The trustees present their annual report and financial statements for the year ended 31 March 2026.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Liverpool Biennial of Contemporary Art Limited is a company limited by guarantee and registered charity which is operated in order to:

• Promote art for the benefit of the public by establishment and maintenance of art exhibitions, projects, and facilities; and

• Advance the education of the public in the subject of art.

Founded in 1998, the Liverpool Biennial has become renowned in the international contemporary art world for bringing together artistic practices from across the world. Taking place every two years, Liverpool Biennial connects with artists across the globe, commissioning the best international contemporary art to be shown in an exciting, vibrant, and free festival of exhibitions set across Liverpool in open public spaces, partner cultural organisations, historic buildings, and disused commercial premises.

Having commissioned over 414 new artworks and presented work by over 590 renowned artists, delivered 39 collaborative neighbourhood projects, and received over 50 million visits, Liverpool Biennial is built on a longstanding commitment to connecting international artists with local practitioners, communities, and the public at large. Permanent public artworks commissioned by Liverpool Biennial include ‘Ngialibalibade – to the Lost Myth’ by Eleng Luluan (2023), ‘Liverpool Mountain’ by Ugo Rondinone (2018) and ‘Everybody Razzle Dazzle’ by Sir Peter Blake (2015).

Key to the organisation’s success are the international connections and reputation of Liverpool Biennial and the expertise of our team. Liverpool Biennial is world-recognised for a high level of artistic excellence and its wide-reaching programme and has established a regional and international reputation as a leader and innovator in biennial thinking and practice.

The most recent festival BEDROCK, curated by Liverpool-based, internationally experienced Marie-Anne McQuay attracted over 154,000 visitors (a 52% increase in visitors to the 2023 festival uMoya) who specifically visited with the intention of engaging with the festival, and overall and across all exhibition sites received over 1.3 million visits (See Appendix 1 – One Page BEDROCK Evaluation summary).

Furthermore, Liverpool Biennial‘s reach exceeds the time-bound limits of the festival undertaking public realm installations and educational programmes in non-Biennial years and creating valued legacy permanent works to which visitors to the region continue to flock.

In the past year we have continued to develop engagement with the development of an artist bursary project, for which three locally based artists have been selected who will work with the Biennial in the next financial year. We have also confirmed that the public realm sculpture by Isobel Nolan, Where you are, what we are, with others, commissioned in 2025 will remain in situ opposite the John Lennon Art and Design Building at Liverpool John Moores University (LJMU) for a further 3 years, sustaining our commitment to ensuring that at least one public realm sculpture extends its life beyond the duration of the festival.

These are now part of our collection of permanent installations including co-commission with Culture Liverpool, of Nathan Coley’s light-work, From Here…; Daniel Steegman Mangrané’s sculpture, La Pensée Férale; Liverpool Mountain by New York-based, Swiss-born artist, Ugo Rondinone, co-commissioned with our partner Tate Liverpool; Sir Peter Blake’s Dazzle Ferry; and at Crosby beach, Antony Gormley’s Another Place.

We also hold a year-round programme of talks, seminars, schools’ workshops, and commissions. In addition to the festival activity this has also included this year a series of workshops in partnership with Merseyside Youth Association, working with young people aged 10-17 at the MYA SPACE in Bootle to create their own pop-up exhibition with involvement from artist Angelica Vanasse and the LB2027 Co-curators. As well as offering opportunities for learning about creative career pathways and sharing their perspectives through creative expression, the project has offered the LB team an opportunity to work with young people to shape approaches to involving young people in shaping the 2027 Liverpool Biennial.

In addition to the festival itself, the past year has seen focus placed on the continuation of the development programme for curators from the Global South and Sub-Saharan Africa through our partnership with British Council and the completion of our group of people with lived experience of disability to act as Critical Friends to the organisation. These were all intended as spaces to share and explore ideas, reflect on our institutional role and activity and to contribute towards sector-leading thinking around the current and future Biennials.

Mission and Aims

Liverpool Biennial brings dynamic, vibrant contemporary art to audiences in Liverpool and beyond, by presenting ambitious, free exhibitions and public art of international stature. We intend to make powerful experiences for everyone by presenting art within the urban environment. We commission and present contemporary art by leading international artists to realise our belief that art and creativity are central to humanity, making experiencing art a part of everyday life for everyone.

Liverpool Biennial’s core aims are:

• To present the leading visual art biennial in the UK, led by high-quality exhibitions of work by international and UK-based artists.

• Broaden and deepen engagement with contemporary visual art.

• Add value to the visual arts infrastructure and professional capacity through partnership, talent development, co-production, and touring.

Our overarching vision is to be A Biennial for Everyone, shifting our working practices to support a diverse and inclusive team, Board, artist cohort and audiences. Concomitantly we are exploring how Biennial structures can change to support this ambition and our long-term financial sustainability and growth by considering our year-round working and commitments to activity which run across consecutive biennials. These options are being further explored under the leadership of our new Chair, Cathryn Wright who brings significant Charity and income generation experience to the Board and organisation.

Mission 

We present the largest and longest-running visual art biennial festival in the UK, led by a series of high quality exhibitions of works by international and UK-based artists. Liverpool Biennial brings extraordinary contemporary art to audiences in Liverpool and beyond by co-commissioning and presenting ambitious, free exhibitions and public art of international scope and impact to make public powerful experiences with art and the city.

We commission and present contemporary art by leading international and UK based artists that connect art, people, and place to realise our belief that art and creativity are central to human experience and to make art a part of everyday life for everyone: A Biennial for Everybody.

We work with, and for, our communities of international and local artists, art professional peers, local cultural and university partners, our team and board, and the children and people of Liverpool with care, to support opportunity, development, and growth.

We create connections and deepen life-long engagement with international contemporary art for everybody. 

We add value to the visual art infrastructure (buildings, funding, organisations) and capacity (artists, freelancers, curators, arts administrators, networking) through partnership working locally, nationally, and internationally.  

Priorities 2025-2026 

Liverpool Biennial has reassessed its priorities within the context of the ongoing social and economic environment and its impact on our city and communities, ACE’s Let’s Create and the four new Investment Principles and LCC’s 10-year strategy, Developing a Cultural Strategy for Liverpool 2021-2030.  Additional work, in relation to this has taken place as part of the Board Away Day which sought to focus on the financial sustainability of the organisation alongside its values, interrogating ambition to be the ‘best in the world’ alongside the best for the world’. of development around securing a year-round space for residencies and activity and/or developing a formal training programme as part of our output were prioritised.

The following broader priorities have been identified to connect with the existing long term aims of Liverpool Biennial and to align to areas of priority in Let’s Create and Developing a Cultural Strategy for Liverpool. Over the first year of the new ACE funding we have delivered on all our Outcomes and Investment Principles which align with the following:

1 People  

Liverpool Biennial will develop sustained ways of working with our communities and artists to ensure more people have a chance to engage in cultural activity, support wellbeing and address issues that are relevant to their lives. We will broaden and deepen engagement with contemporary art to create impact and value for our local communities and the people with whom we work.  

2 Excellence in Programme 

Liverpool Biennial will continue to work at the highest level, commissioning world-class art for audiences in England and from around the world. We will commission international, national, and local artists to create new work for exhibitions, public realms and our engagement programmes, including 30 artists at Liverpool Biennial 2025. We aim to present the leading visual art festival in the UK led by a series of high quality exhibitions of works by international artists.  

 3  International Working 

Liverpool Biennial will collaborate with international artists and organisations to co-commission and exhibit new work. It will connect artists, curators, students, and sector peers to build relationships that support the growth of individuals, organisations, and the economic impact of Liverpool Biennial for the region. 

4 Development and Training 

Liverpool Biennial will develop opportunities, training and support for young people and people facing barriers to employment to enter, develop and remain in the cultural sector. We will offer support and development to artists working within our programme. We will seek to expand and formalise our training offer with additional resource and through partnership working.  

 5 Environmental Impact 

Liverpool Biennial will work to address the impact of the biennial model on the environment and its role as a communicator of environmental issues. It will develop more sustainable models of practice that address co-commissioning, touring, production, and shipping. We will work to innovate and share learning nationally and internationally. 

6 Organisational Sustainability & Leadership 

Liverpool Biennial will work to develop the sustainability and flexibility of our organisation and act as a leader in the sector. We will develop skills around the use of data to support our ability to analyse, set aims and respond quickly to changes in our environment. We will look to research and trial new income streams, incubating ideas that currently include trialling limited charging on events, consultancy work, a festival food and drink offer and expanding our commercial activity. 

The Board is aware of the responsibilities of the organisation to our staff, artists, audiences, partners, and the communities we serve. We have worked hard over the past 12 months to realise new ways of working supported by our new funding relationships with the British Council and Paul Hamlyn Foundation. These have allowed us to realise some of our commitments to supporting d/Deaf, disabled and neurodivergent artists, audiences and team and Board members and developing our role as an international training and networking organisation.

The Board is conscious that the past 12 months have continued to test the organisation, our partners, and the artists with whom we work. In particular, the effects of the unstable economic context and inflationary pressures on budgets have been significant alongside continuing difficulties caused by Brexit, international conflicts and their impact on the transportation of works of art and movement of artists.

Additional social and national pressures were felt with the ongoing protests and counter protests that occurred in the city of Liverpool and across the country in the summer of 2025. As a consequence the independent, found venues run by the Biennial were closed for the day of the scheduled UKIP march in Liverpool as they were without the security infrastructure needed to support team and visitors and were on the direct path of the planned march.

In shaping our objectives and planning our activities the Trustees have considered the Charity Commission’s guidance on public benefit. The Biennial achieves public benefit through its public presentation of contemporary art, which is embedded into the communities it serves through education and learning programmes, as well as supporting artists and the arts community through the commissioning of new works. The public benefit we deliver is demonstrated in the paragraphs that follow.

Activities, evaluation and performance

Liverpool Biennial connects international artists, practitioners and thinkers with local artists, academics, and students of all ages, as well as local communities and the wider public. In the past year we have focused on activity related to our newly invigorated commitment to sustainability, diversity and inclusion and moving towards becoming an inclusive Biennial for Everybody. The most recent Biennial, BEDROCK curated by Marie-Anne McQuay drew on Liverpool’s distinctive geography and the beliefs which underpin the city. It is inspired by the sandstone which spans the city region and is found in its distinctive architecture. ‘BEDROCK’ also acted as a metaphor for the unique social foundations of Liverpool, haunted by empire, and the people, places and values that ground us.

Activities included:

• Critically acclaimed commissions and loans exhibited from 30 international artists and collectives, across Tate Liverpool, RIBA, Bluecoat, FACT, Walker Art Gallery, National Museums Liverpool, Open Eye Gallery, Central Library, Liverpool Anglican Cathedral and 5 public realm sites. The Black-E, Jordan Street warehouse and Pine Court Residents Association were key socially and historically relevant sites which provided important, contextual inspiration for artists and audiences alike.

• The delivery of our opening preview days which welcomed just over 1,500 professionals to the city to engage with the exhibitions, performances and networking events including a networking lunch supported by Mondriaan Fonds and the Dutch Embassy in the UK, a free, open-to-all party which had 656 attendees and our artist’s party.

• Three weekends of public programming including the opening, middle and closing weekends, each focused around a different theme connected to BEDROCK: Civic foundations haunted by empire; Things that ground us (family/chosen family, nature, cultural heritage; Sandstone & geology. Activities included performances by Antonio Jose Guzman & Iva Jankovic, Alice Rekab and Hadassa Ngamba, workshops by Nandan Ghiya and Amber Akaunu, lectures and talks by Elizabeth Price, Odur Ronald and Linda Lamignan and screenings and presentations by DARCH and Katarzyna Perlak.

• The hosting of the International Biennial General Assembly which welcomed over 50 Biennial professionals from around the world for a day of public presentations and talks in addition to the Board and Assembly meetings.

• The co-hosting of a symposium with UP Projects, entitled Bodies of Water - this event focused on sustainable commissioning. Artist Anne Duk Hee Jordan’s project, also titled Bodies of Water, with artworks sited at A la Ronde in Exmouth and Haigh Hall in Wigan, was used as a specific point of reference. The symposium was held at The Black-E during our closing weekend activities.

• We hosted 3 internships in partnership with Liverpool John Moores University, including one with a specific Environment and Sustainability focus.

• Our first Apprentice in the Digital and Marketing Team in partnership with Apprentify and Juice Academy completed her apprenticeship and passed her course with Distinction.

• Family workshops took place throughout the year and summer, led by our Learning team. These included: 9 family workshops at Central Library, delivered in collaboration with local artists, and 4 story sessions with The Reader, engaging 1,048 people.

• Continued multi-year funding from Paul Hamlyn Foundation allowed us to sustain and develop our work around accessibility. We continued to work with our Critical Friends group, recruiting 2 new members over the year, all of whom have lived experience of being Disabled, to consult and evaluate our programme for the 2027 Biennial. We also co-commissioned with DaDa a work by Australian artist Amy Claire Mills. Deep End was an interactive installation at Bluecoat that replicated some of the feelings and environments that resonate with hydrotherapy, incorporating giant inflatables and a mural that acknowledged the presence of a mermaid and merman in Liverpool’s coat of arms. Amy also worked with a group of disabled identifying adults to develop a participatory performance event titled Hydro Disco at Liverpool Aquatics Centre, inspired by the movements and exercises of hydrotherapy.

• Liverpool Biennial has entered into partnership with disability arts organisation Unlimited as a ‘Level 2 Ally’, which offers the opportunity to be part of Unlimited co-commissioning programme, as well as being part of a network of arts organisations committed to commissioning disabled artists. We have co-commissioned Roy Claire Potter to make a new work, COMMS FAIL, which will be shared in May 2026. Workshops with participants who are neurodivergent took place in September and October 2025, contributing to the development of the piece.

• A partnership with British Council was maintained which supported 8 curators from Sub-Saharan Africa and South Asia to engage in person with Liverpool Biennial 2025. The week-long programme included the opportunity to participate in our 2025 Sector Day, which was attended by 67 cultural professionals, artists and students from across the UK. 1 participant contributed to online journal Stages and 3 participants contributed to a blog sharing their reflections and learning from the Curators’ Week.

• The delivery of 1 new limited edition by Isabel Nolan alongside a launch event and participation in Manchester Art Fair in 2025.

• The development and delivery of a newly invigorated supporter’s programme with 7 events across London and the North, including a tour of the Turner Prize and collaborations with The Groucho Club and Hiscox.

Statistical summary of website / social media engagement and growth from April 1 2025 – 31 March 2026:

• We have maintained a consistent user base for our website in the 2025/2026 financial year. Following dips in activity throughout the previous year (related to our implementation of Cookie consent provider CookieBot and tagging updates within GA4) we closely monitored/remedied any issues in consultation with our web developers and have seen an over 40% increase in both active and new users for 25-26. This increase will also be partly owing to the fact we opened the festival within this period.

• We are aware of changing behaviours for audiences, with increased reliance on the AI overviews provided by search engines. We will continue to monitor this as we enter the planning stages for 2027, ensuring that any AI overviews pulled from our web copy remain as accurate as possible. The precarity of web traffic also illustrates the importance of our other ‘owned’ platforms such as our newsletter.

• It has also been excellent to see a marked increase in revenue to our online shop for 25-26, testament to a renewed comms focus on our product range for the festival, alongside improved and consistent storytelling about our limited editions.

*For full website statistics please see separate report – appendix 2*

The below table highlights growth in social media followers between 1 April 2025 and 31 March 2026:

Evaluation

In the planning, delivery, and evaluation of all our programmes the Trustees of Liverpool Biennial have had regard to the guidance issued by the Charity Commission on public benefit. The Trustees monitor and measure the organisation’s progress against its Business Plan which was rewritten in close consultation with the team, Trustees, and stakeholders. Outcomes are measured by Senior Management and the Board against SMART objectives and the Audience Development, Digital, Equality, Diversity and Inclusion and Environmental Sustainability Action Plans.

Key objectives for the past year included the development of a Biennial festival that we intend to be rated excellent by visitors and critically acclaimed, continuing to develop and nurture local, national and international partnerships, sustaining and developing a diverse leadership (through Trustee involvement), embedding ACE’s Investment Principles across the organisation’s work; providing training and development opportunities for artists and curators; developing our sustainability commitments, reviewing our income, and fund-raising strategy and opportunities, and delivering a Biennial programme of engagement for communities, schools and young people. The progress of the organisation’s aims is supported by quantitative and qualitative data from audience and stakeholder feedback.

The Biennial is independently evaluated by the Audience Agency for Festival years to help better understand its audiences, and to obtain the economic, social, and cultural impact of our work. This combined qualitative and quantitative data of visitor figures, visitor origin, visitor spend and contribution to local economy, surveys the responses of the Biennial's core audience, and feedback from peers, stakeholders, and a focus group of Liverpool residents, informs us of our impact. Additionally, we commissioned independent evaluation of our Paul Hamlyn Foundation supported work on accessibility and further evaluation and research into our family audiences to gather data to support decision-making, particularly in relation to audience strategy for the 2027 Biennial which will be focused on the experiences of children and young people.

As an ACE National Portfolio Organisation Liverpool Biennial uses and will continue to use Audience Finder and undergoes artistic and quality assessment by peers. Liverpool Biennial also played a lead role in the Liverpool City Regions Culture Network, with the Director sitting on the Strategy Board, Tate Plus and Contemporary Visual Arts Network (CVAN), and holding the positions of Co-Director of CVAN NW and Co-Vice-President of the International Biennial Association which helps benchmark our progress against comparable organisations in the sector nationally and internationally.

Performance

• The economic impact of Liverpool Biennial 2025 was £17.4 million, an increase of 4.2 million on Liverpool Biennial 2023 which had an impact of £13.2 million. This is attributed to more engaged visitors staying for multiple nights in the city, a focus on producing art works within the Liverpool City Region and an increased focus on audience development and targeted marketing campaigns particularly on transport networks and also impacts of inflation.

• The new chair Cathryn Wright and new treasurer Karen Bass were recruited and inducted into the organisation with previous Chair Kathleen Soriano stepping down at the September Board Meeting and previous Treasurer Natasha Bintley stepping down at January FHRC meeting.

• 30 artists showed existing work or new work as part of Liverpool Biennial 2025 in the main exhibitions.

• Plans for the forthcoming Liverpool Biennial 2027 continued with a commitment to theming the Biennial around the experiences of Children and Young People. Co-curator Lucia Sanromán was appointed to work alongside Aimee Harrison.

• We reached over 1,710 children and young people with workshops throughout the year.

• Our Biennial previews and launch weekend were attended by over 1,955 event participants and the festival overall received 154,569 visitors.

• We were recognised for our international work and access through being shortlisted for the ‘Event or Festival of the Year’ and ‘Accessible and Inclusive Tourism’ categories at the Liverpool City Region Tourism Awards, as well as being nominated for the ‘International Reach’ award at the Liverpool City Region Culture and Creativity Awards.

Environment and Sustainability commitments

Greenhouse gas emissions disclosure (scope 1, 2, and 3)

Performance review against targets

Environmental Responsibility

• 3-Year Ambition: We will continue to identify opportunities for the team to advocate internationally for best practice in environmental sustainability. Success will be monitored through improved methods of monitoring carbon reduction, using the carbon measuring tool developed in partnership with Liverpool John Moores University as a basis, alongside research from Julie's Bicycle and Gallery Climate Coalition, to inform our outputs. Members of the team and of the Environment & Sustainability Working Group have continued to represent Liverpool Biennial at local and national networks, conferences and training programmes. Carbon measuring has continued to be established.

The measurable actions encompass all areas of Liverpool Biennial’s activity, including operations, programme, audiences, governance and monitoring.

• Fixed term staff have continued to receive dedicated induction to LB’s Environmental Sustainability Policy and Action Plan, and the Environment & Sustainability Working Group (ESWG) continues to meet on regular basis to review the Action Plan. Members of the ESWG continue to attend SHIFT network meetings and represent LB at local and national events, including Future Yard’s POP3 Climate Conference and UP Project’s Bodies of Water Symposium. There is still a need to attend international meetings, trainings, and events. LB has also signed up to the Arts Green Book, an initiative to establish a baseline target for operations, buildings and production in the cultural sector in Liverpool.

• Reporting and monitoring has continued through Julie’s Bicycle Creative Climate Tools, and data collected for Julie’s Bicycle was also used to submit an Environmental Sustainability return to Liverpool City Council.

• LB2025 included 5 artist commissions addressing environmental sustainability, by artists Imayna Caceres, who also worked with Squash Nutrition, a local arts and health community interest company, Anna Gonzalez Noguchi, DARCH, Linda Lamignan and Odur Ronald. LB’s Programme Team worked closely with shippers to consolidate shipments to reduce the number of overseas journeys as much as possible.

• LB2025 artwork by Cevdet Erek was produced using 1,417 Earth Blocks (sustainable alternative to bricks), which have since been repurposed by Grizedale Arts for a women-led construction project, The Black Shed.

• Marketing activity for LB2025 was developed with sustainability at the forefront. The format of the visitor guide was changed to a foldable map, significantly reducing printed materials, and it was distributed across the city via bicycle. The use of public transport was promoted on the LB website and through a partnership with Avanti West Coast. Evaluation data showed that audiences were most likely to travel to LB2025 by train, with a reduction in those travelling by car, and almost all visitors (96%) travelled between LB venues by foot.

Environment and Sustainability Working Group

The group is comprised of staff from each department and a minimum of one trustee and reports quarterly to FHRC with a summary going quarterly to Board as well as a full annual report. There is an Environment and Sustainability Policy (available to view on Liverpool Biennial website) and Environment and Sustainability Action Plan, both developed by this group and agreed by the Board.

Risks

Failure to achieve sustainability aims sits within the risk register. The register is reviewed fortnightly by managers and quarterly updates are sent to FHRC with a summary going to Board. The risk is currently scoring low, with several mitigations, including a dedicated internship and a new job role with a focus on sustainability, as well as membership of Gallery Climate Coalition.

Advocacy & Partnerships

LB is a member of Shift, a network of cultural organisations within the Liverpool & Merseyside region committed to carbon reduction. A representative from the working group attends every Shift meeting to share skills, knowledge, and resources, and LB has signed the Shift pledge, committing to improving the environmental sustainability of our day-to-day operations and supporting the network towards sector-wide change.

Financial review

While the ongoing programme creates activity and benefit throughout the two-year cycle, the intensity of the Biennial festival creates different characteristics in each of the years of the operating cycle.

The public programme of talks, events and exhibitions happens across the Biennial cycle and provides regular audiences and public benefit, but the planning, production and exhibition timelines of the festival means that the first half of the edition’s cycle is characterised by high revenue and lower expenditure and the latter half by greatly increased expenditure on time-specific delivery of the Festival which outstrips income. This is a normal part of the Biennial cycle (one year in surplus, one year in deficit) so the company’s financial performance is usually considered over the two-year biennium. As such significant cashflows are expended in the festival year of a cycle, of which this year was the second, completing year.

This table represents a typical Biennial cycle where income is split equally between the two years whereas expenditure is double in the second year.

Income

The funds raised during the financial year 2025-26 totalled £1,491k (2025: £1,537k) and expenditure was £1,936k (2025: £1,158k) The charity therefore ended the year with a deficit of £445k (2025: surplus of £379k).

The charity has total funds to be carried forward on 31 March 2026 of £1,179k (2025: £1,624) of which £113k are designated funds (2025: £213k), £35k are restricted funds (2025: £160k) and £1,031k are unrestricted funds (2025: £1,251k).

Robust management procedures and effective board oversight through quarterly board meetings and Finance and Human Resource Committee (FHRC) meetings, are in place to oversee the sound management of the Biennial’s resources throughout the year.

Designated Funds

The charity has committed certain funds to support its planned activities and programme to protect the viability of the festival: £49k (2025: £49k) to provide match funding for the continuation of Liverpool Biennial public realm works or to fund their decommissioning of which £7k has been identified specifically for the future decommissioning of Daniel Steegman Mangrané’s public realm sculpture. Public realm works continue to be a key component of the Biennial’s exhibitions, legacy, and purpose.

Liverpool Biennial also holds reserves of £63k (2025: £163k) in a Sustainability and resilience fund of which £100K was transferred into unrestricted funds in the period to facilitate initiatives whilst maintaining the sustainability and resilience of Liverpool Biennial at the beginning of the next biennium budgetary cycle.

Reserves

The Board constantly monitors its reserves and will review its reserves policy in April 2026, as it does formally on an annual basis and through Finance and Human Resources Committee (FHRC). Liverpool Biennial will hold sufficient funds to maintain liquidity; cover unforeseen short-term cash requirements; provide continuity in the case of unexpected, temporary changes in trading conditions; and maintain a provision for anticipated unmet future needs due to changes in the funding and operating environment.

The Charity has determined that 6 months of average operational expenditure over a biennium period is appropriate, due to the following key factors:

• income sources remain at high risk due to macro factors related to the economy and de-prioritisation of culture within national and local budgets.

• due to the above, competition for funding is increasing from other sources such as Trusts, foundations, and corporate sponsors.

• the organisation currently has a significant fixed cost ratio given the scale of the programme it delivers countered by the competition to secure funding.

Due to the two-year biennium cycle, a surplus may be carried forward from the first year of the cycle to the second in order to fund activity in a festival year. At the end of the financial year 2025-2026 free reserves available were £1,028k (2025: £1,248k) representing unrestricted funds less unrestricted funds attributable to tangible fixed assets.

For the 2025-26 financial year, 6 months' operational costs total £417k (2025: £511k) representing staff costs, premises costs, support costs and governance costs. As described above, due to the Biennial cycle, using annualised figures does not reflect the seasonality of funds and costs. The Biennial has comfortably met its reserves policy for the current financial year.

Going Concern

A detailed business planning and budget process takes place in advance of each biennium cycle, supported by regular management accounts and reforecasting of financial projections throughout the period. This permits the organisation to react quickly when performance is not in line with planning.

Detailed financial plans were created as part of the 2-year Biennium budget planning, which included scenario planning to ensure the best use of the public funds the Biennial receives to support its activities and to support our application both to ACE NPO funding and local Liverpool City Council Funding through CAIP. Our two major funders, Arts Council England and Liverpool City Council continued with funding for the Liverpool Biennial, with ACE providing funding of £856k per year, for the next year, representing an increase of 5%, and CAIP funding of £180k for FY2026 with a confirmed increase on funding of £192k for FY2027 representing an increase of 6.7%.

With new changes within the fundraising team, income budgets have been set realistically with a focus on developing individual giving. Staffing costs have been reviewed and the expenditure for temporary staff (mediators) to support found venues has continued to be incorporated into core budgets. Following advice from ACE and in response to significant budgetary pressures the number of artists within the forthcoming Biennial was reduced from 40 to 30 to ensure excellence of outcome for those artists (the overall budget against artistic production was not reduced). Future focus has been placed on working within our city for the forthcoming Biennial context to develop long-term funded projects with communities, alongside public realm works and festival activities and supporting the realisation of the Independents Biennial.

The Biennial’s forecasts and financial projections indicate that it will continue to be able to operate within the bounds of its resources. Accordingly, after making appropriate enquiries the Board of Trustees has a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. For this reason, it continues to adopt the going concern basis in preparing financial statements.

Plans for future periods

The current Business Plan (2023-2026) demonstrates Biennial planning that anticipated a deficit for the 2023 Biennial and then a surplus for the 2025 Biennial. The 2023 Biennial operated to complete with a surplus due to tight adherence to budgets, the successful realisation of partnership income and underspend in relation to staffing and operations, due largely to unforeseen departure of staff and limited time for recruitment.

Given this situation, and the impact on staff welfare the Board agreed in the previous FY to allocate funding from Designated Funds towards additional staffing for the Liverpool Biennial 2025 including an Executive Assistant and an additional Mediator Manager with additional contingency. A new mental health support system was also initiated with Wellbeing in the Arts which has provided specific expertise to support staff and artists over the Biennium period.

As aforementioned, work has been undertaken to review and reset plans for ambition, change and growth for the Liverpool Biennial which will be implemented in the coming cycle. Stresses placed on the budget over the past financial year have resulted in savings being made to expenditure to ensure adherence to the reserves policy, including reductions in marketing spend, staffing and development spend.

Liverpool Biennial was incorporated as a company limited by guarantee on 29 October 1998 and is governed by its Memorandum and Articles of Association.

Key management personnel of Liverpool Biennial of Contemporary Art Limited:

Samantha Lackey    Director            

Lily Mellor         Director of Programme and Partnerships

Miranda Stearn         Head of Programme and Partnerships

Allison Mottram         Head of Finance

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Members’ liability

Each member of the charitable company undertakes to contribute to the assets of the charitable company in the event of it being wound up while they are a member, or within one year after they cease to be a member, such amount as may be required, not exceeding £10, for the debts and liabilities contracted before they ceased to be a member.

Trustees’ indemnities

Professional indemnity insurance is in place to protect Trustees and officers from negligent acts, errors or omissions occurring on Charity business.

Retirement, recruitment and training of trustees

A normal term of office for a Trustee is three years at the end of which the Trustee can either stand down or continue if re-elected for a further period of three years. The role of the Trustee is a strategic one, with day-to-day operational decisions delegated to the Executive Director. The Board and the Executive team form the key governance and management of the charity.

Following recruitment Trustees are fully inducted into the business of the Charity to provide a clear understanding of their role and responsibility as Trustee, their legal obligations under charity and company law, the Charity Commission guidance on public benefit, along with understanding of the Memorandum and Articles of Association, scheme of delegation and policies and procedures underpinning the Charity’s governance arrangements.

As the UK’s largest festival of contemporary art Liverpool Biennial identifies that the Board of Trustees must represent a spectrum of skills, ages, and individuals from across the country. An experienced Trustee and Senior Management Team improve stability and governance through prioritisation and risk management at four Board and four FHRC meetings a year, a minimum of one Away Day a year, and at fortnightly Management meetings.

Trustees have specialist expertise in disparate areas including contemporary art, law, finance, museums, development agencies, philanthropy, management, property, brand marketing and communications, public relations, digital and fundraising. Subgroups, involving Trustees, include FHRC, the Equality, Diversity & Inclusion Working Group and the Environmental Sustainability Working Group. Trustees also take on specialist roles such as Whistleblowing Lead, Safeguarding Lead, and ACE reps linked to individual Investment Principles. New Trustees undertake an induction with the Chair, the Director, and members of the Senior Management Team.

The Trustees do not receive remuneration for their role but are able to reclaim their travel and accommodation expenses for Charity business.

Organisational structure

The Trustees have overall responsibility and ultimate decision-making authority for all the work of the charity. The Trustees are responsible for:

• Setting general policy, the strategic direction and development of the Biennial

• Adopting a bi-annual plan and budget

• Monitoring the performance of the Charity using financial management and other performance information

• Making appointments to the position of Director

• Approving the Annual Report and Financial Statements

The Trustees delegate the day to day running of the organisation to the Director and Senior Management Team.

The Trustees have the power to direct change where required.

The Trustees delegate responsibilities to the FHRC for finance and HR matters.

Risk Management

The Trustees have a risk management strategy which is largely managed through a risk register, which is reviewed by the Management team on a bi-monthly basis, by FHRC at each meeting and updates are reported quarterly to Board Meetings for scrutiny by all Trustees.

Where appropriate, systems or procedures have been established to mitigate the risks the charity faces. Significant external risks to funding have led to a renewed Marketing and Development strategy, which has been incorporated into the new business plan and sets out the ambition for the diversification of funding and activities.

Internal control risks are minimised by the implementation of procedures for authorisation of all transactions and projects.

Remuneration

Liverpool Biennial believes that to attract and retain the calibre of staff we need to deliver our charitable objectives our remuneration policy should provide salaries that are competitive in our sector; be considered fair, equitable and transparent; allow for progression over time and deliver arrangements that are sustainable within the available resources.

Having reviewed the financial situation of the Liverpool Biennial, a Board decision was taken to award a pay increase in line with the Real Living Wage to all staff on the lowest banding however, given the financial pressures facing the organisation as a whole a cost-of-living pay rise was not approved across the organisation.

Liverpool Biennial operates its salary structure within salary bands. The remuneration arrangements for all staff are reviewed annually by the Trustees. As a charity we feel that we offer salaries that are commensurate with duties and responsibilities. The Board of Trustees has delegated responsibility for determining matters of pay and pay-related benefits to the FHRC.

The Committee meets routinely each winter to agree the following year’s percentage increase and arrangements for executive pay. In agreeing the pay award, the committee considers indicators in the wider economy, what levels of award have been made by organisations the Biennial compares itself with and affordability.

Our Approach to Fundraising Activities

In the financial year the charity did not run legacy campaigns. However, the implementation of the new CRM system will allow us to improve our future ability to raise income from individuals and through campaigns. For the first time we were able to invite donations while signing up to attend previews.

The trustees were also pleased to receive unsolicited gifts from patrons and supporters who generously support our artistic work.

Biennial Statement

Liverpool Biennial attracts valued financial support from a wide range of sources: cultural and regeneration bodies, the local and national business community, philanthropists and local, national and international charitable trusts and foundations.

The past year has seen us continue to receive ACE National Portfolio Review funding and LCC funding. We have outlined new focus on people, place and partnership and have committed to new sustainability and D, E & I commitments alongside acknowledging further work on entrepreneurial activities to diversify income streams.

We have been successful in maintaining funding relationships with Paul Hamlyn Foundation and British Council as well as receiving funds from a number of international agencies and Embassies.

As we look ahead, it will be a challenge to maintain high ambitions whilst dealing with the uncertainties of inflationary pressure on potential income sources beyond the public sector, from individual and private trusts and foundations to corporate partners and sponsors. It is expected that the wider economic landscape will have an operational, financial, and thus strategic impact in future years.

We would like to thank all our supporters, funders, and partners. Our principal funders have provided financial and collegiate support for many years, so we are particularly grateful to Arts Council England and Liverpool City Council. Our work would not happen without the many other companies, governments, organisations, and individuals who contribute to the festival and programme. A full list is available on our website.

Exemptions from disclosure

The charity has not exempted any information from disclosure.

In accordance with the company's articles, a resolution proposing that DSG Audit be reappointed as auditor of the company will be put at a General Meeting.

This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

The trustees, who are also the directors of Liverpool Biennial Of Contemporary Art Limited for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

- select suitable accounting policies and then apply them consistently;

- observe the methods and principles in the Charities SORP;

- make judgements and estimates that are reasonable and prudent;

- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and

- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Opinion

We have audited the financial statements of Liverpool Biennial Of Contemporary Art Limited (the ‘charity’) for the year ended 31 March 2026 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

give a true and fair view of the state of the charitable company's affairs as at 31 March 2026 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;

have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

the information given in the trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

the directors' report included within the trustees' report has been prepared in accordance with applicable legal requirements.

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

the financial statements are not in agreement with the accounting records and returns; or

certain disclosures of trustees' remuneration specified by law are not made; or

we have not received all the information and explanations we require for our audit; or

the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the trustees' report and from the requirement to prepare a strategic report.

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Based on our discussions with the charity’s management and the Trustees, we identified that the following laws and regulations are significant to the entity:

• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards and Charity Law.

• Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the charity and therefore may have a material effect on the financial statements include compliance with the charitable objectives, public benefit, fundraising regulations, safeguarding and health and safety legislation.

These matters were discussed amongst the engagement team at the planning stage and the team remained alert to non-compliance throughout the audit.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and the Trustees as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of Trustee meeting minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Investments

Raising funds

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

Investments

Raising funds

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Liverpool Biennial Of Contemporary Art Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 55 New Bird Street, Liverpool, L1 0BW.

The financial statements have been prepared in accordance with the charity's governing document, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

Unrestricted funds relate to income received or generated for the objects of the charity without further specified purpose. Income and expenditure is allocated to the general fund in accordance with the policies set out below. Unexpended funds are carried forward to future periods.

Designated funds comprise funds which have been set aside at the discretion of the trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds relate to all income received where the donor has specified its use. Related expenditure is also allocated to restricted funds.

Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the income have been met, it is probable that the income will be received and that the amount can be measured reliably.

Income received in advance of the provision of a specified service is deferred until the criteria for income

recognition are met.

Museums and Galleries Exhibition Tax Relief is recorded, in relation to the Biennial it relates to, once the full amount can be quantified with reasonable accuracy.

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

The charity benefits from various exemptions from taxation afforded by tax legislation and is not liable to corporation tax on qualifying income or gains falling within those exemptions.

The charity is able to partially recover Value Added Tax. Expenditure that is not recoverable by the charity is recorded in the accounts inclusive of VAT.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

None of the trustees (or any persons connected with them) received any remuneration from the charity during the year (2025: £nil).

None of the trustees were reimbursed expenses during the year (2025: £nil).

The average monthly number of employees during the year was:

Included within staff costs are amounts of £126,688 (2025: £102,170) relating to freelance and consultancy services engaged in the delivery of the charity’s activities. These costs are not paid through payroll but have been presented within staff costs on a consistent basis with prior years.

Contributions totalling £18,157 (2025: £15,585) were made to defined contribution pension schemes on behalf of employees whose emoluments exceed £60,000.

The remuneration of key management personnel was as follows:

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

Public realm works fund – to provide funding for the continuation of Liverpool Biennial public realm works or fund their decommissioning.

Sustainability and resilience fund – this relates to establishing initiatives that will make step changes in the sustainability and resilience of future Liverpool Biennials. During the year £100K was transferred into unrestricted funds to facilitate initiatives whilst maintaining the sustainability and resilience of Liverpool Biennial at the beginning of the next biennium budgetary cycle.

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

The charity occupies its premises under a lease commencing 4 January 2025 and expiring 3 January 2029. The lease contains a tenant break option exercisable at any time from 1 April 2026, subject to a minimum notice period of three months and certain conditions being met. In determining the above commitments, the trustees have limited disclosure to amounts payable over the non‑cancellable notice period.

During the year, trustees made donations totalling £6,250 to support the charity (2025: £25,000).

There were no other disclosable related party transactions during the year (2025: none).

Liverpool Biennial Of Contemporary Art Limited is incorporated under the Companies Act as a company limited by guarantee. the liability of the members is limited to £10.