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2026-03-31-accounts

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Report and financial statements For the year ended 31 March 2026

Company number: 00444351 Charity number: 236848

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Contents

For the year ended 31 March 2026

Contents

Reference and administrative information 3
Trustees’ annual report 5
Director’s statement 6
Mission statement and strategic goals 7
Achievements and programme highlights 8
Audiences and impact 9
Fundraising 10
Organisational update 11
Structure, governance and management 11
Financial review 13
Principal risks and uncertainties 15
Reserves policy and going concern 16
Independent auditor’s report 19
Consolidated statement of financial activities 23
Balance sheet 24
Consolidated statement of cash flows 25
Notes to the financial statements 26

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Reference and administrative information

For the year ended 31 March 2026

Reference and administrative information

Institute of Contemporary Arts Limited

Company number 00444351 Country of incorporation United Kingdom Charity number 236848 Country of registration England & Wales

Registered office and operational address

The Mall, London SW1Y 5AH

Trustees, who are also directors under company law, who served during the year and up to the date of this report were as follows:

Professor Dame Henrietta Louise Moore DBE, Chair (appointed 20 October 2025)

Alia Al-Senussi[[5] [6]]

Sepake Angiama, Co-Chair Programming & Artistic Strategy Committee[[2] [6] ]

Charles Asprey, Chair of the Nominations & Ethics Committee, Chair of Chair Recruitment Committee[[3] [1] ]

Michael Clayton (appointed 7 March 2024)[[3] [7] [6]]

Nabihah Iqbal Member Programming & Artistic Strategy Committee[[2] ]

David Kolbusz Member Marketing & Audience Engagement Committee[[4] [2]]

Reema Selhi, (appointed as Deputy Chair 12 December 2024), Chair of Governance & People & Culture Committee[[3] [7]]

Emily Sheffield, Chair of Marketing & Audience Engagement Committee[4] [5]

Maria Sukkar, Chair of the Development & Partnerships Committee[[5] [1] ]

Tilda Swinton (resigned 14 May 2026)

Leopold Thun, Co-Chair of Programming & Artistic Strategy Committee [2] [5] [6]

Steve Wills, Chair of the Finance & Audit Committee[[7] [3]]

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Reference and administrative information

For the year ended 31 March 2026

Key management personnel

Bengi Ünsal, Director

Natalia Fenyoe, Director of Audiences and Business Growth Serhan Vardarli, Director of Finance & Operations Melanie Coles, Head of Operations & Visitor Services Steven Cairns, Head of Artistic Programme

Principal bankers Barclays Bank PLC Corporate Banking 1 Churchill Place London E14 5HP Legal advisors gunnercooke llp 1 Cornhill London EC3V 3ND Auditor, Sayer Vincent LLP chartered accountants 110 Golden Lane and statutory auditor London EC1Y 0TG

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

Trustees’ annual report

The trustees present their report and the audited financial statements for the year ended 31 March 2026.

Reference and administrative information set out on page 3 forms part of this report. The financial statements comply with: current statutory requirements; the memorandum and articles of association; the requirements of a directors’ report as required under company law; and the Statement of Recommended Practice (SORP) – Accounting and Reporting by Charities, applicable to charities preparing their accounts in accordance with Financial Reporting Standard (FRS) 102.

Objectives and activities

Purposes and aims

‘The objects for which the Company is established are to promote the education of the community by encouraging the understanding, appreciation and development of the arts generally and particularly of contemporary art as expressed in painting, etching, engraving, drawing, poetry, philosophy, literature, drama, music, opera, ballet, sculpture, architecture, designs, photography, films, radio and television of educational and cultural value.’

– Memorandum of Association of Living Arts Limited, founded on 22 July 1947; the company officially changed its name to the Institute of Contemporary Arts Limited by a Special Resolution passed on 23 July 1968

The Institute of Contemporary Arts (ICA) was founded in 1946 by a collective of artists, poets and their supporters, including Peter Gregory, ELT Mesens, Roland Penrose, Herbert Read and Peter Watson. In 1947, Herbert Read described the ICA as ‘a workshop where work is joy, a source of vitality and daring’.

The ICA moved to its present location on the Mall in spring 1968. On its opening, then-Director Michael Kustow remarked:

‘If the new ICA becomes merely another cultural amenity, in a city well stacked with galleries, theatres and concert halls, it will have failed. It must become an active presence, a focal point where a nucleus of artists from all the contemporary arts can communicate urgent and needed messages … A free space, in which the deepest questions that concern us as individuals and society can be explored in continuity … A sustained enquiry into the roots of our present possibilities and discontents.’

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

Director’s Statement

The past year has marked a decisive shift for the ICA, from a period of internal reset to one of consolidation, confidence, and forward momentum.

While the broader cultural landscape continues to face significant pressures, economic uncertainty, shifting public funding priorities, and the ongoing impact of global instability, we have focused on building an organisation that is both artistically ambitious and structurally resilient. As a result, we are entering a more sustainable and strategically aligned phase, with stronger foundations across our programme, operations, and financial model.

Financially, we have taken important steps towards stability. Through careful cost management, a renewed focus on high-value partnerships and fundraising, and the evolution of our commercial activities from editions and hires to food and beverage, we are building a more diversified and sustainable income model. While challenges remain, particularly in a volatile market, the ICA is now in a far more robust position than in previous years.

Artistically, we have continued to deliver a programme that reflects both urgency and experimentation, supporting artists across disciplines while engaging growing audiences. This year, our footfall has exceeded pre-pandemic levels, signalling not only recovery but renewed relevance and public demand for what the ICA offers. At the same time, the nomination of two ICA-presented projects for the prestigious Turner Prize stands as a powerful testament to the strength and significance of our artistic programme. The ICA is once again a place where artists and audiences come together to test ideas, encounter new perspectives, and engage critically with the world around them.

At a time when public discourse is increasingly polarised and spaces for nuanced debate are shrinking, the role of institutions like the ICA has never been more vital. We are committed to positioning the ICA not only as a cultural venue, but as a thought leader, an organisation that contributes actively to national and international conversations around the value of the arts, freedom of expression, and the future of cultural production. We see the ICA as an active participant in shaping this discourse, advocating for artists, championing risk, and demonstrating the public value of experimental practice.

Looking ahead, we are beginning to lay the groundwork for the ICA’s 80th anniversary in 2027. This milestone is not simply a moment of reflection, but an opportunity to reassert our role as a leading interdisciplinary institution. Through new commissions, partnerships, publications, and public programmes, including the development of the ICA80 Salons, we will connect our history of radical thinking with the urgent questions of today. Our ambition is clear: to position the ICA as a global platform for contemporary culture and critical thought, rooted in London but engaged with the world.

None of this would be possible without the dedication of our staff, the commitment of our Trustees, and the generosity of our supporters and partners. As we move towards our 80th year, we do so with a renewed sense of purpose and possibility.

The ICA has always been a place for what comes next. That remains our commitment and our responsibility.

Bengi Ünsal Director Institute of Contemporary Arts April 2026

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

Mission and Strategic Direction (2026–2030)

The Institute of Contemporary Arts (ICA) is London’s leading space for contemporary culture. We commission, produce and present bold new work across visual art, film, music, performance and critical thought by today’s most progressive artists. From our home on The Mall, we bring artists and audiences together to question the present and shape the future.

As we move towards our 80th anniversary in 2027, the ICA enters a new phase—defined by confidence, stability, and growing influence. Following a period of organisational transformation, we are now focused on strengthening our artistic leadership, expanding our reach, and securing a sustainable future.

Our strategy for 2026–2030 is built around five priorities:

Artists at the Heart

Championing ambitious, risk-taking artists and supporting new work across disciplines, while strengthening our role as a platform where important ideas and practices emerge.

ICA as a Destination

Positioning the ICA as a vital cultural and social hub—driving footfall beyond pre-pandemic levels and deepening audience engagement through a connected, multi-arts experience.

Resilience to Empower Creativity

Building a stronger, more sustainable organisation through diversified income, strategic partnerships, and continued investment in people and infrastructure.

Digital Archive: Connecting Past, Present, Future

Activating the ICA’s history through a dynamic digital archive, expanding access and reinforcing our role as a space for cultural memory and discourse.

Building for the Future

Preparing for a major capital campaign to support the long-term transformation of our building ahead of its 200th anniversary in 2030.

Together, these priorities position the ICA not only as a venue, but as a leader in contemporary culture; delivering a bold, interdisciplinary programme, expanding and diversifying audiences, creating pathways into the arts for young people and underrepresented communities, and strengthening a resilient model that enables long-term artistic ambition. In doing so, the ICA will continue to shape critical conversations around contemporary culture and the role of the arts in society.

The ICA is an Arts Council England National Portfolio Organisation.

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

The trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the charity’s aims and objectives and in planning its future activities. In particular, the

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

trustees consider how the charity’s planned activities will contribute to the aims and objectives that have been set.

Achievements and programme highlights

The 2025–26 financial year marked the consolidation of the ICA’s quarterly seasonal model and demonstrated the benefits of a more structured, cross-disciplinary approach to programme planning. Following the strategic work undertaken in 2024–25, this year saw the framework embedded across EXHIBITIONS , FILM , LIVE , TALKS & ENGAGEMENT , and major partnerships, creating a clearer rhythm for audiences and a more coordinated internal process. Across the year, the ICA sustained a high level of activity across exhibitions, cinema, live music and performance, publishing, learning and partnership work. The scale of the programme was significant, but the more important achievement was its coherence: the ICA increasingly operated as a daily cultural destination, with each strand contributing to a connected institutional offer.

Q1 (April–June 2025) built on the momentum of the first public-facing season under the new model (Jan-Mar 2025) and established the year’s emphasis on language, performance, historical reflection and international cinema. In EXHIBITIONS , Nora Turato: pool7 , her first UK solo exhibition, brought together text, video, sound and live performance, while Connecting Thin Black Lines 1985–2025 opened as a major project developed in collaboration with Lubaina Himid, revisiting and expanding the legacy of The Thin Black Line . In FILM , the ICA continued its commitment to auteur-led and politically engaged cinema through Jacques Rivette, Sylvain George, Terratreme, Wojciech Jerzy Has and LC Barreto seasons, alongside Queer East, Open City Documentary Festival, SAFAR and Off-Circuit titles including Caught by the Tides . LIVE presented a wideranging season including Mark William Lewis, YHWH Nailgun, Hania Rani, Vega Trails, Circuit des Yeux, Florence Sinclair, William Tyler and Deijuvhs. TALKS & ENGAGEMENT launched Speaking Futures, continued the In the Studio series, and supported the season through ICA Creatives, Youth Forum activity, BOUDICA DJ Workshops and Keep the Drums, Lose the Knife .

Q2 (July–September 2025) was anchored by the continuation of Connecting Thin Black Lines 1985–2025 , which became one of the year’s most significant cross-strand projects. In EXHIBITIONS , the project brought together new commissions, recent and historical works by artists including Brenda Agard, Sutapa Biswas, Sonia Boyce, Chila Kumari Burman, Lubaina Himid, Claudette Johnson, Ingrid Pollard, Veronica Ryan and Maud Sulter, supported by screenings, performances, readings and conversations with figures including Pratibha Parmar, Helen Cammock, Vex’d Bermoothes, Trevor Mathison, Rommi Smith and Andra Simons. In FILM , Off-Circuit presented premieres by Sammy Baloji, Hong Sangsoo, Sofia Bohdanowicz, Albert Serra, Courtney Stephens and Callie Hernandez, alongside the Celluloid Sunday Festival, Youths , In Focus: Serge Daney and the Hong Kong Film Festival. LIVE included Amber Mark, Atonal’s Humanities , Ghosted, Gazelle Twin and the ICA’s third collaboration with CTM Festival. TALKS & ENGAGEMENT developed Speaking Futures, Sounding Futures, ICA Creatives x Pesolife and PULSE, while GLUE ICA Bookfair & Creative Programme launched with more than 50 publishers, strengthening the ICA’s relationship with independent publishing communities. The quarter also included the building-wide collaboration with Fashion East for its 25th anniversary, activating the galleries, cinemas, Stage, bar, bookshop and public spaces.

Q3 (October–December 2025) strengthened the ICA’s position as a home for artists working across material practice, moving image, sound and performance. In EXHIBITIONS , Tanoa Sasraku: Morale Patch opened in the Lower Gallery, exploring the entanglement of oil, war, national identity and systems of value through works on paper, found objects and sculptural elements. The exhibition was supported by an in-conversation with Rosalind Nashashibi, a new publication and a curated film programme. In FILM , Long Takes continued with Angela Schanelec and Theo Angelopoulos, while Off-Circuit presented UK premieres by Rhayne Vermette, Isabel Pagliai, Igor Bezinović and Pedro Pinho. The quarter also included Jean-Luc Godard: Unmade

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

and Abandoned , BFI London Film Festival, Frieze Film x ICA, London Korean Film Festival, London Palestine Film Festival, and retrospectives on Kaori Oda and Luc Moullet. LIVE developed the Stage and In-the-Round through Kara-Lis Coverdale, Sigur Rós’ Takk… spatial playback, Protomartyr, Cabaret Voltaire, Baby Dee, Lou Barlow, Oscar Jerome and Snapped Ankles. TALKS & ENGAGEMENT introduced PULSE, launched ICA Creatives x Diasporas Now with RIEKO, and included events with Liz Johnson Artur, Martine Rose, Stephanie LaCava, Diasporas Now, HOUSE OF DREAD and Bullyache.

Q4 (January–March 2026) brought the year to a close with a strong concentration of exhibition, film, live and engagement activity. In EXHIBITIONS , Laura Lima: The Drawing Drawing continued across the quarter, supported by a members’ curator tour, Artist’s Film Picks, life-drawing activity and the conversation When Art Comes Alive , extending the exhibition through performance, film and discussion. In FILM , the quarter was led by a major Werner Schroeter Long Takes season, alongside the Japan Foundation Touring Film Programme, London Short Film Festival, KINOTEKA, Screen Cuba, Lost Reels, Off-Circuit and focused presentations of work by Isiah Medina and Meriem Bennani. LIVE included In-the-Round events and performances by TAGABOW, 99CHANTS, Tanya Tagaq, Keiji Haino, Real Lies, Cities Aviv, feeo with Anysia Kym and Loraine James, and Cardion Nights: Wet Mess. TALKS & ENGAGEMENT included Speaking Futures: John Akomfrah x Julianknxx, PULSE, ICA x Diasporas Now, New Canons, the Bed Trick programme and book launches including HYPERPOLITICS , The Bed Trick , Shock Factory and Collected Works: Volume 3 2010–2020 .

Together, these four quarters reflect a year in which the ICA moved from testing a new programme structure to embedding it as a working institutional model. The quarterly framework has strengthened planning, clarified the public offer, improved cross-strand storytelling and allowed the organisation to position EXHIBITIONS , FILM , LIVE , TALKS & ENGAGEMENT as interlocking parts of a wider cultural programme. As the organisation moves towards 2026–27 and the build-up to ICA80, the foundations laid this year provide a strong basis for deeper artist support, more focused seasonal narratives, increased interdisciplinary commissioning and continued growth in younger, more diverse and more engaged audiences.

Audiences and impact

25/26 financial year achieved a major milestone in terms of visitor numbers, with figures exceeding prepandemic figures. The ICA saw a 25% increase in visitation over the year, reaching 283,000 public audience footfall at year-end. Complementary to this, opening hours extended during Connecting Thin Black Lines, opening at 12 noon Tues – Sun.

A strategic project to review the ICA’s positioning continues with the Marketing and Audience Engagement committee to align with a brand activation campaign to tie in with the ICA’s upcoming 80[th] celebrations.

Digital reach and social media engagement

FY 2025/26 saw strong digital growth, with a 9% increase in Instagram followers compared to FY 2024/25, a 35% rise in webpage views, and a 4% uplift in YouTube subscribers. Newsletter subscribers also grew by 35% over the last financial year. To build on this momentum, we are continuing to strengthen engagement across other platforms, including LinkedIn and Facebook, through targeted digital content campaigns such as exhibition-led video content distributed across our social channels.

Digital statistics
Webpage views
Instagram followers
YouTube subs		 2020/21
85,000
122,000
13,000		 2021/22
309,000
129,000
14,500		 2022/23
345,000
139,000
15,000		 2023/24
98,211*
150,000
16,500		 2024/25
254,742
166,870
18,000		 2025/26
343,440
183,120
18,728

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

Newsletter subs
74,183
82,374
90,088
101,574
137,893
172,853
*This low figure is due to a broken link in analytics, now fixed.

Membership

Members are our most loyal audiences, who support the ICA with repeat visitations (particularly to the cinema programme) and through their annual financial contribution.

Our audience survey pinpointed the significant potential to grow membership, particularly under-30s and live performance attenders. This year we expanded these to include digital membership cards and priority booking for special Live events.

At year-end, membership revenue increased by 18% compared with the previous year (2024-5), with plans to build in further marketing through digital channels and on-site messaging, supporting a future acquisition and retention strategy.

Fundraising

We remain deeply grateful for the generous support of Arts Council England (ACE) and their long-standing commitment to the ICA. Our status as a National Portfolio Organisation (NPO) continues until 31 March 2027, with an annual grant of £724k.

We continue to see the benefits from our three-year ACE Transform grant (£450k), which has helped the ICA expand its music programming, establish a youth advisory committee, enhance commercial income streams, and undertake refurbishment works across the theatre, foyer and lower gallery.

Fundraising goes from strength-to-strength, with substantial successes in 2025/26 both across Trusts and Foundations and individual support, with income from Donations growing by £375k year over year. Successes included a new major three-year grant from a Trust and Foundation and a major gift as a Main Exhibition Supporter, following the launch of our exhibition supporter levels. A new, week-long matched-fundraising campaign was launched, this year with a focus on cinema and led by Ben Whishaw with a group of Cinema Champions committing to match every donation made up to £100,000. The campaign exceeded expectations, with over £105,000 raised in seven days from over 750 donors. A Gallery Associates membership was also launched, building a community of young gallerists to share ideas and good practice.

We continue to value the ongoing support of all supporters and our Patrons, including members of our Board. Their generosity has been instrumental in helping us progress through a period of significant organisational change. We have welcomed several new Patrons this year, many drawn to the ICA’s renewed direction and programming ambition. Alongside our trust, foundation and corporate partners, these contributions form a vital part of our long-term financial sustainability.

The ICA’s Development team follows best practice in charitable fundraising and ensures full compliance with current regulation. Policies are reviewed regularly, and we remain committed to the highest standards of ethical and responsible fundraising. Specifically, we:

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

We received no complaints about our fundraising practices during the last financial year (FY 2025/26: nil).

During the year, the ICA completed a successful artist editions project in partnership with Damien Hirst and HENI. Editions income support with unrestricted income for the ICA and the Damien Hirst edition contributed positively to the charity's financial resilience. The Trustees recognise the importance of developing diversified income streams and view carefully selected editions and artist collaborations as one potential avenue for future support, where aligned with the ICA's charitable objectives.

Organisational update

Our workforce continues to be both young and diverse, reflecting the audiences and communities we serve. The team remains the ICA’s most vital asset. As a London Living Wage employer, we are committed to maintaining a safe, inclusive and continuously improving workplace—an environment where all staff can grow, contribute and thrive.

We have maintained our Equity, Diversity & Inclusion Working Group and Anti-Racism Task Force, which meet regularly to assess progress, identify training needs, and advise on organisational culture. The Board continues to engage actively in this work, including through regular inclusivity and diversity training, to help build a workplace that represents a wide range of perspectives, backgrounds and economic experiences

Structure, governance and management

The Institute of Contemporary Arts (ICA) is a charitable company limited by guarantee, governed by its Memorandum and Articles of Association. Overall responsibility rests with the Board of Trustees.

Trustees are appointed for three-year terms and may serve up to nine years where appropriate. The Nominations Committee leads trustee recruitment and regularly reviews Board composition to maintain an appropriate balance of skills, experience and diversity. New Trustees receive a structured induction.

The Board meets at least four times each year. An internal Code of Governance, reviewed annually, guides Trustee conduct. The Chair meets regularly, monthly with the Director to maintain oversight between Board meetings. The Chair meets monthly with the Executive Leadership team to review operational and strategic planning.

Wolfgang Tillmans served as Chair until 31 December 2024 and played a significant role in shaping the ICA’s governance philosophy. Following his resignation, Reema Selhi supported Board leadership during the transition period. Professor Dame Henrietta Louise Moore DBE was appointed Chair on 20 October 2025 and now leads the Board in overseeing the ICA’s strategic direction and governance. All Trustees serve on a voluntary basis and receive no remuneration.

The Board operates through three committees:

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

The Trustees’ Report and financial statements are prepared in accordance with the Companies Act 2006 and the Charities SORP (FRS 102).

In addition, the ICA operates a number of internal management committees to support day-to-day planning, coordination and staff engagement across key areas of activity. These include Development and Partnerships, Marketing and Audience Engagement, and HR. The HR structure also includes remuneration and staff consultation processes. These internal committees are management forums and do not replace the formal responsibilities of the Board or its committees.

Day-to-day management is delegated to the Director, Bengi Ünsal, supported by the Senior Management Team and Executive Leadership Team.

The Board remains committed to the Charity Governance Code and its seven principles: organisational purpose, leadership, integrity, decision-making, risk and control, board effectiveness, diversity, and openness and accountability.

Remuneration policy for key management personnel and staff

The Chair and Board, supported by the Governance, Ethics and Inclusion Committee, oversee the remuneration of the Director. Staff pay is reviewed annually by the Executive Leadership Team within the approved budget framework.

The ICA has been an accredited London Living Wage employer since 2017. Pay levels are regularly benchmarked against comparable organisations, and apprentices are paid at London Living Wage equivalent rates.

Equality, Diversity and Inclusion

The ICA is committed to equality of opportunity and to creating an inclusive environment for staff, artists, audiences and trustees. We aim to remove barriers to participation and comply with the Equality Act 2010 in all employment and recruitment practices.

Equity, Diversity and Inclusion (EDI) remain central to the ICA's mission. Through the EDI Working Group and Anti-Racism Task Force, the ICA continues to implement its Anti-Racism Strategy and Action Plan, strengthen representation across the organisation, and promote inclusive practices throughout its programme and operations.

The ICA seeks to build an organisation that reflects the diversity of London and welcomes a wide range of perspectives, backgrounds and lived experiences.

Employee Information

The ICA employs permanent, fixed-term and casual staff, as well as freelancers working across a range of departments.

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

Staff engagement is supported through regular all-staff meetings, departmental meetings and project reviews. The ICA has a formal recognition agreement with BECTU and meets regularly with staff representatives.

Employees have access to an Employee Handbook, HR systems, staff benefits and a confidential Employee Assistance Programme, which provides support on employment, financial, health and wellbeing matters. Funds Held as Custodian Trustee

The ICA holds no funds as custodian trustee on behalf of others.

Members' Guarantee

Members of the charity undertake to contribute up to £1 to the assets of the charity in the event of it being wound up. At 31 March 2026 there were 12 members (2025: 11). Trustees are members of the charity and have voting rights only; they hold no beneficial interest in the charity.

Financial review

Income

The ICA generated total income of £4,079k in the year to 31 March 2026 (2024/25: £ 4,127k ), a decrease of £48k, or 1.2% .

Income from charitable activities was £1,317k (2024/25: £1,110k).

Income from other trading activities totalled £1,193k (2024/25: £1,233k).

Grants, donations and legacies amounted to £1,568k (2024/25: £1,783k), including ongoing support from Arts Council England, philanthropic foundations, and individual patrons.

Expenditure

Total expenditure was £4,206k (2024/25: £4,321k), reflecting the impact of staffing changes, cost saving initiatives including the tendering of a number of key contracts, and a small number of one-off impacts including historic Business Rates refunds of £261k.

Results of subsidiary companies

ICA Enterprises Limited made an operating profit of £291k (2024/25: £247k), being payable to the ICA under Gift Aid.

Overall result

A net deficit of £127k was recorded. Total funds at the beginning of the year were £1.651m . After accounting for the result, total closing funds stood at £1.524m , comprising £1.108m in the fixed asset fund, £50k in the maintenance fund, £108k in restricted funds and £258k in general unrestricted funds.

Future plans

The ICA continues to operate in a challenging financial landscape. Economic uncertainty, persistent inflation, and changes in cultural attendance patterns following the pandemic continue to affect both income and cost pressures.

In response, the ICA has continued to strengthen its financial sustainability through a combination of income diversification, commercial development and long-term fundraising. During the year, the organisation secured new multi-year funding commitments, strengthened its development pipeline, introduced a new in-

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

house venue hire sales model supported by a preferred supplier framework, and implemented a new food and beverage partnership designed to enhance the ICA's position as a cultural destination , increase visitor engagement and strengthen commercial contribution.

These initiatives are intended to reduce reliance on one-off income sources and build a more resilient and sustainable financial model. Alongside continued investment in financial controls, reporting and governance, the Board and leadership team remain committed to supporting artistic ambition while strengthening the ICA's long-term financial resilience.

Financial Sustainability and Income Diversification

During 2025/26, the ICA continued to implement a number of strategic initiatives designed to improve longterm financial sustainability and reduce reliance on one-off funding and exceptional income.

A key focus has been strengthening income streams that are within the ICA's direct control. Following the appointment of a Director of Audiences and Business Growth, the organisation has increased its focus on audience development, venue hire, membership growth, commercial partnerships and long-term fundraising opportunities.

The ICA has secured a number of significant multi-year funding commitments, including support from Fidelity and other trusts and foundations, providing greater income visibility and reducing reliance on one-off donations and exceptional fundraising activity.

The ICA also delivered a successful matched-funding cinema campaign, raising funds to support planned improvements to its cinema facilities. The campaign demonstrated strong audience and donor engagement while helping to secure investment in one of the organisation's most important cultural assets.

During the year, the ICA implemented a new venue hire strategy, bringing sales activity in-house and introducing a preferred supplier model. This approach is expected to strengthen commercial partnerships, increase conversion rates, improve customer experience and generate higher net returns from venue hire activity.

Following the conclusion of the previous catering arrangement, the ICA entered into a new food and beverage partnership designed to establish the ICA as a stronger destination venue throughout the day and evening. The new model is expected to increase visitor engagement, support wider commercial activity and generate a more sustainable financial contribution over the medium term.

Alongside these initiatives, the ICA has continued to strengthen financial controls, reporting, forecasting and governance arrangements. These improvements were recognised externally in 2026 when the ICA received the GENCFO Transformation of the Year Award 2026, recognising significant progress in financial management, governance, transparency and organisational transformation.

The Board believes these initiatives provide a stronger platform for long-term sustainability while supporting the ICA's artistic ambitions and public benefit objectives.

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

Principal risks and uncertainties

The Board maintains an active review of the key financial and non-financial risks facing the ICA. A formal risk register is reviewed regularly by the Finance and Audit Committee and annually by the full Board. This process identifies key risks, assesses their potential impact, and monitors mitigating actions.

The three principal risks identified during the year are summarised below.

1. Financial sustainability

The ICA continues to operate in a challenging environment characterised by reduced public funding, inflationary pressures and changing audience behaviours. There remains a risk that income growth may not fully offset rising operating costs, placing pressure on cash flow, reserves and long-term financial sustainability. The timing of significant receipts, including Exhibition Tax Relief, Arts Council England funding, and the Lubaina Himid artwork sale, also remains a key cash flow risk.

To mitigate this risk, the ICA has strengthened financial oversight, forecasting and reporting, implemented tighter expenditure controls, secured new multi-year funding commitments, diversified income streams and introduced longer-term financial planning. The Board continues to monitor performance closely against budget and cash flow forecasts and reviews corrective actions where required.

2. Building, estate and party wall matters

The ICA's Grade I listed premises require ongoing capital investment to remain fit for purpose and compliant with lease obligations and regulatory requirements. Building maintenance, infrastructure upgrades and unforeseen property-related costs, including the financial obligations arising from the party wall works with the British Academy represent financial and operational risks.

Since the year end, the appointed surveyor has confirmed that 75% of the relevant party wall costs should be allocated to the ICA. The Crown Estate has subsequently agreed in principle to allow the ICA to settle the amount through a 24-month payment plan, subject to completion of the associated legal documentation. This provides greater certainty and reduces the immediate cash flow impact, although the resulting payment commitment remains material and has been reflected in the ICA’s financial forecasts.

The ICA maintains a planned programme of maintenance and capital investment and continues to work closely with professional advisers, The Crown Estate and other stakeholders to manage estate-related obligations. The organisation also continues to pursue external funding opportunities and phased investment plans to support the long-term resilience of its buildings and infrastructure.

3. Revenue diversification and growth

The ICA's long-term sustainability depends on maintaining and growing a diverse range of earned and contributed income streams. Risks include fluctuations in audience demand, venue hire activity, food and beverage performance, fundraising income and broader economic conditions.

To reduce reliance on one-off income sources, the ICA has strengthened its development programme, secured new multi-year funding partnerships, introduced an in-house venue hire sales model, implemented a preferred supplier framework, and established a new food and beverage partnership focused on increasing visitor engagement and commercial contribution. Management and the Board continue to monitor

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Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

performance closely and actively pursue opportunities to strengthen recurring and predictable income streams.

Reserves policy and going concern

Reserves policy

In summary, the ICA’s funds can be broken down as below:

As at 31 March 2026 2025
£k £k
Total funds 1,524 1,651
Of which:
Restricted funds 108 —
Designated funds
Fixed assets fund 1,108 1,181
Maintenance fund 50 50
Unrestricted ‘free’ reserves 258 420

Total funds have decreased in line with the financial result for the year. Further details on the movement of all the charity’s funds are contained in note 21a to the financial statements.

Our reserves policy dictates that unrestricted general funds (excluding designated funds) must provide adequate working capital to sustain our core programme and other activities, and to manage medium-term risk, for a period of approximately three months in the event of an unanticipated reduction in income, major unforeseen expenditure, or other business and cashflow difficulties.

The unrestricted general fund, which can also be described as the ICA’s ‘free’ reserves, stood at £258k at the end of the financial year (FY 2024/25: £420k) and covers approximately 5 weeks of future operating costs.

The ICA maintains a designated fund equal to the net book value of fixed assets, which at the end of FY 2025/26 stood at £1,108k – £73k lower than at the end of FY 2024/25 (£1,181k).

Additionally, a designated maintenance fund of £50k (FY 2024/25: £50k) supports the regular and substantial maintenance work that is required to maintain 12 Carlton House Terrace, the ICA’s central location and operating base: a Grade I listed building, which requires specific maintenance and capital works under the terms of our lease with The Crown Estate.

Going concern

The Trustees and Executive Leadership Team recognise the importance of rebuilding reserves and strengthening the ICA’s long-term financial sustainability.

The ICA continues to operate in a challenging environment, with inflationary pressures, constrained public funding, changing audience behaviours, increasing operating costs, building maintenance requirements and wider economic uncertainty.

During 2025/26, the ICA implemented a number of strategic initiatives intended to reduce reliance on one-off income. These included a strengthened development pipeline, new multi-year funding commitments, an in-

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

house venue hire sales model supported by a preferred supplier framework, and a new food and beverage partnership designed to increase visitor engagement and commercial contribution over the medium term.

The organisation has also strengthened financial management, reporting, forecasting and governance arrangements. These improvements have given the Executive Leadership Team and Trustees greater visibility over income, margins, commitments and cash flow, and were recognised externally through the GENCFO Finance Transformation Award 2026. Management has also identified practical mitigations, including active cash flow management, expenditure controls, funding discussions, reprofiling of funding receipts where appropriate, and deferral of non-essential expenditure if required. Together, these provide confidence in the organisation’s ability to respond to risks and continue operating.

The Trustees have reviewed budgets, cash flow forecasts and sensitivity analyses covering at least twelve months from the date of approval of these financial statements. The forecasts show that the ICA remains in positive cash throughout the forecast period, but with limited headroom at key points. Key risks and assumptions include earned and commercial income delivery, fundraising performance, Exhibition Tax Relief, the Lubaina Himid artwork sale and building-related costs including the party wall payment commitment.

The accounts have therefore been prepared on a going concern basis. However, the Trustees consider that a material uncertainty remains, primarily reflecting limited cash headroom, the timing and control of certain income streams, and the delivery of mitigating actions. This material uncertainty may cast significant doubt on the charitable company’s ability to continue as a going concern. The Trustees remain confident that the ICA’s strengthened controls, confirmed funding commitments, and financial recovery actions provide a sound foundation for continued operations. The Board and Executive Leadership Team will continue to monitor performance closely and remain focused on achieving long-term financial sustainability.

Statement of responsibilities of the trustees

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

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the trustees are required to:

• Select suitable accounting policies and then apply them consistently

• Observe the methods and principles in the Charities SORP

• Make judgements and estimates that are reasonable and prudent

• State whether applicable UK Accounting Standards and statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements

• Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation

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Institute of Contemporary Arts Limited

Trustees’ annual report

For the year ended 31 March 2026

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

In so far as the trustees are aware:

• There is no relevant audit information of which the charitable company’s auditor is unaware

• The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information

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

Members of the charity guarantee to contribute an amount not exceeding £1 to the assets of the charity in the event of winding up. The total number of such guarantees at 31 March 2026 was 12 (2025: 11). The trustees are members of the charity but this entitles them only to voting rights. The trustees have no beneficial interest in the charity.

Auditor

Sayer Vincent LLP was reappointed as the charitable company’s auditor during the year and has expressed its willingness to continue in that capacity.

The trustees’ annual report has been approved by the trustees on 23 July 2026 and signed on their behalf by

Professor Dame Henrietta Louise Moore Chair

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Independent auditor’s report

To the members of

Institute of Contemporary Arts Limited

Independent auditor’s report

Opinion

We have audited the financial statements of the Institute of Contemporary Arts Limited (the ‘parent charitable company’) and its subsidiaries (the ‘group’) for the year ended 31 March 2026, which comprise the consolidated statement of financial activities, the group and parent charitable company balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

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

Material uncertainty relating to going concern

We draw attention to the note in the financial statements and the trustees' annual report, which indicates the trustees’ conclusion that, whilst operations have been stabilised, and costs have been controlled, key components of future income and cash receipts remain uncertain. As stated in the trustees' annual report, these conditions indicate that a material uncertainty exists that may cast doubt on the parent charitable company's and the group's ability to continue as a going concern. Our opinion Is not modified in respect of this matter.

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Our evaluation of the trustees' assessment of the parent charitable company and group's ability to continue to adopt the going concern basis of accounts included cashflow forecasts prepared by management through to July 2027 and the underlying assumptions.

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

Other information

The other information comprises the information included in the trustees’ annual report other than the group financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the group financial statements does not cover the other information, and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially

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Independent auditor’s report

To the members of

Institute of Contemporary Arts Limited

inconsistent with the group financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the group financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the group and the parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the trustees’ annual report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 and Charities Act 2011 requires us to report to you if, in our opinion:

Responsibilities of the trustees

As explained more fully in the statement of trustees’ responsibilities set out in the trustees’ annual report, the trustees (who are also the directors of the parent charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

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

Auditor’s responsibilities for the audit of the financial statements

We have been appointed auditor under the Companies Act 2006 and section 151 of the Charites Act 2011 and report in accordance with those Acts.

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Independent auditor’s report

To the members of

Institute of Contemporary Arts Limited

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

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

Capability of the audit in detecting irregularities

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

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

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

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Independent auditor’s report

To the members of

Institute of Contemporary Arts Limited

Use of our report

This report is made solely to the charitable company's members as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and section 144 of the Charities Act 2011 and regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.

Judith Miller (Senior statutory auditor) 24 July 2026

for and on behalf of Sayer Vincent LLP, Statutory Auditor 110 Golden Lane, LONDON, EC1Y 0TG

Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2006.

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Institute of Contemporary Arts Limited

Consolidated statement of financial activities (incorporating income and expenditure account) For the year ended 31 March 2026

----- Start of picture text -----
Unrestricted Restricted 2026 Unrestricted Restricted 2025
General Designated Restricted Total General Designated Total
Note £ £ £ £ £ £ £ £
Income from:
Grants, donations and legacies 3 1,218,268 - 350,194 1,568,462 1,496,821 - 286,096 1,782,917
Charitable activities
Programme activities 4 1,317,364 - - 1,317,364 1,110,354 - - 1,110,354
Other trading activities 5 1,192,919 - - 1,192,919 1,233,230 - - 1,233,230
Investments - - - - - - - -
Other - - - - - - - -
Total income 3,728,552 - 350,194 4,078,745 3,840,405 - 286,096 4,126,501
Expenditure on:
Raising funds 6 254,089 - 4,185 258,275 274,488 - - 274,488
Charitable activities
Programme activities 6 2,436,601 - 189,099 2,625,700 2,470,634 - 86,096 2,556,731
Associated activities 6 1,154,631 118,150 49,116 1,321,897 1,166,871 123,509 200,000 1,490,381
Total expenditure 3,845,321 118,150 242,401 4,205,872 3,911,994 123,509 286,096 4,321,600
Net (expenditure) / income for the 7
year (116,769) (118,150) 107,793 (127,127) (71,590) (123,509) - (195,099)
Exceptional Items - - - - - -
Transfers between funds (45,095) 45,095 - - (46,179) 46,179 - -
Net movement in funds (161,864) (73,055) 107,793 (127,127) (117,769) (77,330) - (195,099)
Reconciliation of funds:
Total funds brought forward 419,882 1,231,039 - 1,650,921 537,651 1,308,369 - 1,846,020
Total funds carried forward 258,018 1,157,984 107,793 1,523,794 419,882 1,231,039 - 1,650,921
----- End of picture text -----

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Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Consolidated statement of cash flows

For the year ended 31 March 2026

Balance sheets

Balance sheets Balance sheets Balance sheets
As at 31 March 2026 Company no. 00444351
2026
2025
Note
£
£
Fixed assets:
12
1,107,984
1,181,039
-
-
13
-
-
1,107,984
1,181,039
Current assets:
16
98,284
87,806
17
883,217
561,031
13
11,319
56,537
421,273
382,208
1,414,093
1,087,582
Liabilities:
18
(998,283)
(617,700)
415,810
469,882
1,523,794
1,650,921
1,523,794
1,650,921
21
-
-
Tangible assets
The group
Debenture loan to subsidiary company
Investments
Stock
Debtors
Current asset investments
Cash at bank and in hand
Creditors: amounts falling due within one year
Net current assets
Total assets less current liabilities
Total net assets
Funds:
Expendable endowment funds		 2026
2025
£
£
1,107,984
1,181,039
25,000
25,000
2
2
The charity
1,107,984
98,284
883,217
11,319
421,273		 1,181,039
87,806
561,031
56,537
382,208		 1,132,986
1,206,041
98,284
87,806
972,708
502,497
11,319
56,537
220,335
234,109
1,414,093
(998,283)		 1,087,582
(617,700)		 1,302,646
880,949
(936,840)
(461,071)
415,810 469,882 365,806
419,878
1,523,794 1,650,921 1,498,792
1,625,919
1,523,794 1,650,921 1,498,792
1,625,919
0
-
-
- -
Total unrestricted funds
Restricted income funds
Unrestricted income funds:
Designated funds - other
General funds
Total funds		 107,793 - 107,793
-
1,157,983
258,018		 1,231,038
419,883		 1,157,983
1,231,038
233,016
394,881
1,416,001 1,650,921 1,390,999
1,625,919
1,523,794 1,650,921 1,498,792
1,625,919

Approved by the Board on 23 July 2026 and signed on their behalf by:

Professor Dame Henrietta Louise Moore Chair

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Institute of Contemporary Arts Limited

Consolidated statement of cash flows

For the year ended 31 March 2026

----- Start of picture text -----
Consolidated statement of cash flows
For the year ended 31 March 2026
2026 2025
Note
£ £ £ £
Cash flows from operating activities 22
Net cash (used in)/ provided by operating activities 38,942 (348,638)
Cash flows from investing activities:
Dividends, interest and rents from investments (1) (1)
Purchase of fixed assets (45,095) (46,179)
Net cash used in investing activities (45,096) (46,180)
Change in cash and cash equivalents in the year (6,154) (394,818)
Cash and cash equivalents at the beginning of the year 438,745 833,563
Cash and cash equivalents at the end of the year 23 432,592 438,745
----- End of picture text -----

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Institute of Contemporary Arts Limited Notes to the financial statements

For the year ended 31 March 2026

1 Accounting policies

a) Statutory information

The Institute of Contemporary Arts Limited (ICA) is a charitable company limited by guarantee and is incorporated in England and Wales. The registered office address (and principal place of business) is The Mall, London SW1Y 5AH.

b) Basis of preparation

The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), (Charities SORP FRS 102), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

The accounting policies applied are unchanged from the previous year.

Assets and liabilities are initially recognised at historical cost convention, as modified by the revaluation of certain fixed assets or transaction value, unless otherwise stated in the relevant accounting policy or note.

These financial statements consolidate the results of the charitable company – Institute of Contemporary Arts Limited – and its wholly-owned subsidiary registered in England and Wales – ICA Enterprises Limited. The ICA's US-based subsidiary – Friends of the Institute of Contemporary Arts London, Inc. – has not been operational during the year and is therefore not included in the consolidation. Transactions and balances between the ICA and its active subsidiary have been eliminated from the consolidated financial statements. Balances with subsidiaries are disclosed in the notes to the ICA's balance sheet.

In accordance with section 408 of the Companies Act 2006, a separate statement of financial activities (or income and expenditure account) for the ICA itself is not presented.

c) Public benefit entity

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

d) Going concern

The financial statements have been prepared on a going concern basis. Further information on the Trustees’ assessment of going concern, including the material uncertainty identified, is provided in the ‘Reserves policy and going concern’ section of the Trustees’ Annual Report.

e) Income

Income is recognised when the ICA has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income from government and other grants, whether ‘capital’ or ‘revenue’, is recognised when the ICA has entitlement to the funds, performance conditions have been met, it is probable that the income will be received, and the amount can be measured reliably and is not deferred.

The principal source of grant income is Arts Council England.

Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met.

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Institute of Contemporary Arts Limited Notes to the financial statements

For the year ended 31 March 2026

Other trading activities represent ICA Enterprises Limited’s income from café bar operations, and private hire of ICA spaces. Incoming resources are accounted for when ICA Enterprises Limited has entitlement to the funds, certainty of receipt, and the amount is measurable. Where income is received in advance, it is deferred until such time as ICA Enterprises Limited is entitled to the income.

During the year, enhancements to ICA’s financial systems have enabled income to be captured at an individual order level and reconciled directly to bank feeds on a weekly basis, strengthening reliability and control over income recognition

f) Donations of gifts, services and facilities

Donated professional services and donated facilities are recognised as income when the ICA has control over the item or received the service, any conditions associated with the donation have been met, the receipt of economic benefit from the use by the ICA of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), volunteer time is not recognised so refer to the Board’s annual report for more information about their contribution.

On receipt, donated gifts, professional services and donated facilities are recognised on the basis of the value of the gift to the ICA, which is the amount the ICA would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.

g) Interest receivable

Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the ICA; this is normally upon notification of the interest paid or payable by the bank.

h) Fund accounting

The ICA maintains the following funds:

Restricted funds

Restricted funds represent grants, donations and legacies received which the donor allocates for specific purposes.

General unrestricted funds

These represent funds which are expendable to use to further any purposes of the ICA. Unrestricted funds are expendable at the discretion of the Board in the furtherance of the objectives of the ICA. Such funds may be held to finance both working capital and capital investment.

Designated funds

Designated funds are unrestricted funds of the ICA which have been set aside by the Board to fund particular future activities of the ICA.

i) Expenditure

Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required, and the amount of the obligation can be measured reliably. Expenditure is classified under the following activity headings:

Costs of raising funds relate to the costs incurred by the ICA in inducing third parties to make voluntary contributions, as well as the cost of any activities with a fundraising purpose and costs of commercial trading activities.

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Institute of Contemporary Arts Limited Notes to the financial statements

For the year ended 31 March 2026

Expenditure on charitable activities includes the costs of programme and associated activities undertaken to further the purposes of the ICA and their associated support costs.

During the year, the ICA implemented improved digital systems that require a purchase order for all expenditure, enable multi-layered approval workflows, and reconcile payments with accounting records digitally. These measures have strengthened internal control and oversight of expenditure.

j) Allocation of support costs

Resources expended are allocated to the particular activity where the cost relates directly to that activity. However, the cost of overall direction and administration of each activity, comprising the salary and overhead costs of the central function, is apportioned on the following basis which are an estimate, based on staff time, of the amount attributable to each activity.

Where information about the aims, objectives and projects of the ICA is provided to potential beneficiaries, the costs associated with this publicity are allocated to charitable expenditure.

Where such information about the aims, objectives and projects of the ICA is also provided to potential donors, activity costs are apportioned between fundraising and charitable activities on the basis of area of literature occupied by each activity.

Raising funds 4%
Programme activities 35%
Associated activities 21%
Support costs 1%
Governance costs 39%

Support and governance costs are reallocated to each of the activities on the following basis, which is an estimate, based on staff time, of the amount attributable to each activity.

Raising funds 7%
Programme activities 59%
Associated activities 34%

Governance costs are the costs associated with the governance arrangements of the ICA. These costs are associated with constitutional and statutory requirements and include any costs associated with the strategic management of the ICA’s activities.

k) Operating leases

Rental charges are charged to the statement of financial activities on a straight-line basis over the term of the lease.

l) Tangible and intangible fixed assets

Items of equipment are capitalised where the purchase price exceeds £500. Depreciation costs are allocated to activities on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstances indicate their carrying value may exceed their net realisable value and value in use.

Assets in the course of construction are stated at cost. These assets are not depreciated until they are available for use.

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Institute of Contemporary Arts Limited Notes to the financial statements

For the year ended 31 March 2026

Depreciation is provided at rates calculated to write down the cost of each asset to its estimated residual value over its expected useful life. The cost of long leasehold buildings is depreciated over the unexpired term of the lease. Improvements to leasehold premises and other assets are depreciated as set out below:

Long leasehold buildings over the length of the lease Leasehold improvement 5%-20% Fixtures and fittings including soft furnishings and other building innovation 20%-33.33% Furniture and equipment including computer hardware, technical equipment, office equipment and furniture 10%–33.33%

m) Heritage assets

The ICA maintains heritage assets, including documents, press cuttings and multimedia recordings. There is a lack of records kept on the original purchase costs; these assets also have no readily available market values. For these reasons, the heritage assets are not recognised in the balance sheet.

n) Investments

Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. Any change in fair value will be recognised in the statement of financial activities and any excess of fair value over the historic cost of the investments will be shown as a fair value reserve in the balance sheet. Investment gains and losses, whether realised or unrealised, are combined and shown in the heading ‘Net gains/(losses) on investments’ in the statement of financial activities. The ICA does not acquire put options, derivatives or other complex financial instruments.

o) Investments in subsidiaries

Investments in subsidiaries are at cost.

p) Stocks

Stocks are stated at the lower of cost and net realisable value. In general, cost is determined on a first in, first out basis, and includes transport and handling costs. Net realisable value is the price at which stocks can be sold in the normal course of business after allowing for the costs of realisation. Provision is made where necessary for obsolete, slow-moving and defective stocks. Donated items of stock, held for distribution or resale, are recognised at fair value, which is the amount the charity would have been willing to pay for the items on the open market.

q) Debtors

Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.

r) Cash at bank and in hand

Cash at bank and cash in hand comprises cash that is required for working capital requirements and excludes cash held for investment and other long-term purposes.

s) Creditors and provisions

29

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited Notes to the financial statements

For the year ended 31 March 2026

Creditors and provisions are recognised where the ICA has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.

t) Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

u) Pensions

The ICA makes payments to defined contribution pension schemes on behalf of employees. The assets of the schemes are held separately from those of the ICA in independently administered funds. The pension cost charge represents contributions payable to the funds during the year. The ICA has no liability under the schemes other than the payment of those contributions.

30

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited Notes to the financial statements

For the year ended 31 March 2026

2 Detailed comparative of prior year figures

Income from:
Grants, donations and legacies
Charitable activities
Programme activities
Other trading activities
Investment
Total income
Expenditure on:
Raising funds
Charitable activities
Programme activities
Associated activities
Total expenditure
Net income / expenditure
Transfers between funds
Net movement in funds
Total funds brought forward
Total funds carried forward		 General
£
1,496,821
1,110,354
1,233,230
-
-		 Designated
£
-
-
-
-
-		 Restricted
2025 Total
£
£
286,096
1,782,917
-
1,110,354
-
1,233,230
-
-
-
286,096
4,126,501
-
274,488
86,096
2,556,731
200,000
1,490,381
286,096
4,321,600
-
(195,099)
-
-
-
(195,099)
-
1,846,020
-
1,650,921
3,840,405 -
274,488
2,470,634
1,166,871
3,911,994		 -
-
123,509
123,509
(71,590)
(46,179)		 (123,509)
46,179
(117,769)
537,651		 (77,330)
1,308,369
419,882 1,231,039

3a Income from grants, donations and legacies (current year)

3a
Income from grants, donations and legacies (current year)
Arts Council England
Other grants		 Unrestricted
£
689,231
100,000		 2026
Restricted
Total
£
£
55,000
744,231
140,792
240,792
Proceeds from sale of donated artworks - -
-
Donations 429,037 154,401
583,438
350,194
1,568,462
1,218,268

31

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Notes to the financial statements

For the year ended 31 March 2026

3b Income from grants, donations and legacies (Prior year)

Arts Council England
Other grants
Donations
Proceeds from sale of donated artworks		 Unrestricted
£
678,310
609,588
-
208,923		 2025
Restricted
Total
£
£
200,000
878,310
86,096
695,684
-
-
-
208,923
286,096
1,782,917
1,496,821

4a Income from charitable activities (current year)

Total income from charitable activities
Arts Council England
Exhibition and Theatre Tax Relief
Exhibition income
Box Office
Sponsorship
Education and Learning		 Unrestricted
£
-
333,253
46,816
902,780
-
34,515		 2026
Restricted
Total
£
£
-
-
-
333,253
-
46,816
-
902,780
-
-
-
34,515
-
1,317,364
1,317,364

4b Income from charitable activities (prior year)

Arts Council England
Total income from charitable activities
Exhibition and Theatre Tax Relief
Exhibition income
Box Office
Sponsorship
Education and Learning		 Unrestricted
£
-
233,612
31,069
831,518
-
14,156		 ~~32~~
2025
Restricted
Total
£
£
-
-
-
233,612
-
31,069
-
831,518
-
-
-
14,156
-
1,110,354
1,110,354

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Notes to the financial statements

For the year ended 31 March 2026

5a Income from other trading activities (current year)

Sale of donated artworks
Sales of Books, Merchandise and Artists' Editions
Membership Schemes
Bar/Café Income
Hire income
Other		 2026
Unrestricted
Restricted
Total
£
£
£
-
-
-
252,486
-
252,486
139,588
-
139,588
108,768
-
108,768
404,529
-
404,529
287,548
-
287,548
1,192,919
-
1,192,919

5b Income from other trading activities (Prior year)

Sales of Books, Merchandise and Artists' Editions
Membership Schemes
Bar/Café Income
Hire income
Other
Sale of donated artworks		 Unrestricted
£
-
246,918
83,285
74,887
615,223
212,917		 2025
Restricted
Total
£
£
-
-
-
246,918
-
83,285
-
74,887
-
615,223
-
212,917
-
1,233,230
1,233,230

33

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited Notes to the financial statements

For the year ended 31 March 2026

6a Analysis of expenditure (current year)

Staff costs (Note 8)
Cinema
Exhibitions
Education, Talks and Events
Marketing and New Media
Supporter Development
Hire
Legal and professional fees
Audit fees
Premises
Overheads
Trading costs
Depreciation
Support costs
Governance costs
Total expenditure 2026		 Cost of
raising funds
Programme
activities
Associated
activities
Governance
costs
Support costs
2026
Total
£
£
£
£
£
£
136,375
879,656
356,191
-
744,617
2,116,839
-
223,525
-
-
-
223,525
-
636,109
-
-
-
636,109
-
54,063
-
-
-
54,063
-
-
152,985
-
-
152,985
27,245
-
-
-
-
27,245
-
-
178,798
-
-
178,798
-
-
-
-
71,655
71,655
-
-
-
19,400
-
19,400
-
-
-
-
(14,837)
(14,837)
-
-
-
-
452,922
452,922
-
5,515
163,436
-
66
169,016
-
-
-
-
118,150
118,150
Charitable activities
163,620
1,798,867
851,410
19,400
1,372,573
4,205,871
4%
43%
20%
0%
33%
93,335
815,309
463,930
-
(1,372,573)
-
1,319
11,524
6,557
(19,400)
-
-
258,275
2,625,700
1,321,897
-
-
4,205,871

6b Analysis of expenditure (previous year)

Cost of raising
funds
£		 Charitable activities Charitable activities Governance
costs
£		 Support costs
2025 Total
£
£
Programme
activities
£		 Associated
activities
£
Staff costs (Note 8) 123,419 722,339 344,824 21,000 676,638
1,888,220
Cinema
Exhibitions
Education, Talks and Events
Marketing and New Media
Supporter Development
Hire
Legal and professional fees
Audit fees
Premises
Overheads
Trading costs
Depreciation
Support costs
Governance costs
Total expenditure 2025		 -
-
-
-
32,360
-
-
-
-
-
-
-		 201,736
552,684
33,392
-
-
-
-
-
642
-
8,977
-		 -
-
-
112,160
-
268,046
-
-
-
-
175,296
-		 -
-
-
-
-
-
-
22,150
-
-
-
-		 -
201,736
-
552,684
-
33,392
-
112,160
-
32,360
-
268,046
24,873
24,873
-
22,150
255,228
255,870
621,604
621,604
723
184,996
123,509
123,509
1,702,574
4,321,600
39%
(1,702,574)
-
-
-
-
4,321,600
155,779
4%
115,775
2,934		 1,519,770
35%
1,011,329
25,631		 900,326
21%
575,470
14,585		 43,150
1%
-
(43,150)
274,488 2,556,731 1,490,381

34

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited Notes to the financial statements

For the year ended 31 March 2026

7
8
The following number of employees received employee benefits (excluding
employer national insurance and pension costs) during the year between:
Analysis of staff costs, trustee remuneration and expenses, and the cost of
key management personnel
£90,000 - £99,999
£100,000 - £109,999
Employer’s contribution to defined contribution pension schemes
£60,000 - £69,999
£70,000 - £79,999
£80,000 - £89,999
Staff costs were as follows:
Salaries and wages
Redundancy and termination costs
Social security costs
Net income / (expenditure) for the year
This is stated after charging:
Depreciation
Operating lease rentals:
Property
Auditors' remuneration (excluding VAT):		 2026
2025
£
£
118,150
123,509
20,898
22,550
19,400
22,150
2026
2025
£
£
1,845,935
1,678,672
-
-
219,411
165,835
51,493
43,713
2,116,839
1,888,220
2026
2025
No.
No.
-
-
1
-
-
-
1
-
1
1

35

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Notes to the financial statements

For the year ended 31 March 2026

10 Related party transactions

The following related party transactions occurred during the 2025/26 financial year:

There are no other donations from related parties which are outside the normal course of business and no restricted donations from related parties.

11 Taxation

The charity is exempt from corporation tax as all its income is charitable and is applied for charitable purposes. The charity's trading subsidiary ICA Enterprises Limited gift aids available profits to the parent charity.

36

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Notes to the financial statements

For the year ended 31 March 2026

12 Tangible fixed assets

Tangible fixed assets
At the end of the year
Net book value
At the end of the year
At the start of the year
Transfer in year
At the end of the year
Depreciation
At the start of the year
Charge for the year
Eliminated on disposal
Adjustment to the prior
The charity and group
Cost
At the start of the year
Additions in year
Disposals in year		 Fixed assets in
the course of
construction
-
-
-
-
-
-
-
-
Long
leasehold
buildings
£
150,000
-
-
-		 Improvements
to leasehold
buildings
£
1,157,131
-
-
-		 Adj to Prior Year
Website
57,892
-
-
-		 Fixtures and
fittings
£
701,074
31,904
-
-
Furniture and
equipment
Total
£
£
256,123
2,322,220
13,191
45,095
-
-
-
-
269,314
2,367,315
236,639
1,141,181
-
-
16,998
118,150
-
-
150,000 1,157,131 57,892 732,978
58,171
2,235
-		 207,403
67,631
-		 57,892
-
-		 581,076
-
31,286
-
- 60,406 275,035 57,892 612,362 253,637
1,259,331
- 89,594
 882,096 - 120,616 15,677
1,107,984
- 91,829 949,728 - 119,998 19,484
1,181,039

All of the above assets are used for charitable purposes.

13

Investments

Fixed asset investments
Investment in subsidiary		 2026
2025
2026
2025
£
£
£
£
-
2
2
The group
The charity

In addition to the above, the ICA holds current asset investments of £XXXXXX (2025: £56,537). This is cash held separately, which is not being used as working capital.

37

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited Notes to the financial statements

For the year ended 31 March 2026

14 Subsidiary undertaking

The charitable company owns the whole of the issued ordinary share capital of ICA Enterprises Limited, a company with registration number 01461527 in England . The subsidiary is used for non-primary purpose trading activities. Available profits are gift aided to the charitable company.

All activities of ICA Enterprises Limited have been consolidated on a line by line basis in the statement of financial activities. A summary of the results of the subsidiaries is shown below:

The activities of the Friends of the Institute of Contemporary Arts London, Inc. (FoICAL) ceased in 2022-23 and the legal entity is in the process of being dissolved. The net assets are immaterial and have not been consolidated into the 2024-25 financial statements.

All
Funds
Profit/(loss) for the financial year
Profits distributed to parent under gift aid
Retained earnings carried forward
The aggregate of the assets, liabilities and
Assets
Liabilities
Profit on ordinary activities before tax
Gift Aid to parent undertaking
Corporate Tax
Profit / (loss) for the financial year after tax
Retained earnings
Retained earnings brought forward
Gross profit
Administrative expenses
Grant awarded to the ICA
Management charge payable to parent
Operating profit
Interest payable
Turnover
Cost of sales		 2026
2025
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
FoICAL		 2026
2025
£
£
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
FoICAL		 2026
2025
£
£
582,737
696,235
(177,473)
(253,703)
ICA Enterprises
-
-
-
-		 405,263
442,532
(36,958)
(106,906)
-
-
(77,000)
(88,486)
-
-		 291,305
247,140
-
-
-
-
-		 -
-
-		 291,305
247,140
-
-
-
-
- - 291,305
247,140
-
-
-		 -
-
-		 25,002
25,002
291,305
247,140
(291,305)
(247,140)
- - 25,002
25,002
-
-		 -
-		 479,753
4,065,488
(454,751)
(4,040,486)
- - 25,002
25,002

15 Parent charity

The parent charity's gross income and the results for the year are disclosed as follows:

Gross income
Result for the year		 2026
2025
£
£
3,791,092
3,430,265
(123,348)
(442,239)
16
Stock
Bookshop, merchandise and editions 2026
2025
£
£
98,283.5
87,805.8
The group and charity

38

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Notes to the financial statements

For the year ended 31 March 2026

17 Debtors

Debtors
Trade debtors
Amounts owed from group undertakings
Other debtors
Prepayments and accrued income
Other creditors
Accruals
Deferred income
Creditors: amounts falling due within one year
Trade creditors
Amounts owed to group undertakings
Taxation and social security		 2026
2025
2026
2025
£
£
£
£
398,834
304,562
120,019
193,757
-
368,305
45,772
-
3,175
-
3,175
484,384
253,293
484,384
259,793
The group
The charity
883,217
561,031
972,708
502,497
2026
2025
2026
2025
£
£
£
£
264,021
328,031
219,447
231,701
-
9,796
297,865
144,816
23,507
144,816
39,791
42,806
37,438
40,620
42,950
144,763
113,230
144,763
113,230
401,878
105,699
89,328
33,399
The group
The charity
998,284
617,700
936,840
461,071

18 Creditors: amounts falling due within one year

19 Deferred income

The deferred income comprises of the advance payments for grants and the hires of the ICA’s venue that are to be delivered in the future.

Balance at the beginning of the year
Amount released to income in the year
Amount deferred in the year
Balance at the end of the year
20a
Tangible fixed assets
Net current assets
Net assets at the end of the year
Analysis of group net assets between funds (current year)		 2026
2025
£
£
510,890
138,646
(510,890)
372,244
401,878
-
The group		 2026
2025
£
£
510,890
138,646
(510,890)
372,244
401,878
-
The group		 2026
2025
£
£
564,428
6,933
(564,428)
557,495
89,328
-
The charity
401,878 510,890 89,328
564,428
£
-
258,018
General
unrestricted
funds		 Designated
funds
£
1,107,983
50,000		 Restricted funds
Total
funds
£
£
-
1,107,983
107,793
415,811
258,018 1,157,983 107,793
1,523,794
20b
Tangible fixed assets
c
Net current assets
Net assets at the end of the year
Analysis of group net assets between funds (prior year)		 £
-
419,883
General
unrestricted
funds		 Designated
funds
£
1,177,115
53,923		 Restricted funds
Total
funds
£
£
3,924
1,181,039
(3,924)
469,882
419,883 1,231,038 -
1,650,921

39

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Notes to the financial statements

For the year ended 31 March 2026

21a Movements in funds (current year)

Restricted funds:
Artistic programme
ACE Transform Fund
Total restricted funds
Maintenance fund
Fixed asset reserve
Total designated funds
General funds
Designated funds:
Total unrestricted funds
Total funds
Unrestricted funds:
Adjustment to the prior year		 At the start of
the year
£
-
-		 Income & gains
£
295,194
55,000		 Expenditure &
losses
£
(187,401)
(55,000)		 Transfers
£
-
-		 Exceptional item
At the end of
the year
£
£
-
107,793
-
-
- 350,194 (242,401) - -
107,793
-
50,000
1,181,038		 -
-
-		 -
-
(118,150)		 -
45,095		 -
-
-
50,000
1,107,983
1,231,038 - (118,150) 45,095 -
1,157,983
419,882 3,728,552 (3,845,321) (45,095) -
258,018
1,650,921 3,728,552 (3,963,471) - -
1,416,002
1,650,921 4,078,746 (4,205,872) - -
1,523,794

Purposes of restricted funds

Artistic programme

This fund represents income received from Trusts, foundations and other funders to support the artistic programme

ACE Transform Fund

This fund covers the income received from the Arts Council England Transform fund.

21a Movements in funds (continued)

Purposes of designated funds

Maintenance fund

The maintenance fund is used to earmark funds for the cost of the five-yearly redecoration and repairs to the exterior of 12 Carlton House Terrace, London SW1Y 5AH. These works are undertaken by Crown Estates, the freeholder of 12 Carlton House Terrace, and invoiced to the ICA under the terms of the lease of the building.

75th Anniversary fund

2022 was the 75th anniversary of the founding of the Institute of Contemporary Arts. During the year a number of artworks were kindly donate by artists with a historic connection to the ICA, and an auction was held at Sotheby's in October 2023. This, along with the private sale of other donated art works, raised £2,134,084. Of that sum, £1,250,000 has been designated to an new 75th Anniversary fund to support the long term future of the ICA.

Fixed asset reserve

The fixed asset reserve has been designated by the Board to represent the unrestricted net book value of fixed assets. The designation reflects the fact that these assets are in use by the charity and are not of the nature where they could be readily disposed of for a substantial consideration.

Transfers between funds

Transfers between funds represent general unrestricted funds which have been designated for specific purposes by the Board. The total transfers from general unrestricted funds for the 2025/26 financial year was £45,095 (2025: £46,179).

40

Docusign Envelope ID: 5BC44183-D968-8098-8329-1293FA64208A

Institute of Contemporary Arts Limited

Notes to the financial statements

For the year ended 31 March 2026

21b Movements in funds (prior year)

Restricted funds:
Artistic programme
ACE Transform Fund
Total restricted funds
Adjustment to the prior year
Maintenance fund
Fixed asset reserve
Total designated funds
General funds
Total unrestricted funds
Total funds
Unrestricted funds:
Designated funds:		 At the start of the
year
£
-
-		 Income & gains
£
-
200,000		 Expenditure &
losses
Transfers
At the end of
the year
£
£
£
-
-
-
(200,000)
-
-
(200,000)
-
-
-
-
-
50,000
(123,509)
46,179
1,181,038
- 200,000
50,000
1,258,369		 -
-
1,308,369 - (123,509)
46,179
1,231,039
537,651 3,840,405 (3,911,994)
(46,179)
419,882
1,846,020 3,840,405 (4,035,503)
-
1,650,921
1,846,020 4,040,405 (4,235,503)
-
1,650,921
Net (expenditure)/income for the reporting period
(as per the statement of financial activities)
Depreciation charges
Dividends and interest from investments
(Profit)/loss on the disposal of fixed assets
(Increase)/decrease in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors		 2026
2025
£
£
(127,127)
(195,099)
118,150
123,509
-
-
-
-
(10,478)
10,906
(322,186)
11,575
380,583
(299,530)
38,942
(348,639)

23 Analysis of cash and cash equivalents

Cash at bank and in hand
Notice deposits (less than 3 months)
Total cash and cash equivalents		 At 31 March
2025
Cash flows
At 31 March
2026
£
£
£
382,208
39,065
421,273
56,537
(45,218)
11,319
438,745
(6,153)
432,592

24 Operating lease commitments

The group and charity's total future minimum lease payments under non-cancellable operating leases is as follows for each of the following periods:

One to five years
Over five years
Less than one year		 2026
2025
£
£
20,898
18,402
87,431
86,532
794,367
902,757
Property		 2026
2025
£
£
20,898
18,402
87,431
86,532
794,367
902,757
Property		 2026
2025
£
£
-
4,148
-
-
-
-
Equipment
902,696 1,007,691 -
4,148
25
Legal status of the charity

The charity is a company limited by guarantee and has no share capital. The liability of each member in the event of winding up is limited to £1.

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