COMPANY NUMBER - N1610493 NI CHARITY REF - 106350 R-SPACE GALLERY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CONTENTS Page Contents Charlty Information and Officers Trustees, Report Independent Examlnees Report ststement of Flnancial Actlvlties Balance Sheet io Notes to the Flnancial Statements li
R-SPACE GALLER Y FIJVANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 CHARITY INFORMATION AND OFFICERS BOARD OF TRUSTEES l Bradbury A Clarke K Mooney N Sagnard (Chairman) INDEPENDENT EXAMINER Donald R Minshull FCA ACGOUIVTANT Minshull & Co Chartered Accountants and Statutory Au(Fltor 19 Crescent Buslness Park LISBURN 8T28 2GN BANKERS Bank of Ireland Market Square LISBURN BT28 IAG REGISTERED ADDRESS AND GALLER Y ADDRESS 32 Castle Street L156URN BT27 4XE COMPAIVY REGISTRA TION NUMBER N1610493 NOR THERN IRELAND CHARITY REFERENCE NUMBER 106350
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REPORT The trustees, who also act as directors of the companyi present their annual report together with the financlal statements for the year ended 31 March 2024. STATEMENT OF TRUSTEES. RESPONSIBILITIES Company law requlres the tW5tees to prepare financlal statements for each flnanclal period which give a true and fair view of the stste of the affairs of the charitable company and of the profit or105s of the charltable company for that perlod. In preparing those financial statements the directors are requlred to select suitable accounting pollcles and then apply them conslstently; make Judgements and estlmates that are reasonable and prudent. prepare the financial statements on the going concern basis unless it Is Inapproprlate to presume that the company will continue In business. observe the methods and principles In the Charitie5 SORP (FR5102) The trustees have elected to prepare the flnancial statements In accordance wlth UK GAAP and conflrm that under company law they must not approve the financial statements unless they are satisfied that they glve a true and falr vlew of the state of the company's affalrs and of the surplus or deflclt for that perlod. The reportlng framework that has been applled 15 the Charitles SORP (FRS 102). The directors are responsible for keeping proper accounting records which disclose wlth reasonable accuracy at any time the flnanclal position of the company and to enable them to ensure the flnanclal statements comply with the Companles Act 2006. They a also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the preventSon and detectlon of fraud and other Irregularltles. TRUSTEES The trustees of the charlty durlng the flnanclal year were as stated on page 2. OBJECTIVES AND ACTIVITIES Alms and objectlves Throughout 2023-2024 R-space Gallery contlnued to successfully pursue Its charitable objects as deflned In Its governing document.. (l) To advance the arts, including contemporary vlsual arts and crafts, for the beneflt of the public In the Llsburn and Castlereagh area and Its environs In Northern Ireland (hereinafter called the "area of benefit") and In partlcular: (a) to advance the education of the public in the arts including contemporary arts and crafts, and to encourage appreciation for and participation in all forms of the arts by any charltable meons the dlrectors see flt. (b) to co-ordinate the prov15ion of advice, support, tralnlng and mentoring and provision of facilities for the purpose of the encouragement and stimulation of those falling wlthjn the creative sector ancl community arts sector, by any charitable means the dlrectors see flt. (2) To promote community development and encourage community splrit and civic prlde by organising or facilitating provision of aciivities and or space to support delivery of arts, cultural, tourism, recreational, well-being. and other initiatives that support community integration and stimulation of artistic creativity in the area of benefit. Signlflclant Activitles Ex Itl n Pro me Our exhibition programme was instrumental to the pursult of our alms and objectlves, delivered thanks to continued major annual funding from the National Lottery through the Art5 Council of Northern Ireland. R-space run a serles of high-quality and inspiring exhibitions, encompassing vlsual arts, craft and deslgn, and accompanied by art15t talks and participatory workshops, that benefited artist5, individLAals and communltles in Lisburn, Northern Ireland and beyond. Throughout the programme we collaborated with and sUPPOrted several local and international artists at different stages of their career. We offered them opportunitles to showcase their art and develop their practice, and encouraged them to network, share experience and skills with other art15ts.
R-. SPACE GALLERY FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REPORT {contlnued) The programme's exhibitions, talks and workshops took place in our welcoming gallery space in the heart of Llsburn and were offered free of charge to the public to promote access and participation. Digltal art content for all exhibitions on our website and social media also allowed us to reach viewers nationally and Internationally. These activlties successfully engaged numerous participants and audlences who made positive comments about them. We therefore believe that the programme promoted their understanding and apprecialion of the arts. It a150 brought other significant benefits. It enhanced the provision of inclusive arts initiatives in the area, attracted citizens and vlsitors, brought together communities in a shared space, thus contrlbuting to communlty development and Integratlon, and promoting Lisburn as a tourist destlnatlon. Here Is a conclse overylew of our exhibltlon programme at R-space - 'McCaw Allan: A Tea Towel Collection, (Aprll-may 2023) wlth artlst Robert Peters and Flona McKelvie. Exhibition celebrating both Mccaw Allan, hlstorlcally a leading NI company producing linen items, and the Ilnen heritage in Northern Ireland. 'Connected Emotions, (July - August 2023) wlth artlst Jlll Phillips - A research and exhlbition project using Interactlve textile In5tallatlons to explore and display connections between different designs and emotions. 'The Alchemy of Print, (ortober - November 2023) wlth artlst and academlc Trish Belford - A research and exhlbltlon project presenting textile designs and exposing the value of technical craft, dyeing and printing expertlse. 'Materials Message5 and Meaning #12, (November - December 2023) Now In its twelfth year, 'MMM#I2' explored the work of local artists selected from R-space public open call. They responded to the theme 'Transltion' or the process In whlch somethlng changes from one state to another. 'Connectlon: Disconnectlon, (January - February 2024) wlth multl-dlsclpllnary artist Heather Dornan Wllson. Exhibition showcasing artworks In dlfferent media seeklng to explore shared human eXperIen5. 'Threads of Illuslon. (February - March 2024) featuring Dr Shelley James, gla55 artlst and internatlonal expert on light and well-belng. Presenting her op art glass sculptures and layered works that play wlth our understanding of space and tlme. The programme included R-space annual resldency and exhlbltion proJect'Re:New Wallace #6, (June 2023) marked the sixth collaboratlon between a Northern Irlsh artlst selected by R-space and the prestlgious Wallace Collectlon Museum In Hertford House, London. Its contents were Inherlted and augmented by Sir Rlchard Wallace, who In the 19th Century inherited the Hertford Estate comprislng lands that stretched from the River Lagan all the way to the shores of Lough Neagh In Northern Ireland. Thls year the project pmvlded a resldency opportunity to visual artist Emma Whitehead. The artist researched artefacts in the collection connected to the compulsion to measure tlme, distance, the seasons, and created arL'works as a response to thls particular theme, later exhibited at R-space. In While the glory days of 'Linenopolis" may be behlnd us, the echoes of thls vibrant industry remain woven Into the fabric of the reglon. R-space renewed Its commltment to the linen legacy and tradition, securing major fundlng from the Natlonal Lottery Herltage Fund (thanks to the National Lottery Players) for the Linen Biennale 2023, a very successful three-month festival of arts, crafts and design. Many elements ensured its success. What set the Linen Biennale apart was a forward-thinking vision that celebrated the past whlle exploring new opportunities for the future use of Ilnen and flax. The Initiatives reflected a commitment to revive and renew our collective understanding of the Ilnen's legacy. Through collaborative partnerships, exhibltion5, dlscussions, talks, tours, and other events, the festival sought to stlmuiate new thlnklng about one of Ireland's oldest textiles. The Llnen Blennale 2023 took place during August, September and Ortober, with some actlvltles happening outside the three-month period. The festival worked with over 50 dellvery partners whlch supported the hostlng and programming of events. This encompassed over 100 events spread across Northern Ireland reaching 7 out of 9 Locals Councll Areas (Belfast City Council, Llsburn & Castlereagh, Ards & North Down, Newry Mourne & Down. Causeway Coast and Glens, Mid-ulster and Annagh, Banbridge & Craigavon). They included:
R-SPACE GALLER Y FIIVAIVCIAL STA TEMENTS FOR THE YEAR EIVDED 31 MARCH 2024 TRUSTEES. REPORT (continued) 17 exhibitions 38 talks. tours, and demos 33 workshops 23 'otherf events (such as a drama, a fashion market and outreach events) A hlgh number of catIve and other professlonals worked on thls programme, and an extraordlnary number of people enjoyed It as shown by these figures: 100 professionals, Including artlsts, designers, makers, and professionals working in the arts, industry and heritage sectors 600 participants 10,000 audiences (In person and onllne) Among the Linen Blennale highllghts, were.. 'Plant Communltas, Exhibitlon (R-space Gallery, September 2023) an Internatlonal collaboratlon curated by Patrica Brien. Artlsts working In a variety of art forms looked at the flax plant cycle and Its connections wlth cultural tradltlon5 and practlces. Featurlng Annemiek de Beer, Patricia Brien, Amanda Coppes-martln, Bridget Kennedyi Geoff Dlego Litherland, Angharad McLaren, Tim Parry-williams and Ilka White. 'FlaxPaperLabs' Resldency (R-space Gallery & Flax Artist Studios, Belfast, July-August 2023) Canada- based paper and flbre artist Reglne Neumann undertook a residency in Flax Artlst Studios for her research project about traditlonal paper making technlques using flax. As part of the collaboratlve ethos the artlst dellvered papermaklng workshops to art15ts groups bulldlng numerous connectlons. 'Pallmpsest' Exhlbltlon (The Drylng Room at Conway Mlll, Belfast, September 2023) - Pre5entlng artlsts based at Conway Mill studios and their works in a varlety of media exploring different aspects of Ilnen from the Introductlon of flax by the Celts, to the industry's plvotal role In the change5 In socletyi and the echoes that remain today. Featurlng artlsts Karen Daye-Hutchinson, Anna Donovan Ceramic, Marie-Loulse Gormley, Melanie Woolley and Ruth Hamilton-sturdy. Lunchtime Lecture Series (Summer - Autumn 2023) - A collaboratlon wlth the Ulster Museum and the Llnen Hall Llbraryi Belfast. Across the programme we ran a serles of engaging public talks themed around industry, material, envlronment and narratlve. Many talks were recorded and are now avallable online as a legacy of the fe5tlval. treach As part of R-space's commitment to improving wellbelng and contributing to communlty development through engagement In the arts, the Linen Biennale 2023 was accompanied by an outreach programme. Artist Robert Peter5 worked wlth nlne different community groups across Northern Ireland. Together they explored traditional,prlnt technlques on Ilnen, and participants created thelr own prlnted designs onto Ilnen Insplred by themes of thelr cholce. Followlng the SucsS of thls programme, addltlonal fundlng wa5 secured from the Communlty Relations Councll for'Patterns of Collaboratlon,, a new outreach projert. Thls saw groups of diffent backgrounds and abilitle$ coming togather and. working on collaborative textile art pieces to celebrate cultural dlverslty. RELATED PARTIES There are no related parties to report save the board of trustees, and no transactions to report. RESULTS The deficlt for the year was £64,934 (2023: É 61,526 surplus)
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES. REPORT (continued) CHARITABLE STATUS The charity 15 an Incorporated prlvate Ilmited company. It is registered wlth the Charity Commission for Northern Ireland under reference number 106350. PUBLIC BENEFIT The publlc beneflts that flow from the purpose (l) Awareness and knowledge amongst the public of all aspects of arts. Sense of well-belng from opportunities to experience and participate In the arts. Heightened creative capacity and professional development among new and emerging artists. Development of technical processes and sharing of skills and collaboration. The publlc benefits that flow from the purpose (2) Increased opportunities to access the arts. Engagement and particlpation in artistic activitles and events, particularly amongst marglnalised groups groups In soclety. Arts as a means of expression and fulfilment. Arts helping development of a shared and vibrant society. Increased effectlveness of community and voluntary organisations that access the faclllties and support on offer. These beneflts are evldenced by the feedback and surveys we gather from vlsltors, artlsts, partlclpants and public and our continued support from The Arts Council Nl, National Lottery Fund, Lisburn & Castlereagh City Council and other funding partners and sUPPOrters. The trustees agree here Is no foreseen harm flowlng from thls purpose. The beneficiarles of thls purpose are the general public, vlsltor5 and artlsts, The trustees agree that there Is no foreseen private benefit flowing from this purpose. FZNANCIAL REVIEW & RESERVE5 POLICY Reserv.es at 31 March 2024 were £20,913 The trustees have a pollcy to ensure that £15,000 of these Is rlngfenced so that reseNes do not fall below thls level. The company's core expendlture Is well controlled due to the nature of the operatlons.. It contlnues to expand its charitable and fund ralsing actlvltles to ensure It reaches as many people as possible. The profile of expenditure is as agreed with the funders when appllcable. Unrestrlcted funds are funds whlch are avallable for use at the dlscretlon of the trustees in furtherance of the 9eneral objectives of the charlty and which have not been designated for other purposes. Deslgnated funds comprise unrestrlcted funds that have been set aside by the trustees for partlcular purposes. The alm and use of each designated fund is set out in the notes to the financial statements If Identified as such. Restrfcted funds are funds which are to be used In accordance wlth speclflc 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. IMPACT OF COVID-19 The Impact of coranavlrus restrictlons rneant that there had been a redu¢tlon In physical in-person gatherings for performances and workshops and an increase in onllne activity. Now back to normal there has been no Impact on the charity's 5UStalnability due to the active management of the charity. The trustees are satisfied that the charity can continue to endeavour to achleve its objectives.
R-..SPACE GALLERY FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT (contlnued) GOING CONCERN The trustees, having considered the charity's income streams, financial means and strategy for dealing with issues such as the impact of Covid-19, over the next 12-18 months, are satisified that the going concern basis Is appropriate. FUTURE PLANS R-space wlll remain commltted to secure funding for our programme and thus to offer insplring exhibitions, engaging partlclpatory art5 initiatlves and outreach projects for the benefit of the publlc. As the organlsatlon strlves to enhance Its capaclty to benefit Indivlduals and communltles, It is our arnbltlon to develop a creative hub. To thi5 end R-space Gallery wlll seek capital funding to purchase and restore the 'L15ted Bulldlng that the charlty occuples In Castle Street Llsburn and transform it Into 'The Linen Rooms Lisburn Creatlve Communlty Hub,. This would provide a valuable creative space to further drive cultural, Social and economic regeneratlon within the heart of the city and contribute to revlval of the historic character of the Llsburn Historic Quarter. MANAGEMENT AND GOVERNANCE R-space continued to be managed by a strong and enthusiastic operational team of managers with a wealth of expertlse and experlence in management, programmlngi development, marketing and admlnistration. The Board of Trustee supported and guided the team thanks to their wide range of expertlse and a strong breadth of experlence, both from wlthln the cultural and prlvatelbusiness sectors. AUDIT EXEMPTXON In accordance with the provisions of the Charitles Act (Northern Ireland) 2008 the charlty Is exempt from the statutory audlt requirement. INDEPENDENT EXAMINER The Independent examlner, Donald R Mln5hull FCA of Mlnshull & Company, Chartered Accountants and Statutory Audltor, offers hlmself for re-appolntment. The Board of R-space Gallery would wlsh to thank the staff team and volunteers for their ongolng energy drive and commltment and thank all our fundlng partner5 and those across our communities of interest who continue to help R-space Gallery advance the arts, includlng contemporary vlsual arts and crafts, for the benefit of the public In the Lisburn and Castlereagh area and Its envlrons in Northern Ireland. A Clarke Chairman of the Board of Trustees BY ORDER OF THE BOARD Date 27 November 2024
INDEpeNDENT EXAMINER'S REPORT TO THE MEMBERS OF R-SPACE GALLERY E have examined the flnanclal statements, on pages 9 to 14, which comprlse the Statement of Financlal Activitles, Balance Sheet and related notes of R-space Gallery for the year ended 31 March 2024. The flnancial reporting framework that ha5 been applied In their preparatlon Is appllcable law and Charltles SORP (FRS 102) and the accountlng policles set out therein. Respective responslbllltles of trustees and examiner The charity's trustees are responsible for the preparation of accounts. The charlty's trustees conslder that an audit is not required for thls year under sectlon 65 of the Charities Act (Northern Ireland) 2008 and that an Independent examinatlon Is needed. It Is my responslbllity to examlne the accounts under section 65 of the Charities Act follow procedures laid down In the general dlrettlons given by the Charlty Commlsssion for Northern Ireland under Section 65(9)(b) of the Charities Act State whether partlcular matters have come to my attention. Basls of Independent examlner's statement My examination was carried out In accordance with general directlons glven by the Charlty Commisslon for NI, as requlred under section 65(9){b) of the Charlties Act (Northern Ireland) 2008. An examination Includes a revlew of the accounting records kept by the charlty and a comparison of the accounts presented with those records. It also includes consideratlon of any unusual Items or dlsclosures In the account5, and seeklng explanations from the trustees concerning any such matters. The procedures undertaken do not provlde all the evidence that would be requlred in an audlt, and consequently no Oplnion is glven a5 to whether the accounts present a 'true and falrf vlew and the report Is Ilmited to those matters set out In the statement below. My role Is to state whether any Material matters have come to my attentlon glving me cause to belleve: l. That accounting records were not kept in accordance wlth Sectlon 63 of the Charities Act 2. The the accounts do not accord with those accounting records 3. That the accounts do not comply wlth the accountin9 requlrements of the Charities Act 4. That there is further Information needed for a proper understanding of the accounts to be reached. Independent examiner's statement I have completed my examlnation and have no concerns In respect of the matters l. to 4. Ilsted above and, In connection with following the Oirections of the Charity Commission for Northern Ireland, I have found no matters that requlre drawlng to your attentlon. Donald R Minshull FCA Mlnshull & Co Chartered Accountants and Statutory Audltor Date 27 November 2024 19 Crescent 8usiness Park LtS8URN B T28 2GN
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 INCOME Note restrlcted unrestrlcted total total Activltles for generating funds Hire fees Exhibition Sales Donations loo 1,086 162 loo 1,086 162 440 1,177 908 Income from Charitable Actlvities Capital grants amortlsed Revenue grants and contratts credited Other income 3,862 86,048 3,862 86,048 163 107,321 15,000 163 89,910 1,511 91,421 124,846 EXPENDITURE Expendlture on Charltable Actlvlties Artists Fees Marketlng Expenses Transportation Materlals & Room Hlre Volunteers 44,349 5,901 482 1,482 1,302 331 82 44,680 5,983 482 1,482 1,302 11,715 302 Total (53,516) (413) (53.929) (12,017) Income less charltable Jctlvltles dlrnct costs 36,394 1,097 37.491 112,829 Charltable activltles - support costs Rent and Rates Insurance Heat and light Equlpment repalrs and leaslng Telephone and Zoom Postage, statlonery and OtCe supplies Staff Costs Curator staff and offlcers travelllng expenses 8ank charges Depreciatlon Sundry expenses 5,955 931 543 373 896 107 50,128 26,250 1,779 300 3,862 5,955 1,301 675 431 1,361 576 50,128 26,250 1,779 306 3,862 5,818 1,175 1,125 1,009 1,073 278 10,613 25,000 1,902 167 370 132 58 465 469 (42) Governance costs Accountancy & Audlt Fees Legal and professional fees 1,138 6,840 1,138 8,664 915 2,270 1,824 Total (99,102) (3,324) (102.426) (51,303) Net in/{out)ward resources for the p•rfod 2 (62,708) (2.226) (64,934) 61,526 Balance brought forward at l Aprll 2023 62,708 23,139 85,847 24,321 Balance carrled.forward at 31 March 2024 20,913 20,913 85,847 The charlty made no other galns or 105ses during the year other than those stated above The notes on pages 11 to 14 form part of these accounts
R-SPACE GALLER Y FINAIVCIAL STA TEMENfs FOR THE YEAR ENDED 31 MARCH 2024 BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Fixed Assets 15,449 Current Assets Grants receivable Cash at bank and on hand 669 33,848 87.184 34,517 87,184 Llabilitiei (amounts falling due withln one year) Revenue grants deferred Capltal grant5 deferred Accruals 12,235 15,449 1,369 1,337 29,053 1,337 Net Current Assets 5,464 85,847 Net Assets 20,913 85,847 FUNDS General reserve 20,913 23,139 Re5trltted Funds 62, 708 Balance at 31 March 2024 20,913 85,847 For the flnanclal year In questlon the charity was entitled to exemption under Settion 477 of the Companles Act 2006 for the year ended 31 March 2024. No one has required the charity to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance wlth Section 476 of the Companies Act 2006. The trustees have acknowledged their spOnsIbIlItIeS for ensuring that the charlty keeps accounting records which comply with Section 386 and prepares accounts in accordance with the requlrements of Sectlon 393 of the Companles Act 2006, so far as appllcable to this charity. These accounts have been prepared In accordance with the provlslons appllcable to charltles subject to the Charities SORP (FRS 102). Approved and authorlsed to be15sued, by the Board of Trustees on the date below and signed on Its behalf by A Clarke Chairman of the Board of Trustees Date 27 November 2024 The notes on pages 11 to 14 form part of these accounts 10-
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES The following accounting policles have been used con515tently In deallng wlth items which are considered material in relatlon to the charity'5 financlal statements, (a) Basls of Preparation The flnancial statements have been prepared In accordance wlth Accounting and Reporting by Charltles.. Statement of Recommended Practlce appllcable to charltles preparlng their accounts In accordance wlth the Financlal Reporting Standard appllcable in the UK- Charittes SORP (FRS102), the Financial Reportlng Standard appllcabale in the U The charlty rneet5 the definltlon of a publlc beneflt entity under FRS 102. A55ets and Ilabilitles are Inltlally recognised at historical cost or transacton value unless otherwise stated in the relevant accountlng pollcy note. (b) Reconclllatlon Wlth Prevlous Generally Accepted Accounting Practlce In preparing the accounts, the trustee5 have declded that In applylng the accountlng pollcles requlred by FRS 102 and the Charltles SORP FRS 102 no restatement of comparatlve Items was requlred. (c) Préparntlon ol the Accounts on a Golng Concern Basis The company reports £64,934 cash outflow for the year and the trustees have formulated a strategy that wlll secure the Imrnedlate future of the company for the next 12 to 18 months and on that basls the charlty Is golng concern, (d) Income Income Is recognlsed when the company has entltlement to the funds, any performance condltlons have been met, It Is probable that the Income will be recelved and the amount can be measured rellably. Income from government and other grants, of a revenue nature, is recognlsed when the company has entitlement to the funds, any performance Condltlons ?tta¢hed to the grants have been met, it Is probable that the Income wlll be received and the amount can be measured rellably and Is not repayable to the funder. Capltal grants are amortlsed In Ilne wlth the depreclatlon of the assoc5ated assets, the purchase of whlch has been funded by said grants. (e) Donated professional servlces and donated facilltles are recognised as Income when the company has control over the Item, any conditions associated wlth the donated Item have been met, the recelpt of economlc beneflt from the use of the Item by the charity Is probable and the economlc benefit can be measured reliably. In accordance wlth the Charties SORP (FRS 102) general volunteer tlme Is not recognlsed. On recelpt, donated profe5s1onal servlce5 and donated facllities are recogn15ed on the basls of the value of the glft to the charity whlch Is the amount the charlty would have been willing to pay to obtaln servlces or facllltles of equivalent economic benefit on the open market. a correspondlng amount is then recognised in expendlture In the perlod of recelpt. Donated Servlces and Facllltles (f) Interest Recelvabl• Inte$t on funds held on deposit 15 included when receivable and the amount can bemeasured rellably by the companyi normally upon notlficatlon of the Interest pald or payable by the financial institutlon. (g) Fund Accountlnq Unrestricted funds are available to spend on actlvities that further any of the purpoes of the company. Deslgnated funds are unrestrlrted funds of the charity that the trustees have decided at thelr dlscretlon to set aside to use for a specific purpose. Restricted funds are donatsons which the donor has specified are to be solely used for particular area5 of the company's work. 11
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) (h) Expenditure and Irrecoverable Value Added Tax Expenditure Is reco9nlsed once there Is a legal or constructive obligatlon to make a payment to a thlrd party, It is probable that settlement wlll be requireed and the amount of the obligationcan be measured reliably. Expenditure is classifled under the following actlvity headings". costs of raising funds comprise the costs of commerclal trading expenditure on charitable activities includes the costs of activities undertaken to further the purposes of the company governance and support costs include all other costs Unrecovered Value Added Tax Is charged as a cost agalnst the artlvlty for which the expendlture was Incurred. (i) Support Costs Support costs are disclosed separately in the Statement of Flnanclal Activltles. Tanglble Fixed Assets and depreclatlon Tangible fixed assets costing £200 or more are stated In the accounts at orlglnal cost less depreciatlon In order to write off the cost of fixed assets, over thelr estimated useful Ilves, using the following annual rate u) Flxtures, fittings and equipment 20.00% 33.33% (k) Debtors Debtors and accrued Income are recognlsed at the settlement amount due after any dlscount offered. Prepayments are valued at the amount prepald. Cash at Bank and In Hand Cash at bank and cash In hand Includes cash and short term hlghly Iiquld Investments wlth a short maturity of three month5 or less from the date of acquisltlon or openlng of the deposlt or slmlalr account. (m) . Credltors and Provlslons Creditors and provlslons are recognised where the company has a present obllgatlon resultlng from a past event that wlll probably resLtIt In the transfer of funds to a thlrd party and the amount due to settle the obligation can be measured or estimated rellably. Credltors and provislons are normally recognlsed at their settlement amount after any d15counts, (n) The company only has flnanclal assets and financlal Ilabilltles of a klnd that quallfy as baslc finandal Instruments. Baslc flnanclal instruments are InStially recognised at transactlon value and subsequently measured at their settlement value wlth the exceptlon of bank loans whlch are subsequently measured at amort15ed cost uslng the effective interest method. Flnanclal Instruments (o) Exemption from preparlng a cashflow statement Exernptlon has been taken from preparlng a cashflow statement on the grounds that the company quallfies as small company. (p) Charlty status and members liability The charlty Is a prlvate company Ilmited by guarantee. The members are the trustees as listed page 2. 2. DEFXCIT/SURPLUS FOR THE YEAR IS STATED AFfER CHARGING: Accountancy Fee5 Examinatlon Fees 788 350 12-
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TO THE FINANCIAL STATEMENTS (continued) 3. TRUSTEES The trustees received no emoluments nor expenses during the period. 4. PERSONNEL Number olpersonnel The average weekly number of persons engaged by the charity, excluding trustees, durlng the year was: 2024 number 2023 number Managerlal and administratlon The remuneration paid to these persons wa5 staff Curator 50,128 26,250 10,613 25,000 76,378 35,613 No personnel had beneflts In excess of £60,000 (2023: £nil). As the above persons are self employed there are no assoclated pension cost5. 5. TANGIBLE FIXED ASSETS Flxtures & Flttings TOTAL COST at l April 2023 Addltlons 19,311 19,311 at 31 March 2024 19,311 19,311 DEPRECIATION at l April 2023 Charge for the Year 3,862 3,862 at 31 March 2024 3,862 3,862 NET BOOK VALUE at 31 March 2024 15,449 15,449 13-
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2024 NOTES TQ THE FINANCIAL STATEMENTS (contlnued) 6. RESTRICTED FUND GRANTS AND FEES 2024 2023 Funder - Arts Council Northern Ireland (excluding capital grant) Community Relations Council National Lottery Heritage Fund Lisburn and Castlereagh City Councll 46,964 974 49,676 56,910 49,676 735 Total amounts received In year 97,614 107,321 Amount accrued at l Aprll 2023 Amount deferred at l April 2023 Amount accrued at 31 March 2024 Amount deferred at 31 March 2024 669 (12,235) Credlt to Statement of Flnanclal Actlvltles 86,048 107,321 7. RESTRICTED FUNDS SUMMARY Opening Balance Income/ Expendlturel Credlts Transfers Closing Balance Arts Council Northern Ireland (excludlng capltal grant) Natlonal Lottery Herltage Fund Community Relatlons Councll 13,032 49,676 34,729 49,676 1,643 (47,761) (99,352) (1,643> Total 62,708 86,048 (148,756) 8. CAPITAL GRANTS Included current liabillties Is an amount deferred in respect of grants recelved for the purchase of fixed assets. Amounts received in respect of fixed asset purchases are matched with the related depreciation charges and are therefore written off over the useful Ilfe of the asset concerned. The amoiint deferred at 31 March 2024 was £15,449 (2023: £nll) and amortised for the year, £3,862 (2023." £nll). 9. RELATED PARTY There were no related party transactlons to note. 10. srATUTORY INFORMATION R-space Gallery is private company limited by guarantee. The charlty's Charlty Commission for Northern Ireland's reference can be found on the company information page. The presentation currency of the flnancial statements Is the Pound Sterllng (É). 14-