Kew Studio (a charitable company limited by guarantee) Report and accounts for the year ended 31 August 2021
| Contents | |
|---|---|
| Page | |
| Annual report | 1 |
| Directors’ report | 2 |
| Accountant’s report | 3 |
| Statement of fnancial activities | 4 |
| Balance sheet | 5 |
| Notes forming part of the accounts | 6 |
Company information
Directors
Registered office
Ann Kirkbride - Chairman Andre Bonfiglioli Caroline Hill Susan Kirkpatrick Adrian Lloyd-Lawrence Kitty Lloyd-Lawrence Ruth Rushby Mary Scurlock
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
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Kew Studio ( a charitable company limited by guarantee) Chairman’s report for the year ended 31 August 2021
During the year, the Covid 19 pandemic continued to impact on peoples’ lives and working practices. The need for social distancing in September 2020 caused Open Studio membership to be put on hold, whilst Residents still had use of their spaces, although pre booking was required. Places in the print room could be booked, but footfall remained low due to the pandemic. With the arrival of a new national lockdown in January 2021, the Studio remained open, but Resident Artists had to pre book time in their space, and only one was allowed on the premises at any one time. As restrictions eased in March, three artists at a time were allowed, but pre booking continued until mid May. The Studio offered solo use of each studio room to those Resident Artists who had been shielding, or were particularly vulnerable.
At the start of July, two new Resident Artists joined the Studio; Frank Walters, a watercolours tutor, in the front studio, and Hakan Unlu in the back studio, as did five new printers.
After consultation with the tutors and Studio trustees, weekly tapestry and watercolour classes started again in October 2020. The Print Technician arranged a one-day Aquatint refresher workshop. Classes were held with restricted numbers and all involved were required to wear masks and observe the Studio’s strict Covid guidelines. When the new national lockdown started in January 2020, all classes were suspended until restrictions eased in mid May.
Under the circumstances, the Studio did not hold its annual Christmas exhibition, nor take part in the ArtHouse event in the summer.
Of course the Covid-19 pandemic had an impact on the Studio’s finances. Income was £500 lower than the previous year, but as expenses were £3,200 lower, a surplus of £1,600 was made. The Trustees feel that Kew Studio has weathered the pandemic extremely well.
The Trustees would like to thank Libby for her very generous donation of £4,000 to be spent in the print room. This is shown in the accounts as a “restricted fund”.
Many thanks to Ali and Peg for their hard work in keeping the Studio open during troubled times. Thank you also to Ruth, our Treasurer, and Liz, our bookkeeper for understandable accounts.
I wish also to thank all the Trustees for their help and support over a very difficult period.
Ann Kirkbride,
Chairman of the Trustees of Kew Studio
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Kew Studio Directors’ Report for the year ended 31 August 2021
The directors present their report and the unaudited accounts for the year ended 31 August 2021.
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 (2020 £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
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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 2021, 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 2021
| 2021 | |||||||
|---|---|---|---|---|---|---|---|
| 2020 | |||||||
| General | Restricted |
Total | Total | ||||
| Fund | Funds | Funds | Funds | ||||
| Notes | |||||||
| £ | £ | £ | |||||
| £ | |||||||
| INCOMING RESOURCES | |||||||
| From generated funds: | |||||||
| Voluntary income: | |||||||
| Subscriptions | 4,391 | 0 | 4,391 | 5,063 | |||
| Resident artist rentals | 18,016 | 0 | 18,016 | 14,580 | |||
| Tutor room rental | 335 | 0 | 335 | 1,615 | |||
| Print room – etching tickets | 3,378 | 0 | 3,378 | 3,162 | |||
| Print room – other income | 0 | 0 | 0 | 254 | |||
| Screenprint tickets | 194 | 0 | 194 | 888 | |||
| Open Studio | 0 | 0 | 0 | 470 | |||
| Artist Pot Fund income | 0 | 27 | 27 | 363 | |||
| Investment income | 466 | 0 | 466 | 656 | |||
| Donations | 0 | 4,000 | 4,000 | 0 | |||
| Other income | 30 | 0 | 30 | 0 | |||
| Activities for generating funds | |||||||
| Fundraising | 0 | 0 | 0 | 306 | |||
| _ | _ | _ | _ | ||||
| 26,810 | 4,027 | 30,837 | 27,357 | ||||
| RESOURCES EXPENDED | |||||||
| Charitable activities | 2 | 24,501 | 134 | 24,635 | 27,918 | ||
| Costs of generating funds | 3 | 35 | 0 | 35 | 35 | ||
| Governance costs | 4 | 563 | 0 | 563 | 563 | ||
| _ | _ | _ | _ | ||||
| 25,099 | 134 | 25,233 | 28,516 | ||||
| _ | _ | _ | _ | ||||
| NET INCOMING/ (OUTGOING) RESOURCES | 1,711 | 3,893 | 5,604 | (1,159) | |||
| ======= | **======= ** | ======= ======= | |||||
| FUNDS BROUGHT FORWARD | |||||||
| AT 1 SEPTEMBER 2020 | 48,248 | 1,366 | 49,614 | 49,614 | |||
| INCOMING/ (OUTGOING) RESOURCES | |||||||
| FOR THE YEAR | 1,711 | 3,893 | 5,604 | (1,159) | |||
| _ | _ | _ | _ | ||||
| FUNDS CARRIED FORWARD | |||||||
| AT 31 AUGUST 2021 | 49,959 | 5,259 | 55,218 | 49,614 | |||
| ====== | ====== | ====== | ====== |
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The notes on pages 6 to 8 form part of these accounts. Kew Studio Balance Sheet as at 31 August 2021
| 2021 | ||||
|---|---|---|---|---|
| 2020 | ||||
| Notes | ||||
| £ | £ | £ | ||
| £ | ||||
| Fixed assets | ||||
| Tangible assets | 5 | 6,255 | 7,162 | |
| Current assets | ||||
| Debtors and prepayments | 75 | 0 | ||
| Cash at bank and in hand | 56,425 | 50,859 | ||
| __ | __ | |||
| 56,500 | 50,859 | |||
| Creditors:amounts falling | ||||
| due within one year | 6 | 7,537 | 8,407 | |
| __ | __ | |||
| Net current assets | 48,963 | 42,452 | ||
| __ | __ | |||
| Total assets less current | liabilities | 55,218 | 49,614 | |
| =============== | ||||
| ======= | ======= | |||
| Reserves | ||||
| General fund | 8 | 49,959 | 48,248 | |
| Restricted funds | 8 | 5,259 | 1,366 | |
| __ | __ | |||
| 55,218 | 49,614 | |||
| ======= | ======= |
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 2021, 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
5
Ann Kirkbride Chairman
The notes on pages 6 to 8 form part of these accounts
6
Kew Studio Notes to the accounts for the year ended 31 August 2021
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 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 January 1 2015) – (Charities SORP (FRS 102)), 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. Investment income is recorded in the accounts when received.
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:
-
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. 3. Print Room Fund – this is to be spent in the Print Room only. 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
| 2. Charitable activities | ||||
|---|---|---|---|---|
| 2021 | 2020 | |||
| General | Restricted | Total | Total | |
| Fund | Funds | Funds | Funds | |
| £ | £ | £ | £ | |
| Honoraria and fees | 9,204 | 0 | 9,204 | 9,140 |
| Print room technician | 3,864 | 0 | 3,864 | 3,864 |
| Print room other costs | 0 | 0 | 0 | 810 |
| Materials/sundries | 180 | 0 | 180 | 543 |
| Telephone | 285 | 0 | 285 | 343 |
| Insurance | 538 | 0 | 538 | 537 |
| General expenses | 15 | 0 | 15 | 240 |
| Stationery and postage | 5 | 0 | 5 | 0 |
| Rent | 9,360 | 0 | 9,360 | 9,360 |
| Artist Pot Fund expenses | 0 | 134 | 134 | 99 |
| Computer and website | 23 | 0 | 23 | 15 |
| 7 |
| Repairs and maintenance | 120 | 0 | 120 | 1,624 |
|---|---|---|---|---|
| Key cutting | 0 | 0 | 0 | 63 |
| Depreciation | 907 | 0 | 907 | 1,280 |
| ______ | ______ | ______ | ______ | |
| 24,501 | 134 | 24,635 | 27,918 | |
| ====== | ====== | ====== | ====== |
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Kew Studio
Notes to the accounts for the year ended 31 August 2021- continued
3. Costs of generating funds
| 3. Costs of generating funds | ||||||
|---|---|---|---|---|---|---|
| 2021 | 2020 | |||||
| General | Restricted | Total | Total | |||
| Fund | Fund | Funds | Funds | |||
| £ | £ | £ | £ | |||
| Advertising | 35 | 0 | 35 | 35 | ||
| ______ | ______ | ______ | ______ | |||
| 35 | 0 | 35 | 35 | |||
| ====== | ====== | ====== | ====== | |||
| 4. Governance costs | ||||||
| 2021 | 2020 | |||||
| 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 2020 | 13,397 | 4,069 | 5,000 | 22,466 | ||
| Additions | 0 | 0 | 0 | 0 | ||
| _ | ______ | ______ | ______ | |||
| At 31 August 2021 | 13,397 | 4,069 | 5,000 | 22,466 | ||
| ======= | ====== | ====== | ====== | |||
| Depreciation | ||||||
| At 1 September 2020 | 13,397 | 407 | 1,500 | 15,304 | ||
| Charge for the year | 0 | 407 | 500 | 907 | ||
| __ | ______ | ______ | ______ | |||
| At 31 August 2021 | 13,397 | 814 | 2,000 | 16,211 | ||
| ======= | ====== | ====== | ====== | |||
| Net book value | ||||||
| At 31 August 2021 | 0 | 3,255 | 3,000 | 6,255 | ||
| ======== | ====== | ====== | ====== | |||
| At 31 August 2020 | 0 | 3,662 | 3,500 | 7,162 | ||
| ======== | ====== | ====== | ====== | |||
| 6. Creditors: amounts falling due within one year | ||||||
| 2021 | 2020 | |||||
| £ | £ | |||||
| Sundry creditors and accrued expenses | 550 | 550 | ||||
| Payments in advance | 3,128 | 3,723 | ||||
| Key deposits | 3,859 | 4,134 | ||||
| ______ | ______ | |||||
| 7,537 | 8,407 | |||||
| ====== | ====== |
9
Kew Studio Notes to the accounts for the year ended 31 August 2021- 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 | |||||
| 2020 | 2021 | ||||
| £ | £ | £ | £ | ||
| General Fund | 48,248 | 26,810 | 25,099 | 49,959 | |
| BCA Fund | 487 | 0 | 0 | 487 | |
| Artists’ Pot Fund | 879 | 27 | 134 | 772 | |
| Print Room Fund | 0 | 4,000 | 0 | 4,000 | |
| _ | _ | _ | _ | ||
| 49,614 | 30,837 | 25,233 | 55,218 | ||
| ====== | ====== | ====== | ====== | ||
| 9. Analysis of assets | between funds | ||||
| Tangible | Net current | Total | |||
| assets | assets | ||||
| £ | £ | £ | |||
| General Fund | 6,255 | 43,704 | 49,959 | ||
| Restricted Funds | 0 | 5,259 | 5,259 | ||
| _ | _ | __ | |||
| 6,255 | 48,963 | 55,218 | |||
| ======= | ======= | ======== |
10