2025-07-31-accounts

ARNOLFINI EST. 1961 ANNUAL TRUSTEES, REPORT & CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST IULY 2025

ARNOLFINI TABLE OF CONTENTS Reference and administrative details........................................................................................... Introductlon from the Board of Trustees..................................................................................... Vision. History & Values................................................................................................................ Charitable Objectives . Exhibitions, Artist Commissions. Artist Residencies & Publications....................................... Engagement and Education........................................................ .16 Live Programme..................................................................................................................... .....22 Marketing & Communications....................................................................................................25 Commercial: Café Bar and Bookshop............................................................. .26 Sustainability................................................................................................................................ 27 Future Plans................................................................................................................................. 28 Structure, Governance & Management.............................................................................. .. .29 UWE Partnership: Arnoifini X UWE............................................................................................ 30 Ashley Clinton and Barker-mill Twst (ACBMT)......................................................................... 30 Financial review and results for the year............................. .. .................................................. 32 Investment Powers and Policy........................................................................... .32 Reserves Policy........................................................................................................................... 32 Going Concern. .32 Risk Management........................................................................................................................ 33 Fund accounting .33 Our Fundralslng........................................................................................................................... 33 Auditors........................................................................................................................................34 statement as to disclosure of information to auditors........................................................ Statement of Trustees, Responsibilities.................................................................................... 34 .34

ARNOLFINI REFERENCE AND ADMINISTRATIVE DETAILS Registered charity name Arnoifini Gallery CIO Charity registration number 311504 Principal and registered offi 16 NarrowQuay. Bristol, BS14QA THE TRUSTEES The trustees who served the charity during Ihe period were as follows.. N Sachdev (Chair) lappoinled 1 Jan 2025) (resigned 17 October 2025) A Coffey (Acting Chairl G Maxwell-Heron (Co Chair) (resigned 31 January 2025) A Appiah Shippey {appoinled 24 March 2025) Z Birchall (appointed 24 March 2025) S Bond (appointed 24 March 2025) R Flee￿Ood E Harrison A Ilyas {resigned 12 December 2024) N Matti Leighton (appointed 24 March 2025) A Quinn L Shannon Little R Sullie (appoinled 24 March 20251 P W Taylor The following Trustee was appointed after the year end.. C Hargreaves (appoinled 1 October 2025) AUDITOR A C Mole LLP Chartered Accountants & Statutory Auditor stafford House Blackbrook Park Avenue Taunton. Somerset. TA12PX BANKERS Bank of Scolland 33 Old Broad Street. London, EC2N IHZ SOLICITORS Stone King LLP Upper Borough Court Bath, BA1 1RG

ARNOLFINI Esr INTRODUCTION FROM THE BOARD OF TRUSTEES We are pleased to introdu¢e the 2024-25 Annual Report. This report highlights how Arnolfini continues to be a pla￿ for innovation, collaboration and creativity". hosting inspiring international exhibitions and live evenls, while also working with and for our local communities. We are very proud that Arnoifini is welcoming. open and accessible to everyone, and that the large part of our offer continues to be free of charge. As a values-led organisation we were delighted lo receive Ihe Art Centre of Sanctuary Award by City of Sanctuary in 2024. We are the first arts organisalion in Bristol to receive this award, which is a great honour and demonstration of the journey Amolfini has been on to be an inclusive and welcoming space for all. We are proud to be an organisation with partnership workn'ng at our Core. forging strong links wilh local. national and inteinalional communities and industry partners. We are also grateful for ongoing support from University of the West of England, The Ashley Clinton and Barker-mill Trust. and Arts Council England. This year has provided the opportunity for the board of trustees. our staff and other stakeholders lo engage in dialogue to help shape the future of Amolfini. We are keen to ensure Ihal our charitable organisalion continues to make an outstanding international contribution to visual arls- al the same time ¢onlinuing to be an anchor for our local and regional communities. Being able to achieve our goals in a financially sustainable way remains key. We were delighled lo confirm Suzanne Rolt as our permanent Chief Executive Officer in May 2025, and she is charged with leading Arnolfini through its next period, with a particular focus on developing and implementing a sustainable business and partnership model that enables the organisation to thrive. As we celebrate Arnolfini's 501h anniversary of being located in Bush House, we are looking to the future with renewed purpose and optimism. We have been delighted to welcome new Truslees over the course of the year, following a successful recruitment campaign. The new Trustees all bring considerable expertise and experience to Arnolfini. We also take Ihis opportunity to record our sincere thanks to two longstanding trustees, Glen Maxwell-Heron and Sim Ilyas. both of who stood down from the board after seNing their tems of office. This year we have hosted truly exceptional artists and exhibitions, including Rinko Kawauchi. forming the centrepie￿ of the Bristol Photo Festival,. Barbara Walker, followng her Turner Prize nomination,. emerging British artist Sahara Longe and Palestine-saudi artist Dana Awartani. We have also launched our new series of Arnolfini Lates, mixing togelhei our audience groups and showcasing Arnolfirni's position as a significant cross-art venue in the city. We are also very pleased that our bid lo host the British Art Show in 2027 was successful, and we are very looking fojward to collaborating with our partners Spike Island, RWA and the City Museum & Art Gallery and Hayward Touring ovei the next hvo years. Arnoifini Board of Trustees

ARNOLFINI FST.1951 VISION HISTORY & VALUES OUR VISION Arnoifini will be a place where arts and aUdIen￿S come together. inviting conversation, creativity and collaboration. in a space that feels open lo all. OUR HISTORY Arnolfini wa5 founded in 1961 and Ihroughoul its history has generated a mulli- disciplinary arts programme for a wide variety of audiences in Bristol, across the Soulh Wesl and beyond. We work with local and inlernational artists, creatives and organisations to offer a distinctive set of experien￿$, both day and night, across all our spaces, contribLJling lo the vibrant cultural and community life of the region, and supporting the intemational cultural profile of the city and the region. We provide open. accessible and inclusive opportunities to create, communicate. and Challenge our understanding ofart and culture. We form collaborative partnerships wilh the aim of widening audience engagemenl and responding lo the changing needs of our community- We are committed to inclusivity and progressive social change through the full range of our activities and partnerships across artistic, education, communily and commercial relationships. In reviewing our vision and values. and in planning forthcoming aclivilies, the trustees have considered the Charity Commission's general guida1)￿ including the guidance on public benefit and fee charging. Entrance to our galleries and exhibitions is free lo all visitors. In determining the ticket pricing for events slaged in the auditorium and related spaces, careful consideration is given lo Ihe affordabilily, audience access and the organisation's aims for the development oftheir engagement. Concessionary lickel prices are offered for the majority ofevents 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. ILefllAFnoifirw Foundet5Annabel L&¥SL￿. John(hsborfiandJer&) Rees.Arnolfini whNÈ. {A￿h1) Arn￿￿1￿1 Galkny. ArnoifiTh archwe. Arn:1S:. P.11.

ARNOLFINI Ég1 19BI OUR VALUES Respectful.. We aim to be inclusive across the organisalion. operating with a policy of dignity, honesty and respect which applies lo our staff. artists. partners and audiences. Adaptive.. We are committed to looking. listening. and learning: maintaining the ability to respond to ourchanging times. whilsl respect forthe environmenl informs ourcommitment to sustainable working practices. Creative". Artists are Ihe foundation of everything we do. We champion the internalionally recognised and the locally relevant.. fostering and developing talent at every level. We believe that everyone should have space to create and are committed lo inspiring creativity- Wellbeing.. We care about our audiences, collaborators and our community. placing wellbeing atthe heart ofour approach, from programming to placemaking. We want to create spaces which inspire and promote wellbeing. Collaborative.. We believe in the power and creativty of working with others in partnership (artists. creatives. other organisations and audiences) to create synergies Ihal amplify the impact of art and foster a spirit of shared crealivity which best reflect our local communities and wider nelworks. Belonging.. We strive lo create an environment where everyone feels a sense of belonging.

ARNOLFINI E¥r. 1M1 CHARITABLE OBJECTIVES The object of the Charitable Incorporated Organisation is the advancement of education in the United Kingdom of Great Britain and Northern Ireland and in particular in the city of Bristol. by encouraging the practice and disseminating knowledge oflhe contemporary arts in general but with particular regards to painting, sculpture, print making and other like pursuils. PUBLIC BENEFIT In reviewing the vision and values and in planning forthcoming activities, the trustees have considered the Charily Commission's general guidance including the guidance on public benefil and fee charging. Entrance to our galleries and exhibilions is free to all visitors. In determining the ticket prices for events staged in the audttorium and related spaces, careful consideration is given lo the affordability. audience access and the organisalions aims for the development of their engagement. Concessionary ticket prI￿S 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. DronÈ shot. Amoifinl al B￿sh HO￿ 2WI4_

ARNOLFINI EST. I•SI EXHIBITIONS, ARTIST COMMISSIONS, ARTIST RESIDENCIES PUBLICATIONS Amolfini offers an ambitious and varied year-round programme of exhibitions. publications, commissions and artisl residencies. where art and audiences Can come togelhei in a space that invites conversation, creativity and collaboralion that feels open lo all. OLtrr exhibitions span over 500sqm of gallery space, the dark studio and reading room. Our ground and first floors focus on both early career arlisls and nationally and internationally established artists, with Ihe second-floor spaces offering a dedicated Spa￿ in which to share the work of local community partners and creatives. Our programmes are led by our core values." Respect. Adaptability. Creativity, Wellbeing and Collaboration along with our aim to make everyone feel welcome al Atnolfini. EXHIBITIONS MAJOR EXHIBITIONS RINKO KAWAUCHI: AT THE EDGE OF THE EVERYDAY WORLD 19 October 2024- 16 February 2025 Rinko Kaivau¢hi Allhe edge ollhg?v8.ydJy lic￿1￿, @xtrubrtionin51anabon. photo Lw Vthrfing &AM￿finI 2024

ARNOLFINI EST. laB1 In Autumn 2024 Arnolfini celebrated over twenty years of extraordinary practi￿ by internationally acclaimed Japanese photographer Rinko Kawauchi in collaboration wilh Bristol Photography Festival. As Kawauchi's fiTSt major UK exhibition since 2006. Al Ihe edge of the everyday world found beauty in the ordinary moments of everyday life. highlighting the small. personal movements within our lives that go on to create larger. universal joumeys, featuring photographic prints and film installations from ME (Mother Earthl, Illuminance and earlier series such as Ametsuchi and AILA, alongside a library of Kawauchi's 30+ photobook publications. exploring her career through words and imagery. The exhibition was accompanied by a new publication and was supported by The Japan Foundation. We welcomed 50,823 visitors to the exhibition and 3,270 participants took part in the associated en9agemenl programme. BARBARA WALKER: BEING HERE 8 March- 25 May 2025 In Spring 2025 Arnolfini presented the first major survey exhibition by British artist Bart)ara Walker. described as one of the mosl important British artists working today. Being Here charted the artist's compelling figurative prachce. from the 1990s to today. and was organised by The Whitworth, Manchester. 'Ba￿ara Walker Being Here. Exhibition Ins13tsabon Lisawhw O￿n01fini 2025. Being H8r8 captured Walker's intensely observed and empathetic figurative work that creates space for Black presence. power and belonging, tackling wide-ranging themes such as the policing and surveillance of Black life, t￿entleth￿ntUry war hislones and immigration to challenge conventions of representation and the histories they are looted in. The exhibits'on featured over 60 artworks, including iarely seen early paintings of WalkeT'S family, friends and community in her home city of Birmingham in Privafe Face11998 to 20051, her Turner Prize nominated monumental drawing series Biirden of Proof {2022-231 illuslrab.ng the impact on the lives of those affected by the Windrush scandal. alongside Louder Thafl Words12006 to 2009). Show and Tell12008 to 20151, Shock and Awe {2015 10 2020). Vanishing Point (2018 - ongoing) and Soft Power a major new commission of wallpaper.

ARNOLFINI EST 1￿1 The exhibition was accompanied by an illustrated catalogue, produced by The INhitworth, which sold over 150 copies at Amolfini. We welcomed 34.027 visitors to the exhibition and 2.372 participants took part in the associated engagement programme. LOOKING BACK: BEING AND MEMORY 8 March- 6 May 2025 Coinciding with Barbara Walker.. Bein Here Amolfini presented Looking Back (Being and Memory) a season of artist films selected in response to themes explored in Walker's exhibition. Weaving together Sour￿ material from aichives, public collections and official records, and bringing lo life communal histories exploring inslilulional and colonial violence and our relationship with the natural world, the season asked us to question what it means it belong. Looking Back (Being and Memory) included the first exhibition screening of artist Hope Slrickland's gentle meander a river holds a erfect memo alongside I'll be Back {20221, the story of the rebel Haitian maroon Francois Mackandel filmed in archives and museums across the UK, in collaboration with the Film and Video Umbrella. We also looked back at Bristol's own history with Brislol-born Julz Davis (founder of award-winning think and do lank Curiosity UnLtdl presenting a series of films focusing upon the impact of the events of the Bristol Bus Bo coll in 1963., and concluded with London-based artist and writer Morgan Quaintance's reflection on the passages of time in Efforts of Nalure120241, combining the poetry of Vietnam war veteran Yusef Komunyakaa, anatomical images of the body and the disintegration of polar ice caps. We welcomed 7,970 visitors to the film season. DANA AWARTANI: STANDING BYTHE RUINS 28 June- 28 September 2025 For Summer 2025 Arnoifini introduced audiences to the work of Palestinian-saudi artist Dana Awartani in Standing by the ruins, which brought together existing works with a major new commission in a moving exploration of love and loss, destruction and the passage of lime. Dana Aiyaoani St3nthno bylhewins. Èxhitmbon Ins1313lion. photo Ly￿ ￿rtI)g @AFTh￿fir1 202S Awartani's work addresses the physical loss of cultural heritage through the lens of abandoned, destroyed and vanishing places. Working across painting, inslallalion, textiles. performance and film, she draws allenlion to both the human act of making and human loss, reflecting upon the ravages of conflict within the Middle East and architectural modernisation ingrained with colonial legacy. Awartani describes her work as being as much about the story of how it is made as the 10

ARNOLFINI EST.1g01 finished work. honouring traditional craft techniques, and Working with skilled artisans, using locally sourced materials lo create work steeped in historical and visual references from Islamic and Arab art-making traditions. The exhibition featured key works including Come, 181 me heal your wounds. Let me mend your broken bones12024), commi55ioned for the 2024 Venice Biennale, new commission Standing by Ihe Ruins 111120251. textile and texi work Let me mend your broken bones {2017-1, and the meditative film and sand installation I Went Away and Forgot You. A While Ago l Remembered. I Remembered I'd Forgotten You. I Was Dreaming {20171. We welcomed 38.096 visitors to the exhibib.on and 3,249 participants took part in the associated engagement programme. SAHAHA LONGE: THE OTHER SIDE OFTHE MOUNTAIN 28 June- 28 September 2025 Alongside Dana Awartani, Amolfini also presented British artist Sahara Longe's first institutional solo exhibition, The Other Side of the Mountain, including a new body of work exploring semi- abstract interior worlds and capturing fieeling moments and memories. inspired by Doris Lessing's pivotal feminist novel The Golden Notebook {1962). li Sahafa LoJy9e. TheOtlwSA*of The m￿nI￿n. exfAblK)n insla1a￿Th. tiSa￿l￿r￿J É,Amtlfini 2025. The exhibition wove together memories from Longe's early childhood in Clapham with contemporary reflections on family, changing circumstances and Ihe nature of remembrance itself, varying in scale from intimate portraits to expansive compositions. The exhibition explored Longe's evocative use of colour, stemming from her classical portraiture training at Florence's Charles H. Cecil Studios, leading to a rich. jewel-like palette employing Symbolist techniques of subjective suggestion, hovering be￿een real and unieal wotlds. Working simultaneously across multiple canvases, Longe transforms autobiographical moments thfough literary and cinemali¢ devices. 11

ARNOLFINI E8T.1881 allowing audiences lo project their own narratives upon the work, and employing decorative qualities inspired by Christian iconography to posits.on Characters outside central compositions like narrators hovering at the edge of a page. We welcomed 38,959 visitors to the exhibition and 3,249 par￿￿panIS look part in the associated engagement programme. COMMUNITY EXHIBITIONS THE LIVING ROOM: HOW DO WE LIVE WELL TOGETHER 27 August- 28 October 2024 In Summer 2024 we transfom)ed our community exhibition space into The Living Room, invits'ng visitors lo make themselves al home. The Living Room offered visitors a quiet space to rest their body, providing soft seating, lower light levels and sensory loys, in addition to resOur￿S on local support and activities for parents, carers and children. books for all ages. and supported sealing for breaslfeeding. The Living Room also included a display of work from schools workshops njn by our creatives in residence Let's Make Arl as part of Brid es foi Communities, 8rislol School Linkin ro ecl and self-portraits made by school children in Year 5 and Year 10. inspired by the questions.. Vvho am I? Vvho are we? Where do we live? and How do we all live well together? We welcomed 6,377 visitors to the exhibition. HERETODAY, HERE TOMORROW: JERWOOD COLLECTION 23 November 2024- 2 February 2025 Her9 TcKlay. &lefft TDmorroiv. Èxh*rfi(m Th8la11alvJfj arwj photo. fthiosAkn Attthni 2025. In Autumn 2024 we presented Here today, Here Tomorrow, the second ileraÈion of a three year collaborative project with the Jerwood Collection. drawing upon the cycles of life and our relationship lo nature, place and the spaces that we inhabit. inspired by works in Riiiko Kawauchi.. At 1179 ecl oflhe eve da Ivorld. Bringing together a selection of 22 a￿OrkS. the exhibition featured artists Hurvin Anderson, Wilhelmina Barns-Graham. Patrick Cauifield. Kaye Donachie, Maggi Hambling. David Hockney, Eliot Hodgkin. Yinka Ilori, Chantal Joffe, Shani Rhys James, John Wells and Clare Woods, 12

ARNOLFINI E5T.1581 alongside responses crealeé by artists from Art in Motion {AIMI - a not-for-profit arts organisalion based in Bristol that collaborates with learning41isabled and neurodiverse artists. AIM'S artworks showcased their unique perspeclives and inlerpretations of subjects and themes, connecting local and intemational artists across different times and ¢Jisciplines. Here todgy. Here Tomorrow was supported by the Je￿ood Foundalion. We welcomed 15.311 visitors to the exhibition. NEW WAVE AGENCY, UWE February- 16 March 2025 In Spring 2025 Arnolfini showcased the Wofk of New Wave Agency, a creative agency for students as part of UINE'S School of Arts. providing equitable opportunities for students who face multiple inlersecling barriers.. such as those related to race, gender, disability, or socioeconomic status. The exhibition highlighted a number of diverse projects organised by New Wave in its first year, showcasing the various mediums, practsces. and industry clients that students have engaged with, demonstrating the valuable Industry expenence crealed by offering creative opportunities and accessible nethorking. We welcomed 7,826 visitors to the exhibitson. POETRY AND RESISTANCE:10 YEARS OF RAISE THE BAR 22 March- 1 June 2025 Arnolfini celebrated 10 years of working wlh ￿lebrated poetry night Raise the Bar, showcasing the work of poels who have performed al live events over the past decade, as well as Important historical voices, highlighting the power of poetry in calling for radical change. All iTrJ K*inolfini 2ti2J Sclc-l<i Godd8n perf(￿xin9 •l Ra￿e the Bar. photoA1exSherv￿ts Rdse the Bar. For 10 years, Raise the Bar has run poetry events in Bristol and beyond. establishing itself as the South West's leading live poetry night, celebrab.ng the diversity of the artform and plalforming stories which need to be told. The exhibitson coincided with Raise the Bar.. Poelry and Resistance LIVEas part of Lyra- Bristol Poetry Festival 20251. featuring Suhaiymah Manzoor-Khan and more. We welcomed 9,110 visitors to the exhibition. 13

ARNOLFINI ¢$T. 19•1 TAPESTRY OF BLACK BRITONS 16 April- 29 June 202S In eady summer Arnolfini showcased the first leg of an ambitious act of cultural remembrance with the project The Tapestry of Black Brifons, founded by producer Paula Ogun Hector. This evolving artwork stands as a testament to the inlerconnecledness of human experiences, emphasising that the richness of British history is incomplete wthoul acknowledging the profound contributions of Black Britons. Growing over time, this mulliparticipant project induded two lapestries. one highlighting the Yoruba creation story, and a second pivotal tribute to the overlooked role of Black servicemen and servicewomen in World War11 (coinciding with the 80th VE Day anniversary). The lapeslries were accompanied by research and documentation of engagement undertaken by Ogun Heclof. including poetry that has inspired the work,. portraits produced by school children during workshops,. archive material highlighting the history of Black servicemen and women in Bristol and a photographic mural, brought to life through a newly commissioned soundscape created by interdisciplinary artist Gary Stewart. The exhibition was supported by The Society of Merchant Venturers, Hope Oswell-Jones, Stanley Arts, The Haberdashers, Company. The Worshipful Company of Broderers, and Near Neighbours. We welcomed 15.475 visitors to the exhibition. UWE DEGREE SHOW 7-11 June2025 Every year Arnolfini celebrates the success of UWE gradualing students from the School of Arts as part of the university-wde Degree Show. This year we shared new talent from BA Graphic Communications and BA and MA Photography. We welcomed 4.267 visitors to the Degree show. COMO LA CIGARRA: LATINAS IN BRISTOL 7 June- 10 August 2025 Laiinas in Bristol creating wotk lorcomo la c￿93(& rknXOS ￿￿t￿￿￿}Arnol￿l 2025. For summer 2025 we welcomed our community partner Latinas in Bristol- whose vision is lo see Latin American women thriving within a vibrant and empowered community- to share the vibrant culture and heritage of Latin America through storytelling, textiles. and co-crealed arNvorks. 14

ARNOLFINI EST. The tille, Como la Ciga￿3 (Like Ihe Cicada), came from a song written and composed by the Argentine singer Maria Elena Walsh, becoming an emblematic anthem for democracy, resilience and freedom. Like the Cicada, whose birth and metamorphosis serve5 as a powerful metaphor for perseverance and Ihe struggle to survive and thrive again. Como La Cigarra celebrated the resilience of Latin American communities in Bristol and beyond. drawing upon collectsve ideas of home. community and identity. We welcomed 12,91 S visitors lo the exhibilion. ARTIST RESIDENCIES In 2024 we were joined by internationally renowned Japanese photographer Rinko Kawauchi who spent time al Arnolfini as part of an Arnolfini ACBMT International Artist Residency participating in Bristol Pholography Festival. including The World a Wave Symposium alongside a host of international speakers. Our International Residency Award creates opportunities for arlists to spend time physically in residence al Arnolfini, transforming both our audiences and artists engagement wilh our exhibitions from one of cultural experience to mutual exchange, generating conversations, sharing practice, and deepening our understanding of other cultures. The Award is now in ils third year and has welcomed participants from Nigeria. Japan. USA. Elhiopia and Canada. r•ftkoKawauchi Atlh&fjdgfjoFlhg FvfjrydayiY(yfrJ. porfrarf an¢ eXh￿rti￿ ￿$10131￿. pho10 Lw IthrfKwJ OAtTrolfini 2024. 15

ARNOLFINI ESI.1•11 PUBLICATIONS In October 2024 Arnolfini published Rinko Kawauchi. Al the Edge of the Everyday World celebrating Nventy years of extraordinary pra¢lice by internationally acclaimed Japanese photographer Rinko Kawauchi. exploring Ihe beauty found wilhill our everyday lives. The publication was edited by Gemma Brace and included newly commissioned texts by curator and writer Marc Feustel and Lesley A Martin curator and Executive Director of Printed Matter, and an interview with the artist. We sold 400+ copies via the bookshop and distributed 100+ complimentary copies. ENGAGEMENT AND EDUCATION Our Engagement Programme responds to Bristol's evolving and diverse communities. exploring different ways of seeing the world around us through a local, regional, national and international lens. We place engagement and collaboration at the centre of our approach, extending our reach towelcome anyone to participate in ourwork with multiple entry-points to our projecls and activilies with specific activities to engage a more diverse audience and those with more barriers to allendance including families, young people, community groups, refugees and marginalised communities and people with learning disabilities. long-term health issues and disabilities. This year. we made connections with 9.432 partiapants across our engagement programme which saw a 29 /0 increase in participants from the previous year. Over the lasl year we have, listened and learnt from ourcommunilies and adjusted our spaces to be more accessible and inclusive and widened our offer to Iransform Arnolfini into a centre for rest and wellbeing. Below you can see how we have shaped the programme in response to our core values.. respectful, adaptive, creative, wellbeing. collaborative and belonging. Cryt¥nunty Wotkstw al thoifwH 2025. Lisa Pl￿1￿graphY 16

ARNOLFINI E$1. 1•81 BEING CREATIVE "Relaxed setting and so amazing for easily overwhelmed children. Creative and exciting aCtivit￿S to spend time together with families and friends." Arnolfini visitor On any given day, our community workshop space is in constant use by community groups or visitors using the easels and materials. soaking up the natural light and views of Bristol's harbourside and enjoying time out to embrace their own Creativty. Working in partnership with local Chiklren's Centres and local charilies that support marginalised families has helped lo diversify our family audience, ensuring Ihal everyone can attend oui free workshops and experience the world through an artist's lens. We offered 44 fami￿ workshops this year, douNe the nUm1￿[frOM Last yearto 2,970 participants with 50 /0 of our families coming from Bristol's priority postcodes (lowest socio- economic areas, highest levels of long-term health and disabilities and highest areas of ethnic minorily communities)- WEARE FAMILY February hall ieim atAmolfini 2￿5 F*twty Photogr3phy f0rAm￿fy 17

ARNOLFINI E8T.1981 Highlighted Activity: Following the anti-immigration riots in Bristol in August 2024, we partnered with Bridges for Communities and Let's Make Art to look at ways of extending our welcome to Sanctuary seekers and delivered 4 creative workshops in local hotels in Bristol that were housing refugee families.165 refugee family members took part. A wondethl outcome is that some of the families are now attending our regular family activities. F0stsri￿kIÈ￿bPI al Amdfini 2025 Lisa Vthbry Phowaphy foi Amokni FOSTERINGWELLBEING "These sessions have been healing and inclusive for me. Amolfini is one of the most welcoming and accessible galleries I've everbeen to," they go out of their way to keep us all engaged and feel supported in theirinclusive community spa￿S on the second floor. When I started t17e programme I was highly anxious, but now I look fO￿ard to coming and continuing lo visitAmoifini after the programme ends. The sessions have improved my wellbeing and opened up a sense of self I have not felt in a long time." Crealwe Health ￿shopPart￿Apanf The wellbeing of our visitors. community and staff are central to our offer and approach at ArnoSfini, demonstrated in the environment and programmes we create. encouraging visitors to rest and lake some lime out for themselves_ In 2025 we continued to develop our wellbeing offer and strengthen and develop new partnerships with Arts on Referral and Health providers including Fresh Arts. crealiveshift CIC, St Paul's Children's Centre, Hospital Rooms.NHS, Changes Bristol, Active Recovery. NHS Bristol Mental Health, Outsideln and Workwell West. 18

ARNOLFINI EST.1981 We ran 36 wellbeing sessions and reached over 360 participants with 57°A of participants coming from Bristol's priority poslcodes. (lowest socioeconomic areas, highest levels of long-term health and disabilities and highest areas of ethnic minority communities. Highlighted Activity". In July 2025, we received a Creative Health commission from Bristol City Council's Culture team to creale a 3 month creative health programme for adults on the Work Well Wesl. Work Well West is part of a natsonal programme lo support adults with a disability or health condition who are struggling to slay in work, return to a job, or trying to find new employment. We delivered 8 sessions Irom July-ocl where parb"cipants were offered taster sessions of ctealive workshops from our core engagement offer to encourage continued participation beyond the length of the prograinme. Sessions were delivered by our long leim partners from creativeshift. Portrait Club. Lab"nas in Bristol and Sukina Noor, Bristol City poet. 75 Ftspd Sttyi¢S I IT BrSdge$ ftsr C•mmvnib•$ Poa¢* FeasL Rl90 Luchl, Ph•¢¢gr4phy tor AmolfinL COLLABORATIVE At Arnolfini we wanl everyone to feel welcome and heard. creating greater opportunities for underrepresented and marginalised communities to be actively involved in shaping our future programmes. We do this by conlinuing to develop meaningful, long-term partnerships with organisations across the South West that work with underrepresented and marginalised groups who, fora variety of reasons. may not feel comfortable visiting Arnolfini without extra support. 19

ARNOLFINI T. IM1 This long-term approach has enabled us to flex and respond to the needs ofour partners and the city, adding value to programmes that have been initialed from the community and inviting new ways of working. This year we worked in partnership with 20 Bristol based community organisalions ranging from arls and heallh. disability leads. refugee leads and dsversity lead organisations. Highlighted Activity: In June to coincide with the opening week of our SLFmmer exhibitions, we invited our long-lerm partners Bridges for Communities to host a Peacefeast event in our community workshop space. This was a wonderful opportunity for the people and communities of Bristol to come together, to share a delicious meal, and to ￿lebrate all that makes this city so special. Guest speakers induded exhibiting artists Dana Awartani and Sahara Longe. H¢x8pilal Rooms com￿13$1￿n, Aim workshop at Atnoifinb 202& Dan Welll Photograptyfor Hospltal RoL¥rn AIIAPTIVEAND RESPECTFUL 'Attending an AD tour at Amolfini is a peth of having sight loss. We gol to hear details that even sighted Visito￿ might miss and also handling some items from the exhibition was such a privilege. I got SUGh a great understanding of the thinking behind the artwoths. the description gwen to us by the Amoifini team made it really come to life forme and offe￿d details I would have never othenvise been awa￿ of. Everyone is so supportive arKJ welcoming. Audio described tour participant Working with our access partners from Sight Support West of England, Art in Motion, Outsideln and local disabled artists has enabled us lo think more inclusively across all our 20

ARNOLFINI EST 1981 programmes. We incorporate yearly training in sighted guiding, audio description training and disability awareness to ourfront of house leam and programming team to ensure that we continue to be welcoming and adaptive lo the needs of all our audiences. This year. in partnership with Outsideln. we ran a series ofArtists Support days, offering 1..1 advice for any artist who encounters significant barriers to Ihe art world due to health, disability, social circumstance or isolats'on. We offered 6 audio described tours for blind and visually impaired visitors and AIM'S art school conlinued their fifth year at Arnolfini with a cohort of 8 students. We continue to regularly open our galleries an hour before opening to the enabling groups with particular access needs to enjoy exploring the show in a guided and quiet environment. This included tours for mental health groups our visually impaired communities sanctuary seekers and for adults wrth learning disabilities. Highlighted Activity: In July. we developed a new partnership wilh award winning Arts and mental health charity Hospital Rooms to be part of an exciting new commission for a new specialist mental health facility for people with learning disabilities and autism. Hospital rooms have commissioned 2 AIM artists to create athorks for Ihe new facility and as part of Ihis commissioning process AIM and Arnolfini have co-delivered sessions at Arnolfini for 37 service users and staff so far. 11 IT Com, la Cigarra inas In 7June- stol cic 10 August 2025 Labnas in Bristol ￿ybrtion 20Z5 ￿SaY￿1b￿ Phkn9WyfNAmthl 21

ARNOLFINI E5T.1461 ASENSEOFBELONGING "I feel so embraced by this friendly and amazing group and it is so special to be given a safe Spa￿ Whe￿ we can connect in ourmolher tongue. It is a wonderful place to share and where people are truty welcon7ed." Latinas in Bristol member "Do you feel welcome?. is a question we ask every single participant in our engagement programme as we know there are many factors outside of the activity being offered that can play a big part in making someone feel welcome and seen. We address this throLAgh a community centred approach. asking members ofour diverse community to lead on sessions, suggest ideas and host community gatherings. This year we continued to invite sanctuary seekers to share their talents to run craft club maslerclasses, family workshops and creative wellbeing sessions. We continued to develop our community galherings progiamme to encourage communities to host meetings and activities in Ihe galleries helping to highlight the brilliant work that is happening in our city. 24 diverse community groups held sessions in our galleries which were as wide ranging as break dancing. meditation groups. communal stitching groups, yoga and much much more. Highlighted Activity: In May. we were awarded the Art Centre of Sanctuary Award by City of Sanctuary. We are the first Arts organisation in Bristol to receive this award, which fee15 like a great honour and demonstration of the journey the organisation has been on to become a more inclusive and welcoming space for all. LIVE PROGRAMME

ARNOLFINI Since our founding in 1961, Arnolfini has been committed to presenting the work of contemporary artists working across a wide spectrum of artistic mediums. Through our Live Programme in 2024- 2025 we have presented the work of over 100 musicians. performers. filmmakers, and arb'sts working outside of established categories. across 63 events. to an audience of approximately 8266 people. This year our musicians included the piano and percussion GBSR Duo, violinist Anghafad Davies, easl-meels-west Shui Mo Ensemble and nature-beatboxer Jason Singh. We presented the dance piece Greed by Bawren Tavaziva and the devised performance Skywater. F8￿Water, Undenvaler Waltz by Karen Christopher, Tara Fatehi and Jemima Yon9. Yaz Clarke's The Thicket approached spoken word with a composer's sensibility lo writing for a vocal ensemble, while a very different approach to experimenting with voice and language was taken in Edward Jessen's chamber opera Planlalion A Iperformed by the Phaedra Ensemble}. Renowned choreogiapher Siobhan Davies showed filmworks, as did artists Keira Greene. Sam Williams. and Aura Satz. We tried out a new format through our Arnolfini Lates series, curated evenings in which exhibition. performance and participatory activities were available alongside each other. to invite our audiences to experience new insights and enjoyments through artistic proximity and iuxtap0511ion. Sk￿yaler. F￿e￿water Undeffvialer tri'allz. pholagr?ph by Jemima Yong There were opportunities for people to engage with their own creativity through a range of artist- led workshops. In the Breathing Traces weekend, Ximena Aarcon invited women from migrant backgrounds lo explore her breath- and body-cenleied approach to documenting migration and belonging. Keira Greene and Kimberley Campanello led a session for people to share in their approach to investigating the history of Mother and Baby homes through poetry and moving image. Lyra Poetry Festival offered writing workshops, while Dan Johnson returned (by popular demand) for more Deep Listening events. Charlie Hooper-williams, participatory piano installation Play and See offered visitors of all ages a chance to create visual images through sound. Our talks programme included pholographer Amak Mahmoodian and public sculptor Luke Jerram 23

ARNOLFINI EST. IBB1 discussing their work, Margaret Heffernan on the value of artists to society, and the author Alice Vincent on motherhood and sound. Larry Achiampong and Malcus Coales both spoke alongside screenings of Iheir work at the weekend feslival Welcome to My Worfd. which highlighted how artisl-lilmmakers are approaching issues around mental health (curated by BEEF Brisloll. Performance company Bodies in Flight made a welcome return to Arnolfini lo launch their book Flesh and Texl, marking 30 years of artistic innovats'on. Partnerships continue to remain an important way for us to be able to present a rich and varied programme, sharing reSoUr￿S while responding directly to broader cultural remils and agendas, both locally and nationally. This year our partners included Asian Arts Agency, artist collective BEEF Bristol, new music platform eavesdropping, rural Somerset-based OSR Projects. Design West, Diverse Art151s Nefvdork. Lyra Poety, Sound UK. and Weston College. UWE Bnslol are a key partner and ran a range of events at Arnolfini including their Bristol Distinguished Address series. Y8s Claike's The Thicker More than 90 /0 of respondents to our surveys of live programme events taled their experiences as 'Good' or 'Excellent'. And while there is more that we can do lo make the most of publicity and audience development, the majority of our events were at least Ihree-quarters full. "Please keep programming more delicate and non-spectacular art and music like this,. '1 love the engagemenÉ with areas of the arts not really covered by other venues in Bristol. I like to take a risk with what I see and you provide these opportunities" "Don't ask me what it was about, but I found the whole experience totally new. I haven't got the experience to cn"tique something like this but all I can say is that I was captivated and the hour went fast" 24

ARNOLFINI F$T 1081 "l in very impressed with what you have evolved into re accessibility. I'm moving soon and will n7iss your shows. exhibitions and your lovely enthusiastic staff. Thank you so much for everything you've done" (Live programme audience feedback, 2024-2025). MARKETING & COMMUNICATIONS During the last financial year, a review of Marketing and Communications was undertaken, in line with the wider Transformation Roadmap. The Chief Operating Officer now directly oversees strategic Marketing and Communications projects, utilising specialist external resources lo support the delivery of specific strategic projects. This shift has enabled Amolfini to access expertise aligned to key priorities. while maintaining strong intemal oversight and coordination. Looking ahead to the financial year ending 31 July 2026, Amolfini will enter an important delivery phase, with several major marketing projects from the Transfom)alion Roadmap aboul lo mobilise. Each workstream represents a critical investment in Arnolfini's ability to communicate effecb'vely, strengthen its brand, and deepen engagemenl with audiences". A full rebrand- This will redefine how Arnolfini communicates its purpose, personality, and ambition, Ènsuring a coherent and impactful identity that resonates with audiences, partners. and funders alike. The rebrand offers the opportunity to reposits.on Arnolfini within the local, national, and international cultural landscape, modernising visual language while ￿lebrats'n9 Arnolfini's heritage and unique place in Bristol's creative ecosystem. Development of an all-new website- The current website no longer adequately reflects the quality and ambition of Arnolfini's programme or Ihe needs of today's digital audiences. The new site will be audience-focused. visually dynamic, and fully integrated with the CRM and ticketing system.11 will allow beller storytelling, highlight the programme, and increase engagement. donations, and ticket conversion Ihrou9h clearer navi9ation, accessible design, and more effective analytics. Implementatlon of a new CRM and ticketing platfom)- This system will transform how audiences are captured. understood, and engaged. It will enable a more dala-driven approach lo audience development, fundraising. and marketing. The new platform will provide greater insight into visitor behaviouT, support more targeted campaigns. and streamline Ihe customer journey from first engagement through to ticket purchase and post-visit follow-up. The Chief Operats'ng Officer is leading Ihe Request for Proposals {RFPs) for these projects to ensure strong alignment with organisalional goals and transformation objectives. Together, these initiatives will deliver a modern. integrated marketing infraslruclure desi9ned lo strengthen Arnolfini's visibility, effectiveness, and long-teim sustainability- A renewed and refreshed approach has also been taken with the Emma Talbot exhibition, with the building exterior take-over showcasing the work providing a striking example of how Arnolfini is re- engagirig aUdIen￿S - not only promob'ng the exhibition and driving visibility bul also reviving the original vision of bringing art outside and making it visible to all. The introduction of new poster locations (the first charsge in several years) has also significantly improved the exhibition's visibility 25

ARNOLFINI EST.1￿1 across the city. In parallel. Arnolfini has renewed and strengthened its collaboration with UWE'S senior Marketing. Communications, and Creative leadership through Ihe ATnolfini-UWE Partnership Board. Meetings have established a shared commitment to develop closer and more meaningful collaboralion going forward, and Amolfini is grateful to UWE colleagues for their generosity of time and support to date. As we move forward, Arnolfini is now fimily entering a delivery phase for Marketing and Communications. The year 2026 will be exceptionally busy, with multiple major projects running concurrently. This will place significant demands on a small internal team. and careful planning is underway to ensure capacity, resilien￿. and focus are maintained throughout this period of trar)sformalion. COMMERCIAL: CAFÉ BAR AND BOOKSHOP BOOKSHOP Our in-house bookshop achieved sales lotalling £321,501 12024- £278,963) over the period. The Exhibition offer once again performed strongly, with the Rinko Kawauchi show a part¢"cular highlight. Catalogue sales for Ihe show exceeded 400 copies and the print offer of posters and postcards sold almost 4500 units. The Bafbara Walker Exhibition in Spring was also very popular, and the catalogue produced by whi￿Orth Gallery sold out before Ihe exhibits'on ended. Both Summer shows continued this trend. with Dana Awartani proving of particular interest to our visitors. The popularity of the Exhibition Programme helped maintain footfall to the shop Ihroughoul Ihe year and sales never dropped significantly. This was also reflected in our conversion KPI showing an increase in visitors spending money in the Bookshop. We continued lo explore new merchandising opportunities for Amolfini in 2025. collaborating on a branded Canvas Bag with Let's Make Art and introducing another to celebrate our 50th year in Bush House. The Bookshop also began re-introducing Amolfini branded slalionery, with Pencils available this Sumrner and Pens and Sketchbooks to follow in the coming year. Finally, our print offer or archive Exhibition posters continued to sell well and remain the best-selling items on our online shop. We remain committed to reducing our environmental impact, using paper packaging and bags whenever possible and ensuring any plastic and cello bags used in the shop are biodegradable. We are also working with more local suppliers than ever before. Next year we plan lo continue expanding our range of branded merchandise, with an increased emphasis on our successful print range. CAFE BAR The Café Bar income increased this financial year to £154,952 (2024.. £120,817), following 26

ARNOLFINI EST. 1861 strong trading period in the summer months by our partriers Brislol Beer Factory. TENANCIES We continue to develop our programme by offering tenanted space lo compab'ble crealive and cultural organisalions Ihal offer potential future synergies with the work of the Charity. SUSTAINABILITY CARBON REPORTING & EMISSIONS In June 2025, we submitted our Annual Carbon Report lo Julie's Bicyde CC Tools, covering Scope 1, 2, and 3 emissions. Our annual total cart)on foolprint for April 2024- March 2025 was 323 tonnes CO29. The largest contributors were energy {eleclricity and gas) and audience travel, as shown in Ihe accompanying chart. Notably. energy-related emissions have decreased by 38 /0 since our 2018 baseline1225 tonnes COze} to 139.18 tonnes Coze. We have also seen a decrease of emissions across other areas of operation includin9 waler use. exhibits-on materials and business travel. A¥dl•*r• Ti•¥•l- J•.1 ¢￿tyr. 4).11% This data was compiled using tools such as the GCC calculator, Julie's Bicycle CC Tools, and UK Government conversion factors. SKILLS AND DEVELOPMENT Jack Friswell has completed the first year of his Msc in Sustainability. strengthening his technical role with deeper environmental insight. His studies are already driving practical improvements across operations and embedding environmental responsibility into programming. 27

ARNOLFINI EST 19S1 GREEN TEAM INITIATIVES Our Green Team meets bi-monthly to address organisation-wide sustainability issues and monitor progress against annual targets. In April 2025, we hosted our first public-facing event featuring herbalist and forager Maria Fernandez Garcia. Due to strong interest, we are programming two environmental workshops with Creative Youth Nettvork artists in November 2025. FUTURE PROJECTS Arnolfini has applied lo Bristol City Leap's Community Energy Fund for a feasibility study aimed at reducing fossil fuel reliance at Bush House, improving energy efficiency, and supporting nel zero goals. This project could serve as a model for other cultural and heritage institutions. NETWORK We are currently active members of the Gallery Climate Coalition (GCC) and Bristol Climate Leaders, sharing enviionmental data and best praCti￿S to drive sector-wide change. FUTURE PLANS Arnolfini stands at a point of change.. there is new leadership at every level of the organisalion and, combined with wider shifting political. social and economic landscapes. this has highlighted a clear need to repriorilise and invigorate the offer and future of Arnolfini. To remain relevant and resilient, Arnolfini musl grow as both a cultural and commercial organisab'on.. beller attended, more connected, arnd able lo tum vi51tors into lasb'ng supporters. The Board and senior executive recognise that we have a major opportunity to resel Arnolfini, refreshing ils vision, offer, brand, message and welcome. We have already made a positive start, taking forward the recommendations of an Options Appraisal completed in January 2025. undertaking an extensive survey of our audiences and key stakeholders, and commissioning an externally led report around future vision. In the Coming year, we will complete this work. agreeing a new vision that excites stakeholders, galvanises our team, and posib'ons Arnolfini as one of Bristol's and the UK'S defining cultural destinations. The vision will form Ihe foundation stone of our future strategic planning, framing an organisalion wide rebrand and new marketing and communicats'ons strategy. It will also sit at the heart of a new, financially sustainable business plan designed to hold us on course in the lead up to 2030. This business plan will be based on growth and will require a slep up in the generation of both commercial and voluntary income streams, an ambition that will be aided by the recruitment of new staff and an upgrade in our digital inffastructure. Our relationships with our dosesl partners will remain a focus. We will continue to seek the support of our linked charity, the Ashley Clinton Barker Mills Trust, for our plans. particularly around our International Artist Residency and development campaigns. We will be awaiting the outcome of a major capital bid lo Arts Council England's Creative Foundations Fund., if successful, we will embark on a Iransformalion of our entrance foyer, including a new arts.st commission and essential repairs. In tarbdem with this. we expect to be submitting our next NPO application to Arts Council England. We will also be seeking to strengthen our longstanding partnership with UWE, 28

ARNOLFINI E5T. 1961 launching a new Amolfini-UWE Partnership Board which will meet on a quarterty basis to explore together both strategic Opportunities and OFerational matters. Throughout the year V￿ will continue to strive to offer an outstanding exhibitions and live programme, as well as a high-profile programme of engagement activities and collaborations with our creative partners. This will indude significant planning for AnK4fini's lead role in the British Art Shijw which to Bristol in 2027. In October 2025 y￿ will mark the 50th anniversary of Amolfini molryng to its iconic location in Bush House on Bristol's Harbourside. 11 will signal the beginning of a number of public events in 2026 and will coincide with a highly anticipated exhibition with British artist Emma Talbot across all our galleries. This will be an important moment to not onty refiect on Amolfini's history but to look ahead to a confident and ambitious ftrture. STRUCTURE, GOVERNANCE & MANAGEMENT TRUSTEES The goveming body of the charity is Ihe Board ofTrustees vh)0 meet quarterly. The Board elects a Chair for a teTh of up to three years. vknith may be renewed once. The Board currenlly consists of 12 trustees, vthich is the maximum number available. Trustee appointrnents are for a term of up to three years and a trustee may ordinari serve a maximum of ￿ tems. We are actively working on trustee Sl￿cesSion 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 govemance 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 ty the Executive Tearn. There is an annual update for trustees to keep them abreast of changes in relevant law and practi￿. The full Board of Trustees meets quartedy 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 vknere necessary. EXECUTIVE TEAM The executive team at Arnolfini is led by Chief Executive Officer. Suzanne Rolt. She is supported by the Chief Operating Officer Neil Commander and a team of senior managers Working across finance, exhibitions, live programme and communty engagement. 29

ARNOLFINI EST. 1961 GROUP STRUCTURE AND RELATIONSHIPS The charity converted to a Charitable Incorporated Organisation in 2019r20 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 2024125. the trading company iecorded the financial transactions arising from sales in the bookshop. tenancy rentals and income received from the Café Bar which is currently operated by an external operator, the Bristol Brewing Company Limited (trading as the Bristol Beer Factory). Bristol Beer Factory 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 lo Arnolfini. The Ashley Clinton and Barker-mill Trust {ACBMT) is a linked charity. The Trust's principal object is to support Arnolfini and it does so by uts"lising the interest from its investments. UWE PARTNERSHIP: ARNOLFINI X UWE This year has seen the contsnuation of our long-term partnership work with our main partner, UWE Bristol. This multi-faceted partnership be￿een a major higher education provider and Arnolfini a5 a civic organisalion is designed and delivered to give multiple benefits to both parties. Vve are always appreciative ol 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 Cfeates a unique learning environment and an important interface between the various building users. We recognise that the student experien￿ is central to UWE'S vision and values and we continue to co-develop and deliver projects that provide unique experiences within one of the UK'S leading arts ￿ntres. ASHLEY CLINTON AND BARKER-MILL TRUST IACBMTI OVERVIEW Arnolfini Gallery is supported by a linked charity, the Ashley Clinton and Barker-mill Trust {AC8MTI. The trust has an independent Board ofTruslees chaired by Thomas Sheppard. The trust has been In receipt of funds in a variety of ways historically, bul the majority of the current funds {see balance sheell 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 Ihe charity during the period were as follows:

ARNOLFINI EST. 1561 T Sheppard (Chair) G Clements R Gibbs F Hallworth J Myatt D Price A Soulhall R Suttie ACBMT ACTIVITY 2024/25 The Ashley Clinton and Barker-mill Trust continued to provide ongoing financial support by way of budgeled and one off grants to Arnolfini from inveslmenl income received in the year totalling £74,557. In line with the TTusI's objects these funds contribute towards executive management costs, as well as the sponsoring of an entry level curatorial programme assistant role and supports an International Artist Residency award which brings internats'onal artists to Arnolfini. 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 galleiisl Lesley Waddinglon.11 was a fortuitous meeting that was key lo allowing Arnolfini to develop from a small volunleer-run private gallery into a major international arts cenlre. Peter Barker-mill wa5 the first elected Chair of Arnolfini's Council of Management. Key to cementing this commitment was seeing Jeremy's New British Sculpture Bristol11965}, curated as an early instance of contemporary sculpture being exhibited outside in public spaces across the city ¢enlre. accessible to people whether they thought they were interested in art or not. 11 is nol difficult lo 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 lo 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 Balh 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, Amolfini's home from 197>75. where Arnolfini's cinema programme began. They were key lo securing Arnolfini's move lo Bush House, our home since 1975. And in 1979, they generously gtfted farmland from Peter's family estates near Lyminglon, in HampshiTe. the rental income from which would support the expenses of running an expanded organisalion which by this lime was attracting hundreds of thousands of visitors per yeaT. Laler, this land would be sold lo 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 arls organisations in the city, including the Bristol Old Vic, and Arts Space Studios, as well as supporting Nature Consetvancies in Hampshire and Somersel. They also maintained their careers as artists, with Peter being commissioned to create a memorial for the Tank Corps at Bovington in Dorset. 31

ARNOLFINI EST 19$1 FINANCIAL REVIEW AND RESULTS FOR THE YEAR The Consolidated accounts includes financial activities of Arnolfini Gallery CIO (the 'Charity'l, Arnolfini Trading Limited {Trading subsidiary) and includes the funds held by the linked charity the Ashley Clinton and Barker Mill Trust IACBMT). The total income of the Group from all sources was £1,561 k12024'. £1.532kl of which £1,520k {2024'. £1,51 Ok) was unrestricted. Total expenditure was £1,593k12024= £1.577k}. In addilion to these funds a net gain on the Endowment fund held by ACBMT of £85k12024."net gain £232kl tesulted in an overall nel gain across all funds of £74k12024.' Nel gain £206k}- The trading subsi(liary's turnover in 2024125, which includes the operation of a café bar and bookshop. was £476k {2024= £400kl. After related expenditure, the subsidiary returned a profit of £178k12024= profit £127k} which is an increase on the previous year. This distributs'on of Profit Contributes towards supporting the work of the Charity. INVESTMENT POWERS AND POLICY As part of a review of our financial management processes the trustees revisited the treasury management policy and agreed lo a series of short to mid-term interest bearing deposit accounts being opened. A quarterly update on the portfolio including income generated fomis part of the Irustee reporting pack. In 2025 the amount of interest earned tolalled £36k {2024- £32k). RESERVES POLICY Trustees have set a reserves policy that determines a desired range of free unrestricted resetves based upon future expenditure levels considering any relevant risks and opportunities. Free Un￿strICted reserves are those amounts readily available to support chari18ble activities in the event of unexpected reductions in income, increases in expenditure and for planned fuluie investment. Unrestricted free reserves {the unrestricted funds of the charity less any fvnds designaled, committed, or represented by tangible fixed assets used by the charity) are intended to be maintained be￿een three and six months of expenditure. calculated at year end to be belween £350.000 and £700,000. Al the year-end, free reserves of the Charity stood at £942,751 {Gene¥al funds of £1,105,406 less tangible fixed assets within general funds of £162.653 and investments of £21. This is higher than the existing target level. The Trustees consider this to be an appropriate level of free reserves due lo commitments within the following financial periods. including investment in technology. infrastructure and fundraising initiatives which will draw down on a portion of the free reserves. The Charity has a longstanding contingent liability to ACBMT of £5S8.790 which is further detailed in the Notes relating lo Funds. GOING CONCERN The trustees consider that the charity has sufficient unrestricted reserves and cash flow 32

ARNOLFINI EST.1$61 to continue as a g(Mng concem for at least 12 months from the current date on which the financial slalements are approved. On Ihis basis the accounts have been prepared on going concem basis. RISK MANAGEMENT In accordance with Ihe Stalement of RecommerKled Pra(aice (SORP 2019). the trustees have completed a remew of the principal risks. The trustees are responsib￿ ft)r overseeing the managemenl of risks faced by the organisation. A forn￿1 review of the charity's risk management pro(*sses is undertaken by the Board on a regular basis. The full risk register is examined by the Board ol Trustees on a quarterty basis. The trustees consider it appropriate to adopt the going concern basis and have identified the key risks lacing thè organisalion during this period as being.. • Not meeting funding and income tsrgets. Maintaining the scale and breadth of the activlty on a modest stsff team. Operational and strategic delivery arrangements with UKE, Bristol for management of Bush House. • Reputational and relationship damage due to programming derisions. RIND ACCOUNTING Unrestricted funds are available to SPWKI on acliwties that further any of the purposes of the chaTIty- Designated fvnds are unrestricted fuThJs of the chanty vAich Ihe trustees have decided at their discretion to sel aside lo use for a specific purpose. Restrided fvnds are donations which have been specified to be used solely for Iheir intended purpose. OUR FUNDRAISING As a charity, Amoltinl must ensure that its charitable objectives are observed in recelwNJ voluntary income and in eaming income. We are cornmitted to transparency, and as such, we have outlined the foll0v￿ng policy for income generation. Arnolfini's guiding income generation principle is a simple one- we wll only use techniques that do not pose a risk to the reputab'on or charitable objectives of the charity. In doing so. the organlsation will adhere to the foll¢)wing standards: Income generation activities (eamed or voluntsry) carried CMA by Amolffinl Gallery CIO will comply with all relevant laws. . Any communications to the public made in the course of carrwng out Income generation activities shall be Iruthfvl and non-deceptive. All monies raised via fvndraising activities or eamed through our comrnercial activities will be for the stated purpose of the appeal (if applicable) and will comply with the organisalion's stated mission and purpose. . Eamed income through commercial activities will be reinvested in the charitable work of

ARNOLFINI Esf 1961 the Arnolfini. All personal infomiation collected by Amolfini is confidenb'al and is not for sale or to be given away or disclosed lo any third party wthout consent. Arnolfini gathers and stores personal data in accordance with the UK GDPR 8nd the Data Protection Act 2018, as amended by the Data (Use and A￿ssI Act 2025 {and any subsequent amendments). Nobody directly or indireclly employed by or volunteering for Amolfini shall a¢￿pt commissions, bonuses, or payments for fundraising activits.es on behalf of Ihe organisalion. Fundraising activities should not be undertaken if they may be detrimenlal lo the good name or community standing ofAmolfini. Financial contributions will only be ac￿pIed from companies. organisations, and individuals the Board considers elhical. Arnoifini 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 otherwsse harm protected groups. Would lead lo 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 thal Ihey have acted in the best interest of the charity, and that association with any particular donor does not compromise the Arnolfini's ethical position. ham) 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 polib.cal activity. During the period 2024125. Arnolfini Gallery CIO did not receive any complaints about fundraising aclivilies. AUDITORS A C Mole LLP are appointed as the Charity's auditors and have expressed their willingness to continue in that capacity. STATEMENT AS TO DISCIOSURE OF INFORMATION TO AUDITORS So far as the trustees are aware. there is no relevant audit infomiation (as defined by Section 418 of the Companies Act 20061 of which the Charity's auditors are unaware. and each trustee has taken all the steps that they ought to have taken as a trustee in order to make himself or herself aware of any relevant audit information and to establish that the parent charitable incorporated organisation's auditors are aware of that information. 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 Accounling Standards including

ARNOLFINI E8T I9È1 Financial Reporting Standard 102.. The Financial Reporting Standard applicable in the UK and Republic of Ireland (United lfjngdom Generally Accepted Ac￿UntIng Practi￿). The law appIl￿ble to tharities In England & Wales requires the trustees to prepare financlal slatements for eath financial yearwhich gi￿ a true and fair view of the state of affairn of the charlty and 9￿up and of the income and expenditLre of Ihe tharity and group for that period. In preparlng these fjnancial siatements. the trustees are requlred to: select suitable actsjunting policies and then appty them c(nsiskndy' • observe the methc4ds and principles in Ihe CharltEs SORP.. . make judgments and ac¢o(mting estimates that are reasonable and prudenL 4 State whether applicable UK A¢¢ounb'ng Standards have been followed, subject to any materlal deparths disdos&J and explairRd in the financial statemenls: and . prepare the financial statemen18 on the going concern basis u￿sS it is inapproprlate to p￿Sume that the charity will continue in business. The trustees a￿ resp¢)nsible for keeping suffiaent acL))unting records Ihal dlsdose wlth reasonable accuracy at any time the finanaal position of the charity and enable them to ensure Ihal the financial statements cc¥nply wth the Charitses Act 2011, Ihe Charity (Accounts and Report5) Regulations 2008 and the provisions of constitution. They are also rngponsible ft)r saf8guarding the assets of the charity and hence for taking ￿asOnable steps fur Ihe P￿VentIOn and detectrm offra￿1 and other irregularitie& Th18 report, includirvj the stratrgic report. vR$ approved by the Board of Trustees on Monday 81h December 2025 and signed ¢)n their behalf by. Register&1 office.. 16 NarrowQuay Brfstol BS14QA Amanda Coffey Acling Chair olthe Board of Twste8S

ARNOLFINI GALLERY CIO INDEPENDENT AuowfoRS REPORTTOTHE MEMBERS OF ARNOLFINI GALLERY CIO ARNOLFINI Or4nlon We have ￿￿fted tht statemerfsdArrfKd GryOO (the ¢¢)rnparfl a￿1 it5 5ub5Nliws 1th'8iaup'l lor the year eDded 31 July 2025. whKh the Cms￿￿1ated s¢aierneM of F4rtèwèl Arthil. Ctsbor￿Jled Balènce sheet.. Balance sheet. cons01￿ated staten￿nt of Cash Notes to Ihè Fironcl Slat￿tt￿ a 5ufflmwy of 5ignifyc3nt accountlnE policie5. rep0rtlngfratr￿W0lkl￿atb￿b8e￿¥p￿IÉd Althw waratth)¢tJnrted ￿Med0￿￿¢¢￿t￿l5 gtartlèids, cornpr￿1￿& Owrties SORP - FRS 102 Ihe RewtiDs applcatr In the UK and ol Ire￿￿1. and ￿p￿￿a￿le Iw iunrted Kin8d4M GeheoltyAttept¢d k¢Owt￿%FTti[el. In Our0￿￿knnthe I￿￿(￿?15￿31￿ffl￿nts'. 8r4e a t¢ue of state Df thE VOLV5 a￿1 Ch￿l￿s￿lfayS as al 31 July 202S4r￿ ol its le￿￿￿CeS aThJ appI￿al￿n olreswrw. ir￿￿d￿$￿eYo￿Sl￿(rt•y￿emPe￿.foTthevearthPn0Th￿.. hèvebeen wopeth prepaied Ac¢ep¢edfvrt¢O￿lt￿8P￿aClK¢. hwebeen v¢p￿li￿oI13rKt￿fth theW￿eN￿tsdthe lsforfjplraon we ¢orwJJCted Qur d￿rt 1h with InternotlLwI 51a)dards AuditinE IUKI I1￿5 IUKII and respohyblil¢S undei t￿$ sièrdatds ale ￿Vrt￿rdeScrtho irtthE aLwJitor forthe of the linèncièl statem&nt5 SeCtK>n of ctsr report Weare ir￿￿endent ol the gloup￿￿¢￿￿aM(¢Wlth Ihe EtTrKal wreTnert51hatare relv4antto a￿lit01the IinbncièlstJterMnts In the UK.1r￿Vdlfig th¢FRC'sE¢hKa st•W¥d. wiothpi ptW re￿￿t￿lit￿ 1nacco1danc￿W￿hIh￿ÈrÈqUIrèm￿Thts. We believe that the3￿lE￿Ad￿nce￿haYe0bla￿otsSu￿fty4 ar￿a￿￿Opriate ttswtYvJpaba5i51orouryMuTr. C•ncluSiODs¥elatinStowww¢onceTh In3ud4tlngthefillanclal statemÈnts. t￿1 t￿l￿stee%￿seo￿￿t£•￿C¢M￿nbMoIacCOulltinlinthe Wepbrat￿ olthe flnanc￿lIstaIemÉThl$￿￿Pprtyrl￿t 635ed on the w0tkweh￿e perf￿￿e0.￿e hzrfenDtJentifd afivrnaw￿1thxW￿I•rtWIn8￿tle￿sO￿￿Y1i￿￿S that. I￿￿￿￿val [￿￿(t￿ety. ￿￿[35t518￿￿cB￿td￿thlQ￿ I￿groUp'Saw￿tyto01m1n￿asa￿ry(O￿ceIn fora perlrl0F￿1we￿ernOftlh%fr when theoii8ThW f￿ancial$¢3¢ett￿M1swereaLth￿l$￿￿ for￿Sue. Our r@s￿n￿billieS ar￿the re5pwlhIrt￿ ofihetrwtsesthreWxtto￿rfo￿TrlaQl￿%nw￿thE releaDt5eitl￿5Uft roport. OtherlThtsrmatlo The irvstees ale respoty￿ tor Oll Thp othw (Lrytise5 infa￿lieiUtt￿." L* we h￿e ￿tobta￿Ded al ￿￿(￿ssary￿ort￿ ￿1pOseS ol¢xYWrt. Prfe36

ARNOLFINI GAILERY CIO INDEPENIJENT AUDITOR'S REPORTTOIHE MEMBERS OF ARNOLFINI GALLERY CIO ICONTINUEDI ARNOLFINI ResponslWli¢lesof Imsiees As expLiined ful￿ In thp State￿￿ of T￿￿et5. are for the Frepwalion OF the statemefits for beiDÉ 5isfied Iwve 5Lth infernal comid è5the tru5tpeS detennif ts DÈtessary to enbble the P1PPèièt￿Trof Tina￿315t3¢￿ehtstTr4tWtfve{t(thm3IÈnalrnI$sI•leJ￿Tht. wtrtherdve tofia￿￿e￿0r. lrt preparin8 ltre staternenty the tru5tee5 foT {￿n￿'S aknlrty to as 3 CL¥Kern. d¢Cbs1￿ ￿ a￿Ka￿e. matter5 reknted to (OTh￿ the concem ba5¢5 01 accountinE the tru5tEE5 eithe IntÈffld to hwddatpthe lh3rityortucea5e￿￿￿￿Wh1Ye nD￿a￿￿aheTh3￿Nrt￿o&FS0. Our obJ8rtlVe5 are to obtain rea5¢K￿b￿ a55LYance a￿xrt whpther the Stalen￿nts 35 a wlwJlp are Irpe from ￿terI rnlsstatemenl thèther duE lo fra￿ or Etror, ènd to ￿ an ￿￿0￿5 w that oui ￿n￿jn. REa50naL4e a5Wrènce ￿ a high level of ￿sur3￿ce. L4rt 15 nDt a¥￿￿3￿¢ee rhat￿jdrtt(•1L¢tÈJ th a(¢ty1￿￿1th ltsSlUKl￿11a￿tyS detect è mateThal miss1èle￿￿r heo rt ex￿￿5 MiS5tètefflEnts ¢an {rOth frKI ar￿ ¥e Matetial rf. in the ¥we8are. they rea50n3L4ybpe¥pe(tedto ¢￿e¢￿￿￿￿¢￿t￿5iOtis0f u5WStskehon t￿bèlis0￿1heSell￿a￿al stJtewnts Theextenitowhthourprotedwes areiapaboldeiectM¥irreVdaiKt￿ ￿￿￿1￿&fralld ￿￿e￿a￿e0 be￿￿.. IdontWylr¥anda5se551ngwential r￿kS01 molerial n¥55tatpmpntthJe lots￿E￿wIlle5 WE con5wJerÈd folb)wuy ¢ehihlwn8 ¥wJ xsesW% of Mssiate￿￿￿￿ io wres￿ardi￿5, Indkndir¥ Iiaud and . the ￿e￿lan￿reS￿Lit0ryfram￿¥0rkin￿hl(h1h￿(Qrnp￿Y0FoTr￿s - the nature of sÉrtorinwhKhthec<Jrnpxyopertes . IhÈ tontrol onvifonm?ntand controls estèNI5hEd f0rnitytes￿hr . the results of Enqu￿e5 of mwentabuui 8t￿1$$eS¢￿t￿fILsks0f ureydarits . dt5ckn55￿llS Wrththe a￿1rte￿￿&effl￿nttthWnabL￿rtknrrth￿￿ the Incentr4e5 for1r￿. L3w5 ènd rpsu&tio￿s con$￿t￿d ts be £nittart to ctyhwy itrNise r￿al￿ to the requiremenis d IinJwal repuftsne fièn)wtrkFHS102. the CompaThesA(¢ x￿. UK tax a￿1 heJtth ￿ sJlety. Ina&litiDnwèconsideF otherlaw51nd rEiu&lJOrt ￿hWA)Illredtyl￿￿￿llherifW￿1al Sts¢￿en￿b￿i wll)vion iheoperaiw)nolihecompanv As a te5￿1 ol these ￿￿eduleS wecoffl(hthd. kn ￿dance￿1th A￿ltIng sts￿dar￿ that a rElaiwJn io thE potenti31 f¢t managemenioverrftholrontrds exiSte AL￿1t responsesto risks identified We undertook audii pr(Kedvre5 10 ie5pond to the ll5ks and audft te5tin8 to re5wthd to thÈsÈ risks. The addilionalprocedvreswe y￿ertOOk included lhelo1￿w￿g". ' Bainin8an undersL7ndingolthe prO￿￿Te5fortnsu￿1th8tth1Wh7ThtÈ￿th Lmand¢e8vlatA￿s * ie511n8 the approwiatene550fpurn31 EnlI￿sand0thtradjuStMÈnts Can￿de[l￿8 whetheratc0unt￿£Ès￿￿aLt&It1Thd￿1￿Ècl POithliÈ4bas can￿der4n￿ whÈtheranytranSartthsaroseovt5Mle thenortY4I<ouiseolbuyf55 making Ènou11￿5 ol mana8emeni enouifin8 ès to Complia￿e￿lIh keycharv4￿AC1 requlrerneTh15duringihepe￿d coirobcrfaiing ow enqu¥￿$thrwh ie¥iyol8oardM1nutesa￿d torrespondEnte We a150 coriimunicated re￿Vant hw5 ￿￿1131 fraud lisks to all engagement members and rernaSned lert to anyindKator50f fraud Or non<onWthncewith kwsandie8ulalw5lhiou8ho￿I iheb￿drt. A fwthw de5ulPt￿ ol respDngblrtie5 FlwK￿ti1 Re￿ti￿ C¥vwIs website ¥vww IrcoFg.uVaudito[5re5POn51blitK￿. Th￿dEl¢￿Pt￿ft part￿¢￿a￿￿jl￿%W. Ilseof ourroport This céwrt is rnade solety to parent (Iwita ar￿¥s1￿5t￿l5LeeS. a5a body. wth 144 of Ihe (￿r¢ie$Attt 2011 ￿￿&tUnderse[Il￿ l54olihatAct.￿I￿dl￿W0￿kha5 beeDundprtaken 50 thatwe ￿￿th15t3%e io Ihern in an auditor's reporta￿ lorno othei pww5e. Tot1￿fL￿￿textenr￿erOYtted by lèw. we do (ept oi assume reSPDll5ÈbilitylQ 8nyoffle otherthan parent Charitab￿ ￿T￿￿￿t￿.$ tntsttesèsèith. èLOt worl fLthiS rewL¢rfor ttrWrM￿swe h¥e forrned. We have beenappointed a5 1141145 of Il 2011 atyj inctydèn¢e ¥nthlhe reivIat￿%￿ made nders[t￿n 145olthaill. Pa8¢ 37

ARNOLF11416ALLERY CKI f4DEVfNLW(r AUDIt(IRS Rfltoirr TO IHE MEWE115 OFARNOLFINI GALLERY CIO ICONllNUEoI ARNOLFINI StsWoTd (kbroJkP4rkknerA Tamn TAI IPX brv

ARNOLFINI GALLERY CIO CONSOUDATED STATEMENT OF FINANCIAL AcnviTIES FOR THE YEAR ENDED 31 JULY 2025 IINCIUDING CONSOLIDATED INCOME AND EXPENDITURE ACCOUNTI ARNOLFINI Unif51rKledfunds Re51rktedfvnds Endowmenttunds" Tot•l2025 ITh￿me 19.457 2Q707 B￿),043 70.676 482.S57 110.274 7.097 CharitaNe othertradingactriJbe5 In￿stmeN Incoff 4B2.5SI 110.274 7.097 Olherinctyme Tot￿incOme 1.520J83 40.164 I.￿.64? Expendilure I2￿.993) 11.29).4291 120.7941 o￿li￿abl￿ac11￿th$ 1405251 11.2S¥),954 TDtal expeTh4iture G￿￿(l￿Se$l0￿ investnwttèssets 11531.4221 1405251 120.7941 IC6.225 lQ6.225 Net Incom&llexperilurel Tiansler5betweenlvnJs 110.9391 8S,431 74.131 Taxoffl profit of ordinaryaaThii Netfflovgméni kn Tvrt¢s 110.470) (8 85.431 ?4.131 Re¢¢)ntilw￿noIfund lotèlfvnd5 brouEht lorwwd 4.73L667 2.7￿.373 7.473.870 Totèllunth (arr￿f0￿¥&Td 4.722.l97 2.825.804 7.54&WI Ilnre5trKtedfurxls ftestrkted fvrtos Tota12014 IhtomÈ tknnations ￿1￿1￿$ Ch3TltatrltaClMI 854598 133.979 407.441 107Arf)2 16.743 4A9L 875.341 138A70 407.4dl Inve5tmentincoffl 107,6D2 2.6 Other ￿(0￿￿ Totalincome Expendituwe 1251.IBBI 11.284.581> 119.aoty) 1270.4971 I1.](￿.576) CharIta￿e 121.gJ51 TOtaleX￿ndIIw¢ Galnslllos¥51 0nlnvesth￿I￿etS {1535.7691 121.ml 119.]091 251.$07 251,507 Net lexpethJrtuie)f11KoMe 125.5441 232.lQ8 2(6.293 Tèxon profit0lard￿ary ailmt￿5 Net ￿￿￿entin￿￿d5 132.19B 2C6.293 RE￿￿tillaIN)￿oI Iwd5 Totsifunds brov8htlotwai 4.758.211 2.508.175 7.267.577 Toialfundscèiried foryd3rO 33 These lunds ale held bya IifikÈd chJiity. 4.732.6SI 2.740.373 7.473.870 TherttÈS¢TrpaKE543t062f￿man1 olihe5e statem￿tts.

ARNQLFINI GALLERY CIO CONSOLIDATED BALANCE SHEET AS AT 31 JULY 202S ARNOLFINI 2024 Not Flxed as%¢ts Taogible ￿set5 Irwestffltnt5 15 3.417.927 2.825.804 J.506.246 16 6.273,731 6.246,619 Currehtassets 5tock5 4Sts29 231.701 1.2S4.997 44M26 209.345 l.l94.369 t￿blOr5 18 Cash?tbankaThl kn ha 1.447.740 CvditOrS".Amowisf4hn8dueMtknonpyEaw 19 25&057 122Q4891 1.274.270 1.227.251 Netassets T.548￿1 7.473.870 Funds olthÈ8rouw. UnrestslciodkncomÈf¥r tieytnèiedFvnds Gpntr& Fund5 616291 I.105.S￿6 3.553,639 1.079.02$ Un¥estfiCtedfvrtds 4.722.197 4.732.667 Endowmentfuthjs 2.825.504 1740,373 ftesttlctedfvnds 830 Totalf¥fftds ia 7.548.￿1 7.473.870 lJ8112125 The I￿all(la1 slaternentson p38es 39 to 62 bv the11￿tee5. wthakntknroed faT on........... behalf by. . ar￿ Iheir ArnaDdaCoffey Acting (h<1rèt￿trvSttÈ TheThxeS￿p?8eS43lQ62lNfft artin1￿aI￿oItheSf1na￿als1?ttyi￿Ils.

ARNOLFINI GALtERY CIO BALANCE SHEET AS AT 31 JULY 202S ARNOLFINI 1015 024 FSxed assets Tanwble a55et5 IOve5tmpn15 15 3.437.063 2.825. 3.493.242 2.740.375 16 6.262A69 5.233,617 c￿r￿￿ta$s1$ OEbtot5 18 J14.462 1.120.223 Cash bènkandlnh4nd 1.513￿14 1.4Y.7 CredItors.'Amoutstslèli￿OueW1thkn0￿è>y¥r 19 NotcurrÈnlasstts 1.284.632 1.239.753 7.547.501 7.473.370 FuTrd501therharflY. unrstricfed&ilomEl￿ds De5IBnaLed Fvrtds Gener￿ F￿r￿S 3.616.291 1.105.406 3.653.639 l.Q17&928 UTrresfrktedl￿s 4.721.697 4.732.167 EndowmÈntfynOs I825.￿4 2.740.37a e5trictÈdlunds 830 Totallunth 23 F.547.501 7.d73.370 The f￿0￿31 on pages 39t¢62 were4woYod fyv trwtees. for455￿￿￿ 08112r25 beh3lFty. . t￿11 Amanda Coffey Arting chaif¥vJtlV5tee ThprKlte50Apa8e5431062ftymani*r31 partof ttr¢se FIWIè15tattffl￿. PaÉe41

ARNOLFINI GALLERY CIO CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 JULY 2025 ARNOLFINI ÉST.MI 1025 2024 Neil￿0 74131 1(.293 WiuslmEn151oca5hftow5frwThTrJHashiteiiis 15 67.634 66.175 1107.6021 12SI.5071 19, InvestNnt iith5.2251 20.794 lfjve5tmEnt man¥en￿￿tI￿es 153.94>1 167J321 w0￿￿E￿￿￿71athS￿rnonts Iln¢reasel/deciease ￿$t(￿kS DnCrEaSElindpbtNs InCTea5elldecrea5elm￿drtO 1.049 Is 122.3561 37.568 19 4&698 Net cashflows IromopeiatiwèctMts 4).311 230.610 Cash flowslrorn kn¥estlwartMt5es Inteie5t re(eiY*eaiWJ5Thiknri￿O￿p IlQ274 107.602 19.8531 Pur(h35eoltanwL4e hxed ￿Sets NEt ca5hnDW5froMi￿estIn&3rtr IW.959 97.749 Net Increè5elldecrea5?I ￿(aSh aryJ(a5hequrrfalErt5 f￿.628 Cashifidcèsh e4uwèleDtsat l ALYUM 1.194.369 1.317.230 Cashandcash tyuvèlentsat 31J 1.254.997 1.194.369 ThEwte5￿lp￿$43to6110(M3nI￿teIra1 partafthe5efina￿a1Sia[ernefits Pa8e42

ARNOLFINI fjAtLERV CIO NOTE5 TO THE FINANaAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ARNOLFINI EST.1M1 (￿n￿$t￿l The [￿rItY ￿5￿MIled byshaie ¢aMal. wrtorpuralEd￿Ery1ar￿J￿￿W¥¢s. The addre%5D1it5re&5teiedO￿É ￿. 16 NarioY¢QL4V 8514QA Symrnary(f Si¢nifiCantèt(vuntMg po1th5and k¥￿¢0￿￿11￿$￿In￿teS The glifi¢ip¥I att¢￿tI￿8 pohcits ￿ppl￿d In the preparatth of the5E fv￿￿(la1 statem￿1$ a￿ set bekn. have been CQnSisienUy tO¥lthÈwwts￿ltQ￿.￿￿e5Sot￿sts1¢d ststementol¢Nmpli•r The fif¢rfial ststerneDt5 ￿ep￿ed Ihe h￿t¢￿￿￿1 c05t conwntKJn items iÈ(08n15ed * c05t or transadion valve nle$5 Ststel other4wSE WlthiD thp5enDte5.The 5¢ateny￿S beenwepared in a(rrrfdarfE With k(ounlinBaThd RÈportinBby charit￿S. Statsmehiolfte¢E¥nrnetwJEdPta(ti(e lapplK3ble toihaiitS WE￿￿1￿6[￿e1r3E(othES w¢d￿￿e￿1th th￿F￿a￿aa1RepDrtIfi¥ Stand3fd a9￿1¢able ￿ ihe UK 3Trd RewblK ol IreTand IFRS 102111$5ued ￿ lknober 20191- IChariDes SCP IF￿ 10211. the Fina￿￿1 REPOrtlllE5tafidard irtt￿ UK3TrJE￿f￿0f IfelaThl IFRS 10213￿ t￿￿0[1￿￿￿(E 2011. AmDWiniGalleryCK)rnÈet5 theoefinthnofa entrty￿rFAs 102. Basls of Consolidaknon The Consolidèted StatÈtllEnt of Fin3nc¥I A(iTriis ISOFAI, consol￿atEd Balance 5heei and consol￿3{2d Cash 51aiement, con5olOate the financr31 statttint5 of ihe Charity and ils subgdiary. Arno￿1￿1 Tr3&ine ￿rnited. The iesults of the subsidiary are CQll5o1￿ateO on a I￿e bylinÈ Allintia.8roup iran￿Kil￿5ale ehMM￿ed OTrcOm￿￿alty?n. 5urplu5 in the yeai the(￿lity￿a5£74.131i2O24.' wrplu5 £2C42931. Goln8¢Oiltern Thè TIu5tees Cons￿er theré arènrIfi￿ie￿ the abthtydihe erovp to lixit￿￿e 35 a 4ohlgCN￿trfft Cwd-lg h?$ had è YEnifKint pfferton Ar￿￿￿1.￿ com￿10314￿d Set uf b￿lless XtH)ns has mrtyiel ttrse s￿￿551￿1￿. The utilisè1￿Th ol 84¥errH￿¢fftt futkyJEh 5tntt C4Jntid of ￿t% 15taff ope1a1￿￿31J and other business da¢tatiOnS hève needt¢ LISE ie5trye5. In¢omeahd ¢r￿Owm￿ts All1￿0￿￿ ￿rEcOgnISed 1￿Cha[￿hOSentit￿￿liO1￿iKQff￿. r5pr(knWe t￿tthE be received a￿￿thE amuun of the1n(ompre￿pl3￿e{an bÈffleasyred ieWJty. Donatlonsand le8a¢les Donat￿￿ reco￿￿¢1 when <harity rKKthed in of seitlefiw de In the that dlY￿110￿ IssubJt¢t to thèi ale￿ dperfOFmx￿ ￿theChan￿￿We the￿ty ￿enIrt￿ tr¢hefW￿S. the Incofflei5 deferred and recogn￿ed urtil erthei tFM)sero￿l[iC￿ are1￿V thf￿fi￿enl ofllw ((￿lE￿n5 the ¢oDtroI ¢f the C￿TiL¥1￿d It ￿ probableihai (wJIt￿￿￿￿lb￿fL¥￿￿ Grantsrttelvable Grants ?re rtco8nis￿ when the h35 Ihe •y (L￿rt￿￿& ￿llked 10 the h￿e been met. Wher perfDmiaffl<e ¢ondi¢ior¢ atts(hed to the uant and are w t¢ ￿ nL iDCLYne ￿ recogrvd as a l￿bility aDd i(Kluded on the bèlance 5h&Èta5 deleiied itsbe IEIEa5ed. Pay43

ARNOLFINI GALIERY CIO NOTESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI 2 AjuTteliDts￿￿I￿1lorknKh, it ha5bee ¢eceDd. ￿Kh1￿coMèiSIthd￿rE￿redw￿.. - The ￿￿Or$pe(lEe$thèl theyahtotd(tyt4)n mu51rfbpused ￿lUt￿rea[cOU￿￿rep￿r￿>ls". rrf .The d<JnOrh3skn￿S￿d£DThIll￿ysw￿MU￿ berftbefote (kn[yI￿sU￿(L¥01I￿fi￿ entrtknent. xpEnditur All expÈnditure is rero8nised O￿t the￿ tsè Wl ihat It ￿ yobable s¢itlernertt ts re4l￿re0 ar thÈ arn￿nt <an ￿ meèwied rebabty cosis ale èlo(aled to thp expenditwe headry that aggregate Simdai costs to th c3to%ory. Whor£tssts ¢anrnt be tsectWaNrOuted to hP¥ji￿1heY have bEen akn(ated a ￿SlongS1eTh1 Mnth the vse ol r@5L¥Jr(e5. Raisinglundj Thèse 3re(0515 1¢K￿ed ar￿those wred intr¥•in8 xtvrts th￿ rèse ful￿5. charith￿tart￿leS Charrtawe eXpetsJitLre¢ompti￿￿l1￿ 105ts ￿the{han￿￿the￿￿kM0l￿S actr￿ S￿1$r￿e$ ir￿Ud￿51he 5t4W￿￿f3rt exhibit￿￿$. I￿ perf¢imart(es. pThpalw￿ It trth ¢os¢s that be directfy tosuthac￿eS and th)secOstsO[aTh•￿ff¢ct￿ath neces5aryto94￿ttheffi. Supportaryts SupwrtCOSts yludprent[allu￿I￿5 costce8orfysa bèks withthe u5eoliE50ur(e5, loi exarn(Ae. w4perty¢o%ts ￿1￿Jrareo ￿per[al￿t3.5IaIfC0srslrythÈthrne 5perfaTh1•therco￿$￿Y¢helrYS￿. itte¢4veiaNe VAT 1riecove1èblevATi5thwsodagaw￿the iateyryèxpendknTe rorhKhrt￿ rn￿¢¢d. nsknllslosis The 8roupmakÈsaY7AlaWe a SteF￿&YetPerthS￿￿X￿Me.cts￿V￿CotQrIXrtY￿ arecharyd 45?n expense ¥￿t￿￿the StsterneMolFknwèlA(¢Nrts. T4xaiion The charity is è rewstprtd charity and N the￿e. pKeryi from to lin Is I￿orne and (arAtal 8aiOS. to the extent thBt Tangible t￿ed è55els initKJlty at C05L I￿￿$ ary 5ub5ewent a(cunwL7t Impai￿eDtI055eS. A55et5Co5try￿Sthbn ES￿ar@￿tCarHtaknd.

ARNOLFINI GALLERY CIO NOYESTO THE FINANCIALSTATEMENTS FOR THE YEAR ENOED 31 JULY 2025 ICONTINUEDI ARNOLFINI I ki0unting￿lKleS{wThtI￿UedTr DEprecialv)na￿￿a￿rt￿IVjn D8preciat￿ll ￿ provided on ta￿b￿ a55ets SD 35 to olF the t¢st ty v¥uèiW. tstwwted itSKlual value. thwr experted uselul econ￿￿ IifE a5fdkTw5." Oewe¢iaUw ra -tyer20)eaTS .￿&S.10V¥S Leasehold Property lmw0vemE￿ts Fthuros and Fitt¥¥ leaseho￿ Property Off Eqvipmert Trwel .urfw3.5ye lwaifmentolF￿¢d•%sety A rèview of irtli¢atory foi impanw eh datÈ. ¥Jith rec￿era￿ estKnated where 5Uth indaiois exisl. whe￿ the tarryin8¥31￿ re[￿￿ra￿&3fft￿L 355ei accorfith. Prioi impairfflent&3rp a150 rthewed lor POSSiWe rewsal ?1 ea(hrewiJrede. A(8MTlinked charity The A5hlryClinEon B3ikèi aothiityknked to Ain01T￿l63￿ Ch). The Income. eXp￿drtwe. asset5 and liabl1t￿5 foi the TIu5t have been£ons￿￿Jated Intothe Iesuitspresenled￿ iheseauoml In accoidènce the Cbarfty SORP, the lund5 of the are 5ep3raiety htnd and are sep3ratÈly 5ro(k siwks¥ev?lued atthe ￿￿r0[(Ost￿1deStynateIs￿%re￿￿ekn((￿skn(￿we￿￿ Ai each ieportry date. st<Kksaie 355eS5ed fot imp3itmEnL dstotk5 urwmed. thE[a￿l￿ amuL¥rt i% re￿￿ed tD it5 5enini pite less cQ5t5toco￿￿et￿llld Sell. thEryrrnertb55i5ItYryw￿li￿mI￿ott￿TthprfrrtQ￿￿ Cashandta5h eq￿S¥￿ts Cash cash Ègvwaknts cthiiprise <a5h ¢n ha￿j and ial sI￿.lerIn hqLwI The5tmpnts that are readly CO￿ertI￿e toa kmwnammtoliash and aresubJ"eU toaniWM￿nt t￿0[￿3￿1￿¥￿je. U￿rEStr￿ted fwds ale 8erw¥ flrfs t￿1 are tsT Iht tn15teQ5 in furthuanEe of otriectwes ol the rDup. gnaiedfwthare unrest￿t8￿ l￿d5SeE a5th1arSFckn wtPoSe5atthE¢J￿￿tw￿O￿t￿1I￿te¢ Rp5trKlfd ￿(ompfL¥wts ¥e dN4ted L￿e Part￿All¥are? orfor5pwfr rwryktheu5eolwhKh&ftStriCted tothat area Orpvrpose. The EndowThpntknnd ￿an35￿et￿rAC￿￿3r￿￿ W 3[[￿dI￿t￿tIT1VSt'S¢JlIecls Pens￿$ ènd0iherwst￿ltreme￿I(￿I0￿d The 8rDUPOPèiètÈs? defir¢ contlihrtty pensw schernÈthKh￿3 r￿￿l￿plan￿￿￿?r¥th(hlLIed Contribut￿￿5 ale paid Intoa pen510n èhd the gioup nts leeal or ionsl(uct￿É Pavknt￿ CQntnTh￿Wln5 even il does noi hdd sufficient è&sets to ptyall empbyeesthe bénelsreLit*loefivknffe5eTh￿ein￿p(￿ryent￿d WWXPEtiod%. c￿l￿b￿li￿)5 to definÈd con1n￿rtion are recoEnwO in Statery￿ OF F￿￿(1￿ when are due. If (untribL￿O pèyMertts•¢ee¢ Ihewrtrt￿t￿nd￿t0r5e￿Q. thEex(es5 ￿recog￿Nd ￿3Vrepay￿￿t. Py45

ARNOLFINI GALLERY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JLILY 2025 ICONTINUEDI ARNOLFINI A￿nt￿Pol￿￿{VJtst￿￿￿D FinaKlal1n5tr￿rn￿fiI$ Thè sroup enteis into bas t￿￿14 IStw￿￿t5 that resthl of asset5 ènd kèWtiÈS Suth a& tTade other debtOr$ 3ftd creditors logother With loah5 tts related part￿5 Debt SL￿ as tf3de dobt<Jrs W ¢￿it￿r5 3re measured8t transact￿Tr price andsubseq￿AIty￿￿$WPdat￿¥3rt￿￿dc0￿. Financ431 wel$a￿a$S$$edaI thEondofÈach rewrtH¥ Pe￿d￿￿rIe lirtie(Xr￿é￿￿1￿eo1knpawmeTht f<Jund.1nlrnpaihxentk)55i51e(w￿d1th¢4yty￿si3tEnYnL Investments In shètes Ihat are PL&kty traded loi thw faIr￿L￿￿ rdiatrAy meastsilel are rtaSLffed at laxT v1knthro￿h piofit 0￿1￿5. WherelaYVJl￿(art￿￿ be mea5wed ¥t￿￿¥s￿edIt(05t￿SM￿rM•it. I1￿t￿￿lts5D$UbsId4￿ls3t￿j arempaswedaiwsitsimprn. Cvitical 4c(oUntlffl8l￿WÈ￿tsandEStN￿a￿R￿KQrt￿1l¥ The pr￿paratI9￿ of finwKb31 Staten￿nIS in conftyrnrty FHS 102 req￿rS fflanagement to fflake iudEefflents. estthates and 355unlPti￿th0t allect thp4pp1K3t￿ ol llK<YnP.a￿J ENperw. E51Jmales ènd S￿&¢Me￿i% £￿tInu3￿ ev3￿ed 4ThJ we based on JThJ fAh¥ eKpeoatlons ¢1 futurew￿l5thjl are belÈ%L114 be tEa50tth Yhe group make5 estimates aThJ aSSuthPtx)Dsiu￿￿r￿v< lutwe Tr resldiing estimateswill. by definitKlll, Se￿0￿ equal the ielètEd resutt5 Trusiees¢Lwder areTh?ffiiKal Estin￿res3￿d hemenis h¢ a w£Dilicant fisk ol ¢èuyrt4 amatptialadjustrnÈnt hth*swithintt￿DelI Inromefromdon?tkJnsandkwits n&5 funds L￿na￿K￿n5 22,767 142.3rii 22,767 142.] 19.457 m￿¢￿￿tI￿re1￿1 Trusls ènd loUr￿t￿n5 Govefnrneni 8rwts rt¢E4vèblp ArtsCounCil- rlpts 19.457 705.519 105.519 19.4$7 89).043 Oor4tlons 1&933 142A85 18.933 142A85 16.743 Mu5Eumt3x Frts5tsand 16.743 Aits cou￿11. NPO 696.7 6%.7 Total for20Z4 84598 16.743 875,341 Pay46

ARNOLFINI GALLERY CIO NOTES TO THE FINANCIALSTATEMEP4TS FOA THE YEAR ENOED 31 JULY 2025 ICONnrtUEDI ARNOLFINI Total funds d5 11.055 9.751 X)F 31.761 9.7S1 Le3inin¥and pathpatkni SAP3 proje¢¢ in¢Ort Lrie prosrlrnmetvents1￿0fftE 182 23.135 TOt•llor1015 49. 2Q707 70.676 44.146 4.891 49x137 2A62 Le3rniDgand PBrticipat P￿bI￿at￿n Sa￿5 SAP3 proiert in¢0 62.925 13.265 61925 13.265 Toi¥ ior2024 133.979 4.891 13a870 Irrfornefromltherirarfin8¥tW5 dD4bTnent lund5 Totsl r￿5 furtls fvnd5 Cart barhyfne 8¢oksh¢pinco (ther1￿0￿￿ 154.952 321.501 6.101 154.9S2 6.104 482.557 482.SS7 bar¥K￿￿e BookshopinCOI ot￿rI￿onIe 27a963 7.661 278.963 7ts61 )Y.44L 407.441 In¥estmÈntknto UNestyted ¢wted fu￿15 Interest re(W¥ab￿¢ft bankJepoyts Investmentint<)me 35.716 74.558 110274 110,Z74 lfflterest re￿Va￿￿￿)nb3nk￿ Inves¢rtwt 31.491 31,491 10?.6a2 107.602 Pw4F

ARNOLFINI GALIERV CIO NOTES TO THE FINANCIALSTATEMENfs FOR THE YEAR ENDED 31 JULY Z025 ICONTINUEDI ARNOLFINI 7 Otherhvcffie ToLIl fund5 futits lund Other in(offl 7.097 ?￿91 Totalfor102S 7.f87 7￿97 Oth&i Incom 2.605 Totalfw 2024 I.￿5 al CoJtS¢iltradln8attMt Umwtrkied fun05 rectCOSts 173JlO 95.247 12.336 173,410 95.247 IL336 5taf*c05¢5 Alh>cèted SLVPOrtc4sts io Totalfor2025 2￿.993 280.993 ieCt¢vSts 154.276 84.$03 I2.4￿j Staff cost5 84.503 12.409 Allocète6sUpp￿C0sEs ToLillor2024 251.188 251,188 bl Inves1rne￿t n11￿38￿M￿t[05ts Restthted Total lunds Inve5tmpnt mat￿[￿￿￿ 20.794 20,794 20.794 20.794 Inve5lme￿t rnaDa8etDprt 19.305 19.3( 19.309 19.309 Pay48

ARNOLFINI GALLERY CIO NOTE5 TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI g Ewnthtui•on(hariiableacIY￿￿5 PrOhis￿n￿1p1 3erte iknwe5trirted fu￿￿5 Restrkted lunth funds furtds Lire(tC05ts .175 638.755 34.$14 4iQ.689 538.755 237.SJO stsff c05t5 Al&xaied 5￿pport(OSts io 6.011 Totalfor ￿25 1.250.429 40.525 1.2W.954 Lrect(0￿5 395￿7? 64JAS4 24S￿55 21ts34 417.3C6 643.854 24S.416 StJft CDsIs Alhxated swpoii Co￿$ io 3fj1 T•t?Ifor 1024 1.284.581 21.995 1.3(h.576 10 ATra1v￿$o1 swportcfrfts Re5frirtod Total lunds lunds HR adMIn￿￿311[1n 15.257 IS.257 J&&)8 I,￿6 2.660 65.494 15.887 15,081 737 Lknces. rnernbeFthW&nd 8ank Ihaige5 DepieciatKJn 65.133 10.237 Is.￿1 737 361 AvdLI and XCOvntarK¥ Legaland profwo￿l Tr￿￿ a￿SUbS￿51ence 3.215 375 TranSiliwexpen5es 375 Totaltor20I5 31.4 6.011 237.slo R •IMin4St¢at￿fi 1S.W) J7.62a 3.341 15,509 17,623 3.341 3.7CQ 64.198 14.373 15.465 IC6.022 4.242 1.943 leM￿S. mernbefghips￿ SubxtfjPIKlS Ofhce co5t5 8ankcharE5 Depieci?tiOI) atketif*COSts Auditand accountatbEy Le8aland prolewonal TraW aThlSvbSis¢erKe 63.837 14.3n 361 15.465 Irffj.022 J.242 Trtn%itioD Èxpenses lotalforf1024 245A>55 361 245.416 Pa&e49

ARNOIFINI GAiLERV CIO NOTES TOTHE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 JUIY Z025 ICONTINUEDI ARNOLFINI EST 1961 10 AnalY4Jolsy￿costs [conthA￿ S￿PPOrt￿OSl$a1knUted fo rablryfunds Totsl 2024 2025 Oflice cos15 2,014 39S Travtl8nd Sub￿stenC 37 Marketlng¢osrs Ac(¢urttancy fees Audit fep5 32S 1.683 3.070 2.970 3.D49 Bank(har￿5 DepreC￿thn 2.140 12.336 IL419 11 Nqtln[Qn￿1{exPIndituI*D Ttrws i4Stated aftei chaiwe- 1025 1014 St3Hpen5V)n cont1ibut￿5 31691 26.134 13,046 12.825 7.065 67.634 Deprecièt 66.176 Charity Staffpens￿￿ A￿lIor.5f￿mU￿Èlèl￿n-1￿XTa￿dl1Se1¥ic￿5 21944 9,776 5.305 65.494 23.574 9,976 5.489 64.198 Deprecialion TNstees' rernuner1tknandryen￿5 One Trustee been reimbutsed lor É165 Out d wcket tr•d dwu¥the peitd12024". NILI. No Twstee teceiyed ènv Payso

ARNOLFINI GALLERY CIO NOTES TO THE FINANCIALSTATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI 13 Stalfc05ts 2025 2Q24 Wates ar￿ 53br¢s ScEntsof ENil11024.. E31(WI. The charity b exempt UJiwiatwn tèx a5 an it5 charitèwe afftl ap$￿ed lor chxitable pu￿5*$. The charrtV'5 tiadiD8 sthshI￿iry. AlThY1￿1 Tt•Jing LIMited. dwiES ts i￿￿ble to thE Ih3rity [r￿nant. Trms $ pa41 Wrth1￿ rnonth5 and therefore MrorWrat￿l?￿tsbIlY arèe> Pays

ARNOLFINI GALIERY CIO NOTES TO THE FINANCIAiSTATEMEiifs FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI 15 TaW•￿fkned+$5e Group lÈasÈhokl Tra￿1 e4uipmpnt T(￿11 At I AuEu5t202 Additions 189.344 4941￿> 744 IIXR13 9.3JS 4.399,471 At31July 2025 3.&X.(ts) 189.344 492.130 1784 124.528 4.4LW.786 OtpreilatknTr At I A￿$￿sE2024 293.167 32.424 54.743 9.471 467.502 8.738 1,510 1.274 74303 16.227 3.225 67.634 Al31Juty202S 64.21 475.7Q) 2.784 92.530 960.8S9 t4Et bookya￿e At31Juky2025 1274.409 125.1 16. 31.99# 3.447.927 At31Juty2024 .833 134.fol 24.628 1.174 3&910 3.506,246 Charity le￿￿ woperty Tr Cost At I Augu5t2024 Addrtion5 a.&￿.( 189.344 399.353 77.312 9.315 4.268.793 9.315 At 31 Jutrrf2025 189.344 399.353 2.784 86.627 4.27B.108 At IAugust 2024 (hèiee fof iheyear 293.167 32.424 54.743 9.471 381.5 6.232 1.510 3&5)6 16.093 775.551 65.494 Al 31 I￿¥2925 325.591 .214 393.827 1784 54.629 841 Neibookv•lue AI 31 AL￿V2025 3.274.41 125.130 5.526 31.998 3.457￿3 At 31 JLly2024 3.￿￿33 4.￿1 11.758 1.274 38.176 3.493.242 16 FixEda5seilThvèStoi*hts Group 1025 2024 Olher lfflvestrnonls 1825.804 2.740.373 p¥e $2

ARNOLFINI GAUERY CIO NOTE5 TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI MwemeTrtin Marketva MarketvalJg35 J Au8USt 2024 NÈt ¥Ji￿on walu)11ty1S M?nè8ementfees 2.740.373 lffi,E25 120.7941 Markei¥alu¢al31J￿I0?5 2.825.￿4 (harity 2015 ShèrE5 in VOLvL¥￿ert￿r45and part￿1Patkng Aiieres Otherkntment5 2.825.804 2.740.373 2.815Xk 2.740375 SharesknyOupu￿rtaknn154fvlpa￿KiPIDryI￿tCrC5yS 5th￿lary ndprtaki￿5 Tltsi Co At l AuguSt2024 At31 Juty2025 N¢tbookYalve At 31 Jvty202S At 31 Juty2024 DÈtails olunOertak5ny D2tw15ofthe the[harityW￿ty￿￿oFI￿rWI￿￿¥aIu￿o[•￿v￿￿0I5h3re capitalaréaslollty5'. Pr￿rt￿￿oI￿EtrqrW5¥￿d shknhEkl utsdertaki CouTrtryolln(orpDAtkn Wlr4 2025 Sub5kliaryundertaWry OperatK) bar and AmoifiniTrèdin8Ltd E￿il￿&Wa￿S books 5ubSidlaries The prolit lor the finan(iJl peri￿ d Am0￿1￿1 Trad￿8 Ltd was El77.89111024- £126.6yI and the aBye8ate amount Df capltal nd TeseNe5 hl Iheeffld ol the perfKOwa5 ES0212024- ÉS021. 17 SI¢Kk Gr￿P a￿￿ty 1025 2024 IOl4 Goodslorresa 4Sfi29 44.026 PaEe53

ARNOLFINI GALLERY CIO NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI F5F 1gB1 lfj Debiof5 Iharity 20 2$ Z014 T¢adedpbtws 14. 30.345 1.335 17 Due from ÈroupLVKlertakin85 Prepaytnenls VAT IfA),348 20.014 3.051 I￿.908 29.X 3.3$6 27.828 3.051 31.3YJ 3.3 1.429 142.885 Ckher debt¢ 49.828 142.034 Tax debt 142.Q34 142.88$ 231.701 209.345 338.6 31d.462 19 (rethEur5'.a￿U￿￿1aI1￿g￿￿¥￿fthknW￿¥ea￿ Chartty 201$ 2024 D25 2024 Ttadecieditors 3S.S 27.311 24.764 2S.278 16.716 .188 36.697 14d.gij 15. 10.821 4.335 s￿1¥5¢￿1 2q723 4.336 29.176 141.49) crua 43.492 Deferred incom 141,490 258.0S7 220.489 128.392 1%,032 Defe￿￿l￿orne 2025 1024 Deferred I￿Ome. Gioup DefÈtred intomeat lAug￿l 2014 Resoulc￿def￿rred in 141.4 134,S72 735.780 1719.8621 734.598 730.675 Ath)unis le￿e￿Ir￿ pe￿5 DeFer￿d inrow¢ai￿areTrI 14S.413 141.49) 201$ 2L114 Deferred Imome. Chadty DeleFred Incomeat IAugust 2024 ReS￿r(e$d￿ferred in the Amunis rek?sed 141.4 13LEOI 724S98 736.780 I728.￿1 Deterred in¢OThatyeareThl 144.913 141.490 Po8e54

ARNOLFINI GALLERY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JULY 2025 ICONTINUEDI ARNOLFINI EST 1161 20 ob￿all0￿%￿￿0¥ ￿0$¢Sand￿￿e wrthsq(oRtra(ts OperaiTrn8lew¢omMftmen TDf3lfuture minlmumlea5ep3yrneNsuthrw<aKdknble¢perat•y￿Ès•*ès1Qkns.. GnyJpwOChJrfty 2025 2024 1.079 1.439 1.439 one tolNe yews 1.079 2.878 I PefflsM a￿0th￿rIche￿ The eroup tytratÈs adelined C￿l￿t￿rtth peh51￿ sdwne. The c05t(¥w Ifarthe￿ reFrfesents ¢￿t￿L￿rt￿)￿s P￿￿e bythe Eroup tQ¢he5ChemeaTh1￿vrte￿1ts É33.232120E4- E29.0i31

ARNOIFINI GALLERY CIO NOTES TO THE FINANCIAiSTATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI EST 1>11 I Contln8entlob4tS A COntins2nt lièbility beiweenAtt￿￿G1th CIOaThl ACBK4T. Ih 2016l17tr￿3r¥ W of £￿.79Ddue from knYlirti Gallery CIO to ACBMTwa5 loTgweffl r5 ihettftye a hablity in Gaknyao x¢omtS HTh￿r. an agreernent has bee establashfd whereby this stsm tthll be¢¢Me iepByablp by rt (e￿ to ¢x$l 0¢ to perform its present ¢hariiabPe obie¢tive5WithnEt ￿5￿15. TheTrwtees L>)r￿l￿n5¥Jerit￿kththollthe banwll iepa¥nnt. 23 her Balanceal31 Juty1025 Au&u5t2Q24 IroiY vlnsll￿e$j unt¢strf(ttdfur￿s Generol Fund5 L079.028 X.51Q483 11516.4Y 32.893 1.105.4 BuiWing LÈaseDeg8nate FUr￿S 131424 3.274,410 2W.( PIo8iammeforFuture 97.205 49. {4.6631 92.542 49.339 FvtureR&DProiect5 3.6S3.619 14.92 Total U￿rS1￿￿t￿lUn 4.732.66F 1.520.483 ¢69 4.722.197 Restri(tedlwd5 Cultural Re¢overyFu fjaifiev We5tu S￿> 14691 11251 {13.2$7J krwCyJC(dlectKJn Van Ne5te 15JX A Fund-lonathaoRuffe lapJnFounthtio 4Q164 I￿).5￿5} EndwJJrMntlundJ AshlÈVCl￿lott3tt￿ 2.740.373 1(6.tR5 2.925.804 Ttslfunds 7.473.870 1.sr41647 I￿.225 7.548.001 Pay56

ARNOLFINI GALLERY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENOED 31 JULY 20Z5 ICONTINUEDI ARNOLFINI 23 F￿r￿s1¢¢￿t￿￿dl Endowmetstlund5 The Èf¥JowmEDt re5uW fiL￿￿ft5oraSs￿ts fwomMrPekn Bwknr.Mdl Idereasell with ttr¢vpxt UlEE￿Yat￿1lKal￿e for the gener PLYP05eolihegal In Ottober 201E the CharttyCornrnwKl apprtyed a xheme to t￿￿￿0 fvrd5 (Ash Clni¢n W ea￿er.￿lI1 YruStl. The Ehdowment ￿ heldbya5ewateTn15t.The Board $rWe upof sÉwiTivSt¢ts lrt the 2016117 yeai a of E568.7￿d￿ frorn ArMini Ga￿ ooio ACeMTwasfot8VED ￿j ￿thErefOre nD knyra at¥lty kn the IrnofiDI GallLYyCIO3((o￿tS. HDwv4er. an agrÉemÈnt bÈÈn Èstablthd +rebylh¢wm¥NI be(ome repay4￿￿ ￿ ArTh)Ilifii G￿l￿ry CIOshovld rt￿e toexi51 tLTrperforrn its presentChaThlab￿Citr•¢s￿1hr￿lassets constit￿e5 è ¢ortliryehi tsaknlrty Gall￿ AC8MTand is 1ftd￿ tsalatKe 5hEets of the two. Thp T1u5tEesof￿T a￿.. ja￿ trAyatI.I￿thJ% L￿r￿ Ptice, Rebec￿ Gibbsènd Anna Southèll. ftestoctedfurtds dtvol ftttfftryFUryJ.￿btes tDaVantsWoBra￿I￿￿￿sWdIVthe￿XfMwr￿lJS3 ttsptyuetothetrlid.19￿ernK. ArtFund.£1.2Q>•Yarded Garfie￿ Weston. ￿30￿￿1r￿ar￿5ttr¢cd1￿etty(¥Wkle(L ¢thdw￿[￿lUrllp￿aClpaE10nand Wrnunrties aU0$S￿r JEfwDod Co1￿ct￿n. E15.rth tr￿r05 Cwairyi¥ ie5ear(h the ATnoIfi￿ UWE MA turaiifj8 t¢)ur5e. vaD Ne5te. E5,1￿1n5Up￿o1weektyy￿￿ne￿,sUats( Art Fwd.Jonathon Rulfer.EI.2￿lth¥ard5￿ ￿￿r￿t￿*t•¢￿￿I￿+1ol D•¥Aw¢$wewYotkstLd￿. 8U1￿1r% Lease Dugnated Fund- Lease de5V￿ed IL￿ ￿ eq￿1 to the G1pt￿ writien value ol the lease on 8u5h se. Eachattouni￿ the tiuStes tQnsFtt ewalto i￿de￿￿£&it￿n￿lkne InVo¥e￿nIS funded bytho b￿￿11r￿devekn￿m¢fiI I￿1{￿0￿￿￿1he0e5￿e0lV￿to8eI￿3lrUlth. 6uildiry. The lo deswte £2￿[￿￿) Costs and piemw rewed expetsjitwe whichcan be dr￿nd0¥M￿clOs5thÈ pentyl. PioErafflrnefof FUtureAct[￿t￿5. roh￿p￿￿#3Eet)urthm￿the t05LW￿0￿Wort￿th1s￿re￿ FutUlE R&DProiECt5.tOSLVm R&Ow0tkaThJcanbtdrkn￿d￿1tySpeoT￿sW(¢ISè11￿￿S(rthrfthe ExecthNe Inte¢•wpElio)￿alWj[I5 A d¢naiion to the Gallery Irom the tièd1￿ Subs￿￿ry 01 £I77.89)120E4" E126ffj941 was durtre the year. This hès been iem¢wed thec4￿￿O?teJ$oPA￿ i%irflVd￿ Inthe Pa8eS7

AIINOIFINI GALLERY CIO NOTES TO THE FINANCIAI STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI EST 23 Fund$l￿ntInu4I Chavtty OthEr ecogntsed In5111￿55￿5) gwt2024 Unre5trktedfund5 6eTrefol General Fund5 I￿1￿528 1.249A 11.245.505) 32,893 BUI￿l￿gLe￿¢ Dey￿￿ed 33A834 {3L4241 2W.000 PtogrammpforFuiu AciNities 97. 49.6ts) 14.66ai 92.542 49.339 FutwtR&D Prqetts 3.6S3.639 3.616.291 7fytal uNe5t￿ted1Unds 4.732.l67 1.239.4 11.2$0.429 469 4.721.697 Rtstrittedfunds CuhuièlRecoveryFvtx Garf*NIWeston lerwth)d Colle(D( 1361) 113.257) {5.3B61 ISJKK)) 13.257 Van Ne5te Fuffld.joWt￿ RuVEr Jap3nFOL￿3l￿ 14Tr.515) peimLTnent Ashleycl￿￿￿l+XI 8arker.mill Trwt 2.74J.373 1)).7941 Irfi.225 2.825.￿4 TOtall￿ndS 7.473.370 1.279.654 11.311.748 It6.225 7.S47,501 Pxe58

ARNOLFINI GALLERY CIO NOTES TO THE FINANCIALsfATEMENTS FOR THE YEAR ENDED 31 IULY 2025 ICONTINLIEDI ARNOLFINI 24 AnaIWs0f￿la$1ttstsEtwtt￿lUfi￿ Gr￿P Totalf￿nd5a¢ lund5 1025 TangIblets￿ a55ets FLYedasset hTrrt5trnents 173517 1274.410 3.447.927 2.815.￿4 1.532.327 1258.057 R.825 Cwrènt asseis LIW.446 {258.1￿71 34L081 Toral rtetassets 1.105.9C6 3.616.291 L825. ?.$48.￿1 (hèrity Totslfundsat Endownwi Thds Gefvtral 2015 TahgiWefved355ets FLyed asset rn51MertlS 162.653 3274AIO 3.437.￿3 2.825. 18R5. 341Wi 122&3921 T￿ ￿ta$S￿ 3.61A291 2.825 7.547.501 25 RelatedpartYt1anwt￿TrS Gmup andcharity Theieweie rtOrelatedpkntrardartKIr&Ktlhevear{￿1l.. NV PwS9

ARNOLflNI GAILERY CIO NOYES TO THE FINANCIAL5TATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI Group Othew Balknxeat i 4atsntÈat 31 July2024 Incorne t￿L￿t￿r Twsfe¥S un￿1￿(ted1￿nd Geneffjl GEner31 Fund5 IJW953 151021$ 11.531574 32.424 I￿?9,028 esignQtEd Build￿gLe￿Ie DeygnateLI FuDd5 3J39.258 3.X6,834 Bul￿1￿8s ProgramnfotfLiutE Act￿rties {l795} FuiuieR&O Proie(tS 49,f 3.689.258 13.1951 3.653.639 T•falunrestiktodfund5 .51q22S 1.535.769) 4.732,667 Restskiedlunds ￿￿0¥￿ryFmd Garf￿￿ Weston Je￿r￿(dIe(¢ 13611 830 16.743 4Jg1 Id.8911 21,634 {21.99SI 830 E￿￿￿￿￿nI1uRd5 perm￿￿￿[ AshleyClintonaThJ Bbrker.MIllTrust 2.$08.J75 I19.3￿) 251.507 2.740.373 lot•llund5 7.267577 1.531￿9 251.507 7.473,87Q P¥8efL)

ARNOLFINI GALLERY CIO NOTES TO THE FINANCiALSTATEMEpifs FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI EST 26 FundspriorYearlcoThikn￿rfI (harlty oth Irrfrw 4nsll1055e51 Juty 2fy24 Unrestrictedlunos 6etten71 Funds l.C68.153 I.2$9￿3? 11281.3B61 32.414 I￿7&528 Dc5ignatÉd Fund5 3.339.258 131424} 3.￿￿.834 8uiWin8S Prryrèmffje foT Futur ILVJXX) 50.(XX) 97.205 49. Future R&DPrqett5 3.689.258 3.6S3.639 Toi¥uniestrKtedlunds 1.259.037 11.384.581) 4.732.167 RestiKtpdfun CultwalR8coVeryF￿j G3rfleWWesto Jerwthjd ColrDon {3615 8x1 16.743 4.891 la.8911 2L634 {21.gJ5} S30 EnthwmtnifyTIrfs PermL¥nent hlèv B3rker-Mdl 1508.t75 19.3(r)} 251.507 2.740.373 Totalfunds 7.267.077 I.￿>.6?1 11.325.88SI 2S1.$07 7.473.370 27 AnabsisolneiastSbe￿ÈmIUnds pr￿r¥ear Group Totsifvndsat VnrtthirtEdfund5 rneral RE511itted lund5 EndDwm?nt Ivnd5 2024 Tahgible I￿ed￿SeE5 Flxedassellnvesty￿efits 198.582 3.Xb.834 3.5ffi.246 1.740.573 1.447.74 1210.4891 2.740.373 l.l(D.935 1220.4891 To¢4 èSset5 I￿79￿28 I653￿39 2.740.373 7.473.870 Pa$È61

ARNOIFINI GALLERY CIO NOTES TO ThE FINANCIAL sfATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI ÉSI iXI 17 Anawsof oeta55etsbeiweetslunth ￿l￿1¥¢all¢M￿￿xdj Iotsifvnd5ai alju 1024 Vnrostridtdfund5 lunds ffunds 18S.578 3.X6A34 830 3.493,242 2.74Q37S 1.434.785 Fixed 35set w1￿$MentS 74Q373 Curr8nta¥ets Curreni 14tN1it￿5 Total r*1 assets 1.078.528 3.653.639 2.740.373 7,473.370 PaJe61