REGIsfERED COMPANY NUMBEIL. 04870490 (England and Wales) REGIsfERED CHARftY NUMBER: 1101476 oirrsEr coptTEMPORARY AKf FUND (A COMPANY UMrrED BY GUARANTEE) UNAUDrrED FIPIANCIAL sfATEMEpirs FOR THE YEAR ENDED 31sr DECEMBER 2024 iIchardSc Jones CYorter& knuntants Mercury Hou 19-21 Chapel Str*t Marknv Bngham$hIre SL7 3HN
oiTrsEr copirEMPORARY FUND copirEKfs OF THE FINANCIAL srATEmEPS FOR THE YEAR ENDED 31sr DECEMBER 2024 Reference and Administratsve Detsils 2 to 7 Independent Examinerfs Rewt statement of Flnancial Actlvlu Balance Sheet io Cash Flow Statement li Notes to the Cash Flow Statem 12 Notes ts the financial *tements 13 to 23 Detalled Statement of Flnandal A¢tl¥lU 24 to 25
oirrsEr coptrEMPORARY AKf FUND REFERENCE AND ADMINISTrATIVE DETAILS FOR ThE YEAR ENDED 31sr DECEMBER 2024 TrusrEES Maria Micada P•)as Nicolette Maria Cavaleros Roland Denls Cowan Candida Gertter OBE (rtsignal 29.11.24) Veronique Parke (aiair) )hn Geoffrey Rushworth (r&gn&l 25.3.24) Anna Marie Shields Annmarie Ju Yin TorwJ (aPAntl 17.5.24) Sirrth David (Ythlck (apwinknl 11.12.24) REGIsfERED OFFICE 8-13 New Inn Street EC2A 3PY REGisfERED COMPANY NUMBER (14870490 (Eand arKI Wales) REGisfERED CHARftY NUMBER 1101476 INDEPENDEKf EXAMINER merCry Ho 1921 {p Street Markny Buckinghamthire SL7 3HN CHIEF EXEcirrM OFFICER NKol* Maria Cavaleros BANKERS Virgin Money Business Clrect 11)th Floor 177 Bothwd StreEt Gla9JOW G2 7ER Page i
OLTfsEr coKrEMPORARY Airr FUND TRusfEES' REPORT FOR ThE YEAR ENDED 31ST DECEMBER 2024 The Trust are pleased to present their annual rep)rt tcoether wtth the financial ststenents of the Ou Contemwrary Art Fund ft)r the period l January to 31 Decb 2024. The annual repjrt serves the purposes of both Trustees, rert and a tAreLtors' report under company law. The Trustees confimi that the annual report ond financial ststements of the charttable company Comp with the curratt stabJtory rquirwnejts, the requIrents of the charitab companvs goveming document and the provisions of Ststement of Recommend&1 practi (SORP) appficable to charities preparing their accounts in accordanTr with the nala[ RewttfKJ Stsndard applio4ble in the UK and Republic of Irela[ (FRS102) (efftf l January 2015) a5 arn1 by Upyate &Jlletln l (effecbve Jawary 2015). Slnce the Charity qualifie5 as small Und section 382 of the CornpanRs Act 2006, tr strat8Jic report rwuired of rnedium and large companFes under the Companies kt 2006 (Stratsjic Repyt and Dirthr5' Rqrt} Regulatlons 2013 has been omitted. GEME 1.1 Constitution Outset ContemFrfJrary Art FurKI was estsbllsh&l In 2003 arKI was lthd as a charlty with the Chority Commission on 13 January 2004. As set ryjt In the Conthrtion, the objects of the ijwrtty are to PDmote. ImprthE and a[[e education in the tleld of contemp)rary art 1.2 Oryanl&ifjonal stnthre Outset has tsaditTronally bn led ty two Llrectors and gov by a Board of Trust. Until Novemter 2024, the Charity was ctrdirecbj by Nicolette Cavaler05 a1 Candida Gertler. After 21 yeors with the organisation, Candida Gertler stepped down as CATrDirector arKi Trustee in M)vber 2024. Following her depaTbJre, Nicdette Cavaleros assumed the role of sole Dlrector, supportal by the Board and xutive team. There are UJrr fve acuve (krtset choptws around the v40rld whlth are IrdeThty run, wtth their own sljucture, supwters, fundraising m(e1$ arKI SUprtaI wojects. Each chapter goNEm&J Indelent1y, and some have their own lThrd of trust. No thapter controls or Influen the aCtiW or dlsOnS of another chapter. The Chaiity is governed by a Board of Se Truth, chalred by Veronique Parke. The knrd ayS a cruclal role in suptxyting staffi providing stTrtegic direction, wwring governaKe compfianTr, and advocating for the thaiity's mission. It meets quartwty to oversee and gulde the organisation's WO No TntsiEe contrilxrte5 more than 5% of revenue In 2025. Outset is committed to maintaining a Pthrd that refiects a diverse ranoe of thlls, exper[en, and nthorks essential to achiemng its vision, mission, and sts3bJk obj&tiv85. This year, followEng a compreJRn51ve reNiew of Trustee sknlls ar eXrientr, the P•Jard identifiej key areas where &4ditlonal experbse would be lefi0a1. As part of this process, and wth recommendatlorLS from the (Jarivs networK Cxrtset aprKiinted Simon thadwick as Q)mpany Secr&ary. The tharity remalns commltt&l to strengthening ts g0Vwnan and continues to recrutt Tn wth the slalIsed knowledge and experi0 needed to sUprt its e4olwng wiorities. As an independent and ccAlectNely funded philanthropic organisatlon, Outset is uniquely PKBffooned to operdte wlth flebIlty and agilty In reskKtnse to the evoMrKJ negjs of the arts sector. sIn Its inception, Outset has pIoneed an Innovative mode] of public-private partnership, infomal lyy insbtubmal ambition, to suppjrt C(temrjrary art for public audiences through kylvate funding. Outset is there from the outset - suppJVrKJ ambitious, risk-tsknng contemrdry art pJects at their earflest stages to help bring told ideas to life. The Charity funds in5kntutions, artists and rdtDrS to realise ambitious contemporary art projects that engage with preSn9 sttial and culiurdl issues. The (arity thampions dialogue betWn artists, insbtutior6, and thdr fund5, fostering Collara1jOn5 that ensure fijndlng ts dirthl where tt is nM)st needed and can have the greatest impact. Outset promdes twjke fundiro g)lutiDns to support ne•V arl workFfHJ arJoss the s*ir to strengthen creative infrastructure arKI expand to contemporary artislic pracbce. Page 2
oirrsEr corirEMPORARY ART FUND TrUSTEES' REPORT FOR THE YEAR ENDED 31ST DECEMBER 2024 Outss supwrt Pla ft(us on: . EdLKation and profes%onal de10[ prcKluctions, exhibitk)n gJPP)rt Insbnal ColctIng and ueative infrastructure - Projects that are exwt-led and challenge the artistlc dixou . Insbtub¢XS from tlvjse at the graSsrts to those on the worhj stsge and rdnge from capfcal to wional c - Projects that receive support at a CTitral stage in their dLwelopment . Projets that aim to rexh the vddest publlc alm8eS Outss funding is and has ahyays pcx)led thwh gOu$ donatson5 from PrIate indiwduaLs and a small number of Cor[rate partrrs. For the fiagship fi&nd. the Outt Partners Awants, awlKath)r6 are invital from the Charivs estsblishal and trusted global netsvork and are asse55&1 collethvety ty ou PdrtrErs. wlth guidan from a Research Lead. Thdr pooled philanthropy enables both sgnifitlnt TrdnsFOmtive Awards and smaller, tsrgetsd Impatt Award& While the criteria are non-prfpt1Ve, successful proj typicalty (knw)r6trte attritxftes as ambtbon, risK leverage, scale, ripple effect and dear outromes. lsiOnS are infomed by dia9, Corl5 arKI due diligw, enswring fvnding is directed where it can ach1 greatest impact. The Trust&s wew the aims, arnl adr¥itses of the eath year. This rep(xt IkS at vthat the tharity has achleved and of ts work in the rewting p81od. PUBLIC BENEFrr DIS The Charity's wfcAI of ac£ount was fr(xn l January 2024 untll 31 Decemtw 2024. Donaoors to the Charfty durlng trot year are rep)rtgd in the Ststwnent of Anancial Athtbe& The Tn&ee5 confim that have refeThel to the guidan contalnejj in the Charty Cornmis%on's gal guitsKe on btht when reVieIng the (Jwrivs ain and objectives and in annIng future actVTbe& Outset was proud to support an impressive wrfolio of exatiro arx1 impacthl proi&ts across the globe in 2024 and continue ts milon to bring contemrx)rary art to pubfic audipts This period saw significant organisational development, induding IMprOents to administrative and financial kyocesses, a rerfiew of outgoings to reAluce overtEad5. and streamlining the grdnts pr(Kes& PdditKJnalty, the Charity intrcxluced a mre fonnalised stakeholts engagement apwoath. Work was und*ken to enhance the archNes in pwarathn for a webslte update in 2025. 2024 al gnItsnt thaIleS for the Charity. In Marth, IXrts& be£ame aware of a socwl mejjla campaign launthejj against the (ar1. The camFoign erronUsiY linked Outset to the actions of the kndi gOVnment In Gaza. This Cultural boycott campalgn ask61 th¢X worklng in the arts kn reftjse funding, acqUisrtS or Oprjn[beS offereAI by or linkd to Outset. Tr Charity responded sW[Y to the campaign ty FKoviding SUprt to the executive tsam and engaging directy with key stskehohjers, reaffirming its commtrnent to Its mission and the widw arts community. Outset was supported by Its bjard and a team of risk managematt proftswnal& Rqx)nding to (3mpatgn was a dsbzction from normal operations. The Chartivs maln acttvltles are dexrited below. AJI Its tharftabfe acbvitses focus on 5UPForbng ne art wlthin the public arena through priwate fijndlng. By establishing a1 nurturirvj its relationships w6thin the arts ecosystwn, the Charity is able to to provlde wlvate furKling where it is most ard sp akl Outset Partners Awards Outset Partrv5 Is the tharIS kw fuThl, gmng grdnts to innovative and impacthl, Internauonal contemwrary art projects. Through Its consensus-driven lS10MakIng proce ar IwJht-touch apICation approach, the inibatlve remains flexible and rayn51Ve to eMIng needs and Id&is within the seLtsr. Page 3
oiirsEr coiirEMPOIIARY Airr FUND TrusrEES' REPORT FOR THE YEAR ENDED 31sr DECEMBER 2024 In thls reportlro pthd, the Chartty ddiverej LTrde Vl L (Irt5et Partrws. In Cyde VI, the Charity expanded ts network of inwted applicants from 300 to 435 organiSath) Thls growth was athiev&J through intematlonal and national research trips, ne0 deVopnt and r0MMendationS from core yJprterS and 5tskeholdw& As a result, the arty saw an irTrcrease of 33% in appticatiorts from the [cloUs cyde - rdlecting th the progrdmme's growing reach and trte Increaslng demand for art5 funding. Applicatlons were gjbmthj fr(m arts InsliLu a(ross 23 cntrIeS 5pannir¥J 7 (Ctinent% 28% were TrdnsFomative Grant applThtlons, and 720/0 Irrpatt Grant applbitK)ns. A rise of TranrMatiVe Gront applicatM)ns hlghlights a for substantial fundlng In rtsponse to ongoing challenges in the sector, recurring trM&S in applicatK)ns induded: - Dlver51ty, Induslon and acctss - Young pple'S development - Heath and wellbeirKJ - Professional devdopment - EnrOnments1 consciousne55 . Preserving and accessir¥J arthNe5 - Art arKi scben In Cycle Vl, the Charlty awardal a totsl of £180,000 grarts. IndudirYJ two Transformative Avmrds and three Impart Awards. miattve Ad - Abertinum (Dresden, Cfflnany), £65,00 sup[] a two-year research prO]t to rec(msider the muum's curatorial vision in response to right-wtng populism, with a on publK resp0n9bfy in a pc6t-soaallst society. This will be the most In-depth rehang of its collOn gn 2010. - Lassonde Art Trail Foundation (Tonxrto. Canada), £65,00 FurKling tovRrds Deep Srte a project eWorirrfJ the microhobttats, biomimKry and sustainaile futhre of a complex gte through wblic art and dixursive programming. The projert bridges art and 9ience b) researth reaal the gte's hidden layers arKI archive its stories through collaboratlon with a de rarmje of partners. - Art History Unk-up (London, UK), £20,(KKF Projett gNing state Strdts the oprKJthnty to sw Art History gain an accredited qualffication fre0r-tharge, tsIde hl-tIme, tsught online and in galleri& Art History Link-up's other key partrers indude The Courtaukl Irstitute of ArL Chrislie's and The Rothschild Foundation. - AWARE (Parls, France), £20,CW SupFXNting AMIS, a w0jt that supwrts the vlslbllfty arKI Incluslon of women and non-binary artists wtthin visual art narratives, permanrt collth)ns and exhibition5 through research, acbon and the thss&nlnation of best practKe. - Kunsthaus Bregenz (Bregwtt, Austrki), £10,00 FurKling ts)wards a maijr sokj exhibfmn of neV extsttng work by Polish-Romani artist and octiwst Malgor7ats MirgaTa5 &¥>j the Romani people's trangwknral, transnational experience and Europe's thifang social landscape. These five proJeLts have a presence el countries (Austrla, Canada. Estonia, Fran, Germany, Gree, Japan, Mexico, the Netherlands, UK arml u). Thar themes and areas of focus span arti5bc and curatorial pradice; edutsition and yourwJ pewles, development. diverty, indu%on and acw; prving and accessng archives; and ronments1 conxiousns. Of the fve award, four first-time aptAiont& Through the Outset Portners Awards. (harity not Mly fvFK15 innovatrrfe prOjts atso help5 organisations attract additional Investmt. The strategic eN)ansion of the apFlicath)n prJ)l arKI the commitrnent to a responsive fundlng approach emwres that the Chaiity remalr6 at the forthrt of arts pthilanthropy globally. 2 Scott Collins Blennlal Commlsslon ott Colllns BIn[al Commission, in partnershlp wtth cxrt*t Contemwrdry Art Fund, Is a unique amual commlsslon that eleRtes the work of outstsndiro CUratS arKI arb5t5 on an international stag& The commisson award5 UP to £50,orxJ in sUprt of eXtraordinY work at intemattonal trinial At the heart of the commisson is the desire to expand the aUdIen of a biennial, altkalty gagIng vAth the jea of viewetshlp and access. Collins Biennial Commi en
oITrsEr ColEmPORARy ART FUND TrUSTEES' REpoKr FOR THE YEAR ENDED 31ST DECEMBER 2024 The Inaugural BinIal Commission was 'Emoy Rid by Lawr(£ Lek at Blennaie de Iumage en Mouvement In Geneva (january - May 2024). The Blennale brought tL¥J&her 15 artists at the fixefront of vld&J art to present nwAy commissioned proj eworing the dNerse kwibilitits of the nN)ving imap. Outset has supported Ws career stnce 2014, throwh of his wot 'Sky knrE' for the Art WeekaKI Festival, London, and again in 2017 for his Installalion 'Play Station, as part of Art Night London, a public art dvent. In 2023124, the Scott Collins Biennial CommissK)n grdnt was pivotsl in Pal1ng the artist to deRlop and pr(hJutr a 16-minute narTative film created in Ws slgnature le of soph1sljczt compts-generoted animatlon, wlth an original soundtrack a19) composed by the artlsL 'Empty derf is the final charts of Lek's 'Smart tr110, The trtl(MJy tsckjes some of the urgent ethical and kgal dilemmas presented ty the rngerKe of AI-thtse indude questions of mathine conx)uSness, legal culpabilty, and the relati0rhIP betw a1 Surveillan Thrjgh the suprx)rt of the Biennial 0)mMi1(, 'Empty [derf now exisis In an ed5tlon of 5 + IAP, one of which will g]ftal to an instittrtion to be agreed bÉtwn the artist and OutseL In 2024, Lek was lis1 in TIME Magazine's 100 most Infiuential pIe in Al arKI was awardal the Frteze Artist Award at Frieze London. Biennial ission 202 n Trienni For the 2024 iterztion of the Blennial CoMmisn Outset was pr1 to support Arnle Slegal's Vues as part of Maknng Homtrsmithsonian De9gn Triennial at Co)Fff Hewitt, Smitlwnian Design Muwm, New YO oping in Novemt 2024 and running until SeptwnLEr 2025, the exhibib(ffi featured 25 commissMJned, S[twjfiC instsllaUons exploring the role of deslgn In shaping the conpt of h¢e a(TOSS the United Stst&, US Terrjtorles, and Trib31 Nations. The Triennlal was establi&led in 20W to adress the m05t uwt toplcs of the time through the lens of destqn. Amie Siegel's Vueslwiews Vues is a (k)Ubl&t film installation examining 19th-century FMth panoramic wallpapers and their lasting preseno in AmerM2n Intr$. These hand.bio(knJ wallpaper5 construct idealised visions of dlstant landsL7pes, reinforcin9 themes of exotrization. tth¥¥, and control. The film ft105 tr1r use in US homes, induding ZubeVs Las vue5 d'AmErique du Nord, a romantioz& depictw)n of prfravil War Arnlca, culminating in the White House. On the reverse of the film screen, Siegd (Jeated a ¢tsom wallpaptr made fr7 over 150 discarded rolL% of srenic pa from the Zuber Factory in Frnno. By repung these fragments, the work highlights hl#orkzl omissbons and distorb0rn5 in representations of peop, land5r3, a1 oJitures over time. The ¢hrfty will yrk wÈth Siryd and Thomas Dane Gallery to (kinate an edthn of the work to a rAJblic colkntion of the artisvs choice. 3 The Robson Orr TenTem Award, Government Art Collecti Outset has Ikid a loWarKling rdationship with the Gjvemment Art Collon (GAC). From 2016-19 the thartty and the GAC created an innovative publiclprivate parts1p to SUPFOrt contempordry artists and strengtFEn the GOVmeJS public art collettion, ensuring Ét continues to reffert the dtvwsty and of Brtbsh (xlture. Through the partnershipA 12 significant artrffjrks were giftexl to the GAC, lThJudiNJ works ty Fbna Banner, Zarina Bhimji, PaLlo Bronstein, Shezad Dawo(Kd, Siobhan Hapa, Anne Hardy, Isaac Julien, CJ)thka Maajga, Laure Prouvos¢ Gillh3n Weartw, Nicole Wemiers and Richard Wentworth. BetWn 2018-2023, Outset partrtpA with the GAC to detlver a -year Inibative SFrf)n9)red by leadlng thltanthropists, Sybil and Matthew Rob9)n4)rr. year a Bribsh artist is commissioned to create a unique, limf(ed editton print to shown in diplomatic tIklIngS across the vr1d. A small numter are available for wrchase through a Collarat)n wtth Outset to rdlse funds for the GAC acquigth)n fund. The Inaugural award was grrfen to the arttst Hurvln Andwson (2018), and continued with Tacita EEan (2019), Yinka SIM)nibare CBE (2020), LUbaa HIMMI CBE (2021), Rathd Whiteread (2022) and Mithad Amw (2023). The recipient of the 2024 Robson Orr TenTen Award was acrla1mI Brftlsh arti Dauil Foets, rewewtsd by Stephen Friedrnan Gallery. Forrtstsrfs prin( Altsr, depicts a scene from a reggae ftstival in Comwall, where the artist now INes and W8. In 2024, after six scceSsFul tteratiors, the Chaffty transitN)neA the managanent of TenTen Award to Robson O EntertainmenL This folk)ws a similar sd in 2015 Wh the Chartty transitioned the Outset Frieze Tate Fund to Endeavour after the dcOn of 100 works to the Tate cdlthn. Establishing innowduve and impactful initlatNes that can thrive independenty refkn the Chaiivs commitment to foering long-term [nabIlity In the arts. 4.4 Norval Sovereign Afrfcan Art Prize Resldency
OiTfsEf COP4TEMPORARY ART FUND TrusrEES' REPORT FOR THE YEAR ENDED 31sr DECEMBER 2024 In thls rewrtlng tEri(hd, Outs£t was kleased to derfek)p a partnership with bmg-terrn suppjrters Lie51 Rthardt and Rob Brlcout to snr a London.basl resdeKy as part of the vlnning wlze the Norfil Soverdgn Afrton Art Prlze. Norwal Foundation, located In Cape Town South Afrio. is a cwtre for art and cultural wiression, dedicated to the research, eduG?on aThl exhibitron of 20th- arKI 21st-cenbJry Vial art from Africa and ts diaspjra. The Norwdl Sovereign Afrfcan Art Pri is an annual avRrd that cdebrdtes t prth of leadirKJ contemporary artists from Africa and its diaspora. The tTrweek cultural residency ¢)ffers the winner of the Norval s0ve1gn NfrKan Art Prize the Chan to expertence and be in¥ired by London'5 viLYant art xene. SUpP)rtl by the ttset team, the winner gain access to Outsevs dNe network and enjoy a rdnge of meaningful wKounters across the crtys cultural landape enrithing aFNJ infomiing their arlistic practice. SING AND FINAN 5.1 Fundraising Outset has always coll• fijnd. the lJ)afitrls flagthlp Inltlatlve, trE Outs& PartrS Awards, Is SL5p[d by a group of up to ffteen irKJMduat& The Charitys fundrdlslng model is lejj ty Tst, wlth Intrcmluctwjns to Prostive donors driven primarily through their networks. Wandlng the range of the Pthrd's sktlls and recrukung addlOnal Trustees wlll b)th straigthen govemance and exterKt the organlsation's reach Into Lxher sectors, ¢Jffiting new oP[bJnltseS for fvndTaising. Outset malntsEns striLt ovwsght rf all fu[raising actrts uthiakn by Tnth or staff on Its bkilf. Durlng thls period, the Tnts fhive rK) complalnts to rert and confimi that all activibas align with the arrS mi4ion. The Board continues to uphold test practices in fundrdising, utsurlr¥J that no staff manbtr exats undue pressure on indNiduals to contritKJte to the fund. 5.2 Financial review Outset's total income for the perd l January- 31 Drnb 2024 was £490,071 {2023: £1,183,777). £64,576 was restrittd, £425,495 was unrestric. Totsl eXp¥jIre for the year was £524,547 (2023: £1,407,070). £94,933 was restricted, £429,614 was unrestricted. The overall defidt for the year Is -£34,476 (2023: -£223,293), wtth -£30,357 restTlct8J and -É4,199 unrestrlctal. The Charity will continue to manage its o)st carefijlly aFKI maximise income OprJnitIe& The Charity lrnproved its cost effioencies in 2024. streamfining ts outgoings. The Asgxate Director stepyad dovm dUrIj this reportFng period. The role was not rq)kiced. with respc1m1thS effrfbvdy di5trilyjt across the extive team. This redu staffing co#s in the future. 5.3 Reserves policy Hlstorfcallyi the holding of reserves was corsidered unneSSary ty the Trustees bv* through fijnding qc5, lthe Charity maintsin5 a Significant balar throughout the yEar. Thi5 policy is curTenty under review. To counter the effect of foreign excharoe MoVemt on funding, the Trust to invest the dkrÈVs surplu5 c3sh in a rlsk-free invesbnent accounL with additional contributions tAanned over t]me. The account Is s& to be established In 2025. Outset has afviays tsken a conswtive pcsbon wtth r8Jards to cath, tsjlldlng a buffer Into cash flow frir the year, and dIOUnting uncertainties like Gift Aid from our incoming fvnd& Tr owational team rertS to a tnjstee on our cash flow and eX[ndItUre on a We basi5. K£ounts are Uptdate and rtKJnthring the alloc2tion of fund 6.1 Operational thanges Page 6
oirrsEr copirEMPORARY AKf FUND TrusrEes' REPORT FOR THE YEAR ENDED 31sr DECEMBER 2024 During thls retM)rtlrKJ wod, Cljtset undatook an organisatkwl to assess stsfflng requlrements and reduce operational costs. A key finding was that fundraisng is mo eff wn driven by intrrmjuctions from Tnjstees. As result, the charity restruthred its approach. moving away from a d8JicatsJ fvrKlrdigng role in faur of a modd led by Trustee netsyorks. The review also highlighted the 1MrKJrtan of operdbonal leadership. Following extenswe process improvements and streamlinirwJ across the organWion, the condudd that introduang an oPatiOnS Lead role would be essential to the Charitys continuej smooth runnirrfj. This tx)gtson will oversee (tsy-tOaY operations, manage financlal and accounting pr, arKi suppxjt s¥)¥nar0 arKI Board manwa)t. R&rUjtrn for this role began In Septemlxr 2025. In addibon, the Board Identified a need for enhanced ctynmuniaitions exPtiSe. In 2025, Outset wlll recruit a Trustee with spttialist knowledge in Communicatic and PR to guide the d0pment of the Car15 communications strategy providing stratsgic ovw5ight to stmgkn external engagement and w6ure consistent, dear messaging. CERTAI The chartys work rdES on a strong and engag8J network of patrons. Outsevs gJpp)rter and grantees has increasingty shrfted towards intwnational donors ard intwnational public arts instiiubons. This shift has accelerated through the global reach of the fitst Se cWes of the Outset Partrws fund (whTrch invites aprAlcants from a trus1 network of over 4CM) gb)bal public arts Insbttjts). The relocalon of UK-basd suptx)rters durfng cov119 and after Bt also had an imp This intemational expanson prets OprtUnitieS but al potential risks, induding )gagIng new audlences and building and malntaining strong rdationships in new gerJrdphies. The evomng glotol ph1k7nthro dlmate. parbcularly In the arts, an aththtional thar¥Jes In donor prioribes, economic and ltCal uncertainty, and sthiftitKJ trents in intemational gibing cthjld affert fjJnding lS and the sustainabilty of long.teTh commfqntsl requiriThJ the (hartty to * its engagwnent strabJie& To support this growth and man24e t rlsks. as of Sepknber 2025 have a¥Ja9gJ an industry proonal to sUprt the expansion of internalional patron engawenL The PA)ard regulaty rle¥v5 these risks and seeks to mtbgate them through strategic planningf roIN governan, and on9)ir¥J engagernt wsth patrons to safeguard the chaiivs long-tem Impact and su#alnabilty. The Trust consider the tharity to be a going CoeM arKI there are no material uncertainties in this tESFecL srRucfuR4 GOVERNANCE AND MANAGEMEKr Governing document The charity is controlled try ils gOvning d(uma)L a of and cor61itits a limrtd companyfft limthl guardrtee, a5 dalned by the CcrfnpanEs 2006. Approved by ¢Jrder of the ix)ard of trustee5 on 22nd Septenbtr 2025 and sgned Its Ihalf trr. Nlcolette Maria Cawdkn6- TrLLStee dge7
INDEPENDErfr EXAMINER'S REPORT TO THE TRusfEES OF oirrsEr coKrEMPORARY ART FUND Indepdent examinerfs report to the trustees of Outset C4)ntemporary Art Fund ('the Comp3nV) I rewrt to the charity trustees on my examination of the accounts of the Company for the year ended 31st December 2024. Responsibilities and basis of report As the charivs trustees of the Company (and alx) its direLtors for the pur[ of company law) you are reSw)nSib for the preparation of the accounts in a(rOrdan with the rquirements of the Companies Act 2006 ('the ACV). Havlng satlsfted mysdf that the accounts of the Corn are not ro4uirI to be audi undw Part 16 of the 2006 PLt and are eligible for indepdt examination, I reFort in of my examination of your charity5 accounts as carried out under Section 145 of the Chartties Att 2011 2011 ACY). In carrytng out my examlnatlon I have followed the Directions given by the tharity Comm70n undw 5ettton 145(5) (b) of the 2011 ACL Independent examinerfs statement Since your chaiivs gross income exc1 £250,000 your e(amlner must be a rrthiber of a Ilsted b. I can confimi that l am qualified to undtske the examinatTron bause l am a member of the Institijte of aiartered Accountsnts In England arKI Wales, which is one of the 5isted LMxlie& I have completed my examination. I confim that no matters have come to my atttion in connedion with the examination giving me (3use to LElieve: accountiThJ rordS we rK)t W in res of the Company as r4ulred by Sectbn 386 of the 2006 Act; or the aCcnts do Tr)t accord with those rrds. or the accounts do not comply with the cOUntIng rquirememts of Secbon 396 of the 2006 Act other than any requlrement that the accounts glve a true and falr Mew which is not a matter considered a5 part of an independa)t examinatTron' or the accounts have not t*en par In accordartt with the rnethod5 and principle5 of lthe Ststement of Recommend1 Prac for countIng and reporting by drItieS (applicable to tharitles preparfry their accounts in accordano with the financial Re4XYtirKJ Stsndard aOicable in the UK Rewblic of Ind (FRS 102)). I have no cOnMS and have come no Ottrr matta5 in connection with the examlnation tD whith attention should be drawn In thls report In onler to enable a Eyoper urrfjerstandlrg of the xcounts to be reathed. Kevin El The Institits of Charter&J Accountsnts in England Wales Rthardson Jones Charter6J kcountsnts Mercury House 19-21 Chapel Street Mark)w BUckingham SL7 3HN Date: .... 21:CA:ZoL.I.......... Pdge 8
oirrsEf COPITEMPORARY ART FUND STATEMEKf OF FINANCIAL AcnvfnES (INCORPORATING AN INCOME AND EXPENDrnIRE ACCOUPffj FOR THE YEAR ENDED 31sr DECEMBER 2024 1.9.22 Year Ended 31.12.24 Total funds 31.12.23 Totsl fuThts funds funds INCOME AND ENDOWMEMTS FROM Donations and legacies 425,447 64,576 490,023 1,172,977 Other trading Investment income 10,800 Total 425.495 64,576 490,071 1,183,777 EXPENDrnIRE ON Charitable activities Charitat4e acti5 429,614 94,933 524,547 1,407,070 NEf INCOMEI(EXPENDrnIRE) (4,119) (17,022) (30,357) 17,022 (34,476) (223,293) 19 Net movement in funds (21,141) (13,335) (34,476) (223,293) RECONCIUATION OF FUNDS Total funds brought forward 82,317 27,235 109,552 332,845 TOTAL FUNDS CARIUED FORWARD 61,176 13,9)0 75,076 109,552 notes fom part of these ftnarKlal >2tan8ts Page 9
oirrsEr copirEMPORARY Aiif FUND BALANCE SHEET 31sr DECEMBER 2024 31.12.24 31.12.23 Intangible assets Tangible assets 13 14 75 2,313 672 672 CURREKf ASSErs Debtors Cash at bank 15 51,127 316,137 62,052 423,267 367,264 485,319 CREDrroRS AJnounts falling due within one 16 (292,860) (263,155) NEf CURREpif ASSErs 74,404 222,164 TOTAL ASSEfs LESS CURRErir LIABILrrIES 75,076 224,552 CREDrroRS Amounts falllng due after more than one year 17 (115,000) NEf ASSErs 75,076 109,552 FUNDS Unrestrict1 funds 19 61,176 13,900 82,317 27,235 TOTAL FUNDS 75,076 109,552 Tr charitsble compary Is entitlal to exunption from audit UfKlw lOn 477 of the Companies Act 2006 fcy the year ended 31st Decemb 2024. The rneMbs have t reyuired the cixnpany to (thln an audlt of Its ffnandal statanerts for the year erKl&l 31st December 2024 in accordan with lon 476 of the C(#mpanies kt 2006. The tnJstee5 ar*nolage thetr rwonslbllltles for (a) ensuring that the charitie company keeps accountlrKJ [5 that comply viith Sections 386 and 387 of the Companies Act 2006 arml preparing flnancial statements whlch glve a true and falr vlew of the state of affai of the tharitable company as at the end of each financial year arml of tts 9Jrplus or deficit for each financial year in a¢)Xsrdance with the requirements of Sections 394 and 395 and vAiith otherwise comply wtth the requirements of the CDmpanies Att 2006 rdoting to firkinaal statnents, so far as a[pl1LIe to the charitable company. (b) These financial statements haNe been prepared in acccKdarKe wtth the pr¥1$ applicable to charitable companles subject to the small companles reglme. The finanaal statunents we aw)roved by the Board of Tntstees and authors8J for i55ue on 22nd Septanber 2025 and were signed on its behalf ty: /l/lAI GaL6UE£os Nicolette Maria Cavaleros - Trustee The notes fom part of these financial strtnents Pdge 10
CASH FLOW sfATEMEpir FOR THE YEAR ENDED 31sr DECEMBER 2024 Period 1.9.22 Year ed 31.12.24 31.12.23 as restat8 Cash flows from operating artivitses Cash genatej from orthtions (107,178) (115,532} Net cash used in qjerating athities (107,178) (115,532) Cash flows fyom investlng activlues Purchase of tangible ft<ed assets Interest reVed (1,729) Net cath provide(I byl(used in) investirKJ activtknes (1,729) Change in cash and cash equivalents in the reportlng perlod Cash and cash equlvalents at the beginning of the reportlng wiod (107,130) (117,261) 423.267 540,528 Cash and cash equivalents at the end the reportlng period 316,137 423,267 The notes fom part of these firkincial statanents Page li
oirrsEr copirEMPORARY Airr FUND NOTES TO THE CASH FLOW sfATEMENT FOR THE YEAR ENDED 31sr DECEMBER 2024 RECONCIUATION OF NEf EXPE14DmiRE TO NEf CASH FLOW FROM OPERATING AcrivmES Period 1.9.22 to 31.12.23 Year Ended 31.12.24 Net expenditure for the reportlng perlod (as per the Ststement of Flnanaal Artivities) Adjustments for: DeplatIon tharges Interest receiv& Decrease in debtors (Decrease)Ilncrease In cralltors (34,476) (223.293) 1,716 (48) 10,925 (85,295) 7,904 96,253 Net ¢ash used in operations (107,178) (115,532) ANALYSIS OF CHANGES IN NEf FUNDS At 1.1.24 Cath llow At 31.12.24 Net cash Cash at bank 423,267 (107,130) 316,137 423,267 (107.130) 316,137 Total 423,267 (107,130) 316,137 The Th)tes form part of these financial Statnts Page 12
OlfTSEr copirEMPORARY Airr FUND NOTES TO ThE FINANCIAL sfATEMEpirs FOR THE YEAR ENDED 31ST DECEMBER 2024 AccoupifING POUCIES Basis of preparfng the financial statements The finanaal sL8tements of the charitsbk company, whkh is a public tEnefft tity under FRS 102, have been prepared in accordance with the Charttses SORP (FRS 102) 'Accounting and Reporbrwj by Charttbes: Statement of Recommended Practi applicable to charities prepring their accounts in accordan wtth the Financial Reporting Stsndard applicable in the UK and Republic of IrdarKI (FRS 102) (effecbve l January 2019),, Financial Reporting Stsndard 102 Tre Finandal ReportiThJ Stsndard applkable in the UK Republic of Irdand, the Companies Act 2006. The financlal statem have teen prepar under the hl#orical CDSt convention. The Charity meets (lefinibon of a wblic be entity under FRS 102. Assets arKI lialj'lities are iniknally recogniwj at hiorfcal cost or transacti value unless OthlSe statsj in tre rdefdnt accountiro Fdicy. Incoming resources All income is reccrfJnised in the Statement of nancial kntbes On the charity has entitknent to the fvnts, r( is probable that the income viill be rved arKI the arrv)unt on be measured rVa. Cash donations are recogni$ on relpL (k)natNJns are rniSed On the tharity has bn not[fi1 of the donation, unless [rfOman condtbons u[re dthTal of the amount. Ina)me tsx recoverable in rdation to donations received urthr Gift Aid i5 r&ryJnised at the time of donation. Grants are Induded In the siateJnent of finandal tIVitFe$ on a receivalk basis. The balan of income recelved for spÈrtfic purposes but not expend&l durfng trE Ferfcyj thown in the rdevant funds on the balan sheet. Where irKome 15 recwved in a05Rn of of Keipl ts recognition is defenEd arml induded in creditors Government wants Government gronts are r)JnIS in the slatEmert of finanaal aciiiAties Und the accruals rn(Klel on a sYstnatiC basls ovw the 1CS in vthich the tity recrM]nises exp for the relatsl co#s for which the gronts a Internled to computsatL Government grants rdating to tsnglble red assets a trea as def1 income and relea to the statement of financtal a(lvltles over the exp&1 usefvl INes of the assets concemal. Expenditure Liabilities are rQgnISl as eXpdthre as as th¥e Is a l or conthcbve obllgats)n committlng the chaty to trt d[bjre, it is rKobable that a trdrsfw of economic benefits will be required in S&dewnt ar#1 the arTr)unt of the obligatson can measured reliably. Expend6ture is classified by actNtty. The costs of each athity are made up of the totsl of dir&t costs and thared costs, indudlng support ¢))s involved in undertakn'ng &ith acty. Shared costs whith contrbution to m¢ye than one aLtvty and sUprt costs whKth are not attributable to a single activtty a apportioned between tho activitses on a basis consistent Kryth the use of r1)Ur Cffitral staff cc&s are allocated on the bags of time sm. aNI depredatlon tttarges allocted C the wrtM)n of the ass&s us Expendithre on charltatde activibes is incurred on direcdy undwtsking the activibes vthich fvrttw the (J)aritys obJectFves, as well as any associ 5p)rt costs Grants payable are chargal in the year when the off8 is made exw in tho Gises where the offer is cond]tlonal. Suth grdnts are rnISed as e(pd[tUre when the corKlitions attathing are fulfilled. Grant offers SUbit to conditions which have not tn m& at the year are rM)t& as a commstmen¢ but not aCCR as expenditure. l exlture s IndushE of Irr80b]e VAT. Intsngible fixed assets Intanglbles are initialty recogni51 at cosL After rnitrOn, under the cost mc(lel, intsngiLle assets are measured at cost less and accumukted amortisation and any accumulated impairment1055es. Amrtisation is provlded on intsngible a at rates caWat& to vrite i)ff the cost of each asset on a straight-line basis over its w&ted useful lrfe. Amrtisatlon is provKlul (In the ft)Ilowlng b3sIs: continued...
oITrsEf CONTEM1RARy AKf FUND NOTES TO THE FINANCIAL sfATEMErirs - continued FOR THE YEAR ENDED 31sr DECEMBER 2024 ACCOUPMNG POLICIES- ntInued Intanglble fixed assets Wet* costs 25% Cost Tanglble fixed assets DeprOn Is provtded at the foll0vng annual rates In (ffder to write off eath asset ts e5Limated uthl lffe. Office equlFrnt 33% on cost Taxation The drfty Is exempt from (DrForation tax on its charttable Fund accounting Unrestrlcted funds be us&1 In accordarKe with the tharltaLle obJecbSRs at the dlstTthn of the trustee& Restrtcted fund5 can On be used for particukr re#rthJ wrposes within the ObJts of the charity. Resblcdons arise when Slf Ly the &Jnor iy funds are ralsej for partilar restritt& purpose& Penslon costs and other post-retlrement befft5 The charitatAe company opats a defin contrtbutton penon stheme. Ccthbuttons payable to the chartsble companys pension sdRme are to the Ststement nanCIal Aciivtknes In the PK1 to whith ithey relate. Financial instruments The Charity only has financial assets and finarmjal Ilabilltles of a kiThJ quallfy as baslc flnandal instNments. Basic finanaal instrumets are initial]y rwnised at transaction lue and a gjbsquaty measured at their settlement Yalue. Trade and other debtors are rLyJn[Sed at the s£ttlement atTK)Urt after any trade dixount offeral. Prwments a valued at the anvjunt prepaid. n& of any trdde discount d Cash at bank and In hand Cash at band and in hand irdudes osh and 4v)rt-twm highly liquid investments with a slKJrt maknrity of three rnontr of less from the date of ulSItion or opening of the dep%it or gmilar account Llabllltles and provlslons Liabilities are recogn[ when there 15 an obligabon a5 a r&ult of a past evenL It Is fvble that a troThsFer of e£onomlc tEnefft vlll LE rlTred In settknienL and the arrKwrt of the settlemert can be rdtabty estimatsj. Pro510Th5 are measured at best estimate of the aUnts rquir& to s&Ue the rethnt obluatton. Where the effect of the tir(E value of money Is materfal, the pyovislon is based on the prth alue of those amounty discounted at the dixount rate that refiects the rth speafic to that Ilakn'lty. The unwinding of the diKount Is recognised in the Staternt of financial V[be5 as a finan cosL DONAnONS AND LEGAaES Included within donated servw and fadlities are dona1 sw¥ices totalling £10,000 (2023: £200,430). which are esbmated to be £lO,OCHJ (2023: £21,780) for legal and professonal f, £nll (2023: £160,334) ft)r the rent of Spa for artists, studio Spa and exhibitsons and £nil (2023: £18,306) for Offi renL Page 14 ¢tinued...
oirrsEr coNrEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMEpifs . continued FOR THE YEAR ENDED 31sr DECEMBER 2024 OTHER TRADING ACllVTfIES Peri 1.9.22 Year Ended 31.1124 31.12.23 Product income 10,800 INVEsfMErir INCOME Perfod 1.9.22 YeAr Ende 31.12.24 31.12.23 DeFMJSit account interast Grdnt fundlng of sUprt costs (see note 7) Direct (see note 6) Totsis 21,175 282.015 221,357 524,547 GRANTS PAYABLE P70d 1.9.22 Year End 31.1124 31.12.23 artiable act6viti 282,015 670,015 The thartty has commltted to making tr£ following material grants to instRuboThs durfng the year: 2024 2023 Name of inst1on Lawnde Art Trail Foundatton Govemment Art Colwic Gallery 1957 London DEO ProiKt Art History Link Up AWARE Ajbertinum Kunsthaus Wenz Stellent(th Triennale Drawing Room Arrin At1ists' Foundatlon Farsight Corp)r*ion Vortic FoTha Arts & Medta LACMA Yinka Shonibare Foundation (G.AS) ATTreS Fondawne IC4 Milarm) Locus Athens roRE 55,000 50,000 33,600 21,+12 20,000 19,000 15,0(MJ 10,000 50,0(10 iio,000 54,758 50,000 50,000 25,920 25,282 25,000 25,WO 25,000 25,000 25,000 25,000 Page 15 c(mtinued...
oirrsEr corirEMPORARY Airr FUND NOTES TO THE FINANCIAL sfATEMEKfs. continued FOR THE YEAR EIIDED 31ST DECEMBER 2024 GRArirs PAYABLE - cgxrtinued The Redfem Gallery Art Galluy of York Unrrfersty Ed Cross Fine Art Vardaxoglou Gallery MYANM/ART Artjyte Other grants to instttutions less than £lO,(NJJ 21,250 20,000 14,280 10,800 10,000 10,000 26,031 7,474 Totsl 231,515 628,321 The Charlty has made a total of £50,5IX> (2023: £41,694) grdnts to irKlividuals during year. suppoKr cosrs costs Totals Charitable activitEs 209,910 549 10,898 221,357 Support costs induded tn al, a as follows: Managernent Perfod 1.9.22 Year End1 31.1124 31.12.23 arTiable Totsl Wages Sjcial se£urity Penslons Rent and rates Insuran Telephone and Offi admin expa P05kge and stationery Travel and gjbsisten Subscrlptlons Computer and Intemet werts Programrne costs Repairs and maintenan Legal and profeknl f Training costs Entertainment Amorknsation of intsThJible 055ets Depreaation of tsnglble and herttsge assets 123,576 7,974 2,771 4,376 1,933 3,198 141 15,840 4,941 229,1+1 20,031 5,158 28,200 1,191 8,756 149 29,363 7,870 6,475 69,676 2,287 34,429 2,353 1,462 1,262 36.130 2,021 75 1,641 360 3,244 209,910 Page 16 conttnual...
oirrsEr corirEMPORARY ART FUND NOTES TO THE FINANCIAL STATEMEprfs- continued FOR THE YEAR E14DED 31ST DECEMBER 2024 SUPPORT cosrs - continued Flnance Period 1.9.22 Year Ended 31.12.24 31.12.23 Totsl actN]tles Bank cTrkirges 549 755 1.9.22 to 31.12.23 Year En 31.12.24 arftsble activibes Totsl actlvtties Aud6tor< remuneratlon Accountsnq fees 7,500 3,925 5,198 10,898 11,425 NET INCOMEI(EXPENDTfuRE) N& incomel(expendtture) is stated after charg11({JatirKJ). 1.9.22 to 31.12.23 Year Ended 31.12.24 Aud[tOr remuneratlon Depreciati - owned asset5 Computw sofre amortlsatl 7,500 3,244 360 1,641 75 TRUSTEES. REMUNERATION AND BENEFrrs There were no truste remuneration or oth¥ EeEfft5 3tst December 2024 nor for the period ended 31st DecemLEr 2023. There were no trustr& eXpS pald for the year ended 31# December 2024 nor for the peri(Kl end 31st Dember 2023. Page 17 continu&l...
OiTfsEr copirEMPORARY FUND NOTES TO THE FINANCtAL sfATEMEKfs . continued FOR THE YEAR ENDED 31ST DECEMBER 2024 10. STAFF cosrs 1.9.22 Year Ended 31.12.24 31.IL23 Wages and salaries Social security costs Other pension costs 123,576 7,974 2,771 229,144 20,031 5,158 134,321 254,333 The averaoE monthly numiv d emk40 during tr year as folk)ws: Pertod 1.9.22 Year Enda 31.12.24 31.12.23 Employees The NmL£r of eM0y&S Ythc& emp Lwefits [2uding nOYer p10n costs) exceeded £60,000 WRS: Period 1.9.22 Year Ended 31.12.24 31.12.23 £60,(KII - £70,LKIO 11. COMPARATIVES FOR THE sfATEMEKf OF FINAIICIAL Aciivrn Unrthcted funds Totsl ftjnds funds INCOME AND ENDOWMErtrs FROM Donatior6 arKI kgaae5 902,987 269,9* 1,172,977 Other tring KtivttEs 10,800 10,8iXJ Total 902,987 280,790 1,183,Tn EXPENDrruRE ON Charitsble artivities aritse actsvrties 1,030,220 376,850 1,407,070 NEf INCOMEI(EXPENDrruRE} (127,233) (96,060) (223,293) RECONCIUATION OF FUNDS Total funds ght forward 209,5 123,295 332,845 TOTAL RINDS CARRIED FORWARD 82,317 27,235 109,552 18 continu&l...
NOTES TO THE FINANCIAL sfATEMEpifs . continued FOR THE YEAR ENDED 31sr DECEMBER 2024 IL PRIOR YEAR ADJusfMEKr An adjustment has been made to the accounts for the 0d endgj 31 DecemLEr 2023 to rerferse £120,000 of grants to institutions that it has been detemiined were not committed as at the balance sheet date. This was due to the conditlons of the grant contrd<ts nct being meL This vitrease5 the brought for•Rrd Wer fund bak7n by £120,000. An adjustment of £16,257 has Lwi made to the 0ing reserve5 for year ded 31 DemL 2023 to reverse grants to Insthjtions u[er The VOV reStr[c fijnd In 2021 as it has been detwmined that these were not cornmitted and it has sino teen agreed these will not be paid. This increaw the bght forward r85tricted fund balan by £16,2. Further adJ"usbnents have bw to reanaty expms that rdatsl to The VOV reslTKted fund which had previously been recognised as unrestrirt& exwmlitijre. This de£reas6 the brought forward restricted fund balance by £45,796 and Incr the brought ftward unrictsl fund balan ty £45,796. 13. Computer software At 1st January 2024 31st Decemter 2024 17,514 AMoirrIsATION At 1st January 2024 Charge for year 17,439 75 At 31st December 2024 17,514 NEf BOOK VALUE At 31st December 2024 At 31st Dlber 2023 75 TANGIBLE FIXED ASSErs Office equlpment At 1st January 2024 a1 31st Dember 2024 12,321 DEPRECIATtON At 1st January 2024 Charge for year 10,008 1.641 At 31st Dember 2024 11,649 NEf BOOK VALUE At 31st Dember 2024 672 At 31st D&ember 2023 2,313 Pdge 19 continued...
oITrsET corirEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMEPtrs. continued FOR THE YEAR ENDED 31ST DECEMBER 2024 15. DEBTORS: Amourirs FALLING DUE wrrHIN ONE YEAR 31.12.24 31.12.23 Other debtors 7,557 43,570 14,421 47,631 51,127 62.052 16. CREDrroRS: Amourirs FALUNG DUE wmiIN ONE YEAR 31.12.24 31.12.23 as restated Trade creditor5 Grants committed Social SritY and tax Other ¢r&dttors 7,949 272,281 2,566 2,026 249,300 4,929 6,900 292,860 263,155 17. CREDrroRS: AMouKfs FALUNG DUE AFfER MORE ThAN ONE YEAR 31.12.24 31.12.23 as restat Grants comrnttted 115,000 I& ANALYSIS OF NEf ASSEfs BEfwEEN FUNDS 31.12.24 31.12.23 Totsl funds Total funds fun(ts funds 672 345,711 (285,207) 672 367,264 (292,860) Current assets Current Ilabllitses Long terni llabilities 21,553 (7,653) 485,319 (263,155) (115,000) 61,176 13,900 75,076 109,552 Page 20 continued...
OLrrsEf CONTEMPORARY AKf FUND NOTES TO THE FINANCIAL sfATEMErirs. continued FOR THE YEAR ENDED 31ST DECEMBER 2024 19. MOVEMEKf IN FUNDS Trdnsfers movement in fvTrJs At 1.1.24 fund5 31.12.24 Unrestrlcted funds General fund 8217 (4,119) (17.022) 61,176 Restrlcted funds aty of London TenTen The VOV Studiomakers Art For Baby Norwdl FourKlation RedenLY (14,7(M)) 41,403 1,632 (1,1) (840) (36,767) (7,750) 15,540 (4,636) 6,118 (I,ioo) 10,000 iO,(MJJ 27.235 (30,357) 17,022 13,9 TOTAL FUNDS 109,552 (34,476) 75,076 Net movement In funds, Included In the abm are as follows: Incoming Resour movnent in funds Unrestrirted fvnds General furKI 425,495 (429,614) (4,119) City of Lon(kJn TenTen The VOV Art For Ba Norrfal Foundation Resl(kr (840) (86,343) (7,750) (840) (36,7671 (7,750) 10,000 5,000 49,576 10,000 64,576 (94,933) (30,357) TOTAL FUNDS 490,071 (524,547) (34,476) Net movunent in furvjs At 1.9.22 31.12.23 General fund 209,550 (127,233) 82,317 Restrirted fiinds (Jty of LÉYKI TenTen The VOV Studiomak£r5 10,720 110,887 1,688 (25,420) (69,484) (56) (I,ILhJ) (14,700) 41,403 1,632 (I,ioo) 123,295 (96,060) 27,235 TOTAL FUNDS 332,845 (223,293) 109,552 Page 21 continu&l...
oirrsEf CONTEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMEpifs . continued FOR THE YEAR ENDED 31sr DECEMBER 2024 19. MOVEMEKf IN FUNDS - continued ComparatNe n& MO in funds, IndUd In the aLMwe are as follows: Incomlng Resour Movement in funds Unrestricted funds (knl fiind 902,987 (1,030,220) (127.233) oty of London TenTen The VOV studM)makers 55,466 223,888 (80,886) (293,372) (56) (2,536) (25,420) (69,484) (56) (1,100) 1,436 (376,850) (96,060) TOTAL FUNDS 1,183,777 (1,407,070) (223,293) General funds - unrestrtcted funds whith are available for use at disuetion of the Tru5tee5, and the OutsEt Partners, in furthwance of the genwal of the (haiity and vthich have rM)t be dgnated for other purposes. City of London Corporation . supwrting a deli¥w pShIp Urtrj brvJ.terni uealfve Inftastructure, and rapid actpiation using skK)rt.term woi&ts, to lle 'FudliThJ ctiVe Ren•Yal' aThJ 'CulturelComm Taskforce. strategic aim& TenTen (Government Art Collection) - suppJrt&l in parshiP with Outset Patrons Sybil Robson Orr and Matthew Orr, the annual TenT C£)mission is award&l to an outstaTrding British Artist every year. theVOV - supng the deAopment of an onllne IentiOn of FrK)numeTrtal thibitions for pUbr atKlkn to enjoy live and on demand Studiomakers Prize - The StudlomakS Prtze retains creative tnt in London by offerirwJ a yeats Mt-free studlo Spa to a group of M)nal [ent graduates seleLt&l by o jury from London's top art srhools. Outset awards Prrze recipients with a rent fr #udK) Sp for one year, alorwJ5ide a profe55iofkil development progrdmme to allow their continued creatr4e ETrctice in the city. Building on the succes5 of the (Jty of London Corporation's SUPFQrt to the 2023 tteralx)n of the prf. we are fvndraising to mntinue the Prize at new lootion. Art For Baby - Art for Baby India vS deveFoFed in Collatrdon vAth thllanthroixst Rudritara Shroff. It is a picture book for feabjring work ty ffftceen contemp)rary Indian artists. DdtvweJ in parthership with uNlF India, the wojett dIrts all pmceeds from Ixx)k sales to support children's welfare initsative5 across India. The origirkil prints for twk Ye x)kl at by Chrlstle's NeN Yort aTh1 the proceets donataj to Outset UK to fund an &Jucatlon The Norval Sovereign Afrit>n Art Prize - The Nowdl Sovereign Afiican Art Prize Residency is a twctrweek restdency in London for the Grand PriTr Winnw. Supp)rted by Liesl thardt arKI Robert Bricout and delfvered In path*iip with Outset Q>ntsrnporory Art Fund, the der offers the nnIng artist the opporbjnty to explore the London art sone through acces5 to creatiNE Spo and re9)U vthite also fosterfng connections with leading artlsts arKI curdt continuad...
oirrsEr corirEMPORARY ART FUND NOTES TO THE FINANCIAL sfATEMEKfs . continued FOR THE YEAR ENDED 31ST DECEMBER 2024 20. CONGENT LIABILrrIES Managernent has detennined that it is possible that a numLEr of grant recipients VAII meet the conditions of their contrBtt which wlll result in an additional £45,IXIO of grdnts betng due within one and a furth¥ £136,000 bng due in more than one year. 21. RELATED PARTY DISCLOSURES Aggregate dcrfkltions recaved from Trustees in ts year amountol to £98,615 (2023: £83,336). Key managemert peNJnnd compri Truststs only, none of whith are remunerated for trEir wor 21 ULTIMATE coKfROLLING PARTY The opdatlons of the charitsble company are oJntrdle£l Trustees. Page 23
oirTSEr copirEMPORARY ART FUND DEfAILED STATEMEKT OF FINANCIAL AcrxvmES FOR THE YEAR ENDED 31sr DECEMBER 2024 Period 1.9.22 to 31.12.23 as restated Year EndeAI 31.12.24 INCOME AND ENDOWMEpirs Donations arml legaaes Donations Gift aid Grants Donated seNces and faalities Consultancy income 457,692 22,331 872,391 29,690 60,466 200,430 10,DOO iO,LM)O 490,023 1,172,977 Other trading activities Product income 10,800 Investment income DepM)st account interest Totsl Incomlng resources 490,071 1,183,777 EXPENDrnIRE Charftable actlvltles Resldencles and studlo rents Project costs Research costs Grants to instibJkncrf)s Grarts to individuals 160,344 100,743 15,102 628,321 41.694 12,615 8,560 231,515 50,500 303,190 946,204 Support costs Management Wages Social wurity Pen510fLS Rent and rates Insurance Tdephone and Offi admin Postsge and ststionery Travel and suSten Subscriptions Comrter aTKI internet expms PrrMJrdmme costs Repairs and malntenan Legal and proftssiorl fees Training costs Entertainment Amorlisation of intangibte fc<al assets Depreaation of tsngible arKJ herStsge assets 123,576 7.974 2,771 4,376 1,933 3,198 141 15,840 4,941 2,569 1,462 1,262 36.130 229,144 20,031 5,158 28,21)0 1,191 8,756 149 29,363 7,870 6,475 69,676 2,287 34,429 2,353 2,021 75 I,fAi 360 3,2H 209,910 448,686 Thi5 page (knes not form part of the stattrtory ftnancial Statnts Page 24
oirTSEr corirEMPORARY ART FUND DEfAILED sfATEMEpif OF FINANCIAL AcrIvrrIES FOR THE YEAR ENDED 31ST DECEMBER 2024 Period 1.9.22 Year Ended 31.12.24 31.12.23 as restato Management Finance Bank charges 755 AuditoTS' remunerBlion Accountrncy feÉs 5,7CrfI 5,198 7,500 3,925 10,898 11,425 Totsl resour exp8 524,547 1,407,070 Net expdItle {34,476) (223,293) This page does not forni part of the ststhry finandal statements Page 25