Tate is funded by Grant-in-Aid from Parliament, provided through the Department of Culture, Media and Sport. To an increasing extent, Tate supplements this grant through other sources, including trading, admissions to temporary exhibitions and to Tate St Ives, and sponsorship. We now generate over fifty percent of our income from non-government sources.

Income

The exhibition programme at Tate has a direct impact on income each year. In 2002-03 an exceptionally successful and popular exhibition programme, which included Lucian Freud at Tate Britain and Matisse Picasso at Tate Modern, resulted in high levels of trading and admission income. In 2003-04 Tate received a one-off extra Grant-in-Aid of £2 million from the Government to fund a programme of modernisation.

Grant-in-Aid £27.8m Sonsorship, donations & lottery £14.6m Admission income £5.5m Trading income £24.2m	Investment income £5.4m Fees & other income £5.9m Donations of works of art        £4.2m

As shown on the following pages income is allocated to both annual operating expenditure and capital expenditure.

Operating Expenditure

The graphs below show how income is allocated to annual expenditure at Tate. Expenditure includes the research and care of the Collection, the public programme of exhibitions, education and outreach, fundraising and publicity, and trading, management and administration costs.

Public Programme £45.2m Management & Administration £2.8m Trading costs £17.5m	Fundraising & Publicity £2.7m Public Programme £45.2m

Capital Expenditure

Over the past two years, we have added works of art valued at £28.1 million to the Collection. Of this figure, £17 million has been donated by individuals either directly or in lieu of tax. Funding for purchased works of art has come from many sources, including the Lottery, Tate Members, Tate Patrons and self-generated income.

With less focus on developing new buildings during this biennium, we have invested a total of £4.7 million on essential major repairs and works undertaken to improve visitor circulation and orientation at Tate Modern.

2003-04 Works of Art purchased £4m Works of Art donated £12.8m Buildings £1.4m 2002-03 Works of Art purchased £7.1m Works of Art donated £4.2m Buildings £3.3m

Summarised Financial Statements

These financial statements are summarised from the full audited accounts and can be accessed at tate.org.uk. Tate has followed the Statement of Recommended Practice (SORP), Accounting and Reporting for Charities.

In accordance with Treasury requirements, a valuation of Tate's property holdings was undertaken in March 2004. This resulted in a £34.6 million increase in the balance sheet valuation of land buildings.

Consolidated Balance Sheet

at 31 March 2004

Supporting Tate

It is the exceptional generosity and vision of individuals, corporations, and numerous private foundations and public sector bodies that has helped Tate become what it is today.

Support allows us to:

• Offer innovative, landmark exhibitions and displays
• Develop imaginative education and interpretation programmes
• Strengthen and extend the range of our Collection, and conserve and care for it
• Renew our commitment to scholarship and research
• Ensure that our galleries are accessible and continue to meet the needs of our visitors

If you would like find out more about how you can become involved and help support Tate, please contact us at:

Development Office
Tate
Millbank
London SWIP 4RG
Tel: 020 7887 3937
Fax: 020 7887 8738

American Patrons of Tate
1285 Avenue of the Americas (35th Floor)
New York,
NY 10019
Tel: 001 212 713 8497
Fax: 001 212 713 8655

or visit www.tate.org.uk/supportus