2022-07-31-accounts

StephenGillArnolfini2021LisaWhitingPhoto-20

ANNUAL TRUSTEES REPORT AND CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR Ended 31[st] July 2022

Charity reg no: 311504

ARNOLFINI GALLERY CIO TRUSTEES' ANNUAL REPORT YEAR ENDED 31 JULY 2022

Contents

Reference and administrative details .............................................................................................................................. 3 Chair’s Introduction .......................................................................................................................................................... 4 Aims and objectives ......................................................................................................................................................... 5 Structure, governance and management ........................................................................................................................ 5 Trustees ............................................................................................................................................................................ 5 Executive Team ................................................................................................................................................................. 6 Group Structure and Relationships ................................................................................................................................. 6 Overview of Progress ....................................................................................................................................................... 6 Executive Director’s Introduction .................................................................................................................................... 6 UWE Partnership: ARNOLFINI X UWE .............................................................................................................................. 7 Ashley Clinton Barker Mills Trust ..................................................................................................................................... 8 Main Exhibitions ............................................................................................................................................................. 10 Additional Exhibitions and Spaces ................................................................................................................................. 12 Live/ Events .................................................................................................................................................................... 13 Engagement and Education ........................................................................................................................................... 15 Communications and Visitor Services ........................................................................................................................... 16 Commercial: Café bar and bookshop ............................................................................................................................. 18 Our Future Plans ............................................................................................................................................................. 19 Sustainability .................................................................................................................................................................. 19 Financial review and results for the year ...................................................................................................................... 19 Investment Powers and Policy ....................................................................................................................................... 20 Reserves Policy ............................................................................................................................................................... 20 Risk Management ........................................................................................................................................................... 20 Fund accounting ............................................................................................................................................................. 20 Our Fundraising .............................................................................................................................................................. 21 Auditors .......................................................................................................................................................................... 21 Statement of Trustees’ Responsibilities ........................................................................................................................ 22 Independent auditor’s report to the members of Arnolfini Gallery CIO ………………………………………………………………….23 Consolidated Statement of Financial Activities ………………………………………………………………………………………………………..27 Consolidated Balance Sheet ..…….…………………………………………………………………………………………………………………………….28 Balance Sheet ..…….…………………………………………………………………………………………………………………………………………………..29 Consolidated Cash Flow Statement ………………………………………………………………………………………………………………………….30 Notes to the Financial Statements ……………………………………………………………………………………………………………………………31

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ARNOLFINI GALLERY CIO TRUSTEES' ANNUAL REPORT YEAR ENDED 31 JULY 2022

The trustees present their report and the accounts of the charity for the year ended 31 July 2022.

Reference and administrative details

Registered charity name Arnolfini Gallery CIO Charity registration number 311504 Principal and registered office 16 Narrow Quay, Bristol, BS1 4QA

The trustees

The trustees who served the charity during the period were as follows:

L Daly (Chair) (appointed 1 February 2019) A Coffey (appointed 29[th] March 2021) A Comley (resigned 20[th] June 2022) R Fleetwood (appointed 1 February 2019) G Maxwell-Heron (appointed 1 February 2019) A Ilyas (appointed 11 May 2020) C Pelleceur (appointed 11 May 2020) P W Taylor (appointed 11 May 2020) Auditor A C Mole Chartered Accountants & Statutory Auditor Stafford House Blackbrook Park Avenue Taunton Somerset, TA1 2PX Bankers Bank of Scotland 33 Old Broad Street, London, EC2N 1HZ Solicitors Stone King LLP 13 Queen Square Bath, BA1 2HJ

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ARNOLFINI GALLERY CIO TRUSTEES' ANNUAL REPORT YEAR ENDED 31 JULY 2022

Chair’s Introduction

Welcome to the Arnolfini Gallery’s Annual Report & Accounts for the year ending 31 July 2022 which has continued to be another exciting year with much to celebrate.

As always, it has been a privileged to work with so many seminal artists this year, creating exhibitions which have showcased bold and provocative works of art, which have captured important moments in their lives and continued or created intimate relationships with Arnolfini. Frank Bowling’s “Land of Many Waters” demonstrated his dedication and dogged persistence in the face of obstacles throughout his life of painting, writing and teaching. Paula Rego’s Subversive Stories, shared some of her most influential works, exploring themes of power, rebellion, sexuality and gender, as well as grief and poverty, often through female protagonists. This exhibition was her first in Bristol for almost 40 years at Arnolfini and we were extremely honoured to work her so shortly before her death. My personal favourite of 2022 was the group show, Forest: Wake this Ground, which celebrated what lies above and below the forest floor and featured a group of artists, writers, filmmakers, and composers from across the globe – providing insight into our own connectivity with the natural world.

Our community exhibitions and partnership work have brought joy and collaboration across the building and beyond, and the long tradition of live events at Arnolfini has been brought to life in collaboration with our many city, national and international partners. The Arnolfini partnership with UWE Bristol goes from strength to strength, allowing us to work together to provide the very best educational experience (creative and non-creative), and to be a stronger and more accessible civic space for communities and cultural engagement. Please do delve into the details and engage with our community in the later pages of this report.

In recognition of the breadth and impact of Arnolfini’s work, we were delighted to be invited to join the Arts Council’s National Portfolio Organisation cohort for the 2023-26 funding period. This news, alongside a robust financial performance this year, including that of our café bar and bookshop, means we end the year in a financially stable position, and with our focus firmly on the future and what we will deliver in 2023-26 and beyond.

I want to thank all the staff, the trustees, volunteers and partners who continue to inspire us and for being so committed and passionate about the journey we are on. Arnolfini is a vibrant and thriving organisation, that reaches far beyond our gallery walls into local and international communities. And I encourage anyone who has engaged with this report, to reach out and get involved in supporting Arnolfini in whatever way you can. We look forward to working with as many people and organisations (existing and new) as possible in the forthcoming years.

With many thanks

Lhosa Daly

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Aims and objectives

Our Mission; Vision and Values

Arnolfini is Bristol’s International Centre for Contemporary Arts committed to presenting an ambitious, eclectic programme of visual art, performance, dance, film and music, carefully programmed to appeal to a broad audience.

Charitable Objectives

The principal objective of the charity is the education of the public through the promotion and presentation of contemporary art. This is achieved through exhibitions, performance, dance, film, literature, poetry and music, supported through associate engagement and events programmes.

Public Benefit

In reviewing the aims and objectives, and in planning forthcoming activities, the trustees have considered the Charity Commission's general guidance including the guidance on public benefit and fee charging. Entrance to our galleries and exhibitions is free to all visitors. In determining the ticket pricing for events staged in the auditorium and related spaces, careful consideration is given to the affordability, audience access and the organisation's aims for the development of their engagement. Concessionary ticket prices are offered for the majority of events programmed by Arnolfini. In addition, Arnolfini works with a range of partners to create and deliver projects in a number of community and partnership settings.

Structure, governance and management

Trustees

The governing body of the charity is the Board of Trustees. The Board meets six times per year. The Board elects a Chair for a term of up to three years, which may be renewed once.

The Board currently consists of 7 trustees, which can be increased to a maximum of 12. Trustee appointments are for a term of up to three years and a trustee may ordinarily serve a maximum of two terms. We are actively working on trustee succession planning, to ensure the needs of the organisation are met and to enable a Board of diverse skills and backgrounds to be maintained and developed.

The Board of Trustees is responsible for the overall governance of the charity. Trustees are recruited for their expertise and experience; a skills audit is conducted annually.

New trustees receive an induction pack and are introduced to the workings of the charity by the Executive. There is an annual update for trustees to keep them abreast of changes in relevant law and practice.

The full Board of Trustees meets quarterly to review strategy, policy, operational performance against objectives, budgets, and financial performance, as well as at key points in the organisation’s development as and where necessary.

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Executive Team

The executive team at Arnolfini is led by Gary Topp, Executive Director, and Marie Voller, Deputy Director/Head of Business Services.

Group Structure and Relationships

The charity converted to a Charitable Incorporated Organisation in 2019/20 with UWE Bristol becoming the sole member. As a result of this, the management arrangements for Bush House are being facilitated by the University.

Arnolfini Trading Limited is a wholly owned subsidiary of the charity. In 2021-22, the trading company recorded the financial transactions arising from sales in the bookshop, private hires, tenancy rentals and income received from the cafe bar which continues to be operated by an external operator, the Bristol Brewing Company Limited (trading as the Bristol Beer Factory).

The Bristol Brewing Company pays Arnolfini a rental fee for leasing the café/bar premises and a percentage of turnover. Any surplus profits of the trading subsidiary are gift-aided to Arnolfini Gallery.

The Ashley Clinton and Barker-Mills Trust (ACBMT) is a linked charity. The Trust’s principle object is to ‘support’ Arnolfini and it does so by utilising the interest from its investments.

Overview of Progress

Executive Director’s Introduction

2021/22 has been a busy ‘culture and community’ filled full year of operation (almost!- a small Covid disruption at Christmas) for Arnolfini. It has allowed the organisation to settle back into the busy routine of extensive programming, high visitor numbers and the challenges of being an open and inclusive cultural organisation for our many communities and audiences.

As always, our signature exhibitions tend to dominate our narrative, but our working week confirms that we are as much a centre for our communities as we are a gallery for major exhibitions. In keeping with this we have continued to develop an extensive group of highly valued local partners and explored and delivered a very rich programme of live events, performances and engagement projects.

This has ensured that the year has been busy with many forms of cultural practice, that our spaces have resonated with the creative energy of many people for many different reasons and that we have increasingly explored the full range of possibilities and responsibilities for a civic organisation. We have achieved this within our financial parameters and through the extraordinary talents and commitments of a small staff team.

I am delighted to be able to share the voices of the team as part of the annual report and in keeping with our commitment to let ‘many voices’ articulate and share Arnolfini’s current journey. Gary Topp, Executive Director

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UWE Partnership: ARNOLFINI X UWE

This year has seen the further development of our long-term partnership work with our main partner, UWE, Bristol.

This multi- faceted partnership between a major higher education provider and Arnolfini as a civic organisation is designed and delivered to give multiple benefits to both parties. We are always appreciative of the behind the scenes work that keeps our building, Bush House, in the right condition to allow hundreds of thousands of

people to visit whilst also being home to a strong community of students and staff for teaching and learning purposes. We believe that this mix, in the centre of the city creates a unique learning environment and an important interface between the various building users.

We recognise that the student experience is central to UWE’s vision and mission and we continue to codevelop and deliver projects that provide unique experiences within one of the UK’s leading arts centres. For the 21/22 year we have been delighted to include a wide range of projects and activities including:

• host 3 x 1 year MA Curating placements,

• provide bespoke professional development opportunities related to engagement and interpretation

• develop and deliver the ‘Art of the Maker’ talks series

• host the hugely successful degree show in June and support the wider degree show activity across the city

• showcase student work in various spaces and forums

• deliver events with students, staff, researchers and the wider university community

• create and deliver a bespoke exhibition and project associated with the Stephen Gill exhibition called ‘Periphery’ and set a template for an annual approach

• create and initiate the ARNOLFINI x UWE branding

• co create and host schools and community workshops designed to widen participation

• explore and map out future research partnerships.

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Ashley Clinton Barker Mills Trust

Overview

Arnolfini Gallery is supported by a linked charity, the Ashley Clinton Barker Mills Trust. The “Trust” has an independent Board of Trustees chaired by Thomas Sheppard. The Trust has been in receipt of funds in a variety of ways historically, but the majority of the current funds (see balance sheet) are derived from the sale of Bush House to UWE, Bristol in 2015. As the brief history below outlines, this reflects the way that Bush House was originally purchased via the Trust in 1975.

ACBMT Trustees

The trustees who served the charity during the period were as follows:

T Sheppard (Chair) G Clements R Gibbs (appointed 8[th] July 2021) F Hallworth J Myatt D Price A Southall

ACBMT Activity 2021/22

The Ashley Clinton and Barker-Mills Trust (ACBMT) continued to provide on-going financial support to Arnolfini from investment interest received in the year totalling £71,939. From these funds quarterly payments totalling £55,625 during 2021-22 contributed towards executive management costs and the sponsoring of an entry level curatorial programme assistant role with any remaining funds being held by the trust towards future projects.

History and Relationship

Arnolfini founders Jeremy and Annabel Rees were first introduced to the artists and benefactors Peter and Caroline Barker-Mill in 1963, by the London gallerist Lesley Waddington. It was a fortuitous meeting that was key to allowing Arnolfini to develop from a small volunteer-run private gallery into a major international arts centre.

Peter Barker-Mill was the first elected Chair of Arnolfini’s Council of Management. Key to cementing this commitment was seeing Jeremy’s New British Sculpture Bristol (1965), curated as an early instance of contemporary sculpture being exhibited outside in public spaces across the city centre, accessible to people

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whether they thought they were interested in art or not. It is not difficult to connect this with the values Peter Barker-Mill learned during his training at the Grosvenor School, a progressive art college in Pimlico which from 1925-1940 championed printmaking as a means to make art works of the highest standard affordable for a broad audience. In 1967, he would initiate the Peter Barker-Mill Trust, to provide funding for Jeremy to leave his post teaching typography at the Bath Academy of Art and run Arnolfini as Director full-time.

The Barker-Mills remained dedicated, hands-on Council members throughout the dynamic early decades of Arnolfini, which would see it rapidly expand – Annabel remembers Peter and Caroline laying carpet tiles in the W-Shed, Arnolfini’s home from 1973-75, where Arnolfini’s cinema programme began. They were key to securing Arnolfini’s move to Bush House, our home since 1975. And in 1979, they generously gifted farmland from Peter’s family estates near Lymington, in Hampshire, the rental income from which would support the expenses of running an expanded organisation which by this time was attracting hundreds of thousands of visitors per year. Later, this land would be sold to support the purchase of Bush House in 2001, prior to the major redevelopment which created Arnolfini as we see it today.

The Barker-Mills supported other public arts organisations in the city, including the Bristol Old Vic, and Arts Space Studios, as well as supporting Nature Conservancies in Hampshire and Somerset. They also maintained their careers as artists, with Peter being commissioned to create a memorial for the Tank Corps at Bovington in Dorset.

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Main Exhibitions

Frank Bowling: Land of Many Waters 03.07.21 – 26.09.21

We transitioned into the new financial year with this exceptional exhibition by one of the grand masters of contemporary painting: Frank Bowling. Land of Many Waters inspired our audiences, new and existing, and further re-established our commitment to bringing the biggest international artist to Bristol and the South- West. Frank’s paintings remain bold, adventurous and technically startling and their colour lit up our galleries. We also produced and published an accompanying book that proved popular enough to require a reprint and the exhibition continues to resonate and inform our work to this day.

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118 Frank Bowling Land of Many Waters installation image. Gallery 1.
Credit Lisa Whiting Photography for Arnolfini. Copyright Arnolfini.
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“The ebb and flow of rivers and waterways that connect artist Frank Bowling’s life have here, in Land of Many Waters, brought him back to Bristol more than sixty years after visiting for the first time.” Gemma Brace: Exhibitions Producer

Stephen Gill: Coming Up for Air- a retrospective 16.10.21 – 16.01.22

In Autumn 2021 we welcomed the extraordinary talent of photographer Stephen Gill with his largest career show to date. Stephen, born in Bristol in 1972, has created his own hinterland of photography through multiple projects, exhibitions and photo books with each one driven by a new language and technique. Coming Up for Air brought these many projects together for the first time in a dazzling and dense exhibition. The show captured the hearts and minds of our visitors and the positive commentaries of national and international media.

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Stephen Gill at Arnolfini 2021.
Photo by Lisa Whiting Photography for Arnolfini. All rights reserved.
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“Mine has been a backwards path into the strange and elliptical archive that Stephen can now share at this midpoint in his career. A journey that started in Bristol as a boy and leads, appropriately, to an exhibition at Arnolfini in its 60[th] year.” Gary Topp: Director

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Paula Rego: Subversive Stories 05.02.22 – 29.05.22

Paula Rego made a welcome return to Bristol (almost 40 years after her first exhibition here in 1982-83), creating an opportunity for a new generation of visitors to explore the artist’s rich and imaginative world. Featuring over 80 prints from across Rego’s extensive career, the exhibition explored her interweaving wit

and dark humour, delving into the art of storytelling through Rego’s reinterpretations of well-known narratives and classic tales, repositioning the role of women at their centre.

Subversive Stories also looked deeper at Rego’s mastery of the printed medium, exploring the process of printmaking as it informs Rego’s multilayered interpretations, bringing shadowy readings to childish mischief, whilst casting a light on present-day politics, most notably those affecting women.

Paula Rego: Subversive Stories Arnolfini 2022. Installation image. Photo by Lisa Whiting Photography for Arnolfini. All rights reserved.

Donna Huanca: CUEVA DE COPAL 05.02.22- 29.05.22

Alongside Paula Rego we were excited to present CUEVA DE COPAL , a new and immersive site-specific installation by Donna Huanca, a celebrated, rising star of the international art world. Drawing on painting, sculpture, performance, choreography, video, and sensory interventions, Huanca’s interdisciplinary practice focuses upon the human body, exploring our physical relationship to the world around us.

Huanca builds her experiential installations around the architecture of each new site, with CUEVA DE COPAL plunging audiences into a cocoon-like space. Encouraging audiences to reflect upon their environment, the installation integrated ideas explored through previous installations, in which Huanca has transformed the masonic temple of Marciano Art Foundation in Los Angeles, the early18th century palace of the Belvedere Museum in Vienna, and the high desert landscape surrounding the Ballroom Marfa in Texas.

Donna Huanca: CUEVA DE COPAL, Arnolfini 2022 Photo by Lisa Whiting Photography for Arnolfini. All rights

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Forest Floor: Wake this ground 09.07.22 – 02.10.22

Our summer exhibition invited visitors to celebrate what lies above and below the forest floor with Forest: Wake this Ground , a major group exhibition including artists, writers, filmmakers, and composers from across the globe: Rodrigo Arteaga, Mark Garry, Alma Heikkilä, Eva Jospin, Jumana Manna, Zakiya Mckenzie, David Nash, Maria Nepomuceno, John Newling, Rose Nguyen, Ben Rivers, Ai Weiwei, and Hildegard Westerkamp.

With works that recycled, reused and repurposed resources, we re-discovered the forests’ ancient rhythms, as well as exploring stories, myths, and folktales, passed down between people over centuries.

Figure 1 Gallery 1 visitors Forest Wake this Ground Preview Arnolfini July 2022. Photo by Lisa Whiting Photography. All rights reserved.

The exhibition was accompanied by a programme that included live performance, film, family events and creative workshops and invited visitors to share and create their own ‘forest tales’ and encouraged us all to take a look at the impact the changing climate has on nature and the world around us.

“Delivery of the Forest exhibition felt like a real team effort and was the first group exhibition delivered in my time here. There were various challenges along the way, but it felt like we realised our ambition and delivered a really thoughtful exhibition that has resonated with the public and demonstrated how successfully the exhibition and engagement programmes can be integrated with time.” Gemma Brace: Exhibitions Producer

Additional Exhibitions and Spaces

This year also saw us fully reopen our second floor to create a new set of cultural spaces to accommodate work from a variety of artists and communities. Our many community partners held weekly workshops and shared their extraordinary talents in many ways. We were delighted to focus on our long- term colleagues AIM AIM | Art in Motion (artinmotion45.com) through both weekly projects and a wonderful group exhibition in the Light Studio. In June we joined galleries from across the UK to host Art Bytes UK Art Bytes | Celebrate creativity in schools with an exhibition and evening of prize giving and celebration for the vital role that art plays in school life.

We were also delighted to work with artist Sutapa Biswas and present her beautiful new film ‘Lumen’ in the Dark studio alongside a new drawing in Gallery 5 as part of our extended 60[th] anniversary celebrations.

Biswas was included in two exhibitions that toured to Arnolfini in the 1990s, both of which played an important role in promoting de-colonial discourses within British art: The Circular Dance , in 1991, an

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exhibition of British Asian women artists; and Disrupted Borders , in 1993, curated by Sunil Gupta, which sought to escape the European rhetoric of modernism with a ‘new internationalism’ approach. Arnolfini is delighted to invite her back in our sixtieth anniversary year, to present new and existing work: Magnesium Bird (2004), a film work created as a poetic and ritualised response to the death of the artist’s Father; and Zoo – Edge of the Indian Ocean, 20.1990° S, 57.7823° E (2021), a new painting, commissioned by Arnolfini, which overlaps botanic and colonial histories in Mauritius.

Live/ Events

This year also allowed us to make a full return to live programming with a wide range of events, performances and talks. In keeping the long traditions of live events at Arnolfini, and wherever possible, we have delivered events in collaboration with our many city, national and international partners. We supported, delivered and produced over one hundred events and the following highlight the variety and depth of the work.

The BEEF do Breakwell weekender https://arnolfini.org.uk/whatson/beef-do-breakwell/ Bristol artist film collective BEEF respond to the work of Ian Breakwell. Part of Arnolfini at 60.

As a key figure in the early artist film scene in Britain, Ian Breakwell’s influence on later generations of creatives was strong, but it is often overlooked or under-recognised. In this series of events, specially arranged to accompany the exhibition Arnolfini at 60 – Ian Breakwell, we invited artist collective BEEF (Bristol Experimental Expanded Film) to explore this legacy and respond to it creatively.

“When I think about the events Ian Breakwell organised in Bristol, the sort of scene which he operated in, I find myself reminded of BEEF. That same sense of really vital commitment to experimentation and alternative artist networks which maybe don’t fit in with perceived ideas about who is ‘leading the way’… I knew I wanted to work with them around this anniversary show, and I’m delighted with how they’ve taken up the offer.” Phil Owen: Events Producer and Archivist

AAA’s Bhangra night

We invited audiences to join us for an evening of eclectic and live music, dhol drumming and bhangra dancers, featuring Bristol’s much loved Bhangra artists RSVP and Birmingham based, all female dhol drumming band Eternal Taal .

RSVP Bristol based RSVP are known all over the South West for their unique blend of Punjabi Indian music, dance beats and mainstream pop that has created an irresistible sound at major music festivals and concerts. Over the last 25 years RSVP have performed and wowed audiences at festivals in the UK and internationally including Glastonbury, WOMAD and Boomtown. For their unique contribution to promote Bhangra music to wider audiences, RSVP have been nominated twice by the British Bhangra Awards for Special Contribution to Bhangra.

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Eternal Taal Birmingham based Eternal Taal is one of a kind. This unique all female dhol drumming team presents a mix of high power Dhol drumming and bhangra dance performance. They have been recognised nationally and have won many awards including Asian Entertainment of the Year (Birmingham Prestige award 2019) and Best Asian/World Act (BMA award 2020). Performances include Glastonbury Festival , Graham Norton show LG ARENA , BBC and West End.

Sam Francis: Somerset -A Year in the Life of a Field

As part of our 60[th] anniversary programme in 2021, Arnolfini invited artist Sam Francis to respond to the performance piece Somerset – A Year in the Life of a Field , by Lizzie Cox, which was shown at Arnolfini in 1981. The original piece left few traces in our archive, beyond a handful of images and a title, which seemed intriguing enough to warrant further exploration. One year on, and Francis has shown this to be very much the case through a number of text-based and image-based pieces she created through 2021.

Let the Idea Travel focussed on a new film work by Francis, ‘In here dreaming’ , alongside text pieces and a handmade book created during a residency at UWE’s Bower Ashton campus (where Cox taught for many years). Experimental and elegiac, created in dialogue both with Lizzie Cox’s artwork and through connecting with people who knew her, and rooted in direct experience of a range of sites in Somerset, Francis’ work reminds us of the richness of the Land/Environmental Art movement, then and now.

In addition, alongside Francis’ work, we are presented work by students from Weston College, who worked with her last autumn, exploring Land Art histories and practices, and reflecting on what the landscape means to them.

Zugunruhe

Zugunruhe (zoo-gun-rue): an ornithology term for ‘migratory restlessness in birds’. One human explores the incredible flight of a marsh warbler, the world’s only bird whose song echoes its migration route. Bodycompasses, magnetic fields, African sunsets, star-chasing, storm-riding, homing… The show took audiences on a fascinating journey into non-human migration in the 21st century – and how this might in turn offer reflections on human movement.

Rehearsing among birds in the wetlands of Somerset, performer Tom Bailey creates a wild feast of bird behaviour alongside a digital sound map of the marsh warbler’s journey, made by composer Rowan Evans.

Bristol New Music

A city-wide festival of contemporary music and sound

After the interruption of COVID, the fourth edition of Bristol New Music (BNM) promised four days of commissioned works, sonic responses to rarely used spaces, landmark concert hall performances, workshops, film and club nights. The festival is curated by Bristol Beacon in partnership with many other organisations in the city. The Arnolfini artists included:

Angel Bat Dawid is a Black American Composer, Improviser, Clarinettist, Pianist, Vocalist, Educator & DJ. Her critically acclaimed Album “The Oracle”, released by Chicago label International Anthem recorded using only

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her cell phone in various locations has been featured in Pitchfork, Rolling Stone, The Guardian and many other publications.

Bendik Giske (NO/DE) is an Artist and Saxophonist whose expressive use of physicality, vulnerability and endurance have already won him much critical acclaim. You can hear all of this in his debut album “Surrender”, released at the start of 2019 on Smalltown Supersound, which can be described as Giske stripped to the core: no overdubs, looping, or effects. Just his body, breath, the saxophone and a resonant physical space, plus lots of microphones.

Beatrice Dillon is a London-based composer who explores a peculiar no man’s land between UK bass, house and contemporary music. Her unique style is rhythmically complex, very transparent and both danceable as cerebral. Her latest album “Workaround” was The Wire Magazine’s best album of 2020.

EP/64

The ‘ephemeral project’ lasting 64 concerts reached its finale at Arnolfini at the end of May 2022. Since 2016 EP64 has involved a wide range of musicians and visual artists. All will be invited back to collaborate one last time, in a series of improvised performances over two days initiated by raw vocalist Dali de Saint Paul.

Participants included: Dali de Saint Paul, Dan Johnson, Laura Phillips, Ossia, Silver Waves, Miguel Prado (Harrga, Nzumbe), Robin Stewart (Giant Swan), Ben Vince, Paddy Shine (GNOD), Jesse Webb (GNOD), Agathe Max, Copper Sounds, Lizi Hoar, Matt Loveridge (MXLX), Tom Bugs, Guest (Jabu), Matthew Grigg, Sarah James, Deej Dariwhal (Thought Forms), John Scott (Stereocilia), Matt Davies, Yoshino Shihigara (Yama Warashi), Conrad Singh (Evil Usses), Leon Ray Boydon (Evil Usses), Joe Kelly (Wendy Miasma), Andrew Neil Hayes (Run Logan Run), Annie Gardiner (Hysterical Injury), Aonghus Reidy (Ocean Floor), Melanie Clifford, Snoozie and more.

Presented with The Brunswick Club and Schwet.

”2021-2022 marked the relaunch of a full, active live events programme at Arnolfini. Working out how to do this, and what our role should be in the current cultural landscape of the city, has been a big piece of work. And the only way to do it, really, has been through trial and error. From a very wide range of events – performances, music, dance, talks, films, workshops, both self-initiated and collaborative – we are relearning how to be a contemporary arts centre.” Phil Owen: Events Producer and Archivist

Engagement and Education

Over the past two years, and under the leadership and guidance of Keiko Higashi and our many partner organisations and fellow travellers, we have set out to transform the way that Arnolfini is perceived as an arts centre and the way that we operate as a community centre for the arts. We have underpinned this journey through a deepening understanding of the ambition to be ‘centre for wellbeing’ and by constantly re-imagining the way that we use our spaces, our resources and the way that we build and respect our relationships. This year allowed us to explore many more ‘in person’ activities and our second floor is now an everyday space for many different group activities and our self-guided (and hugely popular!) Arnold the art cart.

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In February 2022, in partnership with Bristol Refugee Festival and Bridges for Communities we started Craft Club, a weekly women’s group for refugees, with a variety of craft making activities including knitting, crochet, embroidery and jewellery making. Craft Club is an opportunity for newly settled refugees, currently staying in temporary accommodation in Bristol, to meet one another, chat over a cup of tea and make in a safe and welcoming environment. We have run 31 sessions and welcomed 533 women and children. We now have 2 regular ambassadors from the refugee community who help to organise each session. We welcome approximately 15-20 people each week but we have welcomed up to 50 in school holidays – when children also take part.

In May 2022, there was a strong consensus that the group would like the sessions to be open to all women, creating an opportunity for refugees to meet other women, to practice their English and form friendships.

We have continued to learn how to allow the creativity, voices and motivations of our partners to find their best home at Arnolfini and they have clearly and eloquently changed our ‘voice’ for the better. This annual review is another important moment to thank you all including Bridges for Communities, AIM, creativeshiftcic, Refugee Festival and many many others.

Alongside this ongoing programme we are constantly delighted by the presence and commitment of our ‘creatives in residence’: Let’s Make Art and Rising Arts. Both organisations have helped us in so many ways by delivering workshops, bringing new skills and alternative ideas and through the mutual support of being great colleagues, by bringing new ideas and helping us to stretch and flex our collective understanding of a creative world.

It has been a real pleasure for the whole team at Arnolfini to see the reading room come alive with so much lively chatter and witness new friendships forming each week.“

Keiko Higashi: Engagement Producer “

Being part of the women’s Friday sessions at the Arnolfini has healed a part of me that has been missing since I came to Bristol. I felt welcomed, seen and accepted at the session. I was able to explore and learn new skills from other women.” Workshop participant

Communications and Visitor Services

We welcomed over 530,000 people through our doors in 2021/22. The Visitor Services team continued to evolve and improve the way that we welcome everyone and create an accessible and enjoyable space for all users.

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ARNOLFINI GALLERY CIO TRUSTEES' ANNUAL REPORT YEAR ENDED 31 JULY 2022

“We’ve made some real progress in recent months with the introduction of a new welcome desk, a FOH training day and some new systems and procedures which have set the team up to feel confident and able to take on any challenge.

The VS team take pride in welcoming anyone and everyone and have enjoyed questioning how we do that. The diverse propositions offered in our programme have kept both our visitors and staff engaged and it feels like a genuinely friendly atmosphere in the building where people are free to enjoy all that we offer.” Dan Eaglesham: Head of Visitor Services

We also know that many people experience Arnolfini through our digital platforms and the 21/22 year saw well over one million page views (1,096,175) to our website and we have a rapidly growing following across our various social platforms. Our main focus remains Instagram and we ended the year with 28,600 followers growing at the rate of three hundred plus per month.

Throughout the year we were able to extend the breadth and depth of our communications including a major Financial Times magazine article (Stephen Gill), Guardian ‘exhibition of the week’ articles and national press as part of our collaborative work with Bristol Beacon and many others for the Bristol New Music weekend. We also achieved ‘front covers’ for Bristol Life and Bristol Magazine We are consistently humbled by the level of engagement and responses that our audiences share.

” I am continually bowled over by all the work we do at Arnolfini and the enthusiasm, affection and warmth it brings from our audiences, particularly on social media. Previews are such joyous occasions, with the privilege to connect with artists and experience the reaction of our guests, as well as reflect on the wonderful achievements by the whole team who contribute to the success Arnolfini has become.” Sara Blair: Head of Marketing and Communications

In line with our approach to newsletters, I’ll leave finish with a few of the many responses from our audiences.

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ARNOLFINI GALLERY CIO TRUSTEES' ANNUAL REPORT YEAR ENDED 31 JULY 2022

"Really nice place with interesting exhibitions. My children loved it....they can draw with lots of materials :)....Nice videos with couches and puffs to relax. Personally, I loved the atmosphere, calm, creative and really inspirational."

"Lovely afternoon making clay figures with my granddaughter. The staff were great very friendly and helpful."

"Always worth the journey to visit! Great exhibitions and always changing things up!"

"Forest: wake this ground. Fragile and powerful, light and immersive. Absolutely beautiful, like everything @arnolfiniarts"

“Wonderful place to visit if you have some free time in Bristol. The gallery offers a wonderful exhibition which changes every now and again. They have a wonderful book store and a brilliant cafe, serving food and drinks. I feel Arnolfini is very community driven, giving it a very warm and welcoming atmosphere.”

Commercial: Café bar and bookshop

This has been a successful year for our two main commercial activities: bookshop and café bar. Bristol Beer Factory have delivered a strong result on the back of many innovations and lots of hard work to recover strongly from the pandemic lockdowns. This is a significant achievement given the increasingly challenging wider economic environment and we continue to enjoy and celebrate the strong relationship between two key Bristol organisations.

Our in-house bookshop has had a very strong year recording one of its highest ever sales levels. We have also increasingly focussed on the important role that the bookshop plays as part of our broad cultural offer and, alongside a growing bookshop events programme, continued to emphasise and grow our understanding of the way that our audiences value and enjoy its offer.

“There were many highlights for the Bookshop this year, including new retail furniture that allowed expansion of the shop floor into the foyer, the huge number of international orders we received during Stephen Gill and finishing the year with a new sales record. On a personal note, perhaps the most satisfying thing has been how vibrant the building has become, with excellent exhibitions and the feeling that there is always something going on. Feedback from visitors to the shop has been overwhelmingly positive and, as someone who has worked here for over 10 years, I’ve never known Arnolfini feel this energised.” Jon Hill:Bookshop Manager

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ARNOLFINI GALLERY CIO TRUSTEES' ANNUAL REPORT YEAR ENDED 31 JULY 2022

Our Future Plans

Arnolfini is a thriving cultural organisation with ambitious plans for the future. We have just been invited to join the Arts Council’s National Portfolio Organisation cohort for the 2023-26 funding period and we will continue to explore the main opportunities of our key relationship with UWE, Bristol. We will continue to grow the depth and breadth of our cultural programming with a determination to welcome more voices, more creativity and more complexity into the way we explore the dynamic and broad ecology of the contemporary arts. We are already making plans for more international work to sit alongside our work with the many local and community organisational partnerships that animate our spaces every week. We also recognise that these ambitions will be need to respond to the increasingly challenging external environment and the many ways that the climate emergency, the energy and cost of living crisis, and other local and global challenges will inevitably impact on our finances, our organisational resilience and cultural programming. These tasks will continue to underpin our determination to be both an international centre for contemporary arts and a community arts centre encouraging and supporting everyday creativity.

Sustainability

We have renewed our focus on sustainability during the year with the development and adoption of a clear sustainability strategy to place its clear importance at the forefront of our working practice. Our strategy has been developed with expert colleagues from UWE, Bristol and falls in line with their major targets to be zero single use plastic by 2025 and carbon neutral by 2030. In order to deliver against these targets, we have created an internal cross departmental ‘green team’, supported and encouraged training requests, and put in place a regular reporting process for our Board of Trustees. We are also pleased to be working with other colleagues in the Tate Plus network and Gallery Climate Coalition to play our part in the wider industry.

Financial review and results for the year

The total income of the Group from all sources was £1,444k (2021: £1,271k) of which £1,380k (2021: £1,141k) was unrestricted. Total expenditure was £1313k (2021: £842k) leaving net income on all funds of £11k (2021: £719k).

The trading subsidiary’s turnover in 2021/22, which includes the operation of a café bar and bookshop, was £421k (2021: £158k). After related expenditure, the subsidiary returned a profit of £138k (2021: profit £48k).

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ARNOLFINI GALLERY CIO TRUSTEES' ANNUAL REPORT YEAR ENDED 31 JULY 2022

Investment Powers and Policy

Available funds were transferred to a “retail account” by our current banking partner which resulted in a loss of interest. As part of our financial management review process the trustees have agreed to revisit the treasury management policy and perform an options appraisal for investing available funds in interest bearing deposit accounts on a fixed short to mid-term basis.

Reserves Policy

Reserves Policy – The free reserves of the charity (the unrestricted funds of the charity less any funds designated, committed, or represented by tangible fixed assets used by the charity) are intended to be maintained between three and six months of expenditure. Based on forecasts, this free reserve target equates to between £400k and £800k which is based on planned activity levels and equates to between 3- and 6-months expenditure. At the year-end, free reserves stood at £1,144,476 (General funds of £1,368,330 less tangible fixed assets within general funds of £223,852 and investments of £2). The free reserves as at 31 July 2022 are above the target level set and reflect a business plan commitment to improving the resilience of the organisation particularly in light of the increasing cost of living and higher inflation.

The trustees consider that the charity has sufficient unrestricted reserves and cash flow to continue as a Going Concern for at least 12 months from the current date on which the financial statements are approved. On this basis the accounts have been approved on a Going Concern basis.

Risk Management

In accordance with the Statement of Recommended Practice (SORP 2019), the trustees have completed a review of the principal risks. The trustees are responsible for overseeing the management of risks faced by the organisation. A formal review of the charity's risk management processes is undertaken by the Board on a regular basis. The full risk register is examined by the Board of Trustees on a quarterly basis. The trustees consider it appropriate to adopt the Going Concern basis and have identified the key risks facing the organisation during this period as being:

• The ongoing delivery of the three-year funding arrangement with Arts Council England in line with Bristol Visual Arts Review and business plan.

• Covid risk affecting gallery closure, staff welfare, and commercial trading

• Operational and strategic delivery arrangements with UWE, Bristol for management of Bush House.

Fund accounting

Unrestricted funds are available to spend on activities that further any of the purposes of the charity. Designated funds are unrestricted funds of the charity which the trustees have decided at their discretion to set aside to use for a specific purpose.

Restricted funds are donations which have been specified to be solely used for particular areas of the charity’s work.

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ARNOLFINI GALLERY CIO TRUSTEES' ANNUAL REPORT YEAR ENDED 31 JULY 2022

Our Fundraising

As a charity, Arnolfini must ensure that its charitable objectives are observed in receiving voluntary income and in earning income. We are committed to transparency, and as such, we have outlined the following policy for income generation. Arnolfini’s guiding income generation principle is a simple one – we will only use techniques that do not pose a risk to the reputation or charitable objectives of the charity. In doing so, the organisation will adhere to the following standards:

Income generation activities (earned or voluntary) carried out by Arnolfini Gallery CIO will comply with all relevant laws.

• Any communications to the public made in the course of carrying out income generation activities shall be truthful and non-deceptive.

• All monies raised via fundraising activities or earned through our commercial activities will be for the stated purpose of the appeal (if applicable) and will comply with the organisation’s stated mission and purpose.

• Earned income through commercial activities will be reinvested in the charitable work of the Arnolfini.

• All personal information collected by Arnolfini is confidential and is not for sale or to be given away or disclosed to any third party without consent.

• Arnolfini will gather and store data in line with the changes in law for GDPR effective May 25[th] , 2018.

• Nobody directly or indirectly employed by or volunteering for Arnolfini shall accept commissions, bonuses, or payments for fundraising activities on behalf of the organisation.

• Fundraising activities should not be undertaken if they may be detrimental to the good name or community standing of Arnolfini.

• Financial contributions will only be accepted from companies, organisations, and individuals the Board considers ethical.

• Arnolfini will not accept voluntary or earned income from any persons or organisations who are: ▪ Engaged with criminal activity

• Are affiliated with political or social activities which marginalise or otherwise harm protected groups

• Would lead to a decline in support for the Arnolfini, and so risk a fall in the resources available to fund our work

When deciding whether to accept any particular donation, the Director and the Trustees have a duty to demonstrate to the Charity Commission that they have acted in the best interest of the charity, and that association with any particular donor does not compromise the Arnolfini’s ethical position, harm our reputation or put future funding at risk. The Arnolfini complies with all relevant legislation including money laundering rules, the Bribery Act and Charity Commission guidance, including terrorism and political activity.

During the period 2021/22, Arnolfini Gallery CIO did not receive any complaints about fundraising activities.

Auditors

A C Mole were appointed as the company auditors during the year and have expressed their willingness to continue in that capacity.

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ARNOLFINI GALLERY CIO TRUSTEES' ANNUAL REPORT YEAR ENDED 31 JULY 2022

Statement of Trustees’ Responsibilities

The trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and group and of the income and expenditure of the charity and 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 methods and principles in the Charities SORP;

• make judgments and accounting estimates that are reasonable and prudent;

• state whether applicable UK Accounting Standards have been followed, subject to any material departures 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 business.

The trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity 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 no relevant audit information of which the charity’s auditors are 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 auditors are aware of that information.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

This report, including the strategic report, was approved by the Board of Trustees on 15[th] December 2022 and signed on their behalf by:

Registered office: 16 Narrow Quay Bristol BS1 4QA

Lhosa Daly L DALY (Chair of the Board of Trustees)

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ARNOLFINI GALLERY CIO Independent Auditor’s Report to the Trustees of ARNOLFINI GALLERY CIO

Opinion

We have audited the financial statements of Arnolfini Gallery CIO (the ‘parent charitable incorporated organisation’) and its subsidiary (the ‘group’) for the year ended 31 July 2022, which comprise the Consolidated Statement of Financial Activities, the Consolidated Balance Sheet, the Balance Sheet, the Consolidated Statement of Cashflows and Notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102: The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

• give a true and fair view of the state of the Group’s and parent charitable incorporated organisation’s affairs as at 31 July 2022 and of the group’s income and expenditure for the period 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 Charities Act 2011.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the Group and the parent charitable incorporated organisation in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s 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 t he trustees’ use of the going concern basis of accounting in the preparation of the financial statements is not appropriate.

Based on the work we have performed, we have not identified any material uncertainties that may cast significant doubt about the group’s or parent charitable incorporated organisation’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date which the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The trustees are responsible for the other information. The other information comprises the information included in the annual report other than the financial statements and our auditor’s report thereon. Our opinion on the financial 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.

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ARNOLFINI GALLERY CIO Independent Auditor’s Report to the Trustees of ARNOLFINI GALLERY CIO

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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 fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Act 2011 requires us to report to you if, in our opinion:

• The information given in the report of the trustees is inconsistent in any material respect with the financial statements;

• sufficient accounting records have not been kept;

• the financial statements are not in agreement with the accounting records and returns; or

• we have not obtained all the information and explanations necessary for the purposes of our audit.

Responsibilities of the trustees

As explained more fully in the Statement of Trustees’ responsibilities, the trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as they determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the trustees are responsible for assessing the group’s and the parent charitable incorporated organisation’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the group or the parent charitable incorporated organisation or to cease operations, or have no realistic alternative but to do so.

Our responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s 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 (UK) 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 detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Identifying and assessing potential risks of material misstatement due to irregularities

Page 24

ARNOLFINI GALLERY CIO Independent Auditor’s Report to the Trustees of ARNOLFINI GALLERY CIO

We considered the following when identifying and assessing risks of material misstatement due to irregularities, including fraud and non-compliance with laws and regulations:

• the legal and regulatory framework in which the group and parent incorporated charitable organisation operate

• the nature of the sector in which the group and parent incorporated charitable organisation operate

• the control environment and controls established to mitigate such risks

• the results of our enquiries of management about their identification and assessment of risks of irregularities

• discussions with the audit engagement team about where fraud might occur

• the incentives for fraud.

Laws and regulations which are considered to be significant include those relating to the requirements of financial reporting framework FRS102, the Charities Act 2011, the Charitable Incorporated Organisation Regulations, UK tax legislation, employment law and health and safety. In addition, we consider other laws and regulation which may not directly impact the financial statements but may impact on operations.

As a result of these procedures we concluded, in accordance with International Auditing Standards, that a risk in relation to the potential for management override of controls existed.

Audit responses to risks identified

We undertook audit procedures to respond to the risks identified, and designed our audit testing to respond to these risks. The additional procedures we undertook included the following:

• gaining an understanding of the procedures for ensuring compliance with laws and regulations

• testing the appropriateness of journal entries and other adjustments

• considering whether accounting estimates were indicative of potential bias

• considering whether any transactions arose outside the normal course of business

• making enquiries of management

• enquiring as to compliance with key Charities Act requirements during the period

• corroborating our enquiries through review of Board Minutes and correspondence.

We also communicated relevant laws and regulations and potential fraud risks to all engagement team members and remained alert to any indicators of fraud or non-compliance with laws and regulations throughout the audit.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the parent charitable incorporated organisation’s trustees, as a body, in accordance with section 144 of the Charities Act 2011 and the regulations made under section 154 of that Act. Our audit work has been undertaken so that we might state to the parent charitable incorporated organisation’s trustees those matters we are required to state to them in an auditorʼs 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 parent charitable incorporated organisationʼs trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Page 25

ARNOLFINI GALLERY CIO Independent Auditor’s Report to the Trustees of ARNOLFINI GALLERY CIO

We have been appointed as auditor under section 144/145 of the Charities Act 2011 and report in accordance with the regulations made under section 145 of that Act.

A C Mole (Statutory Auditor) Chartered Accountants and Statutory Auditors Stafford House Blackbrook Park Avenue Taunton Somerset TA1 2PX

…………………………… 2022

A C Mole is eligible to act as an auditor in terms of section 1212 of the Companies Act 2006.

Page 26

ARNOLFINI GALLERY CIO CONSOLIDATED STATEMENT OF FINANCIAL AcfiviTIES FOR THE YEAR ENDED 31 JULY 2022 (INCLUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNTI ARNOLFINI Totsi ZOZ2 Unrestritted fvnds Restrlcted funds Endowmentfunds Nots Income Donations and legacies 750,089 68,574 432,625 71,939 57,233 63,433 813,522 68.574 432.625 71.939 57.233 Ihhertradin8 acti¥rtie5 Investment Income Other income Total inCDme 1.380,460 63,433 1,443.893 Expenditure 1270,2441 1928,6851 1290.1691 11,023,079) 194,3941 Total expenditure Gain51105se5 on investment a55et5 11,198,929) 194,3941 119.9251 11,313.2481 Net in¢ome/leNpenditurel Translers between funds 181,531 120,OWI 130,9611 1139,6381 20,(MK) 10,932 Tax on profit of ordinary acti¥rtie5 Net movement in fund5 161,531 130,9611 1119.6381 10,932 Reconclllatlon of funds Totsi funds brought forward 4,578,983 32,513 2,684,419 7,295,915 Total funds carried forward 21 4,740,514 1,552 2,564,781 7,306,847 Totsl 2021 £ (As reststsdl ilnrestrirted fvnds Restrirted lunds Endtswmentlunds Nots Income and Endr*wMet￿ from.. Donations and legacies 886,709 17,05 160,121 77,180 130,141 1,016,850 17,059 160,121 77,180 Invesimeni Intome Total income 1,141,069 130,141 1,271.210 Expendlture on.. 1122,9401 1584,6261 1141,9921 1699.8051 1115,1791 Total expenditure Gains￿oSseS on in￿Stment a55ets 1707,5661 1115.1791 1841.7971 289,943 289,943 Net Income 433,503 (lo,(￿) 14,962 270,891 iO,(MM) 719,356 TTrnsfer5 between fvnds Net movement in funds 423,409 14,962 280.891 719.262 e¢on¢iliation of funds Total funds brought forward 4.155,574 17.551 2.403.528 6,576.653 21 These funds are held by a linked charity. 4.578,983 32,513 2,684,419 7,295.915 The notes on p¥8e$ 31 to 521orm an Inregral part ol these financial starements. Page

ARNOLFINI GALLERY CIO CONSOLIDATED BALANCE SHEET AS AT 31 JULY 2022 ARNOLFINI Z022 zozi £ (As restated) Note FiMÈd assets 15 3,611,541 2,564.781 3,572.773 2,684.419 In¥esimen15 16 6,176,322 6,257,192 Curréntassèts Stocks 17 46.290 100.530 1,201,151 29.465 40.015 1,167.517 Debtors 18 Cash at bankand in hand 1,347,971 1,236,997 Creditors.. Amountsfallingdvewthin oneyear 19 1217.4461 1198.2741 Netcurrentassets 1,130,525 1,038,723 Netassets 7,306,847 7,295,915 Fund5 of the group.. Unrestrlrted in¢omefvnds Desi8nated Funds General Funds 3,371,682 1,368,832 3,404.106 1,174,877 Unre5trirtedfvnd5 4,740,514 4,578,983 Endowmentfvnds 2,564,731 2,684,419 RestrlrtÈd funds 1,552 32,513 Total fund5 21 7,306,847 7,295,915 The financi31 statements on pa8es 27 to 52 were approved by the trustees, and author15ed for issue on beha￿ by.. and $18ned on their Lhosa Daly Lhosa Daly Chairman The notes on p¥8e$ 31 to 521orm an Inregral part ol these financial starements. Page

ARNOLFINI GALLERY CIO BALANCE SHEET AS AT31 JULY 2022 ARNOLFINI Z022 zozi £ (As restated) Note FiMÈd assets 15 3,597,086 2,564.783 3,561.577 2,684.421 In¥esimen15 16 6,161,869 6,245,998 Curréntassèts Debtors 18 22S.499 1,108,329 153.547 1,078,776 Cash at bankand in hand 1.333.828 1.232.323 Creditors.. Amountsfalllngduev￿thIn oneyear 19 1189.3521 1182.9061 Net£urrÈntassets 1,144,476 1,049,417 Netassets 7,306,345 7,295,415 Funds of the charitr. Unre$tri¢ttd in¢omefvthds Deslgnated Funds General Funds 3,371,682 1,368,330 3,404,106 1,174,377 Unrestrlrted funds 4,740,012 4,578.483 Endowmentfunds 2,564,781 2,684,419 Re#rirted fund$ 1,552 32,513 Total funds 21 7,306,345 7,295,415 The financi21 st3iements on pages 27 to 52 were approved by the trustees, and authorised for issue on behaK bv.. and signed on their Lhosa Daly Lhosa Dalv Chairman The notes on p¥8e$ 31 to 521orm an Inregral part ol these financial starements. Page

ARNOLFINI GALLERY CIO CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2022 ARNOLFINI 2022 2021 £ (As restated) Note Cashflows from operatln8actlvlfjes Net cash Income 10,932 719,262 Adjustmentsto Cash flLW5 froTh nOn￿aSh item5 15 53,074 45,071 177,1801 1289.9431 19.052 Invesrmenr income 119,713 19,925 Investment Mana8ement costs 141.705 416.262 Working capitsl adju5trnents Iln¢reasel/de¢reise in stocks 17 8,513 15.932 18 160.5151 19,172 Intreaselldecreasel in treditors 19 Net cash flowsfrom operating activitie5 73.537 424.977 Ca5hflow5 from inve5ting4L*wtie5 71,939 77,180 Pur¢h3se Of tsngiblelixed assets Purchase of invesiments 15 120.0(M)I iio,0001 521e of Investments Net cash flowsfrom investing artivitie5 139.9031 4.669 Net incre35e in cash and cash eqU￿lent5 33,634 429,646 Cash and cash equr¢alents at l Augusr 1,167,517 737,871 Cash and cash equivalents at 31 july 1,201,151 1,167,517 All of th& cash flows are derived from Continuing operations luring the abovetwo periods. The notes on p¥8e$ 31 to 521orm an Inre Page ral part ol these financial starements.

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ARNOLFINI l (harityststus The charity 15 limited by share capital, incorporated in England and Wales. The addressof its registered office is.. IS NarrowQua¥ BSI 4QA Accounting policie5 5ummaryof slRnlficant ac¢ountlngpollcles and key accountingestlmates The principal accounting poliCiÈS applied in the preparation of these linanti?l st8rements are set out below. These polltles have been consisiently applied to all the years presented, unless oiherwise staled. st*ementot¢oM￿lart¢e The financial statement5 have been prepared under the historical cost convention with items recoEni5ed at cost or transaction value unles5 ttated otheTW15e within these notes. The financial statements have been prepared in accordance with Atcounting and Reporting by Charitie5.' Statement of Recommended Practice lapplicable to charitie5 preparing their account5 in accordance with the Financial Reporting Reporting Standard applicable in the UK and Republic of IrelaDd IF￿ 1021 and the Charities Act 2011. Arnolfini Gallery CIO meetsthe definition of a public benefit ertity under FRS 102. Basis of consolidation The Consolidated Statement of Financial Activities ISOFAI, Consolid3ted Bal8ntr Sheet and Consolidated C35h Flow Ststement, consolidate the financi31 ststements of the Ch3rity and its subsidiary, Arnolfini Trading Limited. The results of the subsidi3ry 3re consolidated on ? line by line basis. 60ingconcern adaptations have maintained the Viability of the or8anisation durin8 this period without the need to use reserves. It)wmé and éndowmènts All Income 15 recognised once the charity ha5 entitlement to the income, rt is probable that the income will be received and the amount of the income reCei￿ble caD be measured reliably. Donotlons ot7dlegacles Donations are recognised when the charity ha5 been notified in writing of both the amount and settlernemt date. In the event that donation Is Subject to conditlOn5 that require a level of performance bythe charity before the charity 15 entitled to the fund5, the income is the charityand it is probable that these condition5 will be fuffilled in the reporting period. Giafr)tsrecelvoble Grants are reco8nised when the group has an entitlement to Ihe fund5 and any conditions Iinked 10 the 8rants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balan￿ sheet as deferred Income to be released. Page31

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 2 A¢¢ounting polities l¢ontinvÈdl DeferredlncLvne Deferred Income represents amounts reCeI￿d forfuture periods and is released to incoming resource5 In the period for whiih, it has been received. Such income is only deferred when.. -The donor specffiesthat the grant or donation must only be used in fvture accounting periods.. or -The donor has imposed conditlOn5 which must be met before the charity ha5 unconditional entitlemert. Expendlture the amount can be measured reliably. All costs are allocated 10 the applicable expenditure heading that a8gre8aie Similar costs to that tategorv. Whère costs tannoi be dirertly aitributed to particular headings rhèy have been allocated on a basis consistent Wifh Ihe use of resources. Ruisinqfvnds Thèse arè Costs in¢urred in attracting voluntary income. the management ol investments and those in¢urred in trading activities that raise funds. Charltobleo(tlvltles Chhritable expenditure comprise5 those costs iDcurred bythe charity in the del￿ery of it5 aCtwitie5 5etvice5 includingthe staging of art exhibitlOn5, I￿e performance5, film screening5 and leaming and participation programme5. It includes both c05t5 that can be allocated directly to such activities and those costs of indirect nature necessary to support them. SuppDrt Costs for example, allotating properly costs by floor areas, or per capita, stsff costs by the time spent and other tosts by iheir usa8e. 1rre¢oVeraFJ￿ VAT Irrecoverable VATischar8ed again5tthe category expenditure for which it wa5 incurred. Pensions Costs Th* group makes available ¥ stakèholder pension scheme. Company contributions to the scheme are ¢harg&d as an expense and included TaM¥tK)n The charity is a re8lStered charity and is, therefore, exempt from liability to taxation on It's income 2nd capital 821ns, to the extent that such Income or8ain5 are applied exclusively to charitable purposes. Tan8lbleflxed assets Tangible fixed a5SEts are initially rEcorded at C05t. less any Subsequent a¢¢umulated depreciation and subsequent a¢¢umulated impairment lo55es. A55et5 CQ5ting le5Sthan £500are not capitali5ed. Depreclatlon and amort15a￿on Depreciation is provided on tangible fixed assets SD as io write off the cost or Valuation, less any estimaied residual value. over their expected useful economic life as follows.. Asset class Leasehold Property Improvements Depreciation method and rate - over 20 years - over 5-IOyears - over 99 years - over 5 year5 Leasehold Property Office Equipment T￿Ve1 over a year Page32

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 2 A¢¢ounting polities l¢ontinvÈdl Impairnent of fixed a55ets A review of Indicators for impairmeni 15 carried out at each reportin8 date, with ihe recoverable amount being estimated where such reviewed for possible reversal at each reportin8 date. Stoth stocks are valued at the lower of c05t and estimated selling price le55 C05t5 to complete and sell. At each reporting date, stock5 are as5e5sed for iTnpairment, if Stocks are iTnpaired, the carrying amount is reduced to it5 selling price le55 C05t5 to complete and sell,. the impairment105S 15 recogni5ed immediately in profit or1055. Cash and ￿$h equlvalent5 converiible to a known amount of cash and are subject to an insignificant risk of change in value. Fund structure Unre51ricted income funds are gener31 funds that are available for use at the trustees discretion In furtherance of the objectives of the group. Designated fvnds are unrestricted funds set aside for specific purposes at the discretion of the trustees. Restricted Income funds are those donated for use In a particular area or for specific purpose5, the use of which is restricted to that area or purpose. The Endowmentfund is an asset of ACBMTand 15 held according to the Trust'5 objects. Penslons and other post retlrement obllgatlons fund and the group has no legal or consirurtive obligation to pay further CDntrlbutions even If the fund does not hold sufficient assets to pay 311 employeesthe benefits relating to employee servl¢e in the current and prior perlods. Contributlons ro deflned contribuiion plans are recognised in the sratement of Financial Activlties when they are due. 11 contribution payments exceed the contribuiion due for service, the excess is recognised as a prepayment. Financial instruments RecognitioNJ undmeosurement othtrr dèbtors and Creditors together with loans to related parties. Debt instruments, such as trade debtor$ and Creditors, are initiallv measured 8itr3nsa¢iion price and subseouently measured ai amortised cost. Financlal assets are assessed at rhe end of each reporting perlod for objecrive evidence of impairment. If oblectwe evldence ol impalrment Is found, an Impairment loss is recDgnised in the Intome stsiemeni. IRvestment5 Investmènts in non-£onvertible preference 5hare5 and non-puttabltr ordinary or preference shares (where 5hare5 are publicty traded or investments are measured at cost less impaimient. Invesiments in subsidiaries and associaies are measured ai CDSt less impairmeni. Page33

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 2 A¢¢ounting polities l¢ontinvÈdl Full value meosuiement The best evidence of fair value 15 a quoted price for an identical a55et in an aitwe market. When quoted price5 are unavailable, the price of a recent transaction for an identical asset provide5 evidence of fair value a5 long a5 there ha5 not been a significant change in economic circumstan￿5 or a Significant lapse of time 51nce the transaction took pla￿. If the market Is not active and recent transactions of an identical asset on their own are not a good estimate of fairvalue. the fair value ise5timated by using a ￿luatIon technique. Critlcal accountlngjudzementsand estimatlon uncertainty The prepar3tion of the financial st3tements in conformity with FRS 102 requires management to m3ke judgements, estirnate5 and Bssumptions that affect the application of policies and reported amounts of assets and li3bilities, incorne, and expenses. Estim3tes 2nd judgements 3re contlnU311y evaluated and 3re based on historic31 experien￿ 3nd other f3Ctors, including expectstion5 of future events th3t are believed to be reasonable underthe Circumstan￿5. The group make5 estimates and assumptions concerning the future. The resulting accounting estirnates will, by definition, seldom equal the related artual results. The Trustees consider that there are no critical accounting e5tim3tes and judgements have a signific3nt risk of causing a m3terial adjustment to the carrying amounts of assets and liabilities within the nextfinancial year. Prlor perlod adlustsnent Where an erroror omi55ion is identified in respect of cornparative figure5 this is adjusted in the preceding period. Page34

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 3 In¢omefrom donations Itgacies Unrestricted funds Restrlcted fvnds Endowment funds Total funds Donations 31,464 36,924 31.464 36.924 14.488 Museum tax relief Trusts and foundation5 14.488 Government grants receivable Art5 Council- Visual Art5 in Bristol 675,701 675.701 48,945 Art5 Counril- Other 48,945 T¢xal for 2022 750,089 63.433 813.522 Donations 19,125 60,789 19.125 60.789 15.937 Museum tax relief Trusts and foundations 15.937 Government grants receivable Arts Council- Visual Arts in Bristol 700,( 7￿,000 114,204 42,107 64.188 500 Art5 Council- Other 114,204 42,107 64,188 lob retèntion scheme Sponsorship Total for 2021 886,709 130,141 1,016,850 Page35

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 4 In¢omefrom ¢hawitable $¢tiyities Unrestricted funds Restrlcted fvnds Endowment funds Total funds 9,620 14,111 1.250 7.984 33,169 9,620 14.111 Partnership project Income 1.250 7.984 33.169 SAP3 project income Other Totsi for 2022 68,574 68.574 745 745 Learning participation Other 15,400 914 15,400 914 Total for 2021 17,059 17,059 Income from other tradlng a￿￿tIeS Unrestri¢ted fvnds Restricted fvnds Endowment fvDds Totsi fvnds Cafe bar income 95,￿5 325,451 11,269 95.905 325,451 11.269 bookshop income Other income Totsl for 2022 432,625 432.625 CafE bar Income 41,767 2,143 102,461 13,750 41,767 2,143 102.461 13.750 Private hire and conferencing Bookshop In¢Dme Other Income Totsl for 2021 160,121 160,121 Investment income Unrestrlcted funds Restrlcted funds Endowment funds Total funds Investment income 71,939 71.939 Totsl for 2022 71,939 71.939 Invesrmenr in¢¢me 77,180 77,180 Totsl lor 2021 77,180 77,180 Page36

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 7 Other income Unrestricted funds Restrlcted fvnds Endowment funds Total funds Other Income 500 500 12,842 43,891 12.842 43,891 Partial recovery VAT Totsl for Z022 57,233 57,233 Expenditure On raisingfvnds al Co$ts of Iradlngath￿￿es Unrestricted fvnds Restricted fvnds Endow7nent funds Total funds Direct costs 177,729 72,071 20,444 177.729 72.071 20.444 Staff costs Allocated support costs io Totsl for 2022 270,244 270.244 Direct C05t5 59,633 55,677 7.630 59.633 55,677 7.630 Stsft costs Allocated support costs io Totsl for 2021 122,940 122,940 bl Investment managementC05ts Unrestrlcted funds Restrlcted fvnds Endowment funds Totsl funds Investment management 19,925 19,925 Totsl for 2022 19,925 19,925 Investment management 19,052 19,052 Total for 2021 19,052 19,052 Page37

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 9 ExpenditUTe on ¢harit4ble a¢tiwtits Provislon of gallery UThrestrlcted nds Restrlcted fvnds Endowment fvnds Totsl funds Note Dired ¢osts 313,961 509,679 105,045 45,550 32,018 16,796 359,541 541.697 121.841 Staff Costs AIIoc2ted support costs io Tvtsl hr 2022 928,685 94,394 1,023,079 Direct costs 81,177 398,032 105,417 115,179 196.356 398.032 105.417 Staff costs Allocated 5UPPOrt costs io T¢)tsl for 2021 584,626 115,179 699.805 10 Analy$b olsupport¢osts Charitsbie artivities expenditvte Unrestricted fvnd5 Restricted fvnd5 Endowment fvnds Total funds 5,677 10,514 1,756 2,356 46,195 4,838 13,264 13,929 1,952 4,564 2,442 3.913 3.388 199 8.119 14.427 5.144 2,555 50,355 5,245 14,380 15.100 1.952 4.564 LI￿￿￿5, membershipsand subscriptions Office c05t5 Bank charge5 4,160 407 Marketing costs Audit 2nd ac¢ovntancy 1,116 1,171 Transition expenses Totsl for 2022 105,04S 16.796 121.841 4,012 11,4561 6,515 1,663 43,068 14,361 10,382 26,872 4.012 11,4561 6,515 Licences. mEmber5hipsand 5ub5criptlQn5 Office c05ts Bank ¢harges 43,068 14.361 10.382 26.872 Marketing costs Audit and accountancy Totsl for 2021 105,417 105.417 Page38

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 10 Analysts olsvpporto)sts l¢ontinuedl SuppDrt Costs allocated to rai5ingfunds Total 2022 Total 2021 Office costs 10,789 243 2,470 280 Marketlng Costs Audit and accountancy fees Bank charges Foreign exchan£evariance 3,493 3.730 1,463 1.414 2,720 2.003 20,444 7,630 11 Netin¢omelexpenditure 2022 2021 Group Staft pension contributlQn5 Auditor's remuneration- for audit 5trtvi¢ès 19,268 11,450 2,823 14,987 Auditor's remuneraiion- lor other services Predecessor auditor's remuneration for other seNices 3.113 45.071 53.077 Charfty 17.450 8.450 2.580 3,350 13.563 Auditor's remuneration- for audit 5etvice5 Auditor's remuneration- prior year overlunder accrual Auditor's remuneration- for other 5etvice5 PrEdeie55or auditor'5 remuneration for audit servites Predecessor auditor's remuneration- prior year overlunder accrual Predecessor auditor's remuneraiion for other servlces 2,132 1,650 43.068 50,356 IZ Trustee5 remuTreralon and expenses No Tru5tee5 have been reimbursed for their out of pocket travel expen5e5 during the period 12021.. nill. No Trustee received any remuneration duringthi5 Qrthe previou5 3CCOUnting period. Page39

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 13 Stsff ¢osts The a88reg2te payroll costs were asfollows.. 2022 2021 Staffusts durln8the yearwere.. Wages and salarie5 548.169 406.615 46.331 19.268 32.107 14.987 Pension CQ5ts 613,768 453,709 The moDthly average number of per50n5 (including senior management / leadership team) employed by the group during the year eipre55ed a5 fv11 time equivalent5 Wh5B5follow5'. 1022 2021 No 62 The numberof employees whose emoluments fell wiihin the following bands was.. 2022 2021 Nv £70.001-£80,(MM) £80,001- £90,(KK) Thetotal employee bEnefrt5 ofthe key management personnel of the group were £166,56012021- £209,426). 14 Taxation Th& chariiy is eiempt from ¢orpor¥tion tax as all its income is Charitable and applied for charitable purposes. The charity's tr3dinE Page40

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 15 T•ngible fi¥td assets Group Leasehold property Improvements Leasèhold property Flxturès and flttln85 Travel equlpment Totsl Co# At l August 2021 3,￿,000 130,781 58,563 477,689 12,164 75,108 19,782 4,283,578 91,842 1,333 At 31 July 2022 3.6(N).000 189,344 489.853 1,333 94,890 4,375,420 Depreciation At l August 2021 Charge for ihe year 195,894 32,424 29,022 6,780 445,455 5,832 40,434 7,261 710,805 53,074 777 At 31July 2022 228,318 35,802 451,287 777 47,695 763,879 Net boukvalue At 31July 2022 3.371.682 153.542 38.566 556 47.195 3.611,541 At 31July 2021 3,404.106 101,759 32,234 34.674 3,572,773 Included within the net book value of land and buildings above is £Nil 12021 - £NIll in respect of freehold land and buildings and £3,371,68212021- £3,4(M,1061 In respect of leaseholds. Page41

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 15 T•ngible fi¥td assets l¢ontinuedl charity Leasehold property Improvements Leasèhold property Flxturès and flttln85 Travel equlpment Totsl Co# At l August 2021 3,￿,000 130,781 58,563 393,169 6.184 37,207 19,782 4,161,157 85,862 1,333 At 31 July 2022 3.6(N).000 189,344 399.353 1,333 56,989 4,247,019 Depreciation At l August 2021 Charge for ihe year 195,894 32,424 29,022 6,780 370,376 4,332 4,288 6,040 599,580 50,353 777 At 31July 2022 228,318 35,802 374,708 777 10,328 649,933 Net boukvalue At 31July 2022 3.371.682 153.542 24.645 556 46.661 3.597,086 At 31July 2021 3,404.106 101,759 22,793 32.919 3,561,577 16 Hxed è5set Investments Group 2022 2021 Other Investments 2,564,781 2,684,419 Movement in M¥thet Value Market value as l August 2021 2,684,419 20.(KM) 1119.7131 119.9251 Mana8ementfee5 Market￿lue at 3LJuty2022 2,$64,781 Charity zozz zozi Shar&s in group undertaking$ and participating interests Olher investments 2,564,781 2,684,419 2.564.783 2,684.421 Page42

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 16 Fixed •sset investments Icortinuedl Shares ingroup undertaking54nd p8rti¢ipatingintere5ts Subsidlary undertakln85 Totsl Co# At l August 2021 At 31July 2022 Net book value At 31 July 2022 At 31July 2021 Détalls olundertaklngs Detai15 of the inve5tment5 in which the charity hold5 20% or more of the nominal value of anyclas5 of Share capital are asfollow5'. Proportion of vo￿nI rl8htsand shares held Undertakln8 Country of Incorporatlon Holdln8 Prfnclpal attlv 202Z zozi Svbsidiaryvndertakin Operation bar and bookshop England &Wales Ordinary loo% Bush House Building Services Limiied- Di5501ved 2021 England &Wales Ordinary loo% The profit for the financial period of Arnolfini Trading Ltd wa5 £138,21212021- £48,306) and the a£gre£ate amount of iapital and re5erve5 atthe end of the period was£50212021-£5021. Page43

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 17 Sto¢k Group Charfty 2022 1021 1022 2021 Goodsfor resale 46,290 29.465 18 Debtors Group Charfty Z022 Z021 Z022 zozi £ (As restated) Tpde debtors 36,342 14,727 20,740 150,282 .477 Due from group undertakings Prepayments (hherdebtors 134.677 17.870 54,771 9,417 18.520 6,768 100,530 40.015 225.499 153.547 19 Cmdltors.. amout)ts fallln8duÈ ￿thI*) onÈ yoar Group Charfty 2022 2021 2022 2021 44,031 29,720 4,247 25,360 114,088 31.457 14.928 2,234 22,575 127.080 31.659 21.692 4.085 19,599 112.317 23.202 11.824 2.134 18,666 127.080 Taxation and social securrty (hhercreditors Ac(ruals Deferred income 217,446 198,274 189,352 182,906 Deferred Income 1022 2021 Deferred income- Graup Deferred income at l August 2021 Re50urce5 deferred in the period Amounts releasèd from previous periods 127,080 681,975 1694,9671 116,667 765,400 1754,9871 Deferred income atyear end 114,088 127,080 2022 2021 Deferred Income- Charlty Deferred income at l August 2021 Resource5 deferred In the period Arnount5 released from previou5 periods 127.080 671.350 116.667 765.400 1754.9871 Deferred income at year end 112.317 127.080 Page44

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 20 Pension and others¢htmes Deflned contrlbutlon penslon scheme The group operate5 a defined contribution pen510n scheme. The pension cost charge for the year represents contributions payable by the group to the scheme and amounted to £19,26812021- É14,9871. Page45

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 21 Funds Group Other reco8nlsÈd 8alnslllossesl Balancé at I Au8USt ZOZI Balancé at 31 July 2022 Income Expendlture Transfers Unrestrlrtedfvnd$ Geneml General Fund5 1.174.877 1.380.460 11.198.929> 12.424 1.368.832 D￿VRated building Lease Designated Funds 3,404,106 132,4241 3,371,682 Total Unre$￿tted funds 4,578,983 1,380,460 11,198,929) 120,(MM)I 4,740,514 Restricted funds Heritage Lottery Funding Future Quest Culturil Recovery Fund Art Fund- Relmagine Proje 4,906 14,9061 10,413 27,607 48,945 175,0001 1,552 4,075 14,0751 32.513 63,433 194,3941 1.552 Endowmentfunds A5hleyClinton and 2,684.419 119.9251 20,(KKI 2,564.781 Totsi funt1s 7.295.915 1.443,893 11.313.248> 1119,7131 7,306.847 Page46

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 21 Funds l¢orltinuedl Endowmentfunds The endowmeni resulted as gift5 of assets from Mr Peter Barker-mill Ideceasedl with ihe purpose of generatin8 Income for ihe general purpose of the 8allery. In October 2016 the Charity Comm15sion approved a scheme to merge the two previou5 funds IAshley Clinton and Barker-mill Tru5tl. The Endowment 15 held by a 5eparateTru5t. The Board 15 made up of seven Tru5tee5. In the 2016117 year a loan of £568,7gJ due from Arno￿1n1 Gallery CIO to ACBMT wa5 forgiven and 15 therefore no longer a liability in the Arnofini Gallery CIO account5. However, an agreement ha5 been estab115hed whereby thi5 Sum will become repayable by Arno￿nI Gallery CIO should it cease to exist orcontinue to perform its present charitable objectives with net assets. Thi5 Constitutes a contingent liability between Arnolfini Gallery CIO ancl ACBMT and as such is not included in the balance sheets of the two. The Trustees of ACBMT are.. Geofftey Clements, James Myatt. Thomas Sheppard. Derrick Price. Fiona Hallworth, Rebecca Gibbs Anna Re#rirted funds Future Quesr- £10.413 awarded for the Find Your Way proje¢r. Culture Recovery Fund- relates to 2 8rants programme issued bythe UK Government asa response to the Covid-19 pandemic. Art Fund £10,8(M) awarded towards the Reima8ine project. £4,075 has been reco8nised In the year and the remainin8 £6,725 ha5 been deferred into 2022-23. Deslgnated funds The designated Building Lease fund isequal to the capital wrrtten down value of the lease on Bush House. Each ac(ounting period the Tru5tee5 tTrnsfer an amount equal to the depreciation on the freehold improvements and equipment fvnded by the building developmentfvnd from the designated fund to geneTrl funds. Fund transfers During the period transfers include.. £32.424 was transferred from the designaied lund to the unrestricted fund to the value of depreciation on the leasehold property. £20,(N)O was transferred from unrestricted fuDd5 to the endowment fund for the purchase of lurth*r investments. Inter-group Eliminaborts A donation to the Gallery from ihe trading subsidiary of £138,21212021'. £48,306) was made during the year. This has been removed from Page47

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 21 Funds l¢ontinvedl charity Other reco8nlsÈd 8alnslllossesl Balancé at I Au8USt ZOZI Balancé at 31 July 2022 Income Expendlture Transfers Unrestrlrtedfvnd$ Geneml General Fund5 1.174.377 1.110.215 1928.6861 12.424 1.368.330 D￿VRated building Lease Designated Funds 3,404,106 132,4241 3,371,682 Total Unre$￿tted funds 4,578,483 1,110,215 1928,6861 120,(MM)I 4,740,012 Restricted funds Heritage Lottery Funding Future Quest Culturil Recovery Fund Art Fund- Relmagine Proje 4,906 14,9061 10,413 27,607 48,945 175,0001 1,552 4,075 14,0751 32.513 63,433 194,3941 1.552 Endowmentfunds Pernirynent A5hleyClinton and 2,684,419 119,9251 20,(MM) 1119,7131 2,564,781 Totsl funds 7,295,415 1.173,648 11,043,005> 1119,7131 7,306,345 Page48

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 22 Analysts ol net ass￿ between fvnds Group Endowmert funds Permanent Total funds at 31Julv 20ZZ Unrèstrlcted funds General Desl8nated Rèstrlcted nds 238,307 3,371,682 1,552 3,611,541 2,564,781 1,347,971 1217,4461 Fixed assei investments 2,564,781 Current assets 1,347,971 Total net a55ets 1,368,832 3,371,682 1,552 2,564,781 7,306,847 Chatlty Endowment fund5 Permanent Total fund54t 31Julv 2022 Unrestritted fvDd5 General Designated Restri¢ted Ivnds Tangible fixed assets Fixed asset investments 223.852 3.371.682 1.552 3.597.086 2,564,783 2,564,781 Current assets 1,333,828 1,333,828 1189,3521 Total net assets 1,368,330 3,371,682 1,552 2,5M,781 7,306,345 Page49

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 23 Funds prior year- Rest•ted Group Other reco8nlsÈd 8alnslllossesl Balancé at I Au8USt ZOZO Balancé at 31 July 2021 Income Expendlture Transfers Unrestrlrtedfvnd$ Geneml General Fund5 719.042 1.141.069 1707.6601 22.426 1.174.877 D￿VRated building Lease Designated Funds 3,436,530 132,4241 3,404,106 3,436.532 132.4261 3,404.106 Totsl unrestricted fvnd5 4.155.574 1.141.069 1707.6601 iio.(ts)I 4.578.983 RestrlrtÈd funds 12,702 4.849 17,7961 14,8491 4.906 Paul Hamlyn Foundation Future Quest 5,937 Cultural Recovery Fund Art Fund- Wellbeing Project 114,204 186,5971 27.607 io,(N)o iio.0001 17,551 130,141 32,513 Endowmèntfunds PermLTRent A5hleyClinton and 2,403.528 119.0521 io.(ts) 289.943 2,684.419 T¢)tsl fvnd$ 6,576.653 1.271,210 1841.8911 289,943 7,295.915 Page50

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 23 Funds prior year- Rest•ttd Itontinuedl charity Other reco8nlsÈd 8alnslllossesl Balancé at I Au8USt ZOZO Balancé at 31 July 2021 Income Expendlture Transfers Unrestrlrtedfvnd$ Geneml General Fund5 718.543 1.018.034 1584.6261 22.426 1.174.377 D￿VRated building Lease Designated Funds 3,436,530 132,4241 3,404,106 3,436.532 132.4261 3,404.106 Totsl unrestricted fvnd5 4.155.075 1.018.034 1584.6261 iio.(ts)I 4.578.483 RestrlrtÈd funds 12,702 4.849 17,7961 14,8491 4.906 Paul Hamlyn Foundation Future Quest 5,937 Cultural Recovery Fund Art Fund- Wellbeing Project 114,204 186,5971 27.607 io,(N)o iio.0001 17,551 130,141 32,513 Endowmèntfunds PermLTRent A5hleyClinton and 2,403.528 119.0521 io.(ts) 289.943 2,684.419 T¢)tsl fvnd$ 6,576.154 1.148,175 289,943 7,295.415 24 Analys￿ vl net a55ets bthjeen funds prhiryear- Reststed Group Endc*wment funds Pèrmanent Total funds at 31Julv 2021 Unrestrlcted funds GonÈral Désl8nated Restrlcted lunds 168,667 3,404,106 3,572,773 2,684,419 I,236,￿7 1198,2741 Fixed assei invesiments 2,684,419 Current assets 1,204,484 1198,2741 32,513 Total net assets 1,174,877 3,404,106 32,513 2,684,419 7,295,915 Page51

ARNOLFINI GALLERY CIO NOTESTO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2022 ICONTINUEDI ARNOLFINI 24 Analysts ol net ass￿ between fvnds PTiorye•r- Reststsd l¢ontinuedl charity Endowmert funds Permanent Total funds at 31Julv 20ZI Unrèstrlcted funds General Desl8nated Rèstrlcted nds 157,471 3,404,106 3,561,577 2,684,421 1,232,323 1182.9061 Fixed assei investments 2,684,419 Current assets 1,199,810 1182,9061 32,513 Total net a55ets 1,174,377 3,404,106 32,513 2,684,419 7,295,415 25 Prlor Perlod Adjustments The prior period comp3rative5 have been rest3ted to reflect a correction to the Bccounting treatment of gift aid payments from the trading subsidiary to the parent charity- It wa5 identified in the yearthat a valid deed of covenant was in place and therefore in accordance with the StatemeDt of Pecommended Practice. gift aid donations should be recognised in the period that profits arj5e. The impartof thi5 restatement i5to reduce gift aid di5tribvtions in the cotnparatives byÉ16.206and increase the intercotnpany balance. In 01 £212.095. Totsl Funds As p￿vIOUSlY reported 6.364.056 212,098 A5 restated 6,576,154 Page52