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.
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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.
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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 artl*s 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 la*ing 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.
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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 artl*s 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
netsYor*s 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 under*anding 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 b*n 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 & SF*Jt
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 r*ated
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