Kew Studio (a charitable company limited by guarantee) Report and accounts for the year ended 31 August 2020
Contents
| Contents | |
|---|---|
| Page | |
| Annual report | 1 |
| Directors’ report | 2 |
| Accountant’s report | 3 |
| Statement of financial activities | 4 |
| Balance sheet | 5 |
| Notes forming part of the accounts | 6 |
| Company information | |
|---|---|
| Directors | Ann Kirkbride - Chairman |
| Andre Bonfiglioli | |
| Caroline Hill | |
| Susan Kirkpatrick | |
| Adrian Lloyd-Lawrence | |
| Kitty Lloyd-Lawrence | |
| Ruth Rushby | |
| Mary Scurlock | |
| Registered office | St Luke’s House |
| 270 Sandycombe Road | |
| Kew, Richmond | |
| Surrey | |
| TW9 3NP | |
| Registered number | 02707912 |
| Charity number | 1047199 |
| Reporting accountant | Lesley Pasricha FCA |
| 23 Front Street | |
| Portesham | |
| Weymouth | |
| Dorset | |
| DT3 4ET |
Kew Studio (a charitable company limited by guarantee) Chairman’s report for the year ended 31 August 2020
This year has been a most unusual one, the year during which a global pandemic spread across the world. It is still affecting us and latest scientific opinion suggests a probable third wave in the autumn. Despite this, the Studio is in a remarkably healthy position and I must pay tribute to our Coordinator Ali and our Print Room Manager Peg who have worked so hard to keep the Studio open, even though it has been on a limited basis. As you all know, the Trustees have a duty of care to everyone who uses the studio and we have tried to ensure that there has been access whenever possible, but we are aware that this has only been feasible because of the cooperation of all the studio users. We know what a difficult time this has been for the Resident Artists and Printers and so we thank you all for following the guidelines and for your amazing forbearance.
There was a small change in membership during the year September 2019 - August 2020: 18 new printers and Open Studio members joining compared with 13 leaving.
CLASSES - In the autumn and spring terms of 2019-20 the Studio held classes in tapestry, etching, watercolours, cyanotypes, drawing and screen printing. There was also a wood engraving masterclass with artist Peter Smith RE in October. From the end of March 2020 all classes had to be cancelled due to the pandemic and the first national lockdown and the Studio did not hold any further classes for the rest of the summer term. Financially this resulted in around a £700 loss to the Studio in tutor rental income for the year.
CHRISTMAS SHOW - The Studio held its annual Christmas show in December 2019. It was a great success, with good attendance and nearly £4,000 of work sold by 30 contributing Studio members.
ARTHOUSE - The scheduled ArtHouse event due to be held in June/July 2020 was cancelled due to the pandemic. This resulted in a reduction in income from events sales for the Studio for the year.
REPLACEMENT OF SASH WINDOWS - The Studio used the remainder of the RPLC grant received in 2018 to replace three large sash windows at the Studio that were showing significant deterioration. The work took place in August 2020. It was completed to a very high standard and allowed for significantly improved ventilation for artists working at the Studio during the pandemic.
MISCELLANEOUS - Work was also done to install new shelving and lighting in the front studio and to replace the ageing strip lighting in all three rooms. The two print presses in the print room were also serviced.
IMPACT OF THE PANDEMIC:
USE OF THE STUDIO - The Studio was forced to close completely for two months in April and May 2020. When restrictions were lifted at the start of June, the Studio put protocols in place to protect members and limited the numbers permitted to use the premises at any one time. The need for increased distancing made it difficult to accommodate Open Studio use whilst still allowing Resident Artists to have free use of their spaces and, as a result, prospective new Open Studio memberships were put on hold.
FINANCE - Lockdown from March 2020 and subsequent government restrictions from June 2020 onwards resulted in a drop in print and Open Studio ticket sales at the Studio in addition to a loss of income from tutor rental and events. The Studio also provided Resident Artists with a two-month rebate of their licence fees whilst the premises remained closed. Nevertheless, the Studio’s healthy financial position on the eve of the pandemic, supported by an increase in use of the print facilities by etching members over the course of the year prior to lockdown, meant that the eventual year-end financial loss suffered by the Studio was minimal.
Many thanks to our treasurer Ruth, Lesley our accountant and Liz our bookkeeper for their valuable work in managing the Studio’s finances and of course Ali and Peg.
Ann Kirkbride
Chairman of the Trustees of Kew Studio
1
Kew Studio Directors’ Report for the year ended 31 August 2020
The directors present their report and the unaudited accounts for the year ended 31 August 2020.
Principal activity
The principal activity of the company is the advancement of education by fostering and promoting, for the benefit of the public, the improvement and development of artistic knowledge, taste, understanding and appreciation of the arts. It also includes an outreach programme working in the field of social welfare and disability. A review of the activities of the company and its future prospects is given in the annual report on page 1.
Review of the year
The financial result for the year is set out on page 4.
Directors
The Directors who held office during the year were as follows: Ann Kirkbride – Chairman Andre Bonfiglioli Caroline Hill Susan Kirkpatrick Adrian Lloyd-Lawrence Kitty Lloyd-Lawrence Ruth Rushby Mary Scurlock
The directors of Kew Studio are also its trustees and with its former directors are members of the company. No director received any remuneration in this year (2019 £nil); nor did any director benefit from any contract with the charity during the year
Reserves Policy
Taking into account the particular circumstances of the charity, the directors have established an initial policy for reserves. The directors have decided that such unrestricted funds not committed or invested in tangible fixed assets should not fall below the level of twelve months operational expenditure.
Small company rules
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
This report was approved by the board of directors on and signed on its behalf by
Ann Kirkbride Chairman
2
Kew Studio Report of the accountant
Independent examiner’s report to the trustees of “Kew Studio”
I report on the accounts of the company for the year ended 31 August 2020, which are set out on pages 4 to 8.
Respective responsibilities of trustees and examiner
The trustees (who are also the directors of the company for the purposes of company law) are responsible for the preparation of the accounts. The trustees consider that an audit is not required for this year under section 144 (2) of the Charities Act 2011 (the Act) and that an independent examination is needed. Having satisfied myself that the charity is not subject to audit under company law and is eligible for independent examination, it is my responsibility to:
examine the accounts under section 145 of the Act;
to follow the procedures laid down in the general directions given by the Charity Commission under section 145(5) (b) of the Act; and
to state whether particular matters have come to my attention.
Basis of independent examiner’s report
My examination was carried out in accordance with the general directions given by the Charity Commission. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit 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.
Independent examiner’s statement
In connection with my examination, no matter has come to my attention:
(1) which gives me reasonable cause to believe that in any material respect the requirements: to keep accounting records in accordance with section 386 of the Companies Act 2006; and to prepare accounts which accord with the accounting records, comply with the accounting requirements of section 396 of the Companies Act 2006 and with the methods and principles of the Statement of Recommended Practice: Accounting and Reporting by Charities have not been met; or
(2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
Lesley Pasricha FCA Chartered Accountant 23 Front Street Portesham Weymouth Dorset DT3 4ET
3
Kew Studio
Statement of financial activities for the year ended 31 August 2020
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| General | Restricted | Total | Total | ||
| Fund | Funds | Funds | Funds | ||
| Notes | |||||
| £ | £ | £ | £ | ||
| INCOMING RESOURCES | |||||
| From generated funds: | |||||
| Voluntary income: | |||||
| Subscriptions | 5,063 | 0 | 5,063 | 4,525 | |
| Resident artist rentals | 14,580 | 0 | 14,580 | 15,952 | |
| Tutor room rental | 1,615 | 0 | 1,615 | 2,410 | |
| Etching tickets | 3,162 | 0 | 3,162 | 2,942 | |
| Print room other income | 254 | 0 | 254 | 211 | |
| Screenprint tickets | 888 | 0 | 888 | 1,061 | |
| Open Studio | 470 | 0 | 470 | 645 | |
| Artist Pot Fund income | 0 | 363 | 363 | 177 | |
| Investment income | 656 | 0 | 656 | 707 | |
| Donations | 0 | 0 | 0 | 0 | |
| Activities for generating funds | |||||
| Fundraising | 306 | 0 | 306 | 492 | |
| _ | _ | _ | _ | ||
| 26,994 | 363 | 27,357 | 29,122 | ||
| RESOURCES EXPENDED | |||||
| Charitable activities | 2 | 27,819 | 99 | 27,918 | 28,964 |
| Costs of generating funds | 3 | 35 | 0 | 35 | 35 |
| Governance costs | 4 | 563 | 0 | 563 | 563 |
| _ | _ | _ | _ | ||
| 28,417 | 99 | 28,516 | 29,562 | ||
| _ | _ | _ | _ | ||
| NET (OUTGOING)/INCOMING RESOURCES | (1,423) | 264 | (1,159) | (440) | |
| ======= | ======= | ======= | ======= | ||
| FUNDS BROUGHT FORWARD | |||||
| AT 1 SEPTEMBER 2019 | 49,671 | 1,102 | 50,773 | 51,213 | |
| (OUTGOING)/INCOMING RESOURCES | |||||
| FOR THE YEAR | (1,423) | 264 | (1,159) | (440) | |
| _ | _ | _ | _ | ||
| FUNDS CARRIED FORWARD | |||||
| AT 31 AUGUST 2020 | 48,248 | 1,366 | 49,614 | 50,773 | |
| ====== | ====== | ====== | ====== |
The notes on pages 6 to 8 form part of these accounts. Kew Studio Balance Sheet as at 31 August 2020
4
| 2020 | 2019 | ||||
|---|---|---|---|---|---|
| Notes | |||||
| £ | £ | £ | £ | ||
| Fixed assets | |||||
| Tangible assets | 5 | 7,162 | 4,373 | ||
| Current assets | |||||
| Debtors and prepayments | 0 | 0 | |||
| Cash at bank and in hand | 50,859 | 54,527 | |||
| __ | __ | ||||
| 50,859 | 54,527 | ||||
| Creditors:amounts falling | |||||
| due within one year | 6 | 8,407 | 8,127 | ||
| __ | __ | ||||
| Net current assets | 42,452 | 46,400 | |||
| __ | __ | ||||
| Total assets less current | liabilities | 49,614 | 50,773 | ||
| ======= | ======== | ||||
| ======= | ======= | ||||
| Reserves | |||||
| General fund | 8 | 48,248 | 49,671 | ||
| Restricted funds | 8 | 1,366 | 1,102 | ||
| __ | __ | ||||
| 49,614 | 50,773 | ||||
| ======= | ======= |
These accounts have been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006 and with the Financial Reporting Standard for Smaller Entities (effective April 2008).
For the financial year ended 31 August 2020, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 and no notice has been deposited under section 476.
The directors acknowledge their responsibilities for ensuring that the company keeps accounting records which comply with section 386 and for preparing accounts which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its result for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to accounts, so far as applicable to the company.
Approved by the board of directors on and signed on its behalf by
Ann Kirkbride Chairman
The notes on pages 6 to 8 form part of these accounts
5
Kew Studio Notes to the accounts for the year ended 31 August 2020
1 Accounting policies
The principal accounting policies of the company are set out below. The accounting policies have been applied consistently throughout the year and in the preceding year.
Basis of accounting
The accounts have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant notes to the accounts.
The accounts have been prepared in accordance with the Statement of Recommended Practice: Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) issued on 16 July 2014, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102) and the Charities Act 2011.
Income
All incoming resources are recognised once the company becomes entitled to the resources, it is certain that the resources will be received and the monetary value of incoming resources can be measured with sufficient reliability. In vestment income is received in the accounts when receivable.
Liabilities
Liabilities are recognised as resources expended as soon as there is a legal or constructive obligation committing the company to the expenditure. All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure includes any VAT which cannot be fully recovered. Governance costs include the cost of the preparation and examination of the statutory accounts, the cost of trustee meetings and the cost of any legal advice to directors on governance or constitutional matters.
Fund accounting
The Unrestricted Fund represents funds for use at the directors’ discretion. The Restricted funds comprise: 1. Building Community through Arts (BCA) - this is an outreach programme of Kew Studio working in the field of social welfare and disability.
- Artists’ Pot – this is to be used for the benefit of the Resident Artists of Kew Studio.
Movements on the fund balances are shown in note 8 to the accounts.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost, less estimated residual value, of each asset over its expected useful life as follows:
Computer equipment 33.33% per annum Gas Meter installation 10% per annum Fixtures and fittings 10% per annum
2. Charitable activities
| 2020 | 2019 | |||
|---|---|---|---|---|
| General | Restricted | Total | Total | |
| Fund | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Honoraria and fees | 9,140 | 0 | 9,140 | 10,065 |
| Print room technician | 3,864 | 0 | 3,864 | 3,899 |
| Print room other costs | 810 | 0 | 810 | 1,150 |
| Materials/sundries | 543 | 0 | 543 | 251 |
| Telephone | 343 | 0 | 343 | 853 |
| Insurance | 537 | 0 | 537 | 530 |
| General expenses | 240 | 0 | 240 | 325 |
| Stationery and postage | 0 | 0 | 0 | 132 |
| Rent | 9,360 | 0 | 9,360 | 9,360 |
| Artist Pot Fund expenses | 0 | 99 | 99 | 281 |
| Computer and website | 15 | 0 | 15 | 322 |
| Repairs and maintenance | 1,624 | 0 | 1,624 | 285 |
| Key cutting | 63 | 0 | 63 | 638 |
| Depreciation | 1,280 | 0 | 1,280 | 873 |
| ______ | ______ | ______ | ______ | |
| 27,819 | 99 | 27,918 | 28,694 | |
| ====== | ====== | ====== | ====== |
6
Kew Studio Notes to the accounts for the year ended 31 August 2020- continued
3. Costs of generating funds
| 3. Costs of generating funds | |||||
|---|---|---|---|---|---|
| 2020 | 2019 | ||||
| General | Restricted | Total | Total | ||
| Fund | Fund | Funds | Funds | ||
| £ | £ | £ | £ | ||
| Advertising | 35 | 0 | 35 | 35 | |
| ______ | ______ | ______ | ______ | ||
| 35 | 0 | 35 | 35 | ||
| ====== | ====== | ====== | ====== | ||
| 4. Governance costs | |||||
| 2020 | 2019 | ||||
| General | Restricted | Total | Total | ||
| Fund | Fund | Funds | Funds | ||
| £ | £ | £ | £ | ||
| Reporting accountant’s fee | 550 | 0 | 550 | 550 | |
| Other costs | 13 | 0 | 13 | 13 | |
| ______ | ______ | ______ | ______ | ||
| 563 | 0 | 563 | 563 | ||
| ====== | ====== | ====== | ====== | ||
| 5. Tangible assets | |||||
| Furniture & | Fixtures | & | Gas meter | Total | |
| Equipment | Fittings | Installation | |||
| £ | £ | £ | £ | ||
| Cost or valuation | |||||
| At 1 September 2019 | 13,397 | 0 | 5,000 | 18,397 | |
| Additions | 0 | 4,069 | 0 | 4,069 | |
| _ | ______ | ______ | ______ | ||
| At 31 August 2020 | 13,397 | 4,069 | 5,000 | 22,466 | |
| ======= | ====== | ====== | ====== | ||
| Depreciation | |||||
| At 1 September 2019 | 13,024 | 0 | 1,000 | 14,024 | |
| Charge for the year | 373 | 407 | 500 | 1,280 | |
| __ | ______ | ______ | ______ | ||
| At 31 August 2020 | 13,397 | 407 | 1,500 | 15,304 | |
| ======= | ====== | ====== | ====== | ||
| Net book value | |||||
| At 31 August 2020 | 0 | 3,662 | 3,500 | 7,162 | |
| ======== | ====== | ====== | ====== | ||
| At 31 August 2019 | 373 | 0 | 4,000 | 4,373 | |
| ======== | ====== | ====== | ====== | ||
| 6. Creditors: amounts falling due within one year | |||||
| 2020 |
2019 | ||||
| £ | £ | ||||
| Sundry creditors and accrued expenses | 550 | 550 | |||
| Payments in advance | 3,723 | 4,003 | |||
| Key deposits | 4,134 | 3,574 | |||
| ______ | ______ |
||||
| 8,407 | 8,127 | ||||
| ====== | ====== |
8
Kew Studio Notes to the accounts for the year ended 31 August 2020- continued
7. Share capital
The company is limited by guarantee and does not have a share capital .
8. Analysis of funds
| 8. Analysis of funds | ||||
|---|---|---|---|---|
| Balance | Incoming | Resources | Balance | |
| 1 September | resources | expended | 31 August | |
| 2019 | 2020 | |||
| £ | £ | £ | £ | |
| General Fund | 49,671 | 26,994 | 28,417 | 48,248 |
| BCA Fund | 487 | 0 | 0 | 487 |
| Artists’ Pot Fund | 615 | 363 | 99 | 879 |
| _ | _ | _ | _ | |
| 50,773 | 27,357 | 28,516 | 49,614 | |
| ====== | ====== | ====== | ====== | |
| 9. Analysis of assets between funds | ||||
| Tangible | Net current | Total | ||
| assets | assets | |||
| £ | £ | £ | ||
| General Fund | 7,162 | 41,086 | 48,248 | |
| Restricted Funds | 0 | 1,366 | 1,366 | |
| _ | _ | __ | ||
| 7,162 | 42,452 | 49,614 | ||
| ======= | ======= | ======== |
9