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Renewal, Custodianship, Strategy and Ambition a Year in Review for Christchurch Art Gallery Foundation 2014-15

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Renewal, Custodianship, Strategy and Ambition a Year in Review for Christchurch Art Gallery Foundation 2014-15 Renewal, Custodianship, Strategy and Ambition A year in review for Christchurch Art Gallery Foundation 2014-15 “It has been yet another challenging year for the Gallery, as it remains closed for the fourth year following the 2011 Canterbury earthquakes. Jenny Harper and her team can now see some light at the end of the tunnel with the extensive repairs to the Gallery now well underway and an opening planned for later this year.” Mike Stenhouse, Chair, AGM Report 30 June 2015 A Remarkable Year The 2014–15 financial year for Christchurch Art Gallery Te Puna o Waiwhetu’s core fundraising body has been a remarkable year of consolidation. The Gallery’s two original charitable trusts, established in 1991, were brought together to form one – a more efficient and focused Foundation. It has also been a year of renewal – with some extraordinary long-serving board members farewelled as well as four new board members welcomed. The Gallery launched the TOGETHER campaign – a chance for our fans to be part of building a nationally significant collection and to mark this pivotal time in Christchurch. We’re loving bringing TOGETHER a diverse new community of art supporters. 2014/15 – A NEW ERA FOR THE FOUNDATION CHRISTCHURCH ART GALLERY A strategy FOUNDATION’S STORY Following the successful Back the Bull campaign which engaged an entirely new audience of art lovers in 2014, the Foundation began the The Christchurch Civic Art Gallery Trust was originally 2014–15 year by developing a longer-term engagement plan for the formed in 1991 to acquire 25 works of art from the Gallery community. The Engagement Plan: building a fanatical Canterbury Society of Arts, including favourites by allegiance with Christchurch Art Gallery was adopted in May 2014 Petrus van der Velden, Margaret Stoddart, and Frances and recommended a bold new way of doing things including: Hodgkins. From its inception, the Foundation (formerly the Trust) was established as a fundraising body to support A mission Christchurch Art Gallery. It undertook the fundraising — To build a $5 million dollar endowment fund by the end of 2019 of over $14 million through donations and grants for the to ensure Christchurch Art Gallery Foundation can help the Gallery new Christchurch Art Gallery building on Montreal Street, build a collection of which we’re all proud; a cultural and civic landmark built in 2003. — To purchase five great works in five years to tell the world a little And more recently? bit about Christchurch at this time. The Foundation has been establishing a new way of An innovative sponsorship and philanthropy model growing and engaging Christchurch Art Gallery’s community with new and innovative giving initiatives: The Engagement Plan also outlined a new model for the Foundation to engage professional services to help bring on commercial partners — In 2009 the Challenge Grant was established. (sponsors) to add value to the Gallery’s annual activities, as well as The first of its kind in New Zealand, it is a ten- to invite people to be part of the Gallery’s new mission. At the most year commitment by Christchurch City Council recent of the Foundation’s annual gala fundraising dinners, in August to supplement the collections development budget 2014, the Foundation launched the TOGETHER campaign – inviting by matching dollar for dollar any amount raised the community to help build a nationally significant collection for by the Foundation in a year, up to $190,000 years to come. All activities conducted by the Foundation, including (inflation adjusted). Donations to the Challenge Grant TOGETHER partner events and our annual fundraising dinners Response Fund are used specifically for purchases have been set up to be self-funding or supported with sponsorship. of significant works of art for the collection. These commercial partnerships ensure all donations and gifts go to The Challenge Grant remains in place, despite the Foundation exclusively to support art acquisitions and Gallery Council’s recent reductions to the Gallery’s core programmes. The combined generosity of commercial partners and acquisitions budget in the city’s Long Term Plan. all individual TOGETHER partners positions the Foundation to — The Foundation pioneered the successful Back the support the Gallery through the current period of belt-tightening Bull campaign in 2013 for Michael Parekowhai’s budgets, while also planning responsibly to continue supporting the magnificent On First Looking into Chapman’s Homer Gallery in the years ahead. ensuring this work remains in Christchurch. A new framework was also recommended for the Gallery’s — In 2013 the Foundation also held the first of two supporter organisations, offering a more efficient and aligned annual fundraising dinners to help reconnect the administration model to not just manage the Foundation’s activities, visual arts community while the Gallery remains closed but also the activities of the Gallery’s long-standing fan-base – the for repairs. As well as making new friends, each event Friends of Christchurch Art Gallery Te Puna o Waiwhetu (the Friends). has raised close to $100,000 towards a key work of art A Memorandum of Understanding between all three entities (the for Christchurch. Gallery, Foundation and Friends) has been signed, clarifying how — In 2014 the Foundation launched the TOGETHER each entity works together to support the Gallery’s objectives. campaign. CARE OF THE FOUNDATION’S FUNDS “For the people of Christchurch, the Foundation’s year of continued effort and rejuvenation is a win-win situation. With our investments wisely managed and continuing to grow this translates into the Foundation supporting the Christchurch Art Gallery to acquire more art for our city and people.” Mike Stenhouse, Chair, AGM Report 30 June 2015 CHRISTCHURCH ART GALLERY TRUST & CHRISTCHURCH ART GALLERY FOUNDATION Since 2010 the Foundation has enlisted Murray & Co Wealth (FORMERLY CAG ARTWORKS TRUST) CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES Management Ltd to ensure the Foundation’s growing income is CONSOLIDATED STATEMENT OF FINANCIAL 2015 2014 prudently and objectively managed. The Foundation receives PERFORMANCE FOR THE YEAR ENDED CONSOLIDATED CONSOLIDATED bequests, as well as one-off contributions for acquisitions and 31 MARCH 2015: UNAUDITED UNAUDITED regular new donations to the TOGETHER Endowment. As well Revenue as purchasing five great works in five years, the Foundation’s Interest and dividends $32,294 $37,931 TOGETHER campaign seeks to build a capital endowment fund Donations $512,092 $873,677 of $5 million for art acquisition. All donations to the TOGETHER Other income $88,571 $61,357 endowment will be held and managed in perpetuity. Once the $5 million target is reached, the funds will be managed to protect Total revenue $632,957 $972,965 the principal while contributing from time-to-time to purchase Less expenses nationally significant works of art for the Christchurch Art Administration $42,462 $9,540 Gallery’s collection. The Foundation has and will continue to support the purchase of major works of art through additional Donations paid $250,000 $17,600 fundraising activities such as the Foundation annual gala dinner. Fund raising expenditure $106,372 $66,558 Part or full ownership of all works purchased with the assistance Total expenses $398,834 $93,698 of the Foundation will be retained by the Foundation while the Net surplus for the year $234,123 $879,267 Gallery will maintain, house and insure all works. 2015 2014 DONATIONS SO FAR CONSOLIDATED STATEMENT OF FINANCIAL CONSOLIDATED CONSOLIDATED POSITION AS AT 31 MARCH 2015 UNAUDITED UNAUDITED The Foundation is pleased to report that four months before Current assets $191,290 $400,663 reopening, the TOGETHER campaign is 40% per cent subscribed, with 58 new partners coming together so far to help build a Art work (including deposits) $2,407,882 $2,073,478 collection of works which treasure this time, our memories, Investments $530,004 $486,258 our stories and which show part of us. A huge thanks to those who have generously taken the leap to be with us on our mission Total assets $3,129,176 $2,960,399 to show how much good art matters in Christchurch. Less current liabilities $12,551 $318,202 THE YEAR AHEAD Net assets $3,116,625 $2,642,197 — The Foundation looks forward to the Gallery’s reopening and anticipates hosting new TOGETHER partners at many events NOTES TO SUMMARY FINANCIAL STATEMENTS 1. These Summary Financial Statements were authorised for issue by the Board. as well as being part of a wider reopening community festival 2. On 24 November 2014 the Foundation (formerly CAG Artworks Trust) and Christchurch from January to March 2016 – The Summer of Art. Art Gallery Trust merged. The CAG Artworks Trust, the surviving entity, was renamed the Christchurch Art Gallery Foundation. The Summary Financial Statements have been — The Foundation is about to host the third annual gala dinner prepared to reflect the combined activities of the Foundation and the Christchurch where it will fundraise for another great work of art – a special Art Gallery Trust. Although the summary financial statements are not prepared in accordance with NZ GAAP (because of the amalgamation part way through the year), piece for Christchurch by UK Turner Prize winning artist, they are deemed to be the best way of showing the combined financial information of Martin Creed. both entities. The information has been prepared using consistent accounting policies to the audited financial statements of the Trust. — The Foundation is preparing to announce a new whānau of 3. The specific disclosures included in these Summary Financial Statements have been extracted from the full financial statements for each relevant entity. The Summary commercial partners who have the foresight to champion the Financial Statements cannot be expected to provide as complete an understanding Gallery as integral to a revitalised and rebuilt Christchurch.
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