Charity registration number 1196484
Company registration number 13114792 (England and Wales)
OPEN HAND OPEN SPACE LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
OPEN HAND OPEN SPACE LIMITED
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr S Stead (chair)
Mr J Percy
Ms S Clausen (vice-chair)
Mr A Morris
Mr P Nikoloski
Mr R Stainthorp
Charity number
1196484
Company number
13114792
Registered office
571 Oxford Road
Reading
Berkshire
RG30 1HL
Accountants
Kirk Rice LLP
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
OPEN HAND OPEN SPACE LIMITED
CONTENTS
Page
Trustees' report
1 - 3
Accountants' report
4
Statement of financial activities
5
Balance sheet
6
Notes to the financial statements
7 - 13
OPEN HAND OPEN SPACE LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 1 -

The trustees present their annual report and financial statements for the year ended 31 December 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's governing document, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Objectives and activities

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake in pursuit if the charity's objects, which are:


(i) to advance the arts for the public benefit through the promotion of

contemporary art, especially visual art;

 

(ii) advancement of public education in the understanding, appreciation,

production and practice of contemporary art; and

 

(iii) the relief of poor artists through the provision of affordable workspace,

studio facilities and artistic advice

The charitable objects are fulfilled by two main areas of activity, which take place within Brock Keep, a grade II listed building owned by Reading Borough Council. Although responsibility for the fabric of the building remains with the landlord, OHOS uses the building to provide affordable artists studios and to operate a public contemporary art gallery, five seven one Oxford Road Gallery.

Activities

 

Exhibitions programme

 

In February, studio holder Sebastian Thomas held a collaborative exhibition with Tom Sewell Realm of Dusk.

In March for the successive third year we hosted a two-day build project by second year architecture students from Reading School of Architecture who created a temporary structure in the courtyard of the Keep.

 

A first gallery exchange exhibition with Magdalen Road Studios in Oxford in June resulted in Thought Forms an exhibition by Catalina Renjifo and Peter Vance, a return exhibition by OHOS artists will be arranged for the future.

In May, 30 pupils from Battle Primary paraded with banners down Oxford Road to Brock Keep as a culmination of their project making the banners in a workshop run by Jelly, a local arts organisation.

 

We participated in the national Heritage Open Days event in September, welcoming members of the public to the Keep for tours of the gallery and studios over the course of one weekend. An exhibition of work by OHOS members and studio artists was on show throughout.

 

The fourth iteration of FRESH, a showcase of recent graduates from Bristol UWE took place at the end of the month

In November we hosted works by artist Stas Turina from the series “Thank you”

and December there were studio projects from artist Sara Wong and Leung Chi Wo.

OPEN HAND OPEN SPACE LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
Achievements and performance
Significant activities and achievements against objectives

Overall the programme of exhibitions and events attracted over 300 visitors in 2024, many of whom were first-time visitors.

 

We intend OHOS to be a centre for excellence in contemporary art and to support artists in the development of their careers while they contribute to the cultural life of Reading and the wider cultural scene. OHOS artists continue to be involved in solo and group exhibitions nationally and internationally.

Financial review
Reserves policy

It is the policy of the charity that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to one year's typical expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in income, they will be able to continue the charity’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Trustees are satisfied that the accounts reflect a sound year with an increase in the assets for 2024.


The company's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

Structure, governance and management

The charity is a company limited by guarantee.

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Mr S Stead (chair)
Mr J Percy
Ms S Clausen (vice-chair)
Mr A Morris
Mr P Nikoloski
Dr I Jensen
(Resigned 26 May 2024)
Mr R Stainthorp
Recruitment and appointment of trustees

Trustees that were due to retire at the AGM in 2024, were reappointed except for Dr Ingrid Jensen who chose to stand down definitively as a trustee. The trustees have embarked upon an open recruitment process to seek new trustees, this has been delayed by the uncertainty of the future presence of OHOS at the current location as Reading Borough Council look to sell Brock Keep.

 

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

OPEN HAND OPEN SPACE LIMITED
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
Other matters

In July Reading Borough Council informed us of their intent to sell Brock Keep which went on the market in October with bids to be submitted by 12th December. OHOS put together a cultural bid which did not offer money up front but submitted a business plan and supporting documents that presented OHOS as the best option to maintain the cultural and heritage legacy of the building.

 

As part of the submission, OHOS engaged with other cultural organisations – Engine Room, Jelly, Reading International & Reading Hong Kongers CIC to broaden the creative and cultural reach of the Keep.

 

The decision on the sale of the Keep will be decided at the Policy Committee of RBC and as of 31st December no decision had been communicated.

 

All work to support the development and day to day operation of the charity was undertaken by trustees and members on a voluntary basis.

The trustees' report was approved by the Board of Trustees.

Mr S Stead (chair)
Trustee
25 June 2025
OPEN HAND OPEN SPACE LIMITED
CHARTERED ACCOUNTANTS' REPORT TO THE TRUSTEES ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF OPEN HAND OPEN SPACE LIMITED FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Open Hand Open Space Limited for the year ended 31 December 2024, which comprise the statement of financial activities and the related notes from the charity’s accounting records and from information and explanations you have given us.

This report is made to the charity's trustees, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Open Hand Open Space Limited and state those matters that we have agreed to state to the charity's trustees, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Open Hand Open Space Limited and the charity's trustees as a body, for our work or for this report.

It is your duty to ensure that Open Hand Open Space Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and surplus of Open Hand Open Space Limited. You consider that Open Hand Open Space Limited is exempt from the statutory audit requirement for the year, and is not required to obtain an independent examiner's report.

We have not been instructed to carry out an audit or a review of the financial statements of Open Hand Open Space Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Kirk Rice LLP
25 June 2025
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
OPEN HAND OPEN SPACE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income from:
Donations and legacies
2
13,326
-
13,326
14,098
-
14,098
Charitable activities
3
442
-
442
1,066
-
1,066
Investments
4
463
-
463
321
-
321
Total income
14,231
-
14,231
15,485
-
15,485
Expenditure on:
Charitable activities
5
10,685
-
10,685
11,310
-
11,310
Other expenditure
9
50
-
50
74
-
74
Total expenditure
10,735
-
10,735
11,384
-
11,384
Net income
3,496
-
3,496
4,101
-
4,101
Transfers between funds
-
-
-
1,127
(1,127)
-
Net movement in funds
6
3,496
-
3,496
5,228
(1,127)
4,101
Reconciliation of funds:
Fund balances at 1 January 2024
34,078
873
34,951
28,850
2,000
30,850
Fund balances at 31 December 2024
37,574
873
38,447
34,078
873
34,951

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

OPEN HAND OPEN SPACE LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 6 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
10
563
845
Current assets
Debtors
11
-
140
Cash at bank and in hand
39,722
37,943
39,722
38,083
Creditors: amounts falling due within one year
12
(1,838)
(3,977)
Net current assets
37,884
34,106
Total assets less current liabilities
38,447
34,951
Net assets excluding pension liability
38,447
34,951
The funds of the charity
Restricted income funds
13
873
873
Unrestricted funds
37,574
34,078
38,447
34,951

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 December 2024.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the trustees on 25 June 2025
Mr S Stead (chair)
Mr J Percy
Trustee
Trustee
Company registration number 13114792 (England and Wales)
OPEN HAND OPEN SPACE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
1
Accounting policies
Charity information

Open Hand Open Space Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 571 Oxford Road, Reading, Berkshire, RG30 1HL.

1.1
Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles, the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019). The charity is a Public Benefit Entity as defined by FRS 102.

 

The charity has taken advantage of the provisions in the SORP for charities not to prepare a Statement of Cash Flows.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.
1.4
Income
Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.
OPEN HAND OPEN SPACE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 8 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

 

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

1.6
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Computers
25% on cost

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

OPEN HAND OPEN SPACE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 9 -
Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

2
Income from donations and legacies
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Donations and gifts
12,641
12,526

Grant income

-
520

Assoc. members dues

685
1,052
13,326
14,098
3
Income from charitable activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Art gallery and studio space

Exhibitions, projects and other income

442
1,066
4
Income from investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
463
321
OPEN HAND OPEN SPACE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 10 -
5
Expenditure on charitable activities
Art gallery and studio space
Art gallery and studio space
2024
2023
£
£
Direct costs
Depreciation and impairment
282
282

Rates and water

1,077
1,017

Repairs and renewals

-
49

Licenses and insurance

276
264

Light and heat

6,124
2,244

Insurance

243
238

Public relations

100
58

Website costs

-
665

Post and stationery

-
7

Telephone

1,002
879

Sundry expenses

79
245

Subcontractors

-
1,600

Fire safety

173
2,177

Accountancy

1,190
1,585
Bad and doubtful debts
139
-
10,685
11,310
Analysis by fund
Unrestricted funds
10,685
11,310
6
Net movement in funds
2024
2023
£
£
The net movement in funds is stated after charging/(crediting):
Fees payable to the charity's auditor:
- for other assurance services
-
750
- for tax advisory services
-
135
Depreciation of owned tangible fixed assets
282
282
7
Trustees

During the year, studio rents totalling £5,988 (2023 - £4,332) were received from trustees. Such amounts are shown within donations and legacies in the statement of financial activities.

 

No trustee expenses have been incurred in the period.

 

 

OPEN HAND OPEN SPACE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 11 -
8
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
Total
-
0
-
0
There were no employees whose annual remuneration was more than £60,000.
9
Other expenditure
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Financing costs
50
74
10
Tangible fixed assets
Computers
£
Cost
At 1 January 2024
3,577
At 31 December 2024
3,577
Depreciation and impairment
At 1 January 2024
2,732
Depreciation charged in the year
282
At 31 December 2024
3,014
Carrying amount
At 31 December 2024
563
At 31 December 2023
845
11
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
-
140
OPEN HAND OPEN SPACE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 12 -
12
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
253
491
Trade creditors
-
551
Other creditors
600
600
Accruals and deferred income
985
2,335
1,838
3,977
13
Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

At 1 January 2024
Transfers
At 31 December 2024
£
£
£
Grant for computer equipment
873
-
873
Previous year:
At 1 January 2023
Transfers
At 31 December 2023
£
£
£
Grant for computer equipment
2,000
(1,127)
873
14
Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 January 2024
Incoming resources
Resources expended
Transfers
At 31 December 2024
£
£
£
£
£
General funds
34,078
14,231
(10,735)
-
37,574
Previous year:
At 1 January 2023
Incoming resources
Resources expended
Transfers
At 31 December 2023
£
£
£
£
£
General funds
28,850
15,485
(11,384)
1,127
34,078
OPEN HAND OPEN SPACE LIMITED
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 13 -
15
Analysis of net assets between funds
Unrestricted
Restricted
Total
funds
funds
2024
2024
2024
£
£
£
At 31 December 2024:
Tangible assets
563
-
563
Current assets/(liabilities)
37,011
873
37,884
37,574
873
38,447
Unrestricted
Restricted
Total
funds
funds
2023
2023
2023
£
£
£
At 31 December 2023:
Tangible assets
845
-
845
Current assets/(liabilities)
33,233
873
34,106
34,078
873
34,951
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