ARTSPACE LIFESPACE FINANCIAL STATEMENTS 30 SEPTEMBER 2024
Charity Number 1168150
ARTSPACE LIFESPACE
FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
| Contents | Pages |
|---|---|
| Reference & Administrative Information | 1 |
| Report of the Trustees | 2 - 22 |
| Independent Examiner’s Report | 23 - 24 |
| Statement of Financial Activities | 25 |
| Balance Sheet | 26 |
| Cash Flow Statement | 27 |
| Notes forming part of the financial statements | 28 - 37 |
ARTSPACE LIFESPACE
TRUSTEES’ REPORT
YEAR ENDED 30 SEPTEMBER 2024
Reference & Administrative Information
Trustees
Anthony Elliott (appointed 2020, resigned March 2025) Kara de los Reyes (appointed September 2019) James Francis (appointed July 2016) Siew Choo Clarissa Ching (Clarissa Jeakings) (Treasurer) (appointed August 2021) Wim Penhaul (appointed April 2017) Peristera Stefanou (appointed April 2023) Melissa Blackburn (appointed December 2022) Richard Irvine (appointed December 2022)
CEO
Kathryn Chiswell Jones (appointed September 2024 newly created role replacing the role of Company Manager)
Charity Operations Manager
Alice Newton (appointed September 2024 newly created role replacing the role of Company Manager)
Principal Office
The Island Nelson Street Bristol BS1 2BE
Independent Examiner
Joshua Kingston BSc ACA Burton Sweet Limited Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
Bankers
Triodos HSBC
Contacts
The Island Nelson Street Bristol BS1 2BE Telephone 0117 376 3457 Email: info@artspace.uk Web: https://artspace.uk
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TRUSTEES’ REPORT
Report of the Trustees
Our Charitable Aims
Artspace Lifespace (ASLS) has been delivering arts services in Bristol since 2006; formally registering as a company in 2012 and established as a charitable incorporated organisation in 2016.
Our charity aims to provide resources and facilities that enable sustainable, creative communities. We do this through the acquisition, provision and maintenance of a diverse portfolio of quality facilities; where artists can make, collaborate and present works and where communities can access affordable arts within their locality.
Artspace Lifespace aims to transform underused or derelict buildings into thriving, inclusive spaces for arts, culture, and community engagement. In order to achieve this, we advocate for the adaptive reuse of buildings for creative purposes and repurpose underutilised spaces for independent artists to experiment, develop, and thrive on both a meanwhile and longer term basis. We secure interesting, unusual and often difficult buildings in which we build workshops, studio spaces, offices, galleries, cafés, independent retail, performance and training facilities.
Our Charity seeks to tackle a range of interlinked social, cultural, and economic issues, including:
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Lack of affordable creative spaces: Many artists and community groups struggle to access affordable venues for creation, exhibition, and performance. We also act as a broker between property owners, creatives and communities and also offer support and advice services to artists and communities on how to deliver their own projects nationally.
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Urban decay and building neglect : Addressing urban regeneration with creative proposals for repurposing disused properties for cultural use.
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Social isolation and exclusion: Artspace Lifespace provides welcoming environments that support diverse communities, encouraging participation and social cohesion. Our grassroots approach creates independent friendly and supportive art spaces where anyone can unleash their creativity. We provide a support network for artists, hold open studios annually as well as a year-round programme of events and exhibitions across our venues.
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How the achievement of our aims will further the charity’s legal purposes
Artspace Lifespace’s charitable objectives are to promote art for the benefit of the public by the establishment and maintenance of facilities for artists from a variety of artistic practices to create works, to collaborate, and to present and perform these works for the public.
Artspace Lifespace is a registered charity, and its aims directly align with its legal charitable purposes:
- Advancement of the arts and culture : Through the provision of artist studio spaces, public exhibitions, artist residencies, and creative programming.
Strategies for achieving our stated aims and objectives
Artspace Lifespace employs a range of strategies to achieve its aims, including:
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Creative use of vacant properties: Partnering with property owners to bring empty buildings into meanwhile or worthwhile use, revitalising unused spaces for community development.
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Artist residencies and studio provision: Offering affordable workspaces and development opportunities for artists and creatives.
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Community engagement: Hosting open-access events, exhibitions, and workshops that encourage public participation. Providing opportunities for learning through creating space for workshops, mentoring, and skillsharing
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Collaborative partnerships: Working with local authorities, grassroots groups, and cultural organisations to co-deliver impactful programming.
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Advocacy and support: Championing the value of arts and culture in regeneration and supporting artists through advice, networks, and capacity-building.
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Criteria and Measures to Assess Success
To measure progress and effectiveness, Artspace Lifespace uses a combination of qualitative and quantitative indicators, including:
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Occupancy and utilisation rates of creative spaces and studios.
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Attendance and participation figures at events, workshops, and exhibitions we host.
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Artist and community feedback collected through surveys and evaluation forms.
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Case studies demonstrating individual, partnership and community impact.
Significant Activities Undertaken in 2024
During the reporting period, Artspace Lifespace undertook several key activities that contributed to its aims:
The Island
Artist Studios: 43 Studios (Shared and Individual Studios). 105 artists.
Circus Studio: 275 Classes & Workshops. 2.4k individual visits.
"I spend all my time outside of work at the island. The sense of community is great, I LOVE training here and I can't imagine not having this space " - Circus Training Space Member
Dance Studio: 642 Classes & Workshops. 5.8k individual visits.
“We used our time at The Island to develop movement scores, character states and improvisational containers that we translated to our collaborators in Amsterdam." – Slowdanger, Dance Artist Residency
The Gallery: 70 Events, Workshops & Exhibitions. 1.5k individual visits.
“Kind staff and comfortable Gallery"- Hana Ohshima; “Excellent venue, felt welcomed” - Marcus Gallard
Venue/Cells: Events, Workshops & Club Nights. 2.4k individual visits.
"Venues such as The Island make being a Bristol-based artist so rewarding" - Toxic Shock
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Inclusive Studio Spaces:
Results of our 2023/2024 Survey: 50% of artists surveyed identify as female & nonbinary, 3% identify as trans, 9% identify as disabled, 49% identify as LGBTQ+, 51% identify as White British, 6% White Other and 39% of the Global Majority. 67% of our studio spaces have a higher education qualification.
Identified Gaps include: Disability Representation: At 9%, there is room for improvement to better reflect the wider population (24%). The Island is not a barrier free venue and due to short nature of our leases, finding funding for capital works is difficult. Education and Access: Indicates there are potential barriers for those without formal education pathways to take up artist studio spaces.
We normally carry out our annual survey with studio holders from October. We decided not to carry out our annual survey for 2024/2025 and encouraged our studio holders to instead participate in the Bristol Cultural Impact Survey in light of the proposed cuts to funding for the Arts in Bristol.
Arts Mansion
60 events. 13k+ visitors
“Such a special location. Loved the access to nature and the outside space” - Stir to Action Festival Participant
Sparks Bristol
Individual Visits May 2023 - May 2024: 540k+ and June 2024-December 2024: 295k+
24 Tours, Talks & Presentations, 2k items saved from Landfill (Year 1), 4071 Volunteer hours (Year 1), Award Winning (Festival of Place Pineapple Awards 2024: Activation - Community Space and Bristol Social Impact Awards 2024: The Environmental Award)
"It was absolutely brilliant, probably one of my favourite community businesses I've ever visited" - Laura Potter, Communications Specialist for Power to Change.
The Island / Sparks Satellite Venues
The Vestibules
Seasonal exhibition programme with Coe Gallery & Residency Events
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BroadmeadXP
Residency Art Gallery & workshop space for Art100 CIC, hireable space for Playback Arcade and Retro Gaming Exhibition and a weekly Tuesday craft club for elders hosted by Art100 Gallery and One Green Kitchen C.I.C
Artspace Lifespace Residency Space
Our Artspace ResiSpace programme enables creatives free space to make and develop work in progress. Our artist residency opportunities are open to artists who want to foster the development of both specific and exploratory projects, and experiment with works in progress.
What we offer?
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Access to space in kind (20 - 37 hours of free space hire)
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A letter of support for funding applications or for artists’ work in general
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Their work featured on our website / social media
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Artist support from our Management Team
2024 Residencies included:
Arts Mansion
50 Plaques & Places : An exhibition curated by Gloria Daniel and Sandra Daniel, showcasing plaques that commemorate individuals in the city who received financial compensation under the Slavery Abolition Act of 1833 for the loss of their so-called “property”.
“A Generous team at Artspace who were committed to TTEACHPLAQUES.ORG having a successful show” - Gloria Daniels, TTeach Plaques
Where the Red Roses Grow: During her R&D residency artist Nikki Alford created large scale site specific installations exploring the sculptural potential of work on large rolls of paper.
“My Residency was a magical, dreamy experience which will stay with me for a long time” - Nikki Alford
Sparks Bristol
Bristol Urban Forum : a one-year listening project with the aim of recording how Bristolians want to see the city change over time. The project explored ten themes relating to Bristol and the challenges our community faces. Each topic was the focus of an interactive event at Sparks, Broadmead. In November 2024, a
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summary of these conversations was published and made available to local authorities and others in the form of a ‘Place Manifesto’.
“Sparks was the perfect venue and collaborator to realise the Bristol Urban Forum in. The team have been supportive, involved, adaptable and interested throughout. The Bristol Urban Forum would not have happened without ASLS support and we are forever grateful for the opportunity we were offered.” - Malcolm, Bristol Urban Forum
Sparks Repairum : Regular Repair Cafe sessions held every Sunday from 11:30 – 16:30 in a dedicated repair space.
“There are no repair cafes that can occur as frequently, and have capacity to store longer term projects; this is only possible through the incredibly longlasting and generous residency provided by Artspace.” - Matthew, Repairium
BroadmeadXP
Art100 Gallery & Studios with Weekly craft class particularly aimed at elders.
“Broadmead XP was a great space for launching ART100 because it provided space and furniture to hold drop-in drawing sessions and painting workshops, as well as windows and walls on which to display local artists' work. In many cases, this was artists' first experience of having their work exhibited, so it felt very fulfilling to give them that opportunity. Whilst at Broadmead XP, we had the time, space and advice to fine-tune our admin processes, which means we can move forward into our next stage with confidence.” - Jenny Harrison, Art100
Other Residencies Supported:
Arts Mansion: The House Nobody Wanted, Friends of Ashton Court Mansion Open Days
The Island: SinDerElla (Performance) Slowdanger (Dance)
The Vestibules: Coe Gallery’s ‘Country' - a group Aboriginal Art exhibition, exploring each artists connection they have with their homelands and culture
Sparks Bristol: Community Threads (Community Creative Space), Plactic Police (Animation), Portrait Club (Visual Arts), Clown Workshop (Performance), PAPAYA Fest Juicy Bits 2024 (Theatre) Persiflage productions (Theatre), Residency Desk Space for Bristol Refugee Artists Collective (Artists Collective), Diverse Arts Network.
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TRUSTEES’ REPORT
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In shaping our objectives for the year and planning our activities, the trustees have considered the Charity Commission’s guidance on public benefit, including the guidance ‘public benefit: running a charity (PB2)’. We endeavour to encourage all within our community to take part in our activities and seek to broaden access to culture through our activities.
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FINANCIAL REVIEW
Our financial statements for the year ending 2024 demonstrate a return on investment in Sparks and BroadmeadXP.
Income and Overheads Overview:
Principal Funding
The main income streams in the year continue to be from our earned income generated from license fees charged for the provision of creative workspace, event hire and the introduction of retail concession lets for independent sustainable traders at Sparks Bristol.
Artspace Lifespace has a long-standing commitment to supporting other organisations and creative projects by generously contributing staff time and providing access to our facilities. This support has enabled impactful programmes such as The People's Mansion, Futurville, the We Are From Dust sculpture park, and our supported residency programme to thrive.
In 2024, our CEO participated in the Heritage Compass Earned Income Strategy Development Programme. Each of our venues now contributes a percentage of earned income towards the charity's core costs. To ensure the continued success of our charity, we will be introducing a provision for management expenses in future funding applications. This will account for essential administrative, operational, and staffing costs required to run our organisation effectively. Additionally, from 2025, we will begin documenting the value of in-kind contributions we provide, both in terms of staff time and the use of our spaces for artists' research and development.
Our annual Island Open Studios event, which costs approximately £7,000 to deliver, is another area we are reviewing. While one recommendation from our Earned Income Strategy suggested charging visitors and introducing commission fees for artists who sell work from their studios, we are committed to maintaining accessibility. We are therefore exploring alternative funding opportunities to continue offering this event without direct charges to participants or attendees.
These changes are vital steps toward ensuring our charity can continue to operate effectively and fulfil its mission to support artists and creative communities.
In Year End 2024, both our overall income and expenditure on charitable activities increased.
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| Income from: | Total 2023 | Total 2024 | Difference -6.93% 51.37% -100.00% 54.73% 41.08% |
|---|---|---|---|
| Donations & Grants | £82,392 | £76,683 | -6.93% |
| Charitable Activities | £387,880 | £587,143 | 51.37% |
| Other Trading | £415 | £0 | -100.00% |
| Investments | £1,491 | £2,307 | 54.73% |
| Total Income | £472,178 | £666,133 | 41.08% |
| Difference 408233.33% 10.07% 12.34% |
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| Expenditure on: | Total 2023 | Total 2024 | |
| RaisingFunds | £3 | £12,250 | 408233.33% |
| Charitable Activities | £539,586 | £593,938 | 10.07% |
| Total Expenditure | £539,589 | £606,188 | 12.34% |
- In 2024, our previous Development Manager Laura Welsman rejoined Artspace Lifespace on a contract basis.
| Charitable Activities Spend | Total 2023 | Total 2024 | Difference 35.56% 18.15% 7.86% |
|---|---|---|---|
| Support Staff Costs | £171,676 | £232,727 | 35.56% |
| Rent and Rates | £87,890 | £103,840 | 18.15% |
| Office Costs | £24,327 | £26,238 | 7.86% |
Our Direct Costs also increased in YE 2024 due to activity at Sparks Bristol.
| Direct Costs | Total 2023 | Total 2024 | Difference 82.60% 223.46% |
|---|---|---|---|
| 82.60% 223.46% |
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| Staff Costs | 31,445 | 57,420 | |
| Events expenditure | 6,266 | 20,268 | |
At year end 2024, our net cash inflow was a surplus of £43,254 compared to a deficit of £73,021 in the previous financial year.
Our Balance Sheet net assets figure at Year End was £245,975 compared to £186,030 in year end 2023.
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New Projects and Strategic Investments
Our mission since 2016 has been: Providing Access, Space, Logistics and Support for a vibrant creative community in Bristol and beyond.
The outcome of our recent strategy discussions was that the People rather than the Buildings are core to our central mission. While our Vision is to own our own building, the aim of this is to provide certainty for the charity and our artists and independent studio holders, rather than the restoration of the buildings themselves being the mission.
In November 2022, we signed a lease on a new project, Sparks Bristol. In 2024 the lease was renewed until the end of December 2025. Our investment in a wide portfolio of meanwhile spaces forms part of our strategy to provide and maintain a diverse portfolio of quality facilities.
As we move forward into 2026, we will continue our search for our permanent home and continue to advocate for affordable creation and cultural spaces in Bristol and beyond.
Reserves and Future Planning:
With the temporary nature of our projects, our strong reserves position has been instrumental in giving us the confidence to plan and undertake new projects. We will continue to remain vigilant in managing risks and planning for the future.
Risk Management
The Trustees have reviewed and assessed the major risks to the charity and risks and uncertainties that could impact the charity’s ability to deliver its objectives and maintain financial sustainability.
Loss of Meanwhile Spaces: A core element of Artspace Lifespace’s operational model relies on the occupation and management of meanwhile spaces. The temporary nature of these arrangements presents a significant risk to our income generation and programme delivery. The forthcoming end of our lease at Sparks Bristol in December 2025 and the expected conclusion of our arrangement at the Arts Mansion in 2025 represent substantial risks to the charity’s income and operational stability for the financial year ending 2026 if these leases are not renewed.
Sustainability of The Island: The ongoing viability of The Island remains a concern, with core costs exceeding earned income. The project has increasingly relied on surplus contributions from other sites to offset its operational deficit. A decline in external subsidy or cross-subsidy puts The Island at risk as a going concern.
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Declining Island Venue Bookings: The Venue at The Island has experienced reduced income and bookings, which the trustees attribute to growing competition from other venues offering in-house technical infrastructure, particularly sound systems. Without investment or additional support, this trend may continue to impact earned income from our trading subsidiary.
Concentration of Income Sources: Given the fluctuating nature of meanwhile use, the loss of a single income-generating site within a financial year poses a material risk to the charity. The impact is even more pronounced in the event of two or more closures. To illustrate, the Arts Mansion currently contributes 12% of its earned income to Artspace Lifespace’s core costs, while Sparks contributes 47%. Any surplus generated by Sparks and the Arts Mansion is also used to reduce the deficit at The Island. The simultaneous loss of both projects would have a significant negative effect on the charity’s financial performance for the year ending 2026.
The trustees continue to monitor these risks closely and are actively exploring alternative opportunities and mitigation strategies, including the pursuit of new partnerships, diversification of income streams, and investment in key venues.
Measures in place to strengthen systems and mitigate risks include:
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All staff Team leader meetings are held monthly
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Sparks joint team meetings are held bi-monthly
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Board meetings are held at least quarterly
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External consultancy is sought where appropriate under advice from the Board of Trustees.
Future Strategy
In 2023 and 2024, our strategic focus centred on deepening our partnership with the Global Goals Centre and expanding our networks at both local and national levels. We have been actively involved in the Mycelial Network, exploring the power of grassroots, interconnected collaboration to drive systemic change, particularly in relation to the ownership and stewardship of community assets.
Our long-term vision is to help shift the current paradigm, to build a society where individuals, institutions, and investors can actively support the places that shape the cultural identity and social fabric of our cities. While pension funds traditionally invest in large-scale infrastructure and development, we ask: what if culture and community were also seen as viable, investable assets? Our vision is to help shift towards a society where individuals and institutions can invest in the cultural and community spaces that shape the identity and heart of our cities.
However, we acknowledge that a challenging transition lies ahead. As local authorities grapple with mounting financial pressures, many are opting to sell public assets to private equity firms or commercial developers, seeing private investment as a cure-all to economic stagnation. While private investment can
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revitalise areas, selling properties to private equity firms can also exacerbate the issue of empty shops if the new owners prioritise short-term gains over long-term community needs.
Looking ahead to 2024/2025, we will continue to build momentum behind this vision. Key priorities include:
Expanding and deepening our networks : building on the strong, values-aligned partnerships we’ve established across our projects. These relationships, rooted in shared values, continue to shape our collaborative approach and guide our mission.
Positioning Artspace Lifespace as an investable proposition : exploring innovative and blended funding models that go beyond traditional grant funding to sustain and scale our impact.
Capturing and sharing our learning : creating a legacy toolkit that distils the insights, strategies, and models we've developed over the years for others to use and adapt. Our Vacant Property Toolkit will help equipping individuals and communities to lead grassroots regeneration efforts in their own neighbourhoods.
Fundraising
In 2024 the Board of Trustees agreed to take on additional support to increase our grant writing and fundraising capacity. Since March 2024 we have contracted Laura Welsman who previously worked with Artspace Lifespace and the Invisible Circus to work on our fundraising strategy and core funding. During this period Laura successfully worked with us to secure funding from:
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The Nisbet Trust (£30k over 2 Years)
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Garfield Weston Foundation (£20k)
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British Council (£5K)
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Power to Change Community Led High Street Innovator Fund
Grant Funding
Some of the grants received during year end 2024 were:
Arts Council England
In 2024 we spent the remainder (£24,991) of the Arts Council England Sparks grant of £49,983 concluding our grant funded arts programme at Sparks Bristol.
BrisBes - £2,000
Supporting Free Creative Desk Space for Bristol Refugee Artist Collective Artists at Sparks via a grant to Global Goals Centre.
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Bristol City Council - £52,033 between 2024-2027
In 2024 we were just one of 15 organisations successful in the Cultural Investment Programme ‘Openness’ Fund with unrestricted funding for up to four years.
Nisbet Trust - £30,000 between 2024 - 2026
In 2024 we received Core Cost Funding from the Nisbet Trust over two years which enabled us to create the role of CEO supported by a Charity Operations Manager and reduce the core cost liability of the Island.
With Thanks To:
Womble Bond Dickinson for their continued pro-bono support - The estimated value of this support in this financial year is approximately £2,500 to create a Heads of Terms template. This contribution has significantly strengthened our ability to provide practical, legally sound resources to the creative community.
We acknowledge the vital contribution of Elahe Karimnia and Dr. Tarek Virani for their report A new vision for city centres: Lessons from the Sparks project , This work was generously funded through the University of the West of England’s College-Building Fund. The report provides valuable insights into the evolving role of city centres and creative placemaking, offering an evidence-based framework that has informed both strategic planning and community engagement efforts related to the Sparks project. The depth and quality of this research continue to support our mission to create accessible, inclusive spaces for artists and the wider public.
Sparks Bristol Volunteers - Oct 2023 to Sep 2024: 2892 hours. Estimated pro-bono value £38,900.
Thanks also to our Sparks Partners - Global Goals Centre and our Arts Mansion collaborators The Friends of Ashton Court Mansion.
We extend our deepest gratitude to all our donors, partners, staff, volunteers and supporters for your continued commitment to helping create space for creatives to make, develop, sell and showcase their work.
Reserves policy
Our review of the level of reserves forms part of our annual budgeting and forecasting process, where we forecast our anticipated income and expenditure for the year ahead. We also take into consideration the reliability of each source of income and any future needs where future income alone is likely to fall short of the amount of the anticipated costs.
Our designated reserves of £72,028 for closing-out costs (including staff redundancies, studio holder deposits, accountancy fees, legal fees, and move-out
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costs) are held in a dedicated savings account to ensure these funds remain protected and available when required.
| Total funds at year end | £245,975 |
|---|---|
| Restricted funds at year end | £1,514 |
| Designated reserves at year end* | £72,028 |
| *(Excluded loan reserve fund) | |
| General funds available | £172,433 |
| Less: Required reserves (3 months operating costs)£134,190 | |
| Free reserves above minimum requirement | £38,243 |
Artspace Lifespace Reserves Calculation
We estimate that 3 months is an appropriate minimum level of general funds to hold. These free reserves can be spent in the following situations:
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An unforeseen emergency or unexpected need for funds e.g. an unexpected large bill or seed funding for an urgent project.
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To cover unforeseen day-to-day operational costs e.g. employing temporary staff to cover a long-term sick absence.
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To cover short-term deficits e.g. money may need to be spent before a funding grant is received. In this context, we define “short-term” to be within a 3 month period. Any deficits exceeding or expected to exceed this period would require trustee board consultation and approval.
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As a source of income to give ASLS time to take action if income falls below expectations e.g. grant income not being renewed
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Planned commitments that cannot be met by future income alone e.g. plans for a major asset purchase.
Year End 2024: 3 months operating costs : £134,190 . Should the general reserves fall below 1 month’s operating expenses, the trustee board would be notified and a review would be undertaken to discuss whether any further action is required.
We initially used £50,000 from a Bounce Back Loan to fund the start-up of Sparks Bristol. Following the successful return of this investment, we have retained these funds to strengthen our reserves position rather than immediately repaying the outstanding loan.
With general funds of £172,433 against our minimum requirement of £134,190, we hold £38,243 in free reserves above our policy target, confirming that our reserves policy has been met with additional financial resilience.
Going concern
Artspace Lifespace has historically operated on a self-sustaining, income-funded model. We work from challenging buildings provided to us at reduced or peppercorn rent, and our overheads are met by earned income, which is primarily generated through venue hires and the letting of studio spaces.
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In the financial year ending 2023/24, The Island project reported a deficit, and we anticipate continued losses into year end 2025 and 2026. However, all other earned projects designated as income generators recorded a surplus.
The temporary nature of our premises and the competitive landscape for securing operational grant funding remain areas of concern. To address these challenges, we are committed to strengthening our financial resilience and securing longer-term tenure. This included the strategic use of reserves to engage a professional fundraiser.
Over the past year, we not only successfully maintained operations, we have had an incredibly impactful year. As reported in the previous year, in order to sustain and expand our impact, particularly in light of The Island no longer generating a surplus, we recognised the urgent need for more robust core funding. Core funding secured in 2024 has provided the financial stability needed to meet ongoing operational costs, invest in staff development, and ensure regulatory compliance.
This funding has also enabled us to pursue capacity-building initiatives aimed at enhancing our service delivery, fostering innovation, and meeting emerging community needs, supporting the long-term sustainability and growth of the charity.
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STRUCTURE, GOVERNANCE AND MANAGEMENT
The charity’s organisational structure
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Relationships between the charity and related parties
ASLS operates a wholly-owned subsidiary, Artspace Lifespace Enterprises Limited (Company No. 10396284), which handles trading activities on behalf of the charity. This structure allows ASLS to generate income while ensuring that profits are reinvested into its charitable objectives .
ASLS actively engages in partnerships with various organisations to further its goals:
The Invisible Circus: A sister organisation with shared leadership, collaborating on site-specific performances and community projects .
Global Goals Centre (GGC): Partnered with Artspace LIfespace to repurpose the former Marks & Spencer building in Broadmead into an arts and sustainability hub, featuring affordable artist studios and community spaces.
We have Memorandum of Understanding governing our partnerships with these organisations to avoid potential conflicts of interest and disputes.
We are also part of other less formal networks such as the Bristol Culture Network: ASLS is an active member, contributing to advocacy, policy discussions, and shared cultural activities within the city's arts community, the Mycelial Network which connects 30+ Community Asset Developers across England and the Vacant Property Task Force.
How the charity makes decisions
The Chief Executive Officer (CEO), Kathryn Chiswell Jones, leads the staff team, which is responsible for the day-to-day operations of the charity. The Board of Trustees typically makes high-level strategic decisions, including setting the charity's mission and vision (usually with input from our staff and beneficiaries), approving budgets, and ensuring compliance with legal and regulatory standards. The CEO and staff are responsible for implementing the strategies set by the trustees, managing daily operations, and making decisions related to the charity's programs and services.
The trustees only use income or capital to benefit charities or purposes that are recognised as being in line with our charitable objectives including arts and cultural activities, protection or rejuvenation of difficult and historic buildings, creating greater inclusion, improving our environmental impact and advocating for arts, culture and heritage in Bristol and beyond.
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Governing document
Artspace Lifespace (ASLS) has been delivering arts services in Bristol since 2006; formally registering as a company in 2012 and being established as a charitable incorporated organisation in July 2016. Artspace Lifespace was set up as a sister company by the Invisible Circus to manage the creative spaces. Our aim is to create art spaces that are sustainable, and we advocate adaptive reuse of buildings for creative purposes.
In 2016, Artspace Lifespace became a charitable incorporated organisation (CIO). The constitution was signed on 6th June 2016, stating that the object of the CIO is to promote art for the benefit of the public by the establishment and maintenance of facilities for artists from a variety of artistic practices to create works, to collaborate, and to present and perform those works for the public. Artspace Lifespace was entered onto the Register of Charities on 11th July 2016 and started trading as a charity on 1st October 2016.
Governance & Recruitment of Trustees
As of Year End 2024 Artspace Lifespace is governed by 8 trustees who meet at least quarterly. We carry out regular skills audits of our trustees and new trustees are recruited as per the needs identified for a balanced board, by agreement with the existing members.
We carry out an open recruitment process with trustee recruitment adverts on our website, social media and through sites such Voscur. We invite potential trustees to meet with our Chair or Charity Operations Manager before submitting and to observe a full board meeting before they are elected on the board.
Arrangements for setting the pay and remuneration of the charity’s key management personnel and any benchmarks, parameters or criteria used in setting their pay.
Staff pay is reviewed annually and uses the National Joint Council (NJC) pay scales as a guide to setting organisational pay.
The organisation is committed to ensuring that all staff are paid at least the Real Living Wage, which is typically higher than the lowest NJC pay rates. Where the Real Living Wage exceeds NJC rates, staff on the lowest pay scales are uplifted to meet this standard.
A small number of individuals regularly engaged by the charity on an ad-hoc basis operate on a self-employed basis. The charity has reviewed and determined their employment status in line with HMRC guidance and is satisfied that the arrangements are compliant. As such, these individuals are not employees and do not accrue employment rights, including holiday entitlement. Where appropriate, an uplift of 12.07% is applied to their fees in recognition of the short-
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ARTSPACE LIFESPACE
TRUSTEES’ REPORT
YEAR ENDED 30 SEPTEMBER 2024
term nature of their engagement and the fact that their pay is aligned with the charity’s lowest pay scale.
Since 2017, we have been committed to reducing the pay gap between the lowest and highest-paid members of staff. Our pay policy ensures that no member of staff earns more than three times the salary of another.
RATES ALLOCATED FOR STAFF
Chief Executive PO5 38 Charity Operations Manager PO1 27 Venue Managers SO1 23 Creative Producers Scale 6 SCP 21 Finance Officer Scale 5 SCP 16 Senior Administrators / Coordinators Scale 5 SCP 12 Support Administrators / Facilities Scale 4 SCP 9 Venue Assistants Scale 1 SCP2 paid at Real Living Wage (National) Freelance Artists Artists Union of England & Bectu Rates
PO = (Principal Officer) SO = (Senior Officer) SPC = Scale [Level] – SCP [Spinal Column Point Number]
Employers NI
As of September 30, 2024, the standard rate for Employer's National Insurance Contributions (NICs) in the UK is 13.8% on employee earnings above the secondary threshold, which is currently set at £758 per month.
However, starting from April 6, 2025, there will be changes to these rates and thresholds:
Employer NIC rate: Increasing from 13.8% to 15%. Secondary threshold: Lowering from £9,100 per year to £5,000 per year.
These adjustments were announced in the Autumn Budget of October 2024 and will affect the budgets set for year end 2025.
Key Staff Changes
With thanks to Jo Kimber who stepped down as Venues Manager in July 2024. Tina Backhouse who first joined Artspace Lifespace and was Deputy Centre Manager at Artspace Lifespace in 2020 before moving to New Zealand was the successful candidate for the role and took on the role of The Island Venue Manager in September 2024.
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ARTSPACE LIFESPACE
TRUSTEES’ REPORT
YEAR ENDED 30 SEPTEMBER 2024
In 2024 following a strategic operations review, the Company Manager role was replaced with a CEO and Charity Operations Manager role. Alice Newton was promoted from Development Officer and Administrator to Charity Operations Manager, with former Company Manager Kathryn Chiswell Jones appointed as CEO.
New trustees are invited to attend training sessions provided by either Voscur or Heritage Compass.
Team Led Decision Making
Our decisions as a Board are led by the team. We schedule team member meetings every 3 months. This is an opportunity to talk through what's been happening over the last 3 months with a member of the board attending to find out what went well, what’s not gone so well, what staff need support with, and set goals for the next 3 months.
The output from the team meetings is then fed into decisions made at Board Meetings. The Board of Trustees meets between 4-6 times a year with group chat and individual support as needed.
The CEO is supported by monthly meetings with the designated chair.
The role of the chair is reviewed and rotated among the board every three months.
Statement of Trustees’ responsibilities
The Trustees are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom 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).
The law applicable to charities in England & Wales requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the income and expenditure of the charity for that period. In preparing these financial statements, the trustees are required to:
-
select suitable accounting policies and then apply them consistently;
-
● observe the methods and principles in the Charities SORP;
-
make judgments and accounting estimates that are reasonable and prudent;
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ARTSPACE LIFESPACE
TRUSTEES’ REPORT
YEAR ENDED 30 SEPTEMBER 2024
-
state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the constitution. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
27 June 2025 Approved by the Trustees on ……………………
Signed by order of the Trustees
Richard Irvine, Trustee Artspace Lifespace
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ARTSPACE LIFESPACE
INDEPENDENT EXAMINER’S REPORT
YEAR ENDED 30 SEPTEMBER 2024
Independent examiner’s report to the Trustees of Artspace Lifespace
I report to the trustees on my examination of the accounts of Artspace Lifespace (the Charity) for the year ended 30 September 2024.
Responsibilities and basis of report
As the charity trustees of the Charity you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 (‘the Act’).
I report in respect of my examination of the Charity’s accounts carried out under section 145 of the 2011 Act and in carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
Independent examiner’s statement
Since the Charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales, which is one of the listed bodies.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
-
accounting records were not kept in respect of the Charity as required by section 130 of the Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a ‘true and fair view which is not a matter considered as part of an independent examination.
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
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ARTSPACE LIFESPACE
INDEPENDENT EXAMINER’S REPORT
YEAR ENDED 30 SEPTEMBER 2024
Joshua Kingston BSc ACA Burton Sweet Limited, Chartered Accountants The Clock Tower 5 Farleigh Court Old Weston Road Flax Bourton Bristol BS48 1UR
27 June 2025 Date: …………………………
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ARTSPACE LIFESPACE
STATEMENT OF FINANCIAL ACTIVITIES
YEAR ENDED 30 SEPTEMBER 2024
| Unrestricted Funds Note £ Income from: Donations and grants 2 33,128 Charitable activities 3 587,143 Other trading activities - Investments 2,307 Total income 622,578 Expenditure on: Raising funds 12,250 Charitable activities 4 537,283 Total expenditure 549,533 Net income/(expenditure) 5 73,045 Transfers between funds 16 - Net movement in funds 73,045 Total funds at 1 October 16 171,416 Total funds at 30 September 16 244,461 |
Restricted Funds £ 43,555 - - - 43,555 - 56,655 56,655 (13,100) - (13,100) 14,614 1,514 |
Total Funds 2024 £ 76,683 587,143 - 2,307 666,133 12,250 593,938 606,188 59,945 - 59,945 186,030 245,975 |
Total Funds 2023 £ 82,392 387,880 415 1,491 472,178 3 539,586 539,589 (67,411) - (67,411) 253,441 186,030 |
|---|---|---|---|
The Charity has no recognised gains or losses other than the results for the year as set out above. All of the activities of the charity are classed as continuing.
The prior year fund comparatives are set out in note 8.
The notes on pages 28 to 37 form part of these financial statements
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ARTSPACE LIFESPACE
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
| Note Fixed assets Tangible assets 9 Investments 10 |
2024 2023 £ £ 12,386 9,843 1 1 |
|---|---|
| Current assets Stock Debtors 11 Cash at bank and in hand |
12,387 9,844 122 122 63,116 63,560 278,244 234,990 |
| Creditors : amounts falling due within one year 12 |
341,482 298,672 (77,110) (86,475) |
| Net current assets Creditors : amounts falling due after more than one year 13 |
264,372 212,197 (30,784) (36,011) |
| Net assets | 245,975 186,030 |
| Funds Unrestricted funds 17 Restricted funds 17 |
244,461 171,416 1,514 14,614 |
| 245,975 186,030 |
27 June 2025
These financial statements were approved by the trustees on …........................................................ and are signed on their behalf by:
…………………………………………….
Wim Penhaul Trustee
The notes on pages 28 to 37 form part of these financial statements
26
ARTSPACE LIFESPACE
CASH FLOW STATEMENT
AS AT 30 SEPTEMBER 2024
| Note Net cash inflow from operating activities 14 Non-operational cash flows: Investing activities Payments for tangible fixed assets Investment income Financing activities Loan repayments Net cash inflow/(outflow) for the year 15 Cashflow Restrictions |
2024 £ 50,405 (4,231) 2,307 (1,924) (5,227) (5,227) 43,254 |
2023 £ (65,967) (3,443) 1,491 (1,952) (5,102) (5,102) (73,021) |
|---|---|---|
Charity law prohibits the use of net cash inflows on any endowed or other restricted fund to offset net cash outflows outside its own objects, except on special authority. In practice, this restriction has not had any effect on cash flows
The notes on pages 28 to 37 form part of these financial statements
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ARTSPACE LIFESPACE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies
- a) The financial statements have been prepared in accordance with the historical cost convention (except where otherwise stated in the accounting policy note) and in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued in October 2019, and the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), and the Charities Act 2011.
The accounts (financial statements) have been prepared to give a ‘true and fair’ view and have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a ‘true and fair view’. This departure has involved following 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
The charity is a public benefit entity as defined under FRS102. The Trustees consider that there are no material uncertainties affecting the ability of the charity to continue as a going concern.
-
b) Investments Investments are stated at market value at the balance sheet date. The Statement of Financial Activities includes the net gains and losses arising on revaluations and disposals throughout the year. Investments in subsidiaries are valued at cost less provision for impairment.
-
c) Fixed assets are held at cost less accumulated depreciation. Assets costing less than £1,000 are not capitalised. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Equipment - 15% per annum reducing balance
d) Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid after taking account of any discounts due.
e) Creditors
Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any discounts due.
f) Cash at bank & in hand Cash at bank and cash in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
- g) Income from donations is included in income when these are receivable, except as follows: i) When donors specify that donations given to the charity must be used in future accounting periods, the income is deferred until those periods;
ii) When donors impose conditions which have to be fulfilled before the charity becomes entitled to use such income, the income is deferred until the pre-conditions have been met.
-
h) Grants are recognised in full in the Statement of Financial Activities in the year in which they are receivable/payable. All material grants are disclosed in accordance with the Statement of Recommended Practice.
-
i) Legacies are recognised when the charity is legally entitled to the legacy and the amount can be quantified with reasonable accuracy. Entitlement is regarded as the earlier of the charity being notified of an impending distribution or the legacy being received.
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ARTSPACE LIFESPACE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
1 Accounting policies (continued)
-
j) Expenditure is recognised in the period in which it is incurred. Expenditure includes attributable VAT which cannot be recovered.
-
k) Support costs are allocated entirely to charitable activities. Governance costs include the costs which relate to meeting the constitutional and statutory requirements of the charity.
-
l) Unrestricted funds can be used in accordance with the charitable objects at the discretion of the trustees.
-
m) Designated funds are funds set aside by the trustees out of unrestricted general funds for specific future purposes or projects. Designated funds may be re-designated if, in the opinion of the trustees, a change in circumstances makes this appropriate.
-
n) Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Expenditure which meets these criteria is charged to the fund, together with a fair allocation of management and support costs. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
2 Income from: donations and grants
| Donations Donation from Artspace Lifespace Enterprises Limited Donations in kind Grants Prior year comparatives Donations Donation from Artspace Lifespace Enterprises Limited Donations in kind Grants Grants received includes the following government grants: Bristol City Council Arts Council West of England Combined Authority |
Unrestricted Funds £ 977 10,939 10,000 11,212 33,128 Unrestricted Funds £ 742 4,419 17,600 27,139 49,900 |
Restricted Funds £ - - - 43,555 43,555 Restricted Funds £ - - - 32,492 32,492 2024 £ 8,672 24,991 1,564 35,227 |
Total Funds 2024 £ 977 10,939 10,000 54,767 76,683 Total Funds 2023 £ 742 4,419 17,600 59,631 82,392 2023 £ 14,008 24,992 - 39,000 |
|---|---|---|---|
Donations in kind amounting to £10,000 (2023: £17,600) relate to donated professional services in respect of the Sparks project.
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ARTSPACE LIFESPACE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
==> picture [402 x 588] intentionally omitted <==
----- Start of picture text -----
3 Income from: charitable activities
Unrestricted Restricted Total Funds
Funds Funds 2024
£ £ £
Room Hire 313,988 - 313,988
Studio Hire 258,320 - 258,320
Space membership 13,811 - 13,811
Events 1,024 - 1,024
587,143 - 587,143
Prior year comparatives Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Room Hire 141,482 - 141,482
Studio Hire 232,015 - 232,015
Space membership 13,813 - 13,813
Events 570 - 570
387,880 - 387,880
----- End of picture text -----
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ARTSPACE LIFESPACE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
==> picture [402 x 586] intentionally omitted <==
----- Start of picture text -----
4 Expenditure on: charitable activities
Unrestricted Restricted Total Funds
Funds Funds 2024
Direct costs £ £ £
Staff costs 55,409 2,011 57,420
Events expenditure 2,007 18,261 20,268
Donations to projects 60 - 60
Support costs
Support staff costs 205,900 26,827 232,727
Administration 13,569 2,964 16,533
Marketing 2,400 396 2,796
Rent and rates 103,840 103,840
Premises and cleaning costs 37,853 1,564 39,417
Heat, light and water 53,069 - 53,069
Maintenance costs 37,515 4,612 42,127
Depreciation 1,688 - 1,688
Insurance 6,252 20 6,272
Professional fees 10,222 - 10,222
Finance costs 1,731 - 1,731
Governance costs
Accountancy 1,491 - 1,491
Trustee expenses 167 - 167
Independent examiner's fees 4,110 - 4,110
Total expenditure on charitable activities 537,283 56,655 593,938
Prior year comparatives Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Direct costs
Staff costs 28,660 2,785 31,445
Events expenditure 5,980 286 6,266
Donations to projects 38,230 - 38,230
Support costs
Support staff costs 171,676 - 171,676
Administration 17,995 541 18,536
Marketing 1,575 599 2,174
Rent and rates 87,890 - 87,890
Premises and cleaning costs 29,101 - 29,101
Heat, light and water 56,088 - 56,088
Maintenance costs 48,556 15,467 64,023
Depreciation 1,473 - 1,473
Insurance 7,078 - 7,078
Professional fees 18,213 - 18,213
Finance costs 1,727 - 1,727
Governance costs
Accountancy 2,419 - 2,419
Trustee expenses 79 - 79
Independent examiner's fees 3,168 - 3,168
Total expenditure on charitable activities 519,908 19,678 539,586
----- End of picture text -----
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ARTSPACE LIFESPACE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
- 5 Net income/ (expenditure) for the year
This is stated after charging:
==> picture [386 x 66] intentionally omitted <==
----- Start of picture text -----
|||||
|---|---|---|---|
|2024|2023|
|£|£|
|Depreciation|1,688|1,473|
|Independent examiner's fee|- current year|2,970|2,700|
|- prior year over/ under provision|540|468|
|- other services|600|-|
----- End of picture text -----
3 (2023: 1) Trustees' were reimbursed expenses amounting to £167 (2023: £79) relating to meeting, travel and subsistence.
6 Staff costs and numbers
The aggregate payroll costs were:
==> picture [387 x 98] intentionally omitted <==
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|£|£|
|Wages and salaries|186,402|141,125|
|Social security costs|9,253|3,978|
|Employer's pension contributions|3,677|2,785|
|Contracted staff|135,549|61,380|
|334,881|209,268|
----- End of picture text -----
No employee received emoluments of more than £60,000.
The average weekly number of employees during the year, calculated on the basis of a headcount, was as follows:
==> picture [387 x 57] intentionally omitted <==
----- Start of picture text -----
||||
|---|---|---|
|2024|2023|
|No.|No.|
|Administration|21|19|
|21|19|
----- End of picture text -----
The trustees consider the key management personnel to be themselves, the CEO and the Charity Operations Manager. During the year, they received total remuneration of £38,471 (2023: £87,203. Venue Managers were included as key management personnel in last year figure).
During the year, no trustee received any remuneration. In the previous year, Kara de los Reyes received £270 for supportting the Company Manager in carrying out external consultation work. Remuneration of Trustees is in accordance with the governing document approved by the Board of Trustees.
7 Taxation
The charity is exempt from corporation tax on its charitable activities.
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ARTSPACE LIFESPACE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
==> picture [402 x 588] intentionally omitted <==
----- Start of picture text -----
8 Fund comparatives
Unrestricted Restricted Total Funds
Funds Funds 2023
£ £ £
Income from:
Grants and donations 49,900 32,492 82,392
Charitable activities 387,880 - 387,880
Other trading activities 415 - 415
Investments 1,491 - 1,491
Total income 439,686 32,492 472,178
Expenditure on:
Fundraising 3 - 3
Charitable activities 519,908 19,678 539,586
Total expenditure 519,911 19,678 539,589
Net income/(expenditure) (80,225) 12,814 (67,411)
Transfers between funds 34,200 (34,200) -
Net movement in funds (46,025) (21,386) (67,411)
Total funds at 1 October 2022 217,441 36,000 253,441
Total funds at 30 September 2023 171,416 14,614 186,030
9 Tangible fixed assets
Equipment Total
£ £
Cost
At 1 October 2023 20,548 20,548
Additions 4,231 4,231
At 30 September 2024 24,779 24,779
Depreciation
At 1 October 2023 10,705 10,705
Charge for the year 1,688 1,688
At 30 September 2024 12,393 12,393
Net book value
At 30 September 2024 12,386 12,386
At 30 September 2023 9,843 9,843
----- End of picture text -----
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ARTSPACE LIFESPACE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
| 10 Investments Subsidiary |
2024 £ 1 1 |
2023 £ 1 1 |
|---|---|---|
Included in investments in the year is £1 nominal investment relating to Artspace Lifespace Enterprises Limited, this entity is a wholly owned subsidiary by Artspace Lifespace CIO.
Artspace Lifespace Enterprises limited is the subsidiary of the charitable incorporated organisation. During the year, the loss after tax amounted to £5,686 (2023: profit of £12,842) with retained reserves being minus £3,783 (2023: £12,842).
11 Debtors
| Trade debtors Prepayments and accrued income Amounts owed by group undertakings Other debtors 12 Creditors: amounts falling due within one year Trade creditors Bank loan Accruals and deferred income Taxation and social security Other creditors 13 Creditors : amounts falling due after more than one year Bank loan The bank loan was unsecured. |
2024 £ 29,427 30,689 - 3,000 63,116 2024 £ 20,547 5,556 24,541 3,570 22,896 77,110 2024 £ 30,784 30,784 |
2023 £ 17,788 40,466 2,306 3,000 63,560 2023 £ 33,098 5,556 24,876 2,510 20,435 86,475 2023 £ 36,011 36,011 |
|---|---|---|
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ARTSPACE LIFESPACE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
==> picture [402 x 589] intentionally omitted <==
----- Start of picture text -----
14 Reconciliation of net movement in funds to net cash inflow from operating activities
2024 2023
£ £
Statement of Financial Activities: Net movement in funds 59,945 (67,411)
Investment income (2,307) (1,491)
Depreciation 1,688 1,473
(Decrease) in creditors: current liabilities (9,365) 38,826
Decrease / (increase) in debtors 444 (37,267)
-
(Increase) / decrease in stock (97)
Net cash (outflow)/inflow from operating activities 50,405 (65,967)
15 Analysis of changes in cash during the year
Note 2024 2023 Change
£ £ £
Cash at bank and in hand 278,244 234,990 43,254
2023 2022 Change
£ £ £
Cash at bank and in hand 234,990 308,011 (73,021)
----- End of picture text -----
35
ARTSPACE LIFESPACE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
| 16 Movement in funds Unrestricted funds General funds Designated funds Closing out reserve Loan reserve Restricted funds Sparks Arts Council Historic England Nisbet Trust BrisBes West of England Combined Authority Total funds Prior year comparative Unrestricted funds General funds Designated funds Closing out reserve Loan reserve Restricted funds Sparks Arts Council Bristol City Council Historic England Nisbet Trust Total funds |
At 1 Oct 2023 £ 67,312 48,370 55,734 171,416 13,100 1,514 - - - 14,614 186,030 At 1 Oct 2022 £ 217,441 - - 217,441 - - - 36,000 36,000 253,441 |
Income £ 622,578 - - 622,578 24,991 - 15,000 2,000 1,564 43,555 666,133 Income £ 439,686 - - 439,686 24,992 7,500 - - 32,492 472,178 |
Expenditure £ (549,533) - - (549,533) (38,091) - (15,000) (2,000) (1,564) (56,655) (606,188) Expenditure £ (519,911) - - (519,911) (11,892) (7,500) (286) - (19,678) (539,589) |
Transfers £ (18,113) 23,658 (5,545) - - - - - - - - Transfers £ (69,904) 48,370 55,734 34,200 - - 1,800 (36,000) (34,200) - |
At 30 Sep 2024 £ 122,244 - 72,028 50,189 244,461 - 1,514 - - - 1,514 245,975 At 30 Sep 2023 £ 67,312 48,370 55,734 171,416 13,100 - 1,514 - 14,614 186,030 |
|---|---|---|---|---|---|
Restricted funds
Arts Council - funds received towards costs of Sparks being an experimental centre for arts & sustainability to help critically rethink the current urban models & test new strategies. Sparks aims to provide affordable & free exhibition, studio, sustainable retail and R&D space, employing local artists to create educational & creative experiences.
36
ARTSPACE LIFESPACE
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 SEPTEMBER 2024
16 Movement in funds (continued)
Historic England - funds received towards heritage art workshops.
Nisbet Trust 2023 - funds received towards capital projects.
Bristol City Council - funds received towards costs of the Sparks project.
West of England Combined Authority - funds received for the purchase of CCTV Equipment at Sparks Bristol.
Nisbet Trust 2024 - Core costs over 3 years that will support critical strategic changes to build our capacity and ability to support more creatives. Funding to support a part-time Charity Operations Manager.
BrisBes - Funding for 6 Desk Spaces for six months at Sparks Bristol for Bristol Refugee Arts Collective (BRAC).
Designated funds
Closing out reserve - funds set aside by the trustees towards staff redundancies, studio holder deposits, accountancy, legal fees and move out costs as a contingency the event of the charity needing to close.
Loan reserve - funds set aside by the trustees towards meeting the loan liabilities.
17 Analysis of net assets between funds
| Year ended 30 September 2024 Unrestricted funds General funds Designated funds Restricted funds Year ended 30 September 2023 Unrestricted funds General funds Designated funds Restricted funds |
Investments £ 1 - - 1 Investments £ 1 - - 1 |
Tangible Fixed assets £ 12,386 - - 12,386 Tangible Fixed assets £ 9,843 - - 9,843 |
Other Net assets £ 109,857 122,217 1,514 233,588 Other Net assets £ 57,468 104,104 14,614 176,186 |
Total £ 122,244 122,217 1,514 245,975 Total £ 67,312 104,104 14,614 186,030 |
|---|---|---|---|---|
18 Related parties
Artspace Lifespace Enterprises Limited
Trustees JS Francis, WA Penhaul and ACS Ching are also directors of the company Artspace Lifespace Enterprises Limited, a wholly-owned subsidiary of the charity.
In the financial year ended 30 September 2024, Artspace Lifespace Enterprises Limited paid £10,939 (2023: £14,076) to Artspace Lifespace, and £0 (2023: £2,306) was due to the charity at the year end.
In addition, Artspace Lifespace paid £nil (2023: £1,500) to Artspace Lifespace Enterprises Limited and Artspace Lifespace Enterprises Limited paid £nil (2023: £nil) to Artspace Lifespace in respect of overheads.
There are no other related party transaction other than those disclosed throughout the financial statements.
37