2025-03-31-accounts

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THE SPACE

REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 MARCH 2025

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

		Page
Charity information		2
Report of the Chair		3
Report of the Trustees		4 - 8
Report of the Independent Examiner		9
Statement of Financial Activities		10
Statement of Financial Position		11
Notes to the Financial Statements	12	– 18
The following pages do not form part of the statutory financial statements:
Income & Expenditure Account (General Fund)		20

Page 1

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

CHARITY INFORMATION

Charity Name

The Space is the working name of the St Paul’s Arts Trust , registered charity number 801587

Trustees serving during the year and since the year-end:

Sinthu Bhairavi (Joined December 2024) – Treasurer (from January 2025) Michael Carter (Joined December 2024) Elizabeth Dowd – Company Secretary Pradeep Jeyaratnam-Joyner – Chair (until November 2024) Caroline Jeyaratnam-Joyner Kate Osborne Stephanie Schreiter (Joined December 2024) Nicholas Smith– Vice-chair Andrew Straw – Treasurer (until November 2024) / Chair (From November 2024) Lesley Young Martin Young

Trustees leaving during the year and since the year-end

None

Registered Address

269 West Ferry Road Isle of Dogs, London E14 3RS

Director

Adam Hemming (until 31[st] May 2024) Matthew Jameson (from 1[st] June 2024)

Bankers

CAF Bank Ltd, 25 Kings Hill Avenue, Kings Hill West Malling, Kent, ME19 4JQ

Solicitors

Denton Wilde Sapte 5 Chancery Lane, London EC4A 1BU

Founder

Robert Richardson

Patrons

Sir Ian McKellen Marie McLaughlin

Page 2

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

THE SPACE

REPORT OF THE CHAIR

Hello, and welcome to my report as Chair of the St Paul’s Arts Trust.

The year has been a very tough one for the Trust, with very significant financial headwinds that have come from a combination of increased costs, negligible grant income and ticket and hire revenues that have still not fully recovered to a pre-pandemic level. In addition, we had members of staff leave for new opportunities, in particular our Centre Director, Adam Hemming who had led the organisation for nearly 20 years. We wish all of them the very best and are so grateful that they have continued to work with us and give generously of their time after leaving us.

We also found the year to be challenging for our trading company, that operates the delightful café bar incorporated in the premises. Whilst trading was steady, supported by a loyal local clientele, reduced audience levels impacted bar sales, to the extent the trading company was unable to generate as much income for the Trust as we had hoped. However, there have been positive signs of the trading environment improving and we continue to value the bar, both as a revenue generator for the Trust and as an important asset for audiences and our local community. Many thanks must go to the volunteer directors and the bar staff for the work they do and the passion and dedication with which they do it.

Confronted with such challenges it would have been easy to simply carry on as normal. So, I am very pleased that the Trustees and our staff took the opportunity to explore how we could better respond to an increasingly challenging, and changing, environment. As well as ensuring our strong artistic programme continued, Matthew Jameson stepped into an interim role and worked with the Trustees as we agreed a new organisation structure, composed of an Artistic Director and an Executive Director acting as co-CEO’s. I was delighted that Matthew subsequently agreed to take on the role of Artistic Director in this new structure.

The Trustees also decided to focus on three distinct phases – Stabilise, Recover and Grow. With our recruitment of Sarah Read as Executive Director in July 2025, bringing energy and enthusiasm alongside her excellent organisational and administrative focus, I believe we will soon have completed the first of these phases. During 2026 we can focus on Recovery – with the aim of rebuilding our audience numbers, revitalise our programming, addressing numerous repairs and improvements to our buildings and, crucially, rebuilding our financial position. We will also start to look at our medium to long term strategy during the year and plan how we will Grow into it in succeeding years.

It has also been a great pleasure to welcome three new Trustees to the board, Mike Carter, Stefanie Schreiter and Sinthu Bhairavi. We recognised that, as a board, we needed new inputs and skills and, despite having searched widely for suitable individuals, we found the strongest and most passionate candidates were three people who have a longstanding history of volunteering with and supporting us.

We continue to work closely with Canary Wharf Group, programming events in spaces around their estate. They are incredibly supportive in both this work and by their inclusion of the Trust in networking events and in-kind donations. We also benefitted significantly from the support of ‘Wharf Life’, an independent local newspaper run by John and Jess, who are generous in their inclusion of our programme in the paper and their organisation of networking events for independent local businesses and third sector organisations.

Finally, I’d like to thank the Trustees, Bar Directors, sub-committee members, volunteers, interns, Associate Artists and Companies for their tireless support and energy. But most of all, I’d like to thank Adam, Matty, both Bethany’s, Catherine, Dom and Sarah for their brilliant work to deliver exciting arts events to our local community and further afield.

Andy Straw Chair, St Pauls Arts Trust

…………………. 2025

Page 3

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES

The Trustees present their Report and the Financial Statements of The Space for the year ended 31 March 2025.

CONSTITUTION

The Space is the working name of the St Paul’s Arts Trust (registered charity 801587), which is governed by a Trust Deed adopted on 21 April 1989.

ORGANISATION OF THE CHARITY

The governance of the charity is carried out by a Board of Trustees, and the day-to-day running of The Space is delegated to the Director, who manages a small team of staff and a sizeable number of volunteers.

APPOINTMENT OF TRUSTEES

Trustees with the appropriate skills needed are appointed to the Board of the charity with the assent of the majority of the Trustees at a Board meeting. The Board has procedures for the induction and training of Trustees appropriate to the size and nature of the charity.

OBJECTIVES AND ACTIVITIES

The objectives of The Space are the provision of a community centre in the former St Paul's Presbyterian Church in Millwall, London and the promotion of the musical, dramatic, cinematic and other arts.

To achieve its objectives, the charity runs a performing arts and community centre based in a converted church in Westferry Road on the Isle of Dogs, East London. Since May 2015 it has also run a new performance space in the Crossrail Place Roof Garden in collaboration with the Canary Wharf Group; this occurs from May to August alongside the usual year-round activities at the original Westferry Road site.

The charity is committed to providing a broad range of events and opportunities for performers of all kinds. It believes in giving people…

…THE SPACE TO ENJOY

We schedule a year-round theatre programme, with additional music, comedy and dance events included. We work with new, emerging and established theatre-makers to present work that excites, entertains and engages. We host over 250 performances per year.

…THE SPACE TO EXPLORE

SpaceWorks, our participatory theatre company, provides creative opportunities for children and adults. Spaceworks delivers workshops and performance opportunities for local residents with a focus on creative learning, personal and social growth and community cohesion.

…THE SPACE TO BE INSPIRED

Our in-house theatre company, Space Productions has been nominated for six Off West End Awards. We create quality theatre, providing employment for artists and further public engagement opportunities. Our Artist Development Scheme includes a programme for associate theatre companies and ScriptSpace, a feedback service for playwrights.

ACHIEVEMENTS & PERFORMANCE

The crucial challenge faced this year was a combination of a reduction in staffing hours to mitigate the current economic pressures faced by arts organisations and the local population, while still maintaining our programme and commitments. Despite a reduction in staffing allocation, we were able to deliver an ambitious programme of arts, with some brilliant visiting companies, critical acclaim and solid audiences. This was a year that we felt financial pressure from the costs of our utilities, suppliers and had to work hard to deliver more return on our offering.

Page 4

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES

We also faced the challenge of our Centre Director of almost 20 years moving to a new position in another organisation. This presented an opportunity for a consultation and restructure process to consider our staffing model and whether it remained fit for purpose as an arts organisation in our current times. With an intensive handover period, members of the team stepping into new roles in an interim basis and an extensive restructure, significant time and energies of the staff were absorbed in stabilising the interim team and considering the future of the Space and it’s structure.

Although many audience members have disengaged from online performances and events, a core audience remains and we have continued to livestream performances for those unable to access the Space.

This year saw our first collaboration with the Voila! Festival . Originating in the Cockpit Theatre, this festival has now expanded to 8 theatres across the city. We hosted 21 performances across a fortnight in November. One performance in the programme was nominated for an OffWestEnd Award, with Sub Titles Over being a finalist in the OffFest award category.

We received a grant from the Royal Victoria Hall Foundation and developed an adaptation of J.M. Barrie’s A Kiss for Cinderella as part of our December programme, to begin to rebuild our internal productions and create family friendly work for the festive season.

With limited staff capacity, our marketing and outreach suffered, making for lower audiences generally, and a greater focus on visiting companies bringing an audience. We did have some notable successes in the programme, including: Sports dramas The Pitc h by Philip Catherwood and The Lost Lionesses by Nicole Lockwood-West; International identity crisis drama Permission by Hunia Chalwa; Shakespeare adaptation Portia’s Julius Caesar by Little Lion Theatre Company and original comedy in Sacred & Profane by Samantha Gray

A partnership with a local children’s theatre school, Unlimited Performance Academy, has seen regular weekly engagement on our Saturday mornings with a set of 4-6 and 6-11 year olds. We continued to work alongside East 15 Drama School’s Contemporary Theatre course, providing the Launchpad award to a graduating company in addition to support and programming other graduates of the course

SpaceWorks, our participatory theatre programme, completed a series of workshops and performed in They’ll Never Close The Docks , written by a local resident, and Henry V, with attendance and participant numbers hitting new highs. We’ve continued working with George Green’s Secondary School, delivering workshops as part of their Year 7 enrichment programme.

We were engaged again, by Canary Wharf Group, for a full year of community events at the Crossrail Place Roof Garden Performance Space . Additionally, their Arts and Events team contracted us to supply professional performances at the same venue for a series of midweek performances to reach Canary Wharf workers and local residents as part of their Al Fresco Festival

We have continued with a ‘pay what you choose’ ticket scheme across most events and all of our livestreams, offering a low-income rate ticket as a response to the cost-of-living crisis, as well as a ‘supporters’ rate to encourage audiences to further support the productions and the Space. We delivered written feedback on 22 early draft new plays and held readings of 5 of them through our ScriptSpace new writing service. We’re continuing to activate the café/bar area with regular social events such as our Board Games Night.

Page 5

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES

During the year ended 31 March 2025, the use of The Space, and in building/online attendances (last year in brackets) have been as follows:

Use	Number	Number	Attendance	Attendance
	2024-2025	Previous Year	2024-2025	Previous Year
Parties/Hire	60	57	1,785	1,075
Community Event	21	17	1,069	452
Rehearsal	163	150	486	1,087
Educational Project	76	81	1,292	1,260
Sub-Total	320	305	4,632	3,874

Public Arts Events - In person - Online	251 38	292 56	7,051 484	9,430 1,174

Total Attendance in the period	609	653	12,167	14,478

Programme April 2024 - March 2025

We have maintained the livestreaming of shows alongside receiving audiences in the building

Theatre: ... Walks Into A Bar, 2025 Season Launch, A Kiss For Cinderella, Baggage Reclaim, Brown Skinned Girls, Christmas Quiz Spectacular, Corpse In The Room, Empty Mirrors, En Haut, Forgotten In The Land Of Egypt, four touch, three touch, Gaps, Henry V, How To Urn A Living, Invisible Targets, J, Kensington's Bottom, King Louis, Let the B*TCH Out, Limehouse Youth Group, The London Mothers, Mother Soil, Night-Train, On The Road, Permission, Photographs, Portia's Julius Caesar, Possession, Red Hare's Wish, Road, Runaway, Sacred and Profane, SALT, Summer 24 Season Launch, Sepoys, Shotz!, Spitting Pretty, Soeur DuBois, SoulSpire Scratch, Space Xmas Party!, Straight Answers, Sub Titles Over, The Last Supper, The Lost Lionesses, The Pitch, The Sweet Science of Bruising, The Void, The Waiting Room, They'll Never Close the Docks, Time and Time Again, Vanya is Alive

Comedy: Stand-up at the Space II

Readings: Creation Myth, Glitch, Happy Endings, Half Truths & Hleów-Feðer, Ivy Day, Tennessee Williams Shorts, The Invisible Man

Music: Band for Life Gig, London Docklands Singers: Christmas Carols, Oscar Edelstein: Bitacoras, Recitals at the Space, Revolting Women

Screenings: England VS Spain Screening, Film Night – Gremlins, Wine Dark Film Festival

Roof Garden: Band For Life, Cairo Rose, Getting It Wrong (Al Fresco Festival), Ginzel's Cordoba (Al Fresco Festival), Hello Box Office (Al Fresco Festival), Hits and Pieces (Al Fresco Festival), Isle of Dogs Choir, KOTI. ILÉ. OOK KEI. HOME., Lear Alone (Al Fresco Festival), Muay Thai Group, Piano Piano concert, TangoE14, Sanjoy Dey, Saudha Literature Festival, The Vauxhall Band, Tindall Riley Workplace Choir Wuthering Heights (Al Fresco Festival)

Workshops: Daniel Camou Workshop, Is That You?, Let the B*TCH Out Workshop, Oida! Theatre Workshop, Playwrighting Workshop

Other Performances : Dropkixx Wrestling – Fallout, Dropkixx Wrestling – Brawl In, Dropkixx Wrestling – Star Clash, Drag Bingo, Gin Tasting

Page 6

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES

EMPLOYEES AND VOLUNTEERS

We are grateful to our dedicated theatre staff – Adam Hemming (full-time Director until May 31st), Matthew Lewis (Jameson, full-time Deputy Director until June 1[st] , then full-time Interim Director), Bethany Sharp (parttime Creative Producer until June 1[st] , then part-time Deputy Director), Catherine van der Hoven (Casual Duty Manager), Bethany Yao (Casual Duty Manager) and Dominic Poots (Casual Duty Manager) .

Thanks are due to the staff employed by the Space Bar – Abagael Young, Brett Milligan, Charlie Clark, Natalie Slonecki, Frankie Miller, Georgie Shapley, Harman Virdee, Joseph Westcott, Matt Murphy, Prab Kohli

We engaged the following freelancers to run activities: Michelle Pittoni (SpaceWorks), Mike Carter (ScriptSpace)

The Space runs a successful volunteer program, providing students and graduates with vital work experience to supplement their education and increase their employability. We also have a thriving volunteer base derived from the local community.

Our thanks go to:-

Our Events Management Committee:- David Grindley, Emma Fayter, Michelle Sansom, Pamela Wallbank, Sinthu Bhairavi and Maria Nicolette

Our volunteers and interns - Pamela Wallbank, Steffi Schreiter, Jonathon Whitby, Sheryl-Anne Belnavis, Amanda Byars, Bethany Yao, Bria Cooper, Bridget Maloney, Jenna Lester, Kate Horton, Madsy Hanks, Madison Ashley, Meredith Bennett, Monica Thomason, Nico Bello, Ryan Goldberg, Zora Richardson

Special thanks are also due to Theresa Warren (finance), Donna Dairy (payroll) and Adrian Howe (IT support).

PUBLIC BENEFIT

The Trustees have complied with their duty to have due regard to guidance on public benefit published Charity Commission; they recognise and welcome the need for the Space to carry out its charitable activities for the benefit of the general public, and they retain this aim at the centre of their strategic planning. The charity continues to offer a wide range of art-forms to the public at very accessible prices, as well as allowing free admission to local residents for selected events, exhibitions and workshops. The charity also continues to be heavily involved in education and community work, seeking to involve people from the widest possible range of backgrounds and abilities in the Arts.

Page 7

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES

FINANCIAL REVIEW AND RESERVES POLICY

General Fund: the charity made a net deficit for the year of £11,835 (2024: £2,596 surplus).

Unrestricted Designated Funds: the charity made a net deficit for the year of £12,272 (2024: £10,195 deficit) before transfers.

Restricted Funds: the charity made a net surplus of £25,000 (2024: £10,872 deficit) before transfers.

All Funds: there was a net surplus for the year of £40 (2024 : £18,471 deficit), after charging £12,272 (2024: £11,293) depreciation on fixed assets (including Freehold Improvements).

At 31 March 2025, the charity had total funds of £253,175 (2024: £253,135), including net current assets of £29,349 (2024: £17,037). The unrestricted free reserves in the General Fund at the year-end amounted to £5,202 (2023: £17,037). The Trustees resolved to adopt a formal reserves policy which aims to have a minimum of six months of operational expenditure in unrestricted reserves. Whilst the Trustees recognise this is not currently being met, they are committed to achieving this as soon as practical whilst continuing to meet our other objectives, policies and commitments.

RISK MANAGEMENT

The Trustees confirm that they have identified and reviewed the major risks to which the Trust is exposed and have established systems to mitigate those risks.

FUNDERS

The Trust is very grateful to the charities, trusts, government bodies and individuals who have supported The Space, without whom the Trust would not have been able to achieve so much.

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

It is the responsibility of the members of the Board of Trustees to prepare financial statements for each financial period, which give a true and fair view of the state of affairs of the charity and of the surplus or deficit of the charity for that period. In preparing those financial statements, the Board is required to:

select suitable accounting policies and then apply them consistently;
make judgements and estimates that are reasonable and prudent;
state whether applicable accounting standards 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 Board of Trustees is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charity and enable it to ensure that the financial statements comply with the Charities Act 2011. It is also responsible for safeguarding the assets of the charity and for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the Trustees

.....................................................................................

Andrew Straw Chair

………………. 2025

Page 8

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SPACE

I report to the trustees on my examination of the accounts of St Paul’s Arts Trust (“The Space”) for the year ended 31 March 2025 which are set out on pages 10 to 18.

Respective responsibilities of trustees and examiner

The charity's trustees are responsible for the preparation of the accounts in accordance with the Charities Act 2011 (“the Act”).

I report in respect of my examination of the Trust’s accounts carried out under Section 145 of the 2011 Act and in carrying out my examination I have the followed all the application Directions given by the Charity Commission under section 145(5)(b) of the Act.

Independent examiner’s statement

I have completed my examination. I confirm that no material matters have come to my attention which give me cause to believe that in, any material respect:

the accounting records were not kept in accordance with section 130 of the Act; or
the accounts did not accord with the accounting records; or
the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) regulations 2008 other than any requirement that the account give a ‘true and fair view’, which is not a matter considered as part of an independent examination.

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.

Theresa-Anne Warren FCA Chartered Accountant

GP Financial Management Ltd 8 The Old Yard Lodge Farm Business Centre Castlethorpe Milton Keynes MK19 7ES

………………2025

Page 9

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF FINANCIAL ACTIVITIES

Unrestricted General Fund	2025 Total	2024 Total
£ £ £ 65,081 0 0 6,864 0 0 0 0 0 21,047 0 26,000 1,490 0 0	£ 65,081 6,864 0 47,047 1,490	£ 76,778 39,985 0 27,274 452
94,482 0 26,000 57,520 9,204 1,853 21,041 1,534 0 27,756 1,534 0	120,482 68,577 22,575 29,290	144,489 105,226 26,584 31,150
106,317 12,272 1,853 (11,835) (12,272) 24,147 0 0 0	120,442 40 0	162,960 (18,471) 0
(11,835) (12,272) 24,147 27,313 225,822 0	40 253,135	(18,471) 271,606
15,478 213,550 24,147	253,175	253,135

The notes on pages 12 to 18 form part of these Financial Statements.

Page 10

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

Note
Fixed assets
Tangible fixed assets
8
Investments
9
Current Assets
Trade debtors
Due from trading subsidiary
Prepayments and accrued income
Other debtors
Cash at bank
Liabilities: amounts falling due within one year
Trade Creditors
Ticket income held
Tax and social security
Accruals
Other creditors
Net Current Assets (Liabilities)
Net Assets
Represented by:
Restricted funds
Restricted funds
4
Unrestricted funds
General funds
Designated funds
4
Trustees’ capital
Net Funds

2025
2024
£
£
£
£
223,831
236,103
1
1
223,832
236,104
849
2,508
5,327
7,419
7,037
9,151
560
2,451
29,436
12,932
43,209
34,461
9,183
5,847
1,573
6,495
348
2,230
2,596
2,297
160
555
13,860
17,424
29,349
17,037
253,181
253,141
24,147
0
24,147
0
15,478
27,313
213,550
225,822
229,028
253,135
253,175
253,135
6
6
253,181
253,141

Authorised and approved for issue by the Trustees on ……………. 2025.

.....................................................................................

Andrew Straw Chair

The notes on pages 12 to 18 form part of these Financial Statements.

Page 11

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

General Information

The charity is established under a Trust Deed adopted on 21 April 1989, with registered charity number 801587.

Statement of Compliance

The charity constitutes a public benefit entity as defined by FRS102. The financial statements have been prepared in accordance with Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), and the Charities Act 2011.

Basis of Accounting and Going Concern

These accounts have been prepared on an accruals basis under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The Trustees are of the opinion that there are no material uncertainties about the charity’s ability to continue as a going concern.

Income

Income is recognised in the financial statements when the charity becomes entitled to the resources, the trustees are virtually certain they will receive the resources and the monetary value can be measured with sufficient reliability, except for income received in respect of future events which is deferred to when the relevant event take place.

Income from donations and core funding grants is recognised when there is evidence of entitlement to that income, receipt is probable, and its amount can be measured reliably. If there are conditions attached to the donation or grant and this requires a level of performance before entitlement can be obtained, then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.

Expenditure

All expenditure is accounted for on an accruals basis, liabilities being recognised as soon as there is a legal or constructive obligation committing the charity to pay out resources. Costs in respect of future events are charged when the relevant event takes place.

Fixed Assets

Expenditure on tangible fixed assets exceeding £500 is capitalised and depreciated on a straight-line basis over the estimated useful lives of those assets. The building renovation of 269 West Ferry Road is depreciated over 50 years, and the replacement lift is being depreciated over 10 years. The Steinway piano was depreciated over 10 years, and the other furniture and equipment is depreciated over 4 years.

Investments

Investments in subsidiaries are recorded at cost, less provision for impairment where applicable.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.

Page 12

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

Capital Grants

Capital grants are treated as restricted funds initially until the funds have been spent on the fixed assets for which the funds were given. Once acquired, the restriction on the use of the funds is discharged and the use of the fixed assets becomes unrestricted within the objects for which the charity was established; the funds are therefore transferred into an unrestricted designated fund reflecting the net book value of the assets concerned. This designated fund is then reduced over the useful economic life of the assets in line with their depreciation.

Fund Accounting

Restricted funds comprise grants and donations that have been received for specific purposes or are subject to specific conditions imposed by the donor. Designated funds are unrestricted funds that have been designated for a specific purpose by the Trustees. Unrestricted funds may be used for the purposes of the charity at the Trustees’ discretion. Any proportion of a grant, whose receipt is conditional upon completion of the project being funded, is deferred until the project completion date.

2. GRANTS AND DONATIONS RECEIVED (GENERAL FUND)

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2025 2024
£ £
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Gift aid tax refunds Other donations and member schemes	6,894 0 14,153 7,554
	21,047 7,554

3. GRANTS AND DONATIONS RECEIVED (RESTRICTED FUND)

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2025 2024
----- End of picture text -----

Grant Funding Royal Victoria Hall Foundation Theatres Trust (Space Lift) Foyle foundation (Space Lift) Arts Council (Mrs C's Collective Dream School) Donations Individual donor Space LiftCampaign	£ £ 1,000 0 0 5,000 0 11,000 0 2,899
	1,000 18,899 25,000 0 0 821
	26,000 19,720

Page 13

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

4. FUNDS MOVEMENTS

The movements in the General Fund are shown in the Statement of Financial Activities.

The movements on other funds during the year were as follows:

Designated Funds

Current Year Freehold Property Fund Replacement lift Prior Year	Fund balance brought forward 01/04/2024 Depreciation Transfers Fund balance carried forward 31/03/2025 £ £ £ £ 195,708 (9,157) 0 186,551 30,114 (3,115) 0 26,999 225,822 (12,272) 0 213,550
	Fund balance brought forward 01/04/2023 Depreciation Transfers Fund balance carried forward 31/03/2024
Freehold Property Fund Replacement lift Restricted Funds	£ £ £ £ 204,865 (9,157) 0 195,708 0 (1,038) 31,152 30,114
	204,865 (10,195) 31,152 225,822

Current Year Fundraiser recruitment fund Festival seed funding Maintenance fund Royal Victoria Hall Foundation Prior Year	Fund balance brought forward 01/04/2024 Grants & donations received Expenditure Transfers Fund balance carried forward 31/03/2025 £ £ £ £ 0 10,000 0 0 10,000 0 10,000 0 0 10,000 0 5,000 (853) 0 4,147 0 1,000 (1,000) 0 0 0 26,000 (1,853) 0 24,147 Fund balance brought forward 01/04/2023 Grants & donations received Expenditure Transfers Fund balance carried forward 31/03/2024
Mrs C's Collective Dream School Space Lift Campaign	£ £ £ £ 27,693 2,899 (30,592) 0 0 14,331 16,821 0 (31,152) 0 42,024 19,720 (30,592) (31,152) 0

Current Year
Fundraiser recruitment fund
Festival seed funding
Maintenance fund
Royal Victoria Hall Foundation
Prior Year

Fund balance
brought
forward
01/04/2024
Grants &
donations
received
Expenditure
Transfers
Fund balance
carried
forward
31/03/2025
£
£
£
£
0
10,000
0
0
10,000
0
10,000
0
0
10,000
0
5,000
(853)
0
4,147
0
1,000
(1,000)
0
0
0
26,000
(1,853)
0
24,147
Fund balance
brought
forward
01/04/2023
Grants &
donations
received
Expenditure
Transfers
Fund balance
carried
forward
31/03/2024

Mrs C's Collective Dream School
Space Lift Campaign

£
£
£
£
27,693
2,899
(30,592)
0
0
14,331
16,821
0
(31,152)
0
42,024
19,720
(30,592)
(31,152)
0

5. TRANSFERS BETWEEN FUNDS

In accordance with the accounting policy for Capital Grants as set out on page 13, following completion of the replacement lift capital project during the year, funds raised in support thereof have been transferred to the designated fund against which future depreciation charges will be applied.

Page 14

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

6. INFORMATION REGARDING TRUSTEES AND STAFF

The total staff costs for the reporting period are analysed as follows:

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2025 2024
£ £
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	2025 2024 £ £
Wages and salaries National Insurance Pension contribution	50,884 66,547 0 417 848 1,432
	51,732 68,396

The average head-count of contracted employees during the year was 5 (2024 – 6). No employees received remuneration in excess of £60,000

The Trustees are not remunerated and no expenses were reimbursed to Trustees during the year.

7. NET INCOME FOR THE PERIOD

Net income for the period is stated after charging:

Net income for period is stated after charging:

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2025 2024
£ £
Depreciation 12,272 11,293
Independent Examiners fees:
- Independent Examination 500 500
- Accounts preparation, and support services 2,063 2,175
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8. TANGIBLE FIXED ASSETS

Cost Balance at 1 April 2024 Additions Balance at 31 March 2025 Depreciation Balance at 1 April 2024 Charge for the year Balance at 31 March 2025 Net book value At 31 March 2025 At 31 March 2024	Freehold improvements - St Paul's Church Freehold improvements - 265/7 West Ferry Road Furniture & equipment Kitchen furniture & equipment Steinway piano TOTAL
	£ £ £ £ £ 456,660 36,152 94,683 4,391 17,372 609,258 0 0 0 0 0 0
	456,660 36,152 94,683 4,391 17,372 609,258
	250,672 6,038 94,683 4,390 17,372 373,155 9,157 3,115 0 0 0 12,272
	259,829 9,153 94,683 4,390 17,372 385,427
	196,831 26,999 0 1 0 223,831
	205,988 30,114 0 1 0 236,103

Freehold Interest

The freehold property, St Paul’s Church, was purchased by the Trust on 30 June 1993 for £1. The Trustees do not consider that the property had significant value when it was acquired because major repairs were required to bring it into use, the cost of which are included above.

Page 15

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

8. TANGIBLE FIXED ASSETS continued

Leasehold Interests

St Paul’s Arts Trust has been granted two leases from the London Borough of Tower Hamlets on the adjacent land at 267 West Ferry Road (Title No NGL 341551) and 265 West Ferry Road (Title No NGL 343480). These leases are for the term of 125 years from 7 October 1996.

The leases impose strict conditions on the Trust which may only use the land for its own direct benefit (it may not be sublet, leased etc) and the permission of the Council is required for any use, construction, etc. which must further the charitable objects of the Trust.

9. INVESTMENTS

Investments represents 100% of the shares of a wholly owned subsidiary undertaking, The St. Paul’s Arts Trust (Trading) Limited, a company incorporated in England and Wales, and established for the purpose of carrying out the bar related trading activities on behalf of the charitable trust. The subsidiaries results are summarised below:

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Year ended Year ended 31
31 March 2025 March 2024
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	£		£
Turnover		205,804	209,375
Net profit / (loss)		26,168	(8,081)
Net assets / (liabilities)		1,742	(24,426)

10. NET ASSETS BY FUND

Current Year Fixed Assets Current Assets Current liabilities	Unrestricted Funds Restricted Fund Total 31/03/2025 £ £ £ 223,832 0 223,832 19,062 24,147 43,209 (13,860) 0 (13,860)
	229,034 24,147 253,181

Prior Year	Unrestricted Funds Restricted Fund Total 31/03/2024
Fixed Assets Current Assets Current liabilities	£ £ £ 236,104 0 236,104 34,461 0 34,461 (17,424) 0 (17,424)
	253,141 0 253,141

Page 16

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

11. RELATED PARTY TRANSACTIONS

During the year the charity received donations totalling £29,870 from trustees and family members.

The charity also charged its subsidiary entity, The St. Paul’s Arts Trust (Trading) Limited, 6,864 for its occupation and use of shared facilities. The amount remaining due from the subsidiary at the year-end was £5,327.

There were no further related party transactions during the year that require disclosure.

Page 17

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

12. COMPARATIVES FOR STATEMENT OF FINANCIAL ACTIVITIES

A statement of the movements in the charity’s funds for the previous year ended 31 March 2024 is set out below.

Unrestricted General Fund	2024 Total	2023 Total
£ £ £ 76,778 0 0 39,985 0 0 0 0 0 7,554 0 19,720 452 0 0	£ 76,778 39,985 0 27,274 452	£ 56,800 20,763 2,000 69,071 537
124,769 0 19,720 66,987 7,647 30,592 25,310 1,274 0 29,876 1,274 0	144,489 105,226 26,584 31,150	149,171 75,545 29,553 32,659
122,173 10,195 30,592 2,596 (10,195) (10,872) 0 31,152 (31,152)	162,960 (18,471) 0	137,757 11,414 0
2,596 20,957 (42,024) 24,717 204,865 42,024	(18,471) 271,606	11,414 260,192
27,313 225,822 0	253,135	271,606

Page 18

THE SPACE

REPORT AND FINANCIAL STATEMENTS

CONTENTS

CHARITY INFORMATION

Charity Name

Trustees serving during the year and since the year-end:

Trustees leaving during the year and since the year-end

Registered Address

Director

Bankers

Solicitors

Founder

Patrons

THE SPACE

REPORT OF THE CHAIR

REPORT OF THE TRUSTEES

CONSTITUTION

ORGANISATION OF THE CHARITY

APPOINTMENT OF TRUSTEES

OBJECTIVES AND ACTIVITIES

…THE SPACE TO ENJOY

…THE SPACE TO EXPLORE

…THE SPACE TO BE INSPIRED

ACHIEVEMENTS & PERFORMANCE

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES

Programme April 2024 - March 2025

Comedy: Stand-up at the Space II

THE SPACE REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025

REPORT OF THE TRUSTEES

EMPLOYEES AND VOLUNTEERS

PUBLIC BENEFIT

REPORT OF THE TRUSTEES

FINANCIAL REVIEW AND RESERVES POLICY

RISK MANAGEMENT

FUNDERS

STATEMENT OF TRUSTEES’ RESPONSIBILITIES

INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF THE SPACE

Respective responsibilities of trustees and examiner

Independent examiner’s statement

STATEMENT OF FINANCIAL ACTIVITIES

STATEMENT OF FINANCIAL POSITION AS AT 31 MARCH 2025

NOTES TO THE FINANCIAL STATEMENTS

1. ACCOUNTING POLICIES

General Information

Statement of Compliance

Basis of Accounting and Going Concern

Income

Expenditure

Fixed Assets

Investments

Debtors and creditors receivable / payable within one year

NOTES TO THE FINANCIAL STATEMENTS

Capital Grants

Fund Accounting

2. GRANTS AND DONATIONS RECEIVED (GENERAL FUND)

3. GRANTS AND DONATIONS RECEIVED (RESTRICTED FUND)

NOTES TO THE FINANCIAL STATEMENTS

4. FUNDS MOVEMENTS

Designated Funds

5. TRANSFERS BETWEEN FUNDS

NOTES TO THE FINANCIAL STATEMENTS

6. INFORMATION REGARDING TRUSTEES AND STAFF

7. NET INCOME FOR THE PERIOD

8. TANGIBLE FIXED ASSETS

Freehold Interest

NOTES TO THE FINANCIAL STATEMENTS

8. TANGIBLE FIXED ASSETS continued

Leasehold Interests

9. INVESTMENTS

10. NET ASSETS BY FUND

NOTES TO THE FINANCIAL STATEMENTS

11. RELATED PARTY TRANSACTIONS

NOTES TO THE FINANCIAL STATEMENTS

12. COMPARATIVES FOR STATEMENT OF FINANCIAL ACTIVITIES