2024-12-31-accounts

october gallery OCTOBER GALLERY TRUST TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Charity registration number.. 327032

OCTOBER GALLERY TRUST REPORT AND ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 CONTENTS Page Reference and administrative details of the charity. its trustees and advisers Contact details for the charity Report of the Trustees Independent auditors, report 10-12 Statement of financial activities 13 Balance sheet 14 statement of Cash Flows 15 Notes to the financial statements 16-28

Page 1 OCTOBER GALLERY TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 REFERENCE AND ADMINISTRATIVE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS Trustees J. Allen l. Goodfellow, Chairman M. Harding J.A. Hawes - Resigned on 3010412024 D. Snyder C. Spring S. Babaie - Appointed on 2710212024 Charlty reglstered number 327032 Prlnclpal Offlce 24 Old Gloucester Street London WC1N 3AL Secratary J.A. Ha4ves Key Management Personnel J.A. Hawes E. Lalouschek J. Allen l. Goodfellow M. Harding D. Snyder C. Spring S. Babaie Director Artistic Director Trustee Trustee Trustee Trustee Truslee Trustee Independent audltorB Chris Syrimis & Co. Chartered Certified Accountants & Registered Auditors 97 Judd Street London WC1H 9JG Bankers HSBC Bank PLC UK London WC1V6BJ CAF Bank Ltd Kings Hill West Malling Kent ME19 4TA

Page 2 OCTOBER GALLERY TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 CONTACT DETAILS FOR THE CHARITY October Gallery Trust 24 Old Gloucester Street London, WC1N 3AL Tel.. [phone] Website: www.octobergallery.co.uk Director.. Chlll Hawes email.. [e-mail] Artistic Director.. Elisabelh Lalouschek email.. [e-mail] Special Prolects Director- Gerard Houghton email.. [e-mail] Director Operations.. Stefani Abadian Crone Email.. [e-mail] Education Co-ordinator.. Jesslca Bannister email.. [e-mail] Curator.. Eleri Fanshawe email: •[e-mail] Assistant CuratorlArchives.' Alex McNamee Email=alex octobergallery.co.uk Registrar and Gallery Manager.. Oliver Place email.. [e-mail] Hire of RoomslEvent5.' Pavel Sembera Tel.. [phone] email.. [e-mail] Public Affairslmedia.. Alana Pryce Tojcic email.. [e-mail] Head of Accounts and Finance: Ibrahim Madina Bah email: [e-mail]

Page 3 OCTOBER GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 The truslees present their annual report together with the audited financial statements of October Gallery Trust (the charity) for the year ended 31 December 2024. The trustee5 confirm that the Annual report and financial statements of the charity comply with the current statutory requirements, the requirements of the charity's governing document and the provisions of the Statement of Recommended Practice (SORP) Accounting and Reporting by Charities (FRS102)" effective 1 January 2019. OBJECTIVES AND ACTIVITIES Objectlves and actlvltles for achlevlng objectlves The objective of the charity as stated in the trust deed is 'lhe advancement of the education of the public in the arts and crafts of foreign cultures as vrfell as those indigenous to the United Kingdom. and in the promotion of inter-cultural activities" October Gallery invented a new term, the Transvangarde, or cross cultural av8nt- garde to convey their aim. To accomplish this educational object the Gallery exhibits the cutting edge. vibrant work of artists from around the planet. participates in International Art Fairs and Forums: engages in educational workshops, talks, lectures and conferences., tours exhibitions in the UK and abroad- publishes brochures, catalogues and books on artists and schools of art and promotes inter-cultural exchange. October Gallery has been instrumental in bringing to worldwide attention many of the world's leading international artists, including El Anatsui, R8chid Koraichi, Romuald Hazoumè, Nnenna Okore, Laila Shaw8, Aubrey Williams, Kenji Yoshida, William S. Burroughs, Brion Gysin, Govinda Sah, Alexis Peskine and Eddy Kamuanga. The Gallery promotes the Transvangarde. the very best in contemporary art from around the planet, as well as maintaining a cultural hub in central London for poets. writers, intellectuals and artists. and hosts talks. performances and seminars, see www.octobergallery.co.uklovents. The rich diversity of art presented is an inspiration to collectors and enthusiasts. Institutions such as the British Museum, London,. TATE Britain, London., the Metropolitan Museum of Art, New York., Centre Pompidou, Paris; Museum Kunstpalast, DJsseldorf, Gemany,. Museumslandschaft Hessen, Kassel, Germany., Setagagya Art Museum, Tokyo, Japan,. Cantor Arts Center, Stanford University, California. USA; Newark Museum, New Jersey. USA., National Museum ofAfrican Art, Smithsonian, Washington D.C., USA; the Guggenheim Abu Dhabi., the Norval Foundation, Cape town South Africa,. Museum of Contemporary Photography, Chicago, USA,. Gallery of Modern Art (GOMA) Glasgow, Scotland., Royal Pavilion & Museums, Brighton, UK; National Museums of Scotland, Edinburgh, Scotland have all collected y￿￿kS from October Gallery.

Page 4 OCTOBER GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Icontinuedl Founded in 1979, October Gallery is a charrtable trust which is supported by sales of art, rental of the Gallery's unique facilities, grants from various funding bodies and the active support of dedicated artists, musicians. writers and many friends from around the world. October Gallery fulfilled their education objectives during 2024 with a wide-ranging programme of activities, including art exhibitions, cultural events. tours, seminars, workshops, often in collaboration with major instilutions worldwide. October Gallery Education is inclusive of all ages from under 5's to older members of the local community and delivers a wide range of provision. from free family workshop to highly regarded teacher training sessions and adult art classes, see www.octobergallery.co.ukleducation. A major grant was received from John Lyons Chairty in the amount of £25,000 for Iwo years. Grants and income from education account for 3.8°/o of total income. Each exhibition is accompanied by an education programme. October Gallery Education works within several London boroughs with culturally diverse populations and aims to communicate some of the rich slylistic diversity of contemporary art from around the world through workshops and outreach projects. In 2024, October Gallery Education V￿rked with a total of 3886 participants. 3078 childrenl young people and 808 adults. A detailed report from the Education Departmènt 2024 is available Exhlbltlons (detailed report of exhibitions 2024 is available). London, a truly multi-cultural city, because of its geographical situation and history, remains one of the major cross-roads and meeting places for people from around the planel. October Gallery was established at the centre of this cosmopolitan nexus in order to develop and launch an ongoing, multi-cultural experiment in the visual arts: a sustained exploration of the Transvangarde or trans-cultural avant-garde. October Gallery provides a hub for cultural exchange in the heart of London and a platfomi for the emergence of some of the most innovative and exciting artists of our time. Entrance to the October Gallery is provided free of charge as, also, is access to artists, talks and some seminars. October Gallery stages 8 exhibitions and participales in 3 to 6 art fairs per year as well as collaborating with major institutions worldwide in order to promote Gallery artists. Important sales In 2024 Neuberger Museum of Art, Purchase, NY.. Romuald Hazoumè Government Art Collection (Department for Digital, Culture, Media & Sport). UK- Aubrey Williams Internalional Slavery Museum (National Museums Liverpool), Liverpool. UK: LR Vandy Omeena Art Foundation, Poland: Eddy Kamuanga. El Anatsui, Glover. LR Vandy 540h of the income for 2024 was from art sales.

Page 5 OCTOBER GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 Icontlnued) Hlre of space Major clients in 204 were Presence Training Ltd-, Coaching Constellations Ltd: Public Speaking (Jon Da￿￿On}- The Book Society,. Event Academy., The Future Plate. Renlal figures for 2024 are 6.90A lower than 2023, the bulk of this is more activity, as there has only been modest increases in hourly rates. Accommodatlon: The main guests for accommodation at the gallery are those in the art world.. artists, publishers and writers which makes the Gallery an attractive place to stay. Income from the hire of meeting rooms and accommodation at the Gallery supports the Exhibitions and the Education Department Space Hire and accommodation accounted for 22.9'h of the income. Malntenance work 2024: Theatre: Contents cleared, and all walls and ceiling cleaned; painted two coats vinyl silk. Lights reinstalled and cLganed. Curtains repaired and cleaned. Gallery- Walls.. cleaned and repainted twice with vinyl matl paint. Floor.. where large gaps occurred, Claus Tober and Luca Goodfellow repaired by gouging out to make rectangular shapes then inserted new pieces of wood, stained and varnished. New granite worktop and new faucets installed in Ladies Loo. Club.. b88ms and high surfaces cleaned, large carpet professionally cleaned. All carpets in bedrooms, all Tibetan carpets, hallway, offices, stairwell carpets professionally washed. Cleaned internal double-glazed windows in club and theatre and all bedrooms,. cleaned all extemal windows, gutters on roof, cleaned and resealed all granite worklops in the building and 2 x limestone showers, thoroughly cleaned all bedrooms and resealed all oak flooring, perfomied bi-annual cleaning of kitchen. Accomplished legal PAT tests throughout building, ducl and ventilation cleaning, boi18r inspections. Power washed courtyard several times during the year. Fire alarm test conducted regularly. ACHIEVEMENTS AND PERFORMANCE Factors relevant to achleve objectlves The charity's smooth operation is dependent on the following.. the support of sponsors and grant makers., a building, provided by the landlords. Global Ecotechnics, at a nominal rent., its trustees who provide legal, managerial, architectural, engineering advice- unpaid volunteers and the generosity of many individuals and businesses who provide various services free of charge. The value of donated seNices and facililies that would othemise have to be purchased are quantified and included in the Statement of Financial Activities. The Irustees are aware that a further principal risk to the charitys ability to carry out ils aims is the need to generate income and they are aware that this is dependent on the ability to continue to present an artistic and educational programme of exhibitions and other activities of a huh standard. October Gallery's Education Department realises how criiical it is to begin art education with the young in order to nurture real understanding of both the arts and the diversity of cultures within London and the UK. Thi5 provision helps break down existing cultural barriers and creates bonds that go beyond the limiting boundaries originating in and maintained by unconscious culiural prejudices.

Page 6 OCTOBER GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 {Contlnued) By displaying - sensitively and without bias - the Y￿rk of artists from diverse cultures, the Gallery acts as a forum for exchange between those cultures represented and the wider metropolitan community. The exhibition of art from all cultures of the world has a significant. beneficial impact at the broadest societal levels by advancing understanding of the arts and, in promoting a diversrty of cultural viewpoints, improves inclusivity and racial harmony. STRUCTURE, GOVERNANCE AND MANAGEMENT Constitutlon The charity is governed by a trust deed dated 6 January 1986 as amended on 20 August 1998 and is registered with the Charity Commission under the number 327032. The organisational structure is as follows.. six tTUStees oversee the activities of the gallery and hold 4 meetings per year to review the accounts and activities of the gallery. A management team of four runs the October Gallery: the Director, the Artistic Director, and a Special Projects Director and a Director of Operations. The Gallery engages the services of several full-time employees.. a gallery manager, a registrar. a curator, a rental manager, a press and media manager, a receptionist and several part time employees including an education coordinator, an assistant curator and archivist. an events coordinator and an accounting team. There are also many volunteers working in the educalion department which often trains interns in arts administration. The trustees regularly carry out a review of the Gallery's organisational composition to ensure it has the skills necessary for its continued good management, cultural diversity and gender balance. In light of those reviews, potential new members are invited to join. The Secretary, J.A. Habves, provides appropriate induction and training. Related party relatlonshlps The Gallery is connected to other organisations through several of its trustees who are also directors of those organisations. The organisations are each involved with projects of an ecological nature and include: Instilute of Ecotechnics (a UK registered charity). October Gallery consults with the Institute of Ecotechnics and has done so since the inception of the project. Four of the October Gallery trustees, J. Allen, M. Harding, J.A. Hawes and D. Snyder, are also directors of the Institute of Ecotechnics, which maintains its administrative offices on the Gallery premises. The Institute of Ecotechnics is involved in the development and application of innovative approaches in Ecology that seek to harmonise the conflicling demands of Technology and the Biosphere. Its work ranges from convening conferences to consulting on ecological demonstration projects in key ecosystems, one of which projects is the October Gallery rtself, a centre for artists from around the planet situated in the urban ecology of London. Ecotechnlcs Marltlme Llmlted (fomed 28 June 2012) is wholly owned by the Institute of Ecotechnics. Global Ecotechnics Corporations is a subchapter S corporation registered in Nevada, USA. October Gallery holds a lease with Global Ecotechnics, the owner of the property at 24 Old Gloucester Street, until 2030. Three of the October Gallery trustees, J. Allen, M. Harding and D. Snyder, are also directors of Global Ecotechnics. See note 23 for delails of related party transactions. FINANCIAL REVIEW The trust had deficit on unrestTlCted funds of £244,607 for the year (2023.. Deficit of £321.445). The recurring deficit has occurred due to an increase in expenses and an adverse flucluations in exchange rate at the year end. Together with the accumulated surplus brought forward from previous years, the trust now has an accumulated surplus on unrestricted funds of £1,213,260 of this £468,514 is designaled for specific purposes, leaving a balance of £744,746 available in the general unrestricted funds.

Page 7 OCTOBER GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 310ECEMBER 2024 Icontinued) PUBLIC BENEFIT The Board of Trustees confirm thal they have complied with Iheir duty to have due regard to the guidance on public benefit published by the Charity Commission in exercising their powers or duties. FUTURE PLANS Exhlbltlons: 2025 will include the following exhibitions.. Material Sensibilities (Artists using unusual materials in their v￿rk) William S. Burroughs Transvangarde Exhibition Aubrey Williams Govinda Sah Education Exhibition (for one week) El Anatsui - wood reliefs. Art Falrs planned: Expo Chicago 1:54 London Frieze Masters, London Abu Dhabi Art Educatlon Department - For 2024: We are committed to delivering the best possible prowsion for all our partners and participants. We keep detailed evaluation records and liaise with teachers. participants. and community leaders frequently to improve the services and support we offer. Youth Collectlve.. We are expanding the Youth Programme by establishing outreach programmes with freelance art15ts in Camden schools and community centres, and continuing engagemenl with both local and London-wide young people through the OG Youlh Collective. Currently the Youth Programme is funded by Camden Cultural Education and Learning Support Fund. Freelance Artlsts and Teacher Tralnlng.. We aim to support further the development and training of our freelance artists, enabling them to enhance their teaching skills within the gallery and beyond. Our comprehensive teacher training program is currently jointly funded by Education grantslincome from three programmes.. schools. beacon school. and the youth programme. Onllne Resource Development: We are developing accessible online learning resources for schools, community groups, artists, teachers. and independent providers. thereby extending the reach of October Galle￿$ educational impact. These resources will complement our updated website and online provisions, providing a wider platform for sharing the V￿rk of October Gallery artists and supporting cross-curricular learning. Famlly and Communlty Programme: In 2025 we will continue to prioritise family and community engagement at the Gallery. Encouraging families to engage in our free monthly family art days as well as running outreach sessions with our partners at local children's centres, arts spaces and community centres supporting access to diverse arts to a wide local audience. The programme will be supported by St Andrew Holborn Charities until March 2025.

Page 8 OCTOBER GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Contlnued Rlsk Management The trustees have carried out a detailed review of the charitls activities and produced a comprehensive strategic plan, setting out the major opportunities available to the charity and the principal risks to which it is exposed, which are reviewed yearly. A principal risk for the charity is the requirement to maintain the former Victorian school building it occupies under a 'full repairing lease.. To mitigate the effects of this risk, a designated fund has been established to ensure funds are available for major repairs when they become necessary. The trustees are aware that a further principal risk to Ihe charitys abilty lo carry out its aims is the need to generate income and they are aware that this is dependent on the abilily to continue to present an artistic and educational programme of exhibitions and other activities of a high standard. Reserves Pollcy The trustees have forecast the level of free reseDies (that is those funds not tied up in fixed assets, and designated and restricted funds) the charily will require to sustain its operations over any period when income generating activities are curtailed temporarily. The trustees consider that the most appropriate level of free reserves 8t 310ecember 2024 would be £700,000 based on 6 months running costs. The trustees deem that 6 months running costs should be provided for as a reserve. Art Sales flucluate widely and cannot be depended upon. Six months gives enough time to offset costs wilh income. Al present the Gallery attends up to 6 Art Fairs per year which gives opportunity for sales and contact with major museums and collectors. This will ensure continuity and remove any uncertainty about the future. The actual free reseNes at 31 December 2024 were £744.746 being unreslricted reseDies of £1,213,260 less designated funds of £400,000 and fixed assets funds of £68,514. The designated funds of £400,000 represent new artist and operating costs (£200,000) for the promotion of young and emerging artists, and roof replacement of the building (£200,000) foreseen by 2028. Trustees The trustees who sepled during the year and until the date of this report were: J. Allen S. Babaie l. Goodfellow M. Harding D. Snyder Chris Spring Trustees, responslbllllles statement The trustees are responsible for preparing the TTUStees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that period. In preparing these financial statements, the trustees are required to= • select suitable accounting policies and then apply them consistentty., obseNe the methods and principles in the Charities SORP., make judgments and accounting estimates that are reasonable and prudent;

Page9 OCTOBER GALLERY TRUST REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in Ihe financial statemenls- • prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in operation. The trustees are responsible for keeping proper accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charrty and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In determining how amounts are presented within rtems in the Statement of Financial Activities and Balance Sheet Ihe trustees have had regard to the substance of the reported transaction or arrangement, in accordance with generally accepted accounting principles or practice. In so far as the trustees are aware at the time the report is approved.. • there is no relevant audit information of which the charrtls auditors are unaware. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that informatTron. Key Managemenl Pernonnel romuneratlon For the year 2024, the combined remuneration of key management personnel is £144.057 {2023 - £164,390). Remuneration is set by benchmarking other similar charities in the London art scene. Event8 slnce tho end of the year In the opinion of the trustees, no event since the balance Sheet date signrficantly affects the trust's financial position. Audltors The auditors, Chris Syrimis & Co will be proposed to be reappointed as the charitable trust's audilors and they have expressed their willingness to continue in that capacity. This report was approved by the trustees on... and signed on their behalf by.. C. Sprlng Trustee l. Goodfellow Trustee

Page 10 OCTOBER GALLERY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OCTOBER GALLERY TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 Oplnion We have audited the financial statements of October Gallery Trust (the 'charitl) for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounling Standards, including Financial Reporting Standard 102 The Financial Reporling Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements.. give a true and fair view of the state of the charitvs affairs as at 31 December 2024 and of its incoming resources and application of resources for the year then ended-, have been properly prepared in accordance with United Kingdom Generally Accepted Arxounting Practice,. and have been prepared in accordance wrth the requirements of the Charities Act 2011 Basls for oplnlon We conducted our audit in accordance wilh International Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors responsibilities for Ihe audit of the financial statements section of our report. We are independent of the charity in accordance wilh the ethical requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accordance with Ihese requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Concluslons relatlng to golng concern We have nothing to report in respect of the foll<>wing matters in relation to which the ISAS (UK) require us to report to you where.. the trustees, use of the going concem basis of accounting in the preparalion of the financial statements 18 not appropriate., or the trustees have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the charity's abilily to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial slatements are authorised for issue. Other Informatlon included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other inforniation and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge oblained in the audit or otheTwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Matters on whlch we are requlred to report by exceptlon We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion.. the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements ', or sufficient accounting records have not been kept., or the financial statements are not in agreement with the accounting records and returns. or we have not received all the information and explanations we require for our audit.

Page11 OCTOBER GALLERY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OCTOBER GALLERY TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 Icontlnued) Responslbllltles of trustees As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the financial stalements vhich give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or erfor. In preparing the financial statements, the trustees are responsible for assessing the charitls ability to continue as a going concern, disclosing, as applicable, matters relaled to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so. Our responslbllltles for the audlt of the flnanclal statements Our objectives are lo obtain reasonable assurance about vthether the financial statements as a thole are free from malenal misstatement, ￿ether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAS (UK) will alvrfays detect a material misstatement when il exists. Misstatemenls can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Based on our understanding of the charity and industry, VR identified that the principal risks of non-compliance with laws and regulations related to breaches of environmental and health and safety regulations, and we considered the extent lo which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companles Act 2006 and the Listing Rules. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks V￿re related to posting inappropriate journal entries and managemenl blas in accounting estimates and judgements. Audit procedures performed by th& auditors included- Discussions wilh management, internal audit and legal counsel, including consideration of potential Instances of non-compliance wth laws and regulation and fraud; Assessment of matters reported through the Company's vthistleblowing prO￿dureS and the results of management's investigatlon of such matters., Substantive testing of Journal entries which met a defined risk crlteria. focusing on where and how fraud could arise., and Challenging assumptions and judgements made by management in its accounting estimates or judgements, In particular in relation to uncertain tax position. There are inherent limitations in the audit procedures described above. We are less likely to become aware of Instances of non-compliance with laws and regulations thal are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error. as fraud may involve deliberate concealment by, for example. forgery or intentional misrepresentation. or through collusion. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at VhW.frc.org.uklauditorsresponsibilities. This description forms part of our Report of the Independent AuditOTS.

Page 12 OCTOBER GALLERY TRUST INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF OCTOBER GALLERY TRUST FOR THE YEAR ENDED 31 DECEMBER 2024 (Contlnued) Use of our report This report is made solely to the charitls trustees, as a body. in accordance with part 4 of the Charities (accounts and reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitls trustees those matters we are required to state to them in an auditors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work. for this report. of for the opinions have formed. os Spyrou (Statutory Auditor) Chris Syrimis & Co Chartered Certified Accountants and Statutory Auditors 97 Judd Street London WC1H 9JG Date..

Page 13 OCTOBER GALLERY TRUST STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Notes Incomlng Resources Income and endowments from: Donations and Legacies Charitable activities Other trading activities Investment income 1,424 829,105 335,961 55,805 293,100 294,524 829,105 335,961 55,805 183,660 769,408 360,894 29,435 Total Income 1,222,295 293,100 1.515,395 1,343,397 Expenditure on: Raising funds Charitable activilies 218.255 8,9 1,248,647 218,255 293,100 1,541,747 198,579 1,466,263 Total expendllure 1,466,902 293,100 1,760,002 1,664,842 Net Movement in Funds (244,607) {244,607) (321.445) Total funds at 1 January 2024 1,457.867 1,457,867 1,779,312 Total funds carried fopNard at 31 December 2024 1,213.260 1213260 1457 866 The balance on restricted funds represents the amount of funds available for specific projects or activities which were not finished at the year end. These funds are therefore necessary to complete the project or activity in the next year and are not a surplus available to the charity for other purposes. A breakdown of the amounts attributable to the projects and activities is shown in note 19. All the charills activities are classified as continuing. There vRre no recognised gains and losses for 2024 or 2023 other than those included in the Statement of Financial Activities. All figures in this accounts has been produced in accordance with the revised Charities SORP (FRS102).

Page 14 OCTOBER GALLERY TRUST BALANCE SHEET AT 31 DECEMBER 2024 2024 2023 Notes FIXED ASSETS Tangible Assets 15 68,514 81,559 CURRENT ASSETS Stocks Debtors Cash at Bank and in Hand 16 17 67,461 2,425,978 1.046,422 3,539,861 29,943 1.559,403 1,155,525 2,744,871 CREDITORS.. Amounts Falling Due Within One Year 18 (2.395.115) (1,368,563) NET CURRENT ASSETS 1,144,746 1,376,308 NET ASSETS 20 1,213,260 1457 867 The funds of the charity.. Restricted Funds Unrestricted Funds 19 1.213,260 1,457,867 1,213,260 1,457,867 The financial statements V￿re approved by the trustees on . and slgned on their behalf by: C. Sprlng Trustee l. Good Trustea The notes on pages 14 to 26 fom part of these financial statements.

Page 15 OCTOBER GALLERY TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 Notes 2024 Total 2023 Total Net incomel(expenditure) for the reporting period (as per the statement of financial activities) {244,607) (321,4451 Adjustments for: Depreciation charges Lossl(Profit) on sale of fixed asset Dividends, interest and rents from investments (Increaselldecrease in stocks {Increase)Idecrease in debtors Increasel(decrease) in creditors 12 23,715 3,720 (55,805) (29,435) {37,517) (8,093) {866,575) (1,140,174) 1,026,552 (2,047.118) 29,399 16 18 Nel cash provlded by (used In) operatlng actlvltles 150,517 3,516,866 Cash flows from Investlng actlvltles: Dividends, interest and rents from investments Proceeds from the sale of property, plant and equipment Purchase of property, plant and equipment 55,805 29,435 15 15 (14,390) (7,996) Net cash provlded by Iu8ed In) Investlng actlvltles Change in cash and cash equivalenls in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period {109,103) (3,495,428) 1.155,525 1,155,525 1046422 2 339 903 Change in cash and cash equivalents due to exchange rate movements Cash and cash equivalents at the end, excluding exchange rate movements Cash and cash equivalents at the end of the reporting period (1fi,362) (194,155) 1,062,784 1,349,680 1046 422 1155 52S The charity did not have any debt instruments during or at the end of the financial year (2023 - none).

Page 16 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 ACCOUNTING POLICIES 1.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial slatements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)., Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Charrties Act 2011. The financial statements have been prepared under the historical cost convention. 1.2 Golng Concern The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist in respect of going concem. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial statements. The budgeted income and expenditure is sufficient with the level of resources for the charity to be able to continue as a going concem. 1.3 FUND ACCOUNTING General funds are unrestricted funds which are available for use at the discretion of the trustees in furtherance of the gener81 objectives of the charity and which have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the truslees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Restricled funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specrfic fund. The aim and use of each restricted fund is set out in the notes to the financial statements. 1.4 INCOMING RESOURCES All incoming resources are included in the Statement of Financial Activities when the charity has entitlement to the funds, receipt is probable and the amounl can be measured with sufficient reliability. Such income is only deferred when the donor specrfies that the grant or donation must only be used in future accounting periods, or the donor has imposed condilions which must be met before the charily has uncondilional entitlement. Donated services or facilities, which comprise donated services, are included in income at Iheir value to the charity, being the open market value of services of equivalent benefit. Investment income is recognised on a receivable basis. Income from trading activities is recognised as the related goods and services are provided.

Page 17 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued 1.5 RESOURCES EXPENDED All expenditure is accounled for on an accruals basis recognised when a liability is incurred, and has been included under expense categories that aggregate all costs for allocalion to activities. Contractual arrangements are recognised as goods and SeNi￿S are supplied. Where costs cannot be directly attributed to particular activities they have been allocated on a basis (employee's time invested) consistent with the use of the resources. Charitable activities include expenditure applied by the charity in undertaking its work to meet its charitable activities including cost of disseminating information in support of those charitable activities. Support costs are "back office" administrative costs incurred in support of expenditure on the objects of the charity. Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statulory requirements. St includes the cost of preparation and audit of the statutory accounts, the costs of truslees meetings and the cost of any legal advice to trustees on governance or constilutional matters. 1.6 TANGIBLE FIXED ASSETS AND DEPRECIATION All assets costing more than £500 are capiialised. Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of fixed assets, less their eslimated residual value, over their expected useful lives on the following bases: L￿errn Leasehold improvements - 10% Straight line Camera and video equipment 33 /0 Straight line Fixtures, furniture and fittings 1 OOA Straight line Office equipment 33% Straight line 1.7 OPERATING LEASES Rentals under operating leases where substantially all of the benefits and risks of ownership remain with the leasor are charged to the Ststement of Financial Activities on a straight line basis over the lease term. 1.8 STOCKS stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. 1.9 FOREIGN CURRENCIES Monetary Assets and liabilities denominated in foreign currencies are translated in to sterling at rates of exchange ruling at the balance sheet date. Transactions in Foreign currencies are translated in to sterling at the rate ruling on the date of the transaction. Exchange gains and losses are recognised in the Statement of Financial Activiiies. 1.10 FINANCIAL INSTRUMENTS The Charity only enters into basic financial instruments transactions that resull in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties. loans to related parties and investments in non-puttable ordinary shares. Debt instruments (other than those vtholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Page 18 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Icontlnued) 1.10 FINANCIAL INSTRUMENTS (continued) Debt instruments that are payable or receivable within one year, typically trade payables or receivables, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However if the arrangements of a short-temi instrument constitute a financing transaction. like the payment of a trade debt deferred beyond normal business terms or fInan￿d at a rate of interest that is not a market rate or in case of an out- right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequentty at amortised cost. Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Profit and loss account. For financial assets measured at amortised cost, the impairment loss is measured as the difference be￿een an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial assel has a variable interest rate, the discount rate for measuring any impairment loss is the current effective inleresl rate determined under the contract. For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate, which is an 8pproximation of the amount that the Charity would receive for the asset if it were to be sold at the balance sheet dale. Financial assets and liabililies are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an inlention to settle on a net basis or to realise the asset and settle the liability simultaneously. 1.11 JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY The preparation of financial statements in compliance with FRS102 requires the use of certain critical accounting estimates. It also requires management to exercise judgemenl in applying the charitls accounting policies. No significant judgements are deemed to have been made by management in preparing these financial statements. 1.12 DEBTORS Short term debtors are measured at transaction price. less any impairment. Loans receivable are measured initially at fair value. net of transaction costs, and are measured subsequently at amortised Cost using the effective interest method less any impairments. 1.13 CASH AND CASH EQUIVALENTS Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the dale of acquisition and thal are readily convertable to known 8mounts of cash with insignificant risk in change of value. 1.14 CREDITORS Short lemi creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value. net of transaction costs. and are measured subsequently at amortised cost using the effective interesl method.

Page 19 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Icontlnued) DONATIONS AND LEGACIES Unrestricted Funds Restricted Total Total Funds Funds Funds 2024 2024 2024 2023 Donations 1.424 250.000 251,424 175,660 Legacies Grants Total 43,100 293.100 43,100 294,524 8,000 183,660 1,424 DONATION IN KIND The chafitls premises are provided at a nominal rent of £1.200 per year with the condition that the charity maintains the building. The trustees have quantified Ihis as equivalent to a donation of £250,000 (2023 - £175,000) which is included in the income of the charity. An equivalent amount is included in the other support costs as expenditure on rent. The balance of £1,424 (2023- £660) represents small donations from individuals and other organisations. 3 OTHER TRADING ACTIVITIES The charily rents rooms, galleries and other spaces when they are not in use for charitable purposes. Unrestricted Restricted Total Total Funds Funds Funds Funds 2024 2024 2024 2023 Letting Income 335,961 335,961 360,894 EXPENDITURE ON RAISING FUNDS: TRADING ACTIVITIES Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 LETTING EXPENSES Direct Cost Staff costs Support costs 65,894 93,290 59,071 65,894 93,290 59,071 50,529 99,833 48,217 218,255 218,255 198,579

Page 20 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) INVESTMENT INCOME Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Bank Interest received 55.805 55,805 29,435 6 CHARITABLE ACTIVITIES ANALYSIS BY TYPE OF INCOME Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Arts sales Education income Ancillary income Olher income 764,674 13,035 10,125 41,271 764.674 13.035 10.125 41,271 712,578 14,502 17,944 24,384 Total 829,105 829,105 769,408 7 GRANT RECEIVABLE 2024 2023 John Lyons Charity Camden Spark St Andrew Holborn Charily Total 25,000 8,400 9,700 43.100 2,000 6,000 8,000

Page 21 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Contlnued) EXPENDITURE BY CHARITABLE ACTIVITY SUMMARY BY EXPENDITURE TYPE Support costs staff Costs Dlrect Costs 2024 2023 Letting Costs 65,894 59,071 218 255 198,579 Charltable actlvltles Exhibitions Education 617,114 20,461 446,825 42,004 402,388 12.956 1,466,327 75,420 1,400,186 66,077 637,575 488,829 415.343 1,541,747 1,466,263 Support costs 18,376 458,038 (474,414) Total 749.241 1010 761 1760,002 1,664,842 Support costs are allocated between activities on the basls of staff costs. EXPENDITURE BY CHARITABLE ACTIVITY SUMMARY BY FUND TYPE Unrestrfcted Funds Re8trfcted Funds 2024 2023 Letting Costs 218,255 218 255 198 579 Charltable actlvltles Exhibitions Education 1,216,327 32,320 250,000 43,100 1,466,327 75,420 1,400,186 66,077 1248,647 293 100 1541,747 1486 263 Total 1,466.902 293,100 1,780,002 1664,842

Page 22 OCTOBER GALLERY TRUST NOTES TOTHE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) 10 SUPPORT COSTS 2024 2023 Art & exhibition costs Depreciation of equipment Art & other project costs Depreciation of Furniture & fittings IT & office equipment costs 27,225 3.714 10,481 12,584 17,564 33.522 4,748 9,913 13,315 17,383 F il Consultancy and other fees Depreciation of building refurbishment Telephones, printing & postage Travel and subsistence Other admin costs Rent & rates Gas, electricity and water Repairs and maintenance Subscriplions Governance cost 1,500 7,416 6,851 355 4,027 255,312 24,108 51,209 18,541 33,526 1,500 11,336 6,462 327 6,453 180,077 27,610 33,214 17,570 32,893 Total 474,414 396,323 11 GOVERNANCE COSTS Unrestrlcted Funds Restrlcted Funds 2024 2023 Auditors, remuneration Staff costs Total 15,150 18,376 33,526 15,150 18,376 33,526 12,965 19,928 32,893

Page 23 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) 12 NET INCOMING RESOURCES I IRESOURCES EXPENDED) This is stated after charging.. 2024 2023 Depreciation of tangible fixed assets.. Owned by the charity Auditors. remuneration Pension costs 23,715 15,150 18,559 29,399 12,965 18,115 13 STAFF COSTS Staff costs V￿re as follows.. 2024 2023 Wages and salaries Social security costs Other pension costs 662,107 68,575 18,559 726,146 76,325 18,115 Total 749,241 820,585 The average monthly number of employees during the year was as follows: 2024 No. 2023 No. Education Exhibitions Support staff 12 Total 15 16 No employee received remuneration between £80,000 and £90,000 in th8 year (2023 - two). One employee received remuneration between £70,000 and £80,000 in the year (2023 - none). One employee received remuneration between £60,000 and £70,000 in the year (2023 - one). The total amount of remunerations received by key management personnel was £144,057 (2023 - £164,390) The individuals comprising key management personnel are set out on page 1. 14 TAXATION FACTORS THAT MAY AFFECT FUTURE TAX CHARGES As a charity, October Gallery Trust is exempt from tax on income and gains falling within section 524 of the Income Taxes Act 2007 or section 256 of the Taxation of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the charily.

Page 24 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 {Continued 15 TANGIBLE FIXED ASSETS urern) Leasehold Plant and Property Machlnory FlxtUrn8 and fittings Offlcè Equlpment Total COSTS At 1 January 2024 Additions Disposal At 310ecember 2024 805.561 39,321 2,545 360,881 11,179 11.891 360.169 101,022 666 1,306,785 14.390 11,891 1,309,284 805,561 41,886 101,688 DEPRECIATION At 1 January 2024 Charge for the year Eliminated on disposal As at 31 December 2024 789.096 7.416 39.028 1.140 299,457 12,584 8,171 303,871 97,644 2.575 1,225,227 23,715 8,171 1,248,942 796,512 40.168 100.219 NET BOOK VALUE At 31 December 2024 9,049 1.698 56.299 1,469 68,514 At 31 December 2023 16.465 293 61,423 3,378 81,559 16 STOCKS 2024 2023 Flni$h8d goods and goods for resale 67.461 29.943 17 DEBTORS 2024 2023 Trade debtors Other debtors Prepayments and accrued income 2,417,012 5,000 1,545,129 4,276 9,998 Total 2,425,978 1,559,403

Page 25 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 (Continued) 18 CREDITORS AMOUNTS FALLING DUE WITHIN ONE YEAR 2024 2023 Trade Creditors Taxation and social security Pension Other creditors Accruals & Deferred income (2.231,583) (1,199,592) {53,293) (77,543) (139) (3,3531 (1,690) (1,422) (108.411) (86,654) Total 2,395,115 1,368,563 19 STATEMENT OF FUNDS Brought Forward Incomlng Resources Resources Expanded Transfers Inlout Carrlad Forward DESIGNATED FUNDS New artist and operating costs Fixed assets Roof replacement 200,000 81,558 200,000 481,558 200,000 68,514 200 000 468,514 (23,715) 10,671 23,715 10,671 GENERAL FUNDS General Funds 976.309 1,222.295 (1,443,187) (10,671) 744,746 Total Unrestricted funds 1457.867 1222 295 1466 902 1,213 280 RESTRICTED FUNDS Education Exhibition 43.100 250,000 293 100 (43,100) 250,000 293,100 Total Funds 1,457,867 1,515,395 1,760,002 1,213,260

Page 26 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 IContinued} New artist and operatlng costs The Charity encourages new artists and those from cultures and ￿UntrieS not generally known to the public. This can entail many years of investment in promoting their v￿rk. The trustees believe il is prudent to designate funds in years when there are surpluses in order to provide funds during less succ8ssful years to ensure continuity of the work. As well as investment in the artists, the trustees are concerned to ensure that there are sufficient funds to continue operating at the present high standard during any period when funds are not available. This fund has been set up to ensure this can happen. Flxed a88et The Fixed Asset fund has been designated to represent the charitys resources tied up in fixed assets which are not freely available to spend. Roof replacement The roof replacement fund has been Set up to provide the resources that will be requlred for substantial work expeded to be carried out on replacing the gallerfs roof by 2028. Exhlbltlon Premises - see note 2 Edu¢atlon Grant receivable- see nole 7 20 ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted Restricted Funds Funds 2024 2024 Total Funds 2024 Total Funds 2023 Fixed a8set8 Net Current assets 68,514 1,144,746 68,514 1.144,746 81,559 1,376,308 1,213,260 1,213,260 1,457,866 21 PENSION COMMITMENTS The charity operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the charity in an independently administered fund. The pension cost charge represents contributions payable by the charity to the fund and amounted to £18,539 (2023 - £18,115). Contributions totalling £6,484 (2023 . £3.353) were owed to the fund al the balance sheet date and are included in creditors. 22 OPERATING LEASE COMMITMENTS At 31 December 2024 the charity had future minimum lease payment commitments under a non-cancellable operating lease on its property as folloW￿- 2024 2023 LEASE EXPIRY DATE: After more than 5 years 6,000 6,000 The charity has total commitments at the year end of £7,200. This relates to the rental lease for the premises of £1,200 per annum up to 2030.

Page 27 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 31 DECEMBER 2024 Icontlnued 23 RELATED PARTY TRANSACTIONS October Gallery pays a nominal rent of £1,200 per year to its landlords, Global Ecotechnics. Three trustees of October Gallery are also directors of Global Ecotechnics. The trustees consider that a comparable equivalent benefit value of facilities would be £251,200, and the equivalent donation of £250,000 from Global Ecotechnics has been included in donation income and rental expenditure. Three trustees of October Gallery are also directors of the Institute of Ecotechnics, which provides consultancy services to the Trust. Services provided totalled £1.500 in the year (2023 - £1,500). The Gallery receives rental income of £10,800 (2023 - £10,800) at the market rate from a key management personnel. 24 FINANCIAL INSTRUMENTS The carrying value of the charitls financial instruments are as follows: 2024 2023 Flnanclal assets Debt instruments measured at amortised cost.. Trade debtors Other debtors Cash at bank and in hand 2,417,012 5,000 1.046.422 3,468.434 1,545,129 4,276 1,155,525 2,704,930 Flnanclal Ilabllltles Measured at amortised cost: Trade creditors Other creditors & accruals other taxes and social securty costs 2,231,583 110,100 53,293 2.394,976 1,199,592 88,076 77,543 1,365,211 1,073,458 1,339,719

28 OCTOBER GALLERY TRUST NOTES TO THE ACCOUNTS 25 DETAILED STSTEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Funds 2024 Restricted Funds 2024 Total Funds 2024 Total Funds 2023 Income from: Donations.. Donations Grants Total 1,424 250,000 43,100 293,100 251,424 43,100 294,524 175,660 8,000 183,660 1.424 Charitable activities.. Arts sales commission Income from educational activity Ancillary income Other income 764,674 13.035 10,125 41,271 764,674 13,035 10,125 41,271 712,578 14,502 17,944 24,384 Total 829.105 829,105 769,408 other tradin activities: Letting Income 335,961 335,961 360,894 Total 335,961 335,961 360,894 Investment income: Bank Interest received 55,805 55,805 29,435 Totsl 55,805 55,805 29,435 Total Income and èndowments 1,222,295 293,100 1,515,395 1,343,397 Expendlture on: Lettin ex enses.. Direct cost Staff costs Support costs 65,894 93,290 59,071 65,894 93,290 59,071 50,529 99,833 48,217 Total expenditure on letting activity 218,255 218,255 198,579 Charitable activities: Staff costs Direct costs Support costs Education costs 617,114 446.825 152.388 32,320 617.114 446,825 402,388 75,420 676,823 386,849 336,514 66,077 250,000 43,100 Total Expenditure on charitable activities 1,248,647 293,100 1,541,747 1,466,263 Total Expenditure 1.466.902 293,100 1.760,002 1,664,842 Net Incomellexpendlture) 244,607 244,607 321,445 Reconcilllatlon of funds: Total funds brought fomard Total funds carried forward 1,457,867 1,213,260 1,457,867 1,213,260 1,779,312 1,457,867