**Kew Studio (a charitable company limited by guarantee) Report and accounts for the year ended 31 August 2022**
|**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**
**Ann Kirkbride - Chairman Andre Bonfiglioli Caroline Hill Alison Hird Susan Kirkpatrick Adrian Lloyd-Lawrence Kitty Lloyd-Lawrence Ruth Rushby Mary Scurlock**
**Registered office Surrey TW9 3NP Registered number 02707912 Charity number 1047199 Reporting accountant**
**St Luke’s House 270 Sandycombe Road Kew, Richmond Surrey TW9 3NP**
**02707912**
**Lesley Pasricha FCA 23 Front Street Portesham Weymouth Dorset DT3 4ET**
0
**Kew Studio (a charitable company limited by guarantee) Chairman’s report for the year ended 31 August 2022**
During the year, the Covid pandemic continued to impact on the general population. Although Kew Studio’s precautions were remarkably effective, unfortunately the Omicron variant became a problem towards the end of 2021 and coincided with the Winter Exhibition and annual Christmas party. One Resident Artist caught Covid just before the exhibition was due to open, and the Trustees were faced with the unenviable task of having to cancel the exhibition at the last moment. The Trustees were very sorry to have to take this action, realising how disappointing it was for everyone involved, especially the artists who had worked so hard to put on the show. Kew Studio did not take part in the ArtHouse open studios event in June/July as Kew Studio’s main exhibition organiser was occupied independently with two other shows. Members were assured that, circumstances permitting, both winter and summer shows would take place the following year.
With a relaxation of the rules around the spread of Covid, the Studio allowed free access to Resident Artists coming in to use their spaces. One vulnerable Resident was granted two solo slots per week in the front studio for the first few months of the new membership year, but later felt secure in working alongside peers once more. Members were still expected to observe strict hygiene and to keep all rooms well ventilated.
Use of the print room was increasingly buoyant. The Studio welcomed four new screen printers and ten new etchers over the course of the year.
The framework for Open Studio membership underwent a review in light of the increased use of the front and back studios by Resident Artists. Several new OS members joined over the course of the year and came in regularly. In the summer it was decided to trial the use of the currently vacant smaller Resident space in the back studio as a dedicated OS space, with one OS member at a time able to book to come in to work at the Studio. It was decided to monitor the use of this new space, and the impact on the Studio’s finances over time in comparison with the revenue generated from a Resident licence.
One Resident Artist left during the year, but all other spaces remain occupied.
The Studio offered classes in tapestry, watercolours, etching and screen printing throughout the year. Of note was the fact that Studio print room member Tim Brookes had work accepted into the RA Summer Exhibition after attending a Kew Studio screen printing course with Ali Pugh, as did former Studio member Emma Chambers, after attending the Studio’s watercolours course with Frank Walters.
With regard to maintenance, the shed roof was replaced, and Kew Studio contributed £4,000 towards the installation of the new fire alarm system in St Luke’s House.
The remaining sash windows in the back studio were investigated in order to determine their state of deterioration. Although not judged to be in as significant a state of decline as the windows the Studio had already replaced, the Studio began to investigate funding sources for use in carrying out the work of installing new windows in the back studio and print room.
Overall income was around £2,000 higher than in the previous 12 months (excluding donations from Libby Jones (2021) and Sally Hunkin’s estate (2022)). Annual and student memberships increased, as did purchases of screen print and Open Studio tickets. Classes returned to normal levels after the previous year’s Covid restrictions, so tutor room rental income was back to pre-pandemic levels.
Expenditure was higher than in the previous 12 months. This was due to salary increases, print room general supplies, repair of the shed and ‘cleaning’ of the website following a hack. As a result, Kew Studio ended the year with a small deficit.
1
Ann Kirkbride, Chairman of the Trustees of Kew Studio
2
**Kew Studio Directors’ Report for the year ended 31 August 2022**
_____________________________________________________________________________________
The directors present their report and the unaudited accounts for the year ended 31 August 2022.
## **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 Alison Hird - appointed 27 January 2022 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.
## **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
3
**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 2022, 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
4
## **Kew Studio Statement of financial activities for the year ended 31 August 2022**
|||||**2022**||||
|---|---|---|---|---|---|---|---|
|**2021**||||||||
|||**General**||
**Restricted**||**Total**|**Total**|
|||**Fund**||**Funds**||**Funds**|**Funds**|
||**Notes**|||||||
|||£||£||£||
|£||||||||
|**INCOMING RESOURCES**||||||||
|**From generated funds:**||||||||
|Voluntary income:||||||||
|Subscriptions||4,332||0||4,332|4,391|
|Resident artist rentals||17,423||0||17,423|18,016|
|Tutor room rental||2,200||0||2,200|335|
|Print room – etching tickets||3,008||0||3,008|3,378|
|Print room – other income||189||0||189|0|
|Screenprint tickets||988||0||988|194|
|Open Studio||299||0||299|0|
|Artist Pot Fund income||0||95||95|27|
|Investment income||392||0||392|466|
|Donations||1,130||0||1,130|4,000|
|Other income||0||0||0|30|
|||_______||_______||_______|_______|
|||29,961||95||30,056|30,837|
|**RESOURCES EXPENDED**||||||||
|Charitable activities|**2**|30,300||0||30,300|24,635|
|Costs of generating funds|**3**|79||0||79|35|
|Governance costs|**4**|563||0||563|563|
|||_______||_______||_______|_______|
|||30,942||0||30,942|25,233|
|||_______||_______||_______|_______|
|**NET INCOMING/ (OUTGOING)**|**RESOURCES**|(981)||95||(886)|5,604|
||**=======**||**======= **||**======= =======**|||
|**FUNDS BROUGHT FORWARD**||||||||
|**AT 1 SEPTEMBER 2021**||49,959||5,259||55,218|49,614|
|**INCOMING/ (OUTGOING) RESOURCES**||||||||
|**FOR THE YEAR**||(981)||95||(886)|5,604|
|||_______||_______||_______|_______|
|**FUNDS CARRIED FORWARD**||||||||
|**AT 31 AUGUST 2022**||48,978||5,354||54,332|55,218|
||======|||======|======||======|
5
The notes on pages 6 to 8 form part of these accounts. **Kew Studio Balance Sheet as at 31 August 2022**
||||**2022**||
|---|---|---|---|---|
|**2021**|||||
||**Notes**||||
|||£|£|£|
|£|||||
|**Fixed assets**|||||
|Tangible assets|**6**||9,965|6,255|
|**Current assets**|||||
|Debtors and prepayments||0|75||
|Cash at bank and in hand||53,094|56,425||
|||________|________||
|||53,094|56,500||
|**Creditors:**amounts falling|||||
|due within one year|**7**|8,727|7,537||
|||________|________||
|**Net current assets**|||44,367|48,963|
||||________|________|
|**Total assets less current**|**liabilities**||54,332|55,218|
||===============||||
|||=======||=======|
|**Reserves**|||||
|General fund|**9**||48,978|49,959|
|Restricted funds|**9**||5,354|5,259|
||||________|________|
||||54,332|55,218|
|||=======||=======|
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 2022, 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
6
Chairman
The notes on pages 6 to 8 form part of these accounts
7
## **Kew Studio Notes to the accounts for the year ended 31 August 2022**
## **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:
1. Building Community through Arts (BCA) - this is an outreach programme of Kew Studio working in the field of social welfare and disability.
2. 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 9 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**|||||
|---|---|---|---|---|
|||**2022**||**2021**|
||**General**|**Restricted**|**Total**|**Total**|
||**Fund**|**Funds**|**Funds**|**Funds**|
||£|£|£|£|
|Salaries and honoraria|10,996|0|10,996|9,204|
|Print room technician|4,416|0|4,416|3,864|
|Print room other costs|809|0|809|0|
|Materials/sundries|36|0|36|180|
|Telephone|326|0|326|285|
|Insurance|546|0|546|538|
|General expenses|44|0|44|20|
|Christmas party|324|0|324|0|
|Rent|9,360|0|9,360|9,360|
|Artist Pot Fund expenses|0|0|0|134|
|Computer and website|422|0|422|23|
8
|Repairs and maintenance|1,561|0|1,561|120|
|---|---|---|---|---|
|Key cutting|40|0|40|0|
|Depreciation|1,420|0|1,420|907|
||______|______|______|______|
||30,300|0|30,300|24,635|
||======|======|======|======|
9
## **Kew Studio**
## **Notes to the accounts for the year ended 31 August 2022- continued**
## **3. Costs of generating funds**
|**3. Costs of generating funds**||||||
|---|---|---|---|---|---|
|||**2022**|||**2021**|
||**General**|**Restricted**||**Total**|**Total**|
||**Fund**|**Fund**||**Funds**|**Funds**|
||£|£||£|£|
|Advertising|79|0||79|35|
||______|______||______|______|
||79|0||79|35|
||======|======|======||======|
|**4. Governance costs**||||||
|||**2022**|||**2021**|
||**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. Employees**
The average number of persons employed by the company (including directors) was 1 (2021 -0).
## **6. Tangible assets**
|**6. Tangible assets**|||||||
|---|---|---|---|---|---|---|
||**Furniture &**||**Fixtures &**||**Gas meter**||
||**Total**||||||
||**Equipment**||**Fittings**||**Installation**||
||£||£||£|
£|
|**Cost or valuation**|||||||
|At 1 September 2021|13,397||4,069||5,000|22,466|
|Additions|0||5,130||0|5,130|
||_______||______||______|______|
|At 31 August 2022|13,397||9,199||5,000|27,596|
||=======|======||======||======|
|**Depreciation**|||||||
|At 1 September 2021|13,397||814||2,000|16,211|
|Charge for the year|0||920||500|1,420|
||________||______||______|______|
|At 31 August 2022|13,397||1,734||2,500|17,631|
||=======|======||======||======|
|**Net book value**|||||||
|At 31 August 2022|0||7,465||2,500|9,965|
||========|======||======||======|
|At 31 August 2021|0||3,225||3,000|6,255|
||========|======||======||======|
|**7. Creditors: amounts falling due within one year**|||||||
|||||**2022**||**2021**|
||||||£|£|
|Sundry creditors and accrued expenses||||550||550|
|Payments in advance||||3,828||3,128|
|Key deposits||||4,349||3,859|
|||||______||______|
10
8,727 7,537 ====== ======
## **Kew Studio Notes to the accounts for the year ended 31 August 2022- continued**
## **8. Share capital**
The company is limited by guarantee and does not have a share capital **.**
## **9. Analysis of funds**
||**Balance**|**Incoming**|**Resources**||**Balance**|
|---|---|---|---|---|---|
||**1 September**||**resources**||**expended**|
||**31 August**|||||
||**2021**||||**2022**|
||**£**|**£**|**£**||**£**|
|General Fund|49,959|29,961|30,942||48,978|
|BCA Fund|487|0|0||487|
|Artists’ Pot Fund|772|95|0||867|
|Print Room Fund|4,000|0|0||4,000|
||_______|_______|_______||_______|
||55,218|30,056|30,942||54,332|
||======|======|======||======|
|**10. Analysis of assets between funds**||||||
|||**Tangible**|**Net current**||**Total**|
|||**assets**|**assets**|||
|||**£**|**£**||**£**|
|General Fund||9,965|39,013||48,978|
|Restricted Funds||0|5,354||5,354|
|||_______|_______||________|
|||9,965|44,367||54,332|
|||=======|=======|========||
11