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 B￿￿ngham$hIre SL7 3HN oiTrsEr copirEMPORARY FUND copirEKfs OF THE FINANCIAL srATEmEP￿S 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 Ann￿marie Ju Yin TorwJ (aP￿Ant￿l 17.5.24) Sirrth David (Ythlck (apwinknl 11.12.24) REGIsfERED OFFICE 8-13 New Inn Street EC2A 3PY REGisfERED COMPANY NUMBER (14870490 (E￿and arKI Wales) REGisfERED CHARftY NUMBER 1101476 INDEPENDEKf EXAMINER merC￿ry 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 Dec￿b￿ 2024. The annual repjrt serves the purposes of both Trustees, re￿rt 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 requIre￿￿nts 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 ￿na￿la[ RewttfKJ Stsndard applio4ble in the UK and Republic of Irela￿[ (FRS102) (eff￿tf￿ l January 2015) a5 arn￿￿1 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' Rq￿rt} 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 b￿n led ty two Llrectors and gov￿ by a Board of Trust￿. Until Novemter 2024, the Charity was ctrdirecbj by Nicolette Cavaler05 a￿1 Candida Gertler. After 21 yeors with the organisation, Candida Gertler stepped down as CATrDirector arKi Trustee in M)v￿ber 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 Ir￿deThty run, wtth their own sljucture, supwters, fundraising m(￿e1$ arKI SUp￿rtaI wojects. Each chapter ￿ goNEm&J Inde￿￿lent1y, and some have their own lThrd of trust￿. No thapter controls or Influen￿ the aCtiW￿ or d￿lsOnS 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 eX￿rientr, the P•Jard identifiej key areas where &4ditlonal experbse would be l￿efi0a1. 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 s￿lalIsed knowledge and experi￿0 needed to sUp￿rt its e4olwng wiorities. As an independent and ccAlectNely funded philanthropic organisatlon, Outset is uniquely PKBffooned to operdte wlth fle￿bIlty and agilty In reskKtnse to the evoMrKJ negjs of the arts sector. sIn￿ Its inception, Outset has pIone￿ed an Innovative mode] of public-private partnership, infomal lyy insbtubmal ambition, to suppjrt C(￿temr￿jrary art for public audiences through kylvate funding. Outset is there from the outset - suppJVrKJ ambitious, risk-tsknng contem￿rdry art p￿Jects 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 preS￿n9 sttial and culiurdl issues. The (￿arity thampions dialogue betW￿n artists, insbtutior6, and thdr fund￿5, fostering Colla￿ra1jOn5 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 Outs*s supwrt Pla￿ ft(us on: . EdLKation and profes%onal d￿e10￿[￿ prcKluctions, exhibitk)n gJPP)rt Ins￿b￿nal Col￿ctIng and ueative infrastructure - Projects that are exwt-led and challenge the artistlc dixou . Insbtub¢XS from tlvjse at the graSsr￿ts 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 alm8￿￿eS Outs*s funding is and has ahyays pcx)led thwh g￿￿Ou$ donatson5 from PrI￿ate indiwduaLs and a small number of Cor[￿rate partr*rs. For the fiagship fi&nd. the Out*t 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 TrdnsFOm￿tive Awards and smaller, tsrgetsd Impatt Award& While the criteria are non-p￿rfpt1Ve, successful proj￿ typicalty (knw)r6trte attritxftes as ambtbon, risK leverage, scale, ripple effect and dear outromes. ￿lsiOnS are infomed by dia￿9￿, Corl￿5￿ 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 I￿kS 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 g￿￿al guitsKe on b￿tht when reVie￿Ing 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 mi￿lon to bring contemrx)rary art to pubfic audipts￿ This period saw significant organisational development, induding IMprO￿ents 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 thaIl￿eS for the Charity. In Marth, IXrts& be£ame aware of a socwl mejjla campaign launthejj against the (￿ar￿1. The camFoign erron￿UsiY linked Outset to the actions of the kndi gOV￿nment In Gaza. This Cultural boycott campalgn ask61 th¢X worklng in the arts kn reftjse funding, acqUisrt￿S or Op￿r￿jn[beS offereAI by or linkd to Outset. Tr Charity responded sW[￿Y to the campaign ty FKoviding SUp￿rt 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 a￿1 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 tharI￿S kw fuThl, gmng grdnts to innovative and impacthl, Internauonal contemwrary art projects. Through Its consensus-driven ￿lS10￿MakIng proce￿ ar￿ IwJht-touch ap￿ICation approach, the inibatlve remains flexible and ray￿n51Ve to eM￿Ing 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, ne￿0￿ deV￿op￿￿nt and r￿0MMendationS from core yJp￿rterS and 5tskeholdw& As a result, the arty saw an irTrcrease of 33% in appticatiorts from the [￿c￿loUs 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 c￿ntrIeS 5pannir¥J 7 (C￿tinent% 28% were TrdnsFomative Grant applThtlons, and 720/0 Irrpatt Grant applbitK)ns. A rise of Tran￿rMatiVe Gront applicatM)ns hlghlights a for substantial fundlng In rtsponse to ongoing challenges in the sector, recurring tr￿M&S in applicatK)ns induded: - Dlver51ty, Induslon and acctss - Young p￿ple'S development - Heath and wellbeirKJ - Professional devdopment - En￿rOnments1 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 A￿d - Abertinum (Dresden, Cfflnany), £65,00￿ sup[￿￿] a two-year research prO]￿t to rec(msider the mu*um's curatorial vision in response to right-wtng populism, with a on publK resp0n9b￿fy in a pc6t-soaallst society. This will be the most In-depth rehang of its coll￿￿On 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 rea￿al 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 Strd￿ts the oprKJthnty to sw Art History gain an accredited qualffication fre￿0r-tharge, ￿tsIde ￿h￿l-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 w0j￿t that supwrts the vlslbllfty arKI Incluslon of women and non-binary artists wtthin visual art narratives, perman￿rt 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 ne*V extsttng work by Polish-Romani artist and octiwst Malgor7ats Mirga￿Ta5 &¥￿>￿￿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; p￿rving and accessng archives; and ￿￿ronments1 conxiousns. Of the fve award￿, four first-time aptAiont& Through the Outset Portners Awards. (harity not Mly fvFK15 innovatrrfe prOj￿ts atso help5 organisations attract additional Investm￿t. 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 BI￿n[al Commission, in partnershlp wtth cxrt*t Contemwrdry Art Fund, Is a unique amual commlsslon that eleRtes the work of outstsndiro CUrat￿S arKI arb5t5 on an international stag& The commisson award5 UP to £50,orxJ in sUp￿rt of eXtraordin￿Y work at intemattonal tri￿nial 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 Col￿EmPORARy ART FUND TrUSTEES' REpoKr FOR THE YEAR ENDED 31ST DECEMBER 2024 The Inaugural Bi￿nIal 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 P￿al￿1ng 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 relati0r￿hIP betw￿ a￿1 Surveillan￿ Thr￿jgh the suprx)rt of the Biennial 0)mMi￿1(￿, 'Empty [￿derf now exisis In an ed5tlon of 5 + IAP, one of which will g]ftal to an instittrtion to be agreed bÉtw*n the artist and OutseL In 2024, Lek was lis￿1 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 CoMmis￿n Outset was pr￿1 to support Arnle Slegal's Vues as part of Maknng Homtrsmithsonian De9gn Triennial at Co)Fff Hewitt, Smitlwnian Design Muwm, New YO￿ op￿ing in Novemt 2024 and running until SeptwnLEr 2025, the exhibib(ffi featured 25 commissMJned, S[tw￿jfiC instsllaUons exploring the role of deslgn In shaping the con￿pt 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 Int￿r$. These hand.bio(knJ wallpaper5 construct idealised visions of dlstant landsL7pes, reinforcin9 themes of exotrization. tth¥¥, and control. The film ft￿10￿5 tr￿1r use in US homes, induding ZubeVs Las vue5 d'AmErique du Nord, a romantioz& depictw)n of prfravil War Arn￿lca, culminating in the White House. On the reverse of the film screen, Siegd (Jeated a ¢tsom wallpaptr made fr￿7 over 150 discarded rolL% of srenic pa from the Zuber Factory in Frnno. By repu￿ng these fragments, the work highlights hl#orkzl omissbons and distorb0rn5 in representations of peop￿, land5r3￿, a￿1 oJitures over time. The ¢hrfty will y￿rk 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 Coll￿￿on (GAC). From 2016-19 the thartty and the GAC created an innovative publiclprivate parts￿￿1p to SUPFOrt contempordry artists and strengtFEn the GOV￿meJ￿S 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 Hap*a, Anne Hardy, Isaac Julien, CJ)thka Maajga, Laure Prouvos¢ Gillh3n Weartw, Nicole Wemiers and Richard Wentworth. BetW￿n 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 t￿IklIngS across the v￿r1d. A small numter are available for wrchase through a Colla￿rat￿)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), LUba￿a HIMMI CBE (2021), Rathd Whiteread (2022) and Mithad Amw* (2023). The recipient of the 2024 Robson Orr TenTen Award was acrla1m￿I Brftlsh arti* Dauil Fo￿ets, rewewtsd by Stephen Friedrnan Gallery. Forrtstsrfs prin( Altsr, depicts a scene from a reggae ftstival in Comwall, where the artist now INes and W￿8. In 2024, after six s￿cceSsFul 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 dc￿￿On of 100 works to the Tate cdlthn. Establishing innowduve and impactful initlatNes that can thrive independenty refkn the Chaiivs commitment to fo*ering 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 s￿n￿r a London.bas￿l 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 Vi￿al 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 t￿Trweek cultural residency ¢)ffers the winner of the Norval s0v￿e1gn NfrKan Art Prize the Chan￿ to expertence and be in¥ired by London'5 viLYant art xene. SUpP)rt￿l by the t￿tset team, the winner gain access to Outsevs dNe network and enjoy a rdnge of meaningful wKounters across the crtys cultural land￿ape* enrithing aFNJ infomiing their arlistic practice. SING AND FINAN 5.1 Fundraising Outset has always coll• fijnd￿. the lJ)afitrls flagthlp Inltlatlve, trE Outs& Partr￿S Awards, Is SL5p[￿d by a group of up to ffteen irKJMduat& The Charitys fundrdlslng model is lejj ty T￿st￿, wlth Intrcmluctwjns to Pros￿tive donors driven primarily through their networks. Wandlng the range of the Pthrd's sktlls and recrukung add￿lOnal 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 b*kilf. Durlng thls period, the Tnts fhive rK) complalnts to re￿rt and confimi that all activibas align with the ￿arr￿S 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 per￿d l January- 31 D￿rnb￿ 2024 was £490,071 {2023: £1,183,777). £64,576 was restrittd, £425,495 was unrestric￿. Totsl eXp￿¥jI￿re 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 Op￿r￿JnitIe& The Charity lrnproved its cost effioencies in 2024. streamfining ts outgoings. The Asgxate Director stepyad dovm dUrI￿j this reportFng period. The role was not rq)kiced. with respc￿￿1￿m1thS effrfbvdy di5trilyjt￿ across the ex￿tive team. This redu￿ staffing co#s in the future. 5.3 Reserves policy Hlstorfcallyi the holding of reserves was corsidered unn￿eSSary ty the Trustees b￿v* through fijnding qc￿5, lthe Charity maintsin5 a Significant balar￿ throughout the yEar. Thi5 policy is curTenty under review. To counter the effect of foreign excharoe MoVem￿t 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 consw￿tive pcsbon wtth r8Jards to cath, tsjlldlng a buffer Into cash flow frir the year, and dI￿OUnting uncertainties like Gift Aid from our incoming fvnd& Tr owational team re￿rtS to a tnjstee on our cash flow and eX[￿ndItUre on a We￿ basi5. K£ounts are Upt￿date 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 organisatkw*l to assess stsfflng requlrements and reduce operational costs. A key finding was that fundraisng is mo* eff￿ w￿n driven by intrrmjuctions from Tnjstees. As result, the charity restruthred its approach. moving away from a d8JicatsJ fvrKlrdigng role in fa￿ur 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 oP￿atiOnS Lead role would be essential to the Charitys continuej smooth runnirrfj. This tx)gtson will oversee (tsy-tO￿aY 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 exP￿tiSe. In 2025, Outset wlll recruit a Trustee with spttialist knowledge in Communicatic￿ and PR to guide the d￿￿0pment of the C￿ar1￿5 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 trus￿1 network of over 4CM) gb)bal public arts Insbttjts￿). The relocalon of UK-basd suptx)rters durfng cov1￿19 and after B￿t also had an imp* This intemational expanson pre￿ts Op￿rtUnitieS but al￿ potential risks, induding ￿)gagIng new audlences and building and malntaining strong rdationships in new ger*Jrdphies. The evomng glotol ph1k7nthro￿ dlmate. parbcularly In the arts, an aththtional thar¥Jes In donor prioribes, economic and ￿lt￿Cal uncertainty, and sthiftitKJ trents in intemational gibing cthjld affert fjJnding ￿lS and the sustainabilty of long.teTh commfqn￿tsl requiriThJ the (hartty to * its engagwnent strabJie& To support this growth and man24e t￿ rlsks. as of Sepknber 2025 have a¥Ja9gJ an industry pro￿￿onal to sUp￿rt the expansion of internalional patron engawenL The PA)ard regulaty r￿le¥v5 these risks and seeks to mtbgate them through strategic planningf roIN￿ governan￿, and on9)ir¥J engagern￿t wsth patrons to safeguard the chaiivs long-tem Impact and su#alnabilty. The Trust￿ consider the tharity to be a going Co￿eM arKI there are no material uncertainties in this tESFecL srRucfuR4 GOVERNANCE AND MANAGEMEKr Governing document The charity is controlled try ils gOv￿ning 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 I￿half trr. Nlcolette Maria Cawdkn6- TrLLStee dge7 INDEPENDErfr EXAMINER'S REPORT TO THE TRusfEES OF oirrsEr coKrEMPORARY ART FUND Indep￿dent 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 ro4uir￿I to be audi￿ undw Part 16 of the 2006 PLt and are eligible for indep￿d￿t 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 Comm￿70n undw 5ettton 145(5) (b) of the 2011 ACL Independent examinerfs statement Since your chaiivs gross income exc￿￿1 £250,000 your e(amlner must be a rrthiber of a Ilsted b￿. I can confimi that l am qualified to und￿tske the examinatTron b￿ause 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 att￿tion in connedion with the examination giving me (3use to LElieve: accountiThJ r￿ordS w￿e rK)t W in res￿ of the Company as r4ulred by Sectbn 386 of the 2006 Act; or the aCc￿nts do Tr)t accord with those r￿rds. 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 p￿ar￿ In accordartt with the rnethod5 and principle5 of lthe Ststement of Recommend￿1 Prac￿ for ￿countIng and reporting by d￿rItieS (applicable to tharitles preparfry their accounts in accordano with the financial Re4XYtirKJ Stsndard aOicable in the UK Rewblic of I￿￿nd (FRS 102)). I have no cOn￿MS and have come ￿ no Ottr￿r 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 acti￿￿￿5 429,614 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 Unrestrict￿1 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 rneMb￿s 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*no￿l￿age thetr rwonslbllltles for (a) ensuring that the chariti￿e 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 stat￿nents, so far as a[pl1￿LIe 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 w￿e 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 strt￿nents 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 gen￿atej 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 (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 End￿1 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 charg1￿1({Ja￿tirKJ). 1.9.22 to 31.12.23 Year Ended 31.12.24 Aud[tOr￿ remuneratlon Depreciati￿ - owned asset5 Computw sof￿re 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& eXp￿S pald for the year ended 31# December 2024 nor for the peri(Kl end 31st D￿ember 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 eM￿0y&S Ythc& emp￿ Lwefits [2￿uding ￿n￿OYer p￿￿10n 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 tr￿ing KtivttEs 10,800 10,8iXJ Total 902,987 280,790 1,183,Tn EXPENDrruRE ON Charitsble artivities arits￿e 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 contrdn 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. CO￿￿NGENT 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 b*ng 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 su￿Sten Subscriptions Com￿rter aTKI internet expms PrrMJrdmme costs Repairs and malntenan Legal and proftssior￿l fees Training costs Entertainment Amorlisation of intangibte fc