2024-03-31-accounts

Charity Regi51ration No. 262548 Company Registration No. l)0986208 IEngland and Wales) THE PHOTOGRAPHERS, GALLERY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

THE PHOTOGRAPHERS. GALLERY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees J Phelan K Watson P Barnes A Gray R Biosse Duplèn L El- T3nrawy M Allende T Boodle T Kelly IAppointed 18 March 20241 IAppointed 23 September 20241 (Appointed 23 september 20241 IAppointed 23 September 20241 (Appointed 9 DÈcember 20241 (Appointed 9 December 20241 Secretsry K Songu Charity number 262548 Company number 00986208 Registered office 16-18 Ramillies Street London WIF 7LW Audltor HW Fisher Audit Acre House 11-15 William Road London NWI 3ER United Kingdom

THE PHOTOGRAPHERS. GALLERY LIMITED CONTENTS Page Trustees, ￿port i-ii ststement of trustees, responsibilities 12 Independent auditor'5 report 13-15 cons0lid3ted 5tatetnent of financial activitie5 16-17 Consolidated and charity balance sheets 18 Consolidated 5tstement of cash flows 19 Notes to the financial statement5 20-33

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 MARCH 2024 AboutThe Phrtographers Gallery.. The Photographers, Gallery explores how photography is connecDng. captrvating and radically ¢han£ing our world today. The Gallery's pro£ramme Ènd spaces from exhibitrons, talks, workshops and digit31 p13rforms to the café. shop and galleries all explore the beauty, complexity and futurÈ of photography. Right outside the Gallery, the Soho Photography Quarter offers free, day-and-night exhibittons of the best In contemporary photography On the borders of busy Oxford Street and vibrant Soho, the Gallery 15 home to photography experts, novices and the photo-curious,. arbsts and students.. locals, tourists and passers- by. and an enthus135tic 3nd committed staff team The Gallery lir5t opened its doors in 1971 at 8 Great Newport Street in Covent Garden. London. Initially founded to provide a space to exhibitthe best of British and internatronal photography, it played 3 PlVOt31 role from the 19705 onward in establishing photography a5 3 recogni5ed 3rt form in the UK, giwn8 London it5 only dedic3ted venue lor photography. In 2012, the Gallery relocated to 3 new site on Ramillies Street in Soho. This move expanded the Gallery's capacity, enabling It to present historical works. retrogpectrves, and large-sc31e international exhibitronsforthe firsttime Education and acce$5ibilitv rem3in centr31 to it5 mi55ion, with ongoing efforts to engage aLJdiences through in-g311ery visits, online experiences, 3nd n3tional 3nd international p3rtner5hip5. The Gallery 31so continue5 to 5UPPOrt etnerging talent through commi55ioned work, educatronal initiatrve5, and an annual photography award. recent collaboration with Arts Council Eng13nd 3nd Westminster City Council ha5 extended the Gallery'5 re3ch into the surrounding public space. This Initrative led to the creation of the Soho Photographv Quarter, a vibrant public art space where streets surrounding the Gallery have been transformed with public seating, reduced street traffic, and captrvatsng photographv displays. Key features Include an art frieze, a nighthme street projector, and prominent cross-street banners highlightrng work from internaronal arb5t5. These tnilestone5 have established The Photographers, Gallery as a leading force within London's cultural landscape. The Gallery's success is made possible bythe financial support of Aris Council England, as well as numeroustrusts, foundatrons, corpor3tions, patron5, member5, and commerci31 Bctivities through The Photographers. G311ery Enterprise Limited A team of trustees and employees. Including Direttor Shoair Mavlian, Chair of Trustees Am3ndÈ Gray. and Chair of the Finance & Genèral Purposes Committee R3fael Biosse Duplan, le3d the Gallery with dedication and vision. Together, they help sh3pe the G3llery's furure, ensuring ils continued impact on photography and coni&mporary art in rhe UK and internarionally. ObjeLtives andAcbvfaes Public 8enefft The Photographers, Gallery is 8 registered charity, and a company limited bygu8rantee, guided byits Memorandum and Arttcles ofAssociarion. Our core mission is to promote photography as an art form while enhancing public awarene55 8nd understanding of the medium. The Trustees confirm that the Photographer's Gallery has had regard to the Charity Commission's general guidante on publi¢ benefit when reviewing its aims and objectrves. and in planning future activities Under the oversight of the Charity Commission. Arts Council England, and our dedicated professional advisors, staff, and trustees, we strive to fulfil our charitable objectives, which include. Highlighting the work of both emerging and e5tèblished photographer5, 35 well 35 exploring new media 3nd technologie5 that respond to the ever-changing landscape of photography. Organising a variety ol talk5, events, courses, and workshops de5i8ned to 5UPPOrt photographic practice, facilitate knowledge sharing, and foster a deeper appreciation for the art form. contributtng to the conservation of phorographic heritage. We remain committed to increasing diversity and accessibility by providing affordable and free access to our exhibition and education programmes year-round, both in-person and online. Our commercial acrivittes, which include the gale of artists, work, photography related publicarons, and merchandise, serve as a cultural hub for practittoners and the public to engage with th& medium. All profits generated through these acttvittÈS are dedicated to furthering our charitable objectives. These measuros underscore our commitment to ethical, independent governance 2nd transp3rencv.

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRE￿oRs, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Mlsslon and Mslon Our Purp05e.' We aim to be the home for next generation phoiogr8phy. Exploring how photography is connectrng, captivating and radically changing our world todav. Ourvalues: Expose 8 fuller picture- by revealing narratives that go beyond the frame. Develop Future Creators- by nurturing artists and new audiences and actrvely seeking under-represented voices In who we work with 2nd welcome In our spaces. Be one social space- 3 place for sharing and collaboration, Joining up everything we do both virtually and In Soho. What We Offer.. Our pro8ramme encomp3sses rich history, diverse practices, and contemporary experimentation. We are compelling srorytellers, revealing n8rr8ttves that go beyond the frame, where photography is the beginning, not the end of rhe story. Our commitment to education through photography extends to people of 8118ges, backgrounds, and economic circumstances. We provide a widÈ array of acDvittÈi and strategies to Ènh3ncÈ visuÈl literacy. Wè are dÈditatÈd to nurturing 3rttsts and new audiences to creatÈ a more diverse and representative visual culturè. WÈ are a place for sharing and collaboration, joining up everything we do to cre3te a fuller experience both virtually and in Soho. Our Audience.. We aim to expand our audience base and develop an audience first approaih We are hotne to photography expert5. novices and the photo-curious.. Brti5ts and 5tudentS.' tourists and passer5-by. Our Organisation.. We are an enthusiastic and committed staff team wilh the aim to be a diverse, professional, foDNard-thinking organi53tion. As responsible employers, we prioritisetran5parency, fairne55, and equalitywithin our team. Our financial sustainability 15 paramount, and we maintain transparent governance strurtures. Our Bulldlng.. We are tontrnuously enhancing our premisès to bè welcoming and 3ccÈssiblÈ. Situatèd on the borders of busy Oxford Street and vibrBnt Soho our sp3ce f05ter5 social interBction, intellectU31 exploration. and artistic innovation, creating an environrnent that inspires both visitors and creators alike Structure. Governance. and Management Overview Legal Strutture.. The Gallery operate5 a5 a company limited by guarantee and Is registered as 3 charitable org8nisatron. It also has one sub5idi3ry, The Photographers. Gallery IEDterprisesl Limited, which operates as a company limited bv shares. Trustees and Govemance Prlndples- The Trustees, who also sÈrvÈ as directors for lÈgal purposes, play a pivot31 role In overseeing the GallÈry's affairs. They adhere to the Charity Commission's Governance Code. which Is grounded in seven core principle5.' Organisational Purpose, Leadership. Integrity, Decision-making, Risk and Control, B03rd Effectiveness, Diversity. and Openness Accountability. Trustees RecTUitment. InduLtion. and Training.. Our proce55 for recruiting new trLJStee5 is robust, designed to ensure a well-rounded 3nd skilled Board of tru5tee5. This proce55 involves ongoing a55e55ments by the Nominations Comrnittee 3nd broader trustee group5 to determine the 5pecilic ski115 3nd experkn5e needed to effectively 5UPPOrt delivery olthe strategy and embodythe Gallery's values. The Gallery Bdverhses publiclv for new trustees and the Nominations Committee p13y a crucial role in the recruitment process, Interviewing prospective trustees and recommending them to the Chair for evaluation. The Chair, in consultation with the Director, carefully a55esses the candidates and decides whether to propose their appointment. The fin81 decision regarding appoiniments rests with the trustees. Once new trustees are appointed, they undergo an induction and orientatron prO￿esS. briefings are provided by the Chair, Director. and Director of Financè Operatrons and 8usinÈss EnterprisÈs, and they receive relevant guidance from Charity Commi55ion publication5. Additionally, any Specific training need5 are ev31uated on a case-by-ca5e basis by the Chair to ensure th3t each trustee 15 well-prepared for their role. CurrentTrustees.' The Chair Staff would like to extend their appreciation to all trustees current 3nd past for their continued time cornrnitrnent to supporting them and the Director in achieving the organisation5 g0315 and maint3ining good governance linancial stability- Amand3 Gr3y was appointed Chair of trustees in M3rch 2024 and 5iDce then has worked with the Director and the nominatrons committee to recruit new members to the board of trustees.

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRE￿oRs, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The f￿10￿Trg IndI￿duals served asTrustses durlng the year and up to the date of approval ofthese flnanclal statements- Amanda Gray (Chair 3ppointed 18 March 20241 Kay Watson Polly Barne5 Joe Phelan Rafael 8i055e Duplan lappointed 23 September 20241 Laur3 El-Tantawy13ppointed 23 Septernber 20241 Monic3 Allende lappointed 23 September 20241 Taja Lewis Boodle lappointed 9 December 20241 Talitha Thomas Kelly lappointed 9 December 20241 Trustees and Dlrettors who stepped down.. Matthew Stephenson ICh3irl Iresigned 4 December 20231 lananne Al-Ani (resigned 4 December 20231 Deborah Botvvood Smith Iresigned 4 December 20231 james Kelly Iresigned 4 December 20231 Mark Lewi5 Ire5igned 4 December 2Q231 Daniel Oudkerk Ire5ignÉd 4 DÉcembÈr 20231 Michelle Shuttleworth ICh3ir of FGPI Ire5igned 9 Decefflber 20241 E15peth Walker (resigned 9 December 20241 Montan3 Hall Iresigned 9 December 20241 Managernertstrutture.. The Gallery s day-to-day operatrons were overseen by Director Shoair M3vlian from January 2023. The Director of the Charity 15 appointed by the Trustees and serves as the Director of both the charity13 non statutory director) and Its commercial subsidiary18 Statutory direciorl. The Director Is supported by live senior managers, referred io as the Executrve Iv1anagement Team IEMTI, iesponsible for various departments. Pay and Remuneratlon.. Staff pay and remuneration are reviewed annually by the Finance and General Purpose5 committee, with recommendations presented to the Board. The Director 3nd Line Manager5 conduct annual 5t3ff appraisals, Vlith any ch3nges to staff terms and conditions proposed to the Board. Pay levels and condition5 are benchmarked against other London-ba5ed art5 org3ni53tions every 2 years. The Director's p3y 3nd rerms 3re derermined directly by the TrLJStee5, 3nd the Gallery 15 committed ro supporring the London Living Wage as a rninitnum lor all employee5. Fundraising Governan￿. Fundr31sing Is a key facet of the Charitv's funding mix, and both the Executtve and Trustee teams are committed to adhering to ethic31 fundraising principle5. As we look to the future, our commitment to creatrvity, engagement, and amsDC Innovation remains unwavering. We expr&ss our gratitLJde for the conrnued support of donors and members ar all levels and look forward to a future hlled with evon greater accomplishments and shared artistrt experiÈnces. We oxclusively roly on our in-house fundraising team. refraining from engaging third party commercial participators Dr professional fundraisers. We carefully monitor the approach to fundraising taken bythe te3m and are proud to report that there were no complaint5 in the 2023-24 period. Our 8oard has endorsed a comprehensive donation acceptance policy. availablÈ on our website. Summary ofacuvlues and achlevements.. In her first ye3r as Director, Shoair M3vlian guided the Gallery through a period of visitor re-engagemeDt, an asse55ment of organisational structures, and a resilient navigation of inflationary pre55ures on overheads, all while embracing new growth opportunities following the business disruptions of the p3ndemic in the UK Arts sector. The G311ery capitalized on society's eagerne5S to reconnect with cultural spaces, presenting an exhibition programme designed to boost onsite visits and drive revenue. The Gallery expanded Its global reach by engaging diverse audiences with digital content videos, trailers, and TikTok interviews Ihat increased social media followers and enhanced global website en8agemÈnt. By March 2024, the Gallery proudly welcomed over 266,653 physical visitors, genÈrating E669,926 in admissions Income, reinforcing its repuiation as th* UK'S premiÈr photography venue and social hub. This surge In visitors WÈS matthed by growth in commercial revenue, which providÈd viial mitl8ation in mana8ing inflaiionary prÈssures, prÈsÈrvin8 unresiricted cash reserves, and enablinB the Gallery to fully repay a É268,707 busine55 loan by July 2023. It 3150 POSltioned the Gallery to con51der the investments needed for structural IhangÈs In staffing, IT infr3structurÈ, and prtrgr3mming as It tontinues to develop Its 2023-26 strategit plan. Arts C￿n￿l fundln8 2023-27.. The Gallery remains deeply grateful for the ongoing financi31 5UPPOrt provided by Art5 Council Eng13nd IACEI through its National Portfolio Organi5ation INPOI funding. Like many ACE-funded organisations, the Gallery received exceptional support

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 during the pandemic and has since benelited from additronÈl programming and small capital projÈct funding. Following 3 successful application, in November 2022 ACE confirmed a 5tand-sti11 grant of £2.756.601 over three ye3r5 2023-2026 èmount unchanged Since 2011 as the Gallery has sought to diversify its source5 of income and set found3tions for greater funding resilience. In lune 2024, ACE announced that NP05 could 3pply for a one-yeBr extension of their current funding agreement for 2026-27, with applications due in December 2024. This extension opportunity provides NPOS with 3 chance to m3intain Stability and sustain their contributions to the cultural sector amid ongoing linancial pre55ure5. Exhibthon Programrne: In 2023-24 our public programme of exhibitions included the Deut5che Borse Photography Foundotion Prize 2023, feaiuring international artists Bieke Depoorter, Frida Orupabo, Arthur Jafa, and Prize winner Samuel Fosso. Other highlighis included.- Hurd Mon 15 Good 10 Find, an exploration of London's queer archives, a retrospective of German photographer Evelyn Hofer,- a photography and poetry fusion reflecting on Black British Idenrity with Johny Pitts.- Home Is Not tt Ploce,. and, In Autumnminter 2023-24, Doido Mtrriyamo.. A RÈtrospettive. Thè Dttido Moriyttmo exhibition, a collaboration with the Instituto Moreira Salles In SS0 Paulo, was a grÈat success In both visitor attendance and revenue gÈnÈration. Marking ttratted ovÈr 113,944 visitors. The exhibition also generatÈd substantièl opportunitiÈs for thÈ Bookshop and Print Sale£ through the Sale of Moriyam3 merchandise. photobooks, Bnd Iimited-edition print5. Our touring programme featured the Chri5 Killip Ret105pective. which travelled to the B31tic Centre for Conternporary Art5 in Gateshead IFeb May 20241 and attracted over 92,(KIO visitors TheDEutsche 8or5E PhotogTophy Foundotion Prize 2023 toured to a new venue, rhe Museum of Photography in Krakow (lune Sept 20231- AdditiOD311y. TPG curated Picture5 [wom rhe Garden in collaboration with Photo Oxford (April- May 20231. This exhibition featured newly commissioned works by Vanessa Win5hip, Sian Davey, Matihew Finn, Alys Tomlinson, lem Southam, Nik Roche, and Alex Schneiderrllan, inspired bv Paddy Summerfield's series Mother ond Fother. In the public realm, the Soho Phorogrophy Qunrter hosted Gideon Mendel's climate-focused portraits Fire/Flood, followed by British photographer5ian D3vey'5 project The Gorden, accompanied by a new book and film. A new digital programme was also launched In 5PQ showcasing digiial artworks such as HuntrÈzz lanos's inieractive headpiece filter, jessica Wilson's uncanny photorealist animation Perfectly Clear, Sofia Crespo's Criiicolly Exicjni, which Éxplores human knowlÈdge of nature through visual data, Pastal gender's responsive animation Synroptttion. and Paul Dolan's Thermol Properties, featuring 3D phoio8raphic animations derived from renewable ener8y data. Our Digital Programme further highlighted TPG'5 new co113bor3tive PhD project. Digitol FolkloTe the VErnoculoT. led bv Kendal Beynon in partnership with the Centre for the Study of the Networked Image ICSNII. This project included the exhibition Beiween World5, which featured a newly commissioned Interactive game for visitors to play. Alongside these digital di5play5 and in-gallery events. we continued to commissiorb new research and articles through our online R&D platform, Unihinkin9 Photography, and hosied viriual talks, including Screen W(71k5, a collaboration between TPG and FoiomLJseum Winterthur. Opportuniiies for emerging artists this ye3r inclLJded our biennial TPG New Taleni Award. SIK UK- based ariists-loor ChekL7chktrv, Weiyi IMor9&rerJ Liong, Cynihio Motrwo 5irei, Cion Ob&-Smirh, Robbie 5poiswtrod, ond Ulos-were selected by guest Judge Hoda Ashfar to participaie In a curated online exhibition and a year-long mentorship with The Print SÈle5 Gallèry and Its èxhibition space plays a crucial rolè in generÈting rÈvenue to 5UPPOrt the Gallervs public and educational programme5. Reflecting the Gallery's vision, it promote5 a diverse range of photographers at Various stage5 in their careers. This year. the Print Sale5 Gallery featured both emerging and established 3rtist5. iniluding British photogr3pherJon Tonk5, Leb3nese photographer Fouad Elkoury, 3nd 3 5010 exhibition by J3panese photographer Miho KciJiokJ. whose minirnali5t work is inspired by the Japanese concept of wobi-5abi. which 8ppreci8te5 be3Uty in imperfection. The SLJmmer season highlighted e%hibitiOD5 by Down Chris and Luke Stephen50n. And in 3Utumn the te3m p3rticipated in Europe's largest photography art fair, P3ri5 Photo, with a 5010 booth of V3santha Yogananthan. The gBllerfs Winter Edition5 exhibition. along with 3 popular group show on contemporary bird-themed works, further enriched the programme. Beyond exhibition5, the Print Sales Gallery team educates new collectors on editions and accessible artwork, while also Catering to established collectors with both contemporary and vintage prints. Educafjon and Talks Prodramme. Our educatton team uttlised our exhibitton programme as both the foundatton and m31n resource for Initt3ting projects, hosting talks, organising events, developing EPQ projects with schools, and organising training amvities and opportunittes for young people. Addition311y, the team collabor3te closely with the 8ookshop and Print Sales Gallery, incorporating nÈwly released publications Into our talks programme and fDStering partnerships with artists highlighted in our Print Sales Gallery. The programme expanded it$ Scope to encornp455 various photography themes and embraced digital platform5 content The programme's overarching obiectrve 15 to engage four primary audience segment5'. photographers and artists, young people and educators, enthusiasts ol photography and culture, and visitors 3ttending our exhibition5.

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The digitrzation of our archive continued throughout the year, preserving our prDgrammÈ and Institutional history, which launched online in early 2024. Fundraising for our education and talk5 programme rernèined challenging in this economic environment and came from a wide range of sources including Event ticket sales. Trusts and Foundations, and individual giving We have 5ucce55fully run an Extended Project Qu31ilic3tion in Photography progr3mme since 2022, we are planning to further develop the EPQ in Photography as an ambitious two-year progr3mme The aim is to create a new model for how other arts organi53tion5 Can Support schoo15to co-deliver EPQ5, based on our learning 3nd experience Communlcatlons & audlences- Communications in 2023124 focused on digital development and content. underst3nding audience behavior, and broadening OLJr reach through partner5hip5 and digital marketing. Content has been e%p3nded to tell a broader story oif the Gallery, to highlight the archive, enterprises and other programmes and projects. alongside raising awareness of the Gallery s charitv status and ways to support. Strong media coverage throughout the year, Including several 4" and S. reviews, boosted visitor numbers, online traffic, and engagement. Digital marketing, alongside paid and organic social activity, boosted Social and website traffic and engagement. Social media followers continue to grow steadily. Combined with out-of-home advertising, on site communications, e-marketing and partnerships, digital m8rketing Is broadening reach and engagement and helping to create a more sireamlined visitor experience. Audiences for thÈ year wÈrÈ at 266.653, up ovÈr IL% on the previous year. Doido Moriyomo.. o rerrospective hugely boosted VlSltor numbers In the autumn season when we welcomed over 114.mo people to the Gallery during the 17-week run of the exhibition. Free Friday5 frorn 5pm and special curated lates continue to SUPPOrt free access and audience developrnent The seasonal creatives mornings are a regular opportunity to welcome early career creatives. writers and photTrgraphers to the G311ery and are becoming 3 popular networking and audience development opportunity Audience data is now gathered on site and online via the Arts Council's Illutninate platform, which launched in June 2023. 2023124 data show a year-on-year increase OD global majority. an increase on male visitor5 and a slight decre3se in under 34 ye3r old, first time and overseas Fundraising.. The Photographers, Gallery, 8 registered charity, depends on the generous support of individual donors, corporate partners, grant-making trusts, foundations, and statutory funders to fulfil Its mission and charitable aims. Our small development team prioritize a respectful, non-lntrusive approach to fundraising, and our Board has endorsed a comprehensive donation atteptancÈ polity, avÈilablÈ on our web51te. In 2023-24. we secured £338.419 in voluntary incomefroTll variou5 50urce5.' £16.110 from individu315, £70.684 from trusts and foundation5, £61,288 from corporates and £190.337 from our membership 3nd Patron 5chernes. reflecting the continued support by the photography community. Art5 Cciuncil England remains a vital supporter providing an 3nnual grant of £918,867. We are grateful io the following supporters for their exceptional contributions to the gallery throughout the year. The Deutsche Borse Photography Foundation, marking 20 years of partnership on our annual Photography Prize,- the Bargi Foundation for making ihe Daido Moriyama exhibition possible, Leica Ltd. and the Paul Mellon Foundaiion for their support of our digital initiatives, and John Lyons for his invaluable suppori of our educaiion programme. These partnerships are essntial In delivering a mimed programme of exhibiDons and projecis, such as Doido Ivloriyomo.- o retrospectTve and Iniriarves like TPG New Talent, which support both esrablished and emerging photo8raphÈrs and broaden our audience reach. However, ch3ritabl fundraising In the 8rrs faces growing challenges. With declining public funding, CDmpetrtion for limited resources has intensified, Increasing reli3ncÈ on private donations and corporate sponsorships. Economic uncertaintie5 are contributing to donor fatigue. And funder5 now expect art5 organi53tions to demonstrate strong social and environmental Impart as well as financial sustainability. Meeting these demands requires innovative fundr31$1ng 3nd complex reporbng, which need additionBI resource5. De5Pitethese challenges, we Bre committed to expanding our donor b35e, particularly among higher-level patrons over the coming ye3r. We continue to adapt our strategies 3nd are deeply gr3teful to our supporters, without whom our succe55 would not be possible. Commercial Enterprises.. Increasing income from commercial activities is a key component of the trustee5' financial strategy within the Gallery'5 three- year strategic plan. The primary goal of our commercial ventures Is to gerberate profit to support the Gallery's charitable ctivities, wilh our tÈam continuously refrÈshing and enhancing our sÈlÈction of prinis, books, and merchandise. Over the pasi year, we revita112ed produtt displays, Introduced exclusive Gallery merchandise, enhanced customer communicaiion, and explored collaboration5 Wlth other organizatlons and 3rtist5 from the public and our Print Sales Gallery program. Further improvements to the Gallery's digit31 infrastructure are needed to create a more seamless visitor Èxperience.

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Bookshop had an especially successful year. offering books and rnerch3nd15e aligned with our prograrnme, generating sale5 of £1.081.086. up É265,769 from the previous ye3r.The Café benefited from higherfootlall. generating 531es of £243,791. up £20,456 on the previou5 year, but higher lood prices and staff costs alfected profit margins Our Print Sale5 Gallery encountered 8 chBllenging Art Market marked by high inflation and reduced discretion3ry spending, which h3s imparted on our primary customer base, turnover w35 down £105.380 on the previous year at £806.964 a trend that has Continued into 2024. Despite these challenges, we Increased Investments in strategic m3rkeiin8, promotions, and both on-siie and online di8iial advertising and made a concerted effort to control costs. Additionally, we attended Photo London and Paris Photo art fairs, to Énhance visibility and our International profile and to connett with a wider tollector baso. Thanks to thÈse Initiatives Ènd the dÈditatÈd Éfforts Of our ÈntÈrprisÈ managÈmÈnt teams, our tommercial vÉnturÈs had È good year, with total turnover increasing by £180.845 to reach £2.321,841. resulting in a profit of £343.321 after a É170.000 management charge w35 Stsff.. The Galleryv31ues its Staff, recognizing their dedication and e55ential role in achieving its objectives, upholding core values, and adv3ncing it5 mission. In january 2023, trustee5 appointed Ms. Shoair Mavlian as the new Director, marking a pivotal moment and initiating transformative change. Over the past 18 month5, the Direttor and tru5tee5 have ev31uated operational Deed5, skills, and resources to shape a rhewthree-year strategic plan. Amidst these efforts, the Gallery, like marhy cultural organisations, has navigated high staff turnover, rising wage inflatron, and growing demand for flexible work arrangements and Innovative work models, presenttng both opportunities and financial challenges. To address these, trusrees, along with the Oirertor, a staff comtnittee, and an HR consultani, reviewed employee terms, organisanon81 structures, 3nd pay rates, reinfoicing the Gallery's commitment to transparency. engagement, and welfare programmes. In October 2024, Andrew Gault, Director of Finance, Operatrons, and Business Enterprises, stepped down after 22 years of service, with his role split Into Head of Finance, and Head of Commercial and Operations to expand tspacity and Èxpertise in rhese essennal areas going forward. The Director also idÉntrfied thÉ need for further invÈ5tment in IT, and a review of gÈnÉr31 Dper3tion5 to treate ÈffitiÈntiÈs, along with luturÈ offite adjustmènts providing a morè flexiblÈ working environmÈnt These initiatives are central to the G)Ilery'$ 2023-26 Flnanclal Overvlew: Despiie economicchallenges from geopolitical tensions, rising Interesi rates, and inflationary pressures, the Gallery successfully delivered Its 2023-24 programme Df exhibirons and acriviries. The trustees and executtvÈ team priDrinsÈd revenue growth through membÈrships and commercial aCbvitrÈS tDensuro financial stability. focusing on rÈbuilding audiente numbÈrsfollowing the pandemic's disruption. This effort was further supported by a major 2022 investment in partnership with Westminster Council. as part of the Oxford Street re8Èneration initiatrve. aimed at enhancing visitor experience and Increasing footffall In the West End Admi55ion fee5 were kept unchanged. in5te3d implementrng 5trategie5 to increase vi51tor numbers 3nd eBrned revenue through general mernber5hip. gallery hires, crogs-prornotions between the café bookshop. and an expanded r3nge of gallery merchandise These effort5 were particu13rly successful during the auturnn-winter se350n. which fe3tured 3n exhibition by lap3ne5e photogr3pher Daido Moriyama. High visitor numbers and touring fees contributed to a Strong earned income of £669,926 from the exhibition programme. The Gallery welcomed significantly higher visitor number5 UP to 266,653 in the year, with notable gro￿¢h in admissions and commercial revenue to help offset rising costs. While these achievements are encouraging. financial challenges pers15t. The G311ery Is projecting an operational deficit for 2024-25, reflecting eionomic pressure5 On Vlsitorspending and r151ng costs within the broader art5 sector. Includingoverhe3d5 and initial necessary Investments In IT. st3ffing, Bnd programming in line with the 2023-26 strategic plan. Trustees and the executive team are dedicated to navigating these chBllenges together. through cleargovernance, expanded revenue 5tream5. delivering operational efficiencies, and a renewed emph39i5 on fLJndraising in 2025. Since the yèar end, trusrÈes h3vÈ approved an IncrÈ3sÈ In admission charges wirh the executive, The Gall&ry will monitor rhe effect of these changes on visitor numbers and explore alternarive active pricing models In the furure alongside efforts focused on building and retaining general membership levels to ensurÈ tontinued atcessibility and Èngagement. Bank Loan.. Following the sharp Increase in Interest rates in the latter half of the financial year, trustees became concerned about the rising interest ¢ost5 on thÈ Gallery's outstanding bank loan of £268.707 In response, they made an early repayment of £IOO.QDO in June 2Q22 and fully sottlod the remaining balance from free reserves by July 2023. while maintaining ¢ash reserves of £1,2SI,673 on 31 March 2024, in line with the reserve5 policv BuildingValu*ion: The Gallery is the freeholder of its building at 16-18 Ramillies Street, with the property value assessed annually by an

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRE￿oRs, REPORTI ICONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 independent valuation specialist and reviewed a5 part of the audit process. In March 2024, a revaluation confirmed thÈ property'5 value at £9 7 million. This valuation reflects adjustments to the v31u3tion index and the lasting irnpact of the pandemic on central London property prices, despite the Gallery's ongoing investments in upgrading theground floor. lighting. and plant. Financial Perfomiance Summary.. The Gallery'5 financial statement5forthe 2023-24 period show 3 net delicit of £69,53412023. £723.1551 reflects a commitment to Davigabng the changing landscape of the arts settor, and a commitment to invest for the future whilst aiming to 3chieve 3 balanced operation31 budget. Sourw of Income 2023-24 Percertage of tumover Inwme 202>24 Turnover from EntÈrprises Art5 Council Efjgland Fundraising, Ilndividuals, Corporates, Membership, T&F, orher public, Earned income) 17% TitkÈbng (Exhibition and letturÈsl 14% Invesrment income £2,321,841 £918,867 E814,936 £669.926 E12,445 Total Income £4,738,015 Expendlture 2023-24 Cost of Enterprises IlncTPGE staff costsl TPG Staff Costs ITPG onlyl Progr3mrne Costs Depreciation, Profe55ion31 Fees, 3nd Other Costs El,978,520 £1,209,172 £1,182,864 £582,352 24% 24% 12% Totsl Expendlture £4,952 The ttrnsolidÈtÈd actounts for the Gallery ITPGI and Its Commèrtial businesses ITPGEI show linancial performance for the 2023-24 fiscal year Is as follows.. Total IncomÈ.' £4,738,015 Tot31 Expenditures.. £4.952,908 OperaUonal.'-£214,893 Included in the operational ligure 1$ 3 lixed asset depreci3tion cost (excluding building) of £250,457 3nd a bad 3nd doubtful debt provision for our BO0￿hOp and Print Sales businesses of £14,458. On the consdidated balan￿ sheet, we observethese trends.. Net Current A55ets'. decreased by £237,821, totalling £1,122,062 cornp3red to the previous year's figure of £1,359.883, the reducbon include5 the repayment of the outstanding bank103n in July 2023 Furthermore, the General fund carried forward 3t the year-end 3mOUnted to £11,394,691, compared to £11,464,223, in the previous year Surnmaryof income 2023-24.. Earned IncomeTPGE Over311 turnover from our commercial activiries (Bookshop, Print Sales, 2nd Cafe) Increased from £1,950,996 In 2022- 23 to E2,131,841in 2023-24. The Cafe had a turnover of £243,791, the Booktshop £1,081,086, and our Print sales Gallery £806,964. Making a profir after management charge of E343,321. Earned IncomeTPG Income from admissions and talks increased from £541,266 In 2022-23 to £669,926 in 2023-24. The G311ery bÈnefittÈd from Interest on deposits from Its reserves held in the year of £12,445

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Fundralslng Income: The fundraising tÈÈm raisèd a total Df £338.419 for the year. Donabons and Eiftg £107,044. membetship fees £190,337. sponsorship £41,038. Arts Councll Fundlng.. Arts Council England extended an NPO grant of £918,867 for the year as part of a 3 year funding agreement and supported the development of digit31 programming with an addittonal one Df grant of £29,530 ACE support. This support remain5 essential In supporting the costs of delivering a balanced 3nd accessible programme by the Gallery. Summaryof Expenditure.. Infiationary Pressures.. The cost of delivering our programme and operations grew in the year a5 3 result ol the impart of inflation peaking 3t 10.7% in the second half of the year In parricular, the cosr of raw m3ter1315, energy, profession31 fees. and shipping costs all increased significantly. The pressure on staff cost5 continue5 to feature on our risk regi5ter3sturnover brings unwelcome additional cost5 and instability. CostsTPGE Entèrprises costs increased by £120,457 to £1.978,520 in 2022-24. TPG stsff Costs TPG Staff costs incre35ed by £112,891 to £1,1978,520 in 2023-24 due to changes to the London living Wage, higher 5alarie5 required to retain and attract new-staff, overtime, and HR sUPPOrt costs. Programme and Bulldlng Costs The cost of our programme acttvittes and building Increased by f 59,104 tD EI,182,864 and reflecrs the return to a full progrÈmmÈ of attivitiÈS in 2023-24 and intlationary pressurÈs on. IT. utility. and Ènergy Costs. Depreciation. Professional fees. and other costs Depreciation fee5 were £250,457 in 2023-24, Fundraising costs were up mar8inally to £38,771 and profe5sional/leg81/Audit fees were £103,73012023. £80,000). Going Concern Assessment OveMew.' The Gallery's trustees maintain a consistent focus on evaluatingthe linancial performance. opÈratron31 effitiency. and potenti31 risks to the organisation. monitored and reported regularly to trustees and capturèd in the risk register. The Gallery held Cash reserve5 Of £1,251.673 on 31 Mèrch 2024 in line with it5 policy on cash reserves eusiness Outlook 2024-25 Given the curreni UK economic landscape, The Gallery remains cautiously optim15tic about Its long-term prospects. Trustees and the executive ream are developing a new three-year strategic plan focLJsed on building a strong. diverse programme, with a refocus on targeted fundraising strategies, and enhancing visitor engagemeni through investmenis In IT and digital systems. Trustees are commitied to expanding ihe diverslty and reach of the programme In line with the audience development plan and aim to deepen visitor en83gemÈnt while remaining mindful of external economic pressures that may impaci revenue strÈ8ms. Key fartors contrlbutlngtothe gallerfs gutl¢)ok indude.. Income Stablllty'- Over the years, the Gallerfs commitment to iniome diver5ific3tion has been e55ential in building fin3ncial resilience and reducing reliance on single revenue streams. providing 3 guard against economic fluctuations within any single revenue stream. However, continued fundraising challenge5. and rising living costs Pose ri5k5. as thev m3y constrain discretionary spending 3nd potenti311y impact both visitor numbers 3nd related revenues. Artscounal NPOGrant.- Secured National Portfolio Organisation funding from Arts Council through March 2026, provides an essential financial foundation for the Gallery. This funding Ljnderscores the Gallery's sustained achievements over the vear5 and SLJpports core operations durin8 challenging economic condirions. Visltor Engagement and Mcketlng Income." With visitor engagement back to pre-2020 levels, sustaining ticket income will require close èiiention 10 the effects of Iiwin8 Costs on disposable Income. Trusrees are committed to balancin8 admission charge5 to ensure revenue generation from adm15510ns while keeping the Gallery acce551ble and welcotning. ImplemÈnting new POS and CRM systems over the next two years Is a priority to enhancè audiÈntÈ en8ÈgèmÈnt, attract

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 nèw visitors, and improve membÈr5hip retention. Commerdal Actlvltles and Onllnesales.. The Gallerfs revenue from both on-51te and online commerci31 activitie5 including the Bookshop, Print Sales, Café. and Talk5 progrBmrne remain5 closelytied to visitor numbers 3nd avai13bility of exhibition related merchBndi5e Alongside effort5 to improve the v15itor experience. B renewed focu5 on expanding online sales. diversifying product r3nges. and increasing own-brand merchandise aim5 to b005t revenue. However. in 2024-25 we are seeing persistent C05t pressures and the high c05t of living continuing to impact overall sale5, particularly in the PrintS3les business. Fundraisin8 and Spon50rship.- The Gallery has a good history of securing funding forfuture capital and structural projects, alongside educational funding which has consistenrly attracted SLJpport from irusts, foundations, and individual donors. However, fundraisin8 for the core exhibition pro8ramme In a highly competitive environmeni remains challenging. A recent success has been a three-year funding agreement through 2027 with Deutsch Btirse Photography Foundation for our annual Photography Prize. Nonetheless, we will sustain Èfforts to increase income from fundraising for our Èxhibition programme Cost Pressures and Financial Outlook. Persistent inflationary pressures on overheads, compliance, staffin& and Investment tontinuÈ to impact on the Gallory's opÈr3tional costs. Rising ÈxpÈnses require careful budgÈt management alongside growth In earnÈd IncomÈ to meet financial targets. The Gallery'5 Cautious yet initiative-taking approach to income diversificatlon. Strengthened by 501id long-term partnerships and a rÈsilient financial outlook, position5 It to Èdapt within an Évolving Étonomit 13ndst3pÈ and ttrntinuÈ contributing to in London. Recognizing the challenges of high living losts and ongoing investment needs, it rem31n5 dedicated to carefully balancing fin3ncial stability with strong visitor engagement. f05tering an inclusive and vibr3nt cultural environment through Its programmin8. Risk management and Going Contrm.. In January 2023, the Gallery appointed Ms. Shoair Mavlian as director, signaling a review of the organisation and a strategic shift In activities and future programming ambitions. Trustees and the executive are working iogether io develop a dynamic 3-year business plan to support the operational delivery of this new strategy. While trustees recognize the substantial uncertainties arising from the broader economic environmeni, they are confident In the Gallery's stability and resilience. RÈgular risk rÈviÈw$ and monitorinB allow for Èarly Identification of omorging Issues. ThÈ G311orVs divorsified incomo streams help mitigate reliance on any single revenue source, while ownership ol the freehold of it5 building. valued at £9.7 million as of 31 bAarch 2024, and cash reserves of approximately £1.251,673 on 31 M3rch 2024 further strengthen its C3PaClty to navigate The Gallery'5 Risk register continues to be influenced by inflationary 3nd incre35ed cost of oper3bon5, the need for future investment in IT and digital infr35trurture, the high cost of living on disposable incorne, and a challenging fundraising environment. Trustees and Executive continue to Use several effective busine55 m3nagement 5tr3tegies to set 3nd monitor our annual objectives 8nd to assist in mingatrng ongoing operational arbd financial risks. These are contrnually reviewed by trustees and 855essed against the Gallery's c8sh-flow and organisatronal objectrve5. Key Rlsks for 2024-25 Macroeconomlc VulnerabS1ty. Econornic and political instability may reduce visitor spending. Impacting revenue from ticket sales. merihandise, and other vi51tor-driven income. Earned Income Dependency. Reliance on 8drni55ion5 income may lirnit programming diversity and increase reputation31 risks, especially during economic downturns. Cybersecurityand Ted)nolo8y'. Growing digit31 operation5 increasevulnerabilityto cyber thre3ts. Inve5ttnents in updated system5 and staff training are e55ential to protert sensitive data. 0i8fcal Infra5truLture Upgrades.- Essential IT upgrades are needed to streamline operations, enhance visitor data reporting, support audience growth. Without rnodernization, the Gallery risk5 Inefficiency and reduced visitor Fundraisin8 and Cash Reserves-. Economic challenges and required Invesiment to deliver sirategic objectives may affect Inflationary Pressure.. Rising costs for overheads and staff, Intensified by global tensions, continue to shrink margins and Increase operating expenses. staff Turnover.. Higher pay demands due to Inflation lead to increased turnovÈr, risking the loss of Institutional knowledge and affecting continuitv.

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Fundlng Shortfall.. Ongoing underlying deficit5 are unsu5t3inable and would trigger a rev15ion of scale and strategv. Re8ulatory and Envlronmental Factors.. Evolving regulations and mounting environmental conierns may necessitate the Gallery to adapt Its practices. potentially impacting operational costs and resource allocatio Competition and Market Saturation.. Increasing competition from other cultural institution5, entertainment venues. or online platforms may Intensify. leading to challenges In attrarting and retaining v15itor5. 5pon50r5, or donors. and exerting downward pressure on ricket Sales and donations. Legal and Regulatory Changes. Evolving legal 3nd regu13tory landscBpe5, including change5 in tax laws, dat3 protection regularions. or CLJltural heriiage preservation requirements, may necessitate c05tly compliance measures or operational adjLJ5tments, Imp3Cting the Gallery's bottom line and resource allocation. Climate Change and Envlronmental Rlsk: The growing Impact of climate ch3nge. including extretnewe3ther events, rising sea levels, or environmental degradation. could pose physical ri5k5 to gallery facilities, disrupt travel patterns, and necessitaie costly adaprations or miti83rion efforts. R￿erVeS Pollcy.. The trustees of the Gallery work to support sustainability of the organisatton, to ensure adequate provision to absorb unforeseen financial circumstances Bnd to take adv3ntage of opportunities 35 they arise. We deline re5erve5 as being that part of our a55et5 that is available to expend on general purpose5 at the Bo3rd'5 discretion and in the furtherance of our vision and objecbves, once our commitment5 and planned expenditure h3ve been met. Our aim Is to hold a minimum of I season14 monthsl of normal Gallery operating costs calculated and reviewed annually and to build our cash reserves when small surpluses are made. It is antrcipated that these funds will be placed on deposit or otherwise invested on the advice of the tr￿SteeS and our approach will be rewiewed annually. The linance sub-committee considers the most 3ppropri8te level of free reserves for the Gallery based on the projected turnover for the year and level of organ12ational risk. As parr of calculating the curreni provision the committèe tonsidÈrs thè following.. Continued inve5trnent in the building. staff. and progranme. Mitigation of risk from unforeseen building. staff. or programme c05t5. Irnp3Ct5 of 3 rece55ion or further disruption to normal busine55 activity on earned income. Imp3ct of inA3tion3ry pre55ure5 on overheads. Our minimum c35h free reserve target lor 2023-24 was £800,000 or approximately 20% 013nnual operating income. Tot31 c3sh- in-hand on 31 March 2024 stood at £1,251,673 with our bank, Natwest. Underlying free reserves 8re calculated as net current assets, plus cash invested in immediately available funds, less.. Amounts held aEainst restricred activity Prior year capital cornmitment5 Any amounts carried forward for future deficit budget. By adhering to thi5 reserve5 policy, the G3llery reaflirrns its commitment to SU5t3inably advancing our mission while remaining agile in responding to the dynamic challenges and opportunities in our ever-evolving landscape. EqualTty, Dlversty & Incluslon 2024- The Gallery's commitment to providing a diverse Bnd inclusive experience remained unwBvering in the 2024-25 period. We continued to offer a wide arr3y ol exhibition5, event5, and resources to engage and be relev3nt to 3 broad demographic of individua15 and groups Acce55ible and InclusNe Spa￿. We remain steadfast in our dedicatson to creatrng a welcoming and memorable experience for our visitors. To achieve this, we offered affordable and free access to our programs and maint3ined an inclusive space for ideas, learning, and conversations. We are also committed to staff trainingto ensure we h8ve an awareness ofvisiiors, potenri81 needs and emperiences Isee below under EDI Taskforce workl. -1

THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 DSverse LeadershSp and Stsff.. Under the leadership of former Chair Matthew Stephenson and new Chair Amanda Gray. our cornmitment to diversity spans all levels ol our organi5ation frotn trustee5 and Senior management to our re501ute staff. to reflect London's richne55 in ethnicity. 3ge. 50cio-economic background, and Sexual orientation With Six trustees completing theirterm5 in Decernber 2023 and four newtru5tee5 appointed by September 2024. the Chair Bnd Nominations Committee regularly review the trustee 5ki115 matrix, 3iming to enh3nce diversity and expertise within the boar(l. To support thig. we offer training for trustees and staff, covering inclusive le3dership. cultural competence, 3nd leg31 compliance to uphold ethical 5t3ndards acr055 oper3tion5. Throu8h these mea5ure5, we aim to ensure our workforce both mirrors London's diverslty while meeting 311 regulatory requiremeDt5 for inclusive and accountable organisations. Equality. DNersty. and Indu5ion IEDII Taskforce.. key arÈas.' employment & rècruitment, tommunications. programmin& ÈudiÈntÈ development, ènd orgèni2ation31 culture. Staff collaborate In smaller ieams to propose and Implement EDI actions. while convening as a larger group to advante kev initiatives A rnaior focus of the taskforce Is staff development. with an emphasis on diversity. econornic and LG8TQI+ warÉnÈss, and disability Inclusion from 2024-26. Additionally, the taskforce Ènsures appropri3tÈ Staff are trained In Èvolving legal requirements around diverslty and disability. equipping them to serve a diverse audience inclusively and compliantly Environmental Policy. The Gallery'5 environment31 policy underscores its commitment to sustainability 3cro55 811 aspert5 Of itsoper3tions, embedding environment31 responsibility into daily practices. Thi5 includes 5U5tain3ble procurement. eco-frieDdlytravel, mindful selettio of cleaning products, and efficient management of energy and water usage. The Gallery sources electricity exclusively from renewable suppliers, adheres to Green IT practices, and prioritize5 recycling and environmenrally friendly Yllaterials wherever feasible. Additionally, efforts are underway to reduce office waste, with an emphasis on reusing exhibition materials across multiple seasons to limii construction waste. In parinership wilh suppliers, the Gallery 88ihers deiailed daia on resource consumpLion 10 support continuous monitoring and fuiure reductions, Ènsuring complianc? wilh environmental obligations. Collaborating with organisations like julie's Bicycle, the Gallery actively sh8res best practices and draws on collective expertise to advancÈ meaningful, sustainablÈ prattices across the sector. Distlosure of information to auditor Each of the tru5tee5 ha5 confirmed that there is no inforrn3tion of which they are Bware which 15 relevant to the audit, but of which the auditor is unaware. They have furtherconfirmed thatthey havetaken appropriate 5tep5to identifysuch relevant inform3tion and to establish th3t the auditor is aware of such inform3ti0n. 31 Jan 2025 The trustees, report was approved by the Board of Trustees on AJL6.- Ms Amanda Gr8V Chair of Trusteès

THE PHOTOGRAPHERS. GALLERY LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2024 The trustees, who are a150 the director5 of The Photographer5, Gallery Limited for the purpose of cornp3ny law, are responsible for preparing thÈ TrustÈes' Report and the financial statÈments in actordante with applicable 13w and United Kingdom Accounting Standards (Unitsd Kingdom Generally Accepted Accounting Practice). A combination of Company Law and Charity Law requires the trustees to prepare financial statements for each financial year which givÈ 3 true and fair view of the state of affairs of the group and thè p8rÈnt charity and of the incoming resourtes and application of rÈsourtes, in¢luding the intome and expenditure, of the group for that year. In preparing these financial statements, the trustees are required to.. selÈct suitablÈ actounting policies and then apply them tonsistentlv., observe the methods and principles in the Charities SORP., make judgements and estimates that are reasonable and prudent,. and prepare the financi81 statements on the going concern b8sls unless It is inapproprlate to presume that the ch8rity will continue in operation. ThÈ trustèes Ère responsible for keeping ade4uatÈ accounting retords that disclosÈ with reasonable atcuraty Èt any time the flnanclèl positlon of the group and enable them to ensure that the flnanclal statements comply wlth the Companles Art 2006 and the Charities Act 2011. They are also responsible for safeguarding the assets of the group and hence for taking re3son3ble steps for the prevention 8nd detection of fraud and orher irregularities. 12-

THE PHOTOGRAPHERS. GALLERY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PHOTOGRAPHERS, GALLERY LIMITED Opinion We have audited the financial statements of The Photographers. Gallery Limited Ithe 'parent charity'l and its subsidiary (the 'group'l for the year ended 31 March 2024 which comprise the consolidaied statement of financial activities, the consolidated and charity balance sheets, the consolidated statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is appIl￿ble law and United Kingdom Accounting Standards, including FR5 102 The Finoncial Reporting StGndGrd Gpplicoble in the UK and Republic of Irelttnd (United Kinedom Generally Accepted Accounting Practice). In our opinion, thÈ financial statements.. give a true and fair view of the state of the group's and parent charity's gffairs as at 31 March 2024 and of the group's incorning resources and application of resources, including its incorne and expenditure, lor the year then ended,. have bèen properly prÈpared in actordante with Unitèd Kingdom GenerallyAccÈptÉd Actounting PratticÈ,' and have been prepared in accord8nce with the requirements of the Companies Act 2006 and the Charities Act 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS IUKII and appIl￿ble law. Our responsibilities under those standards are further described in the Auditors responsibilitieslor the audit ol thefinonciol stotementS section of our report. We are independent of the group In accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe th4t the audit evidence we have obt4ined is sufficient and appropriate to provide a basi5 for our opinion. Concluslons relatlng to golng concern In auditing the financial staternent5, we have concluded that the trustees, use ol the going concern basis of accounting in the preparation of the financial statements is 3ppropriate. Based on the work we h4ve perforrned, we have not identified any material uncertainties ￿l￿ting to events or conditlOn5 that, individually or collectively, may cast Signifi￿nt doubt on the group's parent charity's ability to continue as a going concern for a period of ot least twelve rnonths from when the fin3ncial 5taternents are authorised for issue. Our responsibilitie5 and the responsibilities of the trustees with respect to going concern are described in the relev4nt sections of this report. Other information The other information comprises the information included in the annual reptsrt other than the financial 5taternents and our auditor'5 report thereon. The trustees Bre resPOn5ible for the other information contained within the annual report. Our opinion on the financial statement5 does not cover the other inforrn3tion and, except to the extent otherwise explicitly stated in our report. we do not expre55 any form of a55urance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially intonsistent with thè financial statements or our knowlÈdgÈ obtained in thÈ course of the audit, or othèrwisè appears to be matÈrially misstated. If wè identify such matèrial intonsistèntiÈs or apparent matÈrial misstatements, wè arÈ required to detèrmine whèthèr this givÈs rise to a material misstatement in the finantiÈl statÈmènts thetnselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infortnation, we ère required to ￿port thatfact. We have nothing to report in this ￿eard. Opinions on other rnatter5 prescribed by the Companie5 Art 2006 In our opinion. based on the work undertsken in the course of our audit.. the information given in the tru5tees' report, which include5 the directors, report prepared for the purposes of company13w, for the financial yearfor which the lin3ncial statement5 are prepared is consistent with the financial statements,. and thÈ dirÈrtors' report includÈd within thè trusteÈs' report has been prep8rÈd in accordancÈ with 3pplic2ble leg81 rÈquiremÈnts. Matters t>n which we are ￿Quired to report by ex¢eoion In the light of the knowledge and understanding of the group and parent charity ènd their environment obt8ined in the course of the audit, we have not Idenrifled materlal misst8temenrs in the directors, report Included within the trustees, report. 13-

THE PHOTOGRAPHERS. GALLERY LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE MEMBERS OF THE PHOTOGRAPHERS, GALLERY LIMITED We have nothing to report in respect of the following rnatter5 in re13tion to which the Cotnpanies Act 2CK16 require5 U5 to report to vou if, in our opinion.. adequate accounting records have not been kept by the parent charity, or returns adequate for our audit have not been received from branches not visited by us., or the parent charity'5 financiBI staternent5 are not in 3greement with the accounting record5 and return5. or certain disclosures of trustees, remunerètion specified by law are not made., or we have not received all the information and explanations we require for our audit. Responslbllltles of trustees explained rnore fully in the 5tstement of trustees, respon5ibilitie5, the trustee5. who 3re a150 the directors of the charity for the purpose of tompany law, arÈ rèsponsible for thÈ prÈparation of the financial statÈments and for bèing satisfied that they givè a true and fair view, and for such internal control 45 the tru5tee5 deterrnine 15 nece55ary to enable the preparation of financi315taternent5 that are t￿e frotn materi41 mi55tatement, whether due to fraud or error. In p￿parIng the financial 5tatementS, the trustees are responsible for assessing the group'5 and pèrent charity'5 ability to continue a5 ) going concern, digc105ingi as applicable, tnatters relate(I to going concern and using the going concern basis of accounting unless the trustees either intend to liquid3te the group or p3rent charitable cornpony orto cease operation5, or have no re3listic alternative but to do 50. Auditor's responsibilitiesfor the audit of thefinancial 51atement5 Our objettivÈs are to obtain rÈasonèble assurance about whether thÈ 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 èssurance but is not 8 gu8rantee that an 8udit conducted In 3ccord8nce with ISAS IUKI will always detect a materi31 misst8tÈment when it exists. Misst8tements can arise from fr8ud or error and are considered m8teri81 if, individually or in the 8ggregète, they could reasonably be expected to influence the economic decisions of users taken on the basis of these fin8nci81 statements. Irregularitles, Including fraud, are instances of non-compllance with laws and regulètlons. We design procedurÈs in line with our responsibilities, outlined above, to detèct material misstatÈments In respect of irrÈgularities, including fraud. The extent to which our protedures are capable of detÈcting irrègularities, including fraud, is detailed below. part of our planning process,. We enquired of management the systems and controls the group has in place. the areas of the financial statements that are most susceptible to the risk of irregularities and fraud, and whether the￿ was any known, suspetted or alleged fraud. The charity did not inform us of any known, suspectÈd or alle8Èd fraud. We obtained an understanding of the legal and regulatory frameworks applicable to the chèrity. We determlned that the following were most relevant". the Charity SORP, FRS 102, The Companies Act 2006 and The Ch3ritles Act 2011. Health and Safety Act 1974, Employment Law. We considered the Incentives and opportunities that exist in the charity, Including the extent of management bias, which present a potential for irregularities and fraud to be pÈrpÈtu8ted, and tailorod our risk assÈssmÈnt atcordingly. Using our knowledge of thÈ charity, together with the discussions held with thÈ chèrity at thÈ plènning stage, we formed a conclusion on the risk of misstatement dije to Irregu18rities including fraud and tailored our procedures according to this risk assessment. The key procedures WÈ undertook to detett irre8ularitiÈs including fraud duringthe course of the audit included.. Identifying and testing journal entries and the overall accounting records. in p3rtitular those that were significant and unusu31. Reviewing the fin8ncial statement disclosures and determining whÈthÈr accounting polities have bèÈn 8ppropriatÈly RÈviÉwing and challenging the assumptions and judgements used by management in their signifitant estimÈtes. Assessing the extent of compliance, or lack of, with the relevant laws and regu13tions. Assessing the validity of the classification of income, expenditure, assets and li3bilities between unrestricted, designated and restrirted funds. Performing a physical verification of key assets and stock items. Obtaining third-party confirmation of matÈrial bank bal3ncÈs. Documenting and verifying all signiflcant related party13nd consolidated) balances 3nd transattions. Reviewing documentation such as the charity board minutss for discussions of Irregularities including fraud. Testing all material consolldation adjustments. 14-

THE PHOTOGRAPHERS. GALLERY LIMITED INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE MEMBERS OF THE PHOTOGRAPHERS, GALLERY LIMITED Owing to the inherent lirnitation5 of an èudit, there 15 3n unavoidable risk th3t we tnay not have deterted 50rne materi31 misststements in the financial statements even though we hBve propÈrly planned and performed our audit in actordance with auditing standards. The primary rÈsponsibility for the prevention and detettion of irregularitles and fraud rests with the those chargÈd with govÈrnance of thÈ entity. A further description of our re5pon5ibilitie5 15 available on the Financial Reporting Council's website at.. http5'11www.frc.org.uV auditorsresPOn5ibilities. Thi5 description form5 part of our auditor's report. Use of our report This report is made solely to the charitable company's members, as a body, In accordancÈ with Ch3Pter 3 of Part 16 of the Companies Act 2006. Our 8udir work h8s been undertaken so that we might st8te to the charitable company's members those matters we are required to state to them in 8n auditors, reporr and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other rhan the charitable comp8ny and the ch8ritable company's members as a body, for Dur audit work, for this report, or for the opinions we h8ve formed. Carol RudBe ISÈnior Statutory Auditorl for and on behalf of HW Fisher Audlt Chartered Accountsnts Statutory Auditor Acre House 11-15 William Road London NWI 3ER United Kingdom 31 Jan 2025 15-

THE PHOTOGRAPHERS. GALLERY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Currentfinancial year Unrestricted Unrestritted funds funds general designated 2024 2024 Restrirted funds Total Total 2024 2024 2023 Notes Inwrne Hnd endowmentsfrom.. Don8tions and legacies Charitable artivitie5 Other trading actlvities Investments OthÈr income 1,113,596 660,288 2,131,841 12,445 258,373 143,690 9,638 1,257.286 669,926 2,131.841 12,445 258,373 1,369,548 541,226 1,950,996 461,878 Total income 4,176,543 153,328 4,329,871 4,323,648 Ex nditure on: fund5 38,771 1,808,520 38,771 1,808,520 33,378 1,693,098 Trading costs 1.847,291 1,847,291 1,726,476 Charitable activities 2,392,953 162,638 141,882 2,697,473 2,710,767 Total resources expended 4.240,244 162,638 141.882 4,544,764 4,437,243 Net loutgoing)lincoming resources before transfers 163,7011 1162,6381 11,446 1214,8931 1113,5951 Gross tr8nsfers between funds 23 117,2771 17,277 Net lout8oingllincomin8 resources 180,9781 1145,3611 11,446 1214,8931 1113,5951 Other ￿¢￿gnIsed Kains and losses Revaluation of tangible fixed 8ssets 14 145,361 145.361 1603,4961 Net movement in funds 180,9781 11,446 169,5321 1717,0911 Fund balance5 at l April 2023 1,764,223 9,700,000 11,464,223 12,181,314 Fund balances at 31 March 2024 1,683,245 9,700,000 11,446 11,394,691 11,464,223 The 5tsternent of financial activitie5 includes all gains and105ses recognised in the year. All income and expenditure derive from continuing activities. The statement of financial 8Ctivities also complies with the requirements for an Income and expenditure 8ccount under the Comp8nies Art 2006. 16-

THE PHOTOGRAPHERS. GALLERY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Prior financial year Unrestritted Unrestrirted funds funds general designated 2023 2023 Restricted funds Total 2023 2023 Notes Inwrne Hnd endowmentsfrom.. Don8tions and legacies Charitable artivitie5 Other trading actlvities Other income 1.369,548 541,226 1.950,996 214,448 1,369,548 541,226 1,950,996 461,878 247,430 Totsl Income 4,076,218 247,430 4,323,648 ndilure on.. funds Fundraising and publicitv Trading costs 33,378 1,693,098 33,378 1,693,098 1.726,476 1,726,476 Charitable attlvitles 2.330,613 132,724 247,430 2,710,767 Total re$our¢es expended 4,057,089 132,724 247,430 4,437,243 Net loutgoingllin¢orninB ￿$0yr¢e5 beforetran5fers 19,129 1132,7241 1113,5951 Gr05S transfers between fund5 23 136,2201 36,220 Net IoLrtgoing)Ilncomlng resources 117,0911 196,5041 1113,5951 Other recognised Rains and losses Revaluation of tangible fixed assets 14 1603,4961 1603,4961 Net movement In funds 117,0911 17ffl,0001 1717,0911 Fund balances at l April 2022 1.781,314 10,4W,000 12,181,314 Fund balances at 31 March 2023 1,764,223 9,7CQ,000 11,464,223 The statement of financial attivitles Includes all gains and losses recognised in the year. All incotne and expenditure derive frotn continuing actwities. The Statement of financial activities also complies with the requirements for an income and eKpenditure 3ccount under the Companies Act 2006. 17-

THE PHOTOGRAPHERS. GALLERY LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT 31 MARCH 2024 Group 2024 Charity 2024 2023 2023 Note5 Fixed assets Intangible a55et5 Tangible assets Investments 13 14 10,725 10.261,904 20,535 10,309,186 10,725 10,261,904 20,535 10,309,186 15 10,272,629 10,329.721 10,272,631 10,329,723 Current assets Stocks Debtors Cash at bank and in hand 16 17 205,955 354,626 1.251,673 144,769 395,792 1,350.587 589,830 986,125 591,887 1.024,441 1,812,254 1690,1921 1,891,148 1531,2651 1,575,955 1464,3991 1,616,328 1266,9491 Creditors.. amounts falling due within one year 19 Net current assets 1.122,062 1,359,883 1,111,556 1,349.379 Total assets less current Ilabllltles 11.394,691 11,689,604 11.384,187 11,679,102 Creditor5'. amount5 falling due after rnore thHn one year 20 1225,3811 1225,3811 Net assets 11.394,691 11,464,223 11,384,187 11,453,721 Income funds Restricted funds UnrÈstrictÈd funds- designated (including revaluation resèrvel Unrestricted funds- general 22 11,446 11,446 23 9,700,000 1.683,245 9,700,NO 1,764,223 9,700,000 1,672,741 9,700,000 1,753,721 11.394,691 11,464,223 11,384,187 11,453,721 The charitable company's net expenditure for the year was £69,53412023.. £723,155). 31 Jan 2025 The financial statements were 3pproved by the Trustees on......................... A Grav Trustee Company Registration No. 00986208 18-

THE PHOTOGRAPHERS. GALLERY LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Notes Cash flows from operating artlt4ltles Cash generated from operations 26 205,352 50,635 Investlng actlvltles Purch35e of tangible fixed assets Investment income ￿te1Ved 148,0041 12,445 1184,1061 Net ¢a$h used in investing a¢tivities 135,5591 1184,1061 Financing activitie5 Rep3ymènt of bank loans and overdraft 1268,7071 1127,4361 Net cash used in financing artiwtie5 1268,7071 1127,4361 Net decrease in cash and cash equivalents 198,9141 1260,9071 Cash and cash equivalents at beginning of year 1,350,587 1,611,494 Cash and cash equlvalents at end of year 1,251,673 1,350.587 19-

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Accounling policies Charity information The Photographers. Gallery Limited is a private company Ilmlted by guarantee Incorporated in England and Wales. The registered off ice is 16-18 Ramillies srreet, London, WIF 7LW. On winding up, each person who Is a member at the date of winding up or ceased to be a member during the year prior to that date Is liable to contribute a sum not exceeding £1 towards the assets of the company. As of 31 Marth 2024 the company has 12 members12023". 12 membÈrsl. 1.1 Accounting convention The fin8ncial statements have been prepared Sn accordance with the Companles Act 2006, the Ch8ritles Act 2011, and 'Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparine their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191" The ch8rity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterlin& which is the functionèl currency of the ch3fity. Monetary amounts in these financial ststements are rounded to the nearest £. The financial statements have been prepared under the historical cost convention, tnodified to include the rev3luation of freehold properties. The princip31 accounting policies adopted are set out below. The group financial stètÈmÈnts reflett the results and combined financial position of The Photographers, Gallery Limited and The Photographers, Gallery IEntÈrprisesl Limitèd. As permitted by $408 of thÈ Companies Act 2006, the pa￿nt charitable company has not presentèd its own income and expÈnditurè account and relatèd notès. 1.2 Going concem At the time of approving the finantial statements, the TrustÈes havè assÈssÈd intome and Èxpenditure in both the tharity and its subsidiary and based on budgets and trading forÈtÈsts havÈ rÈasonablÈ expÈrtation that the tharity Ènd group has adequate resources to continue in opÈrÈtional ÈxistencÈ for the foreseeablÈ future. Thus the trustees continue to adopt the going concern basis of 8ccounting in preparing the fin8ncial statements. 1.3 Charitable funds Unrestricted funds are available for use at the di5¢retion of the trustees in furtherance of their charitsble objective5. Designated funds comprise funds which h￿e been set aside at the dlscretion of the trustees for speclfic purposes. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1.4 Intome Income Is recognised when the group is legally entitled to It after any performance conditions have been met, the amounts can be measured reli8bly, and It is prob8ble th8t Income will be received. Cash donations are recognised on receipt. Other donations are recognised once the group has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recogni5ed at the time of the donation. Arts Council England provide annual revenue funding for the Gallery based on three-year contracts. The annual grant award is recognised in the atcounts on an accrual's basis. Income from other trading 8Ctivities represents the income from cafe sales, bookshop sales and print sales and Is recognised in the period In which the sale takes place. -20-

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl Income from trusts and foundations includes income for exhibitions. donations in kind and sponsorship incorne. Such Income 15 recognised in the period in which the re18ted event occur5. Membership income is recognised ar rhe date amounts are paid unless where there are clear benefits to the member in re13tion to amounts paid these are recognised in the period over which the benefits re18te to. 1.5 Expenditure Expenditure has beèn charged to the statemènt of financial 8ctivitiÈs on an atcrual's basis. Costs arÈ shown inclusive of any related irrecoverable value added tax. Expenditure on raising funds represents costs incurred in relation to the staff members who are engaged directly in fundraising and also include any associated costs. Expenditure on charitable activities represent the costs of presenting the progratnrne of activities including e¥hibitlOn5 and project5. Included 15 all attributsble Staffing, m4rketing, operational and administrative expenditure and 5ponsor5hip in kind. 1.6 Intan8iblÈfixed assets other than goodwill Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Significant expenditure on the CRM datsbase is capitalised as an intangible asset and ststed at cost. The design and content development costs have been capitali5ed only to the extent that they lead to the creation of an enduring asset delivering future economic benefit5 at least as great as the amount capitalised. Where intangible are ready for use, amortisation is charged on z straight line basis over a S year period and is included within expenditure on charitable activitie5. The carrying value of the asset will be subjected to annual impairment reviews. 1.7 Tangible fixed assets Tangible fixed assets ère initially measured at cost and subsequently measured 8t cost or v8luation, net of depreciation and any impairment losses. Freehold land and buildings are held èt fair value with consider8tions m8de at the end of each year to Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold buildings (excluding landl Fixtures and fittings Computer equiptnent 50 yeBrs 10 years 5 years The gain or loss arising on the disposal of èn asset is determined 3S the difference between the sale proceÈds and the carrying V31ue of the asset. and Is recognised in net incomellexpenditurel for the year. 1.8 Impalrment of flxed assets At each reporting end date, the group reviews the carrying atnount5 of it5 tangible and intangible assets to deterrnine whether thÈrÉ is any inditation that those assets havè suffered an impairment loss. If any suth indication Èxists, the rÉcovÈrable amount of the a55et 15 e5titnated in order to determine the extent of the irnp3irment1055 lif any). 21

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl 1.9 Stocks Stock5 are stated at the lower of cost and est1rn3ted selling price le55 Costs to complete 3nd Sell. C05t cotnprises direct materials 4nd, where 4pplicable, direct labour costs and those overheads that have been incurred in bringing the Stoc￿ to their present location 3nd condition. Item5 held for distribution at no or nominal consideration Bre me35ured the lower of replacement C05t and cost. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred In marketing, 1.10 Cash and cash equSvalents Cash and c35h equivalents include cash in h3nd, deposits held at c311 with bank5. Other 5hort-terTn liquid investment5 Wlth original maturities of three months or less, and bank overdrafts. Bank overdraft5 are shown within borrowings in current 1.11 Financial instruments The charity ha5 elected to apply the provi510n5 of Section 11 '&asic Financial Instruments, and Section 12 '0ther Financial In5trument515sues' of FRS 102 to 311 of its financial instrurnents. Financial in5trument5 are recogni5ed in the group's balance sheet when the charity becornes Party to the contractual provi519n5 of the instrument. Financial a55ets and liabilities are offset, with the net amounts presented in the finantièl ststements, when there is a legally enforceable right to Set off the recognised atnount$ and there is an intention to settle on a net basi5 or to realise the a55et and settle the liability 5irnultaneous1y. BasicAinunciolussets Basic fin8ncial assets, which include debtors and cash and bank balances, are initlally measured at transattion price Including transartion costs and ère subsequently carried at 3mortlsed cost using the effective Interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of Interest. Flnanclal assets classlfied as rÈceivable within one year are not amortised. B17si¢Ain17nciolliqbilities Basic financial liabilities, IncludSng creditors 8nd bank108ns are inltlally ￿tog￿lS￿d 8t trans8rtion prlce unless the arrangement constitutes a financing tr8nsaction, where the debt Instrument Is measured at the present value of the future payments discounted at a market r3te of interest. Financial liabilities classifled as p3y3ble wlthln one year are not amortised. Debt instruments are subsequently carried at amortised cost, using the effective Interest rate method. Tr8de creditors 8re obligètions to P8y for goods or services that hève been 8cquired in the ordinary course of operations from suppliers. Amounts payable are classified ès current liabilities If payment is due within one year or less. If not, they 8re presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured 8t amortised cost using the effective interest method. Dere¢ognitiots oAfvnon¢iqlliobilit￿s Financial liabilities are dereco8nised when the charitys contractual obligations expire or are discharged or cancelled. 1.12 Employee beneffts The cost of any unused holiday entitlernent is recognised in the period in which the employee's services are received. Termination benefits 4re recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 22-

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles Icontlnuedl 1.13 Retlrement beneflts Paytnents to defined contribution retirement benefit schemes are ch4rged a5 an e¥peD5e as they tsll due. 1.14 Basis of consolidation The con501id3ted financial statement5 incorporate those of The Photographer5, Gallery Limited and its subsidiary li.e. the entity that the Group contro15 through its power to govern the financial and operating policie5 50 35 to obtain economic benefit51. Their results are incorpor3ted from the date that control posses. All financial statements are made up to 31 March 2024. All intra-group transactions, balances and unrÈalised gains on transactions betweèn group companies are eliminated on consolidation. UnrÈalisÈd lossÈs are also Èliminated unlÈss thÈ transaction provides ÈvidÈncÈ of an impairment of thÈ assÈt transferrèd. Where nece55aryp adju5trnents are tnade to the financièl 5tstement5 of 5ub5idiary to bring the accounting policies Used into line with those used by other tnetnbers of the Group. Critical accounting estimates and judgement5 In the application of the group's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual reSLJlts may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are reco8ni5ed in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. The trustees have made the following significant 3ccounting estimates in preparingthe financial statements.. Key sources of estlmatlon uncertalntv Property valuation The Gallery carrie5 its freehold property at fair value, with changes in fair value being recognised in other comprehensive income. The Gallery engaged an independent valuation specialist. Knight Frank, to determine the fair value at 31 March 2024 on an existing use basis. Revaluations are performed such that the carrying amount materially reflects the assets fair value at the reporting date. Further detail can be found In Note 14. Tangible flxed assets Tangible Fixed Assets 3re depreciated over their useful lives. Useful live5 are based on the man4gernent's estimates of the periods within which the 355ets will generate revenue ?nd which are periodically reviewed for continued appropriateness. Changes to judgements can result in significant variations in the carrying value and arnounts chirged to the Statement of -23-

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Donations and legH¢ies Unrestrirted lunds Re5trirted lunds Total Unrestricted funds general 2024 general 2023 2024 2024 Donations and gifts Membership fees Donations from public bodies Other 3,555 190,337 918,867 837 103,489 107,044 190,337 918,867 41,038 128,622 175,576 999,5 65,850 40,201 1,113,596 143,690 1,257,296 1,369,548 Charitable activities 2024 2023 Ticketin& exhibition and lectures 669,926 541,226 AnaI￿lS by fund Unrestricted fund5- general Restritted funds 660,288 9,638 541,226 669,926 541,226 Other trading activitie5 Unrestrirted funds general 2024 Unrestricted funds general 2023 Trading byThe Photographer5 Gallery (Enterprisesl Limited 2,131,841 1,950,996 -24-

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investrnents Unre5trirted Unrestricted funds funds general 2024 general 2023 Investment in¢ome 12,445 other Income Unrestricted lunds general 2024 Unrestrictèd funds general 2023 Restrlcted funds Total 2023 2023 Government grants Other public funding Corporate Income Gallery hire income Other incorne 247,430 247,430 193,340 1,990 14,650 4,468 219,530 193,340 1.990 14,650 4.468 29,039 9,804 258,373 214,448 247,430 461,878 Raising funds Unre5trirted funds general 2024 Unrestricted funds general 2023 Seeking donation5, gr3nts and legacie5 38,771 33,378 Tradin costs Trading byThe Photographers. Gallery (Enterprises) Limited Governance costs 1,759,770 48,750 1,682,098 11,0 Trading costs 1,808,520 1,693,098 1,847,291 1,726,476 -25-

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Charitable artivilie5 ProBrammingi exhibitions and event5 Programrnin exhibitions and events 2024 2023 Staff costs Depreclatlon and Imp3irment Direct pro8ramme costs 1,209.172 250,457 1,182,864 1,096,281 227,826 1,317,660 2,642,493 2,641,767 sha￿ of governante tosts (see note 101 54.980 69,0 2,697,473 2,710,767 Analy515 byfund Unrestricted funds- general Unrestricted funds- designated Restricted fund5 2,392,953 162,638 141,882 2,330,613 132,724 247,430 2,697,473 2,710,767 io Governance costs 2024 2023 Audit fee5 Non audit servites 94,130 71,OOD 9,000 103,730 80,000 Governance costs include p3yments to auditors for statutory audit services of £94,13012023.. £71,000), this includes £22,000 of amounts under accrued in the previous year12023.. £Dill. Amounts paid to auditors for non audit services were £9,600 12023.. £9,000) li Trustees None of the trustees lor any persons connected wlth them) rÈcelved any remuneration or benef￿S from the charlty durlng the Year. -26-

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Ernployee5 The average rnonthly number of ernployee5 during the year wa5.. 2024 Number 2023 Number Gallery Subsidiary 29 17 30 16 Total 46 All staff are employed dirertly by the Gallery with tot31 gross s313ries presented in the Gallery's financial statements. Those individuals that carry out the activity of the subsidiary arè shown above. Costs rÈl8tinE to these individuals are rÈcharged by the Gallery to the subsidiary. Employment C051s 2024 2023 W3gÈs and salaries Soci815ecurity costs Other pension costs 1,380,516 131,550 94,397 1,301,480 119,176 70,133 1,606,463 1,490,789 The nutnber of ernployee5 whose annual remuner3tion w35 £60,000 or more were.. 2024 2023 Number Number £60,WO- £69,999 E80,IK)O- £89,999 During the year, contributions of £11,08612023'. £3,875) were p3id into the pension scheme on behalf of the above employee. The key management personnel of the group, the Gallery, comprise the Trustees, the Directors and the senior management team. The total employee remuneration of the key management personnel of the Gallery were £279,939120223.. £269,471). No Trustees received any remuneration during the year12023.. £nill, nor claimed any expenses12023.. £nill. -27-

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 13 Intangible éixed assets Group and charity Software development Cost At l April 2023 and 31 March 2024 269,248 Amortlsatlon and Impairment At l April 2023 AmortlS3tion charged for the year 248,713 9,810 At 31 March 2024 258,523 Carrying arnount At 31 March 2024 10,725 At 31 M3rch 2023 20,535 14 Tanglble Ilxed assets Group and charity Freehold Flxtures and fittin8S Computer equlpment lexcludlng landl Cost orvaluation A5 restated at l April 2023 Additions Disposals Revaluation 9,700,000 17,277 734,601 25,036 170,681 5,691 125,5371 10,605,282 48,004 125,5371 117,2771 117,2771 At 31 M3rch 2024 9,700,000 759,637 150,835 10,610,472 Depreci*ion and irnpairrnenl As restated at l April 2023 Dèprètiation tharBed in thÈ ￿ar Eliminated In respect of disposals Revalu4tion 158,225 66,302 137,871 11,707 125,5371 296,096 240,647 125,5371 1162,6381 162,638 1162,6381 At 31 March 2024 224,527 124,041 348,568 Carrylng amount At 31 M3rch 2024 9,700,000 535,110 26,794 10,261,904 At 31 March 2023 9,700,000 576,376 32,810 10,309,186 If the property had retnained at deemed cost, the net book v31ue at 31 March 2024 would be £9.146,68112023.. £9,129,4041. The freehold property W35 V31ued a5 at 31 March 2024 by 3n eKtern31 valuer, Knight Frank LLP, a regulated firrn of Ch3rtered Valuation Surveyor5. The valuation wa5 undertaken on a fairv4lue ba515. The value of the freehold property 15 held in a designated property fund, therefore all changes in value of the property are charged to this designated fund. 28-

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 15 Subsidiarie5 Detai15 of the charity's subsidiarie5 at 31 March 2024 are a5 follows.. Name of undertaking Registered office Nature of busine55 Class of shares held % Held Oirert Indirett The Photographers, Gallery England and Wales Cafe, bookstore and print gallery Ordinary loo.00 The net assets of The Photographers, Gallery IEnterpri5e51 Limited at the year end are £10,$0412023.. Net a55et5 of £10,504). During the year The Photographers, Gallery (Enterprises) Limited made an operating profit prior to distribution of gift aid of £343,32112023.. £282,834). 16 stocks Group 2024 2023 Finished goods and goods for resèle 205,955 144,769 17 Debtors Group Charitv 2024 2023 2024 2023 Amounts falling due within one year.. Tr3de debtor5 Amounts owed by subsidiary undertakings Other debtors Prepayrnents and accrued incotne 87,597 174,119 15,545 343,321 67,372 163,592 6,686 389,610 76,125 119,466 82,125 184,904 84,669 137,004 354,626 395,792 589,830 591,887 18 Loan5 and ¢werdrafts Z024 2023 Bank loans 268,707 Payable within one year Payable after one year 43,326 225,381 The bank loan was secured by way of a first legal charge over the Gallery at 16-18 Ramillies Street, London, WIF 7LW. The loan beared Interesr at a fixed rate of 2.7% over Bank of England base rate. The 103n was repayable in 180 consecutlve monthly instalments commencing M8y 2017. -29-

THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 19 Creditors.. arnount5 falling due within one year Group 2024 Charitv 2024 2023 2023 Notes Bank loans other taxation and social security Trade creditors Amounts owed to subsidiary undÈrtakings Other creditors Accruals and defer￿d in¢orne 43,326 72,118 142,305 43,326 29,611 62,979 61,458 348,444 34,512 152,074 153,676 8,797 115,340 28,911 251,379 40,311 233,205 1,902 129,131 690,192 531,265 464,399 266,949 Total deferred income at the year end for the group amounted to £110,21512023.. £124,638). Thi5 arnount represents incotne received from donors 3nd sponsors which are subjectto condition5 which prevent their use until a13ter date. 20 Creditors.. amounts falling due after more than one year Group and charlty 2024 2023 Notes Bank loan5 18 225,381 21 Retirement benefrt 5chernes Defined contribution schemes The charity operate5 a defined contribution pen510n scheme for all quèlifying etnployees. The a55et5 of the scherne ère held separately frotn those of the charity in an independently administered fund. The charge to profit or loss in respect of defined contribution schernes was £76,20112023.. £70,133). 22 Restricted funds The Income funds of the ch8rity include restricted funds comprising the following unexpended balances of donations 8nd grants held on trust for specific purposes-. Group and charilv Movement in funds Movement irt funds Incoming rÈsouYcÈs Rèsources expèndéd Balan¢e at IAprll 202a Incoming rÈsources Resources BaLin¢e at Èxpèndéd 31 Marth 2024 Exhibitions and educational projects 247,430 1247,4301 153,328 1141,8821 11,446 -30-

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THE PHOTOGRAPHERS. GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 25 Related party tran5artions During the year The Photographer5, Gallery IEnterpri5esl Limited ITPGEI paid 3 manBEement charge to The Photographers. G3llery LiTnited ITPGI of E170k12023.. £170kl. In addition. TPGE paid it's distributèble profit5 to TPG by way of a gift aid payment which wa5 recognised a5 3 don3tion in TPG'5 financial 5taternent5 for £343,32112023.. £282,8341. Wage5 and salaries are paid by TPG with amounts of £397,29112023.. £394,508) being charged to TPGE to cover those individuB15 that continue the activity ol TPGE during the year. These charges are recognised as income in TPG financial statements and a c05t in TPGE'S financial 5t3tements. At the year end amounts owed to TPG by TPGE atnounted to £189,64512023.. £389,610). 26 Cash generated from operations 2024 2023 Deficitforthe year 1214,8931 1113,5951 Adjustments for.. Investment incotne recognised in Statement of financial activities Depreciation and impairment of tangible fixed 3SSets 112.4451 250,457 227,826 MovemÈnts in working capital-. Ilncreasel in stocks Deire3se in debtors Increase/ldecreasel In creditors 161,1861 41,166 202,253 121,0121 102,184 1144,7681 Cash 8enerdted from operations 205.352 50,635 27 Analysis of thange5 in net fvnds At l April 2023 Cash flows At 31 March 2024 Cash at bank and in hand 1,350,587 198,9141 1,251,673 L08ns falling due within one year Loans falling due after rnore than one year 143,3261 1225,3811 43.326 225,381 1.081,880 169,793 1,251,673 -33-