Tate is funded by Grant-in-Aid from Parliament, provided through the Department for Culture, Media and Sport. Tate supplements this grant through other sources, including trading, admissions, donations and sponsorship. We now generate 60% of our general income from sources other than Grant-in-Aid.
These financial statements are summarised from the full audited accounts which can be accessed at www.tate.org.uk Tate has followed the Statement of Recommended Practice (SORP), Accounting and Reporting for Charities.
The exhibition programme at Tate has a direct impact on income each year. In 2007–8 exhibitions included Louise Bourgeois at Tate Modern and Millais at Tate Britain, resulting in high levels of trading and admission income. As shown here, income is allocated to both annual operating expenditure and capital expenditure.
The two graphs on this page 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, governance and support costs. In addition to the £95.1m spent on operating expenditure, £8.4m was spent on capital items and £68.4m on works of art funded from both current year income and reserves.
Over the past year we have added works of art valued at £68.4m to the Collection. Of this figure, £63.1m has been donated by individuals either directly or in lieu of tax. Donated works of art include works bequeathed to Tate by Simon Sainsbury and works donated by artists including Damien Hirst and Louise Bourgeois. Funding for purchased works of art has come from many sources including the Heritage Lottery Fund, The Art Fund, Tate Members, Tate Patrons and self-generated income. We have invested a total of £8.4m in our buildings, including essential major repairs, and in design and planning work for further developments at Tate Modern, the National Art Collections Centre and Tate Britain.
