SPACE ART IReglstered Charfty No. 1188167> FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023
SPACE ART Registered Chaiity No. 1188167 Contonts Page RoPQrt of tho Tnte¥S IndoPond•nt ExamIn•$ Report statement of Flnanclal Acllvll Balan¢0 Sheet Notes to the Flnanclal Statements 9-13
SPACE Airr {Regi5tered Charty No: 1188167) ANNUAL REPORT OF ThE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Reference and admlnlstratlve detalls Reglstered Charity numbor 1188167 373 Kennington Road Kennington London SE114wr Trustees Jonathan David (Chair) Rathael House Paul Sandcmn Independ•nt examiner K C Fisler BA FGA CTA % Myrus Smilh. Chartered Ac(x)untants Norman Htyjse 8 Bumell Surrey SM148W
SPACE ART (Registered Charity No: 11881671 ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023 Thts L8 the thlrd annual report from the tnjstees of Space Art which was reglstered as a CIO with the Charity Commlssion on 25 February 2020. ThLs was thé second year of full advlty after the Coronavwu8 pandemic and UK govemment restrictions. The Trustees presart thelr report together with the Independenty examined finanGial statements of thè (arity for the year ended 30 September 2023. The finandal statements have been prepared in accordance With the arLounting policies set out in nots 1 to the accounts and comply wilh Charity's Constitution. the Charities Act 2011. the Charities (Accounts and Réports) Regulations 2008 and the provision of the Statement of Recommended Practice (SORP) applicable to tharities preparing their financial statements in accordance with the Financial Reporting Standard applkable In the UK and Republic of ]rend IFRS 102) effective from 1 January 2019. ObJ•¢livo8 and acllvltl88 The charitab18 objects of the Charity are: a) To advance the 8rts by any charltsble means for the publtc benefit through Ihe promotion of Jntemporary art. in particular, but not exdusNely by: (i) maintaining an art gallery for axhibition to th8 public of ntemPorary art of new and 8Stablished contemporary artists of artistic or educational merit induding (without limitation) by providing opportunities to individuals who are members of socially and economic811y deprived communitt8s or who are otherwise und8rrepresented in the c£)ntemporary arts: or lill tha maklng of grants to artists or art18tlc organisations working tn the Ileld of contemporary art to enable them to undertake new projects of artistic merit OT further their artistic development and education. b) To advance the edUttOn of the public In the appreclatton. underntandlng and enjoyment of nlemporary art through axhibttKJns. perfom)ances. publications. semlnarn, lectures, talks or other Similar events. Actlvlty during tho porfod Spa( Art continues to OF*rnt• spa Stalton Slxty-FiYe {SS65). a foerfy unregistered contemporary art tharity with a 20 year htstory of free of tharge access to qualty (y)ntemporary art. and the use of a fijlty equlpped gallery Spa urmler a lease wth a peppercom rent. Trustees feel that altlwgh vlsltor numbeys are of urSe Importan( we are most fcoJ8$ed on the qualty of the engagement and are pleaged wlth the way whlch the envlronment and atmosphere which we are fostering and the type of projects which we are programming encouraging not only a long. deep engagem8nL but in many cases repeat Visits to ongoing exhibitions. wilh previous visitors reluming to bring first-time visitors from their friendship groups to exhibitions. Trustees (y)ntinue scaling up th8 operation and are contlnulng lo plan malor projects In order to have a higher level of activity during ts next financial year. spo Art conne9 Its ongolng Investment In maklng Ihe exhibltlon and evont $pa¢& Increasingty aCceIble and welcomlng. Thls has had a beneficlal effect on the reach of more marginalised audlentss. A8 weN a8 Improvement of the bulldlng and display 8y3tems there 18 an ongolng revFew of eleclrlcal, IT and computer systems resulting in a partial update of nelwork. desktop equlpment and lightlng.
SPACE ART (Registered Charity No: 11881671 ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023 There have been additions made to the Audio-visual equipment stock in order to improve abilities to stage VId and sound Installattons (kngoing plannlng Is taklng pla to Improve the display facllStles wmh consultants. Durlng the year. a major proieGt development grant was made to arllsl Roman Manfredi for a new photography project Wdus with SS65, followtng on from the initiation funding which was put in plac during the previous year to Ihe artist. The grant was made on condition of a successfvl application to Arts Councll England to c(pfiJnd the project. The project consisted of 41 new framed Works and several events and talks. Thi$ prclect broke the previous attendance record wllh vlsltor numbers of 3.479 v68itor8 over 42 days wn the exhlbition was open lo the publlc. Space Art hosted a major eXhibin Across. Over. Beyond, 8 group exhibition of work by trans" artist8. The work was selected by a panel appointed by Fringe Queer Arts arKI Film Festival and the exhibitlon was rated by Rabz Lansiquot of Languid Hands. Spa¢e Art made fvndtng to Frlnge for access needs (audio d8SCriPtionl as well as supporting curatorfs work. panel selectcrts and sundries such as tech as well as providlng support in kind by hosting the exhibition at SS65. Space Art suppNted and SS65 hosted a18unch for Crafted %vfth Prfde." Queer CraftandActlvlsm In Contemporary Brltaln, a new t)wk by Dr Daniel Fountain, artis( curator and academic. SS65 also curated a onfrday exhibib¢)n of artists work whlch supported the theme of the book, as well as hosttng tslks and discussions during the launth. Space Art comlssloned a mar new sculpture by the artist Annie Whiles. This will be on p8mTrnent di$laY in the gallery èntranee at SS65. pUblY accassible for all visitors to experience. Pollcleg and objectlveg Space Art has a at-MakIng roie as well as a doing role. There is a Grant-mak9 policy and a Vulnerable Adult Pollcy which have both been approved by the Charity Commission. The tru5te05 have paid due regard to guldance on publlc ben8fft Issued by the Charlty Commlssh)n In de¢ldlng what actth the Charfty should undertake. Kay actlvillos and aGhi•vemonts The ongolng Investment In asSIble and welcomlng premlses particvlafty befrtted this projecL A Ijh( airy and w811-ventilated Space enabled people who mlght be more at rlsk from MpliCatIOnS from C¢)vid 19 to visiL The design of the eTrtrance. approach and Internal clr¢ulatlon 1$ working well for visitors with access needs and we a LThtinuing to assess this. We contlnue to provlde hand-sanltlser for thos¢ who want it as well as asking vk8itors to respect people's desire to mask If Ihey wtsh to. The tharity contFnuos to de8pen its connectlons with marginalised groups whith has o)ntril)uted to the record visitor numbern. sne of th8se new visitors also may not usually attend contemporary art events or exhibitions.
SPACE ART {Reglster8d Charity No". 1188167} ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023 We abo have been careful to open exhibitions by speaal arrangement in additN)n to regular opening tunes. for groups or Individu8fs who were unable to visrf( in the advertised time5. to ac¢ommodate their $pe¢io1 needs. The Twstees are pleased that the bookshop and editions conilnue to add to the impact of the dMriV$ activities, spreading the artlstlc and cultural effect of our work. After maklng appropriate enquires, th8 Trustees have a reasonable expeGtstion that the company has adequate resources to contlnue in operational existence for the foreseeable future. Space Art conlinues to follow up the progress of and impact on supported projects wilh regular visits by tnjstees, past participants, volunteers. as well. wo have conllnued contact with recent project participants whi¢h18 leadlng to lurther deveknpment prdects. Flnanclal revlew Durfng the year ended 30 September 2023 income was £167.211 {2022: £155.574) and net expendllure was £162.74312022: £79.015}. All Income and exp0rtdir8 for the year was unresknGted. Unrestrlcted funds as at 30 September 2023 were £224,90312021' £220,435) of whkh £15.349 {2022'. £21.458} were held as d8signated funds. R•s•m8 poIIcy A5 at 30 September 2023 ts tharfty held free reserve8 of £209.554 (2022: £198.977) The charity to retain reserves lo meet 3 months of opw*ing overheads and also fvnds to support ongoing •thlbltion and grant making activities. structure, governance and managomont The dprity 1$ reglgtered as a charitable incorporated organi5ation (CIO) it is govemed by a Constltullon of a Charltable Inrporated Organisation dated 24 February 2020 and is a registered charty numter 1188167. The management of the Charity Is Iho responslblllty of the Twstees WPM) are elected and cwted under Ihe Charivs govgming documènt.
8PACE ART (Registered Charity No.. 1188187> ANNUAL REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30 SEPTEMBER 2023 8latsmofit of Trust•o$' RpOnSIbIlItI88 The Trustees are responsib18 for prèparing the Trustees Annual Report and the financial stat8ments in aco)rdance with applicable law and United Kingdom Awunting Standards {United Kingdom Generalty Accepted Accounting Practice). The law applicablg to tharities in England & Wales requires the Trust08S to prepare financial statements for each financial y&ar which givo a true and falr viow of the state of affairs of th8 charity and of the wujming resources and application of resources of tha charity for that p8riod. In preparing these financlal statements, the Trystees are required to: select suitable aCnting policies and then apply them consistently: observe the Metr1$ and principles in the Charities SORP 2019 IFRS 102). make ludgements and estimates thal are reasonable and prudent: sLqte whether appllcable accountlng standards have been followed. subpd to any material departures disdosed and explained in the financial slatements: prepare the financial ststements on the going concem basis unless it is inappropriate to presumo that the charty will continue in operation. select Suitable ac¢Jwntlng polides and then apply them consistently; observe the m&thod$ and prlnclples in the Charities SORP 2019 (FRS 102); make judgements and estim8te8 that are rea80nabla and prud8nL state whethw appliGable a(Jx)unting standards have been followed. subpct to any material departures disclosed and explalned in the financial statements. prepare the financial statements on th8 going nCern basis unless11 Is inappropriate to presume that ts charity wlll ¢>Jnttnue in operation. The Trustees are responsbl8 for k08ping proper accounting records Ihal dlsdose wth reasonable accurydcy at any tlme the ffinandal position of the charity and enable them to ensure that the financial statements ¢ompty wlth the Chariti&s Act 2011, the Charities (Accounts and Reports) ReguSation$ 2008 and the provlslons of the trust doed. They are also responsible for $8feguarding the assets of the charity and honco for taking rnasonable steps for th8 prevention and delectlon of fraud and other irregularit$ Approved by order of the board of trustaès on 2024 and signed on ts behalf by. Jonathan Davkl - Chair
INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF: SPACE ART Registered Charity No. 1188167 l port on Ihe a¢¢ounts of the charity for the year ended 30 September 2023. which Mprise the Statement of Flnan¢ial ACtIvles. the Balance Sheet and the lated notes. Resp8Gtlv• rnspon¥lbllillos of tho Truste and Examlnor The tru8te8s are responslble for the preparatK)n of the accounts. The trustee8 ¢on8ider that an audit 1$ not required for this year under section 144{2> of the Ch8ritle8 Act 2011 (the 2011 Ad) and that an independent examination is needed. Having satisfied my88lf that the charity is not subie¢l lo audlt under rnpanY law and 1$ e1Ible for Independent examin8tlon. it is my re8ponstJility to: examine the accounts under section 145 ofthe 2011 ACL fr0W thé procedures laid down in the g8neral Dlre¢tth$ glven by the Charlty Commission under section 14515Xb) of ts 2011 Act and stste whether p8rtiwlar matters have com8 to my attention. Bas1$ of indopondent oxaminorfs roport My examin8tion was carried out in aco)rdan¢e with the general Directions given by the Charty Commission. An examination includes a review of the accounting records kept by the charty and a mparison of the a¢oounts presented with th08e records. It also indudes consideration of any unusual items or disclosures in the accounts. and seeking explanations from you as trustees conceming any $uth matters. The procedures undertaken do not provide all the eviden(* that would be required In an audit and consequently no oplnlon Is glven as to whether the accounts present a Irue and falr vleNV and the report 1$ Ilmlied to those matters Sot out in the statement below. Indepondont oxaminerfs statomont In conngction with my examination. no matter has come to my atténtiOD." i¢h glves me reasonable cause to believe Ihat, in any materfal respert th8 reqvireménts." to keep anIg reo)rds in accord with seclion 130 ofthe 2011 Act: and to prepare aco)unts which accord wlth the a¢LtyJnting records, coryly wilh the a¢¢ounting requirements of the 2011 Act have not been meL" or to whiGh. in my opin1. attentlon should be drawn in order to enable a proper understandin9 of the a¢¢ounts to be reached. K.C. Flsher BA FCA CTA % Myrus Smith. Chartered Ar£ountants Norman House Sutton Surrey SM14BW 2024
8PACE Alrr STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT> FOR THE YEAR ENDED 30 SEPTEMBER 2023 Total Totsl Notes Unrestrided Designatad FdS Funds Total Funds 2023 Total Fund5 2022 In¢om• from: Donations aThJ18ga¢les Other trading activities 155,0 11.711 155.500 11.711 154,573 1.001 Total Incomè 167,211 167.211 155,574 Expgndltyr• on: Charitable activltles 156,634 6,109 162.743 79.015 Total expendlture 158.634 6.109 162.743 79,015 Nat movom•nt In funds 10.5TI (6.109) 4,468 76.559 Reconclllatlon of fvnds Fund balances brought forwa 198.977 21.458 220,435 143,876 Fund balances carrfed forward £209.554 £15,349 £224,903 £220,435 All income and expendllure 1$ derfved from conllnuing activitles. The Statement of Financial Aclivitbs InCIleS all galns and Ios8es recognised in tha year. The notes fomi part ofthe8e Fknandal Statements.
SPACE ART BAL4NCE SHEET AT 30 SEPTEMBER 2023 2023 2022 FIXED ASss Tanglble fixed assets 10 54.324 46.812 CURRENT ASss Debtors Cash at bank and tn hand 11 3,243 179,030 6,102 181,865 182.273 187,967 CREDITORS Amounts falling du8 withln one year 12 11.693 14,344 NET CURRENT ASSETS 170,580 173.623 NET ASSETS £224.gJ3 £220.435 FUNDS Unrestricted funds: General Designated funds 13 209,554 15,349 198.977 21,458 £224.903 £220,435 roved by th8 Boa Trustees on 2024 and stgned on Its bghalf by: Jonatrian Davld Chair The notes fomi part of these Finan¢k81 Ststements
SPACE ART NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 COMPANY STATUS Space Art is a Charitsble Incorporated Organisation ICIOI. Charty No: 1188167 and registered In England and Wales. The registered Offi of the company is gbven In Ihe Reference and Admlnlstratlve Detsils on page 1, ACCOUNTING POUCIES Basls of pr•p8ratk)n The Chaty ct)nstkntes a wblic benefit entity a8 defined by FRS 102. Thg financial Statem8 have been prepared in acxordance with A¢countlng and Reportlng by Charities: Statement of Recommended Prdtce applicable to charilies preparing their aw)unts In accordance with the Financial Reporting Standard applTrcable in the UK and Republic of Iland (FRS 102) issued October 2019. the Financlal Reporting StsrKlard applicable in the Unrted Klngdom and Republtc of Ireland (FRS 102). the Charitles Act 2011 and UK Genera51y kGepted Practi¢&. The finan¢lal ststements are prepared on a going o)ncem ba$18 and under the hislori¢al Cost convention. The slgnfflcant accountsng polkies applied fft the preparatlon of these financlal staterrK8nts are $et out below. In¢om8 recognttlon Items of In)me are recognised in the fo)anc4al statements when all of the followlng ¢rlterla are met The charity ha$ entbtlement to the funds: any p8rfomwice condltions have been met or are fully within the trI] of the charity: thwe is sufficient certalnty that reGeipt ofthe income is considered proboble: and the amount can b8 measured rellably. Expèndltur• rocognlllon Expenditure Is recognised ono Ihere is a legal or constructive obltqation to make payment to a third party. it is probable that setuement will be required and the amount can b8 moasured rellably. Expendlture on raising fvnd$ in¢lude$ those costs associat8d with attra¢tlng dona1mS and grants to nd the ¢harftys activities. Expenditure on charitabl8 activities indudes grants and other direct costs undertaken to furfher th8 purposes of the ¢harity and Includes associated support Sts. Fund accountlng Unrestrfcted g8neral fvnd$ are th088 funds which are freely available for use in fvrtheraft of the oblects of the char5ty and whlch have not beon d6$ignatad for specific purposes. Deslgnated funds are unre8trl¢ted funds vhi¢h have bean set aside fc* partthlar purposes. Reslri¢ted funds are fvnds which c2n only be used in accordance with $pecSfic restrictions imposed by the donor or whth have been ralsed for a particular purpose. Dobtors and creditors t)ebtors and creditors wlth no stated interest rate and re1vable or payat4e With one year are reo)rded at transaction prlce. Any Ios8es arislng from impaim)ents ar8 recognlsed in expenditure.
8PACE ART NOTES TO TrIE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023 Ind.... INCOME FROM DONATIONS AND LEGACIES Unrestrlcted Designated Funds Funds Total 2023 Total 2022 Donatlons and grants £155.500 £155.5¢XI £154.573 INCOME FROM TRADING ACTIVITIES Unrestrtcted Des*nated Funds Funds Total 2023 2022 Tradlng adivitle8 £11,711 £Nil £11.711 £1.001 EXPENDITURE ON CHARITABLE ACTIVITIES Dlrect Support Total 2022 2023 Exhibition costs Gallery costs Purchases Gpnts Heat and light Rates Insurance Health and Safety IT Support and computer expens8S Cleaning Printing, postage and ststtonery Sundry Bank and currency ¢h8rges Govemance costs (note 6) Depreciation Bad debt 56,035 31,201 5,643 13.500 56,035 31,201 5.643 13,500 6.618 3.467 1.229 6,600 6.620 1,920 4.571 2.378 214 4,707 18.040 15,969 12,044 1.000 10.633 5.975 2.934 371 6.618 3,467 1,229 6.600 6,620 1,920 4.571 2.378 214 4,707 18,040 6.853 597 475 172 4.690 12.752 200 £106.379 £58.364 £162,743 £79,015 GOVERNANCE COSTS Total 2023 Total 2022 Independent examinerfs and a&>)untsncy fe88 £4.707 £4,6 10
SPACE ART NOTES TO THE FINANcL STATEMENTS FOR THE YEAR ENOED 30 SEPTEMBER 2023 lconfd.. . NET INCOME Net income for the year 1$ statsd after c*arglng'. 2023 2022 Ind8pendent Examinerfs fees Depreciat £1,236 £18.040 £1,236 £12.752 8. TRU8TEES' REMUNERATION AND EXPENSES The trustees nelther racelved nor waived any remuneratlon durfng the year12022: £Nil). During Ihe year no trust88 received any relmbursement of expenses12022 £Nil). STAFF COSTS 2023 2022 S8lari8S Pension costs Freelance worke £Nil £NII Average number ofemployees £Nil Nll No staff were employed by the charrty during the year (2022 . Nlll. No employee recelved total employee benefits {exduding employer pOnsn ¢osts) amounting to more than £60,000 in 8ith8r year. The tolal amount of employe8 benefits rec8Ned by key management personnel was £Nil (2022 . £Nill. 10. TANGIBLE FIXED AssErs Flxtures and Flttlngs Total Cost At 1 October 2022 Additions 64,205 25.552 64.205 25,552 At 30 Septernb8r 2023 89.757 89.757 Depr•¢iatlon At 1 October 2022 Charge for the year 17.393 18,040 17.393 18.040 At 30 September 2023 35,433 35,433 Net Book Value At 30 September 2023 £54.324 £54.324 At 30 Sgptember 2022 £46.812 £46.812 11
8PACE ART INCOME ANO EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 lo)nfd.... 11. DE8foRS 2023 2022 Trade debtors Prepayments 264 5.838 3,243 £3,243 £6.102 11 CREDITORS- •mounts falllng due wlthin oné yr 2023 2022 Trad8 creditors Accruals 9,221 2,472 7.628 6.716 £11.693 £14,344 13. MOVEMENT IN FUNDS 2023 30 September 2023 2022 Income Expenditure Transfers UntrICted funds 198.977 167.211 156,634 209.554 Oesignated funds Panel(k display 21,458 6.109 15.349 Total Funds £220,435 £167,211 £162.743 £NII £224.903 Comparatbve infomiatton for the previous year is as follows: 2022 1 October 2021 30 Septembex 2022 Income ExpendTtur& Transfers Unrestricted funds 116.309 155.574 72,906 198.977 Designated fvnds Panelock dlsplay 27,567 6.109 21,458 T¢)tal Funds £143,876 £155,574 £79.015 £NII £220,435 DESIGNATED FUNDS The Panolo¢k Gallery Display fijnd was created in 2021 to fund the delfvery and installation of a display system for use in the Rebel Dykes Art and Archive Show. 12
SPACE ART INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2023 Iconfd.... 14. ANALYSIS OF NET ASSEfs BEfwEEN FUNDS 2023 Unre8trl¢ted Funds Designated Funds Totsl Funds Fixed assets Currenl assets Current liabilities 38.975 182,273 111.693) 15.349 54,324 182.273 111.693} As at 30 September 2023 £209,554 £15,349 £224.903 Comparative infomth for th8 previous year 18 as follows: 2022 Unrestricted Deslgnated Funds Funds Totsl Funds Fixed assets Current assets Current liabilities 25,354 187,967 {14.344) 21.458 46.812 187.967 {14.344) As at 30 S&ptsmber 2022 £198,977 £21.458 £220,435 15. RELATED PARTY TRANSACTIONS The charity rer£ived a £154.000 grant for general use from The Davkl Family Foundatlon for whom Jonathan David is also a trustee (2022.. £154,000). 16. CONTINGENT UABILITIES The (*wity h8$ apwoved a grant of£37,828 at 30 September 202312022: £37.8281. 13