# **SPACE ANNUAL REPORT**
**2025**
Registered Charity No. 267021 Registered Company No. 1157240
ART SERVICES GRANTS LTD. trading as SPACE
ANNUAL REPORT & FINANCIAL STATEMENTS 1 April 2024 – 31 March 2025
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ANNUAL REPORT 2025
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Polly Townsend, Ice Gun, The End of the World, Antarctica ,
150x130cm, oil and acrylic on canvas. Courtesy of the artist.
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## Table of Contents
|MISSION VISION VALUES
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|Peter Sedgley 1930 – 2025
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|TRUSTEES’ REPORT
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|Key Facts 2024–25
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|SPACE to Create
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|Our Studio Buildings
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|Highlights from SPACE Studio Artists
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|SPACE to Develop
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|SPACE Advice Bureau
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|Studio Awards
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|Artists in Residence
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|Open Studios
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|SPACE to Engage
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|SPACE Ilford
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|The Creative Space at Arlington
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|Urban Voices
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|Our Plans and Priorities
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|Financial Overview
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|Income/Expenditure
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|Reserves Policy
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|Investment Policy
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|Fundraising
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|Structure, Governance and Management
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|Organisational Structure and Board of Trustees
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|Remuneration Policy
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|Risk Management
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|Current Key Risks and Uncertainties
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|Key Policies
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|Statement of Trustee Responsibilities
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|INDEPENDENT AUDITOR’S REPORT
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|FINANCIAL STATEMENTS
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|Statement of Financial Activities
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|Balance Sheet as at 31 March 2025
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|Statement of Cash Flows for the Year Ended 31 March 2025
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|Notes to the Financial Statements for the Year Ended 31 March 2025
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|REFERENCE AND ADMINISTRATIVE DETAILS
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|PARTNERS AND SUPPORTERS ..................................................................................................................40|
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## MISSION VISION VALUES
S P A C E stands for Space Provision Artistic Cultural and Educational
## Our mission is to make SPACE for art
SPACE to create: by providing affordable studio space to a wide range of artists and by being an effective advocate for artist studio spaces SPACE to develop: by offering resources to develop their practice SPACE to engage: by enabling our local communities to meaningfully access and engage with art and artists
Our vision is to keep artists in the city and underpin a sustainable infrastructure for art and artists in perpetuity
## Our core values are:
- Innovative, ambitious, and relevant We strive to meet the changing needs of the artists and their communities.
- Accessible, diverse, and inclusive
We support artists who are under-recognised and historically excluded, and are ensuring that our activities are inclusive and diverse.
- Accountable, sustainable, and transparent
We are efficient managers of our buildings, and hold ourselves and others to high standards respecting the environment. We operate with transparency and continuous quality improvement.
- Connected, supportive, and engaged
We recognise the value of joined-up thinking and partnerships in helping us achieve our objectives.
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Martello Open Studios 2024.
Jamie Boyd.
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## Peter Sedgley 1930 – 2025
It is with deep sadness that we announce the death of our co-founder Peter Sedgley, who died on Monday 17 March 2025 at the age of 94.
Peter Sedgley was an artist who looked at the world with a particular kind of social conscience. He imagined the site of the artist’s studio as one of unbounded imagination – a prospective seat for social, political and economic change.
After an initial period in the army, as well as a career as an architect, Sedgley let loose and pursued his dream of being an artist full time. His first major solo exhibition in 1965, at the celebrated McRoberts & Tunnard Gallery in London, was a complete sell-out, with several works being placed in major institutions, including the Tate.
In 1968, with Bridget Riley and Peter Townsend, Sedgley founded SPACE; its acronym said it all: Space Provision (Artistic, Cultural, Educational). Setting up in a warehouse in East London at St Katharine Docks beside the Thames, it was the seed that led to a model of artist provision and advocacy in Britain, an argument for ‘space’ that is now emulated around the world. A key passion project of Sedgley’s was the Art Information Registry, a detailed index of artists' work available for exhibition, performance, purchase and commission. In its heyday, it was used by SPACE members and tenants from Frank Auerbach to David Bowie.
Sedgley was a very specific kind of person, adventurous, seemingly not afraid of risk, but also a deep thinker. After all, the discipline required of his intricate incandescent paintings, which over time evolved to become sculptures, was something that he pursued largely independently. He was consistently innovating.
Right up until November last year, Sedgley was still a driving force, creating a major retrospective of his work at the Redfern Gallery in London in dialogue with former programme director and trustee at SPACE, Dr Omar Kholeif. Sedgley wanted to address the concept of the ‘enigma’ in his work, which felt appropriate considering that so little had been authored about an artist who Jasia Reichardt, former director of Whitechapel Gallery, London, noted was “the only British artist to have been associated with all of the movements dealing with illusion in the 1960s…Op art, kinetic art and light art.”
In the end, the exhibition was dedicated to Sedgley’s late wife, Inge, whose photo is reproduced here to honour her as Peter would have wished.
In a film made in 1970 documenting SPACE's early days at St Katharine Docks, a young Peter Sedgley stands beside the water’s edge surrounded by abandoned warehouses, Tower Bridge in the distance. Looking directly into the camera, he says “ _I want to tell you how it all started. It’s really a story about space… what artists need is space, not domestic space, a corner of a room where they can work, but something bigger, with a better feel to it.”_
It is thanks to Peter's pioneering vision that today SPACE remains the oldest continuously running artist studios provider in London.
With thanks and gratitude, Eline van der Vlist, Chief Executive Dr Omar Kholeif All the Trustees and Staff at SPACE
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Peter Sedgley, 2024. Photo: Hugh Gilbert.
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## TRUSTEES’ REPORT
The trustees present their annual report and the audited financial statements for the year ended 31 March 2025.
The financial statements comply with current statutory requirements, the articles of association, the requirements of a directors' report as required under company law, and the Statement of Recommended Practice–Accounting and Reporting by Charities: SORP applicable to charities preparing their accounts in accordance with FRS 102.
The Reference and Administrative Details on page 39 form part of this report.
## Key Facts 2024–25
We provided almost **nine hundred artists** with creative workspace in **20 buildings** across **eight London boroughs** and Colchester comprising over **310,000 sq.ft**
SPACE Gallery in Ilford won the **Redbridge Art & Culture Award** for the second year in a row and we welcomed over **4,000 visitors** to our gallery
Over **one hundred artists** benefited directly from our dedicated artist support programme, and two artists were awarded a studio
Over **3,700 people** enjoyed this year’s open studio events where over **three hundred artists** opened their doors across **twelve studio buildings**
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Co-creation workshop at SPACE Ilford with Andy Singleton, 2024.
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34 new studios at SPACE Enfield
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## SPACE to Create
## Our Studio Buildings
The highlight of this year was without a doubt the fact that at the end of October 2024 we became the proud owner of 10 Martello Street. Keeping artists in the city is a key priority for us, and acquiring Martello means that we can increase stability not just for the artists at Martello, but for all our artists.
Martello is particularly important considering we moved into the building in 1971, so it has a very special place in our hearts and history. Over half a century later we can finally call it ours.
Our 34 studios in the mixed-use development in Enfield neared completion towards the end of this financial year, and we look forward to filling those starting mid-2025. We are always actively looking for new sites to purchase or lease long-term, and three other new mixed-use developments are currently in various stages of planning and building.
Our occupancy rates overall remained stable across our portfolio, and at almost 99% as at 31 March 2025 it shows how much artists need affordable studio spaces to create their work. Affordable studio space not just provides security but enables artists to exchange ideas and make ambitious work.
## Highlights from SPACE Studio Artists
From internationally acclaimed names to new and emerging talent, this is a snapshot of just some of the extraordinary work being created this year by SPACE studio artists.
**Adam Dix** – La Mariposa (Butterfly Woman), Soho Revue, 14 Greek St, Soho, London W1D 4DP. 12 Feb – 15 Mar 2025.
**Caroline Walker** – Nurture, Inglegy Gallery, 33 Barony Street, Edinburgh EH3 6NX. 16 Mar – 1 Jun 2024.
**Chila Kumari Singh Burman** – GLASSTRESS 8½, Venice. 20 Apr – 24 Nov 2024.
**David Batchelor** – New Skin for the Old Ceremony, Cecilia Brunson Projects, 3G Royal Oak Yard, Bermondsey Street, London SE1 3GE. 11 Apr – 10 May 2024.
**Emma Douglas** – wins Trinity Buoy Wharf Working Drawing Prize 2024.
**Erika Trotzig, Michael Samuels** – Clinging on, Glassyard Studios, 276 Oak Square, London SW9 9AW. 5 – 30 Mar 2025.
**Hannah Hughes** – Solid Slip, Robert Morat Galerie, Berlin. 29 Mar – 1 Jun 2024.
**Helen Cammock** – shortlisted by the Mayor of London to create a memorial to the victims of the transatlantic slave trade in London’s Docklands.
**Hervé Constant** – Le Voyant, Felstead Art, 2 Gresham Street, London EC2V 7BX. 3 Feb – 9 May 2025.
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**Hrair Sarkissian** – Other pains, Wolverhampton Art Gallery, Lichfield St, Wolverhampton WV1 1DU. 29 Mar – 22 Jun 2025.
**Hugh Mendes** – Rest in Paint, Century Club, Soho, London. 9 Apr – 16 Jun 2024.
**Jeanette Barnes** – selected for the Trinity Buoy Drawing Prize 2024.
**Jo Dennis** – A Glass of Absinthe, JO-HS, Puebla 114, Roma Nte, Cuauhtémoc, Mexico City. 3 Feb – 29 Mar 2025.
**Joe Duggan** – awarded a Henry Moore Foundation grant to support two sculpture projects.
**Jost Münster & Jacob Wolff** – Stop – Repeat, 36 Great Pulteney St, Soho, London. 18 Apr – 8 Jun 2024.
**Liane Lang** – Touch Stone, The Whitaker, Haslingden Rd, Rawtenstall, Rossendale BB4 6RE. 14 Mar – 26 May 2024.
**Lothar Götz and Polly Townsend** – shortlisted for the Contemporary British Painting Prize 2024.
**Paula Stevens-Hoare** – Money Talks: Art, Society & Power, Ashmolean Museum, Oxford. 9 Aug 2024 – 5 Jan 2025.
**Peter Kennard** – Archive of Dissent, Whitechapel Gallery, London. 23 Jul 2024 – 19 Jan 2025.
**Peter Sedgley** , SPACE co-founder – Five Decades, curated by SPACE Trustee Dr Omar Kholeif. The Redfern Gallery, 20 Cork Street, London W1S 3HL. 6 – 29 Nov 2024.
**Russell Bamber, Gethin Evans, Simon Leahy-Clark** – all had work in the Royal Academy Summer Exhibition, Burlington House, London W1J 0BD. 18 Jun – 18 Aug 2024.
**Sabrina Tirvengadum** – Who were they? Who am I?, Attenborough Arts Centre, University of Leicester. 7 Feb – 6 Apr 2025.
**Sophie Anne Wyth and Susanne Dietz** – Southwark Park Galleries Annual Open 2024, 1 Park Approach, London SE16 2UA. 2 Nov – 14 Dec 2024.
**Walid Siti** – commissioned by the French Institute in Erbil, Kurdistan to create a wallbased artwork to celebrate the Olympic Games in Paris. July 2024.
**Zinta Jaunitis** – Making Her Mark, Fitzrovia Gallery, London W1T 5EN. 3 – 8 Sep 2024.
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David Batchelor, _CV Quilt 03_ , 2024. Photo: Lucy Dawkins. Courtesy of David Batchelor and Cecilia Brunson Project.
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Pop-Up SPACE: Triangle Ceramicists.
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## SPACE to Develop
## SPACE Advice Bureau
SPACE Advice Bureau is the umbrella for our artist support where free advice and guidance is available for all members of our SPACE artist community, run by SPACE Head of Artist Development, Karen Davies.
## **SPACE Photography peer group**
Set up to coincide with the Saastamoinen Artist Residency, a group of 15 artists with photography as part of their practice met as a small network / peer group. Activities included:
- Visit to Deutsche Börse Photography Prize and tour with shortlisted artist, Hrair Sarkissian, as well as independent visits to PhotoLondon 2024.
- Introduction to Stocksy by Julia Forsman. Stocksy is an international cooperative organisation that pays artists for stock photography and is a potential source of income for artists.
- The group enjoyed a personal tour of A House for Artists, a sustainable housing project for artists in Barking. This award-winning housing model is the only one of its kind in the UK.
- Artist meet-up with exhibiting artist and photographer Kenneth Lam who gave a tour of his commissioned exhibition A Seat At Our Table at SPACE Gallery.
## **SPACE Pop-up exhibitions and talks**
We have been further developing SPACE Pop-up in Mare Street to encourage its use by our artist community. In 2024 – 2025, 4 exhibitions took place with a remit to provide a testing ground and exhibition space for SPACE artists, and for these to include networking / artist events. These included:
- _Hard Candy_ , Cathy Lomax artist talk – May 2024
- _Notes to Self_ , Karen Davies artist breakfast talk – June 2024
- _The Look_ , Cathy Lomax artist talk – Oct 2024
- _Notes on Love_ , Karen Davies silent reading event – February 2025
## **Artist meet-ups**
Frieze visit, Oct 2024 – SPACE studio holders were offered 20 free combined tickets to Frieze and Frieze Masters which included the chance to network.
London Art Fair visit, Jan 2025 – 25 free tickets were offered to artists and included a special guided tour of the Platform section of the fair with curator Becca Pelly-Fry.
SPACE Gallery Coffee Morning, 19 March 2025 – artist get together with commissioned artist Djofray Makumbu to mark the end of his SPACE exhibition, Snap!.
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## **Online workshops**
SPACE Artist Resources – an online directory of useful contacts for artists launched in July 2024 with an online Q&A session. The directory is continuing to grow.
Publishing practices with London Centre for Book Arts, September 2024, delivered by LCBA’s Simon Goode. The workshop focused on publishing as a method and practice for artists.
SPACE worked with creative coach Ceri Hand to offer our studio artists a free live webinar 'Unlock Your Artworld Network', followed by a dedicated Q&A session in March 2025.
As of March 2024, artists meet online for a weekly ‘SPACE to space’ session, a quiet, focussed online workspace for artists and creatives to meet together as a community while they work on an individual task using the Pomodoro Technique.
## **SPACE peer-to-peer**
Our Colchester Creative Practitioner Support Programme was renamed SPACE peer-topeer in 2024 to align it more clearly with our SPACE Advice Bureau offer. It continues to grow its Facebook Group and offers fortnightly peer feedback sessions both in person and online, enabling more artists from across the UK to join. The programme is open to all creatives, whether studying, graduated, emerging or re-emerging, and provides a great opportunity to gain feedback on work in progress in a relaxed, friendly and informal setting.
**1-2-1 Mentoring** We continue to offer our studio community tailored 1-2-1 support and mentoring both online and in person via studio visits and to support their events and exhibitions in the Mare Street Pop-up space.
## Studio Awards
Our awards provide artists with free studio space and mentoring support, relieving artists’ financial pressure to progress their practice.
## **Valerie Beston Artists’ Trust Award**
This year’s winner was José Jun Martínez, a London-based visual artist from Puerto Rico. His practice spans a decade of immersive contemplation in natural environments, translating his perceptions and memories into a language of painting materiality.
## **Ben Cove Artist Award**
The winner, Jo Longhurst, was announced in March 2024. Jo received 1-2-1 support throughout 2024–2025.
## Artists in Residence
## **UniArts Helsinki Alumni Residency X SPACE**
The postponed Saastamoinen Residency Artist 2023 – 2024 took place, with Tatu Gustafsson and his family welcomed to Martello Cottage from April – June 2024. As well as being part of the SPACE Photography Peer group (see above), Tatu had mentoring support to cover technical and curatorial aspects of his practice with Levin Haegele (UAL), Chris Rawcliffe (Forma) and David Hoyland (Seventeen Gallery).
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SPACE artist tour of London Art Fair 2025, led by curator Rebecca Pelly-Fry.
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Tatu Gustafsson was selected for the award in July 2023, which was due to take place from September to December 2023. However, as this coincided with Tatu becoming a father, SPACE took the needs of the artist into consideration and in agreement with the funding partners, the residency was rescheduled for April–June 2024, when his partner and baby could also join him. In the lead up to the residency, between September 2023 and March 2024, Tatu received several 1-2-1s in preparation for the residency.
## **Somerset House Residency X SPACE 2025**
SPACE was able to support Somerset House artists DeForrest Brown Jr (March 2025) and American Artist (May 2025) who were each hosted for one month in Martello Cottage whilst undertaking their residencies at Somerset House.
## Open Studios
2024 was a bumper year for artist open studio events, with more than 300 artists opening across 12 of our studio buildings. In May, the Sara Lane artist community held a successful event that attracted over 300 visitors. And in the last two weekends in September, SPACE opened 11 studio buildings to the public, attracting more that 3,400 visitors who enjoyed everything from painting, furniture design, ceramics, sculpture, photography and more.
Aspire Point Open Studios 2024, Sam Peach.
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## SPACE to Engage
## SPACE Ilford
## **Exhibitions and Workshops**
SPACE was thrilled to win the Redbridge Art & Culture Award for a second year running for our Gallery and event space in Ilford. Our free programme of exhibitions, workshops and events are tailored to a hyper local audience, while also attracting visitors from across London and the South East. Voted for by Redbridge residents, this award is testament to the deep and lasting impact we are creating within the community.
Kenneth Lam’s first solo exhibition, _A seat at our table_ , continued in the Gallery until October 2024. Kenneth went on to have a successful solo exhibition, _Still Living_ , which opened at London’s Museum of the Home in January 2025.
Our seventh billboard commission, _She walked everywhere_ by Erin Aniker, launched in April 2024. The artwork was created in memory of Zara Aleena, an aspiring lawyer who was murdered in 2022 while walking home from an evening out in Ilford. Erin was inspired by a quote from Zara’s aunt, Farah Naz, who said: “Zara was fierce: she didn’t just survive, she thrived. She walked everywhere. [...] Zara believed that a woman should be able to walk home.”
The billboard became a focal point for a silent vigil on Sunday 30 June 2024, when members of the wider community, including Zara’s family, Mina Smallman, mother of Nicole Smallman and Bibaa Henry, and Sarah Everard’s parents, Sue and Jeremy, gathered to pay tribute to all women who have been victims of male violence. This vigil was televised on BBC London and in local papers. Erin went on to be commissioned by Colours of Redbridge (Creative People and Places) to design and co-create a mural located next to Redbridge Central Library.
In May 2024 we launched our first schools exhibition where 70 students from seven Redbridge schools created artworks in response to an open call. We were overwhelmed by the quality of artwork submitted. Teachers reported that their students benefitted enormously from being able to showcase their skill and talent in a professional gallery setting, and that the opportunity gave them an insight into new pathways.
London National Park City invited SPACE artists Fran Copeman and Andrew Brown, along with Arup, to be part of a panel at their Unlock London event, discussing the ongoing attempts to repurpose Ilford Golf Course as a wetlands area. The event referenced our _Folk discourse_ and _Changing currents_ exhibitions.
The _Changing currents_ exhibition was also picked up by Michelle Henning, Professor of Photography at the University of Liverpool. She included Beal High School student Neeti Siyani’s infrared photograph from the exhibition in her book on the environmental impact of the photochemical industry, published by University of Chicago Press.
In September, award-winning jeweller Kassandra Gordon took over the side gallery with a multimedia exhibition created in collaboration with Redbridge residents. _Contours of belonging_ used jewellery as a lens to explore the impact our environment has on our sense of home and belonging. The exhibition was featured in Marie Claire as a must-see show.
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. Photo: David Mirzoeff.
Contours of belonging
Co-creation workshop participant in Kassandra Gordon’s Project Space exhibition
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Djofray Makumbu, currently studying at Royal Academy Schools and a former SPACE Artist Awardee, launched his first major solo exhibition, _Snap!_ , in the Gallery on 25 October 2024. The exhibition featured a series of portraits painted from his family’s photo albums which captured the energy and spirit of the British Congolese community in the 1980s and 90s. This exhibition featured within the programming for Redbridge Black History Month. The portrait _Journaliste_ which featured in the exhibition was bought by the Government Art Collection.
In October 2024, SPACE artist and photographer Mister Geez created our eighth billboard commission, a tribute to Nigel Benn, the Ilford-born boxing legend and two-time world champion. The artwork was created using a blend of AI technology and traditional photographic techniques.
We continue to offer a wide variety of free Saturday workshops and short courses for adults and children led by professional artists. During the summer, Mister Geez offered local residents a free 6-week street photography course which culminated in a group show, _Ilford in focus_ , that opened in January 2025. Kassandra Gordon led a 6-week course in jewellery design, supporting local residents to create a bespoke collection of fine jewellery for her exhibition _Contours of belonging_ . And artist Andy Singleton ran a series of paper art workshops teaching people the techniques of folding, scoring and sculpting paper as part of his commissioned exhibition _Natural connections_ for 2025. Local resident Khim Lee hosted a successful “stitch and sew” event at SPACE in support of Elm Breast Care Centre, King George Hospital in Redbridge. In March 2025, Alan Abrahams invited local poets and writers to respond to a series of short films shot in Redbridge, working towards his exhibition which launches in September 2025.
In June 2024 SPACE again partnered with Vision RCL to support Tech Ilford with a popular hologram making workshop run by former SPACE Art & Tech Manager Kristina Pulejkova. Children were taught how to make holographic art using simple craft techniques which they brought to life through a smartphone.
## **Schools & Universities**
SPACE has welcomed students from primary through to university for tours and talks in the Gallery. We provide Teachers Resource packs for each exhibition and break out spaces for schools to deliver creative learning in a Gallery. We continue to grow our Teacher's Network, who enjoyed a workshop in the gallery with artist Kelly Sweeney creating work inspired by Yinka Shonibare's exhibition at The Serpentine. Head of Programmes Premlata Mistry delivered talks on audience engagement within the arts to students at Bartlett School of Architecture (UCL), Kingston School of Art, and Goldsmiths. We invite students from Goldsmiths to do work experience in the Gallery as part of their course.
## **Colours of Redbridge (Creative People and Places)**
Colours of Redbridge is a three year programme of community-led arts and culture in the borough of Redbridge. It is part of Creative People and Places (CPP), a national programme from Arts Council England, where local people decide what culture happens in their area. SPACE, along with consortium partners Community Action Redbridge, Vision RCL, Friends of Loxford, Muslimah Sports Association and Ilford BID, have overseen a successful second year of this programme. In 2024 – 2025, Colours of Redbridge welcomed 85,705 people to 314 events, 96% of whom were from communities underrepresented in mainstream arts. Highlights included nine community-led test projects such as kite making, a lantern parade, a languages café and a mural, now evolving into major 2025 commissions: a touring electric Truck Art vehicle, ‘Golden Hour’, a sunset food festival, and a disability-led
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Djofray Makumbu and Premlata Mistry at Djofray’s SPACE Gallery 2024-25 exhibition _Snap!_ .
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street parade. The Dance for Fitness programme, supported by Rambert, attracted national attention through visits from Wes Streeting MP, Angela Rippon CBE, and BBC’s Kai Widdrington. Local residents were also given the opportunity to discover inspirational cultural trips to events such as Cirque du Soleil, Brighton Festival and V&A’s Great Mughals exhibition. The first Rediscover Redbridge festival highlighted 30 organisations which deliver arts and culture within the borough, and the event engaged over 1,000 residents.
## The Creative Space at Arlington
Together with Riverside (formerly One Housing), SPACE runs an artist-led creative programme for homeless people at Arlington House in Camden, which includes art, textiles, writing/magazines, music, photography, graphic novel and graffiti workshops. Work was exhibited in a group show that took place in March 2025. The group also produced the Illustrated Ape Magazine, containing works by workshop participants. The ‘house’ band, the Arlingtones, started a social economy partnership with recording studio Theme Limited, using the studio to record their songs.
## Urban Voices
Urban Voices is a leading SPACE project that supports 11-16 year olds in Pupil Referral Units (PRUs) who have been excluded from mainstream education. The artist-led project aims to provide these young people with a platform to feel inspired, explore their thoughts and feelings through art, while also developing technical and social skills and finding their public voice within the community. In September 2024 SPACE delivered our third successful Urban Voices project on Animation with Redbridge Alternative Provision funded by BBC Children in Need. SPACE worked in partnership with Mercato to provide lunches for the students during the project. The project was featured on BBC London as part of BBC Children in Need. All the students achieved their Bronze Arts Award Qualification having completed the course.
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Urban Voices animation workshop 2024.
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Pupils at the School Exhibition 2024 at Project Space, an exhibition of
portraits created by Redbridge school students. Photo: David Mirzoeff.
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## Our Plans and Priorities
## Keeping Artists in the City
Our long-term and constant key priority is to maintain a resilient portfolio of freehold and long leasehold property for affordable studios to underpin our support for artist production and public benefit in perpetuity. We now own four buildings, which together represent a third of our total floorspace, providing a strong foundation for our long-term stability. We will continue looking for further acquisitions, and are also always exploring partnerships on properties that offer added value with local authorities, developers, and other partners.
## Harnessing a Collective Voice
SPACE is one of the founding members of the London Affordable Artist Studio Network (LAASN), who collectively operate one million sq.ft of studio space in London and advocate for artists’ economic and cultural contribution to the city’s ecology, to protect the territory for artists to operate and enliven boroughs across London. We are also an active voice in Contemporary Visual Arts Network (CVAN) London, a support and advocacy network for artists, arts professionals, art galleries, arts organisations, studios and art schools across London. We will continue to strengthen our own voice through collaboration with our networks.
## Amplifying our Story
In 2024 a new Storytelling & Legacy project committee was established, led by trustees Caroline Cole and Omar Kholeif, to focus on ensuring that the SPACE story, its legacy and heritage, as well as its future is clearly communicated, both internally and externally, and to make suggestions in how to better carry the flag for SPACE across the sector. This has now been continued within the Programmes and Partnership committee.
## Supporting Aspirations and Resilience
We are committed to provide space, resources and platforms to help our artists make a living from their work, facilitate a supportive peer network, and build up resilience. In late 2023, we therefore redeveloped our artist support programme under the umbrella of SPACE Advice Bureau, which we are continuing to develop in line with the evolving needs of our artists.
## SPACE Gallery: Building on Impact
Through a process of care, partnerships and positive experiences we have reached a diverse audience of 4,000 visitors per year at our SPACE Gallery in Ilford, anchoring the arts provision within Redbridge. This is also evidenced by our two-time win of the Redbridge Arts & Culture Award, which is voted for by members of the community. While we are ambitious, scale is not something we are looking to increase. We do want to build on impact. We do this by adapting where needed in accordance with the needs of our surrounding community: we give our audiences the opportunity to work alongside artists through a clear focus on co-creation; we include opportunities for Redbridge-based creatives to present their work, and we aim to provide a springboard for artists belonging to the wider SPACE community at pivotal moments in their career.
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ANNUAL REPORT 2025
## Financial Overview
## Income/Expenditure
Our overall result for the year was a surplus of £1,721,126. For the third consecutive year, our result has been boosted by the release of a significant portion (£517,344) of our designated reserves into the income and expenditure account, in line with standard accounting requirements. These reserves, carefully built up over several years to cover potential lease-end obligations, demonstrate the organisation’s prudent financial planning and continue to provide a solid foundation for our long-term sustainability.
In addition, the receipt of historical business rates rebates of £143,964 and the first instalment of £113,880, as the settlement from a property transaction involving one of our freeholds, together with substantial capital grants for energy improvements to our buildings, amounting to £241,773, have further enhanced our year-end result. While the full value of the capital grant has been recognised as income, thereby strengthening our reported bottom line, the corresponding project costs will be amortised over the useful lives of the related assets.
Adjusting for these one-off non-operating items, the underlying operating surplus for the year was a strong £704,165. This includes interest income of £220,156 from bank deposits, which has further bolstered this result, highlighting the success of our proactive treasury management. In a stable interest rate environment, this strategy optimised returns on cash reserves, generating essential income for operations.
During the year, SPACE acquired a new freehold property at 10 Martello Street for £6.65 million. While the transaction was structured through the purchase of a limited liability company, Artmed System Ltd, the preparation of consolidated group accounts was not required, as the building was immediately transferred to the charity and no trading activity took place following the acquisition. Accordingly, the transaction has been treated as a standard property purchase. With the addition of the Martello Street property, the charity now holds four freehold properties in total.
## Reserves Policy
As of 31 March 2025, SPACE held total unrestricted funds amounting to £11,002,420 (2024: £9,467,769). Out of this amount, £7,384,003 has been set aside as funds tied up in the buildings (2024: £2,565,537), while an additional £500,000 has been designated for potential new freehold acquisitions or long leasehold developments that may require substantial investment (2024: £3,050,000). The unrestricted funds are net of provisions made in the accounts to cover potential essential upgrades and repair works needed to meet obligations under Health and Safety legislation, and potential dilapidation responsibilities under current property leases. These address our minimum obligations as a landlord, while ensuring that rents for artists remain as affordable as possible.
To maintain financial resilience, the Board of Trustees has established a minimum free reserve target equivalent to three months of operating expenses. This reserve is designed to sustain the charity's core operations during a significant income shortfall. The target range, based on historical and current expenditure, is £1.1 million to £1.3 million. As of 31 March 2025, free reserves were £1,943,660 (2024: £2,470,617). This decrease from the prior year is attributable to the strategic investment in a freehold property.
The trustees are confident that SPACE remains a going concern, supported by a robust business plan, effective management that maintains high studio occupancy levels, and strong oversight of debtors and creditors. Senior management and trustees closely monitor cash flow, monthly management accounts, and studio occupancy rates, taking prompt action if any significant issues arise.
We are confident that SPACE has adequate reserves in place to navigate any potential challenges in the coming year.
## Investment Policy
The charity's investments are managed in accordance with its governing document, having regard to the Trustee Act 2000. Funds not immediately required for the activities of the charity were held in low-risk cash deposits throughout the year.
## Fundraising
Fundraising, development and partnership working make a vital contribution to our income and impact.
SPACE is generously supported by Arts Council London via the National Portfolio Organisation fund for the three year period April 2023–March 2026, which has now been extended to March 2027.
The generosity of our Patrons & Friends enables SPACE to support artists in various ways, whether through bursaries, commissions, or professional development.
We have complied throughout the year with industry fundraising standards. Fundraising activities are monitored by senior management and at trustee meetings. No fundraising complaints have been received.
## Structure, Governance and Management
Art Services Grants Limited (t/a SPACE) was set up in 1968. In 1974 it was formally registered as a charity and incorporated as a company limited by guarantee, which does not have a share capital. The company is governed by its articles of association, which were last updated on 24 January 2023.
The members of SPACE are:
- trustees
- any studio licence holder (excluding any sub-licensee)
- any salaried employee who has successfully completed their probation period, and any person who has been employed by the charity on a contract of at least three months.
The trustees are the directors of the company. They do not have any financial interest in the company nor are there any significant contracts in which any trustee has a material interest.
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## Organisational Structure and Board of Trustees
The charity is managed by the Board of Trustees who may serve up to six years retiring for re-election on a triennial basis. Trustees may co-opt further advisors. The trustees are responsible for the strategic direction and policy of the charity, and meet quarterly. The trustees appoint the Chief Executive to whom the day to day running of the charity is devolved.
The Board has had a full complement of trustees throughout the year. In January 2025, the six-year term for our trustee Omar Kholeif came to an end. We are grateful for his contribution and dedication to SPACE over the years. We have also welcomed three new trustees to the Board this year, Hannah Farahar, Jananne Al-Ani and Luciano Lilloy.
New trustees are appointed based on a regular skills audit of key competencies required by the trustee board. New trustees meet with the Chair, Chief Executive and other key staff as part of an induction process, and are provided with a full induction pack covering constitutional, policy and financial background, and trustee responsibilities. Ongoing training is provided to trustees throughout the year.
Meeting twice a year, the Property Working Group supports the Board of Trustees, addressing in particular how to increase the number of studios (location, type, tenure etc.) and to improve the sustainability of SPACE through long leasehold or freehold purchases. The Property Working Group includes co-opted experts and reports to the Board of Trustees. The trustees are grateful for generous support from its Property Working Group members during 2024/25: Alan Leibowitz (Chair), Chris Currell, David Silverman (Trustee), Rory Brooke, Selina Mason, Toni Lodeiro and William C. Stein. We also thank our property advisors at Dalton Warner Davis, who acted on our behalf throughout the year.
Our Finance and Remuneration Committee is responsible for approving salaries and the
Following the January 2023 update to our Articles of Association, in July 2023 we formally updated our Standing Order, which establishes our committees’ remit and authority. This means that other than in addition to our core committees Property Working Group and Finance & Remuneration Committee there are now also the Programmes and Partnerships committee to monitor and evaluate the impact of our programme against our ambitions, and the People, Communities and Culture committee to advise on good staff wellbeing practices and the promotion of equality, diversity, inclusion and belonging principles. In addition a project specific Storytelling and Legacy committee was established to assess how to better carry the flag for SPACE across the sector.
## Remuneration Policy
When setting remuneration for its staff, SPACE takes account of market rates and other relevant data relating to charities of a similar size, operational activity and workplace location. The remuneration of Senior Management is the responsibility of the trustees and is set in the light of the skills and competencies required for particular roles and within the constraints of affordability.
## Risk Management
appraisal stages of project development. Each staff member and trustee is responsible for managing risks. SPACE acknowledges the need to tolerate a level of risk, with risks clearly identified in financial and artistic programme planning, with practices in place to manage them. Our core mission of providing for artists’ production needs drives our risk profile in a cost-effective and artist-focused way. Additional programmes are provided as and when funds are available and when they enhance the organisation’s mission strategically.
SPACE has a business continuity plan to cover all potential operational considerations, and an annual review of priorities ensures we meet objectives effectively. SPACE evaluates and responds to risk at regular internal meetings including at monthly studios management meetings, and maintains a risk register which is reviewed by trustees every quarter.
## Current Key Risks and Uncertainties
- Reduced operating margins within the existing property portfolio due to inflationary costs;
- Increase in studio costs threatening affordability of studios;
- Impact of increasing costs of living on tenants’ ability to meet their rent obligations, potentially leading to voids, increased arrears and bad debts;
- Limited affordable long-term leaseholds and freeholds available to add to current portfolio;
- Uncertainty of implementation and future levels of EPC/energy efficiency standards, potentially resulting in large capital work requirements;
- Threat to programmes fundraising resulting from fundraising uncertainty post 2028, pressure on funding bodies, and change of funding priorities.
## Key Policies
## **Equality, Diversity & Inclusion**
SPACE is committed to promoting diversity, inclusion and equality of access and opportunity to all staff, artists, suppliers, participants and partners – from all backgrounds and all sectors of society – ensuring they are part of our community, valued for their contribution and are able to flourish and succeed. We aim to identify barriers to progress, tackle inequality and act to address underrepresentation of diversity in governance, employment, our support for artists, widening participation and developing audiences.
Our Equality, Diversity and Inclusion Policy is reviewed every year by our Board of Trustees and the latest version is available on our website.
## **Sustainability and Environment**
SPACE has a genuine concern for the environment, and we recognise that climate change is one of the defining global challenges of our time. We therefore firmly believe that embracing green best practices is our social and moral responsibility. We strive to continually assess and reduce our overall environmental impact and are committed to making environmental responsibility an integral part of our operations and activities, while maintaining long-term affordability for artists.
Our Sustainability & Environmental Policy is reviewed every four years by our Board of Trustees and the latest version is available on our website.
Risk management takes place at all levels. Operational risks are passed up for review and approval; organisation level risks are communicated down. Risk is addressed in the
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## Statement of Trustee Responsibilities
The trustees (who are also directors of Art Services Grants Limited for the purposes of company law) are responsible for preparing the Trustees’ Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the trustees to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including 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 judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards and the statements of recommended practice have been followed, subject to any material departures disclosed and explained in the financial statements;
- 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 proper 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 Companies Act 2006. 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.
## In so far as the trustees are aware:
- there is no relevant audit information of which the charity’s auditor is unaware, and
- the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditor is aware of that information.
The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charity’s website. Legislation in the United Kingdom governing the preparation and dissemination of the financial statements may differ from legislation in other jurisdictions.
## **Small Company Rules**
These accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
## **Auditors**
HaysMac LLP were the appointed auditors during the year and are deemed to be reappointed under section 487(2) of the Companies Act 2006.
The Trustees’ Report has been approved by the Board of Trustees on 14 October 2025 and is signed on behalf of the Board by the Chair.
Caroline Cole Chair
## INDEPENDENT AUDITOR’S REPORT to the members of Arts Services Grants Limited
## **Opinion**
We have audited the financial statements of Art Services Grants Limited for the year ended 31 March 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 _The Financial Reporting Standard applicable in the UK and Republic of Ireland_ (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the financial statements:
- give a true and fair view of the state of the charitable company’s affairs as at 31 March 2025 and of the charitable company’s net movement in funds, including the income and expenditure, for the year then ended;
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Companies Act 2006.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Trustees’ Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies
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or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Opinions on other matters prescribed by the Companies Act 2006**
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Trustees’ Report (which includes the strategic report and the directors’ report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the strategic report and the directors’ report included within the Trustees’ Report have been prepared in accordance with applicable legal requirements.
## **Matters on which we are required to report by exception**
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Trustees’ Report (which incorporates the strategic report and the directors’ report).
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the charitable company; or
- the charitable company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of trustees’ remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit
## **Responsibilities of trustees for the financial statements**
As explained more fully in the trustees’ responsibilities statement set out on page 18, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
## **Auditor’s responsibilities for the audit of the financial statements**
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the Charitable Company and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to health and safety requirements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and the Charities Act 2011 and consider other factors such as payroll tax.
We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to improper recognition of revenue and management bias in accounting estimates. Audit procedures performed by the engagement team included:
- Inspecting correspondence with regulators and tax authorities;
- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud;
- Evaluating management’s controls designed to prevent and detect irregularities;
- Review of minutes of meetings held in the period;
- Identifying and testing journals, in particular journal entries posted with unusual account combinations, postings by unusual users or with unusual descriptions; and
- Challenging assumptions and judgements made by management in their critical accounting estimates.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of noncompliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/ auditorsresponsibilities. This description forms part of our auditor’s report.
## **Use of our report**
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an Auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Richard Weaver (Senior Statutory Auditor) For and on behalf of HaysMac LLP, Statutory Auditor Date:
10 Queen Street Place London EC4R 1AG
6 November 2025
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## FINANCIAL STATEMENTS
## Statement of Financial Activities for the Year Ended 31 March 2025
(incorporating the Income and Expenditure Account)
||||Unrestricted|Restricted|Restricted|||
|---|---|---|---|---|---|---|---|
|||Note|Revenue
Funds
£|Revenue
Funds
£|Capital
Funds
£|**Total**
**2025**
**£**|Total
2024
£|
||**Income from:**|||||||
||Donations
Investments|2
3|1,000
220,156|-
-|-
-|**1,000**
**220,156**|1,102
237,089|
||Charitable activities|4|5,217,799|21,947|241,773|**5,481,519**|5,095,098|
||Other trading|||||||
||activities
**Total Income**|5|196,834
5,635,789|10,000
31,947|-
241,773|**206,834**
**5,909,509**|67,244
5,400,533|
||**Expenditure on:**|||||||
||Hires and fundraising
6||49,100|-|-|**49,100**|43,387|
||Charitable activities|6|4,052,038|31,947|55,298|**4,139,283**|4,785,888|
|||||||||
||**Total Expenditure**||4,101,138|31,947|55,298|**4,188,383**|4,829,275|
||**Net Income/**|||||||
||**(Expenditure)**||1,534,651|-|186,475|**1,721,126**|571,258|
||Transfer between|||||||
||funds
**Net movement in**||-|-|-|**-**|-|
||**funds**||1,534,651|-|186,475|**1,721,126**|571,258|
||Fund balances
at 1 April 2024||9,467,769|1,000|766,672|**10,235,441**|9,664,183|
||**Fund balances**
**at 31 March 2025**|15|11,002,420|1,000|953,147|**11,956,567**|10,235,441|
There were no other recognised gains or losses during the two financial years.
Within total funds, the amount tied up in artists' studios and other operational buildings, after deducting loan financing, is £8,331,558 within general funds and £953,147 within restricted funds.
The notes on pages 25-38 form part of these financial statements.
## Balance Sheet as at 31 March 2025
||||2025|2024|
|---|---|---|---|---|
|**Fixed Assets**|Note||£|£|
|Tangible assets|10||13,829,392|7,055,639|
|**Current Assets**|||||
|Debtors|11|699,503||598,195|
|Cashon short term deposit at
bank and in hand||3,233,581||7,006,453|
||||||
|||3,933,084||7,604,648|
|**Creditors**:Amounts falling due
within one year|12|(1,261,221)|(1,676,471)||
|**Net Current Assets**|||2,671,863|5,928,177|
|**Total Assets Less Current**
**Liabilities**|||16,501,255|12,983,816|
|**Creditors**:Amounts falling due
after more than one year|13||(4,544,688)|(2,748,375)|
|**Total Net Assets**|||**11,956,567**|**10,235,441**|
|**Funds**|||||
|Unrestricted Funds|15||10,054,866|8,492,714|
|Revaluation Reserve|15||947,554|975,055|
|Restricted Funds|15||954,147|767,672|
||||||
|**Total Funds**|||**11,956,567**|**10,235,441**|
The accounts are prepared in accordance with the special provisions of part 15 of Companies Act 2006 relating to small entities.
Approved by the Board of Directors and authorised for issue on 14 October 2025, and signed on their behalf by the Chair.
Chair: Caroline Cole Registered Company No. 1157240
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## Statement of Cash Flows for the Year Ended 31 March 2025
|||2025|2024|
|---|---|---|---|
|||£|£|
|**Reconciliation of net income/(expenditure) to net cash**
**fow from operating activities**||||
||Note|||
|**Net income/ (expenditure) (as per the statement of**
**fnancial activities)SOFA**
Adjustments for:
Depreciation charges
Investment income|
10|1,721,126
401,949
(220,156)|571,258
509,559
(237,089)|
|Interest cost||249,586|207,715|
|(Increase)/decrease in debtors|11|(101,308)|272,904|
|Increase/(decrease) in creditors|12|(492,201)|(371,999)|
|||||
|**Net cash** **provided** **by/(used in) operating activities**||1,558,996|952,348|
|**Cash fows from investing activites:**||||
|---|---|---|---|
|Interest income||220,156|237,089|
|Purchase of property, plant and equipment
**Net cash provided by/(used in) investing activities**|10|(7,175,702)
(6,955,546)|(187,946)
49,143|
|**Cash fows from fnancing activities**||||
|Repayments of borrowing||1,873,264|(96,232)|
|Interest cost
**Net cash used in investing activities**||(249,586)
1,623,678|(207,715)
(303,947)|
|Change in cash and cash equivalentsin the reporting period||(3,772,872)|697,544|
|Cash and cash equivalentsat the start of the reporting period||7,006,453|6,308,909|
|**Cash and cash equivalentsat the end of the reporting period**||3,233,581|7,006,453|
|**Analysis of cash and cash equivalents**||||
|Cash in hand||3,233,581|7,006,453|
|||||
|**Total cash and cash equivalents**||**3,233,581**|**7,006,453**|
## Notes to the Financial Statements for the Year Ended 31 March 2025
## **1. Accounting policies**
**a) Accounting convention, basis of preparation:** The financial statements have been prepared in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102). The Charitable Company is a public benefit entity for the purposes of FRS 102 and therefore the charity also prepared its financial statements in accordance with the 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 (The FRS 102 Charities SORP), the Companies Act 2006 and the Charities Act 2011 (as amended by the Charities Act 2022).
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.
**b) Going concern basis** : The trustees have performed an assessment of the appropriateness of the going concern basis and have considered possible events or conditions that might cast significant doubt on the ability of the charitable company to continue as a going concern. The trustees have made this assessment for a period of at least one year from the date of approval of the financial statements. In particular, the trustees have carefully reviewed the charity's strategy and its accompanying budgets and cash flow projections and are confident of its ability to generate sufficient cash flow for ongoing operations. Based on this review and the current level of cash reserves, they have concluded that there is a reasonable expectation of adequate resources for the foreseeable future. The charitable company therefore continues to adopt the going concern basis in preparing its financial statements.
**c) Fixed assets** : All fixed assets, except Deborah House freehold property which has been stated at revalued amount, are recorded at cost. Amounts incurred on capital items over £500 are capitalised.
Depreciation rates and possible impairment are reviewed on an annual basis.
During the year, the useful lives of three of the freehold properties, namely, Deborah House, Haymerle Road, and Brickfield Road studios, were revised from 25 years to 50 years to bring them in line with industry practice and to ensure consistency across the portfolio.
Tangible fixed assets are depreciated at annual rates to write off the cost of the assets over their estimated useful lives using the following methods and rates:
||**% per annum**|**Method**|
|---|---|---|
|Equipment|33%|Straight line|
|Motor vehicle|25%|Straight line|
|Computer software|50%|Straight line|
|Freehold buildings|4%|Straight line|
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Depreciation for development costs relating to leasehold buildings is on straight line basis over the remaining lease period.
Major external paintings required by leasehold contracts are treated as dilapidation costs, capitalised and depreciated between 5-7 years, depending on the painting cycles as stipulated in the leasehold contract.
**d) Incoming resources** : Rental income and donations are recognised when there is evidence of entitlement, the receipt is probable and the amount can be measured reliably.
Grants, where entitlement is conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.
**e) Expenditure and its basis of allocation** : All expenditure is dealt with on the accruals basis and includes value added tax where appropriate. Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services. It includes direct costs of activities and those costs of an indirect nature necessary to support those activities, allocated between expenditure categories on an appropriate basis.
Support costs have been allocated to activities on the basis of time spent for staff costs, floor area for property costs and activity levels for all other costs, in accordance with the Statement of Recommended Practice.
Fundraising costs incurred are comprised of costs of generating income from donations and legacies, short term hire of spaces and marketing and publicity.
Governance costs which are included within support costs are those costs associated with meeting the constitutional and statutory requirements of the charity and include the audit fees and costs linked to the strategic management of the charity.
**f) Dilapidations costs** : Provision is made in the accounts for dilapidation costs of leased properties with funds designated to this aim. Such costs are arrived at based on yearly internal assessment of probability of costs materialising at the balance sheet date.
**g) Operating leases** : All payments under operating leases are charged to the statement of financial activities in the year in which they fall due.
**h) Pension policy** : The company provides a defined contribution pension scheme for its employees and contributions payable for the year are charged to the Statement of Financial Activities as incurred.
**i) Fund accounting** : The unrestricted funds are rent and other income receivable or generated for the objectives of the charity without further specified purpose, and are available as general funds.
The restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The cost of raising and administering such funds are charged against the specific fund.
**j) Critical accounting estimates and areas of judgment** : In preparing financial statements it is necessary to make certain judgements, estimates and assumptions that affect the
amounts recognised in the financial statements. The following judgements and estimates are considered by the trustees to have the most significant effect on amounts recognised
The annual depreciation charge for property, plant and equipment is sensitive to change in useful economic life and residual values of assets. These are reassessed annually and an impairment review is performed.
Within the creditors balance are estimates of provisions for potential future expenditure on properties. These judgements are based on the likelihood of such expenditure occurring.
**k) Employee benefits** : The costs of short-term employee benefits are recognised as a liability and an expense.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide
## **l) Financial instruments**
**Cash and cash equivalents** : Cash and cash equivalents include cash at banks and in hand and short term deposits with a maturity date of three months or less.
**Basic financial instruments** : The charity only holds basic financial instruments as defined by FRS 102. Financial instruments receivable or payable within one year of the reporting date are carried at their at transaction price and subsequently at amortised cost.
|**2. Income from donations**|Unrestricted
Funds
£|
Restricted
Funds
£|
Total
£|
|---|---|---|---|
|**Year to 31 March 2025**||||
|Donations|1,000|
-|1,000|
|**Year to 31 March 2024**||||
|Donations|1,102|
-|1,102|
||Unrestricted|
Restricted||
||Funds|Funds|Total|
|**3. Income from investments**|£|£|£|
|**Year to 31 March 2025**||||
|Bank interest|220,156|
-|220,156|
|**Year to 31 March 2024**||||
|Bank interest|237,089|
-|237,089|
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[ s p a c e ] ANNUAL REPORT 2025
[ s p a c e ]
ANNUAL REPORT 2025
|||Unrestricted
Funds|Restricted
Funds|Total|
|---|---|---|---|---|
|||£|£|£|
||**4 (a) Income from charitable activities**||||
||**Year to 31 March 2025**||||
||Grants (4b)|231,111|263,720|494,831|
||Rental income|4,990,601|-|4,990,601|
||||||
|||**5,221,712**|**263,720**|**5,485,432**|
||**4 (b) Grants**||||
||**Year to 31 March 2025**||||
|**4 (a) Income from charitable activities**
**Year to 31 March 2025**
Unrestricted
Funds
Restricted
Funds
Total
£
£
£|**4 (a) Income from charitable activities**
**Year to 31 March 2025**
Unrestricted
Funds
Restricted
Funds
Total
£
£
£|**4 (a) Income from charitable activities**
**Year to 31 March 2025**
Unrestricted
Funds
Restricted
Funds
Total
£
£
£|
|---|---|---|
|Grants (4b)
231,111
263,720
494,831
Rental income
4,990,601
-
4,990,601
**5,221,712**
**263,720**
**5,485,432**|||
||||
|**4 (b) Grants**
**Year to 31 March 2025**|||
||||
|Arts Council England: NPO Core
Funding|225,291
-
225,291||
|LB Hackney (Affordable workspace)|-
80,000
80,000||
|LB Hackney (Community Energy Fund)|
-
50,000
50,000
-
52,302
52,302
-
49,313
49,313
-
12,000
12,000
-
10,158
10,158
-
15,767
15,767
**225,291**
**269,540**
**494,831**||
|London Legacy Development Corp.|||
|London Legacy Development Corp.|||
|Saastamoinen residency|||
|Fish Island CEZ|||
|Other(individual grants less than £10,000)|||
||||
||||
|**4 (c) Income from charitable activities**
**Year to 31 March 2024**|||
|4(d) Grants|225,291
60,947
286,238
4,808,860
-
4,808,860
**5,034,151**
**60,947**
**5,095,098**||
|Rental income|||
||||
||||
|**4 (d) Grants**
**Year to 31 March 2024**|||
|Arts Council England: NPO Core
Funding|225,291
-
225,291
-
44,000
44,000
-
16,947
16,947
**225,291**
**60,947**
**286,238**||
|London Borough of Tower Hamlets|||
|Other(individual grants less than £10,000)|||
||||
||Unrestricted|Restricted||
|---|---|---|---|
||Funds|Funds|Total|
|**5. Other trading activities**|£|£|£|
|**Year to 31 March 2025**||||
|Other income:||||
|Transactional settlement|113,880|-|113,880|
|Venue hire|41,487|-|41,487|
|Other|41,467|10,000|51,467|
|||||
||**196,834**|**10,000**|**206,834**|
|**Year to 31 March 2024**||||
|Other income:||||
|Venue hire|34,758|-|34,758|
|Other|22,486|10,000|32,486|
|||||
||**57,244**|**10,000**|**67,244**|
||||Costs of|||
|---|---|---|---|---|---|
|**6. Total resources**|Studios|Programme|generating|Support||
|**expended**|costs|costs|funds|costs|Total|
||£|£|£|£|£|
|**Year to 31 March 2025**||||||
|Staff costs (see note 8)
Other staff related costs|402,531
6,444|112,029
17,689|29,505
167|259,611
6,898|803,676
31,198|
|Rent, rates, maintenance
and other property costs
General offce expenses|2,216,138
90,050|6,007
2,550|-
54|30,196
10,315|2,252,341
102,969|
|Publicity and marketing|2,335|2,748|9,402|-|14,485|
|Print, post, stationery|-|236|723|1,800|2,759|
|Information systems and
equipment|8,051|873|1,385|23,910|34,219|
|Bad debts|10,658|-|-|-|10,658|
|Legal and professional|131,915|0|200|0|132,115|
|Depreciation|392,249|-|-|9,700|401,949|
|Bank charges and interest|245,799|83|-|3,704|249,586|
|Other programmes costs|48,049|61,811|79|13,505|123,444|
|Governance costs|-|-|-|28,984|28,984|
|||||||
||3,554,219|204,026|41,515|388,623|4,188,383|
|Allocation of support||||||
|costs|348,605|32,433|7,585|(388,623)||
|||||||
||**3,902,824**|**236,459**|**49,100**|**-**|**4,188,383**|
Expenditure in total was £4,632,734 (2024: £4,829,275) of which £4,545,489 was unrestricted (2024: 4,666,569) and £87,245 was restricted (2024: £162,706).
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ANNUAL REPORT 2025
ANNUAL REPORT 2025
|**6. Total resources**|||Costs of|||
|---|---|---|---|---|---|
|**expended/continued**|Studios
costs
£|Programme
costs
£|generating
funds
£|Support
costs
£|Total
£|
|**Year to 31 March 2024**||||||
|Staff costs (see note 8)|381,262|130,193|28,303|250,791|790,549|
|Other staff related costs
Rent, rates, maintenance|6,482|17,243|6|10,880|34,611|
|and other property costs|2,879,891|-|-|37,457|2,917,348|
|General offce expenses|114,049|4,613|37|20,602|139,301|
|Publicity and marketing|1,116|4,093|10,030|1,200|16,439|
|Print, post, stationery
Information systems and|37|2,918|36|4,211|7,202|
|equipment|697|782|4,975|21,807|28,261|
|Bad debts|1,768|-|-|-|1,768|
|Legal and professional|81,161|-|-|-|81,161|
|Depreciation|501,700|-|-|7,858|509,558|
|Bank charges and interest|203,386|33|-|4,296|207,715|
|Other programmes costs|35,205|33,726|-|881|69,812|
|Governance costs|-|-|-|25,550|25,550|
|||||||
||4,206,754|193,601|43,387|385,533|4,829,275|
|Allocation of support||||||
|costs|357,190|22,546|5,797|(385,533)||
|||||||
||**4,563,944**|**216,147**|**49,184**|**-**|**4,829,275**|
||2025|2024|
|---|---|---|
|**8. Staff costs**|£|£|
|Wages and salaries|702,030|690,989|
|Pensions|27,305|27,048|
|Social security costs|74,342|72,296|
||**803,677**|**790,333**|
There was one employee during the year whose emoluments, excluding pension costs, was over the threshold of £60,000 (2024: 1). No emoluments or expenses were paid to the trustee directors during the year (2024: 0). There was no staff redundancy cost during the financial year (2024: £2,090).
||The average weekly number of employees during the year was:||||
|---|---|---|---|---|
|||2025|2024||
||Studios|9|8||
||Programmes|4|6||
||Cost of generating funds|1|1||
||Support|4|4||
|||**18**|**19**||
Key management personnel include the Trustees, Chief Executive and senior management reporting directly to the Chief Executive, including Finance Director, Properties Director, Studios Director, and Operations Director. The total employee benefits, including pension costs, of the charity's key management personnel were £340,268 (2024: £387,014).
## **9. Taxation**
|**7. Net incoming resources**|2025
£|2024
£|
|---|---|---|
|Net incoming resources are stated after charging:|||
|Auditors’ remuneration|25,536|20,400|
|Depreciation|401,949|509,558|
|Rentals paid under operating leases – property|1,869,474|1,941,963|
The company was registered as a charity in February 1974 and consequently no corporation tax is payable on the results for the year.
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ANNUAL REPORT 2025
||Freehold|Leasehold|Offce|Motor||
|---|---|---|---|---|---|
||Properties|Properties|Equipment|Vehicles|Total|
|**10. Tangible fxed assets**|£|£|£|£|£|
|**Costs:**||||||
|At 1 April 2024|9,939,364|3,303,511|211,498|15,607|13,469,980|
|Additions|6,957,702|214,403|3,597|
-|7,175,702|
|Disposals|-|
-|
-|
-|
-|
|At 31 March 2025|16,897,066|3,517,914|215,095|15,607|20,645,682|
|**Depreciation:**||||||
|At 1 April 2024|3,300,964|2,904,613|194,059|14,705|6,414,341|
|Charge for year|297,601|93,746|9,700|902|401,949|
|Disposals|-|
-|
-|
-|
-|
|At 31 March 2025|3,598,565|2,998,359|203,759|15,607|6,816,290|
|**Net book value**||||||
|**As at 31 March 2025**|**13,298,501**|**519,555**|**11,336 **|
**-**|**13,829,392**|
|As at 31 March 2024|6,638,400|398,898|17,439|902|7,055,639|
Triodos Bank holds a first priority charge over our freehold properties and a floating charge over the Charity assets and undertakings. Arts Council England holds a second priority charge over some of our freehold properties and a floating charge over the Charity assets and undertakings. The Mayor and Burgesses of The London Borough of Hackney holds a fixed charge over certain leasehold buildings.
||2025|2024|
|---|---|---|
|**11. Debtors**|£|£|
|Rental debtors (including|electricity costs recharged to tenants)
124,697|120,531|
|Other debtors
Prepayments|4,200
426,642|7,977
469,687|
|Accrued income|143,964|
-|
||**699,503**|**598,195**|
||2025|2024|
|---|---|---|
|**12. Creditors: amounts falling due within one year**|£|£|
|Tenant deposits held on account|122,030|123,539|
|Rental creditors|99,377|99,657|
|Other taxes and social security costs|22,658|22,157|
|Bank loan|178,618|101,667|
|Trade creditors|132,189|146,282|
|Other creditors|8,754|11,442|
|Accruals and deferred income|697,595|1,171,727|
||**1,261,221**|**1,676,471**|
|Analysis of deferred income:|||
|Balance as at 1 April 2023|9,947|
-|
|Amount received in the year|10,000|9,947|
|Amount released in the year|9,947|
-|
|Balance as at 31 March 2024|**10,000**|**9,947**|
||2025|2024|
|**13. Creditors: amounts falling due after one year**|£|£|
|Bank Loans|||
|Amounts falling due:|||
|Between one to two years|189,985|109,289|
|Between two to fve years|647,462|379,519|
|Over fve years|3,707,241|2,259,567|
||**4,544,688**|**2,748,375**|
The long term creditors relate to mortgages used to fund the purchase of artists' studios and improvements to existing artists' studios, programme space and office buildings.
The bank loans are secured by fixed charges over the related freehold properties. Additionally, Triodos Bank holds various fixed and floating charges over the Charity’s assets and undertakings. The loans are repayable under varying term lengths. Specifically, the loans for Haymerle Road and Brickfield Road carry an interest rate of 2% per annum above the prevailing Bank of England base rate, whereas the Martello Building loan
## **14. Share capital**
The company is limited by guarantee and has no share capital. Under the terms of clause 8 of the Articles of Association, every member is liable to contribute a sum not exceeding £1 in the event of the Charity being wound up during the time that he or she is a member or for one year thereafter.
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[ s p a c e ] ANNUAL REPORT 2025
ANNUAL REPORT 2025
|||||||At|
|---|---|---|---|---|---|---|
||At 1 April|
Incoming|Resources|||31March|
|**15. Reserves**
**Year to 31 March 2025**|2024
£|Resources
£|Expended
£|Transfers
£||
2025
£|
|**Unrestricted funds**|||||||
|General reserve|2,368,950|5,635,789|(4,101,138)|(2,488,565)||1,415,036|
|**Designated funds**|||||||
|(1) Property funds for assets funded
internally|2,565,537|
-|
-|4,818,466||7,384,003|
|(2) Building acquisition/
development fund
(3) Designated programmes budget
(4) EPC improvement fund
(5) AIR Progammes|3,050,000
8,227
500,000
-|
-
-
-
-|
-
-
-
-|(3,050,000)
(2,400)
(300,000)
200,000||-
5,827
200,000
200,000|
|(6) Building fund|-|
-|
-|500,000||500,000|
|(7) End of lease obligation|-|
-|
-|350,000||350,000|
|(8) Revaluation reserve|975,055|
-|
-|(27,501)||947,554|
|**Total unrestricted funds**|**9,467,769**|**5,635,789 **|**(4,101,138)**|**-**||**11,002,420**|
|**Restricted funds**|||||||
|(9) Restricted programme funds|1,000|31,947|(31,947)|
-||1,000|
|**Total restricted revenue**|||||||
|**funds**|**1,000**|**31,947**|**(31,947)**|**-**||**1,000**|
|**(10) Restricted capital funds**|||||||
|Brickfeld LED lighting|40,567|
-|(5,118)|
-||35,449|
|ACE Capital Works fund|505,793|
-|(16,322)|
-||489,471|
|Triangle fund|133,039|
-|(12,711)|
-||120,328|
|Bridget Riley Studios fund|873|
-|(175)|
-||698|
|Haymerle Road fund|86,400|
-|(4,288)|
-||82,112|
|Triangle LED Lighting|-|
50,000|(5,000)|
-||45,000|
|Sara Lane LED Lighting|-|
18,209|(4,552)|
-||13,657|
|Deb House LED Lighting|-|
28,666|(1,911)|
-||26,755|
|Martello LED Lighting|-|
33,125|(1,104)|
-||32,021|
|Eastway LED Lighting|-|
10,158|(923)|
-||9,235|
|Martello PV|-|
49,313|(1,451)|
-||47,862|
|Brickfeld PV|-|
52,302|(1,743)|
-||50,559|
|**Total restricted capital funds**|**766,672 **|**241,773**|**(55,298) **|
**-**||**953,147**|
|**Total restricted funds**|767,672|273,720|(87,245)|
-||954,147|
|**Total funds**|**10,235,441 **|**5,909,509 **|**(4,188,383) **|
**-**||**11,956,567**|
## **15. Reserves (continued)**
(1) This relates to the NBV of fixed assets less restricted property funds and total outstanding balance of bank loan for freehold acquisition and re-fitting. The transfer from general reserve is to more accurately reflect the net book value of the buildings and the related mortgages.
(2) Settlement for a property transaction ring fenced for future acquisition, with additional funds from general reserve, was utilised in purchasing a new freehold building, 10 Martello Street, during the year.
(3) COVID-19 related grant from the government earmarked for Colchester programmes. The reduction is a reflection of the yearly expenditure on the programme.
(4) Capital commitment to EPC improvement and reducing carbon emission. The reduction of the fund is to reflect the amount expensed on EPC installation projects during the year.
(5) Fund ring-fenced for a proposed new programme spanning over several years.
(6) Fund ring-fenced for potential freehold acquisition or redevelopment of existing portfolio.
(7) The fund is prudently set up in anticipation of potential end of lease obligations.
(8) Fund relates to the excess of market value over net book value of Deborah House freehold property. The transfer to general fund relates to the yearly amortisation.
(9) The fund balance relates to the Ben Cove Award programme.
(10) Restricted property funds are held in respect of capital acquisition and development projects for studio properties which have been funded by restricted capital grants. The cost of such acquisitions/developments is depreciated over the useful life of the capitalised assets.
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[ s p a c e ] ANNUAL REPORT 2025
[ s p a c e ] ANNUAL REPORT 2025
||At 1 April|
Incoming|Resources||At 31March|
|---|---|---|---|---|---|
|**15. Reserves (continued)**|2023|Resources|Expended|Transfers|2024|
|**Year to 31 March 2024**|£|£|£|£|£|
|**Unrestricted funds**
General reserve|2,962,181|5,329,586|(4,666,569)|(1,256,248)|2,368,950|
|**Designated funds**||||||
|(1) Property funds for assets funded
internally|2,713,900|
-|
-|(148,363)|2,565,537|
|(2) Building acquisition/
development fund|1,850,000|
-|
-|1,200,000|3,050,000|
|(3) Designated programmes budget|21,550|
-|
-|(13,323)|8,227|
|(4) EPC improvement fund
(8) Revaluation reserve|250,000
1,002,556|
-
-|
-
-|250,000
(27,501)|500,000
975,055|
|**Total unrestricted funds**|**8,800,187 **|**5,329,586 **|**(4,666,569)**|**4,565**|**9,467,769**|
|**Restricted funds**
(9) Restricted programme funds|9,994|26,947|(27,218)|(8,723)|1,000|
|**Total restricted revenue**||||||
|**funds**|**9,994**|**26,947**|**(27,218)**|**(8,723)**|**1,000**|
|**(10) Restricted capital funds**||||||
|Redbridge Town Hall|9,606|
-|(13,765)|4,159|-|
|LB of Tower Hamlets|-|44,000|(3,433)|
-|40,567|
|ACE Capital Works fund|553,457|
-|(47,363)|
-|506,094|
|Triangle fund|196,591|
-|(63,553)|
-|133,038|
|Bridget Riley Studios fund
Haymerle Road fund|1,048
93,300|
-
-|(175)
(7,200)|
-
-|873
86,100|
|**Total restricted capital funds**|**854,002**|**44,000**|**(135,489)**|**4,159**|**766,672**|
|**Total restricted funds**|863,996|70,947|(162,707)|(4,564)|767,672|
|**Total funds**|**9,664,183 **|**5,400,533 **|**(4,829,276) **|
**-**|**10,235,441**|
For an explanation of funds, see the narrative on the description to the funds on the previous page.
|**16. Analysis of net assets between**|General|Designated|Restricted|2025|
|---|---|---|---|---|
|**funds**|Funds|Funds|Funds|Total|
||£|£|£|£|
|Fund balances at 31 March 2025 are|||||
|represented by:|||||
|Tangible fxed assets|418,930|12,457,315|953,147|13,829,392|
|Net current assets/liabilities|1,943,660|727,203|1,000|2,671,864|
|Long term liabilities|-|(4,544,688)|-|(4,544,688)|
|**Total net assets**|**2,362,590**|**8,639,830**|**954,147**|**11,956,567**|
||General|Designated|Restricted|2024|
||Funds|Funds|Funds|Total|
||£|£|£|£|
|Fund balances at 31 March 2024 are|||||
|represented by:||||-|
|Tangible fxed assets|873,388|5,415,579|766,672|7,055,639|
|Net current assets/liabilities|2,470,617|3,456,560|1,000|5,928,177|
|Long term liabilities|-|(2,748,375)|-|(2,748,375)|
|**Total net assets**|**3,344,005**|**6,123,764**|**767,672**|**10,235,441**|
## **17. Contingent liabilities and other financial commitments**
There were no contingent liabilities as at 31 March 2025 (2024:0).
At 31 March 2025, there were total commitments under non-cancellable operating leases as follows:
|leases as follows:|||
|---|---|---|
||Land and buildings||
||2025|2024|
||£|£|
|Operating leases which expire:|||
|Within one year|158,943|108,093|
|Between two to fve years|4,538,122|5,891,141|
|Over fve years|4,798,097|6,746,360|
||**9,495,162**|**12,745,594**|
## **18. Related party transactions**
There was one related party transaction during the year 2025 totalling £500 (2024:£692). During the year we received £500 from trustee Paulette Mizrahi as patron donation.
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[ s p a c e ]
ANNUAL REPORT 2025
ANNUAL REPORT 2025
## **19. Financial instruments**
The financial statements include the following in respect of items held at amortised cost at 31 March:
||2025|2024|
|---|---|---|
||£|£|
|Financial assets measured at amortised cost (trade and|||
|other debtors and accrued income)|272,861|128,508|
|Financial liabilities measured at amortised cost (trade and|||
|other creditors, accruals and bank loans)|540,968|482,587|
## REFERENCE AND ADMINISTRATIVE DETAILS
## REGISTERED IN ENGLAND & WALES COMPANY NO. 1157240
REGISTERED CHARITY NO. 267021
## TRUSTEES
(who served during this year and up to the date of this report)
Caroline Cole (Chair) David Silverman Hannah Farahar Jananne Al-Ani Luciano Lilloy Miranda Leung Miranda Siow Neal White Dr Omar Kholeif Paulette Mizrahi Phil Clark (Treasurer)
–resigned May 2025 –co-opted Oct. 2024; appointed January 2025 –appointed January 2025 –appointed January 2025
–term ended January 2025
CHIEF EXECUTIVE Eline van der Vlist
SECRETARY Eline van der Vlist
REGISTERED OFFICE & BUSINESS ADDRESS The Triangle 129-131 Mare Street London E8 3RH
INDEPENDENT AUDITORS HaysMac LLP 10 Queen Street Place London EC4R 1AG
## SOLICITORS
Clyde & Co Solicitors The St Botolph Building 138 Houndsditch London EC3A 7AR
## BANKERS
Natwest Bank Plc 140 Victoria Street London SW1E 5LF COIF Charities Deposit Fund St Alphage House 2 Fore Street London EC2Y 5AQ Triodos Bank Deanery Road Bristol BS1 5AS
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[ s p a c e ] ANNUAL REPORT 2025
## PARTNERS AND SUPPORTERS
## **Major Supporters**
Arts Council England Cockayne Grants for the Arts, a donor advised fund, held at the Prism Charitable Trust
## **Honorary Patrons**
Bridget Riley Peter Sedgley (1930-2025)
## **Patrons & Friends**
Lew Hodges Paulette Mizrahi Selina Mason
## **Partners & Supporters**
Alumno
a-n Arup BBC Children in Need Colchester Borough Council Colours of Redbridge Community Action Redbridge Elm Breast Care Centre, King George Hospital, Redbridge Essex County Council Friends of Loxford Hackney Affordable Workspace Fund Hackney Community Energy Fund Hackney Wick and Fish Island Creative Enterprise Zone (Business Resilience Programme) Ilford BID
LLDC Carbon Offset Fund London Borough of Hackney London Borough of Redbridge Mayor of London Mercato Metropolitano Museum of the Home Muslimah Sports Association Peabody River Roding Trust Riverside/One Housing Group Royal Academy Schools Saastamoinen Foundation Somerset House Uniarts Helsinki Academy of Fine Art The Valerie Beston Artists’ Trust Vision RCL
**spacestudios.org.uk @space_studios_london**
40