Cildo Meireles, 'Insertions into Ideological Circuits 2: Banknote Project' 1970

Cildo Meireles
Insertions into Ideological Circuits 2: Banknote Project 1970
Ink on banknote
Presented by the artist 2006, accessioned 2008© Cildo Meireles

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

The accounts have been prepared in accordance with the Statement of Recommended Practice (the SORP) Accounting and Reporting by Charities (revised 2005) and in compliance with the Accounts Direction issued by the Secretary of State for Culture, Media and Sport.

Membership of the Sub-Committees of the Board of Trustees which have delegated decision-making authority is published here.

Tate annual accounts

Financial reports for Tate from the Board of Trustees:

Annual review

In addition to our audited financial statements, we publish an annual review (biennial 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 also been published since 2004.

This information is available online in the Tate Reports.

Frequently asked questions about Tate financial statements

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: 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 not included.

Should Tate 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.