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 eXperIen￿5.
'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 c￿atIve 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 Suc￿sS of thls programme, addltlonal fundlng wa5 secured from the Communlty Relations
Councll for'Patterns of Collaboratlon,, a new outreach projert. Thls saw groups of diffe￿nt 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 O￿tCe 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-