Charity reglstratlon number 1188167 (England and Walgs} SPACE ART ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 SPACE ART LEGAL AND ADMINISTRATIVE INFORMATION Trustees Paul Sandtsm Jonathan David Rachael House Charity nurnber (England and Wal8sl 1188167 Registered office Building One 373 Kennington Road London SE114PT Indèpèndènt èxamlnar Kevin Fisher BA FCA CTA For and on behalf of Kingston Burrowes Audit Ltd 308 Ewell Road Surbiton Surrey KT6 7AL SPACE ART CONTENTS P•ge Trustees. r8port Indepe￿Ient oxaminerfs report Statement of fin8n¢i81 activiti&s Balance sheet Notes lo the finanaal statements 7-14 SPACE ART TRUSTEES. REPORT FOR THE YEAR ENDED 30 SEPTEMBER 2025 The Iwstees present their annual report and financial stslements for the year ended 30 September 2025. The finanaal statements have been p￿par9d in a¢¢oT(lance with the accounting policies sgt out in note 1 to the financial statements and comply with the ch8rity's governing docvmenl, the Charthes Act 2011. FRS 102 "The Financial Reporting St#ndaTd applicablè in the UK and Republic of Irel8nd' and the Charities SORP 'A¢counting and Reporting by Charities.. Statemént of Ro¢ommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic ol Ireland IFRS 102}°. Oblectlves and actlvllles The ¢haritsble obj¢cts of the Charity are.. a. To advance the arts by any tharitable mèans for Iha public bsneffit through the prom(rtion of contemporary art, in parhcular, but not exduslvely by.. lil maintaining an art gallery for exhibition to the public of contemwrary art of new and established ¢ontempcTrrary artists of artsstic or educational merit, including (without limitation) by prO￿dIng opportunities lo individuals who are members of socially and economically deprived communitieg or who are otherwise underrepresented in the contemporary arts-, or lill the maknng of grants to artlsts or 8rUstic organisalions working in the field ol contemporary art tr) enable them lo undartake new projects of artistic merit or furthw their artistic development and educatign. a. To advance the 8ducats.on of the public in the appreciation, understanding and enjoyment ol wntemporary art through exhibitions, perfomiances. wblications. seminat4 lectures, talks or other similar ev&ntS. Actlvlty durlng thè p¢ri¢d During the year, Space Art ISAI hosted the second London Dyke Market during the period. This is a communty- org8ni5ed event with queer female and non-binary artists and makers tabling their worf( on a Saturday in the Gallery Space. This was given expanded space this year scaling up Ihe Spa￿ available ftsr tables on the day. Thère ar ongoing discussions to repeat ihe event, possibly the followsng year, with the organisers taking into awunl the planning and organisation required for the event. This was Spa¢e Station Sixty-Five's re¢ord-breaking day for visitor numbers with 1895 visitors during 6 hours, queuing around th8 block and ￿￿tIng last yèar's number5. During the perlod a major new survey show laun¢hed to the public al the beginning of the financial Period. Nothing is Real, curated by Jo David at Sp8C9 Station Sixty-Five of Steven Appleby's work spanning more than 30 years. SA had employed a range of speGialist 8rtists from the LGBTQ communities lo help prepare various aspects of the multi-media exhibition and 8Xtgnsivg exhibition hang during the build up in the previous financial period. SA also commissioned various new works by the artist. This was Space Art's largest and most ambitious project to dat8. TheTe were many successful events during the project with the most enthusiastic attendancè and many rÈp8at visitors both lo the exhibition and events. The six new 3.6 x 1.35 metre hinged display panels which had been fflade by queer dèsignlcon3truction company Built this Way were installed after the end of Nothing is Real. The final installation work had lo be scheduled b&tween projècts, tha structural work having bèÈn eompleted during the previous linancAal pgriod. This work now makès an additional approx. 30 square rneter5 display wall surface area available for exhibitions. The panels are de&gnod lo be flexible mounting solutions for AV and other installations with space behind easily acces￿b￿ for equiprnenl with power and network connections. Relationships continue wllh the fine art department of HDK-Valondat at the Universlty of &)ttenburg, Sweden ar Helsinki Cornics Festival {HCFI, Minna Haukka, Femlnlst Llbrary and Fem￿l$trO. FInlaE￿ and tsthprs. Future I&l￿ratIonS may follow. SPACE ART TRUSTEES. REPORT {CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Polici￿ end objectlves Spac£ Art has a gr8nt-makin9 role as well as a doing Tole. Th6ro is a Grant-making pollcy and a Vulnerable AduEt Polioy which have both b88n apprtsved by the Charity Commission. Th& trustees have paid due regard to guidance on puNic benefit i$sued by the Charity CommTrs9ion in decldlng what activities the ¢harity should undertake. Key actlvltles and aehl•v•m•nts Th6 ongoing investment in acGessible and welcorning pretniSeS Particularly benefitted this project_ A light, airy and Well-ventilat￿ space enabled people who might be more al risk from compllcations from Covid 19 to Vi51t. Tha design of the ¢ntrance. apprO￿h and int8fn81 circulation is working well for visitors with acc9$5 needs 8nd we arè continuing to assess this. We continué to provide han(kaniliser for thos6 who want it as well as asking visitors to resped people's desire io mask rf they wish to. The charity continues tts deepen its conn8clions wtth margln81ised groups which has conlribukd to the record visitor numbers. Some of thèse new vlsitors also may not U5U811y attend contemporary art events or exhibifions. We also have been careful to opèn exhibitions by speci81 arrangement in addition tts regular tspènin9 times, for groups or indNiduals who were unablo to visit in the advertisod times, to accommodate their special needs. The Trustees arè pleased Ihat the bookshop and edllons continue to add tr> the Impact of the charity's activitses. spreading the artistic and cultural efffgct of c)ur work. After making appropriate enqulres, the Trusleé$ have a reasonable expectation Ihal thè company has adequate resources to continu8 in opaational existence lor thtr foroseeable future. Space Art contlnues to follow up the progress of and impact on Supptsrted projects with regular ￿SIts by trustees, past participants, volunteers, ¥$ well, we have continued Contact wth recent project participants which is leading to further dsvolopment projects. Financial revlew During the yèar endèd 30 September 2025 income was £35.19512024.. £2,826) and net expenditure was £121.020 {2024.. £122,869). All income and expenditure for the year was unre81ri¢tsd. Unrestricted funds as at 30 September 2025 were £42,62812024'. £128,453) of which £3.131 12024.. £9,2401 were held as designated funds. Resèrves pollcy As at 30 September 2025 the charity held free reserves of £39.497 12024.. £119,213). The chariiy aims to retain reserves to meet 3 months of cp&raling overheads and also funds to support 0￿j￿r￿ exhibition and grant making a¢¢ivilies. structurè* governanco and management Th& ¢harity is registered as a choritaEle incorporated organisalion ICIOI it is govemed by a Constitution ot ChaTitablo Incorporated Organisation dated 24 February 2020 and is a registered charity number 1188167. The management of thé Charity is the reS￿nSibl￿ of the Trustees who are elected and uJ-OPted under the Charity's governing documènt. The trust6ès who served during fh8 year and up to the dale of signaturè of the flnancial stslemenl$ wer8.. Paul Sandom Jonathan David Racha81 House SPACE ART TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 30 SEPTEfrfBER 2025 port app bythe 8oard of Tru&teg5. Jonaihan D8vld Ch•lr SPACE ART INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF SPACE ART I raport to the trustees on my fjxaminatson of the finanaal slalemènls of Space Art (the charttyl for the year ènd8d 30 September 2025. Responslbllltles and basls of report As thè trustees of the charity you 8Te responsibla for ttte preparation tsf the Inandal statements in accordance with the requirements of the Charities Act 2011. I report in respect of my &x8mination of the charity's finandal statements carried out under Section 145 of thè Charities Act 2Q11. In carrying out my examination I have follow8d Directions given by the Charity Commission under section 14515llbl of th¢ Charities Act 2011. Independèftt •xamIn9￿$ statement Your attention Is drawn to the tsct that thè charity has prepared the financial statèments in accordance wlh the relevant version of the Statement of Re¢ommended Practice applicable to charities preparing their financial statemants In accordance wtth the Financial Reporting Standard applicab18 In the UK and Republlc of Ireland IFRS 1021 in prèfèrènce to the Accounting and Repor￿ng by Charities.. Statement of Recommended Practlce issued Dn 1 April 2005 which is referred to in the extant r8gulations but has now been withdrawn. l undetstand that this has been done in order for the financial ststements to provid8 a true and fair view in 8ccordanc8 Wlth UK Gonerally AC￿pted Accountsng PT8etic6. I have completed my examination. I confirm that no matters have com8 to my attentKsn in connection wtth the examination giving me cause to b01ieve that in any material respect.. accounting fecords were not kept in respect of the £*aNty as required by section 130 of the Charitiès A¢t 2011. the financi81 st8lemants do not accord with those r8coTds.' or the financial Statements do not comply with the appllcable requirements conc8ming the fomi and conter)l of financial stalements set out in the Charitie5 (Accounts and Reportsl Regulations 2008 other than any requirement that the financk21 statements give a trLJe and fair view, whith is not a matter considered as part of an independent oxamination. I have Tro concerns and hav8 come across no other matters in connect￿rn ￿th the examination to which 8tt8ntion should be dravm in this report in ord8r to anable a proper understsnding of the finanaal stalements to be reathed. //OhA Kevln Fl8her BA FCA CTA For and on behalf of King81on Burrow08 Audit Ltd 3Q8 Ewell Road Surbiton Surrey KT6 7AL SPACE ART STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 Unr•strtet•d Unr•striet•d funds funds general deslgnated 2025 2025 Total Unrè$trict¢d Unr*$tri¢ted funds funds general deslgnated 2024 2024 Total 2025 2024 Notes Tncorne from.. Donallons and legacies Other trading activities 29,037 6,158 29.037 6,158 2,826 2.826 Total incom• 35,195 35,195 2.826 2,826 Expenditurg on: Charitable actiVit￿S 114,911 6,109 121.020 126,760 6,109 732.869 Total expenditure 114,911 6.109 121,020 126,760 6.109 132,869 Nèt expenditure and Enovement in funds 179,7t6) 16,109) (85,8251 1123,9341 16,1091 (130,0431 Reconciliation of funds: Fund balances at 1 OctoL*r 2024 119,213 9.240 128,453 243,147 15,349 258.496 Fund balances at 30 Sèpt•mbgr 2025 39,497 3.131 42,628 119,213 9.240 128.453 The statement of financial aciivities indudes 011 galns and losses recognised in Ihe year. Al incom& and exp8ndiknr8 derive from continuing acttvilies. Th$ notes on page$ 7 10 14 fom ￿¥1 olthese finan¢ial stalomenls. SPACE ART BALANCE SHEET ASAT 30 SEPTEMBER 2025 21125 FI￿d assets Tangibl¢ assets 11 55205 81,505 Cwfentu••ts Oebtors Cash at bank arrfj in hand 11,947 67.418 12 3.792 11,717 79.365 Cr•thtorn: amounts falllng du• withln one year 14 124294) 112.4171 86.948 N8tcurrnnt Olablllli05yawts Total asBots109s cuThontliAbilltlo* {12,577} 42,628 128,453 Th• ￿ndS oftho thrity UmstrKtsd fi4nds- genèral unT￿n¢*ell fvnds- designatsd 16 15 39,497 3,131 119,213 9.240 42.628 128,453 Thg notes on pag98 7 to 14 fc¢m part of the8• fin¥ndd st¥temonts. Thofin m8nts opproved by the tW8ts08 on....... . .. Joth8n Dathd SPACE ART NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2025 Accountlng policles Chaiity infomiation Space Art is a Charflable Incorporated Oiganisatlon ICIOI, Charity No.. 1188167 and reglstered in England and Wales. Th8 r8gist&r8d offiea of Ihe compèny is giv8n in tha Rèf8r8nce and Adminislpativa Dètails on pagè 1. 1.1 Accounting convention The financial statetnents h8ve been prepared in Bccordance with the tharity's governing doGu[￿ent, tho Charities Act 2011, FRS 102 "The Financial Reporting Standard 8pplicabSg in th8 UK 8nd R8publio of Ireland" and the Charities SORP "Ac￿￿ntIng and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" The charity is a Public Benefit Entity as defined by FRS 102. The charity has taken advantsge of the provisions in the SORP for d)arities not to prepare a statement of cash fiDws. The financial statements are prepared in sterling, which is the fUnc￿n81 currency of the charity. Monetary amounts in these finan(3al slaternenls are rouNled lo the nearest £. The financial slalemenls have been prepared under the historical cost conventton. The principal accountlng ptslicies adopted are set out below. 12 Going concern At the Ume of approvlng the flnanclal statements, the trustees hove a rea$(￿able expectatton that the charlty has adequate resources to continuo in opeTational existence for the foroseeable futuro. Thys the trust99S ntinug ta 8dopt th8 going concgm basis of a¢Gaunting in preparirvJ the fin8ncial ststemenls. 1.3 Charitable funds Unrestricted funds are available for use at the discredon of the trustees in furtherance of their charitable objectives. Designated funds comprise lunds which have been Set aside at the diSCret￿n of the trustees for speofic purposes. The purposes and uses of the designated funds are set out in the notes to the financlal statements. Reslricled funds are subject lo specrfic conditic*ns by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements. 1A Income Income 1$ re¢ognised when the ¢harity 1$ I￿8*1Y entitled 1¢) it after any performance conditsons have been met, the amounts can be measured ￿lIablY, and it is probable that income will be re￿ived. Cash don8tlOllS 8T0 rgcognistrd on rècatpt. Olhgr donatlons are re¢ognised L)n¢e th& ¢h8rlty has been notffied of the donation, unless performance conditions require deferral o)f the amount. Income lax recoverable in relation lo donations received under GiftAid or deeds of covenant is recognised al the lime of the donation. Legacles are recognlsed on receipt or otherwise rf the charity has been notified of an impending distribution. the arnounl is knovm, and r￿lpt is expected. If the amount is not known, the legacy is treated as conlingenl asset. SPACE ART NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Ac¢ountlng pollcles Iconiinuèdl 1.5 Expenditure Expenditur8 is recognised On￿ Ihere is a legal or constructwe obligatlon to transfer econcimic benefit to a third paty, it is probable that a transfer of economic benefits will bè requlrfrd In setdement, and the amount of the obligallork can be measured reliably. Expenditure is classified by 8Ctivily. The costs of each activity are made up of the tot81 of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs whieh contribute to more than one activity and support costs which are not attributable to a single activty arè appothoned be￿en those activtties on a basis consistent with the use of resources. Central staff c0515 are allocated on the basis of timè spènt, and depre¢iatlon Charges are allocated on thè potton of the asset's u8tr. 1.6 Tangibl• fix•d assets Tangible fixed assets ara Initially measureil al cost and subsequenly measured al cost or valuallon. nel of depreciatlDn and any imp8iNnent losses. Dep￿Fatloll is recogniséd so as to write off the cost or valuation of assets less their Trsidual values over their useful lives on the following bases.. FixtLtres and fittings 20Wo The gain or loss ariging on the disposal of an asset is detemined as the diffeTen¢e bafv4eon the sale proceeds and the caryying value of the asset, and is recognised in the statement of financial activities. 1.7 Impalrment of fixèd assets At each reporting end date, the charity ￿vI￿WS the caryng amounts of its tangibla ￿ets to determln8 whether there 1$ any indication that those assets have suffered an impairmènt loss. If any such indication exists, the rec0vèrak￿e amount of the asset IS Estimated in order to dgtermine the extent of Ihe impairtll8nt loss lif any). 1.8 Cash and ¢a$h equlvalents Cash and cash equivalents include essh in hand, deposits held at call with banks, other short-torm liquid invgstrngnts wlth original maturities of three months or19ss, and bank ov&rdrafts. Bank overdrafts aTe shown within borrowings in current liabilities. 1.9 Financlal Instruments The charity has elected to apply the provisions of Section 11 '8asic Financial Instnjments, and Section 12 'Oiher Financial Insfrumants Issues, of FRS 102 to all of its financval instrurnpnts. Finaneial instruments a￿ recognised in the tharity's balance sheet when the tharity becomes party to the contractual provis101￿ of th9 instrument. Finaneial assets and liabiliti8s ar8 offs*t, with the net amounts presented in tho finanual st8tgmènts, when there is a legally enforceable right to set off the recognised amounts and there is an intenllon lo settle on a net basis or to realis& the asset and setue the liability simultaneously. Basic Ilnanclal a$sel$ Basi¢ fin8nci81 a58ets, which indude debtors and cash and bank b818nCèS, s￿ initially measur8d 8t transaction pric6 ineluding transaction wsts and are subsequently carrièd at amortised cost using the effective interest method unlèss the arrangement constitutes B financing transaction. whar6 the transaction is measured at the present value ol the future receipts discounted at a market rale of interest. Financial assets ¢lassifi&d as receivable within one year are not amorbsèd. SPACEART NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 30 SEPTEMBER 2025 Ac¢tsunllng poll¢les (Continuodl Baslc flnanclal Ilabilitles Basie Iinaneial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arranggmenl constilules a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classffied as payable wthin one year are not amortised. Debt instrument9 are subsequently earrfed at èmortised cost, using th8 eff8Ctivè intèrest rat8 method. Trade credV£ors are obllgations tts pay for goods or sèrvieas that havè bèén 8cquirÉd in th8 ordinary course of opèrations fri)m supplièrs. Amounts payable S￿ classified as current liabilities if payrhenl is due within one year or less. If not, they are present8d as non