TATE


TATE

Financial Statements

Tate publishes annual audited financial reports. Currently the internal auditors are RSM Bentley, and Tate's external auditor is the National Audit Office with Grant Thornton as the subsidiary company auditors.

The Financial Statements are presented in line with Accounting and Reporting by Charities: Statement of Recommended Practice (revised 2005) issued by the Charity Commission.

Tate’s Annual Accounts

Financial reports from The Board of Trustees of Tate:

  1. Accounts 2008–2009  [PDF, 309KB]
  2. Accounts 2007–2008  [PDF, 278KB]
  3. Accounts 2006–2007  [PDF, 288KB]
  4. Accounts 2005–2006  [PDF, 437KB]
  5. Accounts 2004–2005  [PDF, 262KB]

Tate Members Accounts

Members report from The Board of Trustees of Tate:

  1. Members 2008–2009  [PDF, 38KB]
  2. Members 2007–2008  [PDF, 43KB]
  3. Members 2006–2007  [PDF, 25KB]
  4. Members 2005–2006  [PDF, 81KB]
  5. Members 2004–2005  [PDF, 74KB]

In addition to our audited financial statements, we publish an annual review (every two years until 2006) where you can find out more about the money we have received and how we have spent it. Acquisition prices and value of gifts to the Collection have been published since 2004. These are available online at Tate Reports.

Financial FAQs

Why is the statement of financial activities analysed between Income and Expenditure Capital and Collection?

This analysis sets out how income received is deployed. It is useful for the user of the accounts to see where income is received and utilised for capital expenditure on buildings and works of art.

Why do you split expenditure into Capital and Operating?

Capital expenditure shows where money has been invested in Tate's assets and comprises money spent on works of art and on the buildings.
Operating expenditure is the money spent on the day-to-day running of Tate.

If the purchase of works of art is treated as capital expenditure why is the asset amount not larger since the Tate Collection is so large?

The assets amount does not include the whole Tate Collection as the policy of including works of art as assets only came into practice in April 2001.  Works of art acquired prior to this date are therefore not included.

Should Tate not go back and value the whole of the Collection?

It would be incredibly difficult and costly to put a value on the whole of the Collection. It is also a point of debate whether the Collection should be valued as an asset in the same way a commercial company would value assets since Tate is restricted in its ability to de-accession works of art under the terms of the Museums and Galleries Act 1992.