The Tate Britain will stage an exhibition focused on Hogarth next year

Tate Modern attendance fell from 4.4 million in 2004 to 3.9 million, but it remained the world's most popular modern art museum.

The report also revealed that three of the Tate's top five exhibitions had been held in the last two years.

Tate Enterprises announced a profit of �3.2m for 2005-6. It also said �12.2m was spent on new work over two years.

It is the first time the Tate has published details of its spending on new acquisitions, following criticism by the Charity Commission for buying works by its own trustees.

Acquisitions included �250,000 for six pieces by Tracey Emin and �600,000 on The Upper Room by Chris Ofili.

Blockbuster shows

The success of recent exhibitions focusing on the works of Edward Hopper and Frida Kahlo has paved the way for a string of forthcoming blockbuster shows.

An exhibition dedicated to the works of London-born artist William Hogarth opens at the Tate Britain in February.

Tate Britain Director Stephen Deuchar said he expected the most comprehensive look at the artist for 30 years to be a "great spring blockbuster".

The role of cinema in the work of Salvador Dali will be the focus of an exhibition at the Tate Modern in June 2007.

The Tate also announced that the Turner Prize next year will be shown at the Tate Liverpool gallery instead of Tate Britain for the first time since the competition was launched in 1984.

The display is due to be a "curtain-raiser" for the city's status as 2008 European Capital of Culture.