COMPANY NUMBER - N1610493 NI CHARITY REF - 106350 R-SPACE GALLERY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 •AEtrNLTXV* 1711212025 COMPANIES HOUSE A34
71
R-SPACE GALLERY FINANCIAL STA TEMEIVTS FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS Page Contents Charity Information and Officers Trustee5' Report Independent Examlner's Report Statement of Financlal Activities Balance Sheet io Notes to the Financlal Statements
R-SPACE GALLERY FINANCIAL STATEMENTS FOR THE YEAR EIIDED 31 MARCH 2025 CHARITY INFORMATION AND OFFICERS BOARD OF TRUSTEES J Bradbury B Conlan A Clarke K Mooney N Sagnard (appointed February 2025) (resigned July 2025) (resigned July 2025) (acting Chairman appointed August 2025) INDEPENDEIVT EXAMINER Donald R Mlnshull FCA ACCOUNTANT Mlnshull & Co Chartered Accountants and Statutory Auditor 19 Crescent 6usines5 Park LIS8URN BT28 2GN 8ANKERS Bank of Ireland Market Square LISBURN 8T28 IAG REGISTERED ADDRESS AND GALLER Y ADDRESS 32 Castle Street LISBURN 8T27 4XE COMPANY REGISTRA TION NUM8ER N1610493 NOR THERIV IRELAND CHARtTY REFERENCE NUMBER 106350
R-SPACE GALLERY FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES. REPORT The trustees, who also act as directors of the company. present their annual report together with the financial statements for the year ended 31 March 2025. STATEMENT OF TRUSTEES, RESPONSZBILITIES Company law requires the trustee5 to prepare financial statements for each financial period which give a true and fair view of the State of the aFfair5 Of the charitable company and of the profit or1055 of the charitable company for that period. In preparing those financial statements the directors a required to select suitable accounting policies and then apply them consistently; make judgements and estimates that are reasonable and prudent,. prepare the financial statements on the golng concern basis unles5 it is Inappropriate to presume that the company will continue in business. observe the methods and princlples in the Charities SORP <FRS102) The trustees have elected to prepare the financial statements in accordance with UK GAAP and confirrn that under company law they must not approvE the financial siatements unless they are satisfied that they give a true and fair view of the state of the company's affairs and of the surplus or deficit for that period. The reporting framewors that has been applied is the Charities SORP (FRS 1021. The directors are responsible for keeping proper accounting records which disc105e with reasonable accuracyat any time the financial p051tion of the company and to enable them to ensure the flnancial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the.company and hence lor taklng reasonable steps for the prevention and detection of fraud and other irregularities. TRUSTEES The trustees of the charlty durlng the financlal year We as stated on page 2. OBJECTIVES AND ACTIVITIES Aims and objectives Throughout 2024-2025 R-space Gallery contlnued to successfully pursue its charltable objects as defined in Its governing document.. ( I l To advance Ihe arts, including Contemporary vlsual arts and craft5, for the benefit of the public In the Lisburn Castlereagh area and its environ5 in Northern Ireland (herelnafter called the "area of benefit") and In particular.. (a) to advance the education of the public in the arts including contemporary arts and crafts. and to encourage appreciatlon for and particlpation in all forms of the arts by any charitable means the dlrectors see fit. (b) to co-ordlnate the provi51on of advlce, 5UPPQrt, trainlng and mentorln9 and provision of facilllles for the purpose of ihe encouragement and stimulation of those falling within the creative sector and community arts sector, by any charitable means the directors see fit. (21 To promote community development and encourage community splrit and clvic pride by or9anislng or facllltating provision of activitles and or space to support delivery of arts, cultural. tovrism, recreational. well-belng and other initiativès that support community integration and stimulation of artistic creativity in the area of benefit. Significiant Activitie5 xhibStion Pro ram Our exhibition programme was instrumental to the pursuit of our airns and objective5. delivered thanks to continued major annual funding from the National Lottery through the Arts Council of Northern Ireland. R-space Gallery run a series of high-qualityi innovative and Imaglnative exhibitlons, with artists working in and presenting art in and across different art forms and disciplines - visual arts. crafts and science among them. Exhibitions were accompanied by artist talks and participatory workshops. and overall the programme benefitted artlsts, indlvidua15, communities and the general public in Lisburn, Northern Ireland and beyond. Throu9hout the programme we collaborated with and supported several art151ts at different stage5 of their career based across Northern Ireland and the rest of the UK as well as. the Republic of Ireland. We offered them opportunities to Showcase their art, and provided advice, rnentoring and encouragement to develop their practice.
R-SPACE GALLER Y FINAIVCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES. REPORT (continued) The programme's exhibitions, talks and workshops took place in our welcoming gallery space in the heart of Lisburn and were offered free of charge to the public to promote access and participation. Digital art content for all exhlbitions on our webslte and social media also allowed us to reach viewers nationally and internationally. These activities successfully engaged numerous participant5 and audiences who made positive comments about them. We therefore believe that the programme promoted their understanding and appreciation of the arts. It also brought other signiflcant benefit5. It enhanced the provision of incluslve arts initiatives in the area, attracted citizens and visltors, brought together communities in a shared space, thus contributing to community development and integration, and promoting Li5burn as a tourist destination. ere is a concise overvlew of our exhibition programme at R-space 'Tr3nsit' (August - September 2024) - Featuring celebrated artist Anshiya Sundaralingam. Showcasing her multi-disciplinary work through the lens of her personèl Journey navigating the perilous Waters of the Srl Lankan civil war- invlting viewers to reflect on the themes of migration, Journey, and the endurin9 human spirit. 'MaterSals, Messages and Meanlng # 13, (September - October 20241 . Annual open call exhibition. Th15 year presenting the work of selected visual artist5 who responded to the theme 'suspension' and explored it5 possible meanings through their diverse contemporary brt practlces. Featuring Louise French, Sandra Gordon Kerr, Llsa lohnsron, Lauren Martin, and Maya Todd. 'Intergenerational Connections. l 1 29 November 2024) - With high profile artist Dr Lynne J Hockin, a scientlSt- turned-handweaver, An Innovative project bringing together art. craft and Science, and exhlbiting handwoven sculptural objects thèt give physical form to data and concepts related to genetics and ancestry. 'Stars & Stripes, (8 February - 7 March 2025) Featuring accomplished visual artlSt Kathryin Graham. Through new seri'es of prints and objects, the artist explored visual symbols rooted in American identlty, invlting viewers ro consider how idenrily and belongTrng are formed through real and imagined spaces we navigate. The programme also included two'Re.'New Wallace. resldency projects at the Wallace Collection Mvsevm in London. This host5 a prestigiou5 collection of art and artifacts that has a link with Northern Ireland as it was Inherlted and augmented by Sir Richard Wallace, an MP. benefactor and land-owner In Llsburn and County Antrim. These residencies are offered annually by R.Space Gallery to artistslmakers to carry out research aboutlat the collection and create an innovative art15tic response to it. later exhibited at the gallery. 'Re.' Ne¥Y Wallace # 7: Les Wallaces, re-lmagining the fountains, (jan - June 2034) Visual artist Judith Waring engaged with oblect5 in the collection having visual and conceptual resonances with the eclectic iconography of the fountalns, as well as the drinking fountain5 Sir Wallace donated to the'city of Paris and Lisburn (18705). She responded to them 'relmaglning' fountalns,. and creating a serles of objects and drawlngs that look at past and contemporary concern with sustainability and access to clean water for all, and invite viewers to look at the fountains again from a number of Standpoints, Thls l)ody of work was Shown at R-space as the exhibltion titled 'Quenched' (June 20241. 'Re.' New Wallace #8: From Collecting to Colonialisrn, (jan - March 2025) Multi-disciplinary artist Robert Peters researched about the collection and responded with a new body of work. This framed the collectlon withln the legacy of British Colonialism, while looking al contemporary colonisation of culture and decolonisation strategies within cultural organisations. The diverse artworks included 30 printed sculptures, reima9ined miniatures, a series of 'fAlk' paintlngs, ond an anlmation incorporatlng scanned sculptures from British museums and collection5. all exhibited èt R-space Gallery{March 2025). Throughout the 'Re:New Wallace. proJect5. artists were supported by the speciallst èdvisor Anthea Mcwilllams. 'Captured View5: The Lost Sketchbooks of Laura Shier. (April May 2024) - A retrospective exhibition of unseen Irish watercolour sketches by talented landscape painter Laura A. Shier. R-space Gallery hosted this Show funded by the artist's family with the aim of offering further exhibition opportunities to local artist5 whlle generating income from gallery hire5,
R-SPACE GALLERY FINANCIAL sfA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES. REPORT (continued) Outreach ramme R-space Gallery is committed to improving wellbeing and conrributing to community development through engagement in the arts. Building on the 5u¢ces5 of previous Outreach projects. R-space continued to develop and deliver a programme reaching those most in need and with low engagement in the arts. and bringing together participants of diffent abilitie5 and backgrounds on creative projert5. R-space Gallery worked with Action Mental Health, Lisburn Downtown Centre, the Resurgarn Development Trust, Stepping Stones Youth seice5 and Pink Elephant. all in Lisburn, in order to reach participants with low-income, people with a disability, and people with mental 111 health. Several groups took part in a serie5 of creative workshops. tailored to their interests and needs, and facilitated by profe55ional artist Robert Peters. They explored different art forms and techniques and produced a variety of works, from paintings, to drawings, print5 and textile pleces, reflecting partlclpants, Interests, identlty and connections with the city. All participants commented that they enjoyed their projects, and the workshop5 not only helped them vllth gainlng artistlc skllls, but also contributed to their personal development. inen Bie le R-space secured fLJnding from the Esme Mitchell Trust to start programmlng for the Linen Biennale 202 5. This is a festival and celebration occurring every two years, deeply rooted in the cultural, agricultural, and industrial heritage of Northern Ireland. It is a reflectlon on the past, an explorallon of the present and a catalyst for future developments in art, design. and sustainable practices. It serves a5 a bridge connecting the traditions of local linen production with contemporary applicaiions. What sets the Llnen Biennale apart is a forward- thinking vislon that celebrate5 the past whlle explorlng new opportunities for the future use ol linen and flax. The Linen Biennale acknowledges the economic potential and envlronmental 5UStalnabillty that linen present5, making it a material of great significance In the modern era. RELATED PARTIES There are no related parties to report save the board OF trustees, and no transoctlons to report, RESULTS The defSclt for the year was EIO,267 (2024: E 64.934 deficit) CHARITABLE STATUS The charify is an incorporated private Ilmited company. It 15 re9lslered wlth the Charlty Commisslon lor Northern Ireland Ltnder reference number 106350. PUBLIC BENEFxr The public benefits that flow Irom 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 emerying artists. Oevelopment 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 participation in artistic activities and events. particularly amongst marginalised group. group5 in society, Arts as a means of expression and fulfilment. Arts helping development of a shared and vibrant 5ocietv. Increased effectiveness of community and voluntary organisations that access the facilities and support on offer. These benefits are evidenced by ihe feedback and surveys we gather from visitors. artist5. participant5 and public and our continued support from the Natlonal Lottery Fund through The Arts Council of Northern Irelènd, The Halifax Foundation and other funding partners and supporter5.
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES. REPORT (continued) The trustees agree here is no foreseen harm flowing from this purpose. The beneficiarie5 of this purpose are the general publlc, visitor5, and artists. The trustees agree that there is no foreseen private benefit flowing from this purpose. FINANCIAL REVIEW & RESERVES POLICY Reserves at 3 1 March 2025 were EIO,646 The trustees have a policy to ensure that £5.000 of'these Is ringfenced 50 that reserves do not fall below thi5 level. The cofflpany's core expenditure is well controlled due to the nature of the operations. It continues to expand its charitable and fund raising activities to ensure it reaches as many people as possible. The profile of expenditure is as agreed with the funders when applicable. Unrestricted funds are funds whlch are available for use at the discretion of the trustees in furtherance of the general objectlves of the charity and which have not been designated for other purposes. Designated lund5 comprise unrestricted funds that have been set aslde by the trustee5 for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements if identified as such. Restricted funds are 9rantsldonations which the funder/donor has specified are 501ely used for particular èreas of the company's work. The cost of raising and admin15tering such funds are charged against the specific fund. ZMPACT OF CQVID-19 The impact of coranavirus restrictions meant that there had been a reduction in physical in-person 9atherings for performance5 and workshops and an increase in online activity. Now back to normal there has been no Impact on the charlty's Sustainability due to the active management of the charity. The trustee5 are satisfied thal the charity can continue to endeavour to achieve it5 objectives. GOING CONCERN The trustees, having consldered the Charity's income streams, flnancial means and strategy lor dealing with issues such as the Impact of Covid- 19. over the next 12- 18 months, are satlsified that the going concern basis Is appropriate. FVTURE DeveLOPMENTS R-space will remaln committed to secure funding lor our programme and thus to offer Inspiring exhibltions, engaging particlpatory arts initiatives and outreach projects for the benefit of the public. The organisatlon also remalns committed to remainlng a valuable creative space in the heart of Llsburn. that contrlbvte5 to the culture. soc5al and economlc life of the clty. SUSTAINABILITY R-space continuerj to maintain its sustainability throughout this financial year and ensured that Financial resources were in place to pursue its charitable objectives. with the maln grant belng from the Arts. Council of Northern Ireland for Its exhibltlon programme, and other grant5. e.g. from the E5me Mitchell Trust and the Halifax Foundation for the Linen Biennale and the outreach programme respectively. Grants also contributed to running costs, covered with other resovrces from unrestri¢ted funds. The charity thus closed the year in a stable Financial position. enabling It to contlnue to pursue Its objective5 in the future. MANAGEMENT AND GOVERNANCE R-space continued to be managed by a strong and enthusiastic operational team of manager5 Wlth a wealth of expertise and experience in management, programming, development, marketin9 and administration. The Board of Trustees supported and guided the team thanks to their wide range of expertise and a strong breadth of experlence. both from withln the cultural and privatelbusiness sectors.
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 TRUSTEES. REPORT (continued) AUDIT EXEMPTION rn accordance with the provisions of the C.haritie* Act (Northern Ireland) 2008 the charlty is exempt from the statutory audlt requirement. INOEPENDENT exAMINER The indep.endent examiner, Donald R Minshull FCA of Minshull & Company. Chartered Accountants and Statutory Auditor, offer5 himself for re-appointment. The Board of R-space Gallery would wish to thank the staff team and volunteers for their ongoing energy drive and commitment and thank all our funding partners and those across our communities of interest who continue to help R-space Gallery advance the arts, inclvding Contemporary visual arts and crafts, for the benefit of the publle In the Lisburn and Castlereagh area and its environs in Northern Ireland. If/ N Sagnard Actlng Chairman of the Board of Trustees BY ORDER OF THE BOARD Date 9 December 2025
INDEPENDENT EXAMINER'S REPORT TO THE MEMBERS OF R-SPACE GALLERY I have examined the financial statements, on pages 9 to 14, which comprise the Statemènt of Financial Activities. Balance Sheet and related notes of R-space Gallery for the year ended 3 L March 2025. The financial reporting framework that has been applied in their preparation is applicable law and Charltles SORP (FRS 1021 and the accounting policies set out therein. Respective re$ponsibllitl•s of trustees and examlner The charity's trustees are responsible lor the preparation of accounts. The charivs trustees consider that an audit is not required for this year under section 65 of the Charities Act (Northern Ireland) 2008 and that an independent examination is needed. It is my responsibility to examine the accounts under sectlon 65 of the Charities Act follow procedures laid down in the general directlons glven by the Charity Commisssion for Northern Ireland under Section 65(9)(b) of the Charitie5 Act state whether particular matters have come to my attention. Basis of independent examlner's statement My examination was carried out in accordance with general dirertions given by the Charity Commission for Nl, as requlred under sectlon 65(9)(b) of the Charities Act (Northern Ireland) 2008. An examinatlon includes a review of the accountlng record5 kept by the charity and a compari50n of the accounts presented with those records. It also includes consideration of any unusual Item5 or disc105ures In the accounts, nd seeking explanatlons from the trustees concernlng any Such matters. The procedures undertaken do not provide all the evidence that would be reqtsired in an audlt, and consequently no opinion Is given as to whether the accounts present a 'true and fair. view and the report is limited to those matters set out in the statement below. My role is to State whether any materièl matters have come to my attention givin9 me cause to believe- l. That accounting recgrds were not kept In accordance with Sectlon 63 of the Charities Act 2. The the accounts do not accord with those accounting record5 3. That the accounts do not comply with the accounting requirements of the ChèritTres Act 4. That there is lurther Information needed for a proper understandlng of the accounts to be reached. Independent examiner's statement I hève completed my examination and have no concerns in respect of the rnatters l. to 4, Ilsled above and. In connection with following the DirertlDllS of the Charity Commlssion for Northern Ireland. I have found no matters that require drawing to your attefttion. Donald R Minshull FCA Minshtsll & Co Chartered Accountants and. Statutory Auditor Date 9 December 2025 19 Crescent Business Park LIS8URN 8T28 2GN
R-SPACE GALLER Y FINANCIAL sfA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2025 2025 2024 INCOME Note restricted unrestricted total total Activities for generating funds Hire Fees Exhibition Sales Oonations. 541 721 30 541 721 30 loo 1,086 162 Income fmm Charitable Actlvities Capltal grants amort15ed Revenve grants and contracts credited Other income 3,862 56.962 3,862 56,962 300 3,862 86,048 163 300 60,824 1.592 62,416 91,421 EXPENDITURE Expenditure on Charitable Activities Art15ts Fees Marketlng Expenses Pro9rammelProject travelling expense Transportation Materials & Room Hire Volunteers S,759 337 1.348 380 1.162 707 127 6.921 1,044 1,475 380 44,679 5, 983 1,779 482 1,482 1,30J Total (7,824) (1.996) (9,820) (55,708) Income less charitable activities direct Costs 53,000 (404) 52,596 35.713 Charitable actlvltles - support costs Rent and Rates Insurance. Heat and light Building maintenance Maintenance and leasing Telephone and Zoom Postage, stationery and offlce supplies Staff Cost5 Curator Bank charges Depreciation Sundry expenses 3,275 350 400 200 300 250 50 14,153 30,000 2.497 1.249 449 64 38 1.307 181 1.777 5.772 1,599 849 264 338 1,557 231 15,930 30,000 180 3,862 1,188 5, 955 1,301 675 431 1,360 576 50,128 26,250 306 3,862 L80 3.862 1,188 Governance Costs Accountancy & Audlt Fees Le9al and profe551onal fee5 L60 800 133 960 133 1,138 8,665 Total (53,000) (9,863} (62,863) (100.647) Net in/{out)ward resources for the period .2 (10.267) (10,267) (64,934) Balance brought forward at l April 2024 20,9L3 20,913 85,847 Balance qarried forward at 31 March 2025 10,646 10,646 20,913 The charity made no other gain5 or1055es durin9 the year other than those stated above The notes on pages 11 to 14 form part of these account5
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 BALANCE SHEET AS AT 31 MARCH 2025 2025 Z024 Note Fixed Assets 11,587 15,449 Current Assets Grants receivable Cash at bank and on hand 669 33,848 25,120 25,120 34.517 Liabilitie* (amounts falling due within orte year) Revenue grants deferred Capltal 9rants deferred Accnsa15 13,105 11,587 1,369 12,235 15.449 1,369 26,061 29.053 Net Current Assets (941) 5.464 Net Assets 10,646 20.913 FUNDS General reserve 10,646 20,913 RestricteLI Funds Balance at 31 March 2025 10,646 20,913 For the financlal year in question the charity was entitled to exernption under Section 477 of the Companies Act 2006 for the year ended 3 1 March 2025. No one has required the charity to obtain an audit of its financial statements for the year ended 31 March 2025 In occordance wlth Section 476 of the Companies Act 2006. The trustèes have acknowledged their responsibilities for ensurlng that the cha'rlty keeps accountlng records which comply with Section 386 and prepares accounts in accordance with the requirements of Section 393 of the Companie$ Act 2006, $0 far as applicable to this charlty. These accounts have been ppared in accordance with the provision5 applicable to charitles subject to the Charities SORP (FRS 102). Approved, and authorised to be issued, by the Board of Trustees on the date below and $19ned on its behalf by li/ N Sagnard Acting Chairman of the Board of Trustees. Oate 9 December 2025 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 2025 NOTES TO THE FINANCIAL STATEMENTS I. ACCOUNTING POLICIES The following accounting policies have been used consistently in dealing wlth Items which are considerèd materlal In relation to the charity's flnancial statements. (a) Basis ol Preparatlon The finonciol Statements have been prepared In accordance with Accountlng and Reportin9 by Charitles- Statemenl of Recofflmended Practice applrcable to charities preparing their aetounts in accordance with the Financial Reporting Standard applicable in the UK-Charities SORP{FRSL02),the Financial Reporting Standard applicabale in the UK. The tharity meets the definltion of a public benefit entity under FRS 102. Assets and liabllities are inltlally recognlsed at historical cost or transacton value unless Otherwise stated in the relevant accountlng pollcy note. (b) Reconclliation With Previous Generally Accepted Accountlng Practice In preparrng the èccounts, the trustees have declded that In applying the accountSng policies required by FRS 102 and the Charities SORP FRS 102 no restatement of comparative items was required. (c) Preparation of the Accounts on a Going Concern Basls The company reports É 10.267 cèsh outllow for the year and the trusree5 have formulèted a strategy that will secure the immediate future of the cofflpany for the next 12 to 18 month5 and on thot ba51S the charity is going concern. (d) Income Income is recogni5ed when the company has entltlement to the funds, any performance conditions have been met, It Is probable that the income will be received and the amount can be measured reliably. Income from government and other grants, of a revenue nature, Is recognlsed when the company has entitlement lo the fund5, any performance condltions attached to the grants have been met, it is probable thar the income will. be recelved and the amount can be measured reliably and is not repayable to the funder. Capltal 9rants.are amortlsed In line wlth the depreclatlon of the assoclated assets, the purchase of whlch has been funded by sald grants. (e) Donated Servlces and Facllities Donated prole551onal servlces ond donated facllltie5 are recogni5ed as Income when the company ha5 control over the item. any condltions asSOClated with the donated irem have been met. the recelpt of economlc beneht from the use of the item by the charlly is probable and the economic benefit can be measu reliably. In accordance with the Charries SORP (FRS 10219eneral volunleer time is not recogni5ed. On receipr, donated professional servlces and donated facllltles are reco9nised on the basis of the valve of the gilt to the charity whlch Is the amount the charity would have been willin9 to pay to obtain seIce$ or facllitles of equivalent economic benefit on the open market,. a corresponding amount is then recognised in expenditvre in the period ol recelpt. (f) Interest Receivable rnterest on funds held on dep051t Is Included when receivable and the amount can bemeasured reliably by the company, normally upon not*ficatlon of the interest pald or payable by the financial Institution. Igl Fund Accounting Unrestricted funds are available to spend on activities that further any of the purposes of the company. Deslgnated funds are unrestricted funds of the charity that the trustee5 have decided at thelr discretlon to set aside to L15e for a Specific purpose. Restrlcted funds are grantsldofiations which the donor has 5pecifted are to be solely used for particular area5 of the company's work.
R-SPACE GALLERY FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (continuedj (h) Expenditure and Irrecoverable Valtse Added Tax Expenditure is recognised once there is a legal or constructive obligation to make è payment to a third party* it 15 probable that settlement will be requireed and the amounr of the obligationcèn be measured reliably. Expenditure Is classified under the followlng activity headings.. costs of raising fijnds comprise the costs of Commercial trading expenditure on charitable activities includes the costs of activities undertaken to fvrther the purposes of the company governance and support costs include all other costs Unrecovered Value Added Tax Is char9ed as a c05t agaln5t the artlvity for which the expenditure was incurred. Support Costs Support Costs are dlsclosed 5eparètely In the Statement of Flnancial Attivities. (i) Tangible Flxed Assets and depre¢iatlon Tangible fixed a55ets costin9 £200 or more are stated In the accounts at original c05t less depreciatlon In order to wrlte off the cost oi nxed assets, over thtlr estimated useful lives. vslng the following .annual rate Fi¥tures, fittlngs and equipment 20.OOQIo 33.33% (kl Debtors Debtors and accrued Income are recognlsed at the settlement amount due after any dls¢ount oflered. Prepayments are valued at the arnovnt prepèld. Cash at Bank and in Hand Cash ot bank and cash in hand Includes cash Jnd Short term hlghly Ilquld Investments wlth a short maturity of three months or less from the date ol acqu55iCic+n or openin9 of the deposit or simlalr account. (m) Creditors and Provisions Creditors and provlsions are recognlsed where the company has a present obligatlon resultlng Irom a past event that will probably result in the transfer of lund5 to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provlslons are normally recognised at their settlement amount after any dlscounr5. (n) Financial Instruments The company only has flnancial assets and financlal Ilabilities of a kind that quallfy as baslc flnancial instruments. Basic nnancial Instruments are inltlally reco9nised at transaction value and subsequently measured Jt their settlement value with the exception of bank loan5 whlch are subsequently measured at amorti5ed cost using the effective Intere5E method. (o) Exemption from preparlng a cashflow statement Exemptlon has been taken Irom preparing i cashflow statemenk on the grounds that the company qualilies as Small company. (p) Charity status and members Ilability The chèrity is a private company limited by guarantee. The members are the trustees as listed page 2. 2. DEFICITISURPLLIS FOR THE YEAR IS STATED AFTER CHARGING: Accountancy Fees Examination Fees 610 3SO 12
R-SPACE GALLERY FINANCIAL STA TEMEIVTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (continued) 3. TRUSTEES The trustees received no emoluments nor expenses during the perlod. 4. PERSONNEL Number of personnel The average weekly number of per50ns'engaged by the charity, excluding trustees, durlng the year was: 2025 number 2024 number Managerial ènd administration The remunerotion paid to these persons was Staff Curator IS.930 30,000 50,128 26,250 45,930 76.378 No personnel had benefits in excess of £60,000 (2024.. £nil). As the above persons are self employed there are no a550Clated penslon costs. 5. TANGIBLE FIXED ASSETS Flxtures & Fittln9S TOTAL COST at l April 2024 Additlons 19.311 19.311 t 31 March 2025 19.311 L9.311 DEPRECIATION at l Aprll 2024 Charge for the Year 3,862 3.862 3.862 3,862 at 31 March 2025 7.724 7,724 NET BOOK VALUE at 31 March 202.5 11.587 Ll.587 13
R-SPACE GALLER Y FINANCIAL STA TEMENTS FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (continued) 6. RESTRICTeD FUND GRANTS AND FEES 2025 2024 Funder Arts Council Northern Ireland (excluding capital grant) Community Relation5 Council National Lottery Heritage Fund Halifax Esme Mitchell Trusr La Soclete des Fontanelles 47,000 669 46,964 974 49,676 5.000 5,000 832 Total amounts received in year 58.501 97,6l4 Amount accrued at l April 2024 Amount deferred at L April 2024 {669) 12,235 Amount accrued at 31 March 2025 Amount deferred at 31 March 2025 669 (12,235) (L3,105) Credit to Statement of Flnancial Activities 56,962 86,048 7. RESTRICTED FUNDS SUMMARY Opening Balance Incomel Expendlturel Credits Transfers Closlng Balance Arts Councll Northern Ireland {ex¢luding capital grant) Halifax Esme Mitchell Trust La Societe des Fontanelles 52,198 783 3,ISO 831 (52,198) (783) {3,k50) (831) Total 56.962 {56,962) 8. CAPITAL GRANTS Included current Ilabilitles is an amount deferred in respect of grants recelved for the purchase of fixed assets. Amount5 received in respect of fixed asset purchase5 are matched with the related depreciation charges and are therefore written off over the useful life of the asset concerned. The amount deferred at 31 March 2025 was £11,587 (2024.. E15.449) and amortised for the year, £3,862 {2024: E3,862). 9. RELATED PARTY There were no related party transactions to note. 10. ATuTORy INFORMATION R-space Gallery is prTrvate company limited by guarantee. The charity's Charity Commission for Northern Ireland's reference can be found on the company information page. The presentation currency of the financial statements is the Pound Sterling (£). 14