2023-12-31-accounts

REGisfERED COMPANY NUMBER: 04870490 (England and Wales) REGisfERED CHARITY NUMBER: 1101476 OUTSEf CONTEMPORARY ART FUND (A COMPANY LIMtrED BY GUARANTEE) TRUSTEES, REPORT AND AUDITED FINANCIAL sfATEMENT5 FOR THE PERIOD Isr SEPTEMBER 2022 TO 315r DECEMBER 2023 Richardson Jones artwed Accountants & Registued hJJditors Mercury House 19-21 ChakEI Str Marfow Buckinghamshire SL7 3HN

OUTSEf CONTEMPORARY ART FUND CONTEMfs OF THE FINANCIAL STATEMENTS FOR THE PERIOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 Page Reference and Administrative Details Trustses, Report 2 to 10 Report of the Independent Audltors li to 12 statement of Flnandal Activities 13 Balance Sheet 14 to 15 Cash Flow Ststement 16 Notss to the Cash Flow Statement 17 Notss to the Finanaal Statements 18 to 28

oiJrsET CONTEMPORARY ART FUND REFERENCE AND ADMINISTRATIVE DEfAILS FOR THE PERIOD 1ST SEPTEMBER 2022 TO 315T DECEMBER 2023 TRusfEES Maria Micaela Boas Nicolette Maria Cavaleros Rdand Denis Cov4an Candlda Gertler OBE V&onique Parke (Chair) John Geoffrey Rushworth Anna Marie Shlelds REGIsfERED OFFICE 8 Wadham Gardens Wadham Gardens London NW3 3DP REGISTERED COMPANY NUMBER 04870490 (England and Wale5) REGISTERED CHARITY NUMBER 1101476 AIJDITORS Richardson Jones charter￿ Accountants & Registered Auditcffs Mercury House 19-21 Chapel Street Marlow Bucklnghamshire SL7 3HN CHIEF EXECUTIVE OFFICERS Candida Gertler OBE Nicolette Marla ca￿dIer05 BANKERS Barclays Bank 9 Portman Square Lond WIA 3AL Page I

OUTSEf CONTEMPORARY ART FUND (REGISTERED NUMBER: 04870490) TRusfEES' REPORT FOR THE PERIOD Isr SEPTEMBER 2022 TO 31ST DECEMBER 2023 The Trustees present their annual report tog&h& wlth the financial statunents of the Outset Contanrorary Art Fund for the period I Sept￿ber 2022 to 31 DecemLEr 2023. The annual report serves the purposes of both a Trwstees, report and a dir￿tOrS, report under company law. The Trustees confirm that the annual report and financial Stat￿￿￿t5 of the charitsble company comply with the current statutory requirements, the rLyuirements of the charitable company's governing document and the provlsions of the Ststement of Recommended Practice (SORP) applicable to tharities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republlc of Ireland (FRS102) (effettive l January 2015) a5 amended by Update Bulletin l (eff&tive January 2015). Since the Charlty qualifies as small under section 382 of the Companies Act 2006, the strategic report required of medlum and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omiit&l. Outset Contemporary Art Trjnd was estsblished in 2003 and was registered as a charity w￿h the Charity Commi55ion on 13 January 2004. The principal attivity of Outs& is to support new art within the public a￿a through private funding. By establishing and nurturSng its rdationthips wf(hin the arts ecowm, the Charity is able to select art projects where private fundlng Is most needeAJ and best spent. Outset defines Itse￿ as an organisation providing bespoke funding solutions to sUp￿rt new art. Outset's suwort pla￿ fwus on: Education and tKofessional deveJopmen( productions, exhlbltlon support, in#itutional collecbng and creative infrastrutture - Projects that are expert-1￿ and challenge the artisbc discourse - Institutions from those at the grassrwts to those on the world #age and ftnge from capitsl to regional ￿ntre5 - Projects that rereve support at a critiol stsge in their devdopment - Projects that aim to reach the wldest posslble audiences Outset's fijnding is pK)ol& through g￿erouS donations from patron circles and partners and Outsevs programrnes Immerse them In ￿ltUre at its most vibrant, seeing their philanthropy in action. Trustees are appoint￿ from those patrons or indlviduals who have supwrted ￿tset, either financially or intellectuallyi with the aim of growing tts outreach in the artistic communty. An indmdual is nominated by the Chief Executive, and together In consensus with the other trustees an inwtation of the appointment is offer&l. In order to fulfil our aims as a charity we dont recrult extemallyi but instead nomlnate those who are already engaging with the work of OJtset. We share training documents, as well as literatu￿ on the duties and responsibilities of a trustee wlth our board regularlyi and trustees keep in communicatlon to ensure ongoing conversation and sharfng of skills and experience. The Executive overs￿5 the overall structure of the organisation, including, where relevant, the management of the OFerations Team. The Operations Team manage the day-to-day athmties of the Charity and make decisions that Involve its ongoing operation in conjunttion wlth the Chief Executive. The Chief Executive further sits on the board of Trustees, who overs& the dlrettlon of the Charty, ensuring the Operations Team are keeping in line with the Charity's aims. Al decision making that may change the operation or any constitutional amendments to ￿r Charity's aim are made unanimously by the tr￿ard of Trustees. Pay and remuneration of the Charity's key Operations T63m Is s& by the industry benchmark in accordance with the roles and responsibilities of the memb¥ of staff, as well as seniorty and exp&lence taken into consideration. The Chlef Executive continues conversations with the Operations Team on their pay in accordance to the settor average pay and, in agreement wfch at least one other trustee, wlll make adjustments to an employee's remuneration package. Outset ContemkKsrary Art Fund is part of an umbrella group of seven affiliated Iffi￿ with a presence of ￿ppOrtIng work intemationallyi With the office in the UK alting as HQ for the franchise. Each of the other 'iJlAPTERS' of Outset have thelr own aki)ointed Director who manages the regional offlce. Any British artists worknng abroad will be welcomed by the local Offi￿ of iknet, and in tum Outset UK wdcome supported arlsts to engage wth thelr own programme of philanthropy when working in the United Kingdom. Page 2

OUTSEf CONTEMPORARY ART FUND (REGIsfERED NUMBER: 04870490) TRusfEES' REPORT FOR THE PERIOD Isr SEPTEMBER 2022 TO 31ST DECEMBER 2023 This franchise shares one marketing and communications strategy that is overseen by Outsd UK, as well as an annual general meeting, ￿{0 International Conference Calls annuallyi and continued infomial conversations betw￿ directors that are aciively ￿courag￿l by the thief Executive of Outset. In any case cl dispute bLtween the intematlonal opeyation of Outset, there Is a Franchise Agreement that all chapte must adhe￿ to adopt a best practi￿ in their own operational pollcies. Respettive Trustees of eath Cha￿ are Involve to mediate any conflirt between internauonal deparbnents. RE The Charivs period of account was from I Sept￿ber 2022 until 31 De￿mber 2023. Donations to the tharty during that year are reported In the Ststement cl Financial Attivities. The TnJSt￿S confimi that they have ref￿red to the guidance contained in the Charity Ccffimission's general guldance on public benefit when reweNing the Charity's aims and objettives and in planning future activities. In 2022-2023 Outset continued to support new art within the public arena through private funding. Thanks to the ongoing generosity of Outset's donors, the Charity could benevolently Supp￿ a Wdriety of organisations ranging in size from the grassrcots level to worfd-cla55 and establlshed institution5 through financial assistan￿ and strategic advi￿. Outs& ￿abled the commissiC￿Ing of new works, donations and acquisilions for insututional public collertions as well as the launching and implementatlon of innovative campaigns. The Charity pffjvided produttion support for mlscdlanwus projects, amongst them exhibition5 and education programmes. Through the Stu(homakers initiative, Outset has continu&J to advcKate for the affordable Worksp￿ Sector, enabling early career artists to sustainably continue thelr creative practi￿ in London. New changes to local plannSng laws have requiraj property developments to include affordable workspace. In Phase Two we brought wties t0￿her to develop these spa￿$ at a prtrplannlng stage, nejotiating agreements that deliver viable terms for all stakeholders, ultlmate delivering long-terni and truly-affordable workspaces for artlsts. Outset acted as a strategic partner to help achieve planning obllgations, securing new spaces for the creative Industries that are deslgned to meet local demand. We also ass151ed stakeholders by balancing the tems r&]uired to Integrate these Spa￿$, using our established long-tem leasehold mcKlel that ensures that affondabilty is safeguarded on every site. tn 2023 we hostd the Studiomakers Prize in a disused shop, B￿ard Street, on the Square Mile. Four eady car￿r artists- Abi Palmer, Yifan He, Leily Mojdehl and Luning Yang- were awarded the Prize in January 2023 and receivoj rent-free studio 4)ace for a year. Our long-temi objectlves are to replicate our ploneering brokerage mckjel, utilising our industry connettions and unique e>perience to negotiate between the ueative and commercial sectors, securlng deals that ddiver viable creative infrastrutture in London. In the coming year we alm to secure the Prize for a further three years, and are artively fundraising for tt￿porate SuppOrt￿S to underwrite the PriTr going forward. Grants, September 2022 - December 2023 l. Oulset Partners Grants Programme Cycle IV Outs& wris& the fifth iteratlon of Its major fundralslng initiative through the ou￿ Partn&s Grants Prtyramme, awardlng a transformatlve granL and enabling five projett5 through a series of impact grants. A pioneering model for patronag4 the Outset Partners are a group with a mad(ed intemational profile, including experts and entrepreneurs in thelr respectlve fields of philanthropyi education, the art rna￿et, fashion, finan￿, museums, arthIt￿tUre, and jewelleryi amongst many other attivities, focusing together on sustainability and development of insbtutions, the inclusion I diverse communities, important educational initiatives, and inspiring projects internationally. Page 3

OUTSET CONTEMPORARY ART FUND (REGIsfERED NUMBER: 04870490) TRusfEES' REPORT FOR THE PERIOD Isr SEPTEMBER 2022 TO 31ST DECEMBER 2023 The reCipi￿t projects of the Outset Partners Grants Cyclè IV were as follows,. £150,000 Transforniative Grant: 1.1 African Artists Founda￿On, 'Dig Where You Stand - From Coast to Coasv Dig Where You Stand - From Coast to Coast is a series of travelling exhibitions across Africa, offering a new modd of engagement with questions of decdonization, restitution, and repatriation. The exhibition brings together exam ￿e5 of regenerattve artistic practices and atts as a regeneratlve ag￿t in itself -in each location leamng behind a toolkit for jump stsrting regeneralive economic processes. The artists and local communities will explore generative strategie5 of Intervention, ccoperation, attivism, and p8Jagogy. Dig Where You Stand will funttion as a di%ur5ive platform on which to pose qu￿tionS and initiate conversations about issues grounded In local realities, as wdl a5 in politics of dispossession across broad areas and Industrles - from the lasting legaaes of European imperialism In Africa, to the Inter￿lonS of privilege, access, and dass. African Artists. Foundation aims to address restitution, fast-tracking the proc&s by aForeciating accessible cultural heritage and establishing o new ml￿e1 of ￿ltural dialogue concerning ownershipi heritage, and restltutr'on. £25AIOO Impart Grants awarded to: 1.2 AT The Bus The mission of AT The Bus Is to support the education, health and wellbeing of children and young people In school by providing therapeutic inteNention using art a5 therapy. AT The Bus students work in small groups Id by experiencoj faciif(ators tralned In The Beattle Method, a creatlve therapeutic intervention that supports mental welltrEing, alleviates anxiety, d￿elop5 resilience and helps young people build thelr Self-est￿rn, self-confidence and Indep￿dence. Sessions take Pla￿ in specially d££igned studios on school site5, acc￿lbIe throughout the schoc4 day. The flagship studio is converted double-decker bus, and work also takes place in beswke static Studio spaces, or using our moblle provlson called 'AT The Bus in a BOX,. 1.3 LACMA, 'The Past in Front of Us: Imagining Black Diasporas in the 21st Century, Opening at LACMA in Spring 2025, the exhibition will draw aesthetic c{￿￿￿tiOnS between 55 Black artlsts worklng around the world today and examines Black Diaspora as a way to conceptuallse the forced movemenL migration, and exchange of BlaL peoples, their colleCt￿e vulnerability to racism, and their struggles against forms of oppr&[￿. Featuring a stunning a￿aY of 60 works of photographyi video, painting, and sculpture, Imagining Black Diasporas represents the flrst museum exploratlon cl the last two decades of artistic innovation by Blad( artists. 1.4 Locus Athens, 'Revolution is not a one-time evenv Revolution is not a one time event is an exhibition with an accompanylng public program which thought aLx)ut feminist pr￿tice$ as a form of inclusimty, Over three months, TAVROS (locus athens, permanent art's spa￿} hosted paformances, tslks, workshops, reading groups, &Jucatlonal programs, screenings, open-mic session4 pl￿ re￿lingS, communty meetings and more, encouraging peer to peer leaming In the belief that every small gestu￿, att or gathering has the potential of being revolutionary. 1.5 Forma, 'Oliver Chanarin: A Perfect Senteno, A Perfect Sentence explore5 the shifting terrain of documentary photography.. our drlve for attention, the complety of being seen and our an￿ety of betng overlooked. Commissioned and produced by Fomia wth eight partners, A Perfett Sentence is Oliver Frank Chanarin's first UK solo projett and will see multiple presentations acr05S the country, public acquisitions, a digital platform and a publication. 1.6 Fondazione ICA Milano, 'Rebecca Mocaa: Ministry of Lonellness. The exhibf(ion Minlsty of Loneliness by Italian artist Rebecca Moccia and curat￿1 by Chiara Nuzzl, has been developed In the last ye3r5 Within different intemational cultural contexts such as the United Klngdom, the United Ststes, Japan, and Italy. Moccia's extensive work Ministry of Loneliness is a research-based projett that investigates loneliness and its politicisation in ney)liberal soaety, stsrting from the experience of Isolatlon and the di59)luUon of everyday Ilfe that oCcU￿ed with the COVID-19 pandemic. The project pratttcal and symbolic starting point is the Minlstry of Loneline55, established li the United Kingdom in 2018 and later replicated in other countries such as Canada and Japan in 2021. The exhibition will involve a video installation produced in collaborallon wlth Careof (in the framework of the Artevisione 10th Edition), a serie5 of thermal-camera images taken by the artist during the re￿rth, a new prcxlucbon of ￿raMicS works, and a publication. Cycle IV showed an increase in projects that dealt with ideas of community-building either through the ernp￿erment of currently under-represented groups, educational attivity for children and young people to build sdf-confidence and promote positive mental health or ongoing career support within the sector. Page 4

OUTSEf CONTEMPORARY ART FUND (REGISTERED NUMBER: 04870490) TRUSTEES, REPORT FOR THE PERIOD Isr SEPTEMBER 2022 TO 31ST DECEMBER 2023 2. Outset Partners Grants Programme Cycle V The recipient projects of the Outset Partners Grants Cycle V were as follows: £IIO,000 Transfomiative Grant: 2.1 stellenbosch Triennale The Stellenbosch Triennale takes wbllc art in Stellenbosol, South Africa trj new heights in terms of ￿5 International reach, the scope and varlety of the art to be Showca￿ as well as its intention to pla￿ creauvty in critical dialogue with S00*. The Triennale marks an intentional and purposeful attempt to Use creatimty, imagination and public Spa￿ as a meeting point in engaging with the collective and distinctive milieu of our past, present and future existen￿ and all its complexit￿S - a pla￿ where we imagine futures. The Stellenbosch Triennale aims to make Stellenbosch the primary destinatlon rA multi-disciplinary art in Africa by tapping into the creative impetus that is werberating across the continent. The Triennale turns Stellenbosch into a curat8J publlc taboratory for creative expre55ions and ￿gagements in re4)onse to society's quesknons nN, then and there; what kind of people do we want to be? What rdatlons to nature do we cherish? What knowledge and tschnologies do we deun appropriate? What aesthetic values do we hold? £25,000 Impart Grants awarded to: 2.2 arebyte arebyte Plugin is an innovative digitsl tCM)I for experlencing online exhibitions through window potTrUP5 via a browser extension, In a time of information overload and growing competition for att￿tIOn, the Plugin provides a prc•Jressive 501ution to ddiver images, vtdeos, and 3D worfds directly to the viewer's screen. Thls tool establishes a direct line of communlcation with audien￿, offering enhanced access to cultural content In a more engaging fashion. 2.3 Art Gallery of York University, 'At the Translt Bar, Over yeats, ta) International curators will spend a week In Toronto each, conducting sttjdio vislts, giving publlc pr￿entationS on their research, mentoring young ￿rators, Vlslting local art museum5 and galleries, and meeiing local ollertors and patrons. The aim of At the Transft Bar.. Visiting Curator Serie5 is to establish and further propel Toronto's thrlving contemporary arts and cultural scenes Into a global nehvork of artists, curators, art institutions, and art collettions by bringing professional curatcffs to the clty for exploratory research vlsits. Toronto has rich and dtverse art s￿neS and communities that are critically engaged in international conversations, using art to address, embodyi and onfront complex s(tial, environmental, and political tssues and structures. The drlve behind this project Is to reinforce these Ues and to str￿gthen Icol connettions to Int&natlonal art discourse. The series will also build an understandlng of how Tor￿t0 is contributing to global conversatlons and will ultimately fomi external and Int&nal nthorks within Toronto's art miliw5. 2.4 STORE Projects, 'sfoRE STORE Build, STORE STORE Build explores and tests how small councll-own&l garage sites can become bentfiaal communlty build sites, creating flexible creative work spaces for the next g￿eration of creatives In London. Simuttaneously an after-sch¢)ol programme for young people and a building project, sfoRE STORE Bulld ensures that those taught have an attive role in the delivery of the architettural pmjett - from the planning, design and cC￿5￿uCt1on. Outset has awarded funding in support of the devdopment of a robust case study for the project In Hackneyi With a resulting seiies of three publlcations and series of exhibitions so that the work and knowledge developed can be shared with councils and community groups. 2.5 Ylnka Shonibare FoundationlG.AS. Foundation, 'Re:assemblages' Re:assemblages Is a roaming body and programme initiated by G.AS. Foundatlon In Lagos that explores Its newly acqulr&l archive collection of African publicattons as a site of exchange. It will foster new publishing actions on African art In three contin￿tts through artistic inteNentions, reSId￿rIes, ewerlmentsl printing and convenings develop&J in the framework of the Alrican Art Libraries Lab. The new network will bring together a constellatlon of African arts libraries, artists, publishers and international partn￿S holding African art collectlons. Building on the archaeologlcal concept of the assemblage, Re:assemblage5 activates the Pitton Collection, with enphasls on its rare constellation of African publ1th￿ journals, magazines, and manuscripts, to pose critical questions focused on the pr￿erVatIOn and creative pOt￿tIal of African art libraries. Page 5

OLrrsEf CONTEMPORARY ART FUND (REGISTERED NUMBER: 04870490) TRUSTEES, REPORT FOR THE PERIOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 Across ￿th stsnds of fundingi many of the Cycle V applications ft)cused on skllls development. This rang￿ from building resilience and sustainability within the arts ecology through new opportunities for artlsts and curators to grow their expertise and nthorks, to improving the long-term outcomes for children and young people through projeds that offer tangible leaming ¢Jpportunities that will assist thelr kyogression. Many of the applications centred around swal jusknce, embedding thi5 into the working prattl￿ of organisations. A high proportion of the Impatt Grant applicants proposed proj'ects that supwrted artistic and curatorial excellen through ethlbltions and commissions. An equally high number activdy promoted visibilty and recognition for currently under-represented groups. In addition to SeCt￿-supportIng prOJ￿ts, a significant number of Transformauve Grant atwllcatlons congdered how to work with and d55seminate archives to reveal forgotten or overioc&ed hlstorles. 3. Scott Collins Biennial Fund The Scott Collins Biennial Commlsslon, In partna5hip with Outset Contemporary Art Fund, is a unlque annual commlsslon that el?￿ateS the work of outstanding curators and artls on an intemational thge. The commisslon awards up to £50,000 in support of extraordinary work at intemational biennials. At the heart of the ccmmlsslon Is the desire to expand the audien￿ crf a biennial, critically engaging with the Idea of ewership and access. Who can attend a biennale? What Is the use of a national pavilion if its citiZ￿S cannot attend? Projects are develo￿ with techndogical engagement in mind, placing this projett at the forefront of the arts agenda. The commission will be leveraged wfch the donation of works to phy&cal institutions, creatlng a laing legacy of engagement. The inaugural coThmission is 'Empty Rider. by Lawren￿ Lek, which openlng In January at the Blennale de Iymage en m0uvem￿t in Geneva. In 'Empty Rider,, Vanguard, a wayward self-driving security vehlde, Is on trial for the kjdnap and attempt&J murder of their parent company's CEO. While Guanwn, Vanguard's therapist, argues that the car is an infant and thus cannot be LTiminally Ilable under the presumption of "doli incapa￿, the car claims that they were not In contr of their attions due to an anerging vlrus in the smart city. This film is the final part of Lek'5 5imBeiiing' trllogy about broken Al in the smart cty, following Black aoudrnbets (2021123) and NOX (2023). 4. Stsdlomakers Prize Corridor Commission at Frieze London, 'Channelling' On the c(casion of the 20th anniversaries of ijrtset Contemporary Art Fund and Frfeze London, reapients of the Out Studlomakers Prize took over the fair's entran￿ corridor. Supported by LG OLED and a circle of commeraal gallerbes, 'thannelling' invital the vi51tor to experien￿ and emb(Kly the symbolic threshold via athorks of different materlalitles and disciplines, induding phot(MJraphy, video, texble, print, paintlng and sculpture. The commission featured the work of 19 Studiomakers Alumni. A list of the fea￿red artlsts, suppcrters and a5500ated press can be found here. NATI l. Outset Annual Commission, Natlonal Portrait Galleryi (October 2018-2023) Outset ddivered the thlrd year of a th￿trYear partnership with the National Portrait Gallery, to c(￿MiSsion a new work to enter the collettlon, supported by patron Scott Collins. Thi5 year's portrait commi55ion was of Sir Nicholas Sen)ta by steve McQu&n. 2. The Robson Orr TenTen Award, Government Art Collection Continuing Outset's partnership with the Government Art Collection {GlQ, we awarded the flfth commissiC￿ of The Robson Orr TenTen Award to Rachel Whlteread DBE, revealed in October 2022. Whiteread's Untitled {Bubble) reAects the mluoscopic fom of COVID-19 itsdf and a time during the height of the pandemic when physical contatt and communication became reduced to those within one's 'bubble'. Revealed in October 2023, the sixth commission of The Robson Orr TenTen Award went to Michael Armitage. Amitage Created a deeply personal lithDJraph, Ngaben, which pays homage to his dose artist-friend who had recentty passed away in Indonesia. The work merges European painting ￿e$ with east African subjects and Mat￿la15, or experiences of his move to Bali. Through hts wo￿, he weaves narrative5 that he draws from historical and ojrrent nLws media, popular culture and his own memories and imaginings. Page 6

OUTSEf CONTEMPORARY ART FUND (REGISTERED NUMBER: 04870490) TRUSTEES, REPORT FOR THE PEIUOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 The prints have b￿n commissioned as part of a ten-year initiattve produced by Outset with the GAC, and spOn￿red by leading philanthropists Sybil Robson lTrr and Matthew Orr. Every year a Biitlsh artist is commissioned to create a unique, Ilmlted &lition print to be shown in diplomatic buildings across the world. A small number are available for purthase through a collabortion with Outset to ra￿e funds for the GAC acquisltion fund. The 10-year stheme was launched in 2018 with the inaugural award given to the artlst Hurvin Andetson, and continued with Tacita Dean (2019), Yinka Shonibare (JE (2020), Lubaina Himid CSE (2021), In 2022-23, {￿tset sUc￿5￿Ul1Y donat￿ the following art works to The GoV￿nment Art Collection: Tanoa Sasraku Grey Wet-cell (2022). Red Dwcell (2022); Red Wet-C£ll (2022); Yellow Wet-cell {2022} purchased from Vardaxoglou Gallery Margaret Mellis, Cloud Cuckoo Land (1991) purchased from The Redfern &llery - Abjulrazaq Awofeso, Mabel (2022); Joshie (2022) purchased from Ed Cross Fine Art Ltd - Emma StiblKJn, Sea Ice, Antarrt￿a, purchased from Royal Academy of Arts - Rita Keegan, Jump Up (2022) purchased from ￿ta Keegan Archives EN AND DEVEL The fcllowing residencies and professlonal development bursaries were supported during the 2022123 perlod.. l. The Outset Cllmavore Residency (Ongoing) Through the Climavore Residencyfft Outset provide5 a studlo and living accommodation to artlsts and curators, to help alleviate the nec&sary costs of housing an artist whlch so often burdens the budgets d Londcfft institutions, from emerglng to the most established cultural instiiutions. The re5ido)cy Spa￿ was designed by Cooking S&tions: a duo of spatial praCbbon￿S exploring the systems that organi5e the world through food. Using installation, [￿rfOrMan￿, mapping and ￿de0, their research-based prattise works between the overlapping bJundarSes betr4&n ￿SUal arts, architetture and geowliiics. The aimavore projett Inve*lgates how to eat as human5 change the climate and explores seasons of focxl produttion and consumption that react to incr&islngly evident man-induced alterations of the lantscap Artists to have been in residen￿ in the space during 2022-23 include: - Rashaad Newsome in support of Hands performan￿ at Somerset House, kindly hosted in partn￿shIp with A.I. Gallery EDU ATI Outs& has Support￿ a number of education-focused wojects through the Outset Partners initiative. In the 202212023 pwicxl these indudd: I. AT The Bus The mlsslon of AT The Bus is to support the educatlon, health and wellLEing of children and wung people In sch¢Jol by providing therapeutic Inte￿entIOn uslng art as therapy. AT The Bus students work in small groups18J by experienced f&ilfcators tralned in The Beattie Method, a mtlve therapeutic inteNention that supports mental wellbelng, alleviates anxiety, develops resilience and helps young people build their self-est￿M, sdf-confidence and Indep￿dence. Sesslons take Pla￿ in specially designed studios on school stes, acce5&ble throughout the school day. The flagship studio is a converted doublfrdecker bus, and work also tskes pla￿ in bespoke static studio spaces, or uslng our mobile PrO￿S1{ called 'AT The Bus In a BOX,, We work to provide a calm, ordered, creative and safe Spa￿ for stUd￿ts. 2. STORE projec￿ 'sfoRE sfoRE Build, STORE STORE Build explores and tests how small council-own&J garage sites can b￿Ome beneficlal communty bulld sites, creating flexible creatNe work spaces for the next generation of creatives in London. Simultaneously an after-school programme for young peq)le and a building projett, STORE STORE Build ensures that those taught have an active role in the delivery of the architeLtural project - from the planningi desgn and con5truttion. Chjtset has award&l funding in support of the development c( a robust case study for the project in Hackneyi wlth a resulting series of three publications and s8les of exhibitions 50 that the work and knowledge developed can be sharqj wlth counals and community group& Page 7

OUTSEf CONTEMPORARY ART FUND (REGIsfERED NUMBER: 04870490) TRusfEES' REPORT FOR THE PERIOD Isr SEPTEMBER 2022 TO 31ST DECEMBER 2023 RE PLAN PLANS FOR FUTURE PERIODS Projerts for the public benefit from January 2024 to Decembtr 2024 - Seeing the Inmsible Augmented Reolity platfomi connecting worfd-acdaimed artls with 8 Botanical Garden5 worfdwide theVOV T￿Ten Virtual Gallery, the first ever virtual exhibition of a govemment art collectlon, displaying works of art from inside the collecknon and commissioned prlnts from the TenTen project - Climavore Resda)cy Programme continued - Scott Colllns Biennial Fund second year deliver&J - studiomaker5 Prize ddivered from June 2024 Norval Foundation, No￿1 Soverelgn Afrtcan Art Prize Residency at the Climavore Resdency Operational changes The Outset Trurtees will continue to develop and build upon their new mtsjel for patronage, S￿ing the ljutset Partners e)q)and into a slxth cycle throughout the next year, fundraising in order to award up to £275,000 worth of grants in 2024 as diretted by the Partners. The Outset Trustee5 will conljnue to develop further fundraising partnsshlps also, with an emphasi5 on Sup￿rting young talent and innovation, engaglng with public institutions, and awarding grants as direct by the Outset Trustees. FUTURE RISKS AND UNCERTAINTIES DISCLOSURE The Trustees identlfy the main rlsk to Outs& being the e￿Iving and ￿n￿rtaIn fundraising land￿ape. Following the COVID-19 pandemic, many indivtduals continue to work and travel abroad without a UK base, and are less engaged in UK-based programming. Secondlyi there Is a recryjnised meta-issue of the transfer of wealth from boomets to the next generdtion whose philanthr0￿C priorities may not include the arts to the same degree. Additionally, the cost of livlng crlsls has impatt&l Individuals, abilty to give philanthropically in some instances. In the current politiGII dimate, some donors have shifted their priorities towards humanitarian causes. These changing donor behaviours are affecting the sector intemationally, and as a whol@ and are not unique to Outs&. To addre55 these challenges, the Outset board and executive team are proactivdy cultivating new supporters and adapting the patron programme to align with thanging donor ne&Js and Interests. Despite these concems, Trustees ￿eW the risk to Outsevs long-tem revenue budg&ing as low. (Mset has a strong nthork of core patrons who remain o)mmitted to the charity. The Trustees and the executive team are prioritislng adapting the charfty¥ fundralslng strategy trj be more effe(tive in the current environment, with the aim of reathing the next g￿eration of philanthrcpists. Outs& is devdoping a stronger UK-based and internatN)nal programme to grow netsYors and relalonships wtth prOSt￿￿1Ve donors and professlonals acrctss the settor. Outset Is owatlng a lean cost base and keeping exp￿dIture low, with an eff￿1ve team of core staff. Outset is drawing on resources fr￿7 the charivs nthork, and Is working in pro bono office Spa￿ generously provided by a Trustee, to reduce operational costs. The executive team has worked dillgently to professionali* the charity's operations, improve the accurate and timely generation of management infomiation, and the Trust&s are confident in the team's thorough financial management and strateglc planning. Additionallyi the Trustees wlsh to hlghlight the ongolng loss of affordable workspace and the threat this poses to creatlves In London due to rising rent Cl)5ts. Outset continue5 to fundraise for the Studlomakers Prize, whlch awards rent-fr￿ studio space to earlY-Car￿ artists in London annually. Outsd has secured rent-free studios at studio Smithfidd and Is seeking a corpK)rate supporter to cover the delivery costs of the Prize. Sponscffship of the Prize would al contribute to the charity's operational costs. UN FINAN IAL RE￿Ew With the launch of the new Outset Partner's funding modd and maintaining corp)rate sponsors, we were successful In our fundraising for this perlod. No other paTty acts In a fundraising capacity on Outset's behalf, nor do we hire a professlonal fundraiser. Page 8

OUTSEf CONTEMPORARY ART FUND (REGIsfERED NUMBER: 04870490) TRUSTEES, REPORT FOR THE PERIOD Isr SEPTEMBER 2022 TO 31ST DECEMBER 2023 All mat&ial expenditure for fund raising events is done so privately from dirett sponsors offering to host fundraising events, and corporate sponsors donating to the event, separate from Ojtset's key expenses. We have no fundraising dlsclosure5 to note ￿cOrding to section 13 of the Charities (Protection and Social Inv￿ent) Att 2016. We continue to monltor the fundraising attivities of any trustee or of staff that Is acting on behalf of Outset. For this ptriod, we have no complaints to declare and we remain in line with our charitsble aims, and all trustees monltor for best practice in our fundraising efforts, ensuring that no staff membs of Outs& is placing any undue pressure on p￿sOn$ to donate to the fund. Total income for the p&iod was £1,183,777 (2022.. £1,185,165) with expenditure of £1,527,070 (2022.. £849,621) resulting in a net movement in funds of -£343,293 d&icit (2022.. £335,544 surplus). Please note due to the reporting perifyj covering September 2022 to Derember 2023, these accounts cover two Outset Parts)ers Grant Cycles. Partners Cycles run from January to December, and therefore these accounts indude the expenditure for Cycle IV and Cyde V, but only the income for Cyde V. Hence, why the surplus appears higher for 2022. To r&olve this, Outset has now aligned the reporting period with the Partners Cycle. RESERVES Holdlng reserves is considered unnecessary by the Trustees of (Xrt5et as we are consistently k￿pIng Up-t￿date and monltorlng our allocation of fund5. The operational team of Outset feedback to a trustee on our cash flow and eynditure on a weekly basis. Informally we alwa￿ build in a buFFer in our cash flow ft)r the year and discount such un￿rtaIntleS as (Jft Aid frorn our incomlng funds. We do not ring-fen￿ a buffer as a reserve are looking into formalislng thls for future years. The amount of the total funds the charity holds at the end of the retK)rting period is a d￿lcIt of -£26,705 comFrisng Restritted ￿ndS of £56,714 and Unrestritted Funds of-£83,419. GOING CONCERN The Trust￿5 consider the charlty to be a golng concem and there are no material Un￿rtaInli&S in thi5 respect. srRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charty is controlled by Its governlng documen( a de&[ of trust, and constitutes a limited c(￿Pany, limited by guarant￿, as d&ined by the Companies Act 2006. TRusfEES' RESPONSIBILrrY srATEMENT The trustees (who are also the dir￿tOts of Outset Contanpjrary Art Fund for the purposes of company law) are responsible for preparing the Trusteeg Report and the finanaal statements In accordance with appllcable law and United Kingdom Accounting Standards (United Kingdom Ga)traSly AC￿pted Accounting Practice). Company law requlres the trustees to prepare finanaal statements for each flnanclal year which give a true and fair view of the stste of affairs of the charitable company and of the incoming ￿sOurceS and application of resources, Including the income and expenditure, of the chaiitable company for that ￿lOd. In p￿paring those financial statements, the trustees a￿ required to select suitable accounting pollcles and then apply them consistently, observe the methods and principles in the Charity SORP. make judgements and estimates that are reasonable and prudent. prepare the finanoal Statements on the going concern ba95 unless it is inapproprlate to presume that the charitsble company will continue in bu5ine55. The trustees are respffisible for keeping proper accounting records which disdose wlth reasonable accuraLry at any tFme the financial posltlon of the tharitable company and to enable them to ensure that the financial statements com wlth the Companies Act 2006. They are also responslble for safeguarding the assets of the charftable company and hence for taklng reasonable stekE for the preV￿tIOn and detection of fraud and othw irregularities. tn so far a5 the trustees are aware.. there Is no relevant audit information cl which the charitable company's auditors are unaware. and the trustees have taken all steps that they ought to have tsken to make themselves aware of any relevant audit information and to establlsh that the auditors are aware of that Information. Page 9

OUTSET CONTEMPORARY ART FUND (REGISTERED NUMBER: 04870490) TRUSTEES, REPORT FOR THE PERIOD Isr SEPTEMBER 2022 TO 31ST DECEMBER 2023 AUDITORS The auditors, R[thardsC￿ Jones, will be pmpos8J f￿ rtrappointm￿t at the forthcoming Annual General Meeting. Appyoved by order of the board of trustees on 28th May 2024 and signed on its beha￿ by.. )&ULUtkp£ Nicolette Maria Cavaler05 - Trust Page 10

REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF OUTSET CONTEMPORARY ART FUND Opinion We have audited the financial s&itements of Outsd ContemForary Art Fund (the 'tharitable company,) for the perii)d ended 31 December 2023 which comprise the Statement of ￿nanCIal Activities, the Balan￿ SheeL the Cash Row ststement and notes to the finanaal statements, induding a summary of significant accountlng policies. The financial report¢ng framework that has teen applled in their preparation Is applicable law and United Kingdcrfn Accounting standards (United Klngdom &nerally Accept& Accounting Prattlce). In our oplnion the financial statements: give a true and fair vieN of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resour￿ and application of resour￿, including Its inct)me and expenditure, for the P￿iCAl then ended. have prqjerly kyepared in accordance with United Kingdom Generally Accepted Accountlng Prattl￿. have tEen prepared in accordance wlth the requirements of the Companies Att 2006. Bagis for opinion We conducted our audit in accordan￿ with International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our respcfftsibilities under those standards are further described in the Auditors, responsibilities for the aud￿ of the financial StateM￿ts section of our report. We are independent of the charitsLle company in accordance with the ethical reqUir￿ents that are ￿levant to our audfc of the financial statanents in the UK, Including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requlrements. We tselleve that the audit emdence we have obtained is sufficient and appropriate to provide a basi5 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trust￿, Use of the golng concqn basis of accounting In the preparatSon of the financial statements is appropriate. Bawl on the work we have perft)rmed, we have not Identified any material uncertaintie5 relating to events or cCffld￿l0ns that, indiwdually or collertlvdy, may cast significant doubt on the charitable company's ability to continue as a golng conwn for a period (rf at least twelve months from when the financial ststeM￿ts are authorlsed for issue. Our resp(￿￿bIlitieS and the respongbilities of the trustees with re5pett to going con￿rn are dwibed in the relevant sections cl thls rewrt. Other inforniation The trustees are responsible for the other Infomation. The other information Compris￿ the infomation IndUd￿ in the Annual Report other than the finanaal statements and our Report of the Independent Auditors thereon. Our oplnlon on the financial statements does not cover the other infomiation and, ex￿￿ to the extent otherwtse expliatly stated in our report, we do not expr￿ any fomi of assuran￿ condusion thereon, In connertion with our audit of the financial statements, our reskX)nsibility is to r& the other informatlon and, in doing so, consider whether the other infomiation is materlally Inconsist￿￿t with the finanaal statememts or our knowledge obtaineA in the audit or otherwise apps3rs to be mat￿l311Y misstated. If we identify such material Inconsistencies or appamt material misstatements, we are requiroj to determine whLrther thi5 gives rlse to a material misstatement in the finanaal statements themsdves. If, based on the work we have performej, we conclude that th&e is a material mithtement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on which we are required to report by exception We have nothing to report In respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you rf, in our opinion: the information glven in the trustees Report is inconsistent In any material rwect with the financlal ststements. or the charitable company has kept adequate accounting record5; or the financial statements are not in agreement wlth the accounting records and retums. or we have not received all the information and explanations we requlre for our audtt. Responsibillties of trustees As explained rn0￿ fully in the Trustees, Resrxinsibilities Statement, the trustees (who are also the dir￿torS of the tharltable company for the purposes of company law) are responsible for the preparation of the financlal statements and for t￿Ing Satisfi￿ that they give a twe and fair wew, and for such intemal control as the trustees detemiine is necessary to enaNe the preparation of financial stathents that are free from materlal miSStatem￿t, wh&her due to fraud or erTOr. In preparing the financial statements, the trustees are responsible for assessing the chaiitabte company's ability trj continue as a going concem, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitsble company or to ￿ase operab'ons, or have no realistic alt￿natiVe but to do so. Page 11

REPORT OF THE INDEPENDENT AUDrroRS TO THE TRUSTEES OF OUTSET CONTEMPORARY ART FUND Our responsibilities for the audit of the financlal statsments We have been appointed as auditors under Settion 144 c( the Charities Act 2011 and report in accordance with the Att and rdevant regulations made or having Lffect the￿under, Our obje(tives are to obtain reasonable assuran￿ about whether the financial statements as a whole are free from material misstatement, whether due to fraud LY error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assuran￿ is a high level of a55urance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detett a ma￿131 mis#atement when it exists. Misststements can arise from fraud or error and are consKJered material if, individually or in the aggregate, they could rea￿nablY be expKted to Influen the economic decisions of users taken on the basis of these financial statements. The extent to whlch our procedures are capatle of detettlng Irregularities, including fraud is detailed below.. We galned an underanding of the legal and regulatory framework ap[￿ICable to ￿tset Contemporary Art Fund and the s￿ir in which it op￿ateS, and considered the risk of acts by the charty that were contrary to appMcable laws and regulations, including fraud. We d￿igned audlt proc&Jures to respond to the risk, recognising that the risk of not d&￿Ing a material misstatanent due to fraud is high￿ than the risk of not detetting one resulting fr(￿ error, as fraud may involve deliberate concealment by, for examFle, forg￿ or Intentional misrepresentations, or through cc41usion. We focus&l on laws and regulatlons whlch could give rise to a mat&lal misstatement in the financial statements, including, but not limited to, the Charitie5 Att 2011, the Companies Act 2006 and UK tax legislation. Our procedures included: - agreelng the financial Stat￿nent disclosures to underfylng supporting dOcUm￿tation - enquiries with managanent - understanding of management's internal controls deslgned to prevent and detect irregularities There are Inherent limitstions in the audit prO￿dureS described above and, the furth& removed non compliance with laws and regulations is from the events and transattions reflected In the finanaal atements, the less likely we would ome aware of it. As in all our audits, we also addressed the risk cf management override of int￿nal controls, including te#lng journals and evaluating whether the￿ was ewdence of bias by the dir￿torS that represented a risk of material misstatement due to fraud. A further descriF*ion of our re4)onsibllltles for the audit of the finandal statements is locat￿ ￿ the Finandal Reporting Council's website at www.frc.org.uklauditorsresF4Jnsibilities. This description forms part of our RetX)rt of the Indep￿dent Auditors. Use of our report This report is made solely to the charitable company's trustees, as a body, In accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has be￿ undertaken so that we might state to the charitsble company's trustees those matters we are required to state to them in an auditors, reFOrt and for no cther purpose. To the fullest extent permitted by law, we do not ac￿pt or assume responsibilty to anyone other than the charitable company and the charitable company's trustees as a body, for our audit work, for this report, or for the opinions we have formed. Rid)ardson Jones Chartered Accountants & R￿Istered Audrf(or5 Eliglble to act as an auditor in temis of Settlon 1212 IA the Ccthpanies Act 2006 Mercury House I￿21 ChaFel Street Marlow Buckinghamshlre SL7 3HN 28th May 2024 Page 12

OUTSET CONTEMPORARY ART FUND srATEMENT OF FINANCIAL ACTIVThIES (INCORPORATING AN INCOME AND EXPENDITURE ACCOUNT) FOR THE PERIOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 Perlod 1.9.22 to 31.12.23 Total funds PerSod 31,8.21 31.8.22 Total funds as r&ated Unrestrlcted fund5 Restrfcted funds Note5 INCOME AND ENDOWMENTS FROM Cthations and legacies 902,987 269,990 1,172,977 1,185,165 Other trading activitie5 10,800 10,800 Total 9)2,987 280,79 1,183,777 1,185,165 EXPENDMIRE ON Charitable activities Charitstde attlvlties 1,150,160 376,910 1,527,070 849,621 NEf INCOMEI(EXPENDrnIRE) (247,173) (96,120) (343,293) 335,544 RECONCILJATION OF FUNDS Total fun¢ts brought forward 163,754 152,834 316,588 (18,956) TOTAL FUNDS CARRIED FORWARD (83,419) 56,714 (26,705) 316,588 The notes form part of these financial statements Page 13

OUTSEf CONTEMPORARY ART FUND (REGIsfERED NUMBEL. 04870490) BALANCE SHEEr 31ST DECEMBER 2023 31.12.23 31.8.22 Notes FIXED ASSErs Intangible assets Tangible assets 12 13 75 2,313 435 3,828 2,388 4,263 CURRENT ASSErs Debtors Cash at bank 14 62,052 423,267 69,956 540,528 485,319 610,484 aiEDITORS Amounts falling due within one year 15 (279,412) (208,159) NEf CURRENT ASSErs 205,907 401325 TOTAL ASSEfs LESS CURRENT UABILITIES 208,295 406,588 CREDrroRS Amounts falling due after more than one year 16 (235,CQO) (90,IXJO) NET ASSErs (26,705) 316,588 FUNDS Unrestritted funds Re5tritted funds 18 (83,419) 56,714 163,754 152,834 TOTAL FUNDS (26,705) 316,588 The charitable company is ￿titI￿ to exemptlon from audit under Sedon 477 of the Companles Act 2006 for the period ended 31st De￿rnber 2023. The members have not deposlted noti￿, pursuant to S&tion 476 of the Companies Act 2006 requirlng an audit of these financial Stat￿ents. The trustees acknowledge their responsibilities for (a) suring that the charitable company ke￿S accounting records that comply with Sections 386 and 387 cl the Companies Act 2006 and preparing financial staknthts whlch glve a true and fair vlew of the state of affairs of the thaiitable company as at the end of each financlal year and of its sU￿lUS or deficit for each financial year in accordance with the r￿uIreMents of Sections 394 and 395 and which otherwise comply wlth the requirements of the Companies Att 2006 rdatlng to flnandal statements, so far a5 applicable to the chaiitable company. (b) These financial ststements have been audit￿ under the rquir4ll￿tS of Section 145 of the Charitie5 Att 2011. The notes fom part of these finanaal statements Page 14 continued...

OUTSET CONTEMPORARY ART FUND (REGISTERED NUMBEL. 04870490) BALANCE 5HEEf - continued 31ST DECEMBER 2023 The* flnandal StateM￿ts have teen prepared in accordance wlth the provisions applicable to charitable companles subject to the small companies regime. The financial statements We￿ approved by the Board of Trustees and authorised for issue on 28th May 2024 and were signed on its behalf by.. 6LoS Nlcolette Marla Cavaleros - Trustee The notes forni part of these flnanclal statements Page 15

OUTSEf CONTEMPORARY ART FUND CASH FLOW STATEMENT FOR THE PERIOD Isr SEPTEMBER 2022 TO 31ST DECEMBER 2023 Peric#J Period 31.8.21 1.9.22 31.12.23 31.8.22 as reststed Notes Cash flows from operatlng activities Cash generat8J fr(*n operations (115,532) 374,488 Net cash (used In)Iprovlded by operating acbwties (115,532) 374,488 Cash flows from investing activities Purchase of tangible fixed assets (1,729) Net C￿1 (used In)Iprovided by investing attivities (1,729) Change in cash and cash equiwalents in the reporting period Cash and cash equivalents at the beglnnlng of the reporting period (117,261) 374,488 540,528 166,040 Cash and cash equivalents at the end of the reporting period 423,267 540,528 The notes form part cf these financial statements Page 16

OUTSEf CONTEMPORARY ART FUND NOTES TO THE CASH FLOW STATEMENT FOR THE PERIOD Isr SEPTEMBER 2022 TO 31ST DECEMBER 2023 RECONCILIATION OF NET (EXPENDrruRE)IINCOME TO NEf CASH FLOW FROM OPERATING AcfiviTIES Period 1.9.22 to 31.12.23 Period 31.8.21 31.8.22 as restated Net (expenditure)lincome for the reporting period (as per the ststement of Financial Activities) Adjustments for: Dep￿lation charges Decreasel(increase) in debtors Increase in creditors (343,293) 335,544 3,604 2,691 (17,488) 53,741 216,253 Net cash {used 1n)/pr0￿ded by Operati<￿5 (115,532) 374,488 ANALYSIS OF CHANI%S IN NEf FUNDS At 1.9.22 Cash flow At 31.12.23 Net cash Cash at bank 540,528 (117,261) 423,267 540,528 (117,261) 423,267 Totsl 540,528 (117,261) 423,267 The notes form part of these financial statements Page 17

OUTSET CONTEMPORARY ART FUND NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 ACCOUNTING POUCIES Basis of preparing the flnanaal statsments The financial statana)ts of the charitsble comparky, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and RepLYting by Charities: Ststement of Recommended Prattice appllcable to charities prepaiing their accounts in accordance with the Flnancial Reporting standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting standard 102 'The Financial Reporting Standard appllcable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have tEen prepared under the historical cost convention. The Charity meets the definitlon of a public benefit entity under FRS 102. Assets and liabilities are initsally r￿gni￿ at historical cost or transattion Wdlue unless otheNise stated In the relevBnt accounting ￿licY. Incomlng resources l income 15 recogni5￿1 in the Statement of Financial Attivf(les On￿ the charity has entitlement to the funds, it IS probable that the income will be rereived and the amount can be measured rellably. Cash donations are recognised on receipt. Oth& dC￿atIonS are recognlsed once the tharlty has been notifi&J of the donation, unless perfomiance condfcions require deferral of the amount. Income tsx recoverable in relation to d￿ationS r￿e1Ved und& Gft Aid is rerognised at the time of the donation. Grarts are included in the statement of flnanclal activities on a receivable basis. The balance of income received for specific purposes but not eXp￿ded during the perlod shown in the relevant fund5 on the balance sheet. Wh&e income is receiv8J in advan￿ of entiuement of rece5F¢ its recognition is deferred and included in Cred￿Or5 as defe￿ed Income. Where entidement oc£urs tefore Income is r￿e1ved, the income is accrued. Government grants (￿ernment grants are reccgnised in the statement cl finandal actwitie5 under the accruals mcKJel on a systematic basis over the peri￿5 in whid) the ￿tity recognises expenses for the related costs for whlch the grants are intend&J to compensate. ())vernment grants rdating to tsngible fix￿ assets are tffjted as deferred income and released to the statement c( finanaal atttvtties oNer the expected useful live5 of the assets concerned. Expenditure iJabilities are recognised as expendlture as soon as there Is a legal or constructive obligation committing the charity to that expendsture, it Is probable that a tran￿er of ￿OnOMiC benefits will be requlred in s&tlement and the amount of the obligatlon can be measured rdiably. Eypenditure is classified by attivity. The costs of each attl￿ty are made up of the totsl of dirett costs and shar￿1 costs, induding support costs Involved in undertaknng each attivty. Shared costs which contrlbution to more than one activity and supw)rt costs which are not attributable to a single activity are apportioned btheen those artivtties on a basis consiSt￿t with the u of resources. Central stsff costs are allocated on the bass of time spent, and depreaation tharges allcthd on the ￿rtIOn of the ass&'s use. ExpendI￿re on tharitable attlwtles is incurred on direcdy undertaknng the attivities whlch further the Charitys objectivs, as well as any associated suppjrt costs. Grants payable are charged In the year when the offer Is made except in those cases where the off¥ Is condiuonal. Such grants are recc>Jnised as expenditure when the conditions attaching are fulfilled. Grant c(fers s￿b]eCt to conditions which have not bn met at the end are noted as a commitment, but not accNed as expenditu￿. AJI 4)endlture Is inclusive of irrecovernble VAT. Intangible fixed assets Intsngibles are initially recogni5ed at C05t. After recognition, under the cost model, intsngible assets are mea￿red at cost less and accumulated amortisation and any accumulated Impalmi￿t l¢)sse5. Amortisation is prowded on intsngible assets at rates calcula￿1 to write off the cost of each asset ¢Jn straight-line basis over its expected useful life. Amorbsation is prowded on the following basis: Page 18 contlnued...

OUTSEf CONTEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE PERIOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 ACCOUPUING POUCIES- contlnued Intangible fixed assets Website costs 25% on cost Tangible fixed assets Depreclatlon Is pro￿d￿ at the following annual rates in order to write off each asset over it5 e5timat&J useful life. Office equipment 33% on cost Taxation The charity is exempt from corwratlon tax on its charitable attmties. Fund accounting Unrestricted funds can ￿e used In accordance with the tharitsble obJective5 at the discretlon of the trustees. Restricted funds can onty be us& for particular re*itted purposes within the obj'ects of the charity. Restrictions ar6e when specified by the donor or when funds are raised for particular restricted purp05es. Pension costs and other post-retirement benefits The charfcable company operates a dLfined contribution pension scheme. Contributions payable to the charitable company's pen5i0n %heme are charg8J to the Statement of Finanaal Actimties in the period to which they relate. Financial instruments The Charity only has financial assets and financial Ilabilities of a kind that qualify as basic finandal Instruments. Basic financlal InstNments are inltially r￿gnised at transattion value arsd are subsequently measured at thelr settlement value. Debtors Trade and oth& debtors are r￿nIS￿l at the s&tlanent amount after any trade dlscount offered. Prepayments are valued at the amount prepaid, net of ary trade dlscount due. Cash at bank and in hand Cash at band and In hand includes cash and short-temi highly liquid investments with a short maturity of three months of le55 from the date of acquisitlon or opening of the deposit or similar account. Liabilities and provisions LÉabilities are recognlsed when there is an obligation as a ￿Ult of a past event, It is wobable th& a transfer economic benefit will be required in s&tlement, and the amount of the sduement can be rdiably estimated. Provisions are measured at the ￿ estlmate of the amounts requlred to settle the relevant obligation. Where the Lffect of the tlme value of money is material, the provision is based on the pyesent value of those amounts, discounted at the discount rate that refi&ts the dsks S￿lfIC to that liablllty. The unwindlng of the dIscc￿nt is r￿niSed in the statement of financial attivities as a finan￿ cost. DONATIONS AND LEGACIES Period 1.9.22 Period 31.8.21 31.12.23 31.8.22 as restated Donations Gft aid Grarts Donated servlces and facllltles Consultancy income 872,391 29,690 60,466 200,430 10,000 965,207 33,930 105,373 80,655 1,172,977 1,185,165 Page 19 continued...

OUTSEf CONTEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE PERIOD Isr SEFfEMBER 2022 TO 31ST DECEMBER 2023 DONATIONS AND LEGACIES - continued Included within donatsj services and facilities are donat&l sermces totalling £200,430 (2022.. £80,655), whlch are imated to be £160,344 (2022: £33,649) for the r￿t of spa￿$ for artists, studio Spa￿ and exhibitions, £18,306 (2022.. £624) for office rent, £21,780 (2022: £31,084) for legal and professonal fees and £nil (2022.. £15,297) for marketing servi￿. The Charlty rec&ved the following grants during the year: 2023 2022 (Jty of London Corporatlon Department of Cultu￿, Medla & SFJt Arts Council England COVID-19 Job Rdention SCh￿e grants 55,466 5,000 55,466 44,704 5,203 Total 60,466 105,373 OTHER TRADING AcrIvrtIES Perfod 1.9.22 Period 31.8.21 to 31.8.22 as restated 31.12.23 Produtt income 10,800 CHARITABLE AC￿v[rIEs COSTS Grant fijnding of attivities (see note Support costs (see ncte 6) Dirett 5) Totals aritsble activltles 276,189 790,015 460,866 1,527,070 GRANTS PAYABLE Period 1.9.22 to 31.12.23 Period 31.8.21 to 31.8.22 as rated ar￿able a¢llvltles 790,015 454,180 The Chority has committed to maknng the followlng materlal grants to institutions during the year: 2023 2022 Name of inslitution Afrlcan Artists, Foundation Stsllenbosth Triennale Drawing Room Government Art Collertton Farsight corpor￿on Vortic Forma Arts & Medla ebyte Art Gallery of York University ATThe Bus Fi)ndazlone ICA Milano LACMA 150,000 iio,000 54,758 50,000 50,000 25,920 25,282 25,000 25,000 25,000 25,000 25,000 50,000 Page 20 continued,..

OUTSEf CONTEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE PERIOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 GRANTS PAYABLE - continued Locus Athens STCRE Yinka Shonlbare Foundatlon (G.A.S) The Redfern Gallery Ed Cros5 Fine Art Vardaxoglou Gallery MYANMIART Perfomia National Portrait Gallery International Curators Artists in Residen Bold Tendencies Community Int￿est Company Green Papaya Art Projects tre Pompidou National Portrait Matt's Gallery Cristea Roberts Gallery Studio Voltsire other grants to in5tFtutions less than £10,000 25,000 25,000 25,000 21,2 14,280 10,800 10,000 150,C(IO 30,￿30 25,000 25,￿0 25,OCH) 25,(NJO 25,000 20,000 17,120 14,796 10,000 23,250 26,031 TrAal 748,321 440,166 The tharity has made a trjtsl of £41,694 (2022: £14,014) grants to Indlviduals during the year. SUPPORT cosrs Governan Management Finan Tctsls aritable activities 448,686 755 11,425 460,866 Support costs, IndUd￿ In the above, are as follows,. Management Period 1.9.22 Peri¢xI 31.8.21 31.12.23 31.8.22 as rthted Total actSvities Charitsble artivities Wages Social security Pensions Rent and rates Insurance Telephone and admin expenses Postage and stationery Travel and Subsi￿ Subscriptions Computer and Internet expen Programme costs Advertising and marketing Repairs and maintenance Legal and professional fees 229,144 20,031 5,158 28,200 1,191 8,756 149 29,363 7,870 6,475 69,676 136,763 9,866 3,422 35,187 3,761 4,146 3,721 5,193 4,071 1,638 46,603 17,567 1,108 38,067 2,287 34,429 Carried forward 442,729 311,113 Page 21 continued...

OUTSET CONTEMPORARY ART FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 SUPPORT COSTS - continued Management- continued Period 1.9.22 to 31.12.23 Perlod 31.8.21 31.8.22 as restated Total attlvttles Charitable ctivities Brought fO￿ard Training costs ortisation of intangible fixaj assets Dep￿lation of tanglble and heritage assets 442,729 2,353 360 3,244 311,113 360 1331 448,686 313,804 Finance Period 1.9.22 Period 31.8.21 to 31.8.22 as restated Totsl a￿]￿tieS 31.12.23 (Tharitable activities Bank charyes 755 542 Governance costs Perlod 1.9.22 Period 31.8.21 to 31,8.22 as re5tsted Total activities 31.12.23 Charitable activities Auditors, rununeration Accountancy fees 7,500 3,925 6,600 1,577 11,425 8,177 NET INCOMEI(EXPENDITURE) Net Incomel(expenditure) is ststd after chargingl(credlting}: Perlc*J 1.9.22 to 31.12.23 Period 31.8.21 31.8.22 as r&ated Auditors, remuneration Depr￿latiOn - owned assrts Computer scltware amortlsatlon 7,500 3,244 360 6,600 2,331 360 Page 22 continued..

OUTSEf CONTEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMENTS - contlnued FOR THE PEIUOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 TRusfEES' REMUNERATION AND BENEFITS There were no trustees. remuneratlon or other b￿efits for the period ended 31st December 2023 nor for the iod ended 31st Augug(2022. Trustees. expenses There were no trustees, expenses paid for the period ended 31st December 2023 nor for the periTrJ ende 31st August 2022. srAFF cosrs Peri¢xI 1.9.22 Period 31.8.21 to 31.8.22 31.12.23 Wages and salaries Social security co*s Other pension costs 229,144 20,031 5,158 136,763 9,866 3,422 254,333 150,051 The average monthly number of employees durlng the perlod was as follows: Period 1.9.22 Period 31.8.21 to 31.8.22 as restated 31.12.23 Employees The number of employees whose employee beneffts (excluding employer ￿nSIOn costs) exceeded £60,000 was: Perlod 1.9.22 Period 31.8.21 to 31.8.22 as restated 31.12.23 £60,001- £70,000 io. COMPARATIVES FOR THE STATEMENf OF FINANCIAL AcrIvmES Unrestricted funds Restritted funds Total funds as restated INCOME AND ENDOWMENTS FROM Donations and legacies 807,402 377,763 1,185,165 EXPENDITURE ON Charitable activities aritsble actlvities 639,633 209,988 849,621 NET INCOME Transfers between funds 167,769 (1,316) 167,775 1,316 335,SH Net movement In funds 166,453 169,091 335,Y4 Page 23 continued...

OUTSEf CONTEMPORARY ART FUND NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE PERIOD 1ST SEvfEMBER 2022 TO 31ST DECEMBER 2023 io. COMPARAfLvES FOR THE STATEMENT OF FINANCIAL AcfIviTIES - continued Unresthtted Restricted funds funds Totsl funds as r*ated RECONCILIATION OF FUNDS Total funds brought fonvard As previously reEK)rted Prlor year adJ"ustment (2,699) (2,699) (16,257) (16,257) (2,699) (16,257) (18,956) TOTAL FUNDS CARIUED FORWARD 163,754 152,834 316,588 ii. PRIOR YEAR ADJUSTMENT A prlor year adjustment has been made to the accounts for the year end￿ 31st August 2021 to account for additional grants committ&1 to In that wiod of £16,257 relating to 'the VOW restrirted fund that had not previously been recognised. This has reduced the fund balance brought forward by £16,257. Further ￿juS￿nentS ha￿ also been made to the ￿COUnts for the year ended 31st August 2022 to reanaly5e £120,000 of grants that had committed from the general fund in the earfier years, but were previously r￿Qgnised in the year ended 31 August 2022. These have b￿n reanatysed Into the prlor years In whlch they committed. This increases the surplus and the brought foNard general fund balance for the year ended 31st August 2022 by £120,000. This adj'ustment does not impart the brought forward fund balances for the current period. 12. INTANGIBLE FIXED ASSErs Computer software cosr At 1st September 2022 and 31st Decemter 2023 17,514 AMORTISATION At 1st Sep￿ber 2022 Charge for year 17,079 360 At 31st December 2023 17,439 NET BOOK VALUE At 31# Decem￿[ 2023 75 At 31st August 2022 435 Page 24 continued...

OUTSEf CONTEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE PERIOD Isr SEPTEMBER 2022 TO 31ST DECEMBER 2023 13. TANGIBLE FIXED ASSErs Office equipment At 1st September 2022 dditions 10,592 1,729 At 315t December 2023 12,321 DEPRECIATION At 1st Septemlxr 2022 a)arge for year 6,764 3,244 At 31st DeCeM￿r 2023 10,008 NET BOOK VALUE At 31st De￿mber 2023 2,313 At 31st August 2022 3,828 14. DEFfoRS: AMOUNTS FALLING DUE wmiIN ONE YEAR 31.12.23 31.8.22 as reststed Cther debtors prePa￿￿ts and accrued income 14,421 47,631 25,252 44,704 62,052 69,956 15. CREDrroRS: AMOUNTS FALUNG DUE wrrHIN ONE YEAR 31.12.23 31.8.22 Trade credltors Grants committed Soaal security and Oth￿ taxes Accnjed expenses 2,026 265,557 4,929 6,9(N) 4,439 193,757 3,363 6,600 279,412 208,159 16. CREDrroRS: AMOUNTS FALUNG DUE AFfER MORE THAN ONE YEAR 31.12.23 31.8.22 as restated Grants commtied 235,000 90,000 Page 25 continued...

OUTSEf CONTEMPORARY ART FUND NOTES TO THE FINANCTAL sfATEMENTS- continued FOR THE PERIOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 17. ANALYSIS OF NET ASSEfs BEfwEEN FUNDS 31.12.23 31.8.22 05 r&tated Totsl funds Unrestrltted funds Restricted funds Total funds Fixed assets Oj￿ent assets Ojrrent liabilitie5 Long tem liablllties 2,388 484,007 (334,814) (235,000) 2,388 485,319 (279,412) (235,000) 4,263 610,484 (208,159) [90,￿0) 1,312 55,402 (83,419) 56,714 (26,705) 316,588 18. MOVEMENT IN FUNDS Net movement in funds At 31.12.23 At 1.9.22 Unrestrictsd funds General fund 163,754 (247,173) {83,419) Restricted funds (Jty of London TenTen The VOV s￿d10makerS 10,720 110,887 31,227 (25,420) (69,484) (116) (I,ioo) (14,700) 41,403 31,111 (I,ioo) 152,834 (96,120) 56,714 TOTAL FUNDS 316,588 (343,293) (26,705) Net movement in funds, included In the above are a5 follows: Incoming r￿UrceS Resources eApended Movement in funds Unrestricted funds General fund 902,987 (1,150,160) (247,173) Restricted funds City of London TenTen The VOV Studiomakers 55,466 223,888 (80,886) {293,372) (116) (2,536) (25,420) (69,484) (116) (I,ioo) 1,436 280,79) (376,910) (96,120) TOTAL FUNDS 1,183,777 (1,527,070) (343,293) Page 26 contnued...

OUTSET CONTEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMENTS - conlinued FOR THE PERIOD 1ST SEPTEMBER 2022 TO 31sr DECEMBER 2023 MOVEMENT IN FUNDS- continued Comparatives for movement in funds Net movement in funds Transf&s btheen funds Prior year adjustment At 31.8.21 At 31.8.22 Unrestricted funds c￿eral fund (2,699) 167,769 (1,316) 163,754 Restricted funds aty of London TenT The VOV Documenta 15 10,720 110,887 47,484 {1,316) 10,720 110,887 31,227 (16,257) 1,316 (16,257) 167,775 1,316 152,834 TOTAL FUNDS (2,699) (16,257) 335,544 316,588 Comparatlve net moVeM￿t in funds, included in the atsove are as follows: Incoming resources Resources expend MOvem￿t in funds Unrestricted funds General fund 807,402 (639,633) 167,769 Restricted funds aty of London TenTen The VOV Eh)curnenta 15 55,466 221,525 56,068 44,7sX (44,746) (110,638) (8,584) (46,020) 10,720 110,887 47,484 (1,316) 377,763 (209,988) 167,775 TOTAL FUNDS 1,185,165 (849,621) 335,544 Page 27 c(￿tInUed...

OUTSEf CONTEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMENTS - continued FOR THE PEIUOD 1ST SEPTEMBER 2022 TO 31ST DECEMBER 2023 18. MOVEMEKf IN FUNDS - continued General funds - unrestricted funds which are available for use at the discreti￿ of the Truste&, and the Outset Partners, in furtheran￿ of the general objectives of the Charity and which have not be￿ designa￿1 for other purposes. fun City of London co￿oration - supporting a ddivery partnership ￿urIng long-term creative infrastructure, and raFid activation using short-tsrm projects, to achieve "Fuelling Creatfve Renewal. and "Culturelcommerce Taskforce" strategic aims. TenTen (Government Art Collection) - supportal in partnership with Outset Patrons Sybil Robson Orr and MattheN iTrr, the annual TenTen Commission is awarded to an outstandlng Britlsh Artist every year. theVOV - supporting the development of an online pr8sentstion of monum￿tal exhibitions for public audlen to enjoy live and on demand D￿Mental5 an intemational curatorial development programme focused on Increasing opwrtunities for disabled curators to athance their careers and ntho￿5 but also to effett thange at the highest levels of the cTrnm&ciallphilanthropy settor and open new private support fcff t￿0 disabled led and focused NPO5. Stydiomakers Prize - The Studiomakers Prize retsins creatlve talent In London by cfftring a year's rent-free studio space to a group of exceptional recent graduates selected by a jury from London's top art schools. ￿tset awards Prize recipients with a rent free studio Spa￿ for one year, alongside a professional devdopment progrdmme to allow their continued creative practice in the city. Building on the success of the City of London Corwation's 5UPP)rt to the 2023 iteration of the Prize, we are currently fundraislng to continue the Prlze at neN locauon. 19. RELATED PARTY DISCLOSURES Aggregate donations recelved from Trustees in the year amounted to £83,336 (2022.. £213,303), Key management p￿sonnel comprise Trustees only, none of which are remunerated for their work. 20. ULTIMATE CONTROLLING PARTY The opErations of the charitable company are contrcll&l by the Trustees. Page 28