified as missing, members of the Board and the Director may propose potential new Trustees. Following agreement with the Trustees, the Chair will approach potential candidates to discuss their interest in becoming a Trustee. All candidates for Trusteeship have discussions during the selection process on the role they will 10
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statements For the year ended 31 March 2024 be expected lo take. These discussions involve the Chair. the Director and other Trustees when appropriate. Recommendations are then made to the Board for full approval. All new Trustees go through an induction process. Board induction includes meetings with senior staff as well as the provision of a pack Of infomation about the Contemporary Art So¢iety. Our Chair, Marco Compagnoni, stepped down in December 2023, having been Chair sinc8 January 2018, Robert Suss was appointed as our new Chair from January 2024. One of hvo important subcommittees of the Board, the Finance Committee meets quarterly in advance of Trustee meetings lo review Sn detail the Charity's financial affair5. The Finance Committee has been chaired by Anna Yang since September 2019. The Development Board meet$ every six weeks on average and was chaired by Emma Goltz until June 2024. Liesl Fichardl and Suling Mead took over as co-chairs in June 2024. It is attended by the Chair of TTu5tees, Irust8es Nicola Blake, Béatrice Luplon, alongside patrons Charlolle Artus and 8ertrand Cosle. The newly formed Investment Principles sub-committee, chaired by John Shield alongside Nicola Blake and Tommaso Corvi-mora, leads on compliance wlth the organisalion's actions for each Investment Principle as part of our successful Art5 Council funding application. All members of the Board glve their time voluntarily and receive no benefits from the Charity. Managemont The Contemporary Art Society is managed by the Dlreclor, Carolin8 Douglas, to whom the Senlor Management Team reports. The senior management team includes Sophia Bardsley, Deputy Oirector,. Colln Ledwith, Head of Consultancy., and Dida Talt. Head of Philanthropy. The Contemporary Art Society operates an annual review system led by the Director, designed to support staff In making the fullest contribution lo the Charity and to provide them with timely feedback on perfomance and professional development Pay pollcy for Tiust888 and senior staff The trustees comprise the board of trustees, and the senior management team comprised of the key management personnel of the Charity, who are in charge of directing, controlling. running and operating the Charity on a day-lo-day basis. All trustees give their time freely and no trustee received remuneration in the year. Details of Trustees, expenses and related paty transactions lif any) are disclosed in Notè 4 to the accounts. The pay of the stsff is reviewed annually and normally increased in accordance with inflation and to reflect any additional responsibilities brought into their job description. The directors also benchmark against pay leve15 in other charities of a similar size. If recruitment has proven difficult in the recent past, a market addition is also paid with a pay maximum no greater than the highest benchmarked salary for a comparable role. The annual
THE CONTEMPORARY ART SOCIETY Trustees, Report and Financial Statements For the year endeil 31 March 2024 salary settlement is reviewed by the Finance Committee, who make recommendations to the Board, at a meeting before the new financial year. statement of Trustee8' Responsibilitles The trustees Iwho are also directors of the Contemporary Art Society for the purposes of company law) are responsible for preparing the Trustees, annual report and financial slalèrnents in accordance with applicable law and United Kingdom Accounting Standard5 Iuniled Kingdom G8n8rally Accepted Accounting Practice). Company law requires the Trustees to prepare ff nanci81 statements for each financial year, which give a true and falr view of the stale of affairs of the charltable company and of th& Incoming resources and application of resources, including the income and expendllure, of the charitable company for that period. In preparing these financial slalements, the Trustees are required to.. Select suitable accounting pollcles and then apply them consistently Observe the methods and principles in the Charities SORP Make judgements and eslimales that are reasorsable and pfudent Stale whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any malerlal departures disclosed and explained In the financial statements Prepare the financial statements on the going concern basis unless it Is Snappropriate to presume that the charity will continue in operatlon The Trustee5 are responsible for keeping adequat8 accountlng records that dis¢lose with reasonable a¢¢ura¢y at any lime the financial position of the chafltable company and enable them lo ensure that the financial statements ¢omply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitsble company and hance for taking reasonable steps for the prevention and detection of fraud and other IrgUIarlt1as. In go far a5 the Trustees are aware.. there is no relevant audit information of which the charttsble company's auditOTS are unaware., and the Trustees have taken all steps that they ought to have taken to make themselve5 aware of any relevant audit information and to establish that the auditors ale aware of that inft)rrnalion The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitabl8 company's webslle. Legislaticn in the United Kingdom governing the preparation and dissemination of ff nancial statements may differ from legislation other jurisdictions. Members of the charity guarantee lo contribute an amount not exceeding £110 the assets of the charity in the event of winding up. The total number of such guarantees al 31 March 2021 was 19120201. The trustees are 12
THE CONTEMPORARY ART SOCIETY
Trustees’ Report and Financial Statements
For the year ended 31 March 2024
members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.
Auditors
Sayer Vincent LLP were reappointed as the charitable company's auditors during the year and have expressed their willingness to continue in that capacity.
The Trustees’ annual report has been approved by the Trustees on 1 October 2024 and signed on their behalf by
Robert Suss
Chair
13
THE CONTEMPORARY ART SOCIETY Auditorfs report FOT the year ended 31 March 2024 Independent auditor's r•port to tho members of Th• Contomporary Art SoGioty Oplnlon We h8ve audlted the financial statements of The Conlernporary Art Society (the 'charilable company,) for the y8ar &nded 31 March 2024 which comprise the statement of financial aclivilies, balance she81, slalemenl of cash flows and notes lo the financlal slalemenls, including significant accounting polic8. The financlal reporting framework that has been applied In their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Fin8nci81 Reporting Standard applicable in the UK and Republ1¢ of Ireland {United Kingdom Generally Accepleé Accounting Practice}- In our opinion, tt)e financlal stat8m8nls'. Glve a true and falr vlew of tho slate of the charitable companys affalrs as at 31 March 2024 and of 4t5 Incoming resources and applicatlon of resources, includlng Ils Income ané expendllure for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Pracllce Have bean prepared In a¢cordan¢e with the requirements of the Companies Act 2006 Ba818 for oplnlon We conducled our audit In accordance with Inlemational Standard$ on Audlllng (UK) {ISAs IUKII and applicable law. Our responslbllltles under Ih05e standards are further described in the Audttor's responsibilities for the audlt of the flnanci81 $18lements $eGllon of our report. We are Independent of the charltsble company in accordance with the elhlcal requirements that are relevant to our audll of the financlal 51atemenls in the UK, including the FRC'S Ethical Slandard and we have fullllled our other elhi¢al respon5ibllilles accordance with these requlr&menl8. We belleve that thè audit 8vidence we have obtaineé is suffi¢ienl and approprlale lo provide a ba81s for our oplnlon. Concluslon8 r•lating to golng concorn In auditing the financial slalements, we have concluded that the Iruslees, use of the golng concern ba818 of accounting in the preparation of the financial slalemenls is appropriate. Based on the work we have performed. we have not idenlrfigd any material uncertainties relating to events or condllions that. indNidually or collectively. may cast significant doubl on The Contemporary Art Society's ability to continue as a going concern for a period of al least twelve months from when the financial statements are aulhorised for18gue. Our responsibillties and the responsibili11•5 of Ihe trustees wlh respect to going concern are described in the relevant sections of Ihls report. 14
THE CONTEMPORARY ART SOCIETY Auditor's report For the year ended 31 March 2024 Other Information The other information comprises the informatlon includ8d in the trustees, annual report, olhef than the financial statements and our audito¢s report thereon. The trustee5 are responsible for the other information contained within the annual report. Our opirsion on the financial slalement5 does not cover the other information and, except to the extent othewise explicitly stated in our report. we do not express any form of assurance conclLJsion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether the other informatlDn is materially inconsistent with th8 fi'nancial stalem&nts or our knowledge obtained in the course of the audit. or otherwise appears to be mater¢ally misstated. If we identsfy such material inconsistencies or apparent material misslalements, we are required to determine whether this gives rise to a materlal misstatement in the financial Statements themselves. If, based on the work we have performed, we ¢onclude that Ihere is a material misstslement of this other information, we are required lo report that fact. We have nothing lo report in this regard. Oplnlong on other mattern pre8¢rlbed by thè Companles Act 2006 In our oplnion, based on the work undertaken in the course of the audit.. The information given in the trustees, annual report, for the financlal year for which the financial stslemenls are prepared is consistent with the financial slatemenls,. and The trustees, annual report, has been prepared in accordance with applicable legal requirements. Matter8 on whlch wo are rgqulred to report by exception In the light of the knowledge and understanding of the charitsble company and ils environment obtained in the course of the audit, we have not idenlrfied material misstatements in the trustees, annual report. We have nothing lo report in respect of th8 following matters in relation to which the Companie5 Act 2006 requires us lo report to you if. in our opinion.. Adequate accounting records have not b8en kept. or returns adequate for our audit have not been recelved from bran¢hes not vlslted by us,. or The financial statements are not in agreement with the accounting records and returns., or Certain disclosures of Iruslees, remuneration specified by law are not made., or We have not received all the informallon and explanations we require for our audit., or The directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small Companies, exemptions in preparing the trustees, annual report and from the requirernenl lo prepare a strategic report. Rosponsibilitios of trustees As explained more fully in the statement of trustees, responsibilities sel out in the trustees, annual repoTI, the trustees (who are also the directors of the charitab5e company for the purposes of company lawl are responsible 15
THE CONTEMPORARY ART SOCIETY Auditor's report For the year ended 31 March 2024 for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal Control as the trustees detemiine is ne¢essary to enable the preparation of financial statements that are fffe from material misstatement. whether due to fraud or error. In preparing the fin8nclal statements, the trustees are responsible for assessing the charitable company's ability lo continue as a going concern, disclosing, as applicable, matters r81ated to going concern and uslng the going ¢on¢ern basis of accounllng unless the truste&s either intend lo liquidate the charitable company or lo cease operations. or have no realistic allernalive bul to do so. Audltor'8 r8$pon81bllltles for the audlt of tho finan¢lal stat8monts Our objectives ar8 to obtsin reasonable assurance about whether the financial statements as a whole are free from materlal misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assuranc8 but is not a guarante8 that an audit conducted in accordance with ISAS IUKI will always delect a material misstalemenl when it exists. Misstatements Can arise from fraud or error and are considered material if, indivldually or in the aggregate, they could reasonably be expected lo influence the economic decisions of users taken on the basis of these financial statements. Irregularlties, Including fraud. are inslanc8s of non-¢ompliance with laws and regulations. We deslgn procedures in line with our responsibllilies, outlined above, lo detect rnalerial misslatemenls in respect of irregularitles, including fraud. The extent to which our procedures are capable of dele¢ling irregulari118s, InGluding fraud are sel out below. Capablllty of the audlt in detgctlng Irrogularltl88 In Identifying and assessing risks of malerlal misstalemenl in respect of irregularities, Including fraud and non- compliance with laws and regulations, our procedures included the following.. We enquired of management, internal audil and the audit and risk committee, which included obtaining and reviewing supporting dwumentahon, concernin9 the charity's policies and procedures relating to.. • Identifying, evaluating. and complying with laws and regulations and whether they were aware of any instsnces of non-compliance., Delecling and responding to the risks of fraud and whether they have knowledge of any actual, suspected, or alleged fraud., The internal controls established to mitigate rlsks related lo fraud or non-compliance with laws and regulations. We inspeoted the minutes of meetings of those charged with govemance. We obtained an understandlng of the legal and regulatory framework that the Gharity operates in, focusing on those laws and regulations that had a material effect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. 16
THE CONTEMPORARY ART SOCIETY Auditorfs report For the year ended 31 March 2024 We communicated applicable laws and regulations throughout the audit team and r8malned alert lo any indications of nonrycompliance throughout the audit. We revlewed any reports made to regulators. We reviewed the financial statement disclosures and tested these to supporting documenlatlon lo assess compllance with appllcable laws and regulations. We performed analytical procedures lo iéentify any unusual or unexpected relalion$hlp8 that may indicat8 risks of material mi88lat8menl due lo fraud. In addressing the risk of fraud through management override of controls. we les16d the appropatene8S of journal entries and other adjustments, assessed whether the judgements mado in making accounting eslimales are indicative of a polenlial bias and tested Significant Iransa¢llons that are unusual or those outside the normal course of buslness. Because of the Inherenl Ilmitalions of an audit, there is a risk that we will not delecl 811 irregularllie8, including those leading lo a material m18Stalement in th8 financial statements or non-compliance wlth regulalSon. Th18 risk increases the more that compli8nce wllh a18w or regulation is MOVed from the evenl8 and trans8clions reflected in the fln8nclal statements, as we will b818$s likely to become aware of Instances of non-compliance. The risk is also greater regarding irregularllies occurrlr)g due lo fraud rather than error, as fraud involves inlenllonal con¢ealmenl, forgery. collusion. omission or misrepre5entallon. A further description of our responsibililies is available on the Flnan¢lal Reporting Council'8 webslte at.. .frc.or udllorsr nsi This description forms part of our auditor's report. U80 of our r•port This report Is made solely to the charitable company'¥ members a5 a body, In a¢¢tydance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might slate lo the charitable company's members those matters we are requlred to slate lo them In an auditor's report and for no other purpose. To the fulle81 extent permitted by law. we do not accept or assume r85ponsibillly to anyone other than th8 charitable company and the charitable company's members as a body. for our audit work, for th1¥ report, or for the opinlons we have formpd. Judith Mlller {Senior statutory auditor} 5 December 2024 for and on behalf of Sayer Vincent LLP, Ststutory Auditor 110 Golden Lane, LONDON. EC1Y OTG 17
THE CONTEMPORARY ART SOCIETY statement of financial activities {'SOFA') Incorporating the income and expenditure account For the year ended 31 March 2024 Notes Unrestricted Restricted funds funds 2024 2023 Income from Donations. Subscriptions & Grants Donations & Subscriptions Arts Council Award 453,787 171,421 245,406 699,193 171,421 982,188 171.421 Charltsblg actlvlues Fees and commissions Other grants 422.578 422.578 510,444 Other trndlng activities Fundr81slng Evènts 188,500 188,500 98,e33 Investments Bank inlergst 8,847 8,647 3,770 Total Incom6 1,244,933 245,406 1,490,339 1,764,456 Expendlturè Expendlture on ralslng fundj Gosl of fundlalslng events Other fundr8181ng costs 135.542 48.949 13S,542 48,949 80,122 47,258 184.491 184,491 127.380 Expendlturn on ch•rttable actlvltles Art purchases & dislribulions Commissic*ns and collections advisory Museum advice and trainlng Education 339,272 373,529 162,928 226,217 249,294 588,566 373,529 162,928 226,217 719,437 384,856 189,489 271,778 1,101,946 249,294 1,351,240 1,565.560 Totsl Expgndlture 1,286,437 249,294 1,535,731 1,692.940 Net Incomellexpenditurg) before galn81103s Galn8n08se8 on Investments 141,5041 46,134 13,888} {45,392) 46,134 71,516 114,e401 Ngt movement In funds after galn8lloBS89 Fund balance brought forward Fund balanco8 carrled fopward 4,630 1,944,834 13,888} 742 85,563 2,030,397 56,876 1.973,521 10 1,949.464 81,676 2.031,139 2,030,397 All of tho above Tesulls derive from conllnulng actltIeS. There are no galns and losses other than those disclosed above. The a¢¢ompanying notes form an integral part of these financial slalemenls. Movement in funds are disclosed in note 10 to the financial sL2tement$, 18
THE CONTEMPORARY ART SOCIETY
Company Number:00255486
Balance Sheet
As at 31 March 2024
| Notes Fixed assets Tangible assets 5 Investments 6 Current assets Stock 7 Debtors 8 Cash at bank and in hand Short Term Deposits Creditors:amounts falling due within one year 9 Net current assets Net assets Represented by General income funds Future fund Designated Central Street fund Total Unrestricted funds Restricted income fund 10 |
2024 £ 839,797 437,595 ____ 1,277,392 35,000 245,765 496,849 275,000 ____ 1,052,614 (298,867) ____ 753,747 ____ 2,031,139 ____ 687,080 437,595 824,789 ____ 1,949,464 81,675 ____ 2,031,139 |
2023 £ 865,764 391,461 ____ 1,257,225 35,000 360,020 351,216 200,000 ____ 946,236 (173,064) ____ 773,172 ____ 2,030,397 ____ 707,162 391,461 846,211 ____ 1,944,834 85,563 ____ 2,030,397 |
|---|---|---|
The accompanying notes form an integral part of these financial statements.
The financial statements on pages 18 to 32 were approved by the Trustees on 1 October 2024.
Robert Suss
Chair
19
THE CONTEMPORARY ART SOCIETY .8tatp.me.nt of Cashflows For the year ended 31 March 2024 2024 2024 2023 2023 Cash flow from operatlng actlvltl•s Nel lexpendlturelAncom8 Adjuslmenls for., Depreciation Ch8rges Oividends, inleresl and renls from Investments D8Grgaselllncrea881 In debtors IncreasellDecreasel In creditor8 742 56,876 34,072 18,6471 33,134 {3,7701 114.255 125,803 1168,4e11 1112,1741 Nèt cash provldèd byllused Inl opratlng actlvltl08 266,225 1192,4151 Cash flow from Snvestlng actlvltlo9 Inve8tment Income- bank Inl8rest Purchase of tangible fixed assets (Gainsll Losses on investments Purchase of investments 8,647 18,1051 146,1341 3,770 12,9631 14,840 1100.0001 N&t cash (used Inl Invgstlng actlvlt1è8 145,5921 {84,5531 Change In cash and cash equlvalents In the ye•r 220,633 1276,9681 Ca8h and ca$h gqulvalents attho b8glnnlng of the y9ar 551,216 828,184 Cash and cash gqulvalents at thg end of the year 771.849 551,216 The accompanying not65 form an integral part of these financlal 81al8ment8. 20
THE CONTEMPORARY ART SOCIETY Notp8 ta the financial statements For the year ended 31 March 2024 1 Accounting pollclo$ a) Basls of accounting The financial statements have been prepared in accordance wth Accounting and Reporting by Charities.. Statement of R9commended Pmclice applicable to ch8rities preparlng their occounls In accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 1021 leffeclive 1 January 20151- Icharft'es SORP IFRS 1 [1211, the Financial Reportlng Standard appllcable in the UK and Republic of Ireland IFRS 1021 and the Companies Act 2006. Assets and liabilittes are initially recognisèd at historfcal cost or transaction valu8 unl8SS Otherwise slated in the ralevant accounting policy notelsl. The Iruslees have assessed whethèr the us8 of thg going concern basis18 appropriate and have considered possiblg events or condilons that mlghl cast slgnlfic8nl doubl on the abillty of the charity lo continue a$ a going Concem. The Iru$tge$ have mad8 this assessment for a period of al least ong year from the dale of approval of the financlal slalemenls. In particular the trusteès have considered the charitles forecasts and projecllons and have taken account of pressure5 on donation and investment Income. After making enquiries the Iruslees have concluded that there18 a reasonable expectation that the charity has adequate resources lo continuo in operational existence for the foTe$eeable fulum. The charity therefore continues to adopt the golng concèm basis In preparing Ils financlal sts16ments. b) Public ben6111 entlly The charitable company meets tha deflnition of a public benefit entity under FRS 102. c) Accounting eslim81es The Trustees consider that there are no material uncertalnlles about the Gharitable company's ablllty to continu8 as 8 golng concern. The Trustees do not conslder that Ihore are any sources ol estimaOn uncertainty al the reporting dale that have a significant risk of causing a materi81 adjustment lo the carryln9 amounts of assols and liabllilies within the next reporung period. d) Income All income 1$ included in the Slalernenl of Financial Activities ('SOFA'I when the charity is1gga11y entitled lo the Income and the amount can be quantified wth roasonable prob8bility. Membershlp subscriptions are treated as donations and arg accounted for when received. ej Expendilure Expenditure is classified und&r the principal c81egories of charltsble and other expenditure Tathèr than tho type of expense, in order to provide more useful infomiation lo users of the flnancial slalements. 21
THE CONTEMPORARY ART SOCIET Notes to the financial statements (continued) For the year ended 31 March 2024 1 Accountlng pollcies Icontlnuodl Expenditure on ralslng fLJnds and charitable expenditure comprise direct expenditure including d1cl staff costs attributable lo the charity. ere costs cannot be directly attributed they have been 8llocated on the basis of the percentage of staff time spent on each aclivily. 2024 2023 Cost ttf fundraising events Other fundraising ¢051s Commissions and collections advisory Museum advice and training Art purchases & dislribulions Education Governance 100/0 5¥0 34Q 80 20Yo 209/0 3Y SQ 8•10 23% 3¢/ Art purcha8e8 are charged lo eXndItUre In the year the purcha88 Is m8de 8llhough not all purchasès in a year ale dlslribuled in the year. Q Fund accounting Unreslrlcled lund8 are avallable for use al th8 dl8cr8tion of the Trust888 In fUrth0nCe of the g8neral objectives of the ch8rfty. Where funds are recelved under contracts lo provide services they are Ir88led as unre81rieted. Deslgnalgd fund8 comprise lunds whlch h8vè boen sel 88ide at tho discietion of the Trustees for $peclfic purpos8$. Re8lrlct8e funds are funds vthich are te be used In accofdènce th restrlctlons Imposed by donors or whlch hgv8 been raised by the eharlty for particular purposes. The cost of roi5ing and admlnislering such funds are charged against the speclfic fund. Thè aim and use of each restrfcled fund Is sel out in the notes lo the financial slalemgnls. Where funds are expended in advance and in genuine anlicip8llon of receivin9 reslricled fvnding a negative restrict8d fund Is crèated. g) Pension The charSly has a defined contribution pgnsSon scheme lor all members of staff. P8nsion costs charged in the Slalement of Flnanclal Activit198 repre8enl the contributions payable by the charity in the year. hj T8ngible fixed 8SSets Tangible fixed assets are slatgd al cost. Depreciation18 provided on all tangible assets al rates calculated to write off the cost less e8ts'mated resldual value of each asset evenly over Ils expected useful lifg as follows.. Leasehold propety 2% per annum Computer equipment 20Qk per annum Other equlpment 20% per annum Small capital additions which do not exceed £500 are exp&nsed In lull in the year of acquislllon. 22
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (continued) For the year ended 31 March 2024 1 Accountlng pollcles Icontinuedl i) Stocks Stocks comprlse works of art that have been beque8thgd to the charity. Art that has been purchased for distrfbLrtlon is deemed lo have a nil realisable value and is expended in the year of purchasg and not includ8d wthin stock. JJ Operaling l&as8s Rentals palct under operating leases are charged lo the Statement of Financial Acllvilies on a slr8ight line basis over tha18as8 leryn, k) Financial Instruments Financlal assets such as cash 8nd debtors are measured al Ihelr present value of the gmount¥ ceIVable. less 8n allowance for the expected level of doubtful receivables. Financial liabilllles such as trada creditors, loans and finance leases arè measured at the present value of the obligation. ) Judg8ments and 8stlmat8s Thè Stems In the financial ststemgnts where these judgements and e¥timale8 have beèn made Include.. the gslimate8 of the usefvl economic Ilves of langlble fixgd assets used lo determine tho Bnnual depreciation charge., the a85umpllon8 adopted by the INstees and managemanl In determining the value of 8ny dèslgnallons required from the charfty's genaral unre8lrfct8d ndS,, and the basis on which support C081s have been allocated across expenditure h88dlng8', and In addltion to the above, Ihg full impacl following the recent emergence of the global coronaviTUS pandemie is st511 unknown. It Is therefore not curr8nlly p05slble lo evaluate all the potentlal impllcations for the charity's aclivilies. suppliers. beneficiaries and the widgr economy. Eslimale5 used in Ihe financlal slalgmenls, particulgrly with respect to the v81ue of listed investments are subject lo a greater degree of uncertainly and volatllily. 23
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (continued) For the year anded 31 March 2024 2 Donations, Subscrlptlons & Grants 2024 unstrICted Re81ricled 2024 Indlviduals Museums & Galleries 311,047 142,740 245,406 556,453 142,740 453.787 245,406 699,193 2023 Unreslricled Reslricled 2Q23 Individuals Museums & Gallerfes 561,438 141,150 279,600 841,038 141.150 702,588 279,600 982,188 Donation8 from IruBtee8 tolallèd £266,09912023.' £461,8001 In tha year. All of thè Arts Councll Award is unrestricted £171,42112023.' £171,421). 3 CharFtable ActlvltS•8 Fees and commlssions lolalled £422,578 of whlch £nll was restricted for Gontribulion8 to acqulsitlons12023.' lolalled £510,444 of whlch £nS1 wa8 restricted for contributions lo acqulsilions) 24
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (continued) For the yèar ended 31 March 2024 4 Total rosources èxpended 2024 Staff C05ts Other direct costs Allocated support costs Total 2024 Fundraising expenditure.. Fundralslng event costs Other fundralslng c081s 70,472 35,236 37,681 27,389 13,713 135,542 48.949 105,708 37,881 41,102 184.491 Charitoble activ1e8.. Art purchases Commls8Sons and collecllons advlsory MuseLJm advice and training Educallon 140,944 239,605 56,376 140.944 392.771 40,647 84.610 30,422 54,851 93,277 21.940 54.851 588,5e6 373,529 162,928 226,217 Totsl 2024 683.679 586.131 266.021 1,535,731 Support Colts 2024 Governance Co¥ts Govemance staff co8t8 Other govem8nce costs Audit Fee 21,142 30,688 7.550 59,380 Other Support Costs Non salary staff co¥ts Property IT costs Insurance Postsge Maintenance Office running costs Depreciation Outsourced finance & payroll Other 28,653 32,748 24,432 4,821 487 15,638 13,137 34,072 36,301 18,057 295 Bank charges 266.021 Included wthin the lolal expenditure is £249,294 restricted expenditure. Cost allocation includes an element of ludgmenl, and the charity ha8 had to consider the cost benefit of detsiled calculations and record keeping. 25
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (continued) For the year ended 31 Mar¢h 2024 4 Total resourcgs oxpended Icontlnu8dl 2023 Staff Costs Other direct costs Allocated support costs Total 2023 Fundraising expenditure.. Fundraising event Gosts Other fundralsing costs 42,039 35,032 23.427 14.856 12,226 80,122 47,258 77,071 23,427 28,882 127,380 Chatable aGllviUes'. Art purchases Commi8sion8 and colleclions advlsory Museum advice and trainlng Educats'on 181.148 238,219 56,052 147,135 502,051 63,488 113,876 73,296 58,238 83,149 19.561 51.347 719.437 384,856 189,489 271,778 Total 2023 679.626 776,138 237,177 1,692.940 Support cts 2023 Govèrnance Costs Govern8nce staff costs Other governancè costs Audll Fèè 21.019 5,974 4,358 31,351 Othor Support Costs Non salary Staff costs Propety IT costs 33,198 29,453 21,200 6.067 500 7,187 8,992 33,134 34,300 26,332 5,445 Insurance P08tage Malnten8n¢e Office running costs Oepreciatlon Outsourced finance & payroll Other Bank charges 237.177 Included within the lolal expenditure Is £266,588 restricted axpendilure. Cost allocation Includes an element of judgmonl, and the charity has had lo con8lder the cost benefit of detail8d calculation5 and record keoping. 28
THE CONTEMPORARY ART SOCIETY Notes to the finan¢ial statements (continued) For th8 year ended 31 March 2024 4 Totsl resources expgnded Icontlnuodl al Staff costs 2024 2023 Wages and salaries Soclal security costs Penslon 623,688 61,156 19,877 617,687 64,650 18,307 Tc)tal staff costs 704.721 700,644 Temporary stsff SutF¢onlra¢lor cost8 4,880 15,798 13,107 Total staff and contractor costs 725,399 713,751 The avorage number of omployee8 was 16 One employee received remunerallon of £80,000 - £89,999 durlng tho year {2023.' nlll, no employees received renumeration of £70,000-£79,99912023.. 11 and three employèe recelvad remungralion of £60,000-£69,999 during tha yaar12023'. 11. Pension conlrlbulions of £8,08412023'. £7,613) were made In respect of higher paid employee¥. The lolal omploy88 beneflls including pgnsion conlributlons for the key management personnel were £309,45612023'. £292.1201. bl Truste0¥ The TnJ81ee8 do not reeeive emolumenls12023.' none) and did not cl8lm any relmbursemenl of expen88s {2023'. £nlll. cl Audltor8' remuneratlon 2024 2023 Audltors. r8munornllon - audlt servicos 7,550 7,050 27
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (continued) For the year ended 31 March 2024 5 Tanglblg fixed aBsots Leasehold Computer Equipment Office equlpmenl Propety Total Cost 1 April 2023 Additions 1,070,978 39,083 81,571 8,105 1,191,632 8.105 31 Mah 2024 1,070,978 39,083 89.676 1,199,737 Accumulated Dopreclatlon 1 April 2023 Charge for the year 224,766 39,083 82.019 12,649 325,868 34,072 21,423 31 March 2024 246.189 39,083 74.668 359,940 Nèt book value 31 March 2024 824,789 1 5,008 839,797 31 March 2023 846,212 19,552 865,764 Depreclalion rates 200 20% 6 Invostmgnts Llstgd Invè•tm•nts 2024 2023 Fair Value 81 the start tsf the year Addillons al c051 D18po8al proceeds Nel gain I Ilossl on change in fair v8lue Cash held by investment broker pending relnvèslment 391,461 306,101 100,000 48,134 114,8401 Fair Value at the end of the Ye8r 437,595 391.461 Inveslmgnts comprise of.. UK Common Investment FundB 437,595 391.461 Totsl Investments 437,595 391,461 28
THE CONTEMPORARY ART SOCIETY Notes to the financial statements (continued) For the year ended 31 March 2024 7 Stock stock comprises one collection of works of art which were bequeathed lo the Society. The balance sheet does not include gifts of art and craft given lo the charity for dislrfbulion. These gifts amounted to £35,00012023 £35,000) at the year end. 8 Dgbtors: Amounts falllng du• wlthln one year 2024 2023 Trade debtors Prepayments Accrued Income VAT 86,410 41,534 117,821 125.422 19.420 203.046 12,132 245,765 360,020 9 Crèdltorn.. amount8 talllng dug wlthln onè yèar 2024 2023 Credllors Accruals 150.103 100.111 25.758 3.103 18,669 1,123 88,543 64,400 3,084 Deferred income VAT Soclal securfly and other taxes Other Credltor8 18,928 109 298,867 173.064 Movement In delerrgd Incomg 2024 2023 Brought forward Released in year Deforred in year 3,084 13.0841 25,758 10,666 (10,6681 3,084 25,758 3,084 Deferred income comprlses of no work in progress and no recharge Snvoices. In the previous year it comprfsed of a work in progress of £2,900 and patron f6es and donauons £184. 29
THE CONTEMPORARY ART SOCIETY Notes to the financial stAtp.ments (continued) Foi the year ended 31 March 2024 10 Statèmènt of Funds 2024 {current yearl Transferl Investment Income Expenditure GainlLosse5 At 1 April 2023 At 31 March 2024 Unrè$trlctgd funds General Funds 707,161 1,244,933 11,286.4371 21,423 e87,080 D8signaled Fund- Cèntr81 Street.. see note lal 846,212 121,4231 824.78S Future Fund 391,461 46,134 437.595 1,944,834 1,236,133 11,288,437) 46,134 1,949,464 Restrlcted funds: 8•• nots Ibl Digital Archlvè 8nd Websitè Sp¢cial ProlectB Other 35,563 10,000 40.000 {28.190) {171,1041 {50,0001 7,373 74,302 195.406 50,000 40,000 140,0001 85,563 245,406 {249.2941 81,675 Total fund8 2,030,397 1,481,539 11,535,731) 46,134 2,031,139 Reslrfcled fund8 unexpended are m8inly represenlgd by short lemi depo8lt8 and cash al bank. Note lal The desgnated fund repSt5 the monies commltted lo the dev8lopmenl of the Central Street office and fiexlble use space. The FLrture Fund has been get up lo support the future of our museum acqulsitlons programmès. Note Ibl Dlgltal Archlve and Web8ite- to catsloguo all the gifts made by the Soclety through Ils hSslory and devalop an onllne resource Special Projects- acqulslllon seheme$ fvnded by indSvlduals, whlch is additional lo our core acquisition schem88. Prevlou81y included Choose Art Other- to covei the co818 of the Senior Curator, Mu8eum Acquigltlon8. 30
THE CONTEMPORARY ART SOCIETY Notes to the. finAnr.ial statements (continued) For the year ended 31 March 2024 2023 Iprlor y•ar) Transferl Investment Income Expenditure GalnlLosses At 1 April 2022 At 31 March 2023 Unrestrlctsd funds General Funds 835,286 1,484,856 11.334,4031 (78.5781 707,161 Designated Fund- Central Street-, see note lal 867,834 121,4221 846,212 Future Fund 306,101 85,380 391,461 1,809.021 1,484,856 {1,334,4031 {14,840} 1,944,834 Restrlcted fundg: See not9 Ib) Dlgilal ArGhlve Ch008e Art 102,000 168,4371 70,400 160,4001 209,200 1231,7001 35,583 10,000 40.000 other 62,500 164,500 279.600 {358,5371 85,563 Total funds 1,809.021 1,764,456 11,692,940) 114,64Ql 2,030,397 Restricted fvnd8 unexpended ara malnly represented by short tem deposits and cash at bank. Note lal The designoted fund rgprgsenls the monies ¢ommilled lo thg development of the Centml Street office and flexible use space. The FLrture Fund has been Set up lo support the future of our museum acqu181tions progr8mrnes. Note Ibl Digitsl Archive- lo catalogue all the gifts mad8 by the Society through ils history and develop an onllne resource Ch¢)ose Art- a second crowdfunding campaign launched in March 2110 support museum acqu181tlons Other- towards a one year Iraineoship in the curatorial team 31
THE CONTEMPORARY ART SOCIETY Notes to the financial stat8ments (Gontinued) For the year ended 31 March 2024 11 Analys1$ of Net Assets betwegn Fund8 Fund balances al 31 March 24 are represented by.. Total General fvnds Designated funds Restrfcled funds Tangible Fixed Assets Investments Current assets Curr8nl Ilabllltles 839,797 437,595 1,052,614 {298.867) 15,008 824,789 437,595 970,939 1298,867) 81,675 Total net a880ts 2,031,139 687,080 1,262,384 81,675 Prfor Year Total General Designated fund8 funds Re81rfeted funds Tanglble Fixed As8et8 Investments Current a88els Currenl1I8bililies 865,764 391,461 946,236 1173,0641 19,552 846,212 391,461 860,673 {173.0841 BS,583 Total net assets 2,030,397 707,161 1,237.673 85,563 12 Commltmonts under Operatlng Lgase As al 31 March 2024, CAS had total commitrnenls under non-c8ncell8ble operating leas85 as sel out bèlow.. 2024 2023 other Du8 in less than 1 year Due In 2 10 5 ye8r8 908 1,280 320 3.632 Total 4,540 1,600 32