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-l75. 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 G*ryOO (the ¢¢)rnparfl a￿1 it5 5ub5Nliw*s 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 Fironc*l 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￿%FT*ti[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$￿￿Pprtyrl￿t 635ed on the w0tkweh￿e perf￿￿e0.￿e hzrfenDt*Jentif*d afivrnaw￿1thxW￿I•rtWIn8￿tle￿sO￿￿Y1i￿￿S that. I￿￿￿￿val [￿￿(t￿ety. ￿￿[35t518￿￿cB￿td￿thlQ￿ I￿groUp'Saw￿tyto01m1n￿asa￿ry(O￿ceIn fora perlr*l0F*￿*1we￿ernOftlh%fr when theoii8ThW f￿ancial$¢3¢ett￿M1swereaLth￿l$￿￿ for￿Sue. Our r@s￿n￿billieS ar￿the re5pwlhIrt￿ ofihetrwtses*threWxtto￿rfo￿TrlaQl￿%nw￿thE rele*aDt5eitl￿5Uft roport. OtherlThtsrmatlo The irvstees ale respoty￿ tor Oll* Thp othw (Lrytise5 infa￿lieiUtt￿." L* we h￿e ￿tobta￿Ded al ￿￿(￿ssary￿ort￿ ￿1pOseS ol¢xYWrt. Prfe36 ARNOLFINI GAILERY CIO INDEPENIJENT AUDITOR'S REPORTTOIHE MEMBERS OF ARNOLFINI GALLERY CIO ICONTINUEDI ARNOLFINI ResponslWli¢lesof Imsiees As expLiined ful￿ In thp State￿￿ of T￿￿et5. are for the Frepwalion OF the statemefits for beiDÉ 5*isfied Iwve 5Lth infernal comid è5the tru5tpeS detennif* ts DÈtessary to enbble the P1PPèièt￿Trof Tina￿315t3¢￿ehtstTr4tWtfv*e{t(thm3IÈnalrnI$sI•leJ￿Tht. wtr*therdve 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 ￿ter*I 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 fr*KI ar￿ ¥e Matetial rf. in the ¥we8are. they rea50n3L4ybpe¥pe(tedto ¢￿e¢￿￿￿*￿¢￿t￿5iOtis0f u5WStskehon t￿bèlis0￿1heSell￿a￿al stJtew*nts Theextenitowhthourprotedwes areiapab*oldeiectM¥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 119.aoty) 1270.4971 I1.](￿.576) CharIta￿e 121.gJ51 TOtaleX￿ndIIw¢ Galnslllos¥51 0nlnvesth￿I￿etS {1535.7691 121.ml 119.]091 251.$07 251,507 Net lexpethJrtuie)f11KoMe 125.5441 232.lQ8 2(6.293 Tèxon profit0lard￿ary ailmt￿5 Net ￿￿￿entin*￿￿d5 132.19B 2C6.293 RE￿￿tillaIN)￿oI Iwd5 Totsifunds brov8htlotwai 4.758.211 2.508.175 7.267.577 Toialfundscèiried foryd3rO 33 These lunds ale held bya IifikÈd chJiity. 4.732.6SI 2.740.373 7.473.870 TherttÈS¢TrpaKE543t062f￿man1 olihe5e statem￿tts. ARNQLFINI GALLERY CIO CONSOLIDATED BALANCE SHEET AS AT 31 JULY 202S ARNOLFINI 2024 Not Flxed as%¢ts Taogible ￿set5 Irwestffltnt5 15 3.417.927 2.825.804 J.506.246 16 6.273,731 6.246,619 Currehtassets 5tock5 4Sts29 231.701 1.2S4.997 44M26 209.345 l.l94.369 t￿blOr5 18 Cash?tbankaThl kn ha 1.447.740 Cv*ditOrS".Amowisf4hn8dueMtknonpyEaw 19 25&057 122Q4891 1.274.270 1.227.251 Netassets T.548￿1 7.473.870 Funds olthÈ8rouw. UnrestslciodkncomÈf¥r tieytnèiedFvnds Gpntr& Fund5 616291 I.105.S￿6 3.553,639 1.079.02$ 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￿oItheS*f1na￿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$s*1$ 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. unr*stricfed&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, InvestN*nt 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 IromopeiatiwèctMt*s 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 toihaiit*S 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$5ued ￿ lknober 20191- IChariDes SC*P IF￿ 10211. the Fina￿￿1 REPOrtlllE5tafidard irtt￿ UK3TrJ*E￿f￿0f IfelaThl IFRS 10213￿ t￿￿0[1￿￿￿(E 2011. AmDWiniGalleryCK)rnÈet5 theoefinthnofa entrty￿*rFAs 102. Basls of Consolidaknon The Consolidèted StatÈtllEnt of Fin3nc¥I A(iTrii*s ISOFAI, consol￿atEd Balance 5heei and consol￿3{2d Cash 51aiement, con5olOate the financr31 stattti*nt5 of ihe Charity and ils subgdiary. Arno￿1￿1 Tr3&ine ￿rnited. The iesults of the subsidiary are CQll5o1￿ateO on a I￿e bylinÈ Allintia.8roup iran￿Kil￿5ale ehMM￿ed OTrcOm￿￿alty?n. 5urplu5 in the yeai the(￿lity￿a5£74.131i2O24.' wrplu5 £2C42931. Goln8¢Oiltern Thè TIu5tees Cons￿er theré arènrIfi￿ie￿ the abthtydihe erovp to lixit￿￿e 35 a 4ohlgCN￿trfft Cwd-lg h?$ had è YEnifKint pfferton Ar￿￿*￿1.￿ com￿10314￿d Set uf b￿lless XtH)ns has mrtyiel ttr*se 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 juTteliDts￿￿I￿1lor*knKh, it ha5bee ¢eceD*d. ￿Kh1￿coMèiSIthd￿rE￿redw￿.. - The ￿￿Or$pe(lEe$thèl theyahtotd(tyt4)n mu51rfbpused ￿lUt￿rea[cOU￿￿rep￿r￿>ls". rrf .The dcèted 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.$14 4iQ.689 538.755 237.SJO stsff c05t5 Al&xaied 5￿pport(OSts io 6.011 Totalfor ￿25 1.250.429 40.525 1.2W.954 L*rect(0￿5 395￿7? 64JAS4 24S￿55 21ts34 417.3C6 643.854 24S.416 StJft CDsIs Alhxated swpoii Co￿$ io 3fj1 T•t?Ifor 1024 1.284.581 21.995 1.3(h.576 10 ATra1v￿$o1 swportcfrfts Re5frirtod Total lunds lunds HR adMIn￿￿311[1n 15.257 IS.257 J&&)8 I,￿6 2.660 65.494 15.887 15,081 737 Lk*nces. rnernbeFthW&nd 8ank Ihaige5 DepieciatKJn 65.133 10.237 Is.￿1 737 361 AvdLI and XCOvntarK¥ Legaland prof*wo￿l Tr￿￿ a￿SUbS￿51ence 3.215 375 TranSiliwexpen5es 375 Totaltor20I5 31.4 6.011 237.slo R •IMin4St¢at￿fi 1S.W) J7.62a 3.341 15,509 17,623 3.341 3.7CQ 64.198 14.373 15.465 IC6.022 4.242 1.943 l*eM￿S. mernbefghips￿ SubxtfjPIK*lS Ofhce co5t5 8ankcharE*5 Depieci?tiOI) atketif*COSts Auditand accountatbEy Le8aland prolewonal TraW aThlSvbSis¢erKe 63.837 14.3n 361 15.465 Irffj.022 J.242 Trtn%itioD Èxpenses lotalforf1024 245A>55 361 245.416 Pa&e49 ARNOIFINI GAiLERV CIO NOTES TOTHE FINANCIAL STATEMENfs FOR THE YEAR ENDED 31 JUIY Z025 ICONTINUEDI ARNOLFINI EST 1961 10 AnalY4Jolsy￿costs [conthA￿ S￿PPOrt￿OSl$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 $2 ARNOLFINI GAUERY CIO NOTE5 TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI MwemeTrtin Marketva MarketvalJg35 J Au8USt 2024 NÈt ¥Ji￿on walu)11ty1S M?nè8ementfees 2.740.373 lffi,E25 120.7941 Markei¥alu¢al31J￿I0?5 2.825.￿4 (harity 2015 ShèrE5 in VOLvL¥￿ert￿r45and part￿1Patkng Aiieres Otherkntment5 2.825.804 2.740.373 2.815Xk 2.740375 SharesknyOupu￿rtaknn154fvlpa￿KiPIDryI￿tCrC5yS 5th￿lary ndprtaki￿5 T*ltsi Co At l AuguSt2024 At31 Juty2025 N¢tbookYalve At 31 Jvty202S At 31 Juty2024 DÈtails olunOertak5ny D2tw15ofthe the[harityW￿ty￿￿oFI￿rWI￿￿¥aIu￿o[•￿v￿￿0I5h3re capitalaréaslollty*5'. Pr￿rt￿￿oI￿EtrqrW5¥￿d shknhEkl utsdertaki CouTrtryolln(orpDAtkn Wlr4 2025 Sub5kliaryundertaWry OperatK) bar and AmoifiniTrèdin8Ltd E￿il￿&Wa￿S books 5ubSidlaries The prolit lor the finan(iJl peri￿ d Am0￿1￿1 Trad￿8 Ltd was El77.89111024- £126.6yI and the aBye8ate amount Df capltal nd TeseNe5 hl Iheeffld ol the perfKOwa5 ES0212024- ÉS021. 17 SI¢Kk Gr￿P a￿￿ty 1025 2024 IOl4 Goodslorresa 4Sfi29 44.026 PaEe53 ARNOLFINI GALLERY CIO NOTES TOTHE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JULY 2025 ICONTINUEDI ARNOLFINI F5F 1gB1 lfj Debiof5 Iharity 20 2$ 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$d￿ferred in the Amunis rek?sed 141.4 13LEOI 724S98 736.780 I728.￿1 Deterred in¢OTh*atyeareThl 144.913 141.490 Po8e54 ARNOLFINI GALLERY CIO NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31 JULY 2025 ICONTINUEDI ARNOLFINI EST 1161 20 ob￿all0￿%￿￿0¥ ￿0$¢Sand￿￿e wrthsq(oRtra(ts OperaiTrn8lew¢omMftmen TDf3lfuture minlmumlea5ep3yrneNsuthrw11 I Contln8entlob4t*S 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$l 0¢ to perform its present ¢hariiabPe obie¢tive5WithnEt ￿5￿15. TheTrwtees L>)r￿l￿n5¥Jerit￿kththollthe banwll iepa¥n*nt. 23 her Balanceal31 Juty1025 Au&u5t2Q24 Ir*oiY* vlnsll￿e$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￿r*S1￿￿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 T*tslfunds 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 CharttyCornrnwK*l apprtyed a xheme to t￿￿￿0 fvrd5 (Ash* Clni¢n W ea￿er.￿lI1 YruStl. The Ehdowment ￿ heldbya5ewateTn15t.The Board $rWe upof sÉwiTivSt¢ts lrt the 2016117 yeai a of E568.7￿d￿ frorn ArM*ini Ga￿ ooio ACeMTwasfot8VED *￿j ￿thErefOre nD knyra *at¥lty kn the IrnofiDI GallLYyCIO3((o￿tS. HDwv4er. an agrÉemÈnt bÈÈn Èstablthd *+*rebylh¢wm¥NI be(ome repay4￿￿ ￿ ArTh)Ilifii G￿l￿ry CIOshovld rt￿e toexi51 tLTrperforrn its presentChaThlab￿C*itr•¢s￿1hr￿lassets constit￿e5 è ¢ortliryehi tsaknlrty Gall￿ AC8MTand is 1ftd￿ tsalatKe 5hEets of the two. Thp T1u5tEesof*￿T a￿.. ja￿ trAyatI.I￿thJ% L￿r￿ Ptice, Rebec￿ Gibbsènd Anna Southèll. ftestoctedfurtds dtvol ftttfftryFUryJ.￿btes tDaVantsWoBra￿I￿￿￿sWdIVthe￿XfMwr*￿lJS3 ttsptyuetothetrlid.19￿ernK. ArtFund.£1.2Q>•Yarded Garfie￿ Weston. ￿30￿￿1r￿ar￿5ttr¢cd1￿etty(¥*Wkle(L ¢th**dw￿[￿lUrllp￿aClpaE10nand Wrnunrties aU0$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**¢$wewYotkstLd￿. 8U1￿1r% Lease Dugnated Fund- Lease de5V￿ed IL￿ ￿ eq￿1 to the G1pt￿ writien value ol the lease on 8u5h se. Eachattouni￿ the tiuSt*es tQnsFtt ewalto i￿de￿￿£&it￿n￿lkne InVo¥e￿nIS funded bytho b￿￿11r￿devekn￿m¢fiI I￿1{￿0￿￿￿1he0e5￿e0lV￿to8eI￿3lrUlth. 6uildiry. The lo deswte £2￿[￿￿) Costs and piemw rewed expetsjitwe whichcan be dr￿nd0¥M￿clOs5thÈ pentyl. PioErafflrnefof FUtureAct[￿t￿5. roh￿p￿￿#3Eet)urthm￿the t05LW￿0￿Wort￿th1s￿re￿ FutUlE R&DProiECt5.tOSLVm R&Ow0tkaThJcanbtdrkn￿d￿1tySpeoT￿sW(*¢ISè11￿￿S(rthrfthe ExecthNe Inte¢•wpElio)￿alWj[I5 A d¢naiion to the Gallery Irom the tièd1￿ Subs￿￿ry 01 £I77.89)120E4" E126ffj941 was durtre the year. This hès been iem¢wed thec4￿￿O?teJ$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￿ntInu*4I 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 Programn*fotfLiutE 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 Col*rDon {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.$07 7.473.370 27 Anabsisolneias*tSbe￿È*mIUnds pr￿r¥ear Group Totsifvndsat VnrtthirtEdfund5 r*neral RE511itted lund5 EndDwm?nt Ivnd5 2024 Tahgible I￿ed￿SeE5 Flxedassellnvesty￿efits 198.582 3.Xb.834 3.5ffi.246 1.740.573 1.447.74 1210.4891 2.740.373 l.l(D.935 1220.4891 To¢4 èSset5 I￿79￿28 I653￿39 2.740.373 7.473.870 Pa$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