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← Studio Voltaire

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“7 x — ANNUAL REPORT 2024–2025

Report of the Trustees and Audited Financial Statements For the year ended 31 March 2025

Contents Page 2 Report of the Trustees Page 28 Report of the Independent Auditors Page 31 Statement of Financial Activities Page 32 Statement of Financial Position Page 33 Cashflow Statement Page 34 Notes to the Financial Statements

Reference and Administrative Information

The Trustees present their annual report and accounts for the year ended 31 March 2025. The Board of Trustees are satisfied with the performance of the charity during the year and the position on 31 March 2025 and consider that the charity is in a strong position to continue its activities during the coming year, and that the charity’s assets are adequate to fulfil its obligations.

The financial statements comply with current statutory requirements, the Memorandum and Articles of Association and “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 1st January 2019)”.

Name, registered office and constitution of the charity:

The full name of the charity is Studio Voltaire The legal registration details are: Date of incorporation 29 August 1997 Company Registration Number 3426509 Charity Registration Number 1082221 The Registered Office is 1A Nelsons Row London SW4 7JR

Directors

All the directors of the company are also trustees of the charity, and their responsibilities include all the responsibilities of directors under the Companies Acts and of trustees under the Charities Acts.

Members of the Board of Trustees during the year ended 31 March 2025 were:

Andrew Bonacina (joined July 2024) Victoria Siddall (retired July 2024) Sarah Douglas (joined September 2024) Ellis Woodman (retired May 2024) Emma Goltz (Chair, joined July 2024) Amanda Hall (Treasurer) Michael Linington Rachel Jones (joined September 2024) Mark Miller Priyesh Mistry Amalia Pica Elizabeth Price Jeremy Scholar Toby Webster (joined July 2024)

Selina Jones (retired February 2025) Fred Manson (retired June 2024)

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Objectives and Activities of the Charity

A summary of the objects of the charity as set out in its governing document:

Mission

Values

As one of the UK’s leading not–for–profit arts and education organisations, Studio Voltaire makes a vital contribution to the UK and international arts ecology. Studio Voltaire is unique in its deep-reaching offer to both artists and communities. Collaborating locally, nationally and internationally, our pioneering programmes are renowned for amplifying undersupported voices and practices.

Studio Voltaire was founded in 1994 by a collective of artists and creatives who set up studio space in a disused tram shed on Voltaire Road in Clapham. An artist–centred approach remains at the core of our work. We are proud of our unique way of working. Over the past 30 years, we have grown from a local artist–run collective to an internationally celebrated organisation.

Studio Voltaire delivers significant charitable benefits for audiences, participants and artists through all its activities. We have developed an outstanding track record of supporting artists at a pivotal stage in their careers. Our exhibitions and commissions enable artists to achieve new levels of ambition and experiment with new ways of working and are instrumental in raising artists’ profiles both locally and internationally, often resulting in significant public and museum–level attention.

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Through deep-rooted, community-led Civic and Learning Programmes, we play an essential role in our immediate neighbourhoods, ensuring communities can access the arts and engage with local heritage through reciprocal, accessible and impactful work. In recent years, we have significantly expanded our civic role, providing meaningful opportunities for understanding, sharing, and exploring complex societal and cultural questions.

Our Studios and Residencies Programmes provide transformational support to emerging and underrepresented artists through subsidised studios, studio awards, professional development programmes and international residencies. Our 55 onsite artists and cultural tenants are some of the UK’s most pioneering artists and cultural organisations.

Studio Voltaire is a registered charity and part of Arts Council England’s National Portfolio.

Key Achievements and Performance

This was a successful and transformative year for Studio Voltaire, as the organisation proudly celebrated our 30th Anniversary. To mark this significant milestone, we presented celebratory programming showcasing the full breadth of our unique activities and demonstrating our far-reaching impact. We supported artists through substantial and sustained commissioning and development opportunities, further embedded vital civic work within local communities, and laid robust plans for greater organisational sustainability with the launch of The Studio Voltaire Future Fund.

This year saw numerous successes in terms of audience growth and impact, including a 193% increase in on-site audiences and a 33% increase in digital audiences. The launch of our new on-site restaurant, Crispin at Studio Voltaire, significantly enhanced our organisation as a visitor destination and bolstered venue hire opportunities. Major international press coverage of our programmes was particularly strong this year.

Our Exhibitions Programme continued to commission and present ambitious work, platforming under-represented practices and bringing international artists to the UK for the first time. We offered significant production residencies and first institutional solo presentations, while developing national and international partnerships and facilitating major museum acquisitions. We commissioned the first solo institutional exhibitions in London for Danielle Brathwaite-Shirley and Jake Grewal, as well as the first exhibition in the UK for Lap-See Lam. We held the most visited exhibition in our history, Beryl Cook / Tom of Finland , bringing together the work of these two cultural icons for the very first time and engaging vast international audiences. Further presentations included Prem Sahib, Roland Young, Juliette Ezaoui with Ana Milenkovic, and Ain Bailey with Holly Graham.

Our long-term and deep-reaching Civic and Learning programmes continued to bring together neighbours, artists, schools, community groups and healthcare providers to explore new ways to work together meaningfully. We secured transformative multiyear support from the Paul Hamlyn Foundation to enhance our Civic Programmes, launching Tender Living , a major new national four-year programme of interlinked collaborative projects centred on artistic practice and support structures for Trans, non-binary, and gender-questioning artists, participants, partners and audiences. We established a new creative health partnership with Spectra CIC, a London-based organisation focused on sexual health and wellbeing.

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We launched our first-ever Neighbours Group, comprising nine members of our local community who play a vital role in advising our wider activities, particularly those engaging with our locale. In collaboration with our long-term partner, Imperial Health Charity NHS Trust, we commissioned artist Abbas Zahedi to undertake a two-year residency, working with staff and patients to explore grief and end-of-life practices. Our Community Spaces Programme continued to thrive with long-term local partners.

Our Learning Programme expanded to help overcome barriers that people experience in formal education settings and support those with limited access to creative opportunities. We delivered a vibrant programme of 61 creative workshops and tours engaging 2,000+ participants, and artist-led teacher training for 78 local educators. Supported by Freelands Foundation, we launched a year-long programme that embeds an artist-in-residence at a local primary school to strategically support a critical moment in students’ mental health and wellbeing.

Studio Voltaire provided subsidised on-site studios for 55 artists and cultural workers, alongside dedicated professional development programmes designed to address the practical needs of artists. With the support of new national and international partners, we significantly expanded our on-site residency programmes, welcoming artists from Japan, Ireland, India, Argentina, and across the UK. The impact of the transformative LOEWE FOUNDATION / Studio Voltaire Award continued to grow. Celebrating talent, creative thinking and individuality, the award works to increase and strengthen equitable representation and access.

Our transformative support for artists continued. We are immensely proud that two of our on-site studio artists, Nnena Kalu and Rene Matić were shortlisted for the Turner Prize 2025. Nnena Kalu has worked from ActionSpace’s supported studio at Studio Voltaire since 1999, and Studio Voltaire commissioned their first London institutional exhibition in 2020. Kalu was also an awardee of the LOEWE FOUNDATION / Studio Voltaire Award in 2021 which supported a major step-change in their practice. Rene Matić has been an integral part of our on-site studio community since 2021. Danielle Brathwaite-Shirley has been commissioned by Serpentine Galleries for a major exhibition opening in 2025, and Lap-See Lam was awarded the Lise Wilhelmsen Art Award, one of the most significant international art prizes.

Our influence also extended to shaping public collections. Studio Voltaire proudly facilitated the historic acquisition of works by Beryl Cook by The Government Art Collection, marking the artist’s first acquisition by a public collection. Additionally, Tate acquired three original works by Maeve Gilmore following their inclusion in Studio Voltaire’s 2022 exhibition, the first-ever institutional exhibition of her work.

In celebration of our 30th Anniversary, we continued to significantly boost fundraising and audience development through House of Voltaire and several high-impact commercial and philanthropic initiatives. Most notably, 2024 saw the launch of The Studio Voltaire Future Fund via a highly successful gala dinner and auction, to secure our continued development and exciting future.

We have continued to invest in our team and governance structures to properly resource the organisation whilst continuing to meet and exceed our charitable goals. This year marked a significant transition in our leadership with the appointment of Emma Goltz as the new Chair of the Board of Trustees bringing extensive experience from previous board roles as well as her long-standing dedication to Studio Voltaire. We are profoundly grateful to our outgoing Chair, Victoria Siddall, who successfully steered the organisation through twelve years of significant growth. Victoria’s

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continued commitment is recognised by her new title as an Honorary Trustee. We also welcomed artist Rachel Jones, consultant and former Editor-in-Chief of Wallpaper* Sarah Douglas, curator Andrew Bonacina and founder of The Modern Institute Glasgow, Toby Webster, as new Trustees.

We also renewed our committee structures and memberships to widen the input and influence of our work, ensuring it remains fit for purpose by utilising individual Trustees and external advisors in working groups to inform organisational change.

Audiences and Impact

Studio Voltaire is committed to engaging a broad and diverse audience and enjoys a strong demand for its artistic and community programmes.

This year saw numerous successes on this front, including 193% increase in on-site audiences and a 33% increase in digital audiences, supported by strategic marketing activities and bolstered by our new on-site restaurant offering. Much of this success is also linked to our 2024 exhibition, Beryl Cook / Tom of Finland , which attracted exceptionally high audience numbers and has become the most visited exhibition in our organisation’s history.

In 2024-2025, our work reached 1,002,650 audiences:

Plus an additional:

As ever, partnership working was key to our success, working with hyperlocal and international partners including Black Cultural Archives, Imperial Health Charity NHS Trust, Lambeth Elevate/ Lambeth Council, London LGBT+ Forums’ Network, LOEWE, LOEWE Foundation, Meta, Moderna Museet, Museum of Transology, PHI Montreal, The Mayor of London, The Power Plant Contemporary Art Gallery, Spectra CIC, Voades, Vega Foundation and Wandsworth Oasis.

Major international press coverage of our programmes was particularly strong this year, with previews in The Art Newspaper, AnOther, The Observer Magazine, Attitude, The World of Interiors, The Guardian – Saturday Magazine, and 10Magazine; reviews in The Guardian, Time Out, The Spectator, ArtReview and Polyester; and features in The Times, The Spectator, Artnet, The Face, Plaster, Wallpaper* and Apollo.

This year, Studio Voltaire has progressed in developing its approach to collecting data and evidence of participant impact, gathering insights through surveys, as well as external and internal evaluations, digital and social media analytics, press coverage, visitor statistics, and attendance figures. Findings are now centralised and monitored across the organisation to inform planning and delivery.

Studio Voltaire conducts on-site audience surveys via Arts Council England’s Illuminate platform. In 2024-2025, we collected 238 surveys, representing 1.7% of the total on-site visitors.

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The results show that in 2024-2025:

Studio Voltaire is deeply rooted in Lambeth, South London, with all our partner schools and the vast majority of participants in our Civic and Learning programmes residing in the immediate vicinity of our site in Lambeth. Our strategic local focus is essential given the unique profile of our borough.

According to the most recent Census, half of all households in Lambeth are disadvantaged in one or more of the following dimensions: employment, education, health and disability, and housing. Lambeth is ranked as the 13th most disadvantaged London borough and 22nd most disadvantaged borough in England overall. 19% of Lambeth households experience housing-related deprivation. Lone-parent families with at least one dependent child make up 14% of all households in Lambeth. Lambeth is the 4th most densely populated district in England and Wales, with twice the average density of London.

Lambeth is one of the most ethnically diverse boroughs in the UK. 41% of residents were born outside of the UK. 43% of residents identify as being from the Global majority, twice the national average for England. Lambeth is home to the 3rd largest Black and Black British communities nationally and in London, accounting for 24% of the population, with 12% identifying as African and 10% as Caribbean backgrounds.

Lambeth has the highest population of LGBTQIA+ people in London. Lambeth has a notably young local community and the average age of residents in Lambeth is 33 years old. 62% of the population aged under 35, and 19% under 20 years old. 22% of Lambeth residents identify as D/deaf, disabled, or having a long-term health condition.

It is in this context that we programme extensive and varied activities, centred on collaboration, care, and participation. Utilising creativity as a tool for connection, reflection, and change, our work brings people together through a diverse offering of interconnected, artist-led collaborative projects, commissions, exhibitions, creative research, residencies, workshops, support groups and social activities.

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Programme Highlights

In 2024-2025, Studio Voltaire platformed the work of 110 UK-based and international artists through:

Exhibitions

Our exhibitions programme continued to build on our outstanding track record of supporting artists at a pivotal stage in their careers by commissioning artists’ first solo exhibitions in London or presenting work by international artists to UK audiences for the first time. We provide artists with time, care and resources to create ambitious new work on their own terms, from conception to completion.

Danielle Brathwaite-Shirley opened THE REBIRTHING ROOM , a new immersive gaming experience and the artist’s first institutional solo exhibition in London. BrathwaiteShirley’s practice draws on animation, sound, performance, and video game development, intertwining lived experience with fiction to imaginatively archive and retell the stories of Black and Brown Trans people. This ambitious commission marked the end of the artist’s year-long residency at Studio Voltaire, supported by Meta.

In the Spring, our major exhibition of Beryl Cook (b. 1926–d. 2008) and Tom of Finland (b. 1920–d. 1991), brought together the work of these two cultural icons for the very first time. Beryl Cook / Tom of Finland welcomed a record-breaking 12,000 visitors and unprecedented international press coverage, becoming the most visited exhibition in our history. The exhibition featured original works and archival materials, some of which had never been seen by the public, and provided a significant refocus on both artists, revealing interconnected ideas surrounding gender, sexuality, taste and class.

Lap-See Lam, Floating Sea Palace, was the first-ever institutional exhibition of the artist’s work in the UK, produced in partnership with Moderna Museet and developed from Lam’s presentation for the Nordic Pavilion at the 2024 Venice Biennale. Lam’s expansive video installation interpreted traditional storytelling forms such as Cantonese opera and shadow plays to grapple with the translation – and mistranslation – of cultural heritage. Lam collaborated with bamboo sifu Ho Yeung Chan on the large-scale immersive scaffold installation, which housed a major new film co-commissioned by Studio Voltaire, The Vega Foundation, and The Power Plant Contemporary Art Gallery, and produced in partnership with Moderna Museet. Floating Sea Palace toured to The Power Plant Contemporary Art Gallery in Toronto.

For Under The Same Sky, Jake Grewal produced a significant series of new paintings for his first institutional exhibition in London. The exhibition was anchored by The Ceaseless Cycle of Erosion, 2024, almost six metres in length and Grewal’s most ambitiously scaled work to date. The commission enabled Grewal to embark on a sustained research period in India, and later a month-long residency exploring coastal landscapes at Porthmeor Studios in St Ives. To mark the exhibition, Studio Voltaire and Thomas Dane Gallery have commissioned Grewal’s first artist’s book, which surveys key works from the artist’s practice and includes a new essay by Philip Hoare and a conversation with Andrew Bonacina.

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The Project Studio continued to provide further opportunities for new artists’ presentations. In January 2024, Prem Sahib’s Documents of a recent past brought together image, text, furniture and sound that centred around and departed from The Backstreet - London’s oldest and longest-running gay leather bar, which closed in 2022. In June, an exhibition of drawings and works on paper celebrated Roland Young (b. 1953–d. 2023) - the first-ever institutional exhibition of his work. Young was a resident artist with ActionSpace at Studio Voltaire from 2004. This exhibition marked the first anniversary of the artist’s death. We continued our In House series of duo exhibitions organised by and for our community of studio artists showcasing new work by Juliette Ezaoui with Ana Milenkovic and Ain Bailey with Holly Graham.

Civic Programmes | Building Stronger Communities

Centred on collaboration, care, and participation, our ambitious Civic Programme utilises creativity as a tool for connection, reflection and change. Responsive to our community and environment, the programme brings people together through a diverse offering of interconnected artist-led collaborative projects, commissions, exhibitions, creative research, residencies, workshops, support groups, social activities and a Neighbours Group.

In 2024-2025, our Civic Programme continued to deliver ambitious and innovative programmes. The beginning of the year saw the culmination of Unearthed: Collective Histories , a twelve-month pilot programme of commissions, workshops and events that uncovered the overlooked 20th-century histories of Studio Voltaire’s locality. Partnering with several Lambeth-based archives, local schools, community groups, residents and artists, the programme investigated two local landmarks linked by a shared history of WWII bomb damage. Unearthed: Collective Histories led to the creation of a resident-led research group, Unearthed Collective, a new learning programme, and a public programme of exhibitions and events as part of the Lambeth Heritage Festival.

Far from the Start was an installation and sound work by Jay Bernard. Stemming from a combination of research and personal experience, Bernard responded to the Clapham South Deep Level Shelter as a point of diffusion after the arrival of the HMT Empire Windrush in 1948. The programme was supported by Historic England’s Everyday Heritage Grants and Hartfield Foundation, with kind assistance from London Transport Museum and Black Cultural Archives.

A major grant from Paul Hamlyn Foundation enabled Studio Voltaire to launch Tender Living , a four-year interlinked programme of collaborative projects, commissions, exhibitions, creative research and events. The programme centres on the artistic practice of and support structures for Trans, non-binary and gender-questioning artists, participants, partners and audiences. The first of this multiphase programme was Tendre , a twelve-month artistic research residency by Birmingham-based artist Exodus Crooks. Crooks’ research examined the tangible and intangible support structures for and by Black Trans people in the UK, which were explored through a series of focus groups, creative workshops, interviews, site visits, and experiments with materials working with collaborators including Sabah Choudrey, Chay Brown, Trans Media Watch, TransActual, Kris Black, E-J Scott and the Museum of Transology.

“I had an amazing time and I really appreciated the unique space that we as Black Trans people rarely have access to.” – Tendre workshop participant feedback.

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We also established a significant creative health partnership with Spectra CIC, a London-based organisation focused on sexual health and wellbeing. Spectra CIC, alongside the Terrence Higgins Trust, METRO Charity, Big Up, Naz, and the North London Line Lesbian and Gay Youth Project, are among several LGBTQIA+ activist organisations and campaigners that advocate for the sexual, mental, physical, and social wellbeing of LGBTQIA+ people living in London and across Britain. Focused on Spectra CIC’s groundbreaking archive of sexual healthcare posters, we commissioned artists Jesse Glazzard and Pank Sethi to create new works in response to the archive, to create new posters for Spectra’s ongoing work.

In November 2024, we launched our first-ever Neighbours Group. Comprising nine intergenerational members of our local community, the group meets monthly to explore the role of arts and heritage in creating social and civic change through artmaking, research, power analysis, and community building. Members are paid and the group plays a vital role in advising Studio Voltaire on our wider activities, particularly those which engage with our immediate locale. Our successful local campaign, designed by Sofia Niazi, received over 150 applications from local individuals.

Our second Imperial Health Charity NHS Trust Artist Residency commissioned Abbas Zahedi to undertake a two-year programme. Through care-centred engagement, Zahedi will explore grief, end-of-life practices and the enduring stigma around death and dying. Across the project, we are also collaborating with various end-of-life and palliative care providers, including Charing Cross Hospital, Maggie’s and Royal Trinity Hospice. Supported by Arts Council England and Imperial Health Charity.

Rainbow Plaques is an ongoing programme led by Studio Voltaire and the London LGBT+ Forums’ Network, which identifies hidden and lost LGBTQIA+ heritage whilst highlighting the importance of intersectional queer visibility in our streets and public spaces. In 2024, we unveiled London’s newest Rainbow Plaque honouring the groundbreaking journalist, broadcaster, actor and lesbian rights activist Jackie Forster, supported by The Mayor of London’s Untold Stories Fund as part of his Commission for Diversity in the Public Realm, and Wandsworth Oasis.

Our Community Spaces Programme continued with long-term local partners Clapham Women’s Institute and Voades, a local charity whose primary goal is to help Spanish and Portuguese-speaking migrants with the emotional and psychological challenges of moving to a new country. Aimed at hyperlocal organisations and groups that do not have a permanent space, this programme directly aligns with our commitment to being a useful space and maintaining a sense of generosity in all that we do.

Learning Programme | Broadening access to art & creativity

Studio Voltaire’s Learning Programme is designed to overcome barriers that people experience in formal education settings and support those who have limited access to creative opportunities. Studio Voltaire is uniquely positioned as a site for learning: as a gallery, an artists’ studio complex, learning and workshop facilities, and an artistdesigned garden—a key site for outdoor learning.

We work closely with local primary and secondary schools, colleges, youth groups and education providers with the aim of broadening access to art and creativity for young people, supporting them to learn about themselves, others and the world we live in. Our lively programme of artist-led workshops, skills development sessions and tours is cross-curricular, focusing on wellbeing and joy through a range of artmaking activities.

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Our community-focused programmes provide an alternative site for intergenerational learning. We offer workshops, drop-in activities, screenings, talks and exhibition tours, sharing space, resources, knowledge and expertise. These programmes, delivered collaboratively with community partners, are free to attend and suitable for people of all ages. Over the course of the year, our Civic and Learning team delivered 61 workshops and tours, engaging 2,098 participants.

We offered vibrant artist-led creative sessions for 600 primary school children (aged 9 and 10) and engaged a further 935 students (aged 16-25) via higher education tours. Importantly, we provided 78 local educators with artist-led teacher training sessions, designed to equip them with the skills and confidence to foster creativity, critical thinking, and problem-solving abilities in their students.

Through the Lambeth Council ELEVATE creative careers programme, we offered a new paid role within our Civic & Learning team, offering valuable sector experience, mentoring, and skills development specifically for 18-24-year-olds living in Lambeth, with a particular focus on empowering those from underrepresented groups.

Supported by the Freelands Foundation’s Spring Fund, we launched Growing Together, a year-long programme that strategically focused on the Year 6 cohort at Heathbrook Primary School, at a critical moment in the students’ mental health and wellbeing. Amy Leung was embedded as an artist-in-residence at the local school, delivering a series of creative workshop sessions at Studio Voltaire, as well as one-on-one teacher support and teacher training days. This long-term learning project focused on the transition of Year 6 students to secondary school, working to centre and support students and teachers to develop wellbeing strategies through creative practice. The students presented their works at Studio Voltaire in May 2025 titled A Toolkit for Growing Together.

“I think I’ve created a lot of self-resilience to keep going, even when I can’t figure out how to do something.” – Year 6 Student self-evaluation feedback.

Taking a school-wide approach to creative learning, teacher training focused on a series of continuing professional development sessions led by artists Amy Leung, Katka Krajci and Hot Desque, exploring Heathbrook Primary School’s art curriculum and teaching methodologies to support Year 6’s transition to secondary school and aim to replenish educators’ creativity.

“I learnt to start planning fun, joyful art activities for our learners and to start applying it to cross-curricular contents.” – Teacher training feedback.

Highlights of the wider programme included workshops with local secondary schools Centre Academy and Lansdowne School, directed at young people with Special Educational Needs, facilitated by onsite artist Babajide Brian.

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A Toolkit For Growing Together, 2025. Courtesy of Heathbrook Primary School and Studio Voltaire. Photo Zoë Maxwell
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Studios Programme

Directly tackling the current city-wide loss of artists’ studios and ensuring artists are not priced out of London, in 2024-2025 Studio Voltaire provided subsidised studios for 55 onsite artists and cultural workers alongside dedicated professional development programmes. Our onsite community of artists and cultural tenants include some of the most exciting artists, curatorial collectives and arts organisations in the UK:

ActionSpace Pete Gomes Sola Olulode
Veeda Ahmed Ben Clarke Meera Shakti Osborne
Art Law Studio Holly Graham Will Pham
Ayo Akingbade Anthea Hamilton Emily Pope
Ain Bailey Hsi-Nong Huang Prajakta Potnis
Farah Bellio Steph Huang Shamica Ruddock
Babajide Brian Nnena Kalu Nick Smith
Ree Bradley Christine Kirubi Bolanle Tajudeen
Whiskey Chow Rene Matic Markus Vater
Lubna Chowdhary Alicia Reyes McNamara Adia Wahid
Kaye Donachie Ana Milenkovic Ossie Williams
Juliette Ezaoui Maz Murray Linda Zagidulina

Residencies Programme

Our well-structured and fully supported residencies provide artists with vital space to develop their practice, hone new skills, take risks, produce new work, broaden their professional and creative networks, and increase their confidence. In 2024-2025, with the support of new national and international partners, we significantly expanded our onsite artist residency programmes, welcoming artists from Japan, Ireland, India, Argentina and across the UK and delivering five artist residencies:

From May to August 2024, artist Marina Lisa Komiya undertook a residency at Studio Voltaire, in partnership with Japan House London. Komiya’s residency expanded upon their ongoing project Reproductive Garden, which interrogates the archetypes of English and Japanese gardens and how they can act as societal models through which different people can coexist. Dublin-based artist Lauren Conway was in residence from July to September 2024, supported by An Chomhairle Ealaíon. During the residency, Conway continued ongoing research, which centred around three family members’ engagement with state-run educational spaces.

Mumbai-based artist Prajakta Potnis undertook a year-long residency from October 2024, generously supported by LOEWE FOUNDATION. This was Potnis’ first project in the UK, who used the opportunity to revisit previous work, researching and contextualising through a series of research trips and conversations in London’s historic cultural institutions and beyond. Buenos Aires-based artist Nicolás Said was in residence from October to December 2024, supported by Erica Roberts. During his residency, Said developed a series of new works examining humanity’s historical and contemporary responses to the concept of the Apocalypse. Said hosted drawing workshops and a vibrant Open Studio.

London-based artist Sophie Seita undertook a research residency from February to April 2025, supported by the CHASE and the Art Department at Goldsmiths, University of London. During her residency, Seita researched Studio Voltaire’s archive of performance commissions to develop her ongoing project, Touching Language.

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LOEWE FOUNDATION / Studio Voltaire Award

Established in 2021, the LOEWE FOUNDATION / Studio Voltaire Award celebrates talent, creative thinking, and individuality, working to increase and strengthen equitable representation and access. This unique programme is even more urgent given the effect of the cost-of-living crisis on artists.

In 2024-2025, we continued to support seven awardees, Babajide Brian, Maz Murray, Emily Pope, Shamica Ruddock, Meera Shakti Osborne, Nick Smith and Ossie Williams, with studio space, bespoke professional development support and bursaries.The award’s impact has been unprecedented. We are proud of this uniquely transformative programme, which genuinely nurtures artists, increasing accessibility and opportunities, particularly for those with limited financial means or who face barriers in their careers.

This year saw the awarded artists continue to develop their practices, resulting in increased critical and curatorial attention. Key achievements have included: debut institutional solo exhibitions by Maz Murray (Focal Point Gallery, Southend), Babajide Brian (OOF Gallery, London) and Meera Shakti Osborne (PEER Gallery, London); international exhibitions by Emily Pope (Sara’s, New York City) and Shamica Ruddock (skēnē, Malmö); and professional development sessions with curators from leading institutions, including Liverpool Biennial, Gallery of Modern Art Glasgow, Walker Art Gallery Liverpool, Herbert Art Gallery and Museum Coventry, and Museum of London.

Professional Development Programmes

Studio Voltaire is committed to nurturing its community of studio artists and cultural tenants through a bespoke programme of professional development and social engagement. This year, we delivered a robust series of workshops, work-sharing sessions, and collaborative social events designed to address the practical needs of artists. 2024–2025 saw well-attended workshops facilitated by both members of the Studio Voltaire team and leading external specialists, including artist April Lin on access riders, Eliza Dubois on artists’ insurance, and art historian and writer Alexandra Steinacker on digital marketing and social media strategy.

We also leveraged our community’s expertise by hosting peer-led sessions for skillsharing and works-in-progress critiques, alongside dedicated social gatherings. To encourage new collaborations and wider professional connections, we successfully hosted joint social events with artists from partners including Delfina Foundation and Gasworks.

Public Programmes

We place artists and audiences at the centre of everything we do. Our year-round Public Programmes, comprising talks, workshops, performances, screenings, live events, and open studios, continued to inspire, excite, and engage, fostering a closer relationship between the audience, the artist, and the production of ground-breaking new work and ideas. Highlights of our Public Programmes included our very popular Saturday Talks series, featuring contributions from Tai Shani, Luke Turner, and Emily Pope; a live cello performance by Lucinda Chua; and a Tom of Finland tattoo parlour.

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House of Voltaire

“Cult Shop: The irreverent genius of House of Voltaire. At its heart, House of Voltaire remains more than just a fun endeavour; its mix of humour, beauty and creativity funds one of the most interesting independent art institutions” – Financial Times.

House of Voltaire continued to significantly boost fundraising and audience development through several high-impact commercial and philanthropic initiatives. To coincide with Studio Voltaire’s most-visited exhibition, in May 2024 House of Voltaire launched a special range dedicated to the works of Beryl Cook and Tom of Finland. The extensive collection featured a range of limited-edition items, including lambswool blankets, printed cushions, tea towels, pins, badges, embroidered patches, magnets, stickers, postcards, a chocolate bar and custom condoms. The exhibition catalogue, Beryl Cook / Tom of Finland, paired the two artists for the first time and features a new essay by Huw Lemmey.

From May to June, we celebrated our 30th anniversary with the very special fundraising exhibition, XXX , with donated works by Nairy Baghramian, Cecily Brown, Andrew Cranston, Enrico David, Pam Evelyn, Roberto Gil de Montes, Jake Grewal, Camille Henrot, Judith Hopf, Rachel Kneebone, Florian Krewer, Sophia Loeb, FranceLise McGurn, Paulina Olowska, Pedro Reyes, George Rouy, Mary Stephenson and Cathy Wilkes. All works were generously donated by the artists and their galleries to benefit The Studio Voltaire Future Fund. In partnership with Christie’s, works were offered during their Post-War to Present sale in June. 30th Anniversary Editions were commissioned by Monster Chetwynd, Enrico David, KAWS, Rachel Kneebone, Tai Shani, Andrew Sim, Caragh Thuring and Rose Wylie.

In October, Studio Voltaire collaborated with LOEWE to commission artists Alvaro Barrington, Anthea Hamilton, Sheila Hicks, Sanya Kantarovsky and Ron Nagle to create a series of limited-edition works, with all proceeds donated to support our artistic and community programmes. This new collection marked LOEWE FOUNDATION’s unwavering support, including the LOEWE FOUNDATION / Studio Voltaire Award launched in 2021. In November, House of Voltaire presented ‘Greatest Hits,’ generously hosted by Thomas Dane Gallery. Artists from House of Voltaire’s extensive archive were invited to reimagine their greatest hits alongside special anniversary editions and unique donated works from artists including Lisa Brice, Jeremy Deller, Nicole Eisenman, Ryan Gander, Antony Gormley, Sanya Kantarovsky, Ella Kruglyanskaya, Mark Leckey, Sarah Lucas, Ed Ruscha, Peter Saville and Mary Stephenson.

Restaurant and Hires

“Crispin at Studio Voltaire is a feast for all the senses” – Wallpaper*

Our new onsite restaurant, Crispin at Studio Voltaire launched in 2024, supporting a 193% increase in visitors across the year. Offering a high-quality lunch and dinner menu, as well as a day-long café service, our offering increases dwell time and enhances Studio Voltaire as a visitor destination. Crispin also brings a renewed offer via venue hires, bolstering a new income strand following our redevelopment. Our unique indoor and outdoor spaces can now be hired individually or in combination.

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Equity, Diversity and Inclusion

Studio Voltaire is committed to being an inclusive organisation, enhanced through the diversity of our programmes, audiences, governance and staff. Our intersectional programmes engage with class, race, gender, sexuality, health, age and disability to increase visibility and opportunities for those underrepresented by the wider sector. Our deep-rooted, community-led programmes support some of the most underreached communities and we have a proven track record of delivering social impact.

Committed to change within our organisation and the sector, we continue to expand and critically examine our work. Studio Voltaire’s Equity, Diversity, and Inclusion Committee, comprising members of the Board of Trustees and staff at all levels, ensures that all aspects of the organisation’s programmes, governance, staff, and practices are fully inclusive and representative. The committee considers how we engage and support key stakeholders, including staff, artists, trustees, audiences, participants, freelancers and partners. They provide critical self–evaluation to oversee and inform policy, ensuring staff and governance are empowered to inform and shape policy and working culture.

Within our Board of Trustees, 46% identify as LGBTQIA+ and 31% identify as part of the Global majority. Our board are balanced as identifying as male and female. 8% of the board identifies as Neurodivergent. 63% of our staff identify as LGBTQIA+, and 31% identify as belonging to the Global majority. 47% of staff identify as Male, 34% Female, and 13% Non-Binary, with 28% identifying with a gender identity different to sex registered at birth. 19% of staff identify as a D/deaf and/or disabled person, or have a long term health condition, and 59% identify as neurodivergent.

This year, we significantly strengthened our commitment to supporting underrepresented individuals in the sector by reinforcing our partnership working. Through the Lambeth Council ELEVATE creative careers programme, we hosted two trainees. This programme is vital, as it offers remunerated sector experience, mentoring, and skills development specifically for 18-24-year-olds living in Lambeth, with a particular focus on empowering those from underrepresented groups. With the support of Art Fund, we appointed a new role, Assistant Curator (Studios & Residencies), aimed at increasing curatorial access and opportunities for those currently under-supported in the curatorial sector.

Environmental Sustainability

We maintain a strong commitment to reducing our contribution to the climate crisis by implementing procedures that ensure our organisation operates in an environmentally responsible and sustainable manner. We recognise our responsibility to conserve natural resources and protect global ecosystems, thereby supporting biodiversity, health and wellbeing.

Studio Voltaire is committed to continually monitoring and reducing its environmental impact across all activities. Our strategy prioritises further reductions in carbon emissions and includes researching, developing, and implementing cost-effective ways to operate with minimal environmental impact and efficient resource use.

Environmental responsibility is actively managed through Studio Voltaire’s Green Committee, which is dedicated to embedding sustainability across the organisation’s operations, programming, and wider activities. Comprising members of the Board

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of Trustees and staff from all levels, the group develops our environmental policy, consulting with external experts as necessary.

Building on the significant environmental improvements achieved through our recent redevelopment, we made substantial further progress this year in upgrading our facilities to enhance long-term sustainability and resource efficiency. With the generous support of The Wolfson Foundation, we successfully installed solar panels on our roof, marking a significant step toward generating renewable energy. The Wolfson Foundation’s support also enabled crucial improvements to our heating system and studio ventilation, increasing energy efficiency. We secured additional corporate support from Voltsmart, which provided advanced voltage optimisation through their energy-smart and fire-smart systems, further enhancing our energy efficiency and operational resilience.

Funding and Support

We are in a very difficult funding landscape for all artists and cultural organisations, with successive cuts in public funding via Arts Council England and the ongoing effects of the cost-of-living crisis.

However, Studio Voltaire is in a uniquely challenging position compared to our peers. Despite the significant expansion in our studio provision and programming completed in 2021, our level of public funding via Arts Council England has remained static for over 15 years. Regular public funding comprises just 5% of Studio Voltaire’s annual turnover, while the majority of peer organisations receive 25–50% of their turnover from the public purse. Crucially, all of our programmes are funded entirely through dedicated patrons, donations, sponsorship, and grants from trusts and foundations.

Outward-facing and responsive, with a clear mission and intent, Studio Voltaire is resilient, agile and lean. Studio Voltaire’s income at April 2025 was derived via:

We are extremely grateful for the support received from all our partners this year. Our supporters play a truly vital role in enabling our key activities - from commissioning major new exhibitions and developing our pioneering civic, learning, and public projects, to providing much-needed international residencies and subsidised onsite studios for artists.

Excitingly, in 2024, on the important milestone of Studio Voltaire’s 30th Anniversary, we launched The Studio Voltaire Future Fund to sustain and bolster our urgent work and programmes, securing our continued development and exciting future. We are particularly grateful to the members of our Future Fund Committee and those who pledged support to The Studio Voltaire Future Fund, and in particular our Gold Supporters, LOEWE, Asymmetry Art Foundation and the Marandi Foundation, for their transformative support. We are thankful to Christie’s for their partnership of our selling exhibition and auction and valued sponsorship of our much-loved Annual Gala Dinner, this year honouring Sanya Kantarovsky and Maureen Paley, with addresses by Wolfgang Tillmans and Ariana Reynes.

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We are indebted to all artists and their galleries who so generously donated works and created bespoke editions in support of our fundraising campaigns this year.

LOEWE and LOEWE Foundation’s loyal support continued to be transformative, supporting our Future Fund campaign and pledging two additional years of transformative sponsorship of the LOEWE FOUNDATION / Studio Voltaire Award.

The Studio Voltaire Council’s valued membership continued to grow, with members playing a key role in shaping Studio Voltaire’s fundraising efforts by supporting programmes, sharing expertise, acting as advocates, and encouraging support and engagement through international networks. Membership to our Supporters Scheme continued to grow, enjoying a closer relationship with our organisation, artists and programmes and a vibrant year-round Supporter’s Events Programme.

Our Civic and Learning Programmes continued to receive crucial multi-year support from The Garcia Family Foundation, Hartfield Foundation, and The Mila Charitable Organisation. We recognise the transformative multi-year support received this year from Paul Hamlyn Foundation, which will significantly enhance Civic programming, staff capacity and impact. Funding via Historic England’s Everyday Heritage Grants: Celebrating Working-Class History continued to support our Civic Programmes through a successful twelve-month programme of new commissions, a residentled research group, and public programming that explored our local area. Freelands Foundation provided key project funding for our Learning programme, bolstering our vital work with local school children and educators. Imperial Health Charity renewed its commitment to our artists’ healthcare residency programme, which facilitates important artist-led work with local hospitals, patients and staff.

The Ampersand Foundation and Cockayne – The London Community Foundation continued to provide essential multi-year support for our renowned Exhibitions Programme, alongside project contributions from the Henry Moore Foundation and Elephant Trust. This year also saw the culmination of our year-long residency programme, supported by Meta, with a major new exhibition exploring digital real estate, archiving, and the exclusion and subjugation of Black and Brown Trans bodies in digital space.

This year, our international artist residency programme welcomed new support from Erica Roberts, Japan House London and An Chomhairle Ealaíon. Defise Foundation also pledged its multi-year commitment to support our future programme.

Art Fund provided much-needed core funding to bolster staff wellbeing and facilitate a new Assistant Curator role, particularly aimed at increasing meaningful opportunities for those from the Global majority who are currently underrepresented by the wider sector. The Wolfson Foundation provided vital support for our commitment to environmental sustainability through capital improvement works. Ongoing corporate supporters Baker McKenzie and Fletcher Gallery Services continued to provide invaluable in-kind support.

Studio Voltaire would like to thank all the individuals, trusts, foundations and organisations who have so generously supported us this financial year.

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Prajakta Potnis open studio, Studio Voltaire OPEN HOUSE 2024. Image George Brown
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MEMBERS OF THE COUNCIL, COMMITTEES AND THE BOARD OF TRUSTEES OF STUDIO VOLTAIRE

We would particularly like to thank the following individuals and organisations who have supported our work and programmes by providing financial support, giving their time and expertise or acting as ambassadors and advocates for our vital work.

BOARD OF TRUSTEES

Emma Goltz (Chair) Andrew Bonacina, Curator Sarah Douglas, Design Agent, Consultant and Advisor Jo Dunnett, (Vice Chair) Partner, Counterculture Amanda Hall (Treasurer), Senior Partner, Counterculture Rachel Jones, Artist Michael Linington, Head of Philanthropy, Victoria & Albert Museum Mark Miller, Artist and Consultant Priyesh Mistry, Associate Curator of Modern & Contemporary Projects at The National Gallery Amalia Pica, Artist Elizabeth Price, Artist Jeremy Scholar, Director, Scholar Properties Toby Webster, Art Dealer and Founder of The Modern Institute, Glasgow Victoria Siddall (Honorary Trustee), Director of The National Portrait Gallery

THE STUDIO VOLTAIRE COUNCIL

Ruth Chapman (Co-Chair) Thomas Dane (Co-Chair) Jill Garcia (Co-Chair) Jane Carr Tom Chapman Cherry Cheng Millie Jason Foster Emma Goltz Yana Peel Joshua Silver SIMONE

FUTURE FUND COMMITTEE

FINANCE, AUDIT AND RISK COMMITTEE

Thomas Dane, Co-Chair COMMITTEE Jonathan Anderson, CoAmanda Hall (Chair) Chair Nicole Dembinska Shane Akeroyd Hayley Dixon Malik Al-Mahrouky Jo Dunnett Nairy Baghramian Emma Goltz Andrew Bonacina Joe Scotland Joseph Braka Janine Catalano EQUITY, DIVERSITY AND Ruth Chapman INCLUSION COMMITTEE Sadie Coles Mark Miller (Chair) Enrico David Laura Harford Nicole Eisenman Dot Zhihan Jia Nicoletta Fiorucci Louis Jones Jill Garcia Priyesh Mistry Emma Goltz Elizabeth Price Karine Haimo Joe Scotland Anthea Hamilton Karina Sellars Tom Hunt Caitlin Storrie Sanya Kantarovsky Robbie Wallace Alex Logsdail Gianluca Longo GREEN COMMITTEE Alma Luxembourg Amalia Pica (Chair) Paulina Olowska Amy Gillies Maureen Paley Louis Jones Yana Peel Ludovica Moro Kadee Robbins Katherine Schaefer NEIGHBOURS GROUP Victoria Siddall Asiah Ali Rodolphe von Bukola Awoyemi Hofmannsthal Nikky Catto Toby Webster Lloyd Curtis Neil Wenman Iain Dewar

EQUITY, DIVERSITY AND INCLUSION COMMITTEE

Asiah Ali Bukola Awoyemi Nikky Catto Lloyd Curtis Iain Dewar Tracey Fahy Else/Xun Nadine Peters Samantha Russell

DEVELOPMENT COMMITTEE

Emma Goltz (Chair) Andrew Bonacina Sarah Douglas Thomas Dane Jill Garcia Gianluca Longo Zoe Sperling Toby Webster

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PATRONS

Saffron Aldridge Coco Chen Stephanie Garcia Emily King Bobby Molavi Alessandra Morra di Lavriano Almine Rech Brooke Reese Jeremy Scholar Joshua Silver Matthew Slotover Evmorfia Tempou David Zwirner

BENEFACTORS

Amélie Alexandre Artgo Ltd Kerry Bishop Joseph Braka Brunette Coleman Richard Follows Found Art Brynn Hanson Max Hetzler Gallery Andrew Hochhauser Lyndsey Ingram Amrita Jhaveri Sigrid Kirk Claire Shiying Li Alma Luxembourg Daniel Malarkey MASSIMODECARLO Sophie Oppenheimer Maureen Paley Pietro Pantalani Almine Rech Alex Sainsbury Victoria Siddall Lou Stoppard The Sunday Painter Gigi Surel Charles Towning Amelie Von Wedel The Modern Institute / Toby Webster Ltd Jessica Zambeletti Clara Zevi

Arts Council England Cockayne – The London Community Foundation David Kordansky Gallery The Elephant Trust The Embassy of Sweden in London Erica Roberts Freelands Foundation Galerie Nordenhake The Garcia Family Foundation Giacomo Negro Gianluca Longo Graham Steele and Ulysses de Santi Hartfield Foundation Henry Moore Foundation Historic England Imperial Health Charity Japan House London Joshua Silver Lambeth Council The Lee and Juliet Folger Fund LOEWE Foundation The Mayor of London Meta The Mila Charitable Organisation Paul Hamlyn Foundation Paul Mellon Centre Russell Tovey Samuel Lewis Sandesh Sivakumaran Simon Nixon This is Clapham BID Thomas Dane Gallery Vega Foundation

CORE FUNDER

Supported using public funding by Arts Council England

SUSTAINABILITY FUNDER

Lambeth Council The Wolfson Foundation

CORPORATE PATRONS

BakerMcKenzie Fletcher Gallery Services and those who wish to remain anonymous.

PROGRAMME SUPPORTERS

The Ampersand Foundation Alain and Vanessa Defise Alison Deighton Arif Suherman Art Fund

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FUTURE FUNDERS

GOLD SUPPORTERS

Asymmetry Art Foundation LOEWE Marandi Foundation

SILVER SUPPORTERS Christie’s Hauser & Wirth Yana Peel

BRONZE SUPPORTERS

Martin Aguilera Jonathan & Julie Akeroyd Katharine Arnold & Boris Olujic Debbie Burston Sadie Coles Patrick Collins & Olivia Barrett Alison Deighton Jed & Ariane Donnelly Roxanna Farboud & Carlo Berardi Nicoletta Fiorucci Russo & Giovanni Russo Emma Goltz Jenny Holzer Eddie Martinez Marcin Minkiewicz & Izabela Minkiewicz Bona Montagu Rebecca Warren Toby Webster

FUTURE FUND ARTISTS

Nairy Baghramian Alvaro Barrington Cecily Brown Monster Chetwynd Andrew Cranston Enrico David Roberto Gil de Montes Pam Evelyn Jake Grewal Anthea Hamilton Richard Hawkins Camille Henrot Sheila Hicks Judith Hopf Chantal Joffe Sanya Kantarovsky KAWS Rachel Kneebone Florian Krewer Sophia Loeb France-Lise McGurn Ron Nagle Paulina Olowska Pedro Reyes George Rouy Mary Stephenson Caragh Thuring Rose Wiley Cathy Wilkes

With additional support from Herald St, James Lindon, Elizabeth Saltzman, Jeremy and Annabelle Scholar, Olivia & Michael Heuberger, Morgan Long, Jill Green, Georgina Hilton, Maddie Smoot, Emily Tsingou, Paul Ettlinger and Kadee Robbins.

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Looking Ahead

Studio Voltaire is poised for a dynamic year ahead dedicated to supporting artistic innovation, strengthening civic engagement, and building organisational resilience.

Underpinning our successes and exciting future is the skill and dedication of our team. We will continue to prioritise having the right staffing and resources to deliver our work and developing organisational resilience to enable us to deliver more effectively against our strategic objectives.

Artists will remain at the centre of everything we do. Studio Voltaire will deliver an ambitious, risk-taking programme supporting artists at pivotal stages in their careers, focusing on emerging and under-represented practices. We will continue to support the realisation of work that might not have been possible within commercial and larger institutional frameworks, supporting artists to produce significant projects on their own terms whilst supporting collaborative and process-driven ways of working.

The 2025–2026 Exhibition Programme will deliver inspiring new commissions. Key highlights include the first institutional exhibition for Glasgow-based artist Caspar Heinemann (b. 1994, London); the UK’s first solo institutional exhibition for Aki Sasamoto (b. 1980, Kanagawa, Japan), and a significant new commission by Turner Prize-nominated artist Hilary Loyd (b. 1964, Halifax, England), considering the scope and spirit of playwright, television dramatist, and author Dennis Potter (b. 1935-d. 1994).

Our Civic and Learning Programmes, bolstered by increased funding, will continue to invest in and encourage collaborative approaches to advance social equality, building stronger communities, and contribute to long-term systemic change.

Our residency programme will build to make best use of our Residency Studios, welcoming artists from across the globe, including China, the Democratic Republic of Congo and Argentina. In alignment with our core mission, we will continue to provide secure, sustainable workspaces to over 55 artists and practitioners through our onsite facilities, while delivering professional development and training opportunities.

We will continue to be a champion of inclusivity, across our staff, board and artists, and the welcome of our building. We will continue our commitment showing leadership on the climate emergency, developing and championing more environmentally responsible ways of working while ensuring our operations become more sustainable.

Importantly, we will have developed a more sustainable financial model that fits the needs of our charity, maximising the potential of our expanded operation to grow and further diversify our income. We will have maximised the huge potential of new income linked to new programmes and facilities brought about by our redevelopment, enabling us to be more innovative in our programmes.

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Structure, Governance and Management

Nature of the Governing Documents and constitution of the charity: The Charity is governed by its Memorandum and Articles of Association.

The Board of Trustees:

Studio Voltaire has a committed and dynamic board of trustees, led by Emma Goltz, after Victoria Siddall retired in July 2024. Curator Andrew Bonacina and founder of The Modern Institute Glasgow, Toby Webster, joined the board in the same month. Two further appointments were made in September 2024, with artist Rachel Jones and consultant Sarah Douglas joining in advance of Selina Jones’ retirement in February 2025. The board of trustees steer all aspects of the organisation, and provide valuable support and critical friendship to the staff team. All Trustees of the charity are also directors of the company and their responsibilities include all the responsibilities of directors under the Companies Acts and of trustees under the Charities Acts.

As of 31 March 2025, the Board of Trustees are satisfied with the performance of the charity during the year, and believes it is in a strong position to continue to deliver its strategic direction through the dedication of the management team undertaking operational and charitable activities.

Studio Voltaire continues under the directorial leadership of Joe Scotland MBE. Studio Voltaire’s highly experienced senior management team and a committed Board of Trustees represent diverse specialist knowledge and professional, and lived, experience. Skills represented range from PR, finance, fundraising, business development and commerce to curatorial, participation and art practice.

The Board has grown in recent years, and as we shift from capital to organisational management, the personnel are shifting to suit, stabilised with a good mix of skills and knowledge obligations, across the arts, education, local authority and financial sectors. The Board meets quarterly to determine organisational strategy and review operational and financial matters. It is essential that our Board of Trustees represents the diverse voices, backgrounds, and experiences of our stakeholders and the various communities we work with. We aim to ensure that our Board reflects a wider diversity of perspectives and experiences, thereby sharpening our thinking and enriching our decision-making.

Individual trustees advise and support on key areas of work either one-to-one or as part of working committees alongside external advisors. The committees help us develop a deeper understanding of the perceptions of Studio Voltaire and our work, make the best use of resources, help close perception gaps, and provide critical feedback, directly improving organisational change and strategy. Committees include Equity, Diversity and Inclusion; Environmental Sustainability; Development; and Finance, Audit and Risk.

Financial Review

We are committed to continually increasing the level of value for money and have a very strong track record of delivering an appropriate programme of activities in response to the needs of our partners and community. Studio Voltaire is an Arts Council National Portfolio organisation receiving regular funding of £68,313 per annum to support its programming and core costs. This settlement was renewed until 2026. This regular funding award contributes to Studio Voltaire’s sustainability and capacity

25

to deliver its ambitious programmes, as well as supporting investment in staff and building infrastructure.

We utilise a proven, diverse and robust portfolio approach to fundraising as a way of mitigating risk and not being overly reliant on one source of funding. We are an industry leader in innovative fundraising, commissioning, and cross-industry partnership working. Our strategy and targets for each stream are reviewed monthly by the Director and Senior Management Team and presented to our Board of Trustees quarterly for review and next-stage planning.

The year ending 31 March 2025 reports an income of £2,287,178 (2023-24 £1,219,796) of which £1,884,757 was unrestricted (2023-24 £832,676). The increase was largely as a result of significant investment in developing our Future Fund, as a designated fund.

Expenditure for the year was £1,833,225 (2023-24 £1,309,340) of which £1,613,486 was unrestricted (2023-24 £1,065,248). There were additional costs related to the Future Fund and the charity also faced a 26% increase in operating and staffing costs for the year.

The overall result was a positive net movement in funds of £453,953 (2023-24 negative £89,544). Although without the Future Fund the underlying deficit for the year was £157,524.

Policies on reserves:

Our target from 2024-25 was to rebuild our unrestricted reserves to £300,000 in order to cover 3 months of core operation, as per our policy. The year closed with £237,637 in unrestricted general funds, closing the gap towards our target from 20% to 79%. This is a significant achievement levered by 30th anniversary fundraising activities on which we aim to continue rebuilding towards our target.

The financial statements consider that the charity is in a strong position to continue its prepared implementing the 2005 Revision of the Statement of Recommended Practice for activities during the coming year, and that the charity’s assets are adequate to fulfil its Accounting and Reporting by Charities issued by the Charity Commission for England and Wales (revised in June 2008) and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Share Capital:

The company is limited by guarantee and therefore has no share capital.

Risk Management:

The trustees have considered the financial statements of the charity and are of the opinion that Studio Voltaire should be properly treated on a going concern basis. The Trustees have reviewed the cash position of the charity and are satisfied that the charity will be able to meet all its financial commitments.

A detailed Risk Register, as well as a Sensitivity Analysis of the organisation’s financial projections, is included in our 2024–28 Business Plan.

Trustee Responsibilities in relation to Financial Statements:

The trustees (who are also directors of Studio Voltaire for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice.)

26

Company law requiros the trustees to prepare tinancial statements for each financial year which give a true and fatr view ol the state of the affairs of the charitable company and of its income and expenditure for that period. In preparing these linancial statem8nts, th8 trustees are required to: Select suitable accounting policies and then apply them consistently; Observ8 the methods and principles of the Charities SORP; Make judgements and estimates that are reasonable and prudent; State whether applicable UK Accounting Standards and statements of recommended practice have been follow8d, subject to any mal8ri81 departuros disclosed and explained in the financlal statements; Prepare the financial statement on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responslble for keeping proper accounting records that dlsclose with reasonable accuracy at any time the financial positlon of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularitles, In so far as the Trustees ar8 aware: There Is no relevant audit Information of whlch the charilable company's audltor 18 unaware; and The Trustees have taken all steps that they ought to have io make th8msolv8s aware of any relevant aud5t Information and to establish thal the auditor Is awarg of that information. The Trustees are responslble for th8 maint8nance and Integrity of the corporate and financial informatlon included on the charity's website. Leglslation in the Unlted Kingdom governing the preparation and dissemination of financial statements may differ from legislatlon in other jurisdictions. St8t8ment of Disclosure of Information to Auditor Auditor Vlctoria Anderson BA(Hons) FCA DChA (Senior Statutory Auditor) for and on behalf of Sumer Audit Chartered Accountants and Statutory Auditors 2 St Andrews Place, Lewes. East Sussex BN7 1UP So far a8 the Trustees are aware. there 18 no re18vant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware and each Trustee has taken the steps that they ought to h8V6 taken as a Trustee in order to make themselves aware of any relevant information and to establish that the company's auditors are aware of that informatlon. This report has been prepared in accordance wlth the special provlslons of Part 16 of the Companies Act 2006 relating to small companies. Approved by the Board of Trustees and signed on its b8half by Emma Goltz on 5 December 2025. 1A Nelsons Row, London, SW4 7JR 44410)207 622 1294 info@studiovoltaire.org studlovoltairo.org St￿110 V•ithSr• Lid l• f•9lst•r•d in En9l•nd •nd wal￿ R•giSt•r•l Ch•rlty 1082221. Comp•ny Ilo. 3428609. V•1 314208028

INDEPENDENT AUDITORS’ REPORT TO THE TRUSTEES OF

STUDIO VOLTAIRE

Opinion

We have audited the financial statements of Studio Voltaire for the year ended 31st March 2025 which comprise the Statement of Financial Activities, Balance Sheet, 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 Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

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

Other information

The other information comprises the information in the annual report, other than the financial statements and our auditor’s report thereon. The Trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information 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 obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Opinion on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:

Page: 28

STUDIO VOLTAIRE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE STATEMENT) FOR THE YEAR ENDED 31ST MARCH 2025

Matters on which we are required to report by exception

In light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

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

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

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the 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 always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Details of the extent to which the audit was considered capable of detecting irregularities, including fraud and non-compliance with laws and regulations are set out below.

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

Extent to which the audit was considered capable of detecting irregularities, including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We identified and assessed the risks of material misstatement of the financial statements from irregularities, whether due to fraud or error, and discussed these between our audit team members. We then designed and performed audit procedures responsive to those risks, including obtaining audit evidence sufficient and appropriate to provide a basis for our opinion.

Page: 29

STUDIO VOLTAIRE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE STATEMENT> FOR THE YEAR ENDED 31ST MARCH 2025 We obtained an understanding of the legal and regulatory framework within which the charity operates, focusing on those laws and regulations that have a direct effect on the determination of material amounts and disclosures in the financial slalements. The laws and regulations we considered in this context were the Companies Act 2006, the Charities Act 2011 and the Charities SORP IFRS 102). We assessed the required compliance with these laws and regulations as part of our avdit procedures on the related finan¢ial statement items. In addition we considered provisions of other laws and regulations that do not have a direct effect on the financial slalements bul compliance with which might be fundamental lo the charity's ability lo operate or lo avoid a material penalty. We also considered the opportunities and incentives that may exist within the charity for fraud. The laws and regulations we considered in this context were General Data Protection Regijlation and Health and Safety leglslation. Auditing standards limit the required audit procedures to identify non-compliance with these laws 8nd regulations to enquiry of the Iruslees and other management and inspection of regulatory and legal correspondence if any. We identified the greatest risk of malerlal impact on the financial statements from irregularities, including fraud, lo be within the timing of recognition of sponsorship and grant income and the override of controls by managemenl, Our audit procedures lo respond to these risks included enquiries of management and the board about their own identification and assessment of the rlsks of ifrÈQularilies, Sample lèsling on the posting of journals, reviewing accounting 8slimates for biases, reviewing regulatory correspondence and readin9 minutes of m88tings of those charged with governance. Owing to the inherent limitations of an audit. there is an unavoidable rlsk that we may not have detected some mat8rial misslatemenls In the Iinancial statements. even though we have properly planned and performed our audit in accordance with audillng standards. For example, the further removed non- compliance with laws and regulations {irregularllies) Is from the events and transactions reflected in the financial statements, the less likely th8 inherently Ilmiled procedures required by auditing standards would identify it. In addition, as with any audit, there remained a higher risk of non-oeleclion of Irregularities. as these may involve collusion. forgery, Intentional omissions. misrepresentations, or the override of internal controls. We are not responsible for prevenling non-compliance and cannot be expected lo delect non-compliance with all laws and regulations. Use of our report This report is made solely lo the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might Stale to the company's members those matters we are required to stale lo them in 8 Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility lo anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. Victoria Anderson BA{Hons) FCA DChA {Senior Statutory Auditor} for and on behalf of Sumer Audit Chartered Accountants and Statutory Auditors 2 Sl Andrews Place Lewes East Sussex BN7 1UP Dale: Page.. 30

STUDIO VOLTAIRE STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING AN INCOME AND EXPENDITURE STATEMENT) FOR THE YEAR ENDED 31ST MARCH 2025

Note
Unrestricted
Funds
Restricted
Funds
£
£
INCOME FROM
Donations and legacies
3
643,026
29,236
Charitable activities
4
-
260,304
Other trading activities
5
1,238,270
-
Investments
6
3,461
-
Total before Museum and Galleries Tax
Relief
1,884,757
289,540
Museums and Galleries Tax Relief
112,881
-
TOTAL
1,997,638
289,540
EXPENDITURE ON
Raising funds
7/8
395,469
6,891
Charitable activities
9
1,218,017
212,848
TOTAL
1,613,486
219,739
NET MOVEMENT IN FUNDS
384,152
69,801
TOTAL FUNDS BROUGHT FORWARD
2,801,139
212,605
TRANSFERS BETWEEN FUNDS
-
-
TOTAL FUNDS CARRIED FORWARD
3,185,291
282,406		 Total
Funds
2025
£
672,262
260,304
1,238,270
3,461
2,174,297
112,881
2,287,178
402,360
1,430,865
1,833,225
453,953
3,013,744

-
3,467,697		 Total
Funds
2024
£
439,413
273,203
430,733
465
1,143,814
75,982
1,219,796
106,849
1,202,491
1,309,340
(89,544)
3,103,288
-
3,013,744

The detailed 2024 comparative statement of financial activities is reported in note 2.

The notes form part of these financial statements

Page: 31

STUDIO VOLTAIRE STATEMENT OF FINANCIAL POSITION AS AT 31ST MARCH 2026 COMPANY NUMBER: 03426509 2025 2024 FIXED ASSETS Tangible fi'xed a88ets 13 2.556,564 2,679,457 CURRENT ASSETS stock Debtors Cash in hand and bank 14 15 186,018 167,679 67 1,024,317 187.153 126,943 516,993 CURRENT LIABILITIES Credrtors: amounts falllng du8 withln one year NET CURRENT AssErs TOTAL ASSETS LESS CURRENT LIABILrnE8 3,467,697 3,066,873 Creditor6: amounts due after rrKJre than one year 17 NEf ASSET8 FUNDS Restricted funds Unre8tricted funds 18 18 282AO8 212.605 TOTAL FUNDS The financlal 8tat8mènts have be8n prepared in accor¢lance wlth the 8pecial provlsion8 of Part 15 of the Companies Act 2006 relating to charitable small companles. The flnanclal ststements were approved by the Board of TNstees on .. 8lgned on its behalf by: and we ma Goliz (Chair) rus ireGtor The notss form part of these financial statements Page: 32

STUDIO VOLTAIRE

STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31ST MARCH 2025

Cash flow from operating activities
Cash generated from operations
Interest paid
Net cash from operating activities
Cash flow from investing activities
Dividends, interest and rent from
investments
Purchase of tangible assets
Net cash from investing activities
Cash flow from financing activities
Capital repayments in year
Net cash from financing activities
Increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents
at the beginning of year
Cash and cash equivalents
at end of year
Cash generated from operations
Net movement in funds
Adjustments for:
Depreciation and amortisation of fixed
assets
Finance costs
Dividends, interest and rent from
investments
Movement in working capital
Decrease/(increase) in stocks
(Increase)/decrease in debtors
(Decrease) in creditors
Cash generated from operations		 2025
£
3,461
(31,301)

(53,129)


2024
£
£
551,885
(3,193)

548,692
465
-
(27,840)

(8,867)
(53,129)
467,723
202,897
670,620
453,953
154,194
3,193
(3,461)
1,135

(40,736)
(16,393)

551,885
£
(32,296)
(3,489)
(35,785)
465
(8,867)
(44,187)
247,084
202,897
(89,544)
147,100
3,489
(465)
(86,886)
53,435
(59,425)
(32,296)





The notes form part of these financial statements

Page: 33

STUDIO VOLTAIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

1. ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention. The financial statements of the charitable company , which is a public benefit entity under FRS 102, have been prepared in accordance with the Charites SORP (FRS102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their financial statements with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1st January 2019)’, Financial Reporting Standard FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future and on that basis the charity is considered to be a going concern.

Going concern

The financial statements are prepared on a going concern basis, under the historical cost convention. The trustees have reviewed the Charity’s forecasts and projections and the trustees believe that the charity will be able to continue. The charity therefore continues to adopt the going concern basis in preparing its financial statements.

Funding accounting policy

The charity maintains a general unrestricted fund which represents funds which are expendable at the discretion of the trustees in furtherance of the objects of the charity. Such funds may be held in order to finance both working capital and capital investment.

Designated funds comprise of unrestricted funds that have been set aside by the trustees for particular purposes.

Restricted funds have been provided to the charity for particular purposes, and it is the policy of the board of trustees to carefully monitor the application of those funds in accordance with the restrictions placed upon them.

There is no formal policy of transfer between funds or on the allocation of funds to designated funds, other than that described above.

Incoming resources

All incoming resources are recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Voluntary income is received by way of donations and gifts and is included in full in the Statement of Financial Activities when receivable. Gifts donated for resale are included as income when they are sold. Donated assets are included at the value to the charity where this can be quantified and a third party is bearing the cost. The value of service provided by volunteers has not been included.

In accordance with the SORP grants received in advance and specified by the donor as relating to specific accounting periods or alternatively which are subject to conditions which are still to be met, and which are outside the control of the charity or where it is uncertain whether the conditions can or will be met, are deferred on an accruals basis to the period to which they relate. Such deferrals are shown in the notes to the financial statements and the sums involved are shown as creditors in the accounts.

Page: 34

STUDIO VOLTAIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

Resources expended

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably.

Fundraising costs are those incurred in seeking voluntary contributions and do not include the costs of disseminating information in support of the charitable activities.

Charitable activity costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.

Governance costs are those incurred in connection with administration of the charity and compliance with constitutional and statutory requirements.

Tangible fixed assets

Fixed assets are capitalised and the cost written off over their useful economic lives as follows:

Land and Buildings - period of lease.
Computer equipment - 4 years straight line basis
Fixtures and Fittings - 4 years straight line basis
Website - 10 years straight line basis

Assets costing more than £1,000 are capitalised.

Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of a charitable company for UK Corporation Tax purposes. Accordingly the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

Irrecoverable VAT

Irrecoverable VAT is included in the Statement of Financial Activities and is reported as part of the expenditure to which it relates.

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks.

Financial Instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand and demand deposits with banks.

Page: 35

STUDIO VOLTAIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

2. COMPARATIVE STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted
£
Restricted
£
INCOME FROM
Donation and legacies
325,496
113,917
Charitable activities
-
273,203
Other trading activities
430,733
-
Investment income
465
-
Total before Museum and Galleries
Tax Relief
756,694
387,120
Museums and Galleries Tax Relief
75,982
-
Total
832,676
387,120
EXPENDITURE
Raising funds
101,831
5,018
Charitable activities
963,417
239,074
Total
1,065,248
244,092
Net movement in funds
(232,572)
143,028
RECONCILIATION OF FUNDS
Total funds brought forward
2,944,533
158,755
Transfer between funds
89,178
(89,178)
TOTAL FUNDS CARRIED FORWARD
2,801,139
212,605
3.
Income from donations and legacies
Unrestricted
Funds
Restricted
Funds
2025
£
£
£
Donations received
37,742
-
37,742
Grants Received
225,751
29,236
254,987
Future fund
214,699
-
214,699
Sponsorship received
164,834
-
164,834
643,026
29,236
672,262		 2024
Total
£
439,413
273,203
430,733
465
1,143,814
75,982
1,219,796
106,849
1,202,491
1,309,340
(89,544)
3,103,288
-
3,013,744
2024
£
42,390
291,931
-
105,092
439,413

Page: 36

STUDIO VOLTAIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

4.
Income from charitable activities
Unrestricted
Funds
Restricted
Funds
Programme
£
£
Exhibition programme
-
126,150
Civic and learning programme
-
116,525
Studio programme
-
17,629
-
260,304
5.
Income earned from other activities
Unrestricted
Funds
Restricted
Funds
£
£
House of Voltaire
371,513
-
Studio income
121,712
-
Hires
23,296
-
30thAnniversary
719,856
-
Event income
1,893
-
1,238,270
-
6.
Investment income
Unrestricted
Funds
Restricted
Funds
£
£
Bank interest receivable
3,461
-
3,461
-
7.
Expenditure on generating donations
and legacies
Unrestricted
Funds
Restricted
Funds
£
£
Support costs
23,984
6,807
23,984
6,807
8.
Expenditure on other trading activities
Unrestricted
Funds
Restricted
Funds
£
£
House of Voltaire
251,966
-
Event and hire costs
5,037
84
30thAnniversary
108,379
Running costs Nelson Row
6,103
-
371,485
84

Page: 37

STUDIO VOLTAIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

9. CHARITABLE EXPENDITURE

Unrestricted
Restricted
PROGRAMME COSTS
£
£
Bloomberg
234
123
Core costs
6,113
569
Education programme
14,185
-
Studio and residency programme
-
68,542
Gallery programme
1,600
129,551
Tender Living
-
12,154
Garden programme
1,323
1,909
Solar panels
-
-
23,455
212,848
DIRECT COSTS
Premises costs
Rent
103,828
-
Rates and water
687
-
Insurances
15,243
-
Light and heat
41,105
-
Cleaning
10,879
-
Repairs and maintenance
58,890
-
230,632
-
Staff costs
Salaries
714,766
-
Pensions
15,802
-
Recruitment
723
-
731,291
-
Other direct costs
Printing, postage and stationery
2,387
-
Telephone
2,357
-
Advertising and marketing
13,646
-
Training and development
2,771
-
IT costs
9,450
-
Depreciation
154,194
-
Miscellaneous expenses
3,879
-
188,684
-
1,150,607
-
SUPPORT COSTS
Governance costs
Auditors’ remuneration
5,105
-
Auditor’s remuneration non audit
2,647
-
Legal and professional
122
-
Freelance and consulting
16,534
-
Bookkeeping
6,250
-
Bank currency revaluations
7,004
-
Bank charges
2,262
-
Loan interest
3,209
-
Trustees’ meeting expenses
822
-
43,955
-
TOTAL
1,218,017
212,848		 2025
Total
£
357
6,682
14,185
68,542
131,151
12,154
3,232
-
236,303
103,828
687
15,243
41,105
10,879
58,890
230,632
714,766
15,802
723
731,291
2,387
2,357
13,646
2,771
9,450
154,194
3,879
188,684
1,150,607
5,105
2,647
122
16,534
6,250
7,004
2,262
3,209
822
43,955
1,430,865		 2024
Total
£
8,819
-
68,953
79,891
76,632
-
3,877
6,191
244,363
101,884
1,824
13,283
38,119
8,524
26,550
190,184
550,641
11,602
992
563,235
2,328
1,394
9,410
(245)
3,891
147,100
1,633
165,511
918,930
4,865
3,105
740
13,084
7,493
4,281
2,010
3,489
131
39,198
1,202,491

Page: 38

STUDIO VOLTAIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

10. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging

Auditors’ remuneration
Auditors’ remuneration (non-audit work)
Depreciation		 2025
£
5,105
2,647
154,194		 2024
£
4,865
3,105
147,100

11. TRUSTEES’ REMUNERATION

No Trustees, or connected persons, received any remuneration or reimbursed expenses during the year.

12. STAFF NUMBERS AND COSTS

The average number of employees during the year (excluding trustees) was 26 (2024: 26) calculated on a monthly head count. One employee received emoluments in the banding £70,000 -£80,000 (2024: Nil) and none in the banding £60,000-£70,000 (2024: 1).

The aggregate payroll costs in respect of these employees were:-

Wages and salaries
Social Security costs
Pension Contributions		 2025
£
658,714
56,052
15,802
730,568		 2024
£
508,611
42,030
11,602
562,243

The key management personnel of the charity comprise the trustees along with the Director, Head of Finance and Operations, Head of Development and Communications and the Head of Commercial. Total employee benefits of the key management personnel were £250,257 (2024: £195,187).

13. TANGIBLE FIXED ASSETS


Cost
As at 1 April 2024
Additions
As at 31 March 2025
Depreciation
As at 1 April 2024
Charge for the year
As at 31 March 2025
Net Book Value
As at 31 March 2025
As at 31 March 2024		 Land and
Buildings
Plant and
Machinery
£
£
2,861,658
140,460
1,486
29,815

2,863,144
170,275
248,838
73,823
124,490
29,704
373,328
103,527
2,489,816
66,748
2,612,820
66,637		 Total
£
3,002,118
31,301
3,033,419
322,661
154,194
476,855
2,556,564
2,679,457

Page: 39

STUDIO VOLTAIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

14. STOCK
Stock
15. DEBTORS
Trade debtors
Prepayments and accrued income
Other debtors
16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Loan
Trade Creditors
Other creditors
Accruals and deferred income
17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE
THAN ONE YEAR
Loan		 2025
£
186,018
186,018
2025
£
147,389
7,322
12,968
167,679
2025
£
743
67,182
30,205
15,054
113,184
2025
£
-
-		 2024
£
187,153		 2024
£
187,153
187,153

2024
£
97,737
12,462
16,744
126,943

2024
£
8,383
38,231
22,014
60,949
129,577

2024
£
53,129
53,129

18. UNRESTRICTED FUNDS

Balance
at
01/04/2024
Incoming
Resources
£
£
Designated
Programme fund
37,048
32,000
Fixed asset fund
2,591,497
-
Designated Meta and LOEWE
45,728
-
PHF core
25,878
28,850
Art fund core
39,339
-
Future Fund
-
400,000
General
Unrestricted funds
61,649
1,536,788
2,801,139
1,997,638		 Outgoing
Resources
Transfers
£
£
(33,939)
-
(124,419)
-
(45,728)
-
(25,878)
-
(22,722)
-
-
-
(1,360,800)
-
(1,613,486)
-		 Balance
at
31/03/25
£
35,109
2,467,078
-
28,850
16,617
400,000
237,637
3,185,291

Page: 40

STUDIO VOLTAIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

18. UNRESTRICTED FUNDS – PREVIOUS YEAR

Balance
at
01/04/2023
Incoming
Resources
£
£
Designated
Programme fund
37,400
28,800
Fixed asset fund
2,715,916
-
Designated Meta and LOEWE
77,855
1,188
PHF Core
-
25,878
Art fund core
-
39,819
General
Unrestricted funds
113,362
736,991
2,944,533
832,676
RESTRICTED FUNDS
Balance
at
01/04/2024
Incoming
Resources
£
£
Programme fund
212,605
289,540
212,605
289,540
RESTRICTED FUNDS - PREVIOUS YEAR
Balance
at
01/04/2023
Incoming
Resources
£
£
Programme fund
158,755
387,120
158,755
387,120		 Outgoing
Resources
Transfers
£
£
(29,152)
-
(124,419)
-
(33,315)
-
-
-
(480)
-
(877,882)
89,178
(1,065,248)
89,178
Outgoing
Resources
Transfers
£
£
(219,739)
-
(219,739)
-
Outgoing
Resources
Transfers
£
£
(244,092)
(89,178)
(244,092)
(89,178)		 Balance
at
31/03/24
£
37,048
2,591,497
45,728
25,878
39,339
61,649
2,801,139
Balance
at
31/03/25
£
282,406
282,406
Balance
at
31/03/24
£
212,605
212,605

Page: 41

STUDIO VOLTAIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

19. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Tangible
Fixed
Assets
Net
Current
Assets
Creditors
due after
more than
one year
2025
Total
£
£
£
£
Unrestricted funds
General
89,486
148,151
-
237,637
Designated
Programme fund
-
35,109
-
35,109
Fixed asset fund
2,467,078
-
-
2,467,078
Designated Meta and LOEWE
-
-
-
-
PHF core
-
28,850
-
28,850
Art fund core
-
16,617
-
16,617
Future Fund
400,000
400,000
Restricted funds
Programme fund
-
282,406
-
282,406
2,556,564
911,133
-
3,467,697
ANALYSIS OF NET ASSETS BETWEEN FUNDS – PREVIOUS YEAR
Tangible
Fixed
Assets
Net
Current
Assets
Creditors
due after
more than
one year
2024
Total
£
£
£
£
Unrestricted funds
General
87,960
26,818
(53,129)
61,649
Designated
Programme fund
-
37,048
-
37,048
Fixed asset fund
2,591,497
-
-
2,591,497
Designated Meta and LOEWE
-
45,728
-
45,728
PHF core
-
25,878
-
25,878
Art fund core
-
39,339
-
39,339
Restricted funds
Programme fund
-
212,605
-
212,605
2,679,457
387,416
(53,129)
3,013,744
20.
CASH AND CASH EQUIVALENTS
31/03/2025
£
Cash and cash equivalents
670,620
31/03/2024
£
Cash and cash equivalents
202,897		 2024
Total
£
61,649
37,048
2,591,497
45,728
25,878
39,339
-
212,605
3,013,744
2023
Total
£
113,362
37,400
2,715,916
77,855
-
-
158,755
3,103,288
01/04/2024
£
202,897
01/04/2023
£
247,084

Page: 42

STUDIO VOLTAIRE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2025

21. ANALYSIS OF CHANGES IN NET DEBT

ANALYSIS OF CHANGES IN NET DEBT
At At
01/04/2024 Cashflow 31/03/2025
£ £ £
Net cash
Cash at bank and in hand 202,897 467,723 670,620
Debt
Debts falling due within one year (8,383) 7,640 (743)
Debts falling due after one year (53,129) 53,129 -
(61,512) 60,769 (743)
TOTAL 141,385 528,492 669,877

22. Company limited by guarantee

Studio Voltaire is a company limited by guarantee and accordingly does not have a share capital.

Page: 43

:

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Studio Voltaire

Letter of comment for the year ended 31

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March 2025

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SUMER .
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:
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Amelia House Brighton
Crescent Road Chichester
Worthing Gatwick
West Sussex Lewes
BN11 1RL Portsmouth
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The Board of Trustees Studio Voltaire 1a Nelsons Row London SW4 7JR

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Our Ref: VMRA/SB/ST3124
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12 December 2025
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Dear Sirs and Madams

In accordance with our normal practise this letter of comment highlights the various matters which arose during the course of our audit of the financial statements for the year ended 31 March 2025. The content of this letter follows the requirements of International Standard on Auditing (UK & Ireland) 260, Communication With Those Charged With Governance.

As auditors we are responsible for performing our work in accordance with the International Standards on Auditing (UK & Ireland) (“ISAs”), for the purpose of forming an opinion and reporting on the financial statements. An audit of the financial statements does not relieve management, or those charged with governance, oftheir responsibilities in ensuring that each set of financial statements presents a true and fair view of the profit or loss for the year and of the financial position at the reporting date. Please note that this report has been prepared for the sole use of Studio Voltaire. It must not be disclosed to third parties, quoted or referred to, without our prior written consent. No responsibility is assumed by us to any other person.

We would like to take this opportunity to express our thanks to you and your staff for your assistance over the course of the audit.

Yours faithfully

Sumer Audit

Sumer Audit

Sumer Audit is the trading name of Sumer Auditco Limited, a limited company registered in England under company number 14308154, Registered to carry on audit work in the UK by the Institute of Chartered Accountants in England & Wales under number No, C011001214.

Our registered office is The Beehive, Beehive Ring Road, Crawley, Gatwick, RH6 OPA. A list of the directors’ names is available for inspection on request, with a full list of offices at www.sumer.co.uk/our-champion

Sumer Auditco Limited is independent of Sumer Group Holdings Limited. Sumer Group Bidco Limited provides services to Sumer Auditco Limited under a formal arm’s length agreement.

Summary of audit and accounting issues

Issues identified at the audit planning stage

At the planning stage of the audit we identified several key areas of focus and the findings from our audit work are set out below. For a number of areas including management override of controls and revenue recognition, there is a presumption within the ISAs for all audits to take account of these areas.

Identified risk Conclusion Risk of fraud in revenue recognition Under ISA (UK) 240 there is a presumed risk that revenue may be misstated due Revenue was properly recognised to improper recognition of revenue.

We:

Risk of management override

As identified in ISA (UK) 240, management is in a unique position to perpetrate There was no management override fraud because of its ability to manipulate accounting records directly or indirectly and prepare fraudulent financial statements by overriding controls that otherwise appear to be operating effectively. We identify and respond to this fraud risk on every audit engagement.

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issues Identified at the audit planning stage (continued)

issues Identified at the audit planning stage (continued) issues Identified at the audit planning stage (continued)
Transactions with related parties
Under ISA (UK) 550, transactions with related parties carryan inherent risk with
the potential that not all related parties may have been identified bythe entity and		 Therewere no transactions with related parties
communicated to the auditors, that related parties may exercise dominant
influence over the entity or that transactions with related parties may be conducted
on terms or activities outside the charity's normal course of business.
We:
» Obtained management's records of related parties (including those
connected with directors and key management personnel);
=» Reviewed forthe existence ofany additional related parties ofwhom we
have not been advised;
-» Obtained details oftransactions undertaken with related parties;
~ Reviewed the details of contracts and agreements with related parties and
the transactions undertaken for their business rationale; and
~ Ensured that such transactions were appropriately authorised, approved
anddisclosed.

Allocation of funds

The charity's income and expenditure will fall into either restricted and All funds had been correctly allocated unrestricted funds, and determines how their resources are allocated. It is important that the funds are being correctly allocated and used for the purposes intended. We: =< Reviewed the fund movement. ° Tested the allocation of funds and the ways in which they are allocated.

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Other matters to be communicated with those charged with Governance

Qualitative aspects of accounting practices

During the course of our audit, we consider the qualitative aspects of the financial reporting framework, including judgements on key accounting policies, areas of significant accounting estimate and financial statement disclosures to the extent that these may havea significant impact on the relevance, reliability, comparability and clarity of the information presented in the financial statements.

The significant qualitative aspects of the entity's accounting practices related to accounting estimates and related disclosures that we are required to communicate on are included in Appendix A.

We have no comments to make concerning the qualitative aspects of the entity's accounting practices and financial reporting.

Significant difficulties encountered during the audit

We did not encounter any significant difficulties during the audit and there are no significant findings from the audit to draw to your attention

A draft of our proposed letter of representation has already been emailed to you.

If the contents can be agreed, this should be returned to us signed, at the same time as approving the accounts, by two members of the Board.

Adjusted and unadjusted misstatements

There were no unadjusted misstatements.

Proposed audit report

We do not propose any modifications to our audit opinion and hence anticipate issuing a clean audit report.

Systems and controls

Our audit work has included consideration of internal controls relevant to the preparation of the financial statements so that we might design audit procedures that are appropriate to the circumstances, not for the purpose of expressing an opinion on the effectiveness of internal control. The matters reported in this document are limited to those deficiencies identified during the audit and that we have concluded are of sufficient importance to merit being reported to those charged with governance.

There were no matters which we consider necessary to bring to your attention

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independence

As explained within our audit planning letter we have procedures in place to ensure that Sumer Audit, its partners and staff comply with both the Financial Reporting Council’s Ethical Standard and the code of ethics of the Institute of Chartered Accountants in England & Wales (“ICAEW’).

We have discussed with you the fact that Carpenter Box, whose employees worked on the audit engagement, provide accounting and taxation services to the entity .

We wish to confirm to you that in our opinion the provision of such services and the continued involvement of Victoria Anderson as engagement partner do not affect our independence as:

We have revisited our assessment of independence following the completion of the audit and confirm that, in our professional judgement, the firm and the audit engagement team remain independent within the boundaries of regulatory and professional requirements and have therefore complied with relevant ethical requirements concerning independence.

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Appendix A - Accounting estimates

In accordance with the requirements of International Standard on Auditing (UK & Ireland) 540 (Revised) we are required to communicate to those charged with governance our views on significant qualitative aspects of the accounting practices related to accounting estimates and related disclosures:

Accounting estimate

Views and conclusions

Allocation of overheads Overheads are allocated between charitable activities and fundraising costs. These are allocated on the basis of time spent by staff. There is no bias in the allocation and the allocations were reviewed for reasonableness.

Depreciation

The depreciation rates are reasonable

The rates used are fairly standard and have given a reasonable outcome in the past.

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