Registered number: 04870490 Charit� number: 1101476
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Unaudited
Trustees' report and financial statements for the �ear ended 30 August 2021
Outset - Contemporar� Art Fund
(A compan� limited b� guarantee)
Contents
| Page | |
|---|---|
| Reference and administrative details of the Charit�, its Trustees and advisers | 1 |
| Trustees' report | 2 - 11 |
| Trustees' responsibilities statement | 12 |
| Independent e�aminer's report | 13 |
| Statement of financial activities | 14 |
| Balance sheet | 15 |
| Statement of cash flo�s | 16 |
| Notes to the financial statements | 17 - 31 |
Outset - Contemporar� Art Fund
(A compan� limited b� guarantee)
Reference and administrative details of the Charit�, its Trustees and advisers for the �ear ended 30 August 2021
| Trustees | Micaela Boa� |
|---|---|
| Nicole��e Ca�ale�o� | |
| Roland Co�an | |
| Candida Ge��le� OBE | |
| Ve�oni��e Pa�ke | |
| John Geoff�e� R��h�o��h | |
| Anna Shield� | |
| Compan� registered number 04870490 Charit� registered number 1101476 Registered office 8 Wadham Ga�den� London NW3 3DP Principal operating office Some��e� Ho��e So��h Wing S��and London WC2R 1LA Chief e�ecutive Candida Ge��le� OBE Accountants K�e��on Ree�e� LLP Cha��e�ed Acco�n�an�� 2nd Floo� 168 Sho�edi�ch High S��ee� London E1 6RA Bankers Ba�cla�� Bank 9 Po��man S��a�e London W1A 3AL |
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Outset - Contemporar� Art Fund
(A compan� limited b� guarantee)
Trustees' report for the �ear ended 30 August 2021
The T����ee� ��e�en� �hei� ann�al �e�o�� �oge�he� �i�h �he financial ��a�emen�� of �he O���e� - Con�em�o�a�� A�� F�nd fo� �he �e�iod 1 Se��embe� 2020 �o 30 A�g��� 2021. The ann�al �e�o�� �e��e� �he ����o�e� of bo�h a T����ee�' �e�o�� and a di�ec�o��' �e�o�� �nde� com�an� la�. The T����ee� confi�m �ha� �he ann�al �e�o�� and financial ��a�emen�� of �he cha�i�able com�an� com�l� �i�h �he c���en� ��a���o�� �e��i�emen��, �he �e��i�emen�� of �he cha�i�able com�an�'� go�e�ning doc�men� and �he ��o�i�ion� of �he S�a�emen� of Recommended P�ac�ice (SORP) a��licable �o cha�i�ie� ��e�a�ing �hei� acco�n�� in acco�dance �i�h �he Financial Re�o��ing S�anda�d a��licable in �he UK and Re��blic of I�eland (FRS102) (effec�i�e 1 Jan�a�� 2019) a� amended b� U�da�e B�lle�in 1 (effec�i�e Jan�a�� 2019).
Since �he Cha�i�� ��alifie� a� �mall �nde� �ec�ion 382 of �he Com�anie� Ac� 2006, �he ���a�egic �e�o�� �e��i�ed of medi�m and la�ge com�anie� �nde� �he Com�anie� Ac� 2006 (S��a�egic Re�o�� and Di�ec�o��' Re�o��) Reg�la�ion� 2013 ha� been omi��ed.
STRUCTURE, GOVERNANCE AND MANAGEMENT
O���e� Con�em�o�a�� A�� F�nd �a� e��abli�hed in 2003 and �a� �egi��e�ed a� a cha�i�� �i�h �he Cha�i�� Commi��ion on �he 13 Jan�a�� 2004.
The ��inci�al ac�i�i�� of O���e� i� �o ����o�� ne� a�� �i�hin �he ��blic a�ena �h�o�gh ��i�a�e f�nding. B� e��abli�hing and n�����ing i�� �ela�ion�hi�� �i�hin �he a��� eco����em, �he Cha�i�� i� able �o �elec� a�� ��ojec�� �he�e ��i�a�e f�nding i� mo�� needed and be�� ��en�. O���e� define� i��elf a� an o�gani�a�ion ��o�iding be��oke f�nding �ol��ion� �o ����o�� ne� a��.
O���e��� ����o�� �lace� foc�� on:
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Ed�ca�ion and ��ofe��ional de�elo�men�, ��od�c�ion�, e�hibi�ion ����o��, in��i���ional collec�ing and c�ea�i�e inf�a����c���e
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P�ojec�� �ha� a�e e��e��-led and challenge �he a��i��ic di�co���e
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In��i���ion� f�om �ho�e a� �he g�a���oo�� �o �ho�e on �he �o�ld ��age and �ange f�om ca�i�al �o �egional cen��e�
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P�ojec�� �ha� �ecei�e ����o�� a� a c�i�ical ��age in �hei� de�elo�men�
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P�ojec�� �ha� aim �o �each �he �ide�� �o��ible a�dience�
O���e��� f�nding i� �ooled �h�o�gh gene�o�� dona�ion� f�om �a��on ci�cle� and �a��ne�� and O���e��� ��og�amme� imme��e �hem in c�l���e a� i�� mo�� �ib�an�, �eeing �hei� �hilan�h�o�� in ac�ion.
T����ee� a�e a��oin�ed f�om �ho�e �a��on� o� indi�id�al� �ho ha�e ����o��ed O���e�, ei�he� financiall� o� in�ellec��all�, �i�h �he aim of g�o�ing i�� o���each in �he a��i��ic comm�ni��. An indi�id�al i� nomina�ed b� �he Chief E�ec��i�e, and �oge�he� in con�en��� �i�h �he o�he� �����ee� an in�i�a�ion of �he a��oin�men� i� offe�ed.
In o�de� �o f�lfil o�� aim� a� a cha�i�� �e don'� �ec��i� e��e�nall�, b�� in��ead nomina�e �ho�e �ho a�e al�ead� engaging �i�h �he �o�k of O���e�. We �ha�e ��aining doc�men��, a� �ell a� li�e�a���e on �he d��ie� and �e��on�ibili�ie� of a �����ee �i�h o�� boa�d �eg�la�l�, and �����ee� kee� in comm�nica�ion �o en���e ongoing con�e��a�ion and �ha�ing of �kill� and e��e�ience.
The Chief E�ec��i�e o�e��ee� �he o�e�all ����c���e of �he o�gani�a�ion, incl�ding, �he�e �ele�an�, �he managemen� of �he O�e�a�ion� Team. The O�e�a�ion� Team manage �he da�-�o-da� ac�i�i�ie� of �he Cha�i�� and make deci�ion� �ha� in�ol�e i�� ongoing o�e�a�ion in conj�nc�ion �i�h �he Chief E�ec��i�e.
The Chief E�ec��i�e f���he� �i�� on �he boa�d of T����ee�, �ho o�e��ee �he di�ec�ion of �he Cha�i��, en���ing �he O�e�a�ion� Team a�e kee�ing in line �i�h �he Cha�i��'� aim�. All deci�ion making �ha� ma� change �he o�e�a�ion o� an� con��i���ional amendmen�� �o o�� Cha�i��'� aim a�e made �nanimo��l� b� �he boa�d of T����ee�.
Pa� and �em�ne�a�ion of �he Cha�i��'� ke� O�e�a�ion� Team i� �e� b� �he ind����� benchma�k in acco�dance �i�h �he �ole� and �e��on�ibili�ie� of �he membe� of ��aff, a� �ell a� �enio�i�� and e��e�ience �aken in�o con�ide�a�ion. The Chief E�ec��i�e con�in�e� con�e��a�ion� �i�h �he O�e�a�ion� Team on �hei� �a� in acco�dance �o �he �ec�o� a�e�age �a� and, in ag�eemen� �i�h a� lea�� one o�he� �����ee, �ill make adj���men�� �o an em�lo�ee'� �em�ne�a�ion �ackage.
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Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Trustees' report (continued) for the �ear ended 30 August 2021
O���e� Con�em�o�a�� A�� F�nd i� �a�� of an �mb�ella g�o�� of �e�en affilia�ed office� �i�h a ��e�ence of ����o��ing �o�k in�e�na�ionall�, �i�h �he office in �he UK ac�ing a� HQ fo� �he f�anchi�e. Each of �he o�he� 'CHAPTERS' of O���e� ha�e �hei� o�n a��oin�ed Di�ec�o� �ho manage� �he �egional office. An� B�i�i�h a��i��� �o�king ab�oad �ill be �elcomed b� �he local office of O���e�, and in ���n O���e� UK �elcome ����o��ed a��i��� �o engage �i�h �hei� o�n ��og�amme of �hilan�h�o�� �hen �o�king in �he Uni�ed Kingdom.
Thi� f�anchi�e �ha�e� one ma�ke�ing and comm�nica�ion� ���a�eg� �ha� i� o�e��een b� O���e� UK, a� �ell a� an ann�al gene�al mee�ing, ��o In�e�na�ional Confe�ence Call� ann�all�, and con�in�ed info�mal con�e��a�ion� be��een di�ec�o�� �ha� a�e ac�i�el� enco��aged b� �he Chief E�ec��i�e of O���e�.
In an� ca�e of di����e be��een �he in�e�na�ional o�e�a�ion of O���e�, �he�e i� a F�anchi�e Ag�eemen� �ha� all cha��e�� m��� adhe�e �o ado�� a be�� ��ac�ice in �hei� o�n o�e�a�ional �olicie�. Re��ec�i�e T����ee� of each cha��e� a�e in�ol�ed �o media�e an� conflic� be��een in�e�na�ional de�a��men��.
PUBLIC BENEFIT DISCLOSURES
The Cha�i��'� �e�iod of acco�n� �a� f�om 1 Se��embe� 2020 �n�il 30 A�g��� 2021. Dona�ion� �o �he Cha�i�� d��ing �ha� �ea� a�e �e�o��ed in �he S�a�emen� of Financial Ac�i�i�ie�. The T����ee� confi�m �ha� �he� ha�e �efe��ed �o �he g�idance con�ained in �he Cha�i�� Commi��ion'� gene�al g�idance on ��blic benefi� �hen �e�ie�ing �he Cha�i��'� aim� and objec�i�e� and in �lanning f����e ac�i�i�ie�.
In 2019-2020 O���e� con�in�ed �o ����o�� ne� a�� �i�hin �he ��blic a�ena �h�o�gh ��i�a�e f�nding. Thank� �o �he ongoing gene�o�i�� of O���e�'� dono��, �he Cha�i�� co�ld bene�olen�l� ����o�� a �a�ie�� of o�gani�a�ion� �anging in �i�e f�om �he g�a���oo�� le�el �o �o�ld-cla�� and e��abli�hed in��i���ion� �h�o�gh financial a��i��ance and ���a�egic ad�ice. O���e� enabled �he commi��ioning of ne� �o�k�, dona�ion� and ac��i�i�ion� fo� in��i���ional ��blic collec�ion� a� �ell a� �he la�nching and im�lemen�a�ion of inno�a�i�e cam�aign�. The Cha�i�� ��o�ided ��od�c�ion ����o�� fo� mi�cellaneo�� ��ojec��, among�� �hem e�hibi�ion� and ed�ca�ion ��og�amme�.
SOCIAL IMPACT
O���e��� S��diomake�� ini�ia�i�e concl�ded �hei� eme�genc� Co�id-19 a��i��ance fo� �he affo�dable �o�k��ace �ec�o� a� �he ��a�� of �he 20-21 �ea�. Highligh�� of �he a��i��ance �e �e�o��ced incl�ded �a��ne�ing �i�h T����La�, CBRE, Deche�� LLP and Co�n�e�C�l���e LLP �o deli�e� fac� �hee��, legal le��e� �em�la�e�, li�e �ebina�� and �eg�la� ne��le��e��. Toge�he� �i�h o�� one-on-one ad�ice �e��ion� S��diomake�� �ec��ed �ignifican� �en�al �ed�c�ion�, ��o-bono legal a��i��ance and ��cce��f�ll� di���ib��ed hel�f�l g�idance �o �he c�ea�i�e and c�l���al �ec�o��. No� one of �he 70+ o�gani�a�ion� �ho acce��ed o�� �ni��e g�idance ��b�e��en�l� failed. A g�ea� ��cce��, highligh�ing �he �e�ilience of o�� c�ea�i�e ind����ie�.
The �andemic ho�e�e� did im�ac� �he abili�� �o find a ne� comme�cial/co��o�a�e ��on�o� fo� Pha�e T�o of �he S��diomake�� ini�ia�i�e, la�nched in A��il 2020. Th�o�gho�� �he �ea� m�l�i�le a�en�e� �o �e�o��cing �he ini�ia�i�e �e�e in�e��iga�ed, an e�ha���i�e ��oce�� �e��i�ing ne� �kill-�e�� �o be de�elo�ed ac�o�� �he O���e� �eam �ha� �e��l�ed in de�elo�men� of o�� �ho�� and long-�e�m aim� fo� S��diomake��. De�ailed f�nding a��lica�ion� and a��ocia�ed ��e�en�a�ion� �e�e gene�a�ed �ha� �l�ima�el� �e��l�ed in a ��cce��f�l g�an� f�om The Ci�� of London, a���o�ed in �he 21-22 financial �ea�.
O�� ad�ocac� fo� �he affo�dable �o�k��ace �ec�o� con�in�ed �h�o�gho�� �hi� �e�iod of f�nding de�elo�men�.
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Outset - Contemporar� Art Fund
(A compan� limited b� guarantee)
Trustees' report (continued) for the �ear ended 30 August 2021
The ��o�de�� momen� fo� �he ini�ia�i�e �a� ��cce��f�ll� nego�ia�ing a ���l� affo�dable deal fo� �he cha�i�� QUEERCIRCLE, �ec��ing �hei� home fo� �he ne�� fi�e �ea�� �i�hin �he G�een�ich De�ign Di���ic�. QUEERCIRCLE i� a ne� LGBTQ+ led cha�i�� �o�king a� �he in�e��ec�ion of a���, c�l���e and �ocial ac�ion. S��diomake�� had been �o�king �i�h QUEERCIRCLE �h�o�gho�� �he �ea�, g�iding and men�o�ing �he o�gani�a�ion �hil�� �e �ea�ched fo� a ��i�able loca�ion fo� �hei� �ilo� �i�e. We �hen b�oke�ed be��een ��akeholde��, �ec��ing �hi� �i�al ne� c�l���al ��ace �ha� �ill cham�ion �he A���, �i�h a foc�� on �he heal�h and �ellbeing of LGBTQ+ a��i���. The �i�e �ill ho��e �o�k��ace�, a main galle��, a lib�a�� and ��ojec� ��ace� �ha� �ill deli�e� a di�e��e ��og�amme of e�hibi�ion� and collabo�a�i�e a��i�� �e�idencie�. The ��ace �ill o�en in 21-22 �i�h O���e� �eam membe�, William A���in, ��b�e��en�l� in�i�ed b� QUEERCIRCLE �o become a fo�nding �����ee of �he cha�i��.
S��diomake�� �a� al�o �a�� of a �eam de�elo�ing �he �i�ion fo� Ebb�flee� Ga�den Ci��, an en�i�el� ne� ��ban a�ea being con����c�ed fo� 30,000 �e�iden��, d�e fo� com�le�ion in 2035. We kno� �ha� �o b�ild g�ea� c�l���al inf�a����c���e, �o� ha�e �o be �a�� of �he con�e��a�ion f�om �he o���e�. O�� aim i� �o ����o�� ��akeholde�� in ac�i�a�ing �he c�ea�i�e econom�, en���ing c�l���al facili�ie� a�e fi�-fo�-����o�e, �hil�� deli�e�ing long-�e�m ��ace� �ha� �ill �emain affo�dable fo� �he c�ea�i�e ind����ie�.
GRANT-MAKING
1. Grants, September 2020 � August 2021
1.1. theVOV
�heVOV i� �he ��od�c� of O���e��� ambi�ion �o c�ea�e a ����ainable c�l���al �ec�o� �h�o�gh e�e��da� mic�o�hilan�h�o��. We ��o�ided f�nd� �o ����o�� �he de�elo�men� of an online ��e�en�a�ion of mon�men�al e�hibi�ion�, fo� ��blic a�dience� �o enjo� li�e and on demand d��ing lockdo�n. Fo� �he fi��� �ime, m��e�m� and galle�ie� joined fo�ce� on one cen��ali�ed �la�fo�m, demon���a�ing �n��eceden�ed �olida�i�� and �ho�ing a �ni�ed f�on� �o gene�a�e f�nd� fo� �he c�ea�i�e �ec�o�, �hil�� making c�l���e mo�e acce��ible �han e�e�.
�heVOV la�nched �i�h 15 of �he UK�� leading a��� o�gani�a�ion�, each �e�i�ing hi��o�ic e�hibi�ion� f�om �hei� a�chi�e. I� i� �he fi��� �ocial e�hibi�ion e��e�ience of i�� kind, ��a�king con�e��a�ion and ��omo�ing meaningf�l connec�ion d��ing �ime� of di��ance. Vi�i�o�� can e��lo�e behind-�he-�cene� con�en� and enjo� a ��og�amme of �ni��e e�en�� �o e��e�ience �he a��� like ne�e� befo�e, e�en if �en�e� a�e clo�ed.
Sea�on One incl�ded �he �e���n of Ch�i� B��den�� iconic 14 Magnolia Do�ble� �o So��h London Galle�� af�e� 15 �ea��; a �i���al �ehanging of And�ea� G���k��� fi��� majo� UK �e��o��ec�i�e a� �he Ha��a�d Galle�� in 2018; Yinka Shoniba�e CBE RA�� o�en ai� in��alla�ion a� Yo�k�hi�e Sc�l����e Pa�k 2013; Li�a B�ice�� 2018 A�� No� e�hibi�ion a� Ta�e B�i�ain; a g�o�� �ho� of female a��i��� c��a�ed b� Hika�i Yoko�ama �i�h Sa�abande; and �he ha�n�ing a��emblage of Ib�ahim Mahama�� Pa�liamen� of Gho�� a� The Whi��o��h in 2019. Sea�on One of �heVOV �a� com�le�el� f�ee �o �he ��blic, �i�h a dona�ion o��ion a�ailable. All f�nd� �ai�ed a�e di���ib��ed e��all� be��een �he �a��ici�a�ing in��i���ion�, �eflec�ing o�� e�ho� of a�� acce�� fo� all �o ����o�� �he c�ea�i�e �ec�o�.
The e�hibi�ion� came �o life �i�h a ��og�amme of li�e e�en�� and e��e�ience� �h�o�gho�� �he �ea�on, all of �hich �emain a�ailable on a ��blicl�-acce��ible �eb�i�e: �he�o�.a��. F�nd� ��o�ided fo� de�elo�men� �e�e en�i�el� �nde���i��en b� O���e� T����ee�, and Sea�on One of �heVOV �a� addi�ionall� ��on�o�ed b� UBS.
1.2. Studio Voltaire - The Anthea Hamilton Garden
S��dio Vol�ai�e �e-o�ened in Oc�obe� 2021, �i�h a ne� O���e��commi��ioned �e�manen� ��ace: The An�hea Hamil�on Ga�den. The commi��ion �ee� �he S��dio Vol�ai�e ��blic en��ance ��an�fo�med a� An�hea Hamil�on c�ea�e� he� fi���-e�e� �e�manen� �o�k in �he �ha�e of a ��blicl�-acce��ible ga�den. In �hi� commi��ion, Hamil�on �e��ond� �o �he a�chi�ec���e of �he Vic�o�ian cha�el galle�� and �efe�ence� �alled ki�chen ga�den�, �he bold geome��� of 1970� de�ign, handc�af�ed folk a�� and �e�nac�la� a�chi�ec���e. Hamil�on ha� de�c�ibed he� in�e�e�� in ho� �he ga�den �ill be ��ed and ��a�e��ed b� �i�i�o��, c�ea�ing info�mal �ea�ing a�ea� and a ��age-like �la�fo�m along�ide a ne� �ede���ian en��ance, �hich �ill f���he� o�en �� �he �i�e and be��e� connec� �he o�gani�a�ion �o i�� ����o�nding neighbo��hood. The Commi��ion �a� ����o��ed b� O���e� �i�h addi�ional ����o�� f�om D�ek.
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Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Trustees' report (continued) for the �ear ended 30 August 2021
1.3. Transport for London � Luc� McKen�ie
O���e� ����o��ed A�� on �he Unde�g�o�nd�� la�ge-�cale ��blic commi��ion of �e�manen� and �em�o�a�� a���o�k� b� Sco��i�h-bo�n, Belgi�m-ba�ed a��i�� L�c� McKen�ie, �i�led Plea���e�� Inacc��acie�.
McKen�ie i� fa�cina�ed b� �he deco�a�ion of ��blic ��ace� ��ch a� ��ain ��a�ion�, and he� �o�k f�e��en�l� combine� �o��ce ma�e�ial f�om �he �ealm� of hi��o�ical de�ign, ad�e��i�ing and a�chi�ec���e. Fo� �ha� i� he� mo�� ambi�io�� ��blic commi��ion �o da�e, �he cho�e S�db��� To�n T�be ��a�ion, a hi��o�ic, li��ed b�ilding de�igned b� Cha�le� Holden in 1931, fo� i�� loca�ion and a�chi�ec���e. Si��a�ed o���ide of cen��al London, �i�h a ca�e�no�� main hall, o�iginal fea���e� and �ai�ing �oom� on each �la�fo�m, �he ��a�ion i� e�oca�i�e of ano�he� e�a.
B� �e��ec�ing S�db��� To�n�� o�iginal de�ign, McKen�ie�� commi��ion �eflec�� �he ��e�en� �h�o�gh �he ae��he�ic� of �he �a��. The commi��ion com��i�e� a n�mbe� of elemen��: ��o �e�manen� hand-�ain�ed ceiling m��al� fea���ing ma�� of �he local a�ea; a highl� de�ailed a�chi�ec���al model of �he ��a�ion �hich �ill �emain on �e�manen� di��la�; ��o la�ge billboa�d� in��alled on each �la�fo�m; and a �e�ie� of �o��e�� �hich �ill be on di��la� �n�il No�embe� 2021.
The �e�manen� ceiling m��al� in each �ai�ing �oom fea���e ma�� of �he immedia�e ����o�nding a�ea�, highligh�ing local landma�k� f�om �he �a�� and ��e�en�. The de�ailed �o�k� inco��o�a�e �he e�i��ing ceiling ligh�� in a de�ign �hich echoe� �he o�iginal Mode�ni�� lam�� on �he �la�fo�m�. Ma�� a�e a �ec���en� fea���e in McKen�ie�� ��ac�ice � an a�� fo�m obliged �o e���e�� da�a, connec�ed �o a ��ecific �ime and �lace and combining �eali�� �i�h �he imagina�i�e. Fo� he� ceiling m��al�, McKen�ie ���died �he e��en�i�e hi��o�ical ad�e��i�ing ma�e�ial in �he T�an��o�� fo� London a�chi�e� and ha� �efe�enced �he �o�k of He��� Pe��� (Hea�he� Pe���) and RP Go��o�. Thi� in�e�e�� i� al�o �eflec�ed in ��o la�ge billboa�d� �i��a�ed on each �la�fo�m and a �e�ie� of ��o �o��e�� in��alled on a he�i�age kio�k �i�hin �he ��a�ion.
In e��lo�ing �he a�chi�e�, McKen�ie ha� f���he�ed he� e��en�i�e �e�ea�ch in�o ad�e��i�emen�� f�om �he in�e�-�a� �e�iod, a �ib�an� �ime fo� de�ign befo�e �ho�og�a�h� �e�laced ill����a�ion. The billboa�d� �e�emble ad�e��i�ing in fo�m ���le b�� a�e �a��l� enla�ged �e��od�c�ion� of �ke�che�, f�ll of im�e�fec� �e����e and ma�e�iali��. F�om a di��ance �he� can be �ead a� ad�e��� fo� ambig�o�� ��od�c�� b�� clo�e� in��ec�ion �e�eal� �hei� handc�af�ed ��oce��. B� ��ing o��ical ill��ion on each billboa�d, McKen�ie e��end� �hem in�o �hei� di�ec� ����o�nding� and �oo�� �hem in �hei� loca�ion. The �cale of �he de�ailed a�chi�ec���al model of �he ��a�ion, �hich fea���e� McKen�ie�� ne�l� commi��ioned a���o�k� in �e�fec� minia���e, al�o make �he �ie�e� a�a�e of �hei� �h��ical ��e�ence and S�db��� To�n�� ��ecific en�i�onmen�.
1.4. Matt�s Galler� � The Outset Archive
In 2015, Ma���� Galle�� �on a com�e�i�i�e �ende� fo� a �e�manen� ne� ��ace a� Nine Elm�, Wand��o��h, �hich �ill o�en in 2022. The b�ilding ha� been ��o�ided co�e and �hell b� �he de�elo�e� Bell�a� �h�o�gh Wand��o��h Co�ncil a� �a�� of �hei� Sec�ion 106 Commi�men��.
Ma���� Galle�� �o�ked �i�h a�chi�ec�� Manalo & Whi�e �o c�ea�e a com�le� �ha� �ill inco��o�a�e ��o do�ble-heigh� galle�� ��ace�, affo�dable a��i���� ���dio�, office�, book and edi�ion� �ho�, and a ��blicl� acce��ible home fo� �he Ma���� Galle�� lib�a�� and a�chi�e.
The O���e� A�chi�e �ill be a �e�manen� ��blic in��alla�ion in �he ne� galle�� ��ace. Along�ide doc�men�a�� e�idence of �he e�hibi�ion� being made, �he lib�a�� and a�chi�e �ill hold film�, book�, in�i�a�ion�, le��e�� and e�heme�a �ela�ing �o a��i��-led ��ac�ice f�om �he 1960� �o �oda�. The a�chi�e gi�e� �ignifican� in�igh�� in�o �he �o�king me�hodolog� of �he galle�� and �he a��i��� i� ha� �o�ked �i�h o�e� �he la�� 40 �ea��. The O���e� P�ofe��ional� celeb�a�ed �hei� �ea� of ����o�� in 2019 he�e befo�e con����c�ion began and �e�e able �o �ie� �he fi��� ��age� of �he b�ilding and The O���e� A�chi�e.
The O���e� A�chi�e i� no� on ��blic �ie� a� �he galle��.
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1.5 Isaac Julien, �Lessons of the Hour�, 2020
Thi� ��ojec� ����o��ed I�aac J�lien�� �o�k �Le��on� of �he Ho���, �hich no� �e�ide� a� Na�ional Galle�ie� Sco�land, ha�ing been �ho�n in England. Thi� majo� ne� �en-�c�een film in��alla�ion offe�ed a �oe�ic medi�a�ion on �he life and �ime� of F�ede�ick Do�gla��, �he �i�iona�� Af�ican Ame�ican o�a�o�, �hilo�o�he�, in�ellec��al, and �elf-libe�a�ed f�eedom-figh�e�, �ho �a� bo�n in�o �la�e�� in Ma��land, USA. F�om 1845-7, Do�gla�� made �e�ea�ed �i�i�� �o Edinb��gh, �hile cam�aigning ac�o�� �he UK and I�eland again�� US �la�e��.
Filmed a� �i�e� in Edinb��gh, London and Wa�hing�on DC, J�lien�� �o�k i� info�med b� �ome of Do�gla��� mo�� im�o��an� ��eeche�, incl�ding Le����� �f �he H���, Wha� �� �he S�a�e i� �he 4�h �f J���? and Lec���e �� Pic���e� . In �hi� 1861 lec���e, Do�gla��, �ho a� �he mo�� �ho�og�a�hed Ame�ican in �he 19�h cen���� �a� keenl� ale�� �o �he �o�e� of image�, e���e��ed hi� �i�ion of ho� �ic���e-making and �ho�og�a�h� co�ld offe� �o�e�f�l �ool� in �he figh� fo� �ocial j���ice and e��al h�man �igh�� fo� all.
2. Outset Partners Grants Programme C�cle III
O���e� al�o �eali�ed �he �hi�d i�e�a�ion of i�� majo� f�nd�ai�ing ini�ia�i�e �h�o�gh �he O���e� Pa��ne�� G�an�� P�og�amme, a�a�ding a ��an�fo�ma�i�e g�an�, and enabling fi�e ��ojec�� �h�o�gh a �e�ie� of im�ac� g�an��. A �ionee�ing model fo� �a��onage, �he O���e� Pa��ne�� a�e a g�o�� �i�h a ma�ked in�e�na�ional ��ofile, incl�ding e��e��� and en��e��ene��� in �hei� �e��ec�i�e field� of �hilan�h�o��, ed�ca�ion, �he a�� ma�ke�, fa�hion, finance, m��e�m�, a�chi�ec���e, and je�elle��, among�� man� o�he� ac�i�i�ie�, foc��ing �oge�he� on ����ainabili�� and de�elo�men� of in��i���ion�, �he incl��ion of di�e��e comm�ni�ie�, im�o��an� ed�ca�ional ini�ia�i�e�, and in��i�ing ��ojec�� in�e�na�ionall�.
The�e i� a �a��ic�la� foc�� on �he ����o�� of ��ojec�� �ha� �eek �o ha�e a �ocial im�ac� ac�o�� �he follo�ing a�ea� of ine��ali�� and foc��; Di�e��i�� (Cla��, Race, Gende�, and Abili��), Geog�a�h�, Technolog� and S���ainabili��
The recipient projects of the Outset Partners Grants C�cle III �ere as follo�s:
�150,000 Transformative Grant:
2.1. Performa, Ne� York Cit�, Ne� York, for their project �Living Archives�
The O���e� Pa��ne�� G�an�� C�cle III a�a�ded a T�an�fo�ma�i�e G�an� �o Pe�fo�ma in ����o�� of �hei� ��ojec� �Li�ing A�chi�e��. �Li�ing A�chi�e�� i� a digi�al �la�fo�m �hich �ill ��an�fo�m Pe�fo�ma�� global �each and ��blicl� doc�men� �he o�gani�a�ion�� �ionee�ing �o�k �ince 2005. Encom�a��ing �i��al a��, dance, �hea��e, m��ic, film, and ��blic a��, �he Pe�fo�ma a�chi�e i� �ich in �e�fo�mance-ba�ed ��ojec�� b� e��abli�hed �i��al a��i���; ��ojec�� �ha� �eimagine hi��o�ical �o�k� �h�o�gh highl� o�iginal ��aging; �o�k� e��lo�ing a�an�-ga�de �e�fo�mance hi��o��; and �i�e-��ecific �e�fo�mance-ba�ed �o�k.
�25,000 Impact Grants a�arded to:
2.2. Artists in Residence, London and Regional Locations, United Kingdom, for their project �AiR School Residenc� Programme�
B�ilding on �he ��emendo�� ��cce�� f�om �hei� ��e�io�� �ea�, A��i��� in Re�idence (AiR) �ill con�in�e �o �oll o�� �hei� �e�idenc� ��og�amme, �eeking �o connec� a��i��� �i�h �chool� ac�o�� �he UK �o co-de�ign and ca��� o�� be��oke ��ojec�� �i�h �o�ng �eo�le and �hei� �eache��. The�e �e�idencie� en���e �ha� �o�ng �eo�le in lo�e� �ocio-economic a�ea� ha�e �he o��o���ni�� �o �o�k �i�h, collabo�a�e, e��e�ience and be in��i�ed b� o����anding a��i���, �nlea�hing �hei� c�ea�i�e ambi�ion�, a� �ell a� ����o��ing �he �chool �o ��o�ide an en�iching c���ic�l�m. O���e� �e�e al�o �lea�ed �o make in��od�c�ion� �o �hei� ne��o�k of a��i��� on behalf of AiR �o ����lemen� �hei� �ich a��i�� con�ac��.
2.3. Bold Tendencies, London, United Kingdom for their project �The Remastering Project�
Bold Tendencie�, �hich occ��ie� �he �oof�o� of a fo�me� ca� �a�k in �he cen��e of Peckham in So��h Ea�� London, ha� �o�gh� �o ��an�fo�m �he b�ilding in�o a ���l� e��e�imen�al ci�ic ��ace and �lace of a��embl� fo� �he �a�� 14 �ea��. O�en �o e�e��one, Bold Tendencie� i� commi��ed �o �a��ici�a�ion and enjo�men� of a �ich, e��e�imen�al Vi��al A�� and Li�e P�og�amme.
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Wi�h O���e��� Im�ac� G�an�, Bold Tendencie� �eek� �o ��e �he la�ge-�cale lo�e� floo�� �o e��and �he en�i�e ��ojec�, o�gani�ing and ��od�cing li�e e�en�� �ha� com�lemen� �he �hema�ic in�e�e��� of �he �oof�o� �c�l����e ��og�amme.
2.4. Centre Pompidou, Paris, France, for their project �Graphic Cultures of Dissent� A join� ini�ia�i�e �i�h Cen��e Pom�ido� and Biblio�h���e Kandin�k� �ill b�ing �oge�he� in�e�na�ional e��e��� �o c�ea�e �he e�hibi�ion �G�a�hic C�l���e� of De�cen��, �hich �eek� �o ��e��ion ho� �o b�ild a collec�ion of mili�a�� doc�men�a�� �o��ce� and a���o�k� �o �nde���and �he �ela�ion�hi� be��een ��ch ��blica�ion� and �oda��� a��i��ic and g�a�hic ��ac�ice. The ��ojec� �e�ead� ac�i�i�� ��ac�ice� in a�� a� �he heigh� of decoloni�a�ion ��oce��e�, libe�a�ion ����ggle� of �he 60� and ��icon�inen�al ambi�ion� in�e��iga�ing and e��lo�ing mili�an� g�a�hic�, �e�iodical maga�ine�, �o��e��, �ine� and ��o�aganda e�heme�a.
2.5. Green Papa�a Art Projects, Manila, Philippines, for their project �Shri Visha�as� The Sh�i Vi�ha�a� P�ojec� �eek� �o c�ea�e an a�� �la�fo�m fo� in�e��ec�ion� of indigeno��, ���al, and con�em�o�a�� c�l���e�. The ��ojec� �ill ��e a��i��� and a�� �o b�ing �oge�he� �he�e c�l���e� �o c�ea�e info�ma�ion e�change dialog�e� and comm�ni�� imme��ion� fo� �he ����o�e of c�ea�ing �he Indigineo�� Peo�le� C�l���al Cen�e�, la�nching �i�h a Mo�n�ain Fe��i�al.
2.6. The International Curators Forum, International, for their development of the second iteration of their Diaspora Pavilion at the Venice Biennale 2022.
A� �a�� of �he O���e� Pa��ne�� C�cle I (2019), �he In�e�na�ional C��a�o�� Fo��m (ICF) �a� a�a�ded �25,000 �e� ann�m fo� �h�ee �ea�� �o�a�d� �he de�elo�men� and e�ec��ion of �he Dia��o�a Pa�ilion 2 ��ojec�. Af�e� a �ea� of �e�ea�ch and de�elo�men�, ICF c��a�ed �he fi��� Dia��o�a Pa�ilion 2 e�hibi�ion, in �a��ne��hi� �i�h 4A Cen��e fo� Con�em�o�a�� A�ian A�� in S�dne�, A����alia �i�led I am a hea�� bea�ing in �he �o�ld: Dia��o�a Pa�ilion 2, S�dne�. The e�hibi�ion ��e�en�ed �he na�iga�ion�, imagining� and li�ed e��e�ience� of dia��o�ic ��bjec�i�i�ie� �h�o�gh �he �o�k� of �i� a��i��� ba�ed in A����alia, �he UK and Ca�ibbean: Abd�l-Rahman Abd�llah, Ka�hif Nadim Cha�d��, Lind� Lee, Le�la S�e�en�, Zadie Xa and Daniela Yohanne�. Wi�h O���e� Pa��ne��� ����o�� in �hi� C�cle III, �he Dia��o�a Pa�illion II �ill be �aken �o Venice Biennale, and �h�ee f���he� e�hibi�ion� in Whi�echa�el Galle�� and block 336 in B�i��on.
DONATIONS
1. Outset Annual Commission, National Portrait Galler�, (October 2018-) O���e� ini�ia�ed �he �hi�d �ea� of �hei� �h�ee-�ea� �a��ne��hi� �i�h �he Na�ional Po���ai� Galle��, �o commi��ion a ne� �o�k �o en�e� �he collec�ion, ����o��ed b� �a��on Sco�� Collin�. The �hi�d �o���ai� �ill be �e�ealed in 2023 d�e �o co�id dela��
2. Dor Gue�, �The Sick Man of Europe: The Painter�, 2012, Tate Modern Collection Thi� �ideo a���o�k �a� dona�ed �o �he Ta�e Collec�ion � In�e�na�ional Mode�n and Con�em�o�a�� A��. The �o�k com��i�e� of a fi�e-�a�� ��ojec�, �i�h �he �i�le o�ing �o a �h�a�e ��ed in �he 19�h Cen���� �o de�c�ibe �he colla��e of �he O��oman Em�i�e. G�e� ��e� �hi� �o�k �o e�amine �he mili�a�� hi��o�� of �e�e�al ��a�e� of �he Middle Ea�� �h�o�gh �he ��o�ie� of a��i�� �ho �e�e �ec��i�ed �o �he a�mie� and �ook �a�� in �he �a�io�� 20�h cen���� �a��. The �a�� lef� �hei� ma�k on �he a��i��� �ho �hen ��o��ed c�ea�ing �o�k once �he� became �oldie��.
'The Pain�e�' �a� ini�iall� �ho�n a� �he ICA, London in collabo�a�ion �i�h The Mo�aic Room� �i�h ����o�� f�om The A.M. Qa��an Fo�nda�ion; i� �a� �hen �a�� of ��o g�o�� �ho��: �Common G�o�nd�� c��a�ed b� Ve�ena Hein a� M��e�m Villa S��ck in M�nich and �The Thickne�� of Time� e�hibi�ed in The Fo�me� Co��e��onden�� Cen�e� in A�hen� and c��a�ed b� loc�� A�hen�.
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3. Graham Fagen, �Slave�s Lament�, 2020, National Galleries Scotland Wi�h �hank� �o �he gene�o�i�� of O���e� Pa��ne� Robin Ha�die, O���e� �a� able �o dona�e �hi� �o�k �o �he Na�ional Galle�ie� Sco�land. �The Sla�e�� Lamen�� �a� Sco��i�h �oe� Robe�� B��n��� (1759-1796) onl� �o�k �o em�a�hi�e �i�h �he a��alling h��� of �he di��laced, �he ��afficked and �he en�la�ed. A l��ic ��bli�hed in 1792, i� i� a na��a�i�e �ha� �emain� con�em�o�a�� a� �e �hink of c���en� ��agedie� �nfolding on bo�de�� and in hin�e�land loca�ion�. Wi�h a mo�ing �co�e ��i��en b� Sall� Beami�h, �e�fo�med b� �he Sco��i�h En�emble and �eggae �inge� Ghe��o P�ie��, and ��od�ced b� On-U-So�nd fo�nde� Ad�ian She��ood, G�aham Fagen c�ea�e� a fa�cina�ing �o�nd cla�h, �he�e B��n�'� �oe��� find� a ha�n�ing bedfello� in Jamaican �eggae m��ic � and find� m�ch common g�o�nd.
4. Graham Fagen, �Lockdo�n Rainbo��, 2020, Government Art Collection Thi� �o�k of a�� �a� c�ea�ed li�e on �oom d��ing an O���e� Pa��on� e�en� d��ing �he na�ion�ide lockdo�n in Ma� 2020. The O���e� Pa��on� �e�e gi�en a ���dio �o�� of G�aham Fagen �ho �ook �o �ain�ing man� �ainbo�� d��ing �hi� �e�iod, an ini�ia�i�e �ha� �a� ��a��ed b� �he ��blic �o �ho� ����o�� of NHS �o�ke�� �ho �e�e ca�ing fo� co�id �a�ien��. Thi� �ainbo� a���o�k �a� �hen dona�ed �o �he Go�e�nmen� A�� Collec�ion, a� a �iece of con�em�o�a�� ��blic hi��o��.
5. The Robson Orr TenTen A�ard, Government Art Collection Con�in�ing O���e��� �a��ne��hi� �i�h �he Go�e�nmen� A�� Collec�ion (GAC), �e a�a�ded �he �hi�d commi��ion of The Rob�on O�� TenTen A�a�d �o Yinka Shoniba�e CBE, �ho ha� c�ea�ed �he �onde�f�ll� com�le� �Hibi�c�� and �he Ro�e�, a �oodc�� ��in� fea���ing Shoniba�e�� �igna���e ��e of D��ch �a� fab�ic� and �alk� of hi� childhood in bo�h �he UK and Nige�ia.
The ��in� ha� been commi��ioned a� �a�� of a �en-�ea� ini�ia�i�e ��od�ced b� O���e� �i�h �he GAC, and ��on�o�ed b� leading �hilan�h�o�i��� S�bil Rob�on O�� and Ma��he� O��. E�e�� �ea� a B�i�i�h a��i�� i� commi��ioned �o c�ea�e a �ni��e, limi�ed edi�ion ��in� �o be �ho�n in di�loma�ic b�ilding� ac�o�� �he �o�ld. A �mall n�mbe� a�e a�ailable fo� ���cha�e �h�o�gh a collabo�a�ion �i�h O���e� �o �ai�e f�nd� fo� �he GAC ac��i�i�ion f�nd. The 10-�ea� �cheme �a� la�nched in 2018 �i�h �he ina�g��al a�a�d gi�en �o �he a��i�� H���in Ande��on, and con�in�ed in 2019 �i�h Taci�a Dean�� commi��ion.
Shoniba�e�� �oodc�� ��in� and fab�ic collage Hibi�c�� and �he Ro�e i� a bea��if�ll� �i�id enco�n�e� be��een ��o �ca�le� flo�al bloom�. A� a child in Nige�ia Yinka Shoniba�e �o�ld �ick �he nec�a� f�om �he hibi�c�� flo�e� �o ea�, �hil�� �he �o�e e�oke� hi� B�i�i�h iden�i��. Con�cio�� �ha� �he ��in�� �ill hang in UK go�e�nmen� b�ilding� a�o�nd �he �o�ld, Shoniba�e ha� c�ea�ed an image �ha� i� bo�h �e��onal and �ni�e��al.
In 2020-21, Outset successfull� donated the follo�ing art �orks to The Government Art Collection:
-
Sonia Bo�ce, �The A�di�ion in Colo���, (1997/2020), P��cha�ed f�om Goodman Galle��
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Cha�maine Wa�ki��, �The Pa��enge���, (2020), P��cha�ed f�om �he a��i�� �ia Ti�ani Con�em�o�a��
-
Rene Ma�ic, �Maggie in Pink� and �D�eamland, Ma�ga�e�, (2019), P��cha�ed f�om �he a��i�� �ia A�cadia Mi��a
RESIDENCIES AND PROFESSIONAL DEVELOPMENT BURSARIES
The follo�ing �e�idencie� and ��ofe��ional de�elo�men� b���a�ie� �e�e ����o��ed d��ing �he 2020/21 �e�iod:
1. The Outset Climavore Residenc� (Ongoing) Th�o�gh �he Clima�o�e Re�idenc�, O���e� ��o�ide� a ���dio and li�ing accommoda�ion �o a��i��� and c��a�o��, �o hel� alle�ia�e �he nece��a�� co��� of ho��ing an a��i�� �hich �o of�en b��den� �he b�dge�� of London in��i���ion�, f�om eme�ging �o �he mo�� e��abli�hed c�l���al in��i���ion�. The �e�idenc� ��ace �a� de�igned b� Cooking Sec�ion�: a d�o of ��a�ial ��ac�i�ione�� e��lo�ing �he ����em� �ha� o�gani�e �he �o�ld �h�o�gh food. U�ing in��alla�ion, �e�fo�mance, ma��ing and �ideo, �hei� �e�ea�ch-ba�ed ��ac�i�e �o�k� be��een �he o�e�la��ing bo�nda�ie� be��een �i��al a���, a�chi�ec���e and geo�oli�ic�. The Clima�o�e ��ojec� in�e��iga�e� ho� �o ea� a� h�man� change �he clima�e and e��lo�e� �ea�on� of food ��od�c�ion and con��m��ion �ha� �eac� �o inc�ea�ingl� e�iden� man-ind�ced al�e�a�ion� of �he land�ca�e.
Page 8
Outset - Contemporar� Art Fund
(A compan� limited b� guarantee)
Trustees' report (continued) for the �ear ended 30 August 2021
Artists and Curators to have been in residence in the space during 2021 include:
-
S�ma��a Vall�, in ����o�� of �he Se��en�ine Pa�ilion
-
I�ama� A�he�, in ����o�� of �e�ea�ch and de�elo�men�
-
Meli��a Blanchflo�e�, in ����o�� of �Jennife� Packe�: The E�e I� No� Sa�i�fied Wi�h Seeing� a� Se��en�ine Galle��
-
O�en Pinha��i, in ����o�� of �The C�o�d� a� S�. C���ian�� Ch��ch
EDUCATION
1. Artists In Residence
A��i�� in Re�idence �eek� �o connec� a��i��� �i�h �chool� ac�o�� �he UK �o co-de�ign and ca��� o�� be��oke ��ojec�� �i�h �o�ng �eo�le and �hei� �eache��. The�e �e�idencie� en���e �ha� �o�ng �eo�le in lo�e� �ocioeconomic a�ea� ha�e �he o��o���ni�� �o �o�k �i�h, collabo�a�e, e��e�ience and be in��i�ed b� o����anding a��i���, �nlea�hing �hei� c�ea�i�e ambi�ion�, a� �ell a� ����o��ing �he �chool �o ��o�ide an en�iching c���ic�l�m. A��i��� �e�e connec�ed b� O���e� �o �he A��i��� in Re�idence (AiR) ��og�amme, �lacing �hem in ��a�e �chool� ac�o�� �he co�n���, con�in�ing �o facili�a�e �he men�o��hi� ��og�amme.
FUTURE PLANS
PLANS FOR FUTURE PERIODS
Projects for the public benefit from September 2021 to August 2022
-
Seeing �he In�i�ible A�gmen�ed Reali�� �la�fo�m connec�ing �o�ld-acclaimed a��i��� �i�h 8 Bo�anical Ga�den� �o�ld�ide
-
�heVOV TenTen Vi���al Galle��, �he fi��� e�e� �i���al e�hibi�ion of a go�e�nmen� a�� collec�ion, di��la�ing �o�k� of a�� f�om in�ide �he collec�ion and commi��ioned ��in�� f�om �he TenTen ��ojec�
-
�heVOV ��e�ence a� �he Venice Biennale, b�inging �o life �h��ical Pa�ilion� in e��ended �eali��
-
Clima�o�e Re�idenc� P�og�amme con�in�ed
-
The Na�ional Po���ai� Galle�� Commi��ion �hi�d commi��ioned deli�e�ed
Operational changes
The O���e� T����ee� �ill con�in�e �o de�elo� and b�ild ��on �hei� ne� model fo� �a��onage, �eeing �he O���e� Pa��ne�� e��and in�o a �hi�d c�cle �h�o�gho�� �he ne�� �ea�, f�nd�ai�ing in o�de� �o a�a�d �275,000 �o��h of g�an�� in 2022 a� di�ec�ed b� �he Pa��ne��. The O���e� T����ee� �ill con�in�e �o de�elo� �he co�e le�el of �a��onage al�o, kno�n a� �he P�ofe��ional Pa��on�, �i�h an em�ha�i� on ����o��ing �o�ng �alen� and inno�a�ion, engaging �i�h ��blic in��i���ion�, and a�a�ding g�an�� a� di�ec�ed b� �he O���e� T����ee�.
FUTURE RISKS AND UNCERTAINTIES DISCLOSURE
The �����ee� iden�if� ��o ongoing �i�k� �o O���e�, �he fi��� i� a mo�e diffic�l� f�nd�ai�ing en�i�onmen� d�e �o fi�cal change� in �he UK a� a di�ec� �e��l� of �he COVID-19 �andemic, an�ici�a�ing a lo� of g�an�� f�om indi�id�al� ma� be dela�ed, o� �a��on� ma� con�in�e �o li�e o���ide of �he UK a� c���en�. We �ee �hi� a� a lo� �i�k �o o�� long�e�m b�dge�ing a� f�om e��e�ience o�� �a��on� a�e keen �o con�in�e ����o��ing �he cha�i�� d��ing �ime� of economic �n�e��, a� �ell a� dona�ing in�e�na�ionall�.
T����ee� a�e addi�ionall� �lacing em�ha�i� on o�� ongoing ca�ef�l managemen� of o�� f�nding alloca�ion, and �ed�cing o�e�a�ional co��� �he�e �o��ible. S�aff a�e �o�king ha�d �o �moo�h o�� c���en� financial commi�men��, e��ending �a�men�� �he�e �o��ible, and commi��ing ne� dono�� a� �ell a� �ec��ing �he �ene�al� of all �a��on� fo� �hi� �ea� a� �oon a� �o��ible. Fo� e�am�le, �he �hi�d �o�nd of O���e� Pa��ne�� ha� al�ead� been f�ll� f�nded, and �e a�e in �he ��oce�� no� of confi�ming �he a�a�d� �o each g�an�ee.
Page 9
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Trustees' report (continued) for the �ear ended 30 August 2021
O�� �lan and ���a�eg� i� �o con�in�e looking a� o�� o�e�a�ional co���, �h�o�gh �e�ie�ing em�lo�ee a��oin�men��, main�aining a �mall and conci�e �eam fo� efficienc�, a� �ell a� kee�ing o�� e��endi���e lo� �he�eb� no� o�e�commi��ing on �hilan�h�o�ic ��ojec��. In �he e�en� of e���eme ���e�� on O���e��� co���, �e �o�ld �each o�� �o o�� �a��on� fo� eme�genc� ����o�� �ho�ld �hi� e�e� become nece��a�� and con�ide� ��eaking �i�h f�nding bodie� ��ch a� �he A��� Co�ncil, �hom �e ha�e ne�e� �ecei�ed f�nding f�om fo� o�� o�e�a�ion, in��ead �el�ing on �he gene�o�i�� of ��i�a�e �a��on� and co��o�a�e ��on�o��.
The addi�ional �oin� �ha� �����ee� �i�h �o no�e i� �he con�in�ed e��onen�ial lo�� of affo�dable �o�k��ace and �he ongoing �h�ea� �o c�ea�i�e� in London d�e �o �he inc�ea�ing �en� co���. We con�in�e �o �o�k �i�h a dedica�ed ��b �eam �i�hin o�� o�e�a�ion �ho manage �he S��diomake�� ini�ia�i�e, �ho con�in�e �o �ie� �hi� a� a g�ea� ��io�i�� in �e��on�e �o �he �h�ea� on o�� �o�i�ion �o f�nd a��i��'� ��ace� in �he nea� f����e. The S��diomake�� ha� addi�ionall� been a�a�ded a g�an� b� �he G�ea�e� London A��ho�i�� fo� i�� con�in�ed effo��� on ����o��ing �he �ec�o� d��ing �he �ime of �he COVID-19 �andemic �hich �ill con��ib��e �o �he afo�emen�ioned o�e�a�ional co��� �ha� �he T����ee� a�e keen �o �ec��e a� a ma��e� of ��io�i�� a� �hi� �ime.
FUNDRAISING AND FINANCIAL REVIEW
Wi�h �he la�nch of �he ne� O���e� Pa��ne��� f�nding model and main�aining co��o�a�e ��on�o��, �e �e�e ��cce��f�l in o�� f�nd�ai�ing fo� �hi� �e�iod.
No o�he� �a��� ac�� in a f�nd�ai�ing ca�aci�� on O���e��� behalf, no� do �e hi�e a ��ofe��ional f�nd�ai�e�.
All ma�e�ial e��endi���e fo� f�nd �ai�ing e�en�� i� done �o ��i�a�el� f�om di�ec� ��on�o�� offe�ing �o ho�� f�nd�ai�ing e�en��, and co��o�a�e ��on�o�� dona�ing �o �he e�en�, �e�a�a�e f�om O���e�'� ke� e��en�e�. We ha�e no f�nd�ai�ing di�clo���e� �o no�e acco�ding �o �ec�ion 13 of �he Cha�i�ie� (P�o�ec�ion and Social In�e��men�) Ac� 2016.
We con�in�e �o moni�o� �he f�nd�ai�ing ac�i�i�ie� of an� �����ee o� membe� of ��aff �ha� i� ac�ing on behalf of O���e�. Fo� �hi� �e�iod, �e ha�e no com�lain�� �o decla�e and �e �emain in line �i�h o�� cha�i�able aim�, and all �����ee� moni�o� fo� be�� ��ac�ice in o�� f�nd�ai�ing effo���, en���ing �ha� no ��aff membe� of O���e� i� �lacing an� �nd�e ��e����e on �e��on� �o dona�e �o �he f�nd.
To�al income fo� �he �ea� �a� �998,084 (2020: �736,756) �i�h e��endi���e of �1,068,086 (2020: �945,635) �e��l�ing in a ne� mo�emen� in f�nd� of a lo�� of �70,002 (2020: lo�� of �208,879).
RESERVES
Holding �e�e��e� i� con�ide�ed �nnece��a�� b� �he T����ee� of O���e� a� �e a�e con�i��en�l� kee�ing ��-�o-da�e and moni�o�ing o�� alloca�ion of f�nd�. The o�e�a�ional �eam of O���e� feedback �o a �����ee on o�� ca�h flo� and e��endi���e on a �eekl� ba�i�.
Info�mall� �e al�a�� b�ild in a b�ffe� in o�� ca�h flo� fo� �he �ea� and di�co�n� ��ch �nce��ain�ie� a� Gif� Aid f�om o�� incoming f�nd�. We do no� �ing-fence a b�ffe� a� a �e�e��e b�� a�e looking in�o fo�mali�ing �hi� fo� f����e �ea��.
The amo�n� of �he �o�al f�nd� �he cha�i�� hold� a� �he end of �he �e�o��ing �e�iod i� �117,301 (2020: �187,303) com��i�ing Re���ic�ed F�nd� of �nil (2020: �17,210) and Un�e���ic�ed F�nd� of �117,301 (2020: �170,093).
Page 10
Outset - Contemporar� Art Fund
(A compan� limited b� guarantee)
Trustees' report (continued) for the �ear ended 30 August 2021
GOING CONCERN
The T����ee� con�ide� �he cha�i�� �o be a going conce�n and �he�e a�e no ma�e�ial �nce��ain�ie� in �hi� �e��ec�.
A���o�ed b� o�de� of �he membe�� of �he boa�d of T����ee� and �igned on �hei� behalf b�:
Nicolette Cavaleros
T����ee
Da�e: 29 J�ne 2022
Page 11
Outset - Contemporar� Art Fund
(A compan� limited b� guarantee)
Statement of Trustees' responsibilities for the �ear ended 30 August 2021
The T����ee� (�ho a�e al�o �he di�ec�o�� of �he Cha�i�� fo� �he ����o�e� of com�an� la�) a�e �e��on�ible fo� ��e�a�ing �he T����ee�' �e�o�� and �he financial ��a�emen�� in acco�dance �i�h a��licable la� and Uni�ed Kingdom Acco�n�ing S�anda�d� (Uni�ed Kingdom Gene�all� Acce��ed Acco�n�ing P�ac�ice).
Com�an� la� �e��i�e� �he T����ee� �o ��e�a�e financial ��a�emen�� fo� each financial . Unde� com�an� la�, �he T����ee� m��� no� a���o�e �he financial ��a�emen�� �nle�� �he� a�e �a�i�fied �ha� �he� gi�e a ���e and fai� �ie� of �he ��a�e of affai�� of �he Cha�i�� and of i�� incoming �e�o��ce� and a��lica�ion of �e�o��ce�, incl�ding i�� income and e��endi���e, fo� �ha� �e�iod. In ��e�a�ing �he�e financial ��a�emen��, �he T����ee� a�e �e��i�ed �o:
-
�elec� ��i�able acco�n�ing �olicie� and �hen a��l� �hem con�i��en�l�;
-
ob�e��e �he me�hod� and ��inci�le� of �he Cha�i�ie� SORP (FRS 102);
-
make j�dgmen�� and acco�n�ing e��ima�e� �ha� a�e �ea�onable and ���den�;
-
��a�e �he�he� a��licable UK Acco�n�ing S�anda�d� (FRS 102) ha�e been follo�ed, ��bjec� �o an� ma�e�ial de�a����e� di�clo�ed and e��lained in �he financial ��a�emen��;
-
��e�a�e �he financial ��a�emen�� on �he going conce�n ba�i� �nle�� i� i� ina���o��ia�e �o ��e��me �ha� �he Cha�i�� �ill con�in�e in b��ine��.
The T����ee� a�e �e��on�ible fo� kee�ing ade��a�e acco�n�ing �eco�d� �ha� a�e ��fficien� �o �ho� and e��lain �he Cha�i��'� ��an�ac�ion� and di�clo�e �i�h �ea�onable acc��ac� a� an� �ime �he financial �o�i�ion of �he Cha�i�� and enable �hem �o en���e �ha� �he financial ��a�emen�� com�l� �i�h �he Com�anie� Ac� 2006. The� a�e al�o �e��on�ible fo� �afeg�a�ding �he a��e�� of �he Cha�i�� and hence fo� �aking �ea�onable ��e�� fo� �he ��e�en�ion and de�ec�ion of f�a�d and o�he� i��eg�la�i�ie�.
A���o�ed b� o�de� of �he membe�� of �he boa�d of T����ee� and �igned on i�� behalf b�:
Nicolette Cavaleros T����ee
Da�e: 29 J�ne 2022
Page 12
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Independent e�aminer's report
for the �ear ended 30 August 2021
Independent e�aminer's report to the Trustees of Outset - Contemporar� Art Fund ('the Charit�')
I �e�o�� �o �he cha�i�� T����ee� on m� e�amina�ion of �he acco�n�� of �he Cha�i�� fo� �he �ea� ended 30 A�g��� 2021.
Responsibilities and basis of report
A� �he T����ee� of �he Cha�i�� (and i�� di�ec�o�� fo� �he ����o�e� of com�an� la�) �o� a�e �e��on�ible fo� �he ��e�a�a�ion of �he acco�n�� in acco�dance �i�h �he �e��i�emen�� of �he Com�anie� Ac� 2006 ('�he 2006 Ac�').
Ha�ing �a�i�fied m��elf �ha� �he acco�n�� of �he Cha�i�� a�e no� �e��i�ed �o be a�di�ed �nde� Pa�� 16 of �he 2006 Ac� and a�e eligible fo� inde�enden� e�amina�ion, I �e�o�� in �e��ec� of m� e�amina�ion of �he Cha�i��'� acco�n�� ca��ied o�� �nde� �ec�ion 145 of �he Cha�i�ie� Ac� 2011 ('�he 2011 Ac�'). In ca���ing o�� m� e�amina�ion I ha�e follo�ed �he Di�ec�ion� gi�en b� �he Cha�i�� Commi��ion �nde� �ec�ion 145(5)(b) of �he 2011 Ac�.
Independent e�aminer's statement
Since �he Cha�i��'� g�o�� income e�ceeded �250,000 �o�� e�amine� m��� be a membe� of a bod� li��ed in �ec�ion 145 of �he 2011 Ac�. I confi�m �ha� I am ��alified �o �nde��ake �he e�amina�ion beca��e I am a membe� of ICAEW, �hich i� one of �he li��ed bodie�.
I ha�e com�le�ed m� e�amina�ion. I confi�m �ha� no ma��e�� ha�e come �o m� a��en�ion in connec�ion �i�h �he e�amina�ion gi�ing me ca��e �o belie�e:
-
acco�n�ing �eco�d� �e�e no� ke�� in �e��ec� of �he Cha�i�� a� �e��i�ed b� �ec�ion 386 of �he 2006 Ac�; o�
-
�he acco�n�� do no� acco�d �i�h �ho�e �eco�d�; o�
-
�he acco�n�� do no� com�l� �i�h �he acco�n�ing �e��i�emen�� of �ec�ion 396 of �he 2006 Ac� o�he� �han an� �e��i�emen� �ha� �he acco�n�� gi�e a '���e and fai�' �ie� �hich i� no� a ma��e� con�ide�ed a� �a�� of an inde�enden� e�amina�ion; o�
-
�he acco�n�� ha�e no� been ��e�a�ed in acco�dance �i�h �he me�hod� and ��inci�le� of �he S�a�emen� of Recommended P�ac�ice fo� acco�n�ing and �e�o��ing b� cha�i�ie� a��licable �o cha�i�ie� ��e�a�ing �hei� acco�n�� in acco�dance �i�h �he Financial Re�o��ing S�anda�d a��licable in �he UK and Re��blic of I�eland (FRS 102).
I ha�e no conce�n� and ha�e come ac�o�� no o�he� ma��e�� in connec�ion �i�h �he e�amina�ion �o �hich a��en�ion �ho�ld be d�a�n in �hi� �e�o�� in o�de� �o enable a ��o�e� �nde���anding of �he acco�n�� �o be �eached.
Thi� �e�o�� i� made �olel� �o �he Cha�i��'� T����ee�, a� a bod�, in acco�dance �i�h Pa�� 4 of �he Cha�i�ie� (Acco�n�� and Re�o���) Reg�la�ion� 2008. M� �o�k ha� been �nde��aken �o �ha� I migh� ��a�e �o �he Cha�i��'� T����ee� �ho�e ma��e�� I am �e��i�ed �o ��a�e �o �hem in an inde�enden� e�amine�'� �e�o�� and fo� no o�he� ����o�e. To �he f�lle�� e��en� �e�mi��ed b� la�, I do no� acce�� o� a���me �e��on�ibili�� �o an�one o�he� �han �he Cha�i�� and �he Cha�i��'� T����ee� a� a bod�, fo� m� �o�k o� fo� �hi� �e�o��.
S�e�hen Tanne� BSc (Econ) FCA
Kreston Reeves LLP
Cha��e�ed Acco�n�an�� London
29 June 2022
Page 13
Outset - Contemporar� Art Fund
(A compan� limited b� guarantee)
Statement of financial activities (incorporating income and e�penditure account) for the �ear ended 30 August 2021
| Note Income from: Dona�ion� and legacie� 3 Total income E�penditure on: Cha�i�able ac�i�i�ie� 4 Total e�penditure Net movement in funds Reconciliation of funds: To�al f�nd� b�o�gh� fo��a�d Ne� mo�emen� in f�nd� Total funds carried for�ard |
Unrestricted funds 2021 � 859,680 859,680 912,472 912,472 (52,792) 170,093 (52,792) 117,301 |
Restricted funds 2021 � 138,404 138,404 155,614 155,614 (17,210) 17,210 (17,210) - |
Total funds 2021 � 998,084 998,084 1,068,086 1,068,086 (70,002) 187,303 (70,002) 117,301 |
To�al f�nd� 2020 � 736,756 736,756 945,635 945,635 (208,879) 396,182 (208,879) 187,303 |
|---|---|---|---|---|
The S�a�emen� of financial ac�i�i�ie� incl�de� all gain� and lo��e� �ecogni�ed in �he �ea�.
The no�e� on �age� 17 �o 31 fo�m �a�� of �he�e financial ��a�emen��.
Page 14
Outset - Contemporar� Art Fund (A compan� limited b� guarantee) Registered number: 04870490
Balance sheet as at 30 August 2021
| Note Fi�ed assets In�angible a��e�� 9 Tangible a��e�� 10 Current assets Deb�o�� 11 Ca�h a� bank and in hand C�edi�o��: amo�n�� falling d�e �i�hin one �ea� 12 Net current assets Total net assets Charit� funds Re���ic�ed f�nd� 13 Un�e���ic�ed f�nd� 13 Total funds |
52,468 166,040 218,508 (108,161) |
2021 � 795 6,159 6,954 110,347 117,301 - 117,301 117,301 |
65,234 154,406 219,640 (36,275) |
2020 � 2,874 1,064 |
|---|---|---|---|---|
| 3,938 183,365 |
||||
| 187,303 | ||||
| 17,210 170,093 |
||||
| 187,303 |
The Cha�i�� �a� en�i�led �o e�em��ion f�om a�di� �nde� �ec�ion 477 of �he Com�anie� Ac� 2006.
The membe�� ha�e no� �e��i�ed �he com�an� �o ob�ain an a�di� fo� �he �ea� in ��e��ion in acco�dance �i�h �ec�ion 476 of Com�anie� Ac� 2006.
The T����ee� ackno�ledge �hei� �e��on�ibili�ie� fo� com�l�ing �i�h �he �e��i�emen�� of �he Ac� �i�h �e��ec� �o acco�n�ing �eco�d� and ��e�a�a�ion of financial ��a�emen��.
The financial ��a�emen�� ha�e been ��e�a�ed in acco�dance �i�h �he ��o�i�ion� a��licable �o en�i�ie� ��bjec� �o �he �mall com�anie� �egime.
The financial ��a�emen�� �e�e a���o�ed and a��ho�i�ed fo� i���e b� �he T����ee� and �igned on �hei� behalf b�:
Nicolette Cavaleros T����ee
Da�e: 29 J�ne 2022
The no�e� on �age� 17 �o 31 fo�m �a�� of �he�e financial ��a�emen��.
Page 15
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
| Statement of cash flo�s for the �ear ended 30 August 2021 Note Cash flo�s from operating activities Ne� ca�h ��ed in o�e�a�ing ac�i�i�ie� 16 Cash flo�s from investing activities P��cha�e of �angible fi�ed a��e�� Net cash used in investing activities Change in cash and cash equivalents in the �ear Ca�h and ca�h e��i�alen�� a� �he beginning of �he �ea� Cash and cash equivalents at the end of the �ear 17 The no�e� on �age� 17 �o 31 fo�m �a�� of �he�e financial ��a�emen�� |
2021 � 19,496 (7,862) (7,862) 11,634 154,406 166,040 |
2020 � (232,476) (2,180) (2,180) (234,656) 389,062 154,406 |
|---|---|---|
Page 16
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
1. General information
O���e� - Con�em�o�a�� A�� F�nd i� a �egi��e�ed cha�i��. The �egi��e�ed office i� 8 Wadham Ga�den�, London, NW3 3DP. The ��inci�al o�e�a�ing office can be �een on �he info�ma�ion �age on �age 1.
2. Accounting policies
2.1 Basis of preparation of financial statements
The financial ��a�emen�� ha�e been ��e�a�ed in acco�dance �i�h �he Cha�i�ie� SORP (FRS 102) - Acco�n�ing and Re�o��ing b� Cha�i�ie�: S�a�emen� of Recommended P�ac�ice a��licable �o cha�i�ie� ��e�a�ing �hei� acco�n�� in acco�dance �i�h �he Financial Re�o��ing S�anda�d a��licable in �he UK and Re��blic of I�eland (FRS 102) (effec�i�e 1 Jan�a�� 2019), �he Financial Re�o��ing S�anda�d a��licable in �he UK and Re��blic of I�eland (FRS 102) and �he Com�anie� Ac� 2006.
O���e� - Con�em�o�a�� A�� F�nd mee�� �he defini�ion of a ��blic benefi� en�i�� �nde� FRS 102. A��e�� and liabili�ie� a�e ini�iall� �ecogni�ed a� hi��o�ical co�� o� ��an�ac�ion �al�e �nle�� o�he��i�e ��a�ed in �he �ele�an� acco�n�ing �olic�.
2.2 Going concern
The financial ��a�emen�� ha�e been ��e�a�ed on a going conce�n ba�i�. The im�ac� of �he global Co�id-19 �andemic ha� been con�in�o��l� a��e��ed b� �he T����ee� ac�o�� �he �a�� �ea�, and d�e �o i�� �n��eceden�ed im�ac� on �he �ide� econom� i� i� clea� �ha� O���e� ha� �een a �ed�c�ion in dona�ion� f�om bo�h co��o�a�e and indi�id�al ����o��e��. Taking in�o con�ide�a�ion �he cha�i���� ongoing f�nd�ai�ing effo��� and me�ic�lo�� �lanning, incl�ding �ignifican� �ed�c�ion� in o�e�a�ional e��en�e� and �he alle�ia�ed ��e����e� on o�� ca�hflo�, �he T����ee� ha�e a �ea�onable e��ec�a�ion �ha� �he cha�i�� �ill con�in�e in o�e�a�ional e�i��ence fo� �he fo�e�eeable f����e.
2.3 Fund accounting
Gene�al f�nd� a�e �n�e���ic�ed f�nd� �hich a�e a�ailable fo� ��e a� �he di�c�e�ion of �he T����ee� in f���he�ance of �he gene�al objec�i�e� of �he Cha�i�� and �hich ha�e no� been de�igna�ed fo� o�he� ����o�e�.
Re���ic�ed f�nd� a�e f�nd� �hich a�e �o be ��ed in acco�dance �i�h ��ecific �e���ic�ion� im�o�ed b� dono�� o� �hich ha�e been �ai�ed b� �he Cha�i�� fo� �a��ic�la� ����o�e�. The co��� of �ai�ing and admini��e�ing ��ch f�nd� a�e cha�ged again�� �he ��ecific f�nd. The aim and ��e of each �e���ic�ed f�nd i� �e� o�� in �he no�e� �o �he financial ��a�emen��.
2.4 Incoming resources
All income i� �ecogni�ed once �he Cha�i�� ha� en�i�lemen� �o �he income, i� i� ��obable �ha� �he income �ill be �ecei�ed and �he amo�n� of income �ecei�able can be mea���ed �eliabl�.
Ca�h dona�ion� a�e �ecogni�ed on �ecei��. O�he� dona�ion� a�e �ecogni�ed once �he Cha�i�� ha� been no�ified of �he dona�ion, �nle�� �e�fo�mance condi�ion� �e��i�e defe��al of �he amo�n�. Income �a� �eco�e�able in �ela�ion �o dona�ion� �ecei�ed �nde� Gif� Aid i� �ecogni�ed a� �he �ime of �he dona�ion.
G�an�� a�e incl�ded in �he ��a�emen� of financial ac�i�i�ie� on a �ecei�able ba�i�. The balance of income �ecei�ed fo� ��ecific ����o�e� b�� no� e��ended d��ing �he �e�iod i� �ho�n in �he �ele�an� f�nd� on �he balance �hee�. Whe�e income i� �ecei�ed in ad�ance of en�i�lemen� of �ecei��, i�� �ecogni�ion i� defe��ed and incl�ded in c�edi�o�� a� defe��ed income. Whe�e en�i�lemen� occ��� befo�e income i� �ecei�ed, �he income i� acc��ed.
Page 17
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
2. Accounting policies (continued)
2.5 Resources e�pended
E��endi���e i� �ecogni�ed once �he�e i� a legal o� con����c�i�e obliga�ion �o ��an�fe� economic benefi� �o a �hi�d �a���, i� i� ��obable �ha� a ��an�fe� of economic benefi�� �ill be �e��i�ed in �e��lemen� and �he amo�n� of �he obliga�ion can be mea���ed �eliabl�. E��endi���e i� cla��ified b� ac�i�i��. The co��� of each ac�i�i�� a�e made �� of �he �o�al of di�ec� co��� and �ha�ed co���, incl�ding ����o�� co��� in�ol�ed in �nde��aking each ac�i�i��. Di�ec� co��� a���ib��able �o a �ingle ac�i�i�� a�e alloca�ed di�ec�l� �o �ha� ac�i�i��. Sha�ed co��� �hich con��ib��e �o mo�e �han one ac�i�i�� and ����o�� co��� �hich a�e no� a���ib��able �o a �ingle ac�i�i�� a�e a��o��ioned be��een �ho�e ac�i�i�ie� on a ba�i� con�i��en� �i�h �he ��e of �e�o��ce�. Cen��al ��aff co��� a�e alloca�ed on �he ba�i� of �ime ��en�, and de��ecia�ion cha�ge� alloca�ed on �he �o��ion of �he a��e��� ��e.
E��endi���e on cha�i�able ac�i�i�ie� i� inc���ed on di�ec�l� �nde��aking �he ac�i�i�ie� �hich f���he� �he Cha�i��'� objec�i�e�, a� �ell a� an� a��ocia�ed ����o�� co���.
G�an�� �a�able a�e cha�ged in �he �ea� �hen �he offe� i� made e�ce�� in �ho�e ca�e� �he�e �he offe� i� condi�ional, ��ch g�an�� being �ecogni�ed a� e��endi���e �hen �he condi�ion� a��aching a�e f�lfilled. G�an�� offe�ed ��bjec� �o condi�ion� �hich ha�e no� been me� a� �he �ea� end a�e no�ed a� a commi�men�, b�� no� acc��ed a� e��endi���e.
All e��endi���e i� incl��i�e of i��eco�e�able VAT.
2.6 Government grants
Go�e�nmen� g�an�� �ela�ing �o �angible fi�ed a��e�� a�e ��ea�ed a� defe��ed income and �elea�ed �o �he ��a�emen� of financial ac�i�i�ie� o�e� �he e��ec�ed ��ef�l li�e� of �he a��e�� conce�ned. O�he� g�an�� a�e c�edi�ed �o �he ��a�emen� of financial ac�i�i�ie� a� �he �ela�ed e��endi���e i� inc���ed.
2.7 Intangible fi�ed assets and amortisation
In�angible a��e�� a�e ini�iall� �ecogni�ed a� co��. Af�e� �ecogni�ion, �nde� �he co�� model, in�angible a��e�� a�e mea���ed a� co�� le�� an� acc�m�la�ed amo��i�a�ion and an� acc�m�la�ed im�ai�men� lo��e�.
Amo��i�a�ion i� ��o�ided on in�angible a��e�� a� �a�e� calc�la�ed �o ��i�e off �he co�� of each a��e� on a ���aigh�-line ba�i� o�e� i�� e��ec�ed ��ef�l life.
Amo��i�a�ion i� ��o�ided on �he follo�ing ba�i�:
Web�i�e co��� - 25 % ���aigh� line
Page 18
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
2. Accounting policies (continued)
2.8 Tangible fi�ed assets and depreciation
Tangible fi�ed a��e�� a�e ini�iall� �ecogni�ed a� co��. Af�e� �ecogni�ion, �nde� �he co�� model, �angible fi�ed a��e�� a�e mea���ed a� co�� le�� acc�m�la�ed de��ecia�ion and an� acc�m�la�ed im�ai�men� lo��e�. All co��� inc���ed �o b�ing a �angible fi�ed a��e� in�o i�� in�ended �o�king condi�ion �ho�ld be incl�ded in �he mea���emen� of co��.
De��ecia�ion i� cha�ged �o a� �o alloca�e �he co�� of �angible fi�ed a��e�� le�� �hei� �e�id�al �al�e o�e� �hei� e��ima�ed ��ef�l li�e�, ��ing �he ���aigh�-line me�hod.
De��ecia�ion i� ��o�ided on �he follo�ing ba�i�:
Com���e� e��i�men� - 33% ���aigh� line
2.9 Debtors
T�ade and o�he� deb�o�� a�e �ecogni�ed a� �he �e��lemen� amo�n� af�e� an� ��ade di�co�n� offe�ed. P�e�a�men�� a�e �al�ed a� �he amo�n� ��e�aid ne� of an� ��ade di�co�n�� d�e.
2.10 Cash at bank and in hand
Ca�h a� bank and in hand incl�de� ca�h and �ho��-�e�m highl� li��id in�e��men�� �i�h a �ho�� ma���i�� of �h�ee mon�h� o� le�� f�om �he da�e of ac��i�i�ion o� o�ening of �he de�o�i� o� �imila� acco�n�.
2.11 Liabilities and provisions
Liabili�ie� a�e �ecogni�ed �hen �he�e i� an obliga�ion a� �he balance �hee� da�e a� a �e��l� of a �a�� e�en�, i� i� ��obable �ha� a ��an�fe� of economic benefi� �ill be �e��i�ed in �e��lemen�, and �he amo�n� of �he �e��lemen� can be e��ima�ed �eliabl�.
Liabili�ie� a�e �ecogni�ed a� �he amo�n� �ha� �he Cha�i�� an�ici�a�e� i� �ill �a� �o �e��le �he deb� o� �he amo�n� i� ha� �ecei�ed a� ad�anced �a�men�� fo� �he good� o� �e��ice� i� m��� ��o�ide.
P�o�i�ion� a�e mea���ed a� �he be�� e��ima�e of �he amo�n�� �e��i�ed �o �e��le �he obliga�ion. Whe�e �he effec� of �he �ime �al�e of mone� i� ma�e�ial, �he ��o�i�ion i� ba�ed on �he ��e�en� �al�e of �ho�e amo�n��, di�co�n�ed a� �he ��e-�a� di�co�n� �a�e �ha� �eflec�� �he �i�k� ��ecific �o �he liabili��. The �n�inding of �he di�co�n� i� �ecogni�ed in �he ��a�emen� of financial ac�i�i�ie� a� a finance co��.
2.12 Financial instruments
The Cha�i�� onl� ha� financial a��e�� and financial liabili�ie� of a kind �ha� ��alif� a� ba�ic financial in����men��. Ba�ic financial in����men�� a�e ini�iall� �ecogni�ed a� ��an�ac�ion �al�e and ��b�e��en�l� mea���ed a� �hei� �e��lemen� �al�e �i�h �he e�ce��ion of bank loan� �hich a�e ��b�e��en�l� mea���ed a� amo��i�ed co�� ��ing �he effec�i�e in�e�e�� me�hod.
Page 19
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
3. Income from donations and legacies
| Unrestricted funds 2021 � Dona�ion� 544,494 G�an�� 29,645 O�he� incoming �e�o��ce� 285,541 Total 2021 859,680 Un�e���ic�ed f�nd� 2020 � Dona�ion� 352,014 O�he� incoming �e�o��ce� 91,707 To�al 2020 443,721 |
Restricted funds 2021 � 138,404 - - 138,404 Re���ic�ed f�nd� 2020 � 293,035 - 293,035 |
Total funds 2021 � 682,898 29,645 285,541 998,084 |
|---|---|---|
| To�al f�nd� 2020 � 645,049 91,707 736,756 |
Incl�ded �i�hin O�he� incoming �e�o��ce� a�e dona�ed �e��ice� �o�alling �285,541 (2020: �78,909), �hich a�e e��ima�ed �o be �56,280 (2020: �66,795) fo� �he ��e of a�a��men�� fo� e�hibi�ion, �229,261 (2020: �nil) fo� legal and ��ofe��ional fee�, �nil (2020: �9,000) fo� PR �e��ice� f�om �h�ee �e�a�a�e �a��on� and �nil (2020: �3,114) fo� d�ink� and accom�an�ing gla���a�e fo� �he 2020 P�ofe��ional� La�nch e�en�.
Page 20
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
4. Anal�sis of e�penditure b� activities
| E��endi���e E��endi���e |
Activities undertaken directl� 2021 � 205,002 Ac�i�i�ie� �nde��aken di�ec�l� 2020 � 59,453 |
Grant funding of activities 2021 � 329,223 G�an� f�nding of ac�i�i�ie� 2020 � 411,733 |
Support costs 2021 � 533,861 S���o�� co��� 2020 � 474,449 |
Total funds 2021 � 1,068,086 |
|---|---|---|---|---|
| To�al f�nd� 2020 � 945,635 |
Page 21
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
4. Anal�sis of e�penditure b� activities (continued)
Anal�sis of support costs
| Amo��i�a�ion Legal and ��ofe��ional fee� Ad�e��i�ing Bank cha�ge� S�b�c�i��ion� Com���e� and in�e�ne� e��en�e� T�a�el and ��b�i��ence Wage� En�e��ainmen� & ca�e�ing In���ance & con��l�anc� fee� De��ecia�ion Tele�hone and office admin e��en�e� P�in�ing, �o��age and ��a�ione�� P�og�am de�elo�men� and a�� fai� co��� P��cha�e� Ren� & �a�e� Re�ai� and main�enance Go�e�nance co��� |
Total funds 2021 � 2,079 229,261 535 477 3,020 1,362 (1,178) 162,279 - 102 2,767 6,125 3,286 19,876 738 91,140 224 11,768 533,861 |
To�al f�nd� 2020 � - - 4,321 4,469 1,808 1,815 18,453 160,767 9,874 9,571 815 23,244 9,352 51,395 50,211 115,227 80 13,047 474,449 |
|---|---|---|
5. Anal�sis of grants
G�an��
| Grants to | Grants to | Total |
|---|---|---|
| Institutions | Individuals | funds |
| 2021 | 2021 | 2021 |
| � | � | � |
| 306,723 | 22,500 | 329,223 |
Page 22
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
5. Anal�sis of grants (continued)
| G�an�� �o In��i���ion� 2020 G�an�� �o Indi�id�al� 2020 � � G�an�� 328,936 82,797 The Cha�i�� ha� made �he follo�ing ma�e�ial g�an�� �o in��i���ion� d��ing �he �ea�: 2021 � Name of institution Ro�al Bo�anic Ga�den� Edinb��gh 60,000 Se��en�ine T���� 60,000 Go�e�nmen� A�� Collec�ion 50,000 S��dio Vol�ai�e 40,000 Goodman Galle�� 37,800 Pa��ne�� g�an�� 16,250 In�e�na�ional C��a�o�� Fo��m 20,000 The Whi��o��h - JN Film� - Li�e��ool Biennial 5,000 A�� On The Unde�g�o�nd - Vic�o�ia and Albe�� M��e�m - 32 Deg�ee� Ea�� (Ugandan A��� T����) 5,000 O�he� g�an�� �o in��i���ion� le�� �han �10,000 12,673 306,723 |
To�al f�nd� 2020 � 411,733 |
|---|---|
| 2020 � - - 50,000 - - - - 135,000 48,232 10,000 10,000 2,500 - 73,204 |
|
| 328,936 |
6. Independent e�aminer's remuneration
The inde�enden� e�amine�'� �em�ne�a�ion amo�n�� �o an inde�enden� e�amine� fee of �3,480 (2020 - �3,360).
7. Staff costs
| 2021 | 2020 | |
|---|---|---|
| � | � | |
| Wage� and �ala�ie� | 162,279 | 160,767 |
Page 23
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
7. Staff costs (continued)
The a�e�age n�mbe� of �e��on� em�lo�ed b� �he Cha�i�� d��ing �he �ea� �a� a� follo��:
| 2021 | 2020 | |
|---|---|---|
| No. | No. | |
| Em�lo�ee� | 4 | 5 |
No em�lo�ee �ecei�ed �em�ne�a�ion amo�n�ing �o mo�e �han �60,000 in ei�he� �ea�.
8. Trustees' remuneration and e�penses
D��ing �he �ea�, no T����ee� �ecei�ed an� �em�ne�a�ion o� o�he� benefi�� (2020 - �NIL).
D��ing �he �ea� ended 30 A�g��� 2021, no T����ee e��en�e� ha�e been inc���ed (2020 - �NIL).
9. Intangible assets
| Cost A� 31 A�g��� 2020 A� 30 A�g��� 2021 Amortisation A� 31 A�g��� 2020 Cha�ge fo� �he �ea� A� 30 A�g��� 2021 Net book value A� 30 A�g��� 2021 A� 30 A�g��� 2020 |
Computer soft�are � 17,514 |
|---|---|
| 17,514 | |
| 14,640 2,079 |
|
| 16,719 | |
| 795 | |
| 2,874 |
Page 24
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
| Notes to the financial statements for the �ear ended 30 August 2021 10. Tangible fi�ed assets Cost A� 31 A�g��� 2020 Addi�ion� A� 30 A�g��� 2021 Depreciation A� 31 A�g��� 2020 Cha�ge fo� �he �ea� A� 30 A�g��� 2021 Net book value A� 30 A�g��� 2021 A� 30 A�g��� 2020 |
Computer equipment � 2,730 7,862 |
|---|---|
| 10,592 | |
| 1,666 2,767 |
|
| 4,433 | |
| 6,159 | |
| 1,064 |
Page 25
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
11. Debtors
| Due �ithin one �ear O�he� deb�o�� P�e�a�men�� and acc��ed income |
2021 � 42,089 10,379 52,468 |
2020 � 58,635 6,599 |
|---|---|---|
| 65,234 |
12. Creditors: Amounts falling due �ithin one �ear
| T�ade c�edi�o�� O�he� �a�a�ion and �ocial �ec��i�� O�he� c�edi�o�� Acc��al� and defe��ed income |
2021 � 99,315 5,061 305 3,480 108,161 |
2020 � 24,450 5,093 346 6,386 |
|---|---|---|
| 36,275 |
Page 26
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
13. Statement of funds
Statement of funds - current �ear
| Unrestricted funds Re�e��e� Restricted funds Go�e�nmen� A�� Collec�ion Total of funds |
Balance at 31 August 2020 � 170,093 17,210 187,303 |
Income � 859,680 138,404 998,084 |
E�penditure � (912,472) (155,614) (1,068,086) |
Balance at 30 August 2021 � 117,301 |
|---|---|---|---|---|
| - | ||||
| 117,301 |
Page 27
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
13. Statement of funds (continued)
Statement of funds - prior �ear
| Unrestricted funds Gene�al f�nd� Restricted funds Tiffan� & Co Teen To��� Saja P�ojec�� Go�e�nmen� A�� Collec�ion I�aac J�lien Total of funds |
Balance a� 1 A�g��� 2019 � 311,210 80,596 (6,250) 10,438 188 - 84,972 396,182 |
Income � 443,721 31,203 6,250 43 207,307 48,232 293,035 736,756 |
E��endi���e � (545,677) (111,799) - (155) (239,772) (48,232) (399,958) (945,635) |
T�an�fe�� in/o�� � (39,161) - - (10,326) 49,487 - 39,161 - |
Balance a� 30 A�g��� 2020 � 170,093 |
|---|---|---|---|---|---|
| - - - 17,210 - 17,210 |
|||||
| 187,303 |
Page 28
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
Statement of funds (continued)
E�planations of restricted funds
Tiffan� & Co - O���e� Con�em�o�a�� A�� F�nd ha� la�nched a �h�ee-�ea� �a��ne��hi� �i�h Tiffan� & Co., �hich �ill make �e�en �en�-f�ee ���dio� in London a�ailable �o o����anding MA Fine A�� g�ad�a�e� f�om �he ca�i�al'� fine�� a�� college�.
Teen To��� - The O���e� Teen To��� ����o��ed b� Mi�hcon de Re�a i� an ed�ca�ional ��og�amme de�igned �o em�o�e� �o�ng �eo�le and info�m a�dience� �i�h f�e�h �e���ec�i�e� on m��e�m e�hibi�ion�. Yo�ng ��eake�� a�e ����o��ed �o �e�ea�ch and deli�e� ��en��-min��e �o��� of e�hibi�ion�, gi�ing �hem an o��o���ni�� �o de�elo� �hei� c�i�ical �hinking and ��blic ��eaking �kill�. E�hibi�ion a�dience� ha�e �he o��o���ni�� �o lea�n f�om a �o�ng �e���ec�i�e and gain �al�able in�igh� in�o a�� o� a��ifac�� on �ie�.
Saja ��ojec�� - a �e�ie� of ��ojec�� ����o��ed in �a��ne��hi� �i�h Saja Fo�nda�ion, �a�ing homage �o Saja To��bah Dada, �i�h a mi��ion �o hel� �eo�le �h�o�gh �he �o�e� of a��, b� ����o��ing a��i��� and ��ing c�ea�i�i�� a� a �ool fo� �he�a�� in ho��i�al�.
Go�e�nmen� A�� Collec�ion - ����o��ed in �a��ne��hi� �i�h O���e� Pa��on� S�bil Rob�on O�� and Ma��he� O��, �he ann�al TenTen Commi��ion i� a�a�ded �o an o����anding B�i�i�h a��i�� e�e�� �ea�.
I�aac J�lien - ����o��ed in �a��ne��hi� �i�h O���e� Pa��on Ca�ol Weinba�m, I�aac J�lien'� nine-�c�een in��alla�ion ��a�e��e� a collec�ion of Lina Bo Ba�di'� mo�� iconic b�ilding�, offe�ing a medi�a�ion on �he iconic �o�k and on �he legac� of �he �i�iona�� mode�ni�� a�chi�ec� and de�igne�.
14. Summar� of funds
Summar� of funds - current �ear
| Gene�al f�nd� Re���ic�ed f�nd� |
Balance at 1 September 2019 � 170,093 17,210 187,303 |
Income � 859,680 138,404 998,084 |
E�penditure � (912,472) (155,614) (1,068,086) |
Balance at 30 August 2021 � 117,301 - 117,301 |
|---|---|---|---|---|
Summar� of funds - prior �ear
| Gene�al f�nd� Re���ic�ed f�nd� |
Balance a� 1 A�g��� 2019 � 311,210 84,972 396,182 |
Income � 443,721 293,035 736,756 |
E��endi���e � (545,677) (399,958) (945,635) |
T�an�fe�� in/o�� � (39,161) 39,161 - |
Balance a� 30 A�g��� 2020 � 170,093 17,210 187,303 |
|---|---|---|---|---|---|
Page 29
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
15. Anal�sis of net assets bet�een funds
Anal�sis of net assets bet�een funds - current �ear
| Unrestricted funds 2021 � Tangible fi�ed a��e�� 6,159 In�angible fi�ed a��e�� 795 C���en� a��e�� 218,508 C�edi�o�� d�e �i�hin one �ea� (108,161) Total 117,301 |
Total funds 2021 � 6,159 795 218,508 (108,161) 117,301 |
|---|---|
| Anal�sis of net assets bet�een funds - prior �ear Un�e���ic�ed f�nd� 2020 Re���ic�ed f�nd� 2020 � � Tangible fi�ed a��e�� 1,064 - In�angible fi�ed a��e�� 2,874 - C���en� a��e�� 202,430 17,210 C�edi�o�� d�e �i�hin one �ea� (36,275) - Total 170,093 17,210 Reconciliation of net movement in funds to net cash flo� from operating activities 2021 � Ne� e��endi���e fo� �he �ea� (a� �e� S�a�emen� of Financial Ac�i�i�ie�) (70,002) Adjustments for: De��ecia�ion cha�ge� 2,767 Amo��i�a�ion cha�ge� 2,079 Inc�ea�e in deb�o�� 12,766 Inc�ea�e/(dec�ea�e) in c�edi�o�� 71,886 Net cash provided b�/(used in) operating activities 19,496 |
To�al f�nd� 2020 � 1,064 2,874 219,640 (36,275) 187,303 2020 � (208,879) 815 4,304 9,050 (6,951) (201,661) |
|---|---|
16. Reconciliation of net movement in funds to net cash flo� from operating activities
Page 30
Outset - Contemporar� Art Fund (A compan� limited b� guarantee)
Notes to the financial statements for the �ear ended 30 August 2021
17. Anal�sis of cash and cash equivalents
| Ca�h in hand Total cash and cash equivalents |
2021 � 166,040 166,040 |
2020 � 154,406 |
|---|---|---|
| 154,406 |
18. Anal�sis of changes in net debt
| At 31 August 2020 � Ca�h a� bank and in hand 154,406 154,406 |
Cash flo�s At 30 August 2021 � � 11,634 166,040 11,634 166,040 |
|---|---|
19. Operating lease commitments
A� 30 A�g��� 2021 �he Cha�i�� had commi�men�� �o make f����e minim�m lea�e �a�men�� �nde� noncancellable o�e�a�ing lea�e� a� follo��:
| 2021 | 2020 | |||
|---|---|---|---|---|
| � | � | |||
| No� la�e� �han | 1 | �ea� | 29,375 | 16,099 |
20. Related part� transactions
Agg�ega�e dona�ion� �ecei�ed f�om �����ee� in �he �ea� amo�n�ed �o �173,504 (2020: �76,116).
Ke� managemen� �e��onnel com��i�e �����ee� onl�, none of �hich a�e �em�ne�a�ed fo� �hei� �o�k.
Page 31