Ch•rlty Wstrnllon No. 261Y8 tompany Reglstratlon No. (X)986208 (England and Wales) THE PHOTOGRAPHERS. GALLERY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 THE PHOTOGRAPHERS, GALLERY LIMITED LEGALAND ADMINISTRATIVE INFORMATION Trustees J Phelan K Wat50n P Barnes AGroy R 8iosse- Duplan L El- Tantswy M Allende (Appointed 23 September 20241 (Appointed 23 September 20241 (Appointed 23 September 20241 (Appointed 9 December 20241 (Appointed 9 December 20241 T boodle Secretsry K5ongu tharlty number (England and Walesl 262548 Company number LKI386208 Registered office 1fr18 Ramilliesstreet London WIF 7LW Auditor HW Fisher Audit A¢￿ House 11-15 William Road London NWI 3ER United Kingdom THE PHOTOGRAPHERS, GALLERY LIMITED CONTENTS Page Trustees, report i-ii statemenr of trustees. responsibilrties 12 Independent auditor's report 13-15 Consolidated statement offinancial activities 16-17 Consolidated and charity balance sheets 18 Consolldated sratement of cash flows 19 Notesto thefinancial statements 20-33 THE PHOTOGRAPHERS, GALLERY LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORTI FOR THE YEAR ENDED 31 MARCH 2025 AboutThe Photographers Gallery The Photographers, Gallery explores how photography is Connetting. captivating and raditslly thanging ourworld today. The Gallery'5 programme and 5P3ces-from exhibitions, talk5, workshop5 and digital p13tform5 to the tafe, shop and gallerles-all explore the beauty, wmplexity and future ol photography. On the borders of busy Okford Streetand vibrant Soho. the Gallery 15 home to photography expert5, novices and the photo-curiou5' artists afid students,. lo(a15, tourists and passers-by., and 3n enthusiastic and committed stsff team. History.. TheGalleryfirst opened its doors in 1971 at 8 Great Newport Street in Covent Garden, London. Initallyfounded to provide a space to exhibit the best of British and internation31 photography. it played 3 pivotal role from the 1970s onward in establishing photography as a recognised art form In the UK, giving London its Dnly dedicated venue for photography at the time. In 2012, the Gallery relocated to a new 51te on Ramillie5 Street In Soho. Thi5 move expanded the Gallery's capacity, enabling it to present hi5tori(al work5, retrospective5, and large-5cale international exhibthon5for the lir5t time. Education and accessibility remain central to its mission, with ongoing efforts to engage 3udience5through In-gallery visit5, talk5, events and courses, online emperiencos, national and international partnprships. The Gallery also continues to support emergingtalent through commissioned work and educational initiatives. A recent Collaboration with Arts Council En￿and and Westminster City Council has extended the Gallerys reach intothe 5urroundin8 public Space. Thi5 initiative led to the creation of the Soho Photography Quarter. a vibrant public art space where streets surrounding the Gallery have been transformed with public seatin& reduced street traffic. and captivating photO8r3phy display5. Keyfeatures include an artfrieie, a night-time street projection, and prominent cr055-Street banner5 hi￿lIghting work from International artists. These milestones have established The Photographers, Gallery as a leading force within London'5 cultural landscape and as a place maker. The5allerys succes5 15 made p055ible by ihefinanci¥l support of Arts Council England, 35 well as numerous trusts, foundation5, corporation5, patrons, member5, gallery vi5itor5, and commercial activitie5through The Photographer5. Gallery Enterprise Ltd. Ateam of trustees and employees, including Director Shoair Mavlian, Ch31r of Trustees Amanda Gray, and Chair of the Finance & General Purpose5 Committee Michelleshuttleworth luntil Dec 20241, and Rafael Biosse Duplan Ifrom Jan 20251, lead the Gallery with dedicatton and vision. Together, they help shape the G3llery's future, ensuring its contnued impact on photography and contemporary 3rt in the UK ènd intern3JoTh311y. OblecdvesandActlvMes Publlc Benetht= The Photographers, Gallery is a reglstsred charlty. and a Company Ilmlted by guarantee. guided by Its Memorandum and Arhcle5 of Associ3tion. Our(Dre mi55ion is to promote photography as an art form while enhancing public awarene55 and understsnding of the medium. Under the over51Eht of the Charity Commission, Arts Council England, and our dedicated professional advi50r5, Staff, andtrustees, we strive to fullil ourcharitable objectivps, which include.. Highlightingthe work of both emerging and established photographer5, as well asexploring new media and technologie5 that respond to the ever-changing landscape of photography. OrgaDising a variety of tslk5, events, courses, and workshops designed to support photographit practits, facilitate knowledge sharing, and foster a deeper appreciation for the 8rr form. Preservlng v31u3ble assets. Including 3rchlval materials. ènd ensuringtheir accesslbllityto the publlc, therebv contributin8 to the conservation of photographic heritage. We remain committed to Increasing diversityand accessibility by providing affordable and free access to our exhibition and education programmesyear-round. both in-person and online. Our Commercial 3¢tivif*, whi¢h Include the sale of 8msts' work, photography related publication5, and merchandise, 5erve35 a iultural hub for practitioners and the public to engage with the medium. All profits generated through these activities are dedicated to furthering our charitable objectives. These measures underscore our commitrnent to ethical, independent8overnance and transparency. Mls4on and V7slon Our PvrF*JSe.' We aim to be the home for next 8eneration photO8raphy- exploring how photO8raphy i5connectin& captivatin8 and radically changingour world todty. Ourvalyes.. Expose a fuller piuJre- by rweallng narrafjves that go beyond the frame. Develop Futu￿ Creators- by nurturinÉ artists and new èudiences tnd achvely seeking under-represented voitrs in who we work with and welcome in our spaces. Be one social space- a place for sharing and collaboration,joining up everythingwe do both Virtually and In Soho. Whatwe Offer: Our programrne encornpas5És rich history, diverse prJchcÈs, and contemporary ÈxpÈrimÈntstion. We a￿ compelling storytellers, revealing narratives thatgo beyond the frame, where photography is the beginning, notthe end of the story. Our commitment to educaffion through photographyextends to people of 3118ges. b3ckgrounds. and economic circumstances. We provide a wide array of activibes and strategie5 to enhance Visual literacy. We are dedicated to nurturin8 rttsts and newsudiences to create a more diverse and representafjve visual culturt. We are 8 placefor sharing ènd collaboration, connethng everything we do to create 3 fullerexperience both virtually and in Soho. Our Audience.. We aim to expand our audience base and develop an audience first approach. We are home to photography experts, novices and the photo-curious,. art15ts and students., tourist5 and passers-bv. OurOr8anls3tion.' We are an enthusiastic and committed staff team with the aim to be a diverse, professional, forward-thlnkingorganisaJon As responsible employers. we prlorlfjse tr3nsp3rency, fairness, ènd equ311ty wlthin our team. Our financi31 su5tain3bility is paramount, and we maintain transparent governan￿ structures. Our Bulldln8-. We are continuously enhancing our premises to be welcorning3nd accessible. Situated on the borders of busy Oxford Street and vibrantsoho our space fosters social Interacnon. Intellertual exploration, debate and arbthc innovation, creating an environment that inspire5 both visitors and creator5 alike. We are a desbnation for a cultur81 con¥ersaDoTh. Struaure, Goveman¢e, and Managementovervlew Legal Structure=The Gallery operates 35 a company lirnited by guarantee and is registered as a charitsble organisaron. It also has one subsidiary, The Photogr3phers' Gallery IEnterprisesl Limited, which operates as a company limited by shares. Trustee5 and GovemanEe Principles.. The Trustees, who also 5er¥e a5 directors for legal purpose5, playa piwtal role in overseeing the G311ery's affalrs. They adhere to the Charity Commi5s1on's Governance Code. which is grounded in seven core principles.. Organi5ational Purp05p, Leadership, Integrity, Deci5ion-making, Risk and Control, Board Effectiveness, Diversity, and Openness and AccountsEAlity. Trustees Recrultment, Induction, andTwalnlng'. Our process for recruiting new trustees is robust, designed to ensure a well-rounded and skilled Board of trustees. This process involves ongoing assessments bythe Nominations Committee and broader trustee groups to determine the specific skills and experrse needed to efFe¢Jvely support delivery of the strategy and embody the Gallery's valves. The Gallery adverb5es publicly for new trustee5 and the Nominations Committee play a crucial role in the recruitment proces5, Interviewing prospectrvetrustees and recommending them to Ihe Chairfor evaluation The Chair, in consultaron with the Director, carefully a55e55e5 the candidates and decide5 whetherto proposetheir appointment. The final decision re8ardins appointments rests with the trustees. Once new trustees areappointed. they undergo an indu¢Don and orientation process, briefings ère provided by the Chair and Director and they receive relevant guidance from Charitycommission publications. Additionally, any specific tr31ning needs are evaluated on a case-by-case b8515 by the Chair to ensure that e?ch trvstee is Curnetht Trustees.. The Ch31r and Staff would like to extend their appreciation to all trustees current and past for their continued time and commitment to supportingthem and the Director in achievingthe orgènisations goals and maintaining Èood governance and financial stability. Amanda Gray was appointed Chair of trustees in March 2024 and since then has worked with the Dliector ènd the nomlnattons committeeto recrult new members to the board of trustees. The1oll￿n£ IndI￿dUal9 served osTwsteesdurln8 the year.. Amanda Gray (Chair appointed 18th March 20241 Kaywatson Polly Barnes Rafael Biosse Duplan (appointed September 2024, Ch31r FGP from Jan 20251 Monica Allende (appointed September 20241 Laura El-Tantawy lappointed September 20241 Andy Simpkin (appointed March 20251 Ttlitha Thomos-Kelly (appointed December 20241 Taja Lewis Boodle (appointed December 20241 Trustsèsand DlrÈttrKs who s@tvod as Tru￿È@S and st@ppÈd down durlng thÈ year.. Michelle Shuttleworth Ichair of FGP resigned December 20241 E15peth Walker Ireslgned December 20241 Montanè Hall (resigned Decembèr 20241 Joe Phelan Ire5igned March 20251 M8naEementStrurture- The Gallery's day-to-dayoperations were overseen by Director Shoair Ma￿13￿ and Clare Grafik who was 3thng director as maternity Cover from April-August 2024. Direttors are appointed by the Trustees and serves as a director of both the charity ITPGI and it5 commercial subsidiary ITPGEI. The Director was supported by Andrew Gault, Director of Finance Operafjons ènd Business Enterprise lunfjl odober 20241 alongside five senior managers. referred to as th? Execufjve Mana8ementTeam IEMTI, respon5ibleforvarious dep3rtments. Payand Remuneration.. Staff pay and remuneration are reviewed annually by the Finance and Gener81 Purposes committee, with recommendations presented to the Board. The Director and Line Managers (onduct annual staff appraisa15, With any change5 to staff terms and conditions proposed to the Board. Pay levels and conditions are benchm3rked against other London-based arts oryonisations every 2 years. The Director's pay ond terms ore dettrmincd directly by the Trustees, and the Gallery is committed to supportingthe London Livingwage as a minimum for all employees. Statement of Trustees, Respon51bllltle5'. TheTrustees. also serving as directors. are responsible for preparingtheTrustees' Report 3nd linancial statements in compliance with applicable law5 and re8ulations. This includes adherin8to accountin8 policies, observin8 charitie5' Statement of Recommended Pracrce ISORPI, making prudentjudgmentsand estimates, and ensuring compliance with UK Accounting Standard5. The Trustees maintain accuratp accounting records and safeguard the charity's a55et5, taking 5tep5 to pre￿rnt and detect fraud. Fundra156n8fjovemance: Fundraising is a key tscet of the Charity's funding mix. and both the Executrve and Trustèe teams are committed to adherlng to ethical fundraising principles. As we lookto the future, ourcommitment to creativity, engagement, and artistic innovafjon remains unwavering. We express our gralltudtfor the condnued support of donors and members at all levels and look forward to a futurefilled with even greater accomplishments and shared artistic experience5. We exclusively re1v on our in-house fundraising te8m, rthaining from engagingthird party cgmmer¢i31 p3rb¢ipators or profetsion31 fuDdr3isers. We (arefully monitor the approach to fundrai5ingtaken bythe team and are proud to report zero cornplaints related to fundraising In the 2024-25 period. Our Board has endorsed a comprehenslve dtsnafjon acceptance poli¢¥J available on our webslte. Summary of acti￿ltieS athd achievements.. The Gallery presented an exhibition programme designed to be popular and reach a wide audience attracting onsite Visits and drive revenue. Thi5 included exhibitions initiated by TPG, a key part of the new strategic plan. The Gallery expanded its global reach by engagingdiverse 3udience5 Wlth digital content. videos, 3nd trailer5, that increased social media follower5 and enhanced global website engagement. 8¥ March 2025, the Gallery proudlywelcoTned over 251,274 physical vi51tor5, generating £620,573 in admi55iOn5 income, reinforcing It5 reputatlon 35 the UK'S prernier photographyvenue and social hub. The Gallery is currently undergoinga period of organisational change. embedding newvalues and purpose. 8 focus on diwtal transformation. IT infrastructure, and more efficient ways of workin8 as it continue5 to itnplement its 2023-26 Art5 Councll fundlng 2023-17: The Gallery rem3in5 deeply8rateful forthe on80in8linancial 5UPPOrt provided by Arts Council En8land IACEI throu8h it5 N3knonal PortFolio Organi5ation INPOI funding. Following a successful 3pplicatron, in November 2022 ACE confirmed a stand-stiii grant of £2,756,601 overthrÈÈ years 2023-2026-an amount unchanged since 2011 èSthÈ GallÈry has sought to diversify Its sources of income and setfoundations for greaterfunding resilience. In June 2024, ACE announced that NPOS could applyfor a one-year extension of their currentfuDding3greemeDt for 2026-27, which the Gallery applied for in December 2024 and following a successful applicatton proce55 the extension year funding has now been confirmed. This sector amid ongoingfinancial pressures. Exhlbitions. Dl8ltal and Dlsplays Pro8ramme.' In 2024-2025 our public programme of exhibitions included the Deutsche 8Orse Photo ro h Foundtstion Pryze 2024 featuring internaiional 3rt15ts.' Lebohang Kganye, VALIE EXPORT, Gauri Gill & Rajesh Vangad, and Hrair Sarki55i3n. Ph minw in collaboration With the Beri Hardy Archive. V&A. and Cardiff Univer51ty-, a retrospective of Mexican photographer GrGcIeI￿ Irurbide,. the first UK-exhibition of Ernest Cole's Apartheid era expose House o Bondo e. Deborah Turbeville's fashion Photocolla e works in collaboraiion wilh Photo lia with Life, Love ¢Jnd Deoth irt Si￿1￿, a collaboration With Ihe Bartaglia familyarchive. was a great success in both visltor aiiendance1115,5451 and revenue generation. Ourtovring programmefeatured the ChrysKillip Retrospettive. which travelled tothe FotoTnuseum Dèn H3ag131 Aug 2024 5 Jan 202513nd the Deutsche Bor5e Photogruphy Foundotion Pr12e 2024 toured to the Deutsche Borse headquarters In Eschborn, Frankfurt113 lune to 22 Sept 20241- In the public realm. the Soho Photography Quarter platformed British photographersian D3ve ro ect The Gurden accompanied by a new bookaThd film as well a5 a Cafe'takeover. io connect the outdoor programme with the buildlng. The Corner Screen. showcasing new and ernerging artists working in digitallphotographic technologies. showcased experimental digital artwork5 including.. Paul Dolan's TheTmol Prcpertie5, fe3turins 3D photographic animations der￿ed from renewable energy data.. Liyia Foldes, NSFW Ventss. appropriating a pornography-detecrion dataset 10 reflect on the parallels between colonial archive5 and machine learnin8 dataset5.' Nina Davies. ForAn Imaginary Page encouragin8 Critical engagement with online creative ¢onrent through asking"If algorithms were charaaers in our lives, what would they say ro us?" Yaloo.. ROO18 Oct 2024- 4 lan 20251 a iomputer-generated (CGI animation that blend5 sci-fi and Korean Tnythology,. and Kim.. Ecolo co15tron ers17Jan- 5 Mar 20251, an interactive artworkthat invites visitors and passers-byto reflect on the relationship between produttivity. technology and the naturèl world. Nina Davies also collaborated on a compelling live perforrnance titled Glitch Guiser5fe3turing five dancers'glitch guising, outside through Soho Photography Quarter- a reference to the'mannequin Challenge,. the onlineviral trend that began in 2016. Our DiÈitsl Programme further highlighted TPG'S ongoing collaborative PhD project, by Kendal Beynon in partnership with the Centreforthe Study ofthe Networked Ima8e ICSNII. Alongside digital display5 and in-gallery evenrs. we Conrinued 10 commission new research Ind articles through our online R&D plarform, Unthinking PhotogTGphy, and h05ted virtual talk5, includin Screen Walks a collaboration between TPG and Fotomu5eum Winterthur. A two-day conference on ihe expansive phenomena of digital image worlds-wiih a special focus on contemporary everydèy imagink Tolk5 Ever vol. 2." Thesel-centredond the Networked was a collaboration with Eidolon Cenrre for Everyday Photographv. In ourArchlve DI5￿3Y space on the fioor we programmed a reading room of around publications from Café Ro BDoks featuring thework of UK-b8sed do¢ument3ry photographers ID Spring 2024.. a takfrover by the DEVELOP ¢olle¢tive MeditatlDns on Lcve15ee below in Education).. and Ten.8 in Focus.. The le ac of Black In)3 e and Bod Politics-focusing on The Prfnt Sales Gallery and Its e￿hIbitIon space plays a cruclal role In generatlng revenue to support the Gallervs public and educational programTne5. Reflecting the Gallery'svi5i0n, it promote5 a diverse range of photographer5 at various stage5 In Iheir careers. This year, the Print sales Gallery featured both emergingand established artists, including.. Dorothy Bohm ot 100 celebrating the remarkèble life and work of photOErèpher and long-standing Gallery supporter and ex-Associate Director Dorothy Bohm11924- 20231,- the group Show B fheSe05ide featuringthe work of Rob Ball, Anna Fox, TheJDhn Hinde Collection, Sirkka-Lii5a Konttinen. Martin Parr, Simon Robert5, and Luke Stephenson,. Reimo ined Londsca e5 bringing together the works of Gohar Dashti & H3med Noori, Cyrus M3hboubian, and Qiu Yangzi to explore themes of cultural identity. home and displaiement. RBgnar Axe1550n At ThE Ed thE World.. and Daido Moriyama's Encounters. In autumn the team participated in Europe's largest photography fair. Paris Photo. with a solo booth of Gohar Da5hti. Beyond exhibitions, the Prini Sales Gallery team educates new collectors on editions and accessible artwork. while also cateringto established collector5 with both conternporary and vintagp prints. Education & Archive.. Our talks & events programme. and resovrces, focussed on audience engagement with our exhibition5, and photO8r3phyldi8ltal Cultu￿ more broadly. Toward the end of 202412S, the talk5 and events focu5 shifted solelyto exhibition-related programming. Exhibition-relaied talks and events Included.. Slan D3vey, the conference Photogrtsphing 8ritoin, linked to Bert Hardy'swork,. an in-convÈrsation bÈtwÈÈn South African photographers A￿5￿8 Kazim and Alice Mann, linked to our Ernest Cole exhibition,. 3nd film 5creening5 such as Picture Stories18ert Hardy) 3nd Shooting the Mafia ILetizi3 Battaglial. TheGallery also produced video interview5 with the four shortlisted artists for the Deutsche gors Photography Foundatton Prize2024, and with Peter Mitchell, a5 well as curator Interviewsfor other exhibibons. Just under 7,OOOvisitors completed and shared responsè Cards related to the exhibittons. Exhibition-linked courses Included-. Evolving Perspe¢tive5 on Phowrophvfromsouth Afri¢0 IErnest Cole), and DreJm5, Desires, lives Ljtin Americon Photoorophy Other arknst talks included Rosalind Nashèshibi. Yèn Wang Preston. Asa Johènnesson. 3nd lain Sinclair in conversation with Hethe judah. M05t talk5 that weren't exhibitic>n-related were delivered In partnership with educational InstitutOn5 and commercial galleries Ourcoursesfor our photography & digitally Curious 3Jdience. included the popular 6-weekStortino Archive course, led by ourArchivist,' Inside Out.. the workings of aphotogruphicgGII8Ty (delivered In partnership with Universty of Westminsterl", and Explortstions in l)igitts15poces.' Mettsdotro. Memes ondPrompting. Practical workshops included making pinhole cameras and using our cumeTa obSCUTa as a creativetool. Professional development 5e5SiOnS Included regular porrfollo review5 and advicelnetworklng sessions. We 3150 held several readinggroup sessions. All courses. which a￿ usublly the hiBhest income-eèrning part of thè Gallerfs events programme, continued to have lowertake-upthan prerthe year including DB fuThd5. Donation5 and gifts £142,855, member5hipfees £202,770, other donations and l&g3cies of £67,218. Artscountll Fundlng.. Arts Council EDgl3nd extended an NPO grant of £918,868fDr the year a5 part of a 3-yEarfunding agreetnent remains essenbal in supporhngthe costs of deliveringa balanced and accessible programme bythe Gallery. &Jmmaryof Expendlture.. Cost5TPGE Enterprises costs reduced to £1.882,422 from £1.978,520 in 2024, this was due to growth in redutknon in sales. TPG stsff Costs TPG staff c05t5 Increased by £126,669to £1,315,41612024.. f 1,188,747) dueto changesto the London living wage. higher salarles reouired tts retain and attratt new-staff. overttme, and HR support costs. ProÈrammeand Building Costs The cost of our programme achvities increased by £42,864 to £1,225,728 frorn £1,182,864 in 2024 and reflert5 the return to a full programme of activities in 2024-25 and inflationary pressu￿5 on. IT. utility. and energy costs. Depre¢latton, prOfe￿10nal fees, and other costs Depreciation fees were £224,883 in 2024 and have increased to £228,883 in 2025, Fundraising costs were up m4rgin4lly to £44,08312024.' £38.7711. Golng Contern Assessment FYE 31 Marth 2025 The Gallery'5 trustees maintain a con5iStentfocus on evalu3ting the financial performarbce, operational efficiency, 2nd potentral to the organlsation, monltored and reported regularly to trustees and captured in the risk register. The Gallery held cash re5erve5 of £995,183 on 31￿ March 202512024.. £1,251,673) in line with it5 policy on cash ￿serVeS. BU￿neSS OutlLsok 2025-2&25 Given the current UK economic landscape, the Gallery rem3in5 rautiously optimistic about its long-term prospects. Trustees and the executive team are developing a newthree-year Strategic plan focused on buildinga strong. diverse programme, with 3 refocu5 on t3rgeted fundraising 5tr3tegies, 3nd enhancingvi51tor engagement through investments in IT 3nd digital systems. Trustees are ¢ommiried to expanding rhe diversiry and reach of the programme and aim io deepen visitor engagEment while remaining rnindful of extèrntl econoTnic pressures that rnay impact revenue strEam5. Keylactors contrlbutln8 to the 8allerfs outlook Indude.. Income Stsblllty.. Over the years, the Gallery'5 commitment to iniome diversification has been essential in fluctuations within any single revenue stream. However. continued challen8eswith earned income, fundraisin8. and rising livingcosis pose risk5. as they may constrain discretionary spending and poientially impaa both visltor Ljmbersand related revenues. Arts Countil NPO Grant.. Secured National Portfolio Orgènisation funding from Arts Council through March 2027. ?¢hlevemeDts over the years and supports CO￿ operations during Challenging economlc condltions. Wi￿10r Engagement and Ticketing In¢ome.- With Visltor engagement exceedlng pre-2020 levels. sustainlng ticket costs on disposable incorne. Trustees ère wmmitted to balancing admission charges to ensure revenue seneration from 3drni55iOn5 while keepinsthe Galleryacce55ible and welcomin8. Implernentln8 new POS and CRM systems overthe next two years is è priority to enhance audlence engagement. attraa new visitors, and improve rnember5hip retention and growth. Comrnerrial A¢*vitie5and Online Sale5'. The Gallery'5 revenue from ￿th on-site and online cornmer(ial artiwties includingthe Bookshop, Print $31es, Café, and Talks programme remains closely tied to visitor numbers and availability of exhibition related merchèmdise. Alongside efforts to improve the visitor e¥perien¢e. 3 renewed focu5 on expanding online sales, di¥er5ifying product ranges, and increasing exhibition merchandise aims to b005t revenue. However. in 2024-25 persistent Cost pressures and the high cost of living continue 10 Impacr overall sale5, particularly in the Print Sales busines5. Fundraising and Sponsorship.. The Gallery has a good history of securingfunding forfuture capital and structural projects, alongside educational funding which has conslstently atiraaed support from trusts, foundations, and individual donor5. However, fundrai5in8 forthe core exhibition pro8ramrne in a hishly competitive environtnent remains challenging. We have secured a ihree-year funding agreemeni ihrough 2027 with Deutsch Borse Photography Foundètion for our annual Photogtrphy Prize. Nonetheless, we will sustain efforts to increase income from fundraising for our exhibirion programme. C05t Pre55ure5 and Financial Outlook.. Persistent inflationary pressures on overheads. compliance, staffin& investment continue 10 impact on the Gallery'soper31ional costs. Rising expenses require careful budget manasernent alon85ide8rowth in earned incorne to meet financial tar8et5. TheGaller¢s cautious yet initiativtrtaklng approach 10 Income diverslfication, slren￿hened bysolid long-term partnerships institution in London. Recognisingthe challenge5 of high living cost5 and ongoing investment need5, It remains dedicated to environment through its programming. Risk management and Going Concern.. Trustees and the executive 3re working togetherto develop a dynamic 3-ye3r business plan to support the operational delivery of the new strategy that in part focuses on long overdue strategic investment in IT infrastrutture, digitisation and Staff. While tru5tee5 recogni5e the sub5t3ntial uncertaintie5 arising from the broadereconornic environment, they are emerging issues. The G311ery's diversified income streams help mitigate reliance on any single revenue source, while ownership of the fveehold of its building. valued at £9.7 million as of 31 March 2025. and cash reserves of approximately £995,18a on ai March 2025 further strengthen its capacity to navigate periods of financi31 risk. The Gallery'5 Risk register continuesto be infiuenced by inflationary and inireased cost of operation5, the need forfuture environment. Trustees and Executive continue to use several effective bu5ine55 tnanagement strategie5 to 5etand monitor our annual objective5 and to assist In mitigaknng ongoing operational and financial risks. These are continually reviewed bv trustees and assessed aÉainstthe Gallerys cèsh-flow 3nd orgènisètionèl objectives. Ke¥ Rlsks for 20245-26 Macroeconornicvulnerability.. EconoTnic and political instability Tnay reduce visitor 5pèndinÈ. impècting revenue from ticket sales, merchandise, and other visitor-driven income. Eamed Intomt Dependthcy.. Reliance on admissions income may limit proÈrammingdiversity and increase CybersecurityandTethnology'. Growingdigital operations increase vulnerability to cyber threats. Investmenrs In updated systems and staff training are essential to protect sensitive data. Dlgltal Infrastrutture Upgrades.. Essential IT upgrades are needed io streamline operations, enhan￿ visitor data reportin8, and support audience growth. Without moderni5ation, the Gallery risks inefficiency and reduce5 Vlsitor satlsfaction. Fundraising and Cash Reserves.. Economic challenge5 and required investment to deliver strategic objective5 may Inflationary Pre55ure'. Rising costs for overheads and staff. intensified by ￿0￿31 tensions. ¢ontinueto shrink margins and Increase operatingexpenses. stsff Turnover-. Higher pay demands due to inflatlon may lead to Increased turnover. rlsklngthe loss of Furtdin£ 5hortFall.- Ongoing underlyingdeficits are unsustainable and would trigger a revlslon of scale and strate￿. Regulatory and Environmentsl Fartors.- EvoTrrfing regulations and mounting environmental concerns may Competition and Market Saturation.. Increasing Competition from other cultural Institutions, entertainment venue5, or online platform5 may intensify, leadinsto challense5 in attractin8 and retainingvisitors, sponsors, or donors, and exerting downw?rd pressure on ticket sales and donations. legal and Re£ulatoryChange5.' Evolving legal and regulatory laDd5cape5, including chan8e5 in tax law5, data proteciion regulations, or cultur31 heritage preservation requirements, may necessitate costly compliance measu￿5 or operttional èdjustments. impactingthe Gallery's bottom line and resource allocotion. Clirnatechange and Environmerrtal Risk.. The growiDg impact of cliTnate change. including extreme weather patterns, and nece5sirate costWad?piations or mitigation efforts. Reserves Policv.. The trustees of the Gallery workto 5UPPOrt SU5tainability of the organisation, to ensure adequate provision to absorb unforeseen tinancial circumstances and to tske advantage of opportunities asiheyarise. We define Underlying Free Reserves I"Re5er¥es"l as beingthar part of our assets that Is available io expend on general purp05e5 atthe Board's discretion and I￿ the fuitherance of ourvision and objective5, once ourcommitment5 and planned expenditure have been met. Reserves are calculated as net current 355ets, includingca5h invested in immediately available fund5, less.. amount5 held asainst restricted activity prior year capital commitments fuiure progr?mme commitments endowment if any.. and any amount5 carried forward for future budget deficits. Our aim isto hold between 3 ènd 6 months of normal Gèlleryoper3Jng costs. 3nd a minimum of £800.OLK) in cash. to be C31cu13ted and rewewed quarterly. and to build ourca5h reserves when surplu5e5 are m3de. It is anticipated thatfund5 in ex￿55 of 3 months of fiorfflal Gallery operatin8 C05t5 will be placed on deposit orotherwise invested on recommendation of The Finance and General-Purp05e committee I"FfjP"I, with the overall objective of p￿serV1Thg capitsl and a tsrget of CPl+l%. These excess Reserves may be invested in currencies other than Pound Sterling if justyfied b¥the operatyonal acti¥lty of the Gallery and an retx)mfflend3tions from the FGP. Further Reserves can be built to plan for unanticipated redundancy costs. Our current RÉ5erve5 a5 at 31 Marth 2025 £1,523,431 or approximately 4.7 month5 of normal Gallery opÈrating cost5. By adheringto this reserves policy, the Gallery reaffirms its commitment to sustainably advancingour rnission while remaining3Èile in respondin8 to the dynamic chèllenges and opportunities in our ever-evolvinÈ13ndsc8pe. io Equ311ty. Dlverslty & Inclu51on 2024-25 The Gallery's commitment to providing a diverse and inclusive experience remained unwavering in the 2024-25 period. We conthnued to offer a wide 3rr3y of exhibition5, event5, and ￿50￿[￿5 to engage and be relevantto a broad (Jemographicof Accesslble and Incluslve5pace: WÈ ￿MaIn 5teadft5t in our dedication tts create a welcoming and memorable ÈxpÉriÈDcÉ for all our visitors. To achieve this, we offered affordable and free acces5 to our program5 and maint31ned an inclusive space for ideas, learnin& and conversèttons. We are also committed to staff training to ensure we have an awareness of visltors, potenfjal needs ènd experiences Isee below under EDI T3skf0r￿workl. Dlverse Leadershlp and Staff= Under the leadership of Chair Amanda Grèy. ourcornmitment to diverslty spans all levels of our organisation from trustees and senior management to our re501ute staff to reflect London's richnes5 in ethnicity, 3ge, 50cio-economic background, and sexual orientation. With four newtrustees èppointed in 2024. the Chair and Nominaiions Committee regularly reviewthe trustee 5ki115 matrix, aiminsto enhance diversity and expertisewithin the board. To 5UPPOrtthi5, we offertrainins for trustees and staff, coverlng inclusive leadership. Cultural competence. and legal compliance to uphold ethlcal standards acr055 operatiOn5. Through these mea5ure5, we aiTn to ensure our workforce both mirror5 London'5diver5itywhile meetin8 311 regulatory requirements for inclusive and a¢coun13ble organisaiions. Eq(￿lIty. Dlverslty, and Incluslon IEDI)Taskfor￿'. five key areas.. employment & recruitment, communications, programmin& audience development, and org3nisational culture. Staff ¢o118bor8ie in smallerteams to propose and implement EDI actions. while convening as a larger group to advance key initiatives. A majorfocus ofthe taskforce 15 Staff developmeni, with an emphasis on diversity, LGBTQI+ awtreness. and disability inclusion from 2024-26. Additiontlly. the taskforce ensures appropriate staff are trained in evolving le8al requirefflents around diversityand disability, equippin8 them to serve a diverse audience inclusively and En￿rOnMental Pollcv mindful selection of cleaning products. and effitient management of energy and water usage. The Gallery sources electricity exclusivelyfrom renewable suppliers, adheres to Green IT practices, 2nd prioritises recycling 3nd enviroDmeDtally friendly materials whereverfeasible. Additionèlly, efforts are uDderwa¥to reduce Dffi¢e waste. with an the Gèllerygathers detailed data on resource consumption to support continuous monitoring and future rèduttions, acllvely shares best practices and draws on colleaive ekpertise to advance meaningful, sustainable practices across the sector. In 2024 theGalleryjoin theSu5tainable city Charterand Gallery aimate Coalition. Distlosure of infomiationto4uditor Each of the trustees has confirmed ih3lthere is no information of which they are aware that is relevant tothe audit, but of which the auditor 15 unaware. They have furtherconfirrned that they have taken appropriate 5tep5 to identify such relevant The triJ5tees' report wa5 approved by the Board ofTrustees on 2F W2025 MsAmanda Gray Chair of Trustee5 li THE PHOTOGRAPHERS, GALLERY LIMITED STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2025 The trustees, who Ire also the directors of The Photographers, Gallery Limited for the purpose of company l?w, are responsible for preparin8 the Trustee5' Report and the financial statements in accordance with appli(able law and United Kinsdom Accounting Stsndard5 (United Kingdom Generally Accepted Accounting Pr8Cticel. A combination of Comp3ny Law and Charity Law requires the trustee5 to prepare financial Statements for each financial year which glve a true and fair vlew of the state of affalrs of the group and the parent charity and of the Incomlng resources and appllcatlon of resources, including the income and expenditure, of the group forthatyear. In preparing these financial 5tatefflent5, thetrustee5 are required to.. select suitable accounting policies and then applythem con5i5tentlv,' observe the methods and principles in the Charities SORP,. makejudgements and estimatesthar are reasonable and prudent,. and prtpare the financial statements on the going concern basls unless it Is Inappropriate to prttume that the charlty wlll continue in operation. The trustees are re5POn5iblefor keeping adequate accounting record5that disclose with reasonable accuracy at anytitnethe financial position of the group and enable them to ensure that the financial statements complywith the Companies Act 2006 and the Charities Att 2011. They are a150 responsible for 5afesuarding the a55et5 of the group and hence for takin8 reasonable 5tep5 lor the preventlDn 12 THE PHOTOGRAPHERS, GALLERY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE PHOTOGRAPHERS. GALLERY LIMITED Oplnlon We have audited the financial st3Trments of The Photographers, 58llery Limited Ithe'pareni charity'l and Its subsidiary Ithe'group'l for the year ended 31 March 2025 whith comprise the consolidated statement of finantial attivities, the consolidated and charity balance sheets, the con501idated statement of cash flows and the notes to the fin3ncial statements, including significant accounting policies. The financlal reportlng framework that has been applled in their prepar3tion is applicable law and United Klngdom Accounting Standard5, including FRS 102 The finoncial Rppotting Stsndllrd applicoble the iIK Republic of Iieland (United Kingdom GenerallyA¢¢epted Accounting Pra¢ticel- In our opinion, the financial statements.. give a true and fair view of the st3te of the 8roup'5 and parent charity's affairs as at 31 March 2025 and of the group's incoming resources and application of resources. Includlng its income and expendiiure. for the year then ended. have been properly prepared in accordance with Vnited Kingdom Generally Accepted Accounting Practice, and h3ve been prepared in accordance with the reqU1￿MentS ofthe Companies Act 2006 and the CharitiesAct 2011. Basisfor opinion We condutted our audit in attordtnts with International Standard5 on Auditing IUKI IISAS IUKII and applicable law. Our responsibilities under those stand3rds are further described in the Auditors re5ponsibilitiesfor the oudit OA thefinonciolstatements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the fin3nci315tatements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in attordance With these ￿QUIreMents. We believe that the audit evidentr we have obtained is sufficlent and approprlate to provide Con¢lu*o*s relatingto Èoing ¢ontem In auditing the financial statements. we have concluded that the trustees, use of the going concern basis of accounting In the prepa￿tIon of the financial statements is appropriate. Based on the work we have performed, we have not identified any material LIn￿rtaiNtie5 relatin8 to event5 or conditions that, Individu311y or Collectively, may cast signific?nt doubt on the group's and parent charitls ¥bility to Continue 3$ a going contrrn for a period vf at least twelve tnonth5froTn when thp financial statEment5 are authori5ed for iS5LJe. Our responsibilities and the responsibilities of the trustees with respettto going concern are described in the relevant sections of this report. Other informatio The other information comprise5 the inform3tion included in the annual report othèr than the financi31 statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the linancièl ststements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not expre55 any form of assurance conclusion thereon. Our re5pon5ibility is to read the other information and, in doing 50, consider whether the other information is materially inconsisrent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify Such material inconsistencies or apparent material misst8iement5. we are required to determine whether ihis gives rise to a m8teri81 mi551atemeni in the financial statemenis themsel¥E5. If, based on the work we have performed, we conclude that there is a tnaterial mi5Statement of thi5 Other information, we are required to report that fact. We have nothingto report in this regard. Opinion5 on other matters prescribed bythe Companie5Act 2006 In our opinion, based on the work undertaken in the course of our audit.- the infomation given in the tru5tees' report for the financial year for which the finèncial statements are prepared, which includes the direttors, report prepared for the purpose5 of company law, is consistent with the financial statementS,- 3Thd the director5. report included within the tru5tee5' report has been prepa￿d in accordance with applicable legal requirement5. Matterson which weare required to report by exception In the light of the knowledge and undÈr5tanding of the group ènd parent chèrity and their environment obtained in the course of the audit, we have not identified Material misstatements in the directors. report Included within the trustees. report. 13 THE PHOTOGRAPHERS, GALLERY LIMITED INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE MEMBERS OF THE PHOTOGRAPHERS. GALLERY LIMITED We have nothing to report In respea of the following matter5 in relation to which the Companies Act 2006 requires US to report to adequate accounting records have not been kept by the pèrent charity. or returns adequate for our audit have not been received from branche5 not visited by us,. or the parent charity'5 financial Statements are not in ag￿ement with the accountln8 record5 and retums,. or certèin disclosurÈs of tru5tÈÈs' remunÈratiOn specified by law a￿ not made,. or we have not received all the informttion and explanations we requiretorour audit. Responsibilities oltrustees As explained more fully In the sraiemenr of trusrees, responsibilitie5. the trustees. who are a150 the directors of the charity for the purpose of company law, are re5POn5ible for the preparation of the financial statements and for bein8 Satisfied that they 8ive a true and fair view. and for such Internal control as the trustees determine is necessary to enable rhe preparation of financial statements that are frÈÈ from m*erial misstatement. whethèr due to fraud or error. In prepèring the financial st3temÈnts, the tru5toes are responsible for assessing the group's and parent charity's ability to continue 35 a going concern, disclosin& 35 appIl￿ble, matters related to going conttrn and using th¥ going concern basis of accDuDtinB unlEss the trustèes either intend to liquidate the group or parent charitable comp3nyor to cease operation5, or have no realistic alternative but to do so. Auditor'5 re5POn5ibilitie5for the audit of thefinancial statement5 Our objective5 are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to Issue an 3udltor's report that Includes our opinion. Reasonable assurance Is high level of a55uTrn￿ but is not a guarantee that an audit coDducted in accordance with ISA5 IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or In the ger&￿te. they could reasonably be ex￿tted to influence the economic decisions of users taken on the basis of these financial statements. The extentto which our procedures are cap3ble of detecting irre8u13rities, includin8 fraud, is detailed below. A5 Part of our planning process., We enquired of management the systems and controls the group has In place, the areas of the financi31 statements that are m05t 5U5ceptible to the risk of irregularitie5 and fraud. and whether there was any known. suspected or alleged fraud. The charity did not inform us of any known, suspected or alleged fraud. We obtained an undèrstandinÈ of the legal and regul*ory fomeworks applicable to the charity. We determined thèt the following were most relevant.. the Charity SORP, FRS 102, The Companies Act 2￿6 and The Charities Act 2011, Health and Safety Act 1974. Employment Law. We considered the incentive5 and opportunities that exist in the charity, including the extent of management bia5, which present a potential for irregularities and fraud ro be perpetuated. and tailored our risk assessmentaccordingly U5in8 our knowledge of the charity, tO8ether with the di5CU55ions held with the charity at the plannin8 5ta8e, we formed a conclusion on the risk of misstatement due to Irregularities including fr3ud and tailored our procedures according to this risk a55e55ment. The key procedureswe undertook to detect irreÈularities includingfraud duringthe course of the audit included-. Identifying and testing journal entries 3nd the overall accounting records, in particu13r those that were significant and unusuèl. Reviewing the fin3nci31 Statement disclosures and determining whether accounting policies have been appropriately Reviewing and challenging the a55UmPtions and judgements Used by management in their significant e5timate5. Assessing the exrent of compliance. or lack of, With the relevant laws and regulations. A55es5iDg thè validity of the tla55ification of income, Èxpenditure, a$5ets and liabilitiès between unrÈstri¢ted, designated Performing a physical verificètion of key assets and stock iteTns. Obtainingthird-partyconfirmation of material bank balances. Documenting and verifying 311 significant related pèrty land consolidated) balènces and trènsattions. fteviewing documentation such a5the charity board minute5 for di5cussion5 of irregularities including fraud. Testingall material consolidation adjustments. 14 THE PHOTOGRAPHERS, GALLERY LIMITED INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE MEMBERS OF THE PHOTOGRAPHERS. GALLERY LIMITED Owing to the inherent limitstions of an audit, Ihere is an unavoidable risk that we may nor have detected some material mis5tatementS In the financial 5tatement5 even thou8h we have properly planned and performed our aLJdit in accordance with auditing siandards. The primary responsibility for the prevention and detection of irregularities and fraud resis with the those charged with governènce of the entity. A further descriptlon of our responsibllities is avallable on the Flnanclal Reporting Council's webslte at. httPS.-//w¥VW.frc.org uk/ auditor5responsibilitie5. Thi5 description ft>rms part of our auditor's report. Use of our report This rÈport is made solely to the charitable company's members, as 3 body, in attordance with Chapter 3 of Part 16 of thè Companiès Act 2ffi6. Our audit work h3s been undertaken 50 th3t we might state to the charitable company'5 members those matters we are quired to state to them in an auditor's report 3Trd for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other th3n the charitable company and the charitable company's member5 as a body, for our audit work, for this report, orforthe opinions wt hève formed. Carol Rudge (Senior Statutory Auditor forand vn behall of HW Fi5herAudit Chartered Accountant5 StatutoryAuditor Acre House 11-15 William Road London NWI 3ER United Kingdom 27 Oct 2025 15 THE PHOTOGRAPHERS, GALLERY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Currentfitya*¢ial year Unr@strltt@d Unr@strlctsd RÈstrict@d T47ts1 Total runds general 2025 funds d￿gnated 2025 funds 2025 2025 2024 Note5 lthtome and endowrnents from- Donations and legacies 1.197.211 661.933 1,892,998 10,751 252,716 134.494 1.331.705 661.933 1,892,998 10,751 364,727 1.257.286 669,926 2,131,841 12,445 258,373 Investments Other in(ome 112,011 Total intome 4,015.609 246,505 4,262,114 4.329,871 EM endlture on: Raisingfunds 44,083 1,697,422 44,083 1,697,422 38,771 1,808,520 Tradin8 costs 1,741.505 1,741,505 1.847,291 2,43a,918 138,977 256,286 2,824,181 2,697,471 Total re50urce5 &¥pendpd 4,175,423 133,977 256,286 4,565,686 4,544,764 Nei outgoing resourtes 1159.8141 1133.9771 19,7811 1303,5721 1214,8931 Other recognlsed galnsand losses Revaluation of tangible fixed assets 14 133,977 133,977 145,361 Net rnovement in fund5 1159.8141 19,7811 1169,5951 169,5321 Fund balances at l Aprll 2024 1,683.245 9,7LM).iKNJ 11,446 11.394,691 11.464,223 Fund balances at 31 March 2025 1,524.431 9,7￿,[ 1,665 11,225,096 11,394,691 The statpment of financial activitie5 includes all ￿1￿5 and1055e5 ￿C08￿15ed in the year. All income and expenditure derive from continuingactivities. The statement of financial activitie5 3150 complies with the requirements for an incorne 3nd expenditure account under the Comp3nies Act 2006. 16 THE PHOTOGRAPHERS, GALLERY LIMITED CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES {CONTINUEDI INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Prityfinantial year Unr@strlctsd UnrÈstrirt@d RÈstrlctÈd Tatsl funds general 2024 funds deS￿ated 2024 funds 2024 2024 Notes lthtome and endowrnents from- Donations and legacies 1,113.596 660.28S 2,131,841 12,445 258,373 143.690 9,638 1.257.286 669,926 2,131,841 12,445 258,373 Investments Other in(ome Total intome 4,176.543 153,328 4.329,871 EM endlture on: Raisingfunds 38,771 1,808,520 38,771 1,808,520 Tradin8 costs 1,847.291 1.847,291 2,392,953 162,638 141,882 2,697,471 Total re50urce5 &¥pendpd 4,240,244 162,638 141,882 4,544,764 Nei outgoing resourtes before transfers 163.7011 1162,6381 11,446 1214,8931 Gross transfers t)eiween funds 117.2771 17,277 Net out8oin8 resources 180,9781 1145,3611 11,446 1214,8931 Other re¢oEnisÈd gainsand losses Revaluatlon Of tangible flxed assets 145,361 145,361 Nei rnovement In funds 180,9781 11,446 169,5321 Fund balances at l April 2023 1,764,223 9,700,0(rt) 11,464,223 Fund balantes at 31 March 2024 1,683.245 9,700,OLK) Ll,446 11.394,691 The statement of fin3ncial 3Ctivities Includes all 831ns and losse5 recognised In the year. All income and expenditure derive froffl continuing activitie5. The statement of finanoal activities also complies with the reouirements for èn income and expenditure account under the Cornpanies Act 2006. 17 THE PHOTOGRAPHERS, GALLERY LIMITED CONSOLIDATED AND CHARITY BALANCE SHEETS AS AT31 MARCH 2025 Group 2025 Chaffty 2025 2024 2024 Notes Flxed assets Intangible assets Tangible assets Investmenrs 13 14 3.347 10.297.770 10.725 10.261.904 3.347 10.297,770 10.725 10.261,904 15 10,301,117 10,272,629 10,301,119 10,272,631 Currentassets Stocks Debrors Cash at bank3nd in hand 16 17 209.708 385.246 995,183 205.955 354.626 1,251,673 497.234 817,849 589.830 986,125 1,590,137 1,812,254 1,315,083 1,575,955 Creditors.. amountslalling due within one year 1666.1581 1690.1921 1401.6101 1464,3991 Netcurrentassets 923.979 1.122.062 913,473 1.111,556 Total assets less current Ilabllltle5 11,225,096 11,394,691 11,214,592 11,384,187 Nei assets 11.225.096 11.394.691 11.214.592 11.384.187 Income funds Restricted funds Unrestrirted fLJnd5- designated (including revaluation reserve) Unrestricted funds- general 20 1,66S 11,446 1,665 11,446 zi 9,7￿,000 1,523,431 9,7￿,000 1,683,245 9,7￿,000 1,512,927 9.700,000 1,672,741 11,225,096 11,394,691 11,214,592 11,384,187 The charitable company's net expenditure for the year was £169,59512024." £69.5341. 27 Oct 2025 The financial statements were approved by theTrustees on......................... A Gray Trustee Company Registfttion No. (*)986208 18 THE PHOTOGRAPHERS, GALLERY LIMITED CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 N￿e5 Cash flLW15from operatin8 activitie5 Cash labsorbed b¥llgeneratÈd from operations 25 1143,8471 205,352 In¥estlng a(￿VItIeS Purchase of tsngible fixed assets Investment income received 1123,3941 10,751 148.0041 12,445 Net tash used in irwesting artivlties 1112,6431 135,5591 Fln8n¢ing attlwlties Repayment of bank loan5 and overdraft 1268.7071 Net cash used In financln8 actlvltle5 1268,7071 Net decrease in cash and cash e4uiYalents I256,4￿) 198,9141 Cash ènd osh equlvalents 3t beglnning of year 1.251.673 1.350.587 tash and cash equlvalontsatend of year 995,183 1,251,673 19 THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 A¢¢ountlng poll¢le$ Charlty Infomiatlon The Photographers, Gallery Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 1&18 R?millies Street, London. WIF 7LW. On winding up, eath person who is a member at the date of winding up or ceèsed to be a member duringthÈ yèar priorto that date is liablÈ to tontributÈ a sum not ÈxtÈeding El ttrwards the assets of the company. 1.1 Accounting convention The financial statements have been prepared in accordance with the Companie5 Act 2006, the Charitie5 Art 2011, and 'Accounring and Reporting tiy Charities-. sratement of Recommended Practice applicable to chariiies preparing their accounts in 3ccordènce with the Financial Reporting Standard appli£3ble in thè UK ènd RepLJblic of Irel3nd IFRS 1021 (effective I lanLJary 2D191 The ch3rity 15 a Public Benefit Entity35 defined by FRS 102. The financial 5taternent5 are prepared in 5terlin& which is the functional currency of the charity. Monetary amount5 in these financial statement5 are rounded to the nearest £. The financial 5t3tements have been prepared under the historical cost convention, modffied to include the ￿ValUation of freehold properties. The principal accounting policles adopted are set out below. The group financial statements reflect the results 2nd combined financi31 position of The Photographers, Gallery knmited and The Photographer5. Gallery IEnterpri5e5I Limited. As permitted by 5408 of the Companie5 Act 2W6. the parent charitable company h35 not presented Itsown income and expenditure account and related notes. 1.2 Going concern At thè time of èpproving the finantial st*ements. the Trustee5 have a5SQSsed income and expenditu￿ in both the charity and its subsidiary and based on budgets and trading forecasts have reasonable expectation that the charity and group has adpquate re50urie5 to (ontinue in oppratioDal existence for the fore5epable future. Thu5 the tru5tpes CDntinue to adopt the Eoing concem b35is of accounting in preparingthe financial Statements. 1.3 Charltable fvnds Unrestriited funds are availablefor use atthe discretion of thetrustee5 in furtheran￿ of their charitable objectives. Designated funds comprisefunds which have been Set aside atthe discretion of the trusteesfor specific purposes. Restricted funds are subject to Specific conditions by donors a5 to how they may be used. The purposes and uses of the restricted funds are setout in the notesto thefinancial statements. 1.4 Income Income is rÈcoÈnised when the group is legally entitled to it after any performance conditions hève been met, the èmounts can be measuied reliably, and it is probablethat income will be received. Cash donations are recognised on receipt. other donations are reCO￿lSed once the group has been notified of the donation, unless performance conditions require dèferral of the tmount. Intome tax recoverable in relation to don*ions rèceivèd under Gift Aid or deeds of covenant is recognised at the time of the donation. Art5 Council England provide annual revenue funding for the Gallery b35ed on three-year contracts. The annual grant award is recognised in the accounts on an accrual's basis. Income from other trading attivitie5 r￿p￿SentS the income from café sales, bookshop salès and print salès and is rÈcognisÈd 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 2025 Accountlng pollcles Iconlnuedl Inwme from trusts and foundations includes income for exhibitions, donations in kind and sponsorship income. Such inwme 15 reco8nised in the period in which the related event occurs. Membership income is recognised at the date amount5 are paid unle55 where there are clear benelits to the member in relation to amounts paid these are recognised in the period over which the benefits relateto. 1.5 Expendiwre Expenditure has been charged to the statement of financial activities on an 3ccrual's basis. Costs are shown inclusive of any related irrecoverable value added tay. Expenditure on raising fund5 represent5 Costs incurred in relation to the staff tnember5 who are engaged directly in fundr3151ng and a150 include any associated costs. Expenditure on ¢hari¢able acrivityes represent the Costs of presenting the progr3mme of ¥rtiViiies including exhibitions and projetts. Included is all attributable staffing, markÈtinL operètional and administrative expenditure and sponsorship in kind. 1.6 Intan6ible fixed asset5 Otherthan 6oodwill Intantible assets arÈ recognisèd at cost and are subseouently measured èt cost less attumulated amortisation and accumu13ted impairment losse5. Significant expenditure on the CRM datsb35e is capit31i5ed 35 intangible 355et and stated at C05t. The design and content developmeni costs have been capitalised only to the e%tent that they lead to the creation of an enduring asset delivering future economic benefits at least as great as the amount capitalised. Where intangible are ready for use, amorti5atiOn 15 The carrying value of the asset will be subjected to annual impairment reviews. 1.7 Tanglbleflxed assÈts Tangible fixed assets are initially measured at cost and subsequently measured at cost or Valuation, net of depreciation and 3ny impairment losses. Freehold 13nd and building$ ère held at fair valuè with considetstions made 3t 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 live5 on thefollowing bases.. Freehold building5 (excluding landl 50year5 10 ¥e3rs 5 years Computer equlpment The galn or loss arising on the dlsposal of an asset is determined as the dlfference between the sale proceeds and the carrying value of the a55et, and is recognised in the statementof financial activitie5. Impalrmentof fixed assets At each reportingend date, the group review5 the carryin£ amounts of its tangible and intangible 355et5 to determine whether there Is any Indic3tion th3t those assets have suffered an Imp31rment loss If any such Indic3tion exists. the recoverable amount of the a55et is estimated in order to determine the extent of the irnpairment1055 lif any). 21 THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Iconlnuedl 1.9 Stoths sto¢￿ are ststed at the lower of cost and estimated selling price les5 ¢05ts to tomplete and sell. Cost comprises direct materia15 and, where applicable, direct labour c05t5 and those overhead5 that have been incurred in bringing the 5tock5 to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost. Net realisable value is the estimated selllng price less 311 estimated costs of completion and costs to be incurred in marketi 1.10 Cash 8nd ¢ash equlvalertts Cash and cash equiv31ents include cash In hand. deposits held at call with bAn￿, other short-term liquid investments with ori8inal Maturities of three month5 or less, and bank overdraft5. 8ank overdraft5 are shown within borrowings in current 1.11 Financial instrument5 The charity has elected to apply the provi5iOn5 of Section 11 'Basic Financial Instrufflent5' and Section 12 '0ther Finaficial Instruments Issues. of FRS 102 to 311 of Its financial instruments. Fin3ncial instruments are recognised in the group's balan￿ sh&t when the charity become5 party to the contractual Finan¢ial assets and Ilabillties are offset, With the net amounts presented In the finandal statements. when there Is a legally enf0￿eab1e rightto Set off the ￿COgnised amounts and there is an intention to settle on a net basi5 orto re31ise the a55et and 8cslcfiftonrlclossets Basic financial assets, whith include debtor5 and cash and bank balances. are initially measured at transaction price including transa￿lOn costs and are subsequently caryled at 3morrised cost Using the effective Interest m￿hOd unless the arrangement constitute5 a financin8 transartion, where the tTrnsaction is measured at the present value of the future receipt5 discounted at a market rate of interest. Fin¥n¢ial assets classified 85 receivable within one year are not amortised. Bcslcllftonrlclllobllltle5 constitutes 8 fin3ncing transaaion. where the debt Instrument 15 measured at ihe present value of the future payments discounted at è market rate Of interest. Financial liabilities classified as payable within oneyearare notamortised. Debt Instruments are subsequenUy carried at amortlsed cost. uslng the effective interest rate method. Ttsde creditors are obligations to pay for goods or services that have been ècqJired in the ordinary course of opetstl¢ns from supplier5. Amounts payable are cla55ified a5 current liabiifties if payment is due within one year or le55. If not, they are presented as non-current113bilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised c05t usin£ the effective interest method. Dere¢ogrtition offinonctolliabillties Fin3n¢ial liabilities are derecognised when the charitls contractual obligationsexpire or are dixharged or cancelled. 1.12 Employee benefits The c05t of any unused holid3yentitlement is recognised in the period in which the employee'5 Services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the emplDyment of an employee Dr to provide termination benefits. -22- THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcles Iconlnuedl i.ij Retirement betheffts Payments to defined contribution retirement benefitschemes are charged as an expense as they fall due. 1.14 Basi50f consolidation The consolidated financial statement5 incorporate those of The Photographer5. Gallery Lirnited and its subsidiary li.e. the entity thai the Sroup contro15 through its power to govern the fin¥n¢ial and operating poli¢ie5 50 as to obtain economic bènefits). Thèir resLJlts are intorwrated from thè dète that control passes. All finèntial statemÈnts are madè up to 31 Mèrth 2D25. All intra-group transactions, balan￿5 and unrealised gains on transactions between 8roup comp3nies are eliminated on consolidation Unrealised losses are also elimlnated unless the transaction provides evidence of an Impalrment of the asset transferred. Where nece55ary, adjustments are made to the financial statements of 5ub5idiary to bring the accounting policies used into line With Ihose used byother members of the Group. tritical 3ccountin¥e5timates and jud¥ementS In the applicatian of the grtsup's accounting policies, thè trustees are rÉquired to make judgements, estiTnates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estlmates and associated assumptions are based on historical experlence and other factors that are consldered to be relevant. Actual results may differ from these estimates. The estimate5 3nd undertying 355umptions are reviewed on an ongoing basis. Revi5iOn5to accounting estimate5 are ￿C08￿15ed in the period In which the estlmate Is revised where the revlslon affects only that perlod. or In the perlod of the revlslon and future period5 where the revision affect5 both current and future periods. The tru5tee5 have Inade thefollowing Significant accountinge5tiinates in preparingthe financial statements.. Key sources of estlmatlon uncertalnty property￿71uat10n The Gallery carries its freehold property 3t fair value, with change5 in fair value being recognised In other comp￿hen51ve income. The Gallery engaged an Independent valuation specialisr. Knight Frank, to determine the fair v31ue at 31 March 2025 on an existln8 use basis. Revaluation5 are performed such that the carryin8 amount materially reflects the assets fair value at the reporting date. Further detail can be found In Note 14. Tangibleflxed assets Tangible Fixed A55ets are depreciated over their useful live5. Useful live5 are based on the m3nasement'5 estimate5 of the periods within which the assets will generate revenue and which are periodically reviewed for conrinued appropriateness. Change5 to judgement5 (an result in 5i£nificant variations in the (arrying value and amount5 charged to the Ststement of -23- THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Donatlon$ and le8a¢les Unrestrlcted Restrlthd Total Total funds Èener41 2025 lunds 2025 2025 2024 Donation5 and gifts Membership fees Donations from public bodies Other 63,910 202,770 918,868 11,663 78,94S 142,855 202,770 918,868 67.212 107,044 190,337 918,867 41,038 55.549 1.197,211 134,494 1,331,705 1,257,286 Charitable actimlies 2025 2024 Ticketin& exhibition and lectures 661,933 669,926 Analysis byfund Unrestricted funds- 8eneral Restricted funds 661,933 660,28B 9,638 Incomefrom othertradin8 activitie5 Unrethirted funds 2025 Unrestiirted funds 1024 Tradin8 byThe PhotO8raphers Gallery IEnterpri5e51 Limited 1,892,998 2,131,841 -24- THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Investments Unrestrlcted fund5 general 2025 fund5 2024 Investment income 10,751 12,445 Other intome lIn￿trItted funds Restrlrted funds Totsl Total 8ener31 2025 2025 2025 2024 Grants Other public funding 112.011 112.011 220.518 5,626 26,572 220,518 5,626 26,572 219,530 29,039 9,804 Other income 252,716 112,011 364,727 258,373 Ralsln8 funds Unrestricted fvnd5 general 2025 fund5 2024 Seeking donations. #tsnts and lÉgatiÈs 44,083 38,771 Tradin costs Trading byThe Photographe￿. Gallery (Enterprlsesl Llmlted Sovernance costs 1,665.705 31,717 1,759,770 48,750 Trading costs 1,697,422 1,808,520 1,741,505 1,847,291 -25- THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Charftable act1￿lIeS Pro8rnmmln8. Pro8rammln& exhlbltlonsand exhlbltlons at)d events event5 2025 2024 5t8ff wsts Dep￿CiatIon and impairment Direct programme c05t5 1,315,416 228.883 1,225,728 1,209,172 250,457 1,182,864 2,770.027 2.642,493 5h3re of goVern3n￿ costs (see note 101 54,154 54,980 2,824,181 2,697,473 alysisbylund Unrestrlcted funds- general Unre5tri¢ted funds- desiEnated Restricted funds 2.433.918 133.977 256,286 2.392.953 162,638 141,882 2,824.181 2,697,473 io Governance costs 2025 2024 Audit fee5 Non audit services 74.871 11.0 94,130 9,6LK) 85.871 103,730 Governance costs include payments to auditor5 for statutory audit se[V1￿5 of £74,871 12024.. f94,1301. Amounts paid to audltors for non audit services were £ll,00012024.- £9.6WI li Trustee5 None of the trustee5 lor any person5 connected with them) received any remuneration or benefits from the charity during the year. -26- THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Iz Employees The 3¥erage monthly number of employees during the year was.. 2025 Number 2024 Number Gallery Subsidiary 34 19 29 17 53 All staff are employed directly by the Gallery with total gross salarie5 presented in the Gallery's flnanclal stakment5. Those individuals that carry outthe activity of the sub5idiafY are shown above. Costs relating to these individua15 are recharged by Employment cost5 1025 2024 Wages and salèrles 50¢ial security costs Other pension costs J.561.288 143,302 76,667 1.380.516 131,550 94,397 1,781,257 1,606,463 The number of emplwees whose annual remuneration wès £60.￿0 or more were. 1025 Number 2024 Number f60,(KK)- £69,999 £80,000- £89,999 During the year. contributions of £5.10012024-. £11.0861 were paid into the pension scheme on behalf of the above employee. The key management personnel of the group, the Gallery, COTnpfi5e the Tru5tpe5, the Oirector5 and the Senior management team. The iothl employee remuneration of ihe key management personnel of the Gallery were E296.839120223-. £279,939). NoTrustee5 re￿1ve￿ 3ny remuner3tion duringthe year12024.. £nill. nor claimed anyexpen5es12024.. £nill. -27- THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 ij Ittsn8lble fixed ass*$ Group and charity Softwaredevelopment Co At l April 2024 and 31 March 2025 269,248 Amorh53tion and impairment At l April 2024 Amorh5*ion charged forthe year 258,523 7,378 At 31 March 2025 265,901 Carrying amount At 31 March 2025 3,347 At 31 March 2024 10,725 Tanglbleflxed assets Group and charity Flxture5an¢ frttlngs Cornpwer Ipment Total leXcI￿7￿glJndj Cost or ￿lUatIon At l Aprll 2024 Addltlons 9,700.000 759,637 112.279 150.835 11.114 10.610,472 123,393 At 31 March 2025 9,700,000 871,916 161,949 10,733,865 Oepreclatlon and Impalrment At l April 2024 Depreciation tha￿ed in the year 224,S27 76,791 124,041 10,736 348,S68 221,504 1133,9771 133,977 1133.9771 At 31 March 2025 301.318 134,777 436,095 Carrylng amount At 31 March 2025 9,700,000 570,598 27,172 10,297,770 At 31 March 2024 9,700.000 535,110 26.794 10.261,904 If the property had remained atdeemed cost, the net bookv31ue at 31 March 2025 would be £9,146,68112024.. É9,146,6811. The freehold property was valued 35 at 31 March 2025 by an external valuer, Knight Frank LLP, a regulated firm of Chartered Valuation Surveyors. The valuation was undertaken on a falr value basis. The value of the freehold property is held in a designated property fund. therefore all changes in value of the property are char8ed to thisde518nated fund. -28- THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 15 Subsldlarles Details of the charity's subsidiaries at 31 March 2025 are asfollow5'. 14ame of undertaklng Reelstèred office Nature of bU￿ne$S aass of shares held % Held Dirert ltydirttt The Photographers, Gallery England and Wales Cafe, boo￿tOre and printgallery Ordinary The net assets of The Photographers, Gallery IEnterprisesl ￿Mited at the year end are £10.50612024-. Net assets of £10.5061. During the year The Photographer5, Gallèry IEnterpri5esl Limited made an operating profit prior to distribution of grft aid of £231,09412023'. £343,3211. 16 StOL&s Group 2025 2024 Finished goods and goods for resale 209.708 205,955 17 Debtors Group Charity 2025 2024 2025 2024 Amounts falllng ￿e￿thIn weyear.. Trade debtor5 Amounts owed by5ubsidiary undertaking5 Other debtors 134,873 87,597 19,092 231,094 139.905 107.143 15,545 343,321 67,372 163.592 139,896 110.477 82,125 184.904 Prepayments and accrued Income 385,246 354,626 497,234 589,830 -29- THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Crediiors.. amounisfalllngdue wlthln one year GTOIIP 2025 tharlty 2025 2024 2024 Other tèx3tion and socièl security Trade creditors Amounis owed io subsidiary undertakings Other creditors Accruals and deferred Income 83.252 320.305 61.458 348.444 35.382 195.641 34,512 152,074 57,395 2.506 110.686 153,676 8.797 115.340 6.082 256.519 28.911 251.379 666,158 690,192 401,610 464,399 Tot31 defèrred income at the year end for the group amounted to £95,071 12024.. £110.2151. This amount represents income received from donors 3nd sponsorswhich are subjectto conditionswhich preventtheir use until 313ter date. 19 Retirement benefft schemes 2025 2024 Deflned contrlbufjon schemes Charge to profit or loss in respect of defined contribution schemes 76,667 94,397 The charity operate5 a defined contribution pension scheme for all qualifyin8 emplDyee5. The a55et5 of the scherne are held 5eparatety from those of the charity In an independently administered fund. 20 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subjettto specific conditions by donors as to howthey may be used. Group and charlly Movement In funds Movemefft In funds I￿ornIng IÈSOurcÈs Res0￿r(e5 *xpndÈd Balance* l April 2024 Incomlng rÈstsurtÈs Resour￿5 Balan￿ at ÈxpÈndÈd 31 Marth 2025 Exhibition5 and educational 153,328 1141,8821 11,446 246,505 1256.2861 1,665 THE PHOTOGRAPHERS, GALLERY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 21 Unrestrlrtedfvnds- deslgnaied These are unrestricted funds which are material to the charty's activities. At l Aprll 2024 Resources expended Tvansfers Galns and losses At 31 Mèrth 2025 Ffftehold propèrty fund 9.700,000 1133,9771 133,977 9,700,OLK) Prevlous year.. At l Aprll 2023 Resou￿e$ expended Ttsnsfers Galns and losses At ai March 2024 Freehold property fund 9,700,000 1162,6381 17,277 145,361 9,700,0(M) 31