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.. +44 (0)20 7242 7367
Website: www.octobergallery.co.uk
Director.. Chlll Hawes
email.. chlll@octobergallery.co.uk
Artistic Director.. Elisabelh Lalouschek
email.. art@octobergallery.co.uk
Special Prolects Director- Gerard Houghton
email.. gessle@mac.com
Director Operations.. Stefani Abadian Crone
Email.. stefanl@oclobergallery.co.uk
Education Co-ordinator.. Jesslca Bannister
email.. educatlon@octobergallery.co.uk
Curator.. Eleri Fanshawe
email: •lerl@octoborgallery.co.uk
Assistant CuratorlArchives.' Alex McNamee
Email=alex
octobergallery.co.uk
Registrar and Gallery Manager.. Oliver Place
email.. ollver@octobergallery.co.uk
Hire of RoomslEvent5.' Pavel Sembera
Tel.. +44 (0)20 7831 1618
email.. events@octobergallery.co.uk
Public Affairslmedia.. Alana Pryce Tojcic
email.. press@octobergallery.co.uk
Head of Accounts and Finance: Ibrahim Madina Bah
email: 1brahlm@octobergallery.co.uk

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