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 Ma￿h 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 kno￿edge 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 sUr￿y. Both institutions face especially challenging situations at the moment, and il is our hope that being part of the CAS ne￿Ork 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$ls' books, and some 30 of these have been donated to the Stanley & Audrey eurton Gallery at the University of Leeds, where they complement an already important collection of artists, book5 that are cared for by the Rare Books departTnent of the Brotherton Library. There, Ih8y wlll be available to scholars in perpetuity and will be used for occasional lempofary displays within the library. Musoum advlce and tralnln The Society is unique in the way il functions lo support its Museum Members. Rath8r than operab'ng simply as a grant-giving institution, we work in active collaboration with curators. All our purchasing is resear¢h-led. a process designed to bring the benefit of a broad range of knowledge and expertise lo developing colle¢lions as a dynamic resource wrthin their communities. Our Continuous Professional Development programme for museum professionals offers a mixture of online and in-person events. In June we took a group of seven curators to Lisbon and Portugal for a busy Ihree-day programme across both cities. We also took a group of curator5 Ic the Sonic Arts Festival in the Netherlands, as well as the regular progfamming around Frieze and Frieze Masters and Collect Art Fair. Commlssions and Collectlons Advlso This a￿a of our work falls into three distinct strands." delivering unique art for the public Tealm, devising cultural strategie$ 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**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$eeable fulum. The charity therefore continues to adopt the golng concèm basis In preparing Ils financlal sts16ments. b) Public ben6111 entlly The charitable company meets tha deflnition of a public benefit entity under FRS 102. c) Accounting eslim81es The Trustees consider that there are no material uncertalnlles about the Gharitable company's ablllty to continu8 as 8 golng concern. The Trustees do not conslder that Ihore are any sources ol estima￿On uncertainty al the reporting dale that have a significant risk of causing a materi81 adjustment lo the carryln9 amounts of assols and liabllilies within the next reporung period. d) Income All income 1$ 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 d1￿cl 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 eX￿ndItUre 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 fUrth0￿nCe 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 un￿strICted 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 activ1￿e8.. 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 Cha￿table 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 c￿ts 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 Ma￿h 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$trlctgd funds General Funds 707,161 1,244,933 11,286.4371 21,423 e87,080 D8signaled Fund- Cèntr81 Street.. see note lal 846,212 121,4231 824.78S Future Fund 391,461 46,134 437.595 1,944,834 1,236,133 11,288,437) 46,134 1,949,464 Restrlcted funds: 8•• nots Ibl Digital Archlvè 8nd Websitè Sp¢cial ProlectB Other 35,563 10,000 40.000 {28.190) {171,1041 {50,0001 7,373 74,302 195.406 50,000 40,000 140,0001 85,563 245,406 {249.2941 81,675 Total fund8 2,030,397 1,481,539 11,535,731) 46,134 2,031,139 Reslrfcled fund8 unexpended are m8inly represenlgd by short lemi depo8lt8 and cash al bank. Note lal The des￿gnated fund rep￿S￿￿t5 the monies commltted lo the dev8lopmenl of the Central Street office and fiexlble use space. The FLrture Fund has been get up lo support the future of our museum acqulsitlons programmès. Note Ibl Dlgltal Archlve and Web8ite- to catsloguo all the gifts made by the Soclety through Ils hSslory and devalop an onllne resource Special Projects- acqulslllon seheme$ 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