2025-03-31-accounts

Pallant House Gallery Pallant House Gallery Annual Report & Financial Statements For the Year Ended 31 March 2025 Charity Registration No. 1102435 Company Registration No. 05045130 (England & Wales) AECTOV83 0911012025 COMPANIES HOUSE A13

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Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Reference and Administrative Inforniation Company number 05045130 Country of incorporation England & Wales Charity number Country of re8iStration 1102435 England & Wales Registered office & operation address Pallant House Gallery 8-9 North Pallant Chichester West Sussex P019 ITJ Trustees Trusrees. who are also dirertors under company law. who ser¥ed during the year and up to the date of this report: John Ayton MBE Charles Martin Elizabeth J Davis Chair Deputy Chair Company Secretary (retired 26 September 2025) (resigned 26 September 2025) Aki Abiola Cllr Clare Apel Joanna Beer Andrew Cu5sins Laura Ford Elsebeth Gatacre Olaf Gueldner {appointed 27 September 2024. resigned 26 June 20251 (appointed 27 September 20241 (retired 27 September 20241 (retired 27 September 2024) {retired 22 September 20241 (appointed 27 September 2024) Patrick Holmes Zachary Leonard Roger Mavity Jacqueline Russell Tamara Templer The Rt Hon. the Lord Tyrie Robin Vousden Mark Washer Gallery Dirertor Simon J Martin Auditor Sayer Vincent LLP 110 Golden Lane London ECIY OTG Bankers Barclays Bank PLC 74-75 East Street Chichester West Sussex P019 IHR Page 2 of 43

Pallant House Gallery Annual report and flnancial statements For the year ended 31 March 2025 Contents Reference and Administrative Information................... . Chair's Statement........ . Trustees, Annual Report............................................................................................................ Objectives & Artivities..-.................................................................................................................... Our Mission and Vision...-.................................................................................................................. Public Benefit Derived from our ArtNitiÈs.......... Performance and Achievements During the Year......... . Summary of Financial Results.................. Capital Project........-..... ........ .........-...-......... .................-...........................-........................-. Exhibitions.. Collection and Acquisitions..-..................-......-................................................................................... Learning and Public Programmes.......-.-.......................-.-................................................-...-........... 11 Fundraising....................-............................-...........................-.........................-............................... 12 Buildings & Facilities. .13 IT / Digital......................................................................................................................................... 13 Commercial Activitie5................... -13 Human Resources....... .14 Financial Review . .14 Reserves Policy and Going Concem.....-.. .. Investment Policy and Objettives.. Principal Risks and Uncertainties...................................................... Structure. Governance and Management.............................- ................................................ ....... 18 Statement of Responsibilities of the Trustees................................................................................. 20 Auditor....................................... .21 .16 .17 .17 Independent auditor's report to the members of Pallant House Gallery............... .... Statement of financial activities..-.- ..22 ..26 Balance sheet................-.-........... 27 Statement of cash flows...........................-............. 28 Notes tofinancial statements.............-.......-..-.........................-.............................-..................................29 Reference and administrative information set out on page 2 forms part of this report. The financial statements comply with current statutory requirements. the memorandum and articles of association, the requirements of 3 directors, report as required under company law, and the Statement of Recommended Practice Accounting and Reportin8 by Charities.. SORP applicable to charities preparing their accounts in accordance with FRS 102. Page 3 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Chairfs Statement l am delighted to present this Annual Report for 2024-25. a year in which over 70.000 people visited Pallant House Gallery in person. with many thousands more engaging online. This growth in reach, both physical and digital. underscores our national standing as a centre of curatorial excellence and public value. Our exhibitions programme this year was exceptional in both ambition and reception. The Shape of Thing5: Still Life in Britain and Dora Carrington= Beyond 81oomsbury attratted widespread critical acclaim. celebrated for their fresh scholarly insights and their capacity to shed new light on lesser- known corners of British art history. These exhibition5 were accompanied by fully illustrated catalogues, original research and a rich public programme- hallmark5 of the Gallerfs commitment to interpretation. education and engagement. In parallel, we reaffirmed our support for contemporary practice with commissions from Phoebe Cummings and Rana Begum. and a new presentation of work by Maggi Hambling. ensuring that historical and contemporary voices continue to speak to one another across our programme. The Gallery'5 nationally recognised Community Programme continued to flourish, reaching a wide range of participants from across the region. Demand has grown to the extent that we now hold waiting lists for several of our initiatives - clear testament to the social impact and reputational strength of this work. The programme plays a vital role in advancing the Gallerfs mission.. using art to foster belongin& wellbeingand creativitywithin ourcommunity. Schools remain 3 priorityfor us given the poor state of creative education in this country. Commercially. the restaurant and bookshop continue to contribute meaningfully to the organisation's sustainability. However, the strength of demand- partictslarly at peak times- has highlighted a broader challenge across our estate= we are close to capacity. Our Queen Anne buildin& though elegant and historically important. constrains our abilityto accommodatethe scaleof audiences and programming our vision demands. Most notably, it limits how we display our permanent collettion alongside temporary exhibitions. If we are to tell a coherent and compelling story of British art. this spatial constraint must be addressed in the year5 ahead. The Board and I have supported a significant strengthening of the Gallery's professional leadership through the appointment of senior colleagues in Development and Digital, and a restrurturing of the Curatorial and Visitor Services functions. These changes have already enhanced our organisational capacity and effectiveness. and we are grateful to the team for embracing them so energetically. However, these investments come against the backdrop of a material operating deficit. While historically the Gallery has benefited from generous bequests and one-off gifts. this model is not sustainable. It leaves the organisation vulnerable to short-temi shocks and hampers long-term planning. Our strategic focus now is to build a more resilient financial model. rooted in a multi-year approach to fundraising. more sophisticated systems and processes. and a sharpened commercial edge. This includes the revitalisation of our marketin& communications and audience engagement functions to grow and diversify income across all areas of activity. Pallant House Gallery is proud to be rooted in Chichester. and we are grateful to Chichester Oistrict Council for its ongoing support - most recently through extensive repairs and redecoration to Pallant House, the freehold of which it owns. The Gallery has also invested in environmental improvements, Page 4 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 including UV film installation. roof repairs and upgrades to our kitchen facilities. In 2025, we will deliver further infrastructure enhancements with the installation of a new ground source heat pump and improved IT systems. supported by external grants. Unlike many peer institutions. the Gallery receives no regular funding from Arts Council England or Central Government. This places us in a uniquely exposed position- mainta•ning a nationally significant collection. presenting major exhibitions and delivering wide-reaching community programmes without the safety net of public subsidy. In this context. the role of individual donors. corporate supporters and our wider community becomes ever more critical. Supporting Pallant House Gallery is not simply about preserving a beautiful building or a prestigious programme, it is a commitment to the cultural, civic and educational life of our region. The Board and Executive are aligned in their priortties for the year ahead- to strengthen income generation, deepen audience engagement. and develop the estate and infrastrurture that will secure the Gallery's long-term future. In all of this. we are guided by a belief that access to great art should not be the preserve of capital cities or in5titution5 of scale. but something that can and must be made possible here - in the heart of Chichester- for all. John Ayton MBE Chair of the Board of Trustees Page 5 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Trustees, Annual Report The Trustees present their report and the audited financial statements for the year ended 31 March 2025. Objectives & Activities The Charity's objettivesareforthe public benefit to prornote and advancethe education of the public in, and to promote. the visual arts and history of art principally in the Chichester administrative district and in particular. to maintain, preseNe. restore and furnish Pallant House in the City of Chichester as period house within which to exhibit works of art of historic or public interest for viewing by the public. Our Mission and Vision Our mission is to share and stimulate new thinking on British art and to play a pivotsl role in the creative lives of the widest possible audien￿. Our vision is to be recognised as an international centre for British art from 19(K) to now. We achieve this by observing the following six principles: Making Modern British art relevant today by exploring contemporary, historic and international connections. redressing imbalances in its history and filling gaps in our collection. Putting our audiences at the heart of what we do. striving to understand their needs and motivations. enabling two-way conversations and involving them in our work. Thinking of the Gallery as more than a physical destination, expandin8 our audience reach through digital. outreach and regional, national and international partnerships. Being a retognised authority on Modern British art and an example of best practice in all aspects of our work. Creating and upholding a distinctive brand for the Gallery that informs all activity. Investing in our people. culture. a$5ets and systems. and working to become financially and environmentally sustainable and appropriately resourced. Pa8e 6 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Public Benefit Derived from our Activities Public Benefit Derived from our Artivities TheTrustee5 of the Gallery have paid regard tothe Charitycommission's published guidance on public benefit. They believe that people who have equitable access to the visual arts derive real benefit from the experience through the expansion of their creative ideas, prattice and understanding. The Gallery cultivates long-term engagement across all its programmes, contributing to lifelong learning, he31th and wellbeing and addressing the deficit in sLhuols. The Gallery provides the opportunity for people to gain a better understanding of the cultural and artistic make-up of our society and enhances their personal response to and enjoyment of creativity. Performance and Achievements During the Year Summary of Financial Results The Gallery delivered a surplus of £377k in the year {2023-24: surplus of £1.250kl. However. at an underlying level. the Gallery continues to incur operational deficits, with an operating deficit for the year of £421k12023-24- £238kl and £454k of net cash utilised for operating activities12023-24- £512kl. Whilst income increased by 3% to £2,364k during the year {excludinggifts of artwork and investment gains). costs increased by IO% to £2.785k. The Gallery made a strategic decision to seek new multi-year corporate partnership5 and is pleased to have Secured three Significant partnerships over the next three years as well as a £260k grant from Fidelity UK. Memberships of our Patrons and Friends. schemes also performed well. However, admission income was down on the previous year. The increase in costs partly refletts a conscious decision made by thetrustees to invest in staff and to commence long overdue projects but also fattors beyond our control such as increased national insurance and utility costs. and the absence of a rates rebate received in 2023-24 that was exceptional in nature. The Gallery's primary source of public fundin& an annual grant of £130k from Chichester Distrirt Council. has been confirmed {with annual inflationary increases) until March 2030. Capital Project In September 2024. the Gallery reinvigorated its consideration of a major capital development project that will expand and enhance its offer for audiences. Various strands of work were undertaken to inform the feasibility of this project. including a Collettions Measurement Programme and audience development research. A Masterplan will be developed following selection of the preferred option in the coming year. Page 7 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Exhibitions The Gallery operates a dynamic two-seasons exhibitions programme (May - October and November April). Each Season comprises one main exhibition in the New Wing and one secondary exhibition in the Historic House. These showcase the Gallerfs curatorial excellence. telling new stories about modern British art while supporting contemporary creativity through the work of emerging or more established artists. These are supplemented by four Print Room exhibitions per year (two per season). which present new research or insight into the Gallerfs outstanding collertion of works on paper and rare books. Collections displays within the Historic House are also periodically refreshed. notably to facilitate loans out or reveal recently acquired works. Summer l Autumn Season (11 May- 20 October 20241 Comprising some 150 works by 100 artists. and curated by the Gallerfs curatorial team, The Shope of Thing5.- Still Life in Britoin enabled the Gallery to establish or deepen relationships with a number of partners with loans from across the UK'S public and private collections. The exhibition was accompanied by a major publication, achieved great press coverage and outstanding reviews. and attracted healthyvisitor numbers. Contemporary ceramics artist Phoebe Cummings responded to the exhibition by making a site-specific installation in the Historic House. Also in the Historic House. the group exhibition Significont Objects.- The Things thot Matter gathered work made by Pallant House Gallery's Community Programme artists in response to the main exhibition. In the Print Room. British Studio Ceromics." From Bernard Leach to Mogdolene Odundo127 April - 28 July 20241 surveyed the evolution of British studio pottery from 1900-pre5ent, with 81 pieces by 45 makers. drawn from the Gallerfs outstanding collection of Studio ceramics. Nano Shiomi.. Her Own Interpretotion {3 August - 13 October 2024) resulted from a major gift of 29 woodcuts by Japanese- born artist Nana Shiomi. A new staircase commission. by Rana Begum RA. was unveiled in July 2024. and will remain until July 2026. No. 1367 Mesh is a large-scale site-specific installation featuring the iconic'mesh clouds. by one of Britain's most established artists. Autumn / Winter Season (9 November 2024- 27 April 2025) Dora Corrington.. Beyond Bloomsbury was the first major survey of the work of Dora Carrington11893- 19321 since 1995. Exploring Carrington's unconventional life that defied gender and Social expertations. and a remarkably varied oeuvre. It featured many rarely seen works from private collections as well as loans from British public collections. The exhibition was curated by Ariane Banks and Anne Chisholm and was accompanied by a new publication with essays from the curators and distinguished writer5. Curated internally. Pattern." Rhythm ond Repetition featured 30 objects drawn from the collection. including recent acquisitions. to consider how artists have used pattern from 1900 to now. as a form of communication to express cultural identities. our relationship to technology and the harmony found in nature. Page 8 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 In the Historic House, Moggi Hambling.. Nightingole night presented new work by Maggi Hambling, made in response to a night spent in the Sussex countryside with folk singer Sam Lee and friends. to listen to the haunting chant of the nightingale. It was accompanied by a new publication. In the Print Room. Julio Morgoret Cameron to Eileen Agor.. The Hewat Collection119 October 2024 - 12 January 2025) marked a major new acquisition. as an Acceptance in Lieu of Tax from the Estate of Angus and Ann Hewat. Young Pollant ArtiSt5 Select.. Screenprints {18 January - 20 April 20251 was curated by the Community Programme's group of artists aged 18-32, drawing from the Gallery's extensive collection of screenprints. Collection and Acquisitions During 2024-25. 135 artworks were acquired for the permanent collection. and were processed. catalogued, and conserved and photographed as required. This included 49 new works by female artists lof which 6 were newly represented in the collection), bringing the gender ratio to 24.9% of women artists. and 5 newacquisitions of works by ethnically diverse artists. who may identtfy as black, brown, or as people of colour. Acqulsltlons April 2024- March 2025 Duncan Grant Still Life with Block Coffee Pot (1949) Acquired with support from the Arts Council England/V&A Purchase Grant Fund. Cate Olson and Nash Robbins, and legacie5 from MargaretTreacher Brown and Lady Heath. 2024 Clare Woods Motionless {2022) Acquired with support from Art Fund. the Arts Council EnEland/V&A Purchase Grant Fund. Rupert and Sarah Burgess. the Robert Dale Harbison Bequest and the Esther Welch Legacy Gift12024} Bequeathed by Dr. Bridget Davies to the Patrick Heron Trust and allocated to Pallant House Gallery,12024) Bequest of Christopher Jermyn, presented by the Contemporary Art Society. 2024125 The Balakjian Collertion: Accepted under the Cultural Gift5 Scheme by HM Government from the archive of Studio Prints gifted by the Balakjian family and allocated to Pallant House Gallery12024) Gift of Nicholas Sinclair Accepted in Lieu of Inheritance Tax by HM Government from the estate of Angela Verren Taunt and allocated to Pallant House Gallery {2024) Presented by the Contemporary Art Society. with the support of Liesl Fichardt, 120241251 Gift ofthe Cosman KellerArt and Music Trust {2025) Gift of Rachel Howard120251 Other works acquired through donation/gift/transfer 54 25 li 25 Artworks purchased or commissioned by Pallant House Gallery Number of new work5 by women artists {no. of individual artists) 491121 36.3% Page 9 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Number of new Works acquired by men Ino. of individual artists) 861241 63.7% 515) 3.7% 15 Number of new works by ethnically diverse artists. who may identify as black, brown, or as people of colour (no. of individual art15t51 Number of newly represented artists Number of newly represented female artists Number of newly represented male artists Artlsts represented In the collertlon 2021/2022 981 202212023 1.045 2023/2024 1.067 2024/2025 1,082 Total number of artists represented in the collection Total number of male artists {%) Total number of female artists (%) Total number of ethnically diverse artists 745 (75.9%) 236 (24.1%) 47 14.89%) 804 {75.4%} 263 {24.6%1 58 (5.4%) 813 175.1%) 269 124.9%) 62 15.PX) 175.4%) 257 124.6%) 55 {5.3%1 Conservation and PhotO8raphy Treatment of 76 works in the collection wa5 completed in this period. This included 12 works included in the major exhibition The Shape of Things.. Still Life in 8ritish Art and five works by Christopher Wood for an in-focus display. The conservation of a key work Gino Severini Donseu5e No.5 {Doncer No. 5) was supported by Fitzwilliam Museum. Cambridge as part of our agreement to lend to the exhibition- Par￿ 1924.. the Art of the Olympic5 5 July- 3 November 2024 In addition, the Gallery continues to build its Stock of standard frames for works on paper with non- reflective. non-uv glass. This projert supports preventative Conservation measures particularly in the Historic House environs and improves visitor experience by offering a greater clarity of view. 353 priority works were photographed. External Loans During 2024-25. the Gallery lent 45 works to 21 different venues including international loans to Philadelphia Museum of Art. USA North Carolina Museum ofArt, USA and Nivaagaards Malerisamlin& Denmark. Page lo of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Library and Archive 1.333 people visited the Library and Archive. of which 661 were external Visitors and researchers Learning and Public Programmes The Learning and Public Progr3mmes team delivers a range of engagement opportunities for people of all ages to increase access to and enjoyment of art and creativity inspired by the collection and exhibitions. During 2024-25. 608 activities were delivered (vs 560 in 2023-24), which were enjoyed by 6,682 participants Ivs 5.396 in 2023-24). Learning and Publlc Programrnes Area Totsl Participants Total Participations Total Artivities Formal education activity for children and young people (Encounter and Create wothshops, khool in Residence, and free self- led visits SUPPOrted by Gallery resources) 2.354 2.571 144 Informal learninE for children and families (free Open Days, holiday workshops and self-led visits) 1.977 1.977 Adult learning workshops. talks and special event5 2.011 2.011 Community Programme Iweekly workshops. projects. trips. Partners in Art meet ups and partnership working) 210 ICPcore mernbershipl 372 130 (partnership working with Sanctuary and Pallant Partners) Total 6.682 11.042 Ke Successes: Significant increase in participations in the Community Programme with new Partners in Art and external partnerships. Pallant Pathways workshops and the relationship with Sanctuary in Chichester. leading to recruiting 16 refugees and asylum seekers living locally. to volunteer as Gallery Assistants. The Young Pallant Artists IYPAS). 18-30 year olds. opened their print room exhibition in January, having worked closely with the curatorial team to select work5 from the collertion, interpret and curate the exhibition. It has been a transformative experience and they have gained new skills and confidence in putting together an exhibition. Page 11 of43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 The Community Programme Annual Fundraising Exhibition displayed 78 artworks. plus 96 browser works. all created and donated by members of the Community Programme and raised a record-breaking amount of over £5k. Delivering new monthly themed Thursday Lates to aid promotion and impact of the adult events offer. opening late once a month with half price entry. Each event offer5 Visitors a variety of activities including ticketed talks and drop-in creative workshops. The Creative Careers Day held in January 2025 was designed to support young people considering career options in the creative industries. was held in collaboration with Chichester Festival Theatre, Chichester College and Creative County West Sussex. Fundraising TheGallerydrivesfundraisin8 incomegeneration through a mixed funding model. Fundraisingthrough philanthropy. partnerships and memberships all continue to be important income streams. which is predominantly managed through the Development Team. Additional support is also provided by the Development Advisory Group (made up of Trustees and external advisors). and other key members of the Gallerfs staff. Key points and highlights for 2024-25: Fundraising through Trusts and Foundations was particularly successful with totsl income of £308k. The highlight was a successful grant from Fidelity Foundation for £260k for the replacement and refurbishment ofthe Gallerfs Ground Source Heat Pump. Individual givin8 through both the Patrons scheme and the Friends membership saw strong income with Patronage income at an all-time hi8h of £224k for the year and hitting loo Patronages for the first time since the scheme's launch in 2017. Total income of £618k though individual giving was also bolstered by £149k of other donations making this income stream the star performer of the year. A new strategy with corporate partnerships has been to secure multi-year agreernents, ideally over three years where possible. This ensures some level of financial security. allows for better forecastin& as well a5 offering both partie5 a Chan￿ to evolve and enhance the partnership during that time frame. Two new 3-year partnerships were secured in 2024-25 and the £77k income from this year is forecast to grow by 20%. If we include the value of Gifts of Artwork {£658k). Chichester Distrirt Council's grant1£130k) and Gift Aid {£83k), with all other philanthropic gifts and fundraising income from Trusts and Foundations. Individual Giving and Corpofates l£l.CK13kl. l)evelopment activities generated total income of £1,874k in 2024-25. Given this total rnakes up c.62% of all Gallery income for 2024-25. we can confidently say that the Gallery is in an encouraging position from a philanthropic and goodwill perspective. All development and fundraising activities were carried out in-house and no agencies or individual consultants were contractually engaged to raise fijnds on behalf of the Gallery. Such activities were compliant with appropriate codes and there have been no complaints about them. The Gallery generally focuses on wealthy individuals. trusts and foundations. corporate partners and statutory bodies as key sources of funds. leaving members of the public a free choice whether to Page 12 of 43

Pallant House Gallery Annual report and financlal statements For the year ended 31 March 2025 become a Friend/Patron or donate additionally when buying a ticket or donating to a public appeal. Consequently. it is not necessary to have measures that specifically protert vulnerable people from fundraising. while care is given to ensuring the safety of all potential donors. Buildings & Facilities Pallant House Significant extemal repairs and decoration were undertaken by contractors appointed by Chichester District Council (which owns the freehold of Pallant House). This included work to arrest water ingress. Subsequently. the Gallery Iwhich. as lessee. is responsible for internal maintenance). arranged for several rooms to be decorated. Work has begun on replacing UV films on windows to reduce harmful UV and rejett solar energy, helping to control the internal temperatures in the summer and conserve the collertions. Safety & Security Further cameras have been added to the Gallerfs CCTV system to provide additional coverage of temporary exhibition spa05. Ground Source Heat Pump During 2024-25. funding was successfully secured for the Gallery to replace the New Wing's 2￿year- old ground source heat pump and to condurt major refurbishment of its ventilation systems. Work has begun with completion due in Ottober 2025. IT/ Digital Two new digital posts. Head of Digital & Data and Collections Systems Manager. were created and recruited in November 2024. These p05ts provide the Gallery with e55ential in-house skills and capacity to deliver a di8ltal roadmap to transfomi its technical infrastructure. communications. and digital offer. After an initial period of consolidation and consultation. key priorities were identified for the comingyear, including improving the Gallerfs customer ￿latiOnShIp managementsystem and the ollertions management System. updating hardware and planning for the migration to cloud infrastrurture. Commercial Activities Pallant Café The Café serves lunch and afternoon tea from the ground floor of the Gallery and the courtyard garden. The Café is independent of the Gallery. During 2024-25. the Cafe generated gr055 sales of almost £600k and contributes rental income and a share of its sales to the Gallery. Pa8e 13 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Pallant 8ookshop The 8ookshop is a leading Specialist bookshop for Modern British art and the primary point of sales for the Gallerfs publications and other merchandise: The 8Tr)k5hop is run independently of the Gallery. The Bookshop Dirertor. Nicholas Higbee. is a regular attendee at the Gallerfs Collections and Exhibitions Advisory Group. The Bookshop contributes rental income and pays commission to the Gallery on sales of Gallery products. A new tontract with the Bookshop was entered into in March 2025. Human Resources The Gallery recognises that its staff and volunteers are its greatest resource and require investment to get the best outcomes. During the previous financial year. the Gallery introduced three new HR systems (Virtual College. a training platform- BreatheHR, a people management System: and Better Impact. a volunteer engagement and management system). These have all been successfully embedded during their first complete year of operation and have led to improved staff and volunteer monitoring and management, and more consistent and accurate reporting. As of31 March 2025, the Gallery team consisted of 21full-time and 17 part-time permanent members of staff and five casuals (equivalent to 33.0 full-time roles). There was significant recruitment during 2024-45 to replace departing staff. although this facilitated restructures of the Curatorial and Visitor Services fvnctions which have increased ourcapacity and effectiveness. Three new full time new posts were also created, with a focus on income-generation and data-driven decision-making. The Head of Digital & Data and the Collections System5 Manager Started in November 2024. and Development Manager. Grants & Legacy Givin& started in March 2025. The Gallery is indebted to our dedicated team of nearly 31)0 volunteers, who donated almost 10,(J)o hours of their time in 2024-25 to support all aspects of our programme and operations. They fulfil a variety of roles across different departments. including poliry and programme advisors (via the Gallery's Sub-committees and Advisory Groups). Gallery Assistants, Gallery Guides. library and archives assistants. and support for our Learning and Community Programme. The majority of our volunteers are the Gallery Assistants. who welcome our visitors and invigilate the exhibition spaces. Since the introduction of our online volunteer management system. and a dedicated member of the Visitor Services team with responsibility for volunteer coordination. WÈ have increased recruitment and are able to manage this group more effectively- removing non-active volunteers, increasing communication and trainin& and public recognition of their o)ntribution to the Gallery. Financial Review The results for the year are set out in the Statement of Financial Activitie5 and accompanying notes later in thi5 report. The Gallery delivered a surplus of £377k in the year12023-24- surplus of £1.250k}. This headline number is stated after a disappointing unrealised investment gain of £141k (2023-24: £807k} and gifts of artwork of £658k (2023-24- £681kl. At an underlying level, the Gallery continues to operate at deficit, with a deficit of £421k incurred in 2024-25 {2023-24.- £238k). and £454k of net cash utilised for operating activities12023-24= £512kl. Page 14 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Income increased by 3%to £2.364k duringthe year {excludinE gifts of artwork and investment gains). The Gallery increased the number. value and duration of its corporate partnerships. with agreements signed with three corporate partners (Dreweatts. Evelyn Partners and Sofas & Stuff). for three years. The Gallery is very pleased to have secured a £260k grant from Fidelity UK for the replacement of our heat pump and associated works. The increase in Patrons. and Friends. membership was very welcome however the fall in admission income ha5 been disappointing. Costs increased by IO% to £2.785k. partly reflecting a conscious decision made by the trustees to build capacity within the team. to commit to paying the Real Living Wage and to commence long overdue projects e.g. digital and hardware upgrades. However. costs also increased relatrve to the prior year due to external factors such as increased national insurance contributions, higher utility costs, and the absence of a rates rebate received in 2023-24 that was exceptional in nature. The Gallerfs primary source of public funding, an annual grant of £130k from Chichester Oistrirt Council, has been confirmed {with annual inflationary increases) until March 2030. The Gallery's principal sources of funding during the yearwere as follows- Income Sumnwry 202>24 ¥ rf Admission Cornrnerciai £492 f17D £179 £661 Jis Coun(il En¢land National LoTEeryCornfflutyityFuthd Trusrs & ltyjndarions IT• £4 £124 Chlchesier DIstrfj(Icoun(il HMRC f197 7 U% C•4yorate É47 Donati0Ths Frlend5 ll82 ru4 £6 fD4 P•iron5 t155 Giftert arywtyt £55Z ll4 Mixeiiane¢•Js Rental F￿Orne fllo Page 15 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Reserves Policy and Going Concern Our reserves are set o(rt in the accounts within the balance sheet and in more detail in note 21. The trustees have a reserves policy designed to ensure that the Gallery has adequate reserves to carry out its charitable objectives including maintaining the assets entrusted to it. Endowment funds= There are four endowment funds that have varying terms. all established with the overarching objettive of being invested to provide income to support the Gallerfs core operation. In the case of at least one fvnd. this was the stipulation of the donor and in the remainder. it is the policy of the trustees. Restricted funds.. There are numerous restricted funds which are listed by purpose later in the accounts. Each fund relates to a separately identifiable activity that has attratted its own funding from various donors with the proviso that their support is to be applied only to that projert. Normally the Gallery has agreed tofund any balancefrom its wider resources to ensure a successful outcome. These projects are usually short term. typically completed within a year. and taken together represent the essence of the Gallerfs core operation. Desi nated funds unrestricted Oesignated funds tomprise of artworks and buildings therefore by their nature. are illiquid. Donated artworks. recognised a5 heritage assets. constitute the majority of designated funds. with the remainder comprised of buildings which have been built or acquired through philanthropic giving. Trustees have reviewed the resep4es policy during the year. which was last arnended during 2017-18. and believe that it remains appropriate. The reserves policy is as follows". The Gallery should hold cash balances in unrestricted fvnds. of at least £200.(MJ) or, if greater. the cash projected to be required for its activities for the followin8 two months. This is currently achieved through holding liquid accounts within cash and investments. The endowment fund of £3(K).000 provided by the Friends in 2018-19 should only be held in readily reali5able investments so that it acts as a second layer of resep4e5 if required to meet unexpected adverse circumstances. The other endowment funds should continue to include in excess of £500,(￿ of readily realisable investments that could be sold as a third layer of resen4es. whilst otherwise continuing to provide income for the core operation. This reserve5 policy was met during 2024-25 and up to the date of signing this report. atwhich point, £292k of unrestricted general funds were held. The policy continues to be reviewed annually, and the trustees have resolved that it should continue in force for a fvrther year. The trustees recognise that operating deficits are realistically unavoidable until higher levels of 5UStainable income can be secured, which in turn will mean it is likely that the Gallery will continue to draw on re5Èrves. Current forecasts to September 2026 show that deficit5 should be contained comfortably within the level of resev4es currently in place. Consequently, the trustees conclude that there are not any material uncertainties about the Gallerfs ability to remain a going contern in the foreseeable future. To improve the financial sustainability and resilience of the Gallery. a Three-year Plan is being developed which seeks to build upon income generating measures already started in 2025-26 and launch new initiatives which, it is hoped, will lead to a step change in income levels. Page 16 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Investment Policy and Objectives Under its Articles, the Gallery has the power to invest funds in the furtherance of its charitable objettives. The Gallerfs investment policy is to grow the endowment funds and generate a reliable income stream to help fund operations. This 'total returns, basis is based on a medium level of risk. Funds are invested over a 5-year term on a discretionary basis in a fund that has a strong ethical and sustainable ethos. The Galler<s endowment funds are invested in Sarasin & Partners Endowments Fund for charities. which is a global multi-asset CAIF unit trust that adopts responsible ESG standards. In the financial year ending 31 March 2025. the Gallerfs Portfolio. managed by Sarasin increased in value by just £141k, significantly lower than the £807k grovrth the previous year. Note that this capital grovrth is not realised. which mean5 that no cash was received. and the growth could be reversed. Sarasin distributed dividends of £304k, slightly down on the previous year. Principal Risks and Uncertainties The trustees have a duty to identifyand reviewthe risks to which the Gallery is exposed and to ensure appropriate measures are taken to mitigate risks to within the Gallery's risk tolerance. Thi5 is primarily achieved through risk management measures. recorded in the Gallervs risk register. The trustees have delegated the review of the Gallerfs risk register to the Finance. Audit and Risk Committee I'FARC'I. The risk register is regularly reviewed by the executive and was last reviewed by FARC in June 2025. following a risk workshop involving tru5tee5 and the executive. The risk register describes each risk and allocates likelihood and consequence scores. Measures are then identified which accept, transfer or limit the activity that has generated the identified risk. Examples of these measures are insurance (including the Government Indemnity Scheme) and an emergency artwork safvage priority list. This approach ensures that the Gallery manages risks to an acceptable level. Financial risks are managed and reviewed more regularly with quarterly FARC meetings to review the current and projected financials of the Gallery so that timely correttive artion can be instigated to minimise or avert any adverse impacts. The key risks to the Gallery are: Reduction in income- the Gallery no longer receives funding from Arts Council England and faces increasing competition for other sources of public funds. To deal with the challenging funding environment, the Gallery has diversified its income streams and focussed resources on applying to a wide range of trusts and foundations and seeking private philanthropic support and corporate partnerships. Insufficient storage space for the collection- the collection grows as artworks are generously bequeathed to the Gallery, assigned via the Acceptance in Lieu scheme and on occasion, acquired. To mitigate against the lack of storage. a rationalisation of the collection is ongoing to identify suitable off site storage options. Loss of key personnel - as a small organisation. each individual plays a significant role in the Gallerfs success and therefofe when stsff leave. there is a risk of loss of knowledge, as well Page 17 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 as experience and expertise. The Gallery tries to mitigate against this through better use of digital file sharing technology. including an upgraded Collections Management System. and improved cross-organisational communications to ensure better knowledge sharing. Structure, Governance and Management Legal Status of the Gallery Pallant House Gallery is a charitable company limited by guarantee. incorporated in England and Wales on 16 February 2CK)4 and registered as a charity in England and Wales on 2 March 2004. The charitable objects and powers of the company are set out in its articles of association. The trustees. who are also the Directors for the purpose of company law. and who served during the year are listed in the 'Reference and Administrative Information, section at the beginning of this report. None of the trustees has any beneficial interest in the charitable company. All the trustees are members of the charitable company and guarantee to contribute £10 in the event of a winding up. Appolntment of Trustees Trustees are proactively 5elettÈd and appointed to ensure that a broad range of relevant skills. experience and diversity are represented across the trustee board. The Nominations Committee {a formal sub<ommittee of the 8oard of Trustees) is responsible forTrustee recruitment and succession planning and Chichester Distritt Council 3150 has the rTght to appoint and remove one trustee. A skills audit is undertaken biennially to identify any gaps and priorities, and recruitment takes place by open advertisement and intenrfiew. The Nominations Committee recommends all Trustee appointments to the Board for fomial approval. Three new Trustees were appointed by the Board during 2024-25. to replace retiring members whose temis had come to an end. Trustee Induction and Trainin8 The company secretary provides or arranges external induction training to each newly appointed trustee. They are required to complete a declaration of Fit and Proper status, in line with HMRC'S Fit and Proper Person5 Test. and receive key governance documentation, including the articles of association. annual financial statements. the Conflicts of Interest policy for trustees and the Charity Governance code. The Gallery also maintasns a secure online Trustee Portal. where members can access key governance and operational documents. The trustees are responsible for the overall governance of the Charity. They delegate all day-to-day responsibilities for running the organisation to the Director. Simon Martin, supported by the Chief Operating Officer and the Chief Curator. The Finance Audit & Risk Committee and Nominations Committee, as well as a number of infomal Advisory Groups, have been established to ensure that the trustees. governance responsibilities are fulfilled. Terms of Reference exist for each of these bodies. and they are reviewed and approved by the Board. All trustee5 give their time voluntarily and receive no benefits from the charity. Any expenses ￿claIMed from the charity are set out in note 8 to the accounts. Page 18 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Remuneration Policy for Key Management Personnel The outcome of the annual staff pay review and remuneration levels for key management personnel are approved by the Finance. Audit & Risk Committee. within the parameters of the Gallerfs salary banding system and Remuneration policy. The trustee board is responsible for the appointment and perfomiance management of the Director. Equality and Diversity The Gallery is committed to equality. diversity and inclusion within all elements of its operation and programme. The Gallery has a number of written policies in place to reflett our legal obligations and organisational requirements. Mandatory EDI training ha5 been introduced for staff and. from Summer 2025, forvolunteers as well. A new Equallty Diversity and Inclusion Action Plan was created to reflett the Business Plan 2024-26 and approved bythe Board in June 2024. An extemal Accessibility Audit of the Gallery's public spaces was undertaken in 2024 and the implementation of its recommendations is ongoing. Related Parties and Relationships with other Organisations Until 31 March 2020. a trading subsidiary. Pallant House Gallery Service5 Limited I'services.), carried out commercial activities related to the Gallery and received income from the restaurant and the bookshop. After that point, this was carried out by the parent Gallery company and Services became dormant. There is a second dormant subsidiary. Pallant House Enterprises Limited, which ceased collertion of subscriptions from Friends during the year. The collection of subscriptions has beens migrated to Pallant House Gallery. Fund5 Held as Custodian Trustee on Behalf of Others The charity does not hold ftjnds as custodian on behalf of others. Pa8e 19 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Statement of Responsibilities of the Trustees The trustees (who are also directors of Pallant House Gallery for the purposes of company law) are responsible for preparingthe trustees, annual report and the financial statements in accordance wtth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accountin8 Practice). Company law requires the trvstees to prepare financial statements for each financial year which give a true and fair view of the state of affair5 of the charitsble company and group and of the incoming resources and application of resources, including the income and expenditure, of the charitable company or group for that period. In preparing these financial statements, the trustees are required to- Select suitable accounting policies and then apply them consistently; Observe the method5 and principles in the Charities SORP- Make judgements and estimates that are reasonable and prudent: State whether applicable UKAccounting Standards and statements of recommended prartice have been followed. subjert to any material departure5 disclosed and explained in the financial statements; and Prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time ihe financial position of the charitable company and Enable them tD en5uie thÉ1t the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware.. There is relevant audit information of which the charitable companrfs auditor is unaware: and The trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information. The trustees are ￿spOnsible for the maintenance and integrity of the corporate and financial information included on the charitable companW5 website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Members of the charity guarantee to contribute an amount not exceeding £10 to the assets of the company in the event of winding up. The total number of such guarantees at 31 March 2024 was 15 (2023.. 141. The trustees are members of the charity, but this entitles them only to voting rights. The trustees have no beneficial interest in the charity. Page 20 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Auditor Appointment Sayer Vincent LLP was re•appointed as the charitable companrfs auditor during the year and has expressed its willingness to continue in that capacity. Disdosure of Information to Auditor Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit. but which has not been made available to the auditor. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information. The trustees. annual report has been prepared in accordance with the special provision5 applicable to companies subject to the small companies. regime. The trustees, annual report was approved by the trLtstees on 26 September 2025 and signed on their behalf by: Trustee & Com an Secreta Page 21 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Independent auditorfs report to the members of Pallant House Gallery Opinion We have audited the financial statements of Pallant House Gallery (the 'charitable company'l for the year ended 31 March 2025 which cornprise the statement of financial attivities, balance sheet, statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including FRS 102 The Financial Reporting Stondord opplicoble in the UK and Republic of Ireland (Untted Kingdom Generally Accepted Accounting Practice). In our opinion. the financial statements: Give a true and fair view of the state of the charitable CoMpan￿S affairs as at 31 March 2025 and of its incoming resources and application of resources. including its income and expenditure for the year then ended Have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice Have been prepared in accordance with the requirements of the Companies Act 2CM)6 and the Charities Act 2011 Basis for opinion We conducted our audit in accordance with International Standards on Auditing (UK) IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditorfs responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRCS Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Conclusions relating to going concern In auditing the financial statements. we have concluded that the trustees. use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that. individually or collectively. may cast signtficant doubt on Pallant House Gallery's ability to continuÈ as a going concern for a period of at least twelve months frorn when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respett to going concern are described in the relevant settions of this report. Other information The other information comprises the inforniation included in the trustees. annual report. other than the financial statements and our auditorfs report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the finanoal statements does not cover the other information and. except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other Pa8e 22 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 information and. in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit. or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements. we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude that there is a material misstatement of this other information. we are required to report that fatt. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. The infonnation given in the trustees. annual report. for the financial year for which the financial statements are prepared is consistent with the financial statements. The trustees, annual report has been prepared in actordante with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit. we have not identified material misstatements in the trustees. annual report. We have nothing to report in respect of the following matters in relation to which the Companies Act 2￿6 requires us to report to you if. in our opinion: Adequate accounting records have not been kept by the parent charitable company. or return5 adequate for our audit have not been received from branches not visited by us.. or The financial statements are not in agreement with the accounting records and returns. or Certain disclosures oftrustees. remuneration specified by law are not made- or We have not received all the information and explanations we require for our audit; or The directors were not entitled to prepare the financial statements in accordance with the small companies. regime and take advantage of the small c<xi)panies' exemptions in preparing the trustees. annual report and from the requirement to prepare a strategic reporL Responsibilities of trustees As explained more fully in the statement of trustees. responsibilities set out in the trustees. annual report. the trustees {who are alsothe directors of thecharitable companyforthe purposes ofcompany lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and forsuch internal control as the trustees determine is necessary to enable the preparation of financial statements that a￿ free from material misstatement, whether due to fraud or error. In preparing the financial statements. the trustees are responsible for assessing the charitable companrfs ability to continue as a going concern. disclosin& as applicable. matters related to going concern and using the Boing concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations. or have no realistic alternative but to do so. Page 23 of 43

Pallant House Gallery Annual report and financial statements For the year ended 31 March 2025 Auditor's responsibilities for the audit of the financial statements Our objettive5 are to obtain reasonable assurance about whether the financial 5taternents as a whole are free from material misstatement whether due to fraud or error. and to issue an auditorfs report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAS IUKI will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are Considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities. including fraud. are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities. outlined above, to detert material misstatements in respect of irregularities. including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud are set out below. Capability of the audit in detecting irregularities In identifying and assessing risks of material misstatement in respert of irregularities. including fraud and non-compliance with laws and regulations. our procedures included the following.. We enquired of management and the audit and risk committee, which included obtaining and reviewing supporting documentation. concerning the chariws policies and procedures relating to- Identifyin& evaluatin& and complying with laws and regulations and whether they were aw41we (pf any instances tjf non-cotnpliance." Detecting and respondin8 to the risks of fraud and whether they have knowledge of any artual. suspected. or alleged fraud: The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. We inspected the Minutes of meetings of those charged with governance. We obtained an understanding of the legal and regulatory framework that the charity operates in. focusing on those laws and regulations that had a material Èffect on the financial statements or that had a fundamental effect on the operations of the charity from our professional and sector experience. We communicated applicable laws and regulations throughout the audit team and remained alert to any indications of non<ompliance throughout the audit. We reviewed any reports made to regulators. We reviewed the financial statement disclosures and tested these to supportins documentation to assess compliance with applicable laws and regulations. We performed analytical procedures to identify any unusual or unexperted relationships that may indicate risks of material misstatement due to fraud. Page 24 of 43

Pallant House Gallery Annual report and financlal statements For the year ended 31 March 2025 In addressing the risk of fraud through management override of controls. we tested the appropriateness of joumal entrie5 and other adjustments. assessed whether the judgements made in making accountin8 estimates are indicative of a potential bias and tested significant transactions that are unusual or those 0￿Side the normal course of busine55. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leadingto a material misstatement in the financial statements or non-compliarnce with regulation. This risk increase5 the more that compliance with a law or regulation is removed from the events and transattions reflerted in the financial statements. as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurrin8 due to fraud rather than error. as fraud involves intentional concealment, forgery. collusion, omission or misrepresentation. A further description of our responsibilities is available on the Financial Reporting Council's website at.. www.frc.or .uk/auditorsres onsibilities. This description forms part of our auditorfs report. Use of our report This report is made solely to the charitable company's members as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditorfs report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's fflembers as a body. for our audit work. for this report. or for the opinions we have formed. Judith Miller {Senior Statutory Auditor} 6 October 2025 for and on behalf of Sayer Vincent LLP. Statutory Auditor 110 Golden Lane. LONDON. ECIY OTG Sayer Vincent LLP is eligible to act as auditor in terms of section 1212 of the Companies Act 2CM16 Page 25 of 43

PallaHt Mauso Galltry Stateminl of flninclal aclmiks lin(orpur•iing an ￿[￿rnE and expefiditu￿ accountl For ihe ear ended 31 IAarch 2025 2025 Total lJniÈstrtCEed 2024 Toi•l Unre5riitted Re51ri(ted EndDwrneni Note In<omt Irom= Dtsnaiions and legacies Charilabl aabvilles CollEttiOn rnanagernenl 1.353.058 2J.417 1.376.474 .358,30Z 59.948 1.418.250 17.598 557,852 48,7Z3 120.540 9.479 351.850 260.000 126.976 42.1¢)0 277.598 684.828 90.823 120.540 119.479 351.850 9,800 699.527 41.314 136.939 109.606 378.186 9.800 794.096 94,S69 79,828 Public prograrnrnt5 116.939 109,606 378,186 Olher tradlng acrfvitles Investments TMl IA¢•me 2.569.1(10 452.492 3.027.592 2.733,674 234.345 2.968.019 Ex￿ndItUTe on.. Ralsln9 lunds 110.SS7 8.171 111.728 122.390 9.507 131.897 Collection ￿￿geMent ExhSbiiion5 6 di5pLIy5 Public programrne5 439.963 1.070.789 696.557 48,445 2.089 239.145 65.140 83.751 3.278 10.047 6.308 445.331 1.319.981 768.005 132.582 269.745 1.009,5Z6 600.189 59.068 2.505 10.275 5.557 1.682 273.362 .272.429 685.249 162.348 152,6l8 79,503 1,598 Total expendltu 2.366.312 398.296 20.019 2.714.627 2.160.917 344.350 20.019 2.525.285 Mei IncDme l <expEndhurel before I {Ios5esl vn Investments 202.788 54.195 (20.019) 236.965 571,758 (20.019) 442.734 Net gains i Ilosstsi on Invtsimenis 140.569 140.569 806.981 806.981 14ei InconK I l¢xp¢ndfturt) lorthe year 202.788 54.195 12Q.55Q 377.534 572.758 IIIOM51 786.962 1,149,714 Transfers be￿een f¥nds 1251,046Tr 224.915 26.131 Nef Income I lexptndlturel belote Other recoqnlJed galns and 10sMJ 148.258) 279.11 146.681 377.534 572.758 <110,0051 786.962 1.249.714 Net rrweffleni In funds 148.2581 179.110 146.661 377.534 572.758 1110.LK15) 786.962 1.149,714 Reconclllailon of fvthds.. Yoial fund5 broughi lon¥ard 37.535.Z75 384.)H 11.865.652 44,785.270 51.962.5 17 494,349 11,078.690 43.535.S56 Totsl ffijnds tartled fortvavd 32.487.017 663.454 12.012.333 45.162.804 32.535275 384.344 11,865.652 44.785.270 All of iht above resylts are 4YeW lrnm Cr￿11￿n￿On9 act￿￿1eS. There no other refognistd ￿1￿$ Or b)sses ￿her than those sthied abm. Movements ID lund5 are d15¢1ostd lrt Noit lla 10 fihahcw stattmethts. Page 26 of 43

Pallant House Gallery Balance sheet Company no. 05045130 As at 31 March 2025 2025 2024 Note Fixed assets: Tangible assets Heritage assets Investments 7,776.060 25.246.943 11,191,542 8,008.520 24.589.433 1,050,973 44.214.545 43.648.926 Current assets: Stock Debtors Cash at bank and in hand 42.866 513,108 618.451 15.867 594.140 793,203 .174.425 1,403,210 Llabilities: Creditors.. amounts falling due within one year (226.166) 1266.8661 Net current assets 948.259 1.136,344 Total net assets 45.162.804 44,785,270 The funds of the charlry: Unrestricted income funds- Designated funds General funds Endowment 21a 32.190.156 296,861 1.791.366 31,698,169 837.106 1.796,929 Total unrestricted funds 34,278,383 34.332.203 Endowment (restricted) Restricted income funds 10.220.967 663.454 10,068,723 384,344 Total charity funds 45.162.804 44,785,270 Appro b he trustees on 26 September 2025 and signed on their behalf by.. Elizab Davis Trustee & Company Secretary Page 27 of 43

Pallant House Gallery Statement of cash flows For the ear ended 31 March 2025 2025 2024 Cash flows from operatlng activities Net income l (expenditure) for the reponing period {as per the statement of financial actiwiie5) Depreciation charges Donations of heritage assets included in incorne (Gainslllosses on investments Dividends. interest and rent from invesirnents (Increase)Idecrease in stocks (Increase)Idecrease in debtors Increasel(decrease) in creditors 377.534 1.249.714 304.638 16S7.510) (140.569) (351 ,850) 126,999) 81,032 (40,700) 304.585 1680.950) (833.113) 13 78.186) 14.523 (105.5091 183.509) Net cash provlded by l (used In) operating artivities Cash fl¢)w5 frorn investing activltles: Divldends and interest from investments Purchase of fixed assets {454,424) (512.4451 351,850 (72.178) 378.186 128.1741 Net cash provlded by Inve5tlng activities 279.672 350,012 Change In cash and cash equlvalents In the year (174,752) 1162,433) Cash and cash equivalents at the beginning of the yeai 793.203 955,636 Cash and cash equivalents at the end of the year 618,451 793,203 Page 28 of 43

Pallant Hause Gallery Notes to the financial statements For the ear ended 31 March 2025 l Accounting policie5 a) Statutory information Pallant House Gallery is a charitable company limiied by 9uarantee and is incorporated in England & Wales. Pallant House Gallery is a charity registered with fhe Charity Commission for England and Wales. The registered office address is Pallant House Gallery, 8-9 North Pallant, Chichester. West Sussex. POI 9 1 TJ. b) Basls of preparation The financial statements have been prepared in accordance with Accouniing and Reporting by Charities- Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reportin9 Standard applicable in the UK and Republic of Ireland IFRS 102) - (Charities SORP FRS 102) and the Companies Act 2006. These financial statements reflect only (he results of the charity. Pallant House Gallery. Its wholly-owned subsidiaries Pallant House Gallery SeNices Limited and Pallanr House Enterprises Limired. are both dormant and do nor hold any material asset or liability value. Transactions and balances berween rhe charity and its subsidiaries have been eliminated from the consolidated financial statÈments. Balances berween the entities are disclosed in the notes of the charity's balance sheet. A Separate statement of financial activities, or income and expenditure account, for the charity itself is not presented because the charity has taken advantage of the exemptions affofded by section 408 of rhe Companies Act 2006. A55ets and liabilities are initially recognised at historical cost or transaction value unless Otherwise stated in the relevant accounting policy or note. In applying ihe financial reporting framework. the trustees have made a nufflber of subjecrive judgements. for exarnple in respect of significant accounting estimates. Esrimare5 anij jud9ement5 are continually evaluated and are based on historical experience and other factors, including expecrations of future events that are believed io be reasonable under the circumstances. The nature of the estimation means the actual outcomes could differ from those estimates. Any significant estimates and Judgements affeccing these financial statement5 are detailed wirhin the relevant accounting policy below. c) Publlc benefit entity The chariry meet5 the definirion of a public benefit entity under FRS 102. The trustees do not con5iiJer that there are any 50ur¢es of esrimation uncertainty at the reporting date that have a significant risk of causing a material adjustment ro the carryin9 amounts of assets and liabilifies wirhin the next reporting period. d) GoSng concern The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern. Financial projections have been prepared that that the existing cash resources supported by the ability to realise investments will be Sufficient to allow rhe Gallery to continue operating for the foreseeable future and in particular, for the twelve months following the signing of these accounts. Further reference can be found in the section. 'Reser¥es Policy and Going Concern, in the Trustees, Report. e) Income Income is recognised when ihe chariry has entitlement to rhe fvnds. any performance conditions attached to the income have been met. it is probable that the income will be received and that rhe arnount can be measured reliably. Income from governmen( and other grants. wherher 'capiial' gfants or 'revenue' grants. is recognised when rhe charity has eniirlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and (he amount can be measured reliably and is not deferred. For legacies, entitlement is taken as rhe earlier of the date on which either.. the charify is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(5) to the charity that a distribution will be made. or when a distribution is received from the estate. Receipt of a le9acy, in whole or in part, is only considered probable when the amount can be measured reliably and the charity has been notified of rhe executor'5 intention to make a distribution. Where legacies have been notified to the chariry. or the charity is aware of the granting of probate, and the criteria for income recognition have not been met. Ihen rhe legacy is a treated a5 a contingent a55et and disclosed if matpri31 Income received in advance of the provision of a specified service is deferred until the criteria for income recognition are met. Page 29 of 43

Pallant House Gallery Notes to the financial statements For the ear ended 31 March 2025 l Accounting policies (continued) e) Income Friends and Patron subscriptions are reco9nised when received. Entrance fees are recogni5ed in income Nvhen they are receivable except for group deposits which are recognised when the group visit takes place. Admission income for exhibitions is recognised when the tickets are sold. Ticket income relating to courses. events and group bookings is recognised when they rake place. Book and other sales income are recogni5ed when receivable. Donations of glfts. ser¥lces and facilities Donated professional seryices and donated facilities are recogni5ed as incoffle when the charity has control over the item or received the service. any conditions associated with the donation have been met, the receipt of econornic benefit from the use by the charity of the item is probable and thar economic benefir can be measured reliably. In accordance with the Charities SORP IFRS 1021. volunteer time is not recognised. Refer to the rrustees, annual report for more information about volunteers, contribution. On receipt. donared gifts. professional services and donated facilities are recognised on the basi5 Of rhe value of the 9ift to the charity, which is the amount the chariry would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market- a corresponding amount is then recognised in expendirure in the period of receipt. g) Interest receivable Interest on funds held on deposit is included when receivable and (he amount can be measured reliably by the charity., this is normally upon notification of the inrerest paid or payable by the bank. h) Fund accounting Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meet5 these criteria is charged to the fund. Unrestrirted funds are donations and other incoming resources received or generated for charitable purposes. Desi9nated funds are unrestritted funds earmarked by rhe rrusrees for particular purposes. Endowment funds are split beThween ihose designaied thus by donor sts"pulation and those by reversible trustee decisions. The capital of the donor stipulated endowments must be maintained. alrhough the income can be utilised in accordance with the terms of rhe endowmenr. i) Expenditure and irrecoverable VAT Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obli9ation can be measured reliably. Expenditure is classified under the following activity headings.. Costs of raising funds relare to the costs incurred by the charity in inducing third pariies ro make voluntary contributions to it, as well as the cosr of any activirie5 Wlth a fundraising purpose. Expenditure on charitable activities includes the costs of delivering services. exhibitions and other educational activities undertaken ro further the purposes of the charity and their associated support costs. Other experSditure represents those items not falling into any other heading. Irrecoverable VAT 15 charged a5 a central support cost or included in the cost of a fixed asset. i) Operating leases Rental charges are char9ed on a straight line basis over the term of rhe lease. Page 30 of 43

Pallant Houst Gallery Notes to the financial stattments For the ear ended 31 March 2025 l Accountin9 policies {contlnued) k) Tanglble fixed assets Items of equipment are capitalised where rhe purchase price exceeds £ 1.000. oepreciats.on cos15 are allocated to activitie5 on the basis of the use of the related assets in those activities. Assets are reviewed for impairment if circumstance5 indicate their carrying value may exceed their net realisable value and value in use. Major components are treated as a separare asset where they have significanily different patterns of consumption of economic benefits and are depreciated separately over its Useful life. Where fixed assets have been revalued. any excess be￿een the revalued amount and the historic cost of the asset will be shown as a revaluarion reserve in che balance Sheet. Depreciation 15 provided at rates calculated to write down the cost of each asset to its estimated residual value over it5 expected useful life. The depreciation rates in use are as follows- Buildings Plant & machinery Fixtures, firtings and equipment Artwork (all purchased) 50 years 5 years l O year5 not depretiated l) Heritage assets A herita9e asset is defined as "a tan9ible asset with historical, artistic, scientific. technological, geophysical or environmental qualities that is held and maintained principally for its contribution to knowledge and culture.. The Gallery has estimated a value in these financial statement5 in respect of its variou5 collections of arts¥ork. which were all gifted to it Ipurchased artwork is categorised within tangible fixed assets). Any acquisitions are shown either at Cosr or in the case of donations. at an estimared valuation on the date of receipt. Any gains or losse5 on revaluation. if they take place, would be recognised in the Statement of Financial Acrivities. m) Investments Invesrments are a Form of basic financial instrument and are initially recognised at their transartion value and subsequently measured at their fair value as at the balance sheet date usrng the closing quoted market price. Any change in fair value will be recognised in the statemenr of financial activities. Investment gains and losses. whether realised or unrealised. are combined and Shown in the heading "Net gainslllosses) on investments" in the statement of financial attivities. The charity does not acquire put options. derivarives or other complex financial insrrumentS. n) Investments In subsldlafles Investments in subsidiaries are at cost. o) Stocks Stocks are rnade up of catalogues and are stated at the lower of cost and estimated selling price less costs to complete and sell. Provision is made where necessary for obsolere. slow movin9 and defecty¥e 5rocks. p) Debtors Trade and other debtors are reco9nised at the settlement amounr due after any trade discount offered. Prepayments are valued at the afflount prepaid net of any trade discounts due. Cash at bank and In hand Cash at bank and cash in hand includes cash and short rerm highly liquid in¥estmentS ¥￿th a short maturity of three months or less from rhe date of acquisirion or opening of the deposit or similar account. r) Creditors and proYision5 Creditors and provisions are r￿ogniSed where the charity has a present obli9ation resulting from a past event that will probably result in the transfer of funds to a third party and the amounr due to seirle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowin9 for anv trade discounts due. s) Financial instruments The charity only has financial assers and financial liabilities of a kind rhat qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their 5ertlement value. t) Pensions Payfflents to defined contribution retirement benefit schemes are charged as an expense as they fall due. Page 31 of 43

Pallant House Gallery Notes to the financial statements For the ar ended 31 March 2025 2 Income from donatlons and legacles 2025 Total Unrestricted 2024 Total Unrestricted Restricted Restricted Arts Council England grant Assistance to acquire artwork Chichester DC grant Corporate membership Donations and gifts Fripnds & Patrons substriptions Gift Aid on income Gifts of ar￿Ork Le9acies 52,948 7.000 52,948 27,530 130.000 ,667 114,634 315.851 34,671 680.950 60.000 20.500 20.500 130.000 32.083 47,789 429.872 S2,662 657.510 6.058 20.530 130,000 1,667 114.634 315.851 34.671 680.950 60,000 130.000 29.167 47,789 429.872 52,662 657.510 6.058 2.917 1.353.058 23.417 1,376.474 1,358,302 59.948 1,418.250 3 Income from charirable acri¥iiies 2025 Total Unresrricted 2024 Total Unrestricted Restricted Restricted Collection management Charges to owners Granis & donations 7.586 10.012 7.586 270.012 8.429 1.371 8,429 .371 260,000 Sub-total for collection management 17.598 260,000 277.598 9.800 9.800 Exhibitions & displays Admission income Charges to other galleries Corporate sponsorship Donations to exhibitions Exhibition tax relief Gift Aid on entrance fees Supporters, Circle 390.284 390.284 491.586 491.586 3.130 44.847 36.346 54.723 32.305 21.159 13,130 44.847 5.433 44,426 44.426 22.788 114,647 30.133 82.550 22.788 114,647 30.133 20,913 1 $4.723 32.305 82,550 21.159 Sub-rotal for exhibirions & display5 557.852 126.976 684.828 699,527 94.569 794.096 Public programrnes Courses earned income Donations Grants income Narional Lottery Community Fund Sale of artwork 34.295 8.298 34.295 18.298 28,417 3.683 6.130 29.663 8,621 2.985 4.165 22.944 47.874 1 ,860 32.648 12.786 22,944 47,874 4.890 io.000 28.417 3.683 6.130 3,030 Sub-total for public programmes 48.723 42.100 90.823 41,314 79.828 121.142 Publishing Advertising income Grants Image righis revenue Sales of publications 19.894 19.894 15.819 8.000 1.464 111,656 15,819 8,000 1 .464 111,656 2.523 98.123 2.523 98,123 Sub-total for publishin9 120.540 120,540 136,939 136,939 Total income from charitable activities 744,713 429.075 1.173.789 887.580 174.397 1.061,977 Page 32 of 43

Pallant House Callery Notes to the financial statements For the ear ended 31 March 2025 4 Income from other trading actlvltles 2025 Total Unrestricted 2024 Total Unrestricred Restricted Restricted Franchisees, renral income Gallery hire income Other income 91,344 4,069 24.065 91,344 4,069 24.065 108,516 1.090 108.516 1 .090 119.479 119.479 109.606 109,606 5 Income from investments 2025 Total Unrestricted 2024 Total Unrestricted Restricted Restricted Dividends from endowment Rental income Other investment income 303.986 37,980 9.884 303.986 37.980 9.884 334.059 35,750 8.377 334,059 35.750 8,377 351.850 351,850 378.186 378,186 Page 33 of 43

Palknt House Gthry Notes to thÈ ststtmtrts 6a Anatrsts of eApEndurE tsumfftlWV) Raisiry E¥hibilw)fS Publk fuDd5 &thplèYs PublL%hiry Support Cosis 2025 Tot 2024 Total ta5TS Starr costs (Nott 11 96.263 103.708 380 37.599 199.581 12.220 $11.009 1.241.454 49.S68 14.143 129.097 Artwo￿ ￿Tr5e￿Ilian Arty¥ork iransport Audienct dtvekng￿￿¢ Audit fEes 8u51nt55 rate5 Coyrse expÈThses Dewe<ialJo Exhibition de￿10￿￿￿1 Facilities rnanastmtnt Fhianct <haryt5 Fuffldraising e¥tnt oMptn5t5 InSularb¢e l[tE(UVErable VAT 52.HZ 129.097 37.93E 1S1.970 2.414 12.414 3.6•1 74.640 304.631 13.99Z 119.033 12.903 696 46,372 107.689 90.129 42,S82 23.085 I90,￿1) 83.827 304.581 52.8BI 80.268 3.681 74.648 304.6Ja 13.991 J9.833 696 20.830 25.542 101.689 50.584 9).IZ9 98.737 42.800 36.018 46.810 73.930 IZ.600 430 OffiLÉ COSt5 PR <onSuliahty PIDfo5s￿naI feos Piomoriortal Pioperty ￿TrIal Research 42.582 30.931 28,026 78,094 58,963 78,094 685 25.550 685 21,ng Supporler dE¥eloprntnl 5¥5tems enhancerntnt 31.769 39.823 sa.982 39.823 58.JJZ 4.992 3.791 51.43B 4.992 Trysiees. txpetistS 3.7 131.196 103.268 Wtbsrti rnaintenaTrEe IBS.751 533.544 274.229 lQl.349 57.159 1.509.875 2.784.627 2.52S.286 Supportcosts Governan¢t COSTS 247.222 9.358 757.755 28.fjB2 475.767 18.008 Tmal txpÈhdknrt 202S Tl8.720 445.111 1.319.981 T68.￿5 2.n4.627 TO￿ expenditwre ZOZ4 131.1*7 273.103 I.I72,109 686,140 2.525.21é Page 34 of 43

IltyJse Gallery Noiu to tht 14n1K￿lS￿lernt￿I v ended 31 Ma 6b Afi%ls of expendurn I￿Or￿lF> aiSIty C(￿￿￿) ExhibitKns & dvspl¥ts hJWishin Jpport 2024 51S s￿[f (￿￿e 01 Artis1 & terhnicHn ftt5 Art¥Jork i io.R¢ 67.459 950 21.866 a19.962 40.791 16.070 193.632 0.125 402.2 41.741 37,936 iran5P)rt AuditncE OtNYk>prntnl 2.154 23.015 (90.9011 83.027 21.085 Course expen5e5 Course ￿r foe5 DEprtl4alion Exhibitk7n dtvtlopmtnt F￿1111￿$ n￿n￿ge￿¢￿t Financt chargt5 Furtoraising evtnitxpense 83.8l7 3N.5117 104.587 52.083 80.268 80.26B Zi.761 50.S 91.755 98,7J7 42.800 36.01• 46.810 73,930 12.600 910 19,QZJ 21.422 lThtco¥erabk WAT Ma9azinÈ & g￿l￿ry Off¢ ¢osis PA tonsvllancv ProlE55vJnal lee5 promotion￿ attl￿ty PrupEtrw Ytnul Re5eaich 5tora9È facilits 9B.737 42.8(hl 36,018 29.155 73.930 12.600 930 11.759 1.264 21.422 Sy51em5 tnhantemenl Sv5tems rnaintÈnanre Tounn9 & tees 58.438 58.43B 7.S4Jl loa.268 16.328 101.2fj5 16.318 Web51tt 130.724 597.486 277.459 1 18.861 2.52S.216 Suppvry (051$ Cob*mante CDSts 135.876 6.S03 644.470 30.143 390.015 18.665 40.535 1.940 {1.210.897J (57.9SII Iwl ¢xwn4ftur¢ 2024 273.103 1.272.409 686.140 2.525,286 Page 35 of 43

Pallani House Gallery N•tes to the financlal statemnts For the ar ended l March 2025 Net Income for the year Thls is stated after thar9in9 1 lueditingl.. 2025 2024 Depreciation 304,638 304.58S Busine$s rares rebate o.sss) 195.6121 Operating lease rentsls payable.. Property iental 21.559 12.600 Operating lease rentals receivable= Property 1129.324) (144.266) Audbior's remuneration (excluding VATI.. Audit fees rax fees 19.750 2.664 19,985 3.ILKI AnalysS5 of staff costs. trustee rernuneralion and expeses. and the cosi of management personnel Staff costs were as follow5.. 2025 2024 Salaries and wages Redundancy ¢tssts Social security Costs Employer's contribution to defined coniribution pension sthemes Other forms OF employee benefits Trainin9 Costs Travel and sustenance Volunteer expenses 1.083.504 970.739 97.603 20.639 7.975 8.225 16.704 6.805 80,604 16,3?5 6,925 14,8ZI 16,677 5,330 1.241.454 1.113,582 The follo%*ing nurnber af employees recefjved empl￿ee benefjrs (exduding empl¢)yer pension costs artd employer's national in$urancel during the year be￿en.. 2025 2024 £60.000- £69.999 £70.000 - E79.999 £80.000- E89,999 £90.000- E99.999 The total ernployee benefits lincludin9 pension ¢ontributions and employw's naiional insufance) of ihe key rnanagement personnel were £216.259 12024.. £230.0401. The charity trustees received benefits of £16 during the 12024.. £nil). No charity trusree received payment for piofessional or other service5 supplied tl) the tharity 12024.. £nil). Trustees. expenses represents the paymtnt or reirnbursement of ira¥el and Subsistence cosrs totalling £nil 12024.. £60) incurred by nil 12024: 1 I member relaiing io attendance at meerin95 of the trustees. Page 36 of 43

Pallant House Gallery Nores to the financlal statements For the ar ended 37 Marth Staff numbers The average number tsf employees Ihead couni based ￿ nurnber of sraff employed) during ihe year wa$ 39 12024.. 401. Staff are split arr055 the •divi￿e$ of the charity as follow5.' 2025 Full Tlme Equlvalent 2024 Full Time Equivalent Head¢ount Headcouni Adrnini51ration Commercial Commtsnlcations Curaturlal Developrnent Directors Finan¢e Front of House Operations Public Pro9rarnrnes 12.0 39.8 31.1 29.8 l O Related party transxtlons During Ehe year, the Gallery eniered into the followry lransaciions Vdifh related panies.. Sofas & Stuff. whose Founder and CEO, Andrew Cu$51ri$ Is ¥ rrustee of the Gallery. was the headline spon50r (for £20,000) of Ehe Still tife exhibition. which ended in October 2024.. was a corporate member Ifor £5.0001 from Novtmber 2023 - October 2024.. and is a corporate partntr Itotalling £75.000) for ihe three yeafs beginning 2025. AmouThts rontributed t¢ the Callery by the Trusiees and their relaied panies wtslled £38.624 from I I rrustee$ 12024.. £33.309 from ten irusteesl. These wihin rhe normal course of business and wre not restritted In na￿re. Tuatlon The ¢harity Ss exempt from corporarion rax a5 all its income is charirable and is applied for charitable purposes. 12 Tangible fixed assets Fixiure5, huings & equipment Freehold property Planr & rna¢hih¢ry Arts4Y>rk Total Cost At the start of the year Additions in year Oisposals in year 8.880.847 984.010 1.351.438 35.178 614.927 37,000 11.831.222 72.178 At the end of the ytor 8.880.847 984.010 1.386,616 651,927 11.903.400 D¢predation At the start of the year Char9e for rhe year Eliminated on disposal 1,889.526 177.617 918.701 65.309 1.014.475 61.712 3.822.702 304.638 At the end of the year Net book value At the end of thè year 2.067.143 984.010 1,076.187 4,127,340 6.813,704 310.429 651,927 7,776,06Q At ihe start of the year 6.991.321 65.309 336.963 614.927 8,008.520 All of the above as$ets are used for charltable purposes. The fvll value of ihe freehold property has been depreciated as a building in accordance wth the depre¢iarion poli¢y, Mthout allowing for any elemeni of value artributable io land. Page 37 of 43

Pallant House Callry Notes to the finandal statements For the l M¢h 2025 13 kltrilag• 4ssots 202S 2024 At l April 2024 Assets donaied during the yeaf 24,589,433 657.510 23,908,483 680,950 Falr ¥altse ai the end of the Year 15.246.943 24.589,433 l of the above assets are used for charirable purposes. The Gallery owns a sub5t3niial arr collethon and an archNe of work5 that are of Aational and tNorldwride importance. It boasts one of iht best collecrions of Modern British art in thE UK and signih¢ant holdin95 of contemporary Britssh art. Largely gro¥vn through gifts and bequests donated over the past forty ￿al$. it 15 a'colleciion of collert1￿$.. Dot just rellin9 rhe story of Modern Brit15h art but also ihe story of a numbef of individuals. passionare colle¢tors of arr who generousty donated works io Ihe Gallery for the benefir of ihe publi<. The coifenion indudes painitngs. draw￿n9$. prints. 5¢ulpiures. cerarnic. lithographs and arii515' 5kttchbooks and rools. The Gallery ha5 limlted resources io enable it to pvrchase armovk bjt ¥¥hen offered wks as a gift. the Dirtctor, Chief Curator and other5 with the requi$4te ski115 and knothed9e. deterrnine whether ihe works should be added to the collection. In makir•J Iheir decision they take inro account boih the qualiry of the work and whether it is an appropriate complemeni 10 the existSng colleaion. In doing 59. thry are guided by • full forrnal Collethons t)evtlopment (Acquisitions and Disposal) Poliry, %¥hich was last ￿$¢d In 2020 and fomalty approvtd by the irusiee5 in lknember 2020. The￿ has been no imwrmtnt and onfy ihret disposals of Heriia9e Assets invol¥iD9 durin9 ihe last five years. It is nor the calle￿5 polio to dispose of Herirage Assets but. should the tlirettor or Chief Curator bElieve it would be approprlate to dispose of a work. Ihe Gallery's Di5PQs41 Policy spttifies that the dtcision must be ratified bv The Trustees on the advice ¢f the uratorial staff and that tht Oirtctor or Chitf Curator do not have tht to dispost of any work. Th ￿lery main¢inS a full and Iletailed invtntory of all the items in its collection. The (dle£tion is avallable for public vitsin9 throu9h rotaiing di$￿￿¥S aTrJ access ro aryMrk nor on displty can be arranged by appoiniment. As part of Colle¢tions audiL rationalisarion and re¥ie work. Heritsge Assets may be io re-valuaDon ￿ professional valuers for insurance purposes. Artyvork5 hknte been valued when h4we been lent to ej[tem￿ venues and a rewaltsaitorb of all works last valued at over £20.000 in 2009 took place during 2020121 by Curr Johns. The Hefiiage Assets are reported in ihe Fifiantial Suternen￿ at the insurance ¥•lyation •t th¢ dait of •rqw5jtion. We ari in th¢ proce$5 01 developin9 a policy lor valuo1i4ns which should infoim we valu¢. reviÈw said v•luation as appfopriate ihe ctAlection in the luture. Valuation is base+S on a market approath *ith reference to estimates or prices generaied by retent market iran5aaions for ideniical or similar assets. 14 Investrntnts 2025 2024 Fair valye at the start of the ye•r Addition5 at <o$t Ner gain I Ilossl on ¢hafig¢ ifi fair value I I.OSO.973 10.217,860 26.132 806.981 140,569 11.191.542 11,050.973 Cash held by irwestrnent broker pending reinvestrnent Fair value at the end of the year 11.191.542 11.050,973 Page 38 of 43

Pallant House Gallery Nffjes io the flnandal statements For the ar Ènded l March 2025 I S Subsldlary undertakings These financial staternet)ts are consolidated financial 5tarernenis for Pallamt House Callery group. incorporating Pallani House Gallery Services Limited (capital of £2001 but nor Pallant House Enierprises Limited (capital of £1 001. Details of ihe Callerfs subsidiaries at 31 March 2025 are as follows.. Namt ￿ undertaklng Registered office Nature of busine55 Class of shares % htld dlre¢t held Pallant House Gallery Services Limited (Companies House Tro.: 055261 $81 UK Oorrnant Ordinary io0% Pallant House Enterprtses Limited (Companies House no.: 037876041 UK Dormant Or41inary At 31 March 2025. Pallant House Gallery Service5 Limired's assets totalled £200 (2024.. £2001. lis liabilities £Thil 12024.. Cnill and total funds £200 12024.. £2001. At 31 March 2025. Pallant House Enteiprlses Limlted's asset5 rotalled £1 00 12024." £100), it5 liabilities £nil IZ024.. £nill and total funds £IOO12024.. £100). There was no Incorne or expenditure in the year for either cornpanv. 16 Debtors 2025 2024 Trade debiors Accrueé income Oeferreé expend¢ture Tax reliefs VAT 75.904 61,899 120,980 55.367 2.109 373,938 17.7561 42,994 6,508 355,21 S 12,978) 15.198 7.870 Prepdyrnents Other debrors 513.108 594,140 17 Credltors.. amounts Nllng due wlthin one year 202S 2024 Trade crediiors Ac¢rua15 Taxation and social security Deferred income Other creditors Provisions- see note 18 54,194 43,389 25.316 68.573 33.994 700 90.958 41,714 22.071 85.746 21.377 5.000 226.166 266,866 Page 39 of 43

Pallnt Hous Gallery Nates to the fln•ncO•l st•t4fflefi For ar ended 31 March 202 18 Provlsions for liabilities Provisions for liabiliiies cornprise$ a fvll for a rrade re¢tNable. 2025 2024 Balance at the beginning ol Ihe year Amount released in the year Incre4selldecreas¢1 in provision In yèar 5.000 (s,ooo> 700 17,730 (12,7301 Balance at the end of ihe year 700 s.000 19 Pension scheme The Gallery complie5 Wlth ernployerfs automatic enrolmeni obligations under the Pen5ion5 Att 2008. Employer contributions are rnade ro employee pension schemes operated by a thiid pafty. 20a Analysis of net asstts ￿tWeen funds (current yearl Designated Endrmrnent Endcwrnent IRestrictEO) IUnrestTlCtedl Restrict Unrestricted Ttstsl funds Tangible assets Herltage assets Investments Nei curreni asset5 6,883.213 25,246.943 820.791 72.0S6 7.776,060 25.246.943 11.191,542 948.259 10.220.967 970.575 60,000 663.454 224.804 Net a55ets at 31 P4•t¢h 202S 32.190.156 10.220.967 1.791.366 663.454 296,860 45.162,804 Zob Analysls of het assers betsveen funds (prior year) Designated Endawmenl Endthvrnent IRestriaed) (Unrestricredl Restriaed Unresiriaed Toial funds Tangible o55ets Heritage assets Investments Net current assets 7.048.735 24.589,433 814.679 145,lQ6 .008,520 24.589.433 11.050.973 1.136.344 10.068.723 982.250 60.0 384.344 692,000 Net assets at 31 March 2024 31.698,168 TO.068.723 1.796.>Z9 384.344 837,106 44.78S,270 Page 40 of 43

Pallant House Gallqry No￿$ to th• flM•n¢lal st•temefits For thè ar ended 31 March 20 21 a Movements in funds (current Trtsr) Ar l April 2024 Income & gans Expenditure & losses Tran51ers At31 Marth 2025 A- Endv•fflient fvfids". Appeal Fund HLF Cai4ty5¢ The Mollurr￿lt Trust JM Fund lunrestricierfl 1,775.598 Z.188.237 6.104,888 1.7%.929 2Z.639 27.900 77,839 4,210 5.187 14.469 2.265 I,￿2.447 2,221.324 6.197.196 1.791.366 120,0191 Toul enduATMnt funds 11.865.652 140.569 120.019) 26,131 12,012.333 8- Restyicted fvnds: Oonaiions & lega¢ies Raisin9 funds Collethon Managemeni Public Prograrnmes Exhibtrions Organi54tion Oevelvprnent 59.948 (9.507) 36.165 181.8181 9.792 369.764 23.417 83.365 18.171) 12.0891 1239,1451 16S,1401 183.7511 17.678 260.000 126.976 42,100 294.076 193.988 13.249 2a6.013 Totsl restriaed funds 384,344 452.492 (398.2961 224.915 6fj3.454 C - UN¢stricted fuftds.. Designated Funds.. ACE small capital works New Vhng No 7 Nonh Pallant Print room island quisilions fund Herita9e asseis fund$ 245.604 4.598.215 1.598.000 12.140 654.777 24.589,433 139,498) Q08.085) 134.000) 13,0351 206.106 4,428.194 1,564,000 9.105 735.808 25,246,943 38.064 81,031 657.510 Total designated funds 31.698.169 657,510 1284,618) ) 19,095 32.7 90.156 General funds 837.106 1.911.590 12.081,6941 1370.1411 296.161 Total unre$￿thd funds 32.535.27S 2.569.I 00 (2.366.311) 12SI.046) 32,487.017 Total fvnd5 44.785.270 3.16Z.161 (2.784,6261 45,162.804 Total unresiricied lunds *x¢lud¢ ihe P4 Fund %Yhich Is an Unresthcted compDnent of ihe endowmeni fund. The n•rrati¥e io txplaln the purpose of each fvnd 15 9Non at the fool of the noie below. Page 41 of 43

PallaTht Hous c￿1￿ry Notes to the financial statemefits ar erAed 31 March 2025 21b Movernents In fund5 Ipriw year Ai l April 2023 In¢orne & gains EJÈpenditure & ses rransfers At Jl March 2024 A- Endowrnont fvnds: Appeal Fvnd HLF Catalysi The Monument Trust JM Fund lunr•5trirr•dl 1.645.630 2.028,066 5.658,031 1.746.963 129.968 160,171 446.857 69,985 1.775,598 2,188,237 .104.888 1.796.929 120.0191 Tvtal endowment funds 11.078.690 806.981 (20.0191 11.865.652 Restrlcted funds.. DondtlOn5 & lega¢res Raising funds Collecrion Management Public Pro9rarnrnes Exhibition5 Organisation DÈ¥elopment 59.948 59,948 19.5071 36.165 181,8181 9,792 369.764 19.50n 37.279 76.241 9.467 371.362 94.569 79.828 1252.6281 179.5031 11.5981 Toi41 r¢strlcted funds 494.349 234.345 1344.3501 384.144 C - Unrestrirted funds= Designated lunds.. ACE srnall capital work5 New Wng No 7 Noilh Pallant Print foom island Acquisitions fund Heriuge a55ets funds 285.102 4.807.018 1.632.000 IS.175 654.777 23,908.483 139.498? (208,803 134,0001 13,0351 245,604 4.598.215 1.598.000 12,140 654,777 24,589,433 680,950 Total designaied fvnds 31.302.555 680,950 (285.3361 31,698.169 General funds 659.962 2.052.724 11,875,581) 837.106 Total unrestrlcted funds 31.962.S17 2.733.674 12.160.917) 32.53S.275 Total funds 43.535.556 3.775.000 12.525.286) 44,785.270 Purposes of ndowThent funds Endrrnent fund5 represeni a5Stts that ther ihe donors requird or the trnsiees have detmled should be Sei aside frorn donarions reteived by Iht Callery in order io generate income. Income arisin9 on the endowment funds caTh usually bt ustd in accordance with the objecis of the Gallery and is included as unrestyicred in¢orne. Any capital gains or losses arising on the assets are reinvested. p¥r￿Se$ of restricted fund5 Restricted funds represent the net asset5 attributed to specific artiTrrities or projects that Ihe Callery undertakes. In some 4n5ranres. the Gallery has received a donation frorn one or more sources that has 5tipulaied ihat the fvnd5 should only be applied for a specific actNIty. In other case5. in particular wth the individual exhibition restriffed fund acc¢Junts. there are no stsch donarion5. or formal restri¢Eions on the donaiions fall shon of what is required and has bten made good by a transfer from 9eDeral reserves. The apprtsa¢h taken 15 Still to 5hry* these as indr4fidual resiricted funds so as io report separatehf on their outcomes. Purposes of designated funds Designated fund5 represeni irem5 of artwork or building asset5. whi(h have either been gifted to the Gallery or to the extent they have been acquired through grants and donatiDns for ihat purpose. The funds senfe to ser aside ihe value of those assets from general unrestricted funds io refle¢t that thty are not available for ngoing activtties. Page 42 of 43

Pallant House G￿lery Not•5 to the Ibnwlal statements For the ar Ènded 31 2 22 Operating lease coMmikn¢nts payable as a le55ee The charity's total futyjre minimum lease paymenrs under rw-rancellable operating leases is as folltrws for each of the follmtsing periods". Property 2025 Equipment 2025 2024 2024 Less th•n one year Orbe to five years Over five yeafs 11.700 39.000 10.000 26.782 974 3.896 11.700 39.000 36.863 4.870 The numbers shown for property c¢)mmrtmenis represent the reni due per a lease Yhith Chrchester DistrKt Council for the larKI and buildings at Pallant House. Chi¢hester POI 9 ITJ. ThÈ rtnt is a peppercom rent unless it is chan9ed based on rent re￿￿￿. Since the last rent review expired in March 2025. the Counol has been charyiry • concessionary rent of El 1,700 per annum. 23 ConllnJ•fvt assels or Ilabllltles There were no contln9ent assets or liabiliie5 ai the year end. 24 Post balan¢e sheet events There no post balan¢e sheet e¥ents. 2S tsg•l ststys of the th•rlty The charity 1$ 4 Company limited by gyar4nt¢e and ha5 shjre Capital. The lialxlity of earh rnember in the event of windin9 Ilp is limit*d to £1 O. Page 43 of 43