Financial statements to 31 March 2016
Government Grant in Aid remains the Gallery’s principal source of funds. For the year ended 31 March 2016, the amount allocated for running costs was £20.3m. There was an additional grant of £3.7m restricted to expenditure on capital, including ongoing essential capital repairs.
The Spending Review settlement has provided a degree of certainty over funding for the 5 years to 2020–21 and will enable the Gallery to progress with confidence. However, no provision is made for inflation or funding to cover new activities and respond to cost pressures in a changing and increasingly hazardous world. Therefore the Gallery will continue to develop self-generated income streams through more intensive use of Gallery spaces and in collaboration with its commercial partners. Membership, donations, and support from the corporate sector, trusts and foundations, and private individuals are vitally important for the continued success of the Gallery’s programme of exhibitions, education programmes, and outreach work.
Total incoming resources this year, including donations for acquisitions of £4.8m, were £46.4m compared with £42.1m in 2014/15 (including £2.4m for picture acquisitions). Self-generated income excluding donations totalled £10m and is higher than the £9m recorded in 2014/15.
The Gallery’s total charitable expenditure of £35.6m for 2015/16 saw a reduction against the previous year (2014/15: £36.6m). The Gallery continues to exercise tight budgetary control and implemented a number of efficiency measures during the year in response to the reduction in public funding.
The 'Financial Statements 2015–16' are published by TSO (The Stationery Office) and available from:
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