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 diffe￿nt abilitie5 and backgrounds on creative projert5.
R-space Gallery worked with Action Mental Health, Lisburn Downtown Centre, the Resurgarn Development Trust,
Stepping Stones Youth se￿ice5 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 p￿pared 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 se￿Ice$ 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